# EDGAR Filing Document

**Accession Number:** 0001423227
**File Stem:** 0001752724-25-203841
**Filing Date:** 2025-8
**Character Count:** 70027
**Document Hash:** 36765ae84b7a0e7adc765d2b1f423ce5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203841.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203841

**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:** 251253608

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

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

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

## Series and Classes Contracts Data

### Virtus Convertible Fund (Series ID: S000028359)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000086658 | Class A             | ANZAX           |
| C000086659 | Class C             | ANZCX           |
| C000086661 | Institutional Class | ANNPX           |
| C000235255 | Class R6            | VAADX           |

## Nport-Ex

#### VIRTUS Convertible Fund

#### SCHEDULE OF INVESTMENTS (Unaudited)

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Convertible Bonds and Notes—83.1%** | **Convertible Bonds and Notes—83.1%** | **Convertible Bonds and Notes—83.1%** |
| **Aerospace & Defense—0.5%** | **Aerospace & Defense—0.5%** |  |
| Rocket Lab USA, Inc. 144A<br> 4.250%, 2/1/29<sup>(1)</sup> | $1025 | $7199 |
| **Auto Manufacturers—1.4%** | **Auto Manufacturers—1.4%** |  |
| Rivian Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;4.625%, 3/15/29 | &nbsp;&nbsp; 9105 | &nbsp;&nbsp; 9253 |
| &nbsp;&nbsp;&nbsp;3.625%, 10/15/30 | &nbsp;&nbsp; 9765 | &nbsp;&nbsp; 8754 |
|  |  | &nbsp;&nbsp; 18007 |
| **Biotechnology—3.3%** | **Biotechnology—3.3%** |  |
| Alnylam Pharmaceuticals, Inc.<br> 1.000%, 9/15/27 | &nbsp;&nbsp; 15105 | &nbsp;&nbsp; 19621 |
| Bridgebio Pharma, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;2.500%, 3/15/27 | &nbsp;&nbsp; 7130 | &nbsp;&nbsp; 8867 |
| &nbsp;&nbsp;&nbsp;144A 1.750%, 3/1/31<sup>(1)</sup> | &nbsp;&nbsp; 3550 | &nbsp;&nbsp; 4130 |
| Guardant Health, Inc.<br> 1.250%, 2/15/31 | &nbsp;&nbsp; 9160 | &nbsp;&nbsp; 10655 |
|  |  | &nbsp;&nbsp; 43273 |
| **Commercial Services—2.7%** | **Commercial Services—2.7%** |  |
| Affirm Holdings, Inc. 144A<br> 0.750%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 12890 | &nbsp;&nbsp; 13593 |
| Shift4 Payments, Inc.<br> 0.500%, 8/1/27 | &nbsp;&nbsp; 15520 | &nbsp;&nbsp; 16606 |
| Stride, Inc.<br> 1.125%, 9/1/27 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 5759 |
|  |  | &nbsp;&nbsp; 35958 |
| **Computers—9.9%** | **Computers—9.9%** |  |
| CyberArk Software Ltd. 144A<br> 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 15895 | &nbsp;&nbsp; 16332 |
| Lumentum Holdings, Inc.<br> 0.500%, 12/15/26 | &nbsp;&nbsp; 24215 | &nbsp;&nbsp; 28447 |
| PAR Technology Corp.<br> 1.500%, 10/15/27 | &nbsp;&nbsp; 11215 | &nbsp;&nbsp; 12820 |
| Parsons Corp.<br> 2.625%, 3/1/29 | &nbsp;&nbsp; 8555 | &nbsp;&nbsp; 9094 |
| Rubrik, Inc. 144A<br> 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 12425 | &nbsp;&nbsp; 13007 |
| Seagate HDD Cayman<br> 3.500%, 6/1/28 | &nbsp;&nbsp; 11590 | &nbsp;&nbsp; 20845 |
| Super Micro Computer, Inc.<br> 3.500%, 3/1/29 | &nbsp;&nbsp; 10005 | &nbsp;&nbsp; 10425 |
| Varonis Systems, Inc. 144A<br> 1.000%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9765 | &nbsp;&nbsp; 9897 |
| Western Digital Corp.<br> 3.000%, 11/15/28 | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 9235 |
|  |  | &nbsp;&nbsp; 130102 |
| **Diversified REITs—1.0%** | **Diversified REITs—1.0%** |  |
| Digital Realty Trust LP 144A<br> 1.875%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 12155 | &nbsp;&nbsp; 12780 |
| **Electric Utilities—4.2%** | **Electric Utilities—4.2%** |  |
| CenterPoint Energy, Inc.<br> 3.369%, 9/15/29<sup>(2)</sup> | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 7791 |
| NextEra Energy Capital Holdings, Inc.<br> 3.000%, 3/1/27 | &nbsp;&nbsp; 11705 | &nbsp;&nbsp; 13309 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Electric Utilities—continued** | **Electric Utilities—continued** |  |
| Southern Co. (The) 144A<br> 3.250%, 6/15/28<sup>(1)</sup> | $21250 | $21356 |
| WEC Energy Group, Inc. 144A<br> 3.375%, 6/1/28<sup>(1)</sup> | &nbsp;&nbsp; 13170 | &nbsp;&nbsp; 13190 |
|  |  | &nbsp;&nbsp; 55646 |
| **Electronics—3.3%** | **Electronics—3.3%** |  |
| Advanced Energy Industries, Inc.<br> 2.500%, 9/15/28 | &nbsp;&nbsp; 8625 | &nbsp;&nbsp; 10332 |
| Itron, Inc.<br> 1.375%, 7/15/30 | &nbsp;&nbsp; 6940 | &nbsp;&nbsp; 8252 |
| Mirion Technologies, Inc. 144A<br> 0.250%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 11695 | &nbsp;&nbsp; 13455 |
| OSI Systems, Inc. 144A<br> 2.250%, 8/1/29<sup>(1)</sup> | &nbsp;&nbsp; 8430 | &nbsp;&nbsp; 11435 |
|  |  | &nbsp;&nbsp; 43474 |
| **Engineering & Construction—1.0%** | **Engineering & Construction—1.0%** |  |
| Granite Construction, Inc.<br> 3.250%, 6/15/30 | &nbsp;&nbsp; 9185 | &nbsp;&nbsp; 12533 |
| **Entertainment—3.4%** | **Entertainment—3.4%** |  |
| IMAX Corp.<br> 0.500%, 4/1/26 | &nbsp;&nbsp; 10060 | &nbsp;&nbsp; 11276 |
| Live Nation Entertainment, Inc. 144A<br> 2.875%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 30430 | &nbsp;&nbsp; 33093 |
|  |  | &nbsp;&nbsp; 44369 |
| **Financial Services—5.0%** | **Financial Services—5.0%** |  |
| Coinbase Global, Inc.<br> 0.500%, 6/1/26 | &nbsp;&nbsp; 22155 | &nbsp;&nbsp; 25578 |
| Galaxy Digital Holdings LP 144A<br> 2.500%, 12/1/29<sup>(1)</sup> | &nbsp;&nbsp; 11090 | &nbsp;&nbsp; 13585 |
| SoFi Technologies, Inc. 144A<br> 0.000%, 10/15/26<sup>(1)</sup> | &nbsp;&nbsp; 17870 | &nbsp;&nbsp; 19523 |
| Upstart Holdings, Inc. 144A<br> 1.000%, 11/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6390 | &nbsp;&nbsp; 6494 |
|  |  | &nbsp;&nbsp; 65180 |
| **Health Care REITs—2.5%** | **Health Care REITs—2.5%** |  |
| Welltower OP LLC 144A<br> 3.125%, 7/15/29<sup>(1)</sup> | &nbsp;&nbsp; 24660 | &nbsp;&nbsp; 32687 |
| **Healthcare-Products—3.7%** | **Healthcare-Products—3.7%** |  |
| Alphatec Holdings, Inc. 144A<br> 0.750%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 8855 | &nbsp;&nbsp; 8946 |
| Exact Sciences Corp. 144A<br> 1.750%, 4/15/31<sup>(1)</sup> | &nbsp;&nbsp; 8795 | &nbsp;&nbsp; 8046 |
| Insulet Corp.<br> 0.375%, 9/1/26 | &nbsp;&nbsp; 7110 | &nbsp;&nbsp; 9986 |
| iRhythm Technologies, Inc.<br> 1.500%, 9/1/29 | &nbsp;&nbsp; 8325 | &nbsp;&nbsp; 10660 |
| Merit Medical Systems, Inc. 144A<br> 3.000%, 2/1/29<sup>(1)</sup> | &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 5999 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Healthcare-Products—continued** | **Healthcare-Products—continued** |  |
| Repligen Corp.<br> 1.000%, 12/15/28 | $5440 | $5388 |
|  |  | &nbsp;&nbsp; 49025 |
| **Industrial REITs—0.8%** | **Industrial REITs—0.8%** |  |
| Rexford Industrial Realty LP 144A<br> 4.375%, 3/15/27<sup>(1)</sup> | &nbsp;&nbsp; 11095 | &nbsp;&nbsp; 10984 |
| **Internet—7.5%** | **Internet—7.5%** |  |
| Alibaba Group Holding Ltd.<br> 0.500%, 6/1/31 | &nbsp;&nbsp; 4630 | &nbsp;&nbsp; 5898 |
| DoorDash, Inc. 144A<br> 0.000%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 12715 | &nbsp;&nbsp; 13775 |
| Hims & Hers Health, Inc. 144A<br> 0.000%, 5/15/30<sup>(1)</sup> | &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 3201 |
| MakeMyTrip Ltd. 144A<br> 0.000%, 7/1/30<sup>(1)</sup> | &nbsp;&nbsp; 9590 | &nbsp;&nbsp; 10220 |
| Sea Ltd.<br> 2.375%, 12/1/25 | &nbsp;&nbsp; 3630 | &nbsp;&nbsp; 6448 |
| Spotify USA, Inc.<br> 0.000%, 3/15/26 | &nbsp;&nbsp; 4545 | &nbsp;&nbsp; 6885 |
| Trip.com Group Ltd.<br> 0.750%, 6/15/29 | &nbsp;&nbsp; 5965 | &nbsp;&nbsp; 6618 |
| Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;0.000%, 12/15/25<sup>(3)</sup> | &nbsp;&nbsp; 19725 | &nbsp;&nbsp; 23611 |
| &nbsp;&nbsp;&nbsp;144A 0.000%, 5/15/28<sup>(1)</sup> | &nbsp;&nbsp; 9345 | &nbsp;&nbsp; 9901 |
| &nbsp;&nbsp;&nbsp;Series 2028<br> 0.875%, 12/1/28 | &nbsp;&nbsp; 2705 | &nbsp;&nbsp; 3859 |
| Wayfair, Inc.<br> 3.250%, 9/15/27 | &nbsp;&nbsp; 7015 | &nbsp;&nbsp; 7993 |
|  |  | &nbsp;&nbsp; 98409 |
| **Investment Companies—1.5%** | **Investment Companies—1.5%** |  |
| IREN Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;144A 3.500%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 5940 | &nbsp;&nbsp; 7680 |
| &nbsp;&nbsp;&nbsp;144A 3.250%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 6475 | &nbsp;&nbsp; 7022 |
| Riot Platforms, Inc. 144A<br> 0.750%, 1/15/30<sup>(1)</sup> | &nbsp;&nbsp; 4825 | &nbsp;&nbsp; 4994 |
|  |  | &nbsp;&nbsp; 19696 |
| **Leisure Time—2.2%** | **Leisure Time—2.2%** |  |
| Carnival Corp.<br> 5.750%, 12/1/27 | &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 7039 |
| NCL Corp., Ltd.<br> 1.125%, 2/15/27 | &nbsp;&nbsp; 13195 | &nbsp;&nbsp; 12964 |
| Royal Caribbean Cruises Ltd.<br> 6.000%, 8/15/25 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 8549 |
|  |  | &nbsp;&nbsp; 28552 |
| **Life Sciences Tools & Services—1.3%** | **Life Sciences Tools & Services—1.3%** |  |
| Tempus AI, Inc. 144A<br> 0.750%, 7/15/30<sup>(1)</sup> | &nbsp;&nbsp; 17365 | &nbsp;&nbsp; 17365 |
| **Machinery-Construction &<br> Mining—0.6%** | **Machinery-Construction &<br> Mining—0.6%** |  |
| Bloom Energy Corp.<br> 3.000%, 6/1/29 | &nbsp;&nbsp; 5825 | &nbsp;&nbsp; 8200 |

---

See Notes to Schedule of Investments

------

#### VIRTUS Convertible Fund

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

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

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Media—0.7%** | **Media—0.7%** |  |
| Liberty Media Corp.-Liberty Formula One<br> 2.250%, 8/15/27 | $6830 | $9077 |
| **Metal Fabricate/Hardware—1.0%** | **Metal Fabricate/Hardware—1.0%** |  |
| Xometry, Inc. 144A<br> 0.750%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 12275 | &nbsp;&nbsp; 12501 |
| **Mining—0.5%** | **Mining—0.5%** |  |
| Centrus Energy Corp. 144A<br> 2.250%, 11/1/30<sup>(1)</sup> | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 6191 |
| **Miscellaneous Manufacturing—0.7%** | **Miscellaneous Manufacturing—0.7%** |  |
| Axon Enterprise, Inc.<br> 0.500%, 12/15/27 | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 8887 |
| **Oil, Gas & Consumable Fuels—2.1%** | **Oil, Gas & Consumable Fuels—2.1%** |  |
| Permian Resources Operating LLC<br> 3.250%, 4/1/28 | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 2507 |
| Solaris Energy Infrastructure, Inc.<br> 4.750%, 5/1/30 | &nbsp;&nbsp; 7865 | &nbsp;&nbsp; 10495 |
| UGI Corp.<br> 5.000%, 6/1/28 | &nbsp;&nbsp; 10070 | &nbsp;&nbsp; 13876 |
|  |  | &nbsp;&nbsp; 26878 |
| **Personal Care Product—0.9%** | **Personal Care Product—0.9%** |  |
| Oddity Finance LLC 144A<br> 0.000%, 6/15/30<sup>(1)</sup> | &nbsp;&nbsp; 11235 | &nbsp;&nbsp; 12171 |
| **Pharmaceuticals—0.8%** | **Pharmaceuticals—0.8%** |  |
| Jazz Investments I Ltd. 144A<br> 3.125%, 9/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10005 | &nbsp;&nbsp; 10605 |
| **Pipelines—0.8%** | **Pipelines—0.8%** |  |
| Golar LNG Ltd. 144A<br> 2.750%, 12/15/30<sup>(1)</sup> | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10268 |
| **Retail—0.5%** | **Retail—0.5%** |  |
| Burlington Stores, Inc.<br> 1.250%, 12/15/27 | &nbsp;&nbsp; 4855 | &nbsp;&nbsp; 6260 |
| **Semiconductors—2.9%** | **Semiconductors—2.9%** |  |
| MACOM Technology Solutions Holdings, Inc. 144A<br> 0.000%, 12/15/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 10250 | &nbsp;&nbsp; 10911 |
| ON Semiconductor Corp.<br> 0.000%, 5/1/27 | &nbsp;&nbsp; 6685 | &nbsp;&nbsp; 7915 |
| Semtech Corp.<br> 1.625%, 11/1/27 | &nbsp;&nbsp; 6245 | &nbsp;&nbsp; 8980 |
| Synaptics, Inc. 144A<br> 0.750%, 12/1/31<sup>(1)</sup> | &nbsp;&nbsp; 8105 | &nbsp;&nbsp; 7638 |
| Wolfspeed, Inc.<br> 0.250%, 2/15/28 | &nbsp;&nbsp; 10185 | &nbsp;&nbsp; 2521 |
|  |  | &nbsp;&nbsp; 37965 |
| **Software—13.4%** | **Software—13.4%** |  |
| Alignment Healthcare, Inc. 144A<br> 4.250%, 11/15/29<sup>(1)</sup> | &nbsp;&nbsp; 4975 | &nbsp;&nbsp; 6221 |
| Box, Inc. 144A<br> 1.500%, 9/15/29<sup>(1)</sup> | &nbsp;&nbsp; 9145 | &nbsp;&nbsp; 9397 |

---

---

| | | |
|:---|:---|:---|
|  | **Par Value** | **Value** |
| **Software—continued** | **Software—continued** |  |
| Cloudflare, Inc.<br> 0.000%, 8/15/26 | $18730 | $22160 |
| Confluent, Inc.<br> 0.000%, 1/15/27<sup>(3)</sup> | &nbsp;&nbsp; 11495 | &nbsp;&nbsp;&nbsp; 10604 |
| Datadog, Inc. 144A<br> 0.000%, 12/1/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 16260 | &nbsp;&nbsp;&nbsp; 15536 |
| Guidewire Software, Inc. 144A<br> 1.250%, 11/1/29<sup>(1)</sup> | &nbsp;&nbsp; 11920 | &nbsp;&nbsp;&nbsp; 14054 |
| Life360, Inc. 144A<br> 0.000%, 6/1/30<sup>(1)</sup> | &nbsp;&nbsp; 9430 | &nbsp;&nbsp;&nbsp; 9966 |
| MicroStrategy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;144A 0.000%, 12/1/29<sup>(1)(3)</sup> | &nbsp;&nbsp; 28510 | &nbsp;&nbsp;&nbsp; 26899 |
| &nbsp;&nbsp;&nbsp;144A 0.000%, 3/1/30<sup>(1)</sup> | &nbsp;&nbsp; 7185 | &nbsp;&nbsp;&nbsp; 8416 |
| Nutanix, Inc. 144A<br> 0.500%, 12/15/29<sup>(1)</sup> | &nbsp;&nbsp; 14080 | &nbsp;&nbsp;&nbsp; 15955 |
| Snowflake, Inc. 144A<br> 0.000%, 10/1/29<sup>(1)</sup> | &nbsp;&nbsp; 17685 | &nbsp;&nbsp;&nbsp; 27518 |
| Unity Software, Inc. 144A<br> 0.000%, 3/15/30<sup>(1)</sup> | &nbsp;&nbsp; 9125 | &nbsp;&nbsp;&nbsp; 9303 |
|  |  | &nbsp;&nbsp;&nbsp; 176029 |
| **Telecommunications—2.1%** | **Telecommunications—2.1%** |  |
| AST SpaceMobile, Inc. 144A<br> 4.250%, 3/1/32<sup>(1)</sup> | &nbsp;&nbsp; 4120 | &nbsp;&nbsp;&nbsp; 8166 |
| GDS Holdings Ltd. 144A<br> 2.250%, 6/1/32<sup>(1)</sup> | &nbsp;&nbsp; 6500 | &nbsp;&nbsp;&nbsp; 7410 |
| InterDigital, Inc.<br> 3.500%, 6/1/27 | &nbsp;&nbsp; 2260 | &nbsp;&nbsp;&nbsp; 6582 |
| Viavi Solutions, Inc.<br> 1.625%, 3/15/26 | &nbsp;&nbsp; 5490 | &nbsp;&nbsp;&nbsp; 5525 |
|  |  | &nbsp;&nbsp;&nbsp; 27683 |
| **Water Utilities—0.9%** | **Water Utilities—0.9%** |  |
| American Water Capital Corp.<br> 3.625%, 6/15/26 | &nbsp;&nbsp; 11595 | &nbsp;&nbsp;&nbsp; 11640 |
| **Total Convertible Bonds and Notes<br> (Identified Cost $987,140)** | **Total Convertible Bonds and Notes<br> (Identified Cost $987,140)** | &nbsp;&nbsp;&nbsp;&nbsp;**1089594** |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **Convertible Preferred Stocks—15.0%** | **Convertible Preferred Stocks—15.0%** | **Convertible Preferred Stocks—15.0%** |
| **Aerospace & Defense—3.3%** | **Aerospace & Defense—3.3%** |  |
| Boeing Co. (The), 6.000% | 633840 | &nbsp;&nbsp; 43101 |
| **Banks—2.6%** | **Banks—2.6%** |  |
| Wells Fargo & Co. Series L, 7.500% | 28720 | &nbsp;&nbsp; 33721 |
| **Capital Markets—2.4%** | **Capital Markets—2.4%** |  |
| Ares Management Corp. Series B, 6.750% | 275635 | &nbsp;&nbsp; 14608 |
| KKR & Co., Inc. Series D, 6.250% | 319960 | &nbsp;&nbsp; 17150 |
|  |  | &nbsp;&nbsp; 31758 |
| **Chemicals—0.4%** | **Chemicals—0.4%** |  |
| Albemarle Corp., 7.250% | 150940 | &nbsp;&nbsp; 4845 |
| **Electric Utilities—1.4%** | **Electric Utilities—1.4%** |  |
| NextEra Energy, Inc., 6.926% | 156510 | &nbsp;&nbsp; 6220 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Electric Utilities—continued** | **Electric Utilities—continued** |  |
| PG&E Corp. Series A, 6.000% | 324155 | $12188 |
|  |  | &nbsp;&nbsp;&nbsp; 18408 |
| **Financial Services—0.5%** | **Financial Services—0.5%** |  |
| Shift4 Payments, Inc., 6.000% | 57525 | &nbsp;&nbsp;&nbsp; 6627 |
| **Healthcare Providers &<br> Services—0.8%** | **Healthcare Providers &<br> Services—0.8%** |  |
| BrightSpring Health Services, Inc., 6.750% | 132530 | &nbsp;&nbsp;&nbsp; 10940 |
| **Semiconductors & Semiconductor<br> Equipment—1.1%** | **Semiconductors & Semiconductor<br> Equipment—1.1%** |  |
| Microchip Technology, Inc., 7.500% | 214880 | &nbsp;&nbsp;&nbsp; 14320 |
| **Software—0.4%** | **Software—0.4%** |  |
| MicroStrategy, Inc., 8.000% | 36705 | &nbsp;&nbsp;&nbsp; 4442 |
| **Technology Hardware, Storage &<br> Peripherals—0.8%** | **Technology Hardware, Storage &<br> Peripherals—0.8%** |  |
| Hewlett Packard Enterprise Co., 7.625% | 185330 | &nbsp;&nbsp;&nbsp; 10912 |
| **Trading Companies &<br> Distributors—1.3%** | **Trading Companies &<br> Distributors—1.3%** |  |
| QXO, Inc., 5.500% | 275185 | &nbsp;&nbsp;&nbsp; 17059 |
| **Total Convertible Preferred Stocks<br> (Identified Cost $179,202)** | **Total Convertible Preferred Stocks<br> (Identified Cost $179,202)** | &nbsp;&nbsp;&nbsp;&nbsp; **196133** |
| **Total Long-Term Investments—98.1%<br> (Identified Cost $1,166,342)** | **Total Long-Term Investments—98.1%<br> (Identified Cost $1,166,342)** | &nbsp;&nbsp;&nbsp;&nbsp;**1285727** |
| **TOTAL INVESTMENTS—98.1%<br> (Identified Cost $1,166,342)** | **TOTAL INVESTMENTS—98.1%<br> (Identified Cost $1,166,342)** | &nbsp;&nbsp;**$1285727** |
| Other assets and liabilities, net—1.9% | Other assets and liabilities, net—1.9% | &nbsp;&nbsp;&nbsp;&nbsp; 25188 |
| **NET ASSETS—100.0%** | **NET ASSETS—100.0%** | &nbsp;&nbsp;**$1310915** |

---

---

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

---

---

| | |
|:---|:---|
| **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 $579,015 or 44.2% of net assets. |
| <sup>(2)</sup> | Represents step coupon bond. Rate shown reflects the rate in effect as of June 30, 2025. |
| <sup>(3)</sup> | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

See Notes to Schedule of Investments

------

#### VIRTUS Convertible Fund

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

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

---

| | |
|:---|:---|
| **Country Weightings<sup>†</sup>** | **Country Weightings<sup>†</sup>** |
| United States | &nbsp;&nbsp;&nbsp;87% |
| Cayman Islands | &nbsp;&nbsp;&nbsp;&nbsp;5 |
| Bermuda | &nbsp;&nbsp;&nbsp;&nbsp;3 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Mauritius | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;1 |
| 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 |
| Assets: |  |  |  |
| Debt Instruments: |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Bonds and Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1089594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | $1089594 |
| Equity Securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1285727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$196133 | $1089594 |

---

There were no securities valued using significant unobservable inputs (Level 3) at June 30, 2025.

There were no transfers into or out of Level 3 related to securities held at June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;Equity-Linked<br> Notes |
| **Investments in Securities** |  |  |
| **Balance as of September 30, 2024:** | &nbsp;&nbsp;&nbsp;&nbsp;$24809 | &nbsp;&nbsp;&nbsp;&nbsp;$24809 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(849) |
| Sales<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(23952) | &nbsp;&nbsp;&nbsp;&nbsp;(23952) |
| **Balance as of June 30, 2025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

See Notes to Schedule of Investments

------

#### VIRTUS Convertible 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 Convertible Fund

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

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

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

- **a. Date of fiscal year-end:** 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:** $1314607512.85

**Total Liabilities:** $3157283.51

**Net Assets:** $1311450229.34

**Cash Not Reported:** $27943156.23

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** -107.53000000 | **1-Year:** -1263.89000000 | **5-Year:** -19274.52000000 | **10-Year:** -1045.12000000 | **30-Year:** -31982.12000000

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

- **3-Month:** 0.00000000 | **1-Year:** -2235.98000000 | **5-Year:** -137111.20000000 | **10-Year:** -28182.68000000 | **30-Year:** -3436.26000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000086659 | 0.82%                | 4.14%                | 4.72%                |
| Class ID C000235255 | 0.91%                | 4.21%                | 4.79%                |
| Class ID C000086658 | 0.89%                | 4.21%                | 4.76%                |
| Class ID C000086661 | 0.91%                | 4.23%                | 4.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4536384.88              | $2861772.36                                |
| Month 2  | $8344297.33              | $40219630.35                               |
| Month 3  | $7636804.57              | $51924336.74                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BOX INC                            | Box Inc                                 | CUSIP: 10316TAC8<br>LEI: 549300KQUCPD8687YS68 | Long             | DBT              | CORP              | US        |   9145000 | PA      | $9396487.50   | 0.72%             | 2029-09-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| BRIGHTSPRING HEALTH SERV           | BrightSpring Health Services Inc        | CUSIP: 10950A205<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    132530 | NS      | $10940351.50  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| UNITY SOFTWARE INC                 | Unity Software Inc                      | CUSIP: 91332UAG6<br>LEI: 549300D1ESJMGNQNG432 | Long             | DBT              | CORP              | US        |   9125000 | PA      | $9302937.50   | 0.71%             | 2030-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| REXFORD INDUSTRIAL REALT           | Rexford Industrial Realty LP            | CUSIP: 76169XAD6<br>LEI: 549300028US163ELJN70 | Long             | DBT              | CORP              | US        |  11095000 | PA      | $10984050.00  | 0.84%             | 2027-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                | Shift4 Payments Inc                     | CUSIP: 82452JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  15520000 | PA      | $16606400.00  | 1.27%             | 2027-08-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| LIBERTY MEDIA CORP                 | Liberty Media Corp-Liberty Formula One  | CUSIP: 531229AQ5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   6830000 | PA      | $9077070.00   | 0.69%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC              | Uber Technologies Inc                   | CUSIP: 90353TAJ9<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |  19725000 | PA      | $23610825.00  | 1.80%             | 2025-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SHIFT4 PAYMENTS INC                | Shift4 Payments Inc                     | CUSIP: 82452J307<br>LEI: N/A                  | Long             | EP               | CORP              | US        |     57525 | NS      | $6626880.00   | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| GUIDEWIRE SOFTWARE INC             | Guidewire Software Inc                  | CUSIP: 40171VAB6<br>LEI: 549300WXSG0J8IXZCK32 | Long             | DBT              | CORP              | US        |  11920000 | PA      | $14053680.00  | 1.07%             | 2029-11-01      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| OSI SYSTEMS INC                    | OSI Systems Inc                         | CUSIP: 671044AE5<br>LEI: DDX3MPX1Y8YD30050X33 | Long             | DBT              | CORP              | US        |   8430000 | PA      | $11435295.00  | 0.87%             | 2029-08-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| GOLAR LNG LTD                      | Golar LNG Ltd                           | CUSIP: 38046YAC5<br>LEI: 213800C2VSFZG3EZLO34 | Long             | DBT              | CORP              | BM        |  10000000 | PA      | $10267844.74  | 0.78%             | 2030-12-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| KKR & CO INC                       | KKR & Co Inc                            | CUSIP: 48251W500<br>LEI: 54930013V5I303TF9571 | Long             | EP               | CORP              | US        |    319960 | NS      | $17149856.00  | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| SNOWFLAKE INC                      | Snowflake Inc                           | CUSIP: 833445AC3<br>LEI: 254900CJNSY1K7T53Z16 | Long             | DBT              | CORP              | US        |  17685000 | PA      | $27517860.00  | 2.10%             | 2029-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALPHATEC HOLDINGS INC              | Alphatec Holdings Inc                   | CUSIP: 02081GAC6<br>LEI: 549300EZE8CQ8K65FS24 | Long             | DBT              | CORP              | US        |   8855000 | PA      | $8946466.66   | 0.68%             | 2030-03-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| ALIBABA GROUP HOLDING              | Alibaba Group Holding Ltd               | CUSIP: 01609WBG6<br>LEI: 5493001NTNQJDH60PM02 | Long             | DBT              | CORP              | KY        |   4630000 | PA      | $5897806.14   | 0.45%             | 2031-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| GDS HOLDINGS LIMITED               | GDS Holdings Ltd                        | CUSIP: 36165LAC2<br>LEI: 391200MGV8DDCHTN2R77 | Long             | DBT              | CORP              | KY        |   6500000 | PA      | $7410000.00   | 0.57%             | 2032-06-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| ALIGNMENT HEALTHCARE               | Alignment Healthcare Inc                | CUSIP: 01625VAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   4975000 | PA      | $6220536.17   | 0.47%             | 2029-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| VARONIS SYSTEM INC                 | Varonis Systems Inc                     | CUSIP: 922280AC6<br>LEI: 549300SHIVNRRH7STS26 | Long             | DBT              | CORP              | US        |   9765000 | PA      | $9896827.50   | 0.75%             | 2029-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| DIGITAL REALTY TRUST LP            | Digital Realty Trust LP                 | CUSIP: 25389JAX4<br>LEI: CD4SPTZ3YBTHY0C1AH38 | Long             | DBT              | CORP              | US        |  12155000 | PA      | $12779767.00  | 0.97%             | 2029-11-15      | Fixed         | 1.88%                 | No            |                  2 | On Loan: No      |
| RUBRIK INC                         | Rubrik Inc                              | CUSIP: 781154AC3<br>LEI: 254900TRGK2WTBYMYU27 | Long             | DBT              | CORP              | US        |  12425000 | PA      | $13007421.88  | 0.99%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HIMS & HERS HEALTH                 | Hims & Hers Health Inc                  | CUSIP: 433000AA4<br>LEI: 254900V041EIVTSB6D58 | Long             | DBT              | CORP              | US        |   3060000 | PA      | $3200760.00   | 0.24%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BRIDGEBIO PHARMA INC               | Bridgebio Pharma Inc                    | CUSIP: 10806XAH5<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |   3550000 | PA      | $4130425.00   | 0.31%             | 2031-03-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| UPSTART HOLDINGS INC               | Upstart Holdings Inc                    | CUSIP: 91680MAE7<br>LEI: 549300WNB47JRNENIC75 | Long             | DBT              | CORP              | US        |   6390000 | PA      | $6493837.50   | 0.50%             | 2030-11-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| GALAXY DIGITAL HOLDIN LP           | Galaxy Digital Holdings LP              | CUSIP: 36317GAB2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |  11090000 | PA      | $13585277.17  | 1.04%             | 2029-12-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| AMERICAN WATER CAPITAL C           | American Water Capital Corp             | CUSIP: 03040WBE4<br>LEI: 5IDHQUFVC8Q2KIBBFF06 | Long             | DBT              | CORP              | US        |  11595000 | PA      | $11640220.50  | 0.89%             | 2026-06-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP               | Western Digital Corp                    | CUSIP: 958102AT2<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |   5145000 | PA      | $9235275.00   | 0.70%             | 2028-11-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY INC                 | NextEra Energy Inc                      | CUSIP: 65339F713<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EP               | CORP              | US        |    156510 | NS      | $6219707.40   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| WELLTOWER OP LLC                   | Welltower OP LLC                        | CUSIP: 95041AAD0<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |  24660000 | PA      | $32686830.00  | 2.49%             | 2029-07-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| TRIP.COM GROUP LTD                 | Trip.com Group Ltd                      | CUSIP: 89677QAB3<br>LEI: 2549004RMYDSRQL4KW41 | Long             | DBT              | CORP              | KY        |   5965000 | PA      | $6618167.50   | 0.50%             | 2029-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| DATADOG INC                        | Datadog Inc                             | CUSIP: 23804LAC7<br>LEI: 549300F6JNO0KRPO1K63 | Long             | DBT              | CORP              | US        |  16260000 | PA      | $15536430.00  | 1.18%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LIFE360 INC                        | Life360 Inc                             | CUSIP: 532206AB5<br>LEI: 254900VO9VDOQBQAHF07 | Long             | DBT              | CORP              | US        |   9430000 | PA      | $9966331.25   | 0.76%             | 2030-06-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| RIOT PLATFORMS INC                 | Riot Platforms Inc                      | CUSIP: 767292AA3<br>LEI: 5299005LKZAJQDQZDF73 | Long             | DBT              | CORP              | US        |   4825000 | PA      | $4993875.00   | 0.38%             | 2030-01-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| MICROSTRATEGY INC                  | MicroStrategy Inc                       | CUSIP: 594972AT8<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |   7185000 | PA      | $8416267.44   | 0.64%             | 2030-03-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PAR TECHNOLOGY CORP                | PAR Technology Corp                     | CUSIP: 698884AE3<br>LEI: 549300HYPTHBJQINVG57 | Long             | DBT              | CORP              | US        |  11215000 | PA      | $12820146.88  | 0.98%             | 2027-10-15      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| IRHYTHM TECHNOLOGIES INC           | iRhythm Technologies Inc                | CUSIP: 450056AB2<br>LEI: 549300FJI72RJGDQS384 | Long             | DBT              | CORP              | US        |   8325000 | PA      | $10660162.50  | 0.81%             | 2029-09-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC                | Axon Enterprise Inc                     | CUSIP: 05464CAB7<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |   2450000 | PA      | $8887375.00   | 0.68%             | 2027-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| QXO INC                            | QXO Inc                                 | CUSIP: 82846H504<br>LEI: N/A                  | Long             | EP               | CORP              | US        |    275185 | NS      | $17058718.15  | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| BURLINGTON STORES INC              | Burlington Stores Inc                   | CUSIP: 122017AD8<br>LEI: 5299003Z37DVGKKC1W09 | Long             | DBT              | CORP              | US        |   4855000 | PA      | $6260522.50   | 0.48%             | 2027-12-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| WELLS FARGO & COMPANY              | Wells Fargo & Co                        | CUSIP: 949746804<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EP               | CORP              | US        |     28720 | NS      | $33721013.60  | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| SEA LTD                            | Sea Ltd                                 | CUSIP: 81141RAF7<br>LEI: 529900OM6JLLW44YKI15 | Long             | DBT              | CORP              | KY        |   3630000 | PA      | $6447911.75   | 0.49%             | 2025-12-01      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES            | Royal Caribbean Cruises Ltd             | CUSIP: 780153BQ4<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |   1355000 | PA      | $8549372.50   | 0.65%             | 2025-08-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| LIVE NATION ENTERTAINMEN           | Live Nation Entertainment Inc           | CUSIP: 538034BB4<br>LEI: 5493007B9BM9ZXJINO78 | Long             | DBT              | CORP              | US        |  30430000 | PA      | $33092625.00  | 2.52%             | 2030-01-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| SPOTIFY USA INC                    | Spotify USA Inc                         | CUSIP: 84921RAB6<br>LEI: 2138008WM218QBKRII94 | Long             | DBT              | CORP              | US        |   4545000 | PA      | $6885220.50   | 0.53%             | 2026-03-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| SEMTECH CORP                       | Semtech Corp                            | CUSIP: 816850AF8<br>LEI: 549300J7WUY317SW6O61 | Long             | DBT              | CORP              | US        |   6245000 | PA      | $8979906.20   | 0.68%             | 2027-11-01      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| ALBEMARLE CORP                     | Albemarle Corp                          | CUSIP: 012653200<br>LEI: HDBLS2Q6GV1LSKQPBS54 | Long             | EP               | CORP              | US        |    150940 | NS      | $4845174.00   | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| CENTERPOINT ENERGY INC             | CenterPoint Energy Inc                  | CUSIP: 15189T206<br>LEI: 21TPXMRRHFKOBHDC8J74 | Long             | DBT              | CORP              | US        |    161330 | PA      | $7791175.84   | 0.59%             | 2029-09-15      | Variable      | 3.37%                 | No            |                  2 | On Loan: No      |
| SOUTHERN CO                        | Southern Co/The                         | CUSIP: 842587EC7<br>LEI: 549300FC3G3YU2FBZD92 | Long             | DBT              | CORP              | US        |  21250000 | PA      | $21356250.00  | 1.63%             | 2028-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |         0 | NS      | $0.03         | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| WEC ENERGY GROUP INC               | WEC Energy Group Inc                    | CUSIP: 92939UAS5<br>LEI: 549300IGLYTZUK3PVP70 | Long             | DBT              | CORP              | US        |  13170000 | PA      | $13189755.00  | 1.01%             | 2028-06-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP              | ON Semiconductor Corp                   | CUSIP: 682189AU9<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   2955000 | PA      | $2731011.00   | 0.21%             | 2029-03-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| MERIT MEDICAL SYSTEMS IN           | Merit Medical Systems Inc               | CUSIP: 589889AA2<br>LEI: 549300OYTY138SP2CE83 | Long             | DBT              | CORP              | US        |   4800000 | PA      | $5998906.90   | 0.46%             | 2029-02-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| STRIDE INC                         | Stride Inc                              | CUSIP: 86333MAA6<br>LEI: 254900BRWS3AFONWU277 | Long             | DBT              | CORP              | US        |   2070000 | PA      | $5758740.00   | 0.44%             | 2027-09-01      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CONFLUENT INC                      | Confluent Inc                           | CUSIP: 20717MAB9<br>LEI: 254900MRZ83YWUV7SN74 | Long             | DBT              | CORP              | US        |  11495000 | PA      | $10604137.50  | 0.81%             | 2027-01-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HP ENTERPRISE CO                   | Hewlett Packard Enterprise Co           | CUSIP: 42824C208<br>LEI: 549300BX44RGX6ANDV88 | Long             | EP               | CORP              | US        |    185330 | NS      | $10912230.40  | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| BLOOM ENERGY CORP                  | Bloom Energy Corp                       | CUSIP: 093712AM9<br>LEI: 549300XB5J9BFW5JXV97 | Long             | DBT              | CORP              | US        |   5825000 | PA      | $8199966.15   | 0.63%             | 2029-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GRANITE CONSTRUCTION INC           | Granite Construction Inc                | CUSIP: 387328AF4<br>LEI: 549300OM4BWMCIXVCZ39 | Long             | DBT              | CORP              | US        |   9185000 | PA      | $12532932.50  | 0.96%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| UGI CORP                           | UGI Corp                                | CUSIP: 902681AB1<br>LEI: DX6GCWD4Q1JO9CRE5I40 | Long             | DBT              | CORP              | US        |  10070000 | PA      | $13876190.83  | 1.06%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ODDITY FINANCE LLC                 | Oddity Finance LLC                      | CUSIP: 67579RAA8<br>LEI: 254900FTSJH2TRDJ3905 | Long             | DBT              | CORP              | US        |  11235000 | PA      | $12171033.24  | 0.93%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| INSULET CORPORATION                | Insulet Corp                            | CUSIP: 45784PAK7<br>LEI: 549300TZTYD2PYN92D43 | Long             | DBT              | CORP              | US        |   7110000 | PA      | $9985527.94   | 0.76%             | 2026-09-01      | Fixed         | 0.38%                 | No            |                  2 | On Loan: No      |
| IREN LTD                           | IREN Ltd                                | CUSIP: 46270CAA7<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |   6475000 | PA      | $7022137.50   | 0.54%             | 2030-06-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| COINBASE GLOBAL INC                | Coinbase Global Inc                     | CUSIP: 19260QAB3<br>LEI: 5493004G3J2SC154DU06 | Long             | DBT              | CORP              | US        |  22155000 | PA      | $25577947.50  | 1.95%             | 2026-06-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| ARES MANAGEMENT CORP               | Ares Management Corp                    | CUSIP: 03990B309<br>LEI: 529900JUV61FH7B8VW38 | Long             | EP               | CORP              | US        |    275635 | NS      | $14608655.00  | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VIAVI SOLUTIONS INC                | Viavi Solutions Inc                     | CUSIP: 925550AH8<br>LEI: 5493006K3E3N1QOBF092 | Long             | DBT              | CORP              | US        |   5490000 | PA      | $5524312.50   | 0.42%             | 2026-03-15      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| PARSONS CORP                       | Parsons Corp                            | CUSIP: 70202LAD4<br>LEI: 549300ZXH0VRBSEPX752 | Long             | DBT              | CORP              | US        |   8555000 | PA      | $9093965.00   | 0.69%             | 2029-03-01      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC           | Permian Resources Operating LLC         | CUSIP: 15136AAA0<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |   1040000 | PA      | $2506920.00   | 0.19%             | 2028-04-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| MICROSTRATEGY INC                  | MicroStrategy Inc                       | CUSIP: 594972887<br>LEI: 549300WQTWEJUEHXQX21 | Long             | EP               | CORP              | US        |     36705 | NS      | $4441672.05   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| XOMETRY INC                        | Xometry Inc                             | CUSIP: 98423FAC3<br>LEI: 5493006JFRGU7YRRXE44 | Long             | DBT              | CORP              | US        |  12275000 | PA      | $12500598.05  | 0.95%             | 2030-06-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                    | Rivian Automotive Inc                   | CUSIP: 76954AAD5<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |   9765000 | PA      | $8754322.50   | 0.67%             | 2030-10-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| SOFI TECHNOLOGIES INC              | SoFi Technologies Inc                   | CUSIP: 83406FAA0<br>LEI: 549300SW81JCMVZDDY09 | Long             | DBT              | CORP              | US        |  17870000 | PA      | $19522975.00  | 1.49%             | 2026-10-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MAKEMYTRIP LIMITED                 | MakeMyTrip Ltd                          | CUSIP: 56087FAC8<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | DBT              | CORP              | MU        |   9590000 | PA      | $10220501.45  | 0.78%             | 2030-07-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| PG&E CORP                          | PG&E Corp                               | CUSIP: 69331C306<br>LEI: 8YQ2GSDWYZXO2EDN3511 | Long             | EP               | CORP              | US        |    324155 | NS      | $12188228.00  | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| BRIDGEBIO PHARMA INC               | Bridgebio Pharma Inc                    | CUSIP: 10806XAB8<br>LEI: 54930028YG89VTY2J114 | Long             | DBT              | CORP              | US        |   7130000 | PA      | $8867037.62   | 0.68%             | 2027-03-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| IMAX CORP                          | IMAX Corp                               | CUSIP: 45245EAJ8<br>LEI: 5493002KS2T1Q0X7VZ21 | Long             | DBT              | CORP              | CA        |  10060000 | PA      | $11276050.29  | 0.86%             | 2026-04-01      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| WOLFSPEED INC                      | Wolfspeed Inc                           | CUSIP: 977852AB8<br>LEI: 549300OGU88P3AW3TO93 | Long             | DBT              | CORP              | US        |  10185000 | PA      | $2520787.50   | 0.19%             | 2028-02-15      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| MIRION TECHNOLOGIES INC            | Mirion Technologies Inc                 | CUSIP: 60471AAA9<br>LEI: 549300BNTOWVWFNVTJ65 | Long             | DBT              | CORP              | US        |  11695000 | PA      | $13455097.50  | 1.03%             | 2030-06-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD                | NCL Corp Ltd                            | CUSIP: 62886HBD2<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |  13195000 | PA      | $12964087.50  | 0.99%             | 2027-02-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| CENTRUS ENERGY CORP                | Centrus Energy Corp                     | CUSIP: 15643UAD6<br>LEI: 549300G6VDK9G8276661 | Long             | DBT              | CORP              | US        |   2990000 | PA      | $6190795.00   | 0.47%             | 2030-11-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| NEXTERA ENERGY CAPITAL             | NextEra Energy Capital Holdings Inc     | CUSIP: 65339KCY4<br>LEI: UMI46YPGBLUE4VGNNT48 | Long             | DBT              | CORP              | US        |  11705000 | PA      | $13308585.00  | 1.01%             | 2027-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IREN LTD                           | IREN Ltd                                | CUSIP: 46270CAC3<br>LEI: 254900FZF02RB3NNGB71 | Long             | DBT              | CORP              | AU        |   5940000 | PA      | $7680420.00   | 0.59%             | 2029-12-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| INTERDIGITAL INC                   | InterDigital Inc                        | CUSIP: 45867GAD3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |   2260000 | PA      | $6582250.00   | 0.50%             | 2027-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JAZZ INVESTMENTS I LTD             | Jazz Investments I Ltd                  | CUSIP: 472145AG6<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |  10005000 | PA      | $10605300.00  | 0.81%             | 2030-09-15      | Fixed         | 3.12%                 | No            |                  2 | On Loan: No      |
| ITRON INC                          | Itron Inc                               | CUSIP: 465741AQ9<br>LEI: 24F6LSZD18II6ICG6S41 | Long             | DBT              | CORP              | US        |   6940000 | PA      | $8251660.00   | 0.63%             | 2030-07-15      | Fixed         | 1.38%                 | No            |                  2 | On Loan: No      |
| CYBERARK SOFTWARE LTD              | CyberArk Software Ltd                   | CUSIP: 23248VAC9<br>LEI: 529900YEXNDM894PWS93 | Long             | DBT              | CORP              | IL        |  15895000 | PA      | $16332112.50  | 1.25%             | 2030-06-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| LUMENTUM HOLDINGS INC              | Lumentum Holdings Inc                   | CUSIP: 55024UAD1<br>LEI: 549300JLWRRC38DWEF52 | Long             | DBT              | CORP              | US        |  24215000 | PA      | $28446953.85  | 2.17%             | 2026-12-15      | Fixed         | 0.50%                 | No            |                  2 | On Loan: No      |
| AST SPACEMOBILE INC                | AST SpaceMobile Inc                     | CUSIP: 00217DAA8<br>LEI: 254900MBSC9P2UCI6623 | Long             | DBT              | CORP              | US        |   4120000 | PA      | $8166225.47   | 0.62%             | 2032-03-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| DOORDASH INC                       | DoorDash Inc                            | CUSIP: 25809KAA3<br>LEI: 549300NUQ43FGGSK5051 | Long             | DBT              | CORP              | US        |  12715000 | PA      | $13774863.91  | 1.05%             | 2030-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ALNYLAM PHARMACEUTICALS            | Alnylam Pharmaceuticals Inc             | CUSIP: 02043QAB3<br>LEI: 529900S3ZI14OWRJII50 | Long             | DBT              | CORP              | US        |  15105000 | PA      | $19621395.00  | 1.50%             | 2027-09-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| REPLIGEN CORP                      | Repligen Corp                           | CUSIP: 759916AD1<br>LEI: 54930006QJ0T5AUO1E71 | Long             | DBT              | CORP              | US        |   5440000 | PA      | $5388320.00   | 0.41%             | 2028-12-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| SEAGATE HDD CAYMAN                 | Seagate HDD Cayman                      | CUSIP: 81180WBL4<br>LEI: 529900BD50TRWEG1SF63 | Long             | DBT              | CORP              | KY        |  11590000 | PA      | $20844615.00  | 1.59%             | 2028-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SOLARIS ENERGY INFRASTRU           | Solaris Energy Infrastructure Inc       | CUSIP: 83419XAA6<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | DBT              | CORP              | US        |   7865000 | PA      | $10494859.38  | 0.80%             | 2030-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| RIVIAN AUTO INC                    | Rivian Automotive Inc                   | CUSIP: 76954AAB9<br>LEI: 25490004LNKJ84MFYY24 | Long             | DBT              | CORP              | US        |   9105000 | PA      | $9252956.25   | 0.71%             | 2029-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| WAYFAIR INC                        | Wayfair Inc                             | CUSIP: 94419LAP6<br>LEI: 54930027N9ZAVYFDHK53 | Long             | DBT              | CORP              | US        |   7015000 | PA      | $7993592.50   | 0.61%             | 2027-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| GUARDANT HEALTH INC                | Guardant Health Inc                     | CUSIP: 40131MAD1<br>LEI: 254900M8C3E5VC8BR186 | Long             | DBT              | CORP              | US        |   9160000 | PA      | $10654595.80  | 0.81%             | 2031-02-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| SUPER MICRO COMPUTER INC           | Super Micro Computer Inc                | CUSIP: 86800UAB0<br>LEI: 54930022CZO1N2UGVW07 | Long             | DBT              | CORP              | US        |  10005000 | PA      | $10425210.00  | 0.79%             | 2029-03-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BOEING CO/THE                      | Boeing Co/The                           | CUSIP: 097023204<br>LEI: RVHJWBXLJ1RFUBSY1F30 | Long             | EP               | CORP              | US        |    633840 | NS      | $43101120.00  | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CARNIVAL CORP                      | Carnival Corp                           | CUSIP: 143658BV3<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |   3200000 | PA      | $7038400.00   | 0.54%             | 2027-12-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| EXACT SCIENCES CORP                | Exact Sciences Corp                     | CUSIP: 30063PAE5<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | DBT              | CORP              | US        |   8795000 | PA      | $8045598.81   | 0.61%             | 2031-04-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ON SEMICONDUCTOR CORP              | ON Semiconductor Corp                   | CUSIP: 682189AS4<br>LEI: ZV20P4CNJVT8V1ZGJ064 | Long             | DBT              | CORP              | US        |   6685000 | PA      | $7914371.50   | 0.60%             | 2027-05-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ROCKET LAB USA                     | Rocket Lab USA Inc                      | CUSIP: 773122AA4<br>LEI: 254900B4DEYFZJ980A14 | Long             | DBT              | CORP              | US        |   1025000 | PA      | $7198703.13   | 0.55%             | 2029-02-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| M/A-COM TECH SOLUTIONS             | MACOM Technology Solutions Holdings Inc | CUSIP: 55405YAC4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  10250000 | PA      | $10911125.00  | 0.83%             | 2029-12-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| ADVANCED ENERGY IND                | Advanced Energy Industries Inc          | CUSIP: 007973AE0<br>LEI: 549300756XI3QLFT2U27 | Long             | DBT              | CORP              | US        |   8625000 | PA      | $10331887.50  | 0.79%             | 2028-09-15      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| CLOUDFLARE INC                     | Cloudflare Inc                          | CUSIP: 18915MAC1<br>LEI: 5493007DY18BGNLDWU14 | Long             | DBT              | CORP              | US        |  18730000 | PA      | $22159463.00  | 1.69%             | 2026-08-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| MICROSTRATEGY INC                  | MicroStrategy Inc                       | CUSIP: 594972AR2<br>LEI: 549300WQTWEJUEHXQX21 | Long             | DBT              | CORP              | US        |  28510000 | PA      | $26899185.00  | 2.05%             | 2029-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| AFFIRM HOLDINGS INC                | Affirm Holdings Inc                     | CUSIP: 00827BAC0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |  12890000 | PA      | $13592505.00  | 1.04%             | 2029-12-15      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| SYNAPTICS INC                      | Synaptics Inc                           | CUSIP: 87157DAH2<br>LEI: 549300AJ3LI4FWNRQX29 | Long             | DBT              | CORP              | US        |   8105000 | PA      | $7638350.90   | 0.58%             | 2031-12-01      | Fixed         | 0.75%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC              | Uber Technologies Inc                   | CUSIP: 90353TAR1<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   9345000 | PA      | $9901027.50   | 0.75%             | 2028-05-15      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| UBER TECHNOLOGIES INC              | Uber Technologies Inc                   | CUSIP: 90353TAM2<br>LEI: 549300B2FTG34FILDR98 | Long             | DBT              | CORP              | US        |   2705000 | PA      | $3858682.50   | 0.29%             | 2028-12-01      | Fixed         | 0.88%                 | No            |                  2 | On Loan: No      |
| MICROCHIP TECHNOLOGY INC           | Microchip Technology Inc                | CUSIP: 595017302<br>LEI: 5493007PTFULNYZJ1R12 | Long             | EP               | CORP              | US        |    214880 | NS      | $14319603.20  | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| NUTANIX INC                        | Nutanix Inc                             | CUSIP: 67059NAJ7<br>LEI: 549300X7J6E8TKVIXW09 | Long             | DBT              | CORP              | US        |  14080000 | PA      | $15955381.80  | 1.22%             | 2029-12-15      | Fixed         | 0.50%                 | 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