# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-25-203831
**Filing Date:** 2025-8
**Character Count:** 58010
**Document Hash:** 8fe13834c96039dbc86fff5eac71d5e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203831.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203831

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 251253595

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

#### VIRTUS NFJ Emerging Markets Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—1.3%** | **Preferred Stocks—1.3%** | **Preferred Stocks—1.3%** |
| **Brazil—0.9%** | **Brazil—0.9%** |  |
| Itau Unibanco Holding S.A., 6.630% | &nbsp;&nbsp;&nbsp;&nbsp;10600 | $72 |
| Petroleo Brasileiro S.A. - Petrobras, 10.650% | &nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp;&nbsp; 140 |
| **South Korea—0.4%** | **South Korea—0.4%** |  |
| Samsung Electronics Co., Ltd., 2.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 | &nbsp;&nbsp;&nbsp; 59 |
| **Total Preferred Stocks<br> (Identified Cost $206)** | **Total Preferred Stocks<br> (Identified Cost $206)** | &nbsp;&nbsp;&nbsp;&nbsp; **199** |
| **Common Stocks—97.2%** | **Common Stocks—97.2%** | **Common Stocks—97.2%** |
| **Brazil—4.1%** | **Brazil—4.1%** |  |
| Banco BTG Pactual S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp; 77 |
| Eneva S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;44900 | &nbsp;&nbsp;&nbsp; 114 |
| Petroleo Brasileiro S.A. - Petrobras | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp; 78 |
| Rede D'Or Sao Luiz S.A. | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp; 116 |
| Vale S.A. | &nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp;&nbsp; 176 |
| WEG S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8018 | &nbsp;&nbsp;&nbsp; 63 |
|  |  | &nbsp;&nbsp;&nbsp; 624 |
| **Cayman Islands—4.8%** | **Cayman Islands—4.8%** |  |
| Full Truck Alliance Co., Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8515 | &nbsp;&nbsp;&nbsp; 101 |
| Geely Automobile Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp;&nbsp; 102 |
| JD Logistics, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;60600 | &nbsp;&nbsp;&nbsp; 101 |
| KE Holdings, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15100 | &nbsp;&nbsp;&nbsp; 91 |
| Kingsoft Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27800 | &nbsp;&nbsp;&nbsp; 145 |
| Kuaishou Technology<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10600 | &nbsp;&nbsp;&nbsp; 85 |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp; 105 |
|  |  | &nbsp;&nbsp;&nbsp; 730 |
| **China—32.0%** | **China—32.0%** |  |
| Advanced Micro-Fabrication Equipment, Inc. China Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4033 | &nbsp;&nbsp;&nbsp; 103 |
| AIA Group Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp; 113 |
| Alibaba Group Holding Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;80723 | &nbsp;&nbsp;&nbsp; 1129 |
| Aluminum Corp. of China Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;176000 | &nbsp;&nbsp;&nbsp; 118 |
| ANTA Sports Products Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8759 | &nbsp;&nbsp;&nbsp; 106 |
| Bank of Ningbo Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29700 | &nbsp;&nbsp;&nbsp; 113 |
| Bosideng International Holdings Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;134000 | &nbsp;&nbsp;&nbsp; 79 |
| BYD Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp; 94 |
| China Mengniu Dairy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42000 | &nbsp;&nbsp;&nbsp; 86 |
| East Money Information Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35900 | &nbsp;&nbsp;&nbsp; 116 |
| Hangzhou Shunwang Technology Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;40300 | &nbsp;&nbsp;&nbsp; 111 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| Huizhou Desay Sv Automotive Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | $103 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35527 | &nbsp;&nbsp; 579 |
| Luxshare Precision Industry Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;15830 | &nbsp;&nbsp; 77 |
| Meituan Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;10328 | &nbsp;&nbsp; 165 |
| Montage Technology Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9826 | &nbsp;&nbsp; 113 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp; 91 |
| Shanghai Pudong Development Bank Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;64200 | &nbsp;&nbsp; 124 |
| Sunny Optical Technology Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14000 | &nbsp;&nbsp; 124 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11880 | &nbsp;&nbsp; 761 |
| Xiaomi Corp. Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;35800 | &nbsp;&nbsp; 273 |
| Yealink Network Technology Corp., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp; 110 |
| Zhejiang Dun'An Artificial Environment Co., Ltd. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;66600 | &nbsp;&nbsp; 108 |
| Zijin Mining Group Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp; 95 |
|  |  | &nbsp;&nbsp; 4891 |
| **Greece—0.6%** | **Greece—0.6%** |  |
| Eurobank Ergasias Services & Holdings S.A. | &nbsp;&nbsp;&nbsp;&nbsp;28236 | &nbsp;&nbsp; 97 |
| **India—10.0%** | **India—10.0%** |  |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;40653 | &nbsp;&nbsp; 131 |
| Bharat Heavy Electricals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31606 | &nbsp;&nbsp; 98 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096 | &nbsp;&nbsp; 73 |
| Cartrade Tech Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485 | &nbsp;&nbsp; 89 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;522 | &nbsp;&nbsp; 91 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101 | &nbsp;&nbsp; 73 |
| Graphite India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15413 | &nbsp;&nbsp; 102 |
| HDFC Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8641 | &nbsp;&nbsp; 202 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474 | &nbsp;&nbsp; 76 |
| ICICI Lombard General Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2157 | &nbsp;&nbsp; 51 |
| IndiaMart InterMesh Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2911 | &nbsp;&nbsp; 88 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4280 | &nbsp;&nbsp; 108 |
| Lupin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4972 | &nbsp;&nbsp; 112 |
| Macrotech Developers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5778 | &nbsp;&nbsp; 93 |
| Reliance Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8288 | &nbsp;&nbsp; 145 |
|  |  | &nbsp;&nbsp; 1532 |
| **Indonesia—2.0%** | **Indonesia—2.0%** |  |
| Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;360800 | &nbsp;&nbsp; 193 |
| Kalbe Farma Tbk PT | 1179500 | &nbsp;&nbsp; 111 |
|  |  | &nbsp;&nbsp; 304 |
| **Japan—3.7%** | **Japan—3.7%** |  |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 187 |
| Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 162 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp; 104 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12800 | $103 |
|  |  | &nbsp;&nbsp; 556 |
| **Luxembourg—0.4%** | **Luxembourg—0.4%** |  |
| InPost S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3232 | &nbsp;&nbsp; 54 |
| **Malaysia—0.5%** | **Malaysia—0.5%** |  |
| Kelington Group Bhd | &nbsp;&nbsp;&nbsp;&nbsp;88400 | &nbsp;&nbsp; 78 |
| **Mexico—0.5%** | **Mexico—0.5%** |  |
| Grupo Financiero Banorte SAB de C.V. Class O | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp; 79 |
| **Netherlands—2.3%** | **Netherlands—2.3%** |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | &nbsp;&nbsp; 346 |
| **Qatar—0.6%** | **Qatar—0.6%** |  |
| Ooredoo QPSC | &nbsp;&nbsp;&nbsp;&nbsp;25965 | &nbsp;&nbsp; 91 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Polyus PJSC GDR<sup>(1)(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp; —<sup>(4)</sup> |
| **Saudi Arabia—3.3%** | **Saudi Arabia—3.3%** |  |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4674 | &nbsp;&nbsp; 118 |
| Arab National Bank | &nbsp;&nbsp;&nbsp;&nbsp;19660 | &nbsp;&nbsp; 114 |
| Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5899 | &nbsp;&nbsp; 93 |
| Saudi Arabian Oil Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9089 | &nbsp;&nbsp; 59 |
| Saudi National Bank (The) | &nbsp;&nbsp;&nbsp;&nbsp;12271 | &nbsp;&nbsp; 118 |
|  |  | &nbsp;&nbsp; 502 |
| **South Africa—2.8%** | **South Africa—2.8%** |  |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp; 74 |
| Naspers Ltd. Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1109 | &nbsp;&nbsp; 345 |
|  |  | &nbsp;&nbsp; 419 |
| **South Korea—6.5%** | **South Korea—6.5%** |  |
| Classys, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1698 | &nbsp;&nbsp; 79 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp; 72 |
| Hugel, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | &nbsp;&nbsp; 79 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534 | &nbsp;&nbsp; 104 |
| Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12112 | &nbsp;&nbsp; 537 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp; 127 |
|  |  | &nbsp;&nbsp; 998 |
| **Taiwan—17.1%** | **Taiwan—17.1%** |  |
| Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp; 178 |
| AURAS Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 132 |
| eMemory Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 81 |
| Lotes Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 93 |
| Quanta Computer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp; 160 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 155 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42121 | &nbsp;&nbsp; 1528 |
| Wistron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp; 113 |
| Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 2613 |

---

See Notes to Schedule of Investments

------

#### VIRTUS NFJ Emerging Markets Value Fund

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

#### June 30, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Thailand—1.5%** | **Thailand—1.5%** |  |
| CP ALL PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;95900 | $130 |
| CP AXTRA PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;189000 | &nbsp;&nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp;&nbsp; 234 |
| **United Arab Emirates—2.1%** | **United Arab Emirates—2.1%** |  |
| ADNOC Drilling Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;44881 | &nbsp;&nbsp;&nbsp; 70 |
| ADNOC Logistics & Services | &nbsp;&nbsp;&nbsp;&nbsp;47943 | &nbsp;&nbsp;&nbsp; 61 |
| Aldar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;41353 | &nbsp;&nbsp;&nbsp; 100 |
| Emirates NBD Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;14426 | &nbsp;&nbsp;&nbsp; 89 |
|  |  | &nbsp;&nbsp;&nbsp; 320 |
| **United Kingdom—0.6%** | **United Kingdom—0.6%** |  |
| Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp; 91 |
| **Uruguay—1.8%** | **Uruguay—1.8%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;&nbsp; 277 |
| **Total Common Stocks<br> (Identified Cost $12,288)** | **Total Common Stocks<br> (Identified Cost $12,288)** | &nbsp;&nbsp;&nbsp;&nbsp;**14836** |
| **Total Long-Term Investments—98.5%<br> (Identified Cost $12,494)** | **Total Long-Term Investments—98.5%<br> (Identified Cost $12,494)** | &nbsp;&nbsp;&nbsp;&nbsp;**15035** |
| **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $12,494)** | **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $12,494)** | &nbsp;&nbsp;**$15035** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$15265** |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;33% |
| Taiwan | &nbsp;&nbsp;17 |
| India | &nbsp;&nbsp;10 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;19 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

The following table summarizes the value of the Fund's investments as of June 30, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

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

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

There were no transfers into or out of Level 3 related to securities held at June 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<br> are not shown for the period ended June 30, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS NFJ Emerging Markets Value Fund

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

#### June 30, 2025

#### Note 1. Security Valuation
The Fund's Board of Trustees has designated the investment adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

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

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

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

Listed derivatives, such as options and futures, that are actively traded are valued at the last posted settlement price from the exchange where they are principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency contracts, swaps, swaptions, options and equity-linked instruments, are valued based on model prices provided by independent pricing services or from dealer quotes. Depending on the derivative type and the specific terms of the transaction, these models vary and include observable inputs in actively quoted markets including but not limited to: underlying reference entity details, indices, spreads, interest rates, yield curves, dividend and exchange rates. These instruments are generally categorized as Level 2 in the hierarchy. Centrally cleared swaps listed or traded on a bilateral or trade facility platform, such as a registered exchange, are valued at the last posted settlement price determined by the respective exchange. These securities are generally categorized as Level 2 within the hierarchy.

Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.

A summary of the inputs used to value the Fund's net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

For additional information about significant accounting policies, refer to the Fund's most recent semi or annual financial statements.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus NFJ Emerging Markets Value Fund

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

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

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

- **a. Date of fiscal year-end:** 2025-09-30

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $15324330.85

**Total Liabilities:** $51281.12

**Net Assets:** $15273049.73

**Cash Not Reported:** $59942.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118783 | -0.06%               | 4.09%                | 5.62%                |
| Class ID C000118780 | -0.12%               | 4.17%                | 5.65%                |
| Class ID C000118784 | -0.19%               | 4.08%                | 5.52%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3352.95                | $-37330.18                                 |
| Month 2  | $150056.53               | $454537.75                                 |
| Month 3  | $143826.31               | $635200.09                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                          | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras             | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |     11700 | NS      | $67554.25     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Lotes Co Ltd                   | Lotes Co Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      2000 | NS      | $92427.77     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Corp Ltd              | Kingsoft Corp Ltd                              | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | CN        |     27800 | NS      | $144844.23    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Realtek Semiconductor Corp     | Realtek Semiconductor Corp                     | CUSIP: 000000000<br>LEI: 5299002E7F36O00MYY75 | Long             | EC               | CORP              | TW        |      8000 | NS      | $155278.65    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                          | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |      8000 | NS      | $186937.95    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Macrotech Developers Ltd       | Macrotech Developers Ltd                       | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |      5778 | NS      | $93259.18     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd  | Geely Automobile Holdings Ltd                  | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | HK        |     50000 | NS      | $101656.70    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Kotak Mahindra Bank Ltd        | Kotak Mahindra Bank Ltd                        | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |      4280 | NS      | $107973.18    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Full Truck Alliance Co Ltd     | Full Truck Alliance Co Ltd                     | CUSIP: 35969L108<br>LEI: 984500884LB1DP8DAC57 | Long             | EC               | CORP              | CN        |      8515 | NS      | $100562.15    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| DUN'AN ENVIRONMENTAL           | Zhejiang Dun'An Artificial Environment Co Ltd  | CUSIP: 000000000<br>LEI: 300300NLOQ6Y5Y7CDD90 | Long             | EC               | CORP              | CN        |     66600 | NS      | $107816.62    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co Ltd   | Asia Vital Components Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      7000 | NS      | $178043.27    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| China Mengniu Dairy Co Ltd     | China Mengniu Dairy Co Ltd                     | CUSIP: 000000000<br>LEI: 2549005Q343BSJ8RSS21 | Long             | EC               | CORP              | CN        |     42000 | NS      | $86140.68     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Lupin Ltd                      | Lupin Ltd                                      | CUSIP: 000000000<br>LEI: 335800HHXTESDEE2FC65 | Long             | EC               | CORP              | IN        |      4972 | NS      | $112357.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras             | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |     12400 | NS      | $77598.42     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA           | Banco BTG Pactual SA                           | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |      9900 | NS      | $76986.44     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Kuaishou Technology            | Kuaishou Technology                            | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |     10600 | NS      | $85475.70     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                        | Meituan                                        | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |     10328 | NS      | $164854.35    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KE Holdings Inc                | KE Holdings Inc                                | CUSIP: 000000000<br>LEI: 254900RHVY072XPAZE03 | Long             | EC               | CORP              | CN        |     15100 | NS      | $91177.65     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                    | Xiaomi Corp                                    | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |     35800 | NS      | $273404.29    | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| CP ALL PCL                     | CP ALL PCL                                     | CUSIP: 000000000<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |     95900 | NS      | $129798.90    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     42121 | NS      | $1528421.88   | 10.01%            |  |  |  | No            |                  1 | On Loan: No      |
| SW-TECH                        | Hangzhou Shunwang Technology Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     40300 | NS      | $111133.63    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| AURAS Technology Co Ltd        | AURAS Technology Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      6000 | NS      | $131658.22    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Naspers Ltd                    | Naspers Ltd                                    | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      1109 | NS      | $345494.96    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Ningbo Co Ltd          | Bank of Ningbo Co Ltd                          | CUSIP: 000000000<br>LEI: 300300C1092133000091 | Long             | EC               | CORP              | CN        |     29700 | NS      | $113403.39    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti Plc                          | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      2022 | NS      | $91473.26     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                 | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      4474 | NS      | $75425.71     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC         | Emirates NBD Bank PJSC                         | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |     14426 | NS      | $89558.57     | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| SPD BANK                       | Shanghai Pudong Development Bank Co Ltd        | CUSIP: 000000000<br>LEI: 300300C1031031001330 | Long             | EC               | CORP              | CN        |     64200 | NS      | $124359.22    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| InPost SA                      | InPost SA                                      | CUSIP: 000000000<br>LEI: 2221003M23QLERR89585 | Long             | EC               | CORP              | PL        |      3232 | NS      | $53680.60     | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ooredoo QPSC                   | Ooredoo QPSC                                   | CUSIP: 000000000<br>LEI: 549300D3EIDZJB62TR20 | Long             | EC               | CORP              | QA        |     25965 | NS      | $91137.79     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| CP AXTRA PCL                   | CP AXTRA PCL                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    189000 | NS      | $104067.37    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd             | Trip.com Group Ltd                             | CUSIP: 000000000<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | SG        |      1800 | NS      | $104561.18    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Eurobank Ergasias Services and | Eurobank Ergasias Services and Holdings SA     | CUSIP: 000000000<br>LEI: JEUVK5RWVJEN8W0C9M24 | Long             | EC               | CORP              | GR        |     28236 | NS      | $96987.90     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| eMemory Technology Inc         | eMemory Technology Inc                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      1000 | NS      | $80788.72     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| East Money Information Co Ltd  | East Money Information Co Ltd                  | CUSIP: 000000000<br>LEI: 836800ZFB0ZEK3KKW487 | Long             | EC               | CORP              | CN        |     35900 | NS      | $115884.03    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The        | Saudi National Bank/The                        | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |     12271 | NS      | $118178.51    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Classys Inc                    | Classys Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1698 | NS      | $78886.04     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale SA                                        | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     18200 | NS      | $176536.42    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Lasertec Corp                  | Lasertec Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1200 | NS      | $161744.38    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WEG SA                         | WEG SA                                         | CUSIP: 000000000<br>LEI: 254900NKQV127YFRO022 | Long             | EC               | CORP              | BR        |      8018 | NS      | $63074.36     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Aluminum Corp of China Ltd     | Aluminum Corp of China Ltd                     | CUSIP: 000000000<br>LEI: 529900TKZUWQLIQN6T48 | Long             | EC               | CORP              | CN        |    176000 | NS      | $118380.37    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Aditya Birla Capital Ltd       | Aditya Birla Capital Ltd                       | CUSIP: 000000000<br>LEI: 5299009K0PUXVSIRL787 | Long             | EC               | CORP              | IN        |     40653 | NS      | $131117.30    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Oil Co           | Saudi Arabian Oil Co                           | CUSIP: 000000000<br>LEI: 5586006WD91QHB7J4X50 | Long             | EC               | CORP              | SA        |      9089 | NS      | $58937.34     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Heavy Electricals Ltd   | Bharat Heavy Electricals Ltd                   | CUSIP: 000000000<br>LEI: 3358007X5FQ2R445Z747 | Long             | EC               | CORP              | IN        |     31606 | NS      | $98142.23     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartrade Tech Ltd              | Cartrade Tech Ltd                              | CUSIP: 000000000<br>LEI: 984500F5CDO5D86C1326 | Long             | EC               | CORP              | IN        |      4485 | NS      | $88941.69     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| MonotaRO Co Ltd                | MonotaRO Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5300 | NS      | $104708.17    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |       106 | NS      | $277044.78    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Drilling Co PJSC         | ADNOC Drilling Co PJSC                         | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |     44881 | NS      | $69656.84     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Kelington Group Bhd            | Kelington Group Bhd                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |     88400 | NS      | $77891.94     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     12112 | NS      | $536675.76    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC          | Aldar Properties PJSC                          | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |     41353 | NS      | $100438.04    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Rajhi Bank                  | Al Rajhi Bank                                  | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |      4674 | NS      | $117893.72    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA          | Rede D'Or Sao Luiz SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     17900 | NS      | $116596.60    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Hugel Inc                      | Hugel Inc                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       275 | NS      | $79060.46     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| YEALINK NETWORK                | Yealink Network Technology Corp Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     22700 | NS      | $110118.21    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Hynix Inc                   | SK Hynix Inc                                   | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       590 | NS      | $127652.64    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Co Ltd              | HD Hyundai Co Ltd                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |       748 | NS      | $71773.86     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corp                    | Wiwynn Corp                                    | CUSIP: 000000000<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |      2000 | NS      | $173216.49    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Eneva SA                       | Eneva SA                                       | CUSIP: 000000000<br>LEI: 549300T1AP7HKCABII19 | Long             | EC               | CORP              | BR        |     44900 | NS      | $113714.82    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corp                   | Wistron Corp                                   | CUSIP: 000000000<br>LEI: 254900DIEONKUALBFM06 | Long             | EC               | CORP              | TW        |     27000 | NS      | $113224.02    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                       | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |     10600 | NS      | $71933.52     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| HDFC Bank Ltd                  | HDFC Bank Ltd                                  | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |      8641 | NS      | $201667.00    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                    | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |      3400 | NS      | $91389.12     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Quanta Computer Inc            | Quanta Computer Inc                            | CUSIP: 000000000<br>LEI: 529900DE8BIV3XOXIK04 | Long             | EC               | CORP              | TW        |     17000 | NS      | $159745.99    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro-Fabrication Equ | Advanced Micro-Fabrication Equipment Inc China | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4033 | NS      | $102604.97    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |      1613 | NS      | $59160.86     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| LXJM                           | Luxshare Precision Industry Co Ltd             | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |     15830 | NS      | $76637.04     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab National Bank             | Arab National Bank                             | CUSIP: 000000000<br>LEI: 213800CYWGYQVT1ZBQ57 | Long             | EC               | CORP              | SA        |     19660 | NS      | $113855.54    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                              | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |      3096 | NS      | $72548.06     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                      | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     80723 | NS      | $1129100.87   | 7.39%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Logistics Inc               | JD Logistics Inc                               | CUSIP: 000000000<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |     60600 | NS      | $101438.10    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                    | Polyus PJSC                                    | CUSIP: 73181M117<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |      4887 | NS      | $4.89         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Nippon Paint Holdings Co Ltd   | Nippon Paint Holdings Co Ltd                   | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |     12800 | NS      | $103107.53    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Graphite India Ltd             | Graphite India Ltd                             | CUSIP: 000000000<br>LEI: 335800VMGC17U49YJX23 | Long             | EC               | CORP              | IN        |     15413 | NS      | $101758.87    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     11880 | NS      | $761232.87    | 4.98%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                     | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     35527 | NS      | $578844.87    | 3.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                      | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |     35000 | NS      | $95248.06     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| BYD Co Ltd                     | BYD Co Ltd                                     | CUSIP: 000000000<br>LEI: 5299005557VL7ULJ7A69 | Long             | EC               | CORP              | CN        |      6000 | NS      | $93631.17     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                       | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    360800 | NS      | $192789.65    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                  | AIA Group Ltd                                  | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     12600 | NS      | $112999.45    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd      | Capitec Bank Holdings Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |       367 | NS      | $73611.65     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       434 | NS      | $346409.65    | 2.27%             |  |  |  | No            |                  1 | On Loan: No      |
| ADNOC Logistics & Services     | ADNOC Logistics & Services                     | CUSIP: 000000000<br>LEI: 254900CIXQYSEOFXAB16 | Long             | EC               | CORP              | AE        |     47943 | NS      | $60832.76     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Dixon Technologies India Ltd   | Dixon Technologies India Ltd                   | CUSIP: 000000000<br>LEI: 335800D7XO7AVXXJ8575 | Long             | EC               | CORP              | IN        |       522 | NS      | $91197.83     | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Eicher Motors Ltd              | Eicher Motors Ltd                              | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |      1101 | NS      | $72619.01     | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| BOSIDENG                       | Bosideng International Holdings Ltd            | CUSIP: 000000000<br>LEI: 254900G7F1RDM4B3S169 | Long             | EC               | CORP              | HK        |    134000 | NS      | $79205.60     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Etihad Etisalat Co             | Etihad Etisalat Co                             | CUSIP: 000000000<br>LEI: 2549007BA9ABDE3HVK79 | Long             | EC               | CORP              | SA        |      5899 | NS      | $93270.42     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Technology Co Ltd      | Montage Technology Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      9826 | NS      | $112446.03    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                     | NAVER Corp                                     | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       534 | NS      | $103864.11    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Lombard General Insuranc | ICICI Lombard General Insurance Co Ltd         | CUSIP: 000000000<br>LEI: 335800ZZITZ7ZZZ2ZX87 | Long             | EC               | CORP              | IN        |      2157 | NS      | $51314.27     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| IndiaMart InterMesh Ltd        | IndiaMart InterMesh Ltd                        | CUSIP: 000000000<br>LEI: 335800VCSXC76EXLSH68 | Long             | EC               | CORP              | IN        |      2911 | NS      | $88185.38     | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Reliance Industries Ltd        | Reliance Industries Ltd                        | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |      8288 | NS      | $145020.67    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Huizhou Desay Sv Automotive Co | Huizhou Desay Sv Automotive Co Ltd             | CUSIP: 000000000<br>LEI: 655600CCT6YFPT86LA32 | Long             | EC               | CORP              | CN        |      7200 | NS      | $102621.73    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| ANTA Sports Products Ltd       | ANTA Sports Products Ltd                       | CUSIP: 000000000<br>LEI: 529900291XG0CTK4LF95 | Long             | EC               | CORP              | CN        |      8759 | NS      | $105443.41    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Kalbe Farma Tbk PT             | Kalbe Farma Tbk PT                             | CUSIP: 000000000<br>LEI: 529900PRQI8S32HOE387 | Long             | EC               | CORP              | ID        |   1179500 | NS      | $110793.81    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNNY OPTICAL                  | Sunny Optical Technology Group Co Ltd          | CUSIP: 000000000<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | CN        |     14000 | NS      | $123682.32    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB d | Grupo Financiero Banorte SAB de CV             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      8600 | NS      | $78916.78     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-08-25

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer