# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-25-203847
**Filing Date:** 2025-8
**Character Count:** 110440
**Document Hash:** 7be99cfd5a38b8d13fef86d0f2f45725
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203847.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203847

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250826

**PERIOD START**: 20250930

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22167
- **FILM NUMBER:** 251253612

**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 Newfleet Short Duration High Income Fund (Series ID: S000033713)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000103876 | Class A             | ASHAX           |
| C000103877 | Class C             | ASHCX           |
| C000103878 | Institutional Class | ASHIX           |
| C000177646 | Class R6            | ASHSX           |

## Nport-Ex

#### VIRTUS Newfleet Short Duration High Income Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Corporate Bonds and Notes—86.0%** | **Corporate Bonds and Notes—86.0%** | **Corporate Bonds and Notes—86.0%** |
| **Communication Services—9.4%** | **Communication Services—9.4%** |  |
| CCO Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 9/1/29<sup>(1)</sup> | $3880 | $3958 |
| &nbsp;&nbsp;&nbsp;144A 7.375%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4669 |
| CSC Holdings LLC 144A<br> 11.250%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5500 | &nbsp;&nbsp; 5479 |
| DIRECTV Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 8/15/27<sup>(1)</sup> | &nbsp;&nbsp; 11250 | &nbsp;&nbsp; 11213 |
| &nbsp;&nbsp;&nbsp;144A 8.875%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1667 |
| Frontier Communications Holdings LLC 144A<br> 5.875%, 10/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2501 |
| Gray Media, Inc. 144A<br> 7.000%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 2460 | &nbsp;&nbsp; 2459 |
| McGraw-Hill Education, Inc. 144A<br> 5.750%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4774 |
| Millennium Escrow Corp. 144A<br> 6.625%, 8/1/26<sup>(1)</sup> | &nbsp;&nbsp; 6140 | &nbsp;&nbsp; 5042 |
| Nexstar Media, Inc. 144A<br> 5.625%, 7/15/27<sup>(1)</sup> | &nbsp;&nbsp; 8914 | &nbsp;&nbsp; 8893 |
| Uniti Group LP 144A<br> 10.500%, 2/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5170 | &nbsp;&nbsp; 5481 |
| Univision Communications, Inc. 144A<br> 6.625%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 7263 | &nbsp;&nbsp; 7243 |
|  |  | &nbsp;&nbsp; 63379 |
| **Consumer Discretionary—9.4%** | **Consumer Discretionary—9.4%** |  |
| Aptiv Swiss Holdings Ltd.<br> 6.875%, 12/15/54 | &nbsp;&nbsp; 4780 | &nbsp;&nbsp; 4828 |
| Carnival Corp. 144A<br> 7.000%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5260 | &nbsp;&nbsp; 5541 |
| CCM Merger, Inc. 144A<br> 6.375%, 5/1/26<sup>(1)</sup> | &nbsp;&nbsp; 6683 | &nbsp;&nbsp; 6685 |
| Churchill Downs, Inc. 144A<br> 6.750%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3515 |
| Clarios Global LP 144A<br> 6.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 156 |
| Ford Motor Credit Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;6.950%, 3/6/26 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1010 |
| &nbsp;&nbsp;&nbsp;7.350%, 11/4/27 | &nbsp;&nbsp; 6310 | &nbsp;&nbsp; 6553 |
| &nbsp;&nbsp;&nbsp;6.800%, 5/12/28 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 620 |
| Great Canadian Gaming Corp. 144A<br> 8.750%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1688 |
| Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5150 | &nbsp;&nbsp; 5165 |
| &nbsp;&nbsp;&nbsp;144A 7.250%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1550 | &nbsp;&nbsp; 1597 |
| New Home Co., Inc. (The) 144A<br> 8.500%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 178 |
| Newell Brands, Inc.<br> 6.375%, 9/15/27 | &nbsp;&nbsp; 8836 | &nbsp;&nbsp; 8955 |
| Nissan Motor Acceptance Co. LLC 144A<br> 7.050%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 3718 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Discretionary—continued** | **Consumer Discretionary—continued** |  |
| Ontario Gaming GTA LP 144A<br> 8.000%, 8/1/30<sup>(1)</sup> | $3535 | $3547 |
| Prime Security Services Borrower LLC 144A<br> 6.250%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 3015 |
| Six Flags Entertainment Corp. 144A<br> 7.000%, 7/1/25<sup>(1)</sup> | &nbsp;&nbsp; 1934 | &nbsp;&nbsp; 1934 |
| Under Armour, Inc. 144A<br> 7.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 709 |
| Wayfair LLC 144A<br> 7.250%, 10/31/29<sup>(1)</sup> | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Weekley Homes LLC 144A<br> 4.875%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 3971 |
|  |  | &nbsp;&nbsp; 63420 |
| **Consumer Staples—4.0%** | **Consumer Staples—4.0%** |  |
| Coty, Inc. 144A<br> 6.625%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3890 | &nbsp;&nbsp; 3979 |
| Energizer Holdings, Inc. 144A<br> 6.500%, 12/31/27<sup>(1)</sup> | &nbsp;&nbsp; 8530 | &nbsp;&nbsp; 8627 |
| Herbalife Nutrition Ltd. 144A<br> 7.875%, 9/1/25<sup>(1)</sup> | &nbsp;&nbsp; 1627 | &nbsp;&nbsp; 1628 |
| Kronos Acquisition Holdings, Inc. 144A<br> 8.250%, 6/30/31<sup>(1)</sup> | &nbsp;&nbsp; 955 | &nbsp;&nbsp; 867 |
| Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1855 | &nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 2/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4595 | &nbsp;&nbsp; 4722 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 3/1/33<sup>(1)</sup> | &nbsp;&nbsp; 3282 | &nbsp;&nbsp; 3312 |
| Primo Water Holdings, Inc. 144A<br> 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2014 |
|  |  | &nbsp;&nbsp; 26995 |
| **Energy—15.3%** | **Energy—15.3%** |  |
| Alliance Resource Operating Partners LP 144A<br> 8.625%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5920 | &nbsp;&nbsp; 6292 |
| Antero Midstream Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.750%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 1135 | &nbsp;&nbsp; 1133 |
| &nbsp;&nbsp;&nbsp;144A 6.625%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3575 | &nbsp;&nbsp; 3692 |
| Blue Racer Midstream LLC 144A<br> 7.000%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 4425 |
| Buckeye Partners LP 144A<br> 6.750%, 2/1/30<sup>(1)</sup> | &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 3197 |
| Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.375%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 3671 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 7/1/31<sup>(1)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1274 |
| Coronado Finance Pty Ltd. 144A<br> 9.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3555 | &nbsp;&nbsp; 2651 |
| Delek Logistics Partners LP 144A<br> 7.125%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2008 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Energy—continued** | **Energy—continued** |  |
| Energy Transfer LP<br> 8.000%, 5/15/54 | $5915 | $6293 |
| EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;144A 7.500%, 6/1/27<sup>(1)</sup> | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 967 |
| &nbsp;&nbsp;&nbsp;144A 6.375%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1243 |
| Genesis Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;7.750%, 2/1/28 | &nbsp;&nbsp; 3360 | &nbsp;&nbsp; 3410 |
| &nbsp;&nbsp;&nbsp;8.875%, 4/15/30 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2389 |
| Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 3/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3552 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2720 | &nbsp;&nbsp; 2797 |
| Hilcorp Energy I LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 11/1/28<sup>(1)</sup> | &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2130 |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4375 |
| Kimmeridge Texas Gas LLC 144A<br> 8.500%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2360 | &nbsp;&nbsp; 2443 |
| Kraken Oil & Gas Partners LLC 144A<br> 7.625%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1857 |
| Magnolia Oil & Gas Operating LLC 144A<br> 6.875%, 12/1/32<sup>(1)</sup> | &nbsp;&nbsp; 3095 | &nbsp;&nbsp; 3117 |
| Nabors Industries, Inc. 144A<br> 7.375%, 5/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6415 | &nbsp;&nbsp; 6335 |
| Noble Finance II LLC 144A<br> 8.000%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3010 | &nbsp;&nbsp; 3065 |
| South Bow Canadian Infrastructure Holdings Ltd. 144A<br> 7.625%, 3/1/55<sup>(1)</sup> | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 3883 |
| Sunoco LP 144A<br> 7.000%, 9/15/28<sup>(1)</sup> | &nbsp;&nbsp; 6964 | &nbsp;&nbsp; 7185 |
| Tidewater, Inc. 144A<br> 9.125%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 1065 |
| Transocean Titan Financing Ltd. 144A<br> 8.375%, 2/1/28<sup>(1)</sup> | &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1640 |
| Transocean, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.250%, 5/15/29<sup>(1)</sup> | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 675 |
| &nbsp;&nbsp;&nbsp;144A 8.750%, 2/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 3579 |
| USA Compression Partners LP 144A<br> 7.125%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5750 | &nbsp;&nbsp; 5893 |
| Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 8.125%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 3905 | &nbsp;&nbsp; 4036 |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 2/1/32<sup>(1)</sup> | &nbsp;&nbsp; 2840 | &nbsp;&nbsp; 3067 |
|  |  | &nbsp;&nbsp;103339 |
| **Financials—19.7%** | **Financials—19.7%** |  |
| Alliant Holdings Intermediate LLC 144A<br> 6.750%, 4/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 3294 |
| Apollo Debt Solutions BDC<br> 6.900%, 4/13/29 | &nbsp;&nbsp; 6110 | &nbsp;&nbsp; 6378 |
| Aston Martin Capital Holdings Ltd. 144A<br> 10.000%, 3/31/29<sup>(1)</sup> | &nbsp;&nbsp; 4660 | &nbsp;&nbsp; 4413 |
| Azorra Finance Ltd. 144A<br> 7.250%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1746 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Block, Inc.<br> 6.500%, 5/15/32 | $5665 | $5845 |
| Citadel Securities Global Holdings LLC 144A<br> 5.500%, 6/18/30<sup>(1)</sup> | &nbsp;&nbsp; 1260 | &nbsp;&nbsp; 1275 |
| Endo Finance Holdings, Inc. 144A<br> 8.500%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 4250 |
| F&G Annuities & Life, Inc.<br> 6.500%, 6/4/29 | &nbsp;&nbsp; 4205 | &nbsp;&nbsp; 4336 |
| Flutter Treasury DAC 144A<br> 5.875%, 6/4/31<sup>(1)</sup> | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 2075 |
| FS KKR Capital Corp.<br> 6.875%, 8/15/29 | &nbsp;&nbsp; 5770 | &nbsp;&nbsp; 5917 |
| GGAM Finance Ltd. 144A<br> 6.875%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5995 | &nbsp;&nbsp; 6198 |
| Global Atlantic Fin Co. 144A<br> 7.950%, 10/15/54<sup>(1)</sup> | &nbsp;&nbsp; 5430 | &nbsp;&nbsp; 5653 |
| Grifols S.A. 144A<br> 4.750%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3585 | &nbsp;&nbsp; 3446 |
| Gulfport Energy Operating Corp. 144A<br> 6.750%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 5940 | &nbsp;&nbsp; 6088 |
| HA Sustainable Infrastructure Capital, Inc.<br> 6.150%, 1/15/31 | &nbsp;&nbsp; 3615 | &nbsp;&nbsp; 3660 |
| HAT Holdings I LLC 144A<br> 8.000%, 6/15/27<sup>(1)</sup> | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 287 |
| HUB International Ltd. 144A<br> 7.250%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6195 | &nbsp;&nbsp; 6474 |
| ION Trading Technologies S.a.r.l. 144A<br> 9.500%, 5/30/29<sup>(1)</sup> | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 3805 |
| JH North America Holdings, Inc. 144A<br> 5.875%, 1/31/31<sup>(1)</sup> | &nbsp;&nbsp; 3295 | &nbsp;&nbsp; 3324 |
| Maxam Prill S.a.r.l. 144A<br> 7.750%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2415 | &nbsp;&nbsp; 2415 |
| Merlin Entertainments Group U.S. Holdings, Inc. 144A<br> 7.375%, 2/15/31<sup>(1)</sup> | &nbsp;&nbsp; 4545 | &nbsp;&nbsp; 4061 |
| Midcap Financial Issuer Trust 144A<br> 6.500%, 5/1/28<sup>(1)</sup> | &nbsp;&nbsp; 7775 | &nbsp;&nbsp; 7702 |
| NCR Atleos Corp. 144A<br> 9.500%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3724 | &nbsp;&nbsp; 4079 |
| New Red Finance, Inc. 144A<br> 6.125%, 6/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4866 |
| OneMain Finance Corp.<br> 7.875%, 3/15/30 | &nbsp;&nbsp; 6375 | &nbsp;&nbsp; 6774 |
| Opal Bidco SAS 144A<br> 6.500%, 3/31/32<sup>(1)</sup> | &nbsp;&nbsp; 2010 | &nbsp;&nbsp; 2051 |
| Panther Escrow Issuer LLC 144A<br> 7.125%, 6/1/31<sup>(1)</sup> | &nbsp;&nbsp; 6170 | &nbsp;&nbsp; 6409 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Financials—continued** | **Financials—continued** |  |
| Phoenix Aviation Capital Ltd. 144A<br> 9.250%, 7/15/30<sup>(1)</sup> | $1735 | $1797 |
| QXO Building Products, Inc. 144A<br> 6.750%, 4/30/32<sup>(1)</sup> | &nbsp;&nbsp; 110 | &nbsp;&nbsp; 113 |
| Rocket Cos., Inc. 144A<br> 6.125%, 8/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1150 | &nbsp;&nbsp; 1172 |
| Saks Global Enterprises LLC 144A<br> 11.000%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4140 | &nbsp;&nbsp; 1552 |
| Standard Building Solutions, Inc. 144A<br> 6.500%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 3605 | &nbsp;&nbsp; 3694 |
| United Wholesale Mortgage LLC 144A<br> 5.500%, 11/15/25<sup>(1)</sup> | &nbsp;&nbsp; 7200 | &nbsp;&nbsp; 7199 |
|  |  | &nbsp;&nbsp;132348 |
| **Health Care—6.8%** | **Health Care—6.8%** |  |
| Acadia Healthcare Co., Inc. 144A<br> 5.500%, 7/1/28<sup>(1)</sup> | &nbsp;&nbsp; 4760 | &nbsp;&nbsp; 4729 |
| AdaptHealth LLC 144A<br> 6.125%, 8/1/28<sup>(1)</sup> | &nbsp;&nbsp; 4005 | &nbsp;&nbsp; 4000 |
| Cheplapharm Arzneimittel GmbH 144A<br> 5.500%, 1/15/28<sup>(1)</sup> | &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4069 |
| Community Health Systems, Inc. 144A<br> 5.625%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 4760 | &nbsp;&nbsp; 4689 |
| CVS Health Corp.<br> 7.000%, 3/10/55 | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 4311 |
| DENTSPLY SIRONA, Inc.<br> 8.375%, 9/12/55 | &nbsp;&nbsp; 3285 | &nbsp;&nbsp; 3303 |
| IQVIA, Inc. 144A<br> 6.250%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; 2083 |
| LifePoint Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 9.875%, 8/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1455 | &nbsp;&nbsp; 1574 |
| &nbsp;&nbsp;&nbsp;144A 11.000%, 10/15/30<sup>(1)</sup> | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 3199 |
| Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.250%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 853 |
| &nbsp;&nbsp;&nbsp;144A 5.250%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 7835 | &nbsp;&nbsp; 7774 |
| Prime Healthcare Services, Inc. 144A<br> 9.375%, 9/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 2918 |
| Teva Pharmaceutical Finance Netherlands III B.V.<br> 6.750%, 3/1/28 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2332 |
|  |  | &nbsp;&nbsp; 45834 |
| **Industrials—6.8%** | **Industrials—6.8%** |  |
| Chart Industries, Inc. 144A<br> 7.500%, 1/1/30<sup>(1)</sup> | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4941 |
| Cimpress plc 144A<br> 7.375%, 9/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4275 | &nbsp;&nbsp; 4081 |
| Cornerstone Building Brands, Inc. 144A<br> 9.500%, 8/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5020 | &nbsp;&nbsp; 4615 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Industrials—continued** | **Industrials—continued** |  |
| Fortress Transportation & Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.500%, 5/1/28<sup>(1)</sup> | $1350 | $1343 |
| &nbsp;&nbsp;&nbsp;144A 7.000%, 5/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 3339 |
| Global Infrastructure Solutions, Inc. 144A<br> 5.625%, 6/1/29<sup>(1)</sup> | &nbsp;&nbsp; 4850 | &nbsp;&nbsp; 4832 |
| Herc Holdings, Inc. 144A<br> 7.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 799 |
| Icahn Enterprises LP 144A<br> 10.000%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2119 |
| Mileage Plus Holdings LLC 144A<br> 6.500%, 6/20/27<sup>(1)</sup> | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 3785 |
| Neptune Bidco U.S., Inc. 144A<br> 9.290%, 4/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3705 | &nbsp;&nbsp; 3608 |
| Quikrete Holdings, Inc. 144A<br> 6.375%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 655 | &nbsp;&nbsp; 674 |
| TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.750%, 8/15/28<sup>(1)</sup> | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3196 |
| &nbsp;&nbsp;&nbsp;144A 6.875%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4923 |
| WESCO Distribution, Inc. 144A<br> 6.375%, 3/15/29<sup>(1)</sup> | &nbsp;&nbsp; 3205 | &nbsp;&nbsp; 3297 |
|  |  | &nbsp;&nbsp; 45552 |
| **Information Technology—4.6%** | **Information Technology—4.6%** |  |
| Boost Newco Borrower LLC 144A<br> 7.500%, 1/15/31<sup>(1)</sup> | &nbsp;&nbsp; 6025 | &nbsp;&nbsp; 6396 |
| Cloud Software Group, Inc. 144A<br> 9.000%, 9/30/29<sup>(1)</sup> | &nbsp;&nbsp; 2580 | &nbsp;&nbsp; 2674 |
| Consensus Cloud Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 6.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 3055 | &nbsp;&nbsp; 3040 |
| &nbsp;&nbsp;&nbsp;144A 6.500%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 5870 |
| Helios Software Holdings, Inc. 144A<br> 8.750%, 5/1/29<sup>(1)</sup> | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 3250 |
| Insight Enterprises, Inc. 144A<br> 6.625%, 5/15/32<sup>(1)</sup> | &nbsp;&nbsp; 5075 | &nbsp;&nbsp; 5228 |
| Rocket Software, Inc. 144A<br> 9.000%, 11/28/28<sup>(1)</sup> | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 4309 |
|  |  | &nbsp;&nbsp; 30767 |
| **Materials—5.7%** | **Materials—5.7%** |  |
| Capstone Copper Corp. 144A<br> 6.750%, 3/31/33<sup>(1)</sup> | &nbsp;&nbsp; 3590 | &nbsp;&nbsp; 3676 |
| FMG Resources August 2006 Pty Ltd. 144A<br> 5.875%, 4/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 4506 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Materials—continued** | **Materials—continued** |  |
| INEOS Quattro Finance 2 plc 144A<br> 9.625%, 3/15/29<sup>(1)</sup> | $5315 | $5388 |
| LSB Industries, Inc. 144A<br> 6.250%, 10/15/28<sup>(1)</sup> | &nbsp;&nbsp; 10250 | &nbsp;&nbsp;&nbsp; 10175 |
| Mauser Packaging Solutions Holding Co. 144A<br> 7.875%, 4/15/27<sup>(1)</sup> | &nbsp;&nbsp; 6470 | &nbsp;&nbsp;&nbsp; 6576 |
| Taseko Mines Ltd. 144A<br> 8.250%, 5/1/30<sup>(1)</sup> | &nbsp;&nbsp; 1875 | &nbsp;&nbsp;&nbsp; 1963 |
| Trivium Packaging Finance B.V. 144A<br> 8.250%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp; 1761 |
| Windsor Holdings III LLC 144A<br> 8.500%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp; 4626 |
|  |  | &nbsp;&nbsp;&nbsp; 38671 |
| **Utilities—4.3%** | **Utilities—4.3%** |  |
| Alexander Funding Trust II 144A<br> 7.467%, 7/31/28<sup>(1)</sup> | &nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 3850 |
| American Electric Power Co., Inc.<br> 7.050%, 12/15/54 | &nbsp;&nbsp; 6455 | &nbsp;&nbsp;&nbsp; 6705 |
| Ferrellgas LP |  |  |
| &nbsp;&nbsp;&nbsp;144A 5.375%, 4/1/26<sup>(1)</sup> | &nbsp;&nbsp; 5835 | &nbsp;&nbsp;&nbsp; 5780 |
| &nbsp;&nbsp;&nbsp;144A 5.875%, 4/1/29<sup>(1)</sup> | &nbsp;&nbsp; 2625 | &nbsp;&nbsp;&nbsp; 2428 |
| Lightning Power LLC 144A<br> 7.250%, 8/15/32<sup>(1)</sup> | &nbsp;&nbsp; 4030 | &nbsp;&nbsp;&nbsp; 4241 |
| NGL Energy Operating LLC 144A<br> 8.125%, 2/15/29<sup>(1)</sup> | &nbsp;&nbsp; 1340 | &nbsp;&nbsp;&nbsp; 1354 |
| Vistra Operations Co. LLC 144A<br> 5.500%, 9/1/26<sup>(1)</sup> | &nbsp;&nbsp; 4500 | &nbsp;&nbsp;&nbsp; 4504 |
|  |  | &nbsp;&nbsp;&nbsp; 28862 |
| **Total Corporate Bonds and Notes<br> (Identified Cost $576,189)** | **Total Corporate Bonds and Notes<br> (Identified Cost $576,189)** | &nbsp;&nbsp;&nbsp;&nbsp;**579167** |
| **Leveraged Loans—10.5%** | **Leveraged Loans—10.5%** | **Leveraged Loans—10.5%** |
| **Chemicals—1.2%** | **Chemicals—1.2%** |  |
| Nouryon Finance B.V. 2024, Tranche B-1 (3 month Term SOFR + 3.250%)<br> 7.510%, 4/3/28<sup>(2)</sup> | &nbsp;&nbsp; 4420 | &nbsp;&nbsp;&nbsp; 4437 |
| WR Grace Holdings LLC (3 month Term SOFR + 3.250%)<br> 7.546%, 9/22/28<sup>(2)</sup> | &nbsp;&nbsp; 3880 | &nbsp;&nbsp;&nbsp; 3881 |
|  |  | &nbsp;&nbsp;&nbsp; 8318 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Consumer Non-Durables—0.6%** | **Consumer Non-Durables—0.6%** |  |
| Kronos Acquisition Holdings, Inc. 2024 (3 month Term SOFR + 4.000%)<br> 8.296%, 7/8/31<sup>(2)</sup> | $4550 | $4059 |
| **Food / Tobacco—0.9%** | **Food / Tobacco—0.9%** |  |
| Triton Water Holdings, Inc. 2025 (3 month Term SOFR + 2.250%)<br> 6.546%, 3/31/28<sup>(2)</sup> | &nbsp;&nbsp; 5855 | &nbsp;&nbsp; 5873 |
| **Forest Prod / Containers—0.5%** | **Forest Prod / Containers—0.5%** |  |
| Trident TPI Holdings, Inc. Tranche B-7 (3 month Term SOFR + 3.750%)<br> 8.046%, 9/15/28<sup>(2)</sup> | &nbsp;&nbsp; 3274 | &nbsp;&nbsp; 3212 |
| **Gaming / Leisure—0.3%** | **Gaming / Leisure—0.3%** |  |
| Catawba Nation Gaming Authority Tranche B (3 month Term SOFR + 4.750%)<br> 9.046%, 3/28/32<sup>(2)</sup> | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2263 |
| **Health Care—2.6%** | **Health Care—2.6%** |  |
| Agiliti Health, Inc. 2023, Tranche B (3-6 month Term SOFR + 3.000%)<br> 7.261% - 7.291%, 5/1/30<sup>(2)</sup> | &nbsp;&nbsp; 3910 | &nbsp;&nbsp; 3778 |
| Bausch & Lomb Corp.<br> 0.000%, 5/10/27<sup>(2)(3)</sup> | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3293 |
| Cotiviti, Inc. (3 month Term SOFR + 0.000%)<br> 7.625%, 5/1/31<sup>(2)</sup> | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 4698 |
| LifePoint Health, Inc. Tranche B-2 (3 month Term SOFR + 3.500%)<br> 7.819%, 5/16/31<sup>(2)</sup> | &nbsp;&nbsp; 1656 | &nbsp;&nbsp; 1628 |
| Star Parent, Inc. Tranche B (3 month Term SOFR + 4.000%)<br> 8.296%, 9/27/30<sup>(2)</sup> | &nbsp;&nbsp; 4466 | &nbsp;&nbsp; 4420 |
|  |  | &nbsp;&nbsp; 17817 |
| **Manufacturing—0.8%** | **Manufacturing—0.8%** |  |
| Titan Acquisition Ltd. (3-6 month Term SOFR + 4.500%)<br> 8.666% - 8.796%, 2/15/29<sup>(2)</sup> | &nbsp;&nbsp; 5216 | &nbsp;&nbsp; 5226 |
| **Media / Telecom - Broadcasting—0.5%** | **Media / Telecom - Broadcasting—0.5%** |  |
| Terrier Media Buyer, Inc. (3 month Term SOFR + 3.600%)<br> 7.896%, 6/18/29<sup>(2)</sup> | &nbsp;&nbsp; 3491 | &nbsp;&nbsp; 3374 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media / Telecom - Cable/Wireless<br> Video—1.5%** | **Media / Telecom - Cable/Wireless<br> Video—1.5%** |  |
| Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%)<br> 7.577%, 9/18/30<sup>(2)</sup> | $3661 | $3650 |
| Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%)<br> 6.926%, 1/31/28<sup>(2)</sup> | &nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp; 6410 |
|  |  | &nbsp;&nbsp;&nbsp; 10060 |
| **Media / Telecom - Diversified<br> Media—0.1%** | **Media / Telecom - Diversified<br> Media—0.1%** |  |
| MH Sub I LLC 2023 (1 month Term SOFR + 4.250%)<br> 8.577%, 5/3/28<sup>(2)</sup> | &nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp; 748 |
| **Media / Telecom - Wireless<br> Communications—0.9%** | **Media / Telecom - Wireless<br> Communications—0.9%** |  |
| Cincinnati Bell, Inc. Tranche B-4 (1 month Term SOFR + 2.750%)<br> 7.077%, 11/22/28<sup>(2)</sup> | &nbsp;&nbsp; 5740 | &nbsp;&nbsp;&nbsp; 5741 |
| **Metals / Minerals—0.3%** | **Metals / Minerals—0.3%** |  |
| Cloud Peak Energy Resources<br> 12.000%, 5/3/27<sup>(2)(4)</sup> | &nbsp;&nbsp; 1983 | &nbsp;&nbsp;&nbsp; 1983 |
| **Service—0.3%** | **Service—0.3%** |  |
| Spin Holdco, Inc. (3 month Term SOFR + 4.262%)<br> 8.577%, 3/4/28<sup>(2)</sup> | &nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp; 1676 |
| **Total Leveraged Loans<br> (Identified Cost $70,986)** | **Total Leveraged Loans<br> (Identified Cost $70,986)** | &nbsp;&nbsp;&nbsp;&nbsp; **70350** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Common Stock—0.0%** | **Common Stock—0.0%** | **Common Stock—0.0%** |
| **Energy—0.0%** | **Energy—0.0%** |  |
| Cloud Peak Energy, Inc.<sup>(4)(5)(6)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40020 | &nbsp;&nbsp; — |
| **Total Common Stock<br> (Identified Cost $—)** | **Total Common Stock<br> (Identified Cost $—)** | **—** |
| **Total Long-Term Investments—96.5%<br> (Identified Cost $647,175)** | **Total Long-Term Investments—96.5%<br> (Identified Cost $647,175)** | **649517** |

---

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Short-Term Investment—2.4%** | **Short-Term Investment—2.4%** | **Short-Term Investment—2.4%** |
| **Money Market Mutual Fund—2.4%** | **Money Market Mutual Fund—2.4%** | **Money Market Mutual Fund—2.4%** |
| BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.223%)<sup>(7)</sup> | 16299720 | $16300 |
| **Total Short-Term Investment<br> (Identified Cost $16,300)** | **Total Short-Term Investment<br> (Identified Cost $16,300)** | &nbsp;&nbsp;&nbsp;&nbsp; **16300** |
| **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $663,475)** | **TOTAL INVESTMENTS—98.9%<br> (Identified Cost $663,475)** | &nbsp;&nbsp;**$665817** |
| Other assets and liabilities, net—1.1% | Other assets and liabilities, net—1.1% | &nbsp;&nbsp;&nbsp;&nbsp; 7652 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$673469** |

---

---

| | |
|:---|:---|
| **Abbreviations:** | **Abbreviations:** |
| BDC | Business Development Companies |
| DAC | Designated Activity Company |
| LLC | Limited Liability Company |
| LP | Limited Partnership |
| plc | Public Limited Company |
| S.a.r.l. | Société à responsabilité limitée |
| SOFR | Secured Overnight Financing Rate |

---

---

| | |
|:---|:---|
| **Footnote Legend:** | **Footnote Legend:** |
| <sup>(1)</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, these securities amounted to a value of $495,548 or 73.6% of net assets. |
| <sup>(2)</sup> | Variable rate security. Rate disclosed is as of June 30, 2025. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
| <sup>(3)</sup> | This loan will settle after June 30, 2025, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
| <sup>(4)</sup> | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
| <sup>(5)</sup> | Non-income producing. |
| <sup>(6)</sup> | All or a portion of the security is restricted. |
| <sup>(7)</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>** |
| United States | &nbsp;&nbsp;&nbsp;85% |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4 |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;2 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Total | 100% |
| <sup>†</sup> % of total investments as of June 30, 2025. | <sup>†</sup> % of total investments as of June 30, 2025. |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total<br> Value at<br> June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1<br> Quoted Prices | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2<br> Significant<br> Observable<br> Inputs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3<br> Significant<br> Unobservable<br> Inputs |
| Assets: |  |  |  |  |
| Debt Instruments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$579167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$579167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;Leveraged Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1983 |
| Equity Securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—<sup>(1)</sup> |
| Money Market Mutual Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$665817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$647534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1983 |

---

<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 June 30, 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.

Management has determined that the amount of Level 3 securities compared to total net assets is not material; therefore, the roll-forward of Level 3 securities and assumptions are not shown for the period ended June 30, 2025.

See Notes to Schedule of Investments

------

#### VIRTUS Newfleet Short Duration High Income Fund

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

#### June 30, 2025

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

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

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

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

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

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

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

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

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** GREENFIELD

  - **State:** MA

  - **Foreign country:** US

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

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

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

- **a. Name of Series:** Virtus Newfleet Short Duration High Income Fund

- **b. EDGAR series identifier (if any):** S000033713

- **c. LEI of Series:** 549300S56OCX6IDYO457

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $694359884.17

**Total Liabilities:** $20903281.87

**Net Assets:** $673456602.30

**Delayed Delivery Securities:** $1052250.00

**Cash Not Reported:** $23399527.31

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -1.56553331 | **1-Year:** -59.44241692 | **5-Year:** -9987.57146300 | **10-Year:** -4650.88878300 | **30-Year:** -2889.25406200

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

- **3-Month:** -19.97251191 | **1-Year:** -700.14046210 | **5-Year:** -73660.54934000 | **10-Year:** -41055.09949000 | **30-Year:** -10477.56384000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000103877 | -0.52%               | 1.98%                | 1.30%                |
| Class ID C000103878 | -0.41%               | 1.98%                | 1.36%                |
| Class ID C000177646 | -0.48%               | 2.06%                | 1.31%                |
| Class ID C000103876 | -0.43%               | 1.94%                | 1.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-407547.32              | $-6251510.16                               |
| Month 2  | $142977.39               | $8907455.13                                |
| Month 3  | $-2901547.60             | $8318152.47                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ONT GAMING GTA/OTG CO-IS    | Ontario Gaming GTA LP/OTG Co-Issuer Inc                                   | CUSIP: 68306MAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   3535000 | PA      | $3546764.48   | 0.53%             | 2030-08-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CHEPLAPHARM ARZNEIMITTEL    | Cheplapharm Arzneimittel GmbH                                             | CUSIP: 16412EAA5<br>LEI: 529900ONXKBELT7EW052 | Long             | DBT              | CORP              | DE        |   4210000 | PA      | $4069074.46   | 0.60%             | 2028-01-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| 1011778 BC / NEW RED FIN    | 1011778 BC ULC / New Red Finance Inc                                      | CUSIP: 68245XAR0<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |   4745000 | PA      | $4866348.63   | 0.72%             | 2029-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PRIME SECSRVC BRW/FINANC    | Prime Security Services Borrower LLC / Prime Finance Inc                  | CUSIP: 74166MAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3010000 | PA      | $3014713.66   | 0.45%             | 2028-01-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC              | Transocean Inc                                                            | CUSIP: 893830BY4<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    730000 | PA      | $674915.73    | 0.10%             | 2029-05-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP    | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2125000 | PA      | $2129923.63   | 0.32%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEWELL BRANDS INC           | Newell Brands Inc                                                         | CUSIP: 651229BC9<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |   8836000 | PA      | $8954640.97   | 1.33%             | 2027-09-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| MILEAGE PLUS HLDINGS LLC    | Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd | CUSIP: 599191AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3780000 | PA      | $3784959.36   | 0.56%             | 2027-06-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COTY/HFC PRESTIGE/INT US    | Coty Inc/HFC Prestige Products Inc/HFC Prestige International US LLC      | CUSIP: 22207AAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3890000 | PA      | $3979084.89   | 0.59%             | 2030-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC    | Ford Motor Credit Co LLC                                                  | CUSIP: 345397C43<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   1000000 | PA      | $1009643.99   | 0.15%             | 2026-03-06      | Fixed         | 6.95%                 | No            |                  2 | On Loan: No      |
| UNITI GROUP/CSL CAPITAL     | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC           | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5170000 | PA      | $5480419.78   | 0.81%             | 2028-02-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC           | Nexstar Media Inc                                                         | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |   8914000 | PA      | $8893146.50   | 1.32%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP        | OneMain Finance Corp                                                      | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |   6375000 | PA      | $6773880.82   | 1.01%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| QUIKRETE HOLDINGS INC       | Quikrete Holdings Inc                                                     | CUSIP: 74843PAA8<br>LEI: 5493007KIN86DIZWZT22 | Long             | DBT              | CORP              | US        |    655000 | PA      | $673549.55    | 0.10%             | 2032-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NEW HOME CO INC/THE         | New Home Co Inc/The                                                       | CUSIP: 645370AG2<br>LEI: 549300PLCE8TB3TVRQ85 | Long             | DBT              | CORP              | US        |    175000 | PA      | $178231.43    | 0.03%             | 2030-11-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CATAWBA NATION GAMING AU    | CATAWBA NATION GAMING AUTHORITY                                           | CUSIP: 14907EAD6<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   2240000 | PA      | $2263340.80   | 0.34%             | 2032-03-29      | Floating      | 9.05%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC      | WESCO Distribution Inc                                                    | CUSIP: 95081QAQ7<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |   3205000 | PA      | $3297406.56   | 0.49%             | 2029-03-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| DIRECTV FINANCING LLC       | Directv Financing LLC                                                     | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1700000 | PA      | $1667002.64   | 0.25%             | 2030-02-01      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                   | Block Inc                                                                 | CUSIP: 852234AS2<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |   5665000 | PA      | $5844710.80   | 0.87%             | 2032-05-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| OPAL BIDCO                  | Opal Bidco SAS                                                            | CUSIP: 68348BAA1<br>LEI: 969500R96XT7XY2UJ564 | Long             | DBT              | CORP              | FR        |   2010000 | PA      | $2051432.13   | 0.30%             | 2032-03-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP               | Carnival Corp                                                             | CUSIP: 143658BW1<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   5260000 | PA      | $5541178.56   | 0.82%             | 2029-08-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS    | Ferrellgas LP / Ferrellgas Finance Corp                                   | CUSIP: 315289AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5835000 | PA      | $5779604.84   | 0.86%             | 2026-04-01      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ENERGY TRANSFER LP          | Energy Transfer LP                                                        | CUSIP: 29273VAX8<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | DBT              | CORP              | US        |   5915000 | PA      | $6292873.86   | 0.93%             | 2054-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN TITAN FIN LTD    | Transocean Titan Financing Ltd                                            | CUSIP: 89386MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |   1615000 | PA      | $1640456.13   | 0.24%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC        | LifePoint Health Inc                                                      | CUSIP: 53219LAV1<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   1455000 | PA      | $1573883.69   | 0.23%             | 2030-08-15      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS    | Univision Communications Inc                                              | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |   7263000 | PA      | $7243186.46   | 1.08%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC              | Transocean Inc                                                            | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |   3480000 | PA      | $3578637.12   | 0.53%             | 2030-02-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS ENTERTAINME       | Six Flags Entertainment Corp                                              | CUSIP: 83001WAC8<br>LEI: 529900AS2CYWYFHRS781 | Long             | DBT              | CORP              | US        |   1934000 | PA      | $1934000.00   | 0.29%             | 2025-07-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Cloud Peak Energy Inc       | Cloud Peak Energy Inc                                                     | CUSIP: 18911Q300<br>LEI: 529900UPE2TSMT20WT39 | Long             | EC               | CORP              | US        |     40020 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| TEVA PHARMACEUTICALS NE     | Teva Pharmaceutical Finance Netherlands III BV                            | CUSIP: 88167AAK7<br>LEI: 5493004T21MOAFINJP35 | Long             | DBT              | CORP              | NL        |   2250000 | PA      | $2331562.50   | 0.35%             | 2028-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SOUTH BOW CAN INFRA HOLD    | South Bow Canadian Infrastructure Holdings Ltd                            | CUSIP: 836720AF9<br>LEI: 2549004FYUSYLPBT1G26 | Long             | DBT              | CORP              | CA        |   3740000 | PA      | $3882707.18   | 0.58%             | 2055-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| HERBALIFE/HLF FINANCING     | Herbalife Nutrition Ltd / HLF Financing Inc                               | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1627000 | PA      | $1627499.49   | 0.24%             | 2025-09-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI    | Antero Midstream Partners LP / Antero Midstream Finance Corp              | CUSIP: 03690AAK2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3575000 | PA      | $3692438.75   | 0.55%             | 2032-02-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| GLOBAL ATLANTIC FIN CO      | Global Atlantic Fin Co                                                    | CUSIP: 37959GAG2<br>LEI: 98450051B2E65CAA7E94 | Long             | DBT              | CORP              | US        |   5430000 | PA      | $5653053.54   | 0.84%             | 2054-10-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION    | Consensus Cloud Solutions Inc                                             | CUSIP: 20848VAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3055000 | PA      | $3039725.00   | 0.45%             | 2026-10-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| AZORRA FINANCE              | Azorra Finance Ltd                                                        | CUSIP: 05480AAB1<br>LEI: 254900MC1HXDAVUUP395 | Long             | DBT              | CORP              | KY        |   1710000 | PA      | $1745777.27   | 0.26%             | 2031-01-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| MAXAM PRILL SARL            | Maxam Prill Sarl                                                          | CUSIP: 57779MAA8<br>LEI: 984500C4C5B820A6B691 | Long             | DBT              | CORP              | LU        |   2415000 | PA      | $2415443.72   | 0.36%             | 2030-07-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC           | Post Holdings Inc                                                         | CUSIP: 737446AP9<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   1855000 | PA      | $1846494.08   | 0.27%             | 2029-12-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| BAUSCH + LOMB CORP          | Bausch + Lomb Corp                                                        | CUSIP: 000000000<br>LEI: 549300NY6OZM39SO6475 | Long             | LON              | CORP              | CA        |   3300000 | PA      | $3292872.00   | 0.49%             | 2027-05-10      | Floating      | 7.68%                 | No            |                  2 | On Loan: No      |
| PRIMO / TRITON WATER HLD    | Primo Water Holdings Inc / Triton Water Holdings Inc                      | CUSIP: 74168RAC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2013941.08   | 0.30%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC        | LifePoint Health Inc                                                      | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |   2900000 | PA      | $3199268.40   | 0.48%             | 2030-10-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| FS KKR CAPITAL CORP         | FS KKR Capital Corp                                                       | CUSIP: 302635AN7<br>LEI: 549300TYRSI1T21B1360 | Long             | DBT              | CORP              | US        |   5770000 | PA      | $5917023.87   | 0.88%             | 2029-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006      | FMG Resources August 2006 Pty Ltd                                         | CUSIP: 30251GBD8<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |   4450000 | PA      | $4505687.30   | 0.67%             | 2030-04-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| APTIV SWISS HOLDINGS LTD    | Aptiv Swiss Holdings Ltd                                                  | CUSIP: 03837AAD2<br>LEI: N/A                  | Long             | DBT              | CORP              | JE        |   4780000 | PA      | $4827513.58   | 0.72%             | 2054-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC              | NCR Atleos Corp                                                           | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |   3724000 | PA      | $4079131.81   | 0.61%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS     | Frontier Communications Holdings LLC                                      | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2500000 | PA      | $2500947.50   | 0.37%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP         | Medline Borrower LP                                                       | CUSIP: 62482BAB8<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |   7835000 | PA      | $7773924.61   | 1.15%             | 2029-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MCGRAW-HILL EDUCATION       | McGraw-Hill Education Inc                                                 | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |   4745000 | PA      | $4773583.88   | 0.71%             | 2028-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER    | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer            | CUSIP: 01883LAE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3240000 | PA      | $3293800.20   | 0.49%             | 2028-04-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI    | KRONOS ACQUISITION HOLDINGS INC                                           | CUSIP: 50106JAH9<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   4549734 | PA      | $4059500.04   | 0.60%             | 2031-07-08      | Floating      | 8.26%                 | No            |                  2 | On Loan: No      |
| GRIFOLS SA                  | Grifols SA                                                                | CUSIP: 39843UAA0<br>LEI: 959800HSSNXWRKBK4N60 | Long             | DBT              | CORP              | ES        |   3585000 | PA      | $3446357.30   | 0.51%             | 2028-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC       | Directv Financing LLC / Directv Financing Co-Obligor Inc                  | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  11250000 | PA      | $11213282.59  | 1.67%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER/MEDL CO    | Medline Borrower LP/Medline Co-Issuer Inc                                 | CUSIP: 58506DAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    830000 | PA      | $852645.72    | 0.13%             | 2029-04-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| GREAT CAN GAMING/RAPTOR     | Great Canadian Gaming Corp/Raptor LLC                                     | CUSIP: 389925AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |   1725000 | PA      | $1688463.29   | 0.25%             | 2029-11-15      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KRONOS ACQUISITION HOLDI    | Kronos Acquisition Holdings Inc                                           | CUSIP: 50106GAG7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    955000 | PA      | $867218.69    | 0.13%             | 2031-06-30      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CCM MERGER INC              | CCM Merger Inc                                                            | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |   6683000 | PA      | $6685232.12   | 0.99%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| AMERICAN ELECTRIC POWER     | American Electric Power Co Inc                                            | CUSIP: 025537AZ4<br>LEI: 1B4S6S7G0TW5EE83BO58 | Long             | DBT              | CORP              | US        |   6455000 | PA      | $6704976.33   | 1.00%             | 2054-12-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| KIMMERIDGE TEXAS GAS LLC    | Kimmeridge Texas Gas LLC                                                  | CUSIP: 49446BAA2<br>LEI: 254900LM244SIFQ1QY31 | Long             | DBT              | CORP              | US        |   2360000 | PA      | $2442463.12   | 0.36%             | 2030-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC       | Nabors Industries Inc                                                     | CUSIP: 62957HAJ4<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |   6415000 | PA      | $6334798.39   | 0.94%             | 2027-05-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| BUCKEYE PARTNERS LP         | Buckeye Partners LP                                                       | CUSIP: 118230AW1<br>LEI: 549300C1PQJLVEIUBK50 | Long             | DBT              | CORP              | US        |   3080000 | PA      | $3197153.68   | 0.47%             | 2030-02-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CORNERSTONE BUILDING        | Cornerstone Building Brands Inc                                           | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |   5020000 | PA      | $4614991.92   | 0.69%             | 2029-08-15      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| LIGHTNING POWER LLC         | Lightning Power LLC                                                       | CUSIP: 53229KAA7<br>LEI: 254900BWCHJ03XRL8K59 | Long             | DBT              | CORP              | US        |   4030000 | PA      | $4241376.48   | 0.63%             | 2032-08-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| TIDEWATER INC               | Tidewater Inc                                                             | CUSIP: 88642RAE9<br>LEI: 2549000JA5GRUPLMUH98 | Long             | DBT              | CORP              | US        |   1035000 | PA      | $1064869.58   | 0.16%             | 2030-07-15      | Fixed         | 9.12%                 | No            |                  2 | On Loan: No      |
| PRIME HEALTHCARE SERVICE    | Prime Healthcare Services Inc                                             | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2940000 | PA      | $2917950.00   | 0.43%             | 2029-09-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC     | Light & Wonder International Inc                                          | CUSIP: 80874YBE9<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   1550000 | PA      | $1596896.35   | 0.24%             | 2029-11-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| WINDSOR HOLDINGS III LLC    | Windsor Holdings III LLC                                                  | CUSIP: 97360AAA5<br>LEI: 254900IXUJZ9H146T437 | Long             | DBT              | CORP              | US        |   4317000 | PA      | $4626215.36   | 0.69%             | 2030-06-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP      | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCT8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4475000 | PA      | $4669259.75   | 0.69%             | 2031-03-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP     | Gulfport Energy Operating Corp                                            | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |   5940000 | PA      | $6087624.86   | 0.90%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT      | HAT Holdings I LLC / HAT Holdings II LLC                                  | CUSIP: 418751AL7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1017000 | PA      | $1059540.09   | 0.16%             | 2027-06-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| VIRGIN MEDIA BRISTOL LLC    | Virgin Media Bristol LLC                                                  | CUSIP: 000000000<br>LEI: 213800IQ982XX69LE276 | Long             | LON              | CORP              | US        |   6500000 | PA      | $6409975.00   | 0.95%             | 2028-01-31      | Floating      | 6.94%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST    | Fortress Transportation and Infrastructure Investors LLC                  | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   1350000 | PA      | $1342734.17   | 0.20%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| STANDARD BUILDING SOLUTI    | Standard Building Solutions Inc                                           | CUSIP: 853191AA2<br>LEI: 54930064UHXCIUWVI755 | Long             | DBT              | CORP              | US        |   3605000 | PA      | $3693805.57   | 0.55%             | 2032-08-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| COGECO COMMUNICATIONS US    | COGECO COMMUNICATIONS USA II LP                                           | CUSIP: 19239BAD0<br>LEI: 549300UVJTPYOZ6XKH79 | Long             | LON              | CORP              | US        |   3661413 | PA      | $3649988.90   | 0.54%             | 2030-09-30      | Floating      | 7.58%                 | No            |                  2 | On Loan: No      |
| WEEKLEY HOMES LLC/ FINAN    | Weekley Homes LLC / Weekley Finance Corp                                  | CUSIP: 948565AD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4100000 | PA      | $3971181.69   | 0.59%             | 2028-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ACADIA HEALTHCARE CO INC    | Acadia Healthcare Co Inc                                                  | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |   4760000 | PA      | $4729397.91   | 0.70%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CAPSTONE COPPER CORP        | Capstone Copper Corp                                                      | CUSIP: 14071LAA6<br>LEI: 549300III6KGKKC42W63 | Long             | DBT              | CORP              | CA        |   3590000 | PA      | $3676012.81   | 0.55%             | 2033-03-31      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| INEOS QUATTRO FINANCE 2     | INEOS Quattro Finance 2 Plc                                               | CUSIP: 45674GAB0<br>LEI: 213800V48W4Y5MT5Q131 | Long             | DBT              | CORP              | GB        |   5315000 | PA      | $5388305.86   | 0.80%             | 2029-03-15      | Fixed         | 9.62%                 | No            |                  2 | On Loan: No      |
| SAKS GLOBAL ENTERPRISES     | Saks Global Enterprises LLC                                               | CUSIP: 79380MAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4140000 | PA      | $1552500.00   | 0.23%             | 2029-12-15      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| CHURCHILL DOWNS INC         | Churchill Downs Inc                                                       | CUSIP: 171484AJ7<br>LEI: 529900FODTBQC8MIS994 | Long             | DBT              | CORP              | US        |   3420000 | PA      | $3515151.24   | 0.52%             | 2031-05-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC               | TransDigm Inc                                                             | CUSIP: 893647BS5<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   4745000 | PA      | $4923353.92   | 0.73%             | 2030-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS    | CHS/Community Health Systems Inc                                          | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |   4760000 | PA      | $4688507.13   | 0.70%             | 2027-03-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| CORONADO FINANCE PTY LTD    | Coronado Finance Pty Ltd                                                  | CUSIP: 21979LAB2<br>LEI: 549300NS5FS0W548RE27 | Long             | DBT              | CORP              | AU        |   3555000 | PA      | $2650787.53   | 0.39%             | 2029-10-01      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| F&G ANNUITIES & LIFE INC    | F&G Annuities & Life Inc                                                  | CUSIP: 30190AAF1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4205000 | PA      | $4335683.92   | 0.64%             | 2029-06-04      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NISSAN MOTOR ACCEPTANCE     | Nissan Motor Acceptance Co LLC                                            | CUSIP: 65480CAF2<br>LEI: 7D6DIU2QXTUJRFNNJA49 | Long             | DBT              | CORP              | US        |   3640000 | PA      | $3718297.31   | 0.55%             | 2028-09-15      | Fixed         | 7.05%                 | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES GLOBA    | Citadel Securities Global Holdings LLC                                    | CUSIP: 17289RAA4<br>LEI: 549300NV5RXBUS3X7L47 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1274970.00   | 0.19%             | 2030-06-18      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION    | Hess Midstream Operations LP                                              | CUSIP: 428102AH0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3500000 | PA      | $3552171.00   | 0.53%             | 2028-03-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MIDCAP FINANCIAL ISSR TR    | Midcap Financial Issuer Trust                                             | CUSIP: 59567LAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   7775000 | PA      | $7701515.75   | 1.14%             | 2028-05-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC    | Ford Motor Credit Co LLC                                                  | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |   6310000 | PA      | $6553262.62   | 0.97%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| CVS HEALTH CORP             | CVS Health Corp                                                           | CUSIP: 126650EH9<br>LEI: 549300EJG376EN5NQE29 | Long             | DBT              | CORP              | US        |   4180000 | PA      | $4311294.80   | 0.64%             | 2055-03-10      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP      | CCO Holdings LLC / CCO Holdings Capital Corp                              | CUSIP: 1248EPCS0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3880000 | PA      | $3957740.69   | 0.59%             | 2029-09-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| ION TRADING TECHNOLOGIES    | ION Trading Technologies Sarl                                             | CUSIP: 46205YAB7<br>LEI: 5493009ZVXOKZLQ6QJ12 | Long             | DBT              | CORP              | LU        |   3705000 | PA      | $3805038.71   | 0.57%             | 2029-05-30      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| STAR PARENT INC             | STAR PARENT INC                                                           | CUSIP: 87169DAB1<br>LEI: 254900GRGCJYRMDRWT73 | Long             | LON              | CORP              | US        |   4466080 | PA      | $4420035.12   | 0.66%             | 2030-09-30      | Floating      | 8.05%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN       | Genesis Energy LP / Genesis Energy Finance Corp                           | CUSIP: 37185LAL6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3360000 | PA      | $3409706.50   | 0.51%             | 2028-02-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| CONSENSUS CLOUD SOLUTION    | Consensus Cloud Solutions Inc                                             | CUSIP: 20848VAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5900000 | PA      | $5869947.17   | 0.87%             | 2028-10-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| UNITED WHOLESALE MTGE LL    | United Wholesale Mortgage LLC                                             | CUSIP: 91153LAA5<br>LEI: 549300HW662MN1WU8550 | Long             | DBT              | CORP              | US        |   7200000 | PA      | $7198863.12   | 1.07%             | 2025-11-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| QXO BUILDING PRODUCTS       | QXO Building Products Inc                                                 | CUSIP: 74825NAA5<br>LEI: 549300HDXQWWCBOYXP31 | Long             | DBT              | CORP              | US        |    110000 | PA      | $113322.22    | 0.02%             | 2032-04-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN    | Blue Racer Midstream LLC / Blue Racer Finance Corp                        | CUSIP: 095796AJ7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4240000 | PA      | $4425113.99   | 0.66%             | 2029-07-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| FLUTTER TREASURY DAC        | Flutter Treasury DAC                                                      | CUSIP: 344045AB5<br>LEI: 635400JE8VLL9UFVIC38 | Long             | DBT              | CORP              | IE        |   2060000 | PA      | $2075450.00   | 0.31%             | 2031-06-04      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DENTSPLY SIRONA INC         | DENTSPLY SIRONA Inc                                                       | CUSIP: 24906PAB5<br>LEI: 9NHEHR1SOZCYXDO8HO28 | Long             | DBT              | CORP              | US        |   3285000 | PA      | $3303123.61   | 0.49%             | 2055-09-12      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC              | Gray Media Inc                                                            | CUSIP: 389284AA8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |   2460000 | PA      | $2458898.41   | 0.37%             | 2027-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC           | Herc Holdings Inc                                                         | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    765000 | PA      | $798933.37    | 0.12%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC      | Venture Global LNG Inc                                                    | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   2840000 | PA      | $3067094.92   | 0.46%             | 2032-02-01      | Fixed         | 9.88%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP    | Hilcorp Energy I LP / Hilcorp Finance Co                                  | CUSIP: 431318AY0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4374646.65   | 0.65%             | 2030-04-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| TRIVIUM PACKAGING FIN       | Trivium Packaging Finance BV                                              | CUSIP: 89686QAD8<br>LEI: 724500GMZWW3PVYET548 | Long             | DBT              | CORP              | NL        |   1665000 | PA      | $1760715.86   | 0.26%             | 2030-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| ROCKET COS INC              | Rocket Cos Inc                                                            | CUSIP: 77311WAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1150000 | PA      | $1171884.50   | 0.17%             | 2030-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| HELIOS SOFT/ION CORP SOL    | Helios Software Holdings Inc / ION Corporate Solutions Finance Sarl       | CUSIP: 42329HAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3160000 | PA      | $3250518.20   | 0.48%             | 2029-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| KRAKEN OIL & GAS PARTNER    | Kraken Oil & Gas Partners LLC                                             | CUSIP: 50076PAA6<br>LEI: 549300DR5HSL4YAU3X12 | Long             | DBT              | CORP              | US        |   1890000 | PA      | $1856784.95   | 0.28%             | 2029-08-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| PANTHER ESCROW ISSUER       | Panther Escrow Issuer LLC                                                 | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6170000 | PA      | $6409093.67   | 0.95%             | 2031-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD            | Taseko Mines Ltd                                                          | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |   1875000 | PA      | $1962896.51   | 0.29%             | 2030-05-01      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| MILLENNIUM ESCROW CORP      | Millennium Escrow Corp                                                    | CUSIP: 60041CAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6140000 | PA      | $5042092.97   | 0.75%             | 2026-08-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LIGHT & WONDER INTL INC     | Light & Wonder International Inc                                          | CUSIP: 80874YBC3<br>LEI: RLTHESQ0RNFQJWPBJN60 | Long             | DBT              | CORP              | US        |   5150000 | PA      | $5165001.64   | 0.77%             | 2028-05-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AVIATION CAPITAL    | Phoenix Aviation Capital Ltd                                              | CUSIP: 71910DAA9<br>LEI: 8945008YQAKXZQ3VYJ15 | Long             | DBT              | CORP              | IE        |   1735000 | PA      | $1797004.48   | 0.27%             | 2030-07-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| EQT CORP                    | EQT Corp                                                                  | CUSIP: 26884LAY5<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |   1205000 | PA      | $1242951.03   | 0.18%             | 2029-04-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| HESS MIDSTREAM OPERATION    | Hess Midstream Operations LP                                              | CUSIP: 428102AG2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2720000 | PA      | $2797272.48   | 0.42%             | 2029-06-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| WR GRACE HOLDING LLC        | WR GRACE HOLDINGS LLC                                                     | CUSIP: 92943HAB5<br>LEI: 549300WNOVFRGYOAEB12 | Long             | LON              | CORP              | US        |   3879897 | PA      | $3881526.46   | 0.58%             | 2028-09-22      | Floating      | 7.53%                 | No            |                  2 | On Loan: No      |
| LSB INDUSTRIES              | LSB Industries Inc                                                        | CUSIP: 502160AN4<br>LEI: 5493001H215A0HG0MI71 | Long             | DBT              | CORP              | US        |  10250000 | PA      | $10175326.70  | 1.51%             | 2028-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC           | Post Holdings Inc                                                         | CUSIP: 737446AV6<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   3282000 | PA      | $3311921.99   | 0.49%             | 2033-03-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| NGL ENRGY OP/FIN CORP       | NGL Energy Operating LLC / NGL Energy Finance Corp                        | CUSIP: 62922LAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1340000 | PA      | $1353803.34   | 0.20%             | 2029-02-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| INSIGHT ENTERPRS            | Insight Enterprises Inc                                                   | CUSIP: 45765UAC7<br>LEI: 529900S8991TYW6YP792 | Long             | DBT              | CORP              | US        |   5075000 | PA      | $5227940.20   | 0.78%             | 2032-05-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC                 | Wayfair LLC                                                               | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |     35000 | PA      | $35015.68     | 0.01%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CIMPRESS PLC                | Cimpress PLC                                                              | CUSIP: 17186HAH5<br>LEI: 549300X1IFD75XISOR81 | Long             | DBT              | CORP              | IE        |   4275000 | PA      | $4080497.76   | 0.61%             | 2032-09-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| IQVIA INC                   | IQVIA Inc                                                                 | CUSIP: 46266TAG3<br>LEI: 549300PLWY28YB00C717 | Long             | DBT              | CORP              | US        |   2030000 | PA      | $2083222.93   | 0.31%             | 2032-06-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI    | Antero Midstream Partners LP / Antero Midstream Finance Corp              | CUSIP: 03690AAF3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   1135000 | PA      | $1133082.87   | 0.17%             | 2028-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ALEXANDER FUND TRUST II     | Alexander Funding Trust II                                                | CUSIP: 014916AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3600000 | PA      | $3849792.16   | 0.57%             | 2028-07-31      | Fixed         | 7.47%                 | No            |                  2 | On Loan: No      |
| EQT CORP                    | EQT Corp                                                                  | CUSIP: 26884LBG3<br>LEI: 4NT01YGM4X7ZX86ISY52 | Long             | DBT              | CORP              | US        |    950000 | PA      | $967284.26    | 0.14%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS    | Ferrellgas LP / Ferrellgas Finance Corp                                   | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2625000 | PA      | $2428569.94   | 0.36%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC      | Energizer Holdings Inc                                                    | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |   8530000 | PA      | $8627131.11   | 1.28%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC       | Civitas Resources Inc                                                     | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   1260000 | PA      | $1273997.50   | 0.19%             | 2031-07-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| CLOUD SOFTWARE GRP INC      | Cloud Software Group Inc                                                  | CUSIP: 18912UAA0<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |   2580000 | PA      | $2674235.53   | 0.40%             | 2029-09-30      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| UNDER ARMOUR INC            | Under Armour Inc                                                          | CUSIP: 904311AD9<br>LEI: 549300D4549QKWETZ406 | Long             | DBT              | CORP              | US        |    700000 | PA      | $708893.94    | 0.11%             | 2030-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| JH NORTH AMERICA HOLDING    | JH North America Holdings Inc                                             | CUSIP: 46593WAA3<br>LEI: 254900A6FXA0D81TL967 | Long             | DBT              | CORP              | US        |   3295000 | PA      | $3323771.91   | 0.49%             | 2031-01-31      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity FedFund | BlackRock Liquidity FedFund                                               | CUSIP: 09248U700<br>LEI: 549300T8K043VZEOVK74 | Long             | STIV             | RF                | US        |   9846130 | NS      | $9846129.59   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| VENTURE GLOBAL LNG INC      | Venture Global LNG Inc                                                    | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |   3905000 | PA      | $4035989.32   | 0.60%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NOURYON FINANCE BV          | NOURYON FINANCE BV                                                        | CUSIP: 000000000<br>LEI: 549300GD4NJGLPVYB245 | Long             | LON              | CORP              | NL        |   4420444 | PA      | $4437020.99   | 0.66%             | 2028-04-03      | Floating      | 7.51%                 | No            |                  2 | On Loan: No      |
| HUB INTERNATIONAL LTD       | HUB International Ltd                                                     | CUSIP: 44332PAH4<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |   6195000 | PA      | $6473991.83   | 0.96%             | 2030-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ENDO FINANCE HOLDINGS       | Endo Finance Holdings Inc                                                 | CUSIP: 29281RAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4015000 | PA      | $4250110.37   | 0.63%             | 2031-04-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| SPIN HOLDCO INC             | Spin Holdco Inc                                                           | CUSIP: 84850XAK8<br>LEI: 549300QAS44U2GUXGK45 | Long             | LON              | CORP              | US        |   1920000 | PA      | $1680000.00   | 0.25%             | 2028-03-06      | Floating      | 8.33%                 | No            |                  2 | On Loan: No      |
| CLOUD PEAK ENERGY RESOURCES | CLOUD PEAK ENERGY RESOURCES LLC                                           | CUSIP: 000000000<br>LEI: 5493005E5CHLCZG9S159 | Long             | LON              | CORP              | US        |   1982724 | PA      | $1982724.00   | 0.29%             | 2027-05-03      | Fixed         | 12.00%                | No            |                  3 | On Loan: No      |
| PRIMO BRANDS CORP           | PRIMO BRANDS CORP                                                         | CUSIP: 89678QAD8<br>LEI: 254900J0WS4AXV2LAX55 | Long             | LON              | CORP              | US        |   5869562 | PA      | $5887992.06   | 0.87%             | 2028-03-31      | Floating      | 6.55%                 | No            |                  2 | On Loan: No      |
| BOOST NEWCO BORROWER LLC    | Boost Newco Borrower LLC                                                  | CUSIP: 36268NAA8<br>LEI: 254900S8RE1OL7TTCU64 | Long             | DBT              | CORP              | US        |   6025000 | PA      | $6395627.88   | 0.95%             | 2031-01-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ROCKET SOFTWARE INC         | Rocket Software Inc                                                       | CUSIP: 77314EAB4<br>LEI: 549300PVG26ISP5X1556 | Long             | DBT              | CORP              | US        |   4180000 | PA      | $4308765.28   | 0.64%             | 2028-11-28      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC             | AdaptHealth LLC                                                           | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4005000 | PA      | $3999902.44   | 0.59%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC       | Civitas Resources Inc                                                     | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |   3585000 | PA      | $3670720.94   | 0.55%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COTIVITI INC                | COTIVITI INC                                                              | CUSIP: 22164MAD9<br>LEI: 254900YAQHVRTG4IFI64 | Long             | LON              | CORP              | US        |   4680000 | PA      | $4697550.00   | 0.70%             | 2031-05-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST    | Fortress Transportation and Infrastructure Investors LLC                  | CUSIP: 34960PAF8<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |   3225000 | PA      | $3339277.88   | 0.50%             | 2031-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| AGILITI HEALTH INC          | AGILITI HEALTH INC                                                        | CUSIP: 00847YAE2<br>LEI: 25490002CCQ55NKGNB14 | Long             | LON              | CORP              | US        |   3910101 | PA      | $3778135.34   | 0.56%             | 2030-05-01      | Floating      | 7.28%                 | No            |                  2 | On Loan: No      |
| NEPTUNE BIDCO US INC        | Neptune Bidco US Inc                                                      | CUSIP: 640695AA0<br>LEI: 549300VG15T3VCYZ4531 | Long             | DBT              | CORP              | US        |   3705000 | PA      | $3607502.93   | 0.54%             | 2029-04-15      | Fixed         | 9.29%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC            | CSC Holdings LLC                                                          | CUSIP: 126307BM8<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |   5500000 | PA      | $5479300.75   | 0.81%             | 2028-05-15      | Fixed         | 11.25%                | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN    | USA Compression Partners LP / USA Compression Finance Corp                | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5750000 | PA      | $5893359.00   | 0.88%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| DELEK LOG PART/FINANCE      | Delek Logistics Partners LP / Delek Logistics Finance Corp                | CUSIP: 24665FAC6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2000000 | PA      | $2008250.62   | 0.30%             | 2028-06-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CHART INDUSTRIES INC        | Chart Industries Inc                                                      | CUSIP: 16115QAF7<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | DBT              | CORP              | US        |   4720000 | PA      | $4941490.72   | 0.73%             | 2030-01-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN       | Icahn Enterprises LP / Icahn Enterprises Finance Corp                     | CUSIP: 451102CK1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2140000 | PA      | $2118651.57   | 0.31%             | 2029-11-15      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD            | GGAM Finance Ltd                                                          | CUSIP: 36170JAD8<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |   5995000 | PA      | $6197798.86   | 0.92%             | 2029-04-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| MH SUB I LLC                | MH SUB I LLC                                                              | CUSIP: 45567YAN5<br>LEI: 2549005VFKP807SR8N49 | Long             | LON              | CORP              | US        |    797811 | PA      | $747700.35    | 0.11%             | 2028-05-03      | Floating      | 8.58%                 | No            |                  2 | On Loan: No      |
| HA SUSTAINABLE INF CAP      | HA Sustainable Infrastructure Capital Inc                                 | CUSIP: 40408AAA9<br>LEI: 254900ZZRL7MWL1X8E92 | Long             | DBT              | CORP              | US        |   3615000 | PA      | $3660066.83   | 0.54%             | 2031-01-15      | Fixed         | 6.15%                 | No            |                  2 | On Loan: No      |
| CINCINNATI BELL INC         | CINCINNATI BELL INC                                                       | CUSIP: 17187MAT7<br>LEI: 549300JYVZOCUJOHL272 | Long             | LON              | CORP              | US        |   5739714 | PA      | $5740747.34   | 0.85%             | 2028-11-24      | Floating      | 7.18%                 | No            |                  2 | On Loan: No      |
| CLARIOS GLOBAL LP/US FIN    | Clarios Global LP / Clarios US Finance Co                                 | CUSIP: 18060TAD7<br>LEI: N/A                  | Long             | DBT              | CORP              | N/A       |    150000 | PA      | $155968.05    | 0.02%             | 2030-02-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| POST HOLDINGS INC           | Post Holdings Inc                                                         | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |   4595000 | PA      | $4722208.94   | 0.70%             | 2032-02-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC    | Ford Motor Credit Co LLC                                                  | CUSIP: 345397C92<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    600000 | PA      | $620114.90    | 0.09%             | 2028-05-12      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| SUNOCO LP/FINANCE CORP      | Sunoco LP / Sunoco Finance Corp                                           | CUSIP: 86765KAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6964000 | PA      | $7185134.86   | 1.07%             | 2028-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MAGNOLIA OIL GAS/MAG FIN    | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp        | CUSIP: 559665AB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3095000 | PA      | $3116884.75   | 0.46%             | 2032-12-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| TRANSDIGM INC               | TransDigm Inc                                                             | CUSIP: 893647BR7<br>LEI: 88Q84GB3X55CF5OC7582 | Long             | DBT              | CORP              | US        |   3130000 | PA      | $3196168.20   | 0.47%             | 2028-08-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ALLIANCE RES OP/FINANCE     | Alliance Resource Operating Partners LP / Alliance Resource Finance Corp  | CUSIP: 01879NAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   5920000 | PA      | $6292237.76   | 0.93%             | 2029-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| CMG MEDIA CORPORATION       | CMG MEDIA CORP                                                            | CUSIP: 88145LAF1<br>LEI: N/A                  | Long             | LON              | CORP              | US        |   3491188 | PA      | $3373849.64   | 0.50%             | 2029-06-18      | Floating      | 7.88%                 | No            |                  2 | On Loan: No      |
| TITAN ACQUISITION LTD       | TITAN ACQUISITION LTD                                                     | CUSIP: 000000000<br>LEI: 5493003ZDHRVP2N4C109 | Long             | LON              | CORP              | CA        |   5216270 | PA      | $5226493.73   | 0.78%             | 2029-02-15      | Floating      | 8.79%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                 | Vistra Operations Co LLC                                                  | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |   4500000 | PA      | $4504293.00   | 0.67%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MAUSER PACKAGING SOLUT      | Mauser Packaging Solutions Holding Co                                     | CUSIP: 57763RAD9<br>LEI: 549300DNGHXL0OMHW304 | Long             | DBT              | CORP              | US        |   6470000 | PA      | $6576056.24   | 0.98%             | 2027-04-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ASTON MARTIN CAPITAL HOL    | Aston Martin Capital Holdings Ltd                                         | CUSIP: 04625HAJ8<br>LEI: 213800H4GKEF3CJ8C774 | Long             | DBT              | CORP              | JE        |   4660000 | PA      | $4412500.41   | 0.66%             | 2029-03-31      | Fixed         | 10.00%                | No            |                  2 | On Loan: No      |
| MERLIN ENTERTAINMENTS GR    | Merlin Entertainments Group US Holdings Inc                               | CUSIP: 59010UAA5<br>LEI: 549300HBQPPKS1187K54 | Long             | DBT              | CORP              | US        |   4545000 | PA      | $4061476.54   | 0.60%             | 2031-02-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| GLOBAL INFRASTRUCTURE SO    | Global Infrastructure Solutions Inc                                       | CUSIP: 37960XAA5<br>LEI: 2549003BGLQITAJ6ZT28 | Long             | DBT              | CORP              | US        |   4850000 | PA      | $4832178.68   | 0.72%             | 2029-06-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| LIFEPOINT HEALTH INC        | LIFEPOINT HEALTH INC                                                      | CUSIP: 75915TAL6<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | LON              | CORP              | US        |   1656128 | PA      | $1628039.81   | 0.24%             | 2031-05-19      | Floating      | 7.83%                 | No            |                  2 | On Loan: No      |
| NOBLE FINANCE II LLC        | Noble Finance II LLC                                                      | CUSIP: 65505PAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   3010000 | PA      | $3064850.90   | 0.46%             | 2030-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| TRIDENT TPI HOLDINGS INC    | TRIDENT TPI HOLDINGS INC                                                  | CUSIP: 00216EAL3<br>LEI: 549300TPLK304J3RNC85 | Long             | LON              | CORP              | US        |   3273550 | PA      | $3211778.11   | 0.48%             | 2028-09-18      | Floating      | 8.08%                 | No            |                  2 | On Loan: No      |
| GENESIS ENERGY LP/FIN       | Genesis Energy LP / Genesis Energy Finance Corp                           | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2250000 | PA      | $2389007.25   | 0.35%             | 2030-04-15      | Fixed         | 8.88%                 | No            |                  2 | On Loan: No      |
| APOLLO DEBT SOLUTIONS BD    | Apollo Debt Solutions BDC                                                 | CUSIP: 03770DAB9<br>LEI: 549300UMUGX092P8DW87 | Long             | DBT              | CORP              | US        |   6110000 | PA      | $6377990.40   | 0.95%             | 2029-04-13      | Fixed         | 6.90%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** Virtus Strategy Trust

**Signature:** Amy Hackett

**Name of Signer:** Amy Hackett

**Title:** Vice President and Assistant Treasurer