# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-23-044730
**Filing Date:** 2023-2
**Character Count:** 63038
**Document Hash:** a997efd70a21a31b751e146ed87af291
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-044730.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-044730

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221230

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Virtus Strategy Trust
- **CENTRAL INDEX KEY:** 0001423227
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 23679956

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

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

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

## Series and Classes Contracts Data

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

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000086672 | Class A             | AOPAX           |
| C000086673 | Class C             | AOPCX           |
| C000086675 | Institutional Class | ALOIX           |
| C000086676 | Class P             | ALOPX           |
| C000165874 | Class R6            | AIISX           |

## Nport-Ex

#### VIRTUS International Small-Cap Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Preferred Stocks—0.6%** | **Preferred Stocks—0.6%** | **Preferred Stocks—0.6%** |
| **Brazil—0.3%** | **Brazil—0.3%** |  |
| Metalurgica Gerdau S.A., 8.720% | &nbsp;&nbsp;&nbsp;&nbsp;57800 | $142 |
| **Chile—0.3%** | **Chile—0.3%** |  |
| Embotelladora Andina S.A., 13.830% | &nbsp;&nbsp;&nbsp;&nbsp;46191 | &nbsp;&nbsp;&nbsp; 113 |
| **Total Preferred Stocks<br> (Identified Cost $242)** | **Total Preferred Stocks<br> (Identified Cost $242)** | &nbsp;&nbsp;&nbsp;&nbsp; **255** |
| **Common Stocks—92.4%** | **Common Stocks—92.4%** | **Common Stocks—92.4%** |
| **Australia—3.0%** | **Australia—3.0%** |  |
| Iluka Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;84884 | &nbsp;&nbsp;&nbsp; 551 |
| JB Hi-Fi Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18530 | &nbsp;&nbsp;&nbsp; 529 |
| Sierra Rutile Holdings Ltd.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16839 | &nbsp;&nbsp;&nbsp; 3 |
| Super Retail Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;47227 | &nbsp;&nbsp;&nbsp; 344 |
|  |  | &nbsp;&nbsp;&nbsp; 1427 |
| **Austria—1.4%** | **Austria—1.4%** |  |
| AT&S Austria Technologie & Systemtechnik AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp; 153 |
| Raiffeisen Bank International AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220 | &nbsp;&nbsp;&nbsp; 152 |
| Wienerberger AG | &nbsp;&nbsp;&nbsp;&nbsp;16000 | &nbsp;&nbsp;&nbsp; 386 |
|  |  | &nbsp;&nbsp;&nbsp; 691 |
| **Belgium—0.4%** | **Belgium—0.4%** |  |
| Elia Group S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp; 171 |
| **Bermuda—0.7%** | **Bermuda—0.7%** |  |
| Kunlun Energy Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;456000 | &nbsp;&nbsp;&nbsp; 325 |
| **Brazil—1.2%** | **Brazil—1.2%** |  |
| JBS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;86900 | &nbsp;&nbsp;&nbsp; 362 |
| Tupy S.A. | &nbsp;&nbsp;&nbsp;&nbsp;43200 | &nbsp;&nbsp;&nbsp; 224 |
|  |  | &nbsp;&nbsp;&nbsp; 586 |
| **Canada—6.7%** | **Canada—6.7%** |  |
| Boardwalk Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6677 | &nbsp;&nbsp;&nbsp; 244 |
| Capital Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26836 | &nbsp;&nbsp;&nbsp; 918 |
| Dream Industrial Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;29944 | &nbsp;&nbsp;&nbsp; 258 |
| Granite Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5801 | &nbsp;&nbsp;&nbsp; 296 |
| H&R Real Estate Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;26569 | &nbsp;&nbsp;&nbsp; 238 |
| Parex Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15457 | &nbsp;&nbsp;&nbsp; 230 |
| Russel Metals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13772 | &nbsp;&nbsp;&nbsp; 293 |
| TFI International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7340 | &nbsp;&nbsp;&nbsp; 735 |
|  |  | &nbsp;&nbsp;&nbsp; 3212 |
| **China—1.8%** | **China—1.8%** |  |
| BAIC Motor Corp., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;345500 | &nbsp;&nbsp;&nbsp; 92 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **China—continued** | **China—continued** |  |
| Bank of Jiangsu Co., Ltd. Class A | &nbsp;&nbsp;&nbsp;&nbsp;480062 | $503 |
| China Coal Energy Co., Ltd. Class H | &nbsp;&nbsp;&nbsp;&nbsp;338000 | &nbsp;&nbsp; 275 |
|  |  | &nbsp;&nbsp; 870 |
| **Denmark—1.7%** | **Denmark—1.7%** |  |
| D/S Norden A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6136 | &nbsp;&nbsp; 369 |
| Dfds A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4095 | &nbsp;&nbsp; 151 |
| Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp; 320 |
|  |  | &nbsp;&nbsp; 840 |
| **France—2.4%** | **France—2.4%** |  |
| Gaztransport Et Technigaz S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4938 | &nbsp;&nbsp; 527 |
| Ipsen S.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5594 | &nbsp;&nbsp; 602 |
|  |  | &nbsp;&nbsp; 1129 |
| **Germany—3.0%** | **Germany—3.0%** |  |
| Aurubis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp; 125 |
| HUGO BOSS AG | &nbsp;&nbsp;&nbsp;&nbsp;22269 | &nbsp;&nbsp; 1291 |
|  |  | &nbsp;&nbsp; 1416 |
| **Greece—0.6%** | **Greece—0.6%** |  |
| Mytilineos S.A. | &nbsp;&nbsp;&nbsp;&nbsp;13945 | &nbsp;&nbsp; 303 |
| **Hungary—0.6%** | **Hungary—0.6%** |  |
| Richter Gedeon Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;12261 | &nbsp;&nbsp; 273 |
| **Indonesia—1.5%** | **Indonesia—1.5%** |  |
| Bukit Asam Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;821600 | &nbsp;&nbsp; 195 |
| Indo Tambangraya Megah Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;136400 | &nbsp;&nbsp; 342 |
| Matahari Department Store Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;577800 | &nbsp;&nbsp; 176 |
|  |  | &nbsp;&nbsp; 713 |
| **Israel—2.6%** | **Israel—2.6%** |  |
| ICL Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;54643 | &nbsp;&nbsp; 396 |
| Mizrahi Tefahot Bank Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;26043 | &nbsp;&nbsp; 844 |
|  |  | &nbsp;&nbsp; 1240 |
| **Italy—2.5%** | **Italy—2.5%** |  |
| A2A SpA | &nbsp;&nbsp;&nbsp;&nbsp;378364 | &nbsp;&nbsp; 504 |
| Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;71721 | &nbsp;&nbsp; 599 |
| Saras SpA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;97016 | &nbsp;&nbsp; 119 |
|  |  | &nbsp;&nbsp; 1222 |
| **Japan—20.3%** | **Japan—20.3%** |  |
| Citizen Watch Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;327500 | &nbsp;&nbsp; 1480 |
| Cosmo Energy Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;41100 | &nbsp;&nbsp; 1093 |
| DTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp; 282 |
| Ebara Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10100 | &nbsp;&nbsp; 363 |
| GungHo Online Entertainment, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp; 153 |
| H.U. Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp; 525 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Japan—continued** | **Japan—continued** |  |
| H2O Retailing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;69800 | $686 |
| Hanwa Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;28200 | &nbsp;&nbsp; 805 |
| Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29400 | &nbsp;&nbsp; 688 |
| Japan Excellent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp; 118 |
| Kanematsu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;36500 | &nbsp;&nbsp; 417 |
| Mazda Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;80400 | &nbsp;&nbsp; 616 |
| Mitsubishi Motors Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;154200 | &nbsp;&nbsp; 599 |
| Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp; 225 |
| Onward Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;103100 | &nbsp;&nbsp; 243 |
| SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp; 135 |
| Senko Group Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;52400 | &nbsp;&nbsp; 385 |
| Sojitz Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21800 | &nbsp;&nbsp; 417 |
| Takashimaya Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18200 | &nbsp;&nbsp; 256 |
| Visional, Inc.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp; 266 |
|  |  | &nbsp;&nbsp; 9752 |
| **Jersey—0.7%** | **Jersey—0.7%** |  |
| WNS Holdings Ltd. ADR<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4117 | &nbsp;&nbsp; 329 |
| **Mauritius—0.5%** | **Mauritius—0.5%** |  |
| Golden Agri-Resources Ltd. | 1382900 | &nbsp;&nbsp; 258 |
| **Mexico—1.3%** | **Mexico—1.3%** |  |
| Arca Continental SAB de C.V. | &nbsp;&nbsp;&nbsp;&nbsp;78600 | &nbsp;&nbsp; 638 |
| **Netherlands—6.4%** | **Netherlands—6.4%** |  |
| ABN AMRO Bank N.V. CVA GDR | &nbsp;&nbsp;&nbsp;&nbsp;41446 | &nbsp;&nbsp; 574 |
| AMG Advanced Metallurgical Group N.V. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8183 | &nbsp;&nbsp; 301 |
| ASR Nederland N.V. | &nbsp;&nbsp;&nbsp;&nbsp;11031 | &nbsp;&nbsp; 524 |
| Fugro N.V.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9877 | &nbsp;&nbsp; 118 |
| OCI N.V. | &nbsp;&nbsp;&nbsp;&nbsp;16050 | &nbsp;&nbsp; 574 |
| Randstad N.V. | &nbsp;&nbsp;&nbsp;&nbsp;15932 | &nbsp;&nbsp; 972 |
|  |  | &nbsp;&nbsp; 3063 |
| **Norway—0.5%** | **Norway—0.5%** |  |
| Elkem ASA<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;65991 | &nbsp;&nbsp; 237 |
| **Portugal—2.1%** | **Portugal—2.1%** |  |
| Jeronimo Martins SGPS S.A. | &nbsp;&nbsp;&nbsp;&nbsp;46867 | &nbsp;&nbsp; 1012 |
| **Singapore—2.1%** | **Singapore—2.1%** |  |
| First Resources Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;330900 | &nbsp;&nbsp; 366 |
| Sembcorp Industries Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;127500 | &nbsp;&nbsp; 322 |
| Yangzijiang Shipbuilding Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;301400 | &nbsp;&nbsp; 306 |
|  |  | &nbsp;&nbsp; 994 |
| **South Africa—1.4%** | **South Africa—1.4%** |  |
| African Rainbow Minerals Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245 | &nbsp;&nbsp; 106 |
| Astral Foods Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19264 | &nbsp;&nbsp; 185 |
| Nedbank Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16404 | &nbsp;&nbsp; 205 |
| Truworths International Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55428 | &nbsp;&nbsp; 179 |
|  |  | &nbsp;&nbsp; 675 |

---

See Notes to Schedule of Investments

------

#### VIRTUS International Small-Cap Fund

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

#### December 31, 2022
($ reported in thousands)

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **South Korea—5.7%** | **South Korea—5.7%** |  |
| Cheil Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25165 | $461 |
| Doosan Bobcat, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14917 | &nbsp;&nbsp; 411 |
| Hyundai Marine & Fire Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24005 | &nbsp;&nbsp; 561 |
| JB Financial Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;36616 | &nbsp;&nbsp; 230 |
| KT Corp.<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16241 | &nbsp;&nbsp; 436 |
| LX International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16328 | &nbsp;&nbsp; 441 |
| Woori Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;21744 | &nbsp;&nbsp; 200 |
|  |  | &nbsp;&nbsp; 2740 |
| **Spain—1.9%** | **Spain—1.9%** |  |
| Cia de Distribucion Integral Logista Holdings S.A. | &nbsp;&nbsp;&nbsp;&nbsp;35263 | &nbsp;&nbsp; 891 |
| **Sweden—1.8%** | **Sweden—1.8%** |  |
| Billerud AB | &nbsp;&nbsp;&nbsp;&nbsp;28129 | &nbsp;&nbsp; 343 |
| SSAB AB Class A | &nbsp;&nbsp;&nbsp;&nbsp;72019 | &nbsp;&nbsp; 393 |
| Swedish Orphan Biovitrum AB<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5912 | &nbsp;&nbsp; 122 |
|  |  | &nbsp;&nbsp; 858 |
| **Switzerland—1.3%** | **Switzerland—1.3%** |  |
| Cembra Money Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2511 | &nbsp;&nbsp; 209 |
| u-blox Holding AG<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3451 | &nbsp;&nbsp; 411 |
|  |  | &nbsp;&nbsp; 620 |
| **Taiwan—3.9%** | **Taiwan—3.9%** |  |
| Aerospace Industrial Development Corp. | &nbsp;&nbsp;&nbsp;&nbsp;299000 | &nbsp;&nbsp; 348 |
| SinoPac Financial Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;504370 | &nbsp;&nbsp; 275 |
| Sitronix Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;63000 | &nbsp;&nbsp; 364 |
| Taichung Commercial Bank Co., Ltd. | 1705000 | &nbsp;&nbsp; 710 |
| TaiDoc Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 180 |
|  |  | &nbsp;&nbsp; 1877 |
| **Thailand—1.0%** | **Thailand—1.0%** |  |
| Chularat Hospital PCL Foreign Shares | 4586600 | &nbsp;&nbsp; 487 |
| **Turkey—0.3%** | **Turkey—0.3%** |  |
| BIM Birlesik Magazalar AS | &nbsp;&nbsp;&nbsp;&nbsp;21912 | &nbsp;&nbsp; 160 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **United Kingdom—9.1%** | **United Kingdom—9.1%** |  |
| Beazley plc | &nbsp;&nbsp;&nbsp;&nbsp;70862 | $582 |
| Centrica plc | &nbsp;&nbsp;&nbsp;&nbsp;925862 | &nbsp;&nbsp;&nbsp; 1080 |
| Computacenter plc | &nbsp;&nbsp;&nbsp;&nbsp;26403 | &nbsp;&nbsp;&nbsp; 610 |
| Greggs plc | &nbsp;&nbsp;&nbsp;&nbsp;17788 | &nbsp;&nbsp;&nbsp; 505 |
| OSB Group plc | &nbsp;&nbsp;&nbsp;&nbsp;139445 | &nbsp;&nbsp;&nbsp; 809 |
| Pagegroup plc | &nbsp;&nbsp;&nbsp;&nbsp;116027 | &nbsp;&nbsp;&nbsp; 647 |
| SThree plc | &nbsp;&nbsp;&nbsp;&nbsp;24823 | &nbsp;&nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp;&nbsp; 4354 |
| **United States—2.0%** | **United States—2.0%** |  |
| Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17528 | &nbsp;&nbsp;&nbsp; 378 |
| Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16172 | &nbsp;&nbsp;&nbsp; 560 |
|  |  | &nbsp;&nbsp;&nbsp; 938 |
| **Total Common Stocks<br> (Identified Cost $42,910)** | **Total Common Stocks<br> (Identified Cost $42,910)** | &nbsp;&nbsp;&nbsp;&nbsp;**44301** |
| **Exchange-Traded Fund—4.2%** | **Exchange-Traded Fund—4.2%** | **Exchange-Traded Fund—4.2%** |
| iShares MSCI India Small-Cap ETF | &nbsp;&nbsp;&nbsp;&nbsp;39030 | &nbsp;&nbsp;&nbsp; 2020 |
| **Total Exchange-Traded Fund<br> (Identified Cost $2,039)** | **Total Exchange-Traded Fund<br> (Identified Cost $2,039)** | &nbsp;&nbsp;&nbsp;&nbsp; **2020** |
| **Total Long-Term Investments—97.2%<br> (Identified Cost $45,191)** | **Total Long-Term Investments—97.2%<br> (Identified Cost $45,191)** | &nbsp;&nbsp;&nbsp;&nbsp;**46576** |
| **Short-Term Investment—1.9%** | **Short-Term Investment—1.9%** | **Short-Term Investment—1.9%** |
| **Money Market Mutual Fund—1.9%** | **Money Market Mutual Fund—1.9%** | **Money Market Mutual Fund—1.9%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.033%)<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;928804 | &nbsp;&nbsp;&nbsp; 929 |
| **Total Short-Term Investment<br> (Identified Cost $929)** | **Total Short-Term Investment<br> (Identified Cost $929)** | &nbsp;&nbsp;&nbsp;&nbsp; **929** |
| **TOTAL INVESTMENTS—99.1%<br> (Identified Cost $46,120)** | **TOTAL INVESTMENTS—99.1%<br> (Identified Cost $46,120)** | &nbsp;&nbsp;**$47505** |
| Other assets and liabilities, net—0.9% | Other assets and liabilities, net—0.9% | &nbsp;&nbsp;&nbsp;&nbsp; 439 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$47944** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| ADR | American Depositary Receipt |
| ETF | Exchange-Traded Fund |
| GDR | Global Depositary Receipt |
| MSCI | Morgan Stanley Capital International |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Non-income producing. |
| <sup>(2)</sup> | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |

---

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| Japan | &nbsp;&nbsp;21% |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;9 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;8 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;7 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;6 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Other | &nbsp;&nbsp;39 |
| Total | 100% |
| <sup>†</sup> % of total investments as of December 31, 2022. | <sup>†</sup> % of total investments as of December 31, 2022. |

---

See Notes to Schedule of Investments

------

#### VIRTUS International Small-Cap Fund

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

#### December 31, 2022
($ reported in thousands)

The following table summarizes the value of the Fund's investments as of December 31, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> December 31, 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices |
| Assets: |  |  |
| Equity Securities: |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44301 |
| &nbsp;&nbsp;&nbsp;Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 |
| Exchange-Traded Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2020 |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$47505 |

---

There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at December 31, 2022.

There were no transfers into or out of Level 3 related to securities held at December 31, 2022.

See Notes to Schedule of Investments

------

#### VIRTUS International Small-Cap Fund

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

#### December 31, 2022

#### Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Fund's policy is to recognize transfers into or out of Level 3 at the end of the reporting period.

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

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

• Level 3 – prices determined using significant unobservable inputs (including the 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 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, and restricted securities, are valued based on evaluated 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 Adviser's Valuation Committee are generally categorized as Level 3 in the hierarchy.

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

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

A summary of the inputs used to value 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 report.

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

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

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

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

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

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

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

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

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $48314773.62

**Total Liabilities:** $376234.93

**Net Assets:** $47938538.69

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086672 | -1.43%               | 4.97%                | -8.12%               |
| Class ID C000086676 | 4.28%                | 11.12%               | -2.77%               |
| Class ID C000086675 | 4.27%                | 11.11%               | -2.74%               |
| Class ID C000165874 | 4.28%                | 11.12%               | -2.74%               |
| Class ID C000086673 | 3.19%                | 10.01%               | -3.81%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-944832.49              | $2798316.87                                |
| Month 2  | $-149532.53              | $5069681.66                                |
| Month 3  | $-179761.29              | $-1301821.23                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pandora A/S                      | Pandora A/S                                      | CUSIP: 000000000<br>LEI: 5299007OWYZ6I1E46843 | Long             | EC               | CORP              | DK        |      4554 | NS      | $319975.73    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Boardwalk Real Estate Investme   | Boardwalk Real Estate Investment Trust           | CUSIP: 096631106<br>LEI: 549300RMNRTTJRCOYW23 | Long             | EC               | CORP              | CA        |      6677 | NS      | $243754.88    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Centrica PLC                     | Centrica PLC                                     | CUSIP: 000000000<br>LEI: E26EDV109X6EEPBKVH76 | Long             | EC               | CORP              | GB        |    925862 | NS      | $1080368.50   | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| u-blox Holding AG                | u-blox Holding AG                                | CUSIP: 000000000<br>LEI: 506700B2W2NUXS9X8479 | Long             | EC               | CORP              | CH        |      3451 | NS      | $411290.97    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Mizrahi Tefahot Bank Ltd         | Mizrahi Tefahot Bank Ltd                         | CUSIP: 000000000<br>LEI: YZO9YEGEO4VYDZMDWF93 | Long             | EC               | CORP              | IL        |     26043 | NS      | $843872.92    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| DTS Corp                         | DTS Corp                                         | CUSIP: 000000000<br>LEI: 529900WBOTPBINBCF151 | Long             | EC               | CORP              | JP        |     12400 | NS      | $281749.47    | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Jeronimo Martins SGPS SA         | Jeronimo Martins SGPS SA                         | CUSIP: 000000000<br>LEI: 259400A8SZP10GB5IB19 | Long             | EC               | CORP              | PT        |     46867 | NS      | $1012405.98   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| KT Corp                          | KT Corp                                          | CUSIP: 000000000<br>LEI: 9884005ACF8449EANY26 | Long             | EC               | CORP              | KR        |     16241 | NS      | $435616.12    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Warrior Met Coal Inc             | Warrior Met Coal Inc                             | CUSIP: 93627C101<br>LEI: 549300152B1S9YKBYV79 | Long             | EC               | CORP              | US        |     16172 | NS      | $560198.08    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| BlackRock Liquidity FedFund      | BlackRock Liquidity FedFund                      | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   1110654 | NS      | $1110653.58   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Taichung Commercial Bank Co Lt   | Taichung Commercial Bank Co Ltd                  | CUSIP: 000000000<br>LEI: 549300VNYOLU68FQNE06 | Long             | EC               | CORP              | TW        |   1705000 | NS      | $710058.40    | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| H2O Retailing Corp               | H2O Retailing Corp                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     69800 | NS      | $686086.56    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Parex Resources Inc              | Parex Resources Inc                              | CUSIP: 69946Q104<br>LEI: 549300U7LWRGTY6XWK67 | Long             | EC               | CORP              | CA        |     15457 | NS      | $230028.47    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Granite Real Estate Investment   | Granite Real Estate Investment Trust             | CUSIP: 387437114<br>LEI: 549300A6I7CLE0ZC0396 | Long             | EC               | CORP              | CA        |      5801 | NS      | $295962.39    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Indo Tambangraya Megah Tbk PT    | Indo Tambangraya Megah Tbk PT                    | CUSIP: 000000000<br>LEI: 52990056ZNHB217ZKL92 | Long             | EC               | CORP              | ID        |    136400 | NS      | $341930.95    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Greggs PLC                       | Greggs PLC                                       | CUSIP: 000000000<br>LEI: 213800I71QMUFJ64IW20 | Long             | EC               | CORP              | GB        |     17788 | NS      | $504502.67    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Cosmo Energy Holdings Co Ltd     | Cosmo Energy Holdings Co Ltd                     | CUSIP: 000000000<br>LEI: 353800Y4GZ7KR5X7L150 | Long             | EC               | CORP              | JP        |     41100 | NS      | $1092951.84   | 2.28%             |  |  |  | No            |                  1 | On Loan: No      |
| African Rainbow Minerals Ltd     | African Rainbow Minerals Ltd                     | CUSIP: 000000000<br>LEI: 529900L3TPSCK8ZVZ589 | Long             | EC               | CORP              | ZA        |      6245 | NS      | $105852.13    | 0.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Super Retail Group Ltd           | Super Retail Group Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     47227 | NS      | $344374.73    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Gaztransport Et Technigaz SA     | Gaztransport Et Technigaz SA                     | CUSIP: 000000000<br>LEI: 969500BVOHVZUUFWDT54 | Long             | EC               | CORP              | FR        |      4938 | NS      | $527531.03    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Takashimaya Co Ltd               | Takashimaya Co Ltd                               | CUSIP: 000000000<br>LEI: 353800IFO566STDN4V78 | Long             | EC               | CORP              | JP        |     18200 | NS      | $255582.14    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Arca Continental SAB de CV       | Arca Continental SAB de CV                       | CUSIP: 000000000<br>LEI: 254900U2BSJCQHJCXN24 | Long             | EC               | CORP              | MX        |     78600 | NS      | $637464.09    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Senko Group Holdings Co Ltd      | Senko Group Holdings Co Ltd                      | CUSIP: 000000000<br>LEI: 35380077MB9W0NB6BA14 | Long             | EC               | CORP              | JP        |     52400 | NS      | $385294.12    | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Idemitsu Kosan Co Ltd            | Idemitsu Kosan Co Ltd                            | CUSIP: 000000000<br>LEI: 549300P0R46FF6DUA630 | Long             | EC               | CORP              | JP        |     29400 | NS      | $687732.40    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Visional Inc                     | Visional Inc                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      4000 | NS      | $265772.63    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Ipsen SA                         | Ipsen SA                                         | CUSIP: 000000000<br>LEI: 549300M6SGDPB4Z94P11 | Long             | EC               | CORP              | FR        |      5594 | NS      | $601803.78    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Elia Group SA/NV                 | Elia Group SA/NV                                 | CUSIP: 000000000<br>LEI: 549300S1MP1NFDIKT460 | Long             | EC               | CORP              | BE        |      1204 | NS      | $171155.54    | 0.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dfds A/S                         | Dfds A/S                                         | CUSIP: 000000000<br>LEI: 549300JZVW1Y1UZ5UK38 | Long             | EC               | CORP              | DK        |      4095 | NS      | $151142.68    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Aerospace Industrial Developme   | Aerospace Industrial Development Corp            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    299000 | NS      | $347781.88    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Randstad NV                      | Randstad NV                                      | CUSIP: 000000000<br>LEI: 7245009EAAUUQJ0U4T57 | Long             | EC               | CORP              | NL        |     15932 | NS      | $971419.16    | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| SThree PLC                       | SThree PLC                                       | CUSIP: 000000000<br>LEI: 2138003NEBX5VRP3EX50 | Long             | EC               | CORP              | GB        |     24823 | NS      | $120939.36    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| OCI NV                           | OCI NV                                           | CUSIP: 000000000<br>LEI: 549300NCMRGIBJYUOE57 | Long             | EC               | CORP              | NL        |     16050 | NS      | $574179.75    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| LX INTERNATIONAL CORP            | LX INTERNATIONAL CORP                            | CUSIP: 000000000<br>LEI: 988400KZJVVPCZ6BC265 | Long             | EC               | CORP              | KR        |     16328 | NS      | $441176.70    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Sierra Rutile Holdings Ltd       | Sierra Rutile Holdings Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |     16839 | NS      | $2579.59      | 0.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Mytilineos SA                    | Mytilineos SA                                    | CUSIP: 000000000<br>LEI: 213800KT8MEUJEJ2KW41 | Long             | EC               | CORP              | GR        |     13945 | NS      | $303026.73    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| ICL Group Ltd                    | ICL Group Ltd                                    | CUSIP: 000000000<br>LEI: 529900FQVQD88SHIGM04 | Long             | EC               | CORP              | IL        |     54643 | NS      | $395625.83    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheil Worldwide Inc              | Cheil Worldwide Inc                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     25165 | NS      | $461023.80    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Fugro NV                         | Fugro NV                                         | CUSIP: 000000000<br>LEI: 7245000R8GNBSDTSZ396 | Long             | EC               | CORP              | NL        |      9877 | NS      | $118415.75    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Nedbank Group Ltd                | Nedbank Group Ltd                                | CUSIP: 000000000<br>LEI: 3789009E42FA3CB31065 | Long             | EC               | CORP              | ZA        |     16404 | NS      | $205232.83    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Russel Metals Inc                | Russel Metals Inc                                | CUSIP: 781903604<br>LEI: 5493005F9VPHFO17OV54 | Long             | EC               | CORP              | CA        |     13772 | NS      | $292731.29    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Computacenter PLC                | Computacenter PLC                                | CUSIP: 000000000<br>LEI: 549300XSXUZ1I19DB105 | Long             | EC               | CORP              | GB        |     26403 | NS      | $609989.42    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Nippon Yusen KK                  | Nippon Yusen KK                                  | CUSIP: 000000000<br>LEI: 353800YPW4XM0ZN5I149 | Long             | EC               | CORP              | JP        |      9500 | NS      | $225121.91    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Doosan Bobcat Inc                | Doosan Bobcat Inc                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     14917 | NS      | $411248.13    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| OSB Group PLC                    | OSB Group PLC                                    | CUSIP: 000000000<br>LEI: 213800ZBKL9BHSL2K459 | Long             | EC               | CORP              | GB        |    139445 | NS      | $808856.59    | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Cia de Distribucion Integral L   | Cia de Distribucion Integral Logista Holdings SA | CUSIP: 000000000<br>LEI: 9598000ANNAL42UJ7X28 | Long             | EC               | CORP              | ES        |     35263 | NS      | $890835.77    | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Swedish Orphan Biovitrum AB      | Swedish Orphan Biovitrum AB                      | CUSIP: 000000000<br>LEI: 549300124Y3MQI87PT35 | Long             | EC               | CORP              | SE        |      5912 | NS      | $122207.64    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI India Small-Cap ETF | iShares MSCI India Small-Cap ETF                 | CUSIP: 46429B614<br>LEI: 549300ZTQ7NM17G19H49 | Long             | EC               | RF                | US        |     39030 | NS      | $2020192.80   | 4.21%             |  |  |  | No            |                  1 | On Loan: No      |
| AT&S Austria Technologie & Sys   | AT&S Austria Technologie & Systemtechnik AG      | CUSIP: 000000000<br>LEI: 529900EVOKN4LCCD9321 | Long             | EC               | CORP              | AT        |      4463 | NS      | $152877.39    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Chularat Hospital PCL            | Chularat Hospital PCL                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TH        |   4586600 | NS      | $487330.39    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Vishay Intertechnology Inc       | Vishay Intertechnology Inc                       | CUSIP: 928298108<br>LEI: 5493009O8F3QQJTCQR75 | Long             | EC               | CORP              | US        |     17528 | NS      | $378078.96    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| JBS SA                           | JBS SA                                           | CUSIP: 000000000<br>LEI: 529900RM0MTMZL9O5050 | Long             | EC               | CORP              | BR        |     86900 | NS      | $361935.89    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Ebara Corp                       | Ebara Corp                                       | CUSIP: 000000000<br>LEI: 353800UV8U3SOMCDTI49 | Long             | EC               | CORP              | JP        |     10100 | NS      | $363242.91    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ASR Nederland NV                 | ASR Nederland NV                                 | CUSIP: 000000000<br>LEI: 7245000G0HS48PZWUD53 | Long             | EC               | CORP              | NL        |     11031 | NS      | $523690.74    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Elkem ASA                        | Elkem ASA                                        | CUSIP: 000000000<br>LEI: 549300CVBE06T0SH6T76 | Long             | EC               | CORP              | NO        |     65991 | NS      | $237106.32    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First Resources Ltd              | First Resources Ltd                              | CUSIP: 000000000<br>LEI: 5493007RRD817HUP4O49 | Long             | EC               | CORP              | SG        |    330900 | NS      | $365635.36    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| BIM Birlesik Magazalar AS        | BIM Birlesik Magazalar AS                        | CUSIP: 000000000<br>LEI: 7890001GCDJQD8DJKE29 | Long             | EC               | CORP              | TR        |     21912 | NS      | $160395.29    | 0.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Mazda Motor Corp                 | Mazda Motor Corp                                 | CUSIP: 000000000<br>LEI: 52990044YZJLICDQKK92 | Long             | EC               | CORP              | JP        |     80400 | NS      | $615681.19    | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Richter Gedeon Nyrt              | Richter Gedeon Nyrt                              | CUSIP: 000000000<br>LEI: 549300J6ZJW5IH4WEE46 | Long             | EC               | CORP              | HU        |     12261 | NS      | $272833.73    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| TFI International Inc            | TFI International Inc                            | CUSIP: 87241L109<br>LEI: 5493007R9W7KO7SJN678 | Long             | EC               | CORP              | CA        |      7340 | NS      | $735138.40    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| China Coal Energy Co Ltd         | China Coal Energy Co Ltd                         | CUSIP: 000000000<br>LEI: 529900KRC89344UI3Z10 | Long             | EC               | CORP              | CN        |    338000 | NS      | $274974.54    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Raiffeisen Bank International    | Raiffeisen Bank International AG                 | CUSIP: 000000000<br>LEI: 9ZHRYM6F437SQJ6OUG95 | Long             | EC               | CORP              | AT        |      9220 | NS      | $151497.58    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Financial Group Co Ltd        | JB Financial Group Co Ltd                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     36616 | NS      | $229314.53    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| HUGO BOSS AG                     | HUGO BOSS AG                                     | CUSIP: 000000000<br>LEI: 529900LFVU534EBRXD13 | Long             | EC               | CORP              | DE        |     22269 | NS      | $1291058.01   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital Power Corp               | Capital Power Corp                               | CUSIP: 14042M102<br>LEI: 549300QRKTEXGXYVPO80 | Long             | EC               | CORP              | CA        |     26836 | NS      | $918251.02    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Aurubis AG                       | Aurubis AG                                       | CUSIP: 000000000<br>LEI: 5299005SHIN9ZK7GW242 | Long             | EC               | CORP              | DE        |      1528 | NS      | $124898.05    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Truworths International Ltd      | Truworths International Ltd                      | CUSIP: 000000000<br>LEI: 37890099AFD770037522 | Long             | EC               | CORP              | ZA        |     55428 | NS      | $179418.23    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Bukit Asam Tbk PT                | Bukit Asam Tbk PT                                | CUSIP: 000000000<br>LEI: 529900XX13TXG5L4CN33 | Long             | EC               | CORP              | ID        |    821600 | NS      | $194745.72    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                 | WNS Holdings Ltd                                 | CUSIP: 92932M101<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |      4117 | NS      | $329318.83    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| SSAB AB                          | SSAB AB                                          | CUSIP: 000000000<br>LEI: 529900329VS14ZIML164 | Long             | EC               | CORP              | SE        |     72019 | NS      | $392987.14    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Sojitz Corp                      | Sojitz Corp                                      | CUSIP: 000000000<br>LEI: 5493004SE33MRLPB1W98 | Long             | EC               | CORP              | JP        |     21800 | NS      | $417429.14    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Astral Foods Ltd                 | Astral Foods Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     19264 | NS      | $184519.44    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Citizen Watch Co Ltd             | Citizen Watch Co Ltd                             | CUSIP: 000000000<br>LEI: 529900DUZBKERKGQ2628 | Long             | EC               | CORP              | JP        |    327500 | NS      | $1479788.94   | 3.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Beazley PLC                      | Beazley PLC                                      | CUSIP: 000000000<br>LEI: 213800VTOMUWD41GIT12 | Long             | EC               | CORP              | GB        |     70862 | NS      | $582118.24    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| JB Hi-Fi Ltd                     | JB Hi-Fi Ltd                                     | CUSIP: 000000000<br>LEI: 529900TPC8H040Y3ZQ65 | Long             | EC               | CORP              | AU        |     18530 | NS      | $529247.51    | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Tupy SA                          | Tupy SA                                          | CUSIP: 000000000<br>LEI: 254900YH8MOZMIBO3R79 | Long             | EC               | CORP              | BR        |     43200 | NS      | $223783.32    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Hyundai Marine & Fire Insuranc   | Hyundai Marine & Fire Insurance Co Ltd           | CUSIP: 000000000<br>LEI: 988400SYR92543UITC37 | Long             | EC               | CORP              | KR        |     24005 | NS      | $561142.92    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Excellent Inc              | Japan Excellent Inc                              | CUSIP: 000000000<br>LEI: 35380015J62221TE0D86 | Long             | EC               | CORP              | JP        |       118 | NS      | $117784.21    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of Jiangsu Co Ltd           | Bank of Jiangsu Co Ltd                           | CUSIP: 000000000<br>LEI: 300300C1086832000046 | Long             | EC               | CORP              | CN        |    480062 | NS      | $503423.91    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| A2A SpA                          | A2A SpA                                          | CUSIP: 000000000<br>LEI: 81560076E3944316DB24 | Long             | EC               | CORP              | IT        |    378364 | NS      | $504249.58    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| BAIC Motor Corp Ltd              | BAIC Motor Corp Ltd                              | CUSIP: 000000000<br>LEI: 5299003EYHISIDNLZQ19 | Long             | EC               | CORP              | CN        |    345500 | NS      | $91626.36     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanematsu Corp                   | Kanematsu Corp                                   | CUSIP: 000000000<br>LEI: 353800N574WR0FX80I71 | Long             | EC               | CORP              | JP        |     36500 | NS      | $417174.64    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Banca Mediolanum SpA             | Banca Mediolanum SpA                             | CUSIP: 000000000<br>LEI: 7LVZJ6XRIE7VNZ4UBX81 | Long             | EC               | CORP              | IT        |     71721 | NS      | $598681.66    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Metalurgica Gerdau SA            | Metalurgica Gerdau SA                            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EP               | CORP              | BR        |     57800 | NS      | $141988.92    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| SinoPac Financial Holdings Co    | SinoPac Financial Holdings Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    504370 | NS      | $274867.74    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Wienerberger AG                  | Wienerberger AG                                  | CUSIP: 000000000<br>LEI: 529900VXIFBHO0SW2I31 | Long             | EC               | CORP              | AT        |     16000 | NS      | $386389.63    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Matahari Department Store Tbk    | Matahari Department Store Tbk PT                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ID        |    577800 | NS      | $176299.98    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Saras SpA                        | Saras SpA                                        | CUSIP: 000000000<br>LEI: 5299005KJSU2AQUJUH84 | Long             | EC               | CORP              | IT        |     97016 | NS      | $119324.54    | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Agri-Resources Ltd        | Golden Agri-Resources Ltd                        | CUSIP: 000000000<br>LEI: 529900GAK9LTNC3IFY40 | Long             | EC               | CORP              | SG        |   1382900 | NS      | $258119.31    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| AMG Advanced Metallurgical Gro   | AMG Advanced Metallurgical Group NV              | CUSIP: 000000000<br>LEI: 5493006MN6OH67U2YI74 | Long             | EC               | CORP              | NL        |      8183 | NS      | $301326.54    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Sembcorp Industries Ltd          | Sembcorp Industries Ltd                          | CUSIP: 000000000<br>LEI: 254900J0FF14U6TPQM96 | Long             | EC               | CORP              | SG        |    127500 | NS      | $321748.54    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Mitsubishi Motors Corp           | Mitsubishi Motors Corp                           | CUSIP: 000000000<br>LEI: 5299006ZTN6MO1N5BR16 | Long             | EC               | CORP              | JP        |    154200 | NS      | $599222.80    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| TaiDoc Technology Corp           | TaiDoc Technology Corp                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     30000 | NS      | $180572.95    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| GungHo Online Entertainment In   | GungHo Online Entertainment Inc                  | CUSIP: 000000000<br>LEI: 529900TH7FB4RV6F5S47 | Long             | EC               | CORP              | JP        |      9400 | NS      | $152703.44    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Cembra Money Bank AG             | Cembra Money Bank AG                             | CUSIP: 000000000<br>LEI: 549300ZDHOETLAIVTE82 | Long             | EC               | CORP              | CH        |      2511 | NS      | $208831.34    | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Sitronix Technology Corp         | Sitronix Technology Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     63000 | NS      | $363830.10    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Embotelladora Andina SA          | Embotelladora Andina SA                          | CUSIP: 000000000<br>LEI: 254900NNPKP1J9XTSA53 | Long             | EP               | CORP              | CL        |     46191 | NS      | $113259.84    | 0.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Yangzijiang Shipbuilding Holdi   | Yangzijiang Shipbuilding Holdings Ltd            | CUSIP: 000000000<br>LEI: 254900Z3JEM14YIGLM66 | Long             | EC               | CORP              | CN        |    301400 | NS      | $306035.54    | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Pagegroup PLC                    | Pagegroup PLC                                    | CUSIP: 000000000<br>LEI: 213800JK5ZEQW4AB8G71 | Long             | EC               | CORP              | GB        |    116027 | NS      | $646929.12    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Iluka Resources Ltd              | Iluka Resources Ltd                              | CUSIP: 000000000<br>LEI: 2549009N2Y1F4YNB0955 | Long             | EC               | CORP              | AU        |     84884 | NS      | $550769.88    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Dream Industrial Real Estate I   | Dream Industrial Real Estate Investment Trust    | CUSIP: 26153W109<br>LEI: 549300QOI0TM3CBYUH79 | Long             | EC               | CORP              | CA        |     29944 | NS      | $258526.85    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Billerud AB                      | Billerud AB                                      | CUSIP: 000000000<br>LEI: 549300YJUYJ9A24RXL71 | Long             | EC               | CORP              | SE        |     28129 | NS      | $342620.73    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Onward Holdings Co Ltd           | Onward Holdings Co Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    103100 | NS      | $243530.94    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| H&R Real Estate Investment Tru   | H&R Real Estate Investment Trust                 | CUSIP: 403925407<br>LEI: 549300TGNP6B6GUVGW10 | Long             | EC               | CORP              | CA        |     26569 | NS      | $237629.68    | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Hanwa Co Ltd                     | Hanwa Co Ltd                                     | CUSIP: 000000000<br>LEI: 8EUP1TJYZFX3T1E5AJ33 | Long             | EC               | CORP              | JP        |     28200 | NS      | $804701.31    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Kunlun Energy Co Ltd             | Kunlun Energy Co Ltd                             | CUSIP: 000000000<br>LEI: 5299007GRIKP15GM4927 | Long             | EC               | CORP              | HK        |    456000 | NS      | $325403.40    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| H.U. Group Holdings Inc          | H.U. Group Holdings Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     23900 | NS      | $524656.35    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| SCREEN Holdings Co Ltd           | SCREEN Holdings Co Ltd                           | CUSIP: 000000000<br>LEI: 353800ND89FTQ9XQ0R07 | Long             | EC               | CORP              | JP        |      2100 | NS      | $135370.31    | 0.28%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank NV                 | ABN AMRO Bank NV                                 | CUSIP: 000000000<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |     41446 | NS      | $573428.88    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Woori Financial Group Inc        | Woori Financial Group Inc                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     21744 | NS      | $200040.43    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| D/S Norden A/S                   | D/S Norden A/S                                   | CUSIP: 000000000<br>LEI: 529900RGXD3CBR3BRU63 | Long             | EC               | CORP              | DK        |      6136 | NS      | $369212.87    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-02-27

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer