# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001193125-25-134537
**Filing Date:** 2025-6
**Character Count:** 542918
**Document Hash:** b269a8b03569d55cf3a47428796be88b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-134537.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001193125-25-134537

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**EFFECTIVENESS DATE**: 20250604

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 251022114

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? Virtus Strategy Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-22167

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

------

101 Munson Street

Greenfield, MA 01301-9668

------

Jennifer Fromm, Esq.

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

One Financial Plaza

Hartford, CT 06103-2608

(Name and address of agent for service)

------

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

#### (800)-243-1574

#### Date of fiscal year end:

#### Sep 30

#### Date of reporting period:

#### March 31, 2025

------

 **Item 1. Report to Stockholders.**

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Convertible Fund
Class A / ANZAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Class A / ANZAX | $48 | 0.96% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1248068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 59% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Convertible Fund
Class C / ANZCX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Class C / ANZCX | $86 | 1.73% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1248068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 59% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Convertible Fund
Institutional Class / ANNPX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Institutional Class / ANNPX | $36 | 0.71% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1248068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 59% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Convertible Fund
Class R6 / VAADX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Convertible Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Convertible Fund<br>Class R6 / VAADX | $31 | 0.62% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$1248068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;114 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;84% |

---

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

---

| | | |
|:---|:---|:---|
| Convertible Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 10% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Convertible Bonds and Notes | 59% |  |
| Convertible Preferred Stocks |  | 13% |
| Short-Term Investment |  | 1% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Water Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Water Fund<br>Class A / AWTAX | $60 | 1.24% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$541284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | |
|:---|:---|
| Water Utilities | 35% |
| Machinery | 21% |
| Commercial Services & Supplies | 12% |
| Building Products | 7% |
| Multi-Utilities | 5% |
| Trading Companies & Distributors | 4% |
| Chemicals | 4% |
| Construction & Engineering | 4% |
| Electronic Equipment, Instruments & Components | 4% |
| Life Sciences Tools & Services | 3% |
| Other | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Water Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Water Fund<br>Class C / AWTCX | $96 | 1.99% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$541284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | |
|:---|:---|
| Water Utilities | 35% |
| Machinery | 21% |
| Commercial Services & Supplies | 12% |
| Building Products | 7% |
| Multi-Utilities | 5% |
| Trading Companies & Distributors | 4% |
| Chemicals | 4% |
| Construction & Engineering | 4% |
| Electronic Equipment, Instruments & Components | 4% |
| Life Sciences Tools & Services | 3% |
| Other | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Duff & Phelps Water Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Duff & Phelps Water Fund<br>Institutional Class / AWTIX | $46 | 0.95% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$541284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;39 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

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

---

| | |
|:---|:---|
| Water Utilities | 35% |
| Machinery | 21% |
| Commercial Services & Supplies | 12% |
| Building Products | 7% |
| Multi-Utilities | 5% |
| Trading Companies & Distributors | 4% |
| Chemicals | 4% |
| Construction & Engineering | 4% |
| Electronic Equipment, Instruments & Components | 4% |
| Life Sciences Tools & Services | 3% |
| Other | 1% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Global Allocation Fund
Class A / PALAX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Class A / PALAX | $26 | 0.52% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$133189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34% |
| Banks | 3% |  |
| Software | 3% |  |
| Insurance | 2% |  |
| All other Common Stocks | 26% |  |
| Affiliated Mutual Funds |  | 20% |
| Corporate Bonds and Notes |  | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Mortgage-Backed Securities |  | 11% |
| U.S. Government Securities |  | 7% |
| Asset-Backed Securities |  | 5% |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 1% |  |
| Other (includes short-term investment) |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Global Allocation Fund
Class C / PALCX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Class C / PALCX | $62 | 1.27% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$133189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34% |
| Banks | 3% |  |
| Software | 3% |  |
| Insurance | 2% |  |
| All other Common Stocks | 26% |  |
| Affiliated Mutual Funds |  | 20% |
| Corporate Bonds and Notes |  | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Mortgage-Backed Securities |  | 11% |
| U.S. Government Securities |  | 7% |
| Asset-Backed Securities |  | 5% |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 1% |  |
| Other (includes short-term investment) |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Global Allocation Fund
Institutional Class / PALLX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Institutional Class / PALLX | $14 | 0.29% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$133189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34% |
| Banks | 3% |  |
| Software | 3% |  |
| Insurance | 2% |  |
| All other Common Stocks | 26% |  |
| Affiliated Mutual Funds |  | 20% |
| Corporate Bonds and Notes |  | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Mortgage-Backed Securities |  | 11% |
| U.S. Government Securities |  | 7% |
| Asset-Backed Securities |  | 5% |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 1% |  |
| Other (includes short-term investment) |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

## Virtus Global Allocation Fund
Class R6 / AGASX

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Global Allocation Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Global Allocation Fund<br>Class R6 / AGASX | $11 | 0.22% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$133189 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;407 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

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

---

| | | |
|:---|:---|:---|
| Common Stocks |  | 34% |
| Banks | 3% |  |
| Software | 3% |  |
| Insurance | 2% |  |
| All other Common Stocks | 26% |  |
| Affiliated Mutual Funds |  | 20% |
| Corporate Bonds and Notes |  | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Electric Utilities | 4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Banks | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Financial Services | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 9% |  |
| Mortgage-Backed Securities |  | 11% |
| U.S. Government Securities |  | 7% |
| Asset-Backed Securities |  | 5% |
| Convertible Bonds and Notes |  | 3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Internet | 1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Services | 1% |  |
| Other (includes short-term investment) |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Class A / AOPAX | $61 | 1.25% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

---

| | |
|:---|:---|
| Banks | 10% |
| Oil, Gas & Consumable Fuels | 7% |
| Beverages | 6% |
| Metals & Mining | 5% |
| Specialty Retail | 4% |
| Insurance | 4% |
| Construction & Engineering | 3% |
| Textiles, Apparel & Luxury Goods | 3% |
| Trading Companies & Distributors | 3% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Class C / AOPCX | $98 | 2.00% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

---

| | |
|:---|:---|
| Banks | 10% |
| Oil, Gas & Consumable Fuels | 7% |
| Beverages | 6% |
| Metals & Mining | 5% |
| Specialty Retail | 4% |
| Insurance | 4% |
| Construction & Engineering | 3% |
| Textiles, Apparel & Luxury Goods | 3% |
| Trading Companies & Distributors | 3% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Institutional Class / ALOIX | $51 | 1.04% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

---

| | |
|:---|:---|
| Banks | 10% |
| Oil, Gas & Consumable Fuels | 7% |
| Beverages | 6% |
| Metals & Mining | 5% |
| Specialty Retail | 4% |
| Insurance | 4% |
| Construction & Engineering | 3% |
| Textiles, Apparel & Luxury Goods | 3% |
| Trading Companies & Distributors | 3% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus International Small-Cap Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus International Small-Cap Fund<br>Class R6 / AIISX | $49 | 1.00% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$45064 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;116 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

---

| | |
|:---|:---|
| Banks | 10% |
| Oil, Gas & Consumable Fuels | 7% |
| Beverages | 6% |
| Metals & Mining | 5% |
| Specialty Retail | 4% |
| Insurance | 4% |
| Construction & Engineering | 3% |
| Textiles, Apparel & Luxury Goods | 3% |
| Trading Companies & Distributors | 3% |
| Financial Services | 3% |
| Other (includes short-term investment) | 52% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Class A / ASHAX | $43 | 0.86% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$650610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43% |  |
| Leveraged Loans |  | 11% |
| Short-Term Investment |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Class C / ASHCX | $56 | 1.11% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$650610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43% |  |
| Leveraged Loans |  | 11% |
| Short-Term Investment |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Institutional Class / ASHIX | $30 | 0.60% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$650610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43% |  |
| Leveraged Loans |  | 11% |
| Short-Term Investment |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus Newfleet Short Duration High Income Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus Newfleet Short Duration High Income Fund<br>Class R6 / ASHSX | $28 | 0.55% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$650610 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

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

---

| | | |
|:---|:---|:---|
| Corporate Bonds and Notes |  | 86% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | 17% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | 9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;All other Corporate Bonds and Notes | 43% |  |
| Leveraged Loans |  | 11% |
| Short-Term Investment |  | 3% |
| Total |  | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Emerging Markets Value Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Emerging Markets Value Fund<br>Class A / AZMAX | $56 | 1.14% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

---

| | |
|:---|:---|
| Information Technology | 28% |
| Consumer Discretionary | 23% |
| Financials | 15% |
| Communication Services | 9% |
| Industrials | 7% |
| Energy | 5% |
| Materials | 5% |
| Other | 8% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Emerging Markets Value Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Emerging Markets Value Fund<br>Class C / AZMCX | $93 | 1.89% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

---

| | |
|:---|:---|
| Information Technology | 28% |
| Consumer Discretionary | 23% |
| Financials | 15% |
| Communication Services | 9% |
| Industrials | 7% |
| Energy | 5% |
| Materials | 5% |
| Other | 8% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

![Virtus_FC_Logo](g913600images_27637.jpg)

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

#### Semi-Annual SHAREHOLDER REPORT \| March 31, 2025
This semi-annual shareholder report contains important information about the Virtus NFJ Emerging Markets Value Fund ("Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://www.virtus.com/investor-resources/mutual-fund-documents. You can also request this information by contacting us at 1-800-243-1574.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Virtus NFJ Emerging Markets Value Fund<br>Institutional Class / AZMIX | $44 | 0.89% |

---

KEY FUND STATISTICS (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Fund net assets ('000s) | &nbsp;&nbsp;&nbsp;&nbsp;$15123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total number of portfolio holdings | &nbsp;&nbsp;&nbsp;&nbsp;94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate as of the end of the reporting period | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

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

---

| | |
|:---|:---|
| Information Technology | 28% |
| Consumer Discretionary | 23% |
| Financials | 15% |
| Communication Services | 9% |
| Industrials | 7% |
| Energy | 5% |
| Materials | 5% |
| Other | 8% |
| Total | 100% |

---

<sup>(1)</sup> Percentage of total investments as of March 31, 2025.

**Where can I find more information?**

![TSR Mutual Fund QR Code](g913600images_27636.jpg)

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

8129 Virtus Convertible Fund

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Response not required for semi-annual report.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

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

#### Item 6. Investments.
(a) Refer to Item 7a.

(b) Not applicable.

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

------

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

## VIRTUS STRATEGY TRUST
![](g913600img03e20e851.gif)

------

March 31, 2025

---

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

---

------

Not FDIC Insured • No Bank Guarantee • May Lose Value

------

#### **Table of Contents**

---

| | |
|:---|:---|
| [Key Investment Terms](#xx_b9646acc-56a1-48ca-8b94-29be00cf9493_1) | 1 |
| **Fund** | **Schedule<br> of<br> Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Convertible Fund ("Convertible Fund")](#xx_fa9937e3-3087-4ca7-826e-0e45f2fd97e3_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Duff & Phelps Water Fund ("Duff & Phelps Water Fund")](#xx_0420f125-1042-4a1d-a776-c609dbfd237e_1) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Global Allocation Fund ("Global Allocation Fund")](#xx_98a3c5d3-8d37-4c57-b3ed-23efb62f5796_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus International Small-Cap Fund ("International Small-Cap Fund")](#xx_847633d7-44ac-4a97-bc14-fae482d8858a_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus Newfleet Short Duration High Income Fund ("Newfleet Short Duration High Income Fund")](#xx_9f2e1693-cb2a-437c-950b-49235c91b7a7_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Virtus NFJ Emerging Markets Value Fund ("NFJ Emerging Markets Value Fund")](#xx_2bb34dd5-d2ad-4e79-b9e0-71c01ec4eda0_1) | 22 |
| [Statements of Assets and Liabilities](#xx_6f23e1cc-2f56-4f63-bf81-f161ff739c3b_1) | 24 |
| [Statements of Operations](#xx_3f9ef7a3-e9b9-4dae-9347-3500f3ae43b5_1) | 28 |
| [Statements of Changes in Net Assets](#xx_fe5545c5-ab7e-41e6-a30f-260d607390ba_1) | 30 |
| [Financial Highlights](#xx_99ae16cb-481f-4a13-b6b9-af165bd09e67_1) | 32 |
| [Notes to Financial Statements](#xx_dd40acbe-67af-4281-be77-e8c943a9b9e2_1) | 37 |
| [Other Information](#xx_1c86ee57-c275-4898-aa3c-fab44624173b_1) | 53 |

---

#### Proxy Voting Procedures and Voting Record (Form N-PX)
The subadvisers vote proxies, if any, relating to portfolio securities in accordance with procedures that have been approved by the Board of Trustees of the Trust ("Trustees", or the "Board"). You may obtain a description of these procedures, along with information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, free of charge, by calling toll-free 1-800-243-1574. This information is also available through the Securities and Exchange Commission's (the "SEC") website at <u>https://www.sec.gov</u>.

#### PORTFOLIO HOLDINGS INFORMATION
The Trust files a complete schedule of portfolio holdings for each Fund with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT-P. Form N-PORT-P is available on the SEC's website at <u>https://www.sec.gov.</u>

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

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### KEY INVESTMENT TERMS (Unaudited)

#### March 31, 2025

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

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

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

#### Designated Activity Company ("DAC")
A flexible legal structure chosen for specialized financial activities in Ireland. A DAC is incorporated as a private company with limited liability.

#### Exchange-Traded Fund ("ETF")
An open-end fund that is traded on a stock exchange. Most ETFs have a portfolio of stocks or bonds that track a specific market index.

#### Federal National Mortgage Association ("Fannie Mae")
A government-sponsored, publicly traded enterprise that makes mortgages available to low- and moderate-income borrowers. It does not provide loans, but backs or guarantees them in the secondary mortgage market.

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

#### Financial Times Stock Exchange ("FTSE")
FTSE Russell provides a comprehensive range of reliable and accurate indexes, giving investors the tools they require to measure and analyze global markets across asset classes, styles or strategies.

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

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

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

#### Mortgage-Backed Securities ("MBS")
Mortgage-backed securities represent interests in pools of underlying home loans bought from banks which issue them.

#### Payment-in-Kind Security ("PIK")
A bond which pays interest in the form of additional bonds, or preferred stock which pays dividends in the form of additional preferred stock.

#### Public Joint Stock Company ("PJSC")
A public joint stock company is a method to allow thousands or millions of people to jointly own a business. The most important feature is limited liability. The most important function of a public joint stock company is that the investor can only lose their initial investment.

#### Real Estate Investment Trust ("REIT")
A publicly traded company that owns, develops and operates income-producing real estate such as apartments, office buildings, hotels, shopping centers and other commercial properties.

#### Secured Overnight Financing Rate ("SOFR")
SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### KEY INVESTMENT TERMS (Unaudited) (Continued) March 31, 2025

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

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

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

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Convertible Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—83.5%** | **Convertible Bonds and Notes—83.5%** | **Convertible Bonds and Notes—83.5%** |
| **Aerospace & Defense—0.2%** | **Aerospace & Defense—0.2%** |  |
| Rocket Lab USA, Inc. 144A<br> 4.250%, 2/1/29<sup>(1)</sup> | $725 | $2620 |
| **Auto Manufacturers—1.6%** | **Auto Manufacturers—1.6%** |  |
| Rivian Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 3/15/29 | &nbsp;&nbsp; 10380 | &nbsp;&nbsp; 10121 |
| &nbsp;&nbsp;&nbsp;3.625%, 10/15/30 | &nbsp;&nbsp; 11275 | &nbsp;&nbsp; 9764 |
|  |  | &nbsp;&nbsp; 19885 |
| **Biotechnology—5.3%** | **Biotechnology—5.3%** |  |
| Alnylam Pharmaceuticals, Inc.<br> 1.000%, 9/15/27 | &nbsp;&nbsp; 10995 | &nbsp;&nbsp; 12661 |
| Bridgebio Pharma, Inc.<br> 2.500%, 3/15/27 | &nbsp;&nbsp; 7585 | &nbsp;&nbsp; 8653 |
| Guardant Health, Inc.<br> 1.250%, 2/15/31 | &nbsp;&nbsp; 5645 | &nbsp;&nbsp; 5822 |
| Halozyme Therapeutics, Inc.<br> 0.250%, 3/1/27 | &nbsp;&nbsp; 17745 | &nbsp;&nbsp; 18776 |
| Insmed, Inc.<br> 0.750%, 6/1/28 | &nbsp;&nbsp; 2775 | &nbsp;&nbsp; 6578 |
| PTC Therapeutics, Inc.<br> 1.500%, 9/15/26 | &nbsp;&nbsp; 4970 | &nbsp;&nbsp; 5798 |
| Travere Therapeutics, Inc.<br> 2.250%, 3/1/29 | &nbsp;&nbsp; 7795 | &nbsp;&nbsp; 7748 |
|  |  | &nbsp;&nbsp; 66036 |
| **Commercial Services—4.0%** | **Commercial Services—4.0%** |  |
| Affirm Holdings, Inc. 144A<br> 0.750%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 6615 | &nbsp;&nbsp; 5828 |
| Block, Inc.<br> 0.000%, 5/1/26<sup>(2)</sup> | &nbsp;&nbsp; 16790 | &nbsp;&nbsp; 15925 |
| Global Payments, Inc.<br> 1.500%, 3/1/31 | &nbsp;&nbsp; 12265 | &nbsp;&nbsp; 11554 |
| Shift4 Payments, Inc.<br> 0.500%, 8/1/27 | &nbsp;&nbsp; 13985 | &nbsp;&nbsp; 14118 |
| Stride, Inc.<br> 1.125%, 9/1/27 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 3096 |
|  |  | &nbsp;&nbsp; 50521 |
| **Computers—5.8%** | **Computers—5.8%** |  |
| Lumentum Holdings, Inc.<br> 0.500%, 12/15/26 | &nbsp;&nbsp; 23550 | &nbsp;&nbsp; 24398 |
| PAR Technology Corp.<br> 1.500%, 10/15/27 | &nbsp;&nbsp; 10805 | &nbsp;&nbsp; 11523 |
| Seagate HDD Cayman<br> 3.500%, 6/1/28 | &nbsp;&nbsp; 8345 | &nbsp;&nbsp; 10047 |
| Super Micro Computer, Inc.<br> 3.500%, 3/1/29 | &nbsp;&nbsp; 8265 | &nbsp;&nbsp; 7976 |
| Western Digital Corp.<br> 3.000%, 11/15/28 | &nbsp;&nbsp; 7315 | &nbsp;&nbsp; 9407 |
| Zscaler, Inc.<br> 0.125%, 7/1/25 | &nbsp;&nbsp; 6910 | &nbsp;&nbsp; 9142 |
|  |  | &nbsp;&nbsp; 72493 |
| **Diversified REITS—1.4%** | **Diversified REITS—1.4%** |  |
| Digital Realty Trust LP 144A<br> 1.875%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 17065 | &nbsp;&nbsp; 16899 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electric Utilities—6.3%** | **Electric Utilities—6.3%** |  |
| NextEra Energy Capital Holdings, Inc.<br> 3.000%, 3/1/27 | $16745 | $19323 |
| PG&E Corp.<br> 4.250%, 12/1/27 | &nbsp;&nbsp; 24530 | &nbsp;&nbsp; 25916 |
| Southern Co. (The)<br> 3.875%, 12/15/25 | &nbsp;&nbsp; 21105 | &nbsp;&nbsp; 23490 |
| TXNM Energy, Inc. 144A<br> 5.750%, 6/1/54<sup>(1)</sup> | &nbsp;&nbsp; 7655 | &nbsp;&nbsp; 9551 |
|  |  | &nbsp;&nbsp; 78280 |
| **Electronics—2.0%** | **Electronics—2.0%** |  |
| Advanced Energy Industries, Inc.<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 8625 | &nbsp;&nbsp; 8816 |
| Itron, Inc. 144A<br> 1.375%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6205 | &nbsp;&nbsp; 6473 |
| OSI Systems, Inc. 144A<br> 2.250%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 9725 |
|  |  | &nbsp;&nbsp; 25014 |
| **Engineering & Construction—1.0%** | **Engineering & Construction—1.0%** |  |
| Fluor Corp.<br> 1.125%, 8/15/29 | &nbsp;&nbsp; 1970 | &nbsp;&nbsp; 2093 |
| Granite Construction, Inc. 144A<br> 3.250%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 8395 | &nbsp;&nbsp; 10005 |
|  |  | &nbsp;&nbsp; 12098 |
| **Entertainment—4.8%** | **Entertainment—4.8%** |  |
| DraftKings Holdings, Inc.<br> 0.000%, 3/15/28<sup>(2)</sup> | &nbsp;&nbsp; 20840 | &nbsp;&nbsp; 18141 |
| IMAX Corp.<br> 0.500%, 4/1/26 | &nbsp;&nbsp; 11175 | &nbsp;&nbsp; 12357 |
| Live Nation Entertainment, Inc. 144A<br> 2.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 29030 | &nbsp;&nbsp; 30046 |
|  |  | &nbsp;&nbsp; 60544 |
| **Financial Services—3.8%** | **Financial Services—3.8%** |  |
| Coinbase Global, Inc.<br> 0.500%, 6/1/26 | &nbsp;&nbsp; 19245 | &nbsp;&nbsp; 18803 |
| Galaxy Digital Holdings LP 144A<br> 2.500%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 10460 | &nbsp;&nbsp; 8760 |
| SoFi Technologies, Inc. 144A<br> 0.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 12620 | &nbsp;&nbsp; 12563 |
| Upstart Holdings, Inc. 144A<br> 1.000%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 8310 | &nbsp;&nbsp; 7271 |
|  |  | &nbsp;&nbsp; 47397 |
| **Health Care REITs—2.9%** | **Health Care REITs—2.9%** |  |
| Welltower OP LLC 144A<br> 3.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 27430 | &nbsp;&nbsp; 35933 |
| **Healthcare-Products—4.4%** | **Healthcare-Products—4.4%** |  |
| Alphatec Holdings, Inc. 144A<br> 0.750%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 9455 | &nbsp;&nbsp; 8961 |
| Envista Holdings Corp.<br> 2.375%, 6/1/25 | &nbsp;&nbsp; 6545 | &nbsp;&nbsp; 6514 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Healthcare-Products—continued** | **Healthcare-Products—continued** |  |
| Exact Sciences Corp. 144A<br> 1.750%, 4/15/31<sup>(1)</sup> | $9565 | $8193 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 7565 | &nbsp;&nbsp; 9580 |
| iRhythm Technologies, Inc.<br> 1.500%, 9/1/29 | &nbsp;&nbsp; 7100 | &nbsp;&nbsp; 7373 |
| Merit Medical Systems, Inc. 144A<br> 3.000%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 6600 | &nbsp;&nbsp; 8976 |
| Repligen Corp.<br> 1.000%, 12/15/28 | &nbsp;&nbsp; 5440 | &nbsp;&nbsp; 5293 |
|  |  | &nbsp;&nbsp; 54890 |
| **Industrial REITs—1.3%** | **Industrial REITs—1.3%** |  |
| Rexford Industrial Realty LP 144A<br> 4.375%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 15775 | &nbsp;&nbsp; 15728 |
| **Internet—9.3%** | **Internet—9.3%** |  |
| Alibaba Group Holding Ltd. 144A<br> 0.500%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 5398 |
| Booking Holdings, Inc.<br> 0.750%, 5/1/25 | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 9045 |
| Expedia Group, Inc.<br> 0.000%, 2/15/26 | &nbsp;&nbsp; 7575 | &nbsp;&nbsp; 7461 |
| Magnite, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 6860 | &nbsp;&nbsp; 6524 |
| Palo Alto Networks, Inc.<br> 0.375%, 6/1/25 | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 7475 |
| Sea Ltd.<br> 2.375%, 12/1/25 | &nbsp;&nbsp; 5955 | &nbsp;&nbsp; 8766 |
| Shopify, Inc.<br> 0.125%, 11/1/25 | &nbsp;&nbsp; 12630 | &nbsp;&nbsp; 12662 |
| Snap, Inc.<br> 0.750%, 8/1/26 | &nbsp;&nbsp; 8285 | &nbsp;&nbsp; 7972 |
| Spotify USA, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 4875 | &nbsp;&nbsp; 5812 |
| Trip.com Group Ltd. 144A<br> 0.750%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 8840 | &nbsp;&nbsp; 10453 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25<sup>(2)</sup> | &nbsp;&nbsp; 19180 | &nbsp;&nbsp; 20331 |
| &nbsp;&nbsp;&nbsp;Series 2028<br> 0.875%, 12/1/28 | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 3292 |
| Wayfair, Inc.<br> 3.250%, 9/15/27 | &nbsp;&nbsp; 7015 | &nbsp;&nbsp; 6857 |
| Zillow Group, Inc.<br> 2.750%, 5/15/25 | &nbsp;&nbsp; 3435 | &nbsp;&nbsp; 3566 |
|  |  | &nbsp;&nbsp; 115614 |
| **Investment Companies—0.2%** | **Investment Companies—0.2%** |  |
| IREN Ltd. 144A<br> 3.250%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 3101 |
| **Iron & Steel—0.5%** | **Iron & Steel—0.5%** |  |
| United States Steel Corp.<br> 5.000%, 11/1/26 | &nbsp;&nbsp; 1980 | &nbsp;&nbsp; 6261 |
| **Leisure Time—2.2%** | **Leisure Time—2.2%** |  |
| Carnival Corp.<br> 5.750%, 12/1/27 | &nbsp;&nbsp; 4135 | &nbsp;&nbsp; 6899 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Convertible Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leisure Time—continued** | **Leisure Time—continued** |  |
| NCL Corp., Ltd.<br> 1.125%, 2/15/27 | $15150 | $14703 |
| Royal Caribbean Cruises Ltd.<br> 6.000%, 8/15/25 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 5622 |
|  |  | &nbsp;&nbsp; 27224 |
| **Machinery-Construction &<br> Mining—0.6%** | **Machinery-Construction &<br> Mining—0.6%** |  |
| Bloom Energy Corp. 144A<br> 3.000%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5850 | &nbsp;&nbsp; 7269 |
| **Machinery-Diversified—0.5%** | **Machinery-Diversified—0.5%** |  |
| Middleby Corp. (The)<br> 1.000%, 9/1/25 | &nbsp;&nbsp; 5060 | &nbsp;&nbsp; 6098 |
| **Media—2.1%** | **Media—2.1%** |  |
| Liberty Broadband Corp. 144A<br> 3.125%, 3/31/53<sup>(1)</sup> | &nbsp;&nbsp; 21265 | &nbsp;&nbsp; 21286 |
| Liberty Media Corp.-Liberty Formula One<br> 2.250%, 8/15/27 | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 4739 |
|  |  | &nbsp;&nbsp; 26025 |
| **Metal Fabricate/Hardware—0.9%** | **Metal Fabricate/Hardware—0.9%** |  |
| Xometry, Inc.<br> 1.000%, 2/1/27 | &nbsp;&nbsp; 11750 | &nbsp;&nbsp; 11356 |
| **Mining—1.2%** | **Mining—1.2%** |  |
| MP Materials Corp. 144A<br> 3.000%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 11340 | &nbsp;&nbsp; 15621 |
| **Miscellaneous Manufacturing—0.4%** | **Miscellaneous Manufacturing—0.4%** |  |
| Axon Enterprise, Inc.<br> 0.500%, 12/15/27 | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 4828 |
| **Oil, Gas & Consumable Fuels—1.0%** | **Oil, Gas & Consumable Fuels—1.0%** |  |
| UGI Corp. 144A<br> 5.000%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 9925 | &nbsp;&nbsp; 12816 |
| **Passenger Airlines—1.3%** | **Passenger Airlines—1.3%** |  |
| American Airlines Group, Inc.<br> 6.500%, 7/1/25 | &nbsp;&nbsp; 14225 | &nbsp;&nbsp; 14225 |
| JetBlue Airways Corp. 144A<br> 2.500%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2530 | &nbsp;&nbsp; 2598 |
|  |  | &nbsp;&nbsp; 16823 |
| **Pharmaceuticals—2.5%** | **Pharmaceuticals—2.5%** |  |
| Dexcom, Inc.<br> 0.250%, 11/15/25 | &nbsp;&nbsp; 19400 | &nbsp;&nbsp; 18847 |
| Jazz Investments I Ltd. 144A<br> 3.125%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10765 | &nbsp;&nbsp; 11933 |
|  |  | &nbsp;&nbsp; 30780 |
| **Retail—1.1%** | **Retail—1.1%** |  |
| Burlington Stores, Inc.<br> 1.250%, 12/15/27 | &nbsp;&nbsp; 4835 | &nbsp;&nbsp; 6373 |
| Shake Shack, Inc.<br> 0.000%, 3/1/28 | &nbsp;&nbsp; 7440 | &nbsp;&nbsp; 6849 |
|  |  | &nbsp;&nbsp; 13222 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Retail REIT—0.4%** | **Retail REIT—0.4%** |  |
| Federal Realty OP LP 144A<br> 3.250%, 1/15/29<sup>(1)</sup> | $4610 | $4592 |
| **Semiconductors—2.6%** | **Semiconductors—2.6%** |  |
| MACOM Technology Solutions Holdings, Inc. 144A<br> 0.000%, 12/15/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 6610 | &nbsp;&nbsp; 6008 |
| ON Semiconductor Corp.<br> 0.500%, 3/1/29 | &nbsp;&nbsp; 10435 | &nbsp;&nbsp; 8988 |
| Semtech Corp.<br> 1.625%, 11/1/27 | &nbsp;&nbsp; 6245 | &nbsp;&nbsp; 7681 |
| Synaptics, Inc. 144A<br> 0.750%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp; 8105 | &nbsp;&nbsp; 7619 |
| Wolfspeed, Inc.<br> 0.250%, 2/15/28 | &nbsp;&nbsp; 10185 | &nbsp;&nbsp; 2429 |
|  |  | &nbsp;&nbsp; 32725 |
| **Software—10.0%** | **Software—10.0%** |  |
| Alignment Healthcare, Inc. 144A<br> 4.250%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 7395 | &nbsp;&nbsp; 10797 |
| Cloudflare, Inc.<br> 0.000%, 8/15/26<sup>(2)</sup> | &nbsp;&nbsp; 16140 | &nbsp;&nbsp; 16205 |
| Confluent, Inc.<br> 0.000%, 1/15/27<sup>(2)</sup> | &nbsp;&nbsp; 2665 | &nbsp;&nbsp; 2458 |
| Datadog, Inc. 144A<br> 0.000%, 12/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 14820 | &nbsp;&nbsp; 12871 |
| Guidewire Software, Inc. 144A<br> 1.250%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 12155 | &nbsp;&nbsp; 12659 |
| HubSpot, Inc.<br> 0.375%, 6/1/25 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 1067 |
| MicroStrategy, Inc. 144A<br> 0.000%, 12/1/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 28105 | &nbsp;&nbsp; 22653 |
| Nutanix, Inc. 144A<br> 0.500%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 14260 | &nbsp;&nbsp; 15066 |
| Snowflake, Inc. 144A<br> 0.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 16165 | &nbsp;&nbsp; 18905 |
| Tyler Technologies, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 5280 | &nbsp;&nbsp; 6433 |
| Unity Software, Inc. 144A<br> 0.000%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6695 | &nbsp;&nbsp; 6032 |
|  |  | &nbsp;&nbsp; 125146 |
| **Telecommunications—1.0%** | **Telecommunications—1.0%** |  |
| Applied Digital Corp. 144A<br> 2.750%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1845 | &nbsp;&nbsp; 1601 |
| AST SpaceMobile, Inc. 144A<br> 4.250%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3245 | &nbsp;&nbsp; 3803 |
| Viavi Solutions, Inc.<br> 1.625%, 3/15/26 | &nbsp;&nbsp; 6965 | &nbsp;&nbsp; 7461 |
|  |  | &nbsp;&nbsp; 12865 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Water Utilities—0.9%** | **Water Utilities—0.9%** |  |
| American Water Capital Corp.<br> 3.625%, 6/15/26 | $11595 | $11838 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $1,018,153)** | **Total Convertible Bonds and Notes<br> (Identified Cost $1,018,153)** | &nbsp;&nbsp;&nbsp;&nbsp;**1042542** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—12.2%** | **Convertible Preferred Stocks—12.2%** | **Convertible Preferred Stocks—12.2%** |
| **Aerospace & Defense—3.0%** | **Aerospace & Defense—3.0%** |  |
| Boeing Co. (The), 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;633840 | &nbsp;&nbsp; 37923 |
| **Banks—3.1%** | **Banks—3.1%** |  |
| Wells Fargo & Co. Series L, 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;31765 | &nbsp;&nbsp; 38143 |
| **Capital Markets—1.8%** | **Capital Markets—1.8%** |  |
| Ares Management Corp. Series B, 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;192440 | &nbsp;&nbsp; 9277 |
| KKR & Co., Inc. Series D, 6.250% | &nbsp;&nbsp;&nbsp;&nbsp;258960 | &nbsp;&nbsp; 12793 |
|  |  | &nbsp;&nbsp; 22070 |
| **Chemicals—0.4%** | **Chemicals—0.4%** |  |
| Albemarle Corp., 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;150940 | &nbsp;&nbsp; 5381 |
| **Electric Utilities—1.3%** | **Electric Utilities—1.3%** |  |
| NextEra Energy, Inc., 6.926% | &nbsp;&nbsp;&nbsp;&nbsp;236635 | &nbsp;&nbsp; 9615 |
| PG&E Corp. Series A, 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;143075 | &nbsp;&nbsp; 6401 |
|  |  | &nbsp;&nbsp; 16016 |
| **Healthcare Providers &<br> Services—0.6%** | **Healthcare Providers &<br> Services—0.6%** |  |
| BrightSpring Health Services, Inc., 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;108505 | &nbsp;&nbsp; 7053 |
| **Machinery—0.2%** | **Machinery—0.2%** |  |
| Chart Industries, Inc. Series B, 6.750% | &nbsp;&nbsp;&nbsp;&nbsp;45300 | &nbsp;&nbsp; 2481 |
| **Semiconductors & Semiconductor<br> Equipment—1.0%** | **Semiconductors & Semiconductor<br> Equipment—1.0%** |  |
| Microchip Technology, Inc., 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;246805 | &nbsp;&nbsp; 12422 |
| **Software—0.2%** | **Software—0.2%** |  |
| MicroStrategy, Inc., 8.000% | &nbsp;&nbsp;&nbsp;&nbsp;36705 | &nbsp;&nbsp; 3083 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Convertible Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage &<br> Peripherals—0.6%** | **Technology Hardware, Storage &<br> Peripherals—0.6%** |  |
| Hewlett Packard Enterprise Co., 7.625% | &nbsp;&nbsp;&nbsp;&nbsp;164055 | $7832 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $152,344)** | **Total Convertible Preferred Stocks<br> (Identified Cost $152,344)** | &nbsp;&nbsp;&nbsp;&nbsp; **152404** |
| **Total Long-Term Investments—95.7%<br> (Identified Cost $1,170,497)** | **Total Long-Term Investments—95.7%<br> (Identified Cost $1,170,497)** | &nbsp;&nbsp;&nbsp;&nbsp;**1194946** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—0.7%** | **Short-Term Investment—0.7%** | **Short-Term Investment—0.7%** |
| **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.230%)<sup>(3)</sup> | 8117895 | $8118 |
| **Total Short-Term Investment<br> (Identified Cost $8,118)** | **Total Short-Term Investment<br> (Identified Cost $8,118)** | &nbsp;&nbsp;&nbsp;&nbsp; **8118** |
| **TOTAL INVESTMENTS—96.4%<br> (Identified Cost $1,178,615)** | **TOTAL INVESTMENTS—96.4%<br> (Identified Cost $1,178,615)** | &nbsp;&nbsp;**$1203064** |
| Other assets and liabilities, net—3.6% | Other assets and liabilities, net—3.6% | &nbsp;&nbsp;&nbsp;&nbsp; 45004 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1248068** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| OP | Operating Partnership |
| REIT | Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **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 March 31, 2025, these securities amounted to a value of $410,613 or 32.9% of net assets. |
| <sup>(2)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;91% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &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 |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1042542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $1042542 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1203064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$160522 | $1042542 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025

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

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Equity-Linked<br> Notes |
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp;$24809 | &nbsp;&nbsp;&nbsp;&nbsp;$24809 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) |
| Sales<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(23952) | &nbsp;&nbsp;&nbsp;&nbsp;(23952) |
| **Balance as of March 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Duff & Phelps Water Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stocks—99.7%** | **Common Stocks—99.7%** | **Common Stocks—99.7%** |
| **Brazil—4.5%** | **Brazil—4.5%** |  |
| Cia de Saneamento Basico do Estado de Sao Paulo ADR | 1374376 | $24546 |
| **Canada—5.2%** | **Canada—5.2%** |  |
| GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;381231 | &nbsp;&nbsp; 18417 |
| Stantec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;116614 | &nbsp;&nbsp; 9666 |
|  |  | &nbsp;&nbsp; 28083 |
| **China—0.6%** | **China—0.6%** |  |
| Guangdong Investment Ltd. (Hong Kong) | 4350000 | &nbsp;&nbsp; 3203 |
| **France—4.6%** | **France—4.6%** |  |
| Veolia Environnement S.A. | &nbsp;&nbsp;&nbsp;&nbsp;720684 | &nbsp;&nbsp; 24786 |
| **Japan—1.2%** | **Japan—1.2%** |  |
| Kurita Water Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;200400 | &nbsp;&nbsp; 6198 |
| **Netherlands—1.5%** | **Netherlands—1.5%** |  |
| Aalberts N.V. | &nbsp;&nbsp;&nbsp;&nbsp;75975 | &nbsp;&nbsp; 2590 |
| Arcadis N.V. | &nbsp;&nbsp;&nbsp;&nbsp;108929 | &nbsp;&nbsp; 5561 |
|  |  | &nbsp;&nbsp; 8151 |
| **Switzerland—4.4%** | **Switzerland—4.4%** |  |
| Geberit AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;16536 | &nbsp;&nbsp; 10360 |
| Georg Fischer AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;186615 | &nbsp;&nbsp; 13658 |
|  |  | &nbsp;&nbsp; 24018 |
| **United Kingdom—20.1%** | **United Kingdom—20.1%** |  |
| Halma plc | &nbsp;&nbsp;&nbsp;&nbsp;287793 | &nbsp;&nbsp; 9656 |
| Pennon Group plc | 2324709 | &nbsp;&nbsp; 13467 |
| Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;230756 | &nbsp;&nbsp; 20187 |
| Severn Trent plc | 1073881 | &nbsp;&nbsp; 35156 |
| United Utilities Group plc | 2316375 | &nbsp;&nbsp; 30224 |
|  |  | &nbsp;&nbsp;108690 |
| **United States—57.6%** | **United States—57.6%** |  |
| Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;153594 | &nbsp;&nbsp; 16688 |
| AECOM | &nbsp;&nbsp;&nbsp;&nbsp;84810 | &nbsp;&nbsp; 7864 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United States—continued** | **United States—continued** |  |
| American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;14146 | $1113 |
| American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;234414 | &nbsp;&nbsp;&nbsp; 34581 |
| Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;53563 | &nbsp;&nbsp;&nbsp; 10190 |
| California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;35006 | &nbsp;&nbsp;&nbsp; 1696 |
| Core & Main, Inc. Class A<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;383850 | &nbsp;&nbsp;&nbsp; 18544 |
| Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29710 | &nbsp;&nbsp;&nbsp; 6091 |
| Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90564 | &nbsp;&nbsp;&nbsp; 22960 |
| Energy Recovery, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;248928 | &nbsp;&nbsp;&nbsp; 3955 |
| Essential Utilities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;865354 | &nbsp;&nbsp;&nbsp; 34207 |
| Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29774 | &nbsp;&nbsp;&nbsp; 4771 |
| Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp;&nbsp; 8 |
| IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30835 | &nbsp;&nbsp;&nbsp; 5580 |
| Mueller Water Products, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;414620 | &nbsp;&nbsp;&nbsp; 10540 |
| SJW Group | &nbsp;&nbsp;&nbsp;&nbsp;182302 | &nbsp;&nbsp;&nbsp; 9970 |
| Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;311728 | &nbsp;&nbsp;&nbsp; 9118 |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17552 | &nbsp;&nbsp;&nbsp; 8734 |
| Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17515 | &nbsp;&nbsp;&nbsp; 4998 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;290641 | &nbsp;&nbsp;&nbsp; 28323 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41340 | &nbsp;&nbsp;&nbsp; 9571 |
| Watts Water Technologies, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;30216 | &nbsp;&nbsp;&nbsp; 6162 |
| Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;379466 | &nbsp;&nbsp;&nbsp; 45331 |
| Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;330840 | &nbsp;&nbsp;&nbsp; 10911 |
|  |  | &nbsp;&nbsp;&nbsp;311906 |
| **Total Common Stocks<br> (Identified Cost $365,875)** | **Total Common Stocks<br> (Identified Cost $365,875)** | &nbsp;&nbsp;&nbsp;&nbsp;**539581** |
| **Total Long-Term Investments—99.7%<br> (Identified Cost $365,875)** | **Total Long-Term Investments—99.7%<br> (Identified Cost $365,875)** | &nbsp;&nbsp;&nbsp;&nbsp;**539581** |
| **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $365,875)** | **TOTAL INVESTMENTS—99.7%<br> (Identified Cost $365,875)** | &nbsp;&nbsp;**$539581** |
| Other assets and liabilities, net—0.3% | Other assets and liabilities, net—0.3% | &nbsp;&nbsp;&nbsp;&nbsp; 1703 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$541284** |

---

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;58% |
| United Kingdom | &nbsp;&nbsp;20 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &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 |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$539581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$384722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154859 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$539581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$384722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$154859 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **U.S. Government Securities—6.5%** | **U.S. Government Securities—6.5%** | **U.S. Government Securities—6.5%** |
| Tennessee Valley Authority<br> 1.500%, 9/15/31 | $775 | $657 |
| U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;2.250%, 2/15/52 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp; 2524 |
| &nbsp;&nbsp;&nbsp;3.625%, 5/15/53 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1264 |
| &nbsp;&nbsp;&nbsp;4.500%, 11/15/54 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 985 |
| U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;3.375%, 5/15/33 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 947 |
| &nbsp;&nbsp;&nbsp;4.375%, 5/15/34 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp; 2280 |
| **Total U.S. Government Securities<br> (Identified Cost $9,800)** | **Total U.S. Government Securities<br> (Identified Cost $9,800)** | &nbsp;&nbsp;&nbsp;&nbsp; **8657** |
| **Mortgage-Backed Securities—10.1%** | **Mortgage-Backed Securities—10.1%** | **Mortgage-Backed Securities—10.1%** |
| **Agency—8.0%** | **Agency—8.0%** |  |
| Federal Home Loan Mortgage Multiclass Certificates 2021-P009, A2<br> 1.878%, 1/25/31 | &nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp; 805 |
| Federal National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;2021-M3G, A2<br> 1.245%, 1/25/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 842 |
| &nbsp;&nbsp;&nbsp;2021-M2G, A2<br> 1.375%, 3/25/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 843 |
| &nbsp;&nbsp;&nbsp;2021-M2S, A2<br> 1.807%, 10/25/31<sup>(1)</sup> | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 853 |
| Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;Pool #784446<br> 3.000%, 2/20/48 | &nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;Pool #784648<br> 3.000%, 11/20/48 | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 1192 |
| &nbsp;&nbsp;&nbsp;Pool #BV0838<br> 2.500%, 8/20/50 | &nbsp;&nbsp; 3454 | &nbsp;&nbsp;&nbsp; 2930 |
| &nbsp;&nbsp;&nbsp;Pool #MA6985<br> 2.000%, 11/20/50 | &nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp; 706 |
| &nbsp;&nbsp;&nbsp;Pool #MA7366<br> 2.000%, 5/20/51 | &nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp; 1261 |
| &nbsp;&nbsp;&nbsp;2024-110, JF (SOFR30A + 1.000%, Cap 7.000%, Floor 1.000%)<br> 5.344%, 7/20/54<sup>(1)</sup> | &nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 616 |
|  |  | &nbsp;&nbsp;&nbsp; 10584 |
| **Non-Agency—2.1%** | **Non-Agency—2.1%** |  |
| BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A<br> 5.239%, 3/15/37<sup>(1)(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 474 |
| BX Commercial Mortgage Trust 2019-IMC, A (1 month Term SOFR + 1.046%, Cap N/A, Floor 1.000%) 144A<br> 5.365%, 4/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 280 |
| BX Trust 2023-LIFE, A 144A<br> 5.045%, 2/15/28<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 490 |
| Grace Trust 2020-GRCE, A 144A<br> 2.347%, 12/10/40<sup>(2)</sup> | &nbsp;&nbsp; 1250 | &nbsp;&nbsp;&nbsp; 1076 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Non-Agency—continued** | **Non-Agency—continued** |  |
| TEXAS Commercial Mortgage Trust 2025-TWR, A (1 month Term SOFR + 1.293%, Cap N/A, Floor 1.293%) 144A<br> 5.603%, 4/15/42<sup>(1)(2)</sup> | $500 | $499 |
|  |  | &nbsp;&nbsp;&nbsp; 2819 |
| **Total Mortgage-Backed Securities<br> (Identified Cost $15,786)** | **Total Mortgage-Backed Securities<br> (Identified Cost $15,786)** | &nbsp;&nbsp;&nbsp;&nbsp; **13403** |
| **Asset-Backed Securities—4.1%** | **Asset-Backed Securities—4.1%** | **Asset-Backed Securities—4.1%** |
| **Agency—1.7%** | **Agency—1.7%** |  |
| United States Small Business Administration |  |  |
| &nbsp;&nbsp;&nbsp;2017-20E, 1<br> 2.880%, 5/1/37 | &nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp;2020-25L, 1<br> 1.210%, 12/1/45 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp;2021-25B, 1<br> 1.340%, 2/1/46 | &nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp;2021-25I, 1<br> 1.560%, 9/1/46 | &nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp;&nbsp; 2310 |
| **Collateralized Loan Obligation—0.9%** | **Collateralized Loan Obligation—0.9%** |  |
| Venture 42 CLO Ltd. 2021-42A, A1A (3 month Term SOFR + 1.392%, Cap N/A, Floor 1.130%) 144A<br> 5.694%, 4/15/34<sup>(1)(2)</sup> | &nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp; 1220 |
| **Consumer Loans—1.5%** | **Consumer Loans—1.5%** |  |
| OneMain Financial Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;2021-1A, A1 144A<br> 1.550%, 6/16/36<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 474 |
| &nbsp;&nbsp;&nbsp;2022-S1, A 144A<br> 4.130%, 5/14/35<sup>(2)</sup> | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1492 |
|  |  | &nbsp;&nbsp;&nbsp; 1966 |
| **Total Asset-Backed Securities<br> (Identified Cost $6,035)** | **Total Asset-Backed Securities<br> (Identified Cost $6,035)** | &nbsp;&nbsp;&nbsp;&nbsp; **5496** |
| **Convertible Bonds and Notes—3.1%** | **Convertible Bonds and Notes—3.1%** | **Convertible Bonds and Notes—3.1%** |
| **Auto Manufacturers—0.0%** | **Auto Manufacturers—0.0%** |  |
| Rivian Automotive, Inc.<br> 4.625%, 3/15/29 | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 51 |
| **Biotechnology—0.2%** | **Biotechnology—0.2%** |  |
| Alnylam Pharmaceuticals, Inc.<br> 1.000%, 9/15/27 | &nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 54 |
| BioMarin Pharmaceutical, Inc.<br> 1.250%, 5/15/27 | &nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 33 |
| Guardant Health, Inc.<br> 0.000%, 11/15/27<sup>(3)</sup> | &nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 46 |
| Halozyme Therapeutics, Inc.<br> 1.000%, 8/15/28 | &nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 83 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Biotechnology—continued** | **Biotechnology—continued** |  |
| Innoviva, Inc.<br> 2.125%, 3/15/28 | $40 | $39 |
| NeoGenomics, Inc.<br> 0.250%, 1/15/28 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 38 |
|  |  | &nbsp;&nbsp; 293 |
| **Capital Markets—0.0%** | **Capital Markets—0.0%** |  |
| Coinbase Global, Inc.<br> 0.250%, 4/1/30 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 39 |
| **Commercial Services—0.2%** | **Commercial Services—0.2%** |  |
| Affirm Holdings, Inc. 144A<br> 0.750%, 12/15/29<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 32 |
| Alarm.com Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 1/15/26<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;144A 2.250%, 6/1/29<sup>(2)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 44 |
| Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 5/1/26<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;0.250%, 11/1/27 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 40 |
| Euronet Worldwide, Inc.<br> 0.750%, 3/15/49 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 36 |
| Stride, Inc.<br> 1.125%, 9/1/27 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 315 |
| **Computers—0.1%** | **Computers—0.1%** |  |
| Seagate HDD Cayman<br> 3.500%, 6/1/28 | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 78 |
| Zscaler, Inc.<br> 0.125%, 7/1/25 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 146 |
| **Diversified REITS—0.0%** | **Diversified REITS—0.0%** |  |
| Uniti Group, Inc. 144A<br> 7.500%, 12/1/27<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 40 |
| **Electric Utilities—0.2%** | **Electric Utilities—0.2%** |  |
| CMS Energy Corp.<br> 3.375%, 5/1/28 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 46 |
| Evergy, Inc.<br> 4.500%, 12/15/27 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 90 |
| NRG Energy, Inc.<br> 2.750%, 6/1/48 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 49 |
| PG&E Corp.<br> 4.250%, 12/1/27 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 33 |
| Southern Co. (The)<br> 3.875%, 12/15/25 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp; 263 |
| **Electronics—0.1%** | **Electronics—0.1%** |  |
| Itron, Inc. 144A<br> 1.375%, 7/15/30<sup>(2)</sup> | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 66 |
| **Engineering & Construction—0.1%** | **Engineering & Construction—0.1%** |  |
| Granite Construction, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.750%, 5/15/28 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp;144A 3.250%, 6/15/30<sup>(2)</sup> | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp; 122 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financial Services—0.1%** | **Financial Services—0.1%** |  |
| EZCORP, Inc. 144A<br> 3.750%, 12/15/29<sup>(2)</sup> | $52 | $77 |
| Upstart Holdings, Inc. 144A<br> 2.000%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 109 |
| **Health Care REITs—0.2%** | **Health Care REITs—0.2%** |  |
| Ventas Realty LP<br> 3.750%, 6/1/26 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 71 |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.750%, 5/15/28<sup>(2)</sup> | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;144A 3.125%, 7/15/29<sup>(2)</sup> | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 78 |
|  |  | &nbsp;&nbsp; 232 |
| **Healthcare-Products—0.2%** | **Healthcare-Products—0.2%** |  |
| Exact Sciences Corp.<br> 0.375%, 3/1/28 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 44 |
| Haemonetics Corp.<br> 0.000%, 3/1/26<sup>(3)</sup> | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 39 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 55 |
| iRhythm Technologies, Inc.<br> 1.500%, 9/1/29 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| LivaNova plc<br> 2.500%, 3/15/29 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp; 225 |
| **Home Builders—0.0%** | **Home Builders—0.0%** |  |
| LCI Industries<br> 1.125%, 5/15/26 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 46 |
| **Internet—0.3%** | **Internet—0.3%** |  |
| Booking Holdings, Inc.<br> 0.750%, 5/1/25 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 103 |
| Fiverr International Ltd.<br> 0.000%, 11/1/25<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 19 |
| Lyft, Inc.<br> 0.625%, 3/1/29 | &nbsp;&nbsp; 64 | &nbsp;&nbsp; 62 |
| Palo Alto Networks, Inc.<br> 0.375%, 6/1/25 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 86 |
| Spotify USA, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 88 |
| Uber Technologies, Inc. Series 2028<br> 0.875%, 12/1/28 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 24 |
| Wix.com Ltd.<br> 0.000%, 8/15/25<sup>(3)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 20 |
| Ziff Davis, Inc. 144A<br> 3.625%, 3/1/28<sup>(2)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 439 |
| **Investment Companies—0.0%** | **Investment Companies—0.0%** |  |
| New Mountain Finance Corp.<br> 7.500%, 10/15/25 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 37 |
| **Leisure Time—0.2%** | **Leisure Time—0.2%** |  |
| Carnival Corp.<br> 5.750%, 12/1/27 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 72 |
| NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;5.375%, 8/1/25 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;2.500%, 2/15/27 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 48 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leisure Time—continued** | **Leisure Time—continued** |  |
| Peloton Interactive, Inc. 144A<br> 5.500%, 12/1/29<sup>(2)</sup> | $30 | $51 |
| Royal Caribbean Cruises Ltd.<br> 6.000%, 8/15/25 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp; 271 |
| **Media—0.0%** | **Media—0.0%** |  |
| Liberty Media Corp. 144A<br> 2.375%, 9/30/53<sup>(2)</sup> | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 25 |
| **Metal Fabricate/Hardware—0.0%** | **Metal Fabricate/Hardware—0.0%** |  |
| Xometry, Inc.<br> 1.000%, 2/1/27 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
| **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** |  |
| Axon Enterprise, Inc.<br> 0.500%, 12/15/27 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 23 |
| **Mortgage Real Estate Investment Trusts<br> (REITs)—0.1%** | **Mortgage Real Estate Investment Trusts<br> (REITs)—0.1%** |  |
| Arbor Realty Trust, Inc.<br> 7.500%, 8/1/25 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 45 |
| Starwood Property Trust, Inc.<br> 6.750%, 7/15/27 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 79 |
| **Oil, Gas & Consumable Fuels—0.1%** | **Oil, Gas & Consumable Fuels—0.1%** |  |
| Kosmos Energy Ltd.<br> 3.125%, 3/15/30 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 45 |
| Nabors Industries, Inc.<br> 1.750%, 6/15/29 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 41 |
| UGI Corp. 144A<br> 5.000%, 6/1/28<sup>(2)</sup> | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp; 132 |
| **Passenger Airlines—0.1%** | **Passenger Airlines—0.1%** |  |
| American Airlines Group, Inc.<br> 6.500%, 7/1/25 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 60 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |  |
| Collegium Pharmaceutical, Inc.<br> 2.875%, 2/15/29 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 |
| Herbalife Ltd.<br> 4.250%, 6/15/28 | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 40 |
| Pacira BioSciences, Inc. 144A<br> 2.125%, 5/15/29<sup>(2)</sup> | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 103 |
| **Private Equity—0.0%** | **Private Equity—0.0%** |  |
| HAT Holdings I LLC 144A<br> 3.750%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 18 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| Burlington Stores, Inc.<br> 1.250%, 12/15/27 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 80 |
| **Software—0.6%** | **Software—0.6%** |  |
| Akamai Technologies, Inc.<br> 0.125%, 5/1/25 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| Bandwidth, Inc.<br> 0.500%, 4/1/28 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 47 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Software—continued** | **Software—continued** |  |
| BlackLine, Inc. 144A<br> 1.000%, 6/1/29<sup>(2)</sup> | $70 | $69 |
| Confluent, Inc.<br> 0.000%, 1/15/27<sup>(3)</sup> | &nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 37 |
| CSG Systems International, Inc.<br> 3.875%, 9/15/28 | &nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 49 |
| Dayforce, Inc.<br> 0.250%, 3/15/26 | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 39 |
| DigitalOcean Holdings, Inc.<br> 0.000%, 12/1/26<sup>(3)</sup> | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 36 |
| Dropbox, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/26<sup>(3)</sup> | &nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;0.000%, 3/1/28 | &nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 73 |
| HubSpot, Inc.<br> 0.375%, 6/1/25 | &nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 78 |
| MicroStrategy, Inc.<br> 0.625%, 3/15/30 | &nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 99 |
| Nutanix, Inc.<br> 0.250%, 10/1/27 | &nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 55 |
| Progress Software Corp.<br> 1.000%, 4/15/26 | &nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 60 |
| RingCentral, Inc.<br> 0.000%, 3/15/26<sup>(3)</sup> | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 40 |
| Snowflake, Inc. 144A<br> 0.000%, 10/1/29<sup>(2)</sup> | &nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 23 |
| Verint Systems, Inc.<br> 0.250%, 4/15/26 | &nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 69 |
|  |  | &nbsp;&nbsp;&nbsp; 846 |
| **Telecommunications—0.1%** | **Telecommunications—0.1%** |  |
| InterDigital, Inc.<br> 3.500%, 6/1/27 | &nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 38 |
| Viavi Solutions, Inc.<br> 1.625%, 3/15/26 | &nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp;&nbsp; 83 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $3,984)** | **Total Convertible Bonds and Notes<br> (Identified Cost $3,984)** | &nbsp;&nbsp;&nbsp;&nbsp; **4182** |
| **Corporate Bonds and Notes—15.9%** | **Corporate Bonds and Notes—15.9%** | **Corporate Bonds and Notes—15.9%** |
| **Apparel—0.2%** | **Apparel—0.2%** |  |
| Tapestry, Inc.<br> 3.050%, 3/15/32 | &nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 272 |
| **Banks—2.9%** | **Banks—2.9%** |  |
| Barclays plc<br> 7.437%, 11/2/33 | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 558 |
| BNP Paribas S.A. 144A<br> 1.675%, 6/30/27<sup>(2)</sup> | &nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 193 |
| Cooperatieve Rabobank UA 144A<br> 1.106%, 2/24/27<sup>(2)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 484 |
| HSBC Holdings plc |  |  |
| &nbsp;&nbsp;&nbsp;5.286%, 11/19/30 | &nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;2.804%, 5/24/32 | &nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 385 |
| Kreditanstalt fuer Wiederaufbau<br> 1.000%, 10/1/26 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp;&nbsp; 1435 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| PNC Financial Services Group, Inc. (The)<br> 5.575%, 1/29/36 | $110 | $112 |
| Truist Financial Corp.<br> 1.267%, 3/2/27 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 388 |
| U.S. Bancorp<br> 5.046%, 2/12/31 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
|  |  | &nbsp;&nbsp; 3888 |
| **Chemicals—0.4%** | **Chemicals—0.4%** |  |
| Dow Chemical Co. (The)<br> 5.150%, 2/15/34 | &nbsp;&nbsp; 570 | &nbsp;&nbsp; 565 |
| **Computers—0.4%** | **Computers—0.4%** |  |
| Booz Allen Hamilton, Inc. 144A<br> 4.000%, 7/1/29<sup>(2)</sup> | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 517 |
| **Containers & Packaging—0.4%** | **Containers & Packaging—0.4%** |  |
| Smurfit Kappa Treasury ULC 144A<br> 5.200%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 518 |
| **Diversified REITS—0.4%** | **Diversified REITS—0.4%** |  |
| Boston Properties LP<br> 3.400%, 6/21/29 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 467 |
| **Electric Utilities—3.9%** | **Electric Utilities—3.9%** |  |
| AES Corp. (The)<br> 5.450%, 6/1/28 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 483 |
| Constellation Energy Generation LLC<br> 5.750%, 3/15/54 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 380 |
| DTE Electric Co. Series A<br> 4.050%, 5/15/48 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 97 |
| Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 12/1/29 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;2.400%, 12/15/31 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 217 |
| Duke Energy Progress LLC<br> 3.450%, 3/15/29 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 318 |
| Enel Finance International N.V. 144A<br> 5.500%, 6/15/52<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 369 |
| New York State Electric & Gas Corp. 144A<br> 5.650%, 8/15/28<sup>(2)</sup> | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 526 |
| Niagara Mohawk Power Corp. 144A<br> 1.960%, 6/27/30<sup>(2)</sup> | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 207 |
| Northern States Power Co.<br> 4.500%, 6/1/52 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 498 |
| Oglethorpe Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.800%, 6/1/54<sup>(2)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp;144A 5.900%, 2/1/55<sup>(2)</sup> | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 380 |
| PacifiCorp.<br> 5.350%, 12/1/53 | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 542 |
| Southern California Edison Co.<br> 2.750%, 2/1/32 | &nbsp;&nbsp; 525 | &nbsp;&nbsp; 447 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electric Utilities—continued** | **Electric Utilities—continued** |  |
| Wisconsin Public Service Corp.<br> 2.850%, 12/1/51 | $670 | $419 |
|  |  | &nbsp;&nbsp; 5186 |
| **Entertainment—0.4%** | **Entertainment—0.4%** |  |
| Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;5.050%, 3/15/42 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 248 |
| &nbsp;&nbsp;&nbsp;5.141%, 3/15/52 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 222 |
|  |  | &nbsp;&nbsp; 470 |
| **Financial Services—1.1%** | **Financial Services—1.1%** |  |
| American Express Co.<br> 4.050%, 5/3/29 | &nbsp;&nbsp; 560 | &nbsp;&nbsp; 553 |
| Avolon Holdings Funding Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 2.528%, 11/18/27<sup>(2)</sup> | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 11/15/29<sup>(2)</sup> | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp;144A 5.150%, 1/15/30<sup>(2)</sup> | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 134 |
| Capital One Financial Corp.<br> 6.377%, 6/8/34 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 543 |
|  |  | &nbsp;&nbsp; 1482 |
| **Food & Beverage—1.1%** | **Food & Beverage—1.1%** |  |
| Bacardi Ltd. 144A<br> 5.250%, 1/15/29<sup>(2)</sup> | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 403 |
| Mars, Inc. 144A<br> 5.200%, 3/1/35<sup>(2)</sup> | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 533 |
| PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;3.900%, 7/18/32 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp;2.875%, 10/15/49 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 132 |
|  |  | &nbsp;&nbsp; 1449 |
| **Home Builders—0.2%** | **Home Builders—0.2%** |  |
| DR Horton, Inc.<br> 5.500%, 10/15/35 | &nbsp;&nbsp; 260 | &nbsp;&nbsp; 262 |
| **Insurance—0.5%** | **Insurance—0.5%** |  |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 514 |
| Reinsurance Group of America, Inc.<br> 6.650%, 9/15/55 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 172 |
|  |  | &nbsp;&nbsp; 686 |
| **Investment Companies—0.1%** | **Investment Companies—0.1%** |  |
| Apollo Debt Solutions BDC<br> 6.700%, 7/29/31 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 186 |
| **Multi-National—0.4%** | **Multi-National—0.4%** |  |
| International Bank for Reconstruction & Development (SOFR + 0.370%)<br> 4.729%, 2/11/31<sup>(1)</sup> | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 498 |
| **Paper & Forest Products—0.3%** | **Paper & Forest Products—0.3%** |  |
| Suzano Austria GmbH<br> 3.750%, 1/15/31 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 414 |
| **Personal Care Product—0.2%** | **Personal Care Product—0.2%** |  |
| Haleon U.S. Capital LLC 144A<br> 3.375%, 3/24/27<sup>(2)</sup> | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 245 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Residential REITs—0.7%** | **Residential REITs—0.7%** |  |
| American Homes 4 Rent LP<br> 5.500%, 2/1/34 | $500 | $501 |
| AvalonBay Communities, Inc.<br> 1.900%, 12/1/28 | &nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 382 |
|  |  | &nbsp;&nbsp;&nbsp; 883 |
| **Retail REIT—0.3%** | **Retail REIT—0.3%** |  |
| Kimco Realty OP LLC<br> 2.700%, 10/1/30 | &nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp; 457 |
| **Semiconductors—0.4%** | **Semiconductors—0.4%** |  |
| NXP B.V.<br> 2.500%, 5/11/31 | &nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 575 |
| **Software—0.7%** | **Software—0.7%** |  |
| Autodesk, Inc.<br> 2.400%, 12/15/31 | &nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp; 536 |
| Synopsys, Inc.<br> 5.150%, 4/1/35 | &nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp; 397 |
|  |  | &nbsp;&nbsp;&nbsp; 933 |
| **Telecommunications—0.9%** | **Telecommunications—0.9%** |  |
| Verizon Communications, Inc.<br> 5.500%, 2/23/54 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp; 972 |
| Vodafone Group plc<br> 5.875%, 6/28/64 | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp;&nbsp; 1197 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $21,697)** | **Total Corporate Bonds and Notes<br> (Identified Cost $21,697)** | &nbsp;&nbsp;&nbsp;&nbsp; **21150** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—0.2%** | **Convertible Preferred Stocks—0.2%** | **Convertible Preferred Stocks—0.2%** |
| **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |  |
| Boeing Co. (The), 6.000% | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp; 69 |
| **Banks—0.1%** | **Banks—0.1%** |  |
| Bank of America Corp. Series L, 7.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp; 27 |
| Wells Fargo & Co. Series L, 7.500% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp; 79 |
|  |  | &nbsp;&nbsp; 106 |
| **Specialized REITs—0.0%** | **Specialized REITs—0.0%** |  |
| EPR Properties Series C, 5.750% | &nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp; 43 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $212)** | **Total Convertible Preferred Stocks<br> (Identified Cost $212)** | **218** |
| **Common Stocks—31.5%** | **Common Stocks—31.5%** | **Common Stocks—31.5%** |
| **Aerospace & Defense—0.8%** | **Aerospace & Defense—0.8%** |  |
| AviChina Industry & Technology Co., Ltd. Class H | 91000 | &nbsp;&nbsp; 46 |
| Bharat Electronics Ltd. | 61000 | &nbsp;&nbsp; 213 |
| HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp; 104 |
| Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;2030 | &nbsp;&nbsp; 298 |
| Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp; 203 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Aerospace & Defense—continued** | **Aerospace & Defense—continued** |  |
| Singapore Technologies Engineering Ltd. | 45000 | $226 |
|  |  | &nbsp;&nbsp; 1090 |
| **Air Freight & Logistics—0.3%** | **Air Freight & Logistics—0.3%** |  |
| C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp; 92 |
| Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp; 257 |
|  |  | &nbsp;&nbsp; 349 |
| **Automobile Components—0.0%** | **Automobile Components—0.0%** |  |
| Fuyao Glass Industry Group Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 48 |
| **Automobiles—0.2%** | **Automobiles—0.2%** |  |
| Tesla, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp; 154 |
| Zhejiang Leapmotor Technology Co., Ltd.<sup>(4)</sup> | 18000 | &nbsp;&nbsp; 117 |
|  |  | &nbsp;&nbsp; 271 |
| **Banks—3.1%** | **Banks—3.1%** |  |
| Abu Dhabi Commercial Bank PJSC | 77029 | &nbsp;&nbsp; 228 |
| Abu Dhabi Islamic Bank PJSC | 45376 | &nbsp;&nbsp; 198 |
| AMMB Holdings Bhd | 55000 | &nbsp;&nbsp; 69 |
| Bank Central Asia Tbk PT | 107100 | &nbsp;&nbsp; 55 |
| Bank Leumi Le-Israel BM | 17300 | &nbsp;&nbsp; 233 |
| BOC Hong Kong Holdings Ltd. | 54000 | &nbsp;&nbsp; 219 |
| China Construction Bank Corp. Class A | 41000 | &nbsp;&nbsp; 50 |
| CTBC Financial Holding Co., Ltd. | 66000 | &nbsp;&nbsp; 79 |
| DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;8800 | &nbsp;&nbsp; 232 |
| Dubai Islamic Bank PJSC | 61551 | &nbsp;&nbsp; 120 |
| E.Sun Financial Holding Co., Ltd. | 262702 | &nbsp;&nbsp; 230 |
| Emirates NBD Bank PJSC | 13965 | &nbsp;&nbsp; 77 |
| Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp; 304 |
| ICICI Bank Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;4167 | &nbsp;&nbsp; 131 |
| Intesa Sanpaolo SpA | 36000 | &nbsp;&nbsp; 186 |
| JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp; 549 |
| Krung Thai Bank PCL Foreign Shares | 129000 | &nbsp;&nbsp; 92 |
| Malayan Banking Bhd | 64500 | &nbsp;&nbsp; 147 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;8535 | &nbsp;&nbsp; 160 |
| Mitsubishi UFJ Financial Group, Inc. | 18400 | &nbsp;&nbsp; 251 |
| NatWest Group plc | 23100 | &nbsp;&nbsp; 136 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9177 | &nbsp;&nbsp; 129 |
| SinoPac Financial Holdings Co., Ltd. | 55475 | &nbsp;&nbsp; 38 |
| Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp; 49 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Banks—continued** | **Banks—continued** |  |
| United Overseas Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | $169 |
|  |  | &nbsp;&nbsp; 4131 |
| **Beverages—0.0%** | **Beverages—0.0%** |  |
| Sino Grandness Food Industry Group Ltd.<sup>(4)(5)</sup> | 77400 | &nbsp;&nbsp; — |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** |  |
| AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp; 9 |
| Argenx SE<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp; 187 |
|  |  | &nbsp;&nbsp; 196 |
| **Broadline Retail—0.9%** | **Broadline Retail—0.9%** |  |
| Amazon.com, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp; 719 |
| Dollarama, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp; 50 |
| Global-e Online Ltd.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1403 | &nbsp;&nbsp; 50 |
| JD.com, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;8050 | &nbsp;&nbsp; 166 |
| Vipshop Holdings Ltd. ADR | 14145 | &nbsp;&nbsp; 222 |
|  |  | &nbsp;&nbsp; 1207 |
| **Building Products—0.2%** | **Building Products—0.2%** |  |
| Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp; 301 |
| **Capital Markets—1.9%** | **Capital Markets—1.9%** |  |
| 3i Group plc | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp; 127 |
| Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;7250 | &nbsp;&nbsp; 608 |
| Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | &nbsp;&nbsp; 85 |
| Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp; 47 |
| Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp; 507 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 245 |
| Nomura Holdings, Inc. | 26500 | &nbsp;&nbsp; 163 |
| S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550 | &nbsp;&nbsp; 279 |
| SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp; 70 |
| Singapore Exchange Ltd. | 15200 | &nbsp;&nbsp; 151 |
| State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp; 233 |
|  |  | &nbsp;&nbsp; 2515 |
| **Commercial Services &<br> Supplies—0.9%** | **Commercial Services &<br> Supplies—0.9%** |  |
| Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp; 535 |
| RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1648 | &nbsp;&nbsp; 165 |
| Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2378 | &nbsp;&nbsp; 232 |
| Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp; 219 |
|  |  | &nbsp;&nbsp; 1151 |
| **Communications Equipment—0.7%** | **Communications Equipment—0.7%** |  |
| Arista Networks, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2269 | &nbsp;&nbsp; 176 |
| Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1282 | &nbsp;&nbsp; 561 |
| Telefonaktiebolaget LM Ericsson Class B | 23100 | &nbsp;&nbsp; 180 |
|  |  | &nbsp;&nbsp; 917 |
| **Construction & Engineering—0.1%** | **Construction & Engineering—0.1%** |  |
| EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp; 185 |
| **Construction Materials—0.1%** | **Construction Materials—0.1%** |  |
| CRH plc | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp; 101 |
| **Consumer Finance—0.3%** | **Consumer Finance—0.3%** |  |
| Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp; 202 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Consumer Finance—continued** | **Consumer Finance—continued** |  |
| Qifu Technology, Inc. ADR | &nbsp;&nbsp;&nbsp;&nbsp;1600 | $72 |
| Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp; 132 |
|  |  | &nbsp;&nbsp; 406 |
| **Consumer Staples Distribution &<br> Retail—0.6%** | **Consumer Staples Distribution &<br> Retail—0.6%** |  |
| CP AXTRA PCL Foreign Shares | 136400 | &nbsp;&nbsp; 105 |
| Koninklijke Ahold Delhaize N.V. | &nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 195 |
| Tesco plc | 54179 | &nbsp;&nbsp; 233 |
| Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2542 | &nbsp;&nbsp; 223 |
|  |  | &nbsp;&nbsp; 756 |
| **Containers & Packaging—0.0%** | **Containers & Packaging—0.0%** |  |
| Klabin S.A. | 13500 | &nbsp;&nbsp; 45 |
| **Diversified Telecommunication<br> Services—0.1%** | **Diversified Telecommunication<br> Services—0.1%** |  |
| Deutsche Telekom AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;2375 | &nbsp;&nbsp; 88 |
| **Electric Utilities—1.0%** | **Electric Utilities—1.0%** |  |
| Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp; 83 |
| Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp; 65 |
| Endesa S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9152 | &nbsp;&nbsp; 243 |
| Enel SpA | 26729 | &nbsp;&nbsp; 217 |
| Iberdrola S.A. | 21380 | &nbsp;&nbsp; 345 |
| NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1881 | &nbsp;&nbsp; 180 |
| PG&E Corp. | 11383 | &nbsp;&nbsp; 196 |
| Saudi Electricity Co. | &nbsp;&nbsp;&nbsp;&nbsp;7811 | &nbsp;&nbsp; 33 |
|  |  | &nbsp;&nbsp; 1362 |
| **Entertainment—0.7%** | **Entertainment—0.7%** |  |
| Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1230 | &nbsp;&nbsp; 178 |
| NetEase, Inc. | 14700 | &nbsp;&nbsp; 302 |
| Netflix, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp; 322 |
| Walt Disney Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 870 |
| **Financial Services—0.5%** | **Financial Services—0.5%** |  |
| Berkshire Hathaway, Inc. Class B<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp; 314 |
| Visa, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 725 |
| **Food Products—0.2%** | **Food Products—0.2%** |  |
| Danone S.A. | &nbsp;&nbsp;&nbsp;&nbsp;4365 | &nbsp;&nbsp; 334 |
| **Gas Utilities—0.1%** | **Gas Utilities—0.1%** |  |
| Tokyo Gas Co. Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp; 99 |
| **Health Care REITs—0.5%** | **Health Care REITs—0.5%** |  |
| Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp; 537 |
| Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp; 120 |
|  |  | &nbsp;&nbsp; 657 |
| **Healthcare Equipment &<br> Supplies—0.3%** | **Healthcare Equipment &<br> Supplies—0.3%** |  |
| Boston Scientific Corp.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1460 | &nbsp;&nbsp; 147 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare Equipment &<br> Supplies—continued** | **Healthcare Equipment &<br> Supplies—continued** |  |
| Insulet Corp.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | $132 |
| ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 67 |
|  |  | &nbsp;&nbsp; 346 |
| **Healthcare Providers &<br> Services—0.6%** | **Healthcare Providers &<br> Services—0.6%** |  |
| Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1182 | &nbsp;&nbsp; 163 |
| Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1244 | &nbsp;&nbsp; 346 |
| HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp; 110 |
| McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298 | &nbsp;&nbsp; 200 |
|  |  | &nbsp;&nbsp; 819 |
| **Hotels, Restaurants & Leisure—0.2%** | **Hotels, Restaurants & Leisure—0.2%** |  |
| Aristocrat Leisure Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 49 |
| Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp; 85 |
| Marriott International, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp; 7 |
| Meituan Class B<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 40 |
| OPAP S.A. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 300 |
| **Household Products—0.8%** | **Household Products—0.8%** |  |
| Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 | &nbsp;&nbsp; 69 |
| Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp; 87 |
| Essity AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp; 145 |
| Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp; 165 |
| Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2016 | &nbsp;&nbsp; 286 |
| Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp; 276 |
|  |  | &nbsp;&nbsp; 1028 |
| **Industrial Conglomerates—0.2%** | **Industrial Conglomerates—0.2%** |  |
| 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794 | &nbsp;&nbsp; 116 |
| General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp; 218 |
|  |  | &nbsp;&nbsp; 334 |
| **Insurance—2.0%** | **Insurance—2.0%** |  |
| Allianz SE Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp; 71 |
| Aviva plc | 36371 | &nbsp;&nbsp; 262 |
| Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp; 214 |
| Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp; 186 |
| Hartford Insurance Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp; 150 |
| Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1316 | &nbsp;&nbsp; 121 |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp; 65 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp; 212 |
| People's Insurance Co. Group of China Ltd. (The) Class A | 35000 | &nbsp;&nbsp; 33 |
| Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp; 372 |
| QBE Insurance Group Ltd. | 16400 | &nbsp;&nbsp; 227 |
| Sampo Oyj Class A | 10500 | &nbsp;&nbsp; 101 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;1538 | &nbsp;&nbsp; 162 |
| Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp; 175 |
| Willis Towers Watson plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 203 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Insurance—continued** | **Insurance—continued** |  |
| Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | $126 |
|  |  | &nbsp;&nbsp; 2680 |
| **Interactive Media & Services—1.0%** | **Interactive Media & Services—1.0%** |  |
| Alphabet, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;3899 | &nbsp;&nbsp; 603 |
| Alphabet, Inc. Class C | &nbsp;&nbsp;&nbsp;&nbsp;1150 | &nbsp;&nbsp; 180 |
| Meta Platforms, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp; 384 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp; 102 |
|  |  | &nbsp;&nbsp; 1269 |
| **IT Services—0.7%** | **IT Services—0.7%** |  |
| Accenture plc Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp; 125 |
| Fujitsu Ltd. | 10000 | &nbsp;&nbsp; 199 |
| Infosys Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6070 | &nbsp;&nbsp; 111 |
| International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp; 231 |
| Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp; 154 |
| TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp; 155 |
|  |  | &nbsp;&nbsp; 975 |
| **Marine Transportation—0.5%** | **Marine Transportation—0.5%** |  |
| AP Moller - Maersk A/S Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | &nbsp;&nbsp; 235 |
| Evergreen Marine Corp. Taiwan Ltd. | 37000 | &nbsp;&nbsp; 248 |
| MISC Bhd | 31100 | &nbsp;&nbsp; 50 |
| Mitsui OSK Lines Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp; 174 |
|  |  | &nbsp;&nbsp; 707 |
| **Media—0.2%** | **Media—0.2%** |  |
| Fox Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;5165 | &nbsp;&nbsp; 292 |
| **Mortgage Real Estate Investment<br> Trusts (REITs)—0.1%** | **Mortgage Real Estate Investment<br> Trusts (REITs)—0.1%** |  |
| Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp; 74 |
| **Multi-Utilities—0.9%** | **Multi-Utilities—0.9%** |  |
| Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971 | &nbsp;&nbsp; 107 |
| Engie S.A. | 30676 | &nbsp;&nbsp; 598 |
| National Grid plc | &nbsp;&nbsp;&nbsp;&nbsp;4036 | &nbsp;&nbsp; 53 |
| NiSource, Inc. | 10180 | &nbsp;&nbsp; 408 |
|  |  | &nbsp;&nbsp; 1166 |
| **Oil, Gas & Consumable Fuels—0.6%** | **Oil, Gas & Consumable Fuels—0.6%** |  |
| ENEOS Holdings, Inc. | 39000 | &nbsp;&nbsp; 206 |
| Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp; 227 |
| ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;740 | &nbsp;&nbsp; 73 |
| Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 241 |
| United Tractors Tbk PT | 58700 | &nbsp;&nbsp; 83 |
|  |  | &nbsp;&nbsp; 830 |
| **Passenger Airlines—0.2%** | **Passenger Airlines—0.2%** |  |
| Eva Airways Corp. | 170000 | &nbsp;&nbsp; 209 |
| **Pharmaceuticals—0.5%** | **Pharmaceuticals—0.5%** |  |
| Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;2132 | &nbsp;&nbsp; 354 |
| Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp; 1 |
| Novartis AG Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp; 255 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Pharmaceuticals—continued** | **Pharmaceuticals—continued** |  |
| Zoetis, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | $120 |
|  |  | &nbsp;&nbsp; 730 |
| **Professional Services—0.5%** | **Professional Services—0.5%** |  |
| Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp; 140 |
| Booz Allen Hamilton Holding Corp. Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp; 48 |
| Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp; 270 |
| RELX plc | &nbsp;&nbsp;&nbsp;&nbsp;5023 | &nbsp;&nbsp; 253 |
|  |  | &nbsp;&nbsp; 711 |
| **Real Estate Management &<br> Development—0.5%** | **Real Estate Management &<br> Development—0.5%** |  |
| CBRE Group, Inc. Class A<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2040 | &nbsp;&nbsp; 267 |
| Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 265 |
| Emaar Properties PJSC | 20818 | &nbsp;&nbsp; 75 |
|  |  | &nbsp;&nbsp; 607 |
| **Retail REITs—0.2%** | **Retail REITs—0.2%** |  |
| Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp; 241 |
| **Semiconductors & Semiconductor<br> Equipment—1.8%** | **Semiconductors & Semiconductor<br> Equipment—1.8%** |  |
| Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 | &nbsp;&nbsp; 97 |
| Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | &nbsp;&nbsp; 144 |
| Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp; 218 |
| NVIDIA Corp. | 12556 | &nbsp;&nbsp; 1361 |
| QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp; 92 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp; 43 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 14000 | &nbsp;&nbsp; 394 |
|  |  | &nbsp;&nbsp; 2349 |
| **Software—2.7%** | **Software—2.7%** |  |
| Adobe, Inc. <sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp; 206 |
| Atlassian Corp. Class A<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp; 64 |
| Fortinet, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1160 | &nbsp;&nbsp; 112 |
| HubSpot, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp; 114 |
| Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp; 61 |
| Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5399 | &nbsp;&nbsp; 2027 |
| Open Text Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp; 98 |
| Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp; 332 |
| Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp; 66 |
| SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp; 264 |
| ServiceNow, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp; 287 |
|  |  | &nbsp;&nbsp; 3631 |
| **Specialty Retail—0.2%** | **Specialty Retail—0.2%** |  |
| Lojas Renner S.A. | 29100 | &nbsp;&nbsp; 63 |
| Pop Mart International Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp; 64 |
| Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp; 177 |
|  |  | &nbsp;&nbsp; 304 |
| **Technology Hardware, Storage &<br> Peripherals—1.6%** | **Technology Hardware, Storage &<br> Peripherals—1.6%** |  |
| Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8970 | &nbsp;&nbsp; 1992 |
| Logitech International S.A. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp; 46 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Technology Hardware, Storage &<br> Peripherals—continued** | **Technology Hardware, Storage &<br> Peripherals—continued** |  |
| Ricoh Co., Ltd. | 12000 | $127 |
|  |  | &nbsp;&nbsp;&nbsp; 2165 |
| **Textiles, Apparel & Luxury<br> Goods—0.3%** | **Textiles, Apparel & Luxury<br> Goods—0.3%** |  |
| Deckers Outdoor Corp.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp; 198 |
| Lululemon Athletica, Inc.<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp;&nbsp; 396 |
| **Tobacco—1.1%** | **Tobacco—1.1%** |  |
| Altria Group, Inc. | 11469 | &nbsp;&nbsp;&nbsp; 688 |
| Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4574 | &nbsp;&nbsp;&nbsp; 726 |
|  |  | &nbsp;&nbsp;&nbsp; 1414 |
| **Wireless Telecommunication<br> Services—0.5%** | **Wireless Telecommunication<br> Services—0.5%** |  |
| Advanced Info Service PCL NVDR | 22600 | &nbsp;&nbsp;&nbsp; 184 |
| Advanced Info Service PCL Foreign Shares | 29400 | &nbsp;&nbsp;&nbsp; 239 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6844 | &nbsp;&nbsp;&nbsp; 138 |
| Turkcell Iletisim Hizmetleri AS | 18000 | &nbsp;&nbsp;&nbsp; 46 |
|  |  | &nbsp;&nbsp;&nbsp; 607 |
| **Total Common Stocks<br> (Identified Cost $36,957)** | **Total Common Stocks<br> (Identified Cost $36,957)** | &nbsp;&nbsp;&nbsp;&nbsp; **41988** |
| **Affiliated Mutual Funds—18.3%** | **Affiliated Mutual Funds—18.3%** | **Affiliated Mutual Funds—18.3%** |
| Virtus Duff & Phelps Water Fund Institutional Shares<sup>(6)(7)</sup> | 220305 | &nbsp;&nbsp;&nbsp; 4127 |
| Virtus KAR Mid-Cap Core Fund Class R6<sup>(4)(6)(7)</sup> | 75547 | &nbsp;&nbsp;&nbsp; 4369 |
| Virtus SGA International Growth Fund Class R6<sup>(6)(7)</sup> | 933825 | &nbsp;&nbsp;&nbsp; 6770 |
| Virtus Silvant Focused Growth Fund Class R6<sup>(6)(7)</sup> | 132075 | &nbsp;&nbsp;&nbsp; 9134 |
| **Total Affiliated Mutual Funds<br> (Identified Cost $26,447)** | **Total Affiliated Mutual Funds<br> (Identified Cost $26,447)** | &nbsp;&nbsp;&nbsp;&nbsp; **24400** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Affiliated Exchange-Traded Fund—2.1%** | **Affiliated Exchange-Traded Fund—2.1%** | **Affiliated Exchange-Traded Fund—2.1%** |
| **Capital Markets—2.1%** | **Capital Markets—2.1%** |  |
| Virtus Duff & Phelps Clean Energy ETF<sup>(6)(7)</sup> | 163001 | $2721 |
| **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,996)** | **Total Affiliated Exchange-Traded Fund<br> (Identified Cost $2,996)** | &nbsp;&nbsp;&nbsp;&nbsp; **2721** |
| **Total Long-Term Investments—91.8%<br> (Identified Cost $123,914)** | **Total Long-Term Investments—91.8%<br> (Identified Cost $123,914)** | &nbsp;&nbsp;&nbsp;&nbsp;**122215** |
| **Short-Term Investment—0.7%** | **Short-Term Investment—0.7%** | **Short-Term Investment—0.7%** |
| **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** | **Money Market Mutual Fund—0.7%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.230%)<sup>(7)</sup> | 931433 | &nbsp;&nbsp;&nbsp; 931 |
| **Total Short-Term Investment<br> (Identified Cost $931)** | **Total Short-Term Investment<br> (Identified Cost $931)** | &nbsp;&nbsp;&nbsp;&nbsp; **931** |
| **TOTAL INVESTMENTS—92.5%<br> (Identified Cost $124,845)** | **TOTAL INVESTMENTS—92.5%<br> (Identified Cost $124,845)** | &nbsp;&nbsp;**$123146** |
| Other assets and liabilities, net—7.5% | Other assets and liabilities, net—7.5% | &nbsp;&nbsp;&nbsp;&nbsp; 10043 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$133189** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| BDC | Business Development Companies |
| BTP | Italian Buonie |
| CLO | Collateralized Loan Obligation |
| DAX | Deutsche Boerse AG German Stock Index |
| EAFE | Europe, Australasia and Far East |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| HSBC | Hong Kong & Shanghai Bank |
| HSCEI | Hang Seng China Enterprises Index |
| IBEX | Spanish Stock Exchange |
| IFSC | International Financial Service Centre |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| MIB | Milano Indice di Borsa |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipts |
| OAT | Obligations Assimilables du Trésor |
| OP | Operating Partnership |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SOFR | Secured Overnight Financing Rate |
| SOFR30A | Secured Overnight Financing Rate 30 Day Average |
| TOPIX | Tokyo Stock Price Index |
| TSX | Toronto Stock Exchange |
| ULC | Unlimited Liability Company |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Variable rate security. Rate disclosed is as of March 31, 2025. 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>(2)</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 March 31, 2025, these securities amounted to a value of $11,747 or 8.8% of net assets. |
| <sup>(3)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| <sup>(4)</sup> | Non-income producing. |
| <sup>(5)</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>(6)</sup> | Affiliated investment. See Note 4G in Notes to Financial Statements. |
| <sup>(7)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Equity: North America | &nbsp;&nbsp;&nbsp;&nbsp;40%% |
| Equity: Developed Markets ex U.S. | &nbsp;&nbsp;&nbsp;&nbsp;17 |
| Equity: Emerging Markets | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;38 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Total | &nbsp;&nbsp;100% |
| <sup>†</sup>% of total investments as of March 31, 2025 (includes derivative contracts). | <sup>†</sup>% of total investments as of March 31, 2025 (includes derivative contracts). |

---

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of March 31, 2025 were as follows:** | **Exchange-traded futures contracts as of March 31, 2025 were as follows:** | **Exchange-traded futures contracts as of March 31, 2025 were as follows:** | **Exchange-traded futures contracts as of March 31, 2025 were as follows:** | **Exchange-traded futures contracts as of March 31, 2025 were as follows:** | **Exchange-traded futures contracts as of March 31, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contracts<br> Purchased/(Sold)** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional Value** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Value /<br> Unrealized<br> Depreciation** |
| **Long Contracts:** |  |  |  |  |  |
| Bovespa Index Future | April 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;$110 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$(2) |
| HSCEI Index Future | April 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| IBEX 35 Index Future | April 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| 5 Year U.S. Treasury Note Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Australian Bond Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| 10 Year Canadian Bond Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Euro-Bund Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year U.K. Gilt Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| 10 Year U.S. Treasury Note Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| British Pound Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| DAX Mini Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
| MSCI EAFE Net Total Return Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2431 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98) |
| Euro FX Currency Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Euro STOXX 50<sup>®</sup> Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) |
| Euro-BTP Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| FTSE 100 Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| FTSE/MIB Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| MSCI Emerging Markets Net Total Return Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67) |
| S&P 500<sup>®</sup> E-Mini Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) |
| S&P 500<sup>®</sup> E-Mini Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| S&P/TSX 60 Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| TOPIX Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1065 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |
|  |  |  |  | &nbsp;&nbsp;&nbsp;$29 | &nbsp;&nbsp;&nbsp;$(264) |
| **Short Contracts:** |  |  |  |  |  |
| FTSE Taiwan Index Future | April 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| IFSC Nifty 50 Future | April 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(187) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| 10 Year Japanese Bond Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;(4614) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| 10 Year U.S. Ultra Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) | &nbsp;&nbsp;&nbsp;&nbsp;(2739) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| Australian Dollar Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Canadian Dollar Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) | &nbsp;&nbsp;&nbsp;&nbsp;(1117) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Euro-OAT Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| Japanese Yen Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(756) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| New Zealand Dollar Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Russell 2000<sup>®</sup> E-Mini Index Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(203) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| U.S. Treasury Ultra Bond Future | June 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) |
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp;$58 | &nbsp;&nbsp;&nbsp;$(290) |

---

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

---

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

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Global Allocation Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &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;U.S. Government Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Affiliated Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(290) | &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;$122914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$55245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### International Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—1.8%** | **Preferred Stocks—1.8%** | **Preferred Stocks—1.8%** |
| **Brazil—0.3%** | **Brazil—0.3%** |  |
| Cia Energetica de Minas Gerais, 13.820% | &nbsp;&nbsp;&nbsp;&nbsp;81600 | $146 |
| **Chile—1.5%** | **Chile—1.5%** |  |
| Embotelladora Andina S.A., 8.370% | &nbsp;&nbsp;&nbsp;&nbsp;180502 | &nbsp;&nbsp;&nbsp; 675 |
| **Total Preferred Stocks<br> (Identified Cost $663)** | **Total Preferred Stocks<br> (Identified Cost $663)** | &nbsp;&nbsp;&nbsp;&nbsp; **821** |
| **Common Stocks—94.7%** | **Common Stocks—94.7%** | **Common Stocks—94.7%** |
| **Australia—4.7%** | **Australia—4.7%** |  |
| AMP Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;119439 | &nbsp;&nbsp;&nbsp; 93 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16564 | &nbsp;&nbsp;&nbsp; 968 |
| Qantas Airways Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29925 | &nbsp;&nbsp;&nbsp; 171 |
| Ramelius Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;434528 | &nbsp;&nbsp;&nbsp; 651 |
| Super Retail Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27638 | &nbsp;&nbsp;&nbsp; 225 |
|  |  | &nbsp;&nbsp;&nbsp; 2108 |
| **Austria—1.1%** | **Austria—1.1%** |  |
| BAWAG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp; 167 |
| Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;10035 | &nbsp;&nbsp;&nbsp; 335 |
|  |  | &nbsp;&nbsp;&nbsp; 502 |
| **Belgium—0.4%** | **Belgium—0.4%** |  |
| Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp;21568 | &nbsp;&nbsp;&nbsp; 159 |
| **Bermuda—0.9%** | **Bermuda—0.9%** |  |
| First Pacific Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp; 191 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp; 206 |
|  |  | &nbsp;&nbsp;&nbsp; 397 |
| **Brazil—1.1%** | **Brazil—1.1%** |  |
| BB Seguridade Participacoes S.A. | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp; 182 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp;&nbsp;&nbsp;88100 | &nbsp;&nbsp;&nbsp; 307 |
|  |  | &nbsp;&nbsp;&nbsp; 489 |
| **Canada—7.2%** | **Canada—7.2%** |  |
| Bird Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18386 | &nbsp;&nbsp;&nbsp; 278 |
| Centerra Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146429 | &nbsp;&nbsp;&nbsp; 929 |
| Chemtrade Logistics Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;27906 | &nbsp;&nbsp;&nbsp; 189 |
| Finning International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019 | &nbsp;&nbsp;&nbsp; 141 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;26316 | &nbsp;&nbsp;&nbsp; 184 |
| iA Financial Corp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp; 455 |
| Secure Waste Infrastructure Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79769 | &nbsp;&nbsp;&nbsp; 869 |
| Transcontinental, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;16429 | &nbsp;&nbsp;&nbsp; 213 |
|  |  | &nbsp;&nbsp;&nbsp; 3258 |
| **Cayman Islands—3.4%** | **Cayman Islands—3.4%** |  |
| Consun Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp; 189 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Cayman Islands—continued** | **Cayman Islands—continued** |  |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;346000 | $941 |
| Stella International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109500 | &nbsp;&nbsp; 243 |
| United Laboratories International Holdings Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 1546 |
| **China—0.9%** | **China—0.9%** |  |
| VTech Holdings Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 403 |
| **Finland—0.4%** | **Finland—0.4%** |  |
| Cargotec Oyj Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3752 | &nbsp;&nbsp; 171 |
| **France—0.9%** | **France—0.9%** |  |
| Coface S.A. | &nbsp;&nbsp;&nbsp;&nbsp;20208 | &nbsp;&nbsp; 388 |
| **Germany—1.2%** | **Germany—1.2%** |  |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049 | &nbsp;&nbsp; 531 |
| **Greece—0.9%** | **Greece—0.9%** |  |
| National Bank of Greece S.A. | &nbsp;&nbsp;&nbsp;&nbsp;38267 | &nbsp;&nbsp; 393 |
| **Hungary—1.0%** | **Hungary—1.0%** |  |
| Magyar Telekom Telecommunications plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;34964 | &nbsp;&nbsp; 153 |
| Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;10421 | &nbsp;&nbsp; 287 |
|  |  | &nbsp;&nbsp; 440 |
| **India—4.1%** | **India—4.1%** |  |
| Chambal Fertilisers & Chemicals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;124343 | &nbsp;&nbsp; 905 |
| Indian Energy Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68985 | &nbsp;&nbsp; 141 |
| UTI Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28174 | &nbsp;&nbsp; 347 |
| Vedanta Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84088 | &nbsp;&nbsp; 453 |
|  |  | &nbsp;&nbsp; 1846 |
| **Indonesia—2.4%** | **Indonesia—2.4%** |  |
| Astra International Tbk PT | 1520900 | &nbsp;&nbsp; 450 |
| United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;451900 | &nbsp;&nbsp; 641 |
|  |  | &nbsp;&nbsp; 1091 |
| **Italy—6.8%** | **Italy—6.8%** |  |
| A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;321520 | &nbsp;&nbsp; 775 |
| Banca Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp; 120 |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;64636 | &nbsp;&nbsp; 1045 |
| Hera SpA | &nbsp;&nbsp;&nbsp;&nbsp;128608 | &nbsp;&nbsp; 557 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;20885 | &nbsp;&nbsp; 392 |
| Webuild SpA | &nbsp;&nbsp;&nbsp;&nbsp;56312 | &nbsp;&nbsp; 194 |
|  |  | &nbsp;&nbsp; 3083 |
| **Japan—22.2%** | **Japan—22.2%** |  |
| 77 Bank Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;11900 | &nbsp;&nbsp; 382 |
| Adastria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp; 296 |
| Alps Alpine Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp; 192 |
| dip Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp; 151 |
| Hanwa Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp; 859 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;64800 | $458 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp; 149 |
| Japan Petroleum Exploration Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;96600 | &nbsp;&nbsp; 753 |
| Kanematsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp; 240 |
| Kawada Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp; 121 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp; 123 |
| Mitsui Matsushima Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp; 101 |
| NIPPON REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp; 135 |
| Onward Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126100 | &nbsp;&nbsp; 457 |
| Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29900 | &nbsp;&nbsp; 960 |
| Seiko Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp; 484 |
| Senko Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42200 | &nbsp;&nbsp; 425 |
| Sodick Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp; 88 |
| Starts Corp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6700 | &nbsp;&nbsp; 176 |
| Systena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp; 633 |
| Tadano Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp; 138 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp; 155 |
| Takashimaya Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp; 348 |
| Tomy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26000 | &nbsp;&nbsp; 604 |
| Toyo Tire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43400 | &nbsp;&nbsp; 797 |
| TRE Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;38300 | &nbsp;&nbsp; 415 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp; 113 |
| United Arrows Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp; 9992 |
| **Mauritius—1.0%** | **Mauritius—1.0%** |  |
| MakeMyTrip Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624 | &nbsp;&nbsp; 453 |
| **Mexico—1.9%** | **Mexico—1.9%** |  |
| Arca Continental SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;66000 | &nbsp;&nbsp; 690 |
| Controladora Vuela Cia de Aviacion SAB de C.V. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31576 | &nbsp;&nbsp; 165 |
|  |  | &nbsp;&nbsp; 855 |
| **Netherlands—1.4%** | **Netherlands—1.4%** |  |
| ABN AMRO Bank N.V. CVA GDR | &nbsp;&nbsp;&nbsp;&nbsp;18069 | &nbsp;&nbsp; 381 |
| Fugro N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8395 | &nbsp;&nbsp; 121 |
| Van Lanschot Kempen N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp; 137 |
|  |  | &nbsp;&nbsp; 639 |
| **Norway—0.4%** | **Norway—0.4%** |  |
| Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;15431 | &nbsp;&nbsp; 196 |
| **Panama—0.2%** | **Panama—0.2%** |  |
| Banco Latinoamericano de Comercio Exterior S.A. Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2490 | &nbsp;&nbsp; 91 |
| **Singapore—2.8%** | **Singapore—2.8%** |  |
| First Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155700 | &nbsp;&nbsp; 202 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87100 | &nbsp;&nbsp; 437 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### International Small-Cap Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore—continued** | **Singapore—continued** |  |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;358300 | $629 |
|  |  | &nbsp;&nbsp; 1268 |
| **South Africa—3.0%** | **South Africa—3.0%** |  |
| AVI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137801 | &nbsp;&nbsp; 668 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13942 | &nbsp;&nbsp; 196 |
| Resilient REIT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71822 | &nbsp;&nbsp; 222 |
| Tiger Brands Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11592 | &nbsp;&nbsp; 176 |
| Truworths International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24545 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 1358 |
| **South Korea—0.9%** | **South Korea—0.9%** |  |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891 | &nbsp;&nbsp; 242 |
| JB Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13789 | &nbsp;&nbsp; 164 |
|  |  | &nbsp;&nbsp; 406 |
| **Spain—4.1%** | **Spain—4.1%** |  |
| Bankinter S.A. | &nbsp;&nbsp;&nbsp;&nbsp;88032 | &nbsp;&nbsp; 979 |
| Logista Integral S.A. | &nbsp;&nbsp;&nbsp;&nbsp;27348 | &nbsp;&nbsp; 869 |
|  |  | &nbsp;&nbsp; 1848 |
| **Sweden—2.0%** | **Sweden—2.0%** |  |
| Ambea AB | &nbsp;&nbsp;&nbsp;&nbsp;53440 | &nbsp;&nbsp; 584 |
| NCC AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;17978 | &nbsp;&nbsp; 341 |
|  |  | &nbsp;&nbsp; 925 |
| **Switzerland—2.6%** | **Switzerland—2.6%** |  |
| Coca-Cola HBC AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;21568 | &nbsp;&nbsp; 977 |
| Swissquote Group Holding S.A. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp; 183 |
|  |  | &nbsp;&nbsp; 1160 |
| **Taiwan—4.2%** | **Taiwan—4.2%** |  |
| Elan Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp; 567 |
| Fusheng Precision Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;67000 | &nbsp;&nbsp; 707 |
| Gamania Digital Entertainment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | &nbsp;&nbsp; 103 |
| International Games System Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp; 212 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan—continued** | **Taiwan—continued** |  |
| Taichung Commercial Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;493434 | $307 |
|  |  | &nbsp;&nbsp;&nbsp; 1896 |
| **Turkey—0.2%** | **Turkey—0.2%** |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS | &nbsp;&nbsp;&nbsp;&nbsp;21274 | &nbsp;&nbsp;&nbsp; 94 |
| **United Kingdom—9.4%** | **United Kingdom—9.4%** |  |
| 4imprint Group plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1659 | &nbsp;&nbsp;&nbsp; 80 |
| Drax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;105169 | &nbsp;&nbsp;&nbsp; 795 |
| Firstgroup plc | &nbsp;&nbsp;&nbsp;&nbsp;56360 | &nbsp;&nbsp;&nbsp; 114 |
| Investec plc | &nbsp;&nbsp;&nbsp;&nbsp;29789 | &nbsp;&nbsp;&nbsp; 185 |
| Keller Group plc | &nbsp;&nbsp;&nbsp;&nbsp;22711 | &nbsp;&nbsp;&nbsp; 405 |
| Lion Finance Group plc | &nbsp;&nbsp;&nbsp;&nbsp;12335 | &nbsp;&nbsp;&nbsp; 872 |
| Marks & Spencer Group plc | &nbsp;&nbsp;&nbsp;&nbsp;190479 | &nbsp;&nbsp;&nbsp; 879 |
| Mears Group plc | &nbsp;&nbsp;&nbsp;&nbsp;48682 | &nbsp;&nbsp;&nbsp; 244 |
| Mitie Group plc | &nbsp;&nbsp;&nbsp;&nbsp;289648 | &nbsp;&nbsp;&nbsp; 433 |
| MONY Group plc | &nbsp;&nbsp;&nbsp;&nbsp;52184 | &nbsp;&nbsp;&nbsp; 136 |
| OSB Group plc | &nbsp;&nbsp;&nbsp;&nbsp;19883 | &nbsp;&nbsp;&nbsp; 111 |
|  |  | &nbsp;&nbsp;&nbsp; 4254 |
| **United States—1.0%** | **United States—1.0%** |  |
| Brinker International, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp; 249 |
| DXC Technology Co.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11177 | &nbsp;&nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp;&nbsp; 439 |
| **Total Common Stocks<br> (Identified Cost $37,540)** | **Total Common Stocks<br> (Identified Cost $37,540)** | &nbsp;&nbsp;&nbsp;&nbsp;**42679** |
| **Total Long-Term Investments—96.5%<br> (Identified Cost $38,203)** | **Total Long-Term Investments—96.5%<br> (Identified Cost $38,203)** | &nbsp;&nbsp;&nbsp;&nbsp;**43500** |
| **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $38,203)** | **TOTAL INVESTMENTS—96.5%<br> (Identified Cost $38,203)** | &nbsp;&nbsp;**$43500** |
| Other assets and liabilities, net—3.5% | Other assets and liabilities, net—3.5% | &nbsp;&nbsp;&nbsp;&nbsp; 1564 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$45064** |

---

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Japan | &nbsp;&nbsp;&nbsp;23% |
| United Kingdom | &nbsp;&nbsp;10 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;39 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &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 |
| Assets: |  |  |  |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37094 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37094 |

---

There were no securities valued using significant unobservable inputs (Level 3) at March 31, 2025.

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Newfleet Short Duration High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—83.0%** | **Corporate Bonds and Notes—83.0%** | **Corporate Bonds and Notes—83.0%** |
| **Communication Services—8.8%** | **Communication Services—8.8%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | $3880 | $3868 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4547 |
| CSC Holdings LLC 144A<br> 11.250%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5317 |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 11250 | &nbsp;&nbsp; 10902 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1622 |
| Frontier Communications Holdings LLC 144A<br> 5.875%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2497 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2460 | &nbsp;&nbsp; 2411 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 6140 | &nbsp;&nbsp; 4352 |
| Nexstar Media, Inc. 144A<br> 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 7914 | &nbsp;&nbsp; 7796 |
| Uniti Group LP 144A<br> 10.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 6306 | &nbsp;&nbsp; 6699 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 7263 | &nbsp;&nbsp; 7203 |
|  |  | &nbsp;&nbsp; 57214 |
| **Consumer Discretionary—8.6%** | **Consumer Discretionary—8.6%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 4780 | &nbsp;&nbsp; 4679 |
| Carnival Corp. 144A<br> 7.000%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; 5502 |
| CCM Merger, Inc. 144A<br> 6.375%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 6683 | &nbsp;&nbsp; 6693 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3447 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 106 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/6/26 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 6310 | &nbsp;&nbsp; 6538 |
| &nbsp;&nbsp;&nbsp;6.800%, 5/12/28 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 616 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1010 | &nbsp;&nbsp; 1015 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5150 | &nbsp;&nbsp; 5148 |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1571 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 7501 | &nbsp;&nbsp; 7529 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 3784 |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 3516 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 3012 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Six Flags Entertainment Corp. 144A<br> 7.000%, 7/1/25<sup>(1)</sup> | $1934 | $1936 |
| Wayfair LLC 144A<br> 7.250%, 10/31/29<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 56137 |
| **Consumer Staples—4.0%** | **Consumer Staples—4.0%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3890 | &nbsp;&nbsp; 3983 |
| Energizer Holdings, Inc. 144A<br> 6.500%, 12/31/27<sup>(1)</sup> | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7541 |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(1)</sup> | &nbsp;&nbsp; 2181 | &nbsp;&nbsp; 2178 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2559 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4595 | &nbsp;&nbsp; 4622 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 3282 | &nbsp;&nbsp; 3227 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1994 |
|  |  | &nbsp;&nbsp; 26104 |
| **Energy—15.8%** | **Energy—15.8%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5920 | &nbsp;&nbsp; 6204 |
| Antero Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3635 |
| Blue Racer Midstream LLC 144A<br> 7.000%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 4333 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 3120 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 3700 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1294 |
| Cloud Peak Energy Resources LLC<br> 12.000%, 5/1/25 | &nbsp;&nbsp; 1983 | &nbsp;&nbsp; 1906 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3555 | &nbsp;&nbsp; 3291 |
| CVR Energy, Inc. 144A<br> 8.500%, 1/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3175 | &nbsp;&nbsp; 3048 |
| Delek Logistics Partners LP 144A<br> 7.125%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2004 |
| Energy Transfer LP<br> 8.000%, 5/15/54 | &nbsp;&nbsp; 5915 | &nbsp;&nbsp; 6225 |
| EQM Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 970 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1233 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 2/1/28 | $3360 | $3393 |
| &nbsp;&nbsp;&nbsp;8.875%, 4/15/30 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2337 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3516 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 1010 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2123 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4279 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2359 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1845 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3095 | &nbsp;&nbsp; 3089 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6415 | &nbsp;&nbsp; 6327 |
| Noble Finance II LLC 144A<br> 8.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 3008 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.625%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 2785 | &nbsp;&nbsp; 2825 |
| Sunoco LP 144A<br> 7.000%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5735 | &nbsp;&nbsp; 5869 |
| Transocean Titan Financing Ltd. 144A<br> 8.375%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1650 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 714 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 3614 |
| USA Compression Partners LP 144A<br> 7.125%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5750 | &nbsp;&nbsp; 5848 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3905 | &nbsp;&nbsp; 3990 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 2840 | &nbsp;&nbsp; 3016 |
|  |  | &nbsp;&nbsp;102904 |
| **Financials—16.0%** | **Financials—16.0%** |  |
| Albion Financing 2 S.a.r.l. 144A<br> 8.750%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4062 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5707 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(1)</sup> | &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 4213 |
| Block, Inc. 144A<br> 6.500%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 5665 | &nbsp;&nbsp; 5722 |
| Castlelake Aviation Finance DAC 144A<br> 5.000%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4525 | &nbsp;&nbsp; 4567 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 4186 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Newfleet Short Duration High Income Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| FS KKR Capital Corp.<br> 6.875%, 8/15/29 | $5770 | $5918 |
| GGAM Finance Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5995 | &nbsp;&nbsp; 6066 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 4185 | &nbsp;&nbsp; 4343 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 3310 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3975 | &nbsp;&nbsp; 4028 |
| HUB International Ltd. 144A<br> 7.250%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6195 | &nbsp;&nbsp; 6381 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 3719 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4545 | &nbsp;&nbsp; 4293 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 6595 | &nbsp;&nbsp; 6357 |
| NCR Atleos Corp. 144A<br> 9.500%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3724 | &nbsp;&nbsp; 4038 |
| New Red Finance, Inc. 144A<br> 6.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1112 |
| OneMain Finance Corp.<br> 7.875%, 3/15/30 | &nbsp;&nbsp; 5725 | &nbsp;&nbsp; 5934 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 390 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 5670 | &nbsp;&nbsp; 5777 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4140 | &nbsp;&nbsp; 3354 |
| Standard Building Solutions, Inc. 144A<br> 6.500%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3605 | &nbsp;&nbsp; 3604 |
| United Wholesale Mortgage LLC 144A<br> 5.500%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 7180 |
|  |  | &nbsp;&nbsp;104261 |
| **Health Care—5.4%** | **Health Care—5.4%** |  |
| Acadia Healthcare Co., Inc. 144A<br> 5.500%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3315 | &nbsp;&nbsp; 3225 |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 3766 |
| Community Health Systems, Inc. 144A<br> 5.625%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3820 |
| CVS Health Corp.<br> 7.000%, 3/10/55 | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 2610 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1535 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 10/15/30<sup>(1)</sup> | $2900 | $3153 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 841 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 7835 | &nbsp;&nbsp; 7518 |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 2774 |
| Radiology Partners, Inc. PIK 144A<br> 7.775%, 1/31/29<sup>(1)(2)</sup> | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4673 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 7.875%, 9/15/29 | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 887 |
|  |  | &nbsp;&nbsp; 34802 |
| **Industrials—9.1%** | **Industrials—9.1%** |  |
| Beacon Roofing Supply, Inc. 144A<br> 6.500%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 4608 |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4895 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3535 | &nbsp;&nbsp; 3248 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5020 | &nbsp;&nbsp; 4176 |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1350 | &nbsp;&nbsp; 1323 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 3277 |
| Global Infrastructure Solutions, Inc. 144A<br> 5.625%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3960 | &nbsp;&nbsp; 3814 |
| Icahn Enterprises LP 144A<br> 10.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1420 |
| Mileage Plus Holdings LLC 144A<br> 6.500%, 6/20/27<sup>(1)</sup> | &nbsp;&nbsp; 4253 | &nbsp;&nbsp; 4271 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 3215 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 659 |
| Shift4 Payments LLC 144A<br> 4.625%, 11/1/26<sup>(1)</sup> | &nbsp;&nbsp; 12150 | &nbsp;&nbsp; 11933 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1654 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4848 |
| VistaJet Malta Finance plc 144A<br> 9.500%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2227 |
| WESCO Distribution, Inc. 144A<br> 6.375%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3205 | &nbsp;&nbsp; 3242 |
|  |  | &nbsp;&nbsp; 58810 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Information Technology—6.1%** | **Information Technology—6.1%** |  |
| ACI Worldwide, Inc. 144A<br> 5.750%, 8/15/26<sup>(1)</sup> | $6500 | $6519 |
| Boost Newco Borrower LLC 144A<br> 7.500%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 6025 | &nbsp;&nbsp; 6272 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3055 | &nbsp;&nbsp; 3033 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 5786 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3145 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 5075 | &nbsp;&nbsp; 5115 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(1)</sup> | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 4310 |
| Viasat, Inc. 144A<br> 5.625%, 9/15/25<sup>(1)</sup> | &nbsp;&nbsp; 5765 | &nbsp;&nbsp; 5717 |
|  |  | &nbsp;&nbsp; 39897 |
| **Materials—5.2%** | **Materials—5.2%** |  |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4395 |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5315 | &nbsp;&nbsp; 5497 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 10250 | &nbsp;&nbsp; 9875 |
| Mauser Packaging Solutions Holding Co. 144A<br> 7.875%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6470 | &nbsp;&nbsp; 6341 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 3818 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3685 | &nbsp;&nbsp; 3803 |
|  |  | &nbsp;&nbsp; 33729 |
| **Utilities—4.0%** | **Utilities—4.0%** |  |
| Alexander Funding Trust II 144A<br> 7.467%, 7/31/28<sup>(1)</sup> | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3832 |
| American Electric Power Co., Inc.<br> 7.050%, 12/15/54 | &nbsp;&nbsp; 5825 | &nbsp;&nbsp; 5920 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5835 | &nbsp;&nbsp; 5776 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1367 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 3161 |
| NGL Energy Operating LLC 144A<br> 8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1349 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Newfleet Short Duration High Income Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Utilities—continued** | **Utilities—continued** |  |
| Vistra Operations Co. LLC 144A<br> 5.500%, 9/1/26<sup>(1)</sup> | $4500 | $4497 |
|  |  | &nbsp;&nbsp;&nbsp; 25902 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $544,637)** | **Total Corporate Bonds and Notes<br> (Identified Cost $544,637)** | &nbsp;&nbsp;&nbsp;&nbsp;**539760** |
| **Leveraged Loans—10.4%** | **Leveraged Loans—10.4%** | **Leveraged Loans—10.4%** |
| **Chemicals—1.6%** | **Chemicals—1.6%** |  |
| Innophos Holdings, Inc. (1 month Term SOFR + 4.364%)<br> 8.689%, 3/16/29<sup>(3)</sup> | &nbsp;&nbsp; 3468 | &nbsp;&nbsp;&nbsp; 3416 |
| Nouryon Finance B.V. 2024, Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.553%, 4/3/28<sup>(3)</sup> | &nbsp;&nbsp; 3432 | &nbsp;&nbsp;&nbsp; 3419 |
| WR Grace Holdings LLC<br> 0.000%, 9/22/28<sup>(3)(4)</sup> | &nbsp;&nbsp; 3890 | &nbsp;&nbsp;&nbsp; 3846 |
|  |  | &nbsp;&nbsp;&nbsp; 10681 |
| **Consumer Non-Durables—0.6%** | **Consumer Non-Durables—0.6%** |  |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.299%, 7/8/31<sup>(3)</sup> | &nbsp;&nbsp; 4558 | &nbsp;&nbsp;&nbsp; 3897 |
| **Financials—0.9%** | **Financials—0.9%** |  |
| Asurion LLC Tranche B-8 (1 month Term SOFR + 3.364%)<br> 7.689%, 12/23/26<sup>(3)</sup> | &nbsp;&nbsp; 5887 | &nbsp;&nbsp;&nbsp; 5875 |
| **Food / Tobacco—0.9%** | **Food / Tobacco—0.9%** |  |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.549%, 3/31/28<sup>(3)</sup> | &nbsp;&nbsp; 5870 | &nbsp;&nbsp;&nbsp; 5841 |
| **Forest Prod / Containers—0.5%** | **Forest Prod / Containers—0.5%** |  |
| Trident TPI Holdings, Inc. Tranche B-7 (3 month Term SOFR + 3.750%)<br> 8.049%, 9/15/28<sup>(3)</sup> | &nbsp;&nbsp; 3282 | &nbsp;&nbsp;&nbsp; 3166 |
| **Gaming / Leisure—0.3%** | **Gaming / Leisure—0.3%** |  |
| Catawba Nation Gaming Authority Tranche B<br> 0.000%, 3/28/32<sup>(3)(4)</sup> | &nbsp;&nbsp; 2240 | &nbsp;&nbsp;&nbsp; 2244 |
| **Health Care—2.2%** | **Health Care—2.2%** |  |
| Agiliti Health, Inc. 2023, Tranche B (3-6 month Term SOFR + 3.000%)<br> 7.262% - 7.310%, 5/1/30<sup>(3)</sup> | &nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp; 3688 |
| Cotiviti, Inc.<br> 7.625%, 5/1/31 | &nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp; 4604 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Health Care—continued** | **Health Care—continued** |  |
| LifePoint Health, Inc. Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.817%, 5/16/31<sup>(3)</sup> | $1660 | $1594 |
| Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)<br> 8.299%, 9/27/30<sup>(3)</sup> | &nbsp;&nbsp; 4478 | &nbsp;&nbsp;&nbsp; 4271 |
|  |  | &nbsp;&nbsp;&nbsp; 14157 |
| **Information Technology—0.2%** | **Information Technology—0.2%** |  |
| Project Ruby Ultimate Parent Corp. Tranche B-4 (1 month Term SOFR + 3.114%)<br> 7.439%, 3/10/28<sup>(3)</sup> | &nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp; 974 |
| **Manufacturing—0.8%** | **Manufacturing—0.8%** |  |
| Titan Acquisition Ltd. (3 month Term SOFR + 4.500%)<br> 8.785%, 2/15/29<sup>(3)</sup> | &nbsp;&nbsp; 5229 | &nbsp;&nbsp;&nbsp; 5200 |
| **Media / Telecom - Cable/Wireless<br> Video—1.0%** | **Media / Telecom - Cable/Wireless<br> Video—1.0%** |  |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.934%, 1/31/28<sup>(3)</sup> | &nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp; 6315 |
| **Media / Telecom - Diversified<br> Media—0.4%** | **Media / Telecom - Diversified<br> Media—0.4%** |  |
| MH Sub I LLC 2023 (1 month Term SOFR + 4.250%)<br> 8.575%, 5/3/28<sup>(3)</sup> | &nbsp;&nbsp; 2817 | &nbsp;&nbsp;&nbsp; 2664 |
| **Media / Telecom - Wireless<br> Communications—0.7%** | **Media / Telecom - Wireless<br> Communications—0.7%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.075%, 11/22/28<sup>(3)</sup> | &nbsp;&nbsp; 4744 | &nbsp;&nbsp;&nbsp; 4736 |
| **Service—0.3%** | **Service—0.3%** |  |
| Pike Corp. 2028 (1 month Term SOFR + 3.114%)<br> 7.439%, 1/21/28<sup>(3)</sup> | &nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp; 631 |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.562%, 3/4/28<sup>(3)</sup> | &nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 1618 |
|  |  | &nbsp;&nbsp;&nbsp; 2249 |
| **Total Leveraged Loans<br> (Identified Cost $69,773)** | **Total Leveraged Loans<br> (Identified Cost $69,773)** | &nbsp;&nbsp;&nbsp;&nbsp; **67999** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Cloud Peak Energy, Inc.<sup>(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40020 | $— |
| **Total Common Stock<br> (Identified Cost $—)** | **Total Common Stock<br> (Identified Cost $—)** | &nbsp;&nbsp;&nbsp;&nbsp; **—** |
| **Total Long-Term Investments—93.4%<br> (Identified Cost $614,410)** | **Total Long-Term Investments—93.4%<br> (Identified Cost $614,410)** | &nbsp;&nbsp;&nbsp;&nbsp;**607759** |
| **Short-Term Investment—2.6%** | **Short-Term Investment—2.6%** | **Short-Term Investment—2.6%** |
| **Money Market Mutual Fund—2.6%** | **Money Market Mutual Fund—2.6%** | **Money Market Mutual Fund—2.6%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.230%)<sup>(7)</sup> | 16940611 | &nbsp;&nbsp;&nbsp; 16941 |
| **Total Short-Term Investment<br> (Identified Cost $16,941)** | **Total Short-Term Investment<br> (Identified Cost $16,941)** | &nbsp;&nbsp;&nbsp;&nbsp; **16941** |
| **TOTAL INVESTMENTS—96.0%<br> (Identified Cost $631,351)** | **TOTAL INVESTMENTS—96.0%<br> (Identified Cost $631,351)** | &nbsp;&nbsp;**$624700** |
| Other assets and liabilities, net—4.0% | Other assets and liabilities, net—4.0% | &nbsp;&nbsp;&nbsp;&nbsp; 25910 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$650610** |

---

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

---

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

---

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Newfleet Short Duration High Income Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | |
|:---|:---|
| **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 March 31, 2025, these securities amounted to a value of $478,550 or 73.6% of net assets. |
| <sup>(2)</sup> | 55% of the income received was in cash and 45% was in PIK. |
| <sup>(3)</sup> | Variable rate security. Rate disclosed is as of March 31, 2025. 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>(4)</sup> | This loan will settle after March 31, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
| <sup>(5)</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>(6)</sup> | Non-income producing. |
| <sup>(7)</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;86% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### Newfleet Short Duration High Income Fund

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

#### March 31, 2025
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &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;$539760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$539760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | &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;16941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16941 | &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;$624700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$607759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

Security held by the Fund with an end of period value of $1,906 was transferred from Level 3 to Level 2 due to an increase in trading activities during the period.

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended March 31, 2025.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### NFJ Emerging Markets Value Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—1.6%** | **Preferred Stocks—1.6%** | **Preferred Stocks—1.6%** |
| **Brazil—1.2%** | **Brazil—1.2%** |  |
| Itau Unibanco Holding S.A., 7.670% | 14900 | $82 |
| Petroleo Brasileiro S.A., 17.940% | 14400 | &nbsp;&nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp;&nbsp; 176 |
| **South Korea—0.4%** | **South Korea—0.4%** |  |
| Samsung Electronics Co., Ltd., 2.340% | &nbsp;&nbsp;&nbsp;&nbsp;2050 | &nbsp;&nbsp;&nbsp; 66 |
| **Total Preferred Stocks<br> (Identified Cost $266)** | **Total Preferred Stocks<br> (Identified Cost $266)** | &nbsp;&nbsp;&nbsp;&nbsp; **242** |
| **Common Stocks—96.9%** | **Common Stocks—96.9%** | **Common Stocks—96.9%** |
| **Brazil—4.7%** | **Brazil—4.7%** |  |
| Banco BTG Pactual S.A. | 11900 | &nbsp;&nbsp;&nbsp; 71 |
| Eneva S.A.<sup>(1)</sup> | 56600 | &nbsp;&nbsp;&nbsp; 118 |
| Petroleo Brasileiro S.A. | 15400 | &nbsp;&nbsp;&nbsp; 111 |
| Rede D'Or Sao Luiz S.A. | 22300 | &nbsp;&nbsp;&nbsp; 110 |
| Vale S.A. | 22700 | &nbsp;&nbsp;&nbsp; 226 |
| WEG S.A. | &nbsp;&nbsp;&nbsp;&nbsp;9718 | &nbsp;&nbsp;&nbsp; 77 |
|  |  | &nbsp;&nbsp;&nbsp; 713 |
| **Cayman Islands—6.2%** | **Cayman Islands—6.2%** |  |
| Full Truck Alliance Co., Ltd. Sponsored ADR | &nbsp;&nbsp;&nbsp;&nbsp;9064 | &nbsp;&nbsp;&nbsp; 116 |
| Giant Biogene Holding Co., Ltd. | 13200 | &nbsp;&nbsp;&nbsp; 120 |
| JD Logistics, Inc.<sup>(1)</sup> | 64400 | &nbsp;&nbsp;&nbsp; 104 |
| KE Holdings, Inc. Class A | 18400 | &nbsp;&nbsp;&nbsp; 124 |
| Kingsoft Corp., Ltd. | 24400 | &nbsp;&nbsp;&nbsp; 119 |
| Kuaishou Technology<sup>(1)</sup> | 14500 | &nbsp;&nbsp;&nbsp; 102 |
| PDD Holdings, Inc. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp; 102 |
| Trip.com Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp;&nbsp; 930 |
| **China—31.8%** | **China—31.8%** |  |
| Advanced Micro-Fabrication Equipment, Inc. China Class A | &nbsp;&nbsp;&nbsp;&nbsp;4293 | &nbsp;&nbsp;&nbsp; 109 |
| AIA Group Ltd. (Hong Kong) | 14800 | &nbsp;&nbsp;&nbsp; 112 |
| Alibaba Group Holding Ltd. | 80723 | &nbsp;&nbsp;&nbsp; 1336 |
| Aluminum Corp. of China Ltd. Class H | 186000 | &nbsp;&nbsp;&nbsp; 117 |
| ANTA Sports Products Ltd. | 11159 | &nbsp;&nbsp;&nbsp; 123 |
| Bosideng International Holdings Ltd. (Hong Kong) | 174000 | &nbsp;&nbsp;&nbsp; 89 |
| China Life Insurance Co., Ltd. Class H | 58000 | &nbsp;&nbsp;&nbsp; 112 |
| China Merchants Bank Co., Ltd. Class A | 58471 | &nbsp;&nbsp;&nbsp; 349 |
| JD.com, Inc. Class A | 27677 | &nbsp;&nbsp;&nbsp; 569 |
| Luxshare Precision Industry Co., Ltd. Class A | 16730 | &nbsp;&nbsp;&nbsp; 95 |
| Meituan Class B<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8428 | &nbsp;&nbsp;&nbsp; 170 |
| Montage Technology Co., Ltd. Class A | 10459 | &nbsp;&nbsp;&nbsp; 113 |
| NetEase, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp; 90 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| Ping An Insurance Group Co. of China Ltd. Class H | 19000 | $113 |
| Shanghai Pudong Development Bank Co., Ltd. Class A | 81100 | &nbsp;&nbsp; 117 |
| Suzhou TFC Optical Communication Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;7180 | &nbsp;&nbsp; 86 |
| Tencent Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9780 | &nbsp;&nbsp; 625 |
| Weichai Power Co., Ltd. Class H | 37000 | &nbsp;&nbsp; 78 |
| Xiaomi Corp. Class B<sup>(1)</sup> | 38000 | &nbsp;&nbsp; 240 |
| Zhejiang Dingli Machinery Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;9100 | &nbsp;&nbsp; 74 |
| Zijin Mining Group Co., Ltd. Class A | 37200 | &nbsp;&nbsp; 94 |
|  |  | &nbsp;&nbsp; 4811 |
| **Greece—0.6%** | **Greece—0.6%** |  |
| Eurobank Ergasias Services & Holdings S.A. | 35955 | &nbsp;&nbsp; 97 |
| **India—10.8%** | **India—10.8%** |  |
| Aditya Birla Capital Ltd.<sup>(1)</sup> | 51767 | &nbsp;&nbsp; 112 |
| Bharat Heavy Electricals Ltd. | 40245 | &nbsp;&nbsp; 101 |
| Bharti Airtel Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3937 | &nbsp;&nbsp; 80 |
| Cartrade Tech Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;5708 | &nbsp;&nbsp; 109 |
| Dixon Technologies India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp; 102 |
| Eicher Motors Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp; 87 |
| Graphite India Ltd. | 19624 | &nbsp;&nbsp; 109 |
| HDFC Bank Ltd. | 11000 | &nbsp;&nbsp; 235 |
| ICICI Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5691 | &nbsp;&nbsp; 89 |
| ICICI Lombard General Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2742 | &nbsp;&nbsp; 57 |
| IndiaMart InterMesh Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;3703 | &nbsp;&nbsp; 89 |
| Kotak Mahindra Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp; 138 |
| Macrotech Developers Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp; 103 |
| Reliance Industries Ltd. | 10293 | &nbsp;&nbsp; 153 |
| Tata Consultancy Services Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 1636 |
| **Indonesia—0.6%** | **Indonesia—0.6%** |  |
| Bank Central Asia Tbk PT | 174600 | &nbsp;&nbsp; 89 |
| **Japan—3.7%** | **Japan—3.7%** |  |
| Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp; 228 |
| Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp; 103 |
| MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp; 114 |
| Nippon Paint Holdings Co., Ltd. | 15800 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 564 |
| **Luxembourg—0.4%** | **Luxembourg—0.4%** |  |
| InPost S.A.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4111 | &nbsp;&nbsp; 60 |
| **Malaysia—1.1%** | **Malaysia—1.1%** |  |
| Hong Leong Bank Bhd | 16300 | &nbsp;&nbsp; 74 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Malaysia—continued** | **Malaysia—continued** |  |
| Kelington Group Bhd | 112000 | $88 |
|  |  | &nbsp;&nbsp; 162 |
| **Mexico—0.5%** | **Mexico—0.5%** |  |
| Grupo Financiero Banorte SAB de C.V. Class O | 10400 | &nbsp;&nbsp; 72 |
| **Netherlands—2.4%** | **Netherlands—2.4%** |  |
| ASML Holding N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp; 362 |
| **Qatar—0.7%** | **Qatar—0.7%** |  |
| Ooredoo QPSC | 32499 | &nbsp;&nbsp; 106 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Polyus PJSC GDR<sup>(1)(2)(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4887 | &nbsp;&nbsp; —<sup>(4)</sup> |
| **Saudi Arabia—2.7%** | **Saudi Arabia—2.7%** |  |
| Al Rajhi Bank | &nbsp;&nbsp;&nbsp;&nbsp;3648 | &nbsp;&nbsp; 99 |
| Arab National Bank | 16763 | &nbsp;&nbsp; 103 |
| Etihad Etisalat Co. | &nbsp;&nbsp;&nbsp;&nbsp;7380 | &nbsp;&nbsp; 120 |
| Saudi Arabian Oil Co. | 11374 | &nbsp;&nbsp; 81 |
|  |  | &nbsp;&nbsp; 403 |
| **South Africa—2.8%** | **South Africa—2.8%** |  |
| Capitec Bank Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp; 79 |
| Naspers Ltd. Class N | &nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp; 349 |
|  |  | &nbsp;&nbsp; 428 |
| **South Korea—7.1%** | **South Korea—7.1%** |  |
| Classys, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2155 | &nbsp;&nbsp; 83 |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp; 74 |
| Hugel, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp; 78 |
| NAVER Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp; 107 |
| Samsung Electronics Co., Ltd. | 15420 | &nbsp;&nbsp; 612 |
| SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp; 1075 |
| **Taiwan—14.9%** | **Taiwan—14.9%** |  |
| Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp; 99 |
| AURAS Technology Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp; 99 |
| eMemory Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp; 70 |
| Lotes Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 85 |
| Quanta Computer, Inc. | 17000 | &nbsp;&nbsp; 118 |
| Realtek Semiconductor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp; 128 |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 52121 | &nbsp;&nbsp; 1468 |
| Wistron Corp. | 29000 | &nbsp;&nbsp; 85 |
| Wiwynn Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp; 101 |
|  |  | &nbsp;&nbsp; 2253 |
| **Thailand—1.0%** | **Thailand—1.0%** |  |
| CP ALL PCL Foreign Shares | 104600 | &nbsp;&nbsp; 153 |
| **United Arab Emirates—2.5%** | **United Arab Emirates—2.5%** |  |
| ADNOC Drilling Co. PJSC | 56177 | &nbsp;&nbsp; 79 |
| ADNOC Logistics & Services | 60009 | &nbsp;&nbsp; 80 |
| Aldar Properties PJSC | 51760 | &nbsp;&nbsp; 118 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### NFJ Emerging Markets Value Fund

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

#### March 31, 2025
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Arab Emirates—continued** | **United Arab Emirates—continued** |  |
| Emirates NBD Bank PJSC | 18053 | $99 |
|  |  | &nbsp;&nbsp;&nbsp; 376 |
| **United Kingdom—0.7%** | **United Kingdom—0.7%** |  |
| Anglogold Ashanti plc | &nbsp;&nbsp;&nbsp;&nbsp;2868 | &nbsp;&nbsp;&nbsp; 108 |
| **Uruguay—1.7%** | **Uruguay—1.7%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp; 254 |
| **Total Common Stocks<br> (Identified Cost $13,139)** | **Total Common Stocks<br> (Identified Cost $13,139)** | &nbsp;&nbsp;&nbsp;&nbsp;**14652** |
| **Total Long-Term Investments—98.5%<br> (Identified Cost $13,405)** | **Total Long-Term Investments—98.5%<br> (Identified Cost $13,405)** | &nbsp;&nbsp;&nbsp;&nbsp;**14894** |
| **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $13,405)** | **TOTAL INVESTMENTS—98.5%<br> (Identified Cost $13,405)** | &nbsp;&nbsp;**$14894** |
| Other assets and liabilities, net—1.5% | Other assets and liabilities, net—1.5% | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$15123** |

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| China | &nbsp;&nbsp;&nbsp;32% |
| Taiwan | &nbsp;&nbsp;15 |
| India | &nbsp;&nbsp;11 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;18 |
| Total | 100% |
| <sup>†</sup> % of total investments as of March 31, 2025. | <sup>†</sup> % of total investments as of March 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of March 31, 2025, based on the inputs used to value them (See Security Valuation Note 2A in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> March 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$—<sup>(1)</sup> |

---

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

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

There were no transfers into or out of Level 3 related to securities held at March 31, 2025.

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

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

are not shown for the period ended March 31, 2025.

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### STATEMENTS OF ASSETS AND LIABILITIES (FORM N-CSR ITEM 7) (Unaudited) March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;&nbsp;**Global Allocation Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$1203064 | &nbsp;&nbsp;&nbsp;$539581 | &nbsp;&nbsp;&nbsp;$96025 |
| Investment in affiliates at value<sup>(2)</sup><br>| &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;27121 |
| Foreign currency at value<sup>(3)</sup><br>| &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;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7472 |
| Due from broker<br>| &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;865 |
| Cash pledged as collateral for futures contracts<br>| &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;1221 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18847 | &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;45 |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &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;9 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &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;1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1274498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133489 |
| **Liabilities** |  |  |  |
| Variation margin payable on futures contracts<br>| &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;64 |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24506 | &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;47 |
| &nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &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;1 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim contingent fees payable<sup>(4)</sup><br>| &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;147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 |
| **Commitments and contingencies (Note 4D)<br>**  | &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;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$1248068 | &nbsp;&nbsp;&nbsp;$541284 | &nbsp;&nbsp;&nbsp;$133189 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$1226414 | &nbsp;&nbsp;&nbsp;$330196 | &nbsp;&nbsp;&nbsp;$130809 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380 |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$1248068 | &nbsp;&nbsp;&nbsp;$541284 | &nbsp;&nbsp;&nbsp;$133189 |
| **Net Assets:** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$152733 | &nbsp;&nbsp;&nbsp;$196315 | &nbsp;&nbsp;&nbsp;$31599 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$60178 | &nbsp;&nbsp;&nbsp;$27566 | &nbsp;&nbsp;&nbsp;$1324 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$1026951 | &nbsp;&nbsp;&nbsp;$317403 | &nbsp;&nbsp;&nbsp;$4883 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$8206 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$95383 |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4382433 | &nbsp;&nbsp;&nbsp;&nbsp;10217982 | &nbsp;&nbsp;&nbsp;&nbsp;3060423 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1696360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122254 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;30221483 | &nbsp;&nbsp;&nbsp;&nbsp;16941945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477369 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9621918 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

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

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;&nbsp;**Global Allocation Fund** |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$34.85 | &nbsp;&nbsp;&nbsp;$19.21 | &nbsp;&nbsp;&nbsp;$10.32 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$35.47 | &nbsp;&nbsp;&nbsp;$17.83 | &nbsp;&nbsp;&nbsp;$10.83 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$33.98 | &nbsp;&nbsp;&nbsp;$18.73 | &nbsp;&nbsp;&nbsp;$10.23 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$33.89 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$9.91 |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A<br>| &nbsp;&nbsp;&nbsp;$36.88 | &nbsp;&nbsp;&nbsp;$20.33 | &nbsp;&nbsp;&nbsp;$10.92 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$1178615 | &nbsp;&nbsp;&nbsp;$365875 | &nbsp;&nbsp;&nbsp;$95402 |
| <sup>(2)</sup> Investment in affiliates at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$29443 |
| <sup>(3)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;$8 |

---

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

\* Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. <br> <sup>(4)</sup> See Note 2C in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

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

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;**NFJ Emerging Markets Value Fund** |
| **Assets** |  |  |  |
| Investment in securities at value<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;$43500 | &nbsp;&nbsp;&nbsp;$624700 | &nbsp;&nbsp;&nbsp;$14894 |
| Foreign currency at value<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| Cash <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 |
| Receivables |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Fund shares sold <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;Receivable from adviser<br>| &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;4 |
| &nbsp;&nbsp;&nbsp;Tax reclaims <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211 | &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;2 |
| Prepaid Trustees' retainer<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 |
| Other assets <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15270 |
| **Liabilities** |  |  |  |
| Payables |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;Investment securities purchased <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Distribution and service fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;Transfer agent and sub-transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;Trustee deferred compensation plan <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 |
| **Commitments and contingencies (Note 4D)<br>**  | &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;— |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$45064 | &nbsp;&nbsp;&nbsp;$650610 | &nbsp;&nbsp;&nbsp;$15123 |
| **Net Assets Consist of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital paid in on shares of beneficial interest<br>| &nbsp;&nbsp;&nbsp;$41053 | &nbsp;&nbsp;&nbsp;$865912 | &nbsp;&nbsp;&nbsp;$34964 |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215302) | &nbsp;&nbsp;&nbsp;&nbsp;(19841) |
| **Net Assets<br>**  | &nbsp;&nbsp;&nbsp;$45064 | &nbsp;&nbsp;&nbsp;$650610 | &nbsp;&nbsp;&nbsp;$15123 |
| **Net Assets:** |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;$2929 | &nbsp;&nbsp;&nbsp;$126750 | &nbsp;&nbsp;&nbsp;$4104 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$75 | &nbsp;&nbsp;&nbsp;$44797 | &nbsp;&nbsp;&nbsp;$270 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$18405 | &nbsp;&nbsp;&nbsp;$465072 | &nbsp;&nbsp;&nbsp;$10749 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$23655 | &nbsp;&nbsp;&nbsp;$13991 | &nbsp;&nbsp;&nbsp;$— |
| **Shares Outstanding (unlimited number of shares authorized, no par value):** |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9297613 | &nbsp;&nbsp;&nbsp;&nbsp;250059 |
| Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16680 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;595848 | &nbsp;&nbsp;&nbsp;&nbsp;34471677 | &nbsp;&nbsp;&nbsp;&nbsp;657910 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;778006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net Asset Value and Redemption Price Per Share:<sup>\*</sup>** |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;$29.45 | &nbsp;&nbsp;&nbsp;$13.63 | &nbsp;&nbsp;&nbsp;$16.41 |
| Class C<br>| &nbsp;&nbsp;&nbsp;$28.92 | &nbsp;&nbsp;&nbsp;$13.69 | &nbsp;&nbsp;&nbsp;$16.21 |
| Institutional Class<br>| &nbsp;&nbsp;&nbsp;$30.89 | &nbsp;&nbsp;&nbsp;$13.49 | &nbsp;&nbsp;&nbsp;$16.34 |
| Class R6<br>| &nbsp;&nbsp;&nbsp;$30.40 | &nbsp;&nbsp;&nbsp;$13.50 | &nbsp;&nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

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

#### March 31, 2025
(Reported in thousands except shares and per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;**NFJ Emerging Markets Value Fund** |
| **Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)):** |  |  |  |
| Class A <br>| &nbsp;&nbsp;&nbsp;$31.16 | &nbsp;&nbsp;&nbsp;$13.94 | &nbsp;&nbsp;&nbsp;$17.37 |
| Maximum Sales Charge - Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50% |
| <sup>(1)</sup> Investment in securities at cost<br>| &nbsp;&nbsp;&nbsp;$38203 | &nbsp;&nbsp;&nbsp;$631351 | &nbsp;&nbsp;&nbsp;$13405 |
| <sup>(2)</sup> Foreign currency at cost<br>| &nbsp;&nbsp;&nbsp;$1 | &nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;$21 |

---

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

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### STATEMENTS OF OPERATIONS (FORM N-CSR ITEM 7) (Unaudited) SIX MONTHS ENDED March 31, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$4953 | &nbsp;&nbsp;&nbsp;&nbsp;$3812 | &nbsp;&nbsp;&nbsp;&nbsp;$699 |
| &nbsp;&nbsp;&nbsp;Dividends from affiliates<br>| &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;47 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<sup>(1)</sup><br>| &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;445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Foreign taxes withheld <br>| &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;(15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim fees<br>| &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;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;766 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &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;(67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures<br>| &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;(1145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps<br>| &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;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains received from investments in affiliates<br>| &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;2292 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(115812) | &nbsp;&nbsp;&nbsp;&nbsp;(91197) | &nbsp;&nbsp;&nbsp;&nbsp;(4464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in affiliates<br>| &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;(4236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &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;(29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &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;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures<br>| &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;(838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps<br>| &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;(4) |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1514 | &nbsp;&nbsp;&nbsp;&nbsp;(47053) | &nbsp;&nbsp;&nbsp;&nbsp;(6013) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$14126 | &nbsp;&nbsp;&nbsp;&nbsp;$(46126) | &nbsp;&nbsp;&nbsp;&nbsp;$(4429) |

---

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

<sup>(1)</sup> See Note 2C in Notes to Financial Statements. <br> <sup>(2)</sup> See Note 4D in Notes to Financial Statements.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

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

#### SIX MONTHS ENDED March 31, 2025
($ reported in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Emerging Markets Value Fund** |
| **Investment Income** |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends <br>| &nbsp;&nbsp;&nbsp;&nbsp;$692 | &nbsp;&nbsp;&nbsp;&nbsp;$398 | &nbsp;&nbsp;&nbsp;&nbsp;$119 |
| &nbsp;&nbsp;&nbsp;Interest <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;European Union tax reclaims<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &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;Foreign taxes withheld <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Sub-transfer agent fees and expenses, Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;European Union tax reclaim fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Custodian fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Printing fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;Professional fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;Interest expense and/or commitment fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;Registration fees <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;Miscellaneous expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 |
| &nbsp;&nbsp;&nbsp;Less net expenses reimbursed and/or waived by investment adviser<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 |
| **Net investment income (loss)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 |
| **Net Realized and Unrealized Gain (Loss) on Investments** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(568) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments<br>| &nbsp;&nbsp;&nbsp;&nbsp;(1283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7430) | &nbsp;&nbsp;&nbsp;&nbsp;(1203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign capital gains tax<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 |
| **Net realized and unrealized gain (loss) on investments<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(1821) | &nbsp;&nbsp;&nbsp;&nbsp;(11431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(712) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;$(1437) | &nbsp;&nbsp;&nbsp;&nbsp;$8962 | &nbsp;&nbsp;&nbsp;&nbsp;$(684) |

---

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

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

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

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

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGIC TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$12612 | &nbsp;&nbsp;&nbsp;&nbsp;$28302 | &nbsp;&nbsp;&nbsp;&nbsp;$927 | &nbsp;&nbsp;&nbsp;&nbsp;$3806 | &nbsp;&nbsp;&nbsp;&nbsp;$1584 | &nbsp;&nbsp;&nbsp;&nbsp;$4662 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115812) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9494) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26226 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4429) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32452 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4273) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15088) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(989) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(927) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(587) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &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;(6014) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4653) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8396) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | &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;(3289) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4840) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &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;(81) | &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;(3) |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6000) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8330) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(55515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19539) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4849) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(348052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(157155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1690) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22792) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &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;(3031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative Class<br>| &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;(5800) | &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;(113) |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(60621) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(298672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70930) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79566) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(65615) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138958) | &nbsp;&nbsp;&nbsp;&nbsp;(122877) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53114) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;1313683 | &nbsp;&nbsp;&nbsp;&nbsp;1452641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587151 | &nbsp;&nbsp;&nbsp;&nbsp;147749 | &nbsp;&nbsp;&nbsp;&nbsp;200863 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$1248068 | &nbsp;&nbsp;&nbsp;&nbsp;$1313683 | &nbsp;&nbsp;&nbsp;&nbsp;$541284 | &nbsp;&nbsp;&nbsp;&nbsp;$664161 | &nbsp;&nbsp;&nbsp;&nbsp;$133189 | &nbsp;&nbsp;&nbsp;&nbsp;$147749 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGIC TRUST

#### STATEMENTS OF CHANGES IN NET ASSETS (FORM N-CSR ITEM 7) (Continued)
($ reported in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;&nbsp;&nbsp;**NFJ Emerging Markets Value Fund** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended<br> March 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Year Ended<br> September 30,<br> 2024** |
| **Increase (Decrease) in Net Assets Resulting from Operations** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;$384 | &nbsp;&nbsp;&nbsp;&nbsp;$1402 | &nbsp;&nbsp;&nbsp;&nbsp;$20393 | &nbsp;&nbsp;&nbsp;&nbsp;$39636 | &nbsp;&nbsp;&nbsp;&nbsp;$28 | &nbsp;&nbsp;&nbsp;&nbsp;$277 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3860) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7430) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5782 |
| &nbsp;&nbsp;&nbsp;**Increase (decrease) in net assets resulting from operations<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(684) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2199 |
| **Dividends and Distributions to Shareholders** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Investment Income and Net Realized Gains:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3009) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7718) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15445) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21580) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(811) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1080) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;**Total dividends and distributions to shareholders<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21570) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(519) |
| **Change in Net Assets from Capital Transactions (See Note 6):** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class P<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4307) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(166376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3486) | &nbsp;&nbsp;&nbsp;&nbsp;(17176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1191) | &nbsp;&nbsp;&nbsp;&nbsp;12031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &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;**Increase (decrease) in net assets from capital transactions<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4110) | &nbsp;&nbsp;&nbsp;&nbsp;(22298) |
| **Net increase (decrease) in net assets<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3972) | &nbsp;&nbsp;&nbsp;&nbsp;14935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4969) | &nbsp;&nbsp;&nbsp;&nbsp;(20618) |
| **Net Assets** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;49036 | &nbsp;&nbsp;&nbsp;&nbsp;34101 | &nbsp;&nbsp;&nbsp;&nbsp;590587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573375 | &nbsp;&nbsp;&nbsp;&nbsp;20092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40710 |
| **End of Period<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;$45064 | &nbsp;&nbsp;&nbsp;&nbsp;$49036 | &nbsp;&nbsp;&nbsp;&nbsp;$650610 | &nbsp;&nbsp;&nbsp;&nbsp;$590587 | &nbsp;&nbsp;&nbsp;&nbsp;$15123 | &nbsp;&nbsp;&nbsp;&nbsp;$20092 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Convertible Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $34.99 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.14) | $34.85 | &nbsp;&nbsp;&nbsp;&nbsp;0.92% | $152733 | 0.96% | 1.10% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;84% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;4.79 | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;34.99 | &nbsp;&nbsp;15.64 | &nbsp;&nbsp;&nbsp;&nbsp;161418 | 0.96 | 1.09 | &nbsp;&nbsp;1.75 | 152 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;30.27 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;196478 | 0.96 | 1.10 | &nbsp;&nbsp;1.71 | 136 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;45.74 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.94) | &nbsp;&nbsp;&nbsp;(7.78) | (0.19) | (7.50) | (7.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.47) | &nbsp;&nbsp;&nbsp;30.27 | (20.06) | &nbsp;&nbsp;&nbsp;&nbsp;236603 | 0.96 | 1.10 | &nbsp;&nbsp;0.45 | 121 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;38.77 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;9.84 | (0.20) | (2.67) | (2.87) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;45.74 | &nbsp;&nbsp;25.71 | &nbsp;&nbsp;&nbsp;&nbsp;396378 | 0.95 <sup>(9)</sup> | 1.02 | &nbsp;&nbsp;0.25 | 130 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;29.25 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.59 | &nbsp;&nbsp;10.86 | (0.43) | (0.91) | (1.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;38.77 | &nbsp;&nbsp;38.44 | &nbsp;&nbsp;&nbsp;&nbsp;254762 | 0.96 | 0.98 | &nbsp;&nbsp;0.83 | 145 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $35.60 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.13) | $35.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.52% | $60178 | 1.73% | 1.84% | &nbsp;&nbsp;0.95% | &nbsp;&nbsp;&nbsp;84% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;31.44 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.29 | &nbsp;&nbsp;&nbsp;&nbsp;4.70 | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;35.60 | &nbsp;&nbsp;15.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67066 | 1.73 | 1.84 | &nbsp;&nbsp;1.23 | 152 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;30.69 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;31.44 | &nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78057 | 1.73 | 1.83 | &nbsp;&nbsp;0.95 | 136 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;46.36 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(8.05) | &nbsp;&nbsp;&nbsp;(8.17) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | (7.50) | (7.50) | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.67) | &nbsp;&nbsp;&nbsp;30.69 | (20.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87842 | 1.73 | 1.82 | (0.32) | 121 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;39.39 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | (2.67) | (2.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;46.36 | &nbsp;&nbsp;24.75 | &nbsp;&nbsp;&nbsp;&nbsp;141138 | 1.72 <sup>(9)</sup> | 1.77 | (0.52) | 130 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;29.61 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.77 | &nbsp;&nbsp;10.79 | (0.10) | (0.91) | (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.78 | &nbsp;&nbsp;&nbsp;39.39 | &nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;112523 | 1.73 | 1.74 | &nbsp;&nbsp;0.06 | 145 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $34.13 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;0.38 | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.53) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.15) | $33.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.05% | $1026951 | 0.71% | 0.83% | &nbsp;&nbsp;1.97% | &nbsp;&nbsp;&nbsp;84% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;30.20 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.83 | (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;34.13 | &nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;1084616 | 0.71 | 0.85 | &nbsp;&nbsp;2.23 | 152 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;29.52 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;1.31 | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;30.20 | &nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;844174 | 0.71 | 0.86 | &nbsp;&nbsp;1.96 | 136 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;44.81 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(7.74) | &nbsp;&nbsp;&nbsp;(7.50) | (0.29) | (7.50) | (7.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | (15.29) | &nbsp;&nbsp;&nbsp;29.52 | (19.84) | &nbsp;&nbsp;&nbsp;&nbsp;930359 | 0.71 | 0.83 | &nbsp;&nbsp;0.68 | 121 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;38.04 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;9.76 | (0.32) | (2.67) | (2.99) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;44.81 | &nbsp;&nbsp;26.02 | &nbsp;&nbsp;&nbsp;1640171 | 0.69 | 0.77 | &nbsp;&nbsp;0.51 | 130 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;28.76 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;10.74 | (0.55) | (0.91) | (1.46) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;38.04 | &nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;1045769 | 0.71 | 0.71 | &nbsp;&nbsp;1.07 | 145 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $34.07 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.18) | $33.89 | &nbsp;&nbsp;&nbsp;&nbsp;1.10% | $8206 | 0.62% | 0.75% | &nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;84% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;30.15 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;4.86 | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;34.07 | &nbsp;&nbsp;16.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | 0.62 | 0.76 | &nbsp;&nbsp;2.32 | 152 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;29.49 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;30.15 | &nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | 0.62 | 0.75 | &nbsp;&nbsp;2.12 | 136 |
| 1/31/22<sup>(11)</sup> to 9/30/22 | &nbsp;&nbsp;&nbsp;34.43 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.94) | &nbsp;&nbsp;&nbsp;(4.70) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.94) | &nbsp;&nbsp;&nbsp;29.49 | (13.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | 0.62 | 0.83 | &nbsp;&nbsp;1.11 | 121 <sup>(12)</sup> |
| **Duff & Phelps Water Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $22.29 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.61) | (0.06) | (1.41) | (1.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.08) | $19.21 | &nbsp;&nbsp;&nbsp;(7.15) % | $196315 | 1.24 % <sup>(13)</sup> | 1.51% | &nbsp;&nbsp;0.17% | &nbsp;&nbsp;&nbsp;14% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;5.35 | (0.12) | (0.51) | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;31.12 | &nbsp;&nbsp;&nbsp;&nbsp;233226 | 1.22 | 1.48 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;22 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;15.87 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;11.17 | &nbsp;&nbsp;&nbsp;&nbsp;201139 | 1.22 | 1.48 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;22.45 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.87) | &nbsp;&nbsp;&nbsp;(4.82) | (0.25) | (1.51) | (1.76) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(6.58) | &nbsp;&nbsp;&nbsp;15.87 | (23.71) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;207428 | 1.22 | 1.48 | &nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;27 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;17.63 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;5.13 | (0.04) | (0.27) | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;22.45 | &nbsp;&nbsp;29.41 | &nbsp;&nbsp;&nbsp;&nbsp;286453 | 1.22 | 1.45 | &nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;32 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.31 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;1.83 | (0.11) | (0.40) | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;17.63 | &nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;200384 | 1.22 | 1.40 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;28 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $20.81 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.52) | &nbsp;&nbsp;&nbsp;(1.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.41) | (1.41) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.98) | $17.83 | &nbsp;&nbsp;&nbsp;(7.50) % | $27566 | 1.99 % <sup>(13)</sup> | 2.27% | (0.58) % | &nbsp;&nbsp;&nbsp;14% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;16.45 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.51) | (0.51) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.36 | &nbsp;&nbsp;&nbsp;20.81 | &nbsp;&nbsp;30.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35697 | 1.97 | 2.24 | (0.27) | &nbsp;&nbsp;&nbsp;22 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;14.90 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36154 | 1.97 | 2.23 | (0.28) | &nbsp;&nbsp;&nbsp;19 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;21.18 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.60) | &nbsp;&nbsp;&nbsp;(4.69) | (0.08) | (1.51) | (1.59) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(6.28) | &nbsp;&nbsp;&nbsp;14.90 | (24.32) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41415 | 1.97 | 2.22 | (0.50) | &nbsp;&nbsp;&nbsp;27 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | (0.27) | (0.27) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;28.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68805 | 1.97 | 2.20 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;32 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;15.52 | (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57901 | 1.97 | 2.16 | (0.38) | &nbsp;&nbsp;&nbsp;28 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Duff & Phelps Water Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $21.84 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.59) | &nbsp;&nbsp;&nbsp;(1.54) | (0.16) | (1.41) | (1.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.11) | $18.73 | &nbsp;&nbsp;&nbsp;(6.99) % | $317403 | 0.95 % <sup>(13)</sup> | 1.25% | &nbsp;&nbsp;0.47% | &nbsp;&nbsp;&nbsp;14% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;17.24 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;5.29 | (0.18) | (0.51) | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;21.84 | &nbsp;&nbsp;31.40 | &nbsp;&nbsp;&nbsp;&nbsp;395238 | 0.93 | 1.23 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;22 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;17.24 | &nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;220985 | 0.93 | 1.24 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;19 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;22.06 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4.77) | &nbsp;&nbsp;&nbsp;(4.66) | (0.32) | (1.51) | (1.83) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;(6.49) | &nbsp;&nbsp;&nbsp;15.57 | (23.48) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;235079 | 0.93 | 1.23 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;27 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | (0.10) | (0.27) | (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;22.06 | &nbsp;&nbsp;29.76 | &nbsp;&nbsp;&nbsp;&nbsp;325247 | 0.93 | 1.21 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;32 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;16.03 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | (0.15) | (0.40) | (0.55) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;11.71 | &nbsp;&nbsp;&nbsp;&nbsp;204320 | 0.93 | 1.13 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;28 |
| **Global Allocation Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.99 | &nbsp;&nbsp;0.11 | 0.17 | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;(0.35) | (0.19) | (0.13) | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | $10.32 | &nbsp;&nbsp;&nbsp;(3.23) % | $31599 | 0.52% | 1.33% | &nbsp;&nbsp;2.04% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;0.19 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.85 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35181 | 0.52 | 1.31 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | &nbsp;&nbsp;0.22 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | (0.01) | (0.47) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34586 | 0.52 | 1.30 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;55 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;0.10 | 0.74 | &nbsp;&nbsp;&nbsp;(2.75) | &nbsp;&nbsp;&nbsp;(1.91) | (0.22) | (0.83) | (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.96) | &nbsp;&nbsp;&nbsp;&nbsp;9.03 | (17.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36036 | 0.52 | 1.26 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;88 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;0.14 | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | (0.22) | (0.53) | (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;15.16 <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49743 | 0.56 <sup>(15)</sup> | 1.22 | &nbsp;&nbsp;1.19 | 168 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.07 | (0.12) | (0.89) | (1.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;11.11 | &nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46506 | 0.52 | 1.14 | &nbsp;&nbsp;1.18 | 141 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $11.48 | &nbsp;&nbsp;0.07 | 0.18 | &nbsp;&nbsp;&nbsp;(0.66) | &nbsp;&nbsp;&nbsp;(0.41) | (0.11) | (0.13) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.65) | $10.83 | &nbsp;&nbsp;&nbsp;(3.57) % | $1324 | 1.27% | 2.10% | &nbsp;&nbsp;1.29% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;0.17 | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1545 | 1.27 | 2.07 | &nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;0.17 | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1866 | 1.27 | 2.05 | &nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;55 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;0.06 | 0.74 | &nbsp;&nbsp;&nbsp;(2.88) | &nbsp;&nbsp;&nbsp;(2.08) | (0.13) | (0.83) | (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3.04) | &nbsp;&nbsp;&nbsp;&nbsp;9.46 | (18.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2136 | 1.27 | 2.03 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;88 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.47 | &nbsp;&nbsp;0.07 | 0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.60 | (0.04) | (0.53) | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;12.50 | &nbsp;&nbsp;14.29 <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558 | 1.31 <sup>(15)</sup> | 1.94 | &nbsp;&nbsp;0.59 | 168 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.01 | (0.02) | (0.89) | (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;11.47 | &nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3549 | 1.27 | 1.83 | &nbsp;&nbsp;0.55 | 141 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.91 | &nbsp;&nbsp;0.12 | 0.18 | &nbsp;&nbsp;&nbsp;(0.64) | &nbsp;&nbsp;&nbsp;(0.34) | (0.21) | (0.13) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.68) | $10.23 | &nbsp;&nbsp;&nbsp;(3.14) % | $4883 | 0.29% | 1.08% | &nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;0.21 | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;1.87 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;20.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6202 | 0.29 | 1.06 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;0.25 | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | (0.01) | (0.47) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5327 | 0.29 | 1.05 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;55 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;0.36 | 0.72 | &nbsp;&nbsp;&nbsp;(2.95) | &nbsp;&nbsp;&nbsp;(1.87) | (0.24) | (0.83) | (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.94) | &nbsp;&nbsp;&nbsp;&nbsp;8.95 | (17.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 | 0.29 | 1.01 | &nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;88 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;0.17 | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | (0.28) | (0.53) | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;11.89 | &nbsp;&nbsp;15.46 <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10820 | 0.31 <sup>(15)</sup> | 0.86 | &nbsp;&nbsp;1.43 | 168 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;11.02 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | (0.16) | (0.89) | (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9609 | 0.29 | 0.88 | &nbsp;&nbsp;1.28 | 141 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $10.58 | &nbsp;&nbsp;0.12 | 0.17 | &nbsp;&nbsp;&nbsp;(0.62) | &nbsp;&nbsp;&nbsp;(0.33) | (0.21) | (0.13) | (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.67) | $9.91 | &nbsp;&nbsp;&nbsp;(3.13) % | $95383 | 0.22% | 0.99% | &nbsp;&nbsp;2.34% | &nbsp;&nbsp;&nbsp;23% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;0.28 | 0.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;1.82 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;20.49 | &nbsp;&nbsp;&nbsp;&nbsp;104821 | 0.22 | 0.97 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | &nbsp;&nbsp;0.24 | 0.38 | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | (0.01) | (0.47) | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;9.05 | &nbsp;&nbsp;&nbsp;&nbsp;9.71 | &nbsp;&nbsp;&nbsp;&nbsp;157400 | 0.22 | 0.96 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;55 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;0.12 | 0.71 | &nbsp;&nbsp;&nbsp;(2.64) | &nbsp;&nbsp;&nbsp;(1.81) | (0.25) | (0.83) | (1.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.89) | &nbsp;&nbsp;&nbsp;&nbsp;8.70 | (17.37) | &nbsp;&nbsp;&nbsp;&nbsp;175564 | 0.22 | 0.93 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;88 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;0.17 | 0.16 | &nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | (0.28) | (0.53) | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;15.46 <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;216700 | 0.26 <sup>(15)</sup> | 0.91 | &nbsp;&nbsp;1.50 | 168 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;1.08 | (0.18) | (0.89) | (1.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp;&nbsp;191750 | 0.22 | 0.83 | &nbsp;&nbsp;1.52 | 141 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **International Small-Cap Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $31.35 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.18) | &nbsp;&nbsp;&nbsp;(0.96) | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.94) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.90) | $29.45 | &nbsp;&nbsp;&nbsp;(2.94) % | $2929 | 1.25 % <sup>(13)</sup> | 1.84% | &nbsp;&nbsp;1.47% | &nbsp;&nbsp;&nbsp;36% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;27.87 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.62) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;31.35 | &nbsp;&nbsp;19.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3202 | 1.25 | 1.85 | &nbsp;&nbsp;3.00 | 110 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;22.77 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;5.38 | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;27.87 | &nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3167 | 1.27 <sup>(16)</sup> | 1.83 | &nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;70 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;41.91 | &nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.74) | (12.26) | (0.86) | (6.06) | (6.92) | 0.04 | (19.14) | &nbsp;&nbsp;&nbsp;22.77 | (34.75) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845 | 1.25 | 1.78 | &nbsp;&nbsp;1.53 | 131 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;34.36 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;7.98 | (0.30) | (0.13) | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;41.91 | &nbsp;&nbsp;23.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4853 | 1.25 | 1.77 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;51 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;32.15 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.69 | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;34.36 | &nbsp;&nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3619 | 1.25 | 1.75 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;60 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $30.67 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.15) | &nbsp;&nbsp;&nbsp;(1.04) | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.75) | $28.92 | &nbsp;&nbsp;&nbsp;(3.34) % | $75 | 2.00 % <sup>(13)</sup> | 2.69% | &nbsp;&nbsp;0.75% | &nbsp;&nbsp;&nbsp;36% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;26.98 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;4.78 | (1.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;30.67 | &nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | 2.00 | 2.70 | &nbsp;&nbsp;1.82 | 110 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;26.98 | &nbsp;&nbsp;22.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | 2.02 <sup>(16)</sup> | 2.63 | &nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;70 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;40.12 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;— | (12.28) | (12.08) | (0.05) | (6.06) | (6.11) | 0.04 | (18.15) | &nbsp;&nbsp;&nbsp;21.97 | (35.24) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | 2.00 | 2.49 | &nbsp;&nbsp;0.66 | 131 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;33.00 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.60 | &nbsp;&nbsp;&nbsp;&nbsp;7.36 | (0.11) | (0.13) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;40.12 | &nbsp;&nbsp;22.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373 | 2.00 | 2.47 | (0.62) | &nbsp;&nbsp;&nbsp;51 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;30.72 | (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;33.00 | &nbsp;&nbsp;&nbsp;&nbsp;7.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | 2.00 | 2.49 | (0.27) | &nbsp;&nbsp;&nbsp;60 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $32.91 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.24) | &nbsp;&nbsp;&nbsp;(0.98) | (1.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | $30.89 | &nbsp;&nbsp;&nbsp;(2.84) % | $18405 | 1.04 % <sup>(13)</sup> | 1.55% | &nbsp;&nbsp;1.69% | &nbsp;&nbsp;&nbsp;36% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;28.98 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.38 | &nbsp;&nbsp;&nbsp;&nbsp;5.41 | (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.48) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;32.91 | &nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19322 | 1.04 | 1.57 | &nbsp;&nbsp;3.37 | 110 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;23.66 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;5.65 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.32 | &nbsp;&nbsp;&nbsp;28.98 | &nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14596 | 1.06 <sup>(16)</sup> | 1.55 | &nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;70 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;43.24 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.22) | (12.66) | (0.90) | (6.06) | (6.96) | 0.04 | (19.58) | &nbsp;&nbsp;&nbsp;23.66 | (34.62) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17202 | 1.04 | 1.47 | &nbsp;&nbsp;1.73 | 131 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;35.49 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8.03 | &nbsp;&nbsp;&nbsp;&nbsp;8.32 | (0.44) | (0.13) | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.75 | &nbsp;&nbsp;&nbsp;43.24 | &nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29125 | 1.04 | 1.50 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;51 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;33.21 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;2.86 | (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.58) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;35.49 | &nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31942 | 1.04 | 1.51 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;60 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $32.42 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.23) | &nbsp;&nbsp;&nbsp;(0.97) | (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(2.02) | $30.40 | &nbsp;&nbsp;&nbsp;(2.85) % | $23655 | 1.00 % <sup>(13)</sup> | 1.46% | &nbsp;&nbsp;1.72% | &nbsp;&nbsp;&nbsp;36% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;28.64 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;5.34 | (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.56) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;32.42 | &nbsp;&nbsp;19.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26435 | 1.00 | 1.47 | &nbsp;&nbsp;3.72 | 110 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;5.60 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;28.64 | &nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12172 | 1.01 <sup>(16)</sup> | 1.45 | &nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;70 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | (13.08) | (12.49) | (0.99) | (6.06) | (7.05) | 0.04 | (19.50) | &nbsp;&nbsp;&nbsp;23.36 | (34.60) <sup>(14)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18866 | 1.00 | 1.37 | &nbsp;&nbsp;1.86 | 131 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;35.17 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.94 | &nbsp;&nbsp;&nbsp;&nbsp;8.26 | (0.44) | (0.13) | (0.57) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;23.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31785 | 1.00 | 1.41 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;51 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;33.03 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;2.85 | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;35.17 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29889 | 1.00 | 1.43 | &nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;60 |
| **Newfleet Short Duration High Income Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $13.90 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.20 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | $13.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.45% | $126750 | 0.86% | 1.00% | &nbsp;&nbsp;6.48% | &nbsp;&nbsp;&nbsp;28% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.93) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;117868 | 0.86 | 0.99 | &nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;59 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.84 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;110220 | 0.87 | 1.01 | &nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;43 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(0.99) | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.76) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;12.84 | &nbsp;&nbsp;&nbsp;(7.05) | &nbsp;&nbsp;&nbsp;&nbsp;114099 | 0.86 | 0.98 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;56 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.86) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;145424 | 0.86 | 0.93 | &nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;0.04 | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;136690 | 0.86 | 0.87 | &nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;81 |

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The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **Newfleet Short Duration High Income Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $13.96 | &nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | $13.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.31% | $44797 | 1.11% | 1.27% | &nbsp;&nbsp;6.23% | &nbsp;&nbsp;&nbsp;28% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | (0.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.89) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;11.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45658 | 1.11 | 1.26 | &nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;59 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;10.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49229 | 1.12 | 1.28 | &nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;43 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.63) | &nbsp;&nbsp;&nbsp;(1.02) | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.75) | &nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;(7.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58284 | 1.11 | 1.24 | &nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;56 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.42 | (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.77) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77032 | 1.11 | 1.20 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90863 | 1.12 | 1.13 | &nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;81 |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $13.77 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.28) | $13.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.52% | $465072 | 0.60% | 0.76% | &nbsp;&nbsp;6.74% | &nbsp;&nbsp;&nbsp;28% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;11.72 | &nbsp;&nbsp;&nbsp;&nbsp;412767 | 0.60 | 0.76 | &nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;59 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.84) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;238135 | 0.61 | 0.78 | &nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;43 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(0.94) | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp;(6.78) | &nbsp;&nbsp;&nbsp;&nbsp;231407 | 0.60 | 0.76 | &nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;56 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.91) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;251201 | 0.60 | 0.70 | &nbsp;&nbsp;4.50 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;0.07 | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.70) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;285572 | 0.61 | 0.64 | &nbsp;&nbsp;4.35 | &nbsp;&nbsp;&nbsp;81 |
| **Class R6** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $13.77 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;0.22 | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.27) | $13.50 | &nbsp;&nbsp;&nbsp;&nbsp;1.62% | $13991 | 0.55% | 0.68% | &nbsp;&nbsp;6.79% | &nbsp;&nbsp;&nbsp;28% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.97) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;13.77 | &nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14294 | 0.55 | 0.67 | &nbsp;&nbsp;6.93 | &nbsp;&nbsp;&nbsp;59 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;12.74 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;1.36 | (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.85) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12953 | 0.56 | 0.69 | &nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;43 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.61) | &nbsp;&nbsp;&nbsp;(0.93) | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.81) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(1.74) | &nbsp;&nbsp;&nbsp;12.74 | &nbsp;&nbsp;&nbsp;(6.74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10501 | 0.55 | 0.66 | &nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;56 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.90) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;10.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21117 | 0.55 | 0.63 | &nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;69 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.54) | &nbsp;&nbsp;&nbsp;&nbsp;0.08 | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.63) | &nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33741 | 0.55 | 0.56 | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;81 |
| **NFJ Emerging Markets Value Fund** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $17.15 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.59) | &nbsp;&nbsp;&nbsp;(0.57) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.74) | $16.41 | &nbsp;&nbsp;&nbsp;(3.28) % | $4104 | 1.14 % <sup>(17)</sup> | 2.16% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp;&nbsp;29% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.77 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;17.15 | &nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894 | 1.18 <sup>(17)</sup> | 1.71 | &nbsp;&nbsp;0.76 | 119 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6606 | 1.14 | 1.71 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;92 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.70) | &nbsp;&nbsp;&nbsp;(6.61) | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.64) | &nbsp;&nbsp;&nbsp;13.47 | (32.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8246 | 1.15 | 1.53 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;83 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.09 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.22 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15565 | 1.14 | 1.50 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;56 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;15.55 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;2.73 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;18.09 | &nbsp;&nbsp;17.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14907 | 1.14 | 1.64 | &nbsp;&nbsp;0.89 | 105 |
| **Class C** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $16.99 | (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;(0.61) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.78) | $16.21 | &nbsp;&nbsp;&nbsp;(3.60) % | $270 | 1.89 % <sup>(17)</sup> | 2.94% | (0.56) % | &nbsp;&nbsp;&nbsp;29% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp;&nbsp;— <sup>(10)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;1.63 | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;16.99 | &nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | 1.93 <sup>(17)</sup> | 2.52 | (0.01) | 119 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;2.34 | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.26) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | 1.89 | 2.44 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;92 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;20.12 | (0.05) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.67) | &nbsp;&nbsp;&nbsp;(6.72) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.72) | &nbsp;&nbsp;&nbsp;13.40 | (33.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | 1.90 | 2.24 | (0.25) | &nbsp;&nbsp;&nbsp;83 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.07 | (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;2.06 | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;20.12 | &nbsp;&nbsp;11.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914 | 1.89 | 2.25 | (0.51) | &nbsp;&nbsp;&nbsp;56 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;15.56 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.60 | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;18.07 | &nbsp;&nbsp;16.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016 | 1.89 | 2.37 | &nbsp;&nbsp;0.16 | 105 |

---

The footnote legend is at the end of the financial highlights.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### FINANCIAL HIGHLIGHTS (FORM N-CSR ITEM 7) (Continued)

#### SELECTED PER SHARE DATA AND RATIOS FOR A SHARE OUTSTANDING

#### THROUGHOUT EACH PERIOD

---

| | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Asset Value,<br>Beginning of Period** | **Net Investment Income (Loss)<sup>(1)</sup>** | **Capital Gains Distributions<br>Received from Underlying Funds<sup>(1)</sup>** | **Net Realized and<br>Unrealized Gain (Loss)** | **Total from Investment Operations** | **Dividends from<br>Net Investment Income** | **Distributions from<br>Net Realized Gains** | **Total Distributions** | **Payment from Affiliate** | **Change in Net Asset Value** | **Net Asset Value, End of Period** | **Total Return<sup>(2)(3)(4)</sup>** | **Net Assets, End of Period<br>(in thousands)** | **Ratio of Net Expenses to<br>Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Gross Expenses<br>to Average Net Assets<sup>(5)(6)</sup>** | **Ratio of Net Investment Income (Loss)<br>to Average Net Assets<sup>(5)(7)</sup>** | **Portfolio Turnover Rate<sup>(3)</sup>** |
| **NFJ Emerging Markets Value Fund (Continued)** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| **Institutional Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 10/1/24 to 3/31/25<sup>(8)</sup> | $17.05 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.57) | &nbsp;&nbsp;&nbsp;(0.54) | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(0.71) | $16.34 | &nbsp;&nbsp;&nbsp;(3.12) % | $10749 | 0.89 % <sup>(17)</sup> | 1.88% | &nbsp;&nbsp;0.40% | &nbsp;&nbsp;&nbsp;29% |
| 10/1/23 to 9/30/24 | &nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.80 | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;11.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14889 | 0.93 <sup>(17)</sup> | 1.48 | &nbsp;&nbsp;0.97 | 119 |
| 10/1/22 to 9/30/23 | &nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.50 | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30855 | 0.89 | 1.40 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;92 |
| 10/1/21 to 9/30/22 | &nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.65) | &nbsp;&nbsp;&nbsp;(6.52) | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(6.59) | &nbsp;&nbsp;&nbsp;13.39 | (32.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44679 | 0.89 | 1.24 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;83 |
| 10/1/20 to 9/30/21 | &nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.26 | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;12.50 | &nbsp;&nbsp;&nbsp;&nbsp;122736 | 0.89 | 1.27 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;56 |
| 10/1/19 to 9/30/20 | &nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;2.76 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;115817 | 0.89 | 1.34 | &nbsp;&nbsp;1.18 | 105 |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Calculated using average shares outstanding. |
| <sup>(2)</sup> | Sales charges, where applicable, are not reflected in the total return calculation. |
| <sup>(3)</sup> | Not annualized for periods less than one year. |
| <sup>(4)</sup> | Total Return is calculated based on the NAV at which shareholder transactions were processed, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report. |
| <sup>(5)</sup> | Annualized for periods less than one year. |
| <sup>(6)</sup> | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
| <sup>(7)</sup> | Net investment income ratios do not reflect the proportionate share of income and expenses of the underlying funds in which the fund invests. |
| <sup>(8)</sup> | Unaudited. |
| <sup>(9)</sup> | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
| <sup>(10)</sup> | Amount is less than $0.005 per share. |
| <sup>(11)</sup> | Inception date. |
| <sup>(12)</sup> | Portfolio turnover is representative of the Fund for the entire period. |
| <sup>(13)</sup> | Net expense ratio includes extraordinary European Union tax reclaim expenses. |
| <sup>(14)</sup> | Payment from affiliate had no impact on total return. |
| <sup>(15)</sup> | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
| <sup>(16)</sup> | Includes interest expense on borrowings. |
| <sup>(17)</sup> | Ratios of total expenses excluding interest expense on borrowings for six months ended March 31, 2025, and year ended September 30, 2024 were 1.14% (Class A), 1.89% (Class C), 0.89% (Institutional class). |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) March 31, 2025

#### Note 1. Organization
Virtus Strategy Trust (the "Trust") is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

As of the date of these financial statements, the Trust is comprised of 6 funds (each a "Fund" or collectively, the "Funds"), each reported in these financial statements. Each Fund has a distinct investment objective and all of the Funds except the Duff & Phelps Water Fund are diversified. *There is no guarantee that a Fund will achieve its objective(s).*

The Convertible Fund, Global Allocation Fund, International Small-Cap Fund and Newfleet Short Duration High Income Fund offer Class A shares, Class C shares, Institutional Class shares, and Class R6 Shares. The Duff & Phelps Water Fund and NFJ Emerging Markets Value Fund offer Class A shares, Class C shares and Institutional Class shares.

Class A shares of Newfleet Short Duration High Income Fund are sold with a front-end sales charge of up to 2.25% with some exceptions. Class A shares of all Funds are sold with a front-end sales charge of up to 5.50% with some exceptions. Generally, Class A shares are not subject to any charges by the Funds when redeemed; however, a 0.50% - 1.00% contingent deferred sales charge ("CDSC") may be imposed on certain redemptions made within a certain period following purchases on which a finder's fee has been paid. The period for which such CDSC applies for the Funds is 12 months for the Newfleet Short Duration High Income Fund, and 18 months for all other Funds. The CDSC period begins on the last day of the month preceding the month in which the purchase was made.

On May 21, 2021, all Class R shares for the Convertible Fund, Global Allocation Fund and International Small-Cap Fund were converted into Class A shares of the respective Fund.

Class C shares are generally sold with a 1% CDSC, applicable if redeemed within one year of purchase. Class C shares and any reinvested dividends and other distributions paid on such shares, will be automatically converted to Class A shares of the same Fund following a required holding period, which as of March 1, 2021, was eight years. Effective February 26, 2021, if an investor intends to purchase greater than $999,999 of Class C shares, and the purchase would qualify for Class A shares with no load, then the purchase will automatically be made into a purchase of Class A shares, thus reducing expenses.

Institutional Class shares are offered primarily to clients of financial intermediaries that (i) charge such clients an ongoing fee for advisory, investment, consulting, or similar services; or (ii) have entered into an agreement with the Funds' distributor or transfer agent to offer Institutional Class shares through a no-load network or platform. Such clients may include pension and profit sharing plans, other employee benefit trusts, endowments, foundations and corporations. Institutional Class shares are also offered to private and institutional clients of, or referred by, the adviser, a subadviser or their affiliates, and to Trustees of the Funds and trustees/directors of affiliated open- and closed-end funds, and directors, officers and employees of Virtus and its affiliates. If you are eligible to purchase and do purchase Institutional Class shares, you will pay no sales charge at any time. There are no distribution and service fees applicable to Institutional Class shares. Institutional Class shares are sold without a front-end sales charge or CDSC.

Effective May 10, 2024, existing Class P shares of each of the Funds were converted to Institutional Class shares of each respective Fund, and Administrative Class shares of Virtus Convertible Fund and Virtus Global Allocation Fund were converted to Institutional Class shares of each respective Fund.

Class R6 shares are offered without a minimum initial investment to the following investors in plan level or omnibus accounts only (provided that they do not require or receive any compensation, administrative payments, sub-transfer agency payments or service payments with respect to Class R6 shares): (i) qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, and defined benefit plans; (ii) banks and trust companies; (iii) insurance companies; (iv) financial intermediaries utilizing such shares in fee-based investment advisory programs; (v) registered investment companies; and (vi) non-qualified deferred compensation plans. Other institutional investors may be permitted to purchase Class R6 shares subject to the applicable Fund's determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds' distributor's or an affiliate's resources on sales of or investments in Class R6 shares. Class R6 shares are sold without a front-end sales charge or CDSC.

The Funds may impose an annual fee on accounts having balances of less than $2,500. The small account fee may be waived in certain circumstances, as disclosed in the prospectuses and/or statement of additional information. The fees collected will be used to offset certain expenses of the Funds. These fees are reflected as "Less low balance account fees" in each Fund's Statement of Operations for the period, as applicable.

Each class of shares has identical voting, dividend, liquidation and other rights and the same terms and conditions, except that each class bears any expenses attributable specifically to that class ("class-specific expenses") and has exclusive voting rights with respect to any Rule 12b-1 and/or shareholder service plan ("12b-1 Plan") approved by the Board. Institutional Class shares and Class R6 shares are not subject to a 12b-1 Plan. Class-specific expenses may include shareholder servicing fees, sub-transfer agency fees, and fees under a 12b-1 Plan, as well as certain other expenses as designated by the Funds' Treasurer and approved by the Board. Investment income, common operating expenses and realized and unrealized gains and losses of each Fund are borne pro-rata by the holders of each class of shares.

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

#### Note 2. Significant Accounting Policies
The Funds are investment companies that follow the accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements and for derivatives, included in Note 3 below. The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates and those differences could be significant.

---

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

---

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

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

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

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

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

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

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

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

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

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

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| | |
|:---|:---|
| **B.** | **Security Transactions and Investment Income** |
|  | Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as |

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[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

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| | |
|:---|:---|
|  | a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Conversion premium is not amortized. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
|  | Dividend income from REITs and MLP investments is recorded using management's estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts. |
| **C.** | **Income Taxes** |
|  | Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. |
|  | Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
|  | As a result of court cases involving several countries across the European Union, certain Funds have filed tax reclaims in addition to treaty-based claims, in respect of previously withheld taxes on dividends earned ("EU tax reclaims"). These filings are subject to various administrative proceedings by each local jurisdiction's tax authority, as well as judicial proceedings. EU tax reclaim and associated interest entitlements that have been recognized, if any, are reflected as European Union tax reclaims in the Statements of Operations. Related receivables, if any, are reflected as European Union tax reclaims receivable in the Statements of Assets and Liabilities. Generally, unless Management of the Funds believes that recovery amounts are collectible and free from significant contingencies, recoveries will not be reflected in a Fund's net asset value. EU tax reclaims and related interest entitlements recognized by a Fund, if any, may reduce the amount of foreign taxes, if any, that a Fund could elect to pass-through- to its shareholders from a U.S. federal tax perspective. In certain circumstances, and to the extent that EU tax reclaims recovered by a Fund were previously pass-through as foreign tax credits to its U.S. taxable shareholders, a Fund may enter into a closing agreement with the U.S. Internal Revenue Service (the "IRS"). Doing so will enable a Fund to quantify and remit its tax liability related to any recoveries (on behalf of its shareholders). Based on current guidance from the IRS, it is expected that Virtus Duff and Phelps Water Fund will enter into a closing agreement with the IRS. Accordingly, estimated charges, if any, related to Virtus Duff and Phelps Fund's closing agreement liability are presented as European Union tax reclaim contingent fees in the Statement of Operations and its estimated closing agreement liability is presented as European Union tax reclaim contingent fees payable in the Statements of Assets and Liabilities. The actual closing agreement payment to the IRS may differ from the estimate and that difference may be material. |
|  | Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund's U.S. federal income tax return is generally subject to examination by the IRS for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. |
| **D.** | **Distributions to Shareholders** |
|  | Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. |
| **E.** | **Expenses** |
|  | Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. |
|  | In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
| **F.** | **Foreign Currency Transactions** |
|  | Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. |

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[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

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| | |
|:---|:---|
| **G.** | **Convertible Securities** |
|  | Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds' investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock. |
| **H.** | **Payment-In-Kind Securities** |
|  | Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. |
| **I.** | **Securities Traded on a To-Be-Announced Basis** |
|  | Certain Funds may trade securities on a to-be-announced ("TBA") basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. |
| **J.** | **When-Issued Purchases and Forward Commitments (Delayed Delivery)** |
|  | Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. |
| **K.** | **Leveraged Loans** |
|  | Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. |
|  | A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. |
|  | The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally Secured Overnight Funding Rate ("SOFR"), the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. |
|  | A Fund may invest in both secured loans and "covenant lite" loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. |
| **L.** | **Warrants** |
|  | The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not |

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[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

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| | |
|:---|:---|
|  | represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. |
| **M.** | **Securities Lending** |
|  | The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York ("BNY"). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
|  | Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNY for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. |
|  | Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement ("MSLA") which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
|  | As of March 31, 2025, none of the Funds were lending under the agreement with BNY. |
| **N.** | **Segment Reporting** |
|  | Accounting Standards Codification ("ASC") 280, Segment Reporting, established disclosure requirements relating to operating segments in financial statements. The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"), which is intended to enhance reportable operating segment disclosure requirements. Operating segments are defined as components of a reporting entity about which separate financial information, including disclosures about income and expenses, is available that is regularly evaluated by the chief operating decision maker ("CODM") in deciding how to allocate resources and assess its performance. The Trust is organized as a series of Funds, each of which is structured as an investment company and represents a single operating segment. Subject to the oversight and, when applicable, approval of the Trust's Board of Trustees, each Fund's Adviser acts as the respective Fund's CODM. The CODM monitors the Fund's operating results as a whole, and the Fund's long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on its defined investment objective. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund's financial statements. Adoption of the new standard impacted the Funds' financial statement note disclosures only and did not affect any Fund's financial position or the results of its operations. |

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#### Note 3. Derivative Financial Instruments and Transactions

#### ($ reported in thousands)
Disclosures about derivative instruments and hedging activities are intended to enable investors to understand how and why a Fund uses derivatives, how derivatives are accounted for, and how derivative instruments affect a Fund's results of operations and financial position. Summarized below are such disclosures and accounting policies for each specific type of derivative instrument used by certain Funds.

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| | |
|:---|:---|
| **A.** | **Futures Contracts** |
|  | A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the "initial margin" requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. |
|  | During the six months ended March 31, 2025, the Global Allocation Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund's success in using futures will be dependent upon the subadviser's ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund's |

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[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

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| | |
|:---|:---|
|  | Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for futures contracts". |
| **B.** | **Forward Foreign Currency Exchange Contracts** |
|  | A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked to market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. |
|  | During the six months ended March 31, 2025, none of the Funds entered into forward foreign currency exchange contracts. |
| **C.** | **Swaps** |
|  | Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract "Over-the-counter swaps at value" for OTC swaps and as "variation margin receivable/payable" for centrally cleared swaps. Swaps are marked-to-market daily and changes in value are recorded as "Net change in unrealized appreciation (depreciation) on swaps" in the Statements of Operations. |
|  | Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under "Swaps at value" in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as "Net realized gain (loss) on swaps" in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund's Schedule of Investments. |
|  | In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the "CCP") and the Fund's counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. |
|  | Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as "Cash pledged as collateral for cleared swaps". |
|  | Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
|  | *Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk).* |
|  | At March 31, 2025, the Global Allocation Fund did not hold any credit index swaps. |

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[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025
The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Assets and Liabilities at March 31, 2025:

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Statement Line Description</u>** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Global Allocation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Asset Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets |  | &nbsp;&nbsp;$58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liability Derivatives** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$(259) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Variation margin payable on futures contracts<sup>(1)</sup> | &nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities |  | &nbsp;&nbsp;$(290) |

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<br> <sup>(1)</sup> Represents cumulative appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Operations for the six months ended March 31, 2025:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Statement Line Description&nbsp;&nbsp;&nbsp;&nbsp;</u>** | &nbsp;&nbsp;**Primary Risk** | &nbsp;&nbsp;**Global Allocation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) from** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) from** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Realized Gain (Loss) from** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$(479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$(1140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Change in Unrealized Appreciation (Depreciation) on** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;Equity contracts | &nbsp;&nbsp;$(757) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;Foreign currency contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures | &nbsp;&nbsp;Interest rate contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Swaps | &nbsp;&nbsp;Credit contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | &nbsp;&nbsp;$(842) |

---

The table below shows the quarterly average volume (unless otherwise specified) of the derivatives held by the applicable Fund for the six months ended March 31, 2025.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts - Long Positions<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;$(20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts - Short Positions<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Credit Default Swap Contracts - Sell Protection<sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 |

---

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Average unrealized for the period. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Notional amount. |

---

---

| | |
|:---|:---|
| **D.** | **Derivative Risks** |
|  | A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. |
|  | A Fund's risk of loss from counterparty credit risk on derivatives bought or sold OTC, rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. |
|  | With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under |

---

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

---

| | |
|:---|:---|
|  | applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker's customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro-rata basis across all the clearing broker's customers, potentially resulting in losses to the Fund. |
|  | In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments' payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund's net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
| **E.** | **Collateral Requirements and Master Netting Agreements ("MNA")** |
|  | For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. |
|  | Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. |
|  | For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |
|  | The following table presents the Global Allocation Fund's derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Fund as of March 31, 2025: |

---

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

---

| | | |
|:---|:---|:---|
| **At March 31, 2025, the Funds' derivative assets and liabilities (by type) are as follows:** | **At March 31, 2025, the Funds' derivative assets and liabilities (by type) are as follows:** | **At March 31, 2025, the Funds' derivative assets and liabilities (by type) are as follows:** |
|  | &nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;**Global Allocation Fund** |
|  | &nbsp;&nbsp;**Assets** | &nbsp;&nbsp;**Liabilities** |
| **Derivative Financial<br> Instruments:** |  |  |
| &nbsp;&nbsp;&nbsp;Futures contracts | &nbsp;&nbsp;$— | &nbsp;&nbsp;$64 |
| Total derivative assets and liabilities in the Statements of Assets and Liabilities | &nbsp;&nbsp;$— | &nbsp;&nbsp;$64 |
| Derivatives not subject to a MNA<br> or similar agreement | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(64) |
| Total assets and liabilities<br> subject to a MNA | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

#### Note 4. Investment Advisory Fees and Related Party Transactions

#### ($ reported in thousands)

---

| | |
|:---|:---|
| **A.** | **Investment Adviser** |
|  | Virtus Investment Advisers, LLC (the "Adviser") (formerly known as Virtus Investment Advisers, Inc.), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. ("Virtus"), is the investment adviser to the Funds. The Adviser manages the Funds' investment programs and general operations of the Funds, including oversight of the Funds' subadvisers. |

---

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Advisory Fee</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 |

---

During the six months ended March 31, 2025, the Global Allocation Fund invested a portion of its assets in affiliated mutual and exchange-traded funds. In order to avoid any duplication of advisory fees, the Adviser voluntarily waived its advisory fees in an amount equal to that which would otherwise be paid by the Fund on the assets in the affiliated funds. For the six months ended March 31, 2025, the waiver amounted to $109 for the Global Allocation Fund. This waiver was in addition to the expense limitation and/or fee waiver covered elsewhere in these financial statements and is included in the Statements of Operations in "Less expenses reimbursed and/or waived by investment adviser."

---

| | |
|:---|:---|
| **B.** | **Subadvisers** |
|  | The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the six months is as follows: |

---

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

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voya IM<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps<sup>(2)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VA<sup>(3), (4), (5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VA<sup>(5)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ<sup>(6)</sup> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Voya Investment Management Co. LLC ("Voya IM").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Duff & Phelps Investment Management Co. ("Duff & Phelps"), an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(3)</sup> Newfleet Asset Management ("Newfleet"), a division of Virtus Fixed Income Advisers LLC, an indirect, wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(4)</sup> Virtus Multi-Asset, a division of Virtus Advisers, LLC ("VA"), an indirect wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(5)</sup> Virtus Systematic, a division of Virtus Advisers, LLC ("VA"), an indirect wholly-owned subsidiary of Virtus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(6)</sup> NFJ Investment Group, LLC ("NFJ"), an indirect, wholly-owned subsidiary of Virtus.

---

| | |
|:---|:---|
| **C.** | **Expense Limitations** |
|  | The Adviser has contractually agreed to limit each Fund's annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through February 1, 2026, and February 1, 2027, for the Convertible Fund and Duff & Phelps Water Fund. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Class A** | &nbsp;&nbsp;&nbsp;&nbsp;**Class C** | &nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** | &nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.96% | &nbsp;&nbsp;&nbsp;&nbsp;1.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.71% | &nbsp;&nbsp;&nbsp;&nbsp;0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;N/A |

---

The exclusions include front-end or contingent deferred sales charges, taxes, leverage and borrowing expenses (such as commitment, amendment and renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.

---

| | |
|:---|:---|
| **D.** | **Expense Recapture** |
|  | Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the six months ending March 31: |

---

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

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**2025** | &nbsp;&nbsp;&nbsp;&nbsp;**2026** | &nbsp;&nbsp;&nbsp;&nbsp;**2027** | &nbsp;&nbsp;&nbsp;&nbsp;**2028** | &nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;$220 | &nbsp;&nbsp;&nbsp;&nbsp;$311 | &nbsp;&nbsp;&nbsp;&nbsp;$230 | &nbsp;&nbsp;&nbsp;&nbsp;$110 | &nbsp;&nbsp;&nbsp;&nbsp;$871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class R6<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 |

---

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

During the six months ended March 31, 2025, the Adviser did not recapture any expenses previously waived.

---

| | |
|:---|:---|
| **E.** | **Distributor** |
|  | VP Distributors, LLC ("VP Distributors"), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund's shares. VP Distributors has advised the Funds that for the six months ended March 31, 2025, it retained net commissions of $20 for Class A shares and CDSC of $—\* and $7 for Class A shares and Class C shares, respectively. |
|  | In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares, and 1.00% for Class C shares (0.50% for Newfleet Short Duration High Income Fund). Prior to May 10, 2024, Administrative Class shares paid a 0.25% Administrative Distribution fee. Institutional Class shares and Class R6 shares are not subject to a 12b-1 Plan. |
|  | Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
|  | <sup>\*</sup>Amount is less than $500 (not in thousands). |
| **F.** | **Administrator and Transfer Agent** |
|  | Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. |
|  | For the six months ended March 31, 2025, the Funds incurred administration fees totaling $1,299 which are included in the Statements of Operations within the line item "Administration and accounting fees." The fees are calculated daily and paid monthly. |
|  | For the six months ended March 31, 2025, the Funds incurred transfer agent fees totaling $581 which are included in the Statements of Operations within the line item "Transfer agent fees and expenses." The fees are calculated daily and paid monthly. |
| **G.** | **Investments with Affiliates** |
|  | The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common |

---

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

---

| |
|:---|
| Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the six months ended March 31, 2025, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. |
| Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this note. An affiliated issuer includes any company in which the Fund held 5% or more of a company's outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. |
| A summary of the Global Allocation Fund's total long-term and short-term purchases and sales of the respective shares of the affiliated investments<sup>(1)</sup> during the six months ended March 31, 2025, is as follows: |

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> beginning<br> of period** | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases<sup>(2)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales<br> proceeds** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> realized<br> gain<br> (loss)<br> on<br> affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Net<br> change in<br> unrealized<br> appreciation<br> (depreciation)<br> on affiliated<br> securities** | &nbsp;&nbsp;&nbsp;&nbsp;**Value,<br> end of<br> period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;&nbsp;&nbsp;**Dividend<br> income** | &nbsp;&nbsp;&nbsp;&nbsp;**Distributions<br> of realized<br> gains** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Mutual Funds—18.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Water Fund Institutional Shares<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4437 | &nbsp;&nbsp;&nbsp;&nbsp;$319 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(629) | &nbsp;&nbsp;&nbsp;&nbsp;$4127 | &nbsp;&nbsp;&nbsp;&nbsp;220305 | &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus KAR Mid-Cap Core Fund Class R6<sup>(3),(4)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 | &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;(339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus SGA International Growth Fund Class R6<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1927) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6770 | &nbsp;&nbsp;&nbsp;&nbsp;933825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Silvant Focused Growth Fund Class R6<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9134 | &nbsp;&nbsp;&nbsp;&nbsp;132075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;$25844 | &nbsp;&nbsp;&nbsp;&nbsp;$2323 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(3767) | &nbsp;&nbsp;&nbsp;&nbsp;$24400 |  | &nbsp;&nbsp;&nbsp;&nbsp;$32 | &nbsp;&nbsp;&nbsp;&nbsp;$2292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Affiliated Exchange-Traded Fund—2.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Virtus Duff & Phelps Clean Energy ETF<sup>(3)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2721 | &nbsp;&nbsp;&nbsp;&nbsp;163001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;$28733 | &nbsp;&nbsp;&nbsp;&nbsp;$2624 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$(4236) | &nbsp;&nbsp;&nbsp;&nbsp;$27121 |  | &nbsp;&nbsp;&nbsp;&nbsp;$47 | &nbsp;&nbsp;&nbsp;&nbsp;$2292 |

---

---

| | |
|:---|:---|
| **<sup>Footnote Legend:</sup>** | **<sup>Footnote Legend:</sup>** |
| <sup>(1)</sup> | The Global Allocation Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund's net assets. At March 31, 2025, the Fund was the owner of record of 50% of the Virtus Duff & Phelps Clean Energy ETF and the owner of record of less than 10% of all other affiliated underlying funds. |
| <sup>(2)</sup> | Includes reinvested dividends from income and capital gain distributions. |
| <sup>(3)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
| <sup>(4)</sup> | Non-income producing. |

---

---

| | |
|:---|:---|
| **H.** | **Trustee Deferred Compensation Plan** |
|  | The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in "Other assets" in the Statements of Assets and Liabilities at March 31, 2025. |
|  | In calendar year 2018 and certain other periods prior to January 1, 2020, the Funds maintained a different deferred compensation plan pursuant to which each Trustee who was not affiliated with Allianz Global Investors U.S. LLC had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds. |

---

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025
In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in other periods prior to January 1, 2020, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan.

#### Note 5. Purchases and Sales of Securities

#### ($ reported in thousands)
Purchases and sales of securities (excluding U.S. government and agency securities, forward currency contracts, and short-term securities) during the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$1017493 | &nbsp;&nbsp;&nbsp;&nbsp;$1155003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458 |

---

Purchases and sales of long-term U.S. government and agency securities during the six months ended March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;&nbsp;&nbsp;**Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$2015 | &nbsp;&nbsp;&nbsp;&nbsp;$1430 |

---

#### Note 6. Capital Share Transactions

#### (reported in thousands)
Transactions in shares of capital stock, during the periods ended as indicated below, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;**Convertible Fund** | &nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;**Duff & Phelps Water Fund** | &nbsp;&nbsp;**Duff & Phelps Water Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;$9816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;$13080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;$9433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;$14269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(556) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20123) | &nbsp;&nbsp;&nbsp;&nbsp;(2248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72588) | &nbsp;&nbsp;&nbsp;&nbsp;(1391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27679) | &nbsp;&nbsp;&nbsp;&nbsp;(2008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(39748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(231) | &nbsp;&nbsp;$(8330) | &nbsp;&nbsp;&nbsp;&nbsp;(1725) | &nbsp;&nbsp;$(55515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) | &nbsp;&nbsp;$(5440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(981) | &nbsp;&nbsp;$(19539) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;$1212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84 | &nbsp;&nbsp;$2753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;$3862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(235) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8646) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13850) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;$(6887) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(599) | &nbsp;&nbsp;$(19747) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(170) | &nbsp;&nbsp;$(3284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(482) | &nbsp;&nbsp;$(9008) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;2673 | &nbsp;&nbsp;$96171 | &nbsp;&nbsp;&nbsp;&nbsp;13787 | &nbsp;&nbsp;$442935 | &nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;$21554 | &nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;$182197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24066 | &nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(4670) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(165152) | &nbsp;&nbsp;&nbsp;&nbsp;(10709) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(336854) | &nbsp;&nbsp;&nbsp;&nbsp;(3601) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69261) | &nbsp;&nbsp;&nbsp;&nbsp;(3857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75806) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;(1558) | &nbsp;&nbsp;$(53549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3824 | &nbsp;&nbsp;$130147 | &nbsp;&nbsp;&nbsp;&nbsp;(1153) | &nbsp;&nbsp;$(22792) | &nbsp;&nbsp;&nbsp;&nbsp;5274 | &nbsp;&nbsp;$114772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;$8482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;$395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &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;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225 | &nbsp;&nbsp;$8145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 | &nbsp;&nbsp;$295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

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

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;**Global Allocation Fund** | &nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;**International Small-Cap Fund** | &nbsp;&nbsp;**International Small-Cap Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;$322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;$900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;$92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;$261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(253) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6558) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | &nbsp;&nbsp;&nbsp;&nbsp;(27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(140) | &nbsp;&nbsp;$(1505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(480) | &nbsp;&nbsp;$(4849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;$(80) | &nbsp;&nbsp;&nbsp;&nbsp;(11) | &nbsp;&nbsp;$(356) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;$51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;$139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;$16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(759) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(—) <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;$(137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56) | &nbsp;&nbsp;$(592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;$(90) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;$159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182 | &nbsp;&nbsp;$1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;$754 | &nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;$6101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1288) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1984) | &nbsp;&nbsp;&nbsp;&nbsp;(36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1103) | &nbsp;&nbsp;&nbsp;&nbsp;(133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4075) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(91) | &nbsp;&nbsp;$(961) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | &nbsp;&nbsp;$6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;$243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;$2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;$5716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080 | &nbsp;&nbsp;$20767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | &nbsp;&nbsp;$1193 | &nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;$14762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12036) | &nbsp;&nbsp;&nbsp;&nbsp;(10066) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(97935) | &nbsp;&nbsp;&nbsp;&nbsp;(105) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3195) | &nbsp;&nbsp;&nbsp;&nbsp;(111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289) | &nbsp;&nbsp;$(3031) | &nbsp;&nbsp;&nbsp;&nbsp;(7475) | &nbsp;&nbsp;$(72328) | &nbsp;&nbsp;&nbsp;&nbsp;(37) | &nbsp;&nbsp;$(1191) | &nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;$12031 |

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class A** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;1837 | &nbsp;&nbsp;$25372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2130 | &nbsp;&nbsp;$29046 | &nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;$2073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;$4567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(1281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17673) | &nbsp;&nbsp;&nbsp;&nbsp;(2395) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32610) | &nbsp;&nbsp;&nbsp;&nbsp;(167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;$11333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;$3180 | &nbsp;&nbsp;&nbsp;&nbsp;(35) | &nbsp;&nbsp;$(602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(138) | &nbsp;&nbsp;$(2137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class C** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;$8720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;$11302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$—<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;$3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(726) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10073) | &nbsp;&nbsp;&nbsp;&nbsp;(1427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(185) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(400) | &nbsp;&nbsp;$(5414) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;$(22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;$(179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;9446 | &nbsp;&nbsp;$129120 | &nbsp;&nbsp;&nbsp;&nbsp;21503 | &nbsp;&nbsp;$290396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;$3562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;(5973) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81607) | &nbsp;&nbsp;&nbsp;&nbsp;(11003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(148604) | &nbsp;&nbsp;&nbsp;&nbsp;(226) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3644) | &nbsp;&nbsp;&nbsp;&nbsp;(1373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;$61306 | &nbsp;&nbsp;&nbsp;&nbsp;12004 | &nbsp;&nbsp;$162066 | &nbsp;&nbsp;&nbsp;&nbsp;(216) | &nbsp;&nbsp;$(3486) | &nbsp;&nbsp;&nbsp;&nbsp;(1118) | &nbsp;&nbsp;$(17176) |

---

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**Newfleet Short Duration High Income Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** | &nbsp;&nbsp;**NFJ Emerging Markets Value Fund** |
|  | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Six Months Ended<br> March 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** | &nbsp;&nbsp;**Year Ended<br> September 30, 2024** |
|  | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** | &nbsp;&nbsp;**SHARES** | &nbsp;&nbsp;**AMOUNT** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Class R6** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106 | &nbsp;&nbsp;$1444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;$10168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares repurchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9660) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase / (Decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;$(19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;$787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;$— |

---

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Amount is less than 500 shares (not in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;<sup>(2)</sup> Amount is less than $500 (not in thousands).

#### Note 7. 10% Shareholders
As of March 31, 2025, the Funds had individual shareholder account(s) and/or omnibus shareholder account(s) (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of such Fund as detailed below:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;**% of Shares<br> Outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;**Number of<br> Accounts<sup>\*</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp;1 |

---

<sup>\*</sup> None of the accounts are affiliated.

#### Note 8. Credit and Market Risk and Asset Concentration
Local, regional or global events such as war or military conflict, acts of terrorism, the spread of infectious illness or other public health issue, recessions, or other events could have a significant impact on a Fund and its investments, including hampering the ability of each Fund's portfolio manager(s) to invest each Fund's assets as intended.

Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Since these markets are often small, they may be more likely to suffer sharp and frequent price changes or long-term price depression because of adverse publicity, investor perceptions or the actions of a few large investors. They may also have policies that restrict investment by foreigners, or that prevent foreign investors from withdrawing their money at will.

Certain emerging markets may also face other significant internal or external risks, including the risk of war and civil unrest. Each of these factors can affect the value and liquidity of the assets of a Fund. Failure to generate adequate earnings from foreign trade would make it difficult for an emerging market country to service foreign debt. Disruptions resulting from social and political factors may cause the securities markets of emerging market countries to close. If this were to occur, the liquidity and value of a Fund's assets invested in corporate debt obligations of emerging market companies would decline.

The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact a Fund's liquidity and performance. A Fund may be unable to receive and repatriate proceeds and/or interest payments due to U.S. and Russian sanctions related to the Russia/Ukraine war.

Sanctions threatened or imposed may result in a decline in the value and liquidity of a Fund's assets. The securities of a Fund may be deemed to have a zero value. A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect a Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025
reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

For all these reasons, investments in emerging markets may be considered speculative. To the extent that a Fund invests a significant portion of its assets in a particular emerging market, the Fund will be more vulnerable to financial, economic, political and other developments in that country, and conditions that negatively impact that country will have a greater impact on the Fund as compared with a fund that does not have its holdings concentrated in a particular country.

High-yield/high-risk securities typically entail greater price volatility and/or principal and interest rate risk. There is a greater chance that an issuer will not be able to make principal and interest payments on time. Analysis of the creditworthiness of issuers of high-yield/high-risk securities may be complex, and as a result, it may be more difficult for the Adviser and/or Subadviser to accurately predict risk.

Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due to default by an issuer, such bonds remain subject to the risk that the market may fluctuate for other reasons, and there is no assurance that the insurance company will meet its obligations. Insured securities have been identified in the Schedule of Investments. A real or perceived decline in creditworthiness of a bond insurer can have an adverse impact on the value of insured bonds held in the Funds.

Certain Funds may invest a high percentage of their assets in specific sectors of the market in the pursuit of their investment objectives. Fluctuations in these sectors of concentration may have a greater impact on a Fund, positive or negative, than if the Fund did not concentrate its investments in such sectors.

At March 31, 2025, the following Funds held securities issued by various companies in specific sectors as detailed below:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>Sector</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Percentage of<br> <u>Total Investments</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;28 |

---

#### Note 9. Indemnifications
Under the Trust's organizational documents and in separate agreements between each Trustee and the Trust, its Trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust and its funds. In addition, in the normal course of business, the Trust and the Funds enter into contracts that provide a variety of indemnifications to other parties. The Trust's and/or the Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust or the Funds and that have not occurred. However, neither the Trust nor the Funds have had prior claims or losses pursuant to these arrangements, and they expect the risk of loss to be remote.

#### Note 10. Restricted Securities

#### ($ reported in thousands)
Restricted securities are not registered under the Securities Act of 1933, as amended (the "1933 Act"). Generally, 144A securities are excluded from this category. Each Fund will bear any costs, including those involved in registration under the 1933 Act, in connection with the disposition of such securities.

At March 31, 2025, the Funds did not hold any securities that were restricted.

#### Note 11. Redemption Facility

#### ($ reported in thousands)
The Funds and certain other affiliated funds are parties to a $250,000 unsecured line of credit agreement dated September 18, 2017, as amended, ("Credit Agreement") with a commercial bank. The Credit Agreement allows the funds to borrow cash from the bank to manage large, unexpected redemptions and trade fails, up to a limit of one-third or one-fifth, as applicable of each Fund's total net assets in accordance with the terms of the agreement. Each Fund, that is a party to the Credit Agreement, is individually, and not jointly, liable for its borrowings, if any. The lending bank could require repayment of outstanding borrowings upon certain circumstances such as an event of default. Interest is charged at the higher of a SOFR or the Federal Funds rate plus an additional percentage rate on the amount borrowed. Commitment fees are charged on the undrawn balance. Total commitment fees paid for the six months ended March 31, 2025, are included in the "interest expense and/or commitment fees" line on the Statements of Operations.

This Credit Agreement has a scheduled termination date of July 3, 2025, however, the Funds may request at any time and from time to time to extend the termination date by 364 days.

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

#### March 31, 2025
The following Funds had outstanding loans during the six months period. The borrowings were valued at cost, which approximates fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Interest<br> Incurred on<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Average<br> Borrowing** | &nbsp;&nbsp;&nbsp;&nbsp;**Weighted Average<br> Interest Rate** | &nbsp;&nbsp;&nbsp;&nbsp;**Days<br> Outstanding** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$7 | &nbsp;&nbsp;&nbsp;&nbsp;$3919 | &nbsp;&nbsp;&nbsp;&nbsp;5.43% | &nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114 | &nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;10 |

---

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

#### Note 12. Federal Income Tax Information

#### ($ reported in thousands)
At March 31, 2025, the approximate aggregate cost basis and the unrealized appreciation (depreciation) of investments and other financial instruments for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Federal<br> Tax Cost** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund<br>| $1186322 | &nbsp;&nbsp;&nbsp;&nbsp;$62683 | &nbsp;&nbsp;&nbsp;&nbsp;$(45941) | &nbsp;&nbsp;&nbsp;&nbsp;$16742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Duff & Phelps Water Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;366910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Allocation Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;125628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2714) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Newfleet Short Duration High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;635187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14403) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10487) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1417) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 |

---

Certain Funds have capital loss carryforwards available to offset future realized capital gains, if any, to the extent permitted by the Code. Net capital losses are carried forward without expiration and generally retain their short-term and/or long-term tax character, as applicable. For the year ended September 30, 2024, the Funds' capital loss carryovers were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;&nbsp;&nbsp;**Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;$112076 | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International Small-Cap Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &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;Newfleet Short Duration High Income Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NFJ Emerging Markets Value Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10179 |

---

#### Note 13. Regulatory Matters and Litigation
From time to time, the Trust, the Funds, the Adviser and/or subadvisers and/or their affiliates may be involved in litigation and arbitration as well as examinations and investigations by various regulatory bodies, including the SEC, involving compliance with, among other things, securities laws, client investment guidelines, laws governing the activities of broker-dealers and other laws and regulations affecting their activities. At this time, the Adviser believes that the outcomes of such matters are not likely, either individually or in aggregate, to be material to these financial statements.

#### Note 14. Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issuance, and has determined that there are no subsequent events requiring recognition or disclosure in these financial statements.

------

[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

#### VIRTUS STRATEGY TRUST

#### OTHER INFORMATION (Unaudited)

#### March 31, 2025

#### FORM N-CSR ITEM 8 - Changes in and Disagreements with Accountants
None

#### FORM N-CSR ITEM 9 - Proxy Disclosure
None

#### FORM N-CSR ITEM 10 - Remuneration Paid to Trustees
For the six months ended March 31, 2025, the Funds incurred independent Trustee's fees totaling $110 which are included in the Statement of Operations within the line item "Trustees fees and expenses". No remuneration was paid to the officers or affiliated trustee.

#### FORM N-CSR ITEM 11 – Statement Regarding Basis for Approval of Investment Advisory Contract
**CONSIDERATION OF ADVISORY AND SUBADVISORY AGREEMENTS FOR VIRTUS CONVERTIBLE FUND, VIRTUS DUFF & PHELPS WATER FUND, VIRTUS NEWFLEET SHORT DURATION HIGH INCOME FUND AND VIRTUS NFJ EMERGING MARKETS VALUE FUND AND CONSIDERATION OF ADVISORY AGREEMENT FOR VIRTUS GLOBAL ALLOCATION FUND AND VIRTUS INTERNATIONAL SMALL-CAP FUND (each a "FUND" and collectively, the "FUNDS") BY THE BOARD OF TRUSTEES**

The Board of Trustees (the "Board") of Virtus Strategy Trust (the "Trust") is responsible for determining whether to approve the continuation of the investment advisory agreement (the "Advisory Agreement") between the Trust and Virtus Investment Advisers, LLC ("VIA") and of each subadvisory agreement (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements")(together with the Advisory Agreements, the "Agreements") among the Trust, VIA and Duff & Phelps Investment Management Co. ("DPIM") with respect to Virtus Duff & Phelps Water Fund; among the Trust, VIA and Virtus Fixed Income Advisers, LLC ("VFIA"), acting through its division Newfleet Asset Management ("Newfleet"), with respect to Virtus Newfleet Short Duration High Income Fund; among the Trust, VIA and NFJ Investment Group, LLC ("NFJ"), with respect to Virtus NFJ Emerging Markets Value Fund and Virtus NFJ Global Sustainability Fund; and among the Trust, VIA and Voya Investment Management Co. LLC ("Voya"), with respect to Virtus Convertible Fund (each of DPIM, VFIA, NFJ, and Voya, a "Subadviser" and collectively, the "Subadvisers"). At meetings held on August 27, 2024, October 29, 2024, and November 18-20, 2024 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), considered and approved the continuation of each Agreement, as further discussed below. It was noted that while the Board approved renewal of the Advisory Agreement with respect to the Virtus Global Allocation Fund and Virtus International Small-Cap Fund, it had separately approved entering into new subadvisory agreements for each of those Funds. Disclosure regarding the approval of the new subadvisers for those Funds is provided elsewhere in the Financials.

In connection with the approval of the Agreements, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and each Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the renewal of each of the Agreements would be in the best interests of each applicable Fund and its respective shareholders. The Board also considered information furnished throughout the year at regular Board meetings with respect to the services provided by VIA and the Subadvisers, including quarterly performance reports prepared by management containing reviews of investment results, compliance reports, and periodic presentations from the Subadvisers with respect to the Fund(s) they manage. The Board noted the affiliation of certain of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management. For each Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. The Independent Trustees also submitted questions to management and considered the responses provided. In its deliberations, the Board considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposed approval of the Agreements in private sessions with their independent legal counsel at which no representatives of management were present.

In considering whether to approve the renewal of the Agreements with respect to each Fund, the Board reviewed and analyzed the factors it deemed relevant, including: (a) the nature, extent and quality of the services provided to the Fund by VIA and each of the Subadvisers; (b) the performance of the Fund as compared to an appropriate peer group and an appropriate index and comparable accounts; (c) the level and method of computing the Fund's advisory and subadvisory fees, and comparisons of the Fund's advisory fee rates and total expenses with those of a group of funds with similar investment strategies; (d) the profitability of VIA under the Advisory Agreement; (e) any "fall-out" benefits to VIA, the Subadvisers and their affiliates (i.e., ancillary benefits realized by VIA, the Subadvisers or their affiliates from VIA's or the applicable Subadviser's relationship with the Trust); (f) the anticipated effect of growth in size on the Fund's performance and expenses; (g) fees paid to VIA and the Subadvisers by comparable accounts, as applicable; (h) possible conflicts of interest; and (i) the terms of the Agreements.

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#### VIRTUS STRATEGY TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
<u>Nature, Extent and Quality of Services</u>

In response to Independent Trustee request, the Trustees received in advance of the Meetings information provided by VIA and each Subadviser, including completed questionnaires, concerning a number of topics, including, among other items, such company's investment philosophy, investment process and strategies, resources and personnel, operations, compliance structure and procedures, and overall performance. In considering the Advisory Agreement with VIA, the Board considered that VIA is responsible for management of the Funds' investment programs and for evaluating and selecting subadvisers on an ongoing basis and making any recommendations to the Board regarding hiring, retaining, or replacing subadvisers, subject to shareholder approval as applicable. In considering the Advisory Agreement with VIA, the Board considered VIA's process for supervising and managing the Funds' subadvisers, including (a) VIA's ability to select and monitor subadvisers; (b) VIA's ability to provide the services necessary to monitor subadvisers' compliance with the Funds' respective investment objectives, policies and restrictions as well as provide other oversight activities; and (c) VIA's ability and willingness to identify instances in which a subadviser should be replaced and to carry out the required changes. The Trustees also considered: (a) the experience and capability of VIA's management and other personnel; (b) the financial condition of VIA, and whether it had the financial wherewithal to provide a high level and quality of services to the Funds; (c) the quality of VIA's own regulatory and legal compliance policies, procedures and systems; (d) the nature, extent and quality of administrative, transfer agency and other services provided by VIA and its affiliates to the Funds; (e) VIA's supervision of the Funds' other service providers; and (f) VIA's risk management processes. It was noted that affiliates of VIA serve as administrator, transfer agent and distributor of the Funds. The Board also took into account its knowledge of VIA's management and the quality of the performance of VIA's duties to the Funds and other funds managed through Board meetings, discussions and reports during the preceding year, as well as information from the Trust's Chief Compliance Officer regarding the Funds' compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the services provided by each of the Subadvisers, the Board considered information provided to the Board by each Subadviser, as well as information provided throughout the past year. With respect to the Subadvisory Agreements, the Board noted that each Subadviser provided portfolio management, compliance with the respective Fund's(s') investment policies and procedures, compliance with applicable securities laws and assurances thereof. The Board also noted that VIA's and each Subadviser's management of the respective Fund(s) is subject to the oversight of the Board and must be carried out in accordance with the investment objective(s), policies and restrictions set forth in the Fund's(s') prospectuses and statement of additional information. In considering the renewal of the Subadvisory Agreements, the Board also considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the respective Fund(s); (b) the financial condition of the Subadviser; (c) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (d) the Subadviser's brokerage and trading practices, including with respect to best execution and soft dollars. The Board also took into account each Subadviser's risk assessment and monitoring process. The Board noted each Subadviser's regulatory history, including whether it was currently involved in any regulatory actions or investigations as well as material litigation, and any settlements and amelioratory actions undertaken, as appropriate.

After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services provided by VIA and each Subadviser were satisfactory and that there was a reasonable basis on which to conclude that each would continue to provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2024. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe when considering Fund performance.

*<u>Virtus Convertible Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the 1-year period and outperformed the median of its Performance Universe for the first quarter, 3-, 5-, and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the 1- and 3-year periods and outperformed its benchmark for the first quarter, 5-, and 10-year periods.*

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1-year period, third quintile for the 3-year period, and first quintile for the 5- and 10-year periods.

*<u>Virtus Duff & Phelps Water Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe for the first quarter, 1-, and 10-year periods and underperformed the median of its Performance Universe for the 3- and 5-year periods. The Board also noted that the Fund outperformed its benchmark for the first quarter and 1-year periods and underperformed its benchmark for the 3-, 5- and 10-year periods.*

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#### VIRTUS STRATEGY TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-year period, fourth quintile for the 3-year period, third quintile for the 5-year period, and first quintile for the 10-year period.

*<u>Virtus Global Allocation Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter, 1-, and 3-year periods and outperformed the median of its Performance Universe for the 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.*

The Board also noted that the Fund's performance was in the fourth quintile of the performance universe for the 1-year period, third quintile for the 3-year period, and second quintile for the 5- and 10-year periods.

*<u>Virtus International Small-Cap Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe for the first quarter, 1-, 3- and 5-year periods and underperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund outperformed its benchmark for the first quarter and 1-year periods and underperformed its benchmark for the 3-, 5- and 10-year periods.*

The Board also noted that the Fund's performance was in the first quintile of the performance universe for the 1-year period, second quintile for the 3-year period, third quintile for the 5-year period, and fourth quintile for the 10-year period.

*<u>Virtus Newfleet Short Duration High Income Fund.</u> The Board noted that the Fund underperformed both the median of its Performance Universe and its benchmark for the first quarter and outperformed both the median of its Performance Universe and its benchmark for the 1-, 3-, 5-, and 10-year periods.*

The Board also noted that the Fund's performance was in the second quintile of the performance universe for the 1-year period and first quintile for the 3-, 5- and 10-year periods.

*<u>Virtus NFJ Emerging Markets Value Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the year to date, 1-, 3- and 5-year periods and outperformed the median of its Performance Universe 10-year period. The Board noted that the Fund underperformed its benchmark for the 1-, 3-, 5-, and 10-year periods.*

The Board also noted that the Fund's performance was in the fifth quintile of the performance universe for the 1- and 5-year periods, fourth quintile for the 3-year period, and third quintile for the 10-year period.

The Board noted that each Fund other than Virtus NFJ Emerging Markets Value Fund had changed from a prior subadviser in July of 2022, so that some of the performance considered was that of the prior subadviser. The Board also considered management's discussion about the reasons for each applicable Fund's underperformance relative to its peer group or benchmark. After reviewing these and related factors, the Board concluded that each Fund's overall performance, taking into account reasons discussed for certain Funds' underperformance and/or actions taken to address the underperformance, was satisfactory.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, highest in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders. The Board also noted that any subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadvisers provided, and the Board considered, fee information of comparable accounts managed by the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Convertible Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were below the median of the Expense Group.*

*<u>Virtus Duff & Phelps Water Fund.</u> The Board considered that the Fund's net management fee was in the fourth quintile and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Group and the net total expenses after waivers were below the median of the Expense Group.*

*<u>Virtus Global Allocation Fund.</u> The Board considered that the Fund's net management fee and net total expenses after waivers were in the first quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Group and the net total expenses after waivers were below the median of the Expense Group.*

*<u>Virtus International Small-Cap Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Group and net total expenses after waivers were equal to the median of the Expense Group.*

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#### VIRTUS STRATEGY TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
*<u>Virtus Newfleet Short Duration High Income Fund.</u> The Board considered that the Fund's net management fee was in the third quintile of the Expense Universe and net total expenses after waivers were in the second quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were below the median of the Expense Group.*

*<u>Virtus NFJ Emerging Markets Value Fund.</u> The Board considered that the Fund's net management fee and net total expenses after waivers were in the first quintile of the Expense Universe. The Board also considered that the Fund's gross management fee and net total expenses after waivers were below the median of the Expense Group.*

The Board concluded that the advisory and subadvisory fees for each Fund, including with any proposed amendments, were fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

<u>Profitability</u>

The Board also considered certain information relating to profitability that had been provided by VIA. In this regard, the Board considered information regarding the overall profitability, as well as on a fund-by-fund basis, of VIA for its management of the Funds, as well as its profits and those of its affiliates for managing and providing other services to the Trust, such as distribution, transfer agency and administrative services provided to the Funds by VIA affiliates. In addition to the fees paid to VIA and its affiliates, including the Subadvisers, the Board considered any other benefits derived by VIA or its affiliates from their relationships with the Funds. The Board reviewed the methodology used to allocate costs to each Fund, taking into account the fact that allocation methodologies are inherently subjective and various allocation methodologies may each be reasonable while producing different results. The Board concluded that the profitability to VIA and its affiliates from each Fund was not excessive in light of the quality of the services rendered to the Funds by VIA and its affiliates as well as other factors.

In considering the profitability to the Subadvisers in connection with their relationships to the Funds, the Board noted that the fees under the Subadvisory Agreements are paid by VIA out of the fees that VIA receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. In considering the reasonableness of the fees payable by VIA to the affiliated Subadvisers and the profitability to the affiliated Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. In addition, with respect to Voya, the unaffiliated Subadviser, the Board relied on the ability of VIA to negotiate the Subadvisory Agreement and the fees thereunder at arm's length.

<u>Economies of Scale</u>

The Board received and discussed information concerning whether VIA realizes economies of scale as the Funds' assets grow. The Board noted that expense limitations were in place for the Funds. The Board also took into account management's discussion of the Funds' advisory fee and subadvisory fee structure. The Board also took into account the current sizes of the Funds. The Board also noted that VIA had agreed to implement an extension of each Fund's expense limitations for at least another year. The Board then concluded that no changes to the advisory fee structure of the Funds with respect to economies of scale were necessary at this time. The Board noted that VIA and the Funds may realize certain economies of scale if the assets of the Funds were to increase, particularly in relationship to certain fixed costs, and that shareholders of the Funds would have an opportunity to benefit from these economies of scale.

With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense limitations would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by VIA and each Subadviser and their respective affiliates from their relationships with the applicable Fund(s). Among them, the Board recognized that VP Distributors, LLC, an affiliate of VIA, DPIM, NFJ and VFIA, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in the Trust's assets and corresponding benefits from such growth, including economies of scale. The Board noted that an affiliate of VIA, DPIM, NFJ and VFIA also provides administrative and transfer agency services to the Trust. The Board noted management's discussion of the fact that, while certain of the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers or VIA in providing investment advisory services to the Fund(s), other than the fees to be earned under the applicable Agreement(s).

The Board considered that there may be certain indirect or ancillary benefits which may accrue to VIA and its affiliates, including (but not limited to): (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including a majority of the Independent Trustees, determined that approval of each Agreement, as amended, was in the best interests of each applicable Fund and its respective shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Agreements, as amended, with respect to each Fund.

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#### VIRTUS STRATEGY TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025

#### CONSIDERATION OF SUBADVISORY AGREEMENTS FOR VIRTUS GLOBAL ALLOCATION FUND AND VIRTUS INTERNATIONAL SMALL-CAP FUND (the "FUNDS") BY THE BOARD OF TRUSTEES
The Board of Trustees (the "Board") of Virtus Strategy Trust (the "Trust") is responsible for determining whether to approve the establishment and continuation of advisory and subadvisory agreements for the Trust. At meetings held on August 27, 2024, October 29, 2024 and November 18-20, 2024 (the "Meetings"), the Board, including a majority of the Trustees who are not interested persons of the Trust as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (such Act, the "1940 Act" and such Trustees, the "Independent Trustees"), approved the proposal to appoint (1) each of Virtus Fixed Income Advisers, LLC - operating through its division Newfleet Asset Management ("Newfleet") (allocated portion of the Fund only); Virtus Multi-Asset, a division of Virtus Advisers LLC ("VA") (allocated portion of the Fund only), and Virtus Systematic, a division of VA (allocated portion of the Fund only), as subadvisers to Virtus Global Allocation Fund (each of Newfleet, Virtus Multi-Asset and Virtus Systematic, a "Subadviser" and collectively, the "Subadvisers"); and (2) Virtus Systematic as subadviser to Virtus International Small-Cap Fund. With respect to the Virtus Global Allocation Fund and the Virtus International Small-Cap Fund, the Trustees approved new investment subadvisory agreements with each Subadviser (each, a "Subadvisory Agreement" and collectively, the "Subadvisory Agreements"). The Board noted that Virtus Investment Advisers, LLC ("VIA" or the "Adviser") had been serving as the investment adviser to the respective Fund utilizing the same portfolio management teams prior to the approval to appoint the Subadvisers, and that transitioning each team to serve from a separate subadviser was part of an internal restructuring.

In considering the approval of each Subadvisory Agreement, the Independent Trustees and independent legal counsel requested and evaluated information provided by VIA and the applicable Subadviser which, in the Board's view, constituted information necessary for the Board to form a judgment as to whether the approval of each applicable Subadvisory Agreement would be in the best interests of the Fund and its respective shareholders. The Board noted the affiliation of each of the Subadvisers with VIA and any potential conflicts of interest.

The Board was separately advised by independent legal counsel throughout the process. Prior to the Meetings, the Independent Trustees met with their independent legal counsel to evaluate information provided by management and considered the responses provided. For each Sub-Advisory Agreement, the Board considered each of the relevant factors with respect to the applicable Fund and its shareholders. In their deliberations, the Trustees considered various factors, including those discussed below, none of which were controlling, and each Trustee may have attributed different weights to the various factors. The Independent Trustees also discussed the proposals in private sessions with their independent legal counsel at which no representatives of management were present.

*Basis for the Board's Approval*

In making its determination with respect to each Subadvisory Agreement, the Board considered various factors, including:

<u>Nature, extent, and quality of the services to be provided.</u>

In response to Independent Trustee request, the Trustees received in advance of the Meetings information provided by each Subadviser, in the form of an extensive questionnaire concerning a number of topics, including its investment philosophy, resources, operations and compliance structure. The Trustees noted that the Subadviser would provide portfolio management, compliance with the respective Fund's investment policies and procedures, compliance with applicable securities laws, and assurances thereof. The Trustees reviewed biographical information for the portfolio managers who would provide services under the applicable Subadvisory Agreement. In considering the approval of the Subadvisory Agreements, the Trustees considered each Subadviser's investment management process, including (a) the experience and capability of the Subadviser's management and other personnel committed by the Subadviser to the Funds; (b) the quality of the Subadviser's regulatory and legal compliance policies, procedures and systems; and (c) the Subadviser's brokerage and trading practices. The Board also took into account its knowledge of each portfolio management team's services and the quality of the performance of its duties with respect to the applicable Fund while serving as part of VIA. After considering all of the information provided to them, the Trustees concluded that the nature, extent and quality of the services to be provided by each Subadviser to the applicable Fund(s) were satisfactory and that there was a reasonable basis on which to conclude that each Subadviser would provide a high quality of investment services to the applicable Fund(s).

<u>Investment Performance</u>

The Board considered performance reports and discussions at Board meetings throughout the year, as well as a report for the Funds prepared by Broadridge (the "Broadridge Report"), an independent third-party provider of investment company data, furnished in connection with the contract renewal process. The Broadridge Report presented each Fund's performance relative to a peer group of other mutual funds (the "Performance Universe") and relevant indexes, as selected by Broadridge. The Board also considered performance information presented by management and took into account management's discussion of the same, including the effect of market conditions on each Fund's performance. The Board noted that it also reviews on a quarterly basis detailed information about both the Funds' performance results and portfolio compositions, as well as each Subadviser's investment strategy(ies). The Board noted VIA's expertise and resources in monitoring the performance, investment style and risk-adjusted performance of each Subadviser. The Board also noted each Subadviser's performance record with respect to each applicable Fund. The Board was mindful of VIA's focus on each Subadviser's performance and noted VIA's performance in monitoring and responding to any performance issues with respect to the Funds. The Board also took into account its discussions with management regarding factors that contributed to the performance of each Fund.

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#### VIRTUS STRATEGY TRUST

#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
The Board considered, among other performance data, the information set forth below with respect to the performance of each Fund for the period ended March 31, 2024. The Board also reviewed comparisons of each Fund's contractual and net management fee and net total expense levels to those of its peer universe when considering Fund performance.

*<u>Virtus Global Allocation Fund.</u> The Board noted that the Fund underperformed the median of its Performance Universe for the first quarter, 1- and 3-year periods and outperformed the median of its Performance Universe for the 5- and 10-year periods. The Board also noted that the Fund underperformed its benchmark for the first quarter, 1-, 3-, 5- and 10-year periods.*

The Board also noted that the Fund's performance was in the fourth quintile of the comparative performance for the 1-year period, third quintile for the 3-year period, and second quintile for the 5- and 10-year periods.

*<u>Virtus International Small-Cap Fund.</u> The Board noted that the Fund outperformed the median of its Performance Universe and its benchmark for the first quarter, 1-, 3- and 5-year periods and underperformed the median of its Performance Universe for the 10-year period. The Board also noted that the Fund outperformed its benchmark for the 1-year period and underperformed its benchmark for the 3-, 5- and 10-year periods.*

The Board also noted that the Fund's performance was in the first quintile of the comparative performance for the 1-year period, second quintile for the 3-year period, third quintile for the 5-year period, and fourth quintile for the 10-year period.

<u>Management Fees and Total Expenses</u>

The Board considered the fees charged to the Funds for advisory services as well as the total expense levels of the Funds. This information included comparisons of each Fund's contractual and net management fee and net total expense level to those of its peer universe (the "Expense Universe") and ranked according to quintile (the first quintile being lowest and, therefore, best in these expense component rankings, and fifth being highest and, therefore, highest in these expense component rankings). In comparing each Fund's net management fee to that of comparable funds, the Board noted that in the materials presented by management such fee was comprised of advisory and administration fees. The Board also considered information containing comparisons of each Fund's gross management fee and net total expense level to those of its peer group (the "Expense Group"). In comparing each Fund's gross management fee to that of comparable funds, the Board noted that in the materials presented such fee included both advisory and administrative fees.

The Board also noted that each of the Funds had expense limitations in place to limit the total expenses incurred by the Funds and their shareholders. The Board also noted that the subadvisory fees were paid by VIA out of its advisory fees rather than paid separately by the Funds. In this regard, the Board took into account management's discussion with respect to the advisory/subadvisory fee structure, including the amount of the advisory fee retained by VIA after payment of a subadvisory fee. The Board also took into account the size of each of the Funds and the impact on expenses and economies of scale. The Subadvisers provided, and the Board considered, fee information of comparable accounts managed by the Subadvisers, as applicable.

In addition to the foregoing, the Board considered, among other data, the information set forth below with respect to each Fund's fees and expenses. In each case, the Board took into account management's discussion of the Fund's expenses, including the type and size of the Fund relative to the other funds in its Expense Universe.

*<u>Virtus Global Allocation Fund.</u> The Board considered that the Fund's net management fee and net total expenses after waivers were in the first quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Group and net total expenses after waivers were below the median of the Expense Group.*

*<u>Virtus International Small-Cap Fund.</u> The Board considered that the Fund's net management fee was in the first quintile of the Expense Universe and net total expenses after waivers were in the third quintile of the Expense Universe. The Board also considered that the Fund's gross management fee was above the median of the Expense Group and net total expenses after waivers were equal to the median of the Expense Group.*

<u>Profitability and Economies of Scale.</u>

In considering the projected profitability to each Subadviser in connection with its relationship to the respective Fund(s), the Board noted that the fees under the Subadvisory Agreement would be paid by VIA out of the advisory fees that it receives under the Advisory Agreement, so that Fund shareholders are not directly impacted by those fees. The Board also noted that it had previously determined that the advisory fees paid to VIA were reasonable. In considering the reasonableness of the fees payable by VIA to the Subadvisers, the Board noted that, because such Subadvisers are affiliates of VIA, such profitability might be directly or indirectly shared by VIA. As a result, the Board concluded that the expected profitability to the Subadvisers was not excessive in light of the quality of the services expect to be rendered to the Funds by the Subadvisers as well as other factors. With respect to whether the Subadvisers would realize economies of scale as the Funds' assets grow, the Board noted that because the subadvisory fee rate to be paid by VIA to each Subadviser was a percentage of the net advisory fee, both any increase in the advisory fee due to an increase in assets and any decrease in the advisory fee due to the implementation of expense caps would affect the subadvisory fees paid to the Subadvisers. As a result, the Board concluded that the Subadvisers would share in any economies of scale realized by VIA.

<u>Other Factors</u>

The Board considered other benefits that may be realized by the Subadvisers and their affiliates from their relationships with the Funds. Among them, the Board recognized that VP Distributors, LLC, an affiliate of the Adviser and Subadvisers, serves as the distributor for the Trust, and, as such, receives payments pursuant to Rule 12b-1 from the Funds to compensate it for providing selling activities, which could lead to growth in each Fund's assets and corresponding benefits from such growth, including economies of scale. The Board also noted that an affiliate of the Adviser and the Subadvisers also provides administrative and transfer agency services to the Trust. The Board noted

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#### OTHER INFORMATION (Unaudited) (Continued)

#### March 31, 2025
management's discussion of the fact that, while the Subadvisers are affiliates of VIA, there are no other direct benefits to the Subadvisers in providing subadvisory services to the Funds, other than the fee to be earned under the applicable Subadvisory Agreement.

The Board considered that there may be certain indirect or ancillary benefits which may accrue to the Sub-Advisers and its affiliates, including, but not limited to,: (a) the ability to leverage relationships with service providers to obtain more favorable terms or rates, (b) reputational benefits, (c) the receipt of research products and services acquired through commissions paid on portfolio transactions, and (d) the potential to attract other business.

<u>Conclusion</u>

Based on all of the foregoing considerations, the Board, including the Independent Trustees, determined that approval of each Subadvisory Agreement was in the best interests of the respective Fund and its shareholders. Accordingly, the Board, and the Independent Trustees voting separately, approved the Subadvisory Agreement with respect to each Fund.

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#### VIRTUS STRATEGY TRUST
101 Munson Street

Greenfield, MA 01301-9668

#### Trustees
Connie D. McDaniel, Chair

George R. Aylward

Donald C. Burke

Sarah E. Cogan

Deborah A. DeCotis

F. Ford Drummond

John R. Mallin

R. Keith Walton

Brian T. Zino

#### Principal Officers
George R. Aylward, President

Peter Batchelar, Senior Vice President

W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer

Timothy Branigan, Vice President and Fund Chief Compliance Officer

Jennifer Fromm, Vice President, Chief Legal Officer, Counsel and Secretary

Julia R. Short, Senior Vice President

Richard W. Smirl, Executive Vice President

#### Investment Adviser
Virtus Investment Advisers, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Principal Underwriter
VP Distributors, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Administrator and Transfer Agent
Virtus Fund Services, LLC

One Financial Plaza

Hartford, CT 06103-2608

#### Custodian
The Bank of New York

240 Greenwich Street

New York, NY 10286-1048

#### How to Contact Us
Mutual Fund Services 1-800-243-1574 <br> Adviser Consulting Group 1-800-243-4361

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| | |
|:---|:---|
| Website | **Virtus.com** |

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[**Table of Contents**](#JOB_VST_A_ed3e2c15-54b5-43fe-8392-0ba0b0f3d85d_TOC)

![](g913600img722566882.gif)

P.O. Box 534470

Pittsburgh, PA 15253-4470

For more information about Virtus Funds,

please contact us at **1-800-243-1574**, or visit **Virtus.com**.

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| | |
|:---|:---|
| 8069 | 05-25 |

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#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Please refer to the Other Information Section in Item 7a.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Please refer to the Other Information Section in Item 7a.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.

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#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d913600dex99cert.htm) |
| (a)(4) | Disclosure not required for open-end management investment companies. |
| (a)(5) | There was no change in the Registrant's independent public accountant during the period covered by the report. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d913600dex99906ce.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Virtus Strategy Trust

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/2/2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/2/2025

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| | |
|:---|:---|
| By (Signature and Title)\* | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

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Date &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/1/2025

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, George R. Aylward, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Strategy Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>6/2/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, W. Patrick Bradley, certify that:

1. I have reviewed this report on Form N-CSR of Virtus Strategy Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: <u>6/1/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

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## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act** 

I, George R. Aylward, President of Virtus Strategy Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>6/2/2025</u> | /s/ George R. Aylward |
|  | George R. Aylward, President |
|  | (principal executive officer) |

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I, W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer of Virtus Strategy Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Registrant.

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| | |
|:---|:---|
| Date: <u>6/1/2025</u> | /s/ W. Patrick Bradley |
|  | W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer |
|  | (principal financial officer) |

---