# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-23-044732
**Filing Date:** 2023-2
**Character Count:** 71841
**Document Hash:** 44bf93a973501d30594d4dba11335bc1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044732.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044732

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 23679957

**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 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           |
| C000103879 | Class P             | ASHPX           |
| C000177646 | Class R6            | ASHSX           |

## Nport-Ex

#### VIRTUS Newfleet Short Duration High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Security—1.3%** | **U.S. Government Security—1.3%** | **U.S. Government Security—1.3%** |
| U.S. Treasury Note<br> 2.750%, 7/31/23 | $7000 | $6924 |
| **Total U.S. Government Security<br> (Identified Cost $6,943)** | **Total U.S. Government Security<br> (Identified Cost $6,943)** | &nbsp;&nbsp;&nbsp;&nbsp; **6924** |
| **Corporate Bonds and Notes—88.8%** | **Corporate Bonds and Notes—88.8%** | **Corporate Bonds and Notes—88.8%** |
| **Communication Services—14.3%** | **Communication Services—14.3%** |  |
| Banijay Entertainment SASU 144A<br> 5.375%, 3/1/25<sup>(1)</sup> | &nbsp;&nbsp; 4092 | &nbsp;&nbsp;&nbsp; 3867 |
| Connect Finco S.a.r.l. 144A<br> 6.750%, 10/1/26<sup>(1)</sup> | &nbsp;&nbsp; 11640 | &nbsp;&nbsp;&nbsp; 10787 |
| CSC Holdings LLC<br> 5.250%, 6/1/24 | &nbsp;&nbsp; 5890 | &nbsp;&nbsp;&nbsp; 5484 |
| DirecTV Financing LLC 144A<br> 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 11250 | &nbsp;&nbsp;&nbsp; 10065 |
| DISH DBS Corp. 144A<br> 5.250%, 12/1/26<sup>(1)</sup> | &nbsp;&nbsp; 13850 | &nbsp;&nbsp;&nbsp; 11666 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 21450 | &nbsp;&nbsp;&nbsp; 13729 |
| Radiate Holdco LLC 144A<br> 4.500%, 9/15/26<sup>(1)</sup> | &nbsp;&nbsp; 7285 | &nbsp;&nbsp;&nbsp; 5352 |
| Summer BC Bidco B LLC 144A<br> 5.500%, 10/31/26<sup>(1)</sup> | &nbsp;&nbsp; 5054 | &nbsp;&nbsp;&nbsp; 4101 |
| Townsquare Media, Inc. 144A<br> 6.875%, 2/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5334 | &nbsp;&nbsp;&nbsp; 4734 |
| Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.125%, 2/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1905 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 4824 |
|  |  | &nbsp;&nbsp;&nbsp; 76514 |
| **Consumer Discretionary—10.8%** | **Consumer Discretionary—10.8%** |  |
| Caesars Entertainment, Inc. 144A<br> 6.250%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 5945 | &nbsp;&nbsp;&nbsp; 5777 |
| CCM Merger, Inc. 144A<br> 6.375%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 848 |
| Clarios Global LP 144A<br> 6.750%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 722 |
| eG Global Finance plc |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 2/7/25<sup>(1)</sup> | &nbsp;&nbsp; 6250 | &nbsp;&nbsp;&nbsp; 5456 |
| &nbsp;&nbsp;&nbsp;144A 8.500%, 10/30/25<sup>(1)</sup> | &nbsp;&nbsp; 11104 | &nbsp;&nbsp;&nbsp; 10345 |
| Ford Motor Credit Co. LLC<br> 7.350%, 11/4/27 | &nbsp;&nbsp; 6310 | &nbsp;&nbsp;&nbsp; 6466 |
| Gates Global LLC 144A<br> 6.250%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 5873 | &nbsp;&nbsp;&nbsp; 5667 |
| Goodyear Tire & Rubber Co. (The)<br> 9.500%, 5/31/25 | &nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp; 2261 |
| Hilton Worldwide Finance LLC<br> 4.875%, 4/1/27 | &nbsp;&nbsp; 2165 | &nbsp;&nbsp;&nbsp; 2061 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| NMG Holding Co., Inc. 144A<br> 7.125%, 4/1/26<sup>(1)</sup> | $5000 | $4686 |
| Royal Caribbean Cruises Ltd. 144A<br> 9.250%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 177 | &nbsp;&nbsp; 182 |
| Sally Holdings LLC<br> 5.625%, 12/1/25 | &nbsp;&nbsp; 3534 | &nbsp;&nbsp; 3404 |
| SeaWorld Parks & Entertainment, Inc. 144A<br> 8.750%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3583 |
| Six Flags Theme Parks, Inc. 144A<br> 7.000%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 3550 |
| Wynn Resorts Finance LLC 144A<br> 7.750%, 4/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2784 |
|  |  | &nbsp;&nbsp; 57792 |
| **Consumer Staples—1.5%** | **Consumer Staples—1.5%** |  |
| Energizer Holdings, Inc. 144A<br> 6.500%, 12/31/27<sup>(1)</sup> | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5234 |
| Spectrum Brands, Inc.<br> 5.750%, 7/15/25 | &nbsp;&nbsp; 3099 | &nbsp;&nbsp; 3064 |
|  |  | &nbsp;&nbsp; 8298 |
| **Energy—15.3%** | **Energy—15.3%** |  |
| Alliance Resource Operating Partners LP 144A<br> 7.500%, 5/1/25<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4963 |
| CITGO Petroleum Corp. 144A<br> 7.000%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2375 | &nbsp;&nbsp; 2316 |
| Cloud Peak Energy Resources LLC PIK<br> 12.000%, 5/1/25<sup>(2)(3)</sup> | &nbsp;&nbsp; 2860 | &nbsp;&nbsp; 2641 |
| CVR Energy, Inc. 144A<br> 5.250%, 2/15/25<sup>(1)</sup> | &nbsp;&nbsp; 17094 | &nbsp;&nbsp; 15727 |
| Delek Logistics Partners LP 144A<br> 7.125%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1804 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 2937 | &nbsp;&nbsp; 2834 |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 930 |
| Holly Energy Partners LP 144A<br> 6.375%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2456 |
| New Fortress Energy, Inc. 144A<br> 6.750%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9458 |
| NuStar Logistics LP<br> 5.750%, 10/1/25 | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 4999 |
| PBF Holding Co. LLC<br> 7.250%, 6/15/25 | &nbsp;&nbsp; 16500 | &nbsp;&nbsp; 16304 |
| PBF Logistics LP<br> 6.875%, 5/15/23 | &nbsp;&nbsp; 11912 | &nbsp;&nbsp; 11897 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| SM Energy Co.<br> 5.625%, 6/1/25 | $3000 | $2880 |
| Targa Resources Partners LP<br> 6.500%, 7/15/27 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3019 |
|  |  | &nbsp;&nbsp; 82228 |
| **Financials—8.7%** | **Financials—8.7%** |  |
| Albion Financing 1 S.a.r.l. 144A<br> 6.125%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2675 |
| Albion Financing 2 S.a.r.l. 144A<br> 8.750%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5109 |
| Blackstone Mortgage Trust, Inc. 144A<br> 3.750%, 1/15/27<sup>(1)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2580 |
| Castlelake Aviation Finance DAC 144A<br> 5.000%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 6526 |
| LD Holdings Group LLC 144A<br> 6.500%, 11/1/25<sup>(1)</sup> | &nbsp;&nbsp; 10025 | &nbsp;&nbsp; 6756 |
| PennyMac Financial Services, Inc. 144A<br> 5.375%, 10/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2478 |
| Prudential Financial, Inc.<br> 5.625%, 6/15/43 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4913 |
| SLM Corp.<br> 4.200%, 10/29/25 | &nbsp;&nbsp; 8950 | &nbsp;&nbsp; 8189 |
| Starwood Property Trust, Inc. 144A<br> 3.750%, 12/31/24<sup>(1)</sup> | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 845 |
| United Wholesale Mortgage LLC 144A<br> 5.500%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 6484 |
|  |  | &nbsp;&nbsp; 46555 |
| **Health Care—4.9%** | **Health Care—4.9%** |  |
| Akumin, Inc. 144A<br> 7.000%, 11/1/25<sup>(1)</sup> | &nbsp;&nbsp; 10875 | &nbsp;&nbsp; 7788 |
| HCA, Inc.<br> 5.375%, 2/1/25 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1498 |
| RP Escrow Issuer LLC 144A<br> 5.250%, 12/15/25<sup>(1)</sup> | &nbsp;&nbsp; 6400 | &nbsp;&nbsp; 4887 |
| Select Medical Corp. 144A<br> 6.250%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1902 |
| Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 7/15/24 | &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 1720 |
| &nbsp;&nbsp;&nbsp;144A 4.625%, 9/1/24<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1943 |
| Teva Pharmaceutical Finance Netherlands III B.V. |  |  |
| &nbsp;&nbsp;&nbsp;6.000%, 4/15/24 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2942 |
| &nbsp;&nbsp;&nbsp;7.125%, 1/31/25 | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3650 |
|  |  | &nbsp;&nbsp; 26330 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—12.2%** | **Industrials—12.2%** |  |
| Brink's Co. (The) 144A<br> 5.500%, 7/15/25<sup>(1)</sup> | $5000 | $4909 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 171 |
| Fly Leasing Ltd. 144A<br> 7.000%, 10/15/24<sup>(1)</sup> | &nbsp;&nbsp; 10990 | &nbsp;&nbsp; 8524 |
| Fortress Transportation & Infrastructure Investors LLC 144A<br> 6.500%, 10/1/25<sup>(1)</sup> | &nbsp;&nbsp; 7792 | &nbsp;&nbsp; 7326 |
| Global Aircraft Leasing Co. Ltd. PIK 144A<br> 6.500%, 9/15/24<sup>(1)(4)</sup> | &nbsp;&nbsp; 11627 | &nbsp;&nbsp; 9883 |
| Mileage Plus Holdings LLC 144A<br> 6.500%, 6/20/27<sup>(1)</sup> | &nbsp;&nbsp; 8506 | &nbsp;&nbsp; 8456 |
| Prime Security Services Borrower LLC 144A<br> 5.250%, 4/15/24<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5894 |
| TransDigm, Inc.<br> 5.500%, 11/15/27 | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 4883 |
| Uber Technologies, Inc. 144A<br> 8.000%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 10459 | &nbsp;&nbsp; 10495 |
| WESCO Distribution, Inc. 144A<br> 7.125%, 6/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5063 |
|  |  | &nbsp;&nbsp; 65604 |
| **Information Technology—12.7%** | **Information Technology—12.7%** |  |
| ACI Worldwide, Inc. 144A<br> 5.750%, 8/15/26<sup>(1)</sup> | &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8235 |
| ams-OSRAM AG 144A<br> 7.000%, 7/31/25<sup>(1)</sup> | &nbsp;&nbsp; 5250 | &nbsp;&nbsp; 4940 |
| Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 4.750%, 12/15/24<sup>(1)</sup> | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 12414 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 1/15/26<sup>(1)</sup> | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 5220 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 6781 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 5427 |
| Shift4 Payments LLC 144A<br> 4.625%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 15250 | &nbsp;&nbsp; 14408 |
| Veritas U.S., Inc. 144A<br> 7.500%, 9/1/25<sup>(1)</sup> | &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 4993 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—continued** | **Information Technology—continued** |  |
| Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 9/15/25<sup>(1)</sup> | $1450 | $1345 |
| &nbsp;&nbsp;&nbsp;144A 5.625%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4550 | &nbsp;&nbsp;&nbsp; 4133 |
|  |  | &nbsp;&nbsp;&nbsp; 67896 |
| **Materials—2.9%** | **Materials—2.9%** |  |
| Arconic Corp. 144A<br> 6.000%, 5/15/25<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1966 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 14750 | &nbsp;&nbsp;&nbsp; 13496 |
|  |  | &nbsp;&nbsp;&nbsp; 15462 |
| **Real Estate—2.7%** | **Real Estate—2.7%** |  |
| Forestar Group, Inc. 144A<br> 3.850%, 5/15/26<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 3507 |
| HAT Holdings I LLC 144A<br> 3.375%, 6/15/26<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp; 1737 |
| Newmark Group, Inc.<br> 6.125%, 11/15/23 | &nbsp;&nbsp; 9197 | &nbsp;&nbsp;&nbsp; 9110 |
|  |  | &nbsp;&nbsp;&nbsp; 14354 |
| **Utilities—2.8%** | **Utilities—2.8%** |  |
| Calpine Corp. 144A<br> 5.250%, 6/1/26<sup>(1)</sup> | &nbsp;&nbsp; 1096 | &nbsp;&nbsp;&nbsp; 1044 |
| Ferrellgas LP 144A<br> 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp; 4398 |
| Sunnova Energy Corp. 144A<br> 5.875%, 9/1/26<sup>(1)</sup> | &nbsp;&nbsp; 10500 | &nbsp;&nbsp;&nbsp; 9381 |
|  |  | &nbsp;&nbsp;&nbsp; 14823 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $535,396)** | **Total Corporate Bonds and Notes<br> (Identified Cost $535,396)** | &nbsp;&nbsp;&nbsp;&nbsp;**475856** |
| **Leveraged Loans—7.1%** | **Leveraged Loans—7.1%** | **Leveraged Loans—7.1%** |
| **Energy—1.7%** | **Energy—1.7%** |  |
| Prairie ECI Acquiror LP (1 month LIBOR + 4.750%)<br> 9.134%, 3/11/26<sup>(5)</sup> | &nbsp;&nbsp; 9200 | &nbsp;&nbsp;&nbsp; 8924 |
| **Financials—1.3%** | **Financials—1.3%** |  |
| Asurion LLC Tranche B-8 (1 month LIBOR + 3.250%)<br> 7.634%, 12/23/26<sup>(5)</sup> | &nbsp;&nbsp; 7927 | &nbsp;&nbsp;&nbsp; 7051 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Forest Prod / Containers—0.7%** | **Forest Prod / Containers—0.7%** |  |
| Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%)<br> 7.370%, 4/3/24<sup>(5)</sup> | $3780 | $3686 |
| **Gaming / Leisure—0.6%** | **Gaming / Leisure—0.6%** |  |
| Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%)<br> 0.000%, 1/5/29<sup>(5)</sup> | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp; 2983 |
| **Media / Telecom - Diversified<br> Media—0.5%** | **Media / Telecom - Diversified<br> Media—0.5%** |  |
| Summer BC Bidco B LLC Tranche B-2 (3 month LIBOR + 4.500%)<br> 9.230%, 12/4/26<sup>(5)</sup> | &nbsp;&nbsp; 2963 | &nbsp;&nbsp;&nbsp; 2740 |
| **Service—2.3%** | **Service—2.3%** |  |
| APX Group, Inc. (1-3 month LIBOR + 3.250%)<br> 6.730% - 9.750%, 7/10/28<sup>(5)</sup> | &nbsp;&nbsp; 9875 | &nbsp;&nbsp;&nbsp; 9730 |
| Pike Corp. 2028, Tranche B (1 month Term SOFR + 3.500%)<br> 7.823%, 1/21/28<sup>(5)</sup> | &nbsp;&nbsp; 1162 | &nbsp;&nbsp;&nbsp; 1151 |
| Spin Holdco, Inc. (3 month LIBOR + 4.000%)<br> 8.765%, 3/4/28<sup>(5)</sup> | &nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp; 1650 |
|  |  | &nbsp;&nbsp;&nbsp; 12531 |
| **Total Leveraged Loans<br> (Identified Cost $39,415)** | **Total Leveraged Loans<br> (Identified Cost $39,415)** | &nbsp;&nbsp;&nbsp;&nbsp; **37915** |

---

---

| | |
|:---|:---|
| **Preferred Stock—0.9%** | **Preferred Stock—0.9%** |
| **Industrials—0.9%** |  |
| General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.099%<sup>(5)</sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000<sup>(6)</sup> | &nbsp;&nbsp; 4912 |
| **Total Preferred Stock<br> (Identified Cost $4,850)** | **4912** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Cloud Peak Energy, Inc.<sup>(2)(7)(8)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40020 | $— |
| **Total Common Stocks<br> (Identified Cost $—)** | **Total Common Stocks<br> (Identified Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Total Long-Term Investments—98.1%<br> (Identified Cost $586,604)** | **Total Long-Term Investments—98.1%<br> (Identified Cost $586,604)** | &nbsp;&nbsp;&nbsp;&nbsp;**525607** |
| **Short-Term Investment—2.9%** | **Short-Term Investment—2.9%** | **Short-Term Investment—2.9%** |
| **Money Market Mutual Fund—2.9%** | **Money Market Mutual Fund—2.9%** | **Money Market Mutual Fund—2.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(9)</sup> | 15777617 | &nbsp;&nbsp;&nbsp; 15778 |
| **Total Short-Term Investment<br> (Identified Cost $15,778)** | **Total Short-Term Investment<br> (Identified Cost $15,778)** | &nbsp;&nbsp;&nbsp;&nbsp; **15778** |
| **TOTAL INVESTMENTS—101.0%<br> (Identified Cost $602,382)** | **TOTAL INVESTMENTS—101.0%<br> (Identified Cost $602,382)** | &nbsp;&nbsp;**$541385** |
| Other assets and liabilities, net—(1.0)% | Other assets and liabilities, net—(1.0)% | &nbsp;&nbsp;&nbsp;&nbsp; (5618) |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$535767** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LIBOR | London Interbank Offered Rate |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| PIK | Payment-in-Kind Security |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $374,471 or 69.9% of net assets. |
| <sup>(2)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(3)</sup> | 100% of the income received was in cash. |
| <sup>(4)</sup> | 100% of the income received was in PIK. |
| <sup>(5)</sup> | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |

---

<sup>(6)</sup> Value shown as par value.

<sup>(7)</sup> Non-income producing.

<sup>(8)</sup> All or a portion of the security is restricted.

<sup>(9)</sup> Shares of this fund are publicly offered, and its prospectus and annual report are publicly available.

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;84% |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$475856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$475856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;U.S. Government Security | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$541385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$525607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

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

Securities held by the Fund with an end of period value of $2,641 were transferred from Level 3 to Level 2 due to a increase in trading activities at period end.

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

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet Short Duration High Income Fund

- **b. EDGAR series identifier (if any):** S000033713

- **c. LEI of Series:** 549300S56OCX6IDYO457

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $550865231.29

**Total Liabilities:** $3449436.95

**Net Assets:** $547415794.34

**Cash Not Reported:** $1689798.75

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** -2451.00000000 | **10-Year:** 0.00000000 | **30-Year:** -10728.00000000

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

- **3-Month:** 0.00000000 | **1-Year:** -1172.00000000 | **5-Year:** -109195.00000000 | **10-Year:** -16277.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000103877 | 1.55%                | 0.12%                | -1.56%               |
| Class ID C000103878 | 2.54%                | 1.18%                | -0.54%               |
| Class ID C000177646 | 2.55%                | 1.18%                | -0.53%               |
| Class ID C000103879 | 2.62%                | 1.17%                | -0.54%               |
| Class ID C000103876 | 0.27%                | -1.13%               | -2.87%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-5417004.94             | $16629507.26                               |
| Month 2  | $-2139499.50             | $5849793.00                                |
| Month 3  | $-530144.18              | $-5659113.52                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MAUSER PACKAGING SOLUT      | Mauser Packaging Solutions Holding Co                                     | CUSIP: 05604XAP1<br>LEI: 549300DNGHXL0OMHW304 | Long             | LON              | CORP              | US        |   3790000 | PA      | $3695780.60   | 0.68%             | 2024-04-03      | Floating      | 8.01%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                | Calpine Corp                                                              | CUSIP: 131347CK0<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |   1096000 | PA      | $1043970.14   | 0.19%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BRINK'S CO/THE              | Brink's Co/The                                                            | CUSIP: 109696AB0<br>LEI: XFP140TFNOQMIVFTVQ13 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4909141.60   | 0.90%             | 2025-07-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L    | EQM Midstream Partners LP                                                 | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |    950000 | PA      | $930297.00    | 0.17%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP       | Tenet Healthcare Corp                                                     | CUSIP: 88033GDC1<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1942514.18   | 0.35%             | 2024-09-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC    | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8977500 | PA      | $8925447.11   | 1.63%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA    | SeaWorld Parks & Entertainment Inc                                        | CUSIP: 81282UAC6<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3583125.00   | 0.65%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CVR ENERGY INC              | CVR Energy Inc                                                            | CUSIP: 12662PAB4<br>LEI: 529900SOYZIXZBTXB558 | Long             | DBT              | CORP              | US        |  17094000 | PA      | $15726480.00  | 2.87%             | 2025-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SLM CORP                    | SLM Corp                                                                  | CUSIP: 78442PGD2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8950000 | PA      | $8188858.44   | 1.50%             | 2025-10-29      | Fixed         | 4.20%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP               | DISH DBS Corp                                                             | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  13850000 | PA      | $11666339.75  | 2.13%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC       | Uber Technologies Inc                                                     | CUSIP: 90353TAC4<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |  10459000 | PA      | $10494997.26  | 1.92%             | 2026-11-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| PRUDENTIAL FINANCIAL INC    | Prudential Financial Inc                                                  | CUSIP: 744320AM4<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4912500.00   | 0.90%             | 2043-06-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS LLC/FIN     | Shift4 Payments LLC / Shift4 Payments Finance Sub Inc                     | CUSIP: 82453AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15250000 | PA      | $14408047.50  | 2.63%             | 2026-11-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TARGA RESOURCES PARTNERS    | Targa Resources Partners LP / Targa Resources Partners Finance Corp       | CUSIP: 87612BBL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3000000 | PA      | $3019019.88   | 0.55%             | 2027-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION    | Consensus Cloud Solutions Inc                                             | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7250000 | PA      | $6780495.00   | 1.24%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC      | Energizer Holdings Inc                                                    | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5234290.38   | 0.96%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECT FINCO SARL/CONNE    | Connect Finco SARL / Connect US Finco LLC                                 | CUSIP: 20752TAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |  11640000 | PA      | $10787480.81  | 1.97%             | 2026-10-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| RADIATE HOLDCO / FINANCE    | Radiate Holdco LLC / Radiate Finance Inc                                  | CUSIP: 75026JAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7285000 | PA      | $5352289.50   | 0.98%             | 2026-09-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST     | Starwood Property Trust Inc                                               | CUSIP: 85571BAW5<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    900000 | PA      | $845114.00    | 0.15%             | 2024-12-31      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L    | EQM Midstream Partners LP                                                 | CUSIP: 26885BAF7<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |   2937000 | PA      | $2834195.66   | 0.52%             | 2025-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| SELECT MEDICAL CORP         | Select Medical Corp                                                       | CUSIP: 816196AT6<br>LEI: 549300X05KS0JKR8CB50 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1901660.00   | 0.35%             | 2026-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                   | Pike Corp                                                                 | CUSIP: 72108PAT1<br>LEI: 549300P4EKEP6HK0NC58 | Long             | LON              | CORP              | US        |   1165000 | PA      | $1153839.30   | 0.21%             | 2028-01-21      | Floating      | 7.82%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS    | Univision Communications Inc                                              | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4824050.00   | 0.88%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TEVA PHARMACEUTICALS NE     | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAL5<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   3000000 | PA      | $2941500.00   | 0.54%             | 2024-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FLY LEASING LTD             | Fly Leasing Ltd                                                           | CUSIP: 14308CAA1<br>LEI: 549300LI58A0MHGHTZ98 | Long             | DBT              | CORP              | BM        |  10990000 | PA      | $8524118.75   | 1.56%             | 2024-10-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund | BlackRock Liquidity FedFund                                               | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |  14680769 | NS      | $14680768.82  | 2.68%             |  |  |  | No            |                  1 | On Loan: No      |
| SALLY HOLDINGS/SALLY CAP    | Sally Holdings LLC / Sally Capital Inc                                    | CUSIP: 79546VAL0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3534000 | PA      | $3404284.53   | 0.62%             | 2025-12-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC       | eG Global Finance PLC                                                     | CUSIP: 28228PAA9<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |   6250000 | PA      | $5456437.50   | 1.00%             | 2025-02-07      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| VERITAS US INC/BERMUDA L    | Veritas US Inc / Veritas Bermuda Ltd                                      | CUSIP: 92346LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7250000 | PA      | $4993211.30   | 0.91%             | 2025-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| WYNN RESORTS FINANCE LLC    | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp                      | CUSIP: 983133AB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2800000 | PA      | $2784477.92   | 0.51%             | 2025-04-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ACI WORLDWIDE INC           | ACI Worldwide Inc                                                         | CUSIP: 004498AB7<br>LEI: 5493003BPVMZUJ6F5C02 | Long             | DBT              | CORP              | US        |   8500000 | PA      | $8234375.00   | 1.50%             | 2026-08-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| APX GROUP INC               | APX Group Inc                                                             | CUSIP: 00213NAM4<br>LEI: 549300OMQVKPRU98OE64 | Long             | LON              | CORP              | US        |   9900000 | PA      | $9754569.00   | 1.78%             | 2028-07-09      | Floating      | 7.87%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD     | Global Aircraft Leasing Co Ltd                                            | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11627364 | PA      | $9883259.40   | 1.81%             | 2024-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS    | Univision Communications Inc                                              | CUSIP: 914906AS1<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1904780.40   | 0.35%             | 2025-02-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES     | Royal Caribbean Cruises Ltd                                               | CUSIP: 780153BR2<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    177000 | PA      | $181885.20    | 0.03%             | 2029-01-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC      | WESCO Distribution Inc                                                    | CUSIP: 95081QAN4<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $5062560.60   | 0.92%             | 2025-06-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC    | Prime Security Services Borrower LLC / Prime Finance Inc                  | CUSIP: 74166MAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5893858.62   | 1.08%             | 2024-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CLOUD PEAK ENRGY RES/FIN    | Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp          | CUSIP: 18911XAC1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2859701 | PA      | $2640515.61   | 0.48%             | 2025-05-01      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| HOLLY NRG PRTNR/FIN CORP    | Holly Energy Partners LP / Holly Energy Finance Corp                      | CUSIP: 435765AJ1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2456229.75   | 0.45%             | 2027-04-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER      | Goodyear Tire & Rubber Co/The                                             | CUSIP: 382550BH3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |   2200000 | PA      | $2260505.08   | 0.41%             | 2025-05-31      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| PBF HOLDING CO LLC          | PBF Holding Co LLC / PBF Finance Corp                                     | CUSIP: 69318FAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  16500000 | PA      | $16303980.00  | 2.98%             | 2025-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS THEME PARKS       | Six Flags Theme Parks Inc                                                 | CUSIP: 83001WAC8<br>LEI: 5493003MX0ZXTM8EVY68 | Long             | DBT              | CORP              | US        |   3526000 | PA      | $3550019.04   | 0.65%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                | SM Energy Co                                                              | CUSIP: 78454LAL4<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2879971.74   | 0.53%             | 2025-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE      | Delek Logistics Partners LP / Delek Logistics Finance Corp                | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1804000.00   | 0.33%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SPECTRUM BRANDS INC         | Spectrum Brands Inc                                                       | CUSIP: 84762LAU9<br>LEI: 549300VU3EH2E73C1Q04 | Long             | DBT              | CORP              | US        |   3099000 | PA      | $3063932.46   | 0.56%             | 2025-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC           | Newmark Group Inc                                                         | CUSIP: 65158NAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9197000 | PA      | $9109740.70   | 1.66%             | 2023-11-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS    | Ferrellgas LP / Ferrellgas Finance Corp                                   | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4835000 | PA      | $4398143.25   | 0.80%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| LD HOLDINGS GROUP LLC       | LD Holdings Group LLC                                                     | CUSIP: 521088AA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10025000 | PA      | $6755512.97   | 1.23%             | 2025-11-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| BANIJAY ENTERTAINMENT       | Banijay Entertainment SASU                                                | CUSIP: 060335AA4<br>LEI: 969500CE0IE2EZ5VBG13 | Long             | DBT              | CORP              | FR        |   4092000 | PA      | $3866940.00   | 0.71%             | 2025-03-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| CAESARS ENTERTAIN INC       | Caesars Entertainment Inc                                                 | CUSIP: 28470RAH5<br>LEI: 549300FA4CTCW903Y781 | Long             | DBT              | CORP              | US        |   5945000 | PA      | $5776610.85   | 1.06%             | 2025-07-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORESTAR GROUP INC          | Forestar Group Inc                                                        | CUSIP: 346232AF8<br>LEI: 549300BC2UB0GHV60V70 | Long             | DBT              | CORP              | US        |   4000000 | PA      | $3506761.96   | 0.64%             | 2026-05-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS       | Bread Financial Holdings Inc                                              | CUSIP: 018581AK4<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |  14000000 | PA      | $12414332.56  | 2.27%             | 2024-12-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| EG GLOBAL FINANCE PLC       | eG Global Finance PLC                                                     | CUSIP: 28228PAB7<br>LEI: 549300TL8Q5207VYET27 | Long             | DBT              | CORP              | GB        |  11104000 | PA      | $10344744.79  | 1.89%             | 2025-10-30      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC    | Ford Motor Credit Co LLC                                                  | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   6310000 | PA      | $6465857.00   | 1.18%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| PENNYMAC FIN SVCS INC       | PennyMac Financial Services Inc                                           | CUSIP: 70932MAA5<br>LEI: 549300W1D516HBDEU871 | Long             | DBT              | CORP              | US        |   2750000 | PA      | $2478366.94   | 0.45%             | 2025-10-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                  | Viasat Inc                                                                | CUSIP: 92552VAL4<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   4550000 | PA      | $4132992.50   | 0.76%             | 2027-04-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP           | Clarios Global LP                                                         | CUSIP: 18060TAA3<br>LEI: 549300474L1ZLXZY2P98 | Long             | DBT              | CORP              | CA        |    720000 | PA      | $721664.24    | 0.13%             | 2025-05-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ASURION LLC                 | Asurion LLC                                                               | CUSIP: 04649VAX8<br>LEI: 549300KNQVXGIOXWK278 | Long             | LON              | CORP              | US        |   7927267 | PA      | $7050352.98   | 1.29%             | 2026-12-23      | Floating      | 7.64%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B             | United States Treasury Note/Bond                                          | CUSIP: 912828Y61<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   7000000 | PA      | $6923984.34   | 1.26%             | 2023-07-31      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| PRAIRIE ECI ACQUIROR LP     | Prairie ECI Acquiror LP                                                   | CUSIP: 73955HAB0<br>LEI: 549300EXIECHUG4F3335 | Long             | LON              | CORP              | US        |   9200195 | PA      | $8924188.99   | 1.63%             | 2026-03-11      | Floating      | 9.39%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC        | Chart Industries Inc                                                      | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |    170000 | PA      | $170899.30    | 0.03%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ARCONIC CORP                | Arconic Corp                                                              | CUSIP: 03966VAB3<br>LEI: 549300B4YFWH3U74B152 | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1966193.16   | 0.36%             | 2025-05-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES              | LSB Industries Inc                                                        | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |  14750000 | PA      | $13495512.50  | 2.47%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS     | NMG Holding Co Inc / Neiman Marcus Group LLC                              | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4686337.50   | 0.86%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE     | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp  | CUSIP: 01879NAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4962500.00   | 0.91%             | 2025-05-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| HCA INC                     | HCA Inc                                                                   | CUSIP: 404119BR9<br>LEI: L3CJ6J7LJ2DX62FTXD46 | Long             | DBT              | CORP              | US        |   1500000 | PA      | $1498183.95   | 0.27%             | 2025-02-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC               | TransDigm Inc                                                             | CUSIP: 893647BL0<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $4883060.00   | 0.89%             | 2027-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 2SARL      | Albion Financing 2SARL                                                    | CUSIP: 013305AA5<br>LEI: 2594009X2UW7EQPIKY23 | Long             | DBT              | CORP              | LU        |   6000000 | PA      | $5109262.32   | 0.93%             | 2027-04-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT      | HAT Holdings I LLC / HAT Holdings II LLC                                  | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $1737600.00   | 0.32%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| SUMMER (BC) BIDC            | Summer BC Bidco B LLC                                                     | CUSIP: 865632AA1<br>LEI: 213800CCW2O2WZ7YV169 | Long             | DBT              | CORP              | US        |   5054000 | PA      | $4101017.76   | 0.75%             | 2026-10-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CITGO PETROLEUM CORP        | CITGO Petroleum Corp                                                      | CUSIP: 17302XAK2<br>LEI: YX52P86PXMLYDOTUQ225 | Long             | DBT              | CORP              | US        |   2375000 | PA      | $2316480.00   | 0.42%             | 2025-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AKUMIN INC                  | Akumin Inc                                                                | CUSIP: 01021FAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10875000 | PA      | $7788212.38   | 1.42%             | 2025-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC            | CSC Holdings LLC                                                          | CUSIP: 126307AH0<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5890000 | PA      | $5483678.35   | 1.00%             | 2024-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SPIN HOLDCO INC             | Spin Holdco Inc                                                           | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |   1965000 | PA      | $1650108.75   | 0.30%             | 2028-03-04      | Floating      | 8.37%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST    | Fortress Transportation and Infrastructure Investors LLC                  | CUSIP: 34960PAB7<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   7792000 | PA      | $7326068.40   | 1.34%             | 2025-10-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| PLAYA RESORTS HOLDING B.V.  | Playa Resorts Holding BV                                                  | CUSIP: 72812NAD8<br>LEI: 5493005SPBUMPZZCIZ96 | Long             | LON              | CORP              | NL        |   3000000 | PA      | $2988000.00   | 0.55%             | 2024-04-27      | Floating      | 7.47%                 | No            |                  2 | On Loan: No      |
| GATES GLOBAL/GATES CORP     | Gates Global LLC / Gates Corp                                             | CUSIP: 36740LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5873000 | PA      | $5667445.00   | 1.04%             | 2026-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Cloud Peak Energy Inc       | Cloud Peak Energy Inc                                                     | CUSIP: 18911Q300<br>LEI: 529900UPE2TSMT20WT39 | Long             | EC               | CORP              | US        |     40020 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEVA PHARMACEUTICALS NE     | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAN1<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   3700000 | PA      | $3649818.75   | 0.67%             | 2025-01-31      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| SUNNOVA ENERGY CORP         | Sunnova Energy Corp                                                       | CUSIP: 86745GAF0<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |  10500000 | PA      | $9380595.00   | 1.71%             | 2026-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| AMS-OSRAM AG                | ams-OSRAM AG                                                              | CUSIP: 03217CAA4<br>LEI: 5299001JPPT2QFTV5D76 | Long             | DBT              | CORP              | AT        |   5250000 | PA      | $4940250.00   | 0.90%             | 2025-07-31      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GENERAL ELECTRIC CO         | General Electric Co                                                       | CUSIP: 369604BQ5<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | DBT              | CORP              | US        |   5000000 | PA      | $4912212.55   | 0.90%             | N/A             | Floating      | 8.10%                 | No            |                  2 | On Loan: No      |
| TOWNSQUARE MEDIA INC        | Townsquare Media Inc                                                      | CUSIP: 892231AB7<br>LEI: 549300XBA8C68H0DR538 | Long             | DBT              | CORP              | US        |   5334000 | PA      | $4733933.00   | 0.86%             | 2026-02-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| RP ESCROW ISSUER LLC        | RP Escrow Issuer LLC                                                      | CUSIP: 74969PAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6400000 | PA      | $4887363.39   | 0.89%             | 2025-12-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS       | Bread Financial Holdings Inc                                              | CUSIP: 018581AL2<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |   6000000 | PA      | $5220000.00   | 0.95%             | 2026-01-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION    | Consensus Cloud Solutions Inc                                             | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5426634.39   | 0.99%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP       | Tenet Healthcare Corp                                                     | CUSIP: 88033GCS7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |   1764000 | PA      | $1720353.52   | 0.31%             | 2024-07-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC     | New Fortress Energy Inc                                                   | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10000000 | PA      | $9458000.00   | 1.73%             | 2025-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CASTLELAKE AVIATION FIN     | Castlelake Aviation Finance DAC                                           | CUSIP: 14856HAA6<br>LEI: 2138006F7SMD1COVC345 | Long             | DBT              | CORP              | IE        |   7500000 | PA      | $6526228.28   | 1.19%             | 2027-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL    | United Wholesale Mortgage LLC                                             | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   7200000 | PA      | $6484463.14   | 1.18%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BLACKSTONE MORTGAGE TR      | Blackstone Mortgage Trust Inc                                             | CUSIP: 09257WAD2<br>LEI: 549300OLDJ20R2Y2UW20 | Long             | DBT              | CORP              | US        |   3000000 | PA      | $2579712.39   | 0.47%             | 2027-01-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| CCM MERGER INC              | CCM Merger Inc                                                            | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |    900000 | PA      | $848088.00    | 0.15%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SUMMER BC HOLDCO B SARL     | Summer BC Holdco B SARL                                                   | CUSIP: 000000000<br>LEI: 984500NRF59D5DB9B654 | Long             | LON              | CORP              | LU        |   2962500 | PA      | $2740312.50   | 0.50%             | 2026-12-04      | Floating      | 8.87%                 | No            |                  2 | On Loan: No      |
| HILTON WORLDWIDE FIN LLC    | Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp              | CUSIP: 432891AK5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2165000 | PA      | $2060707.34   | 0.38%             | 2027-04-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP      | Millennium Escrow Corp                                                    | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21450000 | PA      | $13729097.17  | 2.51%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| VIASAT INC                  | Viasat Inc                                                                | CUSIP: 92552VAK6<br>LEI: UFC8NYMNFSYIHNSM2I38 | Long             | DBT              | CORP              | US        |   1450000 | PA      | $1345292.02   | 0.25%             | 2025-09-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NUSTAR LOGISTICS LP         | NuStar Logistics LP                                                       | CUSIP: 67059TAG0<br>LEI: N62BF2PKP51FIIOIUN20 | Long             | DBT              | CORP              | US        |   5200000 | PA      | $4998932.74   | 0.91%             | 2025-10-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| PBF LOGISTICS LP/FINANCE    | PBF Logistics LP / PBF Logistics Finance Corp                             | CUSIP: 69318UAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11912000 | PA      | $11897110.00  | 2.17%             | 2023-05-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ALBION FINANCING 1SARL /    | Albion Financing 1 SARL / Aggreko Holdings Inc                            | CUSIP: 013304AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | LU        |   3000000 | PA      | $2675430.00   | 0.49%             | 2026-10-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC       | Directv Financing LLC / Directv Financing Co-Obligor Inc                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11250000 | PA      | $10064925.00  | 1.84%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer