# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-25-203832
**Filing Date:** 2025-8
**Character Count:** 69041
**Document Hash:** 8d6eaad34ae5d2de4bd70c0226b15d0c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203832.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203832

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 251253598

**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 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           |

## Nport-Ex

#### VIRTUS International Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### June 30, 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, 17.060% | &nbsp;&nbsp;&nbsp;&nbsp;81600 | $163 |
| **Chile—1.5%** | **Chile—1.5%** |  |
| Embotelladora Andina S.A., 5.760% | &nbsp;&nbsp;&nbsp;&nbsp;180502 | &nbsp;&nbsp;&nbsp; 736 |
| **Total Preferred Stocks<br> (Identified Cost $663)** | **Total Preferred Stocks<br> (Identified Cost $663)** | &nbsp;&nbsp;&nbsp;&nbsp; **899** |
| **Common Stocks—94.3%** | **Common Stocks—94.3%** | **Common Stocks—94.3%** |
| **Australia—4.2%** | **Australia—4.2%** |  |
| JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16564 | &nbsp;&nbsp;&nbsp; 1203 |
| Qantas Airways Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29925 | &nbsp;&nbsp;&nbsp; 211 |
| Ramelius Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;434528 | &nbsp;&nbsp;&nbsp; 721 |
|  |  | &nbsp;&nbsp;&nbsp; 2135 |
| **Austria—0.4%** | **Austria—0.4%** |  |
| BAWAG Group AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp; 207 |
| **Belgium—0.4%** | **Belgium—0.4%** |  |
| Proximus SADP | &nbsp;&nbsp;&nbsp;&nbsp;21568 | &nbsp;&nbsp;&nbsp; 210 |
| **Bermuda—0.8%** | **Bermuda—0.8%** |  |
| First Pacific Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;316000 | &nbsp;&nbsp;&nbsp; 224 |
| Yue Yuen Industrial Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;128000 | &nbsp;&nbsp;&nbsp; 196 |
|  |  | &nbsp;&nbsp;&nbsp; 420 |
| **Brazil—1.8%** | **Brazil—1.8%** |  |
| BB Seguridade Participacoes S.A. | &nbsp;&nbsp;&nbsp;&nbsp;25800 | &nbsp;&nbsp;&nbsp; 170 |
| Cia de Saneamento de Minas Gerais Copasa MG | &nbsp;&nbsp;&nbsp;&nbsp;88100 | &nbsp;&nbsp;&nbsp; 455 |
| Cury Construtora e Incorporadora S.A. | &nbsp;&nbsp;&nbsp;&nbsp;49700 | &nbsp;&nbsp;&nbsp; 271 |
|  |  | &nbsp;&nbsp;&nbsp; 896 |
| **Canada—5.9%** | **Canada—5.9%** |  |
| Bird Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18386 | &nbsp;&nbsp;&nbsp; 389 |
| Centerra Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;139703 | &nbsp;&nbsp;&nbsp; 1006 |
| Chemtrade Logistics Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;27906 | &nbsp;&nbsp;&nbsp; 228 |
| Finning International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6410 | &nbsp;&nbsp;&nbsp; 274 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;13687 | &nbsp;&nbsp;&nbsp; 107 |
| iA Financial Corp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4790 | &nbsp;&nbsp;&nbsp; 525 |
| Transcontinental, Inc. Class A | &nbsp;&nbsp;&nbsp;&nbsp;29377 | &nbsp;&nbsp;&nbsp; 451 |
|  |  | &nbsp;&nbsp;&nbsp; 2980 |
| **Cayman Islands—3.5%** | **Cayman Islands—3.5%** |  |
| Consun Pharmaceutical Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;159000 | &nbsp;&nbsp;&nbsp; 229 |
| Fufeng Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;203000 | &nbsp;&nbsp;&nbsp; 178 |
| SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;307000 | &nbsp;&nbsp;&nbsp; 984 |
| Stella International Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;109500 | &nbsp;&nbsp;&nbsp; 202 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Cayman Islands—continued** | **Cayman Islands—continued** |  |
| United Laboratories International Holdings Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;92000 | $176 |
|  |  | &nbsp;&nbsp; 1769 |
| **China—0.8%** | **China—0.8%** |  |
| VTech Holdings Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 399 |
| **France—0.3%** | **France—0.3%** |  |
| Coface S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8191 | &nbsp;&nbsp; 157 |
| **Germany—2.6%** | **Germany—2.6%** |  |
| Friedrich Vorwerk Group SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7334 | &nbsp;&nbsp; 506 |
| Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049 | &nbsp;&nbsp; 654 |
| TeamViewer SE<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;14864 | &nbsp;&nbsp; 167 |
|  |  | &nbsp;&nbsp; 1327 |
| **Greece—0.8%** | **Greece—0.8%** |  |
| National Bank of Greece S.A. | &nbsp;&nbsp;&nbsp;&nbsp;30135 | &nbsp;&nbsp; 384 |
| **Hungary—1.4%** | **Hungary—1.4%** |  |
| Magyar Telekom Telecommunications plc ADR | &nbsp;&nbsp;&nbsp;&nbsp;73627 | &nbsp;&nbsp; 386 |
| Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;10421 | &nbsp;&nbsp; 307 |
|  |  | &nbsp;&nbsp; 693 |
| **India—3.9%** | **India—3.9%** |  |
| Chambal Fertilisers & Chemicals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;100770 | &nbsp;&nbsp; 664 |
| Gillette India Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1657 | &nbsp;&nbsp; 211 |
| GlaxoSmithKline Pharmaceuticals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6161 | &nbsp;&nbsp; 243 |
| Indian Energy Exchange Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;68985 | &nbsp;&nbsp; 155 |
| REC Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;34040 | &nbsp;&nbsp; 160 |
| UTI Asset Management Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;20702 | &nbsp;&nbsp; 312 |
| Vedanta Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44950 | &nbsp;&nbsp; 242 |
|  |  | &nbsp;&nbsp; 1987 |
| **Indonesia—1.6%** | **Indonesia—1.6%** |  |
| Aneka Tambang Tbk | 1439700 | &nbsp;&nbsp; 270 |
| Astra International Tbk PT | 1520900 | &nbsp;&nbsp; 421 |
| United Tractors Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;101300 | &nbsp;&nbsp; 134 |
|  |  | &nbsp;&nbsp; 825 |
| **Israel—0.3%** | **Israel—0.3%** |  |
| Phoenix Financial Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498 | &nbsp;&nbsp; 130 |
| **Italy—7.0%** | **Italy—7.0%** |  |
| A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;321520 | &nbsp;&nbsp; 865 |
| Banca Generali SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp; 119 |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;61739 | &nbsp;&nbsp; 1063 |
| Hera SpA | &nbsp;&nbsp;&nbsp;&nbsp;128608 | &nbsp;&nbsp; 621 |
| Italgas SpA | &nbsp;&nbsp;&nbsp;&nbsp;18835 | &nbsp;&nbsp; 160 |
| Mediobanca Banca di Credito Finanziario SpA | &nbsp;&nbsp;&nbsp;&nbsp;20885 | &nbsp;&nbsp; 486 |
| Webuild SpA | &nbsp;&nbsp;&nbsp;&nbsp;56312 | &nbsp;&nbsp; 239 |
|  |  | &nbsp;&nbsp; 3553 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—23.8%** | **Japan—23.8%** |  |
| 77 Bank Ltd. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | $335 |
| Adastria Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp; 321 |
| Anycolor, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp; 663 |
| DTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600 | &nbsp;&nbsp; 309 |
| Hanwa Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26200 | &nbsp;&nbsp; 990 |
| Japan Aviation Electronics Industry Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp; 152 |
| Japan Petroleum Exploration Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp; 231 |
| Kanamoto Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12500 | &nbsp;&nbsp; 281 |
| Kanematsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp; 271 |
| Kawada Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp; 382 |
| MEITEC Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp; 139 |
| NIPPON REIT Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp; 150 |
| Onward Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;126100 | &nbsp;&nbsp; 520 |
| Sanwa Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;29200 | &nbsp;&nbsp; 971 |
| Seiko Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17400 | &nbsp;&nbsp; 530 |
| Seino Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14200 | &nbsp;&nbsp; 218 |
| Senko Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23600 | &nbsp;&nbsp; 322 |
| Shibaura Mechatronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7300 | &nbsp;&nbsp; 553 |
| Sodick Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15300 | &nbsp;&nbsp; 105 |
| Starts Corp., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9800 | &nbsp;&nbsp; 310 |
| Systena Corp. | &nbsp;&nbsp;&nbsp;&nbsp;261000 | &nbsp;&nbsp; 741 |
| Tadano Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19100 | &nbsp;&nbsp; 127 |
| Taiheiyo Cement Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp; 147 |
| Takashimaya Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42800 | &nbsp;&nbsp; 335 |
| Toa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp; 296 |
| Tomy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6200 | &nbsp;&nbsp; 140 |
| Toyo Seikan Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp; 102 |
| Toyo Tire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43400 | &nbsp;&nbsp; 920 |
| TRE Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;79900 | &nbsp;&nbsp; 760 |
| TV Asahi Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp; 318 |
| Uchida Yoko Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp; 100 |
| United Arrows Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp; 251 |
|  |  | &nbsp;&nbsp;11990 |
| **Mauritius—0.9%** | **Mauritius—0.9%** |  |
| MakeMyTrip Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624 | &nbsp;&nbsp; 453 |
| **Netherlands—1.3%** | **Netherlands—1.3%** |  |
| ABN AMRO Bank N.V. CVA GDR | &nbsp;&nbsp;&nbsp;&nbsp;18069 | &nbsp;&nbsp; 495 |
| Van Lanschot Kempen N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp; 171 |
|  |  | &nbsp;&nbsp; 666 |
| **Norway—0.4%** | **Norway—0.4%** |  |
| Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;15431 | &nbsp;&nbsp; 219 |
| **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; 100 |
| **Singapore—2.7%** | **Singapore—2.7%** |  |
| First Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;155700 | &nbsp;&nbsp; 180 |
| Singapore Technologies Engineering Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;87100 | &nbsp;&nbsp; 534 |

---

See Notes to Schedule of Investments

------

#### VIRTUS International Small-Cap Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Singapore—continued** | **Singapore—continued** |  |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;358300 | $625 |
|  |  | &nbsp;&nbsp; 1339 |
| **South Africa—2.6%** | **South Africa—2.6%** |  |
| AVI Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;99631 | &nbsp;&nbsp; 530 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13942 | &nbsp;&nbsp; 191 |
| Resilient REIT Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;71822 | &nbsp;&nbsp; 245 |
| Santam Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4881 | &nbsp;&nbsp; 118 |
| Tiger Brands Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11592 | &nbsp;&nbsp; 209 |
|  |  | &nbsp;&nbsp; 1293 |
| **South Korea—3.7%** | **South Korea—3.7%** |  |
| HD Hyundai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9889 | &nbsp;&nbsp; 949 |
| Hyosung Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp; 211 |
| JB Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13789 | &nbsp;&nbsp; 210 |
| NH Investment & Securities Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8452 | &nbsp;&nbsp; 125 |
| Poongsan Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604 | &nbsp;&nbsp; 248 |
| SPC Samlip Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3117 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 1872 |
| **Spain—3.9%** | **Spain—3.9%** |  |
| Bankinter S.A. | &nbsp;&nbsp;&nbsp;&nbsp;82374 | &nbsp;&nbsp; 1075 |
| Logista Integral S.A. | &nbsp;&nbsp;&nbsp;&nbsp;27348 | &nbsp;&nbsp; 896 |
|  |  | &nbsp;&nbsp; 1971 |
| **Sweden—3.1%** | **Sweden—3.1%** |  |
| Ambea AB | &nbsp;&nbsp;&nbsp;&nbsp;53440 | &nbsp;&nbsp; 637 |
| Betsson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;14975 | &nbsp;&nbsp; 316 |
| Clas Ohlson AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8223 | &nbsp;&nbsp; 281 |
| NCC AB Class B | &nbsp;&nbsp;&nbsp;&nbsp;17978 | &nbsp;&nbsp; 335 |
|  |  | &nbsp;&nbsp; 1569 |
| **Switzerland—2.3%** | **Switzerland—2.3%** |  |
| Coca-Cola HBC AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;19315 | &nbsp;&nbsp; 1009 |
| Swissquote Group Holding S.A. Registered Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp; 161 |
|  |  | &nbsp;&nbsp; 1170 |
| **Taiwan—3.2%** | **Taiwan—3.2%** |  |
| Elan Microelectronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;137000 | &nbsp;&nbsp; 570 |
| Fusheng Precision Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38000 | &nbsp;&nbsp; 387 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan—continued** | **Taiwan—continued** |  |
| Gamania Digital Entertainment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47000 | $120 |
| International Games System Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp; 264 |
| Taichung Commercial Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;379434 | &nbsp;&nbsp;&nbsp; 285 |
|  |  | &nbsp;&nbsp;&nbsp; 1626 |
| **Thailand—0.3%** | **Thailand—0.3%** |  |
| Betagro PCL Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;125100 | &nbsp;&nbsp;&nbsp; 71 |
| Thaifoods Group PCL Class F Foreign Shares | &nbsp;&nbsp;&nbsp;&nbsp;658500 | &nbsp;&nbsp;&nbsp; 92 |
|  |  | &nbsp;&nbsp;&nbsp; 163 |
| **United Arab Emirates—1.2%** | **United Arab Emirates—1.2%** |  |
| Parkin Co. PJSC | &nbsp;&nbsp;&nbsp;&nbsp;342274 | &nbsp;&nbsp;&nbsp; 606 |
| **United Kingdom—9.0%** | **United Kingdom—9.0%** |  |
| Drax Group plc | &nbsp;&nbsp;&nbsp;&nbsp;113302 | &nbsp;&nbsp;&nbsp; 1078 |
| Firstgroup plc | &nbsp;&nbsp;&nbsp;&nbsp;56360 | &nbsp;&nbsp;&nbsp; 178 |
| Investec plc | &nbsp;&nbsp;&nbsp;&nbsp;29789 | &nbsp;&nbsp;&nbsp; 223 |
| Keller Group plc | &nbsp;&nbsp;&nbsp;&nbsp;22711 | &nbsp;&nbsp;&nbsp; 456 |
| Lion Finance Group plc | &nbsp;&nbsp;&nbsp;&nbsp;12074 | &nbsp;&nbsp;&nbsp; 1173 |
| Mears Group plc | &nbsp;&nbsp;&nbsp;&nbsp;64543 | &nbsp;&nbsp;&nbsp; 343 |
| Mitie Group plc | &nbsp;&nbsp;&nbsp;&nbsp;289648 | &nbsp;&nbsp;&nbsp; 562 |
| MONY Group plc | &nbsp;&nbsp;&nbsp;&nbsp;86410 | &nbsp;&nbsp;&nbsp; 262 |
| OSB Group plc | &nbsp;&nbsp;&nbsp;&nbsp;19883 | &nbsp;&nbsp;&nbsp; 143 |
| Wickes Group plc | &nbsp;&nbsp;&nbsp;&nbsp;32316 | &nbsp;&nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp;&nbsp; 4518 |
| **Total Common Stocks<br> (Identified Cost $37,557)** | **Total Common Stocks<br> (Identified Cost $37,557)** | &nbsp;&nbsp;&nbsp;&nbsp;**47627** |
| **Total Long-Term Investments—96.1%<br> (Identified Cost $38,220)** | **Total Long-Term Investments—96.1%<br> (Identified Cost $38,220)** | &nbsp;&nbsp;&nbsp;&nbsp;**48526** |
| **TOTAL INVESTMENTS—96.1%<br> (Identified Cost $38,220)** | **TOTAL INVESTMENTS—96.1%<br> (Identified Cost $38,220)** | &nbsp;&nbsp;**$48526** |
| Other assets and liabilities, net—3.9% | Other assets and liabilities, net—3.9% | &nbsp;&nbsp;&nbsp;&nbsp; 1983 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$50509** |

---

---

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

---

---

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

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Japan | &nbsp;&nbsp;&nbsp;25% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;41 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$899 |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47627 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$48526 |

---

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

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

See Notes to Schedule of Investments

------

#### VIRTUS International Small-Cap Fund

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

#### June 30, 2025

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus International Small-Cap Fund

- **b. EDGAR series identifier (if any):** S000028361

- **c. LEI of Series:** 5493008LAX4C6210YR24

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $51130418.35

**Total Liabilities:** $734026.04

**Net Assets:** $50396392.31

**Cash Not Reported:** $1192228.53

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086672 | 4.11%                | 5.68%                | 3.18%                |
| Class ID C000086675 | 4.14%                | 5.69%                | 3.21%                |
| Class ID C000165874 | 4.18%                | 5.68%                | 3.20%                |
| Class ID C000086673 | 4.08%                | 5.58%                | 3.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-126740.19              | $1688055.53                                |
| Month 2  | $-41970.01               | $2340257.90                                |
| Month 3  | $418597.75               | $980526.93                                 |

### Schedule of Portfolio Investments

| Name                           | Title                                              | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| National Bank of Greece SA     | National Bank of Greece SA                         | CUSIP: 000000000<br>LEI: 5UMCZOEYKCVFAW8ZLO05 | Long             | EC               | CORP              | GR        |     30135 | NS      | $384438.18    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Systena Corp                   | Systena Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    261000 | NS      | $741286.76    | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Fusheng Precision Co Ltd       | Fusheng Precision Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     38000 | NS      | $386348.08    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Bird Construction Inc          | Bird Construction Inc                              | CUSIP: 09076P104<br>LEI: 549300P1WGG3QPKID017 | Long             | EC               | CORP              | CA        |     18386 | NS      | $388715.21    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| KAWADA TECHNOLOGIES Inc        | KAWADA TECHNOLOGIES Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14200 | NS      | $381611.75    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Embotelladora Andina SA        | Embotelladora Andina SA                            | CUSIP: 000000000<br>LEI: 254900NNPKP1J9XTSA53 | Long             | EP               | CORP              | CL        |    180502 | NS      | $736442.35    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Webuild SpA                    | Webuild SpA                                        | CUSIP: 000000000<br>LEI: 549300UKR289DF4UXQ47 | Long             | EC               | CORP              | IT        |     56312 | NS      | $238532.46    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mediobanca Banca di Credito Fi | Mediobanca Banca di Credito Finanziario SpA        | CUSIP: 000000000<br>LEI: PSNL19R2RXX5U3QWHI44 | Long             | EC               | CORP              | IT        |     20885 | NS      | $485510.32    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Vedanta Ltd                    | Vedanta Ltd                                        | CUSIP: 000000000<br>LEI: 335800XDKX9KB5EMCO07 | Long             | EC               | CORP              | IN        |     44950 | NS      | $241548.59    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| NIPPON REIT Investment Corp    | NIPPON REIT Investment Corp                        | CUSIP: 000000000<br>LEI: 3538004O49OJ90PEXX85 | Long             | EC               | CORP              | JP        |       244 | NS      | $149783.69    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Uchida Yoko Co Ltd             | Uchida Yoko Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1500 | NS      | $99892.36     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Financial Group Co Ltd      | JB Financial Group Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     13789 | NS      | $209961.43    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Hyundai Co Ltd              | HD Hyundai Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      9889 | NS      | $948892.63    | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Thaifoods Group PCL            | Thaifoods Group PCL                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |    658500 | NS      | $91962.63     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Starts Corp Inc                | Starts Corp Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      9800 | NS      | $309982.29    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| MakeMyTrip Ltd                 | MakeMyTrip Ltd                                     | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |      4624 | NS      | $453244.48    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| STELLA HOLDINGS                | Stella International Holdings Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |    109500 | NS      | $202262.43    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Elan Microelectronics Corp     | Elan Microelectronics Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    137000 | NS      | $569817.20    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Wickes Group PLC               | Wickes Group PLC                                   | CUSIP: 000000000<br>LEI: 213800IEX9ZXJRAOL133 | Long             | EC               | CORP              | GB        |     32316 | NS      | $99584.96     | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Finning International Inc      | Finning International Inc                          | CUSIP: 318071404<br>LEI: 549300QLDCP11KB6XW55 | Long             | EC               | CORP              | CA        |      6410 | NS      | $274051.92    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| BB Seguridade Participacoes SA | BB Seguridade Participacoes SA                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     25800 | NS      | $170334.80    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co | SITC International Holdings Co Ltd                 | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | HK        |    307000 | NS      | $983579.51    | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| UTI Asset Management Co Ltd    | UTI Asset Management Co Ltd                        | CUSIP: 000000000<br>LEI: 335800IDIB9I5HRFZP97 | Long             | EC               | CORP              | IN        |     20702 | NS      | $311592.14    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanematsu Corp                 | Kanematsu Corp                                     | CUSIP: 000000000<br>LEI: 353800N574WR0FX80I71 | Long             | EC               | CORP              | JP        |     14200 | NS      | $270628.80    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Centerra Gold Inc              | Centerra Gold Inc                                  | CUSIP: 152006102<br>LEI: 549300K0HXTMP5JJ0E62 | Long             | EC               | CORP              | CA        |    139703 | NS      | $1006415.59   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| 77 Bank Ltd/The                | 77 Bank Ltd/The                                    | CUSIP: 000000000<br>LEI: 549300U6CT3EHB9XS980 | Long             | EC               | CORP              | JP        |      9800 | NS      | $335025.87    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Bladex                         | Banco Latinoamericano de Comercio Exterior SA      | CUSIP: 000000000<br>LEI: 549300CN3134K4LC0651 | Long             | EC               | CORP              | PA        |      2490 | NS      | $100347.00    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Takashimaya Co Ltd             | Takashimaya Co Ltd                                 | CUSIP: 000000000<br>LEI: 353800IFO566STDN4V78 | Long             | EC               | CORP              | JP        |     42800 | NS      | $335403.63    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwa Co Ltd                   | Hanwa Co Ltd                                       | CUSIP: 000000000<br>LEI: 8EUP1TJYZFX3T1E5AJ33 | Long             | EC               | CORP              | JP        |     26200 | NS      | $989743.41    | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Seiko Group Corp               | Seiko Group Corp                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17400 | NS      | $529835.77    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Seino Holdings Co Ltd          | Seino Holdings Co Ltd                              | CUSIP: 000000000<br>LEI: 3538001D12EPCPYTTF24 | Long             | EC               | CORP              | JP        |     14200 | NS      | $218416.03    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| REC Ltd                        | REC Ltd                                            | CUSIP: 000000000<br>LEI: 335800B4YRYWAMIJZ374 | Long             | EC               | CORP              | IN        |     34040 | NS      | $159721.27    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyo Seikan Group Holdings Ltd | Toyo Seikan Group Holdings Ltd                     | CUSIP: 000000000<br>LEI: 5299004VWXGQPXR05T33 | Long             | EC               | CORP              | JP        |      5200 | NS      | $101938.13    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| YUE YUEN IND                   | Yue Yuen Industrial Holdings Ltd                   | CUSIP: 000000000<br>LEI: 254900YUFIBANZ1XU687 | Long             | EC               | CORP              | HK        |    128000 | NS      | $195996.15    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Betsson AB                     | Betsson AB                                         | CUSIP: 000000000<br>LEI: 549300W61XW8OFGBG077 | Long             | EC               | CORP              | SE        |     14975 | NS      | $316407.79    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lion Finance Group PLC         | Lion Finance Group PLC                             | CUSIP: 000000000<br>LEI: 213800XKDG12NQG8VC53 | Long             | EC               | CORP              | GB        |     12074 | NS      | $1173395.03   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Swissquote Group Holding SA    | Swissquote Group Holding SA                        | CUSIP: 000000000<br>LEI: 549300O3WME82RDPEN66 | Long             | EC               | CORP              | CH        |       285 | NS      | $161420.38    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| OSB Group PLC                  | OSB Group PLC                                      | CUSIP: 000000000<br>LEI: 213800ZBKL9BHSL2K459 | Long             | EC               | CORP              | GB        |     19883 | NS      | $142602.79    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Poongsan Corp                  | Poongsan Corp                                      | CUSIP: 000000000<br>LEI: 2549007P08ZD5QJS1369 | Long             | EC               | CORP              | KR        |      2604 | NS      | $248321.58    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Mears Group PLC                | Mears Group PLC                                    | CUSIP: 000000000<br>LEI: 213800DHCALLH8IRJV57 | Long             | EC               | CORP              | GB        |     64543 | NS      | $342862.45    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Nyrt            | Richter Gedeon Nyrt                                | CUSIP: 000000000<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |     10421 | NS      | $307173.34    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Gillette India Ltd             | Gillette India Ltd                                 | CUSIP: 000000000<br>LEI: 3358002S2XZDSQKDGX30 | Long             | EC               | CORP              | IN        |      1657 | NS      | $210786.40    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| GlaxoSmithKline Pharmaceutical | GlaxoSmithKline Pharmaceuticals Ltd                | CUSIP: 000000000<br>LEI: 3358002TNSC1U2DWNY52 | Long             | EC               | CORP              | IN        |      6161 | NS      | $243401.17    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Adastria Co Ltd                | Adastria Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800DZZIJ399PIWU03 | Long             | EC               | CORP              | JP        |     15500 | NS      | $320860.39    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Aneka Tambang Tbk              | Aneka Tambang Tbk                                  | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |   1439700 | NS      | $269583.49    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitie Group PLC                | Mitie Group PLC                                    | CUSIP: 000000000<br>LEI: 213800MTCLTKEHWZMJ03 | Long             | EC               | CORP              | GB        |    289648 | NS      | $562185.65    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| United Tractors Tbk PT         | United Tractors Tbk PT                             | CUSIP: 000000000<br>LEI: 529900N9ELYOWQV4FW14 | Long             | EC               | CORP              | ID        |    101300 | NS      | $133839.54    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| MONY Group PLC                 | MONY Group PLC                                     | CUSIP: 000000000<br>LEI: 54930016B7VO33FBE722 | Long             | EC               | CORP              | GB        |     86410 | NS      | $262366.84    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| SPC Samlip Co Ltd              | SPC Samlip Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      3117 | NS      | $128412.27    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Clas Ohlson AB                 | Clas Ohlson AB                                     | CUSIP: 000000000<br>LEI: 549300MH8OETHBBKJU80 | Long             | EC               | CORP              | SE        |      8223 | NS      | $281085.12    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Tadano Ltd                     | Tadano Ltd                                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19100 | NS      | $127541.13    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Cury Construtora e Incorporado | Cury Construtora e Incorporadora SA                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     49700 | NS      | $270769.91    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Generali SpA             | Banca Generali SpA                                 | CUSIP: 000000000<br>LEI: 815600903231FA2E7698 | Long             | EC               | CORP              | IT        |      2135 | NS      | $118654.08    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi | Yangzijiang Shipbuilding Holdings Ltd              | CUSIP: 000000000<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | CN        |    358300 | NS      | $625580.81    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Mediolanum SpA           | Banca Mediolanum SpA                               | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     61739 | NS      | $1063246.15   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Shibaura Mechatronics Corp     | Shibaura Mechatronics Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      7300 | NS      | $552550.26    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Senko Group Holdings Co Ltd    | Senko Group Holdings Co Ltd                        | CUSIP: 000000000<br>LEI: 35380077MB9W0NB6BA14 | Long             | EC               | CORP              | JP        |     23600 | NS      | $321866.60    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Taichung Commercial Bank Co Lt | Taichung Commercial Bank Co Ltd                    | CUSIP: 000000000<br>LEI: 549300VNYOLU68FQNE06 | Long             | EC               | CORP              | TW        |    379434 | NS      | $285108.05    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Santam Ltd                     | Santam Ltd                                         | CUSIP: 000000000<br>LEI: 37890092DC55C7D94B35 | Long             | EC               | CORP              | ZA        |      4881 | NS      | $118001.44    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| TeamViewer SE                  | TeamViewer SE                                      | CUSIP: 000000000<br>LEI: 3912000FZ0R0KEK9JS42 | Long             | EC               | CORP              | DE        |     14864 | NS      | $167298.96    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Real Estate Investment Tru | H&R Real Estate Investment Trust                   | CUSIP: 403925407<br>LEI: 549300TGNP6B6GUVGW10 | Long             | EC               | CORP              | CA        |     13687 | NS      | $107345.08    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AVI Ltd                        | AVI Ltd                                            | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     99631 | NS      | $529733.31    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Resilient REIT Ltd             | Resilient REIT Ltd                                 | CUSIP: 000000000<br>LEI: 378900F37FF47D486C58 | Long             | EC               | CORP              | ZA        |     71822 | NS      | $244629.90    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyosung Corp                   | Hyosung Corp                                       | CUSIP: 000000000<br>LEI: 549300I0RPK0L4R21F76 | Long             | EC               | CORP              | KR        |      3732 | NS      | $210989.63    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| JAPEX                          | Japan Petroleum Exploration Co Ltd                 | CUSIP: 000000000<br>LEI: 549300WXUNBZ356DMN17 | Long             | EC               | CORP              | JP        |     32800 | NS      | $231186.42    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Transcontinental Inc           | Transcontinental Inc                               | CUSIP: 893578104<br>LEI: 549300C86G4JLR01YF53 | Long             | EC               | CORP              | CA        |     29377 | NS      | $451090.93    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Drax Group PLC                 | Drax Group PLC                                     | CUSIP: 000000000<br>LEI: 549300YPSNTXR4ZHSR98 | Long             | EC               | CORP              | GB        |    113302 | NS      | $1077781.25   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| VTech Holdings Ltd             | VTech Holdings Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | HK        |     55000 | NS      | $399015.28    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| COPASA                         | Cia de Saneamento de Minas Gerais Copasa MG        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     88100 | NS      | $454518.23    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Hera SpA                       | Hera SpA                                           | CUSIP: 000000000<br>LEI: 8156009414FD99443B48 | Long             | EC               | CORP              | IT        |    128608 | NS      | $621427.54    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| International Games System Co  | International Games System Co Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      9000 | NS      | $264343.42    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITED LAB                     | United Laboratories International Holdings Ltd/The | CUSIP: 000000000<br>LEI: 2549007JL3XIH77JXN70 | Long             | EC               | CORP              | HK        |     92000 | NS      | $176031.69    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TV Asahi Holdings Corp         | TV Asahi Holdings Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16400 | NS      | $318194.51    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Anycolor Inc                   | Anycolor Inc                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18300 | NS      | $663351.97    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Parkin Co PJSC                 | Parkin Co PJSC                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |    342274 | NS      | $605778.20    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Phoenix Financial Ltd          | Phoenix Financial Ltd                              | CUSIP: 000000000<br>LEI: 254900IUA68QTCFYHE30 | Long             | EC               | CORP              | IL        |      4498 | NS      | $130133.93    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Coface SA                      | Coface SA                                          | CUSIP: 000000000<br>LEI: 96950025N07LTJYFSN57 | Long             | EC               | CORP              | FR        |      8191 | NS      | $157175.51    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanwa Holdings Corp            | Sanwa Holdings Corp                                | CUSIP: 000000000<br>LEI: 5299003X6BCA4ROO5A70 | Long             | EC               | CORP              | JP        |     29200 | NS      | $971069.06    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Keller Group PLC               | Keller Group PLC                                   | CUSIP: 000000000<br>LEI: 549300QO4MBL43UHSN10 | Long             | EC               | CORP              | GB        |     22711 | NS      | $455767.60    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiheiyo Cement Corp           | Taiheiyo Cement Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5900 | NS      | $146839.35    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Friedrich Vorwerk Group SE     | Friedrich Vorwerk Group SE                         | CUSIP: 000000000<br>LEI: 529900NBM89YAM5ENI18 | Long             | EC               | CORP              | DE        |      7334 | NS      | $506250.40    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Tiger Brands Ltd               | Tiger Brands Ltd                                   | CUSIP: 000000000<br>LEI: 529900C57HAFZAHHBC90 | Long             | EC               | CORP              | ZA        |     11592 | NS      | $208795.14    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| NCC AB                         | NCC AB                                             | CUSIP: 000000000<br>LEI: 213800WRGLW3CY4MHW53 | Long             | EC               | CORP              | SE        |     17978 | NS      | $335202.70    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hi-Fi Ltd                   | JB Hi-Fi Ltd                                       | CUSIP: 000000000<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |     16564 | NS      | $1202991.18   | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |
| Betagro PCL                    | Betagro PCL                                        | CUSIP: 000000000<br>LEI: 549300V7W7WH9E6DPM03 | Long             | EC               | CORP              | TH        |    125100 | NS      | $70806.78     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Van Lanschot Kempen NV         | Van Lanschot Kempen NV                             | CUSIP: 000000000<br>LEI: 724500D8WOYCL1BUCB80 | Long             | EC               | CORP              | NL        |      2666 | NS      | $171466.64    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| United Arrows Ltd              | United Arrows Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16900 | NS      | $251144.06    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| CONSUN PHARMA                  | Consun Pharmaceutical Group Ltd                    | CUSIP: 000000000<br>LEI: 300300LQFLNDZZHCNN43 | Long             | EC               | CORP              | CN        |    159000 | NS      | $229285.54    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Firstgroup PLC                 | Firstgroup PLC                                     | CUSIP: 000000000<br>LEI: 549300DEJZCPWA4HKM93 | Long             | EC               | CORP              | GB        |     56360 | NS      | $178398.05    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Investec PLC                   | Investec PLC                                       | CUSIP: 000000000<br>LEI: 2138007Z3U5GWDN3MY22 | Long             | EC               | CORP              | ZA        |     29789 | NS      | $222849.80    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola HBC AG               | Coca-Cola HBC AG                                   | CUSIP: 000000000<br>LEI: 549300EFP3TNG7JGVE49 | Long             | EC               | CORP              | CH        |     19315 | NS      | $1008544.43   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| A2A SpA                        | A2A SpA                                            | CUSIP: 000000000<br>LEI: 81560076E3944316DB24 | Long             | EC               | CORP              | IT        |    321520 | NS      | $865408.30    | 1.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Chambal Fertilisers and Chemic | Chambal Fertilisers and Chemicals Ltd              | CUSIP: 000000000<br>LEI: 335800DFMF2OEJ7HWM17 | Long             | EC               | CORP              | IN        |    100770 | NS      | $664181.93    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Italgas SpA                    | Italgas SpA                                        | CUSIP: 000000000<br>LEI: 815600F25FF44EF1FA76 | Long             | EC               | CORP              | IT        |     18835 | NS      | $159744.16    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Sodick Co Ltd                  | Sodick Co Ltd                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     15300 | NS      | $104971.36    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Astra International Tbk PT     | Astra International Tbk PT                         | CUSIP: 000000000<br>LEI: 529900L49TRJOMG4DK47 | Long             | EC               | CORP              | ID        |   1520900 | NS      | $421561.44    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| BAWAG Group AG                 | BAWAG Group AG                                     | CUSIP: 000000000<br>LEI: 529900S9YO2JHTIIDG38 | Long             | EC               | CORP              | AT        |      1619 | NS      | $206729.75    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| DTS Corp                       | DTS Corp                                           | CUSIP: 000000000<br>LEI: 529900WBOTPBINBCF151 | Long             | EC               | CORP              | JP        |      8600 | NS      | $308753.17    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Ramelius Resources Ltd         | Ramelius Resources Ltd                             | CUSIP: 000000000<br>LEI: 254900E44AIGW7KKNR98 | Long             | EC               | CORP              | AU        |    434528 | NS      | $720681.20    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Indian Energy Exchange Ltd     | Indian Energy Exchange Ltd                         | CUSIP: 000000000<br>LEI: 335800JRG8ZOKN1KAE97 | Long             | EC               | CORP              | IN        |     68985 | NS      | $155336.91    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Bankinter SA                   | Bankinter SA                                       | CUSIP: 000000000<br>LEI: VWMYAEQSTOPNV0SUGU82 | Long             | EC               | CORP              | ES        |     82374 | NS      | $1075119.58   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TRE Holdings Corp              | TRE Holdings Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     79900 | NS      | $759578.49    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Tomy Co Ltd                    | Tomy Co Ltd                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6200 | NS      | $140140.97    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Gamania Digital Entertainment  | Gamania Digital Entertainment Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     47000 | NS      | $120347.80    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanamoto Co Ltd                | Kanamoto Co Ltd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     12500 | NS      | $281240.23    | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| NH Investment & Securities Co  | NH Investment & Securities Co Ltd                  | CUSIP: 000000000<br>LEI: 549300LQ6NXDW1B8NT42 | Long             | EC               | CORP              | KR        |      8452 | NS      | $125189.30    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| ST Engineering                 | Singapore Technologies Engineering Ltd             | CUSIP: 000000000<br>LEI: 254900OEXGGWCR24DG90 | Long             | EC               | CORP              | SG        |     87100 | NS      | $533628.78    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Storebrand ASA                 | Storebrand ASA                                     | CUSIP: 000000000<br>LEI: 5967007LIEEXZX7NA051 | Long             | EC               | CORP              | NO        |     15431 | NS      | $218618.85    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Talanx AG                      | Talanx AG                                          | CUSIP: 000000000<br>LEI: 5299006ZIILJ6VJVSJ32 | Long             | EC               | CORP              | DE        |      5049 | NS      | $653626.90    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Toyo Tire Corp                 | Toyo Tire Corp                                     | CUSIP: 000000000<br>LEI: 529900Y41RD7VQM9RF75 | Long             | EC               | CORP              | JP        |     43400 | NS      | $920409.71    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Qantas Airways Ltd             | Qantas Airways Ltd                                 | CUSIP: 000000000<br>LEI: YLXNW6TI6QSK1H8H0N82 | Long             | EC               | CORP              | AU        |     29925 | NS      | $211525.79    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Logista Integral SA            | Logista Integral SA                                | CUSIP: 000000000<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |     27348 | NS      | $895565.23    | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Onward Holdings Co Ltd         | Onward Holdings Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    126100 | NS      | $520144.44    | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Chemtrade Logistics Income Fun | Chemtrade Logistics Income Fund                    | CUSIP: 16387P103<br>LEI: 254900UOUPEC6HRUR935 | Long             | EC               | CORP              | CA        |     27906 | NS      | $227469.51    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Proximus SADP                  | Proximus SADP                                      | CUSIP: 000000000<br>LEI: 549300CWRXC5EP004533 | Long             | EC               | CORP              | BE        |     21568 | NS      | $209853.77    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Fufeng Group Ltd               | Fufeng Group Ltd                                   | CUSIP: 000000000<br>LEI: 549300OQ91X6COVM4483 | Long             | EC               | CORP              | CN        |    203000 | NS      | $178175.66    | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| First Resources Ltd            | First Resources Ltd                                | CUSIP: 000000000<br>LEI: 5493007RRD817HUP4O49 | Long             | EC               | CORP              | SG        |    155700 | NS      | $180007.08    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia Energetica de Minas Gerais | Cia Energetica de Minas Gerais                     | CUSIP: 000000000<br>LEI: 254900W703PXLDSEM056 | Long             | EP               | CORP              | BR        |     81600 | NS      | $162956.69    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| iA Financial Corp Inc          | iA Financial Corp Inc                              | CUSIP: 45075E104<br>LEI: 549300ZXLJVHQAIXV215 | Long             | EC               | CORP              | CA        |      4790 | NS      | $525132.44    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Ambea AB                       | Ambea AB                                           | CUSIP: 000000000<br>LEI: 549300AEVNZRHYI5HV24 | Long             | EC               | CORP              | SE        |     53440 | NS      | $636587.22    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| MEITEC Group Holdings Inc      | MEITEC Group Holdings Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      6300 | NS      | $138945.18    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Toa Corp/Tokyo                 | Toa Corp/Tokyo                                     | CUSIP: 000000000<br>LEI: 353800AT816JCLZ5WD63 | Long             | EC               | CORP              | JP        |     28200 | NS      | $296285.55    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank NV               | ABN AMRO Bank NV                                   | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     18069 | NS      | $494648.96    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nedbank Group Ltd              | Nedbank Group Ltd                                  | CUSIP: 000000000<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |     13942 | NS      | $191405.95    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Magyar Telekom Telecommunicati | Magyar Telekom Telecommunications PLC              | CUSIP: 000000000<br>LEI: 529900CA1YDA41X76751 | Long             | EC               | CORP              | HU        |     73627 | NS      | $386305.81    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Aviation Electronics Ind | Japan Aviation Electronics Industry Ltd            | CUSIP: 000000000<br>LEI: 353800OSHAMOO6TCTF61 | Long             | EC               | CORP              | JP        |      8500 | NS      | $151637.10    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| First Pacific Co Ltd           | First Pacific Co Ltd                               | CUSIP: 000000000<br>LEI: 254900VS1MDQSDM9DE09 | Long             | EC               | CORP              | HK        |    316000 | NS      | $223817.99    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer