# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0000940400-26-008447
**Filing Date:** 2026-2
**Character Count:** 59147
**Document Hash:** a00ec4cf2d54d1d23b330bb45ab098f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008447.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008447

**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:** 26684516

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

**VIRTUS NFJ Emerging Markets Value Fund**

**SCHEDULE OF INVESTMENTS (Unaudited)**

**December 31, 2025**

($ reported in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—1.6%** | **Preferred Stocks—1.6%** | **Preferred Stocks—1.6%** |
| **Brazil—1.2%** | **Brazil—1.2%** |  |
| Banco Bradesco S.A., 7.590% | 26400 | &nbsp;&nbsp; $88 |
| &nbsp;&nbsp;&nbsp; Itau Unibanco Holding S.A., <br> 11.240%<br>| 7210 | &nbsp;&nbsp; 51 |
| Localiza Rent a Car S.A.<sup>(1)</sup> <br>| 350 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras, 9.770%<br>| 7600 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 185 |
| **South Korea—0.4%** | **South Korea—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co., <br> Ltd., 1.420%<br>| 994 | &nbsp;&nbsp; 61 |
| **Total Preferred Stocks** <br>**(Identified Cost $210)** | **Total Preferred Stocks** <br>**(Identified Cost $210)** | &nbsp;&nbsp; **246** |
| **Common Stocks—94.4%** | **Common Stocks—94.4%** | **Common Stocks—94.4%** |
| **Argentina—0.7%** | **Argentina—0.7%** |  |
| &nbsp;&nbsp;&nbsp; Pampa Energia S.A. <br> Sponsored ADR<sup>(1)</sup> <br>| 1179 | &nbsp;&nbsp; 104 |
| **Brazil—2.8%** | **Brazil—2.8%** |  |
| Banco BTG Pactual S.A. | 6500 | &nbsp;&nbsp; 63 |
| Localiza Rent a Car S.A. | 9100 | &nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - <br> Petrobras<br>| 8100 | &nbsp;&nbsp; 48 |
| PRIO S.A.<sup>(1)</sup> <br>| 13320 | &nbsp;&nbsp; 101 |
| Rede D'Or Sao Luiz S.A. | 10300 | &nbsp;&nbsp; 76 |
| Vale S.A. | 5500 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 432 |
| **Cayman Islands—3.1%** | **Cayman Islands—3.1%** |  |
| DiDi Global, Inc. ADR<sup>(1)</sup> <br>| 15354 | &nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Geely Automobile Holdings <br> Ltd.<br>| 35000 | &nbsp;&nbsp; 80 |
| Inter & Co., Inc. Class A | 9258 | &nbsp;&nbsp; 79 |
| JD Logistics, Inc.<sup>(1)</sup> <br>| 39400 | &nbsp;&nbsp; 58 |
| NU Holdings Ltd. Class A<sup>(1)</sup> <br>| 5690 | &nbsp;&nbsp; 95 |
| XP, Inc. Class A | 5181 | &nbsp;&nbsp; 85 |
|  |  | &nbsp;&nbsp; 478 |
| **China—35.2%** | **China—35.2%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Micro-Fabrication <br> Equipment, Inc. China <br> Class A<br>| 2329 | &nbsp;&nbsp; 91 |
| Alibaba Group Holding Ltd. | 63623 | &nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp; Aluminum Corp. of China Ltd. <br> Class H<br>| 76000 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Anker Innovations Technology <br> Co., Ltd. Class A<br>| 6400 | &nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; East Money Information Co., <br> Ltd. Class A<br>| 22500 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Ecovacs Robotics Co., Ltd. <br> Class A<br>| 10300 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Founder Securities Co., Ltd. <br> Class A<br>| 66800 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Haier Smart Home Co., Ltd. <br> Class A<br>| 27200 | &nbsp;&nbsp; 101 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| &nbsp;&nbsp;&nbsp; Hangzhou Shunwang <br> Technology Co., Ltd. <br> Class A<br>| 20000 | &nbsp;&nbsp; $58 |
| &nbsp;&nbsp;&nbsp; Hangzhou Silan <br> Microelectronics Co., Ltd. <br> Class A<br>| 29200 | &nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Han's Laser Technology <br> Industry Group Co., Ltd. <br> Class A<br>| 22200 | &nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp; Huaqin Technology Co., Ltd. <br> Class A<br>| 8800 | &nbsp;&nbsp; 114 |
| IEIT Systems Co., Ltd. Class A | 13200 | &nbsp;&nbsp; 126 |
| Iflytek Co., Ltd. Class A | 13000 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Industrial Securities Co., Ltd. <br> Class A<br>| 106900 | &nbsp;&nbsp; 113 |
| JD.com, Inc. Class A | 37727 | &nbsp;&nbsp; 541 |
| Laopu Gold Co., Ltd. Class H | 1600 | &nbsp;&nbsp; 127 |
| &nbsp;&nbsp;&nbsp; Luxshare Precision Industry <br> Co., Ltd. Class A<br>| 10230 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp; Montage Technology Co., Ltd. <br> Class A<br>| 4898 | &nbsp;&nbsp; 83 |
| NetEase, Inc. | 2100 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; OmniVision Integrated <br> Circuits Group, Inc. Class A <br>| 6700 | &nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Qinghai Salt Lake Industry <br> Co., Ltd. Class A<sup>(1)</sup> <br>| 27400 | &nbsp;&nbsp; 110 |
| SG Micro Corp. Class A | 7400 | &nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Sino-Platinum Metals Co., <br> Ltd. Class A<br>| 46600 | &nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Sunny Optical Technology <br> Group Co., Ltd.<br>| 13000 | &nbsp;&nbsp; 109 |
| Tencent Holdings Ltd. | 7880 | &nbsp;&nbsp; 606 |
| Xiaomi Corp. Class B<sup>(1)</sup> <br>| 91400 | &nbsp;&nbsp; 461 |
| &nbsp;&nbsp;&nbsp; Zhejiang Dun'An Artificial <br> Environment Co., Ltd. <br> Class A<sup>(1)</sup> <br>| 41300 | &nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Zhejiang Hailiang Co., Ltd. <br> Class A<br>| 62200 | &nbsp;&nbsp; 113 |
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co., Ltd. <br> Class A<br>| 21900 | &nbsp;&nbsp; 108 |
|  |  | &nbsp;&nbsp; 5399 |
| **India—10.6%** | **India—10.6%** |  |
| Aditya Birla Capital Ltd.<sup>(1)</sup> <br>| 21407 | &nbsp;&nbsp; 85 |
| AU Small Finance Bank Ltd. | 8670 | &nbsp;&nbsp; 96 |
| Bharat Heavy Electricals Ltd. | 19399 | &nbsp;&nbsp; 62 |
| Bharti Airtel Ltd. | 15522 | &nbsp;&nbsp; 364 |
| Cartrade Tech Ltd.<sup>(1)</sup> <br>| 1957 | &nbsp;&nbsp; 61 |
| Dixon Technologies India Ltd. | 604 | &nbsp;&nbsp; 81 |
| Eternal Ltd.<sup>(1)</sup> <br>| 81390 | &nbsp;&nbsp; 252 |
| GE Vernova T&D India Ltd. | 3473 | &nbsp;&nbsp; 121 |
| ICICI Bank Ltd. | 2750 | &nbsp;&nbsp; 41 |
| Lodha Developers Ltd. | 3550 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Navin Fluorine International <br> Ltd.<br>| 1680 | &nbsp;&nbsp; 111 |
| NHPC Ltd. | 94843 | &nbsp;&nbsp; 84 |
| Suzlon Energy Ltd.<sup>(1)</sup> <br>| 181262 | &nbsp;&nbsp; 106 |
| WAAREE Energies Ltd. | 3597 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 1625 |
| **Indonesia—1.6%** | **Indonesia—1.6%** |  |
| Aneka Tambang Tbk | 693300 | &nbsp;&nbsp; 131 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Indonesia—continued** | **Indonesia—continued** |  |
| Bank Central Asia Tbk PT | 225100 | &nbsp;&nbsp; $109 |
|  |  | &nbsp;&nbsp; 240 |
| **Japan—1.7%** | **Japan—1.7%** |  |
| Astellas Pharma, Inc. | 7400 | &nbsp;&nbsp; 99 |
| Daiichi Sankyo Co., Ltd. | 5100 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Nippon Paint Holdings Co., <br> Ltd.<br>| 8300 | &nbsp;&nbsp; 55 |
|  |  | &nbsp;&nbsp; 263 |
| **Jersey—0.6%** | **Jersey—0.6%** |  |
| Caledonia Mining Corp. plc | 3759 | &nbsp;&nbsp; 98 |
| **Mexico—0.3%** | **Mexico—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte SAB <br> de C.V. Class O<br>| 5600 | &nbsp;&nbsp; 52 |
| **Morocco—0.5%** | **Morocco—0.5%** |  |
| Banque Centrale Populaire | 2162 | &nbsp;&nbsp; 69 |
| **Netherlands—1.9%** | **Netherlands—1.9%** |  |
| ASML Holding N.V. | 265 | &nbsp;&nbsp; 287 |
| **Russia—0.0%** | **Russia—0.0%** |  |
| Polyus PJSC GDR<sup>(1)(2)(3)</sup> <br>| 4887 | &nbsp;&nbsp; — <br><sup>(4)</sup><br>|
| **Saudi Arabia—3.6%** | **Saudi Arabia—3.6%** |  |
| Al Rajhi Bank | 8060 | &nbsp;&nbsp; 209 |
| Arab National Bank | 13987 | &nbsp;&nbsp; 81 |
| Banque Saudi Fransi | 17190 | &nbsp;&nbsp; 77 |
| Saudi Arabian Mining Co.<sup>(1)</sup> <br>| 5818 | &nbsp;&nbsp; 95 |
| Saudi National Bank (The) | 8733 | &nbsp;&nbsp; 88 |
|  |  | &nbsp;&nbsp; 550 |
| **Singapore—0.6%** | **Singapore—0.6%** |  |
| Grab Holdings Ltd. Class A<sup>(1)</sup> <br>| 19324 | &nbsp;&nbsp; 97 |
| **South Africa—4.6%** | **South Africa—4.6%** |  |
| Capitec Bank Holdings Ltd. | 230 | &nbsp;&nbsp; 57 |
| Gold Fields Ltd. | 2778 | &nbsp;&nbsp; 122 |
| Impala Platinum Holdings Ltd. | 10181 | &nbsp;&nbsp; 161 |
| Naspers Ltd. Class N | 3057 | &nbsp;&nbsp; 204 |
| Valterra Platinum Ltd. | 1797 | &nbsp;&nbsp; 153 |
|  |  | &nbsp;&nbsp; 697 |
| **South Korea—5.1%** | **South Korea—5.1%** |  |
| Classys, Inc. | 1047 | &nbsp;&nbsp; 40 |
| NAVER Corp. | 332 | &nbsp;&nbsp; 56 |
| Samsung Electronics Co., Ltd. | 5408 | &nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; SK Biopharmaceuticals Co., <br> Ltd.<sup>(1)</sup> <br>| 1169 | &nbsp;&nbsp; 101 |
| SK hynix, Inc. | 285 | &nbsp;&nbsp; 129 |
|  |  | &nbsp;&nbsp; 776 |
| **Taiwan—14.3%** | **Taiwan—14.3%** |  |
| Accton Technology Corp. | 4000 | &nbsp;&nbsp; 151 |
| &nbsp;&nbsp;&nbsp; Asia Vital Components Co., <br> Ltd.<br>| 2000 | &nbsp;&nbsp; 96 |
| AURAS Technology Co., Ltd. | 3000 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp; E.Sun Financial Holding Co., <br> Ltd.<br>| 110000 | &nbsp;&nbsp; 118 |

---

See Notes to Schedule of Investments

------

**VIRTUS NFJ Emerging Markets Value Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Taiwan—continued** | **Taiwan—continued** |  |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 30121 | &nbsp;&nbsp; $1486 |
| Wistron Corp. | 21000 | &nbsp;&nbsp; 101 |
| Wiwynn Corp. | 1000 | &nbsp;&nbsp; 143 |
|  |  | &nbsp;&nbsp; 2191 |
| **Thailand—0.7%** | **Thailand—0.7%** |  |
| &nbsp;&nbsp;&nbsp; True Corp. PCL Foreign <br> Shares<br>| 319100 | &nbsp;&nbsp; 110 |
| **Turkey—0.8%** | **Turkey—0.8%** |  |
| Akbank TAS | 75699 | &nbsp;&nbsp; 123 |
| **United Arab Emirates—3.3%** | **United Arab Emirates—3.3%** |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank <br> PJSC<br>| 29195 | &nbsp;&nbsp; 114 |
| Abu Dhabi Islamic Bank PJSC | 18800 | &nbsp;&nbsp; 106 |
| Adnoc Gas plc | 87333 | &nbsp;&nbsp; 85 |
| Aldar Properties PJSC | 25379 | &nbsp;&nbsp; 60 |
| Emirates NBD Bank PJSC | 8856 | &nbsp;&nbsp; 67 |
| First Abu Dhabi Bank PJSC | 16058 | &nbsp;&nbsp; 76 |
|  |  | &nbsp;&nbsp; 508 |
| **United Kingdom—0.7%** | **United Kingdom—0.7%** |  |
| Anglogold Ashanti plc | 1244 | &nbsp;&nbsp; 108 |
| **United States—0.7%** | **United States—0.7%** |  |
| Cathay General Bancorp | 2298 | &nbsp;&nbsp; 111 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Uruguay—1.0%** | **Uruguay—1.0%** |  |
| MercadoLibre, Inc.<sup>(1)</sup> <br>| 78 | &nbsp;&nbsp; $157 |
| **Total Common Stocks** <br>**(Identified Cost $11,706)** | **Total Common Stocks** <br>**(Identified Cost $11,706)** | &nbsp;&nbsp; **14475** |
| **Total Long-Term** <br> **Investments—96.0%** <br>**(Identified Cost $11,916)** | **Total Long-Term** <br> **Investments—96.0%** <br>**(Identified Cost $11,916)** | &nbsp;&nbsp; **14721** |
| **TOTAL INVESTMENTS—96.0%** <br>**(Identified Cost $11,916)** | **TOTAL INVESTMENTS—96.0%** <br>**(Identified Cost $11,916)** | &nbsp;&nbsp; **$14721** |
| Other assets and liabilities, net—4.0% | Other assets and liabilities, net—4.0% | &nbsp;&nbsp; 618 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp; **$15339** |

---

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

---

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

---

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

---

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

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| China | 37<br> %<br>|
| Taiwan | 15 |
| India | 11 |
| South Korea | 6 |
| South Africa | 5 |
| Brazil | 4 |
| Saudi Arabia | 4 |
| Other | 18 |
| 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>| Level 3 <br>Significant <br>Unobservable <br>Inputs<br>|
| Assets: |  |  |  |  |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(1)</sup><br>|

---

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

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

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

The Fund's investment that was categorized as Level 3 was valued utilizing an internal fair value model. Such valuations are based on unobservable inputs. A significant change in inputs could result in a significantly lower or higher value of Level 3 investments.

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

See Notes to Schedule of Investments

------

**VIRTUS NFJ Emerging Markets Value 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 NFJ Emerging Markets Value Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $15373205.39

**Total Liabilities:** $26923.40

**Net Assets:** $15346281.99

**Cash Not Reported:** $552238.49

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000118780 | 1.20%                | -3.76%               | 1.86%                |
| Class ID C000118783 | 1.20%                | -3.79%               | 1.81%                |
| Class ID C000118784 | 1.12%                | -3.86%               | 1.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $335561.44               | $-117935.60                                |
| Month 2  | $251047.75               | $-851961.77                                |
| Month 3  | $238743.42               | $7152.01                                   |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Naspers Ltd                    | Naspers Ltd                                    | CUSIP: 000000000<br>LEI: 21380044BQ8812EEKT59 | Long             | EC               | CORP              | ZA        |      3057 | NS      | $203894.15    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd      | Zijin Mining Group Co Ltd                      | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |     21900 | NS      | $108024.73    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Lodha Developers Ltd           | Lodha Developers Ltd                           | CUSIP: 000000000<br>LEI: 254900B5QCN52ETNU557 | Long             | EC               | CORP              | IN        |      3550 | NS      | $41918.56     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Adnoc Gas PLC                  | Adnoc Gas PLC                                  | CUSIP: 000000000<br>LEI: 254900O5NS03BDOOM362 | Long             | EC               | CORP              | AE        |     87333 | NS      | $84414.17     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Xiaomi Corp                    | Xiaomi Corp                                    | CUSIP: 000000000<br>LEI: 2549001ACVFAZRNMKL32 | Long             | EC               | CORP              | CN        |     91400 | NS      | $461539.05    | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Rede D'Or Sao Luiz SA          | Rede D'Or Sao Luiz SA                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     10300 | NS      | $76332.50     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniVision Integrated Circuits | OmniVision Integrated Circuits Group Inc       | CUSIP: 000000000<br>LEI: 8368000MFHXX01GPND38 | Long             | EC               | CORP              | CN        |      6700 | NS      | $120708.63    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Laopu Gold Co Ltd              | Laopu Gold Co Ltd                              | CUSIP: 000000000<br>LEI: 2549003X1NWK88OCWI97 | Long             | EC               | CORP              | CN        |      1600 | NS      | $127051.02    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| ICICI Bank Ltd                 | ICICI Bank Ltd                                 | CUSIP: 000000000<br>LEI: R7RX8ER1V4666J8D1I38 | Long             | EC               | CORP              | IN        |      2750 | NS      | $41088.11     | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| PRIO SA/Brazil                 | PRIO SA/Brazil                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     13320 | NS      | $100682.40    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Classys Inc                    | Classys Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1047 | NS      | $39610.91     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| JD.com Inc                     | JD.com Inc                                     | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     37727 | NS      | $540986.19    | 3.53%             |  |  |  | No            |                  1 | On Loan: No      |
| SUNNY OPTICAL                  | Sunny Optical Technology Group Co Ltd          | CUSIP: 000000000<br>LEI: 3003004QIVP0DFVVWM94 | Long             | EC               | CORP              | CN        |     13000 | NS      | $109492.85    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Biopharmaceuticals Co Ltd   | SK Biopharmaceuticals Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1169 | NS      | $101112.35    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Pampa Energia SA               | Pampa Energia SA                               | CUSIP: 697660207<br>LEI: 254900QNIK0CVURGML24 | Long             | EC               | CORP              | AR        |      1179 | NS      | $104353.29    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| NAVER Corp                     | NAVER Corp                                     | CUSIP: 000000000<br>LEI: 988400ULUQYDB2HQYJ61 | Long             | EC               | CORP              | KR        |       332 | NS      | $55888.38     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| DiDi Global Inc                | DiDi Global Inc                                | CUSIP: 23292E108<br>LEI: 8368006Y2DHY77ADSY31 | Long             | EC               | CORP              | CN        |     15354 | NS      | $81069.12     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd                      | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |     63623 | NS      | $1167379.50   | 7.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp         | Accton Technology Corp                         | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      4000 | NS      | $150856.92    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA         | Localiza Rent a Car SA                         | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EC               | CORP              | BR        |      9100 | NS      | $72354.94     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Founder Securities Co Ltd      | Founder Securities Co Ltd                      | CUSIP: 000000000<br>LEI: 300300DSN6TINPUMGY45 | Long             | EC               | CORP              | CN        |     66800 | NS      | $74560.51     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LXJM                           | Luxshare Precision Industry Co Ltd             | CUSIP: 000000000<br>LEI: 300300QLLDUELXN16530 | Long             | EC               | CORP              | CN        |     10230 | NS      | $83018.15     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Itau Unibanco Holding SA       | Itau Unibanco Holding SA                       | CUSIP: 000000000<br>LEI: 5493002W2IVG62O3ZJ94 | Long             | EP               | CORP              | BR        |      7210 | NS      | $51617.01     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharti Airtel Ltd              | Bharti Airtel Ltd                              | CUSIP: 000000000<br>LEI: 335800KQ1FPKOQ84OR26 | Long             | EC               | CORP              | IN        |     15522 | NS      | $363633.08    | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Zhejiang Hailiang Co Ltd       | Zhejiang Hailiang Co Ltd                       | CUSIP: 000000000<br>LEI: 30030052QMKYS7EZTH25 | Long             | EC               | CORP              | CN        |     62200 | NS      | $112683.90    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| True Corp PCL                  | True Corp PCL                                  | CUSIP: 000000000<br>LEI: 894500HQD71STX0DQK07 | Long             | EC               | CORP              | TH        |    319100 | NS      | $110401.21    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| First Abu Dhabi Bank PJSC      | First Abu Dhabi Bank PJSC                      | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |     16058 | NS      | $76251.18     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                        | Vale SA                                        | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |      5500 | NS      | $72225.92     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NU Holdings Ltd/Cayman Islands | NU Holdings Ltd/Cayman Islands                 | CUSIP: 000000000<br>LEI: 5493002DG1RHWK9W2X27 | Long             | EC               | CORP              | BR        |      5690 | NS      | $95250.60     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| XP Inc                         | XP Inc                                         | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |      5181 | NS      | $84812.97     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi National Bank/The        | Saudi National Bank/The                        | CUSIP: 000000000<br>LEI: 5586006ZEFQ542K7CY16 | Long             | EC               | CORP              | SA        |      8733 | NS      | $88196.13     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Heavy Electricals Ltd   | Bharat Heavy Electricals Ltd                   | CUSIP: 000000000<br>LEI: 3358007X5FQ2R445Z747 | Long             | EC               | CORP              | IN        |     19399 | NS      | $62041.39     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Akbank TAS                     | Akbank TAS                                     | CUSIP: 000000000<br>LEI: 789000TUMN63Z28TJ497 | Long             | EC               | CORP              | TR        |     75699 | NS      | $123102.14    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Aluminum Corp of China Ltd     | Aluminum Corp of China Ltd                     | CUSIP: 000000000<br>LEI: 529900TKZUWQLIQN6T48 | Long             | EC               | CORP              | CN        |     76000 | NS      | $118843.08    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Impala Platinum Holdings Ltd   | Impala Platinum Holdings Ltd                   | CUSIP: 000000000<br>LEI: 254900BZFIFB4PD2Z778 | Long             | EC               | CORP              | ZA        |     10181 | NS      | $161076.21    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EP               | CORP              | KR        |       994 | NS      | $61549.27     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| AU Small Finance Bank Ltd      | AU Small Finance Bank Ltd                      | CUSIP: 000000000<br>LEI: 3358006J6L5P5MWKCU97 | Long             | EC               | CORP              | IN        |      8670 | NS      | $95932.05     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| GE Vernova T&D India Ltd       | GE Vernova T&D India Ltd                       | CUSIP: 000000000<br>LEI: 549300NMRD6VZDFLN355 | Long             | EC               | CORP              | IN        |      3473 | NS      | $121041.89    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| East Money Information Co Ltd  | East Money Information Co Ltd                  | CUSIP: 000000000<br>LEI: 836800ZFB0ZEK3KKW487 | Long             | EC               | CORP              | CN        |     22500 | NS      | $74633.49     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras             | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EP               | CORP              | BR        |      7600 | NS      | $42745.02     | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| NHPC Ltd                       | NHPC Ltd                                       | CUSIP: 000000000<br>LEI: 3358003ZPPTGWT595J46 | Long             | EC               | CORP              | IN        |     94843 | NS      | $83594.93     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Navin Fluorine International L | Navin Fluorine International Ltd               | CUSIP: 000000000<br>LEI: 335800OVIUAAKYG44C59 | Long             | EC               | CORP              | IN        |      1680 | NS      | $110654.94    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Silan                          | Hangzhou Silan Microelectronics Co Ltd         | CUSIP: 000000000<br>LEI: 300300A6XLSTHVDNCV85 | Long             | EC               | CORP              | CN        |     29200 | NS      | $118711.25    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Arab National Bank             | Arab National Bank                             | CUSIP: 000000000<br>LEI: 213800CYWGYQVT1ZBQ57 | Long             | EC               | CORP              | SA        |     13987 | NS      | $80622.52     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Wistron Corp                   | Wistron Corp                                   | CUSIP: 000000000<br>LEI: 254900DIEONKUALBFM06 | Long             | EC               | CORP              | TW        |     21000 | NS      | $100587.20    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp         | Cathay General Bancorp                         | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |      2298 | NS      | $111200.22    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Aldar Properties PJSC          | Aldar Properties PJSC                          | CUSIP: 000000000<br>LEI: 98450048CD8AEF13B480 | Long             | EC               | CORP              | AE        |     25379 | NS      | $60117.70     | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                               | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |        78 | NS      | $157112.28    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Iflytek Co Ltd                 | Iflytek Co Ltd                                 | CUSIP: 000000000<br>LEI: 3003000T23C63KVWOH32 | Long             | EC               | CORP              | CN        |     13000 | NS      | $93554.09     | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Astellas Pharma Inc            | Astellas Pharma Inc                            | CUSIP: 000000000<br>LEI: 529900IB708DY2HBBB35 | Long             | EC               | CORP              | JP        |      7400 | NS      | $98877.68     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Industrial Securities Co Ltd   | Industrial Securities Co Ltd                   | CUSIP: 000000000<br>LEI: 300300E1011435000093 | Long             | EC               | CORP              | CN        |    106900 | NS      | $113506.15    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Haier Smart Home Co Ltd        | Haier Smart Home Co Ltd                        | CUSIP: 000000000<br>LEI: 3003002BYTNGNJTWSH07 | Long             | EC               | CORP              | CN        |     27200 | NS      | $101550.20    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bradesco SA              | Banco Bradesco SA                              | CUSIP: 000000000<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EP               | CORP              | BR        |     26400 | NS      | $87634.65     | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd           | Tencent Holdings Ltd                           | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      7880 | NS      | $606488.75    | 3.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Cartrade Tech Ltd              | Cartrade Tech Ltd                              | CUSIP: 000000000<br>LEI: 984500F5CDO5D86C1326 | Long             | EC               | CORP              | IN        |      1957 | NS      | $61536.61     | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Wiwynn Corp                    | Wiwynn Corp                                    | CUSIP: 000000000<br>LEI: 254900FV2R15PMKXFL69 | Long             | EC               | CORP              | TW        |      1000 | NS      | $142741.20    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Aneka Tambang Tbk              | Aneka Tambang Tbk                              | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |    693300 | NS      | $130968.22    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| IEIT Systems Co Ltd            | IEIT Systems Co Ltd                            | CUSIP: 000000000<br>LEI: 3003002K6ZLEBRGRI729 | Long             | EC               | CORP              | CN        |     13200 | NS      | $125801.54    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Polyus PJSC                    | Polyus PJSC                                    | CUSIP: 73181M117<br>LEI: 549300FUXVT7TF6ZKV71 | Long             | EC               | CORP              | RU        |      4887 | NS      | $4.89         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| PETROBRAS                      | Petroleo Brasileiro SA - Petrobras             | CUSIP: 000000000<br>LEI: 5493000J801JZRCMFE49 | Long             | EC               | CORP              | BR        |      8100 | NS      | $48143.98     | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SG Micro Corp                  | SG Micro Corp                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      7400 | NS      | $72685.33     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                    | NetEase Inc                                    | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |      2100 | NS      | $57905.35     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Valterra Platinum Ltd          | Valterra Platinum Ltd                          | CUSIP: 000000000<br>LEI: 529900RORCZ0E5S5FX81 | Long             | EC               | CORP              | ZA        |      1797 | NS      | $152957.69    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Huaqin Technology Co Ltd       | Huaqin Technology Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      8800 | NS      | $114266.58    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Asia Vital Components Co Ltd   | Asia Vital Components Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      2000 | NS      | $96115.59     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Eternal Ltd                    | Eternal Ltd                                    | CUSIP: 000000000<br>LEI: 335800T4VOF9ETHF8W59 | Long             | EC               | CORP              | IN        |     81390 | NS      | $251787.28    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC | Abu Dhabi Commercial Bank PJSC                 | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |     29195 | NS      | $113671.91    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB d | Grupo Financiero Banorte SAB de CV             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |      5600 | NS      | $51884.16     | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| E.Sun Financial Holding Co Ltd | E.Sun Financial Holding Co Ltd                 | CUSIP: 000000000<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |    110000 | NS      | $118155.34    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| SW-TECH                        | Hangzhou Shunwang Technology Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20000 | NS      | $57926.63     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| JD Logistics Inc               | JD Logistics Inc                               | CUSIP: 000000000<br>LEI: 655600LWTFVMV3E2A890 | Long             | EC               | CORP              | CN        |     39400 | NS      | $57813.87     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Montage Technology Co Ltd      | Montage Technology Co Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4898 | NS      | $82566.12     | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Islamic Bank PJSC    | Abu Dhabi Islamic Bank PJSC                    | CUSIP: 000000000<br>LEI: 5493006DOLY8O98XHD74 | Long             | EC               | CORP              | AE        |     18800 | NS      | $106265.88    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| HAN'S LASER                    | Han's Laser Technology Industry Group Co Ltd   | CUSIP: 000000000<br>LEI: 300300MZXZR87BGKOZ23 | Long             | EC               | CORP              | CN        |     22200 | NS      | $130852.66    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Anglogold Ashanti Plc          | Anglogold Ashanti Plc                          | CUSIP: 000000000<br>LEI: 2138005YDSA7A82RNU96 | Long             | EC               | CORP              | GB        |      1244 | NS      | $107659.34    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                           | Taiwan Semiconductor Manufacturing Co Ltd      | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     30121 | NS      | $1485894.56   | 9.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Localiza Rent a Car SA         | Localiza Rent a Car SA                         | CUSIP: 000000000<br>LEI: 984500C442A7E0CD4D11 | Long             | EP               | CORP              | BR        |       350 | NS      | $2773.30      | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Grab Holdings Ltd              | Grab Holdings Ltd                              | CUSIP: 000000000<br>LEI: 549300N4VQX83VPJF439 | Long             | EC               | CORP              | SG        |     19324 | NS      | $96426.76     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Caledonia Mining Corp PLC      | Caledonia Mining Corp PLC                      | CUSIP: 000000000<br>LEI: 21380093ZBI4BFM75Y51 | Long             | EC               | CORP              | ZA        |      3759 | NS      | $98373.03     | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Gold Fields Ltd                | Gold Fields Ltd                                | CUSIP: 000000000<br>LEI: 5299003KXIBJQYCBBD72 | Long             | EC               | CORP              | ZA        |      2778 | NS      | $121740.48    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding NV                | ASML Holding NV                                | CUSIP: 000000000<br>LEI: 724500Y6DUVHQD6OXN27 | Long             | EC               | CORP              | NL        |       265 | NS      | $286949.76    | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro-Fabrication Equ | Advanced Micro-Fabrication Equipment Inc China | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      2329 | NS      | $90891.71     | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Emirates NBD Bank PJSC         | Emirates NBD Bank PJSC                         | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |      8856 | NS      | $67153.93     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                   | SK hynix Inc                                   | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       285 | NS      | $128794.56    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Anker Innovations Technology C | Anker Innovations Technology Co Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      6400 | NS      | $104762.49    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ecovacs Robotics Co Ltd        | Ecovacs Robotics Co Ltd                        | CUSIP: 000000000<br>LEI: 836800LJ92X4OLLS2612 | Long             | EC               | CORP              | CN        |     10300 | NS      | $118916.17    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Aditya Birla Capital Ltd       | Aditya Birla Capital Ltd                       | CUSIP: 000000000<br>LEI: 5299009K0PUXVSIRL787 | Long             | EC               | CORP              | IN        |     21407 | NS      | $85195.09     | 0.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Al Rajhi Bank                  | Al Rajhi Bank                                  | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |      8060 | NS      | $209515.30    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco BTG Pactual SA           | Banco BTG Pactual SA                           | CUSIP: 000000000<br>LEI: ZXLTQRYIK6IJH3R0IK66 | Long             | EC               | CORP              | BR        |      6500 | NS      | $62369.63     | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Dixon Technologies India Ltd   | Dixon Technologies India Ltd                   | CUSIP: 000000000<br>LEI: 335800D7XO7AVXXJ8575 | Long             | EC               | CORP              | IN        |       604 | NS      | $81326.84     | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Daiichi Sankyo Co Ltd          | Daiichi Sankyo Co Ltd                          | CUSIP: 000000000<br>LEI: 353800XGIU2IHQGC9504 | Long             | EC               | CORP              | JP        |      5100 | NS      | $109006.64    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino-Platinum Metals Co Ltd    | Sino-Platinum Metals Co Ltd                    | CUSIP: 000000000<br>LEI: 655600IW42EN0UNKYG13 | Long             | EC               | CORP              | CN        |     46600 | NS      | $124099.51    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Capitec Bank Holdings Ltd      | Capitec Bank Holdings Ltd                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |       230 | NS      | $57719.44     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| DUN'AN ENVIRONMENTAL           | Zhejiang Dun'An Artificial Environment Co Ltd  | CUSIP: 000000000<br>LEI: 300300NLOQ6Y5Y7CDD90 | Long             | EC               | CORP              | CN        |     41300 | NS      | $74938.86     | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| WAAREE Energies Ltd            | WAAREE Energies Ltd                            | CUSIP: 000000000<br>LEI: 335800TCF9YCJG3VRZ10 | Long             | EC               | CORP              | IN        |      3597 | NS      | $118784.23    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Banque Saudi Fransi            | Banque Saudi Fransi                            | CUSIP: 000000000<br>LEI: 558600N07EDF4ATYR106 | Long             | EC               | CORP              | SA        |     17190 | NS      | $77086.43     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| QHSLI                          | Qinghai Salt Lake Industry Co Ltd              | CUSIP: 000000000<br>LEI: 300300Q8WSV1OODU9092 | Long             | EC               | CORP              | CN        |     27400 | NS      | $110413.20    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| AURAS Technology Co Ltd        | AURAS Technology Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |      3000 | NS      | $96433.86     | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Central Asia Tbk PT       | Bank Central Asia Tbk PT                       | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    225100 | NS      | $109006.45    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Saudi Arabian Mining Co        | Saudi Arabian Mining Co                        | CUSIP: 000000000<br>LEI: 254900R4HAVLB4GY9713 | Long             | EC               | CORP              | SA        |      5818 | NS      | $94541.72     | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Geely Automobile Holdings Ltd  | Geely Automobile Holdings Ltd                  | CUSIP: 000000000<br>LEI: 549300YS3T1KVQ2SNI84 | Long             | EC               | CORP              | HK        |     35000 | NS      | $80499.06     | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Inter & Co Inc                 | Inter & Co Inc                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      9258 | NS      | $78507.84     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Banque Centrale Populaire      | Banque Centrale Populaire                      | CUSIP: 000000000<br>LEI: 54930083GPEJRQSDDR70 | Long             | EC               | CORP              | MA        |      2162 | NS      | $68777.97     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Paint Holdings Co Ltd   | Nippon Paint Holdings Co Ltd                   | CUSIP: 000000000<br>LEI: 529900RYRJUN78A7PL87 | Long             | EC               | CORP              | JP        |      8300 | NS      | $55504.66     | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsung Electronics Co Ltd     | Samsung Electronics Co Ltd                     | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |      5408 | NS      | $450119.19    | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Suzlon Energy Ltd              | Suzlon Energy Ltd                              | CUSIP: 000000000<br>LEI: 724500ZW9AZP283ZN723 | Long             | EC               | CORP              | IN        |    181262 | NS      | $106220.89    | 0.69%             |  |  |  | No            |                  1 | 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