# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0000940400-26-008448
**Filing Date:** 2026-2
**Character Count:** 185703
**Document Hash:** 602f18a3291a6c3d2d73e8e8cfa2df82
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-008448.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000940400-26-008448

**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:** 26684520

**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 Global Allocation Fund (Series ID: S000025374)

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

## Nport-Ex

**VIRTUS Global Allocation 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—2.8%** | **Convertible Bonds and Notes—2.8%** | **Convertible Bonds and Notes—2.8%** |
| **Auto Manufacturers—0.1%** | **Auto Manufacturers—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. <br>4.625%, 3/15/29<br>| $52 | &nbsp;&nbsp; $65 |
| **Biotechnology—0.1%** | **Biotechnology—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, <br> Inc. <br>1.000%, 9/15/27<br>| 36 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. <br>1.000%, 8/15/28<br>| 65 | &nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc. <br>2.125%, 3/15/28<br>| 40 | &nbsp;&nbsp; 41 |
|  |  | &nbsp;&nbsp; 180 |
| **Commercial Services—0.1%** | **Commercial Services—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. <br>0.750%, 12/15/29<br>| 36 | &nbsp;&nbsp; 40 |
| Alarm.com Holdings, 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%, 1/15/26<sup>(1)</sup> <br>| 41 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 6/1/29 | 46 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Stride, Inc. <br>1.125%, 9/1/27<br>| 27 | &nbsp;&nbsp; 37 |
|  |  | &nbsp;&nbsp; 161 |
| **Computers—0.4%** | **Computers—0.4%** |  |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc. <br>1.500%, 12/15/29<br>| 38 | &nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Okta, Inc. <br>0.375%, 6/15/26<br>| 47 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; Rubrik, Inc. 144A <br>0.000%, 6/15/30<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Seagate HDD Cayman <br>3.500%, 6/1/28<br>| 35 | &nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Inc. <br>1.000%, 9/15/29<br>| 47 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. <br>3.000%, 11/15/28<br>| 30 | &nbsp;&nbsp; 137 |
|  |  | &nbsp;&nbsp; 594 |
| **Electric Utilities—0.2%** | **Electric Utilities—0.2%** |  |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. <br> 144A <br>3.000%, 8/1/28<sup>(2)</sup> <br>| 69 | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. <br>4.500%, 12/15/27<br>| 77 | &nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; NextEra Energy Capital <br> Holdings, Inc. <br>3.000%, 3/1/27<br>| 44 | &nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. <br>2.500%, 7/15/27<br>| 51 | &nbsp;&nbsp; 68 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. <br>4.250%, 12/1/27<br>| 31 | &nbsp;&nbsp; 32 |
|  |  | &nbsp;&nbsp; 318 |
| **Electronics—0.1%** | **Electronics—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, <br> Inc. <br>2.500%, 9/15/28<br>| 47 | &nbsp;&nbsp; 77 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electronics—continued** | **Electronics—continued** |  |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc. <br>2.250%, 8/1/29<br>| $54 | &nbsp;&nbsp; $80 |
|  |  | &nbsp;&nbsp; 157 |
| **Engineering & Construction—0.1%** | **Engineering & Construction—0.1%** |  |
| Granite Construction, 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>3.750%, 5/15/28 | 25 | &nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>3.250%, 6/15/30 | 38 | &nbsp;&nbsp; 61 |
|  |  | &nbsp;&nbsp; 124 |
| **Entertainment—0.0%** | **Entertainment—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, <br> Inc. <br>2.875%, 1/15/30<br>| 44 | &nbsp;&nbsp; 46 |
| **Financial Services—0.2%** | **Financial Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. <br>0.250%, 4/1/30<br>| 42 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. <br>4.000%, 3/15/29<br>| 42 | &nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc. 144A <br>3.750%, 12/15/29<sup>(2)</sup> <br>| 52 | &nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc. 144A <br>1.250%, 3/15/29<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc. <br>2.000%, 10/1/29<br>| 25 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. <br>3.250%, 8/15/29<br>| 57 | &nbsp;&nbsp; 68 |
|  |  | &nbsp;&nbsp; 348 |
| **Health Care REITs—0.1%** | **Health Care REITs—0.1%** |  |
| Welltower OP LLC |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 2.750%, 5/15/28<sup>(2)</sup> <br>| 51 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 3.125%, 7/15/29<sup>(2)</sup> <br>| 30 | &nbsp;&nbsp; 45 |
|  |  | &nbsp;&nbsp; 145 |
| **Healthcare-Products—0.2%** | **Healthcare-Products—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. <br> 144A <br>0.750%, 3/15/30<sup>(2)</sup> <br>| 15 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; CONMED Corp. <br>2.250%, 6/15/27<br>| 50 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Enovis Corp. <br>3.875%, 10/15/28<br>| 50 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp. <br>1.750%, 8/15/28<br>| 43 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc. <br>1.250%, 2/15/31<br>| 31 | &nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. <br>1.500%, 9/1/29<br>| 41 | &nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; LivaNova plc <br>2.500%, 3/15/29<br>| 37 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Inc. 144A <br>0.750%, 7/15/30<sup>(2)</sup> <br>| 29 | &nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp; 348 |
| **Home Builders—0.0%** | **Home Builders—0.0%** |  |
| &nbsp;&nbsp;&nbsp; LCI Industries 144A <br>3.000%, 3/1/30<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 47 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Internet—0.1%** | **Internet—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <br>0.875%, 12/1/28<br>| $20 | &nbsp;&nbsp; $26 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. <br>3.500%, 11/15/28<br>| 19 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc. 144A <br>3.625%, 3/1/28<sup>(2)</sup> <br>| 40 | &nbsp;&nbsp; 39 |
|  |  | &nbsp;&nbsp; 109 |
| **Investment Companies—0.0%** | **Investment Companies—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc. 144A <br>3.000%, 9/1/29<sup>(2)</sup> <br>| 25 | &nbsp;&nbsp; 39 |
| **Leisure Time—0.1%** | **Leisure Time—0.1%** |  |
| &nbsp;&nbsp;&nbsp; NCL Corp., Ltd. 144A <br>0.875%, 4/15/30<sup>(2)</sup> <br>| 45 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. <br>5.500%, 12/1/29<br>| 30 | &nbsp;&nbsp; 50 |
|  |  | &nbsp;&nbsp; 100 |
| **Machinery-Construction &** <br> **Mining—0.1%** | **Machinery-Construction &** <br> **Mining—0.1%** |  |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. <br> 144A <br>0.000%, 11/1/30<sup>(1)(2)</sup> <br>| 64 | &nbsp;&nbsp; 61 |
| **Media—0.0%** | **Media—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Sphere Entertainment Co. <br>3.500%, 12/1/28<br>| 20 | &nbsp;&nbsp; 55 |
| **Mining—0.1%** | **Mining—0.1%** |  |
| &nbsp;&nbsp;&nbsp; B2Gold Corp. 144A <br>2.750%, 2/1/30<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 88 |
| Centrus Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 11/1/30 | 12 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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%, 8/15/32<sup>(2)</sup> <br>| 10 | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp. 144A <br>3.000%, 3/1/30<sup>(2)</sup> <br>| 8 | &nbsp;&nbsp; 20 |
|  |  | &nbsp;&nbsp; 153 |
| **Miscellaneous Manufacturing—0.0%** | **Miscellaneous Manufacturing—0.0%** |  |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. 144A <br>0.375%, 9/15/30<sup>(2)</sup> <br>| 34 | &nbsp;&nbsp; 35 |
| **Mortgage Real Estate Investment Trusts** <br> **(REITs)—0.0%** | **Mortgage Real Estate Investment Trusts** <br> **(REITs)—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, <br> Inc. <br>6.750%, 7/15/27<br>| 32 | &nbsp;&nbsp; 33 |
| **Oil, Gas & Consumable Fuels—0.1%** | **Oil, Gas & Consumable Fuels—0.1%** |  |
| &nbsp;&nbsp;&nbsp; UGI Corp. <br>5.000%, 6/1/28<br>| 40 | &nbsp;&nbsp; 57 |
| **Pharmaceuticals—0.1%** | **Pharmaceuticals—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S <br>2.250%, 4/1/28<br>| 32 | &nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Herbalife Ltd. <br>4.250%, 6/15/28<br>| 47 | &nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc. <br>4.000%, 5/1/29<br>| 18 | &nbsp;&nbsp; 47 |

---

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Pharmaceuticals—continued** | **Pharmaceuticals—continued** |  |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc. <br>2.125%, 5/15/29<br>| $44 | &nbsp;&nbsp; $44 |
|  |  | &nbsp;&nbsp; 187 |
| **Retail—0.1%** | **Retail—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. <br>1.250%, 12/15/27<br>| 16 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; GameStop Corp. 144A <br>0.000%, 6/15/32<sup>(2)</sup> <br>| 37 | &nbsp;&nbsp; 36 |
|  |  | &nbsp;&nbsp; 60 |
| **Semiconductors—0.1%** | **Semiconductors—0.1%** |  |
| &nbsp;&nbsp;&nbsp; MACOM Technology <br> Solutions Holdings, Inc. <br> 144A <br>0.000%, 12/15/29<sup>(2)</sup> <br>| 48 | &nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. <br>1.250%, 6/1/30<br>| 59 | &nbsp;&nbsp; 75 |
|  |  | &nbsp;&nbsp; 133 |
| **Software—0.3%** | **Software—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. <br> 144A <br>0.250%, 5/15/33<sup>(2)</sup> <br>| 55 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc. <br>4.250%, 11/15/29<br>| 32 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Bandwidth, Inc. <br>0.500%, 4/1/28<br>| 58 | &nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; BlackLine, Inc. <br>1.000%, 6/1/29<br>| 70 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. 144A <br>1.750%, 12/1/31<sup>(2)</sup> <br>| 22 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc. <br>0.250%, 3/15/26<br>| 41 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc. <br>1.250%, 11/1/29<br>| 31 | &nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Progress Software Corp. <br>3.500%, 3/1/30<br>| 47 | &nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. <br>0.000%, 3/15/26<sup>(1)</sup> <br>| 42 | &nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. <br>0.000%, 10/1/29<br>| 20 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Strategy, Inc. <br>0.625%, 3/15/30<br>| 23 | &nbsp;&nbsp; 29 |
|  |  | &nbsp;&nbsp; 478 |
| **Telecommunications—0.1%** | **Telecommunications—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. 144A <br>0.625%, 3/1/31<sup>(2)</sup> <br>| 43 | &nbsp;&nbsp; 62 |
| **Transportation—0.0%** | **Transportation—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) <br>2.875%, 4/15/28<br>| 46 | &nbsp;&nbsp; 49 |
| **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $3,597)** | **Total Convertible Bonds and** <br> **Notes** <br>**(Identified Cost $3,597)** | &nbsp;&nbsp; **4144** |

---

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** | **Convertible Preferred Stocks—0.3%** |
| **Aerospace & Defense—0.1%** | **Aerospace & Defense—0.1%** |  |
| Boeing Co. (The), 6.000% | 1150 | &nbsp;&nbsp; $80 |
| **Banks—0.1%** | **Banks—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. <br> Series L, 7.250%<br>| 22 | &nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. Series <br> L, 7.500%<br>| 66 | &nbsp;&nbsp; 80 |
|  |  | &nbsp;&nbsp; 108 |
| **Capital Markets—0.1%** | **Capital Markets—0.1%** |  |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. <br> Series B, 6.750%<br>| 850 | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; KKR & Co., Inc. Series D, <br> 6.250%<br>| 850 | &nbsp;&nbsp; 44 |
|  |  | &nbsp;&nbsp; 87 |
| **Financial Services—0.0%** | **Financial Services—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Apollo Global <br> Management, Inc., <br> 6.750%<br>| 600 | &nbsp;&nbsp; 45 |
| **Healthcare Providers &** <br> **Services—0.0%** | **Healthcare Providers &** <br> **Services—0.0%** |  |
| &nbsp;&nbsp;&nbsp; BrightSpring Health <br> Services, Inc., 6.750%<br>| 200 | &nbsp;&nbsp; 25 |
| **Software—0.0%** | **Software—0.0%** |  |
| Strategy, Inc., 8.000% | 400 | &nbsp;&nbsp; 32 |
| **Specialized REITs—0.0%** | **Specialized REITs—0.0%** |  |
| &nbsp;&nbsp;&nbsp; EPR Properties Series C, <br> 5.750%<br>| 1857 | &nbsp;&nbsp; 41 |
| **Technology Hardware, Storage &** <br> **Peripherals—0.0%** | **Technology Hardware, Storage &** <br> **Peripherals—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Hewlett Packard <br> Enterprise Co., 7.625%<br>| 800 | &nbsp;&nbsp; 53 |
| **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $472)** | **Total Convertible Preferred** <br> **Stocks** <br>**(Identified Cost $472)** | &nbsp;&nbsp; **471** |
| **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** | **Preferred Stocks—0.3%** |
| **Banks—0.3%** | **Banks—0.3%** |  |
| Grupo Cibest S.A., 7.160% | 21925 | &nbsp;&nbsp; 347 |
| **Water Utilities—0.0%** | **Water Utilities—0.0%** |  |
| Cia De Sanena Do Parana | 22400 | &nbsp;&nbsp; 32 |
| **Total Preferred Stocks** <br>**(Identified Cost $322)** | **Total Preferred Stocks** <br>**(Identified Cost $322)** | &nbsp;&nbsp; **379** |
| **Common Stocks—19.9%** | **Common Stocks—19.9%** | **Common Stocks—19.9%** |
| **Aerospace & Defense—0.0%** | **Aerospace & Defense—0.0%** |  |
| HEICO Corp. | 100 | &nbsp;&nbsp; 32 |
| **Automobiles—1.0%** | **Automobiles—1.0%** |  |
| &nbsp;&nbsp;&nbsp; Brilliance China <br> Automotive Holdings <br> Ltd.<br>| 98000 | &nbsp;&nbsp; 51 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Automobiles—continued** | **Automobiles—continued** |  |
| Ford Motor Co. | 35270 | &nbsp;&nbsp; $463 |
| Hero MotoCorp Ltd. | 2082 | &nbsp;&nbsp; 134 |
| Kia Corp. | 5070 | &nbsp;&nbsp; 428 |
| Subaru Corp. | 15500 | &nbsp;&nbsp; 336 |
| Tesla, Inc.<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 9 |
|  |  | &nbsp;&nbsp; 1421 |
| **Banks—3.5%** | **Banks—3.5%** |  |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Commercial <br> Bank PJSC<br>| 28827 | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; Agricultural Bank of China <br> Ltd. Class H<br>| 241000 | &nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Banca Monte dei Paschi di <br> Siena SpA<br>| 49895 | &nbsp;&nbsp; 535 |
| Banco BPM SpA | 11731 | &nbsp;&nbsp; 179 |
| Banco de Sabadell S.A. | 109740 | &nbsp;&nbsp; 434 |
| Bank Hapoalim BM | 1350 | &nbsp;&nbsp; 31 |
| Bank Leumi Le-Israel BM | 450 | &nbsp;&nbsp; 10 |
| Bank of China Ltd. Class H | 64000 | &nbsp;&nbsp; 37 |
| Bank of Nova Scotia (The) | 600 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Bank Polska Kasa Opieki <br> S.A.<br>| 2913 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; BOC Hong Kong Holdings <br> Ltd.<br>| 24000 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, <br> Inc.<br>| 7264 | &nbsp;&nbsp; 424 |
| Credit Agricole S.A. | 5267 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; CTBC Financial Holding <br> Co., Ltd.<br>| 38000 | &nbsp;&nbsp; 61 |
| DNB Bank ASA | 6342 | &nbsp;&nbsp; 177 |
| Dubai Islamic Bank PJSC | 64149 | &nbsp;&nbsp; 162 |
| &nbsp;&nbsp;&nbsp; E.Sun Financial Holding <br> Co., Ltd.<br>| 27332 | &nbsp;&nbsp; 29 |
| Emirates NBD Bank PJSC | 28500 | &nbsp;&nbsp; 216 |
| Erste Group Bank AG | 2631 | &nbsp;&nbsp; 318 |
| First Abu Dhabi Bank PJSC | 8591 | &nbsp;&nbsp; 41 |
| Grupo Cibest S.A. ADR | 2747 | &nbsp;&nbsp; 175 |
| Hana Financial Group, Inc. | 2841 | &nbsp;&nbsp; 186 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, <br> Inc.<br>| 8294 | &nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; Industrial & Commercial <br> Bank of China Ltd. <br> Class H<br>| 142000 | &nbsp;&nbsp; 115 |
| Intesa Sanpaolo SpA | 29597 | &nbsp;&nbsp; 206 |
| JPMorgan Chase & Co. | 164 | &nbsp;&nbsp; 53 |
| NatWest Group plc | 18992 | &nbsp;&nbsp; 167 |
| Piraeus Bank S.A.<sup>(3)</sup> <br>| 7776 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services <br> Group, Inc. (The)<br>| 620 | &nbsp;&nbsp; 129 |
| Regions Financial Corp. | 15824 | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp; Santander Bank Polska <br> S.A.<br>| 151 | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; SinoPac Financial <br> Holdings Co., Ltd.<br>| 45361 | &nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br> (The)<br>| 425 | &nbsp;&nbsp; 40 |
|  |  | &nbsp;&nbsp; 5156 |
| **Beverages—0.0%** | **Beverages—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Sino Grandness Food <br> Industry Group Ltd.<sup>(3)(4)</sup> <br>| 77400 | &nbsp;&nbsp; — |

---

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Broadline Retail—0.2%** | **Broadline Retail—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding <br> Ltd.<br>| 4000 | &nbsp;&nbsp; $73 |
| Amazon.com, Inc.<sup>(3)</sup> <br>| 264 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Vipshop Holdings Ltd. <br> ADR<br>| 6615 | &nbsp;&nbsp; 117 |
|  |  | &nbsp;&nbsp; 251 |
| **Capital Markets—0.8%** | **Capital Markets—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon <br> Corp. (The)<br>| 1409 | &nbsp;&nbsp; 164 |
| Moody's Corp. | 53 | &nbsp;&nbsp; 27 |
| Morgan Stanley | 1727 | &nbsp;&nbsp; 307 |
| Nomura Holdings, Inc. | 19200 | &nbsp;&nbsp; 159 |
| S&P Global, Inc. | 56 | &nbsp;&nbsp; 29 |
| Singapore Exchange Ltd. | 1600 | &nbsp;&nbsp; 21 |
| State Street Corp. | 2139 | &nbsp;&nbsp; 276 |
| T. Rowe Price Group, Inc. | 1812 | &nbsp;&nbsp; 186 |
|  |  | &nbsp;&nbsp; 1169 |
| **Chemicals—0.3%** | **Chemicals—0.3%** |  |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, <br> Inc.<br>| 160 | &nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries <br> N.V. Class A<br>| 8103 | &nbsp;&nbsp; 351 |
|  |  | &nbsp;&nbsp; 363 |
| **Commercial Services &** <br> **Supplies—0.0%** | **Commercial Services &** <br> **Supplies—0.0%** |  |
| Cintas Corp. | 147 | &nbsp;&nbsp; 28 |
| Veralto Corp. | 241 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 52 |
| **Communications Equipment—0.1%** | **Communications Equipment—0.1%** |  |
| Accton Technology Corp. | 3000 | &nbsp;&nbsp; 113 |
| Arista Networks, Inc.<sup>(3)</sup> <br>| 150 | &nbsp;&nbsp; 20 |
|  |  | &nbsp;&nbsp; 133 |
| **Construction & Engineering—0.0%** | **Construction & Engineering—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, <br> Inc.<br>| 11 | &nbsp;&nbsp; 10 |
| EMCOR Group, Inc. | 51 | &nbsp;&nbsp; 31 |
|  |  | &nbsp;&nbsp; 41 |
| **Consumer Finance—0.1%** | **Consumer Finance—0.1%** |  |
| Muthoot Finance Ltd. | 3199 | &nbsp;&nbsp; 136 |
| Qfin Holdings, Inc. ADR | 1154 | &nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp; 158 |
| **Consumer Staples Distribution &** <br> **Retail—0.0%** | **Consumer Staples Distribution &** <br> **Retail—0.0%** |  |
| Costco Wholesale Corp. | 7 | &nbsp;&nbsp; 6 |
| **Diversified REITs—0.3%** | **Diversified REITs—0.3%** |  |
| &nbsp;&nbsp;&nbsp; CapitaLand Integrated <br> Commercial Trust<br>| 51200 | &nbsp;&nbsp; 95 |
| WP Carey, Inc. | 6080 | &nbsp;&nbsp; 392 |
|  |  | &nbsp;&nbsp; 487 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Diversified Telecommunication** <br> **Services—0.6%** | **Diversified Telecommunication** <br> **Services—0.6%** |  |
| LG Uplus Corp. | 1565 | &nbsp;&nbsp; $16 |
| Telefonica Brasil S.A. | 13100 | &nbsp;&nbsp; 79 |
| Telenor ASA | 19065 | &nbsp;&nbsp; 277 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, <br> Inc.<br>| 10915 | &nbsp;&nbsp; 445 |
|  |  | &nbsp;&nbsp; 817 |
| **Electric Utilities—0.9%** | **Electric Utilities—0.9%** |  |
| Axia Energia | 3200 | &nbsp;&nbsp; 30 |
| CPFL Energia S.A. | 8400 | &nbsp;&nbsp; 82 |
| Edison International | 7483 | &nbsp;&nbsp; 449 |
| Endesa S.A. | 7525 | &nbsp;&nbsp; 271 |
| Enel SpA | 42976 | &nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; Terna - Rete Elettrica <br> Nazionale<br>| 2486 | &nbsp;&nbsp; 26 |
|  |  | &nbsp;&nbsp; 1306 |
| **Electrical Equipment—0.0%** | **Electrical Equipment—0.0%** |  |
| &nbsp;&nbsp;&nbsp; ABB Ltd. Registered <br> Shares<br>| 100 | &nbsp;&nbsp; 7 |
| Polycab India Ltd. | 230 | &nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Vertiv Holdings Co. <br> Class A<br>| 71 | &nbsp;&nbsp; 12 |
|  |  | &nbsp;&nbsp; 38 |
| **Electronic Equipment, Instruments &** <br> **Components—0.2%** | **Electronic Equipment, Instruments &** <br> **Components—0.2%** |  |
| Delta Electronics, Inc. | 5000 | &nbsp;&nbsp; 153 |
| Halma plc | 500 | &nbsp;&nbsp; 24 |
| Jabil, Inc. | 140 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, <br> Inc.<sup>(3)</sup> <br>| 85 | &nbsp;&nbsp; 17 |
| LG Display Co. Ltd.<sup>(3)</sup> <br>| 2544 | &nbsp;&nbsp; 21 |
| TE Connectivity plc | 133 | &nbsp;&nbsp; 30 |
|  |  | &nbsp;&nbsp; 277 |
| **Entertainment—0.0%** | **Entertainment—0.0%** |  |
| NetEase, Inc. | 800 | &nbsp;&nbsp; 22 |
| **Food Products—0.4%** | **Food Products—0.4%** |  |
| AVI Ltd. | 13294 | &nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; MBRF Global Foods Co. <br> S.A.<br>| 24463 | &nbsp;&nbsp; 89 |
| WH Group Ltd. | 348000 | &nbsp;&nbsp; 388 |
|  |  | &nbsp;&nbsp; 562 |
| **Gas Utilities—0.4%** | **Gas Utilities—0.4%** |  |
| APA Group | 57000 | &nbsp;&nbsp; 341 |
| Atmos Energy Corp. | 125 | &nbsp;&nbsp; 21 |
| Osaka Gas Co., Ltd. | 4200 | &nbsp;&nbsp; 145 |
| &nbsp;&nbsp;&nbsp; Perusahaan Gas Negara <br> Tbk PT<br>| 530200 | &nbsp;&nbsp; 61 |
| Tokyo Gas Co. Ltd. | 500 | &nbsp;&nbsp; 20 |
|  |  | &nbsp;&nbsp; 588 |
| **Health Care REITs—0.2%** | **Health Care REITs—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate <br> Equities, Inc.<br>| 6196 | &nbsp;&nbsp; 303 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare Equipment &** <br> **Supplies—0.0%** | **Healthcare Equipment &** <br> **Supplies—0.0%** |  |
| IDEXX Laboratories, Inc.<sup>(3)</sup> <br>| 41 | &nbsp;&nbsp; $28 |
| Insulet Corp.<sup>(3)</sup> <br>| 51 | &nbsp;&nbsp; 15 |
| ResMed, Inc. | 31 | &nbsp;&nbsp; 7 |
|  |  | &nbsp;&nbsp; 50 |
| **Healthcare Providers &** <br> **Services—0.0%** | **Healthcare Providers &** <br> **Services—0.0%** |  |
| HCA Healthcare, Inc. | 32 | &nbsp;&nbsp; 15 |
| Labcorp Holdings, Inc. | 95 | &nbsp;&nbsp; 24 |
|  |  | &nbsp;&nbsp; 39 |
| **Healthcare Technology—0.0%** | **Healthcare Technology—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. <br> Class A<sup>(3)</sup> <br>| 47 | &nbsp;&nbsp; 11 |
| **Hotels, Restaurants & Leisure—0.1%** | **Hotels, Restaurants & Leisure—0.1%** |  |
| OPAP S.A. | 5986 | &nbsp;&nbsp; 134 |
| **Industrial Conglomerates—0.1%** | **Industrial Conglomerates—0.1%** |  |
| CITIC Ltd. | 98000 | &nbsp;&nbsp; 152 |
| General Electric Co. | 139 | &nbsp;&nbsp; 43 |
|  |  | &nbsp;&nbsp; 195 |
| **Insurance—2.1%** | **Insurance—2.1%** |  |
| Aflac, Inc. | 70 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; American International <br> Group, Inc.<br>| 175 | &nbsp;&nbsp; 15 |
| Aviva plc | 26212 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; Caixa Seguridade <br> Participacoes S.A.<br>| 141500 | &nbsp;&nbsp; 429 |
| &nbsp;&nbsp;&nbsp; China Pacific Insurance <br> Group Co., Ltd. Class H<br>| 7200 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; New China Life Insurance <br> Co., Ltd. Class H<br>| 23700 | &nbsp;&nbsp; 165 |
| NN Group N.V. | 420 | &nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; People's Insurance Co. <br> Group of China Ltd. <br> (The) Class H<br>| 70000 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Phoenix Group Holdings <br> plc<br>| 48449 | &nbsp;&nbsp; 481 |
| &nbsp;&nbsp;&nbsp; Powszechny Zaklad <br> Ubezpieczen S.A.<br>| 25921 | &nbsp;&nbsp; 482 |
| Progressive Corp. (The) | 1290 | &nbsp;&nbsp; 294 |
| Prudential Financial, Inc. | 4099 | &nbsp;&nbsp; 463 |
| QBE Insurance Group Ltd. | 11819 | &nbsp;&nbsp; 157 |
| Sampo Oyj Class A | 8633 | &nbsp;&nbsp; 105 |
| Sanlam Ltd. | 24879 | &nbsp;&nbsp; 148 |
| Willis Towers Watson plc | 25 | &nbsp;&nbsp; 8 |
|  |  | &nbsp;&nbsp; 3122 |
| **Interactive Media & Services—0.4%** | **Interactive Media & Services—0.4%** |  |
| Alphabet, Inc. Class A | 768 | &nbsp;&nbsp; 240 |
| Alphabet, Inc. Class C | 578 | &nbsp;&nbsp; 181 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. <br> Class A<br>| 31 | &nbsp;&nbsp; 21 |
| Tencent Holdings Ltd. | 2600 | &nbsp;&nbsp; 200 |
|  |  | &nbsp;&nbsp; 642 |
| **IT Services—0.0%** | **IT Services—0.0%** |  |
| TIS, Inc. | 600 | &nbsp;&nbsp; 20 |

---

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Life Sciences Tools &** <br> **Services—0.0%** | **Life Sciences Tools &** <br> **Services—0.0%** |  |
| &nbsp;&nbsp;&nbsp; WuXi AppTec Co., Ltd. <br> Class A<br>| 3400 | &nbsp;&nbsp; $44 |
| **Machinery—0.2%** | **Machinery—0.2%** |  |
| Ashok Leyland Ltd. | 31137 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; HD Korea Shipbuilding & <br> Offshore Engineering <br> Co., Ltd.<br>| 239 | &nbsp;&nbsp; 68 |
| Nordson Corp. | 30 | &nbsp;&nbsp; 7 |
| Sinotruk Hong Kong Ltd. | 26000 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Yutong Bus Co., Ltd. <br> Class A<br>| 23700 | &nbsp;&nbsp; 111 |
|  |  | &nbsp;&nbsp; 340 |
| **Marine Transportation—0.7%** | **Marine Transportation—0.7%** |  |
| &nbsp;&nbsp;&nbsp; AP Moller - Maersk A/S <br> Class A<br>| 114 | &nbsp;&nbsp; 262 |
| &nbsp;&nbsp;&nbsp; Evergreen Marine Corp. <br> Taiwan Ltd.<br>| 26000 | &nbsp;&nbsp; 157 |
| &nbsp;&nbsp;&nbsp; Orient Overseas <br> International Ltd.<br>| 5500 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; SITC International <br> Holdings Co., Ltd.<br>| 122000 | &nbsp;&nbsp; 437 |
|  |  | &nbsp;&nbsp; 945 |
| **Metals & Mining—1.1%** | **Metals & Mining—1.1%** |  |
| Aneka Tambang Tbk | 322200 | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; China Hongqiao Group <br> Ltd.<br>| 35500 | &nbsp;&nbsp; 149 |
| CMOC Group Ltd. Class H | 12000 | &nbsp;&nbsp; 30 |
| Fortescue Ltd. | 15581 | &nbsp;&nbsp; 229 |
| Kinross Gold Corp. | 1116 | &nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; National Aluminium Co., <br> Ltd.<br>| 38566 | &nbsp;&nbsp; 135 |
| Newmont Corp. | 100 | &nbsp;&nbsp; 10 |
| Southern Copper Corp. | 201 | &nbsp;&nbsp; 29 |
| Vale S.A. | 33000 | &nbsp;&nbsp; 433 |
| &nbsp;&nbsp;&nbsp; Vale S.A. Class B <br> Sponsored ADR<br>| 16322 | &nbsp;&nbsp; 213 |
| Vedanta Ltd. | 25583 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals <br> Corp.<br>| 99 | &nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Zijin Mining Group Co., <br> Ltd. Class A<br>| 4300 | &nbsp;&nbsp; 21 |
|  |  | &nbsp;&nbsp; 1524 |
| **Mortgage Real Estate Investment** <br> **Trusts (REITs)—0.3%** | **Mortgage Real Estate Investment** <br> **Trusts (REITs)—0.3%** |  |
| &nbsp;&nbsp;&nbsp; Annaly Capital <br> Management, Inc.<br>| 20037 | &nbsp;&nbsp; 448 |
| **Multi-Utilities—0.2%** | **Multi-Utilities—0.2%** |  |
| Dominion Energy, Inc. | 3495 | &nbsp;&nbsp; 205 |
| Engie S.A. | 4221 | &nbsp;&nbsp; 111 |
| NiSource, Inc. | 135 | &nbsp;&nbsp; 6 |
|  |  | &nbsp;&nbsp; 322 |
| **Oil, Gas & Consumable Fuels—0.8%** | **Oil, Gas & Consumable Fuels—0.8%** |  |
| &nbsp;&nbsp;&nbsp; Bharat Petroleum Corp., <br> Ltd.<br>| 29844 | &nbsp;&nbsp; 127 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Oil, Gas & Consumable** <br> **Fuels—continued** | **Oil, Gas & Consumable** <br> **Fuels—continued** |  |
| Inpex Corp. | 1500 | &nbsp;&nbsp; $30 |
| Marathon Petroleum Corp. | 63 | &nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; PetroChina Co., Ltd. <br> Class H<br>| 182000 | &nbsp;&nbsp; 196 |
| Repsol S.A. | 22500 | &nbsp;&nbsp; 421 |
| Targa Resources Corp. | 129 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp; Turkiye Petrol Rafinerileri <br> AS<br>| 77655 | &nbsp;&nbsp; 334 |
|  |  | &nbsp;&nbsp; 1142 |
| **Passenger Airlines—0.1%** | **Passenger Airlines—0.1%** |  |
| Eva Airways Corp. | 52000 | &nbsp;&nbsp; 61 |
| **Pharmaceuticals—0.9%** | **Pharmaceuticals—0.9%** |  |
| Bristol-Myers Squibb Co. | 9676 | &nbsp;&nbsp; 522 |
| Eli Lilly & Co. | 20 | &nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Novartis AG Registered <br> Shares<br>| 1892 | &nbsp;&nbsp; 262 |
| Pfizer, Inc. | 17778 | &nbsp;&nbsp; 443 |
|  |  | &nbsp;&nbsp; 1248 |
| **Real Estate Management &** <br> **Development—0.1%** | **Real Estate Management &** <br> **Development—0.1%** |  |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. <br> Class A<sup>(3)</sup> <br>| 65 | &nbsp;&nbsp; 11 |
| Emaar Development PJSC | 20210 | &nbsp;&nbsp; 83 |
| Emaar Properties PJSC | 27169 | &nbsp;&nbsp; 104 |
|  |  | &nbsp;&nbsp; 198 |
| **Retail REITs—0.2%** | **Retail REITs—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Simon Property Group, <br> Inc.<br>| 1117 | &nbsp;&nbsp; 207 |
| **Semiconductors & Semiconductor** <br> **Equipment—1.3%** | **Semiconductors & Semiconductor** <br> **Equipment—1.3%** |  |
| Broadcom, Inc. | 132 | &nbsp;&nbsp; 46 |
| KLA Corp. | 36 | &nbsp;&nbsp; 44 |
| Lam Research Corp. | 264 | &nbsp;&nbsp; 45 |
| NVIDIA Corp. | 2224 | &nbsp;&nbsp; 415 |
| QUALCOMM, Inc. | 61 | &nbsp;&nbsp; 10 |
| SK hynix, Inc. | 497 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor <br> Manufacturing Co., Ltd.<br>| 21000 | &nbsp;&nbsp; 1036 |
|  |  | &nbsp;&nbsp; 1820 |
| **Software—0.3%** | **Software—0.3%** |  |
| Adobe, Inc.<sup>(3)</sup> <br>| 55 | &nbsp;&nbsp; 19 |
| Autodesk, Inc.<sup>(3)</sup> <br>| 38 | &nbsp;&nbsp; 11 |
| Fortinet, Inc.<sup>(3)</sup> <br>| 68 | &nbsp;&nbsp; 5 |
| HubSpot, Inc.<sup>(3)</sup> <br>| 20 | &nbsp;&nbsp; 8 |
| Intuit, Inc. | 10 | &nbsp;&nbsp; 7 |
| Microsoft Corp. | 597 | &nbsp;&nbsp; 289 |
| ServiceNow, Inc.<sup>(3)</sup> <br>| 145 | &nbsp;&nbsp; 22 |
|  |  | &nbsp;&nbsp; 361 |
| **Specialized REITs—0.2%** | **Specialized REITs—0.2%** |  |
| Crown Castle, Inc. | 3375 | &nbsp;&nbsp; 300 |
| **Specialty Retail—0.4%** | **Specialty Retail—0.4%** |  |
| Best Buy Co., Inc. | 5386 | &nbsp;&nbsp; 361 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Specialty Retail—continued** | **Specialty Retail—continued** |  |
| &nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery <br> Group Ltd.<br>| 39000 | &nbsp;&nbsp; $62 |
| Kingfisher plc | 2650 | &nbsp;&nbsp; 11 |
| Lojas Renner S.A. | 21000 | &nbsp;&nbsp; 52 |
| Ross Stores, Inc. | 180 | &nbsp;&nbsp; 33 |
| TJX Cos., Inc. (The) | 230 | &nbsp;&nbsp; 35 |
| Ulta Beauty, Inc.<sup>(3)</sup> <br>| 55 | &nbsp;&nbsp; 33 |
| Williams-Sonoma, Inc. | 114 | &nbsp;&nbsp; 20 |
|  |  | &nbsp;&nbsp; 607 |
| **Technology Hardware, Storage &** <br> **Peripherals—0.3%** | **Technology Hardware, Storage &** <br> **Peripherals—0.3%** |  |
| Apple, Inc. | 1322 | &nbsp;&nbsp; 359 |
| &nbsp;&nbsp;&nbsp; Logitech International S.A. <br> Registered Shares<br>| 55 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Samsung Electronics Co., <br> Ltd.<br>| 869 | &nbsp;&nbsp; 72 |
|  |  | &nbsp;&nbsp; 437 |
| **Textiles, Apparel & Luxury** <br> **Goods—0.0%** | **Textiles, Apparel & Luxury** <br> **Goods—0.0%** |  |
| Deckers Outdoor Corp.<sup>(3)</sup> <br>| 111 | &nbsp;&nbsp; 12 |
| **Tobacco—0.9%** | **Tobacco—0.9%** |  |
| Altria Group, Inc. | 6960 | &nbsp;&nbsp; 401 |
| Japan Tobacco, Inc. | 12400 | &nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, <br> Inc.<br>| 2901 | &nbsp;&nbsp; 465 |
|  |  | &nbsp;&nbsp; 1313 |
| **Water Utilities—0.0%** | **Water Utilities—0.0%** |  |
| &nbsp;&nbsp;&nbsp; Cia de Saneamento de <br> Minas Gerais Copasa <br> MG<br>| 5700 | &nbsp;&nbsp; 46 |
| **Wireless Telecommunication** <br> **Services—0.2%** | **Wireless Telecommunication** <br> **Services—0.2%** |  |
| &nbsp;&nbsp;&nbsp; Advanced Info Service <br> PCL NVDR<br>| 24600 | &nbsp;&nbsp; 244 |
| TIM S.A. | 8600 | &nbsp;&nbsp; 34 |
|  |  | &nbsp;&nbsp; 278 |
| **Total Common Stocks** <br>**(Identified Cost $24,829)** | **Total Common Stocks** <br>**(Identified Cost $24,829)** | &nbsp;&nbsp; **29048** |
| **Affiliated Mutual Funds—47.4%** | **Affiliated Mutual Funds—47.4%** | **Affiliated Mutual Funds—47.4%** |
| &nbsp;&nbsp;&nbsp; Virtus Silvant Focused <br> Growth Fund <br> Class R6<sup>(5)(6)</sup> <br>| 266797 | &nbsp;&nbsp; 23289 |
| &nbsp;&nbsp;&nbsp; Virtus Seix Floating Rate <br> High Income Fund <br> Class R6<sup>(5)(6)</sup> <br>| 789092 | &nbsp;&nbsp; 6044 |
| &nbsp;&nbsp;&nbsp; Virtus Newfleet Core Plus <br> Bond Fund <br> Class R6<sup>(5)(6)</sup> <br>| 2459382 | &nbsp;&nbsp; 25405 |
| &nbsp;&nbsp;&nbsp; Virtus Seix High Yield Fund <br> Class R6<sup>(5)(6)</sup> <br>| 1848202 | &nbsp;&nbsp; 14675 |
| **Total Affiliated Mutual Funds** <br>**(Identified Cost $66,968)** | **Total Affiliated Mutual Funds** <br>**(Identified Cost $66,968)** | &nbsp;&nbsp; **69413** |

---

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Purchased Options—0.1%** | **Purchased Options—0.1%** | **Purchased Options—0.1%** |
| (See open purchased options schedule) | (See open purchased options schedule) |  |
| **Total Purchased Options** <br>**(Premiums paid $80)** | **Total Purchased Options** <br>**(Premiums paid $80)** | &nbsp;&nbsp; **$86** |
| **Equity-Linked Notes—4.1%** | **Equity-Linked Notes—4.1%** | **Equity-Linked Notes—4.1%** |
| **Banks—2.8%** | **Banks—2.8%** |  |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase Bank <br> N.A. <br>0.000%, 1/13/26<sup>(4)</sup> <br>| 78 | &nbsp;&nbsp; 2008 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank <br> (The) <br>46.240%, 1/8/26<sup>(4)</sup> <br>| 78 | &nbsp;&nbsp; 2033 |
|  |  | &nbsp;&nbsp; 4041 |
| **Financial Services—1.3%** | **Financial Services—1.3%** |  |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets <br> Holdings, Inc. 144A <br>39.190%, 1/21/26<sup>(2)(4)</sup> <br>| 78 | &nbsp;&nbsp; 1968 |
| **Total Equity-Linked Notes** <br>**(Identified Cost $5,912)** | **Total Equity-Linked Notes** <br>**(Identified Cost $5,912)** | &nbsp;&nbsp; **6009** |
| **Affiliated Exchange-Traded Funds—20.5%** | **Affiliated Exchange-Traded Funds—20.5%** | **Affiliated Exchange-Traded Funds—20.5%** |
| **Capital Markets—20.5%** | **Capital Markets—20.5%** |  |
| &nbsp;&nbsp;&nbsp; Virtus International <br> Dividend ETF<sup>(3)(5)(6)</sup> <br>| 434120 | &nbsp;&nbsp; 13668 |
| &nbsp;&nbsp;&nbsp; Virtus U.S. Dividend <br> ETF<sup>(3)(5)(6)</sup> <br>| 647690 | &nbsp;&nbsp; 16373 |
|  |  | &nbsp;&nbsp; 30041 |
| **Total Affiliated** <br> **Exchange-Traded Funds** <br>**(Identified Cost $29,715)** | **Total Affiliated** <br> **Exchange-Traded Funds** <br>**(Identified Cost $29,715)** | &nbsp;&nbsp; **30041** |
| **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $131,895)** | **Total Long-Term** <br> **Investments—95.4%** <br>**(Identified Cost $131,895)** | &nbsp;&nbsp; **139591** |
| **TOTAL INVESTMENTS, BEFORE** <br> **WRITTEN OPTIONS**—**95.4%** <br>**(Identified Cost $131,895)** | **TOTAL INVESTMENTS, BEFORE** <br> **WRITTEN OPTIONS**—**95.4%** <br>**(Identified Cost $131,895)** | &nbsp;&nbsp; **139591** |

---

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

---

| | |
|:---|:---|
|  | **Value** |
| **Written Options—(0.0)%** | **Written Options—(0.0)%** |
| (See open written options <br> schedule)<br>|  |
| **Total Written Options** <br>**(Premiums Received $38)** | &nbsp;&nbsp; **$(40)**<br>|
| **TOTAL INVESTMENTS, NET OF** <br> **WRITTEN OPTIONS—95.4%** <br>**(Identified Cost $131,857)** | &nbsp;&nbsp; **$139551** |
| Other assets and liabilities, net—4.6% | &nbsp;&nbsp; 6770 |
| **NET ASSETS—100.0%** | &nbsp;&nbsp; **$146321** |

---

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

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| BTP | Italian Buonie |
| DAX | Deutsche Boerse AG German Stock Index |
| ETF | Exchange-Traded Fund |
| FTSE | Financial Times Stock Exchange |
| HSCEI | Hang Seng China Enterprises Index |
| IBEX | Spanish Stock Exchange |
| IFSC | International Financial Service Centre |
| LLC | Limited Liability Company |
| MIB | Milano Indice di Borsa |
| MSCI | Morgan Stanley Capital International |
| NVDR | Non-Voting Depositary Receipts |
| OAT | Obligations Assimilables du Trésor |
| OP | Operating Partnership |
| PCL | Public Company Limited |
| PJSC | Public Joint Stock Company |
| plc | Public Limited Company |
| REIT | Real Estate Investment Trust |
| S&P | Standard & Poor's |
| SPI | Share Price Index |
| TOPIX | Tokyo Stock Price Index |
| TSX | Toronto Stock Exchange |

---

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

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> <br>| Issued with a zero coupon. Income is recognized <br> through the accretion of discount.<br>|
| <sup>(2)</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 $3,073 or 2.1% of net assets.<br>|
| <sup>(3)</sup> <br>| Non-income producing. |
| <sup>(4)</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>(5)</sup> <br>| Affiliated investment.  |
| <sup>(6)</sup> <br>| Shares of this fund are publicly offered, and its <br> prospectus and annual report are publicly available.<br>|

---

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

---

| | |
|:---|:---|
| **Country Weightings**<sup>†</sup>  | **Country Weightings**<sup>†</sup>  |
| Equity: North America | 42<br> %<br>|
| Equity: Developed Markets ex US | 18<br>|
| Equity: Emerging Markets | 9<br>|
| Fixed Income | 42<br>|
| Other | (11) <br>|
| Total | 100<br> %<br>|
| <sup>†</sup> % of total investments as of December 31, 2025 <br>(includes derivative contracts). | <sup>†</sup> % of total investments as of December 31, 2025 <br>(includes derivative contracts). |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open purchased options contracts as of December 31, 2025 were as follows:** | **Open purchased options contracts as of December 31, 2025 were as follows:** | **Open purchased options contracts as of December 31, 2025 were as follows:** | **Open purchased options contracts as of December 31, 2025 were as follows:** | **Open purchased options contracts as of December 31, 2025 were as follows:** | **Open purchased options contracts as of December 31, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Put Option**<sup>(2)</sup> |  |  |  |  |  |
| S&P 500<sup>®</sup> E-Mini Index Future | 13 | &nbsp;&nbsp;&nbsp;&nbsp; $8255 | &nbsp;&nbsp;&nbsp;&nbsp; 6350.00 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $86 |
| **Total Purchased Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $86 |
| **Footnote Legend:** | **Footnote Legend:** |  |  |  |  |
| <sup>(1)</sup> Strike price not reported in thousands. |  |  |  |  |  |
| <sup>(2)</sup> Exchange-traded options. |  |  |  |  |  |

---

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

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** | **Open written options contracts as of December 31, 2025 were as follows:** |
| **Description of Options** | &nbsp;&nbsp;&nbsp; **Number** <br> **of** <br>**Contracts**<br>| &nbsp;&nbsp; **Contract** <br>**Notional** <br>**Amount**<br>| &nbsp;&nbsp; **Strike** <br>**Price**<sup>(1)</sup> <br>| &nbsp;&nbsp; **Expiration** <br>**Date**<br>| **Value** |
| **Put Option**<sup>(2)</sup> |  |  |  |  |  |
| S&P 500<sup>®</sup> E-Mini Index Future | (13) | &nbsp;&nbsp;&nbsp;&nbsp; $(7410)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5700.00 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/26 | &nbsp;&nbsp;&nbsp;&nbsp; $(40) <br>|
| **Total Written Options** |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $(40)<br>|

---

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

---

| |
|:---|
| **Footnote Legend:** |
| <sup>(1)</sup> Strike price not reported in thousands. |
| <sup>(2)</sup> Exchange-traded options. |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** | **Exchange-traded futures contracts as of December 31, 2025 were as follows:** |
| **Issue** | **Expiration** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Contracts** <br>**Purchased/(Sold)**<br>| **Notional Value** | &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp; **Value /** <br>**Unrealized** <br>**Depreciation**<br>|
| **Long Contracts:** |  |  |  |  |  |
| FTSE Taiwan Index Future | January 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; $379 | &nbsp;&nbsp;&nbsp; $6 | &nbsp;&nbsp;&nbsp; $— |
| HSCEI Index Future | January 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| IBEX 35 Index Future | January 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| IFSC Nifty 50 Future | January 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| Bovespa Index Future | February 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| 10 Year U.K. Gilt Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| 10 Year U.S. Treasury Note Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 3373 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20)<br>|
| 10 Year U.S. Ultra Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 20818 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (42)<br>|
| 30 Year U.S. Treasury Bond Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 3583 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29)<br>|
| Australian Dollar Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| British Pound Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Canadian Dollar Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| DAX Mini Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Euro FX Currency Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>|
| Euro STOXX 50<sup>®</sup> Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Euro-BTP Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| FTSE 100 Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1072 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| FTSE/MIB Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| MSCI Emerging Markets Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; — |
| Nasdaq 100<sup>®</sup> E-Mini Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7)<br>|
| Russell 2000<sup>®</sup> E-Mini Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9)<br>|
| S&P 500<sup>®</sup> E-Mini Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4136 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — |
| S&P/TSX 60 Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| SPI 200 Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp; — |
| TOPIX Index Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1961 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp; $(114)<br>|
| **Short Contracts:** |  |  |  |  |  |
| 10 Year Australian Bond Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (950)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| 10 Year Canadian Bond Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (352)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| 10 Year Euro-Bund Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (150)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| 10 Year Japanese Bond Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (3381)<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Bloomberg High Yield Duration-Hedged Credit <br> Future<br>| March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (14898)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38)<br>|
| Japanese Yen Future | March 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (2086)<br>| &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — |
|  |  |  |  | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; (39)<br>|
| **Total** |  |  |  | &nbsp;&nbsp;&nbsp; $126 | &nbsp;&nbsp;&nbsp; $(153)<br>|

---

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

---

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

---

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation Fund**

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

**December 31, 2025**

($ reported in thousands)

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: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — <br><sup>(1)</sup><br>|
| &nbsp;&nbsp;&nbsp; Equity-Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6009 |
| Affiliated Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Affiliated Mutual Funds | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6009 |
| Liabilities: |  |  |  |  |
| Other Financial Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Investments, Net of Written Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $139524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6009 |

---

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Total | Common <br>stocks<br>| Equity-Linked <br>Notes<br>|
| **Investments in Securities** |  |  |  |
| **Balance as of September 30, 2025:** | &nbsp;&nbsp;&nbsp;&nbsp; $3933 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $3933 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| Net change in unrealized appreciation (depreciation)<sup>(b)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90 |
| Purchases | &nbsp;&nbsp;&nbsp;&nbsp; 5912 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5912 |
| Sales<sup>(c)</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; (3990)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3990)<br>|
| **Balance as of December 31, 2025** | &nbsp;&nbsp;&nbsp;&nbsp; $6009 | &nbsp;&nbsp;&nbsp;&nbsp; $— <br><sup>(a)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; $6009 |

---

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

<sup>(b)</sup> The change in unrealized appreciation (depreciation) on investments still held at September 30, 2025, was $97.

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

See Notes to Schedule of Investments

------

**VIRTUS Global Allocation 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 Global Allocation Fund

- **b. EDGAR series identifier (if any):** S000025374

- **c. LEI of Series:** 549300TOJ076HUKPD274

**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:** $146551684.40

**Total Liabilities:** $116803.22

**Net Assets:** $146434881.18

**Cash Not Reported:** $8095849.91

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.00000000 | **1-Year:** -0.23000000 | **5-Year:** -42.44000000 | **10-Year:** 0.00000000 | **30-Year:** -80.97000000

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

- **3-Month:** -1.84000000 | **1-Year:** -2.08000000 | **5-Year:** -447.29000000 | **10-Year:** -55.60000000 | **30-Year:** -45.43000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000075793 | 1.71%                | 0.84%                | 0.87%                |
| Class ID C000075797 | 1.78%                | 0.90%                | 1.02%                |
| Class ID C000075799 | 1.86%                | 0.87%                | 0.99%                |
| Class ID C000160541 | 1.89%                | 0.84%                | 0.96%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1405252.89              | $563577.18                                 |
| Month 2  | $259435.81               | $511353.40                                 |
| Month 3  | $5886387.69              | $-5692183.54                               |

**Designated Index Information**

- **Index Name:** Securities Portfolio

- **Index Identifier:** N/A

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR ULTRA                                       | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |       181 | NC      | $-42357.09    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| B3 S.A. - BRASIL, BOLSA, BALCAO             | MINI BOVESPA                                        | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | N/A              | DE               | CORP              | BR        |        67 | NC      | $1807.56      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NCI                                         | New China Life Insurance Co Ltd                     | CUSIP: 000000000<br>LEI: 300300F2001111000095 | Long             | EC               | CORP              | CN        |     23700 | NS      | $165507.47    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Inpex Corp                                  | Inpex Corp                                          | CUSIP: 000000000<br>LEI: 353800VHYYADPR6MXQ47 | Long             | EC               | CORP              | JP        |      1500 | NS      | $29944.46     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanlam Ltd                                  | Sanlam Ltd                                          | CUSIP: 000000000<br>LEI: 37890014418406D9FC23 | Long             | EC               | CORP              | ZA        |     24879 | NS      | $147966.95    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVANOVA PLC                                | LivaNova PLC                                        | CUSIP: 53802LAB8<br>LEI: 2138001K2FX6SHK2B339 | Long             | DBT              | CORP              | GB        |     37000 | PA      | $42735.00     | 0.03%             | 2029-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Aneka Tambang Tbk                           | Aneka Tambang Tbk                                   | CUSIP: 000000000<br>LEI: 529900LRE2NALSSHMB80 | Long             | EC               | CORP              | ID        |    322200 | NS      | $60865.37     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                | Insulet Corp                                        | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |        51 | NS      | $14496.24     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR PROPERTIES                              | EPR Properties                                      | CUSIP: 26884U208<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EP               | CORP              | US        |      1857 | NS      | $41188.26     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Monte dei Paschi di Sien              | Banca Monte dei Paschi di Siena SpA                 | CUSIP: 000000000<br>LEI: J4CP7MHCXR8DAQMKIL78 | Long             | EC               | CORP              | IT        |     49895 | NS      | $535352.19    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NetEase Inc                                 | NetEase Inc                                         | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |       800 | NS      | $22059.18     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC                         | Viavi Solutions Inc                                 | CUSIP: 925550AJ4<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |     43000 | PA      | $61597.50     | 0.04%             | 2031-03-01      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                          | FTSE 100 IDX                                        | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DE               | CORP              | GB        |         8 | NC      | $8305.65      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ZIFF DAVIS INC                              | Ziff Davis Inc                                      | CUSIP: 48123VAH5<br>LEI: 5493008OJYGLHD7MXA18 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39080.00     | 0.03%             | 2028-03-01      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS                     | Alnylam Pharmaceuticals Inc                         | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |     36000 | PA      | $52930.80     | 0.04%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                        | CUSIP: 02079K107<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       578 | NS      | $181376.40    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| LIVE NATION ENTERTAINMEN                    | Live Nation Entertainment Inc                       | CUSIP: 538034BC2<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |     44000 | PA      | $46222.00     | 0.03%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| Repsol SA                                   | Repsol SA                                           | CUSIP: 000000000<br>LEI: BSYCX13Y0NOTV14V9N85 | Long             | EC               | CORP              | ES        |     22500 | NS      | $421088.85    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| MP MATERIALS CORP                           | MP Materials Corp                                   | CUSIP: 553368AC5<br>LEI: 89450063PHPS61USMT84 | Long             | DBT              | CORP              | US        |      8000 | PA      | $19948.00     | 0.01%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Williams-Sonoma Inc                         | Williams-Sonoma Inc                                 | CUSIP: 969904101<br>LEI: 549300IARG6YWVTZ1I92 | Long             | EC               | CORP              | US        |       114 | NS      | $20359.26     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WAYFAIR INC                                 | Wayfair Inc                                         | CUSIP: 94419LAR2<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |     19000 | PA      | $43481.50     | 0.03%             | 2028-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| ALIGNMENT HEALTHCARE                        | Alignment Healthcare Inc                            | CUSIP: 01625VAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     32000 | PA      | $48480.00     | 0.03%             | 2029-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Enel SpA                                    | Enel SpA                                            | CUSIP: 000000000<br>LEI: WOCMU6HCI0OJWNPRZS33 | Long             | EC               | CORP              | IT        |     42976 | NS      | $448336.39    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |       -13 | NC      | $-39650.00    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| Nordson Corp                                | Nordson Corp                                        | CUSIP: 655663102<br>LEI: 14OS6Q5N55N95WM84M53 | Long             | EC               | CORP              | US        |        30 | NS      | $7212.90      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| BOC Hong Kong Holdings Ltd                  | BOC Hong Kong Holdings Ltd                          | CUSIP: 000000000<br>LEI: 254900JB98W77JDJMW15 | Long             | EC               | CORP              | HK        |     24000 | NS      | $121561.93    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| TSMC                                        | Taiwan Semiconductor Manufacturing Co Ltd           | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     21000 | NS      | $1035947.87   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Vedanta Ltd                                 | Vedanta Ltd                                         | CUSIP: 000000000<br>LEI: 335800XDKX9KB5EMCO07 | Long             | EC               | CORP              | IN        |     25583 | NS      | $172034.58    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| WuXi AppTec Co Ltd                          | WuXi AppTec Co Ltd                                  | CUSIP: 000000000<br>LEI: 254900OEPQLZSPLN9175 | Long             | EC               | CORP              | CN        |      3400 | NS      | $44099.80     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| CMOC Group Ltd                              | CMOC Group Ltd                                      | CUSIP: 000000000<br>LEI: 2549008KG3638J59U652 | Long             | EC               | CORP              | CN        |     12000 | NS      | $29665.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Aflac Inc                                   | Aflac Inc                                           | CUSIP: 001055102<br>LEI: 549300N0B7DOGLXWPP39 | Long             | EC               | CORP              | US        |        70 | NS      | $7718.90      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| National Aluminium Co Ltd                   | National Aluminium Co Ltd                           | CUSIP: 000000000<br>LEI: 335800OM1V78CX7SSC72 | Long             | EC               | CORP              | IN        |     38566 | NS      | $134861.76    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| AP Moller - Maersk A/S                      | AP Moller - Maersk A/S                              | CUSIP: 000000000<br>LEI: 549300D2K6PKKKXVNN73 | Long             | EC               | CORP              | DK        |       114 | NS      | $262594.70    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Novartis AG                                 | Novartis AG                                         | CUSIP: 000000000<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      1892 | NS      | $261789.17    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US 10YR NOTE (CBT)                                  | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        30 | NC      | $-19803.80    | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| BRIGHTSPRING HEALTH SERV                    | BrightSpring Health Services Inc                    | CUSIP: 10950A205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |       200 | NS      | $25242.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Best Buy Co Inc                             | Best Buy Co Inc                                     | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      5386 | NS      | $360484.98    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Evergreen Marine Corp Taiwan L              | Evergreen Marine Corp Taiwan Ltd                    | CUSIP: 000000000<br>LEI: 254900EIJA0A39C5SO15 | Long             | EC               | CORP              | TW        |     26000 | NS      | $157222.20    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Bharat Petroleum Corp Ltd                   | Bharat Petroleum Corp Ltd                           | CUSIP: 000000000<br>LEI: 8GRDBX1TJ0PU5NCSHT72 | Long             | EC               | CORP              | IN        |     29844 | NS      | $127505.26    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of New York Mellon Corp/T              | Bank of New York Mellon Corp/The                    | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |      1409 | NS      | $163570.81    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Targa Resources Corp                        | Targa Resources Corp                                | CUSIP: 87612G101<br>LEI: 5493003QENHHS261UR94 | Long             | EC               | CORP              | US        |       129 | NS      | $23800.50     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Marathon Petroleum Corp                     | Marathon Petroleum Corp                             | CUSIP: 56585A102<br>LEI: 3BNYRYQHD39K4LCKQF12 | Long             | EC               | CORP              | US        |        63 | NS      | $10245.69     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TORONTO-DOMINION BANK                       | Toronto-Dominion Bank/The                           | CUSIP: 89112B210<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |        78 | PA      | $2032523.22   | 1.39%             | 2026-01-08      | Fixed         | 46.24%                | No            |                  3 | On Loan: No      |
| CENTRUS ENERGY CORP                         | Centrus Energy Corp                                 | CUSIP: 15643UAF1<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |     10000 | PA      | $12855.00     | 0.01%             | 2032-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ENCORE CAPITAL GROUP INC                    | Encore Capital Group Inc                            | CUSIP: 292554AP7<br>LEI: 5493000UVC6H49CIH830 | Long             | DBT              | CORP              | US        |     42000 | PA      | $46116.00     | 0.03%             | 2029-03-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | AUDUSD CRNCY                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         7 | NC      | $306.26       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Halma PLC                                   | Halma PLC                                           | CUSIP: 000000000<br>LEI: 2138007FRGLUR9KGBT40 | Long             | EC               | CORP              | GB        |       500 | NS      | $23845.24     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Dubai Islamic Bank PJSC                     | Dubai Islamic Bank PJSC                             | CUSIP: 000000000<br>LEI: 5493003E7YRAQY3JGW88 | Long             | EC               | CORP              | AE        |     64149 | NS      | $161911.71    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Emirates NBD Bank PJSC                      | Emirates NBD Bank PJSC                              | CUSIP: 000000000<br>LEI: 54930029BCN8HF3B1286 | Long             | EC               | CORP              | AE        |     28500 | NS      | $216111.91    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| ResMed Inc                                  | ResMed Inc                                          | CUSIP: 761152107<br>LEI: 529900T3QE5253CCXF22 | Long             | EC               | CORP              | US        |        31 | NS      | $7466.97      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WESTERN DIGITAL CORP                        | Western Digital Corp                                | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |     30000 | PA      | $137514.00    | 0.09%             | 2028-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| People's Insurance Co Group of              | People's Insurance Co Group of China Ltd/The        | CUSIP: 000000000<br>LEI: 3003000P2JHYHQ524P66 | Long             | EC               | CORP              | CN        |     70000 | NS      | $60711.58     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hana Financial Group Inc                    | Hana Financial Group Inc                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2841 | NS      | $185580.58    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| ENOVIS CORP                                 | Enovis Corp                                         | CUSIP: 194014AB2<br>LEI: 635400OP2DYYYMOIYL17 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48775.00     | 0.03%             | 2028-10-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                           | NatWest Group PLC                                   | CUSIP: 000000000<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     18992 | NS      | $166862.54    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| EVERGY INC                                  | Evergy Inc                                          | CUSIP: 30034WAD8<br>LEI: 549300PGTHDQY6PSUI61 | Long             | DBT              | CORP              | US        |     77000 | PA      | $93709.00     | 0.06%             | 2027-12-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | JAPAN YEN CURR                                      | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |       -26 | NC      | $14953.63     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CBRE Group Inc                              | CBRE Group Inc                                      | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |        65 | NS      | $10451.35     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WH Group Ltd                                | WH Group Ltd                                        | CUSIP: 000000000<br>LEI: 254900A4AYEDRWYSE928 | Long             | EC               | CORP              | HK        |    348000 | NS      | $387675.23    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| BANDWIDTH INC                               | Bandwidth Inc                                       | CUSIP: 05988JAD5<br>LEI: 549300QC70JB7MUGXM66 | Long             | DBT              | CORP              | US        |     58000 | PA      | $50373.00     | 0.03%             | 2028-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| Tokyo Gas Co Ltd                            | Tokyo Gas Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800678EIJLOQSWZ83 | Long             | EC               | CORP              | JP        |       500 | NS      | $19806.56     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIGROUP GLOBAL MARKETS                    | Citigroup Global Markets Holdings Inc/United States | CUSIP: 17333P676<br>LEI: 82VOJDD5PTRDMVVMGV31 | Long             | DBT              | CORP              | US        |        78 | PA      | $1967717.70   | 1.34%             | 2026-01-21      | Fixed         | 39.19%                | No            |                  3 | On Loan: No      |
| Banco BPM SpA                               | Banco BPM SpA                                       | CUSIP: 000000000<br>LEI: 815600E4E6DCD2D25E30 | Long             | EC               | CORP              | IT        |     11731 | NS      | $179497.25    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Bank SA                             | Piraeus Bank SA                                     | CUSIP: 000000000<br>LEI: 213800OYHR1MPQ5VJL60 | Long             | EC               | CORP              | GR        |      7776 | NS      | $62085.99     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Hero MotoCorp Ltd                           | Hero MotoCorp Ltd                                   | CUSIP: 000000000<br>LEI: 335800Q49FBMZJTRLK49 | Long             | EC               | CORP              | IN        |      2082 | NS      | $133681.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Subaru Corp                                 | Subaru Corp                                         | CUSIP: 000000000<br>LEI: 549300N244BVAEE6HH86 | Long             | EC               | CORP              | JP        |     15500 | NS      | $335945.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| HCA Healthcare Inc                          | HCA Healthcare Inc                                  | CUSIP: 40412C101<br>LEI: 529900PH4ZGUH2MNEU89 | Long             | EC               | CORP              | US        |        32 | NS      | $14939.52     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SINGAPORE EXCHANGE LIMITED                  | FTSE TAIWAN INDEX                                   | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | N/A              | DE               | CORP              | SG        |         4 | NC      | $6163.92      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| MIRUM PHARMACEUTICALS                       | Mirum Pharmaceuticals Inc                           | CUSIP: 604749AB7<br>LEI: 254900YZKR40F7F27K81 | Long             | DBT              | CORP              | US        |     18000 | PA      | $46434.60     | 0.03%             | 2029-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Perusahaan Gas Negara Tbk PT                | Perusahaan Gas Negara Tbk PT                        | CUSIP: 000000000<br>LEI: 549300OX1VFDX7ZPN240 | Long             | EC               | CORP              | ID        |    530200 | NS      | $60730.55     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALARM.COM HLDGS INC                         | Alarm.com Holdings Inc                              | CUSIP: 011642AB1<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40897.50     | 0.03%             | 2026-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Qfin Holdings Inc                           | Qfin Holdings Inc                                   | CUSIP: 88557W101<br>LEI: 836800R59NKEPDR6I240 | Long             | EC               | CORP              | CN        |      1154 | NS      | $22237.58     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTRUS ENERGY CORP                         | Centrus Energy Corp                                 | CUSIP: 15643UAE4<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |     12000 | PA      | $32166.00     | 0.02%             | 2030-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Costco Wholesale Corp                       | Costco Wholesale Corp                               | CUSIP: 22160K105<br>LEI: 29DX7H14B9S6O3FD6V18 | Long             | EC               | CORP              | US        |         7 | NS      | $6036.38      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                                 | HubSpot Inc                                         | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |        20 | NS      | $8026.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| ORMAT TECHNOLOGIES INC                      | Ormat Technologies Inc                              | CUSIP: 686688AB8<br>LEI: 5493000TSHHWY24VHM09 | Long             | DBT              | CORP              | US        |     51000 | PA      | $68391.00     | 0.05%             | 2027-07-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                                | KKR & Co Inc                                        | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |       850 | NS      | $44064.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Agricultural Bank of China Ltd              | Agricultural Bank of China Ltd                      | CUSIP: 000000000<br>LEI: 549300E7TSGLCOVSY746 | Long             | EC               | CORP              | CN        |    241000 | NS      | $178984.16    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| OSAKA EXCHANGE,INC                          | TOPIX INDX                                          | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DE               | CORP              | JP        |         9 | NC      | $13624.39     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bristol-Myers Squibb Co                     | Bristol-Myers Squibb Co                             | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      9676 | NS      | $521923.44    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| PROGRESS SOFTWARE CORP                      | Progress Software Corp                              | CUSIP: 743312AD2<br>LEI: 549300R65B3JG6972S24 | Long             | DBT              | CORP              | US        |     47000 | PA      | $47493.50     | 0.03%             | 2030-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd                  | Samsung Electronics Co Ltd                          | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |       869 | NS      | $72328.69     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                   | Adobe Inc                                           | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |        55 | NS      | $19249.45     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| M/A-COM TECH SOLUTIONS                      | MACOM Technology Solutions Holdings Inc             | CUSIP: 55405YAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     48000 | PA      | $58209.60     | 0.04%             | 2029-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Lam Research Corp                           | Lam Research Corp                                   | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |       264 | NS      | $45191.52     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Jabil Inc                                   | Jabil Inc                                           | CUSIP: 466313103<br>LEI: 5493000CGCQY2OQU7669 | Long             | EC               | CORP              | US        |       140 | NS      | $31922.80     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Keysight Technologies Inc                   | Keysight Technologies Inc                           | CUSIP: 49338L103<br>LEI: 549300GLKVIO8YRCYN02 | Long             | EC               | CORP              | US        |        85 | NS      | $17271.15     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WISDOMTREE INC                              | WisdomTree Inc                                      | CUSIP: 97717PAH7<br>LEI: 549300WIU8IS7UFO7871 | Long             | DBT              | CORP              | US        |     57000 | PA      | $68364.38     | 0.05%             | 2029-08-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| TJX Cos Inc/The                             | TJX Cos Inc/The                                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |       230 | NS      | $35330.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HONG KONG FUTURES EXCHANGE                  | HSCEI                                               | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | HK        |         2 | NC      | $-1088.07     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ALARM.COM HLDGS INC                         | Alarm.com Holdings Inc                              | CUSIP: 011642AD7<br>LEI: 549300HIH92U1EKIHZ32 | Long             | DBT              | CORP              | US        |     46000 | PA      | $43792.00     | 0.03%             | 2029-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| CPIC                                        | China Pacific Insurance Group Co Ltd                | CUSIP: 000000000<br>LEI: 529900BA5ILEL308WX03 | Long             | EC               | CORP              | CN        |      7200 | NS      | $32564.53     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sampo Oyj                                   | Sampo Oyj                                           | CUSIP: 000000000<br>LEI: 743700UF3RL386WIDA22 | Long             | EC               | CORP              | FI        |      8633 | NS      | $104803.03    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Arista Networks Inc                         | Arista Networks Inc                                 | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |       150 | NS      | $19654.50     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES INC                       | Burlington Stores Inc                               | CUSIP: 122017AD8<br>LEI: 5299003Z37DVGKKC1W09 | Long             | DBT              | CORP              | US        |     16000 | PA      | $23696.00     | 0.02%             | 2027-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| AFFIRM HOLDINGS INC                         | Affirm Holdings Inc                                 | CUSIP: 00827BAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     36000 | PA      | $39834.00     | 0.03%             | 2029-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Virtus Seix High Yield Fund                 | Virtus Seix High Yield Fund                         | CUSIP: 92837F664<br>LEI: 549300JK6ZT0B425KK09 | Long             | EC               | RF                | US        |   1836970 | NS      | $14585545.69  | 9.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Moody's Corp                                | Moody's Corp                                        | CUSIP: 615369105<br>LEI: 549300GCEDD8YCF5WU84 | Long             | EC               | CORP              | US        |        53 | NS      | $27075.05     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Info Service PCL                   | Advanced Info Service PCL                           | CUSIP: 000000000<br>LEI: 529900DU2YW1NO5RMU78 | Long             | EC               | CORP              | TH        |     24600 | NS      | $244399.30    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| OKTA INC                                    | Okta Inc                                            | CUSIP: 679295AF2<br>LEI: 549300N8J06I8MRHU620 | Long             | DBT              | CORP              | US        |     47000 | PA      | $45872.00     | 0.03%             | 2026-06-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| ICE FUTURES EUROPE                          | LONG GILT                                           | CUSIP: 000000000<br>LEI: 549300UF4R84F48NCH34 | N/A              | DIR              | CORP              | GB        |         7 | NC      | $386.08       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| QBE Insurance Group Ltd                     | QBE Insurance Group Ltd                             | CUSIP: 000000000<br>LEI: 549300D2FBW76FPUSG65 | Long             | EC               | CORP              | AU        |     11819 | NS      | $156880.58    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| CITIC Ltd                                   | CITIC Ltd                                           | CUSIP: 000000000<br>LEI: 2549006I3Q3M98KHOT11 | Long             | EC               | CORP              | CN        |     98000 | NS      | $151859.89    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                             | Ross Stores Inc                                     | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |       180 | NS      | $32425.20     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| LCI INDUSTRIES                              | LCI Industries                                      | CUSIP: 501812AC5<br>LEI: 549300E1B98YNJ1WIQ04 | Long             | DBT              | CORP              | US        |     40000 | PA      | $47300.00     | 0.03%             | 2030-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JBT MAREL CORP                              | JBT Marel Corp                                      | CUSIP: 477839AD6<br>LEI: 5493007CT6ATBZ2L6826 | Long             | DBT              | CORP              | US        |     34000 | PA      | $35207.00     | 0.02%             | 2030-09-15      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| CapitaLand Integrated Commerci              | CapitaLand Integrated Commercial Trust              | CUSIP: 000000000<br>LEI: 54930031292WUTXF0L29 | Long             | EC               | CORP              | SG        |     51200 | NS      | $95198.38     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Deckers Outdoor Corp                        | Deckers Outdoor Corp                                | CUSIP: 243537107<br>LEI: 5493008LG4W3I6K8J118 | Long             | EC               | CORP              | US        |       111 | NS      | $11507.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| CONMED CORP                                 | CONMED Corp                                         | CUSIP: 207410AH4<br>LEI: Z6C0YCECH9DCU5ZIQW84 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47875.00     | 0.03%             | 2027-06-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Comfort Systems USA Inc                     | Comfort Systems USA Inc                             | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |        11 | NS      | $10266.19     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd                   | Alibaba Group Holding Ltd                           | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | HK        |      4000 | NS      | $73393.55     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ICE FUTURES U.S., INC.                      | MSCI EMGMKT                                         | CUSIP: 000000000<br>LEI: 5493004R83R1LVX2IL36 | N/A              | DE               | CORP              | US        |        13 | NC      | $20693.14     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| MONTREAL EXCHANGE INC.                      | S&P/TSX 60 IX                                       | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DE               | CORP              | CA        |         1 | NC      | $664.41       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Lojas Renner SA                             | Lojas Renner SA                                     | CUSIP: 000000000<br>LEI: 52990032N7OAAM138D78 | Long             | EC               | CORP              | BR        |     21000 | NS      | $51544.32     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Singapore Exchange Ltd                      | Singapore Exchange Ltd                              | CUSIP: 000000000<br>LEI: 549300IQ650PPXM76X03 | Long             | EC               | CORP              | SG        |      1600 | NS      | $21110.94     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| OSI SYSTEMS INC                             | OSI Systems Inc                                     | CUSIP: 671044AF2<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |     54000 | PA      | $80082.00     | 0.05%             | 2029-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GRANITE CONSTRUCTION INC                    | Granite Construction Inc                            | CUSIP: 387328AD9<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |     25000 | PA      | $63425.00     | 0.04%             | 2028-05-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Santander Bank Polska SA                    | Santander Bank Polska SA                            | CUSIP: 000000000<br>LEI: 259400LGXW3K0GDAG361 | Long             | EC               | CORP              | PL        |       151 | NS      | $22940.22     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ford Motor Co                               | Ford Motor Co                                       | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     35270 | NS      | $462742.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Tobacco Inc                           | Japan Tobacco Inc                                   | CUSIP: 000000000<br>LEI: 353800Z0ENYBQO0XRJ31 | Long             | EC               | CORP              | JP        |     12400 | NS      | $446476.00    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| PNC Financial Services Group I              | PNC Financial Services Group Inc/The                | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |       620 | NS      | $129412.60    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| EMCOR Group Inc                             | EMCOR Group Inc                                     | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |        51 | NS      | $31201.29     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Newfleet Bond Fund                   | Virtus Newfleet Bond Fund                           | CUSIP: 92828W270<br>LEI: 549300U1U6DG3SZD7A72 | Long             | EC               | RF                | US        |   2328382 | NS      | $24052182.33  | 16.43%            |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | NASDAQ 100 E-MINI                                   | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         1 | NC      | $-7368.40     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| Telefonica Brasil SA                        | Telefonica Brasil SA                                | CUSIP: 000000000<br>LEI: 529900MTGG2HSDBIWG79 | Long             | EC               | CORP              | BR        |     13100 | NS      | $79129.52     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus U.S. Dividend ETF                    | Virtus U.S. Dividend ETF                            | CUSIP: 92790A827<br>LEI: 2549005YOQ4OYD46QA94 | Long             | EC               | RF                | US        |    647690 | NS      | $16373408.89  | 11.18%            |  |  |  | No            |                  1 | On Loan: No      |
| BWX TECHNOLOGIES INC                        | BWX Technologies Inc                                | CUSIP: 05605HAD2<br>LEI: 549300NP85N265KWMS58 | Long             | DBT              | CORP              | US        |     64000 | PA      | $60992.00     | 0.04%             | 2030-11-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| CHOW TAI FOOK                               | Chow Tai Fook Jewellery Group Ltd                   | CUSIP: 000000000<br>LEI: 254900VXRL7SRSF44G79 | Long             | EC               | CORP              | HK        |     39000 | NS      | $62087.71     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Credit Agricole SA                          | Credit Agricole SA                                  | CUSIP: 000000000<br>LEI: 969500TJ5KRTCJQWXH05 | Long             | EC               | CORP              | FR        |      5267 | NS      | $108630.61    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                              | Amazon.com Inc                                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       264 | NS      | $60936.48     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| ALPHATEC HOLDINGS INC                       | Alphatec Holdings Inc                               | CUSIP: 02081GAC6<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |     15000 | PA      | $22945.50     | 0.02%             | 2030-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| CORE SCIENTIFIC INC                         | Core Scientific Inc                                 | CUSIP: 21874AAC0<br>LEI: 5299003RGB2LAZ65RK73 | Long             | DBT              | CORP              | US        |     25000 | PA      | $39125.00     | 0.03%             | 2029-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Prudential Financial Inc                    | Prudential Financial Inc                            | CUSIP: 744320102<br>LEI: 5PRBRS5FEH7NREC8OR45 | Long             | EC               | CORP              | US        |      4099 | NS      | $462695.12    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| AVI Ltd                                     | AVI Ltd                                             | CUSIP: 000000000<br>LEI: 378900C2D68805FAAF75 | Long             | EC               | CORP              | ZA        |     13294 | NS      | $84693.06     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| MEFF RENTA VARIABLE (MADRID)                | IBEX 35 INDX                                        | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | ES        |         1 | NC      | $2305.41      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Kia Corp                                    | Kia Corp                                            | CUSIP: 000000000<br>LEI: 988400V8MJK9N7OI5X76 | Long             | EC               | CORP              | KR        |      5070 | NS      | $428673.77    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| BANK OF AMERICA CORP                        | Bank of America Corp                                | CUSIP: 060505682<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EP               | CORP              | US        |        22 | NS      | $27544.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SinoPac Financial Holdings Co               | SinoPac Financial Holdings Co Ltd                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     45361 | NS      | $41289.11     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Corp                           | State Street Corp                                   | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      2139 | NS      | $275952.39    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                         | Erste Group Bank AG                                 | CUSIP: 000000000<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |      2631 | NS      | $318161.78    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC                               | Snowflake Inc                                       | CUSIP: 833445AD1<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |     20000 | PA      | $30880.00     | 0.02%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Progressive Corp/The                        | Progressive Corp/The                                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |      1290 | NS      | $293758.80    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Uplus Corp                               | LG Uplus Corp                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      1565 | NS      | $15991.67     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cintas Corp                                 | Cintas Corp                                         | CUSIP: 172908105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       147 | NS      | $27646.29     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HALOZYME THERAPEUTICS IN                    | Halozyme Therapeutics Inc                           | CUSIP: 40637HAF6<br>LEI: 529900242I3SV9AGM753 | Long             | DBT              | CORP              | US        |     65000 | PA      | $86255.00     | 0.06%             | 2028-08-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | BBG HY DHI                                          | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DE               | CORP              | US        |      -138 | NC      | $-38287.41    | -0.03%            |  |  |  | No            |                  1 | On Loan: No      |
| RINGCENTRAL INC                             | RingCentral Inc                                     | CUSIP: 76680RAH0<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     42000 | PA      | $41496.00     | 0.03%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Kinross Gold Corp                           | Kinross Gold Corp                                   | CUSIP: 496902404<br>LEI: 254900O9KHF2A1ZXPT47 | Long             | EC               | CORP              | CA        |      1116 | NS      | $31433.87     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HP ENTERPRISE CO                            | Hewlett Packard Enterprise Co                       | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |       800 | NS      | $53352.00     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Verizon Communications Inc                  | Verizon Communications Inc                          | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |     10915 | NS      | $444567.95    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus International Dividend ETF           | Virtus International Dividend ETF                   | CUSIP: 92790A819<br>LEI: 2549004QV9CPY7680089 | Long             | EC               | RF                | US        |    434120 | NS      | $13667834.08  | 9.33%             |  |  |  | No            |                  1 | On Loan: No      |
| AKAMAI TECHNOLOGIES INC                     | Akamai Technologies Inc                             | CUSIP: 00971TAP6<br>LEI: OC1LZNN2LF5WTJ5RIL89 | Long             | DBT              | CORP              | US        |     55000 | PA      | $60802.50     | 0.04%             | 2033-05-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NN Group NV                                 | NN Group NV                                         | CUSIP: 000000000<br>LEI: 724500OHYNDT9OY6Q215 | Long             | EC               | CORP              | NL        |       420 | NS      | $32448.21     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizens Financial Group Inc                | Citizens Financial Group Inc                        | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      7264 | NS      | $424290.24    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| SITC International Holdings Co              | SITC International Holdings Co Ltd                  | CUSIP: 000000000<br>LEI: 529900JUV4MOM9CE3V12 | Long             | EC               | CORP              | HK        |    122000 | NS      | $436727.61    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Simon Property Group Inc                    | Simon Property Group Inc                            | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |      1117 | NS      | $206767.87    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | DAX MINI                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |         3 | NC      | $6285.40      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                                 | NVIDIA Corp                                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      2224 | NS      | $414776.00    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| PetroChina Co Ltd                           | PetroChina Co Ltd                                   | CUSIP: 000000000<br>LEI: 529900RPY4YG47TRSV05 | Long             | EC               | CORP              | CN        |    182000 | NS      | $195967.98    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Telenor ASA                                 | Telenor ASA                                         | CUSIP: 000000000<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |     19065 | NS      | $277463.84    | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                          | Meta Platforms Inc                                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |        31 | NS      | $20462.79     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| PZU                                         | Powszechny Zaklad Ubezpieczen SA                    | CUSIP: 000000000<br>LEI: QLPCKOOKVX32FUELX240 | Long             | EC               | CORP              | PL        |     25921 | NS      | $481885.11    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC                      | Guidewire Software Inc                              | CUSIP: 40171VAC4<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |     31000 | PA      | $34084.50     | 0.02%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Apple Inc                                   | Apple Inc                                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1322 | NS      | $359398.92    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Aviva PLC                                   | Aviva PLC                                           | CUSIP: 000000000<br>LEI: YF0Y5B0IB8SM0ZFG9G81 | Long             | EC               | CORP              | GB        |     26212 | NS      | $241815.39    | 0.17%             |  |  |  | No            |                  1 | On Loan: No      |
| JP MORGAN CHASE BANK NA                     | JPMorgan Chase Bank NA                              | CUSIP: 466303559<br>LEI: 7H6GLXDRUGQFU57RNE97 | Long             | DBT              | CORP              | US        |        78 | PA      | $2008492.98   | 1.37%             | 2026-01-13      | None          | 0.00%                 | No            |                  3 | On Loan: No      |
| GRANITE CONSTRUCTION INC                    | Granite Construction Inc                            | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |     38000 | PA      | $60610.00     | 0.04%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MONTREAL EXCHANGE INC.                      | CAN 10YR BOND                                       | CUSIP: 000000000<br>LEI: 549300DKBYNOI0B1NP44 | N/A              | DIR              | CORP              | CA        |        -4 | NC      | $-287.69      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| APOLLO GLOBAL MANAGEMENT                    | Apollo Global Management Inc                        | CUSIP: 03769M304<br>LEI: 254900LMFT1CY9IYB476 | Long             | EP               | CORP              | US        |       600 | NS      | $45312.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                              | S&P Global Inc                                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |        56 | NS      | $29265.04     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| HD Korea Shipbuilding & Offsho              | HD Korea Shipbuilding & Offshore Engineering Co Ltd | CUSIP: 000000000<br>LEI: 988400DPTJ9KH5R6W540 | Long             | EC               | CORP              | KR        |       239 | NS      | $67524.90     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| General Electric Co                         | General Electric Co                                 | CUSIP: 369604301<br>LEI: 3C7474T6CDKPR9K6YT90 | Long             | EC               | CORP              | US        |       139 | NS      | $42816.17     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| LyondellBasell Industries NV                | LyondellBasell Industries NV                        | CUSIP: 000000000<br>LEI: BN6WCCZ8OVP3ITUUVN49 | Long             | EC               | CORP              | US        |      8103 | NS      | $350859.90    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Eva Airways Corp                            | Eva Airways Corp                                    | CUSIP: 000000000<br>LEI: 254900S1P4XOXV67GC07 | Long             | EC               | CORP              | TW        |     52000 | NS      | $60489.17     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Vale SA                                     | Vale SA                                             | CUSIP: 91912E105<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     16322 | NS      | $212675.66    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Abu Dhabi Commercial Bank PJSC              | Abu Dhabi Commercial Bank PJSC                      | CUSIP: 000000000<br>LEI: 213800RWVKKIRX1AUH58 | Long             | EC               | CORP              | AE        |     28827 | NS      | $112239.09    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Polycab India Ltd                           | Polycab India Ltd                                   | CUSIP: 000000000<br>LEI: 335800ZAL1L11ERZVW68 | Long             | EC               | CORP              | IN        |       230 | NS      | $19496.90     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| China Hongqiao Group Ltd                    | China Hongqiao Group Ltd                            | CUSIP: 000000000<br>LEI: 3003009Q4IBFSDE24571 | Long             | EC               | CORP              | CN        |     35500 | NS      | $148792.84    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BTP                                            | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        11 | NC      | $3708.69      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| STRATEGY INC                                | Strategy Inc                                        | CUSIP: 594972887<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |       400 | NS      | $31504.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| OOIL                                        | Orient Overseas International Ltd                   | CUSIP: 000000000<br>LEI: 529900DQ426GJO276W95 | Long             | EC               | CORP              | HK        |      5500 | NS      | $88619.63     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Atmos Energy Corp                           | Atmos Energy Corp                                   | CUSIP: 049560105<br>LEI: QVLWEGTD2S8GJMO8D383 | Long             | EC               | CORP              | US        |       125 | NS      | $20953.75     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| COREWEAVE INC                               | CoreWeave Inc                                       | CUSIP: 21873SAD0<br>LEI: 984500511DP2B6186053 | Long             | DBT              | CORP              | US        |     22000 | PA      | $20817.50     | 0.01%             | 2031-12-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| WELLTOWER OP LLC                            | Welltower OP LLC                                    | CUSIP: 95041AAD0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     30000 | PA      | $45300.00     | 0.03%             | 2029-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| E.Sun Financial Holding Co Ltd              | E.Sun Financial Holding Co Ltd                      | CUSIP: 000000000<br>LEI: 549300X6CNQE512OPC90 | Long             | EC               | CORP              | TW        |     27332 | NS      | $29358.38     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| ASCENDIS PHARMA A/S                         | Ascendis Pharma A/S                                 | CUSIP: 04351PAD3<br>LEI: 549300B66JN3W3J8GH73 | Long             | DBT              | CORP              | DK        |     32000 | PA      | $45334.40     | 0.03%             | 2028-04-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| Regions Financial Corp                      | Regions Financial Corp                              | CUSIP: 7591EP100<br>LEI: CW05CS5KW59QTC0DG824 | Long             | EC               | CORP              | US        |     15824 | NS      | $428830.40    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Wheaton Precious Metals Corp                | Wheaton Precious Metals Corp                        | CUSIP: 962879102<br>LEI: 549300XSFG5ZCGVYD886 | Long             | EC               | CORP              | CA        |        99 | NS      | $11638.66     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| GAMESTOP CORP                               | GameStop Corp                                       | CUSIP: 36467WAF6<br>LEI: 549300505KLOET039L77 | Long             | DBT              | CORP              | US        |     37000 | PA      | $36093.50     | 0.02%             | 2032-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO STOXX 50                                       | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DE               | CORP              | DE        |         5 | NC      | $4393.37      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RUBRIK INC                                  | Rubrik Inc                                          | CUSIP: 781154AC3<br>LEI: 254900TRGK2WTBYMYU27 | Long             | DBT              | CORP              | US        |     48000 | PA      | $47160.00     | 0.03%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STRATEGY INC                                | Strategy Inc                                        | CUSIP: 594972AJ0<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |     23000 | PA      | $28957.00     | 0.02%             | 2030-03-15      | Fixed         | 0.62%                 | No            |                  2 | On Loan: No      |
| DAYFORCE INC                                | Dayforce Inc                                        | CUSIP: 15677JAD0<br>LEI: 549300T64GVCHFJ8L449 | Long             | DBT              | CORP              | US        |     41000 | PA      | $40590.00     | 0.03%             | 2026-03-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Muthoot Finance Ltd                         | Muthoot Finance Ltd                                 | CUSIP: 000000000<br>LEI: 335800HAMJMBFL4RRF02 | Long             | EC               | CORP              | IN        |      3199 | NS      | $135666.55    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| OPAP SA                                     | OPAP SA                                             | CUSIP: 000000000<br>LEI: 213800M4NRGFJCI34834 | Long             | EC               | CORP              | GR        |      5986 | NS      | $134363.67    | 0.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vertiv Holdings Co                          | Vertiv Holdings Co                                  | CUSIP: 92537N108<br>LEI: 549300KTTIRAOGXCRV69 | Long             | EC               | CORP              | US        |        71 | NS      | $11502.71     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UPSTART HOLDINGS INC                        | Upstart Holdings Inc                                | CUSIP: 91680MAD9<br>LEI: 549300WNB47JRNENIC75 | Long             | DBT              | CORP              | US        |     25000 | PA      | $31500.00     | 0.02%             | 2029-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| COPASA                                      | Cia de Saneamento de Minas Gerais Copasa MG         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      5700 | NS      | $45685.30     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Annaly Capital Management Inc               | Annaly Capital Management Inc                       | CUSIP: 035710839<br>LEI: 2DTL0G3FPRYUT58TI025 | Long             | EC               | CORP              | US        |     20037 | NS      | $448027.32    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SPHERE ENTERTAINMENT CO                     | Sphere Entertainment Co                             | CUSIP: 55826TAB8<br>LEI: 254900ZW4JWKYRZZ9A91 | Long             | DBT              | CORP              | US        |     20000 | PA      | $54776.14     | 0.04%             | 2028-12-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| OSAKA EXCHANGE,INC                          | JAPAN 10Y BOND(OSE)                                 | CUSIP: 000000000<br>LEI: 3538001249AILNPRUX57 | N/A              | DIR              | CORP              | JP        |        -4 | NC      | $25767.52     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| B2GOLD CORP                                 | B2Gold Corp                                         | CUSIP: 11777QAC4<br>LEI: 549300F7OK456M5NLM05 | Long             | DBT              | CORP              | CA        |     55000 | PA      | $87862.50     | 0.06%             | 2030-02-01      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| Emaar Development PJSC                      | Emaar Development PJSC                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AE        |     20210 | NS      | $83365.73     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLS FARGO & COMPANY                       | Wells Fargo & Co                                    | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |        66 | NS      | $79992.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| LG Display Co Ltd                           | LG Display Co Ltd                                   | CUSIP: 000000000<br>LEI: 988400P37K91W0SABO95 | Long             | EC               | CORP              | KR        |      2544 | NS      | $20856.37     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| VARONIS SYSTEM INC                          | Varonis Systems Inc                                 | CUSIP: 922280AD4<br>LEI: 549300SHIVNRRH7STS26 | Long             | DBT              | CORP              | US        |     47000 | PA      | $43639.50     | 0.03%             | 2029-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Intesa Sanpaolo SpA                         | Intesa Sanpaolo SpA                                 | CUSIP: 000000000<br>LEI: 2W8N8UU78PMDQKZENC08 | Long             | EC               | CORP              | IT        |     29597 | NS      | $205946.56    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                              | ServiceNow Inc                                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |       145 | NS      | $22212.55     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                              | Morgan Stanley                                      | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1727 | NS      | $306594.31    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corp                        | Southern Copper Corp                                | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |       201 | NS      | $28837.47     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                                   | Tesla Inc                                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |        20 | NS      | $8994.40      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| BOARD OF TRADE OF THE CITY OF CHICAGO, INC. | US LONG BOND(CBT)                                   | CUSIP: 000000000<br>LEI: 549300EX04Q2QBFQTQ27 | N/A              | DIR              | CORP              | US        |        31 | NC      | $-28908.74    | -0.02%            |  |  |  | No            |                  1 | On Loan: No      |
| Bank Hapoalim BM                            | Bank Hapoalim BM                                    | CUSIP: 000000000<br>LEI: B6ARUI4946ST4S7WOU88 | Long             | EC               | CORP              | IL        |      1350 | NS      | $30543.56     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Sinotruk Hong Kong Ltd                      | Sinotruk Hong Kong Ltd                              | CUSIP: 000000000<br>LEI: 529900BB4WA4W576X724 | Long             | EC               | CORP              | CN        |     26000 | NS      | $92271.32     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| TIM SA/Brazil                               | TIM SA/Brazil                                       | CUSIP: 000000000<br>LEI: 529900QI0CH1DN5ZCS77 | Long             | EC               | CORP              | BR        |      8600 | NS      | $33491.31     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| INNOVIVA INC                                | Innoviva Inc                                        | CUSIP: 45781MAD3<br>LEI: 549300ACOX4QTBES6535 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40680.00     | 0.03%             | 2028-03-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| CF Industries Holdings Inc                  | CF Industries Holdings Inc                          | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |       160 | NS      | $12374.40     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| TIS Inc                                     | TIS Inc                                             | CUSIP: 000000000<br>LEI: 35380064HYEZXBQHDF07 | Long             | EC               | CORP              | JP        |       600 | NS      | $20136.62     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| NiSource Inc                                | NiSource Inc                                        | CUSIP: 65473P105<br>LEI: 549300D8GOWWH0SJB189 | Long             | EC               | CORP              | US        |       135 | NS      | $5637.60      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SK hynix Inc                                | SK hynix Inc                                        | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |       497 | NS      | $224599.63    | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Seix Floating Rate High Income Fund  | Virtus Seix Floating Rate High Income Fund          | CUSIP: 92837F755<br>LEI: 549300RKGX6P36UJVL84 | Long             | EC               | RF                | US        |    783516 | NS      | $6001731.24   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| SOFI TECHNOLOGIES INC                       | SoFi Technologies Inc                               | CUSIP: 83406FAC6<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |     22000 | PA      | $62260.00     | 0.04%             | 2029-03-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | BP CURRENCY                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        14 | NC      | $3011.94      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        13 | NC      | $85637.50     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Willis Towers Watson PLC                    | Willis Towers Watson PLC                            | CUSIP: 000000000<br>LEI: 549300WHC56FF48KL350 | Long             | EC               | CORP              | GB        |        25 | NS      | $8215.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| American International Group I              | American International Group Inc                    | CUSIP: 026874784<br>LEI: ODVCVCQG2BP6VHV36M30 | Long             | EC               | CORP              | US        |       175 | NS      | $14971.25     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| SEAGATE HDD CAYMAN                          | Seagate HDD Cayman                                  | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |     35000 | PA      | $117547.50    | 0.08%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Fortescue Ltd                               | Fortescue Ltd                                       | CUSIP: 000000000<br>LEI: 529900VEJFORCO6I4826 | Long             | EC               | CORP              | AU        |     15581 | NS      | $228859.55    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Endesa SA                                   | Endesa SA                                           | CUSIP: 000000000<br>LEI: 549300LHK07F2CHV4X31 | Long             | EC               | CORP              | ES        |      7525 | NS      | $270872.73    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                              | Microsoft Corp                                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       597 | NS      | $288721.14    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                | Broadcom Inc                                        | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |       132 | NS      | $45685.20     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| NCL CORPORATION LTD                         | NCL Corp Ltd                                        | CUSIP: 62886HBS9<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |     45000 | PA      | $50090.63     | 0.03%             | 2030-04-15      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| Huntington Bancshares Inc/OH                | Huntington Bancshares Inc/OH                        | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      8294 | NS      | $143900.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| CPFL Energia SA                             | CPFL Energia SA                                     | CUSIP: 000000000<br>LEI: 529900GBWSBDXN8GGM28 | Long             | EC               | CORP              | BR        |      8400 | NS      | $81689.13     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | SPI 200                                             | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DE               | CORP              | AU        |         4 | NC      | $338.29       | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Logitech International SA                   | Logitech International SA                           | CUSIP: 000000000<br>LEI: 549300SN6PRK6IJJC215 | Long             | EC               | CORP              | CH        |        55 | NS      | $5661.79      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| RIVIAN AUTO INC                             | Rivian Automotive Inc                               | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |     52000 | PA      | $65325.00     | 0.04%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Autodesk Inc                                | Autodesk Inc                                        | CUSIP: 052769106<br>LEI: FRKKVKAIQEF3FCSTPG55 | Long             | EC               | CORP              | US        |        38 | NS      | $11248.38     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| IRHYTHM TECHNOLOGIES INC                    | iRhythm Technologies Inc                            | CUSIP: 450056AB2<br>LEI: 549300FJI72RJGDQS384 | Long             | DBT              | CORP              | US        |     41000 | PA      | $57195.00     | 0.04%             | 2029-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| MKS INC                                     | MKS Inc                                             | CUSIP: 55306NAB0<br>LEI: 549300KEQATBHAGVF505 | Long             | DBT              | CORP              | US        |     59000 | PA      | $75254.50     | 0.05%             | 2030-06-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| GUARDANT HEALTH INC                         | Guardant Health Inc                                 | CUSIP: 40131MAD1<br>LEI: 254900M8C3E5VC8BR186 | Long             | DBT              | CORP              | US        |     31000 | PA      | $56702.10     | 0.04%             | 2031-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Grupo Cibest SA                             | Grupo Cibest SA                                     | CUSIP: 000000000<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EP               | CORP              | CO        |     21925 | NS      | $347190.43    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| T Rowe Price Group Inc                      | T Rowe Price Group Inc                              | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      1812 | NS      | $185512.56    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Ulta Beauty Inc                             | Ulta Beauty Inc                                     | CUSIP: 90384S303<br>LEI: 529900CIV6HN8M28YM82 | Long             | EC               | CORP              | US        |        55 | NS      | $33275.55     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BRILLIANCE CHINA                            | Brilliance China Automotive Holdings Ltd            | CUSIP: 000000000<br>LEI: 5299005WPCSQN14NBM26 | Long             | EC               | CORP              | HK        |     98000 | NS      | $50997.73     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| BORSA ITALIANA S.P.A.                       | FTSE/MIB IDX                                        | CUSIP: 000000000<br>LEI: 8156005391EE905D3124 | N/A              | DE               | CORP              | IT        |         1 | NC      | $2952.36      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Crown Castle Inc                            | Crown Castle Inc                                    | CUSIP: 22822V101<br>LEI: 54930012H97VSM0I2R19 | Long             | EC               | CORP              | US        |      3375 | NS      | $299936.25    | 0.20%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC                      | CenterPoint Energy Inc                              | CUSIP: 15189TBQ9<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |     69000 | PA      | $69841.80     | 0.05%             | 2028-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Intuit Inc                                  | Intuit Inc                                          | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |        10 | NS      | $6624.20      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco de Sabadell SA                        | Banco de Sabadell SA                                | CUSIP: 000000000<br>LEI: SI5RG2M0WQQLZCXKRM20 | Long             | EC               | CORP              | ES        |    109740 | NS      | $433972.10    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Nova Scotia/The                     | Bank of Nova Scotia/The                             | CUSIP: 064149107<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | EC               | CORP              | CA        |       600 | NS      | $44251.94     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| STARWOOD PROPERTY TRUST                     | Starwood Property Trust Inc                         | CUSIP: 85571BBA2<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |     32000 | PA      | $33056.00     | 0.02%             | 2027-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| Nomura Holdings Inc                         | Nomura Holdings Inc                                 | CUSIP: 000000000<br>LEI: 549300B3CEAHYG7K8164 | Long             | EC               | CORP              | JP        |     19200 | NS      | $159468.85    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Vipshop Holdings Ltd                        | Vipshop Holdings Ltd                                | CUSIP: 92763W103<br>LEI: 549300I9F52K06HPZX60 | Long             | EC               | CORP              | CN        |      6615 | NS      | $117019.35    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| KLA Corp                                    | KLA Corp                                            | CUSIP: 482480100<br>LEI: 549300H0BF5JCG96TJ81 | Long             | EC               | CORP              | US        |        36 | NS      | $43742.88     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| UBER TECHNOLOGIES INC                       | Uber Technologies Inc                               | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |     20000 | PA      | $25940.00     | 0.02%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| EUREX CLEARING AKTIENGESELLSCHAFT           | EURO-BUND                                           | CUSIP: 000000000<br>LEI: 529900LN3S50JPU47S06 | N/A              | DIR              | CORP              | DE        |        -1 | NC      | $-272.88      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Caixa Seguridade Participacoes              | Caixa Seguridade Participacoes S/A                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |    141500 | NS      | $429167.39    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Polska Kasa Opieki SA                  | Bank Polska Kasa Opieki SA                          | CUSIP: 000000000<br>LEI: 5493000LKS7B3UTF7H35 | Long             | EC               | CORP              | PL        |      2913 | NS      | $166422.37    | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| DNB Bank ASA                                | DNB Bank ASA                                        | CUSIP: 000000000<br>LEI: 549300GKFG0RYRRQ1414 | Long             | EC               | CORP              | NO        |      6342 | NS      | $177110.42    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Accton Technology Corp                      | Accton Technology Corp                              | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |      3000 | NS      | $113142.69    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtus Silvant Focused Growth Fund          | Virtus Silvant Focused Growth Fund                  | CUSIP: 92837N782<br>LEI: 5493008I7LLKX4QYJW79 | Long             | EC               | RF                | US        |    266797 | NS      | $23288675.56  | 15.90%            |  |  |  | No            |                  1 | On Loan: No      |
| APA Group                                   | APA Group                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     57000 | NS      | $341209.38    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corp                                | Newmont Corp                                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |       100 | NS      | $9985.00      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| LUMENTUM HOLDINGS INC                       | Lumentum Holdings Inc                               | CUSIP: 55024UAH2<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |     38000 | PA      | $201856.00    | 0.14%             | 2029-12-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| NATIONAL STOCK EXCHANGE OF INDIA LIMITED    | IFSC NIFTY 50                                       | CUSIP: 000000000<br>LEI: 335800NLY5HYW9I7YE03 | N/A              | DE               | CORP              | IN        |         9 | NC      | $-1554.04     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Axia Energia                                | Axia Energia                                        | CUSIP: 000000000<br>LEI: 254900I8KYDELP4B4Z08 | Long             | EC               | CORP              | BR        |      3200 | NS      | $29554.63     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                                | Alphabet Inc                                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |       768 | NS      | $240384.00    | 0.16%             |  |  |  | No            |                  1 | On Loan: No      |
| PELOTON INTERACTIVE INC                     | Peloton Interactive Inc                             | CUSIP: 70614WAD2<br>LEI: 5493002YS021166W0339 | Long             | DBT              | CORP              | US        |     30000 | PA      | $49875.00     | 0.03%             | 2029-12-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                                | QUALCOMM Inc                                        | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |        61 | NS      | $10434.05     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                              | Eli Lilly & Co                                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |        20 | NS      | $21493.60     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| WP Carey Inc                                | WP Carey Inc                                        | CUSIP: 92936U109<br>LEI: 54930042CRNE713E3Q67 | Long             | EC               | CORP              | US        |      6080 | NS      | $391308.80    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Cibest SA                             | Grupo Cibest SA                                     | CUSIP: 40090E106<br>LEI: 529900OSSJBGZREZ2C28 | Long             | EC               | CORP              | CO        |      2747 | NS      | $174736.67    | 0.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Zijin Mining Group Co Ltd                   | Zijin Mining Group Co Ltd                           | CUSIP: 000000000<br>LEI: 836800JRNL2393Z2I561 | Long             | EC               | CORP              | CN        |      4300 | NS      | $21210.33     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                         | Dominion Energy Inc                                 | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      3495 | NS      | $204772.05    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Sino Grandness Food Industry G              | Sino Grandness Food Industry Group Ltd              | CUSIP: 000000000<br>LEI: 529900L4CX3OJ8CAOL39 | Long             | EC               | CORP              | CN        |     77400 | NS      | $0.00         | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | EURO FX CURR                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |        10 | NC      | $-1986.20     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Labcorp Holdings Inc                        | Labcorp Holdings Inc                                | CUSIP: 504922105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |        95 | NS      | $23833.60     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Osaka Gas Co Ltd                            | Osaka Gas Co Ltd                                    | CUSIP: 000000000<br>LEI: 353800024KMNOPQRWZ02 | Long             | EC               | CORP              | JP        |      4200 | NS      | $145594.99    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| EZCORP INC                                  | EZCORP Inc                                          | CUSIP: 302301AG1<br>LEI: 5493003K6PG3ZQ7TUQ63 | Long             | DBT              | CORP              | US        |     52000 | PA      | $96486.00     | 0.07%             | 2029-12-15      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Bank of China Ltd                           | Bank of China Ltd                                   | CUSIP: 000000000<br>LEI: 54930053HGCFWVHYZX42 | Long             | EC               | CORP              | CN        |     64000 | NS      | $36676.22     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Emaar Properties PJSC                       | Emaar Properties PJSC                               | CUSIP: 000000000<br>LEI: 254900YWYEXYXK1BMP81 | Long             | EC               | CORP              | AE        |     27169 | NS      | $103934.23    | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingfisher PLC                              | Kingfisher PLC                                      | CUSIP: 000000000<br>LEI: 213800KBMEV7I92FY281 | Long             | EC               | CORP              | GB        |      2650 | NS      | $11169.86     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Veralto Corp                                | Veralto Corp                                        | CUSIP: 92338C103<br>LEI: 635400FJE6GSOJUSNY27 | Long             | EC               | CORP              | US        |       241 | NS      | $24046.98     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| COINBASE GLOBAL INC                         | Coinbase Global Inc                                 | CUSIP: 19260QAF4<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |     42000 | PA      | $42966.00     | 0.03%             | 2030-04-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| Terna - Rete Elettrica Naziona              | Terna - Rete Elettrica Nazionale                    | CUSIP: 000000000<br>LEI: 8156009E94ED54DE7C31 | Long             | EC               | CORP              | IT        |      2486 | NS      | $26451.69     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BLACKLINE INC                               | BlackLine Inc                                       | CUSIP: 09239BAF6<br>LEI: 529900P9N7PK9LV5EK56 | Long             | DBT              | CORP              | US        |     70000 | PA      | $73752.00     | 0.05%             | 2029-06-01      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | S&P500 EMINI                                        | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |        12 | NC      | $11171.70     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank Leumi Le-Israel BM                     | Bank Leumi Le-Israel BM                             | CUSIP: 000000000<br>LEI: 7JDSZWRGUQY2DSTWCR57 | Long             | EC               | CORP              | IL        |       450 | NS      | $9919.77      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Philip Morris International In              | Philip Morris International Inc                     | CUSIP: 718172109<br>LEI: HL3H1H2BGXWVG3BSWR90 | Long             | EC               | CORP              | US        |      2901 | NS      | $465320.40    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                           | Veeva Systems Inc                                   | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |        47 | NS      | $10491.81     | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia De Sanena Do Parana                     | Cia De Sanena Do Parana                             | CUSIP: 000000000<br>LEI: 254900SZW9X2D21A7X94 | Long             | EP               | CORP              | BR        |     22400 | NS      | $32007.30     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| GREENBRIER COS INC                          | Greenbrier Cos Inc/The                              | CUSIP: 393657AM3<br>LEI: 5493001GAGGFR30BP390 | Long             | DBT              | CORP              | US        |     46000 | PA      | $49417.80     | 0.03%             | 2028-04-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| IDEXX Laboratories Inc                      | IDEXX Laboratories Inc                              | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |        41 | NS      | $27737.73     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| NEXTERA ENERGY CAPITAL                      | NextEra Energy Capital Holdings Inc                 | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |     44000 | PA      | $54604.00     | 0.04%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JPMorgan Chase & Co                         | JPMorgan Chase & Co                                 | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |       164 | NS      | $52844.08     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| PACIRA BIOSCIENCES INC                      | Pacira BioSciences Inc                              | CUSIP: 695127AJ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     44000 | PA      | $44137.50     | 0.03%             | 2029-05-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Yutong Bus Co Ltd                           | Yutong Bus Co Ltd                                   | CUSIP: 000000000<br>LEI: 300300OMPRVW0Q75F037 | Long             | EC               | CORP              | CN        |     23700 | NS      | $110900.60    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | E-MINI RUSS 2000                                    | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DE               | CORP              | US        |         4 | NC      | $-9201.40     | -0.01%            |  |  |  | No            |                  1 | On Loan: No      |
| PG&E CORP                                   | PG&E Corp                                           | CUSIP: 69331CAL2<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | DBT              | CORP              | US        |     31000 | PA      | $31855.60     | 0.02%             | 2027-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TE Connectivity PLC                         | TE Connectivity PLC                                 | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |       133 | NS      | $30258.83     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashok Leyland Ltd                           | Ashok Leyland Ltd                                   | CUSIP: 000000000<br>LEI: 3358001BZKWERVWYCK35 | Long             | EC               | CORP              | IN        |     31137 | NS      | $62076.95     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| First Abu Dhabi Bank PJSC                   | First Abu Dhabi Bank PJSC                           | CUSIP: 000000000<br>LEI: 2138002Y3WMK6RZS8H90 | Long             | EC               | CORP              | AE        |      8591 | NS      | $40794.24     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Altria Group Inc                            | Altria Group Inc                                    | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      6960 | NS      | $401313.60    | 0.27%             |  |  |  | No            |                  1 | On Loan: No      |
| TEMPUS AI INC                               | Tempus AI Inc                                       | CUSIP: 88023BAD5<br>LEI: 2549009LA0KWRAGQBX50 | Long             | DBT              | CORP              | US        |     29000 | PA      | $30899.50     | 0.02%             | 2030-07-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| Vale SA                                     | Vale SA                                             | CUSIP: 000000000<br>LEI: 254900SMTWBX7RU2SR20 | Long             | EC               | CORP              | BR        |     33000 | NS      | $433355.54    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Edison International                        | Edison International                                | CUSIP: 281020107<br>LEI: 549300I7ROF15MAEVP56 | Long             | EC               | CORP              | US        |      7483 | NS      | $449129.66    | 0.31%             |  |  |  | No            |                  1 | On Loan: No      |
| HERBALIFE LTD                               | Herbalife Ltd                                       | CUSIP: 42703MAF0<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |     47000 | PA      | $50619.00     | 0.03%             | 2028-06-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Alexandria Real Estate Equitie              | Alexandria Real Estate Equities Inc                 | CUSIP: 015271109<br>LEI: MGCJBT4MKTQBVLNUIS88 | Long             | EC               | CORP              | US        |      6196 | NS      | $303232.24    | 0.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AUSTRALIAN SECURITIES EXCHANGE TRADE24      | AUST 10Y BOND                                       | CUSIP: 000000000<br>LEI: N/A                  | N/A              | DIR              | CORP              | AU        |       -13 | NC      | $-703.54      | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Toronto-Dominion Bank/The                   | Toronto-Dominion Bank/The                           | CUSIP: 891160509<br>LEI: PT3QB789TSUIDF371261 | Long             | EC               | CORP              | CA        |       425 | NS      | $40055.37     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc                                  | Pfizer Inc                                          | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |     17778 | NS      | $442672.20    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc                       | Delta Electronics Inc                               | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |      5000 | NS      | $153243.90    | 0.10%             |  |  |  | No            |                  1 | On Loan: No      |
| ICBC                                        | Industrial & Commercial Bank of China Ltd           | CUSIP: 000000000<br>LEI: 5493002ERZU2K9PZDL40 | Long             | EC               | CORP              | CN        |    142000 | NS      | $114764.80    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| HEICO Corp                                  | HEICO Corp                                          | CUSIP: 422806109<br>LEI: 529900O1DTDLCJ7L0I14 | Long             | EC               | CORP              | US        |       100 | NS      | $32359.00     | 0.02%             |  |  |  | No            |                  1 | On Loan: No      |
| BOEING CO/THE                               | Boeing Co/The                                       | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |      1150 | NS      | $79419.00     | 0.05%             |  |  |  | No            |                  1 | On Loan: No      |
| ARES MANAGEMENT CORP                        | Ares Management Corp                                | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |       850 | NS      | $42840.00     | 0.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Turkiye Petrol Rafinerileri AS              | Turkiye Petrol Rafinerileri AS                      | CUSIP: 000000000<br>LEI: 789000RCNG97UV50EE03 | Long             | EC               | CORP              | TR        |     77655 | NS      | $333618.70    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| UGI CORP                                    | UGI Corp                                            | CUSIP: 902681AB1<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | DBT              | CORP              | US        |     40000 | PA      | $56680.00     | 0.04%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Engie SA                                    | Engie SA                                            | CUSIP: 000000000<br>LEI: LAXUQCHT4FH58LRZDY46 | Long             | EC               | CORP              | FR        |      4221 | NS      | $111165.24    | 0.08%             |  |  |  | No            |                  1 | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE INC.            | C$ CURRENCY                                         | CUSIP: 000000000<br>LEI: SNZ2OJLFK8MNNCLQOF39 | N/A              | DFE              | CORP              | US        |         8 | NC      | $-1883.96     | -0.00%            |  |  |  | No            |                  1 | On Loan: No      |
| ABB Ltd                                     | ABB Ltd                                             | CUSIP: 000000000<br>LEI: 5493000LKVGOO9PELI61 | Long             | EC               | CORP              | CH        |       100 | NS      | $7476.33      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortinet Inc                                | Fortinet Inc                                        | CUSIP: 34959E109<br>LEI: 549300O0QJWDBAS0QX03 | Long             | EC               | CORP              | US        |        68 | NS      | $5399.88      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| ADVANCED ENERGY IND                         | Advanced Energy Industries Inc                      | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |     47000 | PA      | $77056.50     | 0.05%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CTBC Financial Holding Co Ltd               | CTBC Financial Holding Co Ltd                       | CUSIP: 000000000<br>LEI: 549300IWDYIFW6JXM387 | Long             | EC               | CORP              | TW        |     38000 | NS      | $60711.96     | 0.04%             |  |  |  | No            |                  1 | On Loan: No      |
| MBRF Global Foods Co SA                     | MBRF Global Foods Co SA                             | CUSIP: 000000000<br>LEI: 391200219USWMOBN3F92 | Long             | EC               | CORP              | BR        |     24463 | NS      | $89195.81     | 0.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Tencent Holdings Ltd                        | Tencent Holdings Ltd                                | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |      2600 | NS      | $200110.50    | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER OP LLC                            | Welltower OP LLC                                    | CUSIP: 95041AAB4<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |     51000 | PA      | $99883.50     | 0.07%             | 2028-05-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| STRIDE INC                                  | Stride Inc                                          | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |     27000 | PA      | $36801.00     | 0.03%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| Phoenix Group Holdings PLC                  | Phoenix Group Holdings PLC                          | CUSIP: 000000000<br>LEI: 2138001P49OLAEU33T68 | Long             | EC               | CORP              | GB        |     48449 | NS      | $481311.33    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| ENVISTA HOLDINGS CORP                       | Envista Holdings Corp                               | CUSIP: 29415FAD6<br>LEI: 549300BX623VURJZ5269 | Long             | DBT              | CORP              | US        |     43000 | PA      | $41226.25     | 0.03%             | 2028-08-15      | Fixed         | 1.75%                 | 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