# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001193125-25-306343
**Filing Date:** 2025-12
**Character Count:** 569910
**Document Hash:** b54985bbf5352b580a885e330d20efe0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306343.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306343

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 44

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 251545874

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

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

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

## Series and Classes Contracts Data

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

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

### Virtus Global Allocation Fund (Series ID: S000025374)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000075793 | Class C             | PALCX           |
| C000075797 | Institutional Class | PALLX           |
| C000075799 | Class A             | PALAX           |
| C000160541 | Class R6            | AGASX           |

### Virtus Convertible Fund (Series ID: S000028359)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000086658 | Class A             | ANZAX           |
| C000086659 | Class C             | ANZCX           |
| C000086661 | Institutional Class | ANNPX           |
| C000235255 | Class R6            | VAADX           |

### Virtus International Small-Cap Fund (Series ID: S000028361)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000086672 | Class A             | AOPAX           |
| C000086673 | Class C             | AOPCX           |
| C000086675 | Institutional Class | ALOIX           |
| C000165874 | Class R6            | AIISX           |

### Virtus Newfleet Short Duration High Income Fund (Series ID: S000033713)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000103876 | Class A             | ASHAX           |
| C000103877 | Class C             | ASHCX           |
| C000103878 | Institutional Class | ASHIX           |
| C000177646 | Class R6            | ASHSX           |

### Virtus NFJ Emerging Markets Value Fund (Series ID: S000038497)

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

?xml version='1.0' encoding='ASCII'? N-CSR

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22167

#### Virtus Strategy Trust
(Exact name of registrant as specified in charter)

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

Vice President, Chief Legal Officer, Counsel and Secretary for Registrant

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### (800)-243-1574

#### Date of fiscal year end:

#### September 30

#### Date of reporting period:

#### September 30, 2025

------

 **Item 1. Report to Stockholders.**

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

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Convertible Fund
Class A / ANZAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Class A / ANZAX | $108 | 0.96% |

---

Portfolio Manager Commentary by Voya Investment Management Co., LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 23.97%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA U.S. Convertibles Index, which serves as the style-specific index, returned 19.60%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA U.S. Convertibles Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is benchmarked against the ICE BofA U.S. Convertibles Index. Sectors that helped relative performance the most for the 12-month period were technology, health care, and consumer discretionary. Across all three sectors, issue selection was a driver of outperformance, as was the Fund's underweight positioning. Sectors that hurt relative performance the most for the period were financials, utilities, and transportation. Issue selection had a negative impact in each of these sectors, with additional detraction from an overweight position in financials. The biggest individual contributors to absolute performance during the 12-month period were Strategy, Bloom Energy, and IREN. The biggest detractors from absolute performance during the period were Sunnova Energy International, TransMedics Group, and NextEra Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strategy<br>| Positive<br>| Strategy is an enterprise software company that operates as a bitcoin treasury. The company benefited from strength in the cryptocurrency markets during the fiscal year.<br>|
| Bloom Energy<br>| Positive<br>| Bloom Energy is a manufacturer of fuel cells and power generators. The company saw heightened demand stemming from data center buildout and announced plans to double its production capacity.<br>|
| Sunnova Energy International<br>| Negative<br>| Sunnova Energy is a provider of residential solar infrastructure. The company filed for Chapter 11 bankruptcy during the reporting period.<br>|
| TransMedics Group | Negative | TransMedics is a medical technology company that facilitates organ transplants. The company underperformed earnings expectations due to lower volumes on transplant procedures, as well as a dip in its market share. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757510.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Convertible Fund (Class A/ANZAX) at NAV<sup>(1)</sup>** | 23.97% | 8.44% | 11.89% |
| **Virtus Convertible Fund (Class A/ANZAX) at POP<sup>(2),(3)</sup>** | 17.15% | 7.22% | 11.26% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA U.S. Convertibles Index** | 19.60% | 8.47% | 11.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1455142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 58% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8129 Virtus Convertible Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Convertible Fund
Class C / ANZCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Class C / ANZCX | $193 | 1.73% |

---

Portfolio Manager Commentary by Voya Investment Management Co., LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 23.02%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA U.S. Convertibles Index, which serves as the style-specific index, returned 19.60%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA U.S. Convertibles Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is benchmarked against the ICE BofA U.S. Convertibles Index. Sectors that helped relative performance the most for the 12-month period were technology, health care, and consumer discretionary. Across all three sectors, issue selection was a driver of outperformance, as was the Fund's underweight positioning. Sectors that hurt relative performance the most for the period were financials, utilities, and transportation. Issue selection had a negative impact in each of these sectors, with additional detraction from an overweight position in financials. The biggest individual contributors to absolute performance during the 12-month period were Strategy, Bloom Energy, and IREN. The biggest detractors from absolute performance during the period were Sunnova Energy International, TransMedics Group, and NextEra Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strategy<br>| Positive<br>| Strategy is an enterprise software company that operates as a bitcoin treasury. The company benefited from strength in the cryptocurrency markets during the fiscal year.<br>|
| Bloom Energy<br>| Positive<br>| Bloom Energy is a manufacturer of fuel cells and power generators. The company saw heightened demand stemming from data center buildout and announced plans to double its production capacity.<br>|
| Sunnova Energy International<br>| Negative<br>| Sunnova Energy is a provider of residential solar infrastructure. The company filed for Chapter 11 bankruptcy during the reporting period.<br>|
| TransMedics Group | Negative | TransMedics is a medical technology company that facilitates organ transplants. The company underperformed earnings expectations due to lower volumes on transplant procedures, as well as a dip in its market share. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10756693.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Convertible Fund (Class C/ANZCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 23.02% | 7.67% | 11.08% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA U.S. Convertibles Index** | 19.60% | 8.47% | 11.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1455142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 58% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8130 Virtus Convertible Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Convertible Fund
Institutional Class / ANNPX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Institutional Class / ANNPX | $80 | 0.71% |

---

Portfolio Manager Commentary by Voya Investment Management Co., LLC

* For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares at NAV returned 24.27%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA U.S. Convertibles Index, which serves as the style-specific index, returned 19.60%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA U.S. Convertibles Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is benchmarked against the ICE BofA U.S. Convertibles Index. Sectors that helped relative performance the most for the 12-month period were technology, health care, and consumer discretionary. Across all three sectors, issue selection was a driver of outperformance, as was the Fund's underweight positioning. Sectors that hurt relative performance the most for the period were financials, utilities, and transportation. Issue selection had a negative impact in each of these sectors, with additional detraction from an overweight position in financials. The biggest individual contributors to absolute performance during the 12-month period were Strategy, Bloom Energy, and IREN. The biggest detractors from absolute performance during the period were Sunnova Energy International, TransMedics Group, and NextEra Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strategy<br>| Positive<br>| Strategy is an enterprise software company that operates as a bitcoin treasury. The company benefited from strength in the cryptocurrency markets during the fiscal year.<br>|
| Bloom Energy<br>| Positive<br>| Bloom Energy is a manufacturer of fuel cells and power generators. The company saw heightened demand stemming from data center buildout and announced plans to double its production capacity.<br>|
| Sunnova Energy International<br>| Negative<br>| Sunnova Energy is a provider of residential solar infrastructure. The company filed for Chapter 11 bankruptcy during the reporting period.<br>|
| TransMedics Group | Negative | TransMedics is a medical technology company that facilitates organ transplants. The company underperformed earnings expectations due to lower volumes on transplant procedures, as well as a dip in its market share. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g176602chartimages_10756650.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Convertible Fund (Institutional Class/ANNPX) at NAV<sup>(1)</sup>** | 24.27% | 8.77% | 12.22% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA U.S. Convertibles Index** | 19.60% | 8.47% | 11.10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1455142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 58% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8131 Virtus Convertible Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Convertible Fund
Class R6 / VAADX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Class R6 / VAADX | $70 | 0.62% |

---

Portfolio Manager Commentary by Voya Investment Management Co., LLC

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 24.39%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA U.S. Convertibles Index, which serves as the style-specific index, returned 19.60%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA U.S. Convertibles Index is a widely used, unmanaged index that measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance. Its returns do not reflect any fees, expenses, or sales charges, and it is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is benchmarked against the ICE BofA U.S. Convertibles Index. Sectors that helped relative performance the most for the 12-month period were technology, health care, and consumer discretionary. Across all three sectors, issue selection was a driver of outperformance, as was the Fund's underweight positioning. Sectors that hurt relative performance the most for the period were financials, utilities, and transportation. Issue selection had a negative impact in each of these sectors, with additional detraction from an overweight position in financials. The biggest individual contributors to absolute performance during the 12-month period were Strategy, Bloom Energy, and IREN. The biggest detractors from absolute performance during the period were Sunnova Energy International, TransMedics Group, and NextEra Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Strategy<br>| Positive<br>| Strategy is an enterprise software company that operates as a bitcoin treasury. The company benefited from strength in the cryptocurrency markets during the fiscal year.<br>|
| Bloom Energy<br>| Positive<br>| Bloom Energy is a manufacturer of fuel cells and power generators. The company saw heightened demand stemming from data center buildout and announced plans to double its production capacity.<br>|
| Sunnova Energy International<br>| Negative<br>| Sunnova Energy is a provider of residential solar infrastructure. The company filed for Chapter 11 bankruptcy during the reporting period.<br>|
| TransMedics Group | Negative | TransMedics is a medical technology company that facilitates organ transplants. The company underperformed earnings expectations due to lower volumes on transplant procedures, as well as a dip in its market share. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (January 31, 2022). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g176602chartimages_10756736.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **Since Inception** |
| **Virtus Convertible Fund (Class R6/VAADX) at NAV<sup>(1)</sup>** | 24.39% | 7.52% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | 0.22% |
| **ICE BofA U.S. Convertibles Index** | 19.60% | 6.57% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1455142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$5917 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;159% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 11% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 58% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8132 Virtus Convertible Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Duff & Phelps Water Fund
Class A / AWTAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Water Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Water Fund<br>Class A / AWTAX | $127 | 1.24% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 4.55%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the S&P Global Water Index (net), which serves as the style-specific index, returned 7.71%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The S&P Global Water Index (net) is a modified capitalization-weighted index comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific invest ability requirements. The index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a long-only, high-conviction global equity portfolio that invests across the water value chain in companies that seek to improve the sustainability of global water resources. The Fund's investments are focused on water infrastructure and equipment and technology companies that enhance water supply, quality, and efficiency. Across water end-markets, which include the largest customers of water and water infrastructure, the largest contributors to performance relative to the Fund's style-specific benchmark, the S&P Global Water Index (net), for the 12-month period were underweight positions in international industrials, U.S. water utilities, and agriculture. The largest detractors were overweight positions in life sciences, engineering & construction, and U.S. industrials. The biggest security-specific contributors to performance relative to the Fund's style-specific benchmark for the 12-month period were Aecom, Stantec, Halma PLC, and ACWA Power. The biggest detractors from performance during the period were Tetra Tech, Arcadis, Danaher and Thermo Fisher Scientific. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| International industrials<br>| Positive<br>| The Fund had an underweight to emerging markets companies that are exposed to industrial water applications. This group of stocks materially lagged developed markets and stronger end-markets, adding to Fund performance.<br>|
| U.S. utilities<br>| Positive<br>| The Fund's underweight positioning in U.S. utilities contributed during the period as the higher interest rate backdrop pressured this group of stocks.<br>|
| Life sciences<br>| Negative<br>| Overweight positions in life sciences companies pressured the Fund as weaker fundamental trends and policy uncertainty drove weakness in these stocks.<br>|
| Engineering & construction (E&C) stocks | Negative | The Fund's overweight positioning in E&Cs detracted during the reporting period. Weakness in certain U.S. federal programs due to the actions of the new U.S. administration, as well as volatility caused by international elections, weighed on several of the companies. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757553.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Water Fund (Class A/AWTAX) at NAV<sup>(1)</sup>** | 4.55% | 8.51% | 9.43% |
| **Virtus Duff & Phelps Water Fund (Class A/AWTAX) at POP<sup>(2),(3)</sup>** | (1.20)% | 7.29% | 8.81% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **S&P Global Water Index (net)** | 7.71% | 11.34% | 11.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

---

| | |
|:---|:---|
| Machinery | 27% |
| Water Utilities | 27% |
| Commercial Services & Supplies | 11% |
| Building Products | 8% |
| Construction & Engineering | 7% |
| Multi-Utilities | 5% |
| Chemicals | 5% |
| Trading Companies & Distributors | 4% |
| Electronic Equipment, Instruments & Components | 3% |
| Life Sciences Tools & Services | 2% |
| Other | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8155 Virtus Duff & Phelps Water Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Duff & Phelps Water Fund
Class C / AWTCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Water Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Water Fund<br>Class C / AWTCX | $203 | 1.99% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 3.81%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the S&P Global Water Index (net), which serves as the style-specific index, returned 7.71%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The S&P Global Water Index (net) is a modified capitalization-weighted index comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific invest ability requirements. The index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a long-only, high-conviction global equity portfolio that invests across the water value chain in companies that seek to improve the sustainability of global water resources. The Fund's investments are focused on water infrastructure and equipment and technology companies that enhance water supply, quality, and efficiency. Across water end-markets, which include the largest customers of water and water infrastructure, the largest contributors to performance relative to the Fund's style-specific benchmark, the S&P Global Water Index (net), for the 12-month period were underweight positions in international industrials, U.S. water utilities, and agriculture. The largest detractors were overweight positions in life sciences, engineering & construction, and U.S. industrials. The biggest security-specific contributors to performance relative to the Fund's style-specific benchmark for the 12-month period were Aecom, Stantec, Halma PLC, and ACWA Power. The biggest detractors from performance during the period were Tetra Tech, Arcadis, Danaher and Thermo Fisher Scientific. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| International industrials<br>| Positive<br>| The Fund had an underweight to emerging markets companies that are exposed to industrial water applications. This group of stocks materially lagged developed markets and stronger end-markets, adding to Fund performance.<br>|
| U.S. utilities<br>| Positive<br>| The Fund's underweight positioning in U.S. utilities contributed during the period as the higher interest rate backdrop pressured this group of stocks.<br>|
| Life sciences<br>| Negative<br>| Overweight positions in life sciences companies pressured the Fund as weaker fundamental trends and policy uncertainty drove weakness in these stocks.<br>|
| Engineering & construction (E&C) stocks | Negative | The Fund's overweight positioning in E&Cs detracted during the reporting period. Weakness in certain U.S. federal programs due to the actions of the new U.S. administration, as well as volatility caused by international elections, weighed on several of the companies. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757467.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Water Fund (Class C/AWTCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 3.81% | 7.71% | 8.60% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **S&P Global Water Index (net)** | 7.71% | 11.34% | 11.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

---

| | |
|:---|:---|
| Machinery | 27% |
| Water Utilities | 27% |
| Commercial Services & Supplies | 11% |
| Building Products | 8% |
| Construction & Engineering | 7% |
| Multi-Utilities | 5% |
| Chemicals | 5% |
| Trading Companies & Distributors | 4% |
| Electronic Equipment, Instruments & Components | 3% |
| Life Sciences Tools & Services | 2% |
| Other | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8156 Virtus Duff & Phelps Water Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Duff & Phelps Water Fund
Institutional Class / AWTIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Duff & Phelps Water Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Water Fund<br>Institutional Class / AWTIX | $97 | 0.95% |

---

Portfolio Manager Commentary by Duff & Phelps Investment Management Co.

* For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares at NAV returned 4.93%. For the same period, the MSCI All Country World Index (net), a broad-based securities market index, returned 17.27% and the S&P Global Water Index (net), which serves as the style-specific index, returned 7.71%. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The S&P Global Water Index (net) is a modified capitalization-weighted index comprised of 50 of the largest publicly traded companies in water-related businesses that meet specific invest ability requirements. The index is designed to provide liquid exposure to the leading publicly-listed companies in the global water industry, from both developed markets and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund is a long-only, high-conviction global equity portfolio that invests across the water value chain in companies that seek to improve the sustainability of global water resources. The Fund's investments are focused on water infrastructure and equipment and technology companies that enhance water supply, quality, and efficiency. Across water end-markets, which include the largest customers of water and water infrastructure, the largest contributors to performance relative to the Fund's style-specific benchmark, the S&P Global Water Index (net), for the 12-month period were underweight positions in international industrials, U.S. water utilities, and agriculture. The largest detractors were overweight positions in life sciences, engineering & construction, and U.S. industrials. The biggest security-specific contributors to performance relative to the Fund's style-specific benchmark for the 12-month period were Aecom, Stantec, Halma PLC, and ACWA Power. The biggest detractors from performance during the period were Tetra Tech, Arcadis, Danaher and Thermo Fisher Scientific. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| International industrials<br>| Positive<br>| The Fund had an underweight to emerging markets companies that are exposed to industrial water applications. This group of stocks materially lagged developed markets and stronger end-markets, adding to Fund performance.<br>|
| U.S. utilities<br>| Positive<br>| The Fund's underweight positioning in U.S. utilities contributed during the period as the higher interest rate backdrop pressured this group of stocks.<br>|
| Life sciences<br>| Negative<br>| Overweight positions in life sciences companies pressured the Fund as weaker fundamental trends and policy uncertainty drove weakness in these stocks.<br>|
| Engineering & construction (E&C) stocks | Negative | The Fund's overweight positioning in E&Cs detracted during the reporting period. Weakness in certain U.S. federal programs due to the actions of the new U.S. administration, as well as volatility caused by international elections, weighed on several of the companies. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g176602chartimages_10757424.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Duff & Phelps Water Fund (Institutional Class/AWTIX) at NAV<sup>(1)</sup>** | 4.93% | 8.84% | 9.74% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **S&P Global Water Index (net)** | 7.71% | 11.34% | 11.47% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$572393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$3847 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

---

| | |
|:---|:---|
| Machinery | 27% |
| Water Utilities | 27% |
| Commercial Services & Supplies | 11% |
| Building Products | 8% |
| Construction & Engineering | 7% |
| Multi-Utilities | 5% |
| Chemicals | 5% |
| Trading Companies & Distributors | 4% |
| Electronic Equipment, Instruments & Components | 3% |
| Life Sciences Tools & Services | 2% |
| Other | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8157 Virtus Duff & Phelps Water Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Global Allocation Fund
Class A / PALAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Class A / PALAX | $55 | 0.52% |

---

Portfolio Manager Commentary by Virtus Systematic and Virtus Multi-Asset

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 10.09%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), each a broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The 60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index serves as the style specific index, returned 11.42%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The composite index consists of 60% MSCI All Country World Index (net) and 40% Bloomberg U.S. Aggregate Bond Index. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The composite index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund gains exposure to a diversified universe of asset classes through mutual funds, exchange-traded funds (ETFs), equities, bonds, and derivatives, among other instruments. Within the Fund's core equity exposures, security selection was the primary detractor from performance relative to the blended style-specific benchmark of 60% MSCI All Country World Index (net)/40% Bloomberg U.S. Aggregate Bond Index for the fiscal year. Top contributors to results included a trend-based overlay strategy that takes active positions across asset classes, specifically the strategy's overweight exposure to global equities, which was maintained throughout most of the reporting period. Additionally, an allocation to U.S. growth equities contributed to performance. The two primary detractors were overweight positions in high quality mid-cap and international equities relative to the MSCI All Country World Index (net), as quality was not rewarded by markets over the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. mid-cap vs. U.S. large-cap equities<br>| Negative<br>| The Fund had exposure to a U.S. mid-cap equity strategy (Virtus KAR Mid-Cap Core Fund) during a period when mid-caps underperformed large-caps, and the Fund underperformed its mid-cap benchmark.<br>|
| International quality vs. international momentum/growth<br>| Negative<br>| The Fund had exposure to an international equity strategy (Virtus SGA International Growth Fund) that was overweight to the quality equity factor and underweight to the momentum and growth factors. Over the reporting period, quality significantly underperformed momentum and growth, leading the strategy to significantly underperform its benchmark.<br>|
| Overweight global equities<br>| Positive<br>| The Fund benefited from an overweight position in global equities during a period in which they were up 17.27%, as measured by the MSCI All Country World Index (net).<br>|
| U.S. large-cap growth equities vs. U.S. large-cap core equities | Positive | The Fund had exposure to a U.S. large-cap equity strategy (Virtus Silvant Focused Growth Fund) during a period in which growth equities significantly outperformed the overall U.S. market. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10756908.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Global Allocation Fund (Class A /PALAX) at NAV<sup>(1)</sup>** | 10.09% | 6.53% | 6.66% |
| **Virtus Global Allocation Fund (Class A /PALAX) at POP<sup>(2),(3)</sup>** | 4.04% | 5.33% | 6.06% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index** | 11.42% | 7.91% | 8.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$149211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

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

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 51% |
| Common Stocks |  | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 31% |  |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare-Products | 1% |  |
| Equity-Linked Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective August 26, 2025, the Fund's investment adviser reduced the management fee to 0.10% .

Effective August 26, 2025, the Fund changed its dividend distribution frequency to monthly.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8162 Virtus Global Allocation Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Global Allocation Fund
Class C / PALCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Class C / PALCX | $133 | 1.27% |

---

Portfolio Manager Commentary by Virtus Systematic and Virtus Multi-Asset

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 9.16%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), each a broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The 60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index serves as the style specific index, returned 11.42%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The composite index consists of 60% MSCI All Country World Index (net) and 40% Bloomberg U.S. Aggregate Bond Index. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The composite index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund gains exposure to a diversified universe of asset classes through mutual funds, exchange-traded funds (ETFs), equities, bonds, and derivatives, among other instruments. Within the Fund's core equity exposures, security selection was the primary detractor from performance relative to the blended style-specific benchmark of 60% MSCI All Country World Index (net)/40% Bloomberg U.S. Aggregate Bond Index for the fiscal year. Top contributors to results included a trend-based overlay strategy that takes active positions across asset classes, specifically the strategy's overweight exposure to global equities, which was maintained throughout most of the reporting period. Additionally, an allocation to U.S. growth equities contributed to performance. The two primary detractors were overweight positions in high quality mid-cap and international equities relative to the MSCI All Country World Index (net), as quality was not rewarded by markets over the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. mid-cap vs. U.S. large-cap equities<br>| Negative<br>| The Fund had exposure to a U.S. mid-cap equity strategy (Virtus KAR Mid-Cap Core Fund) during a period when mid-caps underperformed large-caps, and the Fund underperformed its mid-cap benchmark.<br>|
| International quality vs. international momentum/growth<br>| Negative<br>| The Fund had exposure to an international equity strategy (Virtus SGA International Growth Fund) that was overweight to the quality equity factor and underweight to the momentum and growth factors. Over the reporting period, quality significantly underperformed momentum and growth, leading the strategy to significantly underperform its benchmark.<br>|
| Overweight global equities<br>| Positive<br>| The Fund benefited from an overweight position in global equities during a period in which they were up 17.27%, as measured by the MSCI All Country World Index (net).<br>|
| U.S. large-cap growth equities vs. U.S. large-cap core equities | Positive | The Fund had exposure to a U.S. large-cap equity strategy (Virtus Silvant Focused Growth Fund) during a period in which growth equities significantly outperformed the overall U.S. market. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10756994.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Global Allocation Fund (Class C/PALCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 9.16% | 5.74% | 5.87% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index** | 11.42% | 7.91% | 8.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$149211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

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

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 51% |
| Common Stocks |  | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 31% |  |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare-Products | 1% |  |
| Equity-Linked Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective August 26, 2025, the Fund's investment adviser reduced the management fee to 0.10%.

Effective August 26, 2025, the Fund changed its dividend distribution frequency to monthly.

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8163 Virtus Global Allocation Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Global Allocation Fund
Institutional Class / PALLX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Institutional Class / PALLX | $30 | 0.29% |

---

Portfolio Manager Commentary by Virtus Systematic and Virtus Multi-Asset

* For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares at NAV returned 10.31%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), each a broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The 60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index serves as the style specific index, returned 11.42%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The composite index consists of 60% MSCI All Country World Index (net) and 40% Bloomberg U.S. Aggregate Bond Index. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The composite index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund gains exposure to a diversified universe of asset classes through mutual funds, exchange-traded funds (ETFs), equities, bonds, and derivatives, among other instruments. Within the Fund's core equity exposures, security selection was the primary detractor from performance relative to the blended style-specific benchmark of 60% MSCI All Country World Index (net)/40% Bloomberg U.S. Aggregate Bond Index for the fiscal year. Top contributors to results included a trend-based overlay strategy that takes active positions across asset classes, specifically the strategy's overweight exposure to global equities, which was maintained throughout most of the reporting period. Additionally, an allocation to U.S. growth equities contributed to performance. The two primary detractors were overweight positions in high quality mid-cap and international equities relative to the MSCI All Country World Index (net), as quality was not rewarded by markets over the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. mid-cap vs. U.S. large-cap equities<br>| Negative<br>| The Fund had exposure to a U.S. mid-cap equity strategy (Virtus KAR Mid-Cap Core Fund) during a period when mid-caps underperformed large-caps, and the Fund underperformed its mid-cap benchmark.<br>|
| International quality vs. international momentum/growth<br>| Negative<br>| The Fund had exposure to an international equity strategy (Virtus SGA International Growth Fund) that was overweight to the quality equity factor and underweight to the momentum and growth factors. Over the reporting period, quality significantly underperformed momentum and growth, leading the strategy to significantly underperform its benchmark.<br>|
| Overweight global equities<br>| Positive<br>| The Fund benefited from an overweight position in global equities during a period in which they were up 17.27%, as measured by the MSCI All Country World Index (net).<br>|
| U.S. large-cap growth equities vs. U.S. large-cap core equities | Positive | The Fund had exposure to a U.S. large-cap equity strategy (Virtus Silvant Focused Growth Fund) during a period in which growth equities significantly outperformed the overall U.S. market. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g176602chartimages_10756951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Global Allocation Fund (Institutional Class/PALLX) at NAV<sup>(1)</sup>** | 10.31% | 6.80% | 6.91% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index** | 11.42% | 7.91% | 8.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$149211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

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

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 51% |
| Common Stocks |  | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 31% |  |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare-Products | 1% |  |
| Equity-Linked Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective August 26, 2025, the Fund's investment adviser reduced the management fee to 0.10%.

Effective August 26, 2025, the Fund changed its dividend distribution frequency to monthly.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8164 Virtus Global Allocation Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Global Allocation Fund
Class R6 / AGASX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Class R6 / AGASX | $23 | 0.22% |

---

Portfolio Manager Commentary by Virtus Systematic and Virtus Multi-Asset

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 10.36%. For the same period, the Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World Index (net), each a broad-based securities market indexes, returned 2.88% and 17.27%, respectively. The 60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index serves as the style specific index, returned 11.42%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The composite index consists of 60% MSCI All Country World Index (net) and 40% Bloomberg U.S. Aggregate Bond Index. The MSCI All Country World Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets. The index is calculated on a total return basis with net dividends reinvested. The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The composite index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
The Fund gains exposure to a diversified universe of asset classes through mutual funds, exchange-traded funds (ETFs), equities, bonds, and derivatives, among other instruments. Within the Fund's core equity exposures, security selection was the primary detractor from performance relative to the blended style-specific benchmark of 60% MSCI All Country World Index (net)/40% Bloomberg U.S. Aggregate Bond Index for the fiscal year. Top contributors to results included a trend-based overlay strategy that takes active positions across asset classes, specifically the strategy's overweight exposure to global equities, which was maintained throughout most of the reporting period. Additionally, an allocation to U.S. growth equities contributed to performance. The two primary detractors were overweight positions in high quality mid-cap and international equities relative to the MSCI All Country World Index (net), as quality was not rewarded by markets over the period. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| U.S. mid-cap vs. U.S. large-cap equities<br>| Negative<br>| The Fund had exposure to a U.S. mid-cap equity strategy (Virtus KAR Mid-Cap Core Fund) during a period when mid-caps underperformed large-caps, and the Fund underperformed its mid-cap benchmark.<br>|
| International quality vs. international momentum/growth<br>| Negative<br>| The Fund had exposure to an international equity strategy (Virtus SGA International Growth Fund) that was overweight to the quality equity factor and underweight to the momentum and growth factors. Over the reporting period, quality significantly underperformed momentum and growth, leading the strategy to significantly underperform its benchmark.<br>|
| Overweight global equities<br>| Positive<br>| The Fund benefited from an overweight position in global equities during a period in which they were up 17.27%, as measured by the MSCI All Country World Index (net).<br>|
| U.S. large-cap growth equities vs. U.S. large-cap core equities | Positive | The Fund had exposure to a U.S. large-cap equity strategy (Virtus Silvant Focused Growth Fund) during a period in which growth equities significantly outperformed the overall U.S. market. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class R6 shares. It assumes a $2,500,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market indexes and style-specific index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g176602chartimages_10757037.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Global Allocation Fund (Class R6/AGASX) at NAV<sup>(1)</sup>** | 10.36% | 6.84% | 6.99% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **MSCI All Country World Index (net)** | 17.27% | 13.54% | 11.91% |
| **60% MSCI All Country World Index (net) / 40% Bloomberg U.S. Aggregate Bond Index** | 11.42% | 7.91% | 8.01% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$149211 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;115% |

---

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

---

| | | |
|:---|:---|:---|
| Affiliated Mutual Funds |  | 51% |
| Common Stocks |  | 43% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Semiconductors & Semiconductor Equipment | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Insurance | 2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Common Stocks | 31% |  |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Computers | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Healthcare-Products | 1% |  |
| Equity-Linked Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective August 26, 2025, the Fund's investment adviser reduced the management fee to 0.10%.

Effective August 26, 2025, the Fund changed its dividend distribution frequency to monthly.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8165 Virtus Global Allocation Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus International Small-Cap Fund
Class A / AOPAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Class A / AOPAX | $139 | 1.26% |

---

Portfolio Manager Commentary by Virtus Systematic

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 20.29%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Cap Index (net), which serves as the style-specific index, returned 15.93%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets, excluding the U.S. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the financials and consumer discretionary sectors contributed the most to the Fund's performance relative to MSCI All Country World ex USA Small Cap Index (net) for the 12-month period. Stock selection in industrials and information technology detracted the most from the Fund's relative performance. The fiscal year was marked by global uncertainty surrounding tariffs, trade relationships, and the weakness in the U.S. dollar. After a steep decline in global equities upon the announcement of heavy tariffs by the U.S. in April, the international small-cap asset class benefited greatly from dollar weakness and high levels of domestic investment in various sectors worldwide. The top five contributors to relative performance were Bankinter, SSR Mining, HD Hyundai, Banca Mediolanum, and Toyo Tire. The top five detractors from relative performance were Controladora Vuela Compania de Aviacion, Mahanagar Gas, Stolt-Nielsen Limited, TRE Holdings, and AVI limited class Y. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Dollar weakness<br>| Positive<br>| Uncertainty in U.S. policy and a decoupling of global currencies and historical currency hedges from the dollar led to a decline in its relative value. This created a tailwind for international small caps, adding to Fund performance.<br>|
| Artificial intelligence (AI) investments<br>| Positive<br>| The AI wave benefited many technology hardware companies held by the Fund, as AI building-block companies invested in the infrastructure required by this new, transformative technology.<br>|
| Tariffs<br>| Negative<br>| Certain countries such as India and Brazil were hit with heavy tariffs and economic export/import regulations, hurting local equities and detracting from Fund performance.<br>|
| Supply chain disruption | Negative | Volatility in global policy led to underperformance by many companies in the shipbuilding and shipping industries, including Stolt-Nielsen, which hurt the Fund's performance. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757080.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus International Small-Cap Fund (Class A /AOPAX) at NAV<sup>(1)</sup>** | 20.29% | 7.35% | 6.27% |
| **Virtus International Small-Cap Fund (Class A /AOPAX) at POP<sup>(2),(3)</sup>** | 13.68% | 6.14% | 5.67% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Cap Index (net)** | 15.93% | 9.97% | 8.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

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

---

| | |
|:---|:---|
| Banks | 9% |
| Metals & Mining | 6% |
| Chemicals | 5% |
| Insurance | 5% |
| Commercial Services & Supplies | 4% |
| Oil, Gas & Consumable Fuels | 4% |
| Construction & Engineering | 4% |
| Specialty Retail | 4% |
| Trading Companies & Distributors | 4% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8170 Virtus International Small-Cap Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus International Small-Cap Fund
Class C / AOPCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Class C / AOPCX | $219 | 2.00% |

---

Portfolio Manager Commentary by Virtus Systematic

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 19.42%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Cap Index (net), which serves as the style-specific index, returned 15.93%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets, excluding the U.S. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the financials and consumer discretionary sectors contributed the most to the Fund's performance relative to MSCI All Country World ex USA Small Cap Index (net) for the 12-month period. Stock selection in industrials and information technology detracted the most from the Fund's relative performance. The fiscal year was marked by global uncertainty surrounding tariffs, trade relationships, and the weakness in the U.S. dollar. After a steep decline in global equities upon the announcement of heavy tariffs by the U.S. in April, the international small-cap asset class benefited greatly from dollar weakness and high levels of domestic investment in various sectors worldwide. The top five contributors to relative performance were Bankinter, SSR Mining, HD Hyundai, Banca Mediolanum, and Toyo Tire. The top five detractors from relative performance were Controladora Vuela Compania de Aviacion, Mahanagar Gas, Stolt-Nielsen Limited, TRE Holdings, and AVI limited class Y. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Dollar weakness<br>| Positive<br>| Uncertainty in U.S. policy and a decoupling of global currencies and historical currency hedges from the dollar led to a decline in its relative value. This created a tailwind for international small caps, adding to Fund performance.<br>|
| Artificial intelligence (AI) investments<br>| Positive<br>| The AI wave benefited many technology hardware companies held by the Fund, as AI building-block companies invested in the infrastructure required by this new, transformative technology.<br>|
| Tariffs<br>| Negative<br>| Certain countries such as India and Brazil were hit with heavy tariffs and economic export/import regulations, hurting local equities and detracting from Fund performance.<br>|
| Supply chain disruption | Negative | Volatility in global policy led to underperformance by many companies in the shipbuilding and shipping industries, including Stolt-Nielsen, which hurt the Fund's performance. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757209.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus International Small-Cap Fund (Class C/AOPCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 19.42% | 6.55% | 5.46% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Cap Index (net)** | 15.93% | 9.97% | 8.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

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

---

| | |
|:---|:---|
| Banks | 9% |
| Metals & Mining | 6% |
| Chemicals | 5% |
| Insurance | 5% |
| Commercial Services & Supplies | 4% |
| Oil, Gas & Consumable Fuels | 4% |
| Construction & Engineering | 4% |
| Specialty Retail | 4% |
| Trading Companies & Distributors | 4% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8171 Virtus International Small-Cap Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus International Small-Cap Fund
Institutional Class / ALOIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Institutional Class / ALOIX | $116 | 1.05% |

---

Portfolio Manager Commentary by Virtus Systematic

* For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares at NAV returned 20.56%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Cap Index (net), which serves as the style-specific index, returned 15.93%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets, excluding the U.S. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the financials and consumer discretionary sectors contributed the most to the Fund's performance relative to MSCI All Country World ex USA Small Cap Index (net) for the 12-month period. Stock selection in industrials and information technology detracted the most from the Fund's relative performance. The fiscal year was marked by global uncertainty surrounding tariffs, trade relationships, and the weakness in the U.S. dollar. After a steep decline in global equities upon the announcement of heavy tariffs by the U.S. in April, the international small-cap asset class benefited greatly from dollar weakness and high levels of domestic investment in various sectors worldwide. The top five contributors to relative performance were Bankinter, SSR Mining, HD Hyundai, Banca Mediolanum, and Toyo Tire. The top five detractors from relative performance were Controladora Vuela Compania de Aviacion, Mahanagar Gas, Stolt-Nielsen Limited, TRE Holdings, and AVI limited class Y. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Dollar weakness<br>| Positive<br>| Uncertainty in U.S. policy and a decoupling of global currencies and historical currency hedges from the dollar led to a decline in its relative value. This created a tailwind for international small caps, adding to Fund performance.<br>|
| Artificial intelligence (AI) investments<br>| Positive<br>| The AI wave benefited many technology hardware companies held by the Fund, as AI building-block companies invested in the infrastructure required by this new, transformative technology.<br>|
| Tariffs<br>| Negative<br>| Certain countries such as India and Brazil were hit with heavy tariffs and economic export/import regulations, hurting local equities and detracting from Fund performance.<br>|
| Supply chain disruption | Negative | Volatility in global policy led to underperformance by many companies in the shipbuilding and shipping industries, including Stolt-Nielsen, which hurt the Fund's performance. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g176602chartimages_10757123.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus International Small-Cap Fund (Institutional Class/ALOIX) at NAV<sup>(1)</sup>** | 20.56% | 7.57% | 6.49% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.23% |
| **MSCI All Country World ex USA Small Cap Index (net)** | 15.93% | 9.97% | 8.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

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

---

| | |
|:---|:---|
| Banks | 9% |
| Metals & Mining | 6% |
| Chemicals | 5% |
| Insurance | 5% |
| Commercial Services & Supplies | 4% |
| Oil, Gas & Consumable Fuels | 4% |
| Construction & Engineering | 4% |
| Specialty Retail | 4% |
| Trading Companies & Distributors | 4% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8172 Virtus International Small-Cap Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus International Small-Cap Fund
Class R6 / AIISX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Class R6 / AIISX | $111 | 1.01% |

---

Portfolio Manager Commentary by Virtus Systematic

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 20.61%. For the same period, the MSCI All Country World ex USA Index (net), a broad-based securities market index, returned 16.45% and the MSCI All Country World ex USA Small Cap Index (net), which serves as the style-specific index, returned 15.93%. 

* The MSCI All Country World ex USA Index (net) is a free float-adjusted market capitalization-weighted index that measures equity performance of developed and emerging markets, excluding the United States. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The MSCI All Country World ex USA Small Cap Index (net) is a free float-adjusted market capitalization-weighted index that measures small cap equity performance of developed and emerging markets, excluding the U.S. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Stock selection within the financials and consumer discretionary sectors contributed the most to the Fund's performance relative to MSCI All Country World ex USA Small Cap Index (net) for the 12-month period. Stock selection in industrials and information technology detracted the most from the Fund's relative performance. The fiscal year was marked by global uncertainty surrounding tariffs, trade relationships, and the weakness in the U.S. dollar. After a steep decline in global equities upon the announcement of heavy tariffs by the U.S. in April, the international small-cap asset class benefited greatly from dollar weakness and high levels of domestic investment in various sectors worldwide. The top five contributors to relative performance were Bankinter, SSR Mining, HD Hyundai, Banca Mediolanum, and Toyo Tire. The top five detractors from relative performance were Controladora Vuela Compania de Aviacion, Mahanagar Gas, Stolt-Nielsen Limited, TRE Holdings, and AVI limited class Y. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Dollar weakness<br>| Positive<br>| Uncertainty in U.S. policy and a decoupling of global currencies and historical currency hedges from the dollar led to a decline in its relative value. This created a tailwind for international small caps, adding to Fund performance.<br>|
| Artificial intelligence (AI) investments<br>| Positive<br>| The AI wave benefited many technology hardware companies held by the Fund, as AI building-block companies invested in the infrastructure required by this new, transformative technology.<br>|
| Tariffs<br>| Negative<br>| Certain countries such as India and Brazil were hit with heavy tariffs and economic export/import regulations, hurting local equities and detracting from Fund performance.<br>|
| Supply chain disruption | Negative | Volatility in global policy led to underperformance by many companies in the shipbuilding and shipping industries, including Stolt-Nielsen, which hurt the Fund's performance. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (February 1, 2016). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g176602chartimages_10757166.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus International Small-Cap Fund (Class R6/AIISX) at NAV<sup>(1)</sup>** | 20.61% | 7.62% | 6.96% |
| **MSCI All Country World ex USA Index (net)** | 16.45% | 10.26% | 8.89% |
| **MSCI All Country World ex USA Small Cap Index (net)** | 15.93% | 9.97% | 8.87% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$54297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;75% |

---

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

---

| | |
|:---|:---|
| Banks | 9% |
| Metals & Mining | 6% |
| Chemicals | 5% |
| Insurance | 5% |
| Commercial Services & Supplies | 4% |
| Oil, Gas & Consumable Fuels | 4% |
| Construction & Engineering | 4% |
| Specialty Retail | 4% |
| Trading Companies & Distributors | 4% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8173 Virtus International Small-Cap Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Newfleet Short Duration High Income Fund
Class A / ASHAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Class A / ASHAX | $89 | 0.86% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 6.10%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index, which serves as the style-specific index, returned 6.35%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in retail non-food/drug, consumer products, and leisure contributed to the Fund's underperformance relative to the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index. Issue selection in media other, health care, and financial/lease helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, DirecTV, LSB Industries, Midcap Financial, and Onemain. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, First Brands, KIK Custom Products, Merlin Entertainment, and CVR Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Financials exposure<br>| Positive<br>| The Fund benefited from its large positions in bonds of finance firms as the continued positive economic growth has supported credit quality of both businesses and consumers.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757252.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Short Duration High Income Fund (Class A /ASHAX) at NAV<sup>(1)</sup>** | 6.10% | 6.10% | 4.84% |
| **Virtus Newfleet Short Duration High Income Fund (Class A /ASHAX) at POP<sup>(2),(3)</sup>** | 3.72% | 5.62% | 4.60% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index** | 6.35% | 4.91% | 4.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$702001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 40% |  |
| Leveraged Loans |  | 9% |
| Short-Term Investment |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective October 1, 2025, the Fund will change its dividend distribution frequency to monthly (declared daily).

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8286 Virtus Newfleet Short Duration High Income Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Newfleet Short Duration High Income Fund
Class C / ASHCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Class C / ASHCX | $114 | 1.11% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 5.79%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index, which serves as the style-specific index, returned 6.35%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in retail non-food/drug, consumer products, and leisure contributed to the Fund's underperformance relative to the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index. Issue selection in media other, health care, and financial/lease helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, DirecTV, LSB Industries, Midcap Financial, and Onemain. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, First Brands, KIK Custom Products, Merlin Entertainment, and CVR Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Financials exposure<br>| Positive<br>| The Fund benefited from its large positions in bonds of finance firms as the continued positive economic growth has supported credit quality of both businesses and consumers.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10757381.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Short Duration High Income Fund (Class C/ASHCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 5.79% | 5.83% | 4.58% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index** | 6.35% | 4.91% | 4.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$702001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 40% |  |
| Leveraged Loans |  | 9% |
| Short-Term Investment |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective October 1, 2025, the Fund will change its dividend distribution frequency to monthly (declared daily).

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Fund will no longer be available for purchase by new or existing shareholders, except by existing shareholders through certain qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8287 Virtus Newfleet Short Duration High Income Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Newfleet Short Duration High Income Fund
Institutional Class / ASHIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Institutional Class / ASHIX | $62 | 0.60% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares at NAV returned 6.31%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index, which serves as the style-specific index, returned 6.35%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in retail non-food/drug, consumer products, and leisure contributed to the Fund's underperformance relative to the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index. Issue selection in media other, health care, and financial/lease helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, DirecTV, LSB Industries, Midcap Financial, and Onemain. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, First Brands, KIK Custom Products, Merlin Entertainment, and CVR Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Financials exposure<br>| Positive<br>| The Fund benefited from its large positions in bonds of finance firms as the continued positive economic growth has supported credit quality of both businesses and consumers.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g176602chartimages_10757295.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus Newfleet Short Duration High Income Fund (Institutional Class/ASHIX) at NAV<sup>(1)</sup>** | 6.31% | 6.38% | 5.11% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.84% |
| **ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index** | 6.35% | 4.91% | 4.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$702001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 40% |  |
| Leveraged Loans |  | 9% |
| Short-Term Investment |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective October 1, 2025, the Fund will change its dividend distribution frequency to monthly (declared daily).

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8288 Virtus Newfleet Short Duration High Income Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus Newfleet Short Duration High Income Fund
Class R6 / ASHSX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Class R6 / ASHSX | $57 | 0.55% |

---

Portfolio Manager Commentary by Newfleet Asset Management

* For the fiscal year ended September 30, 2025, the Fund's Class R6 shares at NAV returned 6.44%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based securities market index, returned 2.88% and the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index, which serves as the style-specific index, returned 6.35%. 

* The Bloomberg U.S. Aggregate Bond Index measures the U.S. investment grade fixed rate bond market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

* The ICE BofA 1-3 Year BB U.S. Cash Pay High Yield Index is a subset of the ICE BofA U.S. Cash Pay High Yield Index including all securities with a remaining term to final maturity less than 3 years and rated BB1 through BB3, inclusive. The ICE BofA U.S. Cash Pay High Yield Index tracks the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The index is calculated on a total return basis. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Negative issue selection in retail non-food/drug, consumer products, and leisure contributed to the Fund's underperformance relative to the ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index. Issue selection in media other, health care, and financial/lease helped relative performance. The biggest contributors to absolute performance for the 12-month period were bonds issued by Centerfield Media, DirecTV, LSB Industries, Midcap Financial, and Onemain. The biggest detractors from absolute performance were bonds and loans issued by Saks Global Enterprises, First Brands, KIK Custom Products, Merlin Entertainment, and CVR Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Financials exposure<br>| Positive<br>| The Fund benefited from its large positions in bonds of finance firms as the continued positive economic growth has supported credit quality of both businesses and consumers.<br>|
| Retail exposure<br>| Negative<br>| The Fund was hurt by a sharp decline in the bonds of luxury retailer Saks Global Enterprises, which struggled due to working capital needs, tariff announcements, and the impact of the volatile macroeconomic climate on consumer spending.<br>|
| Exposure to Centerfield Media<br>| Positive<br>| The Fund benefited from exposure to a Centerfield Media bond as its price rose sharply in the latter part of the fiscal year due to improved operating results and investors' pricing in a higher likelihood of a near-term refinancing.<br>|
| Event risk | Negative | A fire at a distribution plant led to poor performance for bonds of KIK Custom Products, as it worsened near-term financial results, strained liquidity, and created litigation risk. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed fiscal years of Class R6 shares from inception (February 1, 2017). It assumes a $2,500,000 initial investment from inception, in appropriate broad-based securities market and style-specific indexes for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $2,500,000
![Fund Performance - Growth of 10K](g176602chartimages_10757338.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **Since Inception** |
| **Virtus Newfleet Short Duration High Income Fund (Class R6/ASHSX) at NAV<sup>(1)</sup>** | 6.44% | 6.42% | 4.87% |
| **Bloomberg U.S. Aggregate Bond Index** | 2.88% | (0.45)% | 1.88% |
| **ICE BofA 1-3Y BB U.S. Cash Pay High Yield Index** | 6.35% | 4.91% | 4.55% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$702001 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;187 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$2084 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;54% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 24% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 16% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 40% |  |
| Leveraged Loans |  | 9% |
| Short-Term Investment |  | 2% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

Effective October 1, 2025, the Fund will change its dividend distribution frequency to monthly (declared daily).

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8289 Virtus Newfleet Short Duration High Income Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus NFJ Emerging Markets Value Fund
Class A / AZMAX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Emerging Markets Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Emerging Markets Value Fund<br>Class A / AZMAX | $127 | 1.14% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class A shares at NAV returned 22.89%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Robust stock selection within the consumer discretionary and technology sectors contributed to performance during the fiscal year. These gains were only somewhat offset by negative security selection in the health care and utilities sectors. By country, security selection across Taiwan and India contributed to performance, while selection in Thailand and United Arab Emirates detracted. From an allocation perspective, an overweight in technology and an underweight in India contributed, while overweight positions in consumer discretionary and Japan detracted over the period. The biggest individual contributors to performance during the 12-month period were Alibaba, Taiwan Semiconductor Manufacturing, Tencent, Xiaomi, and Naspers. The biggest detractors from performance during the period were JD.com, Meituan, ACM Research, Nippon Paint, and Adani Green Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alibaba<br>| Positive<br>| The China-based online retailer performed well, particularly toward the end of the reporting period, when management announced plans to invest more than $53 billion in artificial intelligence (AI) and cloud infrastructure over the next three years.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Shares of the world's largest contract semiconductor chip manufacturer performed well, particularly in the second half of the reporting period. The stock price was aided by the company reaffirming continued strong demand for AI, and announcing expectations for record revenue and earnings in 2025.<br>|
| JD.com<br>| Negative<br>| The company's shares were buffeted by trade war concerns and tariff headwinds during the reporting period. Notably, even with substantial tariffs in place, the online retailer maintained a price advantage over rival Amazon.com.<br>|
| Meituan | Negative | In the face of fierce competition in China's food and instant delivery business, management defended market share through sales promotions and lower prices. These efforts strained near-term performance and profit margins, and the Fund exited the position in the third quarter of 2025. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class A shares including any applicable sales charges or fees. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10756779.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Emerging Markets Value Fund (Class A /AZMAX) at NAV<sup>(1)</sup>** | 22.89% | 4.11% | 7.13% |
| **Virtus NFJ Emerging Markets Value Fund (Class A /AZMAX) at POP<sup>(2),(3)</sup>** | 16.13% | 2.94% | 6.52% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "POP" (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(3) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. A CDSC may be imposed on certain redemptions of Class A shares made within 18 months of a finder's fee being paid.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

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

---

| | |
|:---|:---|
| Information Technology | 29% |
| Consumer Discretionary | 21% |
| Financials | 16% |
| Communication Services | 10% |
| Industrials | 6% |
| Materials | 5% |
| Health Care | 4% |
| Other | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8295 Virtus NFJ Emerging Markets Value Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus NFJ Emerging Markets Value Fund
Class C / AZMCX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Emerging Markets Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574. **This report describes changes to the Fund that occurred from the beginning of the reporting period through the date of issuance of this report.**

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Emerging Markets Value Fund<br>Class C / AZMCX | $210 | 1.89% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended September 30, 2025, the Fund's Class C shares at NAV returned 22.04%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Robust stock selection within the consumer discretionary and technology sectors contributed to performance during the fiscal year. These gains were only somewhat offset by negative security selection in the health care and utilities sectors. By country, security selection across Taiwan and India contributed to performance, while selection in Thailand and United Arab Emirates detracted. From an allocation perspective, an overweight in technology and an underweight in India contributed, while overweight positions in consumer discretionary and Japan detracted over the period. The biggest individual contributors to performance during the 12-month period were Alibaba, Taiwan Semiconductor Manufacturing, Tencent, Xiaomi, and Naspers. The biggest detractors from performance during the period were JD.com, Meituan, ACM Research, Nippon Paint, and Adani Green Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alibaba<br>| Positive<br>| The China-based online retailer performed well, particularly toward the end of the reporting period, when management announced plans to invest more than $53 billion in artificial intelligence (AI) and cloud infrastructure over the next three years.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Shares of the world's largest contract semiconductor chip manufacturer performed well, particularly in the second half of the reporting period. The stock price was aided by the company reaffirming continued strong demand for AI, and announcing expectations for record revenue and earnings in 2025.<br>|
| JD.com<br>| Negative<br>| The company's shares were buffeted by trade war concerns and tariff headwinds during the reporting period. Notably, even with substantial tariffs in place, the online retailer maintained a price advantage over rival Amazon.com.<br>|
| Meituan | Negative | In the face of fierce competition in China's food and instant delivery business, management defended market share through sales promotions and lower prices. These efforts strained near-term performance and profit margins, and the Fund exited the position in the third quarter of 2025. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Class C shares. It assumes a $10,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](g176602chartimages_10756865.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Emerging Markets Value Fund (Class C/AZMCX) at NAV<sup>(1)</sup> and with CDSC<sup>(2)</sup>** | 22.04% | 3.33% | 6.33% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;(2) "CDSC" (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of time of purchase. CDSC for all Class C shares are 1% within the first year and 0% thereafter.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

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

---

| | |
|:---|:---|
| Information Technology | 29% |
| Consumer Discretionary | 21% |
| Financials | 16% |
| Communication Services | 10% |
| Industrials | 6% |
| Materials | 5% |
| Health Care | 4% |
| Other | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Material Fund Changes**

On January 26, 2026, Class C of the Fund will be eliminated as a share class and existing Class C shares of the Fund will be converted to Class A shares of the Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8296 Virtus NFJ Emerging Markets Value Fund

![Virtus_FC_Logo](g176602images_29491.jpg)

## Virtus NFJ Emerging Markets Value Fund
Institutional Class / AZMIX

#### Annual SHAREHOLDER REPORT \| September 30, 2025
This annual shareholder report contains important information about the Virtus NFJ Emerging Markets Value Fund ("Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

#### What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Emerging Markets Value Fund<br>Institutional Class / AZMIX | $99 | 0.89% |

---

Portfolio Manager Commentary by NFJ Investment Group, LLC

* For the fiscal year ended September 30, 2025, the Fund's Institutional Class shares at NAV returned 23.20%. For the same period, the MSCI Emerging Markets Index (net), a broad-based securities market index, returned 17.32%. 

* The MSCI Emerging Markets Index (net) is a free float-adjusted market capitalization-weighted index designed to measure equity market performance in the global emerging markets. The index is calculated on a total return basis with net dividends reinvested. The index is unmanaged, its returns do not reflect any fees, expenses, or sales charges, and is not available for direct investment. 

#### What factors impacted Fund performance over the reporting period?
Robust stock selection within the consumer discretionary and technology sectors contributed to performance during the fiscal year. These gains were only somewhat offset by negative security selection in the health care and utilities sectors. By country, security selection across Taiwan and India contributed to performance, while selection in Thailand and United Arab Emirates detracted. From an allocation perspective, an overweight in technology and an underweight in India contributed, while overweight positions in consumer discretionary and Japan detracted over the period. The biggest individual contributors to performance during the 12-month period were Alibaba, Taiwan Semiconductor Manufacturing, Tencent, Xiaomi, and Naspers. The biggest detractors from performance during the period were JD.com, Meituan, ACM Research, Nippon Paint, and Adani Green Energy. The following table outlines key factors that materially affected the Fund's performance during the reporting period.

---

| | | |
|:---|:---|:---|
| **FACTOR** | **IMPACT** | **SUMMARY** |
| Alibaba<br>| Positive<br>| The China-based online retailer performed well, particularly toward the end of the reporting period, when management announced plans to invest more than $53 billion in artificial intelligence (AI) and cloud infrastructure over the next three years.<br>|
| Taiwan Semiconductor Manufacturing<br>| Positive<br>| Shares of the world's largest contract semiconductor chip manufacturer performed well, particularly in the second half of the reporting period. The stock price was aided by the company reaffirming continued strong demand for AI, and announcing expectations for record revenue and earnings in 2025.<br>|
| JD.com<br>| Negative<br>| The company's shares were buffeted by trade war concerns and tariff headwinds during the reporting period. Notably, even with substantial tariffs in place, the online retailer maintained a price advantage over rival Amazon.com.<br>|
| Meituan | Negative | In the face of fierce competition in China's food and instant delivery business, management defended market share through sales promotions and lower prices. These efforts strained near-term performance and profit margins, and the Fund exited the position in the third quarter of 2025. |

---

The preceding information is the opinion of portfolio management only through the end of the period stated. Any such opinions are subject to change at any time based upon market or other conditions and should not be relied upon as investment advice. Performance figures assume reinvestment of distributions and exclude the effect of sales charges. Performance data quoted represents past results. Past performance is no guarantee of future results, and there is no guarantee that market forecasts will be realized.

#### How has the Fund historically performed?
The following graph compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of Institutional Class shares. It assumes a $1,000,000 initial investment at the beginning of the first fiscal year, in an appropriate broad-based securities market index for the same period. Performance assumes reinvestment of dividends and capital gain distributions.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](g176602chartimages_10756822.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS for periods ended 9/30/25** | **1 Year** | **5 Years** | **10 Years** |
| **Virtus NFJ Emerging Markets Value Fund (Institutional Class/AZMIX) at NAV<sup>(1)</sup>** | 23.20% | 4.36% | 7.40% |
| **MSCI Emerging Markets Index (net)** | 17.32% | 7.02% | 7.99% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) "NAV" (Net Asset Value) total returns do not include the effect of any sales charge.

**Performance data quoted represents past performance. Past performance does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Current performance may be lower or higher than the performance data quoted. Please visit** https://www.virtus.com/mutual-funds-monthly-performance **for performance data current to the most recent month end.** Average annual total return is the annual compound return for the indicated period and reflects the change in share price and the reinvestment of all dividends and capital gains.

KEY FUND STATISTICS (as of September 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$16382 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total advisory fee paid ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$- |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;74% |

---

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

---

| | |
|:---|:---|
| Information Technology | 29% |
| Consumer Discretionary | 21% |
| Financials | 16% |
| Communication Services | 10% |
| Industrials | 6% |
| Materials | 5% |
| Health Care | 4% |
| Other | 9% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of September 30, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g176602images_29651.jpg)

For more information about the Fund including its Prospectuses (Summary and Statutory), Statement of Additional Information, Financial Statements & Other Information, Fund holdings, and proxy voting information, please contact us at 1-800-243-1574, or visit https://www.virtus.com/investor-resources/mutual-fund-documents.

#### Householding
Shareholders who have consented to receive a single annual or semi-annual shareholder report at a shared address may revoke this consent or request additional copies by calling Mutual Fund Services at 1-800-243-1574.

8297 Virtus NFJ Emerging Markets Value Fund

------

(b) Not applicable.

#### Item 2. Code of Ethics.
(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(c) There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit **.** 

(d) The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item's instructions.

(e) Not applicable.

(f) A copy of the Code of Ethics is filed as an Exhibit.

#### Item 3. Audit Committee Financial Expert.
(a)(1) The Registrant's Board of Trustees has determined that the Registrant has an "audit committee financial expert" serving on its Audit Committee.

---

| | |
|:---|:---|
| (a)(2) | The Registrant's Board of Trustees has determined that each of Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." Each of such individual is an "independent" trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR.  |

---

(a)(3) Not applicable.

#### Item 4. Principal Accountant Fees and Services.
<u>Audit Fees</u> 

------

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for fiscal years ended September 30, 2025 and September 30, 2024 are $152,148 and $172,481, respectively.

<u>Audit-Related Fees</u> 

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item for fiscal years ended September 30, 2025 and September 30, 2024 are $0 and $19,405, respectively. Such audit-related fees include out of pocket expenses.

<u>Tax Fees</u> 

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning for fiscal years ended September 30, 2025 and September 30, 2024 are $21,372 and $49,518, respectively.

"Tax Fees" are those primarily associated with review of the Trust's tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust's financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund's federal income tax returns.

<u>All Other Fees</u> 

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are for fiscal years ended September 30, 2025 and September 30, 2024 are $0 and $0, respectively.

(e)(1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

The Board of Trustees of Virtus Strategy Trust (the "Fund") has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund's Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC's auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis ("general pre-approval").

The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.

------

---

| | |
|:---|:---|
| (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) N/A

(f) The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was less than fifty percent.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for fiscal years ended September 30, 2025 and September 30, 2024 are $21,372 and $68,923, respectively.

(h) The audit committee of the registrant's board of trustees has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.

#### Item 6. Investments.
(a) Please refer to Item 7(a).

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a) and (b): The registrant's (annual) financial statements and financial highlights are as follows:

------

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

**VIRTUS STRATEGY TRUST**

![](g176602img6b72415a1.gif)

September 30, 2025

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

---

| |
|:---|
| Virtus Convertible Fund |
| Virtus Duff & Phelps Water Fund |
| Virtus Global Allocation Fund |
| Virtus International Small-Cap Fund |
| Virtus Newfleet Short Duration High Income Fund |
| Virtus NFJ Emerging Markets Value Fund |

---

**Not FDIC Insured • No Bank Guarantee • May Lose Value**

------

**Table of Contents** 

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_d3801149-5570-49b2-8a1f-3113311feda2_KIT-TOC-KeyInvestmentTerms_1) | 1 |
| [Schedules of Investments](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3829_1) |  |
| [Virtus Convertible Fund (](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3829_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3829_1)[Convertible Fund](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3829_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3829_1)[)](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3829_1) | 3 |
| [Virtus Duff & Phelps Water Fund (](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3841_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3841_1)[Duff & Phelps Water Fund](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3841_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3841_1)[)](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3841_1) | 7 |
| [Virtus Global Allocation Fund (](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3834_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3834_1)[Global Allocation Fund](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3834_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3834_1)[)](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3834_1) | 8 |
| [Virtus International Small-Cap Fund (](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3838_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3838_1)[International Small-Cap Fund](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3838_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3838_1)[)](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3838_1) | 16 |
| [Virtus Newfleet Short Duration High Income Fund (](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3840_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3840_1)[Newfleet Short Duration High Income](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3840_1)<br> [Fund](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3840_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3840_1)[)](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3840_1) | 18 |
| [Virtus NFJ Emerging Markets Value Fund (](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3833_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3833_1)[NFJ Emerging Markets Value Fund](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3833_1)["](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3833_1)[)](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOI-TOC-ScheduleofInvestments-3833_1) | 23 |
| [Statements of Assets and Liabilities](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SAL-SAL-Headerfooter_1) | 25 |
| [Statements of Operations](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOP-SOP-Headerfooter-3829_1) | 29 |
| [Statements of Changes in Net Assets](#xx_d3801149-5570-49b2-8a1f-3113311feda2_SOC-SOC-HeaderFooter-3829_1) | 32 |
| [Financial Highlights](#xx_d3801149-5570-49b2-8a1f-3113311feda2_FIHI-FIHI-Headerfooter_1) | 34 |
| [Notes to Financial Statements](#xx_d3801149-5570-49b2-8a1f-3113311feda2_NTF-TOC-NTF-3829_1) | 39 |
| [Report of Independent Registered Public Accounting Firm](#xx_d3801149-5570-49b2-8a1f-3113311feda2_RIRPA-TOC-ReportofAccountingFirm_1) | 58 |
| [Other Information](#xx_d3801149-5570-49b2-8a1f-3113311feda2_OI-TOC-OtherInformation-3829_1) | 59 |
| [Tax Information Notice](#xx_d3801149-5570-49b2-8a1f-3113311feda2_TIN-TOC-TIN-3829_1) | 60 |

---

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

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

This report is not authorized for distribution to prospective investors in the Funds presented in this book unless preceded or accompanied by an effective prospectus which includes information concerning the sales charge, each Fund's record and other pertinent information.

------

**VIRTUS STRATEGY TRUST**

**KEY INVESTMENT TERMS (Unaudited)**

**September 30, 2025**

**American Depositary Receipt ("ADR")**

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by a U.S. bank or a trust. Foreign companies use ADRs in order to make it easier for Americans to buy their shares.

**Asset-Backed Securities ("ABS")**

Asset-backed securities represent interests in pools of underlying assets such as motor vehicle installment sales or installment loan contracts, leases of various types of real and personal property, and receivables from credit card arrangements.

**Collateralized Loan Obligation ("CLO")**

A collateralized loan obligation is a type of security backed by a pool of debt, typically low-rated corporate loans, structured so that there are several classes of bondholders with varying maturities, called tranches.

**Designated Activity Company ("DAC")**

A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

**Exchange-Traded Fund ("ETF")**

An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

**Federal National Mortgage Association ("Fannie Mae")**

A government-sponsored, publicly traded enterprise that makes mortgages available to low- and moderate-income borrowers. It does not provide loans, but backs or guarantees them in the secondary mortgage market.

**Federal Reserve ("Fed")**

The central bank of the United States, responsible for controlling the money supply, interest rates and credit with the goal of keeping the U.S. economy and currency stable. Governed by a seven-member board, the system includes 12 regional Federal Reserve Banks, 25 branches and all national and state banks that are part of the system.

**Financial Times Stock Exchange ("FTSE")**

FTSE Russell provides a comprehensive range of reliable and accurate indexes, giving investors the tools they require to measure and analyze global markets across asset classes, styles or strategies.

**Global Depositary Receipt ("GDR")**

Represents shares of foreign companies traded in U.S. dollars on U.S. exchanges that are held by an international bank or a trust. Foreign companies use GDRs in order to make it easier for foreign investors to buy their shares.

**Government National Mortgage Association ("Ginnie Mae")**

A U.S. government corporation that guarantees the timely payment of principal and interest on mortgage-backed securities (MBSs) issued by approved Ginnie Mae lenders, with the goal of expanding the pool of homeowners by mostly aiding lending to homeowners who are traditionally underserved in the mortgage marketplace such as first-time home buyers and low-income borrowers.

**Leveraged Loans**

Leveraged loans (also known as bank, senior or floating-rate loans) consists of below investment-grade credit quality loans that are arranged by banks and other financial institutions to help companies finance acquisitions, recapitalizations, or other highly leveraged transactions. Such loans may be especially vulnerable to adverse changes in economic or market conditions, although they are senior in the capital structure which typically provides investors/lenders a degree of potential credit risk protection.

**Master Limited Partnerships ("MLPs")** 

Investment which combines the tax benefits of a limited partnership with the liquidity of publicly traded securities. To be classified as an MLP, a partnership must derive most of its cash flows from real estate, natural resources and commodities.

**Mortgage-Backed Securities ("MBS")**

Mortgage-backed securities represent interests in pools of underlying home loans bought from banks which issue them.

**Payment-in-Kind Security ("PIK")**

A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

**Public Joint Stock Company ("PJSC")**

A public joint stock company is a method to allow thousands or millions of people to jointly own a business. The most important feature is limited liability. The most important function of a public joint stock company is that the investor can only lose their initial investment.

------

**VIRTUS STRATEGY TRUST**

**KEY INVESTMENT TERMS (Unaudited) (Continued)** 

**September 30, 2025**

**Real Estate Investment Trust ("REIT")**

A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

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

SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

**Sponsored ADR**

An ADR which is issued with the cooperation of the company whose stock will underlie the ADR. Sponsored ADRs generally carry the same rights normally given to stockholders, such as voting rights. ADRs must be sponsored to be able to trade on a major U.S. exchange such as the New York Stock Exchange.

**Tokyo Stock Price Index ("TOPIX")**

Tokyo Stock Price Index is a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange.

**Yield Curve**

A yield curve is a line on a graph plotting the interest rates, at a set point in time, of bonds having equal credit quality but different maturity dates.

------

**Convertible Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—82.5%** | **Convertible Bonds and Notes—82.5%** | **Convertible Bonds and Notes—82.5%** |
| **Aerospace & Defense—1.8%** | **Aerospace & Defense—1.8%** |  |
| AeroVironment, Inc. <br>0.000%, 7/15/30<br>| $9940 | &nbsp;&nbsp; $12316 |
| Intuitive Machines, Inc. <br> 144A <br>2.500%, 10/1/30<sup>(1)</sup> <br>| 6225 | &nbsp;&nbsp; 6793 |
| Rocket Lab USA, Inc. 144A <br>4.250%, 2/1/29<sup>(1)</sup> <br>| 810 | &nbsp;&nbsp; 7581 |
|  |  | &nbsp;&nbsp; 26690 |
| **Auto Manufacturers—0.9%** | **Auto Manufacturers—0.9%** |  |
| Rivian Automotive, Inc. <br>4.625%, 3/15/29<br>| 13305 | &nbsp;&nbsp; 13777 |
| **Biotechnology—5.0%** | **Biotechnology—5.0%** |  |
| Alnylam Pharmaceuticals, <br> Inc.<br>|  |  |
| <br>1.000%, 9/15/27 | 13755 | &nbsp;&nbsp; 22606 |
| <br>144A 0.000%, 9/15/28<sup>(1)</sup> <br>| 3480 | &nbsp;&nbsp; 3456 |
| Bridgebio Pharma, Inc. |  |  |
| <br>2.500%, 3/15/27 | 6555 | &nbsp;&nbsp; 9190 |
| <br>144A 1.750%, 3/1/31<sup>(1)</sup> <br>| 3140 | &nbsp;&nbsp; 4185 |
| Celcuity, Inc. <br>2.750%, 8/1/31<br>| 4930 | &nbsp;&nbsp; 6546 |
| Cytokinetics, Inc. 144A <br>1.750%, 10/1/31<sup>(1)</sup> <br>| 6875 | &nbsp;&nbsp; 7840 |
| Ionis Pharmaceuticals, Inc. <br>1.750%, 6/15/28<br>| 5360 | &nbsp;&nbsp; 7407 |
| Ligand Pharmaceuticals, <br> Inc. 144A <br>0.750%, 10/1/30<sup>(1)</sup> <br>| 9795 | &nbsp;&nbsp; 11025 |
|  |  | &nbsp;&nbsp; 72255 |
| **Commercial Services—1.5%** | **Commercial Services—1.5%** |  |
| Affirm Holdings, Inc. 144A <br>0.750%, 12/15/29<sup>(1)</sup> <br>| 8495 | &nbsp;&nbsp; 9226 |
| Hertz Corp. (The) 144A <br>5.500%, 10/1/30<sup>(1)</sup> <br>| 2260 | &nbsp;&nbsp; 2277 |
| Shift4 Payments, Inc. <br>0.500%, 8/1/27<br>| 6650 | &nbsp;&nbsp; 6544 |
| Stride, Inc. <br>1.125%, 9/1/27<br>| 1380 | &nbsp;&nbsp; 3922 |
|  |  | &nbsp;&nbsp; 21969 |
| **Computers—9.3%** | **Computers—9.3%** |  |
| CyberArk Software Ltd. <br> 144A <br>0.000%, 6/15/30<sup>(1)</sup> <br>| 15060 | &nbsp;&nbsp; 16723 |
| Lumentum Holdings, Inc. <br> 144A <br>0.375%, 3/15/32<sup>(1)</sup> <br>| 23755 | &nbsp;&nbsp; 27271 |
| Parsons Corp. <br>2.625%, 3/1/29<br>| 11900 | &nbsp;&nbsp; 13566 |
| Seagate HDD Cayman <br>3.500%, 6/1/28<br>| 5650 | &nbsp;&nbsp; 16272 |
| Super Micro Computer, Inc. <br>3.500%, 3/1/29<br>| 10005 | &nbsp;&nbsp; 10195 |
| Varonis Systems, Inc. <br>1.000%, 9/15/29<br>| 10880 | &nbsp;&nbsp; 11729 |
| Western Digital Corp. <br>3.000%, 11/15/28<br>| 8820 | &nbsp;&nbsp; 28290 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Computers—continued** | **Computers—continued** |  |
| Zscaler, Inc. 144A <br>0.000%, 7/15/28<sup>(1)(2)</sup> <br>| $10990 | &nbsp;&nbsp; $10896 |
|  |  | &nbsp;&nbsp; 134942 |
| **Diversified REITs—0.9%** | **Diversified REITs—0.9%** |  |
| Digital Realty Trust LP <br> 144A <br>1.875%, 11/15/29<sup>(1)</sup> <br>| 12155 | &nbsp;&nbsp; 12763 |
| **Electric Utilities—3.8%** | **Electric Utilities—3.8%** |  |
| NextEra Energy Capital <br> Holdings, Inc. <br>3.000%, 3/1/27<br>| 15055 | &nbsp;&nbsp; 17780 |
| Southern Co. (The) 144A <br>3.250%, 6/15/28<sup>(1)</sup> <br>| 21820 | &nbsp;&nbsp; 22082 |
| WEC Energy Group, Inc. <br> 144A <br>3.375%, 6/1/28<sup>(1)</sup> <br>| 14970 | &nbsp;&nbsp; 15464 |
|  |  | &nbsp;&nbsp; 55326 |
| **Electronics—2.1%** | **Electronics—2.1%** |  |
| Itron, Inc. <br>1.375%, 7/15/30<br>| 5655 | &nbsp;&nbsp; 6481 |
| Mirion Technologies, Inc. <br> 144A <br>0.250%, 6/1/30<sup>(1)</sup> <br>| 10100 | &nbsp;&nbsp; 12428 |
| OSI Systems, Inc. <br>2.250%, 8/1/29<br>| 7735 | &nbsp;&nbsp; 11212 |
|  |  | &nbsp;&nbsp; 30121 |
| **Engineering & Construction—0.9%** | **Engineering & Construction—0.9%** |  |
| Granite Construction, Inc. <br>3.250%, 6/15/30<br>| 8925 | &nbsp;&nbsp; 13651 |
| **Entertainment—2.6%** | **Entertainment—2.6%** |  |
| IMAX Corp. <br>0.500%, 4/1/26<br>| 6130 | &nbsp;&nbsp; 7193 |
| Live Nation Entertainment, <br> Inc. 144A <br>2.875%, 1/15/30<sup>(1)</sup> <br>| 27970 | &nbsp;&nbsp; 31005 |
|  |  | &nbsp;&nbsp; 38198 |
| **Financial Services—4.9%** | **Financial Services—4.9%** |  |
| Coinbase Global, Inc. |  |  |
| <br>0.500%, 6/1/26 | 19615 | &nbsp;&nbsp; 21773 |
| <br>144A 0.000%, 10/1/29<sup>(1)</sup> <br>| 6525 | &nbsp;&nbsp; 6951 |
| Galaxy Digital Holdings LP <br> 144A <br>2.500%, 12/1/29<sup>(1)</sup> <br>| 6815 | &nbsp;&nbsp; 11175 |
| SoFi Technologies, Inc. <br> 144A <br>0.000%, 10/15/26<sup>(1)</sup> <br>| 15000 | &nbsp;&nbsp; 19492 |
| Upstart Holdings, Inc. <br> 144A <br>1.000%, 11/15/30<sup>(1)</sup> <br>| 4635 | &nbsp;&nbsp; 4336 |
| WisdomTree, Inc. 144A <br>4.625%, 8/15/30<sup>(1)</sup> <br>| 6535 | &nbsp;&nbsp; 6922 |
|  |  | &nbsp;&nbsp; 70649 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care REITs—2.2%** | **Health Care REITs—2.2%** |  |
| Welltower OP LLC 144A <br>3.125%, 7/15/29<sup>(1)</sup> <br>| $21840 | &nbsp;&nbsp; $32072 |
| **Healthcare-Products—3.5%** | **Healthcare-Products—3.5%** |  |
| Alphatec Holdings, Inc. <br> 144A <br>0.750%, 3/15/30<sup>(1)</sup> <br>| 9550 | &nbsp;&nbsp; 11357 |
| Exact Sciences Corp. 144A <br>1.750%, 4/15/31<sup>(1)</sup> <br>| 7470 | &nbsp;&nbsp; 6951 |
| Guardant Health, Inc. <br>1.250%, 2/15/31<br>| 9700 | &nbsp;&nbsp; 12605 |
| iRhythm Technologies, Inc. <br>1.500%, 9/1/29<br>| 8140 | &nbsp;&nbsp; 11168 |
| Repligen Corp. <br>1.000%, 12/15/28<br>| 5440 | &nbsp;&nbsp; 5456 |
| Tempus AI, Inc. 144A <br>0.750%, 7/15/30<sup>(1)</sup> <br>| 3335 | &nbsp;&nbsp; 4185 |
|  |  | &nbsp;&nbsp; 51722 |
| **Healthcare-Services—0.6%** | **Healthcare-Services—0.6%** |  |
| Oscar Health, Inc. 144A <br>2.250%, 9/1/30<sup>(1)</sup> <br>| 8180 | &nbsp;&nbsp; 8997 |
| **Home Builders—0.5%** | **Home Builders—0.5%** |  |
| Meritage Homes Corp. <br>1.750%, 5/15/28<br>| 6695 | &nbsp;&nbsp; 6852 |
| **Industrial REITs—0.7%** | **Industrial REITs—0.7%** |  |
| Rexford Industrial <br> Realty LP 144A <br>4.375%, 3/15/27<sup>(1)</sup> <br>| 10205 | &nbsp;&nbsp; 10195 |
| **Internet—7.1%** | **Internet—7.1%** |  |
| Alibaba Group Holding Ltd. <br>0.500%, 6/1/31<br>| 5940 | &nbsp;&nbsp; 10912 |
| DoorDash, Inc. 144A <br>0.000%, 5/15/30<sup>(1)</sup> <br>| 13990 | &nbsp;&nbsp; 15900 |
| MakeMyTrip Ltd. 144A <br>0.000%, 7/1/30<sup>(1)</sup> <br>| 9215 | &nbsp;&nbsp; 9514 |
| Opendoor Technologies, <br> Inc. 144A <br>7.000%, 5/15/30<sup>(1)</sup> <br>| 610 | &nbsp;&nbsp; 3174 |
| Shopify, Inc. <br>0.125%, 11/1/25<br>| 5930 | &nbsp;&nbsp; 6230 |
| Spotify USA, Inc. <br>0.000%, 3/15/26<br>| 7315 | &nbsp;&nbsp; 9996 |
| Trip.com Group Ltd. <br>0.750%, 6/15/29<br>| 7665 | &nbsp;&nbsp; 9769 |
| Uber Technologies, Inc. |  |  |
| <br>0.000%, 12/15/25<sup>(2)</sup> <br>| 16350 | &nbsp;&nbsp; 19914 |
| Series 2028 <br>0.875%, 12/1/28<br>| 2705 | &nbsp;&nbsp; 3976 |
| Wayfair, Inc. <br>3.250%, 9/15/27<br>| 8785 | &nbsp;&nbsp; 13386 |
|  |  | &nbsp;&nbsp; 102771 |
| **Investment Companies—3.0%** | **Investment Companies—3.0%** |  |
| Cipher Mining, Inc. 144A <br>0.000%, 10/1/31<sup>(1)</sup> <br>| 8835 | &nbsp;&nbsp; 9712 |
| IREN Ltd. 144A <br>3.250%, 6/15/30<sup>(1)</sup> <br>| 5800 | &nbsp;&nbsp; 17013 |

---

*See Notes to Financial Statements*

------

**Convertible Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Investment Companies—continued** | **Investment Companies—continued** |  |
| Riot Platforms, Inc. 144A <br>0.750%, 1/15/30<sup>(1)</sup> <br>| $11350 | &nbsp;&nbsp; $17329 |
|  |  | &nbsp;&nbsp; 44054 |
| **Leisure Time—2.2%** | **Leisure Time—2.2%** |  |
| Carnival Corp. <br>5.750%, 12/1/27<br>| 5360 | &nbsp;&nbsp; 11971 |
| NCL Corp., Ltd. 144A <br>0.750%, 9/15/30<sup>(1)</sup> <br>| 19610 | &nbsp;&nbsp; 19782 |
|  |  | &nbsp;&nbsp; 31753 |
| **Machinery-Construction &** <br> **Mining—1.8%** | **Machinery-Construction &** <br> **Mining—1.8%** |  |
| Bloom Energy Corp. <br>3.000%, 6/1/29<br>| 6495 | &nbsp;&nbsp; 26805 |
| **Media—0.5%** | **Media—0.5%** |  |
| Liberty Media Corp.-Liberty <br> Formula One <br>2.250%, 8/15/27<br>| 5905 | &nbsp;&nbsp; 7830 |
| **Metal Fabricate/Hardware—0.7%** | **Metal Fabricate/Hardware—0.7%** |  |
| Xometry, Inc. 144A <br>0.750%, 6/15/30<sup>(1)</sup> <br>| 6915 | &nbsp;&nbsp; 9681 |
| **Mining—1.7%** | **Mining—1.7%** |  |
| Centrus Energy Corp. 144A <br>0.000%, 8/15/32<sup>(1)</sup> <br>| 9120 | &nbsp;&nbsp; 14068 |
| MP Materials Corp. |  |  |
| <br>144A 0.250%, 4/1/26<sup>(1)</sup> <br>| 1220 | &nbsp;&nbsp; 1867 |
| <br>144A 3.000%, 3/1/30<sup>(1)</sup> <br>| 2690 | &nbsp;&nbsp; 8562 |
|  |  | &nbsp;&nbsp; 24497 |
| **Miscellaneous Manufacturing—1.1%** | **Miscellaneous Manufacturing—1.1%** |  |
| Axon Enterprise, Inc. <br>0.500%, 12/15/27<br>| 2480 | &nbsp;&nbsp; 7775 |
| JBT Marel Corp. 144A <br>0.375%, 9/15/30<sup>(1)</sup> <br>| 8175 | &nbsp;&nbsp; 7942 |
|  |  | &nbsp;&nbsp; 15717 |
| **Office REITs—0.5%** | **Office REITs—0.5%** |  |
| Boston Properties LP 144A <br>2.000%, 10/1/30<sup>(1)</sup> <br>| 7315 | &nbsp;&nbsp; 7293 |
| **Oil, Gas & Consumable Fuels—1.3%** | **Oil, Gas & Consumable Fuels—1.3%** |  |
| Solaris Energy <br> Infrastructure, Inc. <br>4.750%, 5/1/30<br>| 6740 | &nbsp;&nbsp; 12064 |
| UGI Corp. <br>5.000%, 6/1/28<br>| 5340 | &nbsp;&nbsp; 6825 |
|  |  | &nbsp;&nbsp; 18889 |
| **Personal Care Product—0.9%** | **Personal Care Product—0.9%** |  |
| Oddity Finance LLC 144A <br>0.000%, 6/15/30<sup>(1)</sup> <br>| 12720 | &nbsp;&nbsp; 12815 |
| **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** |  |
| Jazz Investments I Ltd. <br>3.125%, 9/15/30<br>| 9915 | &nbsp;&nbsp; 11764 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pipelines—0.5%** | **Pipelines—0.5%** |  |
| Golar LNG Ltd. 144A <br>2.750%, 12/15/30<sup>(1)</sup> <br>| $7380 | &nbsp;&nbsp; $7454 |
| **Retail—0.6%** | **Retail—0.6%** |  |
| Burlington Stores, Inc. <br>1.250%, 12/15/27<br>| 6055 | &nbsp;&nbsp; 8153 |
| **Semiconductors—5.0%** | **Semiconductors—5.0%** |  |
| Cohu, Inc. 144A <br>1.500%, 1/15/31<sup>(1)</sup> <br>| 7330 | &nbsp;&nbsp; 7560 |
| Impinj, Inc. 144A <br>0.000%, 9/15/29<sup>(1)</sup> <br>| 6275 | &nbsp;&nbsp; 6367 |
| MACOM Technology <br> Solutions Holdings, Inc. <br> 144A <br>0.000%, 12/15/29<sup>(1)(2)</sup> <br>| 10250 | &nbsp;&nbsp; 10337 |
| Nova Ltd. 144A <br>0.000%, 9/15/30<sup>(1)</sup> <br>| 7000 | &nbsp;&nbsp; 8415 |
| ON Semiconductor Corp. <br>0.000%, 5/1/27<br>| 5435 | &nbsp;&nbsp; 6185 |
| Semtech Corp. <br>1.625%, 11/1/27<br>| 6850 | &nbsp;&nbsp; 13477 |
| Synaptics, Inc. 144A <br>0.750%, 12/1/31<sup>(1)</sup> <br>| 8105 | &nbsp;&nbsp; 7979 |
| Veeco Instruments, Inc. <br>2.875%, 6/1/29<br>| 6975 | &nbsp;&nbsp; 8911 |
| Wolfspeed, Inc. |  |  |
| <br>2.500%, 6/15/31 | 773 | &nbsp;&nbsp; 1847 |
| <br>144A 2.500%, 6/15/31<sup>(1)</sup> <br>| 882 | &nbsp;&nbsp; 2117 |
|  |  | &nbsp;&nbsp; 73195 |
| **Software—10.4%** | **Software—10.4%** |  |
| Alignment Healthcare, Inc. <br> 144A <br>4.250%, 11/15/29<sup>(1)</sup> <br>| 5410 | &nbsp;&nbsp; 7612 |
| Cloudflare, Inc. <br>0.000%, 8/15/26<sup>(2)</sup> <br>| 17325 | &nbsp;&nbsp; 21582 |
| Datadog, Inc. 144A <br>0.000%, 12/1/29<sup>(1)(2)</sup> <br>| 17745 | &nbsp;&nbsp; 17568 |
| Guidewire Software, Inc. <br> 144A <br>1.250%, 11/1/29<sup>(1)</sup> <br>| 10810 | &nbsp;&nbsp; 12572 |
| Life360, Inc. 144A <br>0.000%, 6/1/30<sup>(1)</sup> <br>| 4990 | &nbsp;&nbsp; 7338 |
| Nebius Group N.V. 144A <br>1.000%, 9/15/30<sup>(1)</sup> <br>| 10480 | &nbsp;&nbsp; 12188 |
| Nutanix, Inc. 144A <br>0.500%, 12/15/29<sup>(1)</sup> <br>| 10635 | &nbsp;&nbsp; 11972 |
| Snowflake, Inc. <br>0.000%, 10/1/29<br>| 13150 | &nbsp;&nbsp; 20586 |
| Strategy, Inc. |  |  |
| <br>144A <br> 0.000%, 12/1/29<sup>(1)(2)</sup> <br>| 23740 | &nbsp;&nbsp; 21248 |
| <br>144A 0.000%, 3/1/30<sup>(1)</sup> <br>| 7185 | &nbsp;&nbsp; 7562 |
| Unity Software, Inc. 144A <br>0.000%, 3/15/30<sup>(1)</sup> <br>| 8690 | &nbsp;&nbsp; 11737 |
|  |  | &nbsp;&nbsp; 151965 |
| **Telecommunications—2.4%** | **Telecommunications—2.4%** |  |
| GDS Holdings Ltd. 144A <br>2.250%, 6/1/32<sup>(1)</sup> <br>| 8320 | &nbsp;&nbsp; 11715 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Telecommunications—continued** | **Telecommunications—continued** |  |
| InterDigital, Inc. <br>3.500%, 6/1/27<br>| $2870 | &nbsp;&nbsp; $12833 |
| Viavi Solutions, Inc. 144A <br>0.625%, 3/1/31<sup>(1)</sup> <br>| 8875 | &nbsp;&nbsp; 9746 |
|  |  | &nbsp;&nbsp; 34294 |
| **Water Utilities—0.8%** | **Water Utilities—0.8%** |  |
| American Water Capital <br> Corp. <br>3.625%, 6/15/26<br>| 11595 | &nbsp;&nbsp; 11611 |
| **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $997,710)** | **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $997,710)** | &nbsp;&nbsp; **1200720** |
| **Corporate Bonds and Notes—0.1%** | **Corporate Bonds and Notes—0.1%** | **Corporate Bonds and Notes—0.1%** |
| **Semiconductors—0.1%** | **Semiconductors—0.1%** |  |
| Wolfspeed, Inc. (7.000% <br> Cash or 12.000% PIK) <br>7.000%, 6/15/31<sup>(3)(4)</sup> <br>| 976 | &nbsp;&nbsp; 864 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $864)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $864)** | &nbsp;&nbsp; **864** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—11.9%** | **Convertible Preferred Stocks—11.9%** | **Convertible Preferred Stocks—11.9%** |
| **Aerospace & Defense—2.7%** | **Aerospace & Defense—2.7%** |  |
| Boeing Co. (The), 6.000% | 572350 | &nbsp;&nbsp; 39819 |
| **Banks—2.4%** | **Banks—2.4%** |  |
| Wells Fargo & Co. Series L, <br> 7.500%<br>| 28720 | &nbsp;&nbsp; 35449 |
| **Capital Markets—1.8%** | **Capital Markets—1.8%** |  |
| Ares Management Corp. <br> Series B, 6.750%<br>| 239495 | &nbsp;&nbsp; 11900 |
| KKR & Co., Inc. Series D, <br> 6.250%<br>| 279040 | &nbsp;&nbsp; 14608 |
|  |  | &nbsp;&nbsp; 26508 |
| **Electric Utilities—1.1%** | **Electric Utilities—1.1%** |  |
| NextEra Energy, Inc., <br> 7.299%<br>| 67200 | &nbsp;&nbsp; 3351 |
| PG&E Corp. Series A, <br> 6.000%<br>| 321305 | &nbsp;&nbsp; 12653 |
|  |  | &nbsp;&nbsp; 16004 |
| **Financial Services—0.4%** | **Financial Services—0.4%** |  |
| Shift4 Payments, Inc., <br> 6.000%<br>| 54980 | &nbsp;&nbsp; 5216 |
| **Healthcare Providers &** <br> **Services—0.9%** | **Healthcare Providers &** <br> **Services—0.9%** |  |
| BrightSpring Health <br> Services, Inc., 6.750%<br>| 121880 | &nbsp;&nbsp; 12321 |
| **Semiconductors & Semiconductor** <br> **Equipment—0.9%** | **Semiconductors & Semiconductor** <br> **Equipment—0.9%** |  |
| Microchip Technology, <br> Inc., 7.500%<br>| 229445 | &nbsp;&nbsp; 13544 |

---

*See Notes to Financial Statements*

------

**Convertible Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Software—0.2%** | **Software—0.2%** |  |
| Strategy, Inc., 8.000% | 36705 | &nbsp;&nbsp; $3366 |
| **Technology Hardware, Storage &** <br> **Peripherals—0.9%** | **Technology Hardware, Storage &** <br> **Peripherals—0.9%** |  |
| Hewlett Packard Enterprise <br> Co., 7.625%<br>| 191330 | &nbsp;&nbsp; 12991 |
| **Trading Companies &** <br> **Distributors—0.6%** | **Trading Companies &** <br> **Distributors—0.6%** |  |
| QXO, Inc., 5.500% | 145570 | &nbsp;&nbsp; 8005 |
| **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $153,255)** | **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $153,255)** | &nbsp;&nbsp; **173223** |
| **Common Stock—0.1%** | **Common Stock—0.1%** | **Common Stock—0.1%** |
| **Semiconductors & Semiconductor** <br> **Equipment—0.1%** | **Semiconductors & Semiconductor** <br> **Equipment—0.1%** |  |
| Wolfspeed, Inc.<sup>(5)</sup> <br>| 80771 | &nbsp;&nbsp; 2310 |
| **Total Common Stock** <br>**(Identified Cost $1,454)** | **Total Common Stock** <br>**(Identified Cost $1,454)** | &nbsp;&nbsp; **2310** |
| **Total Long-Term** <br> **Investments—94.6%** <br>**(Identified Cost $1,153,283)** | **Total Long-Term** <br> **Investments—94.6%** <br>**(Identified Cost $1,153,283)** | &nbsp;&nbsp; **1377117** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.1%** | **Short-Term Investment—1.1%** | **Short-Term Investment—1.1%** |
| **Money Market Mutual Fund—1.1%** | **Money Market Mutual Fund—1.1%** | **Money Market Mutual Fund—1.1%** |
| BlackRock Liquidity <br> FedFund - Institutional <br> Shares (seven-day <br> effective yield <br> 4.027%)<sup>(6)</sup> <br>| 15572455 | &nbsp;&nbsp; $15572 |
| **Total Short-Term Investment** <br>**(Identified Cost $15,572)** | **Total Short-Term Investment** <br>**(Identified Cost $15,572)** | &nbsp;&nbsp; **15572** |
| **TOTAL INVESTMENTS—95.7%** <br>**(Identified Cost $1,168,855)** | **TOTAL INVESTMENTS—95.7%** <br>**(Identified Cost $1,168,855)** | &nbsp;&nbsp; **$1392689** |
| Other assets and liabilities, net—4.3% | Other assets and liabilities, net—4.3% | &nbsp;&nbsp; 62453 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1455142** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| EV | Enterprise Value |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OP | Operating Partnership |
| PIK | Payment-in-Kind Security |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $659,787 or 45.3% of net assets.<br>|
| <sup>(2)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|
| <sup>(3)</sup> <br>| Security in default; no interest payments are being <br> received.<br>|
| <sup>(4)</sup> <br>| Payment-in-kind security which may pay <br> interest/dividends in additional par/shares and/or in <br> cash. Rates shown are the current rate and possible <br> payment rates.<br>|
| <sup>(5)</sup> <br>| Non-income producing. |
| <sup>(6)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 86<br> %<br>|
| Cayman Islands | 4 |
| Bermuda | 3 |
| Israel | 2 |
| Australia | 1 |
| Canada | 1 |
| Netherlands | 1 |
| Other | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

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

*See Notes to Financial Statements*

------

**Convertible Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $1200720 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1200720 |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 864 |
| Equity Securities: |  |  |  |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 173223 | &nbsp;&nbsp;&nbsp;&nbsp; 173223 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp;&nbsp; 2310 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15572 | &nbsp;&nbsp;&nbsp;&nbsp; 15572 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $1392689 | &nbsp;&nbsp;&nbsp;&nbsp; $191105 | &nbsp;&nbsp;&nbsp;&nbsp; $1201584 |

---

There were no securities valued using significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

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

---

| | | |
|:---|:---|:---|
|  | Total | Equity-Linked <br>Notes<br>|
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp; $24809 | &nbsp;&nbsp;&nbsp; $24809 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (8)<br>|
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; (849)<br>| &nbsp;&nbsp;&nbsp; (849)<br>|
| Sales<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; (23952)<br>| &nbsp;&nbsp;&nbsp; (23952)<br>|
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

<sup>(a)</sup> Includes paydowns on securities.

*See Notes to Financial Statements*

------

**Duff & Phelps Water Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.7%** | **Common Stocks—99.7%** | **Common Stocks—99.7%** |
| **Brazil—5.9%** | **Brazil—5.9%** |  |
| Cia de Saneamento Basico <br> do Estado de Sao Paulo <br> ADR<br>| 1348445 | &nbsp;&nbsp; $33563 |
| **Canada—3.9%** | **Canada—3.9%** |  |
| GFL Environmental, Inc. | 257232 | &nbsp;&nbsp; 12188 |
| Stantec, Inc. | 92683 | &nbsp;&nbsp; 9995 |
|  |  | &nbsp;&nbsp; 22183 |
| **China—0.7%** | **China—0.7%** |  |
| Guangdong Investment Ltd. <br> (Hong Kong)<br>| 4310000 | &nbsp;&nbsp; 3916 |
| **France—4.5%** | **France—4.5%** |  |
| Veolia Environnement S.A. | 747382 | &nbsp;&nbsp; 25429 |
| **Japan—1.6%** | **Japan—1.6%** |  |
| Kurita Water Industries Ltd. | 274300 | &nbsp;&nbsp; 9365 |
| **Netherlands—1.4%** | **Netherlands—1.4%** |  |
| Arcadis N.V. | 161623 | &nbsp;&nbsp; 8140 |
| **Switzerland—5.9%** | **Switzerland—5.9%** |  |
| Belimo Holding AG <br> Registered Shares<br>| 2756 | &nbsp;&nbsp; 2879 |
| Geberit AG Registered <br> Shares<br>| 20293 | &nbsp;&nbsp; 15224 |
| Georg Fischer AG <br> Registered Shares<br>| 202953 | &nbsp;&nbsp; 15794 |
|  |  | &nbsp;&nbsp; 33897 |
| **United Kingdom—12.5%** | **United Kingdom—12.5%** |  |
| Halma plc | 186161 | &nbsp;&nbsp; 8637 |
| Pennon Group plc | 1979065 | &nbsp;&nbsp; 12446 |
| Severn Trent plc | 847190 | &nbsp;&nbsp; 29487 |
| United Utilities Group plc | 1372487 | &nbsp;&nbsp; 21163 |
|  |  | &nbsp;&nbsp; 71733 |
| **United States—63.3%** | **United States—63.3%** |  |
| Advanced Drainage <br> Systems, Inc.<br>| 136558 | &nbsp;&nbsp; 18941 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| AECOM | 105506 | &nbsp;&nbsp; $13765 |
| American Water Works Co., <br> Inc.<br>| 192270 | &nbsp;&nbsp; 26762 |
| Badger Meter, Inc. | 53061 | &nbsp;&nbsp; 9476 |
| Core & Main, Inc. Class A<sup>(1)</sup> <br>| 336909 | &nbsp;&nbsp; 18136 |
| Danaher Corp. | 29432 | &nbsp;&nbsp; 5835 |
| Ecolab, Inc. | 92844 | &nbsp;&nbsp; 25426 |
| Energy Recovery, Inc.<sup>(1)</sup> <br>| 308006 | &nbsp;&nbsp; 4749 |
| Essential Utilities, Inc. | 654115 | &nbsp;&nbsp; 26099 |
| Ferguson Enterprises, Inc. | 19508 | &nbsp;&nbsp; 4381 |
| Franklin Electric Co., Inc. | 97593 | &nbsp;&nbsp; 9291 |
| IDEX Corp. | 45641 | &nbsp;&nbsp; 7429 |
| Mueller Water Products, <br> Inc. Class A<br>| 559811 | &nbsp;&nbsp; 14286 |
| Pentair plc | 242777 | &nbsp;&nbsp; 26890 |
| Tetra Tech, Inc. | 269216 | &nbsp;&nbsp; 8986 |
| Thermo Fisher Scientific, <br> Inc.<br>| 14166 | &nbsp;&nbsp; 6871 |
| Valmont Industries, Inc. | 47917 | &nbsp;&nbsp; 18579 |
| Veralto Corp. | 344881 | &nbsp;&nbsp; 36768 |
| Waste Management, Inc. | 23003 | &nbsp;&nbsp; 5080 |
| Watts Water Technologies, <br> Inc. Class A<br>| 34621 | &nbsp;&nbsp; 9669 |
| Xylem, Inc. | 393431 | &nbsp;&nbsp; 58031 |
| Zurn Elkay Water Solutions <br> Corp.<br>| 150351 | &nbsp;&nbsp; 7071 |
|  |  | &nbsp;&nbsp; 362521 |
| **Total Common Stocks** <br>**(Identified Cost $344,413)** | **Total Common Stocks** <br>**(Identified Cost $344,413)** | &nbsp;&nbsp; **570747** |
| **Total Long-Term** <br> **Investments—99.7%** <br>**(Identified Cost $344,413)** | **Total Long-Term** <br> **Investments—99.7%** <br>**(Identified Cost $344,413)** | &nbsp;&nbsp; **570747** |
| **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $344,413)** | **TOTAL INVESTMENTS—99.7%** <br>**(Identified Cost $344,413)** | &nbsp;&nbsp; **$570747** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp; 1646 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$572393** |

---

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

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 63<br> %<br>|
| United Kingdom | 13 |
| Switzerland | 6 |
| Brazil | 6 |
| France | 4 |
| Canada | 4 |
| Japan | 2 |
| Other | 2 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $570747 | &nbsp;&nbsp;&nbsp;&nbsp; $570747 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $570747 | &nbsp;&nbsp;&nbsp;&nbsp; $570747 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

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

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—2.7%** | **Convertible Bonds and Notes—2.7%** | **Convertible Bonds and Notes—2.7%** |
| **Auto Manufacturers—0.0%** | **Auto Manufacturers—0.0%** |  |
| Rivian Automotive, Inc. <br>4.625%, 3/15/29<br>| $52 | &nbsp;&nbsp; $54 |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** |  |
| Alnylam Pharmaceuticals, <br> Inc. <br>1.000%, 9/15/27<br>| 47 | &nbsp;&nbsp; 77 |
| Halozyme Therapeutics, Inc. <br>1.000%, 8/15/28<br>| 65 | &nbsp;&nbsp; 91 |
| Innoviva, Inc. <br>2.125%, 3/15/28<br>| 40 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 207 |
| **Commercial Services—0.2%** | **Commercial Services—0.2%** |  |
| Affirm Holdings, Inc. 144A <br>0.750%, 12/15/29<sup>(1)</sup> <br>| 36 | &nbsp;&nbsp; 39 |
| Alarm.com Holdings, Inc. |  |  |
| <br>0.000%, 1/15/26<sup>(2)</sup> <br>| 41 | &nbsp;&nbsp; 40 |
| <br>2.250%, 6/1/29 | 46 | &nbsp;&nbsp; 44 |
| Stride, Inc. <br>1.125%, 9/1/27<br>| 35 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 223 |
| **Computers—0.3%** | **Computers—0.3%** |  |
| Okta, Inc. <br>0.375%, 6/15/26<br>| 47 | &nbsp;&nbsp; 46 |
| Rubrik, Inc. 144A <br>0.000%, 6/15/30<sup>(1)</sup> <br>| 48 | &nbsp;&nbsp; 48 |
| Seagate HDD Cayman <br>3.500%, 6/1/28<br>| 65 | &nbsp;&nbsp; 187 |
| Varonis Systems, Inc. <br>1.000%, 9/15/29<br>| 47 | &nbsp;&nbsp; 51 |
| Western Digital Corp. <br>3.000%, 11/15/28<br>| 30 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 428 |
| **Electric Utilities—0.1%** | **Electric Utilities—0.1%** |  |
| Evergy, Inc. <br>4.500%, 12/15/27<br>| 77 | &nbsp;&nbsp; 97 |
| PG&E Corp. <br>4.250%, 12/1/27<br>| 31 | &nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp; 128 |
| **Electronics—0.2%** | **Electronics—0.2%** |  |
| Advanced Energy Industries, <br> Inc. <br>2.500%, 9/15/28<br>| 82 | &nbsp;&nbsp; 114 |
| Itron, Inc. <br>1.375%, 7/15/30<br>| 63 | &nbsp;&nbsp; 72 |
| OSI Systems, Inc. <br>2.250%, 8/1/29<br>| 54 | &nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp; 264 |
| **Engineering & Construction—0.1%** | **Engineering & Construction—0.1%** |  |
| Granite Construction, Inc. |  |  |
| <br>3.750%, 5/15/28 | 35 | &nbsp;&nbsp; 84 |
| <br>3.250%, 6/15/30 | 38 | &nbsp;&nbsp; 58 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Engineering & Construction—continued** | **Engineering & Construction—continued** |  |
| Uniti Group, Inc. <br>7.500%, 12/1/27<br>| $36 | &nbsp;&nbsp; $39 |
|  |  | &nbsp;&nbsp; 181 |
| **Financial Services—0.2%** | **Financial Services—0.2%** |  |
| Coinbase Global, Inc. <br>0.250%, 4/1/30<br>| 42 | &nbsp;&nbsp; 53 |
| EZCORP, Inc. 144A <br>3.750%, 12/15/29<sup>(1)</sup> <br>| 52 | &nbsp;&nbsp; 95 |
| Upstart Holdings, Inc. 144A <br>2.000%, 10/1/29<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 35 |
| WisdomTree, Inc. <br>3.250%, 8/15/29<br>| 57 | &nbsp;&nbsp; 74 |
|  |  | &nbsp;&nbsp; 257 |
| **Health Care REITs—0.1%** | **Health Care REITs—0.1%** |  |
| Ventas Realty LP <br>3.750%, 6/1/26<br>| 47 | &nbsp;&nbsp; 61 |
| Welltower OP LLC |  |  |
| <br>144A 2.750%, 5/15/28<sup>(1)</sup> <br>| 51 | &nbsp;&nbsp; 95 |
| <br>144A 3.125%, 7/15/29<sup>(1)</sup> <br>| 30 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 200 |
| **Healthcare-Products—0.3%** | **Healthcare-Products—0.3%** |  |
| CONMED Corp. <br>2.250%, 6/15/27<br>| 50 | &nbsp;&nbsp; 48 |
| Enovis Corp. <br>3.875%, 10/15/28<br>| 50 | &nbsp;&nbsp; 49 |
| Exact Sciences Corp. 144A <br>2.000%, 3/1/30<sup>(1)</sup> <br>| 66 | &nbsp;&nbsp; 68 |
| Guardant Health, Inc. <br>1.250%, 2/15/31<br>| 44 | &nbsp;&nbsp; 57 |
| iRhythm Technologies, Inc. <br>1.500%, 9/1/29<br>| 86 | &nbsp;&nbsp; 118 |
| LivaNova plc <br>2.500%, 3/15/29<br>| 37 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 380 |
| **Internet—0.2%** | **Internet—0.2%** |  |
| Fiverr International Ltd. <br>0.000%, 11/1/25<sup>(2)</sup> <br>| 20 | &nbsp;&nbsp; 20 |
| Sea Ltd. <br>2.375%, 12/1/25<br>| 35 | &nbsp;&nbsp; 69 |
| Spotify USA, Inc. <br>0.000%, 3/15/26<br>| 62 | &nbsp;&nbsp; 85 |
| Uber Technologies, Inc. <br> Series 2028 <br>0.875%, 12/1/28<br>| 20 | &nbsp;&nbsp; 29 |
| Wayfair, Inc. <br>3.500%, 11/15/28<br>| 33 | &nbsp;&nbsp; 68 |
| Ziff Davis, Inc. 144A <br>3.625%, 3/1/28<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 310 |
| **Investment Companies—0.0%** | **Investment Companies—0.0%** |  |
| Core Scientific, Inc. 144A <br>3.000%, 9/1/29<sup>(1)</sup> <br>| 25 | &nbsp;&nbsp; 45 |
| **Leisure Time—0.1%** | **Leisure Time—0.1%** |  |
| Carnival Corp. <br>5.750%, 12/1/27<br>| 43 | &nbsp;&nbsp; 96 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leisure Time—continued** | **Leisure Time—continued** |  |
| NCL Corp., Ltd. 144A <br>0.875%, 4/15/30<sup>(1)</sup> <br>| $45 | &nbsp;&nbsp; $53 |
| Peloton Interactive, Inc. <br>5.500%, 12/1/29<br>| 30 | &nbsp;&nbsp; 67 |
|  |  | &nbsp;&nbsp; 216 |
| **Media—0.1%** | **Media—0.1%** |  |
| Liberty Media Corp. 144A <br>2.375%, 9/30/53<sup>(1)</sup> <br>| 18 | &nbsp;&nbsp; 29 |
| Sphere Entertainment Co. <br>3.500%, 12/1/28<br>| 58 | &nbsp;&nbsp; 110 |
|  |  | &nbsp;&nbsp; 139 |
| **Mining—0.1%** | **Mining—0.1%** |  |
| B2Gold Corp. 144A <br>2.750%, 2/1/30<sup>(1)</sup> <br>| 55 | &nbsp;&nbsp; 93 |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs)—0.0%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs)—0.0%** |  |
| Starwood Property Trust, <br> Inc. <br>6.750%, 7/15/27<br>| 32 | &nbsp;&nbsp; 34 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |  |
| Collegium Pharmaceutical, <br> Inc. <br>2.875%, 2/15/29<br>| 19 | &nbsp;&nbsp; 22 |
| Herbalife Ltd. <br>4.250%, 6/15/28<br>| 47 | &nbsp;&nbsp; 44 |
| Pacira BioSciences, Inc. <br>2.125%, 5/15/29<br>| 44 | &nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp; 111 |
| **Software—0.5%** | **Software—0.5%** |  |
| Alignment Healthcare, Inc. <br> 144A <br>4.250%, 11/15/29<sup>(1)</sup> <br>| 63 | &nbsp;&nbsp; 89 |
| Bandwidth, Inc. <br>0.500%, 4/1/28<br>| 58 | &nbsp;&nbsp; 49 |
| BlackLine, Inc. <br>1.000%, 6/1/29<br>| 70 | &nbsp;&nbsp; 73 |
| Dayforce, Inc. <br>0.250%, 3/15/26<br>| 41 | &nbsp;&nbsp; 40 |
| Dropbox, Inc. <br>0.000%, 3/1/28<br>| 74 | &nbsp;&nbsp; 76 |
| Nutanix, Inc. <br>0.250%, 10/1/27<br>| 77 | &nbsp;&nbsp; 106 |
| Progress Software Corp. |  |  |
| <br>1.000%, 4/15/26 | 59 | &nbsp;&nbsp; 59 |
| <br>3.500%, 3/1/30 | 47 | &nbsp;&nbsp; 47 |
| RingCentral, Inc. <br>0.000%, 3/15/26<sup>(2)</sup> <br>| 42 | &nbsp;&nbsp; 41 |
| Snowflake, Inc. <br>0.000%, 10/1/29<br>| 20 | &nbsp;&nbsp; 31 |
| Strategy, Inc. <br>0.625%, 3/15/30<br>| 40 | &nbsp;&nbsp; 90 |
|  |  | &nbsp;&nbsp; 701 |
| **Telecommunications—0.0%** | **Telecommunications—0.0%** |  |
| Viavi Solutions, Inc. 144A <br>0.625%, 3/1/31<sup>(1)</sup> <br>| 43 | &nbsp;&nbsp; 47 |

---

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Transportation—0.0%** | **Transportation—0.0%** |  |
| Greenbrier Cos., Inc. (The) <br>2.875%, 4/15/28<br>| $46 | &nbsp;&nbsp; $49 |
| **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $3,419)** | **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $3,419)** | &nbsp;&nbsp; **4067** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** |
| **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |  |
| Boeing Co. (The), 6.000% | 1150 | &nbsp;&nbsp; 80 |
| **Banks—0.1%** | **Banks—0.1%** |  |
| Bank of America Corp. <br> Series L, 7.250%<br>| 22 | &nbsp;&nbsp; 28 |
| Wells Fargo & Co. Series <br> L, 7.500%<br>| 66 | &nbsp;&nbsp; 82 |
|  |  | &nbsp;&nbsp; 110 |
| **Capital Markets—0.0%** | **Capital Markets—0.0%** |  |
| Ares Management Corp. <br> Series B, 6.750%<br>| 850 | &nbsp;&nbsp; 42 |
| **Financial Services—0.0%** | **Financial Services—0.0%** |  |
| Apollo Global <br> Management, Inc., <br> 6.750%<br>| 600 | &nbsp;&nbsp; 42 |
| **Software—0.0%** | **Software—0.0%** |  |
| Strategy, Inc., 8.000% | 400 | &nbsp;&nbsp; 37 |
| **Specialized REITs—0.0%** | **Specialized REITs—0.0%** |  |
| EPR Properties Series C, <br> 5.750%<br>| 1857 | &nbsp;&nbsp; 47 |
| **Technology Hardware, Storage &** <br> **Peripherals—0.1%** | **Technology Hardware, Storage &** <br> **Peripherals—0.1%** |  |
| Hewlett Packard <br> Enterprise Co., 7.625%<br>| 800 | &nbsp;&nbsp; 54 |
| **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $404)** | **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $404)** | &nbsp;&nbsp; **412** |
| **Preferred Stocks—0.2%** | **Preferred Stocks—0.2%** | **Preferred Stocks—0.2%** |
| **Banks—0.2%** | **Banks—0.2%** |  |
| Grupo Cibest S.A., 8.940% | 23 <br><sup>(3)</sup><br>| &nbsp;&nbsp; 300 |
| **Water Utilities—0.0%** | **Water Utilities—0.0%** |  |
| Cia De Sanena Do Parana, <br> 6.610%<br>| 29100 | &nbsp;&nbsp; 39 |
| **Total Preferred Stocks** <br>**(Identified Cost $345)** | **Total Preferred Stocks** <br>**(Identified Cost $345)** | &nbsp;&nbsp; **339** |
| **Common Stocks—40.5%** | **Common Stocks—40.5%** | **Common Stocks—40.5%** |
| **Aerospace & Defense—1.4%** | **Aerospace & Defense—1.4%** |  |
| BAE Systems plc | 8050 | &nbsp;&nbsp; 223 |
| Bharat Electronics Ltd. | 36065 | &nbsp;&nbsp; 164 |
| GE Aerospace | 1175 | &nbsp;&nbsp; 353 |
| General Dynamics Corp. | 360 | &nbsp;&nbsp; 123 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Aerospace & Defense—continued** | **Aerospace & Defense—continued** |  |
| HEICO Corp. | 190 | &nbsp;&nbsp; $61 |
| HEICO Corp. Class A | 500 | &nbsp;&nbsp; 127 |
| Huntington Ingalls <br> Industries, Inc.<br>| 330 | &nbsp;&nbsp; 95 |
| Kongsberg Gruppen ASA | 2111 | &nbsp;&nbsp; 67 |
| L3Harris Technologies, <br> Inc.<br>| 400 | &nbsp;&nbsp; 122 |
| Northrop Grumman Corp. | 216 | &nbsp;&nbsp; 132 |
| Rolls-Royce Holdings plc | 12800 | &nbsp;&nbsp; 205 |
| Safran S.A. | 440 | &nbsp;&nbsp; 155 |
| Singapore Technologies <br> Engineering Ltd.<br>| 50300 | &nbsp;&nbsp; 336 |
|  |  | &nbsp;&nbsp; 2163 |
| **Air Freight & Logistics—0.1%** | **Air Freight & Logistics—0.1%** |  |
| Deutsche Post AG | 1620 | &nbsp;&nbsp; 72 |
| Expeditors International of <br> Washington, Inc.<br>| 217 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 99 |
| **Automobile Components—0.5%** | **Automobile Components—0.5%** |  |
| BorgWarner, Inc. | 2050 | &nbsp;&nbsp; 90 |
| Magna International, Inc. | 2700 | &nbsp;&nbsp; 128 |
| Magna International, Inc. | 9800 | &nbsp;&nbsp; 464 |
| Toyota Boshoku Corp. | 8000 | &nbsp;&nbsp; 133 |
|  |  | &nbsp;&nbsp; 815 |
| **Automobiles—0.5%** | **Automobiles—0.5%** |  |
| Ford Motor Co. | 11300 | &nbsp;&nbsp; 135 |
| Mercedes-Benz Group AG | 3150 | &nbsp;&nbsp; 198 |
| Subaru Corp. | 15000 | &nbsp;&nbsp; 307 |
| Tesla, Inc.<sup>(4)</sup> <br>| 200 | &nbsp;&nbsp; 89 |
| Toyota Motor Corp. | 4300 | &nbsp;&nbsp; 83 |
|  |  | &nbsp;&nbsp; 812 |
| **Banks—6.1%** | **Banks—6.1%** |  |
| Abu Dhabi Commercial <br> Bank PJSC<br>| 34300 | &nbsp;&nbsp; 136 |
| Agricultural Bank of China <br> Ltd. Class H<br>| 314000 | &nbsp;&nbsp; 212 |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 12272 | &nbsp;&nbsp; 109 |
| Banco BPM SpA | 25274 | &nbsp;&nbsp; 378 |
| Banco de Sabadell S.A. | 51879 | &nbsp;&nbsp; 201 |
| Bank Hapoalim BM | 11405 | &nbsp;&nbsp; 232 |
| Bank Leumi Le-Israel BM | 10140 | &nbsp;&nbsp; 200 |
| Bank of China Ltd. Class H | 131000 | &nbsp;&nbsp; 72 |
| Bank of Montreal | 500 | &nbsp;&nbsp; 65 |
| Bank of Nova Scotia (The) | 4260 | &nbsp;&nbsp; 275 |
| Bank Polska Kasa Opieki <br> S.A.<br>| 857 | &nbsp;&nbsp; 41 |
| BOC Hong Kong Holdings <br> Ltd.<br>| 50000 | &nbsp;&nbsp; 235 |
| Canadian Imperial Bank of <br> Commerce<br>| 1120 | &nbsp;&nbsp; 89 |
| Canadian Imperial Bank of <br> Commerce<br>| 2160 | &nbsp;&nbsp; 173 |
| China Construction Bank <br> Corp. Class A<br>| 35200 | &nbsp;&nbsp; 43 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| China Construction Bank <br> Corp. Class H<br>| 36000 | &nbsp;&nbsp; $35 |
| Citizens Financial Group, <br> Inc.<br>| 7200 | &nbsp;&nbsp; 383 |
| Credit Agricole S.A. | 15984 | &nbsp;&nbsp; 314 |
| CTBC Financial Holding <br> Co., Ltd.<br>| 137000 | &nbsp;&nbsp; 193 |
| DBS Group Holdings Ltd. | 3100 | &nbsp;&nbsp; 123 |
| DNB Bank ASA | 7546 | &nbsp;&nbsp; 205 |
| Dubai Islamic Bank PJSC | 70485 | &nbsp;&nbsp; 184 |
| E.Sun Financial Holding <br> Co., Ltd.<br>| 118332 | &nbsp;&nbsp; 129 |
| Emirates NBD Bank PJSC | 34220 | &nbsp;&nbsp; 226 |
| Erste Group Bank AG | 2744 | &nbsp;&nbsp; 268 |
| First Abu Dhabi Bank PJSC | 11229 | &nbsp;&nbsp; 48 |
| Grupo Cibest S.A. ADR | 3803 | &nbsp;&nbsp; 197 |
| Hana Financial Group, Inc. | 3387 | &nbsp;&nbsp; 210 |
| HSBC Holdings plc | 25500 | &nbsp;&nbsp; 358 |
| Huntington Bancshares, <br> Inc.<br>| 8700 | &nbsp;&nbsp; 150 |
| ICICI Bank Ltd. Sponsored <br> ADR<br>| 1491 | &nbsp;&nbsp; 45 |
| ING Groep N.V. | 7200 | &nbsp;&nbsp; 187 |
| Intesa Sanpaolo SpA | 67470 | &nbsp;&nbsp; 445 |
| JPMorgan Chase & Co. | 1949 | &nbsp;&nbsp; 615 |
| Mitsubishi UFJ Financial <br> Group, Inc.<br>| 12200 | &nbsp;&nbsp; 197 |
| Mizuho Financial Group, <br> Inc.<br>| 7000 | &nbsp;&nbsp; 236 |
| NatWest Group plc | 19809 | &nbsp;&nbsp; 139 |
| Nordea Bank Abp | 12900 | &nbsp;&nbsp; 212 |
| Piraeus Financial Holdings <br> S.A.<sup>(4)</sup> <br>| 10163 | &nbsp;&nbsp; 86 |
| PNC Financial Services <br> Group, Inc. (The)<br>| 650 | &nbsp;&nbsp; 131 |
| Regions Financial Corp. | 15000 | &nbsp;&nbsp; 396 |
| Santander Bank Polska <br> S.A.<br>| 196 | &nbsp;&nbsp; 25 |
| SinoPac Financial <br> Holdings Co., Ltd.<br>| 57361 | &nbsp;&nbsp; 47 |
| Sumitomo Mitsui Financial <br> Group, Inc.<br>| 10600 | &nbsp;&nbsp; 299 |
| Sumitomo Mitsui Trust <br> Group, Inc.<br>| 4800 | &nbsp;&nbsp; 140 |
| Swedbank AB Class A | 6400 | &nbsp;&nbsp; 192 |
| Toronto-Dominion Bank <br> (The)<br>| 3450 | &nbsp;&nbsp; 276 |
|  |  | &nbsp;&nbsp; 9152 |
| **Beverages—0.0%** | **Beverages—0.0%** |  |
| Sino Grandness Food <br> Industry Group Ltd.<sup>(4)(5)</sup> <br>| 77400 | &nbsp;&nbsp; — |
| **Biotechnology—0.5%** | **Biotechnology—0.5%** |  |
| AbbVie, Inc. | 941 | &nbsp;&nbsp; 218 |
| Amgen, Inc. | 541 | &nbsp;&nbsp; 153 |
| Argenx SE<sup>(4)</sup> <br>| 316 | &nbsp;&nbsp; 229 |
| Natera, Inc.<sup>(4)</sup> <br>| 460 | &nbsp;&nbsp; 74 |

---

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Biotechnology—continued** | **Biotechnology—continued** |  |
| Regeneron <br> Pharmaceuticals, Inc.<br>| 100 | &nbsp;&nbsp; $56 |
|  |  | &nbsp;&nbsp; 730 |
| **Broadline Retail—1.1%** | **Broadline Retail—1.1%** |  |
| Alibaba Group Holding <br> Ltd.<br>| 8000 | &nbsp;&nbsp; 182 |
| Amazon.com, Inc.<sup>(4)</sup> <br>| 3947 | &nbsp;&nbsp; 867 |
| Dollarama, Inc. | 472 | &nbsp;&nbsp; 62 |
| eBay, Inc. | 2959 | &nbsp;&nbsp; 269 |
| JD.com, Inc. Class A | 6500 | &nbsp;&nbsp; 116 |
| Vipshop Holdings Ltd. <br> ADR<br>| 6899 | &nbsp;&nbsp; 135 |
|  |  | &nbsp;&nbsp; 1631 |
| **Building Products—0.0%** | **Building Products—0.0%** |  |
| Trane Technologies plc | 91 | &nbsp;&nbsp; 38 |
| **Capital Markets—2.0%** | **Capital Markets—2.0%** |  |
| 3i Group plc | 102 | &nbsp;&nbsp; 6 |
| AllianceBernstein <br> Holding LP<br>| 3170 | &nbsp;&nbsp; 121 |
| Bank of New York Mellon <br> Corp. (The)<br>| 4337 | &nbsp;&nbsp; 472 |
| Blackstone, Inc. | 750 | &nbsp;&nbsp; 128 |
| Charles Schwab Corp. <br> (The)<br>| 1160 | &nbsp;&nbsp; 111 |
| Daiwa Securities Group, <br> Inc.<br>| 22000 | &nbsp;&nbsp; 179 |
| Deutsche Boerse AG | 160 | &nbsp;&nbsp; 43 |
| Houlihan Lokey, Inc. <br> Class A<br>| 650 | &nbsp;&nbsp; 133 |
| Moody's Corp. | 53 | &nbsp;&nbsp; 25 |
| Morgan Stanley | 1801 | &nbsp;&nbsp; 286 |
| Nomura Holdings, Inc. | 47800 | &nbsp;&nbsp; 351 |
| Partners Group Holding <br> AG<br>| 140 | &nbsp;&nbsp; 182 |
| S&P Global, Inc. | 56 | &nbsp;&nbsp; 27 |
| SEI Investments Co. | 91 | &nbsp;&nbsp; 8 |
| Singapore Exchange Ltd. | 16300 | &nbsp;&nbsp; 209 |
| State Street Corp. | 2230 | &nbsp;&nbsp; 259 |
| T. Rowe Price Group, Inc. | 2900 | &nbsp;&nbsp; 298 |
| UBS Group AG Registered <br> Shares<br>| 2520 | &nbsp;&nbsp; 103 |
|  |  | &nbsp;&nbsp; 2941 |
| **Commercial Services &** <br> **Supplies—0.1%** | **Commercial Services &** <br> **Supplies—0.1%** |  |
| Cintas Corp. | 147 | &nbsp;&nbsp; 30 |
| Veralto Corp. | 1441 | &nbsp;&nbsp; 154 |
|  |  | &nbsp;&nbsp; 184 |
| **Communications Equipment—0.6%** | **Communications Equipment—0.6%** |  |
| Accton Technology Corp. | 6000 | &nbsp;&nbsp; 206 |
| Arcadyan Technology <br> Corp.<br>| 3000 | &nbsp;&nbsp; 22 |
| Arista Networks, Inc.<sup>(4)</sup> <br>| 1113 | &nbsp;&nbsp; 162 |
| Cisco Systems, Inc. | 2308 | &nbsp;&nbsp; 158 |
| Motorola Solutions, Inc. | 142 | &nbsp;&nbsp; 65 |
| Telefonaktiebolaget LM <br> Ericsson Class B<br>| 20500 | &nbsp;&nbsp; 169 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communications** <br> **Equipment—continued** | **Communications** <br> **Equipment—continued** |  |
| VTech Holdings Ltd. | 10500 | &nbsp;&nbsp; $84 |
|  |  | &nbsp;&nbsp; 866 |
| **Construction & Engineering—0.3%** | **Construction & Engineering—0.3%** |  |
| EMCOR Group, Inc. | 251 | &nbsp;&nbsp; 163 |
| Vinci S.A. | 1600 | &nbsp;&nbsp; 222 |
|  |  | &nbsp;&nbsp; 385 |
| **Construction Materials—0.2%** | **Construction Materials—0.2%** |  |
| CRH plc | 987 | &nbsp;&nbsp; 118 |
| Holcim AG<sup>(4)</sup> <br>| 1750 | &nbsp;&nbsp; 148 |
|  |  | &nbsp;&nbsp; 266 |
| **Consumer Finance—0.1%** | **Consumer Finance—0.1%** |  |
| Muthoot Finance Ltd. | 4180 | &nbsp;&nbsp; 145 |
| Qfin Holdings, Inc. ADR | 1372 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 184 |
| **Consumer Staples Distribution &** <br> **Retail—0.2%** | **Consumer Staples Distribution &** <br> **Retail—0.2%** |  |
| Carrefour S.A. | 8500 | &nbsp;&nbsp; 129 |
| Costco Wholesale Corp. | 13 | &nbsp;&nbsp; 12 |
| Dollar General Corp. | 850 | &nbsp;&nbsp; 88 |
| Koninklijke Ahold Delhaize <br> N.V.<br>| 1715 | &nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp; 298 |
| **Containers & Packaging—0.0%** | **Containers & Packaging—0.0%** |  |
| Ardagh Metal Packaging <br> S.A.<br>| 10500 | &nbsp;&nbsp; 42 |
| **Diversified REITs—0.8%** | **Diversified REITs—0.8%** |  |
| CapitaLand Integrated <br> Commercial Trust<br>| 56000 | &nbsp;&nbsp; 99 |
| Charter Hall Group | 7850 | &nbsp;&nbsp; 118 |
| Charter Hall Long Wale <br> REIT<br>| 11600 | &nbsp;&nbsp; 34 |
| GPT Group (The) | 46800 | &nbsp;&nbsp; 166 |
| Land Securities Group plc | 19000 | &nbsp;&nbsp; 149 |
| Stockland | 42200 | &nbsp;&nbsp; 171 |
| WP Carey, Inc. | 6000 | &nbsp;&nbsp; 406 |
|  |  | &nbsp;&nbsp; 1143 |
| **Diversified Telecommunication** <br> **Services—0.7%** | **Diversified Telecommunication** <br> **Services—0.7%** |  |
| Deutsche Telekom AG <br> Registered Shares<br>| 2375 | &nbsp;&nbsp; 81 |
| HKT Trust & HKT Ltd. | 58000 | &nbsp;&nbsp; 86 |
| LG Uplus Corp. | 4344 | &nbsp;&nbsp; 48 |
| PCCW Ltd. | 130000 | &nbsp;&nbsp; 89 |
| Telefonica Brasil S.A. | 15500 | &nbsp;&nbsp; 99 |
| Telenor ASA | 9000 | &nbsp;&nbsp; 149 |
| Verizon Communications, <br> Inc.<br>| 9950 | &nbsp;&nbsp; 437 |
|  |  | &nbsp;&nbsp; 989 |
| **Electric Utilities—1.6%** | **Electric Utilities—1.6%** |  |
| Chubu Electric Power Co., <br> Inc.<br>| 7700 | &nbsp;&nbsp; 107 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities—continued** | **Electric Utilities—continued** |  |
| CPFL Energia S.A. | 10900 | &nbsp;&nbsp; $80 |
| Edison International | 6600 | &nbsp;&nbsp; 365 |
| Emera, Inc. | 2600 | &nbsp;&nbsp; 125 |
| Emera, Inc. | 2400 | &nbsp;&nbsp; 115 |
| Endesa S.A. | 7848 | &nbsp;&nbsp; 251 |
| Enel SpA | 46621 | &nbsp;&nbsp; 441 |
| Eversource Energy | 600 | &nbsp;&nbsp; 43 |
| Iberdrola S.A. | 13863 | &nbsp;&nbsp; 262 |
| Korea Electric Power Corp. | 2491 | &nbsp;&nbsp; 64 |
| NRG Energy, Inc. | 1056 | &nbsp;&nbsp; 171 |
| PGE Polska Grupa <br> Energetyczna S.A.<sup>(4)</sup> <br>| 9669 | &nbsp;&nbsp; 29 |
| Terna - Rete Elettrica <br> Nazionale<br>| 26095 | &nbsp;&nbsp; 265 |
|  |  | &nbsp;&nbsp; 2318 |
| **Electrical Equipment—0.7%** | **Electrical Equipment—0.7%** |  |
| ABB Ltd. Registered <br> Shares<br>| 3600 | &nbsp;&nbsp; 259 |
| Eaton Corp. plc | 441 | &nbsp;&nbsp; 165 |
| Fuji Electric Co., Ltd. | 1500 | &nbsp;&nbsp; 101 |
| Legrand S.A. | 500 | &nbsp;&nbsp; 83 |
| nVent Electric plc | 1400 | &nbsp;&nbsp; 138 |
| Signify N.V. | 5650 | &nbsp;&nbsp; 148 |
| Vertiv Holdings Co. <br> Class A<br>| 1146 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 1067 |
| **Electronic Equipment, Instruments &** <br> **Components—0.3%** | **Electronic Equipment, Instruments &** <br> **Components—0.3%** |  |
| LG Display Co. Ltd.<sup>(4)</sup> <br>| 9643 | &nbsp;&nbsp; 99 |
| Nippon Electric Glass Co., <br> Ltd.<br>| 2300 | &nbsp;&nbsp; 76 |
| PAX Global Technology <br> Ltd.<br>| 106000 | &nbsp;&nbsp; 78 |
| TE Connectivity plc | 800 | &nbsp;&nbsp; 176 |
|  |  | &nbsp;&nbsp; 429 |
| **Entertainment—0.6%** | **Entertainment—0.6%** |  |
| Electronic Arts, Inc. | 1605 | &nbsp;&nbsp; 324 |
| NetEase, Inc. | 8400 | &nbsp;&nbsp; 255 |
| Netflix, Inc.<sup>(4)</sup> <br>| 262 | &nbsp;&nbsp; 314 |
|  |  | &nbsp;&nbsp; 893 |
| **Financial Services—0.3%** | **Financial Services—0.3%** |  |
| Banca Mediolanum SpA | 8400 | &nbsp;&nbsp; 168 |
| Berkshire Hathaway, Inc. <br> Class B<sup>(4)</sup> <br>| 130 | &nbsp;&nbsp; 65 |
| M&G plc | 48700 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 399 |
| **Food Products—0.8%** | **Food Products—0.8%** |  |
| AVI Ltd. | 17376 | &nbsp;&nbsp; 100 |
| Cal-Maine Foods, Inc. | 1150 | &nbsp;&nbsp; 108 |
| Danone S.A. | 2425 | &nbsp;&nbsp; 211 |
| MBRF Global Foods Co. <br> S.A.<br>| 43563 | &nbsp;&nbsp; 159 |
| WH Group Ltd. | 521000 | &nbsp;&nbsp; 564 |
|  |  | &nbsp;&nbsp; 1142 |

---

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Gas Utilities—0.2%** | **Gas Utilities—0.2%** |  |
| Osaka Gas Co., Ltd. | 4300 | &nbsp;&nbsp; $124 |
| Perusahaan Gas Negara <br> Tbk PT<br>| 1142500 | &nbsp;&nbsp; 116 |
| Tokyo Gas Co. Ltd. | 500 | &nbsp;&nbsp; 18 |
|  |  | &nbsp;&nbsp; 258 |
| **Health Care REITs—0.1%** | **Health Care REITs—0.1%** |  |
| American Healthcare REIT, <br> Inc.<br>| 1660 | &nbsp;&nbsp; 70 |
| Global Medical REIT, Inc. | 1650 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 125 |
| **Healthcare Equipment &** <br> **Supplies—0.1%** | **Healthcare Equipment &** <br> **Supplies—0.1%** |  |
| IDEXX Laboratories, Inc.<sup>(4)</sup> <br>| 241 | &nbsp;&nbsp; 154 |
| Insulet Corp.<sup>(4)</sup> <br>| 51 | &nbsp;&nbsp; 16 |
| ResMed, Inc. | 31 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 178 |
| **Healthcare Providers &** <br> **Services—0.1%** | **Healthcare Providers &** <br> **Services—0.1%** |  |
| HCA Healthcare, Inc. | 273 | &nbsp;&nbsp; 117 |
| Labcorp Holdings, Inc. | 95 | &nbsp;&nbsp; 27 |
| Tenet Healthcare Corp.<sup>(4)</sup> <br>| 310 | &nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp; 207 |
| **Healthcare Technology—0.0%** | **Healthcare Technology—0.0%** |  |
| Veeva Systems, Inc. <br> Class A<sup>(4)</sup> <br>| 47 | &nbsp;&nbsp; 14 |
| **Hotels, Restaurants & Leisure—0.2%** | **Hotels, Restaurants & Leisure—0.2%** |  |
| Aristocrat Leisure Ltd. | 122 | &nbsp;&nbsp; 6 |
| Hilton Worldwide <br> Holdings, Inc.<br>| 38 | &nbsp;&nbsp; 10 |
| OPAP S.A. | 6521 | &nbsp;&nbsp; 152 |
| Viking Holdings Ltd.<sup>(4)</sup> <br>| 2000 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 292 |
| **Industrial Conglomerates—0.2%** | **Industrial Conglomerates—0.2%** |  |
| 3M Co. | 280 | &nbsp;&nbsp; 43 |
| CITIC Ltd. | 102000 | &nbsp;&nbsp; 150 |
| Icahn Enterprises LP | 14700 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 317 |
| **Insurance—2.4%** | **Insurance—2.4%** |  |
| Admiral Group plc | 3600 | &nbsp;&nbsp; 162 |
| Allianz SE Registered <br> Shares<br>| 687 | &nbsp;&nbsp; 288 |
| Allstate Corp. (The) | 672 | &nbsp;&nbsp; 144 |
| Aviva plc | 31189 | &nbsp;&nbsp; 288 |
| AXA S.A. | 1300 | &nbsp;&nbsp; 62 |
| China Pacific Insurance <br> Group Co., Ltd. Class H<br>| 9200 | &nbsp;&nbsp; 37 |
| Hartford Insurance Group, <br> Inc. (The)<br>| 1040 | &nbsp;&nbsp; 139 |
| Legal & General Group plc | 55000 | &nbsp;&nbsp; 176 |
| NN Group N.V. | 2600 | &nbsp;&nbsp; 183 |
| People's Insurance Co. <br> Group of China Ltd. <br> (The) Class H<br>| 90000 | &nbsp;&nbsp; 79 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance—continued** | **Insurance—continued** |  |
| Phoenix Group Holdings <br> plc<br>| 67663 | &nbsp;&nbsp; $586 |
| Poste Italiane SpA | 7500 | &nbsp;&nbsp; 178 |
| Powszechny Zaklad <br> Ubezpieczen S.A.<br>| 25300 | &nbsp;&nbsp; 378 |
| QBE Insurance Group Ltd. | 14063 | &nbsp;&nbsp; 192 |
| Sampo Oyj Class A | 9004 | &nbsp;&nbsp; 103 |
| Sanlam Ltd. | 28068 | &nbsp;&nbsp; 136 |
| SBI Life Insurance Co., <br> Ltd.<br>| 1557 | &nbsp;&nbsp; 31 |
| Talanx AG | 785 | &nbsp;&nbsp; 104 |
| Tokio Marine Holdings, <br> Inc.<br>| 3100 | &nbsp;&nbsp; 131 |
| Unipol Assicurazioni SpA | 6200 | &nbsp;&nbsp; 133 |
| Willis Towers Watson plc | 25 | &nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp; 3539 |
| **Interactive Media & Services—1.5%** | **Interactive Media & Services—1.5%** |  |
| Alphabet, Inc. Class A | 2742 | &nbsp;&nbsp; 666 |
| Alphabet, Inc. Class C | 2517 | &nbsp;&nbsp; 613 |
| Meta Platforms, Inc. <br> Class A<br>| 747 | &nbsp;&nbsp; 549 |
| Tencent Holdings Ltd. | 3600 | &nbsp;&nbsp; 307 |
| Weibo Corp. Sponsored <br> ADR<br>| 4589 | &nbsp;&nbsp; 57 |
|  |  | &nbsp;&nbsp; 2192 |
| **IT Services—0.0%** | **IT Services—0.0%** |  |
| Fujitsu Ltd. | 1000 | &nbsp;&nbsp; 23 |
| TIS, Inc. | 600 | &nbsp;&nbsp; 20 |
|  |  | &nbsp;&nbsp; 43 |
| **Leisure Products—0.0%** | **Leisure Products—0.0%** |  |
| Hasbro, Inc. | 760 | &nbsp;&nbsp; 58 |
| **Life Sciences Tools &** <br> **Services—0.1%** | **Life Sciences Tools &** <br> **Services—0.1%** |  |
| WuXi AppTec Co., Ltd. <br> Class A<br>| 5700 | &nbsp;&nbsp; 90 |
| **Machinery—0.3%** | **Machinery—0.3%** |  |
| Ashok Leyland Ltd. | 40700 | &nbsp;&nbsp; 65 |
| Daifuku Co., Ltd. | 1700 | &nbsp;&nbsp; 55 |
| HD Korea Shipbuilding & <br> Offshore Engineering <br> Co., Ltd.<br>| 311 | &nbsp;&nbsp; 91 |
| Sinotruk Hong Kong Ltd. | 33500 | &nbsp;&nbsp; 99 |
| THK Co., Ltd. | 1300 | &nbsp;&nbsp; 36 |
| Yutong Bus Co., Ltd. <br> Class A<br>| 30900 | &nbsp;&nbsp; 118 |
|  |  | &nbsp;&nbsp; 464 |
| **Marine Transportation—0.8%** | **Marine Transportation—0.8%** |  |
| AP Moller - Maersk A/S <br> Class A<br>| 178 | &nbsp;&nbsp; 348 |
| AP Moller - Maersk A/S <br> Class B<br>| 80 | &nbsp;&nbsp; 157 |
| Global Ship Lease, Inc. <br> Class A<br>| 3700 | &nbsp;&nbsp; 114 |
| Orient Overseas <br> International Ltd.<br>| 6500 | &nbsp;&nbsp; 105 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Marine Transportation—continued** | **Marine Transportation—continued** |  |
| SITC International <br> Holdings Co., Ltd.<br>| 93000 | &nbsp;&nbsp; $358 |
| Wallenius Wilhelmsen ASA | 18100 | &nbsp;&nbsp; 161 |
|  |  | &nbsp;&nbsp; 1243 |
| **Media—0.0%** | **Media—0.0%** |  |
| Fox Corp. Class A | 524 | &nbsp;&nbsp; 33 |
| **Metals & Mining—1.2%** | **Metals & Mining—1.2%** |  |
| Agnico Eagle Mines Ltd. | 450 | &nbsp;&nbsp; 76 |
| Aneka Tambang Tbk | 421100 | &nbsp;&nbsp; 80 |
| Aura Minerals, Inc. | 1800 | &nbsp;&nbsp; 67 |
| Barrick Mining Corp. | 2800 | &nbsp;&nbsp; 92 |
| BHP Group Ltd. | 6600 | &nbsp;&nbsp; 186 |
| China Hongqiao Group <br> Ltd.<br>| 46000 | &nbsp;&nbsp; 156 |
| Fortescue Ltd. | 30400 | &nbsp;&nbsp; 376 |
| Kinross Gold Corp. | 9433 | &nbsp;&nbsp; 234 |
| National Aluminium Co., <br> Ltd.<br>| 17212 | &nbsp;&nbsp; 41 |
| Rio Tinto plc | 3450 | &nbsp;&nbsp; 227 |
| SunCoke Energy, Inc. | 5720 | &nbsp;&nbsp; 47 |
| Vedanta Ltd. | 33441 | &nbsp;&nbsp; 175 |
| Welspun Corp., Ltd. | 2016 | &nbsp;&nbsp; 19 |
|  |  | &nbsp;&nbsp; 1776 |
| **Mortgage Real Estate Investment** <br> **Trusts (REITs)—0.7%** | **Mortgage Real Estate Investment** <br> **Trusts (REITs)—0.7%** |  |
| AGNC Investment Corp. | 12800 | &nbsp;&nbsp; 125 |
| Annaly Capital <br> Management, Inc.<br>| 24950 | &nbsp;&nbsp; 504 |
| ARMOUR Residential <br> REIT, Inc.<br>| 8200 | &nbsp;&nbsp; 123 |
| Dynex Capital, Inc. | 9950 | &nbsp;&nbsp; 122 |
| Invesco Mortgage Capital, <br> Inc. <br>| 14700 | &nbsp;&nbsp; 111 |
| Orchid Island Capital, Inc. | 17600 | &nbsp;&nbsp; 124 |
|  |  | &nbsp;&nbsp; 1109 |
| **Multi-Utilities—0.5%** | **Multi-Utilities—0.5%** |  |
| Dominion Energy, Inc. | 3645 | &nbsp;&nbsp; 223 |
| Engie S.A. | 19080 | &nbsp;&nbsp; 409 |
| National Grid plc | 4036 | &nbsp;&nbsp; 58 |
| NiSource, Inc. | 2959 | &nbsp;&nbsp; 128 |
|  |  | &nbsp;&nbsp; 818 |
| **Oil, Gas & Consumable Fuels—1.4%** | **Oil, Gas & Consumable Fuels—1.4%** |  |
| Aker BP ASA | 6800 | &nbsp;&nbsp; 172 |
| Bharat Petroleum Corp., <br> Ltd.<br>| 39010 | &nbsp;&nbsp; 149 |
| Canadian Natural <br> Resources Ltd.<br>| 1800 | &nbsp;&nbsp; 58 |
| Crescent Energy Co. <br> Class A<br>| 7800 | &nbsp;&nbsp; 70 |
| d'Amico International <br> Shipping S.A.<br>| 12400 | &nbsp;&nbsp; 63 |
| Enbridge, Inc. | 5000 | &nbsp;&nbsp; 252 |
| HELLENiQ ENERGY <br> Holdings S.A.<br>| 2586 | &nbsp;&nbsp; 26 |
| Kimbell Royalty <br> Partners LP<br>| 9070 | &nbsp;&nbsp; 122 |

---

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable** <br> **Fuels—continued** | **Oil, Gas & Consumable** <br> **Fuels—continued** |  |
| Mach Natural <br> Resources LP<br>| 11100 | &nbsp;&nbsp; $146 |
| OMV AG | 1900 | &nbsp;&nbsp; 101 |
| PetroChina Co., Ltd. <br> Class H<br>| 204000 | &nbsp;&nbsp; 186 |
| Plains GP Holdings LP <br> Class A<sup>(4)</sup> <br>| 4000 | &nbsp;&nbsp; 73 |
| Targa Resources Corp. | 2129 | &nbsp;&nbsp; 357 |
| TORM plc Class A | 2160 | &nbsp;&nbsp; 45 |
| Turkiye Petrol Rafinerileri <br> AS<br>| 33700 | &nbsp;&nbsp; 151 |
| Whitecap Resources, Inc. | 9350 | &nbsp;&nbsp; 71 |
|  |  | &nbsp;&nbsp; 2042 |
| **Passenger Airlines—0.1%** | **Passenger Airlines—0.1%** |  |
| Eva Airways Corp. | 61000 | &nbsp;&nbsp; 76 |
| **Pharmaceuticals—1.8%** | **Pharmaceuticals—1.8%** |  |
| Astellas Pharma, Inc. | 10000 | &nbsp;&nbsp; 108 |
| AstraZeneca plc | 400 | &nbsp;&nbsp; 60 |
| Bristol-Myers Squibb Co. | 12350 | &nbsp;&nbsp; 557 |
| Eli Lilly & Co. | 100 | &nbsp;&nbsp; 76 |
| GSK plc | 9900 | &nbsp;&nbsp; 210 |
| Johnson & Johnson | 628 | &nbsp;&nbsp; 116 |
| Novartis AG Registered <br> Shares<br>| 4633 | &nbsp;&nbsp; 583 |
| Novo Nordisk A/S Class B | 3000 | &nbsp;&nbsp; 163 |
| Roche Holding AG | 1000 | &nbsp;&nbsp; 327 |
| Sanofi S.A. | 1800 | &nbsp;&nbsp; 166 |
| Zoetis, Inc. Class A | 1934 | &nbsp;&nbsp; 283 |
|  |  | &nbsp;&nbsp; 2649 |
| **Professional Services—0.1%** | **Professional Services—0.1%** |  |
| Amentum Holdings, Inc.<sup>(4)</sup> <br>| 12 | &nbsp;&nbsp; — <br><sup>(6)</sup><br>|
| Automatic Data <br> Processing, Inc.<br>| 394 | &nbsp;&nbsp; 116 |
| Jacobs Solutions, Inc. | 203 | &nbsp;&nbsp; 30 |
| McMillan Shakespeare <br> Ltd.<br>| 2900 | &nbsp;&nbsp; 32 |
| Paycom Software, Inc. | 41 | &nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp; 187 |
| **Real Estate Management &** <br> **Development—0.2%** | **Real Estate Management &** <br> **Development—0.2%** |  |
| CBRE Group, Inc. <br> Class A<sup>(4)</sup> <br>| 95 | &nbsp;&nbsp; 15 |
| Emaar Development PJSC | 26416 | &nbsp;&nbsp; 97 |
| Emaar Properties PJSC | 35514 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp; 238 |
| **Retail REITs—0.3%** | **Retail REITs—0.3%** |  |
| Klepierre S.A. | 2200 | &nbsp;&nbsp; 86 |
| Link REIT | 21100 | &nbsp;&nbsp; 108 |
| Simon Property Group, <br> Inc.<br>| 1230 | &nbsp;&nbsp; 231 |
|  |  | &nbsp;&nbsp; 425 |
| **Semiconductors & Semiconductor** <br> **Equipment—3.6%** | **Semiconductors & Semiconductor** <br> **Equipment—3.6%** |  |
| Advantest Corp. | 2600 | &nbsp;&nbsp; 258 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Semiconductors & Semiconductor** <br> **Equipment—continued** | **Semiconductors & Semiconductor** <br> **Equipment—continued** |  |
| Analog Devices, Inc. | 380 | &nbsp;&nbsp; $93 |
| ASML Holding N.V. | 300 | &nbsp;&nbsp; 292 |
| Broadcom, Inc. | 1080 | &nbsp;&nbsp; 356 |
| KLA Corp. | 418 | &nbsp;&nbsp; 451 |
| Lam Research Corp. | 4104 | &nbsp;&nbsp; 550 |
| Micron Technology, Inc. | 965 | &nbsp;&nbsp; 161 |
| NVIDIA Corp. | 9557 | &nbsp;&nbsp; 1783 |
| QUALCOMM, Inc. | 515 | &nbsp;&nbsp; 86 |
| SK Hynix, Inc. | 1322 | &nbsp;&nbsp; 327 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 25000 | &nbsp;&nbsp; 1070 |
|  |  | &nbsp;&nbsp; 5427 |
| **Software—1.5%** | **Software—1.5%** |  |
| Adobe, Inc. <sup>(4)</sup> <br>| 861 | &nbsp;&nbsp; 304 |
| Autodesk, Inc.<sup>(4)</sup> <br>| 38 | &nbsp;&nbsp; 12 |
| Dropbox, Inc. Class A<sup>(4)</sup> <br>| 2400 | &nbsp;&nbsp; 73 |
| Fortinet, Inc.<sup>(4)</sup> <br>| 838 | &nbsp;&nbsp; 70 |
| HubSpot, Inc.<sup>(4)</sup> <br>| 20 | &nbsp;&nbsp; 9 |
| InterDigital, Inc. | 125 | &nbsp;&nbsp; 43 |
| Intuit, Inc. | 10 | &nbsp;&nbsp; 7 |
| Manhattan Associates, <br> Inc.<sup>(4)</sup> <br>| 350 | &nbsp;&nbsp; 72 |
| Microsoft Corp. | 2972 | &nbsp;&nbsp; 1539 |
| Open Text Corp. | 3345 | &nbsp;&nbsp; 125 |
| ServiceNow, Inc.<sup>(4)</sup> <br>| 29 | &nbsp;&nbsp; 27 |
|  |  | &nbsp;&nbsp; 2281 |
| **Specialty Retail—0.8%** | **Specialty Retail—0.8%** |  |
| Best Buy Co., Inc. | 4700 | &nbsp;&nbsp; 355 |
| C&A MODAS S.A. | 9000 | &nbsp;&nbsp; 28 |
| Chow Tai Fook Jewellery <br> Group Ltd.<br>| 50800 | &nbsp;&nbsp; 102 |
| Dick's Sporting Goods, <br> Inc.<br>| 1170 | &nbsp;&nbsp; 260 |
| JB Hi-Fi Ltd. | 2170 | &nbsp;&nbsp; 166 |
| Lojas Renner S.A. | 25000 | &nbsp;&nbsp; 70 |
| Williams-Sonoma, Inc. | 961 | &nbsp;&nbsp; 188 |
|  |  | &nbsp;&nbsp; 1169 |
| **Technology Hardware, Storage &** <br> **Peripherals—1.1%** | **Technology Hardware, Storage &** <br> **Peripherals—1.1%** |  |
| Apple, Inc. | 5687 | &nbsp;&nbsp; 1448 |
| Dell Technologies, Inc. <br> Class C<br>| 740 | &nbsp;&nbsp; 105 |
| Logitech International S.A. <br> Registered Shares<br>| 55 | &nbsp;&nbsp; 6 |
| Samsung Electronics Co., <br> Ltd.<br>| 565 | &nbsp;&nbsp; 34 |
| Xiaomi Corp. Class B<sup>(4)</sup> <br>| 9800 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 1661 |
| **Textiles, Apparel & Luxury** <br> **Goods—0.0%** | **Textiles, Apparel & Luxury** <br> **Goods—0.0%** |  |
| Deckers Outdoor Corp.<sup>(4)</sup> <br>| 111 | &nbsp;&nbsp; 11 |
| **Tobacco—1.2%** | **Tobacco—1.2%** |  |
| Altria Group, Inc. | 9132 | &nbsp;&nbsp; 603 |
| British American Tobacco <br> plc<br>| 4000 | &nbsp;&nbsp; 213 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Tobacco—continued** | **Tobacco—continued** |  |
| Japan Tobacco, Inc. | 7400 | &nbsp;&nbsp; $243 |
| Philip Morris International, <br> Inc.<br>| 4105 | &nbsp;&nbsp; 666 |
|  |  | &nbsp;&nbsp; 1725 |
| **Trading Companies &** <br> **Distributors—0.0%** | **Trading Companies &** <br> **Distributors—0.0%** |  |
| Rexel S.A. | 1900 | &nbsp;&nbsp; 62 |
| **Water Utilities—0.0%** | **Water Utilities—0.0%** |  |
| Cia de Saneamento de <br> Minas Gerais Copasa <br> MG<br>| 7300 | &nbsp;&nbsp; 47 |
| **Wireless Telecommunication** <br> **Services—0.5%** | **Wireless Telecommunication** <br> **Services—0.5%** |  |
| Advanced Info Service <br> PCL NVDR<br>| 35400 | &nbsp;&nbsp; 318 |
| SoftBank Corp. | 127000 | &nbsp;&nbsp; 187 |
| Spok Holdings, Inc. | 6350 | &nbsp;&nbsp; 110 |
| Tele2 AB Class B | 3900 | &nbsp;&nbsp; 66 |
| TIM S.A. | 11200 | &nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp; 730 |
| **Total Common Stocks** <br>**(Identified Cost $52,075)** | **Total Common Stocks** <br>**(Identified Cost $52,075)** | &nbsp;&nbsp; **60472** |
| **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** |
| Virtus Silvant Focused <br> Growth Fund <br> Class R6<sup>(7)(8)</sup> <br>| 268224 | &nbsp;&nbsp; 24089 |
| Virtus Seix Floating Rate <br> High Income Fund <br> Class R6<sup>(7)(8)</sup> <br>| 773579 | &nbsp;&nbsp; 5933 |
| Virtus Newfleet Core Plus <br> Bond Fund <br> Class R6<sup>(7)(8)</sup> <br>| 2522459 | &nbsp;&nbsp; 26108 |
| Virtus Seix High Yield Fund <br> Class R6<sup>(7)(8)</sup> <br>| 1868030 | &nbsp;&nbsp; 14888 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $68,036)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $68,036)** | &nbsp;&nbsp; **71018** |
| **Purchased Options—0.0%** | **Purchased Options—0.0%** | **Purchased Options—0.0%** |
| (See open purchased options schedule) | (See open purchased options schedule) |  |
| **Total Purchased Options** <br>**(Premiums paid $38)** | **Total Purchased Options** <br>**(Premiums paid $38)** | &nbsp;&nbsp; **20** |
| **Equity-Linked Notes—2.7%** | **Equity-Linked Notes—2.7%** | **Equity-Linked Notes—2.7%** |
| **Banks—2.7%** | **Banks—2.7%** |  |
| Royal Bank of Canada <br> (linked to Nasdaq <br> Index),<br>|  |  |
| 144A, 15.950%, <br> 10/29/25<sup>(1)(5)</sup> <br>| 80 | &nbsp;&nbsp; 1969 |

---

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| 40.270%, 10/16/25<sup>(5)</sup> <br>| 81 | &nbsp;&nbsp; $1964 |
|  |  | &nbsp;&nbsp; 3933 |
| **Total Equity-Linked Notes** <br>**(Identified Cost $3,926)** | **Total Equity-Linked Notes** <br>**(Identified Cost $3,926)** | &nbsp;&nbsp; **3933** |
| **Master Limited Partnerships and Related** <br> **Companies—0.2%** | **Master Limited Partnerships and Related** <br> **Companies—0.2%** | **Master Limited Partnerships and Related** <br> **Companies—0.2%** |
| **Diversified—0.1%** | **Diversified—0.1%** |  |
| Alliance Resource <br> Partners LP<br>| 5400 | &nbsp;&nbsp; 137 |
| **Electric, LDC & Power—0.1%** | **Electric, LDC & Power—0.1%** |  |
| Brookfield Infrastructure <br> Partners LP<br>| 3200 | &nbsp;&nbsp; 105 |
| **Total Master Limited** <br> **Partnerships and Related** <br> **Companies** <br>**(Identified Cost $224)** | **Total Master Limited** <br> **Partnerships and Related** <br> **Companies** <br>**(Identified Cost $224)** | &nbsp;&nbsp; **242** |
| **Total Long-Term** <br> **Investments—94.2%** <br>**(Identified Cost $128,467)** | **Total Long-Term** <br> **Investments—94.2%** <br>**(Identified Cost $128,467)** | &nbsp;&nbsp; **140503** |
| **TOTAL INVESTMENTS, BEFORE** <br> **WRITTEN OPTIONS**—**94.2%** <br>**(Identified Cost $128,467)** | **TOTAL INVESTMENTS, BEFORE** <br> **WRITTEN OPTIONS**—**94.2%** <br>**(Identified Cost $128,467)** | &nbsp;&nbsp; **140503** |

---

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

---

| | |
|:---|:---|
|  | **Value** |
| **Written Options—(0.0)%** | **Written Options—(0.0)%** |
| (See open written options <br> schedule)<br>|  |
| **Total Written Options** <br>**(Premiums Received $17)** | &nbsp;&nbsp; **$(9)**<br>|
| **TOTAL INVESTMENTS, NET OF** <br> **WRITTEN OPTIONS—94.2%** <br>**(Identified Cost $128,450)** | &nbsp;&nbsp; **$140494** |
| Other assets and liabilities, net—5.8% | &nbsp;&nbsp; 8717 |
| **NET ASSETS—100.0%** | &nbsp;&nbsp; **$149211** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| BTP | Italian Buonie |
| DAX | Deutsche Boerse AG German Stock Index |
| FTSE | Financial Times Stock Exchange |
| HSBC | Hong Kong & Shanghai Bank |
| HSCEI | Hang Seng China Enterprises Index |
| IBEX | Spanish Stock Exchange |
| IFSC | International Financial Service Centre |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MIB | Milano Indice di Borsa |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipts |
| OAT | Obligations Assimilables du Trésor |
| OP | Operating Partnership |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SPI | Share Price Index |
| TOPIX | Tokyo Stock Price Index |
| TSX | Toronto Stock Exchange |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $2,788 or 1.9% of net assets.<br>|
| <sup>(2)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|
| <sup>(3)</sup> <br>| Value shown as par value. |
| <sup>(4)</sup> <br>| Non-income producing. |
| <sup>(5)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(6)</sup> <br>| Amount is less than $500 (not in thousands). |
| <sup>(7)</sup> <br>| Affiliated investment. See Note 4G in Notes to <br> Financial Statements.<br>|
| <sup>(8)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| Equity: North America | 40<br> %<br>|
| Equity: Developed Markets ex U.S. | 19 |
| Equity: Emerging Markets | 8 |
| Fixed Income | 44 |
| Other | (11)<br>|
| Total | 100<br> %<br>|
| <sup>†</sup>% of total investments as of September 30, 2025 <br> (includes derivative contracts). | <sup>†</sup>% of total investments as of September 30, 2025 <br> (includes derivative contracts). |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** | **Open purchased options contracts as of September 30, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Put Option**<sup>(2)</sup> |  |  |  |  |  |
| S&P 500<sup>®</sup> E-Mini Index Future | 11 | &nbsp;&nbsp;&nbsp; $6490 | &nbsp;&nbsp;&nbsp; 5900.00 | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; $20 |
| **Total Purchased Options** |  |  |  |  | &nbsp;&nbsp;&nbsp; $20 |
| **Footnote Legend:** | **Footnote Legend:** |  |  |  |  |
| <sup>(1)</sup> Strike price not reported in thousands. |  |  |  |  |  |
| <sup>(2)</sup> Exchange-traded options. |  |  |  |  |  |

---

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

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

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** | **Open written options contracts as of September 30, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Put Option**<sup>(2)</sup> |  |  |  |  |  |
| S&P 500<sup>®</sup> E-Mini Index Future | (11) | &nbsp;&nbsp;&nbsp; $(5885)<br>| &nbsp;&nbsp;&nbsp; 5350.00 | &nbsp;&nbsp;&nbsp; 12/19/25 | &nbsp;&nbsp;&nbsp; $(9) <br>|
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp; $(9)<br>|

---

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

---

| |
|:---|
| **Footnote Legend:** |
| <sup>(1)</sup> Strike price not reported in thousands. |
| <sup>(2)</sup> Exchange-traded options. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** | **Exchange-traded futures contracts as of September 30, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Long Contracts:** |  |  |  |  |  |
| Bovespa Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; $304 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $— |
| FTSE Taiwan Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| HSCEI Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| IBEX 35 Index Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| IFSC Nifty 50 Future | October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| 10 Year Australian Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| 10 Year Canadian Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| 10 Year U.S. Treasury Note Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 2813 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (25)<br>|
| 10 Year U.S. Ultra Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 11968 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; — |
| 30 Year U.S. Treasury Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (17)<br>|
| Australian Dollar Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| British Pound Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9)<br>|
| DAX Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Euro FX Currency Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 2358 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>|
| Euro STOXX 50<sup>®</sup> Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — |
| Euro-BTP Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| FTSE 100 Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 759 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — |
| FTSE/MIB Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Nasdaq 100<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — |
| Russell 2000<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| S&P 500<sup>®</sup> E-Mini Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 3032 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — |
| SPI 200 Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| TOPIX Index Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 2124 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $195 | &nbsp;&nbsp;&nbsp; $(72)<br>|
| **Short Contracts:** |  |  |  |  |  |
| 10 Year Euro-Bund Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (604)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| 10 Year Japanese Bond Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (6427)<br>| &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; — |
| 10 Year U.K. Gilt Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (367)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| Canadian Dollar Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (361)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Euro-OAT Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| Japanese Yen Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (852)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>|
| New Zealand Dollar Future | December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (465)<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; (11)<br>|
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $224 | &nbsp;&nbsp;&nbsp; $(83)<br>|

---

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

---

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

---

*See Notes to Financial Statements*

------

**Global Allocation Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $4067 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4067 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Equity Securities: |  |  |  |  |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 60472 | &nbsp;&nbsp;&nbsp;&nbsp; 60472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Master Limited Partnerships and Related Companies | &nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity-Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; 3933 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp; 71018 | &nbsp;&nbsp;&nbsp;&nbsp; 71018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 140727 | &nbsp;&nbsp;&nbsp;&nbsp; 132727 | &nbsp;&nbsp;&nbsp;&nbsp; 4067 | &nbsp;&nbsp;&nbsp;&nbsp; 3933 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| Written Options | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments, Net of Written Options | &nbsp;&nbsp;&nbsp;&nbsp; $140635 | &nbsp;&nbsp;&nbsp;&nbsp; $132635 | &nbsp;&nbsp;&nbsp;&nbsp; $4067 | &nbsp;&nbsp;&nbsp;&nbsp; $3933 |

---

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

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

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

---

| | | | |
|:---|:---|:---|:---|
|  | Total | Common <br>Stocks<br>| Equity-Linked <br>Notes<br>|
| **Investments in Securities** |  |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Net change in unrealized appreciation (depreciation)<sup>(a)</sup> <br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Purchases | &nbsp;&nbsp;&nbsp; 3927 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3927 |
| **Balance as of September 30, 2025** | &nbsp;&nbsp;&nbsp; $3933 | &nbsp;&nbsp;&nbsp; $— <br><sup>(b)</sup><br>| &nbsp;&nbsp;&nbsp; $3933 |

---

<sup>(a)</sup> The change in unrealized appreciation (depreciation) on investments still held at September 30, 2025, was $6.

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

*See Notes to Financial Statements*

------

**International Small-Cap Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—2.0%** | **Preferred Stocks—2.0%** | **Preferred Stocks—2.0%** |
| **Chile—1.4%** | **Chile—1.4%** |  |
| Embotelladora Andina S.A., <br> 5.310%<br>| 184463 | &nbsp;&nbsp; $727 |
| **Colombia—0.6%** | **Colombia—0.6%** |  |
| Grupo Cibest S.A., 8.940% | 25275 | &nbsp;&nbsp; 329 |
| **Total Preferred Stocks** <br>**(Identified Cost $836)** | **Total Preferred Stocks** <br>**(Identified Cost $836)** | &nbsp;&nbsp; **1056** |
| **Common Stocks—95.8%** | **Common Stocks—95.8%** | **Common Stocks—95.8%** |
| **Australia—3.7%** | **Australia—3.7%** |  |
| Deterra Royalties Ltd. | 92569 | &nbsp;&nbsp; 244 |
| JB Hi-Fi Ltd. | 11811 | &nbsp;&nbsp; 907 |
| Qantas Airways Ltd. | 30581 | &nbsp;&nbsp; 221 |
| Ramelius Resources Ltd. | 251351 | &nbsp;&nbsp; 645 |
|  |  | &nbsp;&nbsp; 2017 |
| **Austria—0.4%** | **Austria—0.4%** |  |
| BAWAG Group AG<sup>(1)</sup> <br>| 1654 | &nbsp;&nbsp; 217 |
| **Belgium—0.4%** | **Belgium—0.4%** |  |
| Proximus SADP | 22041 | &nbsp;&nbsp; 193 |
| **Bermuda—0.5%** | **Bermuda—0.5%** |  |
| First Pacific Co., Ltd. | 322000 | &nbsp;&nbsp; 270 |
| **Brazil—2.0%** | **Brazil—2.0%** |  |
| BB Seguridade <br> Participacoes S.A.<br>| 26300 | &nbsp;&nbsp; 164 |
| Cia de Saneamento de <br> Minas Gerais Copasa MG<br>| 90000 | &nbsp;&nbsp; 584 |
| Cury Construtora e <br> Incorporadora S.A.<br>| 50700 | &nbsp;&nbsp; 329 |
|  |  | &nbsp;&nbsp; 1077 |
| **Canada—6.7%** | **Canada—6.7%** |  |
| Centerra Gold, Inc. | 51586 | &nbsp;&nbsp; 553 |
| Chemtrade Logistics <br> Income Fund<br>| 28518 | &nbsp;&nbsp; 276 |
| Finning International, Inc. | 6550 | &nbsp;&nbsp; 304 |
| iA Financial Corp., Inc. | 4895 | &nbsp;&nbsp; 557 |
| Parex Resources, Inc. | 21911 | &nbsp;&nbsp; 286 |
| SSR Mining, Inc.<sup>(1)</sup> <br>| 51076 | &nbsp;&nbsp; 1247 |
| Transcontinental, Inc. <br> Class A<br>| 30021 | &nbsp;&nbsp; 424 |
|  |  | &nbsp;&nbsp; 3647 |
| **Cayman Islands—3.6%** | **Cayman Islands—3.6%** |  |
| Consun Pharmaceutical <br> Group Ltd.<br>| 162000 | &nbsp;&nbsp; 356 |
| Fufeng Group Ltd. | 207000 | &nbsp;&nbsp; 233 |
| SITC International Holdings <br> Co., Ltd.<br>| 313000 | &nbsp;&nbsp; 1205 |
| United Laboratories <br> International Holdings <br> Ltd. (The)<br>| 94000 | &nbsp;&nbsp; 181 |
|  |  | &nbsp;&nbsp; 1975 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—3.8%** | **China—3.8%** |  |
| VTech Holdings Ltd. (Hong <br> Kong)<br>| 95200 | &nbsp;&nbsp; $767 |
| Weibo Corp. Sponsored <br> ADR<br>| 30390 | &nbsp;&nbsp; 377 |
| Zhejiang NHU Co., Ltd. <br> Class A<br>| 275300 | &nbsp;&nbsp; 921 |
|  |  | &nbsp;&nbsp; 2065 |
| **Denmark—0.6%** | **Denmark—0.6%** |  |
| Alm. Brand A/S | 118101 | &nbsp;&nbsp; 330 |
| **Germany—2.1%** | **Germany—2.1%** |  |
| Friedrich Vorwerk Group SE | 4446 | &nbsp;&nbsp; 427 |
| Talanx AG | 5159 | &nbsp;&nbsp; 686 |
|  |  | &nbsp;&nbsp; 1113 |
| **Greece—0.8%** | **Greece—0.8%** |  |
| National Bank of Greece S.A. | 30796 | &nbsp;&nbsp; 447 |
| **Hungary—1.3%** | **Hungary—1.3%** |  |
| Magyar Telekom <br> Telecommunications plc <br> ADR<br>| 75242 | &nbsp;&nbsp; 402 |
| Richter Gedeon Nyrt | 10649 | &nbsp;&nbsp; 324 |
|  |  | &nbsp;&nbsp; 726 |
| **India—3.6%** | **India—3.6%** |  |
| Chambal Fertilisers & <br> Chemicals Ltd.<br>| 79123 | &nbsp;&nbsp; 455 |
| GE Vernova T&D India Ltd. | 5517 | &nbsp;&nbsp; 184 |
| Gillette India Ltd. | 5019 | &nbsp;&nbsp; 536 |
| GlaxoSmithKline <br> Pharmaceuticals Ltd.<br>| 6296 | &nbsp;&nbsp; 188 |
| Jio Financial Services Ltd. | 45412 | &nbsp;&nbsp; 150 |
| REC Ltd. | 34787 | &nbsp;&nbsp; 146 |
| UTI Asset Management Co., <br> Ltd.<br>| 21156 | &nbsp;&nbsp; 311 |
|  |  | &nbsp;&nbsp; 1970 |
| **Indonesia—0.7%** | **Indonesia—0.7%** |  |
| Aneka Tambang Tbk | 1178100 | &nbsp;&nbsp; 224 |
| United Tractors Tbk PT | 103500 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 390 |
| **Israel—0.8%** | **Israel—0.8%** |  |
| Camtek Ltd.<sup>(1)</sup> <br>| 2323 | &nbsp;&nbsp; 244 |
| Phoenix Financial Ltd. | 4596 | &nbsp;&nbsp; 172 |
|  |  | &nbsp;&nbsp; 416 |
| **Italy—6.1%** | **Italy—6.1%** |  |
| A2A SpA | 328576 | &nbsp;&nbsp; 859 |
| Banca Mediolanum SpA | 60468 | &nbsp;&nbsp; 1210 |
| Banca Monte dei Paschi di <br> Siena SpA<br>| 27290 | &nbsp;&nbsp; 242 |
| Hera SpA | 131430 | &nbsp;&nbsp; 591 |
| Italgas SpA | 19248 | &nbsp;&nbsp; 177 |
| Webuild SpA | 57547 | &nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp; 3318 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—24.7%** | **Japan—24.7%** |  |
| 77 Bank Ltd. (The) | 10000 | &nbsp;&nbsp; $418 |
| and ST HD Co., Ltd. | 15800 | &nbsp;&nbsp; 320 |
| Anycolor, Inc. | 15400 | &nbsp;&nbsp; 586 |
| DTS Corp. | 34800 | &nbsp;&nbsp; 308 |
| Hanwa Co., Ltd. | 19200 | &nbsp;&nbsp; 818 |
| Japan Petroleum <br> Exploration Co., Ltd.<br>| 33500 | &nbsp;&nbsp; 293 |
| Kanamoto Co., Ltd. | 18200 | &nbsp;&nbsp; 443 |
| Kanematsu Corp. | 14500 | &nbsp;&nbsp; 306 |
| Kawada Technologies, Inc. | 14500 | &nbsp;&nbsp; 390 |
| MEITEC Group Holdings, <br> Inc.<br>| 6400 | &nbsp;&nbsp; 138 |
| NIPPON REIT Investment <br> Corp.<br>| 249 | &nbsp;&nbsp; 163 |
| Onward Holdings Co., Ltd. | 128800 | &nbsp;&nbsp; 609 |
| Osaka Organic Chemical <br> Industry Ltd.<br>| 26100 | &nbsp;&nbsp; 551 |
| Sanwa Holdings Corp. | 16900 | &nbsp;&nbsp; 484 |
| Seiko Group Corp. | 17700 | &nbsp;&nbsp; 783 |
| Shibaura Mechatronics <br> Corp.<br>| 7400 | &nbsp;&nbsp; 654 |
| Shimizu Corp. | 20700 | &nbsp;&nbsp; 291 |
| Starts Corp., Inc. | 10000 | &nbsp;&nbsp; 343 |
| Systena Corp. | 266700 | &nbsp;&nbsp; 956 |
| Tadano Ltd. | 19500 | &nbsp;&nbsp; 138 |
| Taiheiyo Cement Corp. | 6000 | &nbsp;&nbsp; 156 |
| Takashimaya Co., Ltd. | 43700 | &nbsp;&nbsp; 501 |
| Toa Corp. | 28800 | &nbsp;&nbsp; 407 |
| Toyo Seikan Group Holdings <br> Ltd.<br>| 5300 | &nbsp;&nbsp; 121 |
| Toyo Tire Corp. | 44300 | &nbsp;&nbsp; 1178 |
| Toyobo Co., Ltd. | 58900 | &nbsp;&nbsp; 453 |
| TRE Holdings Corp. | 81600 | &nbsp;&nbsp; 858 |
| TV Asahi Holdings Corp. | 16700 | &nbsp;&nbsp; 379 |
| Uchida Yoko Co., Ltd. | 2200 | &nbsp;&nbsp; 180 |
| United Arrows Ltd. | 11600 | &nbsp;&nbsp; 164 |
|  |  | &nbsp;&nbsp; 13389 |
| **Luxembourg—0.3%** | **Luxembourg—0.3%** |  |
| B&M European Value Retail <br> S.A.<br>| 41492 | &nbsp;&nbsp; 146 |
| **Netherlands—1.2%** | **Netherlands—1.2%** |  |
| ABN AMRO Bank N.V. CVA <br> GDR<br>| 15868 | &nbsp;&nbsp; 508 |
| Van Lanschot Kempen N.V. | 2724 | &nbsp;&nbsp; 162 |
|  |  | &nbsp;&nbsp; 670 |
| **Norway—0.4%** | **Norway—0.4%** |  |
| Storebrand ASA | 15769 | &nbsp;&nbsp; 240 |
| **Panama—0.3%** | **Panama—0.3%** |  |
| Banco Latinoamericano de <br> Comercio Exterior S.A. <br> Class E<br>| 3756 | &nbsp;&nbsp; 173 |
| **Singapore—3.2%** | **Singapore—3.2%** |  |
| First Resources Ltd. | 159100 | &nbsp;&nbsp; 207 |
| Singapore Technologies <br> Engineering Ltd.<br>| 89000 | &nbsp;&nbsp; 594 |

---

*See Notes to Financial Statements*

------

**International Small-Cap Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore—continued** | **Singapore—continued** |  |
| Yangzijiang Shipbuilding <br> Holdings Ltd.<br>| 366100 | &nbsp;&nbsp; $957 |
|  |  | &nbsp;&nbsp; 1758 |
| **South Africa—3.2%** | **South Africa—3.2%** |  |
| AVI Ltd. | 101817 | &nbsp;&nbsp; 583 |
| Nedbank Group Ltd. | 14247 | &nbsp;&nbsp; 176 |
| Resilient REIT Ltd. | 73398 | &nbsp;&nbsp; 272 |
| Santam Ltd. | 15446 | &nbsp;&nbsp; 338 |
| Telkom S.A. SOC Ltd. | 49176 | &nbsp;&nbsp; 146 |
| Tiger Brands Ltd. | 11846 | &nbsp;&nbsp; 212 |
|  |  | &nbsp;&nbsp; 1727 |
| **South Korea—3.6%** | **South Korea—3.6%** |  |
| HD Hyundai Co., Ltd. | 9595 | &nbsp;&nbsp; 1063 |
| Hyosung Corp. | 5048 | &nbsp;&nbsp; 305 |
| JB Financial Group Co., Ltd. | 7548 | &nbsp;&nbsp; 123 |
| NH Investment & Securities <br> Co., Ltd.<br>| 8637 | &nbsp;&nbsp; 120 |
| SPC Samlip Co., Ltd. | 1578 | &nbsp;&nbsp; 59 |
| TES Co., Ltd. | 9283 | &nbsp;&nbsp; 286 |
|  |  | &nbsp;&nbsp; 1956 |
| **Spain—2.7%** | **Spain—2.7%** |  |
| Bankinter S.A. | 66709 | &nbsp;&nbsp; 1050 |
| Logista Integral S.A. | 12146 | &nbsp;&nbsp; 412 |
|  |  | &nbsp;&nbsp; 1462 |
| **Sweden—3.7%** | **Sweden—3.7%** |  |
| Ambea AB | 54612 | &nbsp;&nbsp; 788 |
| Betsson AB Class B | 15303 | &nbsp;&nbsp; 252 |
| Clas Ohlson AB Class B | 13850 | &nbsp;&nbsp; 544 |
| NCC AB Class B | 18372 | &nbsp;&nbsp; 422 |
|  |  | &nbsp;&nbsp; 2006 |
| **Switzerland—2.5%** | **Switzerland—2.5%** |  |
| Coca-Cola HBC AG<sup>(1)</sup> <br>| 18778 | &nbsp;&nbsp; 885 |
| Kardex Holding AG <br> Registered Shares<br>| 387 | &nbsp;&nbsp; 150 |
| Swissquote Group Holding <br> S.A. Registered Shares<br>| 291 | &nbsp;&nbsp; 203 |
| Zehnder Group AG | 1461 | &nbsp;&nbsp; 126 |
|  |  | &nbsp;&nbsp; 1364 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan—4.1%** | **Taiwan—4.1%** |  |
| Asia Vital Components Co., <br> Ltd.<br>| 9000 | &nbsp;&nbsp; $290 |
| ASPEED Technology, Inc. | 2000 | &nbsp;&nbsp; 331 |
| ASROCK, Inc. | 22000 | &nbsp;&nbsp; 202 |
| Fusheng Precision Co., Ltd. | 22000 | &nbsp;&nbsp; 188 |
| Global Mixed Mode <br> Technology, Inc.<br>| 25000 | &nbsp;&nbsp; 192 |
| International Games System <br> Co., Ltd.<br>| 9000 | &nbsp;&nbsp; 232 |
| Posiflex Technology, Inc. | 40000 | &nbsp;&nbsp; 301 |
| Taichung Commercial Bank <br> Co., Ltd.<br>| 379234 | &nbsp;&nbsp; 282 |
| Wiwynn Corp. | 2000 | &nbsp;&nbsp; 218 |
|  |  | &nbsp;&nbsp; 2236 |
| **United Arab Emirates—1.0%** | **United Arab Emirates—1.0%** |  |
| Parkin Co. PJSC | 349786 | &nbsp;&nbsp; 524 |
| **United Kingdom—7.8%** | **United Kingdom—7.8%** |  |
| Drax Group plc | 115788 | &nbsp;&nbsp; 1089 |
| Firstgroup plc | 57596 | &nbsp;&nbsp; 175 |
| Investec plc | 30442 | &nbsp;&nbsp; 227 |
| Keller Group plc | 23209 | &nbsp;&nbsp; 471 |
| Lion Finance Group plc | 9502 | &nbsp;&nbsp; 978 |
| Mears Group plc | 75981 | &nbsp;&nbsp; 327 |
| Mitie Group plc | 296005 | &nbsp;&nbsp; 554 |
| MONY Group plc | 88306 | &nbsp;&nbsp; 235 |
| OSB Group plc | 20319 | &nbsp;&nbsp; 155 |
|  |  | &nbsp;&nbsp; 4211 |
| **Total Common Stocks** <br>**(Identified Cost $39,044)** | **Total Common Stocks** <br>**(Identified Cost $39,044)** | &nbsp;&nbsp; **52033** |
| **Total Long-Term** <br> **Investments—97.8%** <br>**(Identified Cost $39,880)** | **Total Long-Term** <br> **Investments—97.8%** <br>**(Identified Cost $39,880)** | &nbsp;&nbsp; **53089** |
| **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $39,880)** | **TOTAL INVESTMENTS—97.8%** <br>**(Identified Cost $39,880)** | &nbsp;&nbsp; **$53089** |
| Other assets and liabilities, net—2.2% | Other assets and liabilities, net—2.2% | &nbsp;&nbsp; 1208 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$54297** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| Japan | 25<br> %<br>|
| United Kingdom | 8 |
| Canada | 7 |
| Italy | 6 |
| Taiwan | 4 |
| China | 4 |
| Australia | 4 |
| Other | 42 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | |
|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>|
| Assets: |  |  |
| Equity Securities: |  |  |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1056 | &nbsp;&nbsp;&nbsp;&nbsp; $1056 |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 52033 | &nbsp;&nbsp;&nbsp;&nbsp; 52033 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $53089 | &nbsp;&nbsp;&nbsp;&nbsp; $53089 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

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

*See Notes to Financial Statements*

------

**Newfleet Short Duration High Income Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—86.4%** | **Corporate Bonds and Notes—86.4%** | **Corporate Bonds and Notes—86.4%** |
| **Communication Services—9.0%** | **Communication Services—9.0%** |  |
| CCO Holdings LLC |  |  |
| <br>144A 6.375%, 9/1/29<sup>(1)</sup> <br>| $3880 | &nbsp;&nbsp; $3933 |
| <br>144A 7.375%, 3/1/31<sup>(1)</sup> <br>| 4475 | &nbsp;&nbsp; 4617 |
| CSC Holdings LLC 144A <br>11.250%, 5/15/28<sup>(1)</sup> <br>| 5500 | &nbsp;&nbsp; 5092 |
| DIRECTV Financing LLC |  |  |
| <br>144A 5.875%, 8/15/27<sup>(1)</sup> <br>| 4611 | &nbsp;&nbsp; 4606 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 1700 | &nbsp;&nbsp; 1686 |
| <br>144A 8.875%, 2/1/30<sup>(1)</sup> <br>| 415 | &nbsp;&nbsp; 410 |
| Frontier Communications <br> Holdings LLC 144A <br>5.875%, 10/15/27<sup>(1)</sup> <br>| 2500 | &nbsp;&nbsp; 2498 |
| Gray Media, Inc. |  |  |
| <br>144A 9.625%, 7/15/32<sup>(1)</sup> <br>| 3320 | &nbsp;&nbsp; 3392 |
| <br>144A 7.250%, 8/15/33<sup>(1)</sup> <br>| 1190 | &nbsp;&nbsp; 1179 |
| McGraw-Hill Education, <br> Inc. 144A <br>5.750%, 8/1/28<sup>(1)</sup> <br>| 5945 | &nbsp;&nbsp; 5941 |
| Millennium Escrow Corp. <br> 144A <br>6.625%, 8/1/26<sup>(1)</sup> <br>| 6140 | &nbsp;&nbsp; 5882 |
| Nexstar Media, Inc. 144A <br>5.625%, 7/15/27<sup>(1)</sup> <br>| 8914 | &nbsp;&nbsp; 8901 |
| Sinclair Television Group, <br> Inc. 144A <br>8.125%, 2/15/33<sup>(1)</sup> <br>| 4215 | &nbsp;&nbsp; 4326 |
| Uniti Group LP 144A <br>10.500%, 2/15/28<sup>(1)</sup> <br>| 5170 | &nbsp;&nbsp; 5445 |
| Univision <br> Communications, Inc.<br>|  |  |
| <br>144A 8.000%, 8/15/28<sup>(1)</sup> <br>| 3420 | &nbsp;&nbsp; 3544 |
| <br>144A 7.375%, 6/30/30<sup>(1)</sup> <br>| 1700 | &nbsp;&nbsp; 1708 |
|  |  | &nbsp;&nbsp; 63160 |
| **Consumer Discretionary—7.6%** | **Consumer Discretionary—7.6%** |  |
| Aptiv Swiss Holdings Ltd. <br> 6.875%, 12/15/54<br>| 4040 | &nbsp;&nbsp; 4127 |
| Carnival Corp. 144A <br>7.000%, 8/15/29<sup>(1)</sup> <br>| 5260 | &nbsp;&nbsp; 5533 |
| Churchill Downs, Inc. 144A <br>6.750%, 5/1/31<sup>(1)</sup> <br>| 4020 | &nbsp;&nbsp; 4120 |
| Clarios Global LP 144A <br>6.750%, 2/15/30<sup>(1)</sup> <br>| 150 | &nbsp;&nbsp; 155 |
| Ford Motor Credit Co. LLC |  |  |
| 6.950%, 3/6/26 | 1000 | &nbsp;&nbsp; 1008 |
| 7.350%, 11/4/27 | 6310 | &nbsp;&nbsp; 6581 |
| 6.800%, 5/12/28 | 600 | &nbsp;&nbsp; 623 |
| Great Canadian Gaming <br> Corp. 144A <br>8.750%, 11/15/29<sup>(1)</sup> <br>| 1725 | &nbsp;&nbsp; 1706 |
| Light & Wonder <br> International, Inc. 144A <br>7.250%, 11/15/29<sup>(1)</sup> <br>| 1550 | &nbsp;&nbsp; 1591 |
| New Home Co., Inc. (The) |  |  |
| <br>144A 9.250%, 10/1/29<sup>(1)</sup> <br>| 3025 | &nbsp;&nbsp; 3176 |
| <br>144A 8.500%, 11/1/30<sup>(1)</sup> <br>| 175 | &nbsp;&nbsp; 182 |
| Newell Brands, Inc. |  |  |
| 6.375%, 9/15/27 | 8836 | &nbsp;&nbsp; 8956 |
| 6.375%, 5/15/30 | 1785 | &nbsp;&nbsp; 1769 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Ontario Gaming GTA LP <br> 144A <br>8.000%, 8/1/30<sup>(1)</sup> <br>| $3535 | &nbsp;&nbsp; $3513 |
| Prime Security Services <br> Borrower LLC 144A <br>6.250%, 1/15/28<sup>(1)</sup> <br>| 3010 | &nbsp;&nbsp; 3007 |
| Under Armour, Inc. 144A <br>7.250%, 7/15/30<sup>(1)</sup> <br>| 2665 | &nbsp;&nbsp; 2662 |
| Wayfair LLC 144A <br>7.250%, 10/31/29<sup>(1)</sup> <br>| 35 | &nbsp;&nbsp; 36 |
| Weekley Homes LLC 144A <br>4.875%, 9/15/28<sup>(1)</sup> <br>| 4715 | &nbsp;&nbsp; 4617 |
|  |  | &nbsp;&nbsp; 53362 |
| **Consumer Staples—2.2%** | **Consumer Staples—2.2%** |  |
| Coty, Inc. 144A <br>6.625%, 7/15/30<sup>(1)</sup> <br>| 3890 | &nbsp;&nbsp; 3975 |
| Post Holdings, Inc. |  |  |
| <br>144A <br> 5.500%, 12/15/29<sup>(1)</sup> <br>| 1855 | &nbsp;&nbsp; 1848 |
| <br>144A 6.250%, 2/15/32<sup>(1)</sup> <br>| 4595 | &nbsp;&nbsp; 4724 |
| <br>144A 6.375%, 3/1/33<sup>(1)</sup> <br>| 3282 | &nbsp;&nbsp; 3312 |
| Primo Water Holdings, Inc. <br> 144A <br>6.250%, 4/1/29<sup>(1)</sup> <br>| 2000 | &nbsp;&nbsp; 1998 |
|  |  | &nbsp;&nbsp; 15857 |
| **Energy—15.8%** | **Energy—15.8%** |  |
| Alliance Resource <br> Operating Partners LP <br> 144A <br>8.625%, 6/15/29<sup>(1)</sup> <br>| 6535 | &nbsp;&nbsp; 6917 |
| Antero Midstream <br> Partners LP<br>|  |  |
| <br>144A 5.750%, 1/15/28<sup>(1)</sup> <br>| 1135 | &nbsp;&nbsp; 1133 |
| <br>144A 6.625%, 2/1/32<sup>(1)</sup> <br>| 4350 | &nbsp;&nbsp; 4480 |
| Blue Racer Midstream LLC <br> 144A <br>7.000%, 7/15/29<sup>(1)</sup> <br>| 4240 | &nbsp;&nbsp; 4397 |
| Buckeye Partners LP 144A <br>6.750%, 2/1/30<sup>(1)</sup> <br>| 4045 | &nbsp;&nbsp; 4201 |
| Caturus Energy LLC 144A <br>8.500%, 2/15/30<sup>(1)</sup> <br>| 2360 | &nbsp;&nbsp; 2457 |
| Civitas Resources, Inc. |  |  |
| <br>144A 8.375%, 7/1/28<sup>(1)</sup> <br>| 3585 | &nbsp;&nbsp; 3716 |
| <br>144A 8.750%, 7/1/31<sup>(1)</sup> <br>| 1260 | &nbsp;&nbsp; 1291 |
| Coronado Finance Pty Ltd. <br> 144A <br>9.250%, 10/1/29<sup>(1)</sup> <br>| 3555 | &nbsp;&nbsp; 3130 |
| Delek Logistics Partners LP <br> 144A <br>7.125%, 6/1/28<sup>(1)</sup> <br>| 2000 | &nbsp;&nbsp; 2006 |
| Energy Transfer LP <br> 8.000%, 5/15/54<br>| 6540 | &nbsp;&nbsp; 6989 |
| EQT Corp. 7.500%, 6/1/27 | 950 | &nbsp;&nbsp; 968 |
| Genesis Energy LP |  |  |
| 7.750%, 2/1/28 | 3360 | &nbsp;&nbsp; 3384 |
| 8.875%, 4/15/30 | 2250 | &nbsp;&nbsp; 2382 |
| Hess Midstream <br> Operations LP<br>|  |  |
| <br>144A 5.875%, 3/1/28<sup>(1)</sup> <br>| 3500 | &nbsp;&nbsp; 3568 |
| <br>144A 6.500%, 6/1/29<sup>(1)</sup> <br>| 2720 | &nbsp;&nbsp; 2805 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Hilcorp Energy I LP |  |  |
| <br>144A 6.250%, 11/1/28<sup>(1)</sup> <br>| $2125 | &nbsp;&nbsp; $2130 |
| <br>144A 6.000%, 4/15/30<sup>(1)</sup> <br>| 4500 | &nbsp;&nbsp; 4422 |
| Kodiak Gas Services LLC <br> 144A <br>6.500%, 10/1/33<sup>(1)</sup> <br>| 2785 | &nbsp;&nbsp; 2836 |
| Kraken Oil & Gas <br> Partners LLC 144A <br>7.625%, 8/15/29<sup>(1)</sup> <br>| 1890 | &nbsp;&nbsp; 1873 |
| Magnolia Oil & Gas <br> Operating LLC 144A <br>6.875%, 12/1/32<sup>(1)</sup> <br>| 4375 | &nbsp;&nbsp; 4490 |
| Nabors Industries, Inc. <br> 144A <br>7.375%, 5/15/27<sup>(1)</sup> <br>| 5035 | &nbsp;&nbsp; 5111 |
| Noble Finance II LLC 144A <br>8.000%, 4/15/30<sup>(1)</sup> <br>| 3305 | &nbsp;&nbsp; 3421 |
| South Bow Canadian <br> Infrastructure Holdings <br> Ltd. 7.625%, 3/1/55<br>| 3740 | &nbsp;&nbsp; 3907 |
| Sunoco LP 144A <br>7.000%, 9/15/28<sup>(1)</sup> <br>| 6964 | &nbsp;&nbsp; 7180 |
| Tidewater, Inc. 144A <br>9.125%, 7/15/30<sup>(1)</sup> <br>| 1710 | &nbsp;&nbsp; 1834 |
| Transocean International <br> Ltd.<br>|  |  |
| <br>144A 8.250%, 5/15/29<sup>(1)</sup> <br>| 730 | &nbsp;&nbsp; 720 |
| <br>144A 8.750%, 2/15/30<sup>(1)</sup> <br>| 3263 | &nbsp;&nbsp; 3433 |
| <br>144A <br> 7.875%, 10/15/32<sup>(1)</sup> <br>| 180 | &nbsp;&nbsp; 180 |
| Transocean Titan Financing <br> Ltd. 144A <br>8.375%, 2/1/28<sup>(1)</sup> <br>| 1445 | &nbsp;&nbsp; 1481 |
| USA Compression <br> Partners LP 144A <br>7.125%, 3/15/29<sup>(1)</sup> <br>| 6490 | &nbsp;&nbsp; 6693 |
| Venture Global LNG, Inc. |  |  |
| <br>144A 8.125%, 6/1/28<sup>(1)</sup> <br>| 3905 | &nbsp;&nbsp; 4042 |
| <br>144A 9.875%, 2/1/32<sup>(1)</sup> <br>| 2840 | &nbsp;&nbsp; 3092 |
|  |  | &nbsp;&nbsp; 110669 |
| **Financials—23.4%** | **Financials—23.4%** |  |
| Albion Financing 1 S.a.r.l. <br> 144A <br>7.000%, 5/21/30<sup>(1)</sup> <br>| 4000 | &nbsp;&nbsp; 4137 |
| Alliant Holdings <br> Intermediate LLC 144A <br>6.750%, 4/15/28<sup>(1)</sup> <br>| 5950 | &nbsp;&nbsp; 6056 |
| American National Group, <br> Inc. 7.000%, 12/1/55<br>| 1035 | &nbsp;&nbsp; 1067 |
| Apollo Debt Solutions BDC <br> 6.900%, 4/13/29<br>| 6110 | &nbsp;&nbsp; 6424 |
| Ascent Resources Utica <br> Holdings LLC 144A <br>6.625%, 10/15/32<sup>(1)</sup> <br>| 5050 | &nbsp;&nbsp; 5153 |
| Azorra Finance Ltd. 144A <br>7.250%, 1/15/31<sup>(1)</sup> <br>| 3005 | &nbsp;&nbsp; 3129 |
| Block, Inc. |  |  |
| 6.500%, 5/15/32 | 5665 | &nbsp;&nbsp; 5863 |
| <br>144A 5.625%, 8/15/30<sup>(1)</sup> <br>| 385 | &nbsp;&nbsp; 390 |

---

*See Notes to Financial Statements*

------

**Newfleet Short Duration High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Endo Finance Holdings, <br> Inc. 144A <br>8.500%, 4/15/31<sup>(1)</sup> <br>| $4015 | &nbsp;&nbsp; $4308 |
| F&G Annuities & Life, Inc. <br> 6.500%, 6/4/29<br>| 4205 | &nbsp;&nbsp; 4384 |
| Flutter Treasury DAC 144A <br>5.875%, 6/4/31<sup>(1)</sup> <br>| 3920 | &nbsp;&nbsp; 3979 |
| Focus Financial <br> Partners LLC 144A <br>6.750%, 9/15/31<sup>(1)</sup> <br>| 5125 | &nbsp;&nbsp; 5249 |
| Froneri Lux FinCo S.a.r.l. <br> 144A <br>6.000%, 8/1/32<sup>(1)</sup> <br>| 1020 | &nbsp;&nbsp; 1021 |
| FS KKR Capital Corp. <br> 6.875%, 8/15/29<br>| 5770 | &nbsp;&nbsp; 5910 |
| GGAM Finance Ltd. 144A <br>6.875%, 4/15/29<sup>(1)</sup> <br>| 5995 | &nbsp;&nbsp; 6217 |
| Global Atlantic Fin Co. <br> 144A <br>7.950%, 10/15/54<sup>(1)</sup> <br>| 5430 | &nbsp;&nbsp; 5745 |
| Grifols S.A. 144A <br>4.750%, 10/15/28<sup>(1)</sup> <br>| 5015 | &nbsp;&nbsp; 4871 |
| Gulfport Energy Operating <br> Corp. 144A <br>6.750%, 9/1/29<sup>(1)</sup> <br>| 5940 | &nbsp;&nbsp; 6096 |
| HAT Holdings I LLC 144A <br>8.000%, 6/15/27<sup>(1)</sup> <br>| 275 | &nbsp;&nbsp; 286 |
| HUB International Ltd. <br> 144A <br>7.250%, 6/15/30<sup>(1)</sup> <br>| 6590 | &nbsp;&nbsp; 6873 |
| ION Trading Technologies <br> S.a.r.l. 144A <br>9.500%, 5/30/29<sup>(1)</sup> <br>| 3705 | &nbsp;&nbsp; 3913 |
| JH North America <br> Holdings, Inc. 144A <br>5.875%, 1/31/31<sup>(1)</sup> <br>| 4395 | &nbsp;&nbsp; 4462 |
| Liberty Mutual Group, Inc. <br> 144A <br>4.125%, 12/15/51<sup>(1)</sup> <br>| 3495 | &nbsp;&nbsp; 3433 |
| Maxam Prill S.a.r.l. 144A <br>7.750%, 7/15/30<sup>(1)</sup> <br>| 2415 | &nbsp;&nbsp; 2431 |
| Merlin Entertainments <br> Group U.S. Holdings, <br> Inc. 144A <br>7.375%, 2/15/31<sup>(1)</sup> <br>| 3440 | &nbsp;&nbsp; 2964 |
| Midcap Financial Issuer <br> Trust 144A <br>6.500%, 5/1/28<sup>(1)</sup> <br>| 7775 | &nbsp;&nbsp; 7722 |
| NCR Atleos Corp. 144A <br>9.500%, 4/1/29<sup>(1)</sup> <br>| 3724 | &nbsp;&nbsp; 4031 |
| New Red Finance, Inc. <br> 144A <br>6.125%, 6/15/29<sup>(1)</sup> <br>| 4745 | &nbsp;&nbsp; 4852 |
| OneMain Finance Corp. |  |  |
| 7.875%, 3/15/30 | 6375 | &nbsp;&nbsp; 6746 |
| 6.125%, 5/15/30 | 630 | &nbsp;&nbsp; 638 |
| Opal Bidco SAS 144A <br>6.500%, 3/31/32<sup>(1)</sup> <br>| 2010 | &nbsp;&nbsp; 2060 |
| Organon & Co. 144A <br>4.125%, 4/30/28<sup>(1)</sup> <br>| 3590 | &nbsp;&nbsp; 3468 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Panther Escrow Issuer LLC <br> 144A <br>7.125%, 6/1/31<sup>(1)</sup> <br>| $6170 | &nbsp;&nbsp; $6418 |
| Phoenix Aviation Capital <br> Ltd. 144A <br>9.250%, 7/15/30<sup>(1)</sup> <br>| 3295 | &nbsp;&nbsp; 3506 |
| Rivers Enterprise <br> Lender LLC 144A <br>6.250%, 10/15/30<sup>(1)</sup> <br>| 680 | &nbsp;&nbsp; 686 |
| Rocket Cos., Inc. 144A <br>6.125%, 8/1/30<sup>(1)</sup> <br>| 2385 | &nbsp;&nbsp; 2448 |
| Saks Global <br> Enterprises LLC<br>|  |  |
| <br>144A <br> 11.000%, 12/15/29<sup>(1)</sup> <br>| 1035 | &nbsp;&nbsp; 367 |
| <br>144A <br> 11.000%, 12/15/29<sup>(1)</sup> <br>| 2070 | &nbsp;&nbsp; 1056 |
| SGUS LLC 144A <br>11.000%, 12/15/29<sup>(1)</sup> <br>| 1336 | &nbsp;&nbsp; 1260 |
| Standard Building <br> Solutions, Inc. 144A <br>6.500%, 8/15/32<sup>(1)</sup> <br>| 3605 | &nbsp;&nbsp; 3699 |
| Teva Pharmaceutical <br> Finance Netherlands III <br> B.V. 6.750%, 3/1/28<br>| 2250 | &nbsp;&nbsp; 2328 |
| Trivium Packaging Finance <br> B.V. 144A <br>8.250%, 7/15/30<sup>(1)</sup> <br>| 1665 | &nbsp;&nbsp; 1776 |
| United Wholesale <br> Mortgage LLC 144A <br>5.500%, 11/15/25<sup>(1)</sup> <br>| 7200 | &nbsp;&nbsp; 7197 |
|  |  | &nbsp;&nbsp; 164619 |
| **Health Care—5.2%** | **Health Care—5.2%** |  |
| Acadia Healthcare Co., Inc. <br> 144A <br>5.500%, 7/1/28<sup>(1)</sup> <br>| 4760 | &nbsp;&nbsp; 4720 |
| AdaptHealth LLC 144A <br>6.125%, 8/1/28<sup>(1)</sup> <br>| 4685 | &nbsp;&nbsp; 4673 |
| AMN Healthcare, Inc. 144A <br>6.500%, 1/15/31<sup>(1)</sup> <br>| 40 | &nbsp;&nbsp; 40 |
| Amneal <br> Pharmaceuticals LLC <br> 144A <br>6.875%, 8/1/32<sup>(1)</sup> <br>| 165 | &nbsp;&nbsp; 171 |
| Cheplapharm Arzneimittel <br> GmbH 144A <br>5.500%, 1/15/28<sup>(1)</sup> <br>| 2737 | &nbsp;&nbsp; 2666 |
| CVS Health Corp. <br> 7.000%, 3/10/55<br>| 4180 | &nbsp;&nbsp; 4388 |
| DENTSPLY SIRONA, Inc. <br> 8.375%, 9/12/55<br>| 3285 | &nbsp;&nbsp; 3386 |
| LifePoint Health, Inc. |  |  |
| <br>144A 9.875%, 8/15/30<sup>(1)</sup> <br>| 1455 | &nbsp;&nbsp; 1576 |
| <br>144A <br> 11.000%, 10/15/30<sup>(1)</sup> <br>| 2900 | &nbsp;&nbsp; 3196 |
| Medline Borrower LP |  |  |
| <br>144A 6.250%, 4/1/29<sup>(1)</sup> <br>| 830 | &nbsp;&nbsp; 851 |
| <br>144A 5.250%, 10/1/29<sup>(1)</sup> <br>| 7835 | &nbsp;&nbsp; 7767 |
| Prime Healthcare Services, <br> Inc. 144A <br>9.375%, 9/1/29<sup>(1)</sup> <br>| 2940 | &nbsp;&nbsp; 3057 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| Solstice Advanced <br> Materials, Inc. 144A <br>5.625%, 9/30/33<sup>(1)</sup> <br>| $205 | &nbsp;&nbsp; $206 |
|  |  | &nbsp;&nbsp; 36697 |
| **Industrials—7.3%** | **Industrials—7.3%** |  |
| Builders FirstSource, Inc. <br> 144A <br>5.000%, 3/1/30<sup>(1)</sup> <br>| 2860 | &nbsp;&nbsp; 2831 |
| Chart Industries, Inc. 144A <br>7.500%, 1/1/30<sup>(1)</sup> <br>| 4720 | &nbsp;&nbsp; 4912 |
| Cimpress plc 144A <br>7.375%, 9/15/32<sup>(1)</sup> <br>| 5125 | &nbsp;&nbsp; 5107 |
| Cornerstone Building <br> Brands, Inc. 144A <br>9.500%, 8/15/29<sup>(1)</sup> <br>| 5020 | &nbsp;&nbsp; 4878 |
| FTAI Aviation Investors LLC |  |  |
| <br>144A 5.500%, 5/1/28<sup>(1)</sup> <br>| 1350 | &nbsp;&nbsp; 1350 |
| <br>144A 7.000%, 5/1/31<sup>(1)</sup> <br>| 3225 | &nbsp;&nbsp; 3374 |
| Global Infrastructure <br> Solutions, Inc. 144A <br>5.625%, 6/1/29<sup>(1)</sup> <br>| 4850 | &nbsp;&nbsp; 4765 |
| Global Medical Response, <br> Inc. 144A <br>7.375%, 10/1/32<sup>(1)</sup> <br>| 335 | &nbsp;&nbsp; 345 |
| Herc Holdings, Inc. 144A <br>7.000%, 6/15/30<sup>(1)</sup> <br>| 3365 | &nbsp;&nbsp; 3495 |
| Icahn Enterprises LP 144A <br>10.000%, 11/15/29<sup>(1)</sup> <br>| 2750 | &nbsp;&nbsp; 2762 |
| Neptune Bidco U.S., Inc. <br> 144A <br>9.290%, 4/15/29<sup>(1)</sup> <br>| 5085 | &nbsp;&nbsp; 4992 |
| TransDigm, Inc. |  |  |
| <br>144A 6.750%, 8/15/28<sup>(1)</sup> <br>| 3130 | &nbsp;&nbsp; 3190 |
| <br>144A <br> 6.875%, 12/15/30<sup>(1)</sup> <br>| 5570 | &nbsp;&nbsp; 5771 |
| WESCO Distribution, Inc. <br> 144A <br>6.375%, 3/15/29<sup>(1)</sup> <br>| 3205 | &nbsp;&nbsp; 3300 |
|  |  | &nbsp;&nbsp; 51072 |
| **Information Technology—5.5%** | **Information Technology—5.5%** |  |
| Boost Newco <br> Borrower LLC 144A <br>7.500%, 1/15/31<sup>(1)</sup> <br>| 6025 | &nbsp;&nbsp; 6392 |
| Cloud Software Group, Inc. <br> 144A <br>9.000%, 9/30/29<sup>(1)</sup> <br>| 3895 | &nbsp;&nbsp; 4040 |
| Consensus Cloud <br> Solutions, Inc.<br>|  |  |
| <br>144A <br> 6.000%, 10/15/26<sup>(1)</sup> <br>| 3055 | &nbsp;&nbsp; 3049 |
| <br>144A <br> 6.500%, 10/15/28<sup>(1)</sup> <br>| 5900 | &nbsp;&nbsp; 5926 |
| Helios Software Holdings, <br> Inc. 144A <br>8.750%, 5/1/29<sup>(1)</sup> <br>| 3160 | &nbsp;&nbsp; 3275 |
| Insight Enterprises, Inc. <br> 144A <br>6.625%, 5/15/32<sup>(1)</sup> <br>| 5075 | &nbsp;&nbsp; 5203 |
| IQVIA, Inc. 144A <br>6.250%, 6/1/32<sup>(1)</sup> <br>| 2030 | &nbsp;&nbsp; 2087 |

---

*See Notes to Financial Statements*

------

**Newfleet Short Duration High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Rocket Software, Inc. 144A <br>9.000%, 11/28/28<sup>(1)</sup> <br>| $4180 | &nbsp;&nbsp; $4309 |
| UKG, Inc. 144A <br>6.875%, 2/1/31<sup>(1)</sup> <br>| 4020 | &nbsp;&nbsp; 4148 |
|  |  | &nbsp;&nbsp; 38429 |
| **Materials—5.4%** | **Materials—5.4%** |  |
| Capstone Copper Corp. <br> 144A <br>6.750%, 3/31/33<sup>(1)</sup> <br>| 3590 | &nbsp;&nbsp; 3698 |
| Cleveland-Cliffs, Inc. 144A <br>7.625%, 1/15/34<sup>(1)</sup> <br>| 975 | &nbsp;&nbsp; 1005 |
| Fortescue Treasury Pty Ltd. <br> 144A <br>5.875%, 4/15/30<sup>(1)</sup> <br>| 4450 | &nbsp;&nbsp; 4561 |
| INEOS Quattro Finance 2 <br> plc 144A <br>9.625%, 3/15/29<sup>(1)</sup> <br>| 5315 | &nbsp;&nbsp; 5259 |
| LSB Industries, Inc. 144A <br>6.250%, 10/15/28<sup>(1)</sup> <br>| 10250 | &nbsp;&nbsp; 10111 |
| Mauser Packaging <br> Solutions Holding Co. <br> 144A <br>7.875%, 4/15/27<sup>(1)</sup> <br>| 6470 | &nbsp;&nbsp; 6533 |
| Taseko Mines Ltd. 144A <br>8.250%, 5/1/30<sup>(1)</sup> <br>| 1875 | &nbsp;&nbsp; 1986 |
| Windsor Holdings III LLC <br> 144A <br>8.500%, 6/15/30<sup>(1)</sup> <br>| 4317 | &nbsp;&nbsp; 4564 |
|  |  | &nbsp;&nbsp; 37717 |
| **Utilities—5.0%** | **Utilities—5.0%** |  |
| Alexander Funding Trust II <br> 144A <br>7.467%, 7/31/28<sup>(1)</sup> <br>| 3600 | &nbsp;&nbsp; 3849 |
| American Electric Power <br> Co., Inc. <br> 7.050%, 12/15/54<br>| 6455 | &nbsp;&nbsp; 6749 |
| CenterPoint Energy, Inc. <br> Series <br> A7.000%, 2/15/55<br>| 2315 | &nbsp;&nbsp; 2412 |
| Ferrellgas LP |  |  |
| <br>144A 5.375%, 4/1/26<sup>(1)</sup> <br>| 5835 | &nbsp;&nbsp; 5776 |
| <br>144A 5.875%, 4/1/29<sup>(1)</sup> <br>| 2625 | &nbsp;&nbsp; 2443 |
| Lightning Power LLC 144A <br>7.250%, 8/15/32<sup>(1)</sup> <br>| 4030 | &nbsp;&nbsp; 4267 |
| NGL Energy Operating LLC <br> 144A <br>8.125%, 2/15/29<sup>(1)</sup> <br>| 1340 | &nbsp;&nbsp; 1374 |
| Sempra 6.375%, 4/1/56 | 3410 | &nbsp;&nbsp; 3500 |
| Vistra Operations Co. LLC <br> 144A <br>5.500%, 9/1/26<sup>(1)</sup> <br>| 4500 | &nbsp;&nbsp; 4497 |
|  |  | &nbsp;&nbsp; 34867 |
| **Total Corporate Bonds and Notes** <br>**(Identified Cost $596,296)** | **Total Corporate Bonds and Notes** <br>**(Identified Cost $596,296)** | &nbsp;&nbsp; **606449** |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leveraged Loans—8.9%** | **Leveraged Loans—8.9%** | **Leveraged Loans—8.9%** |
| **Chemicals—0.6%** | **Chemicals—0.6%** |  |
| Nouryon Finance B.V. <br> 2024, Tranche B-1 (1 <br> month Term SOFR + <br> 3.250%) <br>7.500%, 4/3/28<sup>(2)</sup> <br>| $4409 | &nbsp;&nbsp; $4412 |
| **Financials—0.3%** | **Financials—0.3%** |  |
| Alliant Holdings <br> Intermediate LLC 2025 <br> (1 month Term SOFR + <br> 2.500%) <br>6.666%, 9/19/31<sup>(2)</sup> <br>| 1761 | &nbsp;&nbsp; 1756 |
| **Food / Tobacco—0.8%** | **Food / Tobacco—0.8%** |  |
| Triton Water Holdings, Inc. <br> 2025 (3 month Term <br> SOFR + 2.250%) <br>6.252%, 3/31/28<sup>(2)</sup> <br>| 5840 | &nbsp;&nbsp; 5837 |
| **Gaming / Leisure—0.8%** | **Gaming / Leisure—0.8%** |  |
| Catawba Nation Gaming <br> Authority Tranche B (1 <br> month Term SOFR + <br> 4.750%) <br>8.913%, 3/28/32<sup>(2)</sup> <br>| 2240 | &nbsp;&nbsp; 2287 |
| Playtika Holding Corp. <br> Tranche B-1 <br>7.040%, 3/13/28<sup>(2)(3)</sup> <br>| 3531 | &nbsp;&nbsp; 3473 |
|  |  | &nbsp;&nbsp; 5760 |
| **Health Care—2.8%** | **Health Care—2.8%** |  |
| Agiliti Health, Inc. 2023, <br> Tranche B (3-6 month <br> Term SOFR + 3.000%) <br>7.216% - 7.291%, <br> 5/1/30<sup>(2)</sup> <br>| 4648 | &nbsp;&nbsp; 4445 |
| Cotiviti, Inc. <br>7.625%, 5/1/31<br>| 4680 | &nbsp;&nbsp; 4693 |
| Gainwell Acquisition Corp. <br> Tranche B (3 month <br> Term SOFR + 4.100%) <br>8.101%, 10/1/27<sup>(2)</sup> <br>| 4568 | &nbsp;&nbsp; 4489 |
| LifePoint Health, Inc. <br> Tranche B-2 (3 month <br> Term SOFR + 3.500%) <br>7.660%, 5/16/31<sup>(2)</sup> <br>| 1652 | &nbsp;&nbsp; 1643 |
| Star Parent, Inc. Tranche B <br> (3 month Term SOFR + <br> 4.000%) <br>8.002%, 9/27/30<sup>(2)</sup> <br>| 4455 | &nbsp;&nbsp; 4453 |
|  |  | &nbsp;&nbsp; 19723 |
| **Media / Telecom - Broadcasting—0.6%** | **Media / Telecom - Broadcasting—0.6%** |  |
| CMG Media Corp. (3 month <br> Term SOFR + 3.600%) <br>7.601%, 6/18/29<sup>(2)</sup> <br>| 4305 | &nbsp;&nbsp; 4109 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless** <br> **Video—1.0%** | **Media / Telecom - Cable/Wireless** <br> **Video—1.0%** |  |
| Cogeco Communications <br> Finance USA LP Tranche <br> B-1 (1 month Term <br> SOFR + 3.250%) <br>7.413%, 9/18/30<sup>(2)</sup> <br>| $4494 | &nbsp;&nbsp; $4484 |
| Virgin Media Bristol LLC <br> Tranche N (1 month <br> Term SOFR + 2.614%) <br>6.765%, 1/31/28<sup>(2)</sup> <br>| 2797 | &nbsp;&nbsp; 2792 |
|  |  | &nbsp;&nbsp; 7276 |
| **Media / Telecom - Wireless** <br> **Communications—0.4%** | **Media / Telecom - Wireless** <br> **Communications—0.4%** |  |
| Cincinnati Bell, Inc. Tranche <br> B-5 (1 month Term <br> SOFR + 2.250%) <br>6.413%, 11/22/28<sup>(2)</sup> <br>| 2940 | &nbsp;&nbsp; 2943 |
| **Metals / Minerals—0.2%** | **Metals / Minerals—0.2%** |  |
| Cloud Peak Energy <br> Resources <br>12.000%, 5/3/27<sup>(4)</sup> <br>| 1983 | &nbsp;&nbsp; 1597 |
| **Service—1.4%** | **Service—1.4%** |  |
| NAB Holdings LLC 2025 <br>6.801%, 11/24/28<sup>(2)(3)</sup> <br>| 4324 | &nbsp;&nbsp; 4172 |
| Titan Acquisition Ltd. (1-6 <br> month Term SOFR + <br> 3.750%) <br>7.916%, 2/15/29<sup>(2)</sup> <br>| 5203 | &nbsp;&nbsp; 5213 |
|  |  | &nbsp;&nbsp; 9385 |
| **Total Leveraged Loans** <br>**(Identified Cost $63,127)** | **Total Leveraged Loans** <br>**(Identified Cost $63,127)** | &nbsp;&nbsp; **62798** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Cloud Peak Energy, <br> Inc.<sup>(4)(5)(6)</sup> <br>| 40020 | &nbsp;&nbsp; — |
| **Total Common Stock** <br>**(Identified Cost $—)** | **Total Common Stock** <br>**(Identified Cost $—)** | &nbsp;&nbsp; **—** |
| **Total Long-Term** <br> **Investments—95.3%** <br>**(Identified Cost $659,423)** | **Total Long-Term** <br> **Investments—95.3%** <br>**(Identified Cost $659,423)** | &nbsp;&nbsp; **669247** |

---

*See Notes to Financial Statements*

------

**Newfleet Short Duration High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** | **Short-Term Investment—1.5%** |
| **Money Market Mutual Fund—1.5%** | **Money Market Mutual Fund—1.5%** | **Money Market Mutual Fund—1.5%** |
| BlackRock Liquidity <br> FedFund - Institutional <br> Shares (seven-day <br> effective yield <br> 4.027%)<sup>(7)</sup> <br>| 10106114 | &nbsp;&nbsp; $10106 |
| **Total Short-Term Investment** <br>**(Identified Cost $10,106)** | **Total Short-Term Investment** <br>**(Identified Cost $10,106)** | &nbsp;&nbsp; **10106** |
| **TOTAL INVESTMENTS—96.8%** <br>**(Identified Cost $669,529)** | **TOTAL INVESTMENTS—96.8%** <br>**(Identified Cost $669,529)** | &nbsp;&nbsp; **$679353** |
| Other assets and liabilities, net—3.2% | Other assets and liabilities, net—3.2% | &nbsp;&nbsp; 22648 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$702001** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> September 30, 2025, these securities amounted to <br> a value of $511,960 or 72.9% of net assets.<br>|
| <sup>(2)</sup> <br>| Variable rate security. Rate disclosed is as of <br> September 30, 2025. Information in parenthesis <br> represents benchmark and reference rate for each <br> security. Certain variable rate securities are not <br> based on a published reference rate and spread but <br> are determined by the issuer or agent and are based <br> on current market conditions, or, for <br> mortgage-backed securities, are impacted by the <br> individual mortgages which are paying off over <br> time. These securities do not indicate a reference <br> rate and spread in their descriptions.<br>|
| <sup>(3)</sup> <br>| This loan will settle after September 30, 2025, at <br> which time the interest rate, calculated on the base <br> lending rate and the agreed upon spread on trade <br> date, will be reflected.<br>|
| <sup>(4)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(5)</sup> <br>| Non-income producing. |
| <sup>(6)</sup> <br>| All or a portion of the security is restricted. |
| <sup>(7)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| United States | 84<br> %<br>|
| Canada | 4 |
| Cayman Islands | 2 |
| Ireland | 2 |
| Luxembourg | 2 |
| Netherlands | 1 |
| Australia | 1 |
| Other | 4 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

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

*See Notes to Financial Statements*

------

**Newfleet Short Duration High Income Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp; $606449 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $606449 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp; 62798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61201 | &nbsp;&nbsp;&nbsp;&nbsp; 1597 |
| Equity Securities: |  |  |  |  |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10106 | &nbsp;&nbsp;&nbsp;&nbsp; 10106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $679353 | &nbsp;&nbsp;&nbsp;&nbsp; $10106 | &nbsp;&nbsp;&nbsp;&nbsp; $667650 | &nbsp;&nbsp;&nbsp;&nbsp; $1597 |

---

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

<sup>(1)</sup> Includes internally fair valued securities currently priced at zero ($0).

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

Some of the Fund's investments that were categorized as Level 3 may have been valued utilizing third party pricing information without adjustment. If applicable, such valuations are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended September 30, 2025.

*See Notes to Financial Statements*

------

**NFJ Emerging Markets Value Fund**

**SCHEDULE OF INVESTMENTS** 

**September 30, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—1.7%** | **Preferred Stocks—1.7%** | **Preferred Stocks—1.7%** |
| **Brazil—1.4%** | **Brazil—1.4%** |  |
| Banco Bradesco S.A., 7.900% | 32300 | &nbsp;&nbsp; $107 |
| Itau Unibanco Holding S.A., <br> 6.950%<br>| 8300 | &nbsp;&nbsp; 61 |
| Petroleo Brasileiro S.A. - <br> Petrobras, 9.820%<br>| 9100 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 222 |
| **South Korea—0.3%** | **South Korea—0.3%** |  |
| Samsung Electronics Co., <br> Ltd., 2.080%<br>| 1226 | &nbsp;&nbsp; 58 |
| **Total Preferred Stocks** <br>**(Identified Cost $251)** | **Total Preferred Stocks** <br>**(Identified Cost $251)** | &nbsp;&nbsp; **280** |
| **Common Stocks—96.8%** | **Common Stocks—96.8%** | **Common Stocks—96.8%** |
| **Brazil—3.2%** | **Brazil—3.2%** |  |
| Banco BTG Pactual S.A. | 7800 | &nbsp;&nbsp; 71 |
| Localiza Rent a Car S.A. | 14500 | &nbsp;&nbsp; 107 |
| Petroleo Brasileiro S.A. - <br> Petrobras<br>| 9700 | &nbsp;&nbsp; 61 |
| PRIO S.A.<sup>(1)</sup> <br>| 16220 | &nbsp;&nbsp; 116 |
| Rede D'Or Sao Luiz S.A. | 12300 | &nbsp;&nbsp; 98 |
| Vale S.A. | 6500 | &nbsp;&nbsp; 70 |
|  |  | &nbsp;&nbsp; 523 |
| **Cayman Islands—6.6%** | **Cayman Islands—6.6%** |  |
| DiDi Global, Inc. ADR<sup>(1)</sup> <br>| 17808 | &nbsp;&nbsp; 111 |
| Full Truck Alliance Co., Ltd. <br> Sponsored ADR<br>| 6460 | &nbsp;&nbsp; 84 |
| Geely Automobile Holdings <br> Ltd.<br>| 40000 | &nbsp;&nbsp; 100 |
| Inter & Co., Inc. Class A | 11440 | &nbsp;&nbsp; 106 |
| JD Logistics, Inc.<sup>(1)</sup> <br>| 48500 | &nbsp;&nbsp; 82 |
| KE Holdings, Inc. Class A | 12200 | &nbsp;&nbsp; 82 |
| Kingsoft Corp., Ltd. | 21400 | &nbsp;&nbsp; 95 |
| Kuaishou Technology | 8300 | &nbsp;&nbsp; 90 |
| NU Holdings Ltd. Class A<sup>(1)</sup> <br>| 6599 | &nbsp;&nbsp; 106 |
| Trip.com Group Ltd. | 1300 | &nbsp;&nbsp; 100 |
| XP, Inc. Class A | 6400 | &nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp; 1076 |
| **China—36.0%** | **China—36.0%** |  |
| Advanced Micro-Fabrication <br> Equipment, Inc. China <br> Class A<br>| 2876 | &nbsp;&nbsp; 121 |
| Alibaba Group Holding Ltd. | 67723 | &nbsp;&nbsp; 1540 |
| Aluminum Corp. of China Ltd. <br> Class H<br>| 118000 | &nbsp;&nbsp; 122 |
| BYD Co., Ltd. Class H | 5900 | &nbsp;&nbsp; 84 |
| East Money Information Co., <br> Ltd. Class A<br>| 27500 | &nbsp;&nbsp; 105 |
| Founder Securities Co., Ltd. <br> Class A<br>| 85600 | &nbsp;&nbsp; 98 |
| Haier Smart Home Co., Ltd. <br> Class A<br>| 33400 | &nbsp;&nbsp; 119 |
| Hangzhou Shunwang <br> Technology Co., Ltd. <br> Class A<br>| 24400 | &nbsp;&nbsp; 87 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| Huizhou Desay Sv Automotive <br> Co., Ltd. Class A<br>| 5400 | &nbsp;&nbsp; $115 |
| Iflytek Co., Ltd. Class A | 15800 | &nbsp;&nbsp; 124 |
| Industrial Securities Co., Ltd. <br> Class A<br>| 131800 | &nbsp;&nbsp; 121 |
| JD.com, Inc. Class A | 37727 | &nbsp;&nbsp; 671 |
| Luxshare Precision Industry <br> Co., Ltd. Class A<br>| 12230 | &nbsp;&nbsp; 111 |
| Montage Technology Co., Ltd. <br> Class A<br>| 6051 | &nbsp;&nbsp; 132 |
| NetEase, Inc. | 2400 | &nbsp;&nbsp; 73 |
| Ningbo Deye Technology Co., <br> Ltd. Class A<br>| 11600 | &nbsp;&nbsp; 132 |
| Qinghai Salt Lake Industry <br> Co., Ltd. Class A<sup>(1)</sup> <br>| 43900 | &nbsp;&nbsp; 129 |
| SG Micro Corp. Class A | 8900 | &nbsp;&nbsp; 104 |
| Shanghai Pudong <br> Development Bank Co., Ltd. <br> Class A<br>| 44200 | &nbsp;&nbsp; 74 |
| Sunny Optical Technology <br> Group Co., Ltd.<br>| 11100 | &nbsp;&nbsp; 129 |
| Tencent Holdings Ltd. | 8980 | &nbsp;&nbsp; 765 |
| Xiaomi Corp. Class B<sup>(1)</sup> <br>| 91400 | &nbsp;&nbsp; 634 |
| Yealink Network Technology <br> Corp., Ltd. Class A<br>| 17500 | &nbsp;&nbsp; 91 |
| Zhejiang Dun'An Artificial <br> Environment Co., Ltd. <br> Class A<sup>(1)</sup> <br>| 50800 | &nbsp;&nbsp; 102 |
| Zijin Mining Group Co., Ltd. <br> Class A<br>| 26900 | &nbsp;&nbsp; 111 |
|  |  | &nbsp;&nbsp; 5894 |
| **India—8.3%** | **India—8.3%** |  |
| Aditya Birla Capital Ltd.<sup>(1)</sup> <br>| 26454 | &nbsp;&nbsp; 87 |
| Amber Enterprises India <br> Ltd.<sup>(1)</sup> <br>| 1266 | &nbsp;&nbsp; 115 |
| AU Small Finance Bank Ltd. | 10713 | &nbsp;&nbsp; 88 |
| Bharat Heavy Electricals Ltd. | 23971 | &nbsp;&nbsp; 64 |
| Bharti Airtel Ltd. | 2350 | &nbsp;&nbsp; 50 |
| Cartrade Tech Ltd.<sup>(1)</sup> <br>| 2417 | &nbsp;&nbsp; 67 |
| Dixon Technologies India Ltd. | 338 | &nbsp;&nbsp; 62 |
| Graphite India Ltd. | 11691 | &nbsp;&nbsp; 73 |
| HDFC Bank Ltd. | 8060 | &nbsp;&nbsp; 86 |
| ICICI Bank Ltd. | 3395 | &nbsp;&nbsp; 52 |
| ICICI Lombard General <br> Insurance Co., Ltd.<br>| 1639 | &nbsp;&nbsp; 35 |
| IndiaMart InterMesh Ltd. | 2211 | &nbsp;&nbsp; 59 |
| Kotak Mahindra Bank Ltd. | 3248 | &nbsp;&nbsp; 73 |
| Lodha Developers Ltd. | 4385 | &nbsp;&nbsp; 56 |
| Lupin Ltd. | 3772 | &nbsp;&nbsp; 81 |
| Navin Fluorine International <br> Ltd.<br>| 2074 | &nbsp;&nbsp; 108 |
| NHPC Ltd. | 117214 | &nbsp;&nbsp; 114 |
| Reliance Industries Ltd. | 5953 | &nbsp;&nbsp; 92 |
|  |  | &nbsp;&nbsp; 1362 |
| **Indonesia—0.7%** | **Indonesia—0.7%** |  |
| Bank Central Asia Tbk PT | 261000 | &nbsp;&nbsp; 119 |
| **Japan—2.3%** | **Japan—2.3%** |  |
| Astellas Pharma, Inc. | 8900 | &nbsp;&nbsp; 96 |
| Daiichi Sankyo Co., Ltd. | 6400 | &nbsp;&nbsp; 144 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| MonotaRO Co., Ltd. | 4200 | &nbsp;&nbsp; $61 |
| Nippon Paint Holdings Co., <br> Ltd.<br>| 10100 | &nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp; 370 |
| **Malaysia—0.5%** | **Malaysia—0.5%** |  |
| Kelington Group Bhd | 62300 | &nbsp;&nbsp; 81 |
| **Mexico—0.4%** | **Mexico—0.4%** |  |
| Grupo Financiero Banorte SAB <br> de C.V. Class O<br>| 6800 | &nbsp;&nbsp; 68 |
| **Morocco—0.5%** | **Morocco—0.5%** |  |
| Banque Centrale Populaire | 2670 | &nbsp;&nbsp; 87 |
| **Netherlands—2.0%** | **Netherlands—2.0%** |  |
| ASML Holding N.V. | 332 | &nbsp;&nbsp; 323 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Polyus PJSC GDR<sup>(1)(2)(3)</sup> <br>| 4887 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| **Saudi Arabia—8.3%** | **Saudi Arabia—8.3%** |  |
| Al Rajhi Bank | 9958 | &nbsp;&nbsp; 285 |
| Arab National Bank | 17284 | &nbsp;&nbsp; 114 |
| Arabian Internet & <br> Communications Services <br> Co.<br>| 1725 | &nbsp;&nbsp; 118 |
| Bank Al-Jazira<sup>(1)</sup> <br>| 27916 | &nbsp;&nbsp; 95 |
| Banque Saudi Fransi | 21243 | &nbsp;&nbsp; 101 |
| Elm Co. | 517 | &nbsp;&nbsp; 124 |
| Etihad Etisalat Co. | 4475 | &nbsp;&nbsp; 81 |
| Riyad Bank | 13554 | &nbsp;&nbsp; 98 |
| Saudi Arabian Mining Co.<sup>(1)</sup> <br>| 7670 | &nbsp;&nbsp; 131 |
| Saudi Arabian Oil Co. | 15133 | &nbsp;&nbsp; 99 |
| Saudi National Bank (The) | 10789 | &nbsp;&nbsp; 113 |
|  |  | &nbsp;&nbsp; 1359 |
| **South Africa—3.5%** | **South Africa—3.5%** |  |
| Capitec Bank Holdings Ltd. | 281 | &nbsp;&nbsp; 56 |
| Impala Platinum Holdings Ltd. | 9624 | &nbsp;&nbsp; 123 |
| MTN Group Ltd. | 14600 | &nbsp;&nbsp; 123 |
| Naspers Ltd. Class N | 755 | &nbsp;&nbsp; 273 |
|  |  | &nbsp;&nbsp; 575 |
| **South Korea—5.3%** | **South Korea—5.3%** |  |
| Classys, Inc. | 1290 | &nbsp;&nbsp; 46 |
| Hugel, Inc.<sup>(1)</sup> <br>| 211 | &nbsp;&nbsp; 45 |
| Hyundai Glovis Co., Ltd. | 759 | &nbsp;&nbsp; 90 |
| NAVER Corp. | 408 | &nbsp;&nbsp; 78 |
| Samsung Electronics Co., Ltd. | 6681 | &nbsp;&nbsp; 400 |
| SK Biopharmaceuticals Co., <br> Ltd.<sup>(1)</sup> <br>| 1442 | &nbsp;&nbsp; 104 |
| SK Hynix, Inc. | 405 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 863 |
| **Taiwan—12.5%** | **Taiwan—12.5%** |  |
| Asia Vital Components Co., <br> Ltd.<br>| 2000 | &nbsp;&nbsp; 65 |
| AURAS Technology Co., Ltd. | 6000 | &nbsp;&nbsp; 165 |
| Realtek Semiconductor Corp. | 6000 | &nbsp;&nbsp; 108 |
| Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 35121 | &nbsp;&nbsp; 1504 |

---

*See Notes to Financial Statements*

------

**NFJ Emerging Markets Value Fund**

**SCHEDULE OF INVESTMENTS (Continued)**

**September 30, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan—continued** | **Taiwan—continued** |  |
| Wistron Corp. | 23000 | &nbsp;&nbsp; $106 |
| Wiwynn Corp. | 1000 | &nbsp;&nbsp; 109 |
|  |  | &nbsp;&nbsp; 2057 |
| **Thailand—1.8%** | **Thailand—1.8%** |  |
| Charoen Pokphand Foods PCL <br> Foreign Shares<br>| 122700 | &nbsp;&nbsp; 84 |
| CP ALL PCL Foreign Shares | 73100 | &nbsp;&nbsp; 107 |
| CP AXTRA PCL Foreign <br> Shares<br>| 143700 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 291 |
| **United Arab Emirates—3.0%** | **United Arab Emirates—3.0%** |  |
| ADNOC Drilling Co. PJSC | 34038 | &nbsp;&nbsp; 52 |
| Adnoc Gas plc | 107932 | &nbsp;&nbsp; 104 |
| Aldar Properties PJSC | 31363 | &nbsp;&nbsp; 81 |
| Emirates NBD Bank PJSC | 10942 | &nbsp;&nbsp; 72 |
| Emirates Telecommunications <br> Group Co. PJSC<br>| 20589 | &nbsp;&nbsp; 106 |
| First Abu Dhabi Bank PJSC | 19844 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 500 |
| **United Kingdom—0.7%** | **United Kingdom—0.7%** |  |
| Anglogold Ashanti plc | 1536 | &nbsp;&nbsp; 108 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Uruguay—1.2%** | **Uruguay—1.2%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 83 | &nbsp;&nbsp; $194 |
| **Total Common Stocks** <br>**(Identified Cost $12,111)** | **Total Common Stocks** <br>**(Identified Cost $12,111)** | &nbsp;&nbsp; **15850** |
| **Total Long-Term** <br> **Investments—98.5%** <br>**(Identified Cost $12,362)** | **Total Long-Term** <br> **Investments—98.5%** <br>**(Identified Cost $12,362)** | &nbsp;&nbsp; **16130** |
| **TOTAL INVESTMENTS—98.5%** <br>**(Identified Cost $12,362)** | **TOTAL INVESTMENTS—98.5%** <br>**(Identified Cost $12,362)** | &nbsp;&nbsp; **$16130** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp; 252 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$16382** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Non-income producing. |
| <sup>(2)</sup> <br>| The value of this security was determined using <br> significant unobservable inputs and is reported as a <br> Level 3 security in the Fair Value Hierarchy table <br> located after the Schedule of Investments.<br>|
| <sup>(3)</sup> <br>| The Fund is unable to trade and repatriate proceeds <br> due to U.S. sanctions related to the Russia/Ukraine <br> war.<br>|
| <sup>(4)</sup> <br>| Amount is less than $500 (not in thousands). |

---

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

---

| | |
|:---|:---|
| **Country Weightings (Unaudited)**<sup>†</sup>  | **Country Weightings (Unaudited)**<sup>†</sup>  |
| China | 37<br> %<br>|
| Taiwan | 13 |
| India | 8 |
| Saudi Arabia | 8 |
| Cayman Islands | 7 |
| South Korea | 6 |
| Brazil | 5 |
| Other | 16 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of September 30, 2025. | <sup>†</sup> % of total investments as of September 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of September 30, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>September 30, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $280 | &nbsp;&nbsp;&nbsp;&nbsp; $280 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 15850 | &nbsp;&nbsp;&nbsp;&nbsp; 15850 | &nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp; $16130 | &nbsp;&nbsp;&nbsp;&nbsp; $16130 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

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

There were no securities valued using significant observable inputs (Level 2) at September 30, 2025.

There were no transfers into or out of Level 3 related to securities held at September 30, 2025.

The Fund's investment that was categorized as Level 3 was valued utilizing an internal fair value model. Such valuations are based on unobservable inputs. A significant change in inputs could result in a significantly lower or higher value of Level 3 investments.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions

are not shown for the period ended September 30, 2025.

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

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible Fund** | **Duff & Phelps** <br> **Water Fund**<br>| **Global Allocation** <br> **Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $1392689 | &nbsp;&nbsp; $570747 | &nbsp;&nbsp; $69485 |
| Investment in affiliates at value<sup>(2)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71018 |
| Foreign currency at value<sup>(3)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 52 |
| Cash  | &nbsp;&nbsp; 47975 | &nbsp;&nbsp; 619 | &nbsp;&nbsp; 7133 |
| Due from broker | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129 |
| Cash pledged as collateral for futures contracts and options | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1613 |
| Variation margin receivable on futures contracts | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 |
| Receivables |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 14665 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1988 |
| Fund shares sold  | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 11 |
| Dividends and interest | &nbsp;&nbsp; 3175 | &nbsp;&nbsp; 262 | &nbsp;&nbsp; 513 |
| Receivable from adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| Tax reclaims  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1546 | &nbsp;&nbsp; 52 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 2 |
| Prepaid expenses  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 32 |
| Other assets  | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 62 |
| Total assets | &nbsp;&nbsp; 1460145 | &nbsp;&nbsp; 573653 | &nbsp;&nbsp; 152123 |
| **Liabilities** |  |  |  |
| Written options at value<sup>(4)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 412 | &nbsp;&nbsp; 40 |
| Investment securities purchased  | &nbsp;&nbsp; 2785 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2697 |
| Investment advisory fees  | &nbsp;&nbsp; 569 | &nbsp;&nbsp; 341 | &nbsp;&nbsp; — |
| European Union tax reclaim contingent fees payable<sup>(5)</sup> | &nbsp;&nbsp; — | &nbsp;&nbsp; 83 | &nbsp;&nbsp; — |
| Distribution and service fees  | &nbsp;&nbsp; 88 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 8 |
| Administration and accounting fees | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 30 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 11 |
| Professional fees  | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 22 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 62 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 33 |
| Total liabilities | &nbsp;&nbsp; 5003 | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 2912 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $1455142 | &nbsp;&nbsp; $572393 | &nbsp;&nbsp; $149211 |
| **Net Assets Consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $1171540 | &nbsp;&nbsp; $294514 | &nbsp;&nbsp; $128465 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 283602 | &nbsp;&nbsp; 277879 | &nbsp;&nbsp; 20746 |
| **Net Assets** | &nbsp;&nbsp; $1455142 | &nbsp;&nbsp; $572393 | &nbsp;&nbsp; $149211 |
| **Net Assets:** |  |  |  |
| Class A | &nbsp;&nbsp; $174871 | &nbsp;&nbsp; $210898 | &nbsp;&nbsp; $34563 |
| Class C | &nbsp;&nbsp; $64772 | &nbsp;&nbsp; $26986 | &nbsp;&nbsp; $1544 |
| Institutional Class | &nbsp;&nbsp; $1202566 | &nbsp;&nbsp; $334509 | &nbsp;&nbsp; $6261 |
| Class R6 | &nbsp;&nbsp; $12933 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106843 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A | &nbsp;&nbsp; 4112904 | &nbsp;&nbsp; 9748196 | &nbsp;&nbsp; 2943711 |
| Class C | &nbsp;&nbsp; 1496388 | &nbsp;&nbsp; 1348933 | &nbsp;&nbsp; 125878 |
| Institutional Class | &nbsp;&nbsp; 29016181 | &nbsp;&nbsp; 15833336 | &nbsp;&nbsp; 537655 |
| Class R6 | &nbsp;&nbsp; 313009 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9463455 |

---

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible Fund** | **Duff & Phelps** <br> **Water Fund**<br>| **Global Allocation** <br> **Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |
| Class A | &nbsp;&nbsp; $42.52 | &nbsp;&nbsp; $21.63 | &nbsp;&nbsp; $11.74 |
| Class C | &nbsp;&nbsp; $43.29 | &nbsp;&nbsp; $20.01 | &nbsp;&nbsp; $12.26 |
| Institutional Class | &nbsp;&nbsp; $41.44 | &nbsp;&nbsp; $21.13 | &nbsp;&nbsp; $11.65 |
| Class R6 | &nbsp;&nbsp; $41.32 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $11.29 |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A | &nbsp;&nbsp; $44.99 | &nbsp;&nbsp; $22.89 | &nbsp;&nbsp; $12.42 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $1168855 | &nbsp;&nbsp; $344413 | &nbsp;&nbsp; $60431 |
| <sup>(2)</sup> Investment in affiliates at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $68036 |
| <sup>(3)</sup> Foreign currency at cost | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $— <br><sup>(a)</sup><br>|
| <sup>(4)</sup> Written options premiums received | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $17 |

---

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

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

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

<sup>(5)</sup> See Note 2C in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br> **Small-Cap Fund**<br>| **Newfleet Short** <br> **Duration High** <br> **Income Fund**<br>| **NFJ Emerging** <br> **Markets Value Fund**<br>|
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup> | &nbsp;&nbsp; $53089 | &nbsp;&nbsp; $679353 | &nbsp;&nbsp; $16130 |
| Foreign currency at value<sup>(2)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133 |
| Cash  | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 16862 | &nbsp;&nbsp; 191 |
| Receivables |  |  |  |
| Investment securities sold  | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 3476 | &nbsp;&nbsp; 261 |
| Fund shares sold  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1811 | &nbsp;&nbsp; 6 |
| Dividends and interest | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 11271 | &nbsp;&nbsp; 25 |
| Receivable from adviser | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 |
| Tax reclaims  | &nbsp;&nbsp; 232 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Tax receivable  | &nbsp;&nbsp; 53 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36 |
| Prepaid Trustees' retainer | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Prepaid expenses  | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 56 | &nbsp;&nbsp; 41 |
| Other assets  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 15 |
| Total assets | &nbsp;&nbsp; 54443 | &nbsp;&nbsp; 713056 | &nbsp;&nbsp; 16853 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| Fund shares repurchased  | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 343 | &nbsp;&nbsp; — |
| Investment securities purchased  | &nbsp;&nbsp; — | &nbsp;&nbsp; 9984 | &nbsp;&nbsp; 342 |
| Foreign capital gains tax | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| Dividend distributions  | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; — |
| Investment advisory fees  | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 177 | &nbsp;&nbsp; — |
| Distribution and service fees  | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 1 |
| Administration and accounting fees | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; 18 |
| Transfer agent and sub-transfer agent fees and expenses | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 133 | &nbsp;&nbsp; 3 |
| Professional fees  | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 31 |
| Trustee deferred compensation plan  | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 215 | &nbsp;&nbsp; 15 |
| Interest expense and/or commitment fees | &nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Other accrued expenses | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 26 |
| Total liabilities | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 11055 | &nbsp;&nbsp; 471 |
| **Commitments and contingencies (Note 4D)** | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Net Assets** | &nbsp;&nbsp; $54297 | &nbsp;&nbsp; $702001 | &nbsp;&nbsp; $16382 |
| **Net Assets Consist of:** |  |  |  |
| Capital paid in on shares of beneficial interest | &nbsp;&nbsp; $39672 | &nbsp;&nbsp; $908886 | &nbsp;&nbsp; $32562 |
| Accumulated earnings (loss) | &nbsp;&nbsp; 14625 | &nbsp;&nbsp; (206885)<br>| &nbsp;&nbsp; (16180)<br>|
| **Net Assets** | &nbsp;&nbsp; $54297 | &nbsp;&nbsp; $702001 | &nbsp;&nbsp; $16382 |
| **Net Assets:** |  |  |  |
| Class A  | &nbsp;&nbsp; $3677 | &nbsp;&nbsp; $124881 | &nbsp;&nbsp; $4827 |
| Class C | &nbsp;&nbsp; $59 | &nbsp;&nbsp; $43313 | &nbsp;&nbsp; $269 |
| Institutional Class | &nbsp;&nbsp; $22565 | &nbsp;&nbsp; $516260 | &nbsp;&nbsp; $11286 |
| Class R6 | &nbsp;&nbsp; $27996 | &nbsp;&nbsp; $17547 | &nbsp;&nbsp; $— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A  | &nbsp;&nbsp; 100736 | &nbsp;&nbsp; 9043339 | &nbsp;&nbsp; 231533 |
| Class C | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; 3122665 | &nbsp;&nbsp; 13130 |
| Institutional Class | &nbsp;&nbsp; 588687 | &nbsp;&nbsp; 37794846 | &nbsp;&nbsp; 543119 |
| Class R6 | &nbsp;&nbsp; 741842 | &nbsp;&nbsp; 1283817 | &nbsp;&nbsp; — |

---

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**September 30, 2025**

(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br> **Small-Cap Fund**<br>| **Newfleet Short** <br> **Duration High** <br> **Income Fund**<br>| **NFJ Emerging** <br> **Markets Value Fund**<br>|
| **Net Asset Value and Redemption Price Per Share:**<sup>\*</sup> <br>|  |  |  |
| Class A  | &nbsp;&nbsp; $36.50 | &nbsp;&nbsp; $13.81 | &nbsp;&nbsp; $20.85 |
| Class C | &nbsp;&nbsp; $35.72 | &nbsp;&nbsp; $13.87 | &nbsp;&nbsp; $20.51 |
| Institutional Class | &nbsp;&nbsp; $38.33 | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; $20.78 |
| Class R6 | &nbsp;&nbsp; $37.74 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $— |
| **Maximum Offering Price Per Share** (NAV/(1-Maximum Sales Charge)): |  |  |  |
| Class A  | &nbsp;&nbsp; $38.62 | &nbsp;&nbsp; $14.13 | &nbsp;&nbsp; $22.06 |
| Maximum Sales Charge - Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.50<br> %<br>|
| <sup>(1)</sup> Investment in securities at cost | &nbsp;&nbsp; $39880 | &nbsp;&nbsp; $669529 | &nbsp;&nbsp; $12362 |
| <sup>(2)</sup> Foreign currency at cost | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $133 |

---

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

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

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. 

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**YEAR ENDED September 30, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible Fund** | **Duff & Phelps** <br> **Water Fund**<br>| **Global Allocation** <br> **Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $11242 | &nbsp;&nbsp;&nbsp; $11294 | &nbsp;&nbsp;&nbsp; $1693 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 359 |
| Interest  | &nbsp;&nbsp;&nbsp; 22294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2013 |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 2 |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (440)<br>| &nbsp;&nbsp;&nbsp; (101)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 33536 | &nbsp;&nbsp;&nbsp; 11633 | &nbsp;&nbsp;&nbsp; 3966 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 7552 | &nbsp;&nbsp;&nbsp; 5530 | &nbsp;&nbsp;&nbsp; 901 |
| Distribution and service fees, Class A | &nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 83 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; 14 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 1333 | &nbsp;&nbsp;&nbsp; 599 | &nbsp;&nbsp;&nbsp; 163 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 66 |
| Sub-transfer agent fees and expenses, Class A | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 24 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 1 |
| Sub-transfer agent fees and expenses, Institutional Class | &nbsp;&nbsp;&nbsp; 955 | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 5 |
| European Union tax reclaim closing agreement filing fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Custodian fees  | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 17 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 36 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1 |
| Registration fees  | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 37 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 11 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 68 |
| Total expenses | &nbsp;&nbsp;&nbsp; 12101 | &nbsp;&nbsp;&nbsp; 8131 | &nbsp;&nbsp;&nbsp; 1432 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (1635)<br>| &nbsp;&nbsp;&nbsp; (1683)<br>| &nbsp;&nbsp;&nbsp; (1003)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 10466 | &nbsp;&nbsp;&nbsp; 6448 | &nbsp;&nbsp;&nbsp; 429 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 23070 | &nbsp;&nbsp;&nbsp; 5185 | &nbsp;&nbsp;&nbsp; 3537 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 179953 | &nbsp;&nbsp;&nbsp; 54052 | &nbsp;&nbsp;&nbsp; 3086 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (101)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp; (48)<br>|
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 508 |
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
| Capital gains received from investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2353 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 83573 | &nbsp;&nbsp;&nbsp; (38569)<br>| &nbsp;&nbsp;&nbsp; 3967 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1068 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 2 |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| Written options | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
| Futures | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (465)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>|
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 263526 | &nbsp;&nbsp;&nbsp; 15481 | &nbsp;&nbsp;&nbsp; 10400 |

---

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**YEAR ENDED September 30, 2025**

($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Convertible Fund** | **Duff & Phelps** <br> **Water Fund**<br>| **Global Allocation** <br> **Fund**<br>|
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $286596 | &nbsp;&nbsp;&nbsp; $20666 | &nbsp;&nbsp;&nbsp; $13937 |

---

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

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

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

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

**YEAR ENDED September 30, 2025**

($ reported in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **International** <br> **Small-Cap Fund**<br>| **Newfleet Short** <br> **Duration High** <br> **Income Fund**<br>| **NFJ Emerging** <br> **Markets Value Fund**<br>|
| **Investment Income** |  |  |  |
| Dividends  | &nbsp;&nbsp;&nbsp; $2078 | &nbsp;&nbsp;&nbsp; $793 | &nbsp;&nbsp;&nbsp; $324 |
| Interest  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 46845 | &nbsp;&nbsp;&nbsp; — |
| European Union tax reclaims<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld  | &nbsp;&nbsp;&nbsp; (221)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 1877 | &nbsp;&nbsp;&nbsp; 47638 | &nbsp;&nbsp;&nbsp; 293 |
| **Expenses** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 3085 | &nbsp;&nbsp;&nbsp; 135 |
| Distribution and service fees, Class A  | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 11 |
| Distribution and service fees, Class C | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 3 |
| Administration and accounting fees | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 668 | &nbsp;&nbsp;&nbsp; 40 |
| Transfer agent fees and expenses | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 7 |
| Sub-transfer agent fees and expenses, Class A  | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 4 |
| Sub-transfer agent fees and expenses, Class C | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Sub-transfer agent fees and expenses, Institutional Class | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 9 |
| European Union tax reclaim fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian fees  | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 13 |
| Printing fees and expenses  | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 8 |
| Professional fees  | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 62 |
| Interest expense and/or commitment fees | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — <br><sup>(a)</sup><br>|
| Registration fees  | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 21 |
| Trustees' fees and expenses  | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 2 |
| Miscellaneous expenses | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 26 |
| Total expenses | &nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp; 5405 | &nbsp;&nbsp;&nbsp; 341 |
| Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; (231)<br>| &nbsp;&nbsp;&nbsp; (1001)<br>| &nbsp;&nbsp;&nbsp; (185)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp; 4404 | &nbsp;&nbsp;&nbsp; 156 |
| **Net investment income (loss)** | &nbsp;&nbsp;&nbsp; 1383 | &nbsp;&nbsp;&nbsp; 43234 | &nbsp;&nbsp;&nbsp; 137 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| Net realized gain (loss) from: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp; (12919)<br>| &nbsp;&nbsp;&nbsp; 1747 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18)<br>|
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31)<br>|
| Foreign capital gains tax refund | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43 |
| Net change in unrealized appreciation (depreciation) on: |  |  |  |
| Investments | &nbsp;&nbsp;&nbsp; 6629 | &nbsp;&nbsp;&nbsp; 9045 | &nbsp;&nbsp;&nbsp; 1076 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 |
| Foreign capital gains tax | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
| **Net realized and unrealized gain (loss) on investments** | &nbsp;&nbsp;&nbsp; 7794 | &nbsp;&nbsp;&nbsp; (3874)<br>| &nbsp;&nbsp;&nbsp; 2840 |
| Net increase (decrease) in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $9177 | &nbsp;&nbsp;&nbsp; $39360 | &nbsp;&nbsp;&nbsp; $2977 |

---

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

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

<sup>(1)</sup> See Note 2C in Notes to Financial Statements.

<sup>(2)</sup> See Note 4D in Notes to Financial Statements.

*See Notes to Financial Statements*

------

**VIRTUS STRATEGIC TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)** 

($ reported in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $23070 | &nbsp;&nbsp;&nbsp; $28302 | &nbsp;&nbsp;&nbsp; $5185 | &nbsp;&nbsp;&nbsp; $3806 | &nbsp;&nbsp;&nbsp; $3537 | &nbsp;&nbsp;&nbsp; $4662 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 179953 | &nbsp;&nbsp;&nbsp; 41448 | &nbsp;&nbsp;&nbsp; 53959 | &nbsp;&nbsp;&nbsp; 39033 | &nbsp;&nbsp;&nbsp; 5801 | &nbsp;&nbsp;&nbsp; 1564 |
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 83573 | &nbsp;&nbsp;&nbsp; 126314 | &nbsp;&nbsp;&nbsp; (38478)<br>| &nbsp;&nbsp;&nbsp; 126261 | &nbsp;&nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp; 26226 |
| **Increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; 286596 | &nbsp;&nbsp;&nbsp; 196064 | &nbsp;&nbsp;&nbsp; 20666 | &nbsp;&nbsp;&nbsp; 169100 | &nbsp;&nbsp;&nbsp; 13937 | &nbsp;&nbsp;&nbsp; 32452 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3234)<br>| &nbsp;&nbsp;&nbsp; (4273)<br>| &nbsp;&nbsp;&nbsp; (15088)<br>| &nbsp;&nbsp;&nbsp; (7058)<br>| &nbsp;&nbsp;&nbsp; (989)<br>| &nbsp;&nbsp;&nbsp; (927)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (755)<br>| &nbsp;&nbsp;&nbsp; (1177)<br>| &nbsp;&nbsp;&nbsp; (2277)<br>| &nbsp;&nbsp;&nbsp; (1053)<br>| &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (33)<br>|
| Class P | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6014)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4653)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (25492)<br>| &nbsp;&nbsp;&nbsp; (24792)<br>| &nbsp;&nbsp;&nbsp; (27870)<br>| &nbsp;&nbsp;&nbsp; (8396)<br>| &nbsp;&nbsp;&nbsp; (188)<br>| &nbsp;&nbsp;&nbsp; (157)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (161)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3289)<br>| &nbsp;&nbsp;&nbsp; (4840)<br>|
| Administrative Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (81)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (29642)<br>| &nbsp;&nbsp;&nbsp; (36350)<br>| &nbsp;&nbsp;&nbsp; (45235)<br>| &nbsp;&nbsp;&nbsp; (21160)<br>| &nbsp;&nbsp;&nbsp; (4497)<br>| &nbsp;&nbsp;&nbsp; (6000)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (18302)<br>| &nbsp;&nbsp;&nbsp; (55515)<br>| &nbsp;&nbsp;&nbsp; (15076)<br>| &nbsp;&nbsp;&nbsp; (19539)<br>| &nbsp;&nbsp;&nbsp; (2796)<br>| &nbsp;&nbsp;&nbsp; (4849)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (14572)<br>| &nbsp;&nbsp;&nbsp; (19747)<br>| &nbsp;&nbsp;&nbsp; (6992)<br>| &nbsp;&nbsp;&nbsp; (9008)<br>| &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (592)<br>|
| Class P | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (348052)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (157155)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1690)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (93367)<br>| &nbsp;&nbsp;&nbsp; 130147 | &nbsp;&nbsp;&nbsp; (45131)<br>| &nbsp;&nbsp;&nbsp; 114772 | &nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp; 6 |
| Class R6 | &nbsp;&nbsp;&nbsp; 10746 | &nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4799)<br>| &nbsp;&nbsp;&nbsp; (72328)<br>|
| Administrative Class | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5800)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (113)<br>|
| **Increase (decrease) in net assets from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; (115495)<br>| &nbsp;&nbsp;&nbsp; (298672)<br>| &nbsp;&nbsp;&nbsp; (67199)<br>| &nbsp;&nbsp;&nbsp; (70930)<br>| &nbsp;&nbsp;&nbsp; (7978)<br>| &nbsp;&nbsp;&nbsp; (79566)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 141459 | &nbsp;&nbsp;&nbsp; (138958)<br>| &nbsp;&nbsp;&nbsp; (91768)<br>| &nbsp;&nbsp;&nbsp; 77010 | &nbsp;&nbsp;&nbsp; 1462 | &nbsp;&nbsp;&nbsp; (53114)<br>|
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1313683 | &nbsp;&nbsp;&nbsp; 1452641 | &nbsp;&nbsp;&nbsp; 664161 | &nbsp;&nbsp;&nbsp; 587151 | &nbsp;&nbsp;&nbsp; 147749 | &nbsp;&nbsp;&nbsp; 200863 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $1455142 | &nbsp;&nbsp;&nbsp; $1313683 | &nbsp;&nbsp;&nbsp; $572393 | &nbsp;&nbsp;&nbsp; $664161 | &nbsp;&nbsp;&nbsp; $149211 | &nbsp;&nbsp;&nbsp; $147749 |

---

*See Notes to Financial Statements*

------

**VIRTUS STRATEGIC TRUST**

**STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)**

($ reported in thousands)

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **International Small-Cap Fund** | **International Small-Cap Fund** | **Newfleet Short Duration High** <br> **Income Fund** | **Newfleet Short Duration High** <br> **Income Fund** | **NFJ Emerging Markets Value Fund** | **NFJ Emerging Markets Value Fund** |
|  | **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>| **Year Ended** <br>**September 30,** <br>**2025**<br>| **Year Ended** <br>**September 30,** <br>**2024**<br>|
| **Increase (Decrease) in Net Assets Resulting from** <br> **Operations**<br>|  |  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1383 | &nbsp;&nbsp;&nbsp; $1402 | &nbsp;&nbsp;&nbsp; $43234 | &nbsp;&nbsp;&nbsp; $39636 | &nbsp;&nbsp;&nbsp; $137 | &nbsp;&nbsp;&nbsp; $277 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp;&nbsp; (12919)<br>| &nbsp;&nbsp;&nbsp; (7912)<br>| &nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp; (3860)<br>|
| Net change in unrealized appreciation (depreciation)  | &nbsp;&nbsp;&nbsp; 6707 | &nbsp;&nbsp;&nbsp; 3103 | &nbsp;&nbsp;&nbsp; 9045 | &nbsp;&nbsp;&nbsp; 32384 | &nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp; 5782 |
| **Increase (decrease) in net assets resulting from** <br> **operations**<br>| &nbsp;&nbsp;&nbsp; 9177 | &nbsp;&nbsp;&nbsp; 6706 | &nbsp;&nbsp;&nbsp; 39360 | &nbsp;&nbsp;&nbsp; 64108 | &nbsp;&nbsp;&nbsp; 2977 | &nbsp;&nbsp;&nbsp; 2199 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| **Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| Class A  | &nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp; (8143)<br>| &nbsp;&nbsp;&nbsp; (7752)<br>| &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; (80)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (2805)<br>| &nbsp;&nbsp;&nbsp; (3009)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Class P | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (233)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7718)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (603)<br>| &nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; (31710)<br>| &nbsp;&nbsp;&nbsp; (21580)<br>| &nbsp;&nbsp;&nbsp; (128)<br>| &nbsp;&nbsp;&nbsp; (407)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (811)<br>| &nbsp;&nbsp;&nbsp; (646)<br>| &nbsp;&nbsp;&nbsp; (1042)<br>| &nbsp;&nbsp;&nbsp; (1080)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total dividends and distributions to shareholders** | &nbsp;&nbsp;&nbsp; (1510)<br>| &nbsp;&nbsp;&nbsp; (1640)<br>| &nbsp;&nbsp;&nbsp; (43700)<br>| &nbsp;&nbsp;&nbsp; (41139)<br>| &nbsp;&nbsp;&nbsp; (175)<br>| &nbsp;&nbsp;&nbsp; (519)<br>|
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| Class A  | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; (356)<br>| &nbsp;&nbsp;&nbsp; 7828 | &nbsp;&nbsp;&nbsp; 3180 | &nbsp;&nbsp;&nbsp; (925)<br>| &nbsp;&nbsp;&nbsp; (2137)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (25)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (2051)<br>| &nbsp;&nbsp;&nbsp; (5414)<br>| &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (179)<br>|
| Class P | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (166376)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2806)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 2591 | &nbsp;&nbsp;&nbsp; 106601 | &nbsp;&nbsp;&nbsp; 162066 | &nbsp;&nbsp;&nbsp; (5500)<br>| &nbsp;&nbsp;&nbsp; (17176)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2368)<br>| &nbsp;&nbsp;&nbsp; 12031 | &nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Increase (decrease) in net assets from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; (2406)<br>| &nbsp;&nbsp;&nbsp; 9869 | &nbsp;&nbsp;&nbsp; 115754 | &nbsp;&nbsp;&nbsp; (5757)<br>| &nbsp;&nbsp;&nbsp; (6512)<br>| &nbsp;&nbsp;&nbsp; (22298)<br>|
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp; 5261 | &nbsp;&nbsp;&nbsp; 14935 | &nbsp;&nbsp;&nbsp; 111414 | &nbsp;&nbsp;&nbsp; 17212 | &nbsp;&nbsp;&nbsp; (3710)<br>| &nbsp;&nbsp;&nbsp; (20618)<br>|
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period | &nbsp;&nbsp;&nbsp; 49036 | &nbsp;&nbsp;&nbsp; 34101 | &nbsp;&nbsp;&nbsp; 590587 | &nbsp;&nbsp;&nbsp; 573375 | &nbsp;&nbsp;&nbsp; 20092 | &nbsp;&nbsp;&nbsp; 40710 |
| **End of Period** | &nbsp;&nbsp;&nbsp; $54297 | &nbsp;&nbsp;&nbsp; $49036 | &nbsp;&nbsp;&nbsp; $702001 | &nbsp;&nbsp;&nbsp; $590587 | &nbsp;&nbsp;&nbsp; $16382 | &nbsp;&nbsp;&nbsp; $20092 |

---

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

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

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> <br>| **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> <br>| **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> <br>| **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> <br>| **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> <br>| **Portfolio Turnover Rate**<sup>(3)</sup> <br>|
| **Convertible Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $34.99  | 0.58  | —  | 7.69  | 8.27  | (0.74)  | —  | (0.74)  | —  | 7.53  | $42.52  | 23.97 %  | $174871  | 0.96 %  | 1.09 %  | 1.57 %  | 159 %  |
| 10/1/23 to 9/30/24 | 31.00  | 0.57  | —  | 4.22  | 4.79  | (0.80)  | —  | (0.80)  | —  | 3.99  | 34.99  | 15.64  | 161418  | 0.96  | 1.09  | 1.75  | 152  |
| 10/1/22 to 9/30/23 | 30.27  | 0.54  | —  | 0.73  | 1.27  | (0.54)  | —  | (0.54)  | —  | 0.73  | 31.00  | 4.19  | 196478  | 0.96  | 1.10  | 1.71  | 136  |
| 10/1/21 to 9/30/22 | 45.74  | 0.16  | —  | (7.94)  | (7.78)  | (0.19)  | (7.50)  | (7.69)  | —  | (15.47)  | 30.27  | (20.06)  | 236603  | 0.96  | 1.10  | 0.45  | 121  |
| 10/1/20 to 9/30/21 | 38.77  | 0.11  | —  | 9.73  | 9.84  | (0.20)  | (2.67)  | (2.87)  | —  | 6.97  | 45.74  | 25.71  | 396378  | 0.95 <sup>(8)</sup> <br>| 1.02  | 0.25  | 130  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $35.60  | 0.31  | —  | 7.81  | 8.12  | (0.43)  | —  | (0.43)  | —  | 7.69  | $43.29  | 23.02 %  | $64772  | 1.73 %  | 1.83 %  | 0.81 %  | 159 %  |
| 10/1/23 to 9/30/24 | 31.44  | 0.41  | —  | 4.29  | 4.70  | (0.54)  | —  | (0.54)  | —  | 4.16  | 35.60  | 15.06  | 67066  | 1.73  | 1.84  | 1.23  | 152  |
| 10/1/22 to 9/30/23 | 30.69  | 0.30  | —  | 0.73  | 1.03  | (0.28)  | —  | (0.28)  | —  | 0.75  | 31.44  | 3.37  | 78057  | 1.73  | 1.83  | 0.95  | 136  |
| 10/1/21 to 9/30/22 | 46.36  | (0.12)  | —  | (8.05)  | (8.17)  | — <sup>(9)</sup> <br>| (7.50)  | (7.50)  | —  | (15.67)  | 30.69  | (20.67)  | 87842  | 1.73  | 1.82  | (0.32)  | 121  |
| 10/1/20 to 9/30/21 | 39.39  | (0.24)  | —  | 9.88  | 9.64  | — <sup>(9)</sup> <br>| (2.67)  | (2.67)  | —  | 6.97  | 46.36  | 24.75  | 141138  | 1.72 <sup>(8)</sup> <br>| 1.77  | (0.52)  | 130  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $34.13  | 0.66  | —  | 7.49  | 8.15  | (0.84)  | —  | (0.84)  | —  | 7.31  | $41.44  | 24.27 %  | $1202566  | 0.71 %  | 0.83 %  | 1.82 %  | 159 %  |
| 10/1/23 to 9/30/24 | 30.20  | 0.71  | —  | 4.12  | 4.83  | (0.90)  | —  | (0.90)  | —  | 3.93  | 34.13  | 16.22  | 1084616  | 0.71  | 0.85  | 2.23  | 152  |
| 10/1/22 to 9/30/23 | 29.52  | 0.60  | —  | 0.71  | 1.31  | (0.63)  | —  | (0.63)  | —  | 0.68  | 30.20  | 4.43  | 844174  | 0.71  | 0.86  | 1.96  | 136  |
| 10/1/21 to 9/30/22 | 44.81  | 0.24  | —  | (7.74)  | (7.50)  | (0.29)  | (7.50)  | (7.79)  | —  | (15.29)  | 29.52  | (19.84)  | 930359  | 0.71  | 0.83  | 0.68  | 121  |
| 10/1/20 to 9/30/21 | 38.04  | 0.23  | —  | 9.53  | 9.76  | (0.32)  | (2.67)  | (2.99)  | —  | 6.77  | 44.81  | 26.02  | 1640171  | 0.69  | 0.77  | 0.51  | 130  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $34.07  | 0.66  | —  | 7.51  | 8.17  | (0.92)  | —  | (0.92)  | —  | 7.25  | $41.32  | 24.39 %  | $12933  | 0.62 %  | 0.75 %  | 1.81 %  | 159 %  |
| 10/1/23 to 9/30/24 | 30.15  | 0.74  | —  | 4.12  | 4.86  | (0.94)  | —  | (0.94)  | —  | 3.92  | 34.07  | 16.32  | 583  | 0.62  | 0.76  | 2.32  | 152  |
| 10/1/22 to 9/30/23 | 29.49  | 0.65  | —  | 0.69  | 1.34  | (0.68)  | —  | (0.68)  | —  | 0.66  | 30.15  | 4.55  | 226  | 0.62  | 0.75  | 2.12  | 136  |
| 1/31/22<sup>(10)</sup> to 9/30/22 | 34.43  | 0.24  | —  | (4.94)  | (4.70)  | (0.24)  | —  | (0.24)  | —  | (4.94)  | 29.49  | (13.67)  | 86  | 0.62  | 0.83  | 1.11  | 121 <sup>(11)</sup> <br>|
| **Duff & Phelps Water** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $22.29  | 0.16  | —  | 0.65  | 0.81  | (0.06)  | (1.41)  | (1.47)  | —  | (0.66)  | $21.63  | 4.55 %  | $210898  | 1.24 % <sup>(12)</sup> <br>| 1.51 %  | 0.76 %  | 29 %  |
| 10/1/23 to 9/30/24 | 17.57  | 0.10  | —  | 5.25  | 5.35  | (0.12)  | (0.51)  | (0.63)  | —  | 4.72  | 22.29  | 31.12  | 233226  | 1.22  | 1.48  | 0.48  | 22  |
| 10/1/22 to 9/30/23 | 15.87  | 0.09  | —  | 1.68  | 1.77  | (0.07)  | —  | (0.07)  | —  | 1.70  | 17.57  | 11.17  | 201139  | 1.22  | 1.48  | 0.48  | 19  |
| 10/1/21 to 9/30/22 | 22.45  | 0.05  | —  | (4.87)  | (4.82)  | (0.25)  | (1.51)  | (1.76)  | — <sup>(9)</sup> <br>| (6.58)  | 15.87  | (23.71) <sup>(13)</sup> <br>| 207428  | 1.22  | 1.48  | 0.27  | 27  |
| 10/1/20 to 9/30/21 | 17.63  | 0.26  | —  | 4.87  | 5.13  | (0.04)  | (0.27)  | (0.31)  | —  | 4.82  | 22.45  | 29.41  | 286453  | 1.22  | 1.45  | 1.23  | 32  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $20.81  | — <sup>(9)</sup> <br>| —  | 0.61  | 0.61  | —  | (1.41)  | (1.41)  | —  | (0.80)  | $20.01  | 3.81 %  | $26986  | 1.99 % <sup>(12)</sup> <br>| 2.26 %  | (0.01) %  | 29 %  |
| 10/1/23 to 9/30/24 | 16.45  | (0.05)  | —  | 4.92  | 4.87  | —  | (0.51)  | (0.51)  | —  | 4.36  | 20.81  | 30.14  | 35697  | 1.97  | 2.24  | (0.27)  | 22  |
| 10/1/22 to 9/30/23 | 14.90  | (0.05)  | —  | 1.60  | 1.55  | —  | —  | —  | —  | 1.55  | 16.45  | 10.40  | 36154  | 1.97  | 2.23  | (0.28)  | 19  |
| 10/1/21 to 9/30/22 | 21.18  | (0.09)  | —  | (4.60)  | (4.69)  | (0.08)  | (1.51)  | (1.59)  | — <sup>(9)</sup> <br>| (6.28)  | 14.90  | (24.32) <sup>(13)</sup> <br>| 41415  | 1.97  | 2.22  | (0.50)  | 27  |
| 10/1/20 to 9/30/21 | 16.73  | 0.09  | —  | 4.63  | 4.72  | — <sup>(9)</sup> <br>| (0.27)  | (0.27)  | —  | 4.45  | 21.18  | 28.48  | 68805  | 1.97  | 2.20  | 0.43  | 32  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Duff & Phelps Water** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $21.84  | 0.21  | —  | 0.65  | 0.86  | (0.16)  | (1.41)  | (1.57)  | —  | (0.71)  | $21.13  | 4.93 %  | $334509  | 0.95 % <sup>(12)</sup> <br>| 1.26 %  | 1.05 %  | 29 %  |
| 10/1/23 to 9/30/24 | 17.24  | 0.15  | —  | 5.14  | 5.29  | (0.18)  | (0.51)  | (0.69)  | —  | 4.60  | 21.84  | 31.40  | 395238  | 0.93  | 1.23  | 0.77  | 22  |
| 10/1/22 to 9/30/23 | 15.57  | 0.14  | —  | 1.66  | 1.80  | (0.13)  | —  | (0.13)  | —  | 1.67  | 17.24  | 11.55  | 220985  | 0.93  | 1.24  | 0.76  | 19  |
| 10/1/21 to 9/30/22 | 22.06  | 0.11  | —  | (4.77)  | (4.66)  | (0.32)  | (1.51)  | (1.83)  | — <sup>(9)</sup> <br>| (6.49)  | 15.57  | (23.48) <sup>(13)</sup> <br>| 235079  | 0.93  | 1.23  | 0.59  | 27  |
| 10/1/20 to 9/30/21 | 17.33  | 0.33  | —  | 4.77  | 5.10  | (0.10)  | (0.27)  | (0.37)  | —  | 4.73  | 22.06  | 29.76  | 325247  | 0.93  | 1.21  | 1.57  | 32  |
| **Global Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.99  | 0.25  | 0.18  | 0.64  | 1.07  | (0.19)  | (0.13)  | (0.32)  | —  | 0.75  | $11.74  | 10.09 %  | $34563  | 0.52 %  | 1.26 %  | 2.29 %  | 115 % <sup>(14)</sup> <br>|
| 10/1/23 to 9/30/24 | 9.40  | 0.19  | 0.40  | 1.26  | 1.85  | (0.26)  | —  | (0.26)  | —  | 1.59  | 10.99  | 20.00  | 35181  | 0.52  | 1.31  | 1.87  | 69  |
| 10/1/22 to 9/30/23 | 9.03  | 0.22  | 0.40  | 0.23  | 0.85  | (0.01)  | (0.47)  | (0.48)  | —  | 0.37  | 9.40  | 9.49  | 34586  | 0.52  | 1.30  | 2.33  | 55  |
| 10/1/21 to 9/30/22 | 11.99  | 0.10  | 0.74  | (2.75)  | (1.91)  | (0.22)  | (0.83)  | (1.05)  | —  | (2.96)  | 9.03  | (17.65)  | 36036  | 0.52  | 1.26  | 0.91  | 88  |
| 10/1/20 to 9/30/21 | 11.11  | 0.14  | 0.16  | 1.33  | 1.63  | (0.22)  | (0.53)  | (0.75)  | — <sup>(9)</sup> <br>| 0.88  | 11.99  | 15.16 <sup>(13)</sup> <br>| 49743  | 0.56 <sup>(15)</sup> <br>| 1.22  | 1.19  | 168  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $11.48  | 0.17  | 0.20  | 0.65  | 1.02  | (0.11)  | (0.13)  | (0.24)  | —  | 0.78  | $12.26  | 9.16 %  | $1544  | 1.27 %  | 2.02 %  | 1.54 %  | 115 % <sup>(14)</sup> <br>|
| 10/1/23 to 9/30/24 | 9.79  | 0.17  | 0.42  | 1.28  | 1.87  | (0.18)  | —  | (0.18)  | —  | 1.69  | 11.48  | 19.25  | 1545  | 1.27  | 2.07  | 1.57  | 69  |
| 10/1/22 to 9/30/23 | 9.46  | 0.17  | 0.41  | 0.22  | 0.80  | —  | (0.47)  | (0.47)  | —  | 0.33  | 9.79  | 8.55  | 1866  | 1.27  | 2.05  | 1.68  | 55  |
| 10/1/21 to 9/30/22 | 12.50  | 0.06  | 0.74  | (2.88)  | (2.08)  | (0.13)  | (0.83)  | (0.96)  | —  | (3.04)  | 9.46  | (18.21)  | 2136  | 1.27  | 2.03  | 0.53  | 88  |
| 10/1/20 to 9/30/21 | 11.47  | 0.07  | 0.21  | 1.32  | 1.60  | (0.04)  | (0.53)  | (0.57)  | — <sup>(9)</sup> <br>| 1.03  | 12.50  | 14.29 <sup>(13)</sup> <br>| 2558  | 1.31 <sup>(15)</sup> <br>| 1.94  | 0.59  | 168  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.91  | 0.27  | 0.19  | 0.62  | 1.08  | (0.21)  | (0.13)  | (0.34)  | —  | 0.74  | $11.65  | 10.31 %  | $6261  | 0.29 %  | 1.01 %  | 2.51 %  | 115 % <sup>(14)</sup> <br>|
| 10/1/23 to 9/30/24 | 9.32  | 0.21  | 0.40  | 1.26  | 1.87  | (0.28)  | —  | (0.28)  | —  | 1.59  | 10.91  | 20.47  | 6202  | 0.29  | 1.06  | 2.08  | 69  |
| 10/1/22 to 9/30/23 | 8.95  | 0.25  | 0.39  | 0.21  | 0.85  | (0.01)  | (0.47)  | (0.48)  | —  | 0.37  | 9.32  | 9.64  | 5327  | 0.29  | 1.05  | 2.64  | 55  |
| 10/1/21 to 9/30/22 | 11.89  | 0.36  | 0.72  | (2.95)  | (1.87)  | (0.24)  | (0.83)  | (1.07)  | —  | (2.94)  | 8.95  | (17.42)  | 6085  | 0.29  | 1.01  | 3.29  | 88  |
| 10/1/20 to 9/30/21 | 11.05  | 0.17  | 0.16  | 1.32  | 1.65  | (0.28)  | (0.53)  | (0.81)  | — <sup>(9)</sup> <br>| 0.84  | 11.89  | 15.46 <sup>(13)</sup> <br>| 10820  | 0.31 <sup>(15)</sup> <br>| 0.86  | 1.43  | 168  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $10.58  | 0.27  | 0.17  | 0.61  | 1.05  | (0.21)  | (0.13)  | (0.34)  | —  | 0.71  | $11.29  | 10.36 %  | $106843  | 0.22 %  | 0.92 %  | 2.59 %  | 115 % <sup>(14)</sup> <br>|
| 10/1/23 to 9/30/24 | 9.05  | 0.28  | 0.39  | 1.15  | 1.82  | (0.29)  | —  | (0.29)  | —  | 1.53  | 10.58  | 20.49  | 104821  | 0.22  | 0.97  | 2.95  | 69  |
| 10/1/22 to 9/30/23 | 8.70  | 0.24  | 0.38  | 0.21  | 0.83  | (0.01)  | (0.47)  | (0.48)  | —  | 0.35  | 9.05  | 9.71  | 157400  | 0.22  | 0.96  | 2.55  | 55  |
| 10/1/21 to 9/30/22 | 11.59  | 0.12  | 0.71  | (2.64)  | (1.81)  | (0.25)  | (0.83)  | (1.08)  | —  | (2.89)  | 8.70  | (17.37)  | 175564  | 0.22  | 0.93  | 1.19  | 88  |
| 10/1/20 to 9/30/21 | 10.79  | 0.17  | 0.16  | 1.28  | 1.61  | (0.28)  | (0.53)  | (0.81)  | — <sup>(9)</sup> <br>| 0.80  | 11.59  | 15.46 <sup>(13)</sup> <br>| 216700  | 0.26 <sup>(15)</sup> <br>| 0.91  | 1.50  | 168  |
| **International** <br> **Small-Cap Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $31.35  | 0.84  | —  | 5.25  | 6.09  | (0.94)  | —  | (0.94)  | —  | 5.15  | $36.50  | 20.29 %  | $3677  | 1.26 %  | 1.84 %  | 2.71 %  | 75 %  |
| 10/1/23 to 9/30/24 | 27.87  | 0.88  | —  | 4.22  | 5.10  | (1.62)  | —  | (1.62)  | —  | 3.48  | 31.35  | 19.02  | 3202  | 1.25  | 1.85  | 3.00  | 110  |
| 10/1/22 to 9/30/23 | 22.77  | 0.96  | —  | 4.42  | 5.38  | (0.28)  | —  | (0.28)  | —  | 5.10  | 27.87  | 23.74  | 3167  | 1.27 <sup>(16)</sup> <br>| 1.83  | 3.60  | 70  |
| 10/1/21 to 9/30/22 | 41.91  | 0.48  | —  | (12.74)  | (12.26)  | (0.86)  | (6.06)  | (6.92)  | 0.04  | (19.14)  | 22.77  | (34.75) <sup>(13)</sup> <br>| 2845  | 1.25  | 1.78  | 1.53  | 131  |
| 10/1/20 to 9/30/21 | 34.36  | 0.22  | —  | 7.76  | 7.98  | (0.30)  | (0.13)  | (0.43)  | —  | 7.55  | 41.91  | 23.32  | 4853  | 1.25  | 1.77  | 0.54  | 51  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **International** <br> **Small-Cap** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $30.67  | 0.54  | —  | 5.22  | 5.76  | (0.71)  | —  | (0.71)  | —  | 5.05  | $35.72  | 19.42 %  | $59  | 2.00 %  | 2.71 %  | 1.78 %  | 75 %  |
| 10/1/23 to 9/30/24 | 26.98  | 0.52  | —  | 4.26  | 4.78  | (1.09)  | —  | (1.09)  | —  | 3.69  | 30.67  | 18.18  | 77  | 2.00  | 2.70  | 1.82  | 110  |
| 10/1/22 to 9/30/23 | 21.97  | 0.73  | —  | 4.28  | 5.01  | —  | —  | —  | —  | 5.01  | 26.98  | 22.80  | 157  | 2.02 <sup>(16)</sup> <br>| 2.63  | 2.83  | 70  |
| 10/1/21 to 9/30/22 | 40.12  | 0.20  | —  | (12.28)  | (12.08)  | (0.05)  | (6.06)  | (6.11)  | 0.04  | (18.15)  | 21.97  | (35.24) <sup>(13)</sup> <br>| 166  | 2.00  | 2.49  | 0.66  | 131  |
| 10/1/20 to 9/30/21 | 33.00  | (0.24)  | —  | 7.60  | 7.36  | (0.11)  | (0.13)  | (0.24)  | —  | 7.12  | 40.12  | 22.36  | 373  | 2.00  | 2.47  | (0.62)  | 51  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $32.91  | 0.95  | —  | 5.51  | 6.46  | (1.04)  | —  | (1.04)  | —  | 5.42  | $38.33  | 20.56 %  | $22565  | 1.05 %  | 1.55 %  | 2.92 %  | 75 %  |
| 10/1/23 to 9/30/24 | 28.98  | 1.03  | —  | 4.38  | 5.41  | (1.48)  | —  | (1.48)  | —  | 3.93  | 32.91  | 19.29  | 19322  | 1.04  | 1.57  | 3.37  | 110  |
| 10/1/22 to 9/30/23 | 23.66  | 1.07  | —  | 4.58  | 5.65  | (0.33)  | —  | (0.33)  | —  | 5.32  | 28.98  | 24.01  | 14596  | 1.06 <sup>(16)</sup> <br>| 1.55  | 3.84  | 70  |
| 10/1/21 to 9/30/22 | 43.24  | 0.56  | —  | (13.22)  | (12.66)  | (0.90)  | (6.06)  | (6.96)  | 0.04  | (19.58)  | 23.66  | (34.62) <sup>(13)</sup> <br>| 17202  | 1.04  | 1.47  | 1.73  | 131  |
| 10/1/20 to 9/30/21 | 35.49  | 0.29  | —  | 8.03  | 8.32  | (0.44)  | (0.13)  | (0.57)  | —  | 7.75  | 43.24  | 23.55  | 29125  | 1.04  | 1.50  | 0.69  | 51  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $32.42  | 0.94  | —  | 5.43  | 6.37  | (1.05)  | —  | (1.05)  | —  | 5.32  | $37.74  | 20.61 %  | $27996  | 1.01 %  | 1.46 %  | 2.94 %  | 75 %  |
| 10/1/23 to 9/30/24 | 28.64  | 1.13  | —  | 4.21  | 5.34  | (1.56)  | —  | (1.56)  | —  | 3.78  | 32.42  | 19.33  | 26435  | 1.00  | 1.47  | 3.72  | 110  |
| 10/1/22 to 9/30/23 | 23.36  | 1.06  | —  | 4.54  | 5.60  | (0.32)  | —  | (0.32)  | —  | 5.28  | 28.64  | 24.11  | 12172  | 1.01 <sup>(16)</sup> <br>| 1.45  | 3.88  | 70  |
| 10/1/21 to 9/30/22 | 42.86  | 0.59  | —  | (13.08)  | (12.49)  | (0.99)  | (6.06)  | (7.05)  | 0.04  | (19.50)  | 23.36  | (34.60) <sup>(13)</sup> <br>| 18866  | 1.00  | 1.37  | 1.86  | 131  |
| 10/1/20 to 9/30/21 | 35.17  | 0.32  | —  | 7.94  | 8.26  | (0.44)  | (0.13)  | (0.57)  | —  | 7.69  | 42.86  | 23.60  | 31785  | 1.00  | 1.41  | 0.77  | 51  |
| **Newfleet Short** <br> **Duration High Income** <br> **Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $13.90  | 0.90  | —  | (0.09)  | 0.81  | (0.90)  | —  | (0.90)  | —  | (0.09)  | $13.81  | 6.10 %  | $124881  | 0.86 %  | 1.00 %  | 6.55 %  | 54 %  |
| 10/1/23 to 9/30/24 | 13.37  | 0.90  | —  | 0.56  | 1.46  | (0.93)  | —  | (0.93)  | —  | 0.53  | 13.90  | 11.30  | 117868  | 0.86  | 0.99  | 6.62  | 59  |
| 10/1/22 to 9/30/23 | 12.84  | 0.85  | —  | 0.49  | 1.34  | (0.81)  | —  | (0.81)  | —  | 0.53  | 13.37  | 10.70  | 110220  | 0.87  | 1.01  | 6.43  | 43  |
| 10/1/21 to 9/30/22 | 14.59  | 0.64  | —  | (1.63)  | (0.99)  | (0.76)  | —  | (0.76)  | —  | (1.75)  | 12.84  | (7.05)  | 114099  | 0.86  | 0.98  | 4.59  | 56  |
| 10/1/20 to 9/30/21 | 13.99  | 0.62  | —  | 0.84  | 1.46  | (0.86)  | —  | (0.86)  | —  | 0.60  | 14.59  | 10.65  | 145424  | 0.86  | 0.93  | 4.24  | 69  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $13.96  | 0.87  | —  | (0.09)  | 0.78  | (0.87)  | —  | (0.87)  | —  | (0.09)  | $13.87  | 5.79 %  | $43313  | 1.11 %  | 1.26 %  | 6.30 %  | 54 %  |
| 10/1/23 to 9/30/24 | 13.41  | 0.87  | —  | 0.57  | 1.44  | (0.89)  | —  | (0.89)  | —  | 0.55  | 13.96  | 11.11  | 45658  | 1.11  | 1.26  | 6.37  | 59  |
| 10/1/22 to 9/30/23 | 12.88  | 0.82  | —  | 0.48  | 1.30  | (0.77)  | —  | (0.77)  | —  | 0.53  | 13.41  | 10.37  | 49229  | 1.12  | 1.28  | 6.17  | 43  |
| 10/1/21 to 9/30/22 | 14.63  | 0.61  | —  | (1.63)  | (1.02)  | (0.73)  | —  | (0.73)  | —  | (1.75)  | 12.88  | (7.27)  | 58284  | 1.11  | 1.24  | 4.34  | 56  |
| 10/1/20 to 9/30/21 | 13.98  | 0.58  | —  | 0.84  | 1.42  | (0.77)  | —  | (0.77)  | —  | 0.65  | 14.63  | 10.34  | 77032  | 1.11  | 1.20  | 4.00  | 69  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $13.77  | 0.93  | —  | (0.10)  | 0.83  | (0.94)  | —  | (0.94)  | —  | (0.11)  | $13.66  | 6.31 %  | $516260  | 0.60 %  | 0.76 %  | 6.81 %  | 54 %  |
| 10/1/23 to 9/30/24 | 13.24  | 0.93  | —  | 0.57  | 1.50  | (0.97)  | —  | (0.97)  | —  | 0.53  | 13.77  | 11.72  | 412767  | 0.60  | 0.76  | 6.87  | 59  |
| 10/1/22 to 9/30/23 | 12.73  | 0.88  | —  | 0.47  | 1.35  | (0.84)  | —  | (0.84)  | —  | 0.51  | 13.24  | 10.93  | 238135  | 0.61  | 0.78  | 6.69  | 43  |
| 10/1/21 to 9/30/22 | 14.47  | 0.67  | —  | (1.61)  | (0.94)  | (0.80)  | —  | (0.80)  | —  | (1.74)  | 12.73  | (6.78)  | 231407  | 0.60  | 0.76  | 4.86  | 56  |
| 10/1/20 to 9/30/21 | 13.89  | 0.65  | —  | 0.84  | 1.49  | (0.91)  | —  | (0.91)  | —  | 0.58  | 14.47  | 10.91  | 251201  | 0.60  | 0.70  | 4.50  | 69  |

---

The footnote legend is at the end of the financial highlights.

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,** <br>**Beginning of Period** | **Net Investment Income (Loss)**<sup>(1)</sup> | **Capital Gains Distributions** <br>**Received from Underlying Funds**<sup>(1)</sup> | **Net Realized and** <br>**Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from** <br>**Net Investment Income** | **Distributions from** <br>**Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return**<sup>(2)(3)(4)</sup> | **Net Assets, End of Period** <br>**(in thousands)** | **Ratio of Net Expenses to** <br>**Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Gross Expenses** <br>**to Average Net Assets**<sup>(5)(6)</sup> | **Ratio of Net Investment Income (Loss)** <br>**to Average Net Assets**<sup>(5)(7)</sup> | **Portfolio Turnover Rate**<sup>(3)</sup> |
| **Newfleet Short** <br> **Duration High Income** <br> **Fund (Continued)**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $13.77  | 0.93  | —  | (0.08)  | 0.85  | (0.95)  | —  | (0.95)  | —  | (0.10)  | $13.67  | 6.44 %  | $17547  | 0.55 %  | 0.68 %  | 6.85 %  | 54 %  |
| 10/1/23 to 9/30/24 | 13.25  | 0.94  | —  | 0.55  | 1.49  | (0.97)  | —  | (0.97)  | —  | 0.52  | 13.77  | 11.68  | 14294  | 0.55  | 0.67  | 6.93  | 59  |
| 10/1/22 to 9/30/23 | 12.74  | 0.89  | —  | 0.47  | 1.36  | (0.85)  | —  | (0.85)  | —  | 0.51  | 13.25  | 11.00  | 12953  | 0.56  | 0.69  | 6.75  | 43  |
| 10/1/21 to 9/30/22 | 14.48  | 0.68  | —  | (1.61)  | (0.93)  | (0.81)  | —  | (0.81)  | —  | (1.74)  | 12.74  | (6.74)  | 10501  | 0.55  | 0.66  | 4.87  | 56  |
| 10/1/20 to 9/30/21 | 13.89  | 0.66  | —  | 0.83  | 1.49  | (0.90)  | —  | (0.90)  | —  | 0.59  | 14.48  | 10.95  | 21117  | 0.55  | 0.63  | 4.59  | 69  |
| **NFJ Emerging Markets** <br> **Value Fund**<br>|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A**  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $17.15  | 0.13  | —  | 3.74  | 3.87  | (0.17)  | —  | (0.17)  | —  | 3.70  | $20.85  | 22.89 %  | $4827  | 1.14 %  | 2.32 %  | 0.74 %  | 74 %  |
| 10/1/23 to 9/30/24 | 15.59  | 0.12  | —  | 1.65  | 1.77  | (0.21)  | —  | (0.21)  | —  | 1.56  | 17.15  | 11.52  | 4894  | 1.18 <sup>(17)</sup> <br>| 1.71  | 0.76  | 119  |
| 10/1/22 to 9/30/23 | 13.47  | 0.16  | —  | 2.32  | 2.48  | (0.36)  | —  | (0.36)  | —  | 2.12  | 15.59  | 18.52  | 6606  | 1.14  | 1.71  | 1.03  | 92  |
| 10/1/21 to 9/30/22 | 20.11  | 0.09  | —  | (6.70)  | (6.61)  | (0.03)  | —  | (0.03)  | —  | (6.64)  | 13.47  | (32.92)  | 8246  | 1.15  | 1.53  | 0.52  | 83  |
| 10/1/20 to 9/30/21 | 18.09  | 0.05  | —  | 2.17  | 2.22  | (0.20)  | —  | (0.20)  | —  | 2.02  | 20.11  | 12.24  | 15565  | 1.14  | 1.50  | 0.26  | 56  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $16.99  | — <sup>(9)</sup> <br>| —  | 3.69  | 3.69  | (0.17)  | —  | (0.17)  | —  | 3.52  | $20.51  | 22.04 %  | $269  | 1.89 %  | 3.11 %  | (0.02) %  | 74 %  |
| 10/1/23 to 9/30/24 | 15.48  | — <sup>(9)</sup> <br>| —  | 1.63  | 1.63  | (0.12)  | —  | (0.12)  | —  | 1.51  | 16.99  | 10.66  | 309  | 1.93 <sup>(17)</sup> <br>| 2.52  | (0.01)  | 119  |
| 10/1/22 to 9/30/23 | 13.40  | 0.05  | —  | 2.29  | 2.34  | (0.26)  | —  | (0.26)  | —  | 2.08  | 15.48  | 17.57  | 463  | 1.89  | 2.44  | 0.35  | 92  |
| 10/1/21 to 9/30/22 | 20.12  | (0.05)  | —  | (6.67)  | (6.72)  | —  | —  | —  | —  | (6.72)  | 13.40  | (33.40)  | 476  | 1.90  | 2.24  | (0.25)  | 83  |
| 10/1/20 to 9/30/21 | 18.07  | (0.11)  | —  | 2.17  | 2.06  | (0.01)  | —  | (0.01)  | —  | 2.05  | 20.12  | 11.40  | 914  | 1.89  | 2.25  | (0.51)  | 56  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 9/30/25 | $17.05  | 0.16  | —  | 3.74  | 3.90  | (0.17)  | —  | (0.17)  | —  | 3.73  | $20.78  | 23.20 %  | $11286  | 0.89 %  | 2.04 %  | 0.94 %  | 74 %  |
| 10/1/23 to 9/30/24 | 15.49  | 0.15  | —  | 1.65  | 1.80  | (0.24)  | —  | (0.24)  | —  | 1.56  | 17.05  | 11.81  | 14889  | 0.93 <sup>(17)</sup> <br>| 1.48  | 0.97  | 119  |
| 10/1/22 to 9/30/23 | 13.39  | 0.19  | —  | 2.31  | 2.50  | (0.40)  | —  | (0.40)  | —  | 2.10  | 15.49  | 18.78  | 30855  | 0.89  | 1.40  | 1.27  | 92  |
| 10/1/21 to 9/30/22 | 19.98  | 0.13  | —  | (6.65)  | (6.52)  | (0.07)  | —  | (0.07)  | —  | (6.59)  | 13.39  | (32.75)  | 44679  | 0.89  | 1.24  | 0.75  | 83  |
| 10/1/20 to 9/30/21 | 18.01  | 0.11  | —  | 2.15  | 2.26  | (0.29)  | —  | (0.29)  | —  | 1.97  | 19.98  | 12.50  | 122736  | 0.89  | 1.27  | 0.50  | 56  |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:**  | **Footnote Legend:**  |
| <sup>(1)</sup> <br>| Calculated using average shares outstanding.  |
| <sup>(2)</sup> <br>| Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> <br>| Not annualized for periods less than one year.  |
| <sup>(4)</sup> <br>| Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary <br> under generally accepted accounting principles required in the annual report.<br>|
| <sup>(5)</sup> <br>| Annualized for periods less than one year. |
| <sup>(6)</sup> <br>| The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation <br> of this ratio.<br>|
| <sup>(7)</sup> <br>| Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> <br>| See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed and/or waived. |
| <sup>(9)</sup> <br>| Amount is less than $0.005 per share. |
| <sup>(10)</sup> <br>| Inception date. |

---

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

**FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)**

**SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING**

**THROUGHOUT EACH PERIOD**

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

<sup>(11)</sup> Portfolio turnover is representative of the Fund for the entire period.

<sup>(12)</sup> Net expense ratio includes extraordinary European Union tax reclaim expenses.

<sup>(13)</sup> Payment from affiliate had no impact on total return.

<sup>(14)</sup> The Fund's portfolio turnover rate increased substantially during the period due to a change in the Fund's strategy and associated repositioning starting in August 2025. 

<sup>(15)</sup> Due to a change in expense cap, the ratio shown is a blended expense ratio.

<sup>(16)</sup> Includes interest expense on borrowings.

<sup>(17)</sup> Ratios of total expenses excluding interest expense on borrowings for the year ended September 30, 2024, were 1.14% (Class A), 1.89% (Class C) and 0.89% (Institutional Class). 

*See Notes to Financial Statements*

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS** 

**September 30, 2025**

**Note 1. Organization** 

Virtus Strategy Trust (the "Trust") is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, the Trust is comprised of 6 funds (each a "Fund" or collectively, the "Funds"), each reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds except the Duff & Phelps Water Fund are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

The Convertible Fund, Global Allocation Fund, International Small-Cap Fund and Newfleet Short Duration High Income Fund offer Class A shares, Class C shares, Institutional Class shares, and Class R6 shares. The Duff & Phelps Water Fund and NFJ Emerging Markets Value Fund offer Class A shares, Class C shares and Institutional Class shares.

Class A shares of Newfleet Short Duration High Income Fund are sold with a front-end sales charge of up to 2.25% with some exceptions. Class A shares of all Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% - 1.00% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 12 months for the Newfleet Short Duration High Income Fund, and 18 months for all other Funds. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective February 26, 2021, if an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Institutional Class shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the Funds' distributor or transfer agent to offer Institutional Class shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Institutional Class shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the Funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Institutional Class shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Institutional Class shares. Institutional Class shares are sold without a front-end sales charge or CDSC.

Effective May 10, 2024, existing Class P shares of each of the Funds were converted to Institutional Class shares of each respective Fund, and Administrative Class shares of Virtus Convertible Fund and Virtus Global Allocation Fund were converted to Institutional Class shares of each respective Fund.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Institutional Class shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

**Note 2. Significant Accounting Policies**

The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

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

**Security Valuation** 

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

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

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

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

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

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

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

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

Listed derivatives, such as options 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 a Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for each Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

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

**Security Transactions and Investment Income**

Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method.

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

Conversion premium is not amortized. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Dividend income from REIT and MLP investments is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts.

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

**Income Taxes**

Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made.

Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests.

As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, the Virtus Duff and Phelps Water Fund submitted a closing agreement request with the IRS, which is under review as of September 30, 2025 for income received in a prior period. Accordingly, subsequent changes in the estimated charges related to Virtus Duff and Phelps Fund's closing agreement are presented within European Union tax reclaims in the Statement of Operations and its estimated closing agreement liability is presented as European Union tax reclaim contingent fees payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate.

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the IRS for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction.

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

**Distributions to Shareholders**

Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP.

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

**Expenses**

Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used.

In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests.

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

**Foreign Currency Transactions**

Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments.

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

**Convertible Securities**

Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds' investments in

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**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock.

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

**Equity Linked Notes**

Certain Funds may invest in Equity-Linked Notes (ELNs). ELNs are hybrid derivative instruments in a single note form that are specially designed to combine the characteristics of one or more reference securities (such as a single stock, an exchange traded fund or an index or basket of stocks) and one or more equity derivatives, such as put or call options, or a combination there of. Unlike a direct investment in equity securities, ELNs have a maturity date. The terms of an equity-linked note may also provide for the periodic interest payments to holders at either a fixed or floating rate. Upon maturity of the note, the holder receives a return of principal based on the capital appreciation of the underlying linked securities. If the underlying securities have depreciated in value or their price appreciates or depreciates outside of a preset range (depending on the type of ELN), a Fund may receive only the principal amount of the note or less than the principal amount of the note, or may potentially lose the entire principal invested in the ELN. Investments in ELNs possess the risks associated with the underlying securities such as market risk and, as applicable, foreign securities and currency risks. The secondary market for equity linked notes may be limited, and the lack of liquidity in the secondary market may make these securities difficult to dispose of and to value. In addition, as a note, ELNs are also subject to certain debt securities risks, such as interest rate and credit risk. A fund bears the risk that the issuer of an equity-related instrument may default on its obligations under the instrument. As a holder of an ELN, a Fund generally has no rights to the underlying securities, including no voting rights or rights to receive dividends.

ELNs utilized by a Fund may involve synthetic exposure to options that can create economic leverage risk which, depending on the performance of the underlying securities, could magnify or otherwise increase investment losses to such Fund and result in losses on the ELN that exceed the losses of the underlying securities.

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

**Payment-In-Kind Securities**

Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash.

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

**Securities Traded on a To-Be-Announced Basis** 

Certain Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

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

**When-Issued Purchases and Forward Commitments (Delayed Delivery)**

Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date.

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

**Leveraged Loans**

Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan.

A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due.

The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid.

A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle.

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

**Warrants** 

The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

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

**Securities Lending** 

The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan.

Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral.

Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund.

As of September 30, 2025, none of the Funds were lending under the agreement with BNY.

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

**Segment Reporting**

Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations.

**Note 3. Derivative Financial Instruments and Transactions**

**($ reported in thousands)**

Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

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**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

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

**Futures Contracts**

A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts.

During the year ended September 30, 2025, the Global Allocation Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts".

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

**Forward Foreign Currency Exchange Contracts** 

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked to market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

During the year ended September 30, 2025, none of the Funds entered into forward foreign currency exchange contracts.

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

**Swaps**

Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract "Over-the-counter swaps at value" for OTC swaps and as "variation margin receivable/payable" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations.

Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments.

In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap.

Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for cleared swaps".

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

*Credit default swaps* – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the

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**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).

At September 30, 2025, the Global Allocation Fund did not hold any credit index swaps.

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Assets and Liabilities at September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | **Primary Risk** | **Global Allocation Fund** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures <br> contracts<sup>(1)</sup> <br>| Equity contracts | $138 |
| Purchased options at value<sup>(2)</sup> <br>| Equity contracts | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures <br> contracts<sup>(1)</sup> <br>| Interest rate contracts | 86 |
| Total Assets |  | $244 |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures <br> contracts<sup>(1)</sup> <br>| Equity contracts | $(6) |
| Written options at value | Equity contracts | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures <br> contracts<sup>(1)</sup> <br>| Foreign currency contracts | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin receivable on futures <br> contracts<sup>(1)</sup> <br>| Interest rate contracts | (56) |
| Total Liabilities |  | $(92) |

---

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

<sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

<sup>(2)</sup> Amount included in Investment in securities at value.

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the year ended September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Statement Line Description** | **Primary Risk** | **Global Allocation Fund** |
| **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** | **Net Realized Gain (Loss) from** |
| Futures | Equity contracts | $1240 |
| Futures | Foreign currency contracts | (438) |
| Futures | Interest rate contracts | (294) |
| Swaps | Credit contracts | 5 |
| Total |  | $513 |
| **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** | **Net Change in Unrealized Appreciation (Depreciation) on** |
| Purchased options<sup>(1)</sup> <br>| Equity contracts | $(18) |
| Written options | Equity contracts | 8 |
| Futures | Equity contracts | (388) |
| Futures | Foreign currency contracts | (97) |
| Futures | Interest rate contracts | 20 |
| Swaps | Credit contracts | (4) |
| Total |  | $(479) |

---

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

<sup>(1)</sup> Amount included in Net change in unrealized appreciation (depreciation) on investments.

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**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the year ended September 30, 2025.

---

| | |
|:---|:---|
|  | **Global Allocation Fund** |
| Purchased Options<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; $8 |
| Written Options<sup>(1)</sup> | &nbsp;&nbsp;&nbsp; 3 |
| Futures Contracts - Long Positions<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 123 |
| Futures Contracts - Short Positions<sup>(2)</sup> | &nbsp;&nbsp;&nbsp; 169 |
| Credit Default Swap Contracts - Sell Protection<sup>(3)</sup> | &nbsp;&nbsp;&nbsp; 220 |

---

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

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

<sup>(2)</sup> Average unrealized for the period.

<sup>(3)</sup> Notional amount.

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

**Derivative Risks** 

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform.

With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty.

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

**Collateral Requirements and Master Netting Agreements ("MNA")**

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty.

Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The following table presents the Global Allocation Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of September 30, 2025:

---

| | | |
|:---|:---|:---|
| **At September 30, 2025, the Funds' derivative assets and liabilities (by type) are as follows:** | **At September 30, 2025, the Funds' derivative assets and liabilities (by type) are as follows:** | **At September 30, 2025, the Funds' derivative assets and liabilities (by type) are as follows:** |
|  | **Global Allocation Fund** | **Global Allocation Fund** |
|  | **Assets** | **Liabilities** |
| **Derivative Financial** <br>**Instruments:**<br>|  |  |
| Futures contracts | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $— |
| Purchased options | &nbsp;&nbsp; 20 | &nbsp;&nbsp; — |
| Written options | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp; $44 | &nbsp;&nbsp; $9 |
| Derivatives not subject to a MNA <br>or similar agreement<br>| (44) | (9) |
| Total assets and liabilities <br>subject to a MNA<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |

---

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

**Note 4. Investment Advisory Fees and Related Party Transactions** 

**($ reported in thousands)**

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

**Investment Adviser**

Virtus Investment Advisers, LLC ("Adviser") (formerly known as Virtus Investment Advisers, Inc.), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers.

As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fee** |
| Convertible Fund | &nbsp;&nbsp;&nbsp; 0.57% |
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 <sup>1</sup> |
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Newfleet Short Duration High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.85 |

---

<sup>1</sup>Effective August 26, 2025. For the period October 1, 2024 through August 25, 2025, the advisory fee was 0.70%.

During the year ended September 30, 2025, the Global Allocation Fund invested a portion of its assets in affiliated mutual and exchange-traded funds. In order to avoid any duplication of advisory fees, the Adviser voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets in the affiliated funds. For the year ended September 30, 2025, the waiver amounted to $199 for the Global Allocation Fund. This waiver was in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statements of Operations in "Less expenses reimbursed and/or waived by investment adviser."

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

**Subadvisers** 

The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the year is as follows:

---

| |
|:---|
| **Fund** |
| Convertible Fund <br> &nbsp;&nbsp;&nbsp; Voya IM <br><sup>(1)</sup><br>|
| Duff & Phelps Water Fund <br> &nbsp;&nbsp;&nbsp; Duff & Phelps <br><sup>(2)</sup><br>|
| Global Allocation Fund <br> &nbsp;&nbsp;&nbsp; VA<sup>(3), (4), (5)</sup> <br>|
| International Small-Cap Fund <br> &nbsp;&nbsp;&nbsp; VA<sup>(5)</sup> <br>|
| Newfleet Short Duration High Income Fund <br> &nbsp;&nbsp;&nbsp; Newfleet<sup>(3)</sup> <br>|
| NFJ Emerging Markets Value Fund <br> &nbsp;&nbsp;&nbsp; NFJ<sup>(6)</sup> <br>|

---

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

<sup>(1)</sup> Voya Investment Management Co. LLC ("Voya IM").

<sup>(2)</sup> Duff & Phelps Investment Management Co. ("Duff & Phelps"), an indirect, wholly-owned subsidiary of Virtus. 

<sup>(3)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-owned subsidiary of Virtus.

<sup>(4)</sup> Virtus Multi-Asset, a division of Virtus Advisers, LLC ("VA"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(5)</sup> Virtus Systematic, a division of Virtus Advisers, LLC ("VA"), an indirect, wholly-owned subsidiary of Virtus.

<sup>(6)</sup> NFJ Investment Group, LLC ("NFJ"), an indirect, wholly-owned subsidiary of Virtus.

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

**Expense Limitations**

The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through February 1, 2026, and February 1, 2027, for the Convertible Fund, the Duff & Phelps Water Fund and the Global Allocation Fund. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Class A**  | **Class C**  | **Institutional Class** | **Class R6** |
| Convertible Fund | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| Newfleet Short Duration High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp; N/A |

---

The exclusions include front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

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

**Expense Recapture** 

Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending September 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| Convertible Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $311<br>| &nbsp;&nbsp;&nbsp; $230<br>| &nbsp;&nbsp;&nbsp; $202<br>| &nbsp;&nbsp;&nbsp; $743<br>|
| Class C | &nbsp;&nbsp;&nbsp; 88<br>| &nbsp;&nbsp;&nbsp; 76<br>| &nbsp;&nbsp;&nbsp; 66<br>| &nbsp;&nbsp;&nbsp; 230<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 1328<br>| &nbsp;&nbsp;&nbsp; 1187<br>| &nbsp;&nbsp;&nbsp; 1359<br>| &nbsp;&nbsp;&nbsp; 3874<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp; 9<br>|
| Duff & Phelps Water Fund |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 584<br>| &nbsp;&nbsp;&nbsp; 569<br>| &nbsp;&nbsp;&nbsp; 556<br>| &nbsp;&nbsp;&nbsp; 1709<br>|
| Class C | &nbsp;&nbsp;&nbsp; 111<br>| &nbsp;&nbsp;&nbsp; 98<br>| &nbsp;&nbsp;&nbsp; 80<br>| &nbsp;&nbsp;&nbsp; 289<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 773<br>| &nbsp;&nbsp;&nbsp; 879<br>| &nbsp;&nbsp;&nbsp; 1046<br>| &nbsp;&nbsp;&nbsp; 2698<br>|
| Global Allocation Fund |  |  |  |  |
| Class A  | &nbsp;&nbsp;&nbsp; 226<br>| &nbsp;&nbsp;&nbsp; 222<br>| &nbsp;&nbsp;&nbsp; 199<br>| &nbsp;&nbsp;&nbsp; 647<br>|
| Class C | &nbsp;&nbsp;&nbsp; 13<br>| &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 33<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 34<br>| &nbsp;&nbsp;&nbsp; 33<br>| &nbsp;&nbsp;&nbsp; 32<br>| &nbsp;&nbsp;&nbsp; 99<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 1051<br>| &nbsp;&nbsp;&nbsp; 760<br>| &nbsp;&nbsp;&nbsp; 564<br>| &nbsp;&nbsp;&nbsp; 2375<br>|
| International Small-Cap Fund |  |  |  |  |
| Class A  | &nbsp;&nbsp;&nbsp; 18<br>| &nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp; 18<br>| &nbsp;&nbsp;&nbsp; 56<br>|
| Class C | &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 2<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 94<br>| &nbsp;&nbsp;&nbsp; 83<br>| &nbsp;&nbsp;&nbsp; 98<br>| &nbsp;&nbsp;&nbsp; 275<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 83<br>| &nbsp;&nbsp;&nbsp; 89<br>| &nbsp;&nbsp;&nbsp; 114<br>| &nbsp;&nbsp;&nbsp; 286<br>|
| Newfleet Short Duration High Income Fund |  |  |  |  |
| Class A  | &nbsp;&nbsp;&nbsp; 156<br>| &nbsp;&nbsp;&nbsp; 150<br>| &nbsp;&nbsp;&nbsp; 168<br>| &nbsp;&nbsp;&nbsp; 474<br>|
| Class C | &nbsp;&nbsp;&nbsp; 87<br>| &nbsp;&nbsp;&nbsp; 69<br>| &nbsp;&nbsp;&nbsp; 69<br>| &nbsp;&nbsp;&nbsp; 225<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 389<br>| &nbsp;&nbsp;&nbsp; 469<br>| &nbsp;&nbsp;&nbsp; 745<br>| &nbsp;&nbsp;&nbsp; 1603<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 9<br>| &nbsp;&nbsp;&nbsp; 18<br>| &nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp; 46<br>|

---

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiration**  | **Expiration**  | **Expiration**  |  |
| **Fund** | **2026** | **2027** | **2028** | **Total** |
| NFJ Emerging Markets Value Fund |  |  |  |  |
| Class A  | &nbsp;&nbsp;&nbsp; $42<br>| &nbsp;&nbsp;&nbsp; $29<br>| &nbsp;&nbsp;&nbsp; $51<br>| &nbsp;&nbsp;&nbsp; $122<br>|
| Class C | &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp; 8<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; 194<br>| &nbsp;&nbsp;&nbsp; 131<br>| &nbsp;&nbsp;&nbsp; 130<br>| &nbsp;&nbsp;&nbsp; 455<br>|

---

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

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

During the year ended September 30, 2025, the Adviser did not recapture any expenses previously waived.

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

**Distributor** 

VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the year ended September 30, 2025, it retained net commissions of $36 for Class A shares and CDSC of $1 and $11 for Class A shares and Class C shares, respectively.

In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%<sup>(1)</sup> for Class A shares, and 1.00%<sup>(1)(2)</sup> for Class C shares (0.50% for Newfleet Short Duration High Income Fund). Prior to May 10, 2024, Administrative Class shares paid a 0.25% Administrative Distribution fee. Institutional Class shares and Class R6 shares are not subject to a 12b-1 Plan.

Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Some of the Funds invest in ETFs. In addition to the fees listed, the Funds bear their proportionate shares of any distribution and shareholder servicing fees of the ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> The Funds' distributor has contractually agreed to waive its 12b-1 fees applicable to Class C shares to the extent that the Funds' investments in underlying ETFs with their own 12b-1 fees would otherwise cause the total 12b-1 fees paid directly or indirectly by the Fund to exceed the limits set forth in applicable law or regulation.

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

**Administrator and Transfer Agent**

Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds.

For the year ended September 30, 2025, the Funds incurred administration fees totaling $2,608 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly.

For the year ended September 30, 2025, the Funds incurred transfer agent fees totaling $1,168 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly.

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

**Investments with Affiliates** 

The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the year ended September 30, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act.

Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which the Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company.

A summary of the Global Allocation Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated investments<sup>(1)</sup> during the year ended September 30, 2025, is as follows:

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,** <br>**beginning** <br>**of period**<br>| **Purchases**<sup>(2)</sup> <br>| **Sales** <br>**proceeds**<br>| **Net** <br>**realized** <br>**gain** <br>**(loss)** <br>**on** <br>**affiliated** <br>**securities**<br>| **Net** <br>**change in** <br>**unrealized** <br>**appreciation** <br>**(depreciation)** <br>**on affiliated** <br>**securities**<br>| **Value,** <br>**end of** <br>**period**<br>| **Shares** | **Dividend** <br>**income**<br>| **Distributions** <br>**of realized** <br>**gains**<br>|
| **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** |
| **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** | **Affiliated Mutual Funds—47.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Water <br> Fund Institutional <br> Shares<sup>(3)</sup><br>| $4437 | $319 | $4653 | $670 | $(773)<br>| $— |  | $32 | $287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus KAR Mid-Cap Core <br> Fund<sup>(3)</sup><br>| 4708 |  | 4635 | 121 | (194)<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Newfleet Core Plus <br> Bond Fund<sup>(3)</sup><br>|  | 29628 | 3754 | 33 | 201 | 26108 | 2522459 | 132 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Seix Floating Rate <br> High Income Fund<sup>(3)</sup><br>|  | 5941 |  |  | (8)<br>| 5933 | 773579 | 42 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Seix High Yield <br> Fund<sup>(3)</sup><br>|  | 14832 |  |  | 56 | 14888 | 1868030 | 85 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus SGA International <br> Growth Fund<sup>(3)</sup><br>| 7182 | 1600 | 7123 | (1456)<br>| (203)<br>|  |  | 23 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Silvant Focused <br> Growth Fund <br> Class R6<sup>(3)</sup><br>| 9517 | 12390 |  |  | 2182 | 24089 | 268224 |  | 489 |
|  | $25844 | $64710 | $20165 | $(632)<br>| $1261 | $71018 |  | $314 | $2353 |
| **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** | **Affiliated Exchange-Traded Fund—0.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Duff & Phelps Clean <br> Energy ETF<sup>(3)</sup><br>| 2889 | 300 | 3527 | 531 | (193)<br>|  |  | 45 |  |
| Total | $28733 | $65010 | $23692 | $(101)<br>| $1068 | $71018 |  | $359 | $2353 |

---

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

---

| | |
|:---|:---|
| <sup>Footnote Legend:</sup> | <sup>Footnote Legend:</sup> |
| <sup>(1)</sup> | Includes reinvested dividends from income and capital gain distributions. |
| <sup>(2)</sup> | The Global Allocation Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of <br> its principal investment strategies may represent a significant portion of an underlying fund's net assets. At September 30, 2025, the Fund was the owner of record of less than <br> 10% of all affiliated underlying funds.<br>|
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

**Trustee Deferred Compensation Plan** 

The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at September 30, 2025.

In calendar year 2018 and certain other periods prior to January 1, 2020, the Funds maintained a different deferred compensation plan pursuant to which each Trustee who was not affiliated with Allianz Global Investors U.S. LLC had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds.

In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in other periods prior to January 1, 2020, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan.

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

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

**($ reported in thousands)**

Purchases and sales of securities (excluding U.S. government and agency securities, forward currency contracts, and short-term securities) during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Convertible Fund | &nbsp;&nbsp;&nbsp; $1969086<br>| &nbsp;&nbsp;&nbsp; $2132951<br>|
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp; 170709<br>| &nbsp;&nbsp;&nbsp; 275411<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp; 145135<br>| &nbsp;&nbsp;&nbsp; 121953<br>|
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp; 34785<br>| &nbsp;&nbsp;&nbsp; 37490<br>|
| Newfleet Short Duration High Income Fund | &nbsp;&nbsp;&nbsp; 418087<br>| &nbsp;&nbsp;&nbsp; 332649<br>|
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp; 11541<br>| &nbsp;&nbsp;&nbsp; 17672<br>|

---

Purchases and sales of long-term U.S. government and agency securities during the year ended September 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases**  | **Sales** |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp; $2015<br>| &nbsp;&nbsp;&nbsp; $22234<br>|

---

**Note 6. Capital Share Transactions**

**(reported in thousands)**

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 566 | &nbsp;&nbsp; $21173 | &nbsp;&nbsp; 402 | &nbsp;&nbsp; $13080 | &nbsp;&nbsp; 738 | &nbsp;&nbsp; $14913 | &nbsp;&nbsp; 715 | &nbsp;&nbsp; $14269 |
| Reinvestment of distributions | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 2981 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; 3993 | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 12806 | &nbsp;&nbsp; 312 | &nbsp;&nbsp; 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1148) <br>| &nbsp;&nbsp; (42456) <br>| &nbsp;&nbsp; (2248) <br>| &nbsp;&nbsp; (72588) <br>| &nbsp;&nbsp; (2126) <br>| &nbsp;&nbsp; (42795) <br>| &nbsp;&nbsp; (2008) <br>| &nbsp;&nbsp; (39748) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (501)<br>| &nbsp;&nbsp; $(18302)<br>| &nbsp;&nbsp; (1725)<br>| &nbsp;&nbsp; $(55515)<br>| &nbsp;&nbsp; (717)<br>| &nbsp;&nbsp; $(15076)<br>| &nbsp;&nbsp; (981)<br>| &nbsp;&nbsp; $(19539)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; $1834 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; $2753 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; $1778 | &nbsp;&nbsp; 207 | &nbsp;&nbsp; $3862 |
| Reinvestment of distributions | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 2164 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (455) <br>| &nbsp;&nbsp; (17114) <br>| &nbsp;&nbsp; (715) <br>| &nbsp;&nbsp; (23573) <br>| &nbsp;&nbsp; (582) <br>| &nbsp;&nbsp; (10934) <br>| &nbsp;&nbsp; (744) <br>| &nbsp;&nbsp; (13850) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (388)<br>| &nbsp;&nbsp; $(14572)<br>| &nbsp;&nbsp; (599)<br>| &nbsp;&nbsp; $(19747)<br>| &nbsp;&nbsp; (367)<br>| &nbsp;&nbsp; $(6992)<br>| &nbsp;&nbsp; (482)<br>| &nbsp;&nbsp; $(9008)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 5352 | &nbsp;&nbsp; $195037 | &nbsp;&nbsp; 13787 | &nbsp;&nbsp; $442935 | &nbsp;&nbsp; 1746 | &nbsp;&nbsp; $34379 | &nbsp;&nbsp; 8681 | &nbsp;&nbsp; $182197 |
| Reinvestment of distributions | &nbsp;&nbsp; 665 | &nbsp;&nbsp; 24036 | &nbsp;&nbsp; 746 | &nbsp;&nbsp; 24066 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 24915 | &nbsp;&nbsp; 450 | &nbsp;&nbsp; 8381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (8780) <br>| &nbsp;&nbsp; (312440) <br>| &nbsp;&nbsp; (10709) <br>| &nbsp;&nbsp; (336854) <br>| &nbsp;&nbsp; (5348) <br>| &nbsp;&nbsp; (104425) <br>| &nbsp;&nbsp; (3857) <br>| &nbsp;&nbsp; (75806) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (2763)<br>| &nbsp;&nbsp; $(93367)<br>| &nbsp;&nbsp; 3824 | &nbsp;&nbsp; $130147 | &nbsp;&nbsp; (2262)<br>| &nbsp;&nbsp; $(45131)<br>| &nbsp;&nbsp; 5274 | &nbsp;&nbsp; $114772 |

---

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Convertible Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** | **Duff & Phelps Water Fund** |
|  | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2025** | **Year Ended**<br> **September 30, 2024** | **Year Ended**<br> **September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; $11860 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $395 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 155 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (35) <br>| &nbsp;&nbsp; (1269) <br>| &nbsp;&nbsp; (3) <br>| &nbsp;&nbsp; (110) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 296 | &nbsp;&nbsp; $10746 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $295 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **Global Allocation Fund** | **International Small-Cap Fund** | **International Small-Cap Fund** | **International Small-Cap Fund** | **International Small-Cap Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; $736 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; $900 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; $323 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; $261 |
| Reinvestment of distributions | &nbsp;&nbsp; 83 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 809 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (407) <br>| &nbsp;&nbsp; (4397) <br>| &nbsp;&nbsp; (651) <br>| &nbsp;&nbsp; (6558) <br>| &nbsp;&nbsp; (15) <br>| &nbsp;&nbsp; (457) <br>| &nbsp;&nbsp; (27) <br>| &nbsp;&nbsp; (800) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (256)<br>| &nbsp;&nbsp; $(2796)<br>| &nbsp;&nbsp; (480)<br>| &nbsp;&nbsp; $(4849)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; $(41)<br>| &nbsp;&nbsp; (11)<br>| &nbsp;&nbsp; $(356)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; $229 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; $139 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $16 |
| Reinvestment of distributions | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (31) <br>| &nbsp;&nbsp; (343) <br>| &nbsp;&nbsp; (72) <br>| &nbsp;&nbsp; (759) <br>| &nbsp;&nbsp; (1) <br>| &nbsp;&nbsp; (42) <br>| &nbsp;&nbsp; (4) <br>| &nbsp;&nbsp; (110) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (9)<br>| &nbsp;&nbsp; $(89)<br>| &nbsp;&nbsp; (56)<br>| &nbsp;&nbsp; $(592)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; $(25)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; $(90)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; $1168 | &nbsp;&nbsp; 182 | &nbsp;&nbsp; $1845 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; $904 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; $6101 |
| Reinvestment of distributions | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 592 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (154) <br>| &nbsp;&nbsp; (1630) <br>| &nbsp;&nbsp; (200) <br>| &nbsp;&nbsp; (1984) <br>| &nbsp;&nbsp; (48) <br>| &nbsp;&nbsp; (1468) <br>| &nbsp;&nbsp; (133) <br>| &nbsp;&nbsp; (4075) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; $(294)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; $6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; $2591 |
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2188 | &nbsp;&nbsp; $22886 | &nbsp;&nbsp; 2080 | &nbsp;&nbsp; $20767 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; $3233 | &nbsp;&nbsp; 479 | &nbsp;&nbsp; $14762 |
| Reinvestment of distributions | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 3289 | &nbsp;&nbsp; 511 | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 811 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2965) <br>| &nbsp;&nbsp; (30974) <br>| &nbsp;&nbsp; (10066) <br>| &nbsp;&nbsp; (97935) <br>| &nbsp;&nbsp; (201) <br>| &nbsp;&nbsp; (6412) <br>| &nbsp;&nbsp; (111) <br>| &nbsp;&nbsp; (3377) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (447)<br>| &nbsp;&nbsp; $(4799)<br>| &nbsp;&nbsp; (7475)<br>| &nbsp;&nbsp; $(72328)<br>| &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; $(2368)<br>| &nbsp;&nbsp; 390 | &nbsp;&nbsp; $12031 |

---

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

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Newfleet Short Duration High Income Fund** | **Newfleet Short Duration High Income Fund** | **Newfleet Short Duration High Income Fund** | **Newfleet Short Duration High Income Fund** | **NFJ Emerging Markets Value Fund** | **NFJ Emerging Markets Value Fund** | **NFJ Emerging Markets Value Fund** | **NFJ Emerging Markets Value Fund** |
|  | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2025** | **Year Ended** <br>**September 30, 2024** | **Year Ended** <br>**September 30, 2024** |
|  | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** | **SHARES** | **AMOUNT** |
| **Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 2659 | &nbsp;&nbsp; $36620 | &nbsp;&nbsp; 2130 | &nbsp;&nbsp; $29046 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; $2308 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; $4567 |
| Reinvestment of distributions | &nbsp;&nbsp; 521 | &nbsp;&nbsp; 7145 | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 6744 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (2614) <br>| &nbsp;&nbsp; (35937) <br>| &nbsp;&nbsp; (2395) <br>| &nbsp;&nbsp; (32610) <br>| &nbsp;&nbsp; (199) <br>| &nbsp;&nbsp; (3277) <br>| &nbsp;&nbsp; (440) <br>| &nbsp;&nbsp; (6784) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 566 | &nbsp;&nbsp; $7828 | &nbsp;&nbsp; 231 | &nbsp;&nbsp; $3180 | &nbsp;&nbsp; (54)<br>| &nbsp;&nbsp; $(925)<br>| &nbsp;&nbsp; (138)<br>| &nbsp;&nbsp; $(2137)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 912 | &nbsp;&nbsp; $12611 | &nbsp;&nbsp; 824 | &nbsp;&nbsp; $11302 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $1 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; $3 |
| Reinvestment of distributions | &nbsp;&nbsp; 189 | &nbsp;&nbsp; 2608 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; 2766 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (1249) <br>| &nbsp;&nbsp; (17270) <br>| &nbsp;&nbsp; (1427) <br>| &nbsp;&nbsp; (19482) <br>| &nbsp;&nbsp; (5) <br>| &nbsp;&nbsp; (91) <br>| &nbsp;&nbsp; (12) <br>| &nbsp;&nbsp; (185) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; (148)<br>| &nbsp;&nbsp; $(2051)<br>| &nbsp;&nbsp; (400)<br>| &nbsp;&nbsp; $(5414)<br>| &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; $(87)<br>| &nbsp;&nbsp; (12)<br>| &nbsp;&nbsp; $(179)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 16871 | &nbsp;&nbsp; $229636 | &nbsp;&nbsp; 21503 | &nbsp;&nbsp; $290396 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; $156 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; $3562 |
| Reinvestment of distributions | &nbsp;&nbsp; 2103 | &nbsp;&nbsp; 28538 | &nbsp;&nbsp; 1504 | &nbsp;&nbsp; 20274 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 128 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (11165) <br>| &nbsp;&nbsp; (151573) <br>| &nbsp;&nbsp; (11003) <br>| &nbsp;&nbsp; (148604) <br>| &nbsp;&nbsp; (346) <br>| &nbsp;&nbsp; (5784) <br>| &nbsp;&nbsp; (1373) <br>| &nbsp;&nbsp; (21145) <br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 7809 | &nbsp;&nbsp; $106601 | &nbsp;&nbsp; 12004 | &nbsp;&nbsp; $162066 | &nbsp;&nbsp; (330)<br>| &nbsp;&nbsp; $(5500)<br>| &nbsp;&nbsp; (1118)<br>| &nbsp;&nbsp; $(17176)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold and cross class <br>conversions<br>| &nbsp;&nbsp; 622 | &nbsp;&nbsp; $8483 | &nbsp;&nbsp; 754 | &nbsp;&nbsp; $10168 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |
| Reinvestment of distributions | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 279 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares repurchased and cross <br>class conversions<br>| &nbsp;&nbsp; (390) <br>| &nbsp;&nbsp; (5301) <br>| &nbsp;&nbsp; (715) <br>| &nbsp;&nbsp; (9660) <br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Net Increase / (Decrease) | &nbsp;&nbsp; 246 | &nbsp;&nbsp; $3376 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; $787 | &nbsp;&nbsp; — | &nbsp;&nbsp; $— | &nbsp;&nbsp; — | &nbsp;&nbsp; $— |

---

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

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

**Note 7. 10% Shareholders**

As of September 30, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | **% of Shares** <br>**Outstanding**<br>| **Number of** <br>**Accounts**<sup>\*</sup> <br>|
| Convertible Fund | &nbsp;&nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp;&nbsp; 2 |
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp; 1 |
| Global Allocation Fund | &nbsp;&nbsp;&nbsp; 16<br>| &nbsp;&nbsp;&nbsp; 1 |
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp; 81<br>| &nbsp;&nbsp;&nbsp; 2 |
| Newfleet Short Duration High Income Fund | &nbsp;&nbsp;&nbsp; 26<br>| &nbsp;&nbsp;&nbsp; 2 |
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp; 67<br>| &nbsp;&nbsp;&nbsp; 2 |

---

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

<sup>\*</sup> None of the accounts are affiliated.

**Note 8. Credit and Market Risk and Asset Concentration**

Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. A Fund may be unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of a Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At September 30, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Sector** | **Percentage of** <br>**Total Investments**<br>|
| Duff & Phelps Water Fund | Machinery | &nbsp;&nbsp;&nbsp; 27<br> %<br>|
| Duff & Phelps Water Fund | Water Utilities | &nbsp;&nbsp;&nbsp; 27 |
| NFJ Emerging Markets Value Fund | Information Technology | &nbsp;&nbsp;&nbsp; 29 |

---

**Note 9. Indemnifications**

Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Note 10. Restricted Securities**

**($ reported in thousands)**

Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

The following Fund held a security that was considered to be restricted at September 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Investment** | **Date of** <br>**Acquisition**<br>| **Cost** | **Value** | **Percentage of** <br>**Net Assets**<br>|
| Newfleet Short Duration High Income Fund | Cloud Peak Energy, Inc. | 8/14/2020 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %<br>|

---

**Note 11. Redemption Facility**

**($ reported in thousands)**

The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. During the reporting period, the Credit Agreement was renewed with $35,000 of the total line of credit of $250,000 being allocated to one other affiliated fund and $215,000 being available to the Funds and certain other affiliated funds. Unless renewed, the Credit Agreement will terminate on July 2, 2026. The Credit Agreement allows the Funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable of each Fund's total net assets in accordance with the terms of the agreement. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of a SOFR or the Federal Funds Rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the year ended September 30, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

The following Funds had outstanding loans during the year. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Interest** <br>**Incurred on** <br>**Borrowing**<br>| **Average** <br>**Borrowing**<br>| **Weighted Average** <br>**Interest Rate**<br>| **Days** <br>**Outstanding**<br>|
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp; $8 | &nbsp;&nbsp;&nbsp; $3599 | &nbsp;&nbsp;&nbsp;&nbsp; 5.43<br> %<br>| &nbsp;&nbsp;&nbsp; 15 |
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp; 10 |

---

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

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

**Note 12. Federal Income Tax Information**

**($ reported in thousands)**

At September 30, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Federal** <br>**Tax Cost**<br>| **Unrealized** <br>**Appreciation**<br>| **Unrealized** <br>**(Depreciation)**<br>| **Net Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Convertible Fund | &nbsp;&nbsp;&nbsp; $1175444<br>| &nbsp;&nbsp;&nbsp; $232691 | &nbsp;&nbsp;&nbsp; $(15446) <br>| &nbsp;&nbsp;&nbsp; $217245<br>|
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp; 345792<br>| &nbsp;&nbsp;&nbsp; 228730 | &nbsp;&nbsp;&nbsp; (3775) <br>| &nbsp;&nbsp;&nbsp; 224955<br>|
| Global Allocation Fund (Including Purchased Options) | &nbsp;&nbsp;&nbsp; 128604<br>| &nbsp;&nbsp;&nbsp; 12806 | &nbsp;&nbsp;&nbsp; (907) <br>| &nbsp;&nbsp;&nbsp; 11899<br>|
| Global Allocation Fund (Written options) | &nbsp;&nbsp;&nbsp; (17) <br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 8 |
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp; 40328<br>| &nbsp;&nbsp;&nbsp; 13995 | &nbsp;&nbsp;&nbsp; (1234) <br>| &nbsp;&nbsp;&nbsp; 12761<br>|
| Newfleet Short Duration High Income Fund | &nbsp;&nbsp;&nbsp; 670630<br>| &nbsp;&nbsp;&nbsp; 13187 | &nbsp;&nbsp;&nbsp; (4464) <br>| &nbsp;&nbsp;&nbsp; 8723<br>|
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp; 13058<br>| &nbsp;&nbsp;&nbsp; 4197 | &nbsp;&nbsp;&nbsp; (1125) <br>| &nbsp;&nbsp;&nbsp; 3072<br>|

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended September 30, 2025, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** |
| Newfleet Short Duration High Income Fund | $44971 | $159376 |
| NFJ Emerging Markets Value Fund | 9146 | 10498 |

---

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

The components of distributable earnings on a tax basis and certain tax attributes for the Fund consist of the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed** <br>**Ordinary** <br>**Income**<br>| **Undistributed** <br>**Long-Term** <br>**Capital Gains**<br>| **Post-October** <br>**Capital Loss** <br>**Deferred**<br>| **Capital Loss** <br>**Deferred**<br>|
| Convertible Fund | &nbsp;&nbsp;&nbsp; $2274 | &nbsp;&nbsp;&nbsp; $64284 | &nbsp;&nbsp; $—<br>| &nbsp;&nbsp; $—<br>|
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp; 4859 | &nbsp;&nbsp;&nbsp; 47991 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp; 4645 | &nbsp;&nbsp;&nbsp; 4107 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp; 1660 | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp; —<br>| &nbsp;&nbsp; —<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newfleet Short Duration High <br> Income Fund<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11046<br>| &nbsp;&nbsp; 204347<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NFJ Emerging Markets Value <br> Fund<br>| &nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 18<br>| &nbsp;&nbsp; 19644<br>|

---

The differences between the book and tax basis of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes. Short-term gain distributions, if any, are reported as ordinary income for federal tax purposes. Distributions are determined on a tax basis and may differ from net investment income and realized capital gains for financial reporting purposes.

The tax character of dividends and distributions paid during the years ended September 30, 2025 and 2024, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**<br>| **Long-Term** <br>**Capital Gains**<br>| **Total** |
| Convertible Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; $29642<br>| &nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp; $29642<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 36350<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 36350<br>|
| Duff & Phelps Water Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 3430<br>| &nbsp;&nbsp;&nbsp; 41805<br>| &nbsp;&nbsp;&nbsp; 45235<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 4700<br>| &nbsp;&nbsp;&nbsp; 16460<br>| &nbsp;&nbsp;&nbsp; 21160<br>|
| Global Allocation Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 3842<br>| &nbsp;&nbsp;&nbsp; 655<br>| &nbsp;&nbsp;&nbsp; 4497<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 6000<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 6000<br>|
| International Small-Cap Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 1510<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1510<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 1640<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 1640<br>|
| Newfleet Short Duration High Income Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 43700<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 43700<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 41139<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 41139<br>|
| NFJ Emerging Markets Value Fund |  |  |  |
| 9/30/25 | &nbsp;&nbsp;&nbsp; 175<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 175<br>|
| 9/30/24 | &nbsp;&nbsp;&nbsp; 519<br>| &nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp; 519<br>|

---

Certain capital accounts in the financial statements are periodically adjusted for permanent differences in order to reflect their tax character. Permanent reclassifications can arise from differing treatment of certain income and gain transactions and nondeductible current year net operating losses. These adjustments have no impact on net assets or net asset value per share of the Funds. Temporary differences that arise from recognizing certain items of income, expense, gain or loss in different periods for financial statement and tax purposes will likely reverse at some time in the future.

**Note 13. Regulatory Matters and Litigation**

From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

**Note 14. Recent Accounting Pronouncement**

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, *Income Taxes (Topic 740) – Improvements to Income Tax Disclosures*. The amendments enhance income tax disclosures by requiring greater disaggregation in the rate reconciliation and income taxes paid by jurisdiction, while removing certain disclosure requirements. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. Management is currently evaluating the impact.

------

**VIRTUS STRATEGY TRUST**

**NOTES TO FINANCIAL STATEMENTS (Continued)**

**September 30, 2025**

**Note 15. Subsequent Events**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that the following are subsequent events requiring recognition or disclosure in these financial statements.

Effective on January 21, 2026 (the "Closing Date"), Class C shares of the Funds will no longer be available for purchase by new or existing shareholders, except by existing shareholders through qualifying transactions. Shareholders who own Class C shares as of the Closing Date may continue to hold such shares until they convert to Class A shares, as described in the Statutory Prospectus or other written notice. All other Class C share characteristics, including but not limited to 12b-1 plan fees, contingent deferred sales charges, and shareholder service fees, will remain unchanged.

On January 26, 2026, Class C of each of Global Allocation Fund, International Small-Cap Fund and NFJ Emerging Markets Value Fund will be eliminated as a share class and existing Class C shares of those Funds will be converted to Class A shares of each respective Fund. Shareholders holding Class C shares at the time of the conversion will receive Class A shares having an aggregate net asset value equal to the aggregate net asset value of their Class C shares immediately prior to the conversion. No sales charges will be imposed in connection with this conversion, and the conversion is not expected to be treated as a taxable event by the U.S. Internal Revenue Service. Please refer to each Fund's Prospectuses for any differences between share classes, including sales charge structure, expenses and other options.

Effective October 1, 2025, the Newfleet Short Duration High Income Fund will change its dividend distribution frequency to monthly (declared daily).

------

![](g176602img3ffcc2622.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees of Virtus Strategy Trust and Shareholders of Virtus Convertible Fund, Virtus Duff & Phelps Water Fund, Virtus Global Allocation Fund, Virtus International Small-Cap Fund, Virtus Newfleet Short Duration High Income Fund, and Virtus NFJ Emerging Markets Value Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Virtus Convertible Fund, Virtus Duff & Phelps Water Fund, Virtus Global Allocation Fund, Virtus International Small-Cap Fund, Virtus Newfleet Short Duration High Income Fund, and Virtus NFJ Emerging Markets Value Fund (constituting Virtus Strategy Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations for the year ended September 30, 2025, the statements of changes in net assets for each of the two years in the period ended September 30, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended September 30, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agents and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

November 21, 2025

We have served as the auditor of one or more of the investment companies in the Virtus group of investment companies since at least 1977. We have not been able to determine the specific year we began serving as auditor.

------

**VIRTUS STRATEGY TRUST**

**OTHER INFORMATION** 

**September 30, 2025**

**FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants** 

None

**FORM N-CSR ITEM 9 - Proxy Disclosure**

None

**FORM N-CSR ITEM 10 - Remuneration Paid to Trustees**

For the year ended September 30, 2025, the Funds incurred independent Trustee's fees totaling $202 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

**FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract**

None

------

**VIRTUS STRATEGY TRUST**

**TAX INFORMATION NOTICE (Unaudited)**

**September 30, 2025**

The following information ($ reported in thousands) is being provided in order to meet reporting requirements set forth by the Code and/or to meet state specific requirements. In early 2026, the Funds will notify applicable shareholders of amounts for use in preparing 2025 U.S. federal income tax forms. Shareholders should consult their tax advisors.

With respect to distributions paid during the fiscal year ended September 30, 2025, the Funds designate the following amounts (or, if subsequently determined to be different, the maximum amount allowable):

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Qualified** <br>**Dividend** <br>**Income %** <br>**(non-corporate** <br>**shareholder)**<br>| **Dividend** <br>**Received** <br>**Deduction %** <br>**(corporate** <br>**shareholders)**<br>| **Long-Term** <br>**Capital Gain** <br>**Distributions ($)**<br>|
| Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 34.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $64284<br>|
| Duff & Phelps Water Fund | &nbsp;&nbsp;&nbsp;&nbsp;100.00 | &nbsp;&nbsp;&nbsp;&nbsp; 76.24<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54842<br>|
| Global Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp; 25.42<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4112<br>|
| International Small-Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;76.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198<br>|
| Newfleet Short Duration High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;21.41 | &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br>|

---

For the fiscal year ended September 30, 2025, certain Funds are disclosing the following information pursuant to notice requirements of Section 853(a) and 855(d) of the Code, and the Treasury Regulations thereunder.

---

| | | |
|:---|:---|:---|
|  | **Foreign Source** <br>**Income** <br>**Recognized**<br>| **Foreign Taxes** <br>**Paid on** <br>**Foreign** <br>**Source** <br>**Income**<br>|
| International Small-Cap Fund | &nbsp;&nbsp; $2074<br>| &nbsp;&nbsp;&nbsp;&nbsp; $95<br>|
| NFJ Emerging Markets Value Fund | &nbsp;&nbsp; 316<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18<br>|

---

------

**VIRTUS STRATEGY TRUST**

101 Munson Street

Greenfield, MA 01301-9668

**Trustees**

Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

**Principal Officers**

George R. Aylward, President

Peter Batchelar, Senior Vice President

&nbsp;&nbsp;&nbsp;&nbsp;W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

**Investment Adviser**

Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Principal Underwriter**

VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Administrator and Transfer Agent**

Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

**Custodian**

The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

**Independent Registered Public**

**Accounting Firm**

PricewaterhouseCoopers LLP

2001 Market Street

Philadelphia, PA 19103-7042

**How to Contact Us**

Mutual Fund Services

1-800-243-1574

Adviser Consulting Group

1-800-243-4361

Website

**Virtus.com**

------

![](g176602imgbeaf08d13.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

8068 11-25

------

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

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

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

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

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have concluded, based on their evaluation of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940

------

(17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of this report, that the design and operation of such procedures are effective to provide reasonable assurance that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's Code of Ethics is attached hereto.](d176602dex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d176602dex99cert.htm) |
| (a)(4) | Disclosure not required for open-end management investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d176602dex99906ce.htm) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Virtus Strategy Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

Date <u>12/02/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

---

 <br> Date 12/02/2025

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---

Date <u>12/01/2025</u>

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

## Ex-99.Code

**EX-99.CODE ETH** 

**CODE OF ETHICS FOR** 

**CHIEF EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

Each Fund is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate disclosure — financial and otherwise — in compliance with applicable law. This Code of Ethics applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers").

Senior Officers must comply with applicable law and have a responsibility to conduct themselves in an honest and ethical manner. They have leadership responsibilities that include creating a culture of high ethical standards and a commitment to compliance, maintaining a work environment that encourages the internal reporting of compliance concerns and promptly addressing compliance concerns.

Senior Officers may be subject to certain conflicts of interest inherent in the operation of the Funds, because the Senior Officers (in addition to their role as senior officers of the Fund) currently or may in the future serve as officers or employees of a Virtus affiliated investment adviser<sup>1</sup> (the "Adviser"), Virtus Investment Partners, Inc. or other affiliates thereof (collectively, "Virtus") and as officers or trustees/directors of other registered investment companies and unregistered investment funds advised by Virtus.

A variety of laws and regulations applicable to, and certain policies and procedures adopted by, the Fund, the Adviser or Virtus govern certain conduct in connection with many of the conflict of interest situations that arise in connection with the operations of the Fund, including:

• the Investment Company Act of 1940, as amended, and the rules and regulation promulgated thereunder by the
Securities and Exchange Commission (the "1940 Act");

• the Investment Advisers Act of 1940, as amended, and the rules and regulations promulgated thereunder by the
Securities and Exchange Commission (the "Advisers Act");

• the Code of Ethics adopted by the Fund pursuant to Rule 17j-1(c) under
the 1940 Act (collectively, the "Fund's 1940 Act Code of Ethics");

• one or more codes of ethics adopted by the Adviser that have been reviewed and approved by those Members of the
Board that are not "interested persons" of the Fund (the "Independent Members") within the meaning of the 1940 Act (the "Adviser's 1940 Act Code of Ethics" and, together with the Fund's 1940 Act Code
of Ethics, the "1940 Act Codes of Ethics");

• the policies and procedures adopted by the Fund pursuant to Rule 38a-1 under the 1940 Act (collectively, the "Fund Policies"); and

• each Adviser's general policies and procedures (collectively, the "Adviser Policies").

<sup>1</sup> Virtus Investment Advisers, LLC; Virtus Alternative Investment Advisers, LLC; Virtus Capital Advisers, LLC; AlphaSimplex Group, LLC; Ceredex Value Advisors LLC; Duff & Phelps Investment Management Co.; Kayne Anderson Rudnick Investment Management LLC; NFJ Investment Group, LLC; Silvant Capital Management LLC; Sustainable Growth Advisers, LP; Virtus Advisers, LLC; Virtus Fixed Income Advisers, LLC; Westchester Capital Management, LLC. (2025.1) 

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The provisions of the 1940 Act, the Advisers Act, the 1940 Act Codes of Ethics, the Fund Policies and the Adviser Policies are referred to herein collectively as the "Additional Conflict Rules".

This Code of Ethics is different from, and is intended to supplement, the Additional Conflict Rules. Accordingly, a violation of the Additional Conflict Rules by a Senior Officer is hereby deemed not to be a violation of this Code of Ethics, unless and until the Board of the Fund (the "Board") shall determine that any such violation of the Additional Conflict Rules is also a violation of this Code of Ethics.

**Senior Officers Should Act Honestly and Candidly** 

Each Senior Officer must:

• act with integrity, including being honest and candid while still maintaining the confidentiality of information
where required by law or the Additional Conflict Rules;

• comply with the laws, rules and regulations that govern the conduct of the Fund's operations and report any
suspected violations thereof in accordance with the section below entitled "Compliance With Code Of Ethics"; and

• adhere to a high standard of business ethics.

**Conflicts Of Interest** 

A conflict of interest for the purpose of this Code of Ethics occurs when private interests interfere in any way, or even appear to interfere, with the interests of the Fund. Senior Officers are expected to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that Senior Officers are subject to certain inherent conflicts of interest because Senior Officers of a Fund also are or may be officers of the Adviser and other funds advised or serviced by Virtus.

Questions regarding the application or interpretation of this Code of Ethics should be raised with the Chief Compliance Officer of the Fund (the "Chief Compliance Officer") prior to taking action.

Some conflict of interest situations that should be approved by the Chief Compliance Officer, if material, include the following:

• the receipt of any entertainment or non-nominal gift by the Senior
Officer, or a member of his or her family, from any company with which the Fund has current or prospective business dealings (other than the Adviser or Virtus), unless such entertainment or gift is business related, reasonable in cost, appropriate
as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than the Adviser or Virtus; or

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officer's employment by the Adviser or Virtus, such as compensation or equity ownership.

Tab 2

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**Disclosures** 

It is the policy of the Funds to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission or a national securities exchange and in all other public communications made by the Fund. Senior Officers are required to promote compliance with this policy and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Each Senior Officer must:

• familiarize himself or herself with the disclosure requirements applicable to the Fund as well as the business
and financial operations of the Fund; and

• not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, including to the
Board, the Fund's independent auditors, the Fund's counsel, counsel to the Independent Members, governmental regulators or self-regulatory organizations.

**Compliance With Code Of Ethics** 

Known or suspected violations of this Code of Ethics or other laws, regulations, policies or procedures applicable to the Fund, should be reported on a timely basis to the Chief Compliance Officer or may be reported to the Virtus compliance hotline maintained in accordance with the Fund's Procedures for Complaints Regarding Accounting, Internal Accounting Controls or Auditing Matters (the "Whistleblower Policy"). In accordance with that Policy, no one will be subject to retaliation because of a good faith report of a suspected violation.

The Fund will follow these procedures (or, alternatively, the procedures set forth in the Whistleblower Policy) in investigating and enforcing this Code of Ethics, and in reporting on this Code of Ethics:

• the Chief Compliance Officer will take all appropriate action to investigate any actual or potential violations
reported to him or her;

• violations and potential violations will be reported to the applicable Fund Board after such investigation;

• if the Fund Board determines that a violation has occurred, it will take all appropriate disciplinary or
preventive action; and

• appropriate disciplinary or preventive action may include a letter of censure, suspension, dismissal or, in the
event of criminal or other serious violations of law, notification of the Securities and Exchange Commission or other appropriate law enforcement authorities.

**Waivers Of Code Of Ethics** 

Except as otherwise provided in this Code of Ethics, the Chief Compliance Officer is responsible for applying this Code of Ethics to specific situations in which questions are presented to the Chief Compliance Officer and has the authority to interpret this Code of Ethics in any particular situation.

Each Fund Board, or any duly designated committee thereof, is responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will, to the extent required, be disclosed on Form N-CSR, or otherwise, as provided by Securities and Exchange Commission rules.

Tab 2

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**Recordkeeping** 

Records pertaining to the matters covered by this Policy will be maintained and preserved in accordance with applicable laws and regulations and the Fund's Books and Records Policy.

All reports and records prepared or maintained pursuant to this Code of Ethics shall be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code of Ethics, such matters shall not be disclosed to anyone other than the Independent Members and their counsel, the Fund and its counsel, the Adviser and/or other Virtus entity and its counsel and any other advisors, consultants or counsel retained by the Members, the Independent Members or any committee of the Board.

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## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Strategy Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>12/02/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Strategy Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>12/1/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, George R. Aylward, President of Virtus Strategy Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>12/02/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Strategy Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>12/01/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President,<br> Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

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