# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-23-044778
**Filing Date:** 2023-2
**Character Count:** 79031
**Document Hash:** 0c1aaa1f05fc4550ad1a6325ae2fd01a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044778.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044778

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Strategy Trust
- **CENTRAL INDEX KEY:** 0001423227
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 23679982

**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 Convertible Fund (Series ID: S000028359)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000086658 | Class A              | ANZAX           |
| C000086659 | Class C              | ANZCX           |
| C000086661 | Institutional Class  | ANNPX           |
| C000086662 | Class P              | ANCMX           |
| C000086663 | Administrative Class | ANNAX           |
| C000235255 | Class R6             | VAADX           |

## Nport-Ex

#### VIRTUS Convertible Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—85.4%** | **Convertible Bonds and Notes—85.4%** | **Convertible Bonds and Notes—85.4%** |
| **Airlines—1.1%** | **Airlines—1.1%** |  |
| American Airlines Group, Inc.<br> 6.500%, 7/1/25 | $5710 | $6018 |
| Southwest Airlines Co.<br> 1.250%, 5/1/25 | &nbsp;&nbsp; 9360 | &nbsp;&nbsp; 11242 |
|  |  | &nbsp;&nbsp; 17260 |
| **Auto Manufacturers—0.2%** | **Auto Manufacturers—0.2%** |  |
| Lucid Group, Inc. 144A<br> 1.250%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 5890 | &nbsp;&nbsp; 3007 |
| **Banks—2.3%** | **Banks—2.3%** |  |
| Barclays Bank plc<br> 0.000%, 2/18/25 | &nbsp;&nbsp; 16590 | &nbsp;&nbsp; 17258 |
| BofA Finance LLC<br> 0.600%, 5/25/27 | &nbsp;&nbsp; 15930 | &nbsp;&nbsp; 18326 |
|  |  | &nbsp;&nbsp; 35584 |
| **Biotechnology—6.9%** | **Biotechnology—6.9%** |  |
| Alnylam Pharmaceuticals, Inc. 144A<br> 1.000%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 12660 | &nbsp;&nbsp; 13704 |
| BioMarin Pharmaceutical, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.599%, 8/1/24 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1284 |
| &nbsp;&nbsp;&nbsp;1.250%, 5/15/27 | &nbsp;&nbsp; 17960 | &nbsp;&nbsp; 19299 |
| Cytokinetics, Inc. 144A<br> 3.500%, 7/1/27<sup>(1)</sup> | &nbsp;&nbsp; 8440 | &nbsp;&nbsp; 9677 |
| Halozyme Therapeutics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.250%, 3/1/27 | &nbsp;&nbsp; 21070 | &nbsp;&nbsp; 20398 |
| &nbsp;&nbsp;&nbsp;144A 1.000%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 7865 | &nbsp;&nbsp; 9266 |
| Insmed, Inc.<br> 1.750%, 1/15/25 | &nbsp;&nbsp; 9940 | &nbsp;&nbsp; 9269 |
| Sarepta Therapeutics, Inc. 144A<br> 1.250%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 21335 | &nbsp;&nbsp; 24589 |
|  |  | &nbsp;&nbsp; 107486 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| Livent Corp.<br> 4.125%, 7/15/25 | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 4823 |
| **Commercial Services—6.1%** | **Commercial Services—6.1%** |  |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 3/1/25 | &nbsp;&nbsp; 15570 | &nbsp;&nbsp; 14811 |
| &nbsp;&nbsp;&nbsp;0.250%, 11/1/27 | &nbsp;&nbsp; 11860 | &nbsp;&nbsp; 8939 |
| Chegg, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.125%, 3/15/25 | &nbsp;&nbsp; 15765 | &nbsp;&nbsp; 14386 |
| &nbsp;&nbsp;&nbsp;0.000%, 9/1/26 | &nbsp;&nbsp; 1945 | &nbsp;&nbsp; 1526 |
| Repay Holdings Corp. 144A<br> 0.000%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 17100 | &nbsp;&nbsp; 12488 |
| Shift4 Payments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25 | &nbsp;&nbsp; 13060 | &nbsp;&nbsp; 12938 |
| &nbsp;&nbsp;&nbsp;0.500%, 8/1/27 | &nbsp;&nbsp; 20855 | &nbsp;&nbsp; 17549 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Commercial Services—continued** | **Commercial Services—continued** |  |
| Stride, Inc.<br> 1.125%, 9/1/27 | $12710 | $11319 |
|  |  | &nbsp;&nbsp; 93956 |
| **Computers—4.7%** | **Computers—4.7%** |  |
| 3D Systems Corp.<br> 0.000%, 11/15/26 | &nbsp;&nbsp; 10230 | &nbsp;&nbsp; 6977 |
| CyberArk Software Ltd.<br> 0.000%, 11/15/24 | &nbsp;&nbsp; 9060 | &nbsp;&nbsp; 9587 |
| KBR, Inc.<br> 2.500%, 11/1/23 | &nbsp;&nbsp; 9180 | &nbsp;&nbsp; 19356 |
| Lumentum Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.500%, 12/15/26 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 1844 |
| &nbsp;&nbsp;&nbsp;144A 0.500%, 6/15/28<sup>(1)</sup> | &nbsp;&nbsp; 10750 | &nbsp;&nbsp; 8137 |
| Parsons Corp.<br> 0.250%, 8/15/25 | &nbsp;&nbsp; 6845 | &nbsp;&nbsp; 7779 |
| Pure Storage, Inc.<br> 0.125%, 4/15/23 | &nbsp;&nbsp; 4270 | &nbsp;&nbsp; 4597 |
| Rapid7, Inc.<br> 0.250%, 3/15/27 | &nbsp;&nbsp; 9815 | &nbsp;&nbsp; 7665 |
| Zscaler, Inc.<br> 0.125%, 7/1/25 | &nbsp;&nbsp; 6310 | &nbsp;&nbsp; 6625 |
|  |  | &nbsp;&nbsp; 72567 |
| **Cosmetics & Personal Care—0.8%** | **Cosmetics & Personal Care—0.8%** |  |
| Beauty Health Co. (The) 144A<br> 1.250%, 10/1/26<sup>(1)</sup> | &nbsp;&nbsp; 16560 | &nbsp;&nbsp; 12519 |
| **Diversified Financial Services—3.8%** | **Diversified Financial Services—3.8%** |  |
| Coinbase Global, Inc.<br> 0.500%, 6/1/26 | &nbsp;&nbsp; 9720 | &nbsp;&nbsp; 5490 |
| EZCORP, Inc. 144A<br> 3.750%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1693 |
| GS Finance Corp.<br> 0.500%, 12/29/27<sup>(2)</sup> | &nbsp;&nbsp; 23355 | &nbsp;&nbsp; 23939 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc.<br> 0.000%, 8/15/23 | &nbsp;&nbsp; 11580 | &nbsp;&nbsp; 10943 |
| JPMorgan Chase Financial Co., LLC<br> 0.500%, 6/15/27 | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 17674 |
|  |  | &nbsp;&nbsp; 59739 |
| **Energy-Alternate Sources—3.5%** | **Energy-Alternate Sources—3.5%** |  |
| Enphase Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/26 | &nbsp;&nbsp; 10890 | &nbsp;&nbsp; 12267 |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/28 | &nbsp;&nbsp; 5990 | &nbsp;&nbsp; 7005 |
| Plug Power, Inc.<br> 3.750%, 6/1/25 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 4006 |
| SolarEdge Technologies, Inc.<br> 0.000%, 9/15/25 | &nbsp;&nbsp; 6085 | &nbsp;&nbsp; 7554 |
| Stem, Inc. 144A<br> 0.500%, 12/1/28<sup>(1)</sup> | &nbsp;&nbsp; 16705 | &nbsp;&nbsp; 10504 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy-Alternate Sources—continued** | **Energy-Alternate Sources—continued** |  |
| Sunnova Energy International, Inc. 144A<br> 2.625%, 2/15/28<sup>(1)</sup> | $15700 | $12678 |
|  |  | &nbsp;&nbsp; 54014 |
| **Entertainment—2.6%** | **Entertainment—2.6%** |  |
| DraftKings Holdings, Inc.<br> 0.000%, 3/15/28 | &nbsp;&nbsp; 11615 | &nbsp;&nbsp; 7184 |
| Live Nation Entertainment, Inc.<br> 2.000%, 2/15/25 | &nbsp;&nbsp; 17790 | &nbsp;&nbsp; 17461 |
| Vail Resorts, Inc.<br> 0.000%, 1/1/26 | &nbsp;&nbsp; 16990 | &nbsp;&nbsp; 15758 |
|  |  | &nbsp;&nbsp; 40403 |
| **Food & Beverage—1.0%** | **Food & Beverage—1.0%** |  |
| Post Holdings, Inc. 144A<br> 2.500%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 14120 | &nbsp;&nbsp; 14829 |
| **Healthcare-Products—3.2%** | **Healthcare-Products—3.2%** |  |
| Exact Sciences Corp.<br> 0.375%, 3/15/27 | &nbsp;&nbsp; 15220 | &nbsp;&nbsp; 12556 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 13485 | &nbsp;&nbsp; 19041 |
| Natera, Inc.<br> 2.250%, 5/1/27 | &nbsp;&nbsp; 4330 | &nbsp;&nbsp; 5508 |
| Novocure Ltd.<br> 0.000%, 11/1/25 | &nbsp;&nbsp; 6470 | &nbsp;&nbsp; 5706 |
| Repligen Corp.<br> 0.375%, 7/15/24 | &nbsp;&nbsp; 4515 | &nbsp;&nbsp; 7238 |
|  |  | &nbsp;&nbsp; 50049 |
| **Healthcare-Services—0.5%** | **Healthcare-Services—0.5%** |  |
| Elevance Health, Inc.<br> 2.750%, 10/15/42 | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 8483 |
| **Internet—11.8%** | **Internet—11.8%** |  |
| Booking Holdings, Inc.<br> 0.750%, 5/1/25 | &nbsp;&nbsp; 11880 | &nbsp;&nbsp; 15823 |
| Etsy, Inc.<br> 0.250%, 6/15/28 | &nbsp;&nbsp; 30635 | &nbsp;&nbsp; 26156 |
| Farfetch Ltd.<br> 3.750%, 5/1/27 | &nbsp;&nbsp; 7265 | &nbsp;&nbsp; 5449 |
| Match Group Financeco 2, Inc. 144A<br> 0.875%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 9220 | &nbsp;&nbsp; 8165 |
| Palo Alto Networks, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 7/1/23 | &nbsp;&nbsp; 8690 | &nbsp;&nbsp; 13730 |
| &nbsp;&nbsp;&nbsp;0.375%, 6/1/25 | &nbsp;&nbsp; 11780 | &nbsp;&nbsp; 17393 |
| Perficient, Inc.<br> 0.125%, 11/15/26 | &nbsp;&nbsp; 19130 | &nbsp;&nbsp; 14778 |
| Snap, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.750%, 8/1/26 | &nbsp;&nbsp; 8615 | &nbsp;&nbsp; 7297 |
| &nbsp;&nbsp;&nbsp;144A 0.125%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp; 15170 | &nbsp;&nbsp; 10126 |
| TechTarget, Inc. 144A<br> 0.000%, 12/15/26<sup>(1)</sup> | &nbsp;&nbsp; 10710 | &nbsp;&nbsp; 8129 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Convertible Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Internet—continued** | **Internet—continued** |  |
| Uber Technologies, Inc.<br> 0.000%, 12/15/25 | $26580 | $22387 |
| Wayfair, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 11/1/24 | &nbsp;&nbsp; 15735 | &nbsp;&nbsp; 13365 |
| &nbsp;&nbsp;&nbsp;144A 3.250%, 9/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 3508 |
| Zillow Group, Inc.<br> 2.750%, 5/15/25 | &nbsp;&nbsp; 18670 | &nbsp;&nbsp; 17755 |
|  |  | &nbsp;&nbsp; 184061 |
| **Leisure Time—2.5%** | **Leisure Time—2.5%** |  |
| NCL Corp., Ltd.<br> 1.125%, 2/15/27 | &nbsp;&nbsp; 30615 | &nbsp;&nbsp; 20781 |
| Royal Caribbean Cruises Ltd. 144A<br> 6.000%, 8/15/25<sup>(1)</sup> | &nbsp;&nbsp; 9225 | &nbsp;&nbsp; 11587 |
| Topgolf Callaway Brands Corp.<br> 2.750%, 5/1/26 | &nbsp;&nbsp; 4905 | &nbsp;&nbsp; 6379 |
|  |  | &nbsp;&nbsp; 38747 |
| **Machinery-Diversified—0.4%** | **Machinery-Diversified—0.4%** |  |
| Middleby Corp. (The)<br> 1.000%, 9/1/25 | &nbsp;&nbsp; 4985 | &nbsp;&nbsp; 5860 |
| **Media—5.2%** | **Media—5.2%** |  |
| DISH Network Corp.<br> 0.000%, 12/15/25 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp; 19778 |
| Liberty Broadband Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 1.250%, 9/30/50<sup>(1)</sup> | &nbsp;&nbsp; 15340 | &nbsp;&nbsp; 14803 |
| &nbsp;&nbsp;&nbsp;144A 2.750%, 9/30/50<sup>(1)</sup> | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 29 |
| Liberty Media Corp.<br> 1.375%, 10/15/23 | &nbsp;&nbsp; 13245 | &nbsp;&nbsp; 16311 |
| Liberty Media Corp.-Liberty Formula One 144A<br> 2.250%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 17760 | &nbsp;&nbsp; 16970 |
| World Wrestling Entertainment, Inc.<br> 3.375%, 12/15/23 | &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 13311 |
|  |  | &nbsp;&nbsp; 81202 |
| **Mining—1.4%** | **Mining—1.4%** |  |
| Lithium Americas Corp.<br> 1.750%, 1/15/27 | &nbsp;&nbsp; 14045 | &nbsp;&nbsp; 10871 |
| MP Materials Corp. 144A<br> 0.250%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 12395 | &nbsp;&nbsp; 10830 |
|  |  | &nbsp;&nbsp; 21701 |
| **Miscellaneous Manufacturing—0.8%** | **Miscellaneous Manufacturing—0.8%** |  |
| Axon Enterprise, Inc. 144A<br> 0.500%, 12/15/27<sup>(1)</sup> | &nbsp;&nbsp; 13120 | &nbsp;&nbsp; 13002 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Oil, Gas & Consumable Fuels—2.1%** | **Oil, Gas & Consumable Fuels—2.1%** |  |
| EQT Corp.<br> 1.750%, 5/1/26 | $2050 | $4760 |
| Northern Oil & Gas, Inc. 144A<br> 3.625%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9165 | &nbsp;&nbsp; 9852 |
| Pioneer Natural Resources Co.<br> 0.250%, 5/15/25 | &nbsp;&nbsp; 7520 | &nbsp;&nbsp; 17537 |
|  |  | &nbsp;&nbsp; 32149 |
| **Pharmaceuticals—5.1%** | **Pharmaceuticals—5.1%** |  |
| Dexcom, Inc.<br> 0.250%, 11/15/25 | &nbsp;&nbsp; 46045 | &nbsp;&nbsp; 50074 |
| Jazz Investments I Ltd.<br> 2.000%, 6/15/26 | &nbsp;&nbsp; 18735 | &nbsp;&nbsp; 22271 |
| Revance Therapeutics, Inc.<br> 1.750%, 2/15/27 | &nbsp;&nbsp; 7485 | &nbsp;&nbsp; 6834 |
|  |  | &nbsp;&nbsp; 79179 |
| **Retail—0.9%** | **Retail—0.9%** |  |
| Burlington Stores, Inc.<br> 2.250%, 4/15/25 | &nbsp;&nbsp; 10530 | &nbsp;&nbsp; 12110 |
| Dick's Sporting Goods, Inc.<br> 3.250%, 4/15/25 | &nbsp;&nbsp; 575 | &nbsp;&nbsp; 2146 |
|  |  | &nbsp;&nbsp; 14256 |
| **Semiconductors—3.8%** | **Semiconductors—3.8%** |  |
| Impinj, Inc.<br> 1.125%, 5/15/27 | &nbsp;&nbsp; 6740 | &nbsp;&nbsp; 8088 |
| MACOM Technology Solutions Holdings, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 8395 | &nbsp;&nbsp; 8307 |
| Microchip Technology, Inc.<br> 0.125%, 11/15/24 | &nbsp;&nbsp; 9815 | &nbsp;&nbsp; 10527 |
| ON Semiconductor Corp.<br> 0.000%, 5/1/27 | &nbsp;&nbsp; 6535 | &nbsp;&nbsp; 8659 |
| Wolfspeed, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 0.250%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 18515 | &nbsp;&nbsp; 16006 |
| &nbsp;&nbsp;&nbsp;144A 1.875%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 7935 | &nbsp;&nbsp; 7145 |
|  |  | &nbsp;&nbsp; 58732 |
| **Software—13.7%** | **Software—13.7%** |  |
| Akamai Technologies, Inc.<br> 0.125%, 5/1/25 | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 11025 |
| Bentley Systems, Inc.<br> 0.125%, 1/15/26 | &nbsp;&nbsp; 17115 | &nbsp;&nbsp; 15609 |
| Bill.com Holdings, Inc.<br> 0.000%, 4/1/27 | &nbsp;&nbsp; 32290 | &nbsp;&nbsp; 25525 |
| Box, Inc.<br> 0.000%, 1/15/26 | &nbsp;&nbsp; 10075 | &nbsp;&nbsp; 13213 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Cloudflare, Inc.<br> 0.000%, 8/15/26 | $34875 | $28423 |
| Confluent, Inc.<br> 0.000%, 1/15/27 | &nbsp;&nbsp; 18720 | &nbsp;&nbsp;&nbsp; 14134 |
| DigitalOcean Holdings, Inc.<br> 0.000%, 12/1/26 | &nbsp;&nbsp; 17010 | &nbsp;&nbsp;&nbsp; 12715 |
| Envestnet, Inc. 144A<br> 2.625%, 12/1/27<sup>(1)</sup> | &nbsp;&nbsp; 12230 | &nbsp;&nbsp;&nbsp; 13123 |
| Five9, Inc.<br> 0.500%, 6/1/25 | &nbsp;&nbsp; 17985 | &nbsp;&nbsp;&nbsp; 16474 |
| Model N, Inc.<br> 2.625%, 6/1/25 | &nbsp;&nbsp; 5070 | &nbsp;&nbsp;&nbsp; 6832 |
| Splunk, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;1.125%, 9/15/25 | &nbsp;&nbsp; 6180 | &nbsp;&nbsp;&nbsp; 5819 |
| &nbsp;&nbsp;&nbsp;1.125%, 6/15/27 | &nbsp;&nbsp; 14430 | &nbsp;&nbsp;&nbsp; 12176 |
| Tyler Technologies, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 13920 | &nbsp;&nbsp;&nbsp; 12932 |
| Unity Software, Inc.<br> 0.000%, 11/15/26 | &nbsp;&nbsp; 16150 | &nbsp;&nbsp;&nbsp; 12088 |
| Workiva, Inc.<br> 1.125%, 8/15/26 | &nbsp;&nbsp; 10370 | &nbsp;&nbsp;&nbsp; 12786 |
|  |  | &nbsp;&nbsp;&nbsp; 212874 |
| **Transportation—0.7%** | **Transportation—0.7%** |  |
| Air Transport Services Group, Inc.<br> 1.125%, 10/15/24 | &nbsp;&nbsp; 9750 | &nbsp;&nbsp;&nbsp; 10104 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $1,363,048)** | **Total Convertible Bonds and Notes<br> (Identified Cost $1,363,048)** | &nbsp;&nbsp;&nbsp;&nbsp;**1326586** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—12.5%** | **Convertible Preferred Stocks—12.5%** | **Convertible Preferred Stocks—12.5%** |
| **Auto Components—0.4%** | **Auto Components—0.4%** |  |
| Aptiv plc Series A, 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57595 | &nbsp;&nbsp; 6181 |
| **Banks—2.5%** | **Banks—2.5%** |  |
| Wells Fargo & Co. Series L, 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32620 | &nbsp;&nbsp; 38655 |
| **Capital Markets—0.5%** | **Capital Markets—0.5%** |  |
| KKR & Co., Inc. Series C, 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;123410 | &nbsp;&nbsp; 7065 |
| **Commercial Services &<br> Supplies—0.6%** | **Commercial Services &<br> Supplies—0.6%** |  |
| GFL Environmental, Inc., 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;140705 | &nbsp;&nbsp; 9102 |
| **Diversified Financial Services—0.4%** | **Diversified Financial Services—0.4%** |  |
| Chewy, Inc. 2020 Mandatory Exchangeable Trust 144A, 6.500%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7790 | &nbsp;&nbsp; 6876 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Convertible Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities—3.9%** | **Electric Utilities—3.9%** |  |
| NextEra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.279% | &nbsp;&nbsp;&nbsp;&nbsp;724310 | $36723 |
| &nbsp;&nbsp;&nbsp;6.926% | &nbsp;&nbsp;&nbsp;&nbsp;185675 | &nbsp;&nbsp;&nbsp; 9319 |
| PG&E Corp., 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;106705 | &nbsp;&nbsp;&nbsp; 15391 |
|  |  | &nbsp;&nbsp;&nbsp; 61433 |
| **Healthcare Equipment &<br> Supplies—1.5%** | **Healthcare Equipment &<br> Supplies—1.5%** |  |
| Boston Scientific Corp. Series A, 5.500% | &nbsp;&nbsp;&nbsp;&nbsp;200525 | &nbsp;&nbsp;&nbsp; 23024 |
| **Life Sciences Tools & Services—1.5%** | **Life Sciences Tools & Services—1.5%** |  |
| Danaher Corp. Series B, 5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16920 | &nbsp;&nbsp;&nbsp; 22953 |
| **Telecommunications—1.2%** | **Telecommunications—1.2%** |  |
| T-Mobile U.S. 2020 Cash Mandatory Exchangeable Trust 144A, 5.250%<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16705 | &nbsp;&nbsp;&nbsp; 19111 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $185,485)** | **Total Convertible Preferred Stocks<br> (Identified Cost $185,485)** | &nbsp;&nbsp;&nbsp;&nbsp; **194400** |
| **Total Long-Term Investments—97.9%<br> (Identified Cost $1,548,533)** | **Total Long-Term Investments—97.9%<br> (Identified Cost $1,548,533)** | &nbsp;&nbsp;&nbsp;&nbsp;**1520986** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—3.0%** | **Short-Term Investment—3.0%** | **Short-Term Investment—3.0%** |
| **Money Market Mutual Fund—3.0%** | **Money Market Mutual Fund—3.0%** | **Money Market Mutual Fund—3.0%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(3)</sup> | 46370927 | $46371 |
| **Total Short-Term Investment<br> (Identified Cost $46,371)** | **Total Short-Term Investment<br> (Identified Cost $46,371)** | &nbsp;&nbsp;&nbsp;&nbsp; **46371** |
| **TOTAL INVESTMENTS—100.9%<br> (Identified Cost $1,594,904)** | **TOTAL INVESTMENTS—100.9%<br> (Identified Cost $1,594,904)** | &nbsp;&nbsp;**$1567357** |
| Other assets and liabilities, net—(0.9)% | Other assets and liabilities, net—(0.9)% | &nbsp;&nbsp;&nbsp;&nbsp; (13540) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1553817** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| GS | Goldman Sachs & Co. |
| LLC | Limited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $302,353 or 19.5% of net assets. |
| <sup>(2)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;92% |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Liberia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1326586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1302647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23939 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1567357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$214784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1328634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23939 |

---

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS Convertible Fund

#### SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

#### December 31, 2022
($ reported in thousands)

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.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Convertible<br> Bonds and<br> Notes |
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2022:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23939 |
| **Balance as of December 31, 2022** | &nbsp;&nbsp;&nbsp;&nbsp;$23939 | &nbsp;&nbsp;&nbsp;&nbsp;$23939 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Convertible Fund

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

#### December 31, 2022

#### Note 1. Security Valuation
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 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 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, and restricted securities, are valued based on evaluated 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 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 ("OTC") 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 report.

## 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 Convertible Fund

- **b. EDGAR series identifier (if any):** S000028359

- **c. LEI of Series:** 54930013S4E21M83HR93

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $1582950435.35

**Total Liabilities:** $26776843.33

**Net Assets:** $1556173592.02

**Cash Not Reported:** $6428805.46

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -6.00000000 | **5-Year:** -15711.00000000 | **10-Year:** 0.00000000 | **30-Year:** -54934.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -2229.00000000 | **5-Year:** -236501.00000000 | **10-Year:** -48451.00000000 | **30-Year:** -1094.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086662 | 3.82%                | 1.66%                | -2.80%               |
| Class ID C000086659 | 2.71%                | 0.57%                | -3.86%               |
| Class ID C000235255 | 3.83%                | 1.63%                | -2.79%               |
| Class ID C000086663 | 3.83%                | 1.62%                | -2.81%               |
| Class ID C000086658 | -1.91%               | -3.97%               | -8.17%               |
| Class ID C000086661 | 3.83%                | 1.66%                | -2.83%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9229429.89             | $69253200.77                               |
| Month 2  | $1243442.81              | $21887537.47                               |
| Month 3  | $-859409.93              | $-47164166.56                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIR TRANSPORT SERVICES G           | Air Transport Services Group Inc                        | CUSIP: 00922RAB1<br>LEI: 5493000F3MSFGIXTQE27 | Long             | DBT              | CORP              | US        |   9750000 | PA      | $10103925.00  | 0.65%             | 2024-10-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS INC           | Northern Oil and Gas Inc                                | CUSIP: 665531AH2<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |   9165000 | PA      | $9852375.00   | 0.63%             | 2029-04-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund        | BlackRock Liquidity FedFund                             | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  40518340 | NS      | $40518340.44  | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP INC                         | EZCORP Inc                                              | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |   1750000 | PA      | $1693125.00   | 0.11%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| PALO ALTO NETWORKS                 | Palo Alto Networks Inc                                  | CUSIP: 697435AF2<br>LEI: 549300QXR2YVZV231H43 | Long             | DBT              | CORP              | US        |  11780000 | PA      | $17393170.00  | 1.12%             | 2025-06-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| GS FINANCE CORP                    | GS Finance Corp                                         | CUSIP: 40057PBH4<br>LEI: 549300FR80KBVO6DRL61 | Long             | DBT              | CORP              | US        |  23355000 | PA      | $23938875.00  | 1.54%             | 2027-12-29      | Fixed         | 0.50%                 | No            |                  3 | On Loan: No      |
| AXON ENTERPRISE INC                | Axon Enterprise Inc                                     | CUSIP: 05464CAA9<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |  13120000 | PA      | $13001920.00  | 0.84%             | 2027-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| FIVE9 INC                          | Five9 Inc                                               | CUSIP: 338307AD3<br>LEI: 254900MXP6EWY0SFFR59 | Long             | DBT              | CORP              | US        |  17985000 | PA      | $16474260.00  | 1.06%             | 2025-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| ETSY INC                           | Etsy Inc                                                | CUSIP: 29786AAN6<br>LEI: 54930089Q7XT501AEA40 | Long             | DBT              | CORP              | US        |  30635000 | PA      | $26156163.00  | 1.68%             | 2028-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| BILL.COM HOLDINGS INC              | Bill.com Holdings Inc                                   | CUSIP: 090043AD2<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |  32290000 | PA      | $25525245.00  | 1.64%             | 2027-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS            | Alnylam Pharmaceuticals Inc                             | CUSIP: 02043QAA5<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |  12660000 | PA      | $13704450.00  | 0.88%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| 2020 CASH EXCH TRUST               | 2020 Cash Mandatory Exchangeable Trust                  | CUSIP: 901375105<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     16705 | NS      | $19110854.10  | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| WORLD WRESTLING ENTERTAI           | World Wrestling Entertainment Inc                       | CUSIP: 98156QAB4<br>LEI: 549300WZVLSCS3L4L698 | Long             | DBT              | CORP              | US        |   4820000 | PA      | $13310430.00  | 0.86%             | 2023-12-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| BOSTON SCIENTIFIC CORP             | Boston Scientific Corp                                  | CUSIP: 101137206<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EP               | CORP              | US        |    200525 | NS      | $23024280.50  | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVENT CORP                        | Livent Corp                                             | CUSIP: 53814LAB4<br>LEI: 254900OOLQ2VNMZTJL47 | Long             | DBT              | CORP              | US        |   2010000 | PA      | $4822995.00   | 0.31%             | 2025-07-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES            | Royal Caribbean Cruises Ltd                             | CUSIP: 780153BP6<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   9225000 | PA      | $11586600.00  | 0.74%             | 2025-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ZILLOW GROUP INC                   | Zillow Group Inc                                        | CUSIP: 98954MAH4<br>LEI: 2549002XEELQDIR6FU05 | Long             | DBT              | CORP              | US        |  18670000 | PA      | $17755170.00  | 1.14%             | 2025-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                          | Block Inc                                               | CUSIP: 852234AF0<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |  15570000 | PA      | $14810962.50  | 0.95%             | 2025-03-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL            | BioMarin Pharmaceutical Inc                             | CUSIP: 09061GAH4<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |   1210000 | PA      | $1284173.00   | 0.08%             | 2024-08-01      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| FARFETCH LTD                       | Farfetch Ltd                                            | CUSIP: 30744WAD9<br>LEI: 549300QFQ74Z0F96NS78 | Long             | DBT              | CORP              | KY        |   7265000 | PA      | $5448750.00   | 0.35%             | 2027-05-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| VAIL RESORTS INC                   | Vail Resorts Inc                                        | CUSIP: 91879QAN9<br>LEI: 529900PSZHRNU9HKH870 | Long             | DBT              | CORP              | US        |  16990000 | PA      | $15758225.00  | 1.01%             | 2026-01-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REPAY HOLDINGS                     | Repay Holdings Corp                                     | CUSIP: 76029LAA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17100000 | PA      | $12488273.13  | 0.80%             | 2026-02-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WAYFAIR INC                        | Wayfair Inc                                             | CUSIP: 94419LAN1<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   4600000 | PA      | $3507500.00   | 0.23%             | 2027-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TECHTARGET INC                     | TechTarget Inc                                          | CUSIP: 87874RAC4<br>LEI: 529900YQA5JL2H2VMB84 | Long             | DBT              | CORP              | US        |  10710000 | PA      | $8128890.00   | 0.52%             | 2026-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORP                | Exact Sciences Corp                                     | CUSIP: 30063PAB1<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |  15220000 | PA      | $12556500.00  | 0.81%             | 2027-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CYTOKINETICS INC                   | Cytokinetics Inc                                        | CUSIP: 23282WAB6<br>LEI: 549300BE5DY1HW7IHA64 | Long             | DBT              | CORP              | US        |   8440000 | PA      | $9676460.00   | 0.62%             | 2027-07-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC           | Microchip Technology Inc                                | CUSIP: 595017AU8<br>LEI: 5493007PTFULNYZJ1R12 | Long             | DBT              | CORP              | US        |   9815000 | PA      | $10526587.50  | 0.68%             | 2024-11-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| HANNON ARMSTRONG SUSTAIN           | Hannon Armstrong Sustainable Infrastructure Capital Inc | CUSIP: 41068XAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11580000 | PA      | $10943100.00  | 0.70%             | 2023-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHWEST AIRLINES CO              | Southwest Airlines Co                                   | CUSIP: 844741BG2<br>LEI: UDTZ87G0STFETI6HGH41 | Long             | DBT              | CORP              | US        |   9360000 | PA      | $11241360.00  | 0.72%             | 2025-05-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ELEVANCE HEALTH INC                | Elevance Health Inc                                     | CUSIP: 94973VBG1<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | DBT              | CORP              | US        |   1160000 | PA      | $8482732.00   | 0.55%             | 2042-10-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| TYLER TECHNOLOGIES INC             | Tyler Technologies Inc                                  | CUSIP: 902252AB1<br>LEI: 25490040SMU4Z8LBCW70 | Long             | DBT              | CORP              | US        |  13920000 | PA      | $12931680.00  | 0.83%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| PERFICIENT INC                     | Perficient Inc                                          | CUSIP: 71375UAF8<br>LEI: 549300HTBXKL2755T650 | Long             | DBT              | CORP              | US        |  19130000 | PA      | $14777925.00  | 0.95%             | 2026-11-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD             | Jazz Investments I Ltd                                  | CUSIP: 472145AF8<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  18735000 | PA      | $22271231.25  | 1.43%             | 2026-06-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| BENTLEY SYSTEMS INC                | Bentley Systems Inc                                     | CUSIP: 08265TAB5<br>LEI: 549300WVEHPGE0Z56F71 | Long             | DBT              | CORP              | US        |  17115000 | PA      | $15608880.00  | 1.00%             | 2026-01-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| LUCID GROUP INC                    | Lucid Group Inc                                         | CUSIP: 549498AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5890000 | PA      | $3006845.00   | 0.19%             | 2026-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| RAPID7 INC                         | Rapid7 Inc                                              | CUSIP: 753422AF1<br>LEI: 549300GNVG5D60KEYN14 | Long             | DBT              | CORP              | US        |   9815000 | PA      | $7665453.36   | 0.49%             | 2027-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                 | NextEra Energy Inc                                      | CUSIP: 65339F713<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    185675 | NS      | $9319028.25   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| SPLUNK INC                         | Splunk Inc                                              | CUSIP: 848637AF1<br>LEI: 549300XGDSGBP6UEI867 | Long             | DBT              | CORP              | US        |  14430000 | PA      | $12176034.00  | 0.78%             | 2027-06-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| BARCLAYS BANK PLC                  | Barclays Bank PLC                                       | CUSIP: 06739GCF4<br>LEI: G5GSEF7VJP5I7OUK5573 | Long             | DBT              | CORP              | GB        |  16590000 | PA      | $17257961.01  | 1.11%             | 2025-02-18      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CYBERARK SOFTWARE LTD              | CyberArk Software Ltd                                   | CUSIP: 23248VAB1<br>LEI: 529900YEXNDM894PWS93 | Long             | DBT              | CORP              | IL        |   9060000 | PA      | $9587037.78   | 0.62%             | 2024-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN           | Live Nation Entertainment Inc                           | CUSIP: 538034AU3<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |  17790000 | PA      | $17460885.00  | 1.12%             | 2025-02-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ENPHASE ENERGY INC                 | Enphase Energy Inc                                      | CUSIP: 29355AAK3<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |   5990000 | PA      | $7004706.00   | 0.45%             | 2028-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DICK'S SPORTING GOODS              | Dick's Sporting Goods Inc                               | CUSIP: 253393AD4<br>LEI: 529900SSBV5I4LWSK313 | Long             | DBT              | CORP              | US        |    575000 | PA      | $2146187.50   | 0.14%             | 2025-04-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| LIBERTY BROADBAND CORP             | Liberty Broadband Corp                                  | CUSIP: 530307AC1<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |  15340000 | PA      | $14803100.00  | 0.95%             | 2050-09-30      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                | Coinbase Global Inc                                     | CUSIP: 19260QAB3<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |   9720000 | PA      | $5490230.41   | 0.35%             | 2026-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                                        | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     32620 | NS      | $38654700.00  | 2.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                | NCL Corp Ltd                                            | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  30615000 | PA      | $20781462.00  | 1.34%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| PALO ALTO NETWORKS                 | Palo Alto Networks Inc                                  | CUSIP: 697435AD7<br>LEI: 549300QXR2YVZV231H43 | Long             | DBT              | CORP              | US        |   8690000 | PA      | $13730200.00  | 0.88%             | 2023-07-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| REPLIGEN CORP                      | Repligen Corp                                           | CUSIP: 759916AB5<br>LEI: 54930006QJ0T5AUO1E71 | Long             | DBT              | CORP              | US        |   4515000 | PA      | $7237996.50   | 0.47%             | 2024-07-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CONFLUENT INC                      | Confluent Inc                                           | CUSIP: 20717MAB9<br>LEI: 254900MRZ83YWUV7SN74 | Long             | DBT              | CORP              | US        |  18720000 | PA      | $14133600.00  | 0.91%             | 2027-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BEAUTY HEALTH CO/THE               | Beauty Health Co/The                                    | CUSIP: 88331LAA6<br>LEI: 5493001Z2JZQT4C63C50 | Long             | DBT              | CORP              | US        |  16560000 | PA      | $12519360.00  | 0.80%             | 2026-10-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| 2020 MANDATORY EXCHANGE            | 2020 Mandatory Exchangeable Trust                       | CUSIP: 901376202<br>LEI: N/A                  | Long             | EP               | CORP              | US        |      7790 | NS      | $6876388.80   | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP              | ON Semiconductor Corp                                   | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   6535000 | PA      | $8658875.00   | 0.56%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PARSONS CORP                       | Parsons Corp                                            | CUSIP: 70202LAB8<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   6845000 | PA      | $7779342.50   | 0.50%             | 2025-08-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| SUNNOVA ENERGY INTL INC            | Sunnova Energy International Inc                        | CUSIP: 86745KAG9<br>LEI: 549300JK1Y1VVC3JU540 | Long             | DBT              | CORP              | US        |  15700000 | PA      | $12677750.00  | 0.81%             | 2028-02-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                 | Liberty Media Corp-Liberty Formula One                  | CUSIP: 531229AL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  17760000 | PA      | $16969680.00  | 1.09%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| APTIV PLC                          | Aptiv PLC                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | IE        |     57595 | NS      | $6181095.40   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STEM INC                           | Stem Inc                                                | CUSIP: 85859NAA0<br>LEI: 549300GVWIYFILN5V546 | Long             | DBT              | CORP              | US        |  16705000 | PA      | $10504104.00  | 0.67%             | 2028-12-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| CHEGG INC                          | Chegg Inc                                               | CUSIP: 163092AD1<br>LEI: 549300AKX7O8JG0O3G77 | Long             | DBT              | CORP              | US        |  15765000 | PA      | $14385562.50  | 0.92%             | 2025-03-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| IMPINJ INC                         | Impinj Inc                                              | CUSIP: 453204AD1<br>LEI: 549300M26VGKSMMWWN17 | Long             | DBT              | CORP              | US        |   6740000 | PA      | $8088000.00   | 0.52%             | 2027-05-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| ENPHASE ENERGY INC                 | Enphase Energy Inc                                      | CUSIP: 29355AAH0<br>LEI: 5493008U7KIGMI59Z314 | Long             | DBT              | CORP              | US        |  10890000 | PA      | $12267585.00  | 0.79%             | 2026-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC            | DraftKings Holdings Inc                                 | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |  11615000 | PA      | $7183877.50   | 0.46%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BURLINGTON STORES INC              | Burlington Stores Inc                                   | CUSIP: 122017AB2<br>LEI: 5299003Z37DVGKKC1W09 | Long             | DBT              | CORP              | US        |  10530000 | PA      | $12109500.00  | 0.78%             | 2025-04-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP                  | DISH Network Corp                                       | CUSIP: 25470MAF6<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |  31000000 | PA      | $19778000.00  | 1.27%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                       | KKR & Co Inc                                            | CUSIP: 48251W401<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    123410 | NS      | $7065222.50   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOCK INC                          | Block Inc                                               | CUSIP: 852234AK9<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |  11860000 | PA      | $8939475.00   | 0.57%             | 2027-11-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| LITHIUM AMERICAS CORP              | Lithium Americas Corp                                   | CUSIP: 53680QAA6<br>LEI: 529900Q9ENG7EHHZ5R75 | Long             | DBT              | CORP              | CA        |  14045000 | PA      | $10870830.00  | 0.70%             | 2027-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                     | Cloudflare Inc                                          | CUSIP: 18915MAC1<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |  34875000 | PA      | $28423125.00  | 1.83%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| JPMORGAN CHASE FINANCIAL           | JPMorgan Chase Financial Co LLC                         | CUSIP: 48133DL24<br>LEI: 549300NJFDJOFYVV6789 | Long             | DBT              | CORP              | US        |  14600000 | PA      | $17673300.00  | 1.14%             | 2027-06-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                | Insulet Corp                                            | CUSIP: 45784PAK7<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |  13485000 | PA      | $19040820.00  | 1.22%             | 2026-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| BOX INC                            | Box Inc                                                 | CUSIP: 10316TAB0<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |  10075000 | PA      | $13213362.50  | 0.85%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KBR INC                            | KBR Inc                                                 | CUSIP: 48242WAB2<br>LEI: 254900OFQDXZRKRCV808 | Long             | DBT              | CORP              | US        |   9180000 | PA      | $19356030.00  | 1.24%             | 2023-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| BIOMARIN PHARMACEUTICAL            | BioMarin Pharmaceutical Inc                             | CUSIP: 09061GAK7<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | DBT              | CORP              | US        |  17960000 | PA      | $19299112.51  | 1.24%             | 2027-05-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| HALOZYME THERAPEUTICS IN           | Halozyme Therapeutics Inc                               | CUSIP: 40637HAE9<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |   7865000 | PA      | $9265953.13   | 0.60%             | 2028-08-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SOLAR EDGE TECHNOLOGIES            | SolarEdge Technologies Inc                              | CUSIP: 83417MAD6<br>LEI: 5493000K6Y58XXPDF853 | Long             | DBT              | CORP              | US        |   6085000 | PA      | $7554527.50   | 0.49%             | 2025-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UNITY SOFTWARE INC                 | Unity Software Inc                                      | CUSIP: 91332UAB7<br>LEI: 549300D1ESJMGNQNG432 | Long             | DBT              | CORP              | US        |  16150000 | PA      | $12088275.00  | 0.78%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES GROUP            | American Airlines Group Inc                             | CUSIP: 02376RAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5710000 | PA      | $6018340.00   | 0.39%             | 2025-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENVESTNET INC                      | Envestnet Inc                                           | CUSIP: 29404KAF3<br>LEI: 549300HLWZ5OKIDM8737 | Long             | DBT              | CORP              | US        |  12230000 | PA      | $13122790.00  | 0.84%             | 2027-12-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| DANAHER CORP                       | Danaher Corp                                            | CUSIP: 235851409<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EP               | CORP              | US        |     16920 | NS      | $22952826.00  | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| DEXCOM INC                         | Dexcom Inc                                              | CUSIP: 252131AK3<br>LEI: 549300YSK3QDSFR5EU59 | Long             | DBT              | CORP              | US        |  46045000 | PA      | $50073937.50  | 3.22%             | 2025-11-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC              | Lumentum Holdings Inc                                   | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |   2150000 | PA      | $1843625.00   | 0.12%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                      | Wolfspeed Inc                                           | CUSIP: 977852AC6<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |   7935000 | PA      | $7145467.50   | 0.46%             | 2029-12-01      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                 | NextEra Energy Inc                                      | CUSIP: 65339F770<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    724310 | NS      | $36722517.00  | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| STRIDE INC                         | Stride Inc                                              | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |  12710000 | PA      | $11319526.00  | 0.73%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| MP MATERIALS CORP                  | MP Materials Corp                                       | CUSIP: 553368AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12395000 | PA      | $10830131.25  | 0.70%             | 2026-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| 3D SYSTEMS CORP                    | 3D Systems Corp                                         | CUSIP: 88554DAD8<br>LEI: 5493003HHDOCCW4OP744 | Long             | DBT              | CORP              | US        |  10230000 | PA      | $6976860.00   | 0.45%             | 2026-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PIONEER NATURAL RESOURCE           | Pioneer Natural Resources Co                            | CUSIP: 723787AP2<br>LEI: FY8JBF7CCL2VE4F1B628 | Long             | DBT              | CORP              | US        |   7520000 | PA      | $17536640.00  | 1.13%             | 2025-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| TOPGOLF CALL BRAN CORP             | Topgolf Callaway Brands Corp                            | CUSIP: 131193AE4<br>LEI: 5493005UB0KFRKBPCU72 | Long             | DBT              | CORP              | US        |   4905000 | PA      | $6379565.63   | 0.41%             | 2026-05-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| CHEGG INC                          | Chegg Inc                                               | CUSIP: 163092AF6<br>LEI: 549300AKX7O8JG0O3G77 | Long             | DBT              | CORP              | US        |   1945000 | PA      | $1525658.00   | 0.10%             | 2026-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WORKIVA INC                        | Workiva Inc                                             | CUSIP: 98139AAB1<br>LEI: 529900RTOQ8GRWHY1O58 | Long             | DBT              | CORP              | US        |  10370000 | PA      | $12786210.00  | 0.82%             | 2026-08-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP FINANCECO 2            | Match Group Financeco 2 Inc                             | CUSIP: 44932FAA5<br>LEI: 549300IPGK4BWL134U96 | Long             | DBT              | CORP              | US        |   9220000 | PA      | $8165462.50   | 0.52%             | 2026-06-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| SNAP INC                           | Snap Inc                                                | CUSIP: 83304AAB2<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |   8615000 | PA      | $7296905.00   | 0.47%             | 2026-08-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| EQT CORP                           | EQT Corp                                                | CUSIP: 26884LAK5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   2050000 | PA      | $4760100.00   | 0.31%             | 2026-05-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PLUG POWER INC                     | Plug Power Inc                                          | CUSIP: 72919PAD5<br>LEI: 549300JPDKRSJ8JSM954 | Long             | DBT              | CORP              | US        |   1600000 | PA      | $4005760.00   | 0.26%             | 2025-06-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                | Shift4 Payments Inc                                     | CUSIP: 82452JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13060000 | PA      | $12937562.50  | 0.83%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOOKING HOLDINGS INC               | Booking Holdings Inc                                    | CUSIP: 09857LAN8<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | DBT              | CORP              | US        |  11880000 | PA      | $15823019.88  | 1.02%             | 2025-05-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| INSMED INC                         | Insmed Inc                                              | CUSIP: 457669AA7<br>LEI: 529900Q55QAG41CCAC11 | Long             | DBT              | CORP              | US        |   9940000 | PA      | $9269050.00   | 0.60%             | 2025-01-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC              | Lumentum Holdings Inc                                   | CUSIP: 55024UAE9<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |  10750000 | PA      | $8136675.00   | 0.52%             | 2028-06-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| HALOZYME THERAPEUTICS IN           | Halozyme Therapeutics Inc                               | CUSIP: 40637HAD1<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |  21070000 | PA      | $20398393.75  | 1.31%             | 2027-03-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| REVANCE THERAPEUTICS INC           | Revance Therapeutics Inc                                | CUSIP: 761330AB5<br>LEI: 549300N33TFDZHS81H11 | Long             | DBT              | CORP              | US        |   7485000 | PA      | $6833805.00   | 0.44%             | 2027-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| M/A-COM TECH SOLUTIONS             | MACOM Technology Solutions Holdings Inc                 | CUSIP: 55405YAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8395000 | PA      | $8306852.50   | 0.53%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NATERA INC                         | Natera Inc                                              | CUSIP: 632307AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4330000 | PA      | $5507760.00   | 0.35%             | 2027-05-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NOVOCURE LTD                       | Novocure Ltd                                            | CUSIP: 67011XAB9<br>LEI: 213800YPP55UMHWA4826 | Long             | DBT              | CORP              | JE        |   6470000 | PA      | $5705893.00   | 0.37%             | 2025-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |         0 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPLUNK INC                         | Splunk Inc                                              | CUSIP: 848637AD6<br>LEI: 549300XGDSGBP6UEI867 | Long             | DBT              | CORP              | US        |   6180000 | PA      | $5818470.00   | 0.37%             | 2025-09-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC            | Akamai Technologies Inc                                 | CUSIP: 00971TAJ0<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $11025000.00  | 0.71%             | 2025-05-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| BOFA FINANCE LLC                   | BofA Finance LLC                                        | CUSIP: 09709UV70<br>LEI: 549300CGZYSEY3ZSIW16 | Long             | DBT              | CORP              | US        |  15930000 | PA      | $18325859.26  | 1.18%             | 2027-05-25      | Fixed         | 0.60%                 | No            |                  2 | On Loan: No      |
| MIDDLEBY CORP                      | Middleby Corp/The                                       | CUSIP: 596278AB7<br>LEI: JDFO86U9VQRBKW5KYA35 | Long             | DBT              | CORP              | US        |   4985000 | PA      | $5859867.50   | 0.38%             | 2025-09-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                      | Wolfspeed Inc                                           | CUSIP: 977852AA0<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |  18515000 | PA      | $16006217.50  | 1.03%             | 2028-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MODEL N INC                        | Model N Inc                                             | CUSIP: 607525AB8<br>LEI: 549300WCIL3W0EYSBN94 | Long             | DBT              | CORP              | US        |   5070000 | PA      | $6831825.00   | 0.44%             | 2025-06-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| WAYFAIR INC                        | Wayfair Inc                                             | CUSIP: 94419LAD3<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |  15735000 | PA      | $13364480.08  | 0.86%             | 2024-11-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC                  | Post Holdings Inc                                       | CUSIP: 737446AS3<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |  14120000 | PA      | $14828824.00  | 0.95%             | 2027-08-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC              | Uber Technologies Inc                                   | CUSIP: 90353TAJ9<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |  26580000 | PA      | $22387174.58  | 1.44%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ZSCALER INC.                       | Zscaler Inc                                             | CUSIP: 98980GAB8<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |   6310000 | PA      | $6625500.00   | 0.43%             | 2025-07-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| DIGITALOCEAN HOLDINGS              | DigitalOcean Holdings Inc                               | CUSIP: 25402DAB8<br>LEI: 549300EPISPY3RE3DL21 | Long             | DBT              | CORP              | US        |  17010000 | PA      | $12714975.00  | 0.82%             | 2026-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SNAP INC                           | Snap Inc                                                | CUSIP: 83304AAG1<br>LEI: 549300JNC0L6VP8A2Q35 | Long             | DBT              | CORP              | US        |  15170000 | PA      | $10125975.00  | 0.65%             | 2028-03-01      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                 | Liberty Media Corp                                      | CUSIP: 531229AB8<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | DBT              | CORP              | US        |  13245000 | PA      | $16311217.50  | 1.05%             | 2023-10-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                          | PG&E Corp                                               | CUSIP: 69331C140<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    106705 | NS      | $15391129.20  | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| GFL ENVIRONMENTAL INC              | GFL Environmental Inc                                   | CUSIP: 36168Q120<br>LEI: 549300FYK4MBXWIVZU26 | Long             | EP               | CORP              | CA        |    140705 | NS      | $9102206.45   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| LIBERTY BROADBAND CORP             | Liberty Broadband Corp                                  | CUSIP: 530307AA5<br>LEI: 549300MIX43II8JLN536 | Long             | DBT              | CORP              | US        |     30000 | PA      | $29218.55     | 0.00%             | 2050-09-30      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PURE STORAGE INC                   | Pure Storage Inc                                        | CUSIP: 74624MAB8<br>LEI: 549300NPDB0BZTK3WO90 | Long             | DBT              | CORP              | US        |   4270000 | PA      | $4596655.00   | 0.30%             | 2023-04-15      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| SAREPTA THERAPEUTICS INC           | Sarepta Therapeutics Inc                                | CUSIP: 803607AC4<br>LEI: 549300IKDPIED8J8IG21 | Long             | DBT              | CORP              | US        |  21335000 | PA      | $24588587.50  | 1.58%             | 2027-09-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                | Shift4 Payments Inc                                     | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  20855000 | PA      | $17549482.50  | 1.13%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-22

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer