# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-23-044748
**Filing Date:** 2023-2
**Character Count:** 62999
**Document Hash:** 69d40e636e6bb23c7313c76c01fa08b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044748.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044748

**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:** 23679967

**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 NFJ Emerging Markets Value Fund (Series ID: S000038497)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000118780 | Institutional Class | AZMIX           |
| C000118781 | Class P             | AZMPX           |
| C000118783 | Class A             | AZMAX           |
| C000118784 | Class C             | AZMCX           |

## Nport-Ex

#### VIRTUS NFJ Emerging Markets Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—4.1%** | **Preferred Stocks—4.1%** | **Preferred Stocks—4.1%** |
| **Brazil—1.1%** | **Brazil—1.1%** |  |
| Banco Bradesco S.A., 8.670% | &nbsp;&nbsp;&nbsp;&nbsp;81300 | $233 |
| Itausa S.A., 5.430% | &nbsp;&nbsp;&nbsp;&nbsp;176870 | &nbsp;&nbsp;&nbsp; 285 |
|  |  | &nbsp;&nbsp;&nbsp; 518 |
| **South Korea—3.0%** | **South Korea—3.0%** |  |
| Samsung Electronics Co., Ltd., 1.970% | &nbsp;&nbsp;&nbsp;&nbsp;35993 | &nbsp;&nbsp;&nbsp; 1448 |
| **Total Preferred Stocks<br> (Identified Cost $1,738)** | **Total Preferred Stocks<br> (Identified Cost $1,738)** | &nbsp;&nbsp;&nbsp;&nbsp; **1966** |
| **Common Stocks—94.0%** | **Common Stocks—94.0%** | **Common Stocks—94.0%** |
| **Argentina—0.6%** | **Argentina—0.6%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp; 303 |
| **Brazil—6.9%** | **Brazil—6.9%** |  |
| B3 S.A. - Brasil Bolsa Balcao | &nbsp;&nbsp;&nbsp;&nbsp;349248 | &nbsp;&nbsp;&nbsp; 874 |
| Cia Siderurgica Nacional S.A. | &nbsp;&nbsp;&nbsp;&nbsp;100600 | &nbsp;&nbsp;&nbsp; 277 |
| Klabin S.A. | &nbsp;&nbsp;&nbsp;&nbsp;365500 | &nbsp;&nbsp;&nbsp; 279 |
| Localiza Rent a Car S.A. | &nbsp;&nbsp;&nbsp;&nbsp;32230 | &nbsp;&nbsp;&nbsp; 325 |
| Lojas Renner S.A. | &nbsp;&nbsp;&nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp; 216 |
| Raia Drogasil S.A. | &nbsp;&nbsp;&nbsp;&nbsp;65100 | &nbsp;&nbsp;&nbsp; 292 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp; 390 |
| Vibra Energia S.A. | &nbsp;&nbsp;&nbsp;&nbsp;89200 | &nbsp;&nbsp;&nbsp; 263 |
| WEG S.A. | &nbsp;&nbsp;&nbsp;&nbsp;54100 | &nbsp;&nbsp;&nbsp; 395 |
|  |  | &nbsp;&nbsp;&nbsp; 3311 |
| **Cayman Islands—1.3%** | **Cayman Islands—1.3%** |  |
| Baidu, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;18450 | &nbsp;&nbsp;&nbsp; 264 |
| ZTO Express Cayman, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp; 331 |
|  |  | &nbsp;&nbsp;&nbsp; 595 |
| **China—40.2%** | **China—40.2%** |  |
| Alibaba Group Holding Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;183900 | &nbsp;&nbsp;&nbsp; 2032 |
| Anhui Conch Cement Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;82000 | &nbsp;&nbsp;&nbsp; 287 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp; 551 |
| Asymchem Laboratories Tianjin Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;12960 | &nbsp;&nbsp;&nbsp; 276 |
| Bank of Ningbo Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;52254 | &nbsp;&nbsp;&nbsp; 244 |
| BYD Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp; 321 |
| China Construction Bank Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;385422 | &nbsp;&nbsp;&nbsp; 312 |
| China Merchants Bank Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;344833 | &nbsp;&nbsp;&nbsp; 1848 |
| China Merchants Securities Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp;&nbsp; 262 |
| CITIC Securities Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;90600 | &nbsp;&nbsp;&nbsp; 260 |
| East Money Information Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;217539 | &nbsp;&nbsp;&nbsp; 607 |
| ENN Energy Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37700 | &nbsp;&nbsp;&nbsp; 529 |
| ENN Natural Gas Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;107100 | &nbsp;&nbsp;&nbsp; 248 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| Hangzhou Tigermed Consulting Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22516 | $339 |
| Hithink RoyalFlush Information Network Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp; 279 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;21654 | &nbsp;&nbsp; 611 |
| Jiangsu Hengli Hydraulic Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30500 | &nbsp;&nbsp; 277 |
| Jiangxi Copper Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;126900 | &nbsp;&nbsp; 318 |
| Kweichow Moutai Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 373 |
| Li Ning Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp; 360 |
| Longfor Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;266000 | &nbsp;&nbsp; 828 |
| Luxshare Precision Industry Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;187930 | &nbsp;&nbsp; 858 |
| Meituan Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;30600 | &nbsp;&nbsp; 685 |
| Midea Group Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;33800 | &nbsp;&nbsp; 252 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21600 | &nbsp;&nbsp; 317 |
| Ping An Bank Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;129771 | &nbsp;&nbsp; 246 |
| Ping An Insurance Group Co. of China Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp; 312 |
| Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp; 286 |
| Shenzhou International Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47100 | &nbsp;&nbsp; 530 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63100 | &nbsp;&nbsp; 2700 |
| Wanhua Chemical Group Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;19800 | &nbsp;&nbsp; 264 |
| Will Semiconductor Co., Ltd. Shanghai Class A | &nbsp;&nbsp;&nbsp;&nbsp;25612 | &nbsp;&nbsp; 284 |
| Wuliangye Yibin Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9955 | &nbsp;&nbsp; 259 |
| WuXi AppTec Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp; 332 |
| Wuxi Biologics Cayman, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;53500 | &nbsp;&nbsp; 410 |
| Zhejiang Dingli Machinery Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;47400 | &nbsp;&nbsp; 326 |
|  |  | &nbsp;&nbsp;19223 |
| **Colombia—0.6%** | **Colombia—0.6%** |  |
| Ecopetrol S.A. | &nbsp;&nbsp;&nbsp;&nbsp;534809 | &nbsp;&nbsp; 267 |
| **Hong Kong—5.0%** | **Hong Kong—5.0%** |  |
| China Mengniu Dairy Co., Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;105000 | &nbsp;&nbsp; 476 |
| Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;170500 | &nbsp;&nbsp; 1903 |
|  |  | &nbsp;&nbsp; 2379 |
| **India—7.2%** | **India—7.2%** |  |
| Bandhan Bank Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;80328 | &nbsp;&nbsp; 227 |
| Berger Paints India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49912 | &nbsp;&nbsp; 351 |
| Bharti Infratel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;91549 | &nbsp;&nbsp; 211 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **India—continued** | **India—continued** |  |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39971 | $787 |
| HDFC Life Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;39300 | &nbsp;&nbsp; 269 |
| ICICI Lombard General Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19010 | &nbsp;&nbsp; 284 |
| Indraprastha Gas Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;63581 | &nbsp;&nbsp; 318 |
| Info Edge India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888 | &nbsp;&nbsp; 232 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11719 | &nbsp;&nbsp; 259 |
| Tata Steel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;191949 | &nbsp;&nbsp; 261 |
| UltraTech Cement Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp; 260 |
|  |  | &nbsp;&nbsp; 3459 |
| **Indonesia—1.1%** | **Indonesia—1.1%** |  |
| Aneka Tambang Tbk | 2093100 | &nbsp;&nbsp; 267 |
| Semen Indonesia Persero Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;609100 | &nbsp;&nbsp; 257 |
|  |  | &nbsp;&nbsp; 524 |
| **Malaysia—1.3%** | **Malaysia—1.3%** |  |
| Axiata Group Bhd | &nbsp;&nbsp;&nbsp;&nbsp;453700 | &nbsp;&nbsp; 318 |
| Inari Amertron Bhd | &nbsp;&nbsp;&nbsp;&nbsp;467200 | &nbsp;&nbsp; 277 |
|  |  | &nbsp;&nbsp; 595 |
| **Netherlands—4.5%** | **Netherlands—4.5%** |  |
| ASM International N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 | &nbsp;&nbsp; 254 |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3539 | &nbsp;&nbsp; 1909 |
|  |  | &nbsp;&nbsp; 2163 |
| **Poland—1.4%** | **Poland—1.4%** |  |
| Bank Polska Kasa Opieki S.A. | &nbsp;&nbsp;&nbsp;&nbsp;18005 | &nbsp;&nbsp; 356 |
| Dino Polska S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 | &nbsp;&nbsp; 317 |
|  |  | &nbsp;&nbsp; 673 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| HeadHunter Group plc ADR<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24864 | &nbsp;&nbsp; —<sup>(3)</sup> |
| LUKOIL PJSC Sponsored ADR<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;24847 | &nbsp;&nbsp; —<sup>(3)</sup> |
| Novatek PJSC Sponsored GDR<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6630 | &nbsp;&nbsp; —<sup>(3)</sup> |
| Polyus PJSC GDR<sup>(1)(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp; —<sup>(3)</sup> |
|  |  | &nbsp;&nbsp; —<sup>(3)</sup> |
| **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** |  |
| Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;37531 | &nbsp;&nbsp; 320 |
| **Singapore—0.5%** | **Singapore—0.5%** |  |
| Sea Ltd. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4649 | &nbsp;&nbsp; 242 |
| **South Africa—2.2%** | **South Africa—2.2%** |  |
| AngloGold Ashanti Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19258 | &nbsp;&nbsp; 373 |
| Gold Fields Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;64025 | &nbsp;&nbsp; 664 |
|  |  | &nbsp;&nbsp; 1037 |
| **South Korea—5.4%** | **South Korea—5.4%** |  |
| CJ Logistics Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 | &nbsp;&nbsp; 243 |
| Coupang, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16194 | &nbsp;&nbsp; 238 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12641 | &nbsp;&nbsp; 348 |
| Hana Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10517 | &nbsp;&nbsp; 352 |

---

See Notes to Schedule of Investments

------

#### VIRTUS NFJ Emerging Markets Value Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea—continued** | **South Korea—continued** |  |
| Kakao Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894 | $209 |
| LG Chem Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp; 300 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp; 189 |
| POSCO Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp; 449 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5173 | &nbsp;&nbsp; 228 |
|  |  | &nbsp;&nbsp; 2556 |
| **Taiwan—12.6%** | **Taiwan—12.6%** |  |
| ASPEED Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp; 373 |
| Eclat Textile Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp; 419 |
| Feng TAY Enterprise Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56000 | &nbsp;&nbsp; 376 |
| MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp; 366 |
| Micro-Star International Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp; 171 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27200 | &nbsp;&nbsp; 249 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;242000 | &nbsp;&nbsp; 3531 |
| Unimicron Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;59000 | &nbsp;&nbsp; 231 |
| Vanguard International Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;123000 | &nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp; 6026 |
| **Thailand—0.6%** | **Thailand—0.6%** |  |
| Siam Cement PCL (The) Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;28700 | &nbsp;&nbsp; 283 |
| **United States—1.9%** | **United States—1.9%** |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3656 | &nbsp;&nbsp; 237 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp; 250 |
| Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp; 197 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | $235 |
|  |  | &nbsp;&nbsp;&nbsp; 919 |
| **Total Common Stocks<br> (Identified Cost $51,344)** | **Total Common Stocks<br> (Identified Cost $51,344)** | &nbsp;&nbsp;&nbsp;&nbsp;**44875** |
| **Rights—0.0%** | **Rights—0.0%** | **Rights—0.0%** |
| **Brazil—0.0%** | **Brazil—0.0%** |  |
| Localiza Rent a Car S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp; 1 |
| **Total Rights<br> (Identified Cost $—)** | **Total Rights<br> (Identified Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp; **1** |
| **Total Long-Term Investments—98.1%<br> (Identified Cost $53,082)** | **Total Long-Term Investments—98.1%<br> (Identified Cost $53,082)** | &nbsp;&nbsp;&nbsp;&nbsp;**46842** |
| **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** | **Short-Term Investment—0.2%** |
| **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** | **Money Market Mutual Fund—0.2%** |
| Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;110184 | &nbsp;&nbsp;&nbsp; 110 |
| **Total Short-Term Investment<br> (Identified Cost $110)** | **Total Short-Term Investment<br> (Identified Cost $110)** | &nbsp;&nbsp;&nbsp;&nbsp; **110** |
| **TOTAL INVESTMENTS—98.3%<br> (Identified Cost $53,192)** | **TOTAL INVESTMENTS—98.3%<br> (Identified Cost $53,192)** | &nbsp;&nbsp;**$46952** |
| Other assets and liabilities, net—1.7% | Other assets and liabilities, net—1.7% | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$47778** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <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> | Amount is less than $500. |
| <sup>(4)</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>** |
| China | &nbsp;&nbsp;&nbsp;41% |
| Taiwan | &nbsp;&nbsp;13 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Other | &nbsp;&nbsp;12 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS NFJ Emerging Markets Value Fund

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

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

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: |  |  |  |  |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

<sup>(1)</sup> Amount is less than $500.

<sup>(2)</sup> Includes internally fair valued securities currently priced at zero ($0).

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS NFJ Emerging Markets Value 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 NFJ Emerging Markets Value Fund

- **b. EDGAR series identifier (if any):** S000038497

- **c. LEI of Series:** 549300HAOTPSICDX5F61

**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:** $48436665.13

**Total Liabilities:** $392358.64

**Net Assets:** $48044306.49

**Cash Not Reported:** $229105.94

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118781 | -5.61%               | 21.22%               | -1.53%               |
| Class ID C000118783 | -10.83%              | 14.50%               | -6.93%               |
| Class ID C000118780 | -5.60%               | 21.12%               | -1.46%               |
| Class ID C000118784 | -6.69%               | 20.14%               | -2.57%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-6522667.74             | $3276692.87                                |
| Month 2  | $-1661653.63             | $11527874.13                               |
| Month 3  | $-1721170.65             | $889594.92                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Semen Indonesia Persero Tbk PT     | Semen Indonesia Persero Tbk PT                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |     93688 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Sea Ltd                            | Sea Ltd                                         | CUSIP: 81141R100<br>LEI: 529900OM6JLLW44YKI15 | Long             | EC               | CORP              | SG        |      4649 | NS      | $241887.47    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Unimicron Technology Corp          | Unimicron Technology Corp                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     59000 | NS      | $230352.52    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                     | Li Ning Co Ltd                                  | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |     41500 | NS      | $360213.06    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| China Construction Bank Corp       | China Construction Bank Corp                    | CUSIP: 000000000<br>LEI: 5493001KQW6DM7KEDR62 | Long             | EC               | CORP              | CN        |    385422 | NS      | $312143.20    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd            | Kotak Mahindra Bank Ltd                         | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |     11719 | NS      | $258836.49    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc                        | Coupang Inc                                     | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | KR        |     16194 | NS      | $238213.74    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management              | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    414350 | NS      | $414350.04    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Wanhua Chemical Group Co Ltd       | Wanhua Chemical Group Co Ltd                    | CUSIP: 000000000<br>LEI: 3003002H0G2KDG6CR124 | Long             | EC               | CORP              | CN        |     19800 | NS      | $263887.97    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Shenzhen Mindray Bio-Medical E     | Shenzhen Mindray Bio-Medical Electronics Co Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      6300 | NS      | $286348.81    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                            | Meituan                                         | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |     30600 | NS      | $684883.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| POSCO Holdings Inc                 | POSCO Holdings Inc                              | CUSIP: 000000000<br>LEI: 988400E5HRVX81AYLM04 | Long             | EC               | CORP              | KR        |      2041 | NS      | $449534.66    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd         | Samsung Electronics Co Ltd                      | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      5173 | NS      | $228033.98    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Ping An Bank Co Ltd                | Ping An Bank Co Ltd                             | CUSIP: 000000000<br>LEI: 549300W9MKNIVWXFM679 | Long             | EC               | CORP              | CN        |    129771 | NS      | $245664.57    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Monolithic Power Systems Inc       | Monolithic Power Systems Inc                    | CUSIP: 609839105<br>LEI: 529900TB7O85LSZ1XU31 | Long             | EC               | CORP              | US        |       556 | NS      | $196607.16    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                    | Gold Fields Ltd                                 | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |     64025 | NS      | $663753.62    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ASPEED Technology Inc              | ASPEED Technology Inc                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6800 | NS      | $372793.68    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Itausa SA                          | Itausa SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |    176870 | NS      | $285082.38    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Indraprastha Gas Ltd               | Indraprastha Gas Ltd                            | CUSIP: 000000000<br>LEI: 33580033VPD8D168H736 | Long             | EC               | CORP              | IN        |     63581 | NS      | $318135.56    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Siam Cement PCL/The                | Siam Cement PCL/The                             | CUSIP: 000000000<br>LEI: 529900SEH9QK8ZZDCQ89 | Long             | EC               | CORP              | TH        |     28700 | NS      | $283395.41    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| UltraTech Cement Ltd               | UltraTech Cement Ltd                            | CUSIP: 000000000<br>LEI: 335800PC9O9B4BQHG814 | Long             | EC               | CORP              | IN        |      3086 | NS      | $259586.95    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| FLUSH INFO                         | Hithink RoyalFlush Information Network Co Ltd   | CUSIP: 000000000<br>LEI: 300300TIQA4R0NPLQE78 | Long             | EC               | CORP              | CN        |     19700 | NS      | $279444.88    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| SHENZHOU INTL                      | Shenzhou International Group Holdings Ltd       | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |     47100 | NS      | $529806.74    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ASM International NV               | ASM International NV                            | CUSIP: 000000000<br>LEI: 7245001I22ND6ZFHX623 | Long             | EC               | CORP              | NL        |      1008 | NS      | $254269.55    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| HeadHunter Group PLC               | HeadHunter Group PLC                            | CUSIP: 42207L106<br>LEI: 549300IMUCFEWXP6RU11 | Long             | EC               | CORP              | RU        |     24864 | NS      | $24.86        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| NetEase Inc                        | NetEase Inc                                     | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |     21600 | NS      | $316855.53    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Feng TAY Enterprise Co Ltd         | Feng TAY Enterprise Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     56000 | NS      | $376242.46    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Longfor Group Holdings Ltd         | Longfor Group Holdings Ltd                      | CUSIP: 000000000<br>LEI: 254900UJX27B2F1JYR13 | Long             | EC               | CORP              | CN        |    266000 | NS      | $828113.69    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Dino Polska SA                     | Dino Polska SA                                  | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |      3704 | NS      | $317279.19    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| WILL SEMICONDUCTOR LTD             | Will Semiconductor Co Ltd Shanghai              | CUSIP: 000000000<br>LEI: 8368000MFHXX01GPND38 | Long             | EC               | CORP              | CN        |     25612 | NS      | $284021.04    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Techtronic Industries Co Ltd       | Techtronic Industries Co Ltd                    | CUSIP: 000000000<br>LEI: 549300HZW2SBE758OK89 | Long             | EC               | CORP              | HK        |    170500 | NS      | $1902587.29   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Novatek PJSC                       | Novatek PJSC                                    | CUSIP: 669888109<br>LEI: 2138008R6GCRVBDFA581 | Long             | EC               | CORP              | RU        |      6630 | NS      | $6.63         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CJ Logistics Corp                  | CJ Logistics Corp                               | CUSIP: 000000000<br>LEI: 988400MIXJ2YDYLYR916 | Long             | EC               | CORP              | KR        |      3254 | NS      | $242796.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| TIGERMED                           | Hangzhou Tigermed Consulting Co Ltd             | CUSIP: 000000000<br>LEI: 300300CP4N8WDF6DOO67 | Long             | EC               | CORP              | CN        |     22516 | NS      | $339438.81    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Bobcat Inc                  | Doosan Bobcat Inc                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     12641 | NS      | $348500.88    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd               | Tencent Holdings Ltd                            | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     63100 | NS      | $2700087.76   | 5.62%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                    | ASML Holding NV                                 | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |      3539 | NS      | $1908556.90   | 3.97%             |  |  |  | No            |                  1 | On Loan: No      |
| ASYMCHEM                           | Asymchem Laboratories Tianjin Co Ltd            | CUSIP: 000000000<br>LEI: 8368002CY8G4Q85YRQ60 | Long             | EC               | CORP              | CN        |     12960 | NS      | $275915.24    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co               | Saudi Arabian Oil Co                            | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |     37531 | NS      | $320581.45    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| LXJM                               | Luxshare Precision Industry Co Ltd              | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |    187930 | NS      | $858319.19    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Dingli                    | Zhejiang Dingli Machinery Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     47400 | NS      | $326264.08    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| LUKOIL PJSC                        | LUKOIL PJSC                                     | CUSIP: 69343P105<br>LEI: 549300LCJ1UJXHYBWI24 | Long             | EC               | CORP              | RU        |     24847 | NS      | $24.85        | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Kakao Corp                         | Kakao Corp                                      | CUSIP: 000000000<br>LEI: 988400FTKUBQXKVZP434 | Long             | EC               | CORP              | KR        |      4894 | NS      | $208624.64    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Steel Ltd                     | Tata Steel Ltd                                  | CUSIP: 000000000<br>LEI: 335800E6C75YGSGD5T66 | Long             | EC               | CORP              | IN        |    191949 | NS      | $261368.97    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Jiangxi Copper Co Ltd              | Jiangxi Copper Co Ltd                           | CUSIP: 000000000<br>LEI: 3003002E74YFQ6MEZY56 | Long             | EC               | CORP              | CN        |    126900 | NS      | $318176.42    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp         | Realtek Semiconductor Corp                      | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |     27200 | NS      | $248676.61    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                            | Vale SA                                         | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     23200 | NS      | $390551.83    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Eclat Textile Co Ltd               | Eclat Textile Co Ltd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     26000 | NS      | $419157.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| China Merchants Bank Co Ltd        | China Merchants Bank Co Ltd                     | CUSIP: 000000000<br>LEI: 549300MKO5B60FFIHF58 | Long             | EC               | CORP              | CN        |    344833 | NS      | $1848249.72   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                        | NVIDIA Corp                                     | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      1606 | NS      | $234700.84    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                        | Polyus PJSC                                     | CUSIP: 73181M117<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |      4887 | NS      | $4.89         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| WEG SA                             | WEG SA                                          | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |     54100 | NS      | $394600.31    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Energy Holdings Ltd            | ENN Energy Holdings Ltd                         | CUSIP: 000000000<br>LEI: 549300V7BXPWT6WIPR03 | Long             | EC               | CORP              | CN        |     37700 | NS      | $529363.46    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc           | Hana Financial Group Inc                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     10517 | NS      | $351969.31    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| CMSC                               | China Merchants Securities Co Ltd               | CUSIP: 000000000<br>LEI: 30030060IEIMX476KH87 | Long             | EC               | CORP              | CN        |    137000 | NS      | $262108.55    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| East Money Information Co Ltd      | East Money Information Co Ltd                   | CUSIP: 000000000<br>LEI: 836800ZFB0ZEK3KKW487 | Long             | EC               | CORP              | CN        |    217539 | NS      | $607082.67    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuxi Biologics Cayman Inc          | Wuxi Biologics Cayman Inc                       | CUSIP: 000000000<br>LEI: 5493001TD2TH6VDTJU11 | Long             | EC               | CORP              | CN        |     53500 | NS      | $410222.99    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Bandhan Bank Ltd                   | Bandhan Bank Ltd                                | CUSIP: 000000000<br>LEI: 335800Q13QAC32IOCH33 | Long             | EC               | CORP              | IN        |     80328 | NS      | $227400.19    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Klabin SA                          | Klabin SA                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    365500 | NS      | $278983.85    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Kweichow Moutai Co Ltd             | Kweichow Moutai Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      1500 | NS      | $372642.66    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc         | Advanced Micro Devices Inc                      | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      3656 | NS      | $236799.12    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Life Insurance Co Ltd         | HDFC Life Insurance Co Ltd                      | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |     39300 | NS      | $268990.99    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| MediaTek Inc                       | MediaTek Inc                                    | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     18000 | NS      | $366026.26    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc                   | MercadoLibre Inc                                | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       358 | NS      | $302953.92    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| JSHL                               | Jiangsu Hengli Hydraulic Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     30500 | NS      | $277065.32    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                         | BYD Co Ltd                                      | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |     13000 | NS      | $320775.87    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd           | ANTA Sports Products Ltd                        | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | CN        |     42000 | NS      | $550461.54    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Midea Group Co Ltd                 | Midea Group Co Ltd                              | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     33800 | NS      | $251857.82    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co Ltd                 | WuXi AppTec Co Ltd                              | CUSIP: 000000000<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |     31400 | NS      | $331682.35    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Lam Research Corp                  | Lam Research Corp                               | CUSIP: 512807108<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       596 | NS      | $250498.80    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Raia Drogasil SA                   | Raia Drogasil SA                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     65100 | NS      | $292470.67    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIC Securities Co Ltd            | CITIC Securities Co Ltd                         | CUSIP: 000000000<br>LEI: 300300E1006744000068 | Long             | EC               | CORP              | CN        |     90600 | NS      | $259482.72    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Baidu Inc                          | Baidu Inc                                       | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |     18450 | NS      | $264028.98    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                    | Lojas Renner SA                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     55800 | NS      | $216446.61    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| ZTO Express Cayman Inc             | ZTO Express Cayman Inc                          | CUSIP: 000000000<br>LEI: 549300SCJPK3YZJTJR78 | Long             | EC               | CORP              | CN        |     12200 | NS      | $330733.01    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Chem Ltd                        | LG Chem Ltd                                     | CUSIP: 000000000<br>LEI: 988400IES4EIG7O06940 | Long             | EC               | CORP              | KR        |       625 | NS      | $299617.23    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecopetrol SA                       | Ecopetrol SA                                    | CUSIP: 000000000<br>LEI: 254900IDGKCJICKBPA66 | Long             | EC               | CORP              | CO        |    534809 | NS      | $266963.24    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ningbo Co Ltd              | Bank of Ningbo Co Ltd                           | CUSIP: 000000000<br>LEI: 300300C1092133000091 | Long             | EC               | CORP              | CN        |     52254 | NS      | $243917.65    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA                  | Banco Bradesco SA                               | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |     81300 | NS      | $233286.61    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao        | B3 SA - Brasil Bolsa Balcao                     | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |    349248 | NS      | $873822.83    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd          | Alibaba Group Holding Ltd                       | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |    183900 | NS      | $2032089.76   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Axiata Group Bhd                   | Axiata Group Bhd                                | CUSIP: 000000000<br>LEI: 254900DM0V7OCPDUUC55 | Long             | EC               | CORP              | MY        |    453700 | NS      | $318259.48    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Vibra Energia SA                   | Vibra Energia SA                                | CUSIP: 000000000<br>LEI: 549300U7VLJ3SYVNY689 | Long             | EC               | CORP              | BR        |     89200 | NS      | $262713.20    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd         | China Mengniu Dairy Co Ltd                      | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | HK        |    105000 | NS      | $476205.73    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Lombard General Insuranc     | ICICI Lombard General Insurance Co Ltd          | CUSIP: 000000000<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |     19010 | NS      | $284196.40    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| AngloGold Ashanti Ltd              | AngloGold Ashanti Ltd                           | CUSIP: 000000000<br>LEI: 378900EF3BA9A5F42A59 | Long             | EC               | CORP              | ZA        |     19258 | NS      | $373151.55    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Indus Towers Ltd                   | Indus Towers Ltd                                | CUSIP: 000000000<br>LEI: 335800L6DI4VHODGDK41 | Long             | EC               | CORP              | IN        |     91549 | NS      | $210751.93    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA             | Localiza Rent a Car SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |       105 | NS      | $214.04       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                               | Taiwan Semiconductor Manufacturing Co Ltd       | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    242000 | NS      | $3531323.71   | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Siderurgica Nacional SA        | Cia Siderurgica Nacional SA                     | CUSIP: 000000000<br>LEI: 529900K40TEND42S0T46 | Long             | EC               | CORP              | BR        |    100600 | NS      | $277234.72    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Anhui Conch Cement Co Ltd          | Anhui Conch Cement Co Ltd                       | CUSIP: 000000000<br>LEI: 300300JVKW56SSAEQZ33 | Long             | EC               | CORP              | CN        |     82000 | NS      | $286799.61    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Aneka Tambang Tbk                  | Aneka Tambang Tbk                               | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |   2093100 | NS      | $266889.58    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Semen Indonesia Persero Tbk PT     | Semen Indonesia Persero Tbk PT                  | CUSIP: 000000000<br>LEI: 2549006ADJYJS2SD8T24 | Long             | EC               | CORP              | ID        |    609100 | NS      | $257255.98    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| PING AN                            | Ping An Insurance Group Co of China Ltd         | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     46100 | NS      | $311679.16    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                      | HDFC Bank Ltd                                   | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     39971 | NS      | $786640.68    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA         | Bank Polska Kasa Opieki SA                      | CUSIP: 000000000<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |     18005 | NS      | $355468.63    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| ENN Natural Gas Co Ltd             | ENN Natural Gas Co Ltd                          | CUSIP: 000000000<br>LEI: 300300KVDMGNQNP52Z98 | Long             | EC               | CORP              | CN        |    107100 | NS      | $248041.49    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Berger Paints India Ltd            | Berger Paints India Ltd                         | CUSIP: 000000000<br>LEI: 335800TNTIBFAWWUZD51 | Long             | EC               | CORP              | IN        |     49912 | NS      | $350735.42    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Inari Amertron Bhd                 | Inari Amertron Bhd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |    467200 | NS      | $276819.98    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Semicon     | Vanguard International Semiconductor Corp       | CUSIP: 000000000<br>LEI: 2549001S5Q158BIJJO13 | Long             | EC               | CORP              | TW        |    123000 | NS      | $310146.25    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd         | Samsung Electronics Co Ltd                      | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |     35993 | NS      | $1447737.83   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Wuliangye Yibin Co Ltd             | Wuliangye Yibin Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      9955 | NS      | $258752.38    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Info Edge India Ltd                | Info Edge India Ltd                             | CUSIP: 000000000<br>LEI: 335800MXUVHTBF9DEC78 | Long             | EC               | CORP              | IN        |      4888 | NS      | $232320.32    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                         | NAVER Corp                                      | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |      1328 | NS      | $189092.05    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA             | Localiza Rent a Car SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     32230 | NS      | $324757.04    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                         | JD.com Inc                                      | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     21654 | NS      | $610882.24    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Micro-Star International Co Lt     | Micro-Star International Co Ltd                 | CUSIP: 000000000<br>LEI: 254900F4E0BDGJSSD870 | Long             | EC               | CORP              | TW        |     44000 | NS      | $171072.54    | 0.36%             |  |  |  | No            |                  1 | 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