# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0000940400-26-008443
**Filing Date:** 2026-2
**Character Count:** 27933
**Document Hash:** 2c04c65ea1cf98e97073859b531d2e7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008443.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008443

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Strategy Trust
- **CENTRAL INDEX KEY:** 0001423227

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 26684512

**BUSINESS ADDRESS:**
- **STREET 1:** 101 MUNSON STEET
- **CITY:** GREENFIELD
- **STATE:** MA
- **ZIP:** 01301
- **BUSINESS PHONE:** 800-243-1574

**MAIL ADDRESS:**
- **STREET 1:** ONE FINANCIAL PLAZA
- **STREET 2:** 26TH FLOOR
- **CITY:** HARTFORD
- **STATE:** CT
- **ZIP:** 06103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Allianz Funds Multi-Strategy Trust
- **DATE OF NAME CHANGE:** 20080109

## Series and Classes Contracts Data

### Virtus Duff & Phelps Water Fund (Series ID: S000021463)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000061366 | Class A             | AWTAX           |
| C000061367 | Class C             | AWTCX           |
| C000066034 | Institutional Class | AWTIX           |

## Nport-Ex

**VIRTUS Duff & Phelps Water Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.6%** | **Common Stocks—99.6%** | **Common Stocks—99.6%** |
| **Brazil—6.5%** | **Brazil—6.5%** |  |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento Basico <br> do Estado de Sao Paulo <br> ADR<br>| 1444627 | &nbsp;&nbsp; $34454 |
| **Canada—3.8%** | **Canada—3.8%** |  |
| GFL Environmental, Inc. | 323747 | &nbsp;&nbsp; 13905 |
| Stantec, Inc. | 65496 | &nbsp;&nbsp; 6180 |
|  |  | &nbsp;&nbsp; 20085 |
| **China—0.7%** | **China—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Guangdong Investment Ltd. <br> (Hong Kong)<br>| 4218000 | &nbsp;&nbsp; 3680 |
| **France—2.6%** | **France—2.6%** |  |
| Veolia Environnement S.A. | 398073 | &nbsp;&nbsp; 13904 |
| **Japan—2.0%** | **Japan—2.0%** |  |
| Kurita Water Industries Ltd. | 268500 | &nbsp;&nbsp; 10881 |
| **Netherlands—1.4%** | **Netherlands—1.4%** |  |
| Arcadis N.V. | 173414 | &nbsp;&nbsp; 7243 |
| **Switzerland—5.9%** | **Switzerland—5.9%** |  |
| &nbsp;&nbsp;&nbsp; Belimo Holding AG <br> Registered Shares<br>| 3531 | &nbsp;&nbsp; 3482 |
| &nbsp;&nbsp;&nbsp; Geberit AG Registered <br> Shares<br>| 19864 | &nbsp;&nbsp; 15538 |
| &nbsp;&nbsp;&nbsp; Georg Fischer AG <br> Registered Shares<br>| 186770 | &nbsp;&nbsp; 12638 |
|  |  | &nbsp;&nbsp; 31658 |
| **United Kingdom—14.1%** | **United Kingdom—14.1%** |  |
| Halma plc | 182221 | &nbsp;&nbsp; 8690 |
| Pennon Group plc | 1937180 | &nbsp;&nbsp; 13774 |
| Severn Trent plc | 829260 | &nbsp;&nbsp; 31176 |
| United Utilities Group plc | 1343439 | &nbsp;&nbsp; 21622 |
|  |  | &nbsp;&nbsp; 75262 |
| **United States—62.6%** | **United States—62.6%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Drainage <br> Systems, Inc.<br>| 139606 | &nbsp;&nbsp; 20219 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., <br> Inc.<br>| 155080 | &nbsp;&nbsp; $20238 |
| Badger Meter, Inc. | 51938 | &nbsp;&nbsp; 9058 |
| Core & Main, Inc. Class A<sup>(1)</sup> <br>| 357052 | &nbsp;&nbsp; 18556 |
| Danaher Corp. | 34748 | &nbsp;&nbsp; 7955 |
| Ecolab, Inc. | 90879 | &nbsp;&nbsp; 23858 |
| Energy Recovery, Inc.<sup>(1)</sup> <br>| 301487 | &nbsp;&nbsp; 4067 |
| Essential Utilities, Inc. | 640271 | &nbsp;&nbsp; 24561 |
| Ferguson Enterprises, Inc. | 19095 | &nbsp;&nbsp; 4251 |
| Franklin Electric Co., Inc. | 110184 | &nbsp;&nbsp; 10526 |
| IDEX Corp. | 44675 | &nbsp;&nbsp; 7949 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, <br> Inc. Class A<br>| 547963 | &nbsp;&nbsp; 13052 |
| Pentair plc | 250547 | &nbsp;&nbsp; 26092 |
| Tetra Tech, Inc. | 128648 | &nbsp;&nbsp; 4315 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, <br> Inc.<br>| 16191 | &nbsp;&nbsp; 9382 |
| Valmont Industries, Inc. | 46903 | &nbsp;&nbsp; 18870 |
| Veralto Corp. | 356391 | &nbsp;&nbsp; 35561 |
| Waste Management, Inc. | 38217 | &nbsp;&nbsp; 8397 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, <br> Inc. Class A<br>| 33888 | &nbsp;&nbsp; 9354 |
| Xylem, Inc. | 366342 | &nbsp;&nbsp; 49888 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions <br> Corp.<br>| 147169 | &nbsp;&nbsp; 6842 |
|  |  | &nbsp;&nbsp; 332991 |
| **Total Common Stocks** <br>**(Identified Cost $328,598)** | **Total Common Stocks** <br>**(Identified Cost $328,598)** | &nbsp;&nbsp; **530158** |
| **Total Long-Term** <br> **Investments—99.6%** <br>**(Identified Cost $328,598)** | **Total Long-Term** <br> **Investments—99.6%** <br>**(Identified Cost $328,598)** | &nbsp;&nbsp; **530158** |
| **TOTAL INVESTMENTS—99.6%** <br>**(Identified Cost $328,598)** | **TOTAL INVESTMENTS—99.6%** <br>**(Identified Cost $328,598)** | &nbsp;&nbsp; **$530158** |
| Other assets and liabilities, net—0.4% | Other assets and liabilities, net—0.4% | &nbsp;&nbsp; 2103 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$532261** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| plc | Public Limited Company |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 63<br> %<br>|
| United Kingdom | 14 |
| Brazil | 6 |
| Switzerland | 6 |
| Canada | 4 |
| France | 3 |
| Japan | 2 |
| Other | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

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 1 in the Notes to Schedule of Investments):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $530158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $530158 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $530158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $530158 |

---

There were no securities valued using significant observable inputs (Level 2) 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 Schedule of Investments

------

**VIRTUS Duff & Phelps Water Fund**

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

**December 31, 2025**

**Note 1. Security Valuation**

The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 – prices determined using significant unobservable inputs (including the investment adviser's Valuation Committee's own assumptions in determining the fair value of investments).

A description of the valuation techniques applied to the Fund's major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the investment adviser's Valuation Committee, and are generally categorized as Level 3 in the hierarchy.

Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value ("NAV") at the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, Exchange-Traded Funds ("ETFs"), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.

Debt instruments, including convertible bonds, restricted securities, and leveraged loans are valued based on either evaluated or composite quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the investment adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

Listed derivatives, such as options and futures, 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, swaps, swaptions, options and equity-linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within 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 semi or annual financial statements.*

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Virtus Strategy Trust

- **b. Investment Company Act file number:** 811-22167

- **c. CIK number of Registrant:** 0001423227

- **d. LEI of Registrant:** 549300PO6JSVIR6RII57

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 101 MUNSON STREET

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

  - **Zip / Postal Code:** 01301-9668

  - **Telephone number:** 800-243-1574

**Item A.2. Information about the Series.**

- **a. Name of Series:** Virtus Duff & Phelps Water Fund

- **b. EDGAR series identifier (if any):** S000021463

- **c. LEI of Series:** 549300HV77NI47YM2B40

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $533411020.53

**Total Liabilities:** $895469.39

**Net Assets:** $532515551.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000061366 | -0.65%               | 0.56%                | -1.67%               |
| Class ID C000061367 | -0.70%               | 0.50%                | -1.73%               |
| Class ID C000066034 | -0.62%               | 0.57%                | -1.68%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $7343647.51              | $-10659476.57                              |
| Month 2  | $1953947.88              | $508179.11                                 |
| Month 3  | $4482622.26              | $-14623480.92                              |

### Schedule of Portfolio Investments

| Name                           | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Essential Utilities Inc        | Essential Utilities Inc                                | CUSIP: 29670G102<br>LEI: 549300ILTEOF3E3QY357 | Long             | EC               | CORP              | US        |    640271 | NS      | $24560795.56  | 4.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Water Products Inc     | Mueller Water Products Inc                             | CUSIP: 624758108<br>LEI: 549300F7ZU4P1F8V8L60 | Long             | EC               | CORP              | US        |    547963 | NS      | $13052478.66  | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEX Corp                      | IDEX Corp                                              | CUSIP: 45167R104<br>LEI: 549300U5Y5EL6PHYLF13 | Long             | EC               | CORP              | US        |     44675 | NS      | $7949469.50   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc                           | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |     16191 | NS      | $9381874.95   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Badger Meter Inc               | Badger Meter Inc                                       | CUSIP: 056525108<br>LEI: 5493002JENE20OGTUG20 | Long             | EC               | CORP              | US        |     51938 | NS      | $9058506.58   | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Severn Trent PLC               | Severn Trent PLC                                       | CUSIP: 000000000<br>LEI: 213800RPBXRETY4A4C59 | Long             | EC               | CORP              | GB        |    829260 | NS      | $31175470.36  | 5.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                   | Veralto Corp                                           | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |    356391 | NS      | $35560693.98  | 6.68%             |  |  |  | No            |                  1 | On Loan: No      |
| American Water Works Co Inc    | American Water Works Co Inc                            | CUSIP: 030420103<br>LEI: 549300DXHIJQMD5WFW18 | Long             | EC               | CORP              | US        |    155080 | NS      | $20237940.00  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Zurn Elkay Water Solutions Cor | Zurn Elkay Water Solutions Corp                        | CUSIP: 98983L108<br>LEI: 549300AM3633XDFU1Q85 | Long             | EC               | CORP              | US        |    147169 | NS      | $6841886.81   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Saneamento Basico do Es | Cia de Saneamento Basico do Estado de Sao Paulo SABESP | CUSIP: 20441A102<br>LEI: 254900UOXRZRS2TNWP19 | Long             | EC               | CORP              | BR        |   1444627 | NS      | $34454353.95  | 6.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc  | Advanced Drainage Systems Inc                          | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |    139606 | NS      | $20219136.98  | 3.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Xylem Inc/NY                   | Xylem Inc/NY                                           | CUSIP: 98419M100<br>LEI: 549300DF5MV96DRYLQ48 | Long             | EC               | CORP              | US        |    366342 | NS      | $49888453.56  | 9.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Geberit AG                     | Geberit AG                                             | CUSIP: 000000000<br>LEI: 52990093Z5OHD6T7BS47 | Long             | EC               | CORP              | CH        |     19864 | NS      | $15538106.80  | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL Environmental Inc          | GFL Environmental Inc                                  | CUSIP: 36168Q104<br>LEI: 894500E7NLBY9VZRT696 | Long             | EC               | CORP              | CA        |    323747 | NS      | $13904933.65  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Tetra Tech Inc                 | Tetra Tech Inc                                         | CUSIP: 88162G103<br>LEI: 549300UJ1LP7JGJC5P32 | Long             | EC               | CORP              | US        |    128648 | NS      | $4314853.92   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Pentair PLC                    | Pentair PLC                                            | CUSIP: 000000000<br>LEI: 549300EVR9D56WPSRP15 | Long             | EC               | CORP              | GB        |    250547 | NS      | $26091964.58  | 4.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Core & Main Inc                | Core & Main Inc                                        | CUSIP: 21874C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    357052 | NS      | $18555992.44  | 3.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Watts Water Technologies Inc   | Watts Water Technologies Inc                           | CUSIP: 942749102<br>LEI: 549300REJOO94ERQN318 | Long             | EC               | CORP              | US        |     33888 | NS      | $9353765.76   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcadis NV                     | Arcadis NV                                             | CUSIP: 000000000<br>LEI: 7245000UZH70GO047N03 | Long             | EC               | CORP              | NL        |    173414 | NS      | $7242914.56   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Valmont Industries Inc         | Valmont Industries Inc                                 | CUSIP: 920253101<br>LEI: 5493009ZGZJJ8F77JN08 | Long             | EC               | CORP              | US        |     46903 | NS      | $18870014.96  | 3.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Guangdong Investment Ltd       | Guangdong Investment Ltd                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |   4218000 | NS      | $3679985.10   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Belimo Holding AG              | Belimo Holding AG                                      | CUSIP: 000000000<br>LEI: 506700339DLX749VEM23 | Long             | EC               | CORP              | CH        |      3531 | NS      | $3481518.75   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                                           | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     34748 | NS      | $7954512.16   | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Ferguson Enterprises Inc       | Ferguson Enterprises Inc                               | CUSIP: 31488V107<br>LEI: 2138003JYQMRP3SLX189 | Long             | EC               | CORP              | US        |     19095 | NS      | $4251119.85   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                      | Halma PLC                                              | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |    182221 | NS      | $8690205.32   | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Franklin Electric Co Inc       | Franklin Electric Co Inc                               | CUSIP: 353514102<br>LEI: RR6AURIKMXUE4Q24G284 | Long             | EC               | CORP              | US        |    110184 | NS      | $10525877.52  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Waste Management Inc           | Waste Management Inc                                   | CUSIP: 94106L109<br>LEI: 549300YX8JIID70NFS41 | Long             | EC               | CORP              | US        |     38217 | NS      | $8396657.07   | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Georg Fischer AG               | Georg Fischer AG                                       | CUSIP: 000000000<br>LEI: 529900CMRQYW4U1W2456 | Long             | EC               | CORP              | CH        |    186770 | NS      | $12638394.14  | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| United Utilities Group PLC     | United Utilities Group PLC                             | CUSIP: 000000000<br>LEI: 2138002IEYQAOC88ZJ59 | Long             | EC               | CORP              | GB        |   1343439 | NS      | $21622009.88  | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Pennon Group PLC               | Pennon Group PLC                                       | CUSIP: 000000000<br>LEI: 213800V1CCTS41GWH423 | Long             | EC               | CORP              | GB        |   1937180 | NS      | $13774194.89  | 2.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecolab Inc                     | Ecolab Inc                                             | CUSIP: 278865100<br>LEI: 82DYEISM090VG8LTLS26 | Long             | EC               | CORP              | US        |     90879 | NS      | $23857555.08  | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Recovery Inc            | Energy Recovery Inc                                    | CUSIP: 29270J100<br>LEI: 549300ZEQL52Z525WJ22 | Long             | EC               | CORP              | US        |    301487 | NS      | $4067059.63   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Veolia Environnement SA        | Veolia Environnement SA                                | CUSIP: 000000000<br>LEI: 969500LENY69X51OOT31 | Long             | EC               | CORP              | FR        |    398073 | NS      | $13903473.38  | 2.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kurita Water Industries Ltd    | Kurita Water Industries Ltd                            | CUSIP: 000000000<br>LEI: 52990086GS2ON69UMX34 | Long             | EC               | CORP              | JP        |    268500 | NS      | $10881243.62  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Stantec Inc                    | Stantec Inc                                            | CUSIP: 85472N109<br>LEI: 549300MZ7NGUZDCP2T16 | Long             | EC               | CORP              | CA        |     65496 | NS      | $6180497.56   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer