# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0000940400-26-008446
**Filing Date:** 2026-2
**Character Count:** 79825
**Document Hash:** 21e758617c0587a323786058cc2b3425
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008446.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008446

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20260930

**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:** 26684515

**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 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           |

## Nport-Ex

**VIRTUS Convertible Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—84.9%** | **Convertible Bonds and Notes—84.9%** | **Convertible Bonds and Notes—84.9%** |
| **Aerospace & Defense—1.2%** | **Aerospace & Defense—1.2%** |  |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc. <br>0.000%, 7/15/30<br>| $7945 | &nbsp;&nbsp; $8620 |
| &nbsp;&nbsp;&nbsp; Intuitive Machines, Inc. 144A <br>2.500%, 10/1/30<sup>(1)</sup> <br>| 6100 | &nbsp;&nbsp; 9246 |
|  |  | &nbsp;&nbsp; 17866 |
| **Auto Manufacturers—1.1%** | **Auto Manufacturers—1.1%** |  |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. <br>4.625%, 3/15/29<br>| 12925 | &nbsp;&nbsp; 16237 |
| **Automobile Components—0.4%** | **Automobile Components—0.4%** |  |
| &nbsp;&nbsp;&nbsp; indie Semiconductor, Inc. <br> 144A <br>4.500%, 11/15/27<sup>(1)</sup> <br>| 5180 | &nbsp;&nbsp; 5321 |
| **Biotechnology—7.0%** | **Biotechnology—7.0%** |  |
| Alnylam Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.000%, 9/15/27 | 7850 | &nbsp;&nbsp; 11542 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 0.000%, 9/15/28<sup>(1)</sup> <br>| 3480 | &nbsp;&nbsp; 3354 |
| Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.500%, 3/15/27 | 6555 | &nbsp;&nbsp; 12363 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 1.750%, 3/1/31<sup>(1)</sup> <br>| 4805 | &nbsp;&nbsp; 8343 |
| &nbsp;&nbsp;&nbsp; Celcuity, Inc. <br>2.750%, 8/1/31<br>| 2420 | &nbsp;&nbsp; 5244 |
| &nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc. <br>1.625%, 11/15/31<br>| 5830 | &nbsp;&nbsp; 6826 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc. 144A <br>1.750%, 10/1/31<sup>(1)</sup> <br>| 8535 | &nbsp;&nbsp; 10622 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <br> 144A <br>0.000%, 2/15/31<sup>(1)</sup> <br>| 11665 | &nbsp;&nbsp; 11662 |
| Ionis Pharmaceuticals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.750%, 6/15/28 | 5310 | &nbsp;&nbsp; 8434 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 0.000%, 12/1/30<sup>(1)</sup> <br>| 7335 | &nbsp;&nbsp; 7812 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. <br> 144A <br>0.750%, 10/1/30<sup>(1)</sup> <br>| 11985 | &nbsp;&nbsp; 14033 |
|  |  | &nbsp;&nbsp; 100235 |
| **Commercial Services—2.2%** | **Commercial Services—2.2%** |  |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. <br>0.750%, 12/15/29<br>| 8560 | &nbsp;&nbsp; 9471 |
| &nbsp;&nbsp;&nbsp; Block, Inc. <br>0.250%, 11/1/27<br>| 17365 | &nbsp;&nbsp; 16054 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. <br>0.500%, 8/1/27<br>| 6260 | &nbsp;&nbsp; 6016 |
|  |  | &nbsp;&nbsp; 31541 |
| **Computers—9.6%** | **Computers—9.6%** |  |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd. 144A <br>0.000%, 6/15/30<sup>(1)</sup> <br>| 14510 | &nbsp;&nbsp; 15504 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. <br> 144A <br>0.375%, 3/15/32<sup>(1)</sup> <br>| 21905 | &nbsp;&nbsp; 46877 |
| &nbsp;&nbsp;&nbsp; Parsons Corp. <br>2.625%, 3/1/29<br>| 9505 | &nbsp;&nbsp; 9771 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. <br>3.500%, 3/1/29<br>| 8985 | &nbsp;&nbsp; 7985 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. <br>3.000%, 11/15/28<br>| 10245 | &nbsp;&nbsp; 46961 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Computers—continued** | **Computers—continued** |  |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. 144A <br>0.000%, 7/15/28<sup>(1)(2)</sup> <br>| $11495 | &nbsp;&nbsp; $10753 |
|  |  | &nbsp;&nbsp; 137851 |
| **Diversified REITs—1.0%** | **Diversified REITs—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust LP 144A <br>1.875%, 11/15/29<sup>(1)</sup> <br>| 14055 | &nbsp;&nbsp; 14252 |
| **Electric Utilities—5.5%** | **Electric Utilities—5.5%** |  |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. 144A <br>3.625%, 1/15/29<sup>(1)</sup> <br>| 9285 | &nbsp;&nbsp; 9847 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc. <br>3.000%, 3/1/27<br>| 22495 | &nbsp;&nbsp; 27916 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) 144A <br>3.250%, 6/15/28<sup>(1)</sup> <br>| 22800 | &nbsp;&nbsp; 22755 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. 144A <br>3.375%, 6/1/28<sup>(1)</sup> <br>| 17465 | &nbsp;&nbsp; 17692 |
|  |  | &nbsp;&nbsp; 78210 |
| **Electronics—2.1%** | **Electronics—2.1%** |  |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc. <br> 144A <br>0.250%, 6/1/30<sup>(1)</sup> <br>| 10100 | &nbsp;&nbsp; 12504 |
| OSI Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>2.250%, 8/1/29 | 4460 | &nbsp;&nbsp; 6614 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 0.500%, 2/1/31<sup>(1)</sup> <br>| 10750 | &nbsp;&nbsp; 10569 |
|  |  | &nbsp;&nbsp; 29687 |
| **Energy-Alternate Sources—0.8%** | **Energy-Alternate Sources—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Array Technologies, Inc. 144A <br>2.875%, 7/1/31<sup>(1)</sup> <br>| 3135 | &nbsp;&nbsp; 4522 |
| &nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc. <br> 144A <br>1.750%, 12/1/31<sup>(1)</sup> <br>| 6810 | &nbsp;&nbsp; 6589 |
|  |  | &nbsp;&nbsp; 11111 |
| **Engineering & Construction—1.0%** | **Engineering & Construction—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. <br>3.250%, 6/15/30<br>| 8975 | &nbsp;&nbsp; 14315 |
| **Entertainment—3.4%** | **Entertainment—3.4%** |  |
| &nbsp;&nbsp;&nbsp; DraftKings Holdings, Inc. <br>0.000%, 3/15/28<sup>(2)</sup> <br>| 9845 | &nbsp;&nbsp; 8993 |
| &nbsp;&nbsp;&nbsp; IMAX Corp. 144A <br>0.750%, 11/15/30<sup>(1)</sup> <br>| 11705 | &nbsp;&nbsp; 12800 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. <br>2.875%, 1/15/30<br>| 25815 | &nbsp;&nbsp; 27119 |
|  |  | &nbsp;&nbsp; 48912 |
| **Financial Services—4.4%** | **Financial Services—4.4%** |  |
| Coinbase Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.500%, 6/1/26 | 20245 | &nbsp;&nbsp; 20194 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 0.000%, 10/1/29<sup>(1)</sup> <br>| 11000 | &nbsp;&nbsp; 10206 |
| &nbsp;&nbsp;&nbsp; Galaxy Digital Holdings LP <br> 144A <br>0.500%, 5/1/31<sup>(1)</sup> <br>| 10440 | &nbsp;&nbsp; 7888 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. 144A <br>0.000%, 10/15/26<sup>(1)</sup> <br>| 13505 | &nbsp;&nbsp; 17417 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financial Services—continued** | **Financial Services—continued** |  |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. 144A <br>4.625%, 8/15/30<sup>(1)</sup> <br>| $6535 | &nbsp;&nbsp; $6689 |
|  |  | &nbsp;&nbsp; 62394 |
| **Health Care REITs—2.5%** | **Health Care REITs—2.5%** |  |
| &nbsp;&nbsp;&nbsp; Welltower OP LLC 144A <br>3.125%, 7/15/29<sup>(1)</sup> <br>| 23210 | &nbsp;&nbsp; 35047 |
| **Healthcare-Products—4.9%** | **Healthcare-Products—4.9%** |  |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. 144A <br>0.750%, 3/15/30<sup>(1)</sup> <br>| 9860 | &nbsp;&nbsp; 15083 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. 144A <br>1.750%, 4/15/31<sup>(1)</sup> <br>| 12400 | &nbsp;&nbsp; 15134 |
| Guardant Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>1.250%, 2/15/31 | 7750 | &nbsp;&nbsp; 14175 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 0.000%, 5/15/33<sup>(1)</sup> <br>| 2635 | &nbsp;&nbsp; 2889 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. <br>1.500%, 9/1/29<br>| 8140 | &nbsp;&nbsp; 11355 |
| &nbsp;&nbsp;&nbsp; Repligen Corp. <br>1.000%, 12/15/28<br>| 4905 | &nbsp;&nbsp; 5359 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Inc. 144A <br>0.750%, 7/15/30<sup>(1)</sup> <br>| 5680 | &nbsp;&nbsp; 6052 |
|  |  | &nbsp;&nbsp; 70047 |
| **Home Builders—0.5%** | **Home Builders—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. <br>1.750%, 5/15/28<br>| 7545 | &nbsp;&nbsp; 7420 |
| **Industrial REITs—0.8%** | **Industrial REITs—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty LP <br> 144A <br>4.375%, 3/15/27<sup>(1)</sup> <br>| 11065 | &nbsp;&nbsp; 11004 |
| **Internet—7.0%** | **Internet—7.0%** |  |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. <br>0.000%, 3/15/26<sup>(2)</sup> <br>| 16100 | &nbsp;&nbsp; 15931 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>0.500%, 6/1/31<br>| 7985 | &nbsp;&nbsp; 12401 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. 144A <br>0.000%, 5/15/30<sup>(1)</sup> <br>| 10070 | &nbsp;&nbsp; 10518 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. <br>0.000%, 2/15/26<br>| 21870 | &nbsp;&nbsp; 24396 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. <br>0.750%, 6/15/29<br>| 8930 | &nbsp;&nbsp; 10980 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <br>0.875%, 12/1/28<br>| 10550 | &nbsp;&nbsp; 13683 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. <br>3.250%, 9/15/27<br>| 7120 | &nbsp;&nbsp; 11846 |
|  |  | &nbsp;&nbsp; 99755 |
| **Investment Companies—2.2%** | **Investment Companies—2.2%** |  |
| &nbsp;&nbsp;&nbsp; Cipher Mining, Inc. 144A <br>0.000%, 10/1/31<sup>(1)</sup> <br>| 7095 | &nbsp;&nbsp; 8425 |
| &nbsp;&nbsp;&nbsp; IREN Ltd. 144A <br>0.000%, 7/1/31<sup>(1)</sup> <br>| 13215 | &nbsp;&nbsp; 9786 |
| &nbsp;&nbsp;&nbsp; Riot Platforms, Inc. <br>0.750%, 1/15/30<br>| 6225 | &nbsp;&nbsp; 7026 |
| &nbsp;&nbsp;&nbsp; Terawulf, Inc. 144A <br>0.000%, 5/1/32<sup>(1)</sup> <br>| 6720 | &nbsp;&nbsp; 5813 |
|  |  | &nbsp;&nbsp; 31050 |

---

See Notes to Schedule of Investments

------

**VIRTUS Convertible Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Leisure Time—0.7%** | **Leisure Time—0.7%** |  |
| &nbsp;&nbsp;&nbsp; NCL Corp., Ltd. 144A <br>0.750%, 9/15/30<sup>(1)</sup> <br>| $10630 | &nbsp;&nbsp; $10252 |
| **Machinery-Construction &** <br> **Mining—1.5%** | **Machinery-Construction &** <br> **Mining—1.5%** |  |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp. 144A <br>0.000%, 11/15/30<sup>(1)</sup> <br>| 14800 | &nbsp;&nbsp; 12876 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. 144A <br>0.000%, 11/1/30<sup>(1)</sup> <br>| 9730 | &nbsp;&nbsp; 9273 |
|  |  | &nbsp;&nbsp; 22149 |
| **Media—0.5%** | **Media—0.5%** |  |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty <br> Formula One <br>2.250%, 8/15/27<br>| 5195 | &nbsp;&nbsp; 6572 |
| **Metal Fabricate/Hardware—0.4%** | **Metal Fabricate/Hardware—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Xometry, Inc. 144A <br>0.750%, 6/15/30<sup>(1)</sup> <br>| 4020 | &nbsp;&nbsp; 6050 |
| **Mining—1.0%** | **Mining—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp. 144A <br>0.000%, 8/15/32<sup>(1)</sup> <br>| 6775 | &nbsp;&nbsp; 8709 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp. 144A <br>3.000%, 3/1/30<sup>(1)</sup> <br>| 2490 | &nbsp;&nbsp; 6209 |
|  |  | &nbsp;&nbsp; 14918 |
| **Miscellaneous Manufacturing—0.8%** | **Miscellaneous Manufacturing—0.8%** |  |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. 144A <br>0.375%, 9/15/30<sup>(1)</sup> <br>| 11445 | &nbsp;&nbsp; 11851 |
| **Office REITs—0.7%** | **Office REITs—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Boston Properties LP 144A <br>2.000%, 10/1/30<sup>(1)</sup> <br>| 10035 | &nbsp;&nbsp; 9689 |
| **Oil, Gas & Consumable Fuels—0.7%** | **Oil, Gas & Consumable Fuels—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, <br> Inc. <br>0.250%, 10/1/31<br>| 9175 | &nbsp;&nbsp; 9920 |
| **Personal Care Product—0.4%** | **Personal Care Product—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Oddity Finance LLC 144A <br>0.000%, 6/15/30<sup>(1)(2)</sup> <br>| 7070 | &nbsp;&nbsp; 6089 |
| **Pharmaceuticals—1.6%** | **Pharmaceuticals—1.6%** |  |
| &nbsp;&nbsp;&nbsp; Jazz Investments I Ltd. <br>3.125%, 9/15/30<br>| 12460 | &nbsp;&nbsp; 16584 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. 144A <br>0.250%, 6/15/29<sup>(1)</sup> <br>| 6770 | &nbsp;&nbsp; 6956 |
|  |  | &nbsp;&nbsp; 23540 |
| **Retail—0.2%** | **Retail—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. <br>1.250%, 12/15/27<br>| 2170 | &nbsp;&nbsp; 3214 |
| **Semiconductors—5.6%** | **Semiconductors—5.6%** |  |
| &nbsp;&nbsp;&nbsp; Cohu, Inc. 144A <br>1.500%, 1/15/31<sup>(1)</sup> <br>| 7330 | &nbsp;&nbsp; 8151 |
| &nbsp;&nbsp;&nbsp; Impinj, Inc. 144A <br>0.000%, 9/15/29<sup>(1)</sup> <br>| 6625 | &nbsp;&nbsp; 6800 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions <br> Holdings, Inc. 144A <br>0.000%, 12/15/29<sup>(1)(2)</sup> <br>| 10360 | &nbsp;&nbsp; 12564 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Semiconductors—continued** | **Semiconductors—continued** |  |
| &nbsp;&nbsp;&nbsp; MKS, Inc. <br>1.250%, 6/1/30<br>| $11325 | &nbsp;&nbsp; $14445 |
| &nbsp;&nbsp;&nbsp; Nova Ltd. 144A <br>0.000%, 9/15/30<sup>(1)</sup> <br>| 7075 | &nbsp;&nbsp; 8798 |
| &nbsp;&nbsp;&nbsp; Semtech Corp. 144A <br>0.000%, 10/15/30<sup>(1)</sup> <br>| 11725 | &nbsp;&nbsp; 12423 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc. <br>0.750%, 12/1/31<br>| 7085 | &nbsp;&nbsp; 7460 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. <br>2.875%, 6/1/29<br>| 7580 | &nbsp;&nbsp; 9373 |
|  |  | &nbsp;&nbsp; 80014 |
| **Software—10.2%** | **Software—10.2%** |  |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. <br>4.250%, 11/15/29<br>| 9150 | &nbsp;&nbsp; 13862 |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc. <br>0.000%, 4/1/30<sup>(2)</sup> <br>| 10765 | &nbsp;&nbsp; 9887 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Inc. <br>0.000%, 8/15/26<br>| 18640 | &nbsp;&nbsp; 21881 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc. <br>0.000%, 1/15/27<sup>(2)</sup> <br>| 8050 | &nbsp;&nbsp; 7817 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 144A <br>1.750%, 12/1/31<sup>(1)</sup> <br>| 10810 | &nbsp;&nbsp; 10229 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. <br>0.000%, 12/1/29<sup>(2)</sup> <br>| 17470 | &nbsp;&nbsp; 17426 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <br>1.250%, 11/1/29<br>| 6785 | &nbsp;&nbsp; 7460 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. <br>0.000%, 10/1/29<br>| 12075 | &nbsp;&nbsp; 18644 |
| Strategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>0.000%, 12/1/29<sup>(2)</sup> <br>| 23740 | &nbsp;&nbsp; 19434 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>144A 0.000%, 3/1/30<sup>(1)</sup> <br>| 7185 | &nbsp;&nbsp; 6197 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc. 144A <br>0.000%, 3/15/30<sup>(1)</sup> <br>| 9255 | &nbsp;&nbsp; 13373 |
|  |  | &nbsp;&nbsp; 146210 |
| **Telecommunications—2.1%** | **Telecommunications—2.1%** |  |
| &nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc. 144A <br>2.000%, 1/15/36<sup>(1)</sup> <br>| 8670 | &nbsp;&nbsp; 8638 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. <br>3.500%, 6/1/27<br>| 2050 | &nbsp;&nbsp; 8447 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. 144A <br>0.625%, 3/1/31<sup>(1)</sup> <br>| 9410 | &nbsp;&nbsp; 13480 |
|  |  | &nbsp;&nbsp; 30565 |
| **Water Utilities—0.9%** | **Water Utilities—0.9%** |  |
| &nbsp;&nbsp;&nbsp; American Water Capital Corp. <br>3.625%, 6/15/26<br>| 12330 | &nbsp;&nbsp; 12278 |
| **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $1,076,719)** | **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $1,076,719)** | &nbsp;&nbsp; **1215566** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—11.7%** | **Convertible Preferred Stocks—11.7%** | **Convertible Preferred Stocks—11.7%** |
| **Aerospace & Defense—2.0%** | **Aerospace & Defense—2.0%** |  |
| Boeing Co. (The), 6.000% | 422620 | &nbsp;&nbsp; 29186 |
| **Banks—2.8%** | **Banks—2.8%** |  |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. Series L, <br> 7.500%<br>| 33480 | &nbsp;&nbsp; 40578 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Capital Markets—1.5%** | **Capital Markets—1.5%** |  |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. <br> Series B, 6.750%<br>| 154780 | &nbsp;&nbsp; $7801 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. Series D, <br> 6.250%<br>| 256905 | &nbsp;&nbsp; 13318 |
|  |  | &nbsp;&nbsp; 21119 |
| **Chemicals—0.7%** | **Chemicals—0.7%** |  |
| Albemarle Corp., 7.250% | 155080 | &nbsp;&nbsp; 9210 |
| **Electric Utilities—2.0%** | **Electric Utilities—2.0%** |  |
| NextEra Energy, Inc., 7.299% | 135090 | &nbsp;&nbsp; 6994 |
| PG&E Corp. Series A, 6.000% | 436575 | &nbsp;&nbsp; 17900 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) Series A, <br> 7.125%<br>| 58885 | &nbsp;&nbsp; 2965 |
|  |  | &nbsp;&nbsp; 27859 |
| **Financial Services—0.2%** | **Financial Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc., <br> 6.000%<br>| 39285 | &nbsp;&nbsp; 3143 |
| **Healthcare Providers &** <br> **Services—0.9%** | **Healthcare Providers &** <br> **Services—0.9%** |  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, <br> Inc., 6.750%<br>| 101815 | &nbsp;&nbsp; 12850 |
| **Semiconductors & Semiconductor** <br> **Equipment—0.8%** | **Semiconductors & Semiconductor** <br> **Equipment—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc., <br> 7.500%<br>| 186605 | &nbsp;&nbsp; 10875 |
| **Software—0.2%** | **Software—0.2%** |  |
| Strategy, Inc., 8.000% | 36705 | &nbsp;&nbsp; 2891 |
| **Trading Companies &** <br> **Distributors—0.6%** | **Trading Companies &** <br> **Distributors—0.6%** |  |
| QXO, Inc., 5.500% | 159325 | &nbsp;&nbsp; 8787 |
| **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $150,434)** | **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $150,434)** | &nbsp;&nbsp; **166498** |
| **Total Long-Term** <br> **Investments—96.6%** <br>**(Identified Cost $1,227,153)** | **Total Long-Term** <br> **Investments—96.6%** <br>**(Identified Cost $1,227,153)** | &nbsp;&nbsp; **1382064** |
| **TOTAL INVESTMENTS—96.6%** <br>**(Identified Cost $1,227,153)** | **TOTAL INVESTMENTS—96.6%** <br>**(Identified Cost $1,227,153)** | &nbsp;&nbsp; **$1382064** |
| Other assets and liabilities, net—3.4% | Other assets and liabilities, net—3.4% | &nbsp;&nbsp; 49235 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$1431299** |

---

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

---

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

---

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

See Notes to Schedule of Investments

------

**VIRTUS Convertible Fund**

**SCHEDULE OF INVESTMENTS (Unaudited) (Continued)**

**December 31, 2025**

($ reported in thousands)

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Security exempt from registration under Rule 144A <br> of the Securities Act of 1933. These securities may <br> be resold in transactions exempt from registration, <br> normally to qualified institutional buyers. At <br> December 31, 2025, these securities amounted to a <br> value of $605,615 or 42.3% of net assets.<br>|
| <sup>(2)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| United States | 93<br> %<br>|
| Bermuda | 2 |
| Israel | 2 |
| Cayman Islands | 1 |
| Canada | 1 |
| Australia | 1 |
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025. | <sup>†</sup> % of total investments as of December 31, 2025. |

---

The following table summarizes the value of the Fund's investments as of December 31, 2025, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | | |
|:---|:---|:---|:---|
|  | Total <br>Value at <br>December 31, 2025<br>| Level 1 <br>Quoted Prices<br>| Level 2 <br>Significant <br>Observable <br>Inputs<br>|
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1215566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1215566 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1382064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $166498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1215566 |

---

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

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

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.

See Notes to Schedule of Investments

------

**VIRTUS Convertible Fund**

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

**December 31, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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 Convertible Fund

- **b. EDGAR series identifier (if any):** S000028359

- **c. LEI of Series:** 54930013S4E21M83HR93

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

- **a. Date of fiscal year-end:** 2026-09-30

- **b. Date as of which information is reported:** 2025-12-31

**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:** $1433940712.69

**Total Liabilities:** $2769398.93

**Net Assets:** $1431171313.76

**Cash Not Reported:** $46578068.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -38.42000000 | **1-Year:** -550.39000000 | **5-Year:** -29434.33000000 | **10-Year:** -1497.95000000 | **30-Year:** -36658.32000000

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

- **3-Month:** -323.84000000 | **1-Year:** -2015.75000000 | **5-Year:** -125909.39000000 | **10-Year:** -58425.29000000 | **30-Year:** -6013.26000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086658 | 4.43%                | -0.63%               | -0.83%               |
| Class ID C000086659 | 4.35%                | -0.69%               | -0.88%               |
| Class ID C000086661 | 4.44%                | -0.60%               | -0.80%               |
| Class ID C000235255 | 4.46%                | -0.60%               | -0.78%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $40752991.06             | $21542775.95                               |
| Month 2  | $50430045.67             | $-61406454.81                              |
| Month 3  | $10717797.24             | $-24215421.93                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| IMPINJ INC                         | Impinj Inc                              | CUSIP: 453204AE9<br>LEI: 549300M26VGKSMMWWN17 | Long             | DBT              | CORP              | US        |   6625000 | PA      | $6800562.50   | 0.48%             | 2029-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MERITAGE HOMES CORP                | Meritage Homes Corp                     | CUSIP: 59001ABF8<br>LEI: 52990044W9UMFJO2FB97 | Long             | DBT              | CORP              | US        |   7545000 | PA      | $7420475.96   | 0.52%             | 2028-05-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| PARSONS CORP                       | Parsons Corp                            | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   9505000 | PA      | $9771140.00   | 0.68%             | 2029-03-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                    | Rivian Automotive Inc                   | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |  12925000 | PA      | $16237031.25  | 1.13%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| IRHYTHM TECHNOLOGIES INC           | iRhythm Technologies Inc                | CUSIP: 450056AB2<br>LEI: 549300FJI72RJGDQS384 | Long             | DBT              | CORP              | US        |   8140000 | PA      | $11355300.00  | 0.79%             | 2029-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MKS INC                            | MKS Inc                                 | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |  11325000 | PA      | $14445037.50  | 1.01%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD             | Jazz Investments I Ltd                  | CUSIP: 472145AH4<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  12460000 | PA      | $16584260.00  | 1.16%             | 2030-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| GUARDANT HEALTH INC                | Guardant Health Inc                     | CUSIP: 40131MAD1<br>LEI: 254900M8C3E5VC8BR186 | Long             | DBT              | CORP              | US        |   7750000 | PA      | $14175525.00  | 0.99%             | 2031-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS            | Alnylam Pharmaceuticals Inc             | CUSIP: 02043QAC1<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   3480000 | PA      | $3353850.00   | 0.23%             | 2028-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                       | KKR & Co Inc                            | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    256905 | NS      | $13317955.20  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund        | BlackRock Liquidity FedFund             | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |     87014 | NS      | $87014.09     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SHIFT4 PAYMENTS INC                | Shift4 Payments Inc                     | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6260000 | PA      | $6015860.00   | 0.42%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| OSI SYSTEMS INC                    | OSI Systems Inc                         | CUSIP: 671044AG0<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |  10750000 | PA      | $10569400.00  | 0.74%             | 2031-02-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AIRBNB INC                         | Airbnb Inc                              | CUSIP: 009066AB7<br>LEI: 549300HMUDNO0RY56D37 | Long             | DBT              | CORP              | US        |  16100000 | PA      | $15930950.00  | 1.11%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC              | Uber Technologies Inc                   | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |  10550000 | PA      | $13683350.00  | 0.96%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| GUARDANT HEALTH INC                | Guardant Health Inc                     | CUSIP: 40131MAE9<br>LEI: 254900M8C3E5VC8BR186 | Long             | DBT              | CORP              | US        |   2635000 | PA      | $2888618.75   | 0.20%             | 2033-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS IN           | Ionis Pharmaceuticals Inc               | CUSIP: 462222AF7<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   5310000 | PA      | $8433873.00   | 0.59%             | 2028-06-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| M/A-COM TECH SOLUTIONS             | MACOM Technology Solutions Holdings Inc | CUSIP: 55405YAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10360000 | PA      | $12563572.00  | 0.88%             | 2029-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DATADOG INC                        | Datadog Inc                             | CUSIP: 23804LAD5<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |  17470000 | PA      | $17426325.00  | 1.22%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NOVA LTD                           | Nova Ltd                                | CUSIP: 66982MAA2<br>LEI: 529900B2DSWE5V3SC292 | Long             | DBT              | CORP              | IL        |   7075000 | PA      | $8797762.50   | 0.61%             | 2030-09-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| QXO INC                            | QXO Inc                                 | CUSIP: 82846H504<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    159325 | NS      | $8786773.75   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC           | Microchip Technology Inc                | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |    186605 | NS      | $10875339.40  | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ZOETIS INC                         | Zoetis Inc                              | CUSIP: 98978VAY9<br>LEI: 549300HD9Q1LOC9KLJ48 | Long             | DBT              | CORP              | US        |   6770000 | PA      | $6956175.00   | 0.49%             | 2029-06-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| JBT MAREL CORP                     | JBT Marel Corp                          | CUSIP: 477839AD6<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |  11445000 | PA      | $11851297.50  | 0.83%             | 2030-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| SEMTECH CORP                       | Semtech Corp                            | CUSIP: 816850AJ0<br>LEI: 549300J7WUY317SW6O61 | Long             | DBT              | CORP              | US        |  11725000 | PA      | $12422637.50  | 0.87%             | 2030-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INDIE SEMICONDUCTOR INC            | indie Semiconductor Inc                 | CUSIP: 45569UAA9<br>LEI: 254900L1MFXFYGB1PV53 | Long             | DBT              | CORP              | US        |   5180000 | PA      | $5320896.00   | 0.37%             | 2027-11-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TERAWULF INC                       | Terawulf Inc                            | CUSIP: 88080TAE4<br>LEI: 254900CVMW1SX2T78A64 | Long             | DBT              | CORP              | US        |   6720000 | PA      | $5812800.00   | 0.41%             | 2032-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CELCUITY INC                       | Celcuity Inc                            | CUSIP: 15102KAA8<br>LEI: 25490070W7UU7W2SEY87 | Long             | DBT              | CORP              | US        |   2420000 | PA      | $5243898.00   | 0.37%             | 2031-08-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| EXPEDIA GROUP INC                  | Expedia Group Inc                       | CUSIP: 30212PBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  21870000 | PA      | $24395985.00  | 1.70%             | 2026-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOSTON PROPERTIES LP               | Boston Properties LP                    | CUSIP: 10112RBM5<br>LEI: BVHHEFJI6SHNOKQT2572 | Long             | DBT              | CORP              | US        |  10035000 | PA      | $9688792.50   | 0.68%             | 2030-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| LIGAND PHARMACEUTICALS I           | Ligand Pharmaceuticals Inc              | CUSIP: 53220KAG3<br>LEI: 5493008K7TB0IKP37H79 | Long             | DBT              | CORP              | US        |  11985000 | PA      | $14033236.50  | 0.98%             | 2030-10-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| OSI SYSTEMS INC                    | OSI Systems Inc                         | CUSIP: 671044AF2<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   4460000 | PA      | $6614180.00   | 0.46%             | 2029-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                     | Cloudflare Inc                          | CUSIP: 18915MAC1<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |  18640000 | PA      | $21881496.00  | 1.53%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL             | NextEra Energy Capital Holdings Inc     | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  22495000 | PA      | $27916295.00  | 1.95%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                        | Southern Co/The                         | CUSIP: 842587842<br>LEI: 549300FC3G3YU2FBZD92 | Long             | EP               | CORP              | US        |     58885 | NS      | $2965448.60   | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITY SOFTWARE INC                 | Unity Software Inc                      | CUSIP: 91332UAG6<br>LEI: 549300D1ESJMGNQNG432 | Long             | DBT              | CORP              | US        |   9255000 | PA      | $13373475.00  | 0.93%             | 2030-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GALAXY DIGITAL HOLDIN LP           | Galaxy Digital Holdings LP              | CUSIP: 36317GAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10440000 | PA      | $7887420.00   | 0.55%             | 2031-05-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                 | Liberty Media Corp-Liberty Formula One  | CUSIP: 531229AQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5195000 | PA      | $6571675.00   | 0.46%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                | Coinbase Global Inc                     | CUSIP: 19260QAG2<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |  11000000 | PA      | $10205800.00  | 0.71%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IONIS PHARMACEUTICALS IN           | Ionis Pharmaceuticals Inc               | CUSIP: 462222AG5<br>LEI: 549300SI4ZGLG0BLUZ92 | Long             | DBT              | CORP              | US        |   7335000 | PA      | $7811775.00   | 0.55%             | 2030-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CYBERARK SOFTWARE LTD              | CyberArk Software Ltd                   | CUSIP: 23248VAC9<br>LEI: 529900YEXNDM894PWS93 | Long             | DBT              | CORP              | IL        |  14510000 | PA      | $15503935.00  | 1.08%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CONFLUENT INC                      | Confluent Inc                           | CUSIP: 20717MAB9<br>LEI: 254900MRZ83YWUV7SN74 | Long             | DBT              | CORP              | US        |   8050000 | PA      | $7816550.00   | 0.55%             | 2027-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| IREN LTD                           | IREN Ltd                                | CUSIP: 46270CAE9<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |  13215000 | PA      | $9785707.50   | 0.68%             | 2031-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| TEMPUS AI INC                      | Tempus AI Inc                           | CUSIP: 88023BAD5<br>LEI: 2549009LA0KWRAGQBX50 | Long             | DBT              | CORP              | US        |   5680000 | PA      | $6052040.00   | 0.42%             | 2030-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| BWX TECHNOLOGIES INC               | BWX Technologies Inc                    | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |   9730000 | PA      | $9272690.00   | 0.65%             | 2030-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALPHATEC HOLDINGS INC              | Alphatec Holdings Inc                   | CUSIP: 02081GAC6<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |   9860000 | PA      | $15082842.00  | 1.05%             | 2030-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING              | Alibaba Group Holding Ltd               | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   7985000 | PA      | $12400705.00  | 0.87%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| SNOWFLAKE INC                      | Snowflake Inc                           | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |  12075000 | PA      | $18643800.00  | 1.30%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STRATEGY INC                       | Strategy Inc                            | CUSIP: 594972AT8<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |   7185000 | PA      | $6197062.50   | 0.43%             | 2030-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                        | Southern Co/The                         | CUSIP: 842587EC7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  22800000 | PA      | $22754400.00  | 1.59%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LTD                 | Trip.com Group Ltd                      | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | KY        |   8930000 | PA      | $10979435.00  | 0.77%             | 2029-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| DRAFTKINGS HOLDINGS INC            | DraftKings Holdings Inc                 | CUSIP: 26142RAB0<br>LEI: 5493008P45UYYL683Z97 | Long             | DBT              | CORP              | US        |   9845000 | PA      | $8993407.50   | 0.63%             | 2028-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MIRION TECHNOLOGIES INC            | Mirion Technologies Inc                 | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |  10100000 | PA      | $12503800.00  | 0.87%             | 2030-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                | NCL Corp Ltd                            | CUSIP: 62886HBW0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  10630000 | PA      | $10251572.00  | 0.72%             | 2030-09-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                      | Boeing Co/The                           | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |    422620 | NS      | $29186137.20  | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORP               | Ares Management Corp                    | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |    154780 | NS      | $7800912.00   | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU           | Solaris Energy Infrastructure Inc       | CUSIP: 83419XAB4<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |   9175000 | PA      | $9920468.75   | 0.69%             | 2031-10-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| WAYFAIR INC                        | Wayfair Inc                             | CUSIP: 94419LAP6<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   7120000 | PA      | $11846089.53  | 0.83%             | 2027-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                     | Albemarle Corp                          | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    155080 | NS      | $9210201.20   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| ODDITY FINANCE LLC                 | Oddity Finance LLC                      | CUSIP: 67579RAA8<br>LEI: 254900FTSJH2TRDJ3905 | Long             | DBT              | CORP              | US        |   7070000 | PA      | $6089037.50   | 0.43%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AST SPACEMOBILE INC                | AST SpaceMobile Inc                     | CUSIP: 00217DAE0<br>LEI: 254900MBSC9P2UCI6623 | Long             | DBT              | CORP              | US        |   8670000 | PA      | $8637921.00   | 0.60%             | 2036-01-15      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| ZSCALER INC.                       | Zscaler Inc                             | CUSIP: 98980GAC6<br>LEI: 529900MZ0RTK1BWRNF46 | Long             | DBT              | CORP              | US        |  11495000 | PA      | $10753572.50  | 0.75%             | 2028-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEBIO PHARMA INC               | Bridgebio Pharma Inc                    | CUSIP: 10806XAH5<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |   4805000 | PA      | $8342681.25   | 0.58%             | 2031-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC             | Guidewire Software Inc                  | CUSIP: 40171VAC4<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |   6785000 | PA      | $7460107.50   | 0.52%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SOFI TECHNOLOGIES INC              | SoFi Technologies Inc                   | CUSIP: 83406FAA0<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |  13505000 | PA      | $17417398.50  | 1.22%             | 2026-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| GRANITE CONSTRUCTION INC           | Granite Construction Inc                | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |   8975000 | PA      | $14315125.00  | 1.00%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| INTUITIVE MACHINES INC             | Intuitive Machines Inc                  | CUSIP: 46125AAA8<br>LEI: 254900386IE2PEPLVM59 | Long             | DBT              | CORP              | US        |   6100000 | PA      | $9245770.00   | 0.65%             | 2030-10-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| HALOZYME THERAPEUTICS IN           | Halozyme Therapeutics Inc               | CUSIP: 40637HAG4<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |  11665000 | PA      | $11662667.00  | 0.81%             | 2031-02-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| DOORDASH INC                       | DoorDash Inc                            | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |  10070000 | PA      | $10518115.00  | 0.73%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| VIAVI SOLUTIONS INC                | Viavi Solutions Inc                     | CUSIP: 925550AJ4<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |   9410000 | PA      | $13479825.00  | 0.94%             | 2031-03-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS            | Alnylam Pharmaceuticals Inc             | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |   7850000 | PA      | $11541855.00  | 0.81%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C           | American Water Capital Corp             | CUSIP: 03040WBE4<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |  12330000 | PA      | $12278214.00  | 0.86%             | 2026-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                | Shift4 Payments Inc                     | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     39285 | NS      | $3143192.85   | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                       | Strategy Inc                            | CUSIP: 594972887<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |     36705 | NS      | $2890885.80   | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMEN           | Live Nation Entertainment Inc           | CUSIP: 538034BC2<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |  25815000 | PA      | $27118657.50  | 1.89%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| RIOT PLATFORMS INC                 | Riot Platforms Inc                      | CUSIP: 767292AB1<br>LEI: 5299005LKZAJQDQZDF73 | Long             | DBT              | CORP              | US        |   6225000 | PA      | $7026468.75   | 0.49%             | 2030-01-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP            | Digital Realty Trust LP                 | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |  14055000 | PA      | $14251770.00  | 1.00%             | 2029-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| COREWEAVE INC                      | CoreWeave Inc                           | CUSIP: 21873SAD0<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |  10810000 | PA      | $10228962.50  | 0.71%             | 2031-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| EOS ENERGY ENTERPRISES I           | Eos Energy Enterprises Inc              | CUSIP: 29415CAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6810000 | PA      | $6588675.00   | 0.46%             | 2031-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| INTERDIGITAL INC                   | InterDigital Inc                        | CUSIP: 45867GAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2050000 | PA      | $8447025.00   | 0.59%             | 2027-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                   | Welltower OP LLC                        | CUSIP: 95041AAD0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |  23210000 | PA      | $35047100.00  | 2.45%             | 2029-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| STRATEGY INC                       | Strategy Inc                            | CUSIP: 594972AS0<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |  23740000 | PA      | $19433564.00  | 1.36%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| COHU INC                           | Cohu Inc                                | CUSIP: 192576AA4<br>LEI: 529900FJPORJ3JJ2XS33 | Long             | DBT              | CORP              | US        |   7330000 | PA      | $8150960.00   | 0.57%             | 2031-01-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BURLINGTON STORES INC              | Burlington Stores Inc                   | CUSIP: 122017AD8<br>LEI: 5299003Z37DVGKKC1W09 | Long             | DBT              | CORP              | US        |   2170000 | PA      | $3213770.00   | 0.22%             | 2027-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| MP MATERIALS CORP                  | MP Materials Corp                       | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |   2490000 | PA      | $6208815.00   | 0.43%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| ALIGNMENT HEALTHCARE               | Alignment Healthcare Inc                | CUSIP: 01625VAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   9150000 | PA      | $13862250.00  | 0.97%             | 2029-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FIRSTENERGY CORP                   | FirstEnergy Corp                        | CUSIP: 337932AS6<br>LEI: 549300SVYJS666PQJH88 | Long             | DBT              | CORP              | US        |   9285000 | PA      | $9846742.50   | 0.69%             | 2029-01-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SYNAPTICS INC                      | Synaptics Inc                           | CUSIP: 87157DAJ8<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   7085000 | PA      | $7460505.00   | 0.52%             | 2031-12-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| COGENT BIOSCIENCES INC             | Cogent Biosciences Inc                  | CUSIP: 19240QAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5830000 | PA      | $6825764.00   | 0.48%             | 2031-11-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| BRIGHTSPRING HEALTH SERV           | BrightSpring Health Services Inc        | CUSIP: 10950A205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    101815 | NS      | $12850071.15  | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC                | Coinbase Global Inc                     | CUSIP: 19260QAB3<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |  20245000 | PA      | $20194387.50  | 1.41%             | 2026-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALT           | Rexford Industrial Realty LP            | CUSIP: 76169XAD6<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |  11065000 | PA      | $11004142.50  | 0.77%             | 2027-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| BLOOM ENERGY CORP                  | Bloom Energy Corp                       | CUSIP: 093712AN7<br>LEI: 549300XB5J9BFW5JXV97 | Long             | DBT              | CORP              | US        |  14800000 | PA      | $12876000.00  | 0.90%             | 2030-11-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEBIO PHARMA INC               | Bridgebio Pharma Inc                    | CUSIP: 10806XAB8<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |   6555000 | PA      | $12362730.00  | 0.86%             | 2027-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                 | NextEra Energy Inc                      | CUSIP: 65339F663<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    135090 | NS      | $6993609.30   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| BILL HOLDINGS INC                  | BILL Holdings Inc                       | CUSIP: 090043AF7<br>LEI: 549300IBF9VZZIGOZW63 | Long             | DBT              | CORP              | US        |  10765000 | PA      | $9886576.00   | 0.69%             | 2030-04-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CYTOKINETICS INC                   | Cytokinetics Inc                        | CUSIP: 23282WAD2<br>LEI: 549300BE5DY1HW7IHA64 | Long             | DBT              | CORP              | US        |   8535000 | PA      | $10622661.00  | 0.74%             | 2031-10-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                        | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     33480 | NS      | $40577760.00  | 2.84%             |  |  |  | No            |                  1 | On Loan: No      |
| EXACT SCIENCES CORP                | Exact Sciences Corp                     | CUSIP: 30063PAE5<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |  12400000 | PA      | $15134200.00  | 1.06%             | 2031-04-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| AEROVIRONMENT INC                  | AeroVironment Inc                       | CUSIP: 008073AA6<br>LEI: 529900PGHVI29YLZ6221 | Long             | DBT              | CORP              | US        |   7945000 | PA      | $8620325.00   | 0.60%             | 2030-07-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CENTRUS ENERGY CORP                | Centrus Energy Corp                     | CUSIP: 15643UAF1<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |   6775000 | PA      | $8709262.50   | 0.61%             | 2032-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                          | Block Inc                               | CUSIP: 852234AK9<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |  17365000 | PA      | $16053942.50  | 1.12%             | 2027-11-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| VEECO INSTRUMENTS INC              | Veeco Instruments Inc                   | CUSIP: 922417AJ9<br>LEI: 5493004201F72ADDZW04 | Long             | DBT              | CORP              | US        |   7580000 | PA      | $9372670.00   | 0.65%             | 2029-06-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| WEC ENERGY GROUP INC               | WEC Energy Group Inc                    | CUSIP: 92939UAS5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |  17465000 | PA      | $17692045.00  | 1.24%             | 2028-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP               | Western Digital Corp                    | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |  10245000 | PA      | $46961031.00  | 3.28%             | 2028-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM HOLDINGS INC                | Affirm Holdings Inc                     | CUSIP: 00827BAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   8560000 | PA      | $9471640.00   | 0.66%             | 2029-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| ARRAY TECHNOLOGIES INC             | Array Technologies Inc                  | CUSIP: 04271TAC4<br>LEI: 549300JM5FECYJQ85V37 | Long             | DBT              | CORP              | US        |   3135000 | PA      | $4522237.50   | 0.32%             | 2031-07-01      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| IMAX CORP                          | IMAX Corp                               | CUSIP: 45245EAK5<br>LEI: 894500GS1ESLAPZCEI74 | Long             | DBT              | CORP              | CA        |  11705000 | PA      | $12799417.50  | 0.89%             | 2030-11-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC           | Super Micro Computer Inc                | CUSIP: 86800UAB0<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |   8985000 | PA      | $7984969.50   | 0.56%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| CIPHER MINING                      | Cipher Mining Inc                       | CUSIP: 17253JAB2<br>LEI: 254900QABG5HCQZ28A17 | Long             | DBT              | CORP              | US        |   7095000 | PA      | $8425312.50   | 0.59%             | 2031-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| WISDOMTREE INC                     | WisdomTree Inc                          | CUSIP: 97717PAJ3<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |   6535000 | PA      | $6688572.50   | 0.47%             | 2030-08-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| XOMETRY INC                        | Xometry Inc                             | CUSIP: 98423FAC3<br>LEI: 5493006JFRGU7YRRXE44 | Long             | DBT              | CORP              | US        |   4020000 | PA      | $6049698.00   | 0.42%             | 2030-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC              | Lumentum Holdings Inc                   | CUSIP: 55024UAJ8<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |  21905000 | PA      | $46876700.00  | 3.28%             | 2032-03-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |         0 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                          | PG&E Corp                               | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    436575 | NS      | $17899575.00  | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| REPLIGEN CORP                      | Repligen Corp                           | CUSIP: 759916AD1<br>LEI: 54930006QJ0T5AUO1E71 | Long             | DBT              | CORP              | US        |   4905000 | PA      | $5358712.50   | 0.37%             | 2028-12-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-26

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer