UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07455
Virtus Opportunities Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: September 30
Date of reporting period: September 30, 2022
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus Newfleet Core Plus Bond Fund* |
Virtus Newfleet High Yield Fund* |
Virtus Newfleet Low Duration Core Plus Bond Fund* |
Virtus Newfleet Multi-Sector Intermediate Bond Fund* |
Virtus Newfleet Multi-Sector Short Term Bond Fund* |
Virtus Newfleet Senior Floating Rate Fund* |
Virtus Seix Tax-Exempt Bond Fund* (f/k/a Virtus Newfleet Tax-Exempt Bond Fund) |
1 | ||
2 | ||
5 | ||
Fund | Fund Summary | Schedule of Investments |
8 | 35 | |
12 | 45 | |
16 | 50 | |
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”) | 20 | 61 |
24 | 72 | |
28 | 89 | |
32 | 96 | |
100 | ||
104 | ||
106 | ||
110 | ||
115 | ||
129 | ||
130 | ||
131 | ||
133 | ||
134 |
President, Virtus Opportunities Trust
November 2022
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 909.10 | 0.84 % | $4.02 | ||||
Class C | 1,000.00 | 905.90 | 1.58 | 7.55 | ||||
Class I | 1,000.00 | 910.10 | 0.59 | 2.83 | ||||
Class R6 | 1,000.00 | 911.50 | 0.47 | 2.25 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 898.40 | 1.03 | 4.90 | ||||
Class C | 1,000.00 | 895.20 | 1.78 | 8.46 | ||||
Class I | 1,000.00 | 897.30 | 0.78 | 3.71 | ||||
Class R6 | 1,000.00 | 900.30 | 0.62 | 2.95 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 1,000.00 | 965.70 | 0.78 | 3.84 | ||||
Class C | 1,000.00 | 962.10 | 1.53 | 7.53 | ||||
Class I | 1,000.00 | 966.90 | 0.53 | 2.61 | ||||
Class R6 | 1,000.00 | 967.30 | 0.47 | 2.32 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 912.90 | 1.02 | 4.89 | ||||
Class C | 1,000.00 | 910.40 | 1.77 | 8.48 | ||||
Class I | 1,000.00 | 915.20 | 0.77 | 3.70 | ||||
Class R6 | 1,000.00 | 915.70 | 0.63 | 3.03 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | 1,000.00 | 954.90 | 0.93 | 4.56 | ||||
Class C | 1,000.00 | 956.30 | 1.19 | 5.84 | ||||
Class C1 | 1,000.00 | 953.90 | 1.69 | 8.28 | ||||
Class I | 1,000.00 | 956.20 | 0.68 | 3.33 | ||||
Class R6 | 1,000.00 | 956.60 | 0.55 | 2.70 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 971.20 | 1.06 | 5.24 | ||||
Class C | 1,000.00 | 966.40 | 1.81 | 8.92 | ||||
Class I | 1,000.00 | 971.20 | 0.81 | 4.00 | ||||
Class R6 | 1,000.00 | 971.90 | 0.67 | 3.31 |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | $1,000.00 | $945.80 | 0.86% | $4.19 | ||||
Class C | 1,000.00 | 942.20 | 1.61 | 7.84 | ||||
Class I | 1,000.00 | 947.00 | 0.61 | 2.98 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | �� | Expenses Paid During Period* | ||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 1,000.00 | $1,020.86 | 0.84 % | $4.26 | ||||
Class C | 1,000.00 | 1,017.15 | 1.58 | 7.99 | ||||
Class I | 1,000.00 | 1,022.11 | 0.59 | 2.99 | ||||
Class R6 | 1,000.00 | 1,022.71 | 0.47 | 2.38 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,019.90 | 1.03 | 5.22 | ||||
Class C | 1,000.00 | 1,016.14 | 1.78 | 9.00 | ||||
Class I | 1,000.00 | 1,021.16 | 0.78 | 3.95 | ||||
Class R6 | 1,000.00 | 1,021.96 | 0.62 | 3.14 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.16 | 0.78 | 3.95 | ||||
Class C | 1,000.00 | 1,017.40 | 1.53 | 7.74 | ||||
Class I | 1,000.00 | 1,022.41 | 0.53 | 2.69 | ||||
Class R6 | 1,000.00 | 1,022.71 | 0.47 | 2.38 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 1,019.95 | 1.02 | 5.16 | ||||
Class C | 1,000.00 | 1,016.19 | 1.77 | 8.95 | ||||
Class I | 1,000.00 | 1,021.21 | 0.77 | 3.90 | ||||
Class R6 | 1,000.00 | 1,021.91 | 0.63 | 3.19 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.41 | 0.93 | 4.71 | ||||
Class C | 1,000.00 | 1,019.10 | 1.19 | 6.02 | ||||
Class C1 | 1,000.00 | 1,016.60 | 1.69 | 8.54 | ||||
Class I | 1,000.00 | 1,021.66 | 0.68 | 3.45 | ||||
Class R6 | 1,000.00 | 1,022.31 | 0.55 | 2.79 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||
Class C | 1,000.00 | 1,015.99 | 1.81 | 9.15 | ||||
Class I | 1,000.00 | 1,021.01 | 0.81 | 4.10 | ||||
Class R6 | 1,000.00 | 1,021.71 | 0.67 | 3.40 |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | $1,000.00 | $1,020.76 | 0.86% | $4.36 | ||||
Class C | 1,000.00 | 1,017.00 | 1.61 | 8.14 | ||||
Class I | 1,000.00 | 1,022.01 | 0.61 | 3.09 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
September 30, 2022
September 30, 2022
Newfleet Core Plus Bond Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: SAVAX |
Class C: SAVCX | |
Class I: SAVYX | |
Class R6: VBFRX |
Newfleet Asset Management, LLC
■ | The Fund is diversified and has an investment objective of high total return from both current income and capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -13.38%, Class C shares at NAV returned -14.05%, Class I shares at NAV returned -13.17%, and Class R6 shares at NAV returned -13.05%. For the same period, the Bloomberg U.S. Aggregate Bond Index, which serves as both the Fund’s broad-based and style-specific benchmark index appropriate for comparison, returned -14.60%. |
Mortgage-Backed Securities | 28% | |
Corporate Bonds and Notes | 28 | |
Financials | 8% | |
Energy | 4 | |
Industrials | 4 | |
All other Corporate Bonds and Notes | 12 | |
U.S. Government Securities | 17 | |
Asset-Backed Securities | 12 | |
Leveraged Loans | 5 | |
Municipal Bonds | 4 | |
Short-Term Investment | 3 | |
Other (includes securities lending collateral) | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -13.38 % | 0.24 % | 1.60 % | — % | — | |
Class A shares at POP3,4 | -16.63 | -0.53 | 1.21 | — | — | |
Class C shares at NAV2 and with CDSC4 | -14.05 | -0.49 | 0.84 | — | — | |
Class I shares at NAV2 | -13.17 | 0.49 | 1.85 | — | — | |
Class R6 shares at NAV2 | -13.05 | 0.61 | — | 1.13 | 11/3/16 | |
Bloomberg U.S. Aggregate Bond Index | -14.60 | -0.27 | 0.89 | -0.09 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.05%, Net 0.80%; Class C shares: Gross 1.81%, Net 1.55%; Class I shares: Gross 0.79%, Net 0.55%; Class R6 shares: Gross 0.71%, Net 0.43%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Newfleet High Yield Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: PHCHX |
Class C: PGHCX | |
Class I: PHCIX | |
Class R6: VRHYX |
Newfleet Asset Management, LLC
■ | The Fund is diversified and has a primary investment objective of high current income and a secondary objective of capital growth. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -13.15%, Class C shares at NAV returned -13.87%, Class I shares at NAV returned -13.14%, and Class R6 shares at NAV returned -13.00%. For the same period, the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -14.15%. |
Corporate Bonds and Notes | 88% | |
Energy | 21% | |
Consumer Discretionary | 14 | |
Communication Services | 10 | |
All other Corporate Bonds and Notes | 43 | |
Leveraged Loans | 5 | |
Short-Term Investments | 4 | |
Preferred Stocks | 2 | |
Other (includes securities lending collateral) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -13.15 % | 1.58 % | 3.49 % | — % | — | |
Class A shares at POP3,4 | -16.41 | 0.81 | 3.10 | — | — | |
Class C shares at NAV2 and with CDSC4 | -13.87 | 0.86 | 2.71 | — | — | |
Class I shares at NAV2 | -13.14 | 1.83 | 3.75 | — | — | |
Class R6 shares at NAV2 | -13.00 | 1.93 | — | 2.95 | 11/3/16 | |
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | -14.15 | 1.56 | 3.94 | 2.85 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.23%, Net 1.00%; Class C shares: Gross 2.01%, Net 1.75%; Class I shares: Gross 1.04%, Net 0.75%; Class R6 shares: Gross 0.91%, Net 0.59%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Newfleet Low Duration Core Plus Bond Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: HIMZX |
Class C: PCMZX | |
Class I: HIBIX | |
Class R6: VLDRX |
Newfleet Asset Management, LLC
■ | The Fund is diversified and has an investment objective to provide a high level of total return, including a competitive level of current income, while limiting fluctuations in net asset value due to changes in interest rates. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -6.55%, Class C shares at NAV returned -7.26%, Class I shares at NAV returned -6.41%, and Class R6 shares at NAV returned -6.25%. For the same period, the ICE BofA 1-5 Year Corporate & Government Bond Index returned -7.32%. |
Asset-Backed Securities | 37% | |
Mortgage-Backed Securities | 28 | |
Corporate Bonds and Notes | 19 | |
Financials | 7% | |
Materials | 2 | |
Energy | 2 | |
All other Corporate Bonds and Notes | 8 | |
U.S. Government Securities | 8 | |
Leveraged Loans | 6 | |
Preferred Stocks | 1 | |
Other (includes short-term investment and securities lending collateral) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -6.55 % | 0.61 % | 1.21 % | — % | — | |
Class A shares at POP3,4 | -8.66 | 0.16 | 0.98 | — | — | |
Class C shares at NAV2 and with CDSC4 | -7.26 | -0.14 | 0.44 | — | — | |
Class I shares at NAV2 | -6.41 | 0.85 | 1.45 | — | — | |
Class R6 shares at NAV2 | -6.25 | — | — | 0.99 | 12/19/18 | |
ICE BofA 1-5 Year Corporate & Government Bond Index | -7.32 | 0.57 | 0.91 | 0.56 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 0.89%, Net 0.75%; Class C shares: Gross 1.66%, Net 1.50%; Class I shares: Gross 0.64%, Net 0.50%; Class R6 shares: Gross 0.57%, Net 0.43%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Newfleet Multi-Sector Intermediate Bond Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: NAMFX |
Class C: NCMFX | |
Class I: VMFIX | |
Class R6: VMFRX |
Newfleet Asset Management, LLC
■ | The Fund is diversified and has an investment objective of maximizing current income while preserving capital. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -12.25%†, Class C shares at NAV returned -12.78%, Class I shares at NAV returned -11.99%, and Class R6 shares at NAV returned -11.83%. For the same period, the Bloomberg U.S. Aggregate Bond Index, which serves as both the Fund’s broad-based and style-specific fixed income index, returned -14.60%. |
Corporate Bonds and Notes | 38% | |
Energy | 9% | |
Financials | 9 | |
Consumer Discretionary | 4 | |
All other Corporate Bonds and Notes | 16 | |
Mortgage-Backed Securities | 15 | |
Leveraged Loans | 14 | |
Asset-Backed Securities | 12 | |
U.S. Government Securities | 11 | |
Foreign Government Securities | 4 | |
Exchange-Traded Fund | 2 | |
Other (includes short-term investment and securities lending collateral) | 4 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -12.25 % 3 | 0.42 % | 2.26 % | — % | — | |
Class A shares at POP4,5 | -15.54 | -0.35 | 1.87 | — | — | |
Class C shares at NAV2 and with CDSC5 | -12.78 | -0.31 | 1.51 | — | — | |
Class I shares at NAV2 | -11.99 | 0.67 | 2.52 | — | — | |
Class R6 shares at NAV2 | -11.83 | 0.81 | — | 2.11 | 11/12/14 | |
Bloomberg U.S. Aggregate Bond Index | -14.60 | -0.27 | 0.89 | 0.74 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.07%, Net 0.99%; Class C shares: Gross 1.82%, Net 1.74%; Class I shares: Gross 0.82%, Net 0.74%; Class R6 shares: Gross 0.75%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Newfleet Multi-Sector Short Term Bond Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: NARAX |
Class C: PSTCX | |
Class C1: PMSTX | |
Class I: PIMSX | |
Class R6: VMSSX |
Newfleet Asset Management, LLC
■ | The Fund is diversified and has an investment objective of providing high current income while attempting to limit changes in the Fund’s net asset value per share caused by interest rate changes. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -7.65%, Class C shares at NAV returned -7.79%, Class C1 shares at NAV returned -8.25%, Class I shares at NAV returned -7.40%, and Class R6 shares at NAV returned -7.32%. For the same period, the ICE BofA 1–3 Year A–BBB U.S. Corporate Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -5.99%. |
Mortgage-Backed Securities | 27% | |
Asset-Backed Securities | 25 | |
Corporate Bonds and Notes | 24 | |
Financials | 8% | |
Energy | 4 | |
Materials | 2 | |
All other Corporate Bonds and Notes | 10 | |
U.S. Government Securities | 9 | |
Leveraged Loans | 9 | |
Short-Term Investment | 3 | |
Foreign Government Securities | 2 | |
Other (includes securities lending collateral) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -7.65 % | 0.48 % | 1.49 % | — % | — | |
Class A shares at POP3,4 | -9.73 | 0.03 | 1.26 | — | — | |
Class C shares at NAV2 and with CDSC4 | -7.79 | 0.27 | 1.26 | — | — | |
Class C1 shares at NAV2 and with CDSC4 | -8.25 | -0.22 | 0.76 | — | — | |
Class I shares at NAV2 | -7.40 | 0.74 | 1.77 | — | — | |
Class R6 shares at NAV2 | -7.32 | 0.90 | — | 1.35 | 11/3/16 | |
ICE BofA 1-3 Year A-BBB U.S. Corporate Index | -5.99 | 1.11 | 1.50 | 1.23 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 0.96%, Net 0.90%; Class C shares: Gross 1.21%, Net 1.16%; Class C1 shares: Gross 1.71%, Net 1.66%; Class I shares: Gross 0.71%, Net 0.65%; Class R6 shares: Gross 0.67%, Net 0.52%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C1 shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Newfleet Senior Floating Rate Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: PSFRX |
Class C: PFSRX | |
Class I: PSFIX | |
Class R6: VRSFX |
Newfleet Asset Management, LLC
■ | The Fund is diversified and has an investment objective of high total return from both current income and capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -2.87%, Class C shares at NAV returned -3.71%, Class I shares at NAV returned -2.75%, and Class R6 shares at NAV returned -2.61%. For the same period, the Credit Suisse Leveraged Loan Index, which serves as both the Fund’s broad-based and style-specific index, returned -2.62%. |
Leveraged Loans | 93% | |
Information Technology | 13% | |
Health Care | 13 | |
Service | 9 | |
Manufacturing | 7 | |
Gaming / Leisure | 6 | |
Aerospace | 5 | |
Chemicals | 4 | |
All other Leveraged Loans | 36 | |
Corporate Bonds and Notes | 3 | |
Short-Term Investments | 3 | |
Common Stocks | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -2.87 % | 1.90 % | 2.66 % | — % | — | |
Class A shares at POP3,4 | -5.54 | 1.33 | 2.37 | — | — | |
Class C shares at NAV2 and with CDSC4 | -3.71 | 1.12 | 1.88 | — | — | |
Class I shares at NAV2 | -2.75 | 2.13 | 2.90 | — | — | |
Class R6 shares at NAV2 | -2.61 | 2.28 | — | 2.65 | 11/3/16 | |
Credit Suisse Leveraged Loan Index | -2.62 | 3.00 | 3.70 | 3.35 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.08%, Net 1.04%; Class C shares: Gross 1.85%, Net 1.79%; Class I shares: Gross 0.83%, Net 0.79%; Class R6 shares: Gross 0.78%, Net 0.65%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Seix Tax-Exempt Bond Fund | Ticker Symbols: |
Fund Summary (Unaudited) | Class A: HXBZX |
Class C: PXCZX | |
Class I: HXBIX |
Seix Investment Advisors, LLC
■ | The Fund is diversified and has an investment objective of providing a high level of current income that is exempt from federal income tax. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -10.30%, Class C shares at NAV returned -10.97%, and Class I shares at NAV returned -10.07%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based fixed income index, returned -14.60%, and the ICE BofA 1-22 Year U.S. Municipal Securities Index, which is the Fund’s style-specific benchmark appropriate for comparison, returned -9.51%. |
Municipal Bonds | 98% |
Short-Term Investment | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | -10.30 % | 0.23% | 1.17% | |
Class A shares at POP3,4 | -12.76 | -0.33 | 0.89 | |
Class C shares at NAV2 and with CDSC4 | -10.97 | -0.53 | 0.42 | |
Class I shares at NAV2 | -10.07 | 0.48 | 1.43 | |
Bloomberg U.S. Aggregate Bond Index | -14.60 | -0.27 | 0.89 | |
ICE BofA 1-22 Year U.S. Municipal Securities Index | -9.51 | 0.72 | 1.72 | |
Fund Expense Ratios5: Class A shares: Gross 1.01%, Net 0.83%; Class C shares: Gross 1.75%, Net 1.58%; Class I shares: Gross 0.77%, Net 0.58%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
September 30, 2022
Par Value | Value | ||
U.S. Government Securities—19.3% | |||
U.S. Treasury Bonds | |||
2.375%, 2/15/42 | $ 1,870 | $ 1,433 | |
2.500%, 2/15/46 | 530 | 402 | |
3.000%, 8/15/48 | 3,760 | 3,180 | |
2.000%, 2/15/50 | 975 | 670 | |
1.375%, 8/15/50 | 1,595 | 923 | |
1.625%, 11/15/50 | 455 | 282 | |
1.875%, 2/15/51 | 1,615 | 1,069 | |
2.000%, 8/15/51 | 165 | 113 | |
1.875%, 11/15/51 | 1,135 | 751 | |
2.250%, 2/15/52 | 2,225 | 1,617 | |
2.875%, 5/15/52 | 1,185 | 994 | |
U.S. Treasury Notes | |||
0.125%, 3/31/23 | 255 | 250 | |
2.500%, 4/30/24 | 610 | 593 | |
1.500%, 2/15/30 | 1,515 | 1,286 | |
0.875%, 11/15/30 | 820 | 653 | |
1.625%, 5/15/31 | 2,235 | 1,876 | |
1.375%, 11/15/31 | 1,060 | 861 | |
1.875%, 2/15/32 | 1,280 | 1,085 | |
Total U.S. Government Securities (Identified Cost $22,600) | 18,038 | ||
Municipal Bonds—4.9% | |||
California—0.2% | |||
Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | 250 | 167 | |
Florida—1.0% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 1,065 | 966 | |
Idaho—0.2% | |||
Idaho Health Facilities Authority St. Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | 170 | 156 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 30 | 23 | |
New York—2.7% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 1,290 | 1,352 | |
New York State Environmental Facilities Corp. Revenue Taxable 5.000%, 6/15/51 | 1,070 | 1,149 | |
2,501 | |||
Par Value | Value | ||
Texas—0.5% | |||
City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | $ 255 | $ 197 | |
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | 80 | 63 | |
Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | 205 | 151 | |
Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | 80 | 73 | |
484 | |||
Virginia—0.3% | |||
City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 285 | 249 | |
Total Municipal Bonds (Identified Cost $5,266) | 4,546 | ||
Foreign Government Securities—0.9% | |||
Dominican Republic 144A 4.875%, 9/23/32(1) | 420 | 313 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(2) | 200 | 171 | |
United Mexican States 2.659%, 5/24/31 | 425 | 326 | |
Total Foreign Government Securities (Identified Cost $984) | 810 | ||
Mortgage-Backed Securities—31.2% | |||
Agency—0.5% | |||
Federal National Mortgage Association | |||
Pool #323702 6.000%, 5/1/29 | 7 | 7 | |
Pool #535371 6.500%, 5/1/30 | — (3) | — (3) | |
Pool #590108 7.000%, 7/1/31 | 3 | 3 | |
Pool #880117 5.500%, 4/1/36 | 22 | 22 | |
Pool #909092 6.000%, 9/1/37 | 8 | 9 | |
Pool #909220 6.000%, 8/1/38 | 108 | 113 | |
Pool #938574 5.500%, 9/1/36 | 46 | 47 | |
Pool #986067 6.000%, 8/1/38 | 2 | 2 |
Par Value | Value | ||
Agency—continued | |||
Pool #AA7001 5.000%, 6/1/39 | $ 202 | $ 204 | |
Government National Mortgage Association I Pool #443000 6.500%, 9/15/28 | 8 | 9 | |
416 | |||
Non-Agency—30.7% | |||
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(1)(4) | 160 | 148 | |
2021-A, A1 144A 1.065%, 9/25/65(1)(4) | 191 | 168 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(1) | 530 | 517 | |
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 194 | 186 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 125 | 121 | |
AMSR Trust | |||
2020-SFR1, A 144A 1.819%, 4/17/37(1) | 110 | 102 | |
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 255 | 236 | |
2020-SFR2, C 144A 2.533%, 7/17/37(1) | 100 | 92 | |
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 250 | 232 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 100 | 84 | |
2022-SFR1, C 144A 3.740%, 3/17/39(1) | 515 | 456 | |
Angel Oak Mortgage Trust I LLC 2019-2, A1 144A 3.628%, 3/25/49(1)(4) | 1 | 1 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(1)(4) | 201 | 192 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(4) | 86 | 80 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(4) | 35 | 33 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(4) | 97 | 83 | |
2022-1, A1B 144A 3.269%, 12/25/56(1)(4) | 270 | 227 | |
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 2/15/29(1)(4) | 360 | 349 |
Par Value | Value | ||
Non-Agency—continued | |||
BX Commercial Mortgage Trust | |||
2019-XL, C (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 10/15/36(1)(4) | $ 144 | $ 140 | |
2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 4.883%, 2/15/39(1)(4) | 303 | 282 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(1)(4) | 715 | 584 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(1) | 446 | 384 | |
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(1) | 189 | 168 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4) | 93 | 79 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(4) | 185 | 163 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 3.065%, 5/25/34(4) | 59 | 55 | |
CIM Trust | |||
2021-NR4, A1 144A 2.816%, 10/25/61(1)(4) | 110 | 102 | |
2022-R2, A1 144A 3.750%, 12/25/61(1)(4) | 117 | 110 | |
Citigroup Commercial Mortgage Trust 2015-GC27, A4 2.878%, 2/10/48 | 189 | 180 | |
COLT Mortgage Loan Trust | |||
2022-1, A1 144A 2.284%, 12/27/66(1)(4) | 261 | 227 | |
2022-5, A1 144A 4.550%, 4/25/67(1)(4) | 285 | 272 | |
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A 0.857%, 5/25/65(1)(4) | 47 | 42 | |
COLT Trust 2020-RPL1, A1 144A 1.390%, 1/25/65(1)(4) | 149 | 128 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(1) | 210 | 189 | |
CoreVest American Finance Trust | |||
2019-3, C 144A 3.265%, 10/15/52(1) | 220 | 184 | |
2020-1, A1 144A 1.832%, 3/15/50(1) | 320 | 299 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-3, A 144A 1.358%, 8/15/53(1) | $ 207 | $ 182 | |
2020-4, A 144A 1.174%, 12/15/52(1) | 286 | 252 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 3.798%, 5/15/36(1)(4) | 370 | 365 | |
Credit Suisse Mortgage Capital Trust | |||
2020-NQM1, A1 144A 1.208%, 5/25/65(1)(4) | 42 | 38 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(4) | 213 | 189 | |
2021-NQM1, A1 144A 0.809%, 5/25/65(1)(4) | 84 | 78 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(4) | 100 | 88 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(4) | 22 | 21 | |
2021-2, A3 144A 1.291%, 6/25/66(1)(4) | 874 | 724 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(4) | 931 | 784 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 100 | 89 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 425 | 380 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 335 | 284 | |
Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(1)(4) | 43 | 38 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(4) | 6 | 6 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(4) | 8 | 7 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(4) | 11 | 11 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 3.618%, 2/15/38(1)(4) | 395 | 381 | |
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(4) | 245 | 205 |
Par Value | Value | ||
Non-Agency—continued | |||
GS Mortgage-Backed Securities Trust 2020-NQM1, A3 144A 2.352%, 9/27/60(1)(4) | $ 110 | $ 102 | |
Home Partners of America Trust 2020-2, A 144A 1.532%, 1/17/41(1) | 166 | 137 | |
Imperial Fund Mortgage Trust 2021-NQM4, A1 144A 2.091%, 1/25/57(1)(4) | 596 | 482 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 5.334%, 8/15/37(1)(4) | 305 | 302 | |
JPMorgan Chase Mortgage Trust | |||
2017-1, A2 144A 3.450%, 1/25/47(1)(4) | 55 | 48 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(4) | 29 | 26 | |
2017-5, A1 144A 3.124%, 10/26/48(1)(4) | 33 | 31 | |
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A 3.818%, 12/15/37(1)(4) | 142 | 135 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 3.618%, 5/15/36(1)(4) | 215 | 211 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 9/25/26(1)(4) | 270 | 260 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(1)(4) | 110 | 104 | |
MetLife Securitization Trust | |||
2017-1A, M1 144A 3.421%, 4/25/55(1)(4) | 305 | 273 | |
2019-1A, A1A 144A 3.750%, 4/25/58(1)(4) | 119 | 116 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(4) | 175 | 165 | |
2017-3, B1 144A 3.250%, 1/25/61(1)(4) | 577 | 504 | |
2017-3, M2 144A 3.250%, 1/25/61(1)(4) | 261 | 243 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(4) | 155 | 132 |
Par Value | Value | ||
Non-Agency—continued | |||
Morgan Stanley Bank of America Merrill Lynch Trust | |||
2013-C13, AS 4.266%, 11/15/46 | $ 360 | $ 352 | |
2015-C22, AS 3.561%, 4/15/48 | 310 | 291 | |
2015-C25, A4 3.372%, 10/15/48 | 305 | 289 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(4) | 61 | 57 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(4) | 43 | 40 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(4) | 33 | 31 | |
2016-3A, B1 144A 4.000%, 9/25/56(1)(4) | 196 | 180 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(4) | 217 | 201 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(4) | 323 | 306 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(4) | 122 | 117 | |
2019-NQM4, A1 144A 2.492%, 9/25/59(1)(4) | 47 | 43 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(1)(4) | 650 | 548 | |
2020-1A, A1B 144A 3.500%, 10/25/59(1)(4) | 229 | 213 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(4) | 425 | 398 | |
2022-RTL1, A1F 144A 4.336%, 12/25/26(1) | 255 | 243 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(4) | 108 | 103 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(1)(4) | 176 | 148 | |
NMLT Trust 2021-INV1, A1 144A 1.185%, 5/25/56(1)(4) | 204 | 173 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(1)(4) | 19 | 19 | |
2021-NQM3, A2 144A 1.260%, 7/25/61(1)(4) | 211 | 169 | |
Preston Ridge Partners Mortgage LLC | |||
2020-6, A1 144A 2.363%, 11/25/25(1)(4) | 250 | 237 | |
2021-2, A1 144A 2.115%, 3/25/26(1)(4) | 344 | 321 | |
2021-3, A1 144A 1.867%, 4/25/26(1)(4) | 618 | 563 |
Par Value | Value | ||
Non-Agency—continued | |||
2021-9, A1 144A 2.363%, 10/25/26(1)(4) | $ 129 | $ 119 | |
2021-RPL1, A1 144A 1.319%, 7/25/51(1)(4) | 71 | 63 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(4) | 338 | 311 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(4) | 165 | 156 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 235 | 223 | |
2021-SFR2, D 144A 2.197%, 4/19/38(1) | 380 | 323 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(4) | 96 | 81 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(4) | 129 | 108 | |
RCO VI Mortgage LLC 2022-1, A1 144A 3.000%, 1/25/27(1)(4) | 216 | 203 | |
RCO VII Mortgage LLC 2021-2, A1 144A 2.116%, 9/25/26(1)(4) | 135 | 128 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(4) | 24 | 24 | |
Roc Mortgage Trust 2021-RTL1, A1 144A 2.487%, 8/25/26(1)(4) | 275 | 257 | |
Sequoia Mortgage Trust 2013-8, B1 3.488%, 6/25/43(4) | 27 | 25 | |
SG Residential Mortgage Trust | |||
2019-3, A1 144A 2.703%, 9/25/59(1)(4) | 50 | 49 | |
2021-1, A3 144A 1.560%, 7/25/61(1)(4) | 190 | 156 | |
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(4) | 63 | 52 | |
Towd Point Mortgage Trust | |||
2016-3, M1 144A 3.500%, 4/25/56(1)(4) | 525 | 515 | |
2016-4, B1 144A 3.823%, 7/25/56(1)(4) | 310 | 284 | |
2017-1, A2 144A 3.500%, 10/25/56(1)(4) | 245 | 235 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(4) | 340 | 316 |
Par Value | Value | ||
Non-Agency—continued | |||
2017-4, A2 144A 3.000%, 6/25/57(1)(4) | $ 460 | $ 415 | |
2018-3, A1 144A 3.750%, 5/25/58(1)(4) | 280 | 268 | |
2018-6, A2 144A 3.750%, 3/25/58(1)(4) | 600 | 538 | |
2019-1, A1 144A 3.692%, 3/25/58(1)(4) | 137 | 129 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(4) | 190 | 167 | |
2019-4, A2 144A 3.250%, 10/25/59(1)(4) | 240 | 208 | |
2020-MH1, A2 144A 2.500%, 2/25/60(1)(4)(5) | 405 | 342 | |
2021-1, A2 144A 2.750%, 11/25/61(1)(4) | 355 | 278 | |
2022-1, A1 144A 3.750%, 7/25/62(1)(4) | 582 | 538 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 190 | 173 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 310 | 256 | |
TVC Mortgage Trust 2020-RTL1, A1 144A 3.474%, 9/25/24(1) | 79 | 79 | |
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(1)(4) | 136 | 128 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4) | 214 | 197 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(4) | 233 | 214 | |
Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A 1.992%, 5/25/51(1)(4) | 56 | 51 | |
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A 1.893%, 2/27/51(1)(4) | 221 | 200 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(4) | 100 | 91 | |
2019-INV2, A1 144A 2.913%, 7/25/59(1)(4) | 59 | 58 | |
2021-R3, A1 144A 1.020%, 4/25/64(1)(4) | 144 | 132 | |
2022-4, A1 144A 4.474%, 4/25/67(1)(4) | 223 | 213 | |
2022-5, A1 144A 3.800%, 4/25/67(1)(4) | 415 | 383 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(4) | 351 | 341 |
Par Value | Value | ||
Non-Agency—continued | |||
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(1) | $ 87 | $ 82 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 200 | 191 | |
28,630 | |||
Total Mortgage-Backed Securities (Identified Cost $32,056) | 29,046 | ||
Asset-Backed Securities—13.0% | |||
Automobiles—5.5% | |||
ACM Auto Trust 2022-1A, B 144A 4.470%, 4/20/29(1) | 250 | 248 | |
American Credit Acceptance Receivables Trust 2022-1, D 144A 2.460%, 3/13/28(1) | 270 | 246 | |
Carvana Auto Receivables Trust | |||
2019-2A, D 144A 3.280%, 1/15/25(1) | 264 | 263 | |
2019-3A, D 144A 3.040%, 4/15/25(1) | 240 | 238 | |
2021-N3, D 1.580%, 6/12/28 | 220 | 203 | |
CPS Auto Receivables Trust 2019-D, E 144A 3.860%, 10/15/25(1) | 265 | 259 | |
Credit Acceptance Auto Loan Trust | |||
2020-3A, B 144A 1.770%, 12/17/29(1) | 265 | 249 | |
2022-1A, A 144A 4.600%, 6/15/32(1) | 300 | 292 | |
Drive Auto Receivables Trust 2019-4, C 2.510%, 11/17/25 | 13 | 13 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(1) | 300 | 282 | |
2022-1A, C 144A 3.130%, 5/15/28(1) | 270 | 249 | |
Flagship Credit Auto Trust | |||
2019-2, C 144A 3.090%, 5/15/25(1) | 165 | 164 | |
2020-3, C 144A 1.730%, 9/15/26(1) | 260 | 248 | |
Foursight Capital Automobile Receivables Trust 2022-1, B 144A 2.150%, 5/17/27(1) | 215 | 197 |
Par Value | Value | ||
Automobiles—continued | |||
GLS Auto Receivables Issuer Trust 2019-4A, C 144A 3.060%, 8/15/25(1) | $ 260 | $ 256 | |
GLS Auto Receivables Trust 2018-3A, C 144A 4.180%, 7/15/24(1) | 63 | 63 | |
Hertz Vehicle Financing III LP 2021-2A, A 144A 1.680%, 12/27/27(1) | 395 | 338 | |
LAD Auto Receivables Trust 2021-1A, D 144A 3.990%, 11/15/29(1) | 270 | 243 | |
Skopos Auto Receivables Trust 2019-1A, C 144A 3.630%, 9/16/24(1) | 53 | 53 | |
United Auto Credit Securitization Trust 2021-1, C 144A 0.840%, 6/10/26(1) | 335 | 331 | |
Veros Automobile Receivables Trust 2020-1, B 144A 2.190%, 6/16/25(1) | 53 | 53 | |
Westlake Automobile Receivables Trust | |||
2021-3A, D 144A 2.120%, 1/15/27(1) | 265 | 239 | |
2022-1A, B 144A 2.750%, 3/15/27(1) | 390 | 377 | |
5,104 | |||
Consumer Loans—0.3% | |||
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | 270 | 238 | |
Upstart Securitization Trust 2021-1, A 144A 0.870%, 3/20/31(1) | 34 | 34 | |
272 | |||
Credit Card—0.5% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1) | 280 | 254 | |
Genesis Sales Finance Master Trust 2021-AA, A 144A 1.200%, 12/21/26(1) | 280 | 261 | |
515 | |||
Equipment—0.4% | |||
NMEF Funding LLC 2021-A, B 144A 1.850%, 12/15/27(1) | 385 | 361 | |
Other—6.2% | |||
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 27 | 27 |
Par Value | Value | ||
Other—continued | |||
2019-A, A 144A 3.140%, 7/16/40(1) | $ 80 | $ 76 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 265 | 242 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 270 | 246 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(1) | 85 | 83 | |
BHG Securitization Trust 2021-A, A 144A 1.420%, 11/17/33(1) | 264 | 246 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(1) | 163 | 139 | |
CCG Receivables Trust 2021-1, C 144A 0.840%, 6/14/27(1) | 285 | 265 | |
Diamond Resorts Owner Trust 2021-1A, A 144A 1.510%, 11/21/33(1) | 104 | 94 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(1) | 44 | 43 | |
2021-1A, A 144A 1.270%, 5/15/41(1) | 155 | 139 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 322 | 279 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 194 | 175 | |
MAPS Trust 2021-1A, A 144A 2.521%, 6/15/46(1) | 253 | 208 | |
MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(1) | 261 | 237 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(1) | 72 | 68 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(1) | 220 | 184 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 223 | 190 | |
NMEF Funding LLC | |||
2019-A, C 144A 3.300%, 8/17/26(1) | 200 | 197 | |
2022-A, B 144A 3.350%, 10/16/28(1) | 260 | 240 | |
Octane Receivables Trust 2020-1A, A 144A 1.710%, 2/20/25(1) | 63 | 62 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 301 | 283 |
Par Value | Value | ||
Other—continued | |||
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(1) | $ 300 | $ 289 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 384 | 361 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(1) | 335 | 320 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1) | 158 | 146 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 142 | 121 | |
VFI ABS LLC | |||
2022-1A, A 144A 2.230%, 3/24/28(1) | 153 | 149 | |
2022-1A, B 144A 3.040%, 7/24/28(1) | 425 | 398 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 391 | 320 | |
5,827 | |||
Student Loan—0.1% | |||
Commonbond Student Loan Trust 2019-AGS, A1 144A 2.540%, 1/25/47(1) | 91 | 83 | |
Total Asset-Backed Securities (Identified Cost $13,089) | 12,162 | ||
Corporate Bonds and Notes—30.9% | |||
Communication Services—0.7% | |||
Cable Onda S.A. 144A 4.500%, 1/30/30(1) | 200 | 157 | |
CCO Holdings LLC | |||
144A 6.375%, 9/1/29(1) | 28 | 26 | |
144A 4.750%, 3/1/30(1) | 155 | 126 | |
T-Mobile USA, Inc. 3.875%, 4/15/30 | 200 | 177 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 175 | 170 | |
656 | |||
Consumer Discretionary—1.8% | |||
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(1) | 305 | 280 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 105 | 83 | |
Dick’s Sporting Goods, Inc. 3.150%, 1/15/32(6) | 361 | 275 | |
Ford Motor Co. 4.750%, 1/15/43 | 140 | 93 | |
M/I Homes, Inc. 4.950%, 2/1/28 | 255 | 212 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
PulteGroup, Inc. 6.375%, 5/15/33 | $ 355 | $ 335 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 6 | 6 | |
Scientific Games International, Inc. 144A 7.000%, 5/15/28(1) | 155 | 146 | |
Tenneco, Inc. 144A 5.125%, 4/15/29(1) | 255 | 252 | |
1,682 | |||
Consumer Staples—1.0% | |||
Albertsons Cos., Inc. 144A 3.500%, 3/15/29(1) | 25 | 20 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(1) | 290 | 271 | |
BAT Capital Corp. 4.906%, 4/2/30 | 350 | 309 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 90 | 77 | |
Church & Dwight Co., Inc. 5.000%, 6/15/52 | 295 | 272 | |
949 | |||
Energy—4.1% | |||
Aker BP ASA 144A 2.000%, 7/15/26(1) | 285 | 246 | |
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 245 | 238 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 140 | 134 | |
CrownRock LP 144A 5.625%, 10/15/25(1) | 160 | 153 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 220 | 186 | |
Enbridge, Inc. 7.625%, 1/15/83 | 320 | 309 | |
Energy Transfer LP Series H 6.500% (7) | 300 | 261 | |
EQM Midstream Partners LP 144A 7.500%, 6/1/30(1) | 255 | 241 | |
Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(1) | 355 | 276 | |
HF Sinclair Corp. 144A 5.875%, 4/1/26(1) | 255 | 250 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 215 | 222 | |
Pertamina Persero PT 144A 6.450%, 5/30/44(1) | 500 | 461 | |
Petroleos Mexicanos 7.690%, 1/23/50 | 275 | 167 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1) | 250 | 196 |
Par Value | Value | ||
Energy—continued | |||
Transcanada Trust 5.600%, 3/7/82 | $ 335 | $ 290 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1) | 33 | 31 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(1) | 165 | 142 | |
3,803 | |||
Financials—9.5% | |||
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 310 | 285 | |
Ally Financial, Inc. Series B 4.700% (7) | 339 | 264 | |
Ares Finance Co. LLC 144A 4.000%, 10/8/24(1) | 270 | 259 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 270 | 225 | |
Banco Mercantil del Norte S.A. 144A 6.625% (1)(7) | 235 | 184 | |
Bank of America Corp. 2.687%, 4/22/32 | 975 | 761 | |
Bank of New York Mellon Corp. (The) Series G 4.700% (7) | 430 | 412 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 200 | 165 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 144 | 118 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 175 | 124 | |
Brookfield Finance, Inc. 2.724%, 4/15/31 | 220 | 175 | |
Capital One Financial Corp. 2.359%, 7/29/32 | 272 | 193 | |
Charles Schwab Corp. (The) Series H 4.000% (7) | 335 | 246 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 230 | 215 | |
Citigroup, Inc. 3.980%, 3/20/30 | 135 | 120 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 290 | 265 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(1) | 179 | 177 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 280 | 254 | |
Goldman Sachs Group, Inc. (The) 1.992%, 1/27/32 | 330 | 244 | |
Jefferies Group LLC 2.625%, 10/15/31 | 160 | 116 |
Par Value | Value | ||
Financials—continued | |||
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | $ 255 | $ 241 | |
(SOFR + 1.180%) 3.922%, 2/24/28(4) | 265 | 255 | |
1.953%, 2/4/32 | 375 | 278 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 200 | 161 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 305 | 236 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.750%, 4/20/67(4) | 315 | 238 | |
MetLife, Inc. Series G 3.850% (7) | 340 | 304 | |
Morgan Stanley 6.375%, 7/24/42 | 260 | 270 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 155 | 146 | |
OWL Rock Core Income Corp. 4.700%, 2/8/27 | 185 | 162 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 330 | 325 | |
5.125%, 3/1/52 | 88 | 76 | |
6.000%, 9/1/52 | 44 | 41 | |
State Street Corp. 4.164%, 8/4/33 | 150 | 135 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 330 | 284 | |
Wells Fargo & Co. | |||
2.393%, 6/2/28 | 335 | 287 | |
Series BB 3.900%(7) | 510 | 431 | |
Zions Bancorp NA 3.250%, 10/29/29 | 250 | 205 | |
8,877 | |||
Health Care—1.7% | |||
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 305 | 236 | |
HCA, Inc. 5.250%, 6/15/49 | 170 | 138 | |
Illumina, Inc. 2.550%, 3/23/31 | 373 | 286 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(8) | 90 | 71 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 230 | 187 | |
Universal Health Services, Inc. 144A 2.650%, 1/15/32(1) | 365 | 258 |
Par Value | Value | ||
Health Care—continued | |||
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | $ 242 | $ 221 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 226 | 185 | |
144A 2.300%, 6/22/27(1) | 2 | 1 | |
1,583 | |||
Industrials—4.0% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1) | 409 | 386 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 245 | 203 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | 260 | 233 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 295 | 231 | |
Boeing Co. (The) 5.930%, 5/1/60 | 219 | 187 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(1) | 283 | 230 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 240 | 189 | |
Ferguson Finance plc 144A 4.650%, 4/20/32(1) | 370 | 326 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 280 | 213 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 354 | 286 | |
Kazakhstan Temir Zholy Finance B.V. 144A 6.950%, 7/10/42(1) | 215 | 212 | |
Masco Corp. 3.125%, 2/15/51 | 185 | 112 | |
Pentair Finance S.a.r.l. 5.900%, 7/15/32 | 285 | 269 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 140 | 125 | |
Sempra Global 144A 3.250%, 1/15/32(1) | 339 | 270 | |
Spirit AeroSystems, Inc. 144A 5.500%, 1/15/25(1) | 135 | 128 | |
TransDigm, Inc. 5.500%, 11/15/27 | 130 | 113 | |
3,713 | |||
Par Value | Value | ||
Information Technology—2.2% | |||
CDW LLC 3.569%, 12/1/31 | $ 532 | $ 414 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 25 | 22 | |
144A 6.500%, 10/15/28(1) | 165 | 140 | |
Dell International LLC 8.100%, 7/15/36 | 257 | 272 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 213 | 188 | |
HP, Inc. 5.500%, 1/15/33 | 355 | 315 | |
Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 198 | 145 | |
Leidos, Inc. 2.300%, 2/15/31 | 360 | 267 | |
Motorola Solutions, Inc. 4.600%, 5/23/29 | 285 | 262 | |
Oracle Corp. 3.850%, 4/1/60 | 60 | 36 | |
2,061 | |||
Materials—2.8% | |||
Albemarle Corp. 5.050%, 6/1/32 | 320 | 296 | |
Avient Corp. 144A 7.125%, 8/1/30(1) | 150 | 138 | |
Bayport Polymers LLC 144A 5.140%, 4/14/32(1) | 395 | 359 | |
Celanese U.S. Holdings LLC | |||
5.900%, 7/5/24 | 95 | 94 | |
6.165%, 7/15/27 | 80 | 76 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 180 | 177 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 280 | 243 | |
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 280 | 234 | |
Glencore Funding LLC 144A 2.850%, 4/27/31(1) | 190 | 147 | |
International Flavors & Fragrances, Inc. 144A 2.300%, 11/1/30(1) | 340 | 261 | |
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(1) | 290 | 234 | |
Suzano Austria GmbH 2.500%, 9/15/28 | 110 | 86 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 265 | 249 | |
2,594 | |||
Par Value | Value | ||
Real Estate—2.1% | |||
EPR Properties 4.750%, 12/15/26 | $ 335 | $ 298 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 136 | 127 | |
3.250%, 1/15/32 | 33 | 25 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 350 | 304 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 250 | 174 | |
Office Properties Income Trust 4.500%, 2/1/25 | 260 | 231 | |
Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(1) | 330 | 258 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 355 | 258 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 175 | 158 | |
5.125%, 5/15/32 | 175 | 155 | |
1,988 | |||
Utilities—1.0% | |||
Brooklyn Union Gas Co. (The) 144A 4.866%, 8/5/32(1) | 190 | 174 | |
Puget Energy, Inc. | |||
2.379%, 6/15/28 | 204 | 170 | |
4.224%, 3/15/32 | 158 | 137 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 359 | 291 | |
Vistra Corp. 144A 8.000% (1)(7) | 130 | 119 | |
891 | |||
Total Corporate Bonds and Notes (Identified Cost $33,785) | 28,797 | ||
Leveraged Loans—6.1% | |||
Aerospace—0.8% | |||
Air Canada (3 month LIBOR + 3.500%) 6.421%, 8/11/28(4) | 30 | 28 | |
Brown Group Holding LLC (1 month LIBOR + 2.500%) 5.615%, 6/7/28(4) | 212 | 202 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 6.460%, 10/20/27(4) | 120 | 120 |
Par Value | Value | ||
Aerospace—continued | |||
KKR Apple Bidco LLC (1 month LIBOR + 2.750%) 5.865%, 9/22/28(4) | $ 164 | $ 156 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 8.777%, 6/21/27(4) | 114 | 114 | |
TransDigm, Inc. Tranche E (3 month LIBOR + 2.250%) 5.924%, 5/30/25(4) | 122 | 117 | |
737 | |||
Chemicals—0.3% | |||
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 5.115%, 4/1/24(4) | 279 | 270 | |
Consumer Durables—0.1% | |||
Resideo Funding, Inc. Tranche B (2 month LIBOR + 2.250%) 4.890% - 5.365%, 2/11/28(4) | 123 | 119 | |
Energy—0.3% | |||
Citgo Petroleum Corp. 2019, Tranche B (1 month LIBOR + 6.250%) 9.365%, 3/28/24(4) | 75 | 74 | |
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 6.210%, 12/21/28(4) | 124 | 115 | |
Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%) 6.211%, 10/5/28(4) | 99 | 96 | |
285 | |||
Financials—0.3% | |||
Blackhawk Network Holdings, Inc. First Lien (1 month Term SOFR + 3.000%) 6.034%, 6/15/25(4) | 188 | 175 | |
Citadel Securities LP Tranche B (1 month Term SOFR + 3.114%) 6.149%, 2/2/28(4) | 71 | 70 | |
245 | |||
Par Value | Value | ||
Food / Tobacco—0.4% | |||
CHG PPC Parent LLC 2021-1 (1 month LIBOR + 3.000%) 6.125%, 12/8/28(4) | $ 194 | $ 185 | |
Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%) 5.056% - 5.365%, 8/3/25(4) | 186 | 180 | |
365 | |||
Forest Prod / Containers—0.2% | |||
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%) 4.178%, 7/1/26(4) | 149 | 144 | |
Gaming / Leisure—0.8% | |||
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.865%, 12/23/24(4) | 217 | 211 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.834%, 6/22/26(4) | 125 | 121 | |
PUG LLC Tranche B (1 month LIBOR + 3.500%) 6.615%, 2/12/27(4) | 81 | 71 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 5.617%, 4/4/29(4) | 40 | 37 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 5.906%, 4/13/29(4) | 65 | 63 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 5.370%, 2/8/27(4) | 123 | 117 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 5.520%, 4/29/26(4) | 123 | 118 | |
738 | |||
Health Care—0.4% | |||
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 5.375%, 1/4/26(4) | 64 | 62 |
Par Value | Value | ||
Health Care—continued | |||
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.871%, 11/16/25(4) | $ 154 | $ 143 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%) 5.634%, 4/20/29(4) | 175 | 171 | |
376 | |||
Housing—0.1% | |||
Standard Industries, Inc. (3 month LIBOR + 2.500%) 6.675%, 9/22/28(4) | 125 | 121 | |
Information Technology—0.9% | |||
Applied Systems, Inc. First Lien (3 month LIBOR + 3.000%) 6.674%, 9/19/24(4) | 318 | 310 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 1.250%) 4.365%, 9/21/28(4) | 124 | 120 | |
Sophia LP | |||
2022, Tranche B-1 (1 month Term SOFR + 4.000%) 7.034%, 10/7/27(4) | 55 | 53 | |
Tranche B (3 month LIBOR + 3.500%) 7.174%, 10/7/27(4) | 122 | 117 | |
Tenable, Inc. (3 month LIBOR + 2.750%) 5.556%, 7/7/28(4) | 124 | 118 | |
UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%) 5.535%, 5/4/26(4) | 123 | 116 | |
834 | |||
Manufacturing—0.3% | |||
Alliance Laundry Systems LLC Tranche B (1 month LIBOR + 3.500%) 5.955%, 10/8/27(4) | 124 | 119 |
Par Value | Value | ||
Manufacturing—continued | |||
NCR Corp. (3 month LIBOR + 2.500%) 5.310%, 8/28/26(4) | $ 109 | $ 104 | |
223 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 5.615%, 9/18/26(4) | 81 | 80 | |
Media / Telecom - Cable/Wireless Video—0.1% | |||
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 8.115%, 8/2/27(4) | 116 | 108 | |
Media / Telecom - Telecommunications—0.0% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 5.365%, 3/15/27(4) | 38 | 35 | |
Media / Telecom - Wireless Communications—0.2% | |||
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 4.870%, 4/11/25(4) | 222 | 215 | |
Service—0.5% | |||
Dun & Bradstreet Corp. (The) | |||
2022, Tranche B-2 (1 month Term SOFR + 3.250%) 6.282%, 1/18/29(4) | 15 | 14 | |
Tranche B (1 month LIBOR + 3.250%) 6.330%, 2/6/26(4) | 121 | 117 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 6.703%, 11/23/28(4) | 124 | 118 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.865%, 2/1/28(4) | 125 | 118 |
Par Value | Value | ||
Service—continued | |||
PODS LLC (1 month LIBOR + 3.000%) 6.115%, 3/31/28(4) | $ 127 | $ 120 | |
487 | |||
Transportation - Automotive—0.2% | |||
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 5.115%, 11/2/23(4) | 170 | 156 | |
Utilities—0.1% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 5.865%, 8/1/25(4) | 123 | 118 | |
Total Leveraged Loans (Identified Cost $5,876) | 5,656 |
Shares | ||
Preferred Stocks—0.8% | ||
Financials—0.5% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 106 (9) | 92 |
MetLife, Inc. Series D, 5.875%(6) | 108 (9) | 99 |
Truist Financial Corp. Series Q, 5.100% | 310 (9) | 275 |
466 | ||
Industrials—0.3% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 6.623%(4) | 351 (9) | 328 |
Total Preferred Stocks (Identified Cost $848) | 794 | |
Shares | Value | ||
Exchange-Traded Fund—0.6% | |||
iShares JP Morgan USD Emerging Markets Bond ETF(10) | 6,643 | $ 528 | |
Total Exchange-Traded Fund (Identified Cost $599) | 528 | ||
Total Long-Term Investments—107.7% (Identified Cost $115,103) | 100,377 | ||
Short-Term Investment—3.8% | |||
Money Market Mutual Fund—3.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(10) | 3,532,262 | 3,532 | |
Total Short-Term Investment (Identified Cost $3,532) | 3,532 | ||
Securities Lending Collateral—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(10)(11) | 187,195 | 187 | |
Total Securities Lending Collateral (Identified Cost $187) | 187 | ||
TOTAL INVESTMENTS—111.7% (Identified Cost $118,822) | $104,096 | ||
Other assets and liabilities, net—(11.7)% | (10,903) | ||
NET ASSETS—100.0% | $ 93,193 |
Abbreviations: | |
ABS | Asset-Backed Securities |
BAM | Build America Municipal Insured |
ETF | Exchange-Traded Fund |
GS | Goldman Sachs & Co. |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
NA | National Association |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | 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 September 30, 2022, these securities amounted to a value of $51,270 or 55.0% of net assets. |
(2) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(3) | Amount is less than $500. |
(4) | Variable rate security. Rate disclosed is as of September 30, 2022. 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. |
(5) | 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. |
(6) | All or a portion of security is on loan. |
(7) | No contractual maturity date. |
(8) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(9) | Value shown as par value. |
(10) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(11) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 94% |
Canada | 1 |
Mexico | 1 |
Bermuda | 1 |
Indonesia | 1 |
Netherlands | 1 |
United Kingdom | 1 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 12,162 | $ — | $12,162 | $ — | |||
Corporate Bonds and Notes | 28,797 | — | 28,797 | — | |||
Foreign Government Securities | 810 | — | 810 | — | |||
Leveraged Loans | 5,656 | — | 5,656 | — | |||
Mortgage-Backed Securities | 29,046 | — | 28,704 | 342 | |||
Municipal Bonds | 4,546 | — | 4,546 | — | |||
U.S. Government Securities | 18,038 | — | 18,038 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 794 | — | 794 | — | |||
Exchange-Traded Fund | 528 | 528 | — | — | |||
Money Market Mutual Fund | 3,532 | 3,532 | — | — | |||
Securities Lending Collateral | 187 | 187 | — | — | |||
Total Investments | $104,096 | $4,247 | $99,507 | $342 |
September 30, 2022
Par Value | Value | ||
Corporate Bonds and Notes—87.2% | |||
Communication Services—10.2% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | $ 200 | $ 127 | |
Altice France S.A. 144A 5.125%, 7/15/29(1) | 200 | 149 | |
CCO Holdings LLC | |||
144A 5.125%, 5/1/27(1) | 350 | 316 | |
144A 6.375%, 9/1/29(1) | 17 | 16 | |
144A 4.750%, 3/1/30(1) | 325 | 264 | |
Cogent Communications Group, Inc. 144A 7.000%, 6/15/27(1) | 305 | 287 | |
CommScope, Inc. 144A 4.750%, 9/1/29(1) | 100 | 82 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 280 | 209 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 135 | 120 | |
7.750%, 7/1/26 | 415 | 318 | |
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1) | 465 | 344 | |
Lumen Technologies, Inc. 5.625%, 4/1/25 | 295 | 286 | |
McGraw-Hill Education, Inc. | |||
144A 5.750%, 8/1/28(1) | 310 | 259 | |
144A 8.000%, 8/1/29(1) | 340 | 279 | |
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1) | 275 | 217 | |
Northwest Fiber LLC 144A 10.750%, 6/1/28(1) | 265 | 247 | |
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1) | 365 | 172 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 175 | 65 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 280 | 272 | |
Twitter, Inc. 144A 3.875%, 12/15/27(1) | 405 | 380 | |
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1) | 290 | 217 | |
4,626 | |||
Consumer Discretionary—14.4% | |||
Ashtead Capital, Inc. 144A 5.500%, 8/11/32(1) | 200 | 186 | |
At Home Group, Inc. | |||
144A 4.875%, 7/15/28(1) | 75 | 52 | |
144A 7.125%, 7/15/29(1) | 315 | 186 | |
Caesars Entertainment, Inc. | |||
144A 6.250%, 7/1/25(1) | 280 | 270 | |
144A 8.125%, 7/1/27(1) | 105 | 100 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 275 | 217 | |
Clarios Global LP 144A 8.500%, 5/15/27(1) | 255 | 243 | |
Dornoch Debt Merger Sub, Inc. 144A 6.625%, 10/15/29(1) | 310 | 224 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Ford Motor Co. | |||
3.250%, 2/12/32 | $ 266 | $ 192 | |
4.750%, 1/15/43 | 225 | 149 | |
Ford Motor Credit Co. LLC 4.125%, 8/17/27 | 200 | 172 | |
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1) | 280 | 240 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 310 | 265 | |
M/I Homes, Inc. 4.950%, 2/1/28 | 280 | 233 | |
Mclaren Finance plc 144A 7.500%, 8/1/26(1) | 365 | 293 | |
Metis Merger Sub LLC 144A 6.500%, 5/15/29(1) | 200 | 156 | |
Mohegan Gaming & Entertainment 144A 8.000%, 2/1/26(1) | 295 | 246 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 405 | 372 | |
Nordstrom, Inc. 4.250%, 8/1/31(2) | 395 | 271 | |
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1) | 365 | 253 | |
Raptor Acquisition Corp. 144A 4.875%, 11/1/26(1) | 315 | 271 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 15 | 15 | |
Scientific Games International, Inc. 144A 7.000%, 5/15/28(1) | 315 | 297 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 335 | 275 | |
Taylor Morrison Communities, Inc. 144A 5.125%, 8/1/30(1) | 340 | 274 | |
Tenneco, Inc. | |||
5.375%, 12/15/24 | 150 | 146 | |
144A 5.125%, 4/15/29(1) | 265 | 262 | |
Vista Outdoor, Inc. 144A 4.500%, 3/15/29(1) | 365 | 258 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 460 | 371 | |
6,489 | |||
Consumer Staples—2.7% | |||
Albertsons Cos., Inc. 144A 4.625%, 1/15/27(1) | 455 | 407 | |
H-Food Holdings LLC 144A 8.500%, 6/1/26(1) | 270 | 171 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 400 | 285 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 425 | 369 | |
1,232 | |||
Par Value | Value | ||
Energy—20.4% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | $ 410 | $ 399 | |
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1) | 340 | 309 | |
Antero Resources Corp. | |||
144A 7.625%, 2/1/29(1) | 51 | 51 | |
144A 5.375%, 3/1/30(1) | 100 | 90 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 310 | 298 | |
BP Capital Markets plc 4.875% (3) | 285 | 245 | |
Callon Petroleum Co. 144A 7.500%, 6/15/30(1) | 250 | 219 | |
Calumet Specialty Products Partners LP 144A 8.125%, 1/15/27(1) | 280 | 258 | |
Cheniere Energy, Inc. 4.625%, 10/15/28 | 175 | 160 | |
Chesapeake Energy Corp. | |||
144A 5.500%, 2/1/26(1) | 320 | 306 | |
144A 5.875%, 2/1/29(1) | 115 | 107 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 440 | 420 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 413 | 429 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 260 | 249 | |
144A 5.000%, 5/1/29(1) | 230 | 203 | |
DCP Midstream Operating LP 3.250%, 2/15/32 | 450 | 356 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 420 | 355 | |
Earthstone Energy Holdings LLC 144A 8.000%, 4/15/27(1) | 385 | 363 | |
Energy Transfer LP Series H 6.500% (3) | 420 | 366 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(1) | 81 | 75 | |
144A 7.500%, 6/1/30(1) | 145 | 137 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 280 | 245 | |
144A 6.000%, 2/1/31(1) | 195 | 169 | |
International Petroleum Corp. RegS, 144A 7.250%, 2/1/27(1)(4) | 300 | 272 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 335 | 321 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(5)(6) | 115 | 1 | |
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1) | 200 | 174 | |
Nabors Industries, Inc. 144A 9.000%, 2/1/25(1) | 135 | 134 | |
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | 210 | 196 |
Par Value | Value | ||
Energy—continued | |||
Occidental Petroleum Corp. | |||
6.625%, 9/1/30 | $ 360 | $ 365 | |
6.125%, 1/1/31 | 345 | 340 | |
Parsley Energy LLC 144A 4.125%, 2/15/28(1) | 175 | 159 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 300 | 272 | |
Targa Resources Partners LP 4.875%, 2/1/31 | 270 | 232 | |
Teine Energy Ltd. 144A 6.875%, 4/15/29(1) | 305 | 274 | |
Transocean, Inc. 144A 11.500%, 1/30/27(1) | 143 | 132 | |
USA Compression Partners LP 6.875%, 4/1/26 | 250 | 230 | |
Venture Global Calcasieu Pass LLC | |||
144A 3.875%, 8/15/29(1) | 30 | 26 | |
144A 4.125%, 8/15/31(1) | 360 | 299 | |
9,236 | |||
Financials—6.2% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 380 | 347 | |
Ally Financial, Inc. Series B 4.700% (3) | 255 | 199 | |
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | 375 | ���295 | |
Burford Capital Global Finance LLC 144A 6.250%, 4/15/28(1) | 295 | 259 | |
Cobra Acquisition Co. LLC 144A 6.375%, 11/1/29(1) | 280 | 195 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 485 | 391 | |
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | 600 | 513 | |
Navient Corp. | |||
5.875%, 10/25/24 | 185 | 175 | |
4.875%, 3/15/28 | 140 | 107 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 330 | 310 | |
2,791 | |||
Health Care—8.6% | |||
1375209 BC Ltd. 144A 9.000%, 1/30/28(1) | 29 | 29 | |
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 320 | 263 | |
Bausch Health Cos., Inc. | |||
144A 6.125%, 2/1/27(1) | 45 | 31 | |
144A 11.000%, 9/30/28(1) | 52 | 42 | |
144A 14.000%, 10/15/30(1) | 10 | 5 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 585 | 483 | |
Community Health Systems, Inc. | |||
144A 6.875%, 4/15/29(1) | 25 | 12 |
Par Value | Value | ||
Health Care—continued | |||
144A 6.125%, 4/1/30(1) | $ 235 | $ 111 | |
144A 5.250%, 5/15/30(1) | 285 | 198 | |
144A 4.750%, 2/15/31(1) | 160 | 108 | |
DaVita, Inc. 144A 3.750%, 2/15/31(1) | 320 | 228 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 295 | 228 | |
Endo Dac 144A 9.500%, 7/31/27(1)(6) | 50 | 7 | |
Lannett Co., Inc. 144A 7.750%, 4/15/26(1) | 105 | 29 | |
Legacy LifePoint Health LLC | |||
144A 6.750%, 4/15/25(1) | 5 | 5 | |
144A 4.375%, 2/15/27(1) | 285 | 236 | |
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 445 | 336 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(7) | 256 | 202 | |
Surgery Center Holdings, Inc. | |||
144A 6.750%, 7/1/25(1) | 180 | 166 | |
144A 10.000%, 4/15/27(1) | 130 | 126 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 310 | 230 | |
Tenet Healthcare Corp. | |||
144A 4.875%, 1/1/26(1) | 180 | 167 | |
144A 6.250%, 2/1/27(1) | 130 | 121 | |
144A 6.125%, 6/15/30(1) | 195 | 179 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
3.150%, 10/1/26 | 245 | 200 | |
5.125%, 5/9/29(2) | 200 | 163 | |
3,905 | |||
Industrials—7.6% | |||
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(1) | 380 | 339 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 180 | 141 | |
Boeing Co. (The) 5.930%, 5/1/60 | 381 | 326 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 150 | 122 | |
Fortress Transportation & Infrastructure Investors LLC | |||
144A 6.500%, 10/1/25(1) | 181 | 170 | |
144A 9.750%, 8/1/27(1) | 40 | 39 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 425 | 323 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 220 | 205 | |
5.250%, 5/15/27 | 280 | 245 | |
OT Merger Corp. 144A 7.875%, 10/15/29(1) | 140 | 95 | |
Pentair Finance S.a.r.l. 5.900%, 7/15/32 | 290 | 274 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 435 | 387 |
Par Value | Value | ||
Industrials—continued | |||
SRS Distribution, Inc. 144A 6.125%, 7/1/29(1) | $ 195 | $ 157 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1) | 295 | 233 | |
TransDigm, Inc. | |||
144A 6.250%, 3/15/26(1) | 115 | 111 | |
5.500%, 11/15/27 | 310 | 270 | |
3,437 | |||
Information Technology—3.3% | |||
Block, Inc. 3.500%, 6/1/31(2) | 335 | 260 | |
CDW LLC 3.569%, 12/1/31 | 290 | 226 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 60 | 53 | |
144A 6.500%, 10/15/28(1) | 230 | 195 | |
Entegris Escrow Corp. | |||
144A 4.750%, 4/15/29(1) | 320 | 282 | |
144A 5.950%, 6/15/30(1) | 230 | 210 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 200 | 163 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 110 | 85 | |
1,474 | |||
Materials—8.6% | |||
ARD Finance S.A. PIK 144A 6.500%, 6/30/27(1)(8) | 395 | 270 | |
Avient Corp. 144A 7.125%, 8/1/30(1) | 280 | 258 | |
Celanese U.S. Holdings LLC 6.165%, 7/15/27 | 160 | 151 | |
Cleveland-Cliffs, Inc. | |||
7.000%, 3/15/27 | 170 | 150 | |
144A 6.750%, 3/15/26(1) | 115 | 113 | |
Eldorado Gold Corp. 144A 6.250%, 9/1/29(1) | 405 | 308 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 410 | 357 | |
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 235 | 196 | |
LSB Industries, Inc. 144A 6.250%, 10/15/28(1) | 320 | 275 | |
Mauser Packaging Solutions Holding Co. 144A 7.250%, 4/15/25(1) | 455 | 400 | |
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1) | 390 | 329 | |
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | 460 | 366 | |
Trident TPI Holdings, Inc. | |||
144A 9.250%, 8/1/24(1) | 245 | 225 | |
144A 6.625%, 11/1/25(1) | 265 | 228 |
Par Value | Value | ||
Materials—continued | |||
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | $ 360 | $ 270 | |
3,896 | |||
Real Estate—3.2% | |||
GLP Capital LP 3.250%, 1/15/32 | 472 | 355 | |
Iron Mountain, Inc. 144A 4.500%, 2/15/31(1) | 345 | 267 | |
iStar, Inc. 4.250%, 8/1/25 | 290 | 281 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 465 | 324 | |
Service Properties Trust 4.375%, 2/15/30 | 335 | 220 | |
1,447 | |||
Utilities—2.0% | |||
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 305 | 268 | |
144A 5.875%, 4/1/29(1) | 90 | 74 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(1) | 240 | 211 | |
Vistra Corp. 144A 8.000% (1)(3) | 385 | 354 | |
907 | |||
Total Corporate Bonds and Notes (Identified Cost $46,218) | 39,440 | ||
Leveraged Loans—5.4% | |||
Consumer Non-Durables—0.3% | |||
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 7.115%, 6/30/24(9) | 160 | 148 | |
Energy—0.6% | |||
Citgo Petroleum Corp. 2019, Tranche B (1 month LIBOR + 6.250%) 9.365%, 3/28/24(9) | 83 | 83 | |
Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%) 5.950%, 9/27/24(9) | 206 | 201 | |
284 | |||
Forest Prod / Containers—0.3% | |||
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%) 8.259%, 2/12/26(9) | 152 | 128 |
Par Value | Value | ||
Gaming / Leisure—0.7% | |||
ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%) 10.615%, 5/1/28(9) | $ 114 | $ 112 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.870%, 4/29/24(9) | 231 | 223 | |
335 | |||
Health Care—0.1% | |||
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 6.325%, 3/31/27(9) | 88 | 22 | |
(3 month Term SOFR + 4.250%) 6.825%, 3/31/27(9) | 36 | 16 | |
(3 month Term SOFR + 7.875%) 10.531%, 3/31/27(9) | 10 | 10 | |
48 | |||
Information Technology—0.4% | |||
Infinite Bidco LLC Second Lien (3 month LIBOR + 7.000%) 10.674%, 3/2/29(9) | 175 | 164 | |
Manufacturing—0.7% | |||
Arcline FM Holdings LLC | |||
First Lien (1 month LIBOR + 4.750%) 8.392%, 6/23/28(9) | 148 | 137 | |
Second Lien (1 month LIBOR + 8.250%) 10.500%, 6/25/29(9) | 190 | 177 | |
314 | |||
Metals / Minerals—0.6% | |||
Peabody Energy Corp. Tranche B (1 month LIBOR + 2.750%) 5.834%, 3/31/25(9) | 273 | 259 | |
Service—0.6% | |||
Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%) 6.566%, 3/20/25(9) | 78 | 69 | |
Sweetwater Borrower LLC (1 month LIBOR + 4.250%) 7.375%, 8/7/28(9) | 197 | 180 | |
249 | |||
Transportation - Automotive—0.5% | |||
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 5.115%, 11/2/23(9) | 251 | 231 |
Par Value | Value | ||
Utilities—0.6% | |||
Lightstone Holdco LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 8.784%, 2/1/27(9) | $ 274 | $ 250 | |
Tranche C (1 month Term SOFR + 5.750%) 8.784%, 2/1/27(9) | 16 | 14 | |
264 | |||
Total Leveraged Loans (Identified Cost $2,591) | 2,424 |
Shares | ||
Preferred Stocks—1.5% | ||
Financials—0.9% | ||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 250 (10) | 218 |
Citigroup, Inc. Series T, 6.250% | 190 (10) | 182 |
400 | ||
Industrials—0.6% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 6.623%(9) | 290 (10) | 271 |
Total Preferred Stocks (Identified Cost $723) | 671 | |
Common Stocks—0.4% | ||
Consumer Discretionary—0.1% | ||
MYT Holding LLC Class B(5)(11) | 33,144 | 33 |
NMG Parent LLC(5)(11) | 116 | 20 |
53 | ||
Energy—0.3% | ||
Frontera Energy Corp.(11) | 182 | 1 |
QuarterNorth Energy Holding, Inc.(11) | 1,072 | 130 |
131 | ||
Total Common Stocks (Identified Cost $358) | 184 | |
Shares | Value | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(5)(11) | 8,563 | $ 10 | |
Total Rights (Identified Cost $7) | 10 | ||
Total Long-Term Investments—94.5% (Identified Cost $49,897) | 42,729 | ||
Short-Term Investments—3.9% | |||
Money Market Mutual Fund—1.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(12) | 606,743 | 607 | |
Total Money Market Mutual Fund (Identified Cost $607) | 607 |
Par Value | ||
U.S. Government Security—2.6% | ||
U.S. Treasury Bill 0.000%, 10/13/22(13) | $ 1,160 | 1,159 |
Total U.S. Government Security (Identified Cost $1,159) | 1,159 | |
Total Short-Term Investments (Identified Cost $1,766) | 1,766 |
Shares | Value | ||
Securities Lending Collateral—1.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(12)(14) | 463,150 | $ 463 | |
Total Securities Lending Collateral (Identified Cost $463) | 463 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $52,126) | $44,958 | ||
Other assets and liabilities, net—0.6% | 269 | ||
NET ASSETS—100.0% | $45,227 |
Abbreviations: | |
ACA | American Capital Access Financial Guarantee Corp. |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | 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 September 30, 2022, these securities amounted to a value of $30,340 or 67.1% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(4) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(5) | 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. |
(6) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(7) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(8) | 100% of the income received was in cash. |
(9) | Variable rate security. Rate disclosed is as of September 30, 2022. 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. |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
(14) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 87% |
Canada | 5 |
Luxembourg | 2 |
Netherlands | 2 |
Australia | 2 |
United Kingdom | 1 |
Germany | 1 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $39,440 | $ — | $39,439 | $ 1 | |||
Leveraged Loans | 2,424 | — | 2,424 | — | |||
U.S. Government Security | 1,159 | — | 1,159 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 671 | — | 671 | — | |||
Common Stocks | 184 | 1 | 130 | 53 | |||
Rights | 10 | — | — | 10 | |||
Money Market Mutual Fund | 607 | 607 | — | — | |||
Securities Lending Collateral | 463 | 463 | — | — | |||
Total Investments | $44,958 | $1,071 | $43,823 | $64 |
September 30, 2022
Par Value | Value | ||
U.S. Government Securities—7.8% | |||
U.S. Treasury Notes | |||
0.125%, 3/31/23 | $ 30,265 | $ 29,709 | |
0.125%, 4/30/23 | 5,595 | 5,470 | |
0.125%, 8/31/23 | 2,305 | 2,220 | |
2.500%, 4/30/24 | 6,095 | 5,925 | |
Total U.S. Government Securities (Identified Cost $43,885) | 43,324 | ||
Foreign Government Securities—0.4% | |||
Dominican Republic 144A 5.500%, 2/22/29(1) | 1,090 | 934 | |
Republic of Indonesia 144A 4.125%, 1/15/25(1) | 435 | 425 | |
Republic of South Africa 5.875%, 9/16/25 | 265 | 260 | |
State of Qatar Government International Bond 144A 3.400%, 4/16/25(1) | 300 | 290 | |
Total Foreign Government Securities (Identified Cost $2,124) | 1,909 | ||
Mortgage-Backed Securities—28.1% | |||
Agency—0.2% | |||
Federal National Mortgage Association | |||
Pool #AC3654 5.000%, 10/1/39 | 81 | 82 | |
Pool #AD3841 4.500%, 4/1/40 | 24 | 23 | |
Pool #AD6058 4.000%, 8/1/25 | 8 | 7 | |
Pool #AL7532 3.000%, 11/1/27 | 167 | 159 | |
Pool #AO5149 3.000%, 6/1/27 | 41 | 40 | |
Pool #AS5730 3.000%, 9/1/30 | 382 | 361 | |
Pool #MA0908 4.000%, 11/1/31 | 106 | 101 | |
Pool #MA3663 3.500%, 5/1/49 | 195 | 177 | |
Government National Mortgage Association | |||
Pool #345039 7.000%, 9/15/23 | — (2) | — (2) | |
Pool #780023 7.000%, 9/15/24 | — (2) | — (2) | |
950 | |||
Non-Agency—27.9% | |||
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(1)(3) | 487 | 451 | |
2021-A, A1 144A 1.065%, 9/25/65(1)(3) | 1,475 | 1,296 |
Par Value | Value | ||
Non-Agency—continued | |||
Aligned Data Centers Issuer LLC 2021-1A, A2 144A 1.937%, 8/15/46(1) | $ 1,840 | $ 1,569 | |
American Homes 4 Rent Trust | |||
2014-SFR3, A 144A 3.678%, 12/17/36(1) | 2,578 | 2,485 | |
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 173 | 165 | |
AMSR Trust | |||
2020-SFR1, A 144A 1.819%, 4/17/37(1) | 939 | 870 | |
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 940 | 871 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 2,400 | 2,151 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 1,010 | 852 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(1)(3) | 1,061 | 978 | |
2020-6, A1 144A 1.261%, 5/25/65(1)(3) | 241 | 209 | |
2020-R1, A2 144A 1.247%, 4/25/53(1)(3) | 873 | 821 | |
2021-2, A1 144A 0.985%, 4/25/66(1)(3) | 2,003 | 1,701 | |
2021-7, A1 144A 1.978%, 10/25/66(1)(3) | 991 | 822 | |
2021-8, A1 144A 1.820%, 11/25/66(1)(3) | 2,605 | 2,225 | |
2022-5, A1 144A 4.500%, 5/25/67(1)(3) | 1,480 | 1,413 | |
Angel Oak Mortgage Trust I LLC 2018-3, A1 144A 3.649%, 9/25/48(1)(3) | 45 | 45 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(1)(3) | 563 | 538 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(3) | 1,118 | 1,049 | |
2020-1, A1B 144A 2.100%, 3/25/55(1) | 1,017 | 964 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(3) | 1,036 | �� 886 | |
BPR Trust 2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 2/15/29(1)(3) | 755 | 733 | |
BRAVO Residential Funding Trust | |||
2021-A, A1 144A 1.991%, 10/25/59(1)(3) | 793 | 751 | |
2021-NQM3, A1 144A 1.699%, 4/25/60(1)(3) | 2,203 | 1,988 |
Par Value | Value | ||
Non-Agency—continued | |||
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(3) | $ 469 | $ 435 | |
BX Commercial Mortgage Trust 2019-XL, C (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 10/15/36(1)(3) | 880 | 853 | |
BX Trust | |||
2018-GW, B (1 month LIBOR + 1.020%, Cap N/A, Floor 1.020%) 144A 3.838%, 5/15/35(1)(3) | 1,265 | 1,208 | |
2019-OC11, B 144A 3.605%, 12/9/41(1) | 811 | 672 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(1) | 2,409 | 2,077 | |
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(1) | 870 | 773 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(3) | 234 | 198 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(3) | 411 | 362 | |
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%, Cap N/A, Floor 1.120%) 144A 3.938%, 6/15/34(1)(3) | 367 | 361 | |
Citigroup Commercial Mortgage Trust 2015-GC27, A4 2.878%, 2/10/48 | 927 | 880 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2014-A, A 144A 4.000%, 1/25/35(1)(3) | 97 | 92 | |
2015-PS1, A1 144A 3.750%, 9/25/42(1)(3) | 31 | 29 | |
2019-RP1, A1 144A 3.500%, 1/25/66(1)(3) | 1,204 | 1,140 | |
COLT Funding LLC 2021-3R, A1 144A 1.051%, 12/25/64(1)(3) | 1,133 | 996 | |
COLT Mortgage Loan Trust | |||
2022-1, A1 144A 2.284%, 12/27/66(1)(3) | 2,147 | 1,869 | |
2022-3, A1 144A 3.901%, 2/25/67(1)(3) | 2,048 | 1,867 | |
2022-4, A1 144A 4.301%, 3/25/67(1)(3) | 663 | 635 | |
2021-2R, A1 144A 0.798%, 7/27/54(1) | 401 | 355 |
Par Value | Value | ||
Non-Agency—continued | |||
COLT Mortgage Pass-Through Certificates | |||
2021-1R, A1 144A 0.857%, 5/25/65(1)(3) | $ 465 | $ 408 | |
2021-1R, A3 144A 1.421%, 5/25/65(1)(3) | 976 | 849 | |
COLT Trust 2020-RPL1, A1 144A 1.390%, 1/25/65(1)(3) | 883 | 760 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(1) | 1,035 | 934 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(1)(3) | 950 | 857 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(1) | 1,809 | 1,693 | |
2020-4, A 144A 1.174%, 12/15/52(1) | 1,398 | 1,232 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 3.798%, 5/15/36(1)(3) | 1,455 | 1,435 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(1)(3) | 774 | 743 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(1)(3) | 731 | 668 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(3) | 1,845 | 1,642 | |
2021-NQM1, A1 144A 0.809%, 5/25/65(1)(3) | 1,084 | 1,006 | |
2021-NQM2, A1 144A 1.179%, 2/25/66(1)(3) | 772 | 670 | |
2021-AFC1, A1 144A 0.830%, 3/25/56(1)(3) | 1,003 | 822 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(3) | 712 | 627 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(3) | 261 | 247 | |
2020-1, A1 144A 2.006%, 5/25/65(1)(3) | 196 | 189 | |
2020-2, A1 144A 1.178%, 10/25/65(1)(3) | 1,738 | 1,599 | |
2021-1, A2 144A 1.003%, 2/25/66(1)(3) | 584 | 490 | |
2021-2, A1 144A 0.931%, 6/25/66(1)(3) | 1,400 | 1,166 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(3) | 735 | 619 |
Par Value | Value | ||
Non-Agency—continued | |||
Extended Stay America Trust 2021-ESH, C (1 month LIBOR + 1.700%, Cap N/A, Floor 1.700%) 144A 4.518%, 7/15/38(1)(3) | $ 1,073 | $ 1,032 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 800 | 716 | |
2020-SFR2, A 144A 1.266%, 10/19/37(1) | 1,195 | 1,071 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 2,045 | 1,828 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 1,810 | 1,532 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(3) | 78 | 73 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(3) | 58 | 53 | |
2019-2, A52 144A 3.500%, 6/25/59(1)(3) | 417 | 393 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(3) | 103 | 98 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 3.618%, 2/15/38(1)(3) | 2,085 | 2,011 | |
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(3) | 1,426 | 1,192 | |
GS Mortgage-Backed Securities Trust 2020-NQM1, A3 144A 2.352%, 9/27/60(1)(3) | 211 | 194 | |
GSR Mortgage Loan Trust 2003-3F, 1A6 6.000%, 4/25/33 | 67 | 64 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1) | 1,070 | 1,025 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 5.334%, 8/15/37(1)(3) | 1,765 | 1,745 | |
JPMBB Commercial Mortgage Securities Trust | |||
2014-C18, AS 4.439%, 2/15/47(3) | 1,395 | 1,362 | |
2015-C32, AS 3.984%, 11/15/48 | 2,200 | 2,061 | |
JPMorgan Chase Mortgage Trust | |||
2006-A2, 4A1 3.651%, 8/25/34(3) | 26 | 26 |
Par Value | Value | ||
Non-Agency—continued | |||
2014-1, 2A12 144A 3.500%, 1/25/44(1)(3) | $ 114 | $ 106 | |
2014-2, 2A2 144A 3.500%, 6/25/29(1)(3) | 217 | 204 | |
2014-2, AM 144A 3.360%, 6/25/29(1)(3) | 308 | 287 | |
2015-1, AM1 144A 3.413%, 12/25/44(1)(3) | 60 | 58 | |
2015-5, A2 144A 3.586%, 5/25/45(1)(3) | 347 | 339 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(3) | 230 | 203 | |
2017-5, A1 144A 3.124%, 10/26/48(1)(3) | 401 | 386 | |
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A 3.818%, 12/15/37(1)(3) | 1,459 | 1,382 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 3.618%, 5/15/36(1)(3) | 1,040 | 1,023 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 9/25/26(1)(3) | 1,000 | 961 | |
MetLife Securitization Trust | |||
2018-1A, A 144A 3.750%, 3/25/57(1)(3) | 1,519 | 1,432 | |
2019-1A, A1A 144A 3.750%, 4/25/58(1)(3) | 2,192 | 2,145 | |
MFA Trust | |||
2020-NQM3, A1 144A 1.014%, 1/26/65(1)(3) | 901 | 824 | |
2021-INV1, A1 144A 0.852%, 1/25/56(1)(3) | 161 | 148 | |
Mill City Mortgage Loan Trust | |||
2017-3, M2 144A 3.250%, 1/25/61(1)(3) | 1,015 | 946 | |
2021-NMR1, A1 144A 1.125%, 11/25/60(1)(3) | 741 | 687 | |
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%, Cap N/A, Floor 0.700%) 144A 3.518%, 11/15/34(1)(3) | 1,380 | 1,371 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 3.721%, 6/25/44(1)(3) | 273 | 267 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(3) | 532 | 497 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(3) | 567 | 527 |
Par Value | Value | ||
Non-Agency—continued | |||
2016-1A, A1 144A 3.750%, 3/25/56(1)(3) | $ 314 | $ 292 | |
2016-3A, A1 144A 3.750%, 9/25/56(1)(3) | 325 | 301 | |
2016-4A, A1 144A 3.750%, 11/25/56(1)(3) | 1,414 | 1,312 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(3) | 912 | 866 | |
2019-NQM4, A1 144A 2.492%, 9/25/59(1)(3) | 252 | 231 | |
2020-1A, A1B 144A 3.500%, 10/25/59(1)(3) | 1,233 | 1,148 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(3) | 557 | 521 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(3) | 1,266 | 1,180 | |
2016-2A, A1 144A 3.750%, 11/26/35(1)(3) | 738 | 689 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(3) | 1,129 | 1,073 | |
NMLT Trust 2021-INV1, A1 144A 1.185%, 5/25/56(1)(3) | 1,371 | 1,164 | |
NYMT Loan Trust 2022-CP1, A1 144A 2.042%, 7/25/61(1) | 2,476 | 2,213 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(1)(3) | 57 | 55 | |
2021-NQM2, A1 144A 1.101%, 5/25/61(1)(3) | 948 | 778 | |
2018-1, A2 (1 month LIBOR + 0.650%) 144A 3.734%, 6/25/57(1)(3) | 117 | 113 | |
Preston Ridge Partners Mortgage LLC | |||
2020-6, A1 144A 2.363%, 11/25/25(1)(3) | 740 | 704 | |
2021-3, A1 144A 1.867%, 4/25/26(1)(3) | 520 | 474 | |
2021-RPL2, A1 144A 1.455%, 10/25/51(1)(3) | 612 | 544 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(3) | 1,267 | 1,168 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(3) | 1,060 | 1,004 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 685 | 649 | |
2021-SFR3, C 144A 2.088%, 5/17/26(1) | 500 | 429 | |
2021-SFR3, D 144A 2.288%, 5/17/26(1) | 1,010 | 861 | |
2021-SFR6, C 144A 1.855%, 7/17/38(1) | 725 | 616 | |
2020-SFR3, A 144A 1.294%, 10/17/27(1) | 344 | 309 |
Par Value | Value | ||
Non-Agency—continued | |||
2021-SFR1, C 144A 1.555%, 4/17/38(1) | $ 1,050 | $ 885 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(3) | 108 | 91 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(3) | 320 | 268 | |
RCO VI Mortgage LLC 2022-1, A1 144A 3.000%, 1/25/27(1)(3) | 772 | 724 | |
RCO VII Mortgage LLC 2021-2, A1 144A 2.116%, 9/25/26(1)(3) | 547 | 516 | |
Residential Mortgage Loan Trust | |||
2019-2, A1 144A 2.913%, 5/25/59(1)(3) | 46 | 45 | |
2020-1, A1 144A 2.376%, 1/26/60(1)(3) | 720 | 677 | |
Roc Mortgage Trust 2021-RTL1, A1 144A 2.487%, 8/25/26(1)(3) | 780 | 730 | |
SBA Tower Trust 144A 1.631%, 11/15/26(1) | 1,900 | 1,620 | |
SG Residential Mortgage Trust | |||
2019-3, A1 144A 2.703%, 9/25/59(1)(3) | 332 | 322 | |
2021-1, A1 144A 1.160%, 7/25/61(1)(3) | 1,089 | 888 | |
2021-1, A3 144A 1.560%, 7/25/61(1)(3) | 424 | 348 | |
STAR Trust 2021-1, A1 144A 1.219%, 5/25/65(1)(3) | 1,049 | 974 | |
Starwood Mortgage Residential Trust | |||
2020-1, A1 144A 2.275%, 2/25/50(1)(3) | 82 | 82 | |
2020-3, A1 144A 1.486%, 4/25/65(1)(3) | 263 | 253 | |
2021-3, A2 144A 1.395%, 6/25/56(1)(3) | 625 | 512 | |
2021-3, A3 144A 1.518%, 6/25/56(1)(3) | 314 | 256 | |
Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A 3.446%, 10/25/34(3) | 57 | 55 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(1)(3) | 1,375 | 1,357 | |
2016-2, M2 144A 3.000%, 8/25/55(1)(3) | 3,370 | 3,085 | |
2017-1, A2 144A 3.500%, 10/25/56(1)(3) | 2,355 | 2,262 | |
2018-2, A2 144A 3.500%, 3/25/58(1)(3) | 1,565 | 1,441 | |
2018-3, A1 144A 3.750%, 5/25/58(1)(3) | 828 | 794 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-6, A1A 144A 3.750%, 3/25/58(1)(3) | $ 1,157 | $ 1,136 | |
2019-1, A1 144A 3.692%, 3/25/58(1)(3) | 322 | 303 | |
2020-MH1, A2 144A 2.500%, 2/25/60(1)(3)(4) | 830 | 701 | |
2015-4, M1 144A 3.750%, 4/25/55(1)(3) | 126 | 126 | |
2018-4, A1 144A 3.000%, 6/25/58(1)(3) | 1,310 | 1,221 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(3) | 1,170 | 1,060 | |
Towd Point Trust 2021-HE1, M1 144A 1.500%, 2/25/63(1)(3) | 596 | 561 | |
VCAT Asset Securitization LLC 2021-NPL6, A1 144A 1.917%, 9/25/51(1)(3) | 1,241 | 1,154 | |
VCAT LLC 2021-NPL2, A1 144A 2.115%, 3/27/51(1)(3) | 778 | 735 | |
Velocity Commercial Capital Loan Trust 2020-1, AFX 144A 2.610%, 2/25/50(1)(3) | 613 | 570 | |
Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A 1.992%, 5/25/51(1)(3) | 348 | 317 | |
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A 1.893%, 2/27/51(1)(3) | 1,130 | 1,026 | |
Vericrest Opportunity Loan Trust XCIV LLC 2021-NPL3, A1 144A 2.240%, 2/27/51(1)(3) | 333 | 309 | |
Verus Securitization Trust | |||
2019-INV2, A1 144A 2.913%, 7/25/59(1)(3) | 818 | 805 | |
2021-2, A1 144A 1.031%, 2/25/66(1)(3) | 1,613 | 1,339 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(3) | 1,766 | 1,447 | |
2021-R3, A1 144A 1.020%, 4/25/64(1)(3) | 1,779 | 1,635 | |
2022-4, A1 144A 4.474%, 4/25/67(1)(3) | 883 | 842 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(3) | 3,155 | 3,064 | |
2020-1, A1 144A 2.417%, 1/25/60(1)(3) | 592 | 572 | |
2021-1, A1 144A 0.815%, 1/25/66(1)(3) | 607 | 523 | |
2021-R1, A1 144A 0.820%, 10/25/63(1)(3) | 1,125 | 1,027 | |
2021-R2, A1 144A 0.918%, 2/25/64(1)(3) | 299 | 274 |
Par Value | Value | ||
Non-Agency—continued | |||
Visio Trust | |||
2019-2, A1 144A 2.722%, 11/25/54(1)(3) | $ 2,913 | $ 2,661 | |
2021-1R, A1 144A 1.280%, 5/25/56(1) | 1,821 | 1,664 | |
Wells Fargo Commercial Mortgage Trust | |||
2014-C24, AS 3.931%, 11/15/47 | 1,690 | 1,612 | |
2015-P2, A3 3.541%, 12/15/48 | 1,427 | 1,351 | |
Wells Fargo Mortgage Backed Securities Trust | |||
2004-K, 1A2 3.615%, 7/25/34(3) | 40 | 40 | |
2004-U, A1 3.669%, 10/25/34(3) | 12 | 11 | |
2020-4, A1 144A 3.000%, 7/25/50(1)(3) | 282 | 235 | |
154,760 | |||
Total Mortgage-Backed Securities (Identified Cost $171,149) | 155,710 | ||
Asset-Backed Securities—36.3% | |||
Automobiles—18.8% | |||
ACC Auto Trust 2021-A, B 144A 1.790%, 4/15/27(1) | 1,835 | 1,751 | |
ACC Trust 2021-1, C 144A 2.080%, 12/20/24(1) | 1,785 | 1,739 | |
ACM Auto Trust | |||
2022-1A, A 144A 3.230%, 4/20/29(1) | 819 | 816 | |
2022-1A, B 144A 4.470%, 4/20/29(1) | 1,390 | 1,378 | |
American Credit Acceptance Receivables Trust | |||
2021-1, C 144A 0.830%, 3/15/27(1) | 1,663 | 1,637 | |
2021-3, C 144A 0.980%, 11/15/27(1) | 1,840 | 1,779 | |
2022-1, D 144A 2.460%, 3/13/28(1) | 2,370 | 2,157 | |
AmeriCredit Automobile Receivables Trust 2018-1, D 3.820%, 3/18/24 | 893 | 893 | |
Arivo Acceptance Auto Loan Receivables Trust 2021-1A, A 144A 1.190%, 1/15/27(1) | 506 | 487 |
Par Value | Value | ||
Automobiles—continued | |||
Avid Automobile Receivables Trust 2021-1, D 144A 1.990%, 4/17/28(1) | $ 400 | $ 359 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(1) | 1,475 | 1,357 | |
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(1) | 400 | 357 | |
(AESOP) 2021-1A, A 144A 1.380%, 8/20/27(1) | 1,750 | 1,507 | |
CarMax Auto Owner Trust 2019-1, C 3.740%, 1/15/25 | 915 | 913 | |
CarNow Auto Receivables Trust | |||
2020-1A, C 144A 3.840%, 9/16/24(1) | 463 | 461 | |
2021-1A, B 144A 1.380%, 2/17/26(1) | 2,750 | 2,724 | |
2021-2A, B 144A 1.300%, 1/15/26(1) | 1,970 | 1,926 | |
Carvana Auto Receivables Trust | |||
2019-2A, D 144A 3.280%, 1/15/25(1) | 382 | 380 | |
2019-3A, D 144A 3.040%, 4/15/25(1) | 1,445 | 1,432 | |
2019-3A, E 144A 4.600%, 7/15/26(1) | 1,445 | 1,381 | |
2020-N1A, D 144A 3.430%, 1/15/26(1) | 1,270 | 1,242 | |
2020-P1, B 0.920%, 11/9/26 | 1,340 | 1,217 | |
2021-N1, C 1.300%, 1/10/28 | 712 | 675 | |
2021-N2, C 1.070%, 3/10/28 | 1,255 | 1,196 | |
2021-N3, D 1.580%, 6/12/28 | 1,490 | 1,375 | |
2022-N1, C 144A 3.320%, 12/11/28(1) | 1,825 | 1,760 | |
CIG Auto Receivables Trust 2021-1A, D 144A 2.110%, 4/12/27(1) | 1,985 | 1,831 | |
CPS Auto Receivables Trust | |||
2018-C, D 144A 4.400%, 6/17/24(1) | 86 | 86 | |
2018-D, D 144A 4.340%, 9/16/24(1) | 226 | 226 | |
2019-D, E 144A 3.860%, 10/15/25(1) | 1,900 | 1,855 | |
2020-A, C 144A 2.540%, 12/15/25(1) | 68 | 68 |
Par Value | Value | ||
Automobiles—continued | |||
2020-C, C 144A 1.710%, 8/17/26(1) | $ 660 | $ 656 | |
2021-A, B 144A 0.610%, 2/18/25(1) | 150 | 150 | |
Credit Acceptance Auto Loan Trust | |||
2019-3A, B 144A 2.860%, 1/16/29(1) | 1,163 | 1,160 | |
2022-1A, A 144A 4.600%, 6/15/32(1) | 1,520 | 1,482 | |
Drive Auto Receivables Trust | |||
2018-4, D 4.090%, 1/15/26 | 68 | 68 | |
2019-3, C 2.900%, 8/15/25 | 170 | 170 | |
2019-4, C 2.510%, 11/17/25 | 60 | 60 | |
DT Auto Owner Trust | |||
2019-4A, C 144A 2.730%, 7/15/25(1) | 300 | 299 | |
2020-2A, C 144A 3.280%, 3/16/26(1) | 1,335 | 1,320 | |
2021-2A, C 144A 1.100%, 2/16/27(1) | 2,015 | 1,920 | |
Exeter Automobile Receivables Trust | |||
2019-2A, E 144A 4.680%, 5/15/26(1) | 1,605 | 1,589 | |
2020-1A, D 144A 2.730%, 12/15/25(1) | 1,225 | 1,206 | |
2020-3A, E 144A 3.440%, 8/17/26(1) | 1,985 | 1,891 | |
2022-3A, C 5.300%, 9/15/27 | 895 | 876 | |
2018-4A, D 144A 4.350%, 9/16/24(1) | 520 | 519 | |
FHF Trust 2020-1A, A 144A 2.590%, 12/15/23(1) | 8 | 8 | |
First Investors Auto Owner Trust | |||
2019-1A, C 144A 3.260%, 3/17/25(1) | 143 | 143 | |
2021-1A, B 144A 0.890%, 3/15/27(1) | 2,150 | 2,072 | |
2021-1A, C 144A 1.170%, 3/15/27(1) | 1,895 | 1,782 | |
2021-2A, C 144A 1.470%, 11/15/27(1) | 1,845 | 1,656 | |
Flagship Credit Auto Trust | |||
2019-2, C 144A 3.090%, 5/15/25(1) | 793 | 788 | |
2020-1, C 144A 2.240%, 1/15/26(1) | 1,490 | 1,460 | |
2020-3, C 144A 1.730%, 9/15/26(1) | 1,205 | 1,151 |
Par Value | Value | ||
Automobiles—continued | |||
Foursight Capital Automobile Receivables Trust | |||
2019-1, E 144A 4.300%, 9/15/25(1) | $ 1,290 | $ 1,284 | |
2021-2, C 144A 1.570%, 7/15/27(1) | 2,200 | 2,035 | |
2022-1, B 144A 2.150%, 5/17/27(1) | 1,610 | 1,479 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, B 144A 2.780%, 9/16/24(1) | 246 | 246 | |
2019-4A, D 144A 4.090%, 8/17/26(1) | 2,070 | 1,984 | |
2020-2A, B 144A 3.160%, 6/16/25(1) | 1,096 | 1,091 | |
2020-4A, C 144A 1.140%, 11/17/25(1) | 1,615 | 1,582 | |
2021-3A, C 144A 1.110%, 9/15/26(1) | 1,055 | 983 | |
2022-2A, C 144A 5.300%, 4/17/28(1) | 1,825 | 1,787 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 1,775 | 1,744 | |
Hertz Vehicle Financing III LLC 2022-1A, C 144A 2.630%, 6/25/26(1) | 2,415 | 2,158 | |
LAD Auto Receivables Trust | |||
2021-1A, D 144A 3.990%, 11/15/29(1) | 2,000 | 1,801 | |
2022-1A, A 144A 5.210%, 6/15/27(1) | 1,130 | 1,116 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(1) | 1,468 | 1,430 | |
OneMain Direct Auto Receivables Trust | |||
2021-1A, B 144A 1.260%, 7/14/28(1) | 2,110 | 1,877 | |
2022-1A, C 144A 5.310%, 6/14/29(1) | 1,210 | 1,167 | |
Santander Consumer Auto Receivables Trust 2021-AA, C 144A 1.030%, 11/16/26(1) | 590 | 538 | |
Santander Drive Auto Receivables Trust | |||
2021-3, C 0.950%, 9/15/27 | 2,200 | 2,125 | |
2022-5, C 4.740%, | 1,155 | 1,124 | |
Tesla Auto Lease Trust 2020-A, C 144A 1.680%, 2/20/24(1) | 1,205 | 1,186 | |
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(1) | 1,469 | 1,454 |
Par Value | Value | ||
Automobiles—continued | |||
Tricolor Auto Securitization Trust 2022-1A, C 144A 4.710%, 8/15/25(1) | $ 1,725 | $ 1,683 | |
U.S. Auto Funding 2021-1A, B 144A 1.490%, 3/17/25(1) | 2,210 | 2,145 | |
United Auto Credit Securitization Trust | |||
2021-1, C 144A 0.840%, 6/10/26(1) | 2,005 | 1,980 | |
2021-1, D 144A 1.140%, 6/10/26(1) | 1,840 | 1,761 | |
Veros Auto Receivables Trust 2021-1, B 144A 1.490%, 10/15/26(1) | 2,345 | 2,231 | |
Westlake Automobile Receivables Trust | |||
2020-3A, C 144A 1.240%, 11/17/25(1) | 1,275 | 1,241 | |
2021-3A, D 144A 2.120%, 1/15/27(1) | 2,015 | 1,821 | |
2022-1A, B 144A 2.750%, 3/15/27(1) | 1,825 | 1,764 | |
104,208 | |||
Collateralized Loan Obligations—0.4% | |||
GoldentTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%, Cap N/A, Floor 1.070%) 144A 3.780%, 1/20/33(1)(3) | 1,435 | 1,396 | |
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A 3.610%, 4/20/29(1)(3) | 848 | 835 | |
2,231 | |||
Consumer Loans—2.7% | |||
Affirm Asset Securitization Trust 2021-A, A 144A 0.880%, 8/15/25(1) | 1,614 | 1,604 | |
CFMT Issuer Trust 2021-GRN1, A 144A 1.100%, 3/20/41(1) | 821 | 759 | |
Lendingpoint Asset Securitization Trust | |||
2021-A, A 144A 1.000%, 12/15/28(1) | 184 | 184 | |
2021-B, A 144A 1.110%, 2/15/29(1) | 636 | 625 | |
2022-A, B 144A 2.410%, 6/15/29(1) | 2,010 | 1,922 | |
Marlette Funding Trust 2021-1A, B 144A 1.000%, 6/16/31(1) | 1,683 | 1,655 |
Par Value | Value | ||
Consumer Loans—continued | |||
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | $ 1,970 | $ 1,739 | |
Regional Management Issuance Trust 2021-1, A 144A 1.680%, 3/17/31(1) | 1,815 | 1,623 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 1,020 | 963 | |
Upstart Securitization Trust | |||
2021-1, A 144A 0.870%, 3/20/31(1) | 182 | 180 | |
2021-2, B 144A 1.750%, 6/20/31(1) | 1,730 | 1,645 | |
2021-3, B 144A 1.660%, 7/20/31(1) | 2,430 | 2,238 | |
15,137 | |||
Credit Card—1.3% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1) | 1,875 | 1,700 | |
Genesis Sales Finance Master Trust | |||
2020-AA, A 144A 1.650%, 9/22/25(1) | 1,325 | 1,296 | |
2021-AA, A 144A 1.200%, 12/21/26(1) | 700 | 653 | |
Mercury Financial Credit Card Master Trust 2021-1A, A 144A 1.540%, 3/20/26(1) | 1,620 | 1,539 | |
Mission Lane Credit Card Master Trust 2021-A, A 144A 1.590%, 9/15/26(1) | 2,310 | 2,228 | |
7,416 | |||
Equipment—1.4% | |||
CLI Funding VI LLC 2020-1A, A 144A 2.080%, 9/18/45(1) | 1,859 | 1,614 | |
Encina Equipment Finance LLC 2022-1A, B 144A 5.150%, 1/16/29(1) | 1,210 | 1,167 | |
NMEF Funding LLC | |||
2019-A, B 144A 3.060%, 8/17/26(1) | 154 | 154 | |
2021-A, B 144A 1.850%, 12/15/27(1) | 3,160 | 2,964 | |
Pawnee Equipment Receivables Series LLC | |||
2019-1, B 144A 2.520%, 10/15/24(1) | 1,365 | 1,354 |
Par Value | Value | ||
Equipment—continued | |||
2020-1, A 144A 1.370%, 11/17/25(1) | $ 209 | $ 206 | |
7,459 | |||
Other—11.4% | |||
Accelerated LLC 2021-1H, A 144A 1.350%, 10/20/40(1) | 1,265 | 1,153 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 113 | 112 | |
2019-A, A 144A 3.140%, 7/16/40(1) | 474 | 449 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 2,165 | 1,981 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 1,355 | 1,232 | |
2021-A, A 144A 1.540%, 7/17/46(1) | 1,810 | 1,639 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 1,805 | 1,528 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(1) | 388 | 379 | |
BHG Securitization Trust | |||
2021-A, A 144A 1.420%, 11/17/33(1) | 1,226 | 1,140 | |
2021-B, B 144A 1.670%, 10/17/34(1) | 1,495 | 1,301 | |
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1) | 173 | 167 | |
BXG Receivables Note Trust | |||
2015-A, A 144A 2.880%, 5/2/30(1) | 48 | 46 | |
2020-A, B 144A 2.490%, 2/28/36(1) | 715 | 650 | |
2022-A, A 144A 4.120%, 9/28/37(1) | 1,150 | 1,084 | |
CCG Receivables Trust | |||
2019-2, B 144A 2.550%, 3/15/27(1) | 1,720 | 1,697 | |
2021-1, C 144A 0.840%, 6/14/27(1) | 1,510 | 1,402 | |
Commercial Equipment Finance LLC 2021-A, A 144A 2.050%, 2/16/27(1) | 740 | 708 | |
Conn’s Receivables Funding LLC 2021-A, B 144A 2.870%, 5/15/26(1) | 2,000 | 1,951 | |
Crossroads Asset Trust 2021-A, B 144A 1.120%, 6/20/25(1) | 1,350 | 1,307 | |
Dext ABS LLC | |||
2020-1, A 144A 1.460%, 2/16/27(1) | 994 | 978 |
Par Value | Value | ||
Other—continued | |||
2020-1, B 144A 1.920%, 11/15/27(1) | $ 2,385 | $ 2,276 | |
Diamond Resorts Owner Trust | |||
2019-1A, B 144A 3.530%, 2/20/32(1) | 586 | 569 | |
2021-1A, A 144A 1.510%, 11/21/33(1) | 953 | 867 | |
Foundation Finance Trust 2019-1A, A 144A 3.860%, 11/15/34(1) | 573 | 562 | |
FREED ABS Trust 2022-1FP, C 144A 2.510%, 3/19/29(1) | 1,205 | 1,119 | |
GCI Funding I LLC 2021-1, A 144A 2.380%, 6/18/46(1) | 1,250 | 1,067 | |
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1) | 15 | 15 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 1,926 | 1,653 | |
Hilton Grand Vacations Trust | |||
2017-AA, A 144A 2.660%, 12/26/28(1) | 125 | 123 | |
2018-AA, A 144A 3.540%, 2/25/32(1) | 335 | 325 | |
2020-AA, A 144A 2.740%, 2/25/39(1) | 489 | 459 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 1,167 | 1,069 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 2,193 | 1,988 | |
LL ABS Trust 2021-1A, A 144A 1.070%, 5/15/29(1) | 834 | 800 | |
Mariner Finance Issuance Trust | |||
2019-AA, A 144A 2.960%, 7/20/32(1) | 836 | 821 | |
2020-AA, A 144A 2.190%, 8/21/34(1) | 1,090 | 1,052 | |
MVW LLC | |||
2020-1A, A 144A 1.740%, 10/20/37(1) | 1,592 | 1,443 | |
2021-1WA, B 144A 1.440%, 1/22/41(1) | 883 | 804 | |
MVW Owner Trust | |||
2016-1A, A 144A 2.250%, 12/20/33(1) | 172 | 172 | |
2019-1A, A 144A 2.890%, 11/20/36(1) | 348 | 329 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 1,926 | 1,641 | |
NMEF Funding LLC 2022-A, B 144A 3.350%, 10/16/28(1) | 1,480 | 1,368 |
Par Value | Value | ||
Other—continued | |||
Oasis Securitization Funding LLC | |||
2021-1A, A 144A 2.579%, 2/15/33(1) | $ 443 | $ 437 | |
2021-2A, A 144A 2.143%, 10/15/33(1) | 1,121 | 1,089 | |
Octane Receivables Trust | |||
2019-1A, C 144A 4.740%, 6/20/25(1) | 1,715 | 1,691 | |
2020-1A, B 144A 1.980%, 6/20/25(1) | 1,825 | 1,763 | |
2021-1A, A 144A 0.930%, 3/22/27(1) | 885 | 855 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 388 | 364 | |
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 1,460 | 1,404 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 1,858 | 1,749 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(1) | 2,015 | 1,924 | |
Sierra Timeshare Receivables Funding LLC | |||
2018-2A, A 144A 3.500%, 6/20/35(1) | 132 | 130 | |
2019-1A, B 144A 3.420%, 1/20/36(1) | 226 | 219 | |
2019-2A, B 144A 2.820%, 5/20/36(1) | 229 | 220 | |
2020-2A, B 144A 2.320%, 7/20/37(1) | 803 | 757 | |
2022-2A, C 144A 6.360%, 6/20/40(1) | 781 | 758 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1) | 659 | 634 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 1,921 | 1,639 | |
VFI ABS LLC 2022-1A, B 144A 3.040%, 7/24/28(1) | 2,443 | 2,291 | |
Westgate Resorts LLC | |||
2020-1A, A 144A 2.713%, 3/20/34(1) | 572 | 557 | |
2022-1A, B 144A 2.288%, 8/20/36(1) | 1,319 | 1,242 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 2,371 | 1,938 | |
63,087 | |||
Par Value | Value | ||
Student Loan—0.3% | |||
Commonbond Student Loan Trust | |||
2017-AGS, A1 144A 2.550%, 5/25/41(1) | $ 113 | $ 111 | |
2019-AGS, A1 144A 2.540%, 1/25/47(1) | 442 | 405 | |
2020-1, A 144A 1.690%, 10/25/51(1) | 316 | 272 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1) | 187 | 184 | |
Navient Private Education Refi Loan Trust 2021-A, A 144A 0.840%, 5/15/69(1) | 833 | 733 | |
1,705 | |||
Total Asset-Backed Securities (Identified Cost $213,387) | 201,243 | ||
Corporate Bonds and Notes—18.9% | |||
Communication Services—1.0% | |||
AT&T, Inc. (3 month LIBOR + 0.890%) 3.795%, 2/15/23(3) | 475 | 475 | |
CCO Holdings LLC 144A 6.375%, 9/1/29(1) | 216 | 198 | |
CommScope, Inc. 144A 4.750%, 9/1/29(1) | 1,535 | 1,252 | |
Level 3 Financing, Inc. 144A 4.625%, 9/15/27(1) | 595 | 492 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(1) | 150 | 148 | |
T-Mobile USA, Inc. | |||
3.750%, 4/15/27 | 370 | 342 | |
2.050%, 2/15/28 | 1,100 | 913 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 900 | 875 | |
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 4.005%, 5/15/25(3) | 636 | 639 | |
5,334 | |||
Consumer Discretionary—0.3% | |||
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(1) | 1,600 | 1,468 | |
Consumer Staples—0.6% | |||
Albertsons Cos., Inc. 144A 3.250%, 3/15/26(1) | 770 | 676 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(1) | 1,170 | 1,093 |
Par Value | Value | ||
Consumer Staples—continued | |||
BAT Capital Corp. 2.259%, 3/25/28 | $ 1,565 | $ 1,245 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 495 | 426 | |
3,440 | |||
Energy—1.8% | |||
Aker BP ASA | |||
144A 2.875%, 1/15/26(1) | 755 | 686 | |
144A 2.000%, 7/15/26(1) | 1,075 | 927 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 955 | 945 | |
BP Capital Markets plc 4.875% (5) | 1,115 | 959 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 1,120 | 1,072 | |
Enbridge, Inc. 7.375%, 1/15/83 | 1,515 | 1,459 | |
Energy Transfer LP 4.200%, 4/15/27 | 690 | 638 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(1) | 403 | 373 | |
144A 7.500%, 6/1/27(1) | 5 | 5 | |
Kinder Morgan, Inc. 3.150%, 1/15/23 | 1,005 | 1,000 | |
NGPL PipeCo LLC 144A 4.875%, 8/15/27(1) | 954 | 889 | |
Petroleos Mexicanos 6.500%, 3/13/27 | 1,215 | 1,017 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1) | 147 | 138 | |
10,108 | |||
Financials—7.2% | |||
AerCap Ireland Capital DAC | |||
2.875%, 8/14/24 | 570 | 536 | |
2.450%, 10/29/26 | 760 | 641 | |
3.000%, 10/29/28 | 150 | 120 | |
Series 3NC1 1.750%, 10/29/24 | 570 | 518 | |
Banco Santander Chile 144A 2.700%, 1/10/25(1) | 950 | 883 | |
Bank of America Corp. | |||
1.734%, 7/22/27 | 4,075 | 3,496 | |
2.551%, 2/4/28 | 719 | 626 | |
(3 month LIBOR + 0.770%) 3.602%, 2/5/26(3) | 840 | 825 | |
Blackstone Private Credit Fund | |||
2.625%, 12/15/26 | 744 | 611 | |
4.000%, 1/15/29 | 415 | 332 |
Par Value | Value | ||
Financials—continued | |||
Brookfield Finance, Inc. 3.900%, 1/25/28 | $ 1,580 | $ 1,423 | |
Charles Schwab Corp. (The) | |||
Series G 5.375%(5) | 275 | 267 | |
Series H 4.000%(5) | 945 | 694 | |
Citadel Finance LLC 144A 3.375%, 3/9/26(1) | 1,190 | 1,050 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 189 | 176 | |
Citigroup, Inc. | |||
3.200%, 10/21/26 | 1,885 | 1,727 | |
(3 month LIBOR + 1.250%) 4.993%, 7/1/26(3) | 1,080 | 1,075 | |
(SOFR + 1.280%) 4.039%, 2/24/28(3) | 962 | 924 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 939 | 859 | |
Danske Bank A/S | |||
144A 3.773%, 3/28/25(1) | 500 | 481 | |
144A 1.621%, 9/11/26(1) | 673 | 583 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 1,430 | 1,298 | |
F&G Global Funding 144A 1.750%, 6/30/26(1) | 1,465 | 1,275 | |
Goldman Sachs Group, Inc. (The) | |||
3.850%, 1/26/27 | 1,000 | 929 | |
(3 month LIBOR + 1.170%) 4.075%, 5/15/26(3) | 475 | 471 | |
(3 month LIBOR + 1.750%) 4.543%, 10/28/27(3)(6) | 2,880 | 2,863 | |
JPMorgan Chase & Co. | |||
1.578%, 4/22/27 | 1,680 | 1,450 | |
(SOFR + 1.180%) 3.922%, 2/24/28(3) | 1,500 | 1,442 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 1,200 | �� | 966 |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 1,385 | 1,070 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.750%, 4/20/67(3) | 1,715 | 1,295 | |
Morgan Stanley | |||
4.100%, 5/22/23 | 730 | 728 | |
2.475%, 1/21/28 | 1,016 | 888 |
Par Value | Value | ||
Financials—continued | |||
Navient Corp. 5.875%, 10/25/24 | $ 1,130 | $ 1,071 | |
OWL Rock Core Income Corp. 5.500%, 3/21/25 | 500 | 470 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 1,948 | 1,919 | |
6.000%, 9/1/52 | 260 | 243 | |
Spirit Realty LP 4.450%, 9/15/26 | 619 | 590 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 1,020 | 879 | |
Wells Fargo & Co. | |||
1.654%, 6/2/24 | 925 | 903 | |
(3 month LIBOR + 1.230%) 4.036%, 10/31/23(3) | 1,175 | 1,175 | |
39,772 | |||
Health Care—1.2% | |||
Bio-Rad Laboratories, Inc. 3.300%, 3/15/27 | 1,054 | 957 | |
HCA, Inc. 5.375%, 2/1/25 | 570 | 563 | |
Royalty Pharma plc | |||
1.200%, 9/2/25 | 190 | 168 | |
1.750%, 9/2/27 | 2,135 | 1,764 | |
Universal Health Services, Inc. 144A 1.650%, 9/1/26(1) | 1,825 | 1,529 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 273 | 249 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 1,441 | 1,177 | |
144A 2.300%, 6/22/27(1) | — (2) | — (2) | |
6,407 | |||
Industrials—1.3% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1) | 1,404 | 1,325 | |
Boeing Co. (The) | |||
4.875%, 5/1/25 | 335 | 327 | |
5.040%, 5/1/27 | 507 | 488 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(1) | 1,519 | 1,234 | |
GFL Environmental, Inc. 144A 3.750%, 8/1/25(1) | 1,650 | 1,510 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 1,948 | 1,576 |
Par Value | Value | ||
Industrials—continued | |||
Spirit AeroSystems, Inc. 144A 5.500%, 1/15/25(1) | $ 875 | $ 827 | |
7,287 | |||
Information Technology—1.7% | |||
CDW LLC | |||
2.670%, 12/1/26 | 793 | 688 | |
3.276%, 12/1/28 | 792 | 661 | |
Dell International LLC 4.900%, 10/1/26 | 1,040 | 1,002 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 2,068 | 1,822 | |
Kyndryl Holdings, Inc. | |||
2.050%, 10/15/26 | 802 | 644 | |
2.700%, 10/15/28 | 782 | 572 | |
Open Text Corp. 144A 3.875%, 2/15/28(1) | 900 | 744 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(1) | 1,940 | 1,675 | |
TD SYNNEX Corp. | |||
1.750%, 8/9/26 | 1,132 | 962 | |
2.375%, 8/9/28 | 755 | 609 | |
9,379 | |||
Materials—1.9% | |||
Anglo American Capital plc 144A 2.250%, 3/17/28(1) | 1,040 | 847 | |
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(1) | 1,125 | 937 | |
Bayport Polymers LLC 144A 4.743%, 4/14/27(1) | 1,755 | 1,626 | |
Celanese U.S. Holdings LLC | |||
5.900%, 7/5/24 | 650 | 641 | |
6.050%, 3/15/25 | 585 | 572 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 1,280 | 1,113 | |
Glencore Funding LLC 144A 1.625%, 9/1/25(1) | 1,875 | 1,687 | |
International Flavors & Fragrances, Inc. 144A 1.832%, 10/15/27(1) | 1,393 | 1,141 | |
Silgan Holdings, Inc. 144A 1.400%, 4/1/26(1) | 1,813 | 1,548 | |
Suzano Austria GmbH 2.500%, 9/15/28 | 560 | 436 | |
10,548 | |||
Real Estate—1.1% | |||
EPR Properties 4.950%, 4/15/28 | 1,105 | 951 | |
GLP Capital LP 5.250%, 6/1/25 | 1,615 | 1,561 | |
Office Properties Income Trust | |||
4.500%, 2/1/25 | 930 | 827 |
Par Value | Value | ||
Real Estate—continued | |||
2.650%, 6/15/26 | $ 373 | $ 280 | |
Retail Opportunity Investments Partnership LP 5.000%, 12/15/23 | 1,645 | 1,628 | |
Service Properties Trust | |||
4.650%, 3/15/24 | 520 | 481 | |
4.350%, 10/1/24 | 550 | 487 | |
VICI Properties LP 144A 4.625%, 6/15/25(1) | 170 | 160 | |
6,375 | |||
Utilities—0.8% | |||
DPL, Inc. 4.125%, 7/1/25 | 147 | 135 | |
FirstEnergy Transmission LLC 144A 2.866%, 9/15/28(1) | 837 | 711 | |
NRG Energy, Inc. 144A 3.750%, 6/15/24(1) | 1,161 | 1,116 | |
Puget Energy, Inc. 2.379%, 6/15/28 | 1,068 | 889 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 1,800 | 1,460 | |
4,311 | |||
Total Corporate Bonds and Notes (Identified Cost $118,060) | 104,429 | ||
Leveraged Loans—6.1% | |||
Aerospace—0.7% | |||
Air Canada (3 month LIBOR + 3.500%) 6.421%, 8/11/28(3) | 193 | 184 | |
Brown Group Holding LLC (1 month LIBOR + 2.500%) 5.615%, 6/7/28(3) | 1,017 | 964 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 6.460%, 10/20/27(3) | 605 | 606 | |
KKR Apple Bidco LLC (1 month LIBOR + 2.750%) 5.865%, 9/22/28(3) | 650 | 619 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 8.777%, 6/21/27(3) | 575 | 576 | |
TransDigm, Inc. | |||
Tranche E (3 month LIBOR + 2.250%) 5.924%, 5/30/25(3) | 128 | 122 |
Par Value | Value | ||
Aerospace—continued | |||
Tranche F (3 month LIBOR + 2.250%) 5.924%, 12/9/25(3) | $ 702 | $ 672 | |
3,743 | |||
Chemicals—0.4% | |||
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 5.115%, 4/1/24(3) | 1,963 | 1,895 | |
Starfruit Finco B.V. (1 month LIBOR + 2.750%) 5.865%, 10/1/25(3) | 340 | 319 | |
2,214 | |||
Consumer Durables—0.3% | |||
Resideo Funding, Inc. Tranche B (2 month LIBOR + 2.250%) 5.010% - 5.370%, 2/11/28(3) | 619 | 598 | |
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.100%) 5.134%, 1/29/29(3) | 1,220 | 1,179 | |
1,777 | |||
Energy—0.2% | |||
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 6.210%, 12/21/28(3) | 631 | 583 | |
Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%) 6.211%, 10/5/28(3) | 629 | 609 | |
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(4)(7) | 1 | — | |
1,192 | |||
Financials—0.3% | |||
Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month LIBOR + 2.250%) 5.264%, 12/1/27(3) | 948 | 922 | |
Citadel Securities LP 2021 (1 month Term SOFR + 2.614%) 5.649%, 2/2/28(3) | 919 | 891 | |
1,813 | |||
Par Value | Value | ||
Food / Tobacco—0.4% | |||
Aramark Services, Inc. | |||
Tranche B-3 (1 month LIBOR + 1.750%) 4.865%, 3/11/25(3) | $ 345 | $ 333 | |
Tranche B-5 (1 month LIBOR + 2.500%) 5.615%, 4/6/28(3) | 583 | 570 | |
Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%) 5.060% - 5.370%, 8/3/25(3) | 1,080 | 1,042 | |
1,945 | |||
Forest Prod / Containers—0.1% | |||
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%) 4.178%, 7/1/26(3) | 817 | 790 | |
Gaming / Leisure—0.6% | |||
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.865%, 12/23/24(3) | 1,089 | 1,062 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.834%, 6/22/26(3) | 623 | 601 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 5.906%, 4/13/29(3) | 369 | 358 | |
Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%) 5.890%, 7/21/26(3) | 627 | 602 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 5.370%, 2/8/27(3) | 617 | 589 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 5.520%, 4/29/26(3) | 380 | 365 | |
3,577 | |||
Health Care—0.4% | |||
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 5.375%, 1/4/26(3) | 425 | 411 | |
Elanco Animal Health, Inc. (1 month LIBOR + 1.750%) 4.314%, 8/1/27(3) | 623 | 591 |
Par Value | Value | ||
Health Care—continued | |||
Horizon Therapeutics USA, Inc. Tranche B-2 (1 month LIBOR + 1.750%) 4.875%, 3/15/28(3) | $ 688 | $ 659 | |
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 5.620%, 3/6/25(3) | 645 | 623 | |
2,284 | |||
Housing—0.4% | |||
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%) 5.115%, 1/15/27(3) | 615 | 595 | |
CPG International LLC (3 month Term SOFR + 2.600%) 4.092%, 4/28/29(3) | 555 | 534 | |
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 6.115%, 6/9/28(3) | 637 | 612 | |
Standard Industries, Inc. (3 month LIBOR + 2.500%) 6.675%, 9/22/28(3) | 622 | 602 | |
2,343 | |||
Information Technology—0.5% | |||
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 1.250%) 4.365%, 9/21/28(3) | 630 | 608 | |
Go Daddy Operating Co. LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.870%, 2/15/24(3) | 1,283 | 1,268 | |
Tenable, Inc. (3 month LIBOR + 2.750%) 5.556%, 7/7/28(3) | 614 | 583 | |
UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%) 5.535%, 5/4/26(3) | 508 | 482 | |
2,941 | |||
Manufacturing—0.3% | |||
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%) 5.615%, 3/31/27(3) | 529 | 507 |
Par Value | Value | ||
Manufacturing—continued | |||
NCR Corp. (3 month LIBOR + 2.500%) 5.310%, 8/28/26(3) | $ 952 | $ 911 | |
1,418 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 5.615%, 9/18/26(3) | 408 | 402 | |
Media / Telecom - Cable/Wireless Video—0.2% | |||
Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.870%, 2/1/27(3) | 639 | 614 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 8.115%, 8/2/27(3) | 670 | 623 | |
1,237 | |||
Media / Telecom - Telecommunications—0.2% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 5.365%, 3/15/27(3) | 662 | 601 | |
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 4.865%, 3/1/27(3) | 252 | 239 | |
840 | |||
Media / Telecom - Wireless Communications—0.2% | |||
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 4.870%, 4/11/25(3) | 1,056 | 1,025 | |
Service—0.6% | |||
Asplundh Tree Expert, LLC 2021 (1 month LIBOR + 1.750%) 4.865%, 9/7/27(3) | 621 | 604 | |
Dun & Bradstreet Corp. (The) | |||
2022, Tranche B-2 (1 month Term SOFR + 3.250%) 6.282%, 1/18/29(3) | 179 | 173 | |
Tranche B (1 month LIBOR + 3.250%) 6.330%, 2/6/26(3) | 604 | 583 |
Par Value | Value | ||
Service—continued | |||
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 6.703%, 11/23/28(3) | $ 635 | $ 602 | |
Pike Corp. | |||
2028 (1 month LIBOR + 3.000%) 6.120%, 1/21/28(3) | 927 | 898 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 6.534%, 1/21/28(3) | 110 | 107 | |
PODS LLC (1 month LIBOR + 3.000%) 6.115%, 3/31/28(3) | 639 | 603 | |
3,570 | |||
Utilities—0.2% | |||
Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%) 4.74% - 4.87%, 12/31/25(3) | 920 | 887 | |
Total Leveraged Loans (Identified Cost $35,212) | 33,998 |
Shares | ||
Preferred Stocks—0.6% | ||
Financials—0.4% | ||
Citigroup, Inc. Series T, 6.250% | 1,235 (8) | 1,181 |
JPMorgan Chase & Co. Series HH, 4.600% | 1,106 (8) | 964 |
2,145 | ||
Industrials—0.2% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 6.623%(3) | 1,215 (8) | 1,136 |
Total Preferred Stocks (Identified Cost $3,548) | 3,281 | |
Total Long-Term Investments—98.2% (Identified Cost $587,365) | 543,894 | |
Shares | Value | ||
Short-Term Investment—0.7% | |||
Money Market Mutual Fund—0.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(9) | 4,021,466 | $ 4,021 | |
Total Short-Term Investment (Identified Cost $4,021) | 4,021 | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(9)(10) | 17,510 | 18 | |
Total Securities Lending Collateral (Identified Cost $18) | 18 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $591,404) | $547,933 | ||
Other assets and liabilities, net—1.1% | 5,922 | ||
NET ASSETS—100.0% | $553,855 |
Abbreviations: | |
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
GS | Goldman Sachs & Co. |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | 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 September 30, 2022, these securities amounted to a value of $379,217 or 68.5% of net assets. |
(2) | Amount is less than $500. |
(3) | Variable rate security. Rate disclosed is as of September 30, 2022. 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. |
(4) | 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. |
(5) | No contractual maturity date. |
(6) | All or a portion of security is on loan. |
(7) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(8) | Value shown as par value. |
(9) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(10) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 95% |
Canada | 1 |
United Kingdom | 1 |
Cayman Islands | 1 |
Bermuda | 1 |
Ireland | 1 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $201,243 | $ — | $201,243 | $ — | |||
Corporate Bonds and Notes | 104,429 | — | 104,429 | — | |||
Foreign Government Securities | 1,909 | — | 1,909 | — | |||
Leveraged Loans | 33,998 | — | 33,998 | — (1) | |||
Mortgage-Backed Securities | 155,710 | — | 155,009 | 701 | |||
U.S. Government Securities | 43,324 | — | 43,324 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 3,281 | — | 3,281 | — | |||
Money Market Mutual Fund | 4,021 | 4,021 | — | — | |||
Securities Lending Collateral | 18 | 18 | — | — | |||
Total Investments | $547,933 | $4,039 | $543,193 | $701 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2022
Par Value | Value | ||
U.S. Government Securities—10.9% | |||
U.S. Treasury Bond 1.875%, 11/15/51 | $ 3,165 | $ 2,093 | |
U.S. Treasury Notes | |||
0.125%, 8/31/23 | 7,550 | 7,270 | |
2.500%, 4/30/24 | 8,925 | 8,676 | |
0.250%, 5/31/25 | 3,075 | 2,766 | |
0.375%, 7/31/27 | 1,475 | 1,238 | |
0.625%, 12/31/27 | 440 | 369 | |
1.875%, 2/15/32 | 4,550 | 3,856 | |
Total U.S. Government Securities (Identified Cost $28,313) | 26,268 | ||
Municipal Bonds—0.6% | |||
Florida—0.2% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 470 | 426 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 100 | 77 | |
New York—0.3% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 665 | 697 | |
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 295 | 257 | |
Total Municipal Bonds (Identified Cost $1,685) | 1,457 | ||
Foreign Government Securities—4.2% | |||
Abu Dhabi Government International Bond 144A 3.125%, 4/16/30(1) | 200 | 180 | |
Arab Republic of Egypt 144A 5.875%, 2/16/31(1) | 310 | 179 | |
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(2) | 920 | 69 | |
RegS 7.650%, 4/21/25(2)(3) | 1,500 | 105 | |
Dominican Republic 144A 4.875%, 9/23/32(1) | 970 | 724 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(3) | 1,175 | 1,003 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Kingdom of Morocco | |||
144A 3.000%, 12/15/32(1) | $ 200 | $ 139 | |
144A 5.500%, 12/11/42(1) | 410 | 300 | |
Republic of Angola 144A 8.250%, 5/9/28(1) | 665 | 524 | |
Republic of Argentina 3.500%, 7/9/41(4) | 1,300 | 277 | |
Republic of Colombia | |||
4.500%, 3/15/29 | 195 | 160 | |
3.125%, 4/15/31 | 250 | 174 | |
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(1) | 245 | 217 | |
Republic of Ecuador 144A 5.500%, 7/31/30(1)(4) | 405 | 190 | |
Republic of Egypt 144A 7.600%, 3/1/29(1) | 445 | 310 | |
Republic of Guatemala 144A 5.250%, 8/10/29(1) | 260 | 233 | |
Republic of Indonesia | |||
2.850%, 2/14/30 | 790 | 675 | |
144A 4.350%, 1/8/27(1) | 370 | 354 | |
Republic of Nigeria | |||
144A 7.875%, 2/16/32(1) | 490 | 311 | |
144A 7.375%, 9/28/33(1) | 320 | 193 | |
Republic of Panama 3.298%, 1/19/33(5) | 295 | 228 | |
Republic of Philippines 3.700%, 3/1/41 | 765 | 585 | |
Republic of South Africa 5.875%, 4/20/32 | 630 | 520 | |
Republic of Turkey 7.625%, 4/26/29 | 825 | 701 | |
Saudi International Bond 144A 4.500%, 10/26/46(1) | 770 | 649 | |
State of Qatar 144A 3.750%, 4/16/30(1) | 620 | 580 | |
United Mexican States | |||
3.500%, 2/12/34 | 250 | 190 | |
4.500%, 1/31/50 | 435 | 312 | |
Total Foreign Government Securities (Identified Cost $14,452) | 10,082 | ||
Mortgage-Backed Securities—14.5% | |||
Non-Agency—14.5% | |||
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(1) | 1,320 | 1,288 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 1,011 | 980 |
Par Value | Value | ||
Non-Agency—continued | |||
AMSR Trust | |||
2020-SFR2, D 144A 3.282%, 7/17/37(1) | $ 660 | $ 612 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 2,000 | 1,793 | |
2021-SFR3, D 144A 2.177%, 10/17/38(1) | 335 | 281 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(4) | 130 | 122 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(4) | 108 | 101 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(4) | 481 | 411 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(4) | 91 | 85 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(1)(4) | 972 | 793 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4) | 229 | 194 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(4) | 464 | 408 | |
CIM Trust | |||
2021-NR4, A1 144A 2.816%, 10/25/61(1)(4) | 265 | 245 | |
2022-R2, A1 144A 3.750%, 12/25/61(1)(4) | 248 | 234 | |
Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A 3.000%, 9/25/64(1)(4) | 425 | 412 | |
CoreVest American Finance Trust 2019-3, C 144A 3.265%, 10/15/52(1) | 250 | 209 | |
Dominion Mortgage Trust 2021-RTL1, A1 144A 2.487%, 7/25/27(1)(4) | 1,000 | 904 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(4) | 41 | 39 | |
2021-2, A3 144A 1.291%, 6/25/66(1)(4) | 543 | 450 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(4) | 306 | 258 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 770 | 689 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 1,245 | 1,113 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 1,010 | 855 | |
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(1)(4) | 50 | 46 |
Par Value | Value | ||
Non-Agency—continued | |||
Imperial Fund Mortgage Trust 2021-NQM4, A1 144A 2.091%, 1/25/57(1)(4) | $ 1,436 | $ 1,162 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(1)(4) | 48 | 45 | |
2014-5, B2 144A 2.820%, 10/25/29(1)(4) | 238 | 197 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 9/25/26(1)(4) | 450 | 433 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.421%, 4/25/55(1)(4) | 425 | 380 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(4) | 375 | 354 | |
2017-3, B1 144A 3.250%, 1/25/61(1)(4) | 680 | 595 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(4) | 779 | 663 | |
New Residential Mortgage Loan Trust | |||
2016-3A, B1 144A 4.000%, 9/25/56(1)(4) | 527 | 482 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(4) | 414 | 384 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(4) | 37 | 36 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(1)(4) | 76 | 73 | |
2021-NQM3, A2 144A 1.260%, 7/25/61(1)(4) | 509 | 408 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(1)(4) | 385 | 361 | |
Preston Ridge Partners Mortgage LLC | |||
2020-6, A1 144A 2.363%, 11/25/25(1)(4) | 944 | 897 | |
2021-RPL1, A1 144A 1.319%, 7/25/51(1)(4) | 189 | 168 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(4) | 399 | 378 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 1,000 | 948 | |
2021-SFR6, C 144A 1.855%, 7/17/38(1) | 505 | 429 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(4) | 76 | 74 |
Par Value | Value | ||
Non-Agency—continued | |||
Roc Mortgage Trust 2021-RTL1, A1 144A 2.487%, 8/25/26(1)(4) | $ 640 | $ 599 | |
Sequoia Mortgage Trust 2013-8, B1 3.488%, 6/25/43(4) | 180 | 170 | |
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(4) | 193 | 157 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(1)(4) | 380 | 375 | |
2016-4, B1 144A 3.823%, 7/25/56(1)(4) | 485 | 444 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(4) | 550 | 512 | |
2017-4, A2 144A 3.000%, 6/25/57(1)(4) | 850 | 766 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(4) | 101 | 99 | |
2018-6, A2 144A 3.750%, 3/25/58(1)(4) | 1,925 | 1,727 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(4) | 1,198 | 1,052 | |
2020-1, M1 144A 3.500%, 1/25/60(1)(4) | 305 | 252 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(4) | 665 | 602 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 610 | 555 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 840 | 694 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(1)(4) | 1,405 | 1,332 | |
UBS Commercial Mortgage Trust 2012-C1, D 144A 6.660%, 5/10/45(1)(4) | 176 | 160 | |
VCAT LLC | |||
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4) | 481 | 441 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(4) | 699 | 642 | |
Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A 1.992%, 5/25/51(1)(4) | 171 | 156 | |
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A 1.893%, 2/27/51(1)(4) | 799 | 726 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(4) | 310 | 283 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(4) | 142 | 116 |
Par Value | Value | ||
Non-Agency—continued | |||
2022-5, A1 144A 3.800%, 4/25/67(1)(4) | $ 893 | $ 825 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(4) | 507 | 493 | |
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(1) | 147 | 138 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 665 | 634 | |
Total Mortgage-Backed Securities (Identified Cost $38,805) | 34,939 | ||
Asset-Backed Securities—12.1% | |||
Automobiles—4.9% | |||
ACC Trust 2021-1, C 144A 2.080%, 12/20/24(1) | 825 | 804 | |
ACM Auto Trust 2022-1A, B 144A 4.470%, 4/20/29(1) | 525 | 520 | |
Avid Automobile Receivables Trust 2019-1, C 144A 3.140%, 7/15/26(1) | 930 | 923 | |
Avis Budget Rental Car Funding LLC (AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1) | 825 | 745 | |
Carvana Auto Receivables Trust | |||
2019-3A, E 144A 4.600%, 7/15/26(1) | 690 | 659 | |
2022-N1, D 144A 4.130%, 12/11/28(1) | 685 | 646 | |
CIG Auto Receivables Trust 2020-1A, E 144A 4.430%, 2/12/27(1) | 1,040 | 1,019 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(1) | 750 | 719 | |
2020-3A, E 144A 4.310%, 7/15/27(1) | 940 | 901 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 650 | 638 | |
Hertz Vehicle Financing LLC 2022-4A, D 144A 6.560%, 9/25/26(1) | 530 | 488 | |
LAD Auto Receivables Trust 2022-1A, A 144A 5.210%, 6/15/27(1) | 714 | 705 | |
OneMain Direct Auto Receivables Trust 2022-1A, C 144A 5.310%, 6/14/29(1) | 520 | 502 |
Par Value | Value | ||
Automobiles—continued | |||
USASF Receivables LLC | |||
2020-1A, B 144A 3.220%, 5/15/24(1) | $ 269 | $ 267 | |
2020-1A, C 144A 5.940%, 8/15/24(1) | 1,435 | 1,419 | |
Westlake Automobile Receivables Trust 2022-1A, B 144A 2.750%, 3/15/27(1) | 760 | 735 | |
11,690 | |||
Consumer Loans—0.9% | |||
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 835 | 788 | |
Upstart Pass-Through Trust Series | |||
2021-ST2, A 144A 2.500%, 4/20/27(1) | 468 | 448 | |
2021-ST8, A 144A 1.750%, 10/20/29(1) | 549 | 511 | |
Upstart Securitization Trust 2022-2, A 144A 4.370%, 5/20/32(1) | 523 | 511 | |
2,258 | |||
Credit Card—0.6% | |||
Mercury Financial Credit Card Master Trust | |||
2021-1A, A 144A 1.540%, 3/20/26(1) | 675 | 641 | |
2022-1A, A 144A 2.500%, 9/21/26(1) | 735 | 696 | |
1,337 | |||
Other—5.7% | |||
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 145 | 143 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 915 | 837 | |
2020-AA, D 144A 7.150%, 7/17/46(1) | 815 | 765 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 921 | 780 | |
Business Jet Securities LLC 2020-1A, A 144A 2.981%, 11/15/35(1) | 490 | 447 | |
Conn’s Receivables Funding LLC 2022-A, B 144A 9.520%, 12/15/26(1) | 630 | 628 | |
Dext ABS LLC 2020-1, D 144A 7.210%, 2/15/28(1) | 840 | 781 |
Par Value | Value | ||
Other—continued | |||
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1) | $ 830 | $ 798 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 1,042 | 894 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 612 | 560 | |
Hotwire Funding LLC 2021-1, C 144A 4.459%, 11/20/51(1) | 960 | 783 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 698 | 604 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 614 | 556 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(1) | 1,010 | 975 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 665 | 567 | |
Oasis Securitization Funding LLC 2021-1A, A 144A 2.579%, 2/15/33(1) | 182 | 180 | |
Octane Receivables Trust 2020-1A, B 144A 1.980%, 6/20/25(1) | 644 | 622 | |
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 635 | 611 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 979 | 922 | |
Purchasing Power Funding LLC 2021-A, B 144A 1.920%, 10/15/25(1) | 1,000 | 936 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1) | 460 | 442 | |
13,831 | |||
Total Asset-Backed Securities (Identified Cost $31,016) | 29,116 | ||
Corporate Bonds and Notes—37.9% | |||
Communication Services—2.3% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | 705 | 447 |
Par Value | Value | ||
Communication Services—continued | |||
Cable Onda S.A. 144A 4.500%, 1/30/30(1) | $ 790 | $ 619 | |
CCO Holdings LLC 144A 4.750%, 3/1/30(1) | 1,040 | 844 | |
CT Trust 144A 5.125%, 2/3/32(1) | 610 | 459 | |
DISH DBS Corp. 7.750%, 7/1/26 | 470 | 360 | |
Lumen Technologies, Inc. 5.625%, 4/1/25 | 440 | 427 | |
McGraw-Hill Education, Inc. 144A 8.000%, 8/1/29(1) | 600 | 493 | |
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1) | 505 | 399 | |
Northwest Fiber LLC 144A 10.750%, 6/1/28(1) | 370 | 345 | |
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1) | 595 | 280 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 390 | 144 | |
Twitter, Inc. 144A 3.875%, 12/15/27(1) | 290 | 272 | |
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1) | 485 | 362 | |
5,451 | |||
Consumer Discretionary—4.0% | |||
Ashtead Capital, Inc. | |||
144A 4.375%, 8/15/27(1) | 870 | 798 | |
144A 5.500%, 8/11/32(1) | 285 | 265 | |
At Home Group, Inc. | |||
144A 4.875%, 7/15/28(1) | 130 | 91 | |
144A 7.125%, 7/15/29(1) | 610 | 360 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 510 | 403 | |
Clarios Global LP 144A 8.500%, 5/15/27(1) | 480 | 458 | |
Cooper-Standard Automotive, Inc. 144A 13.000%, 6/1/24(1) | 255 | 263 | |
Dick’s Sporting Goods, Inc. 3.150%, 1/15/32 | 543 | 414 | |
Dornoch Debt Merger Sub, Inc. 144A 6.625%, 10/15/29(1) | 355 | 256 | |
Ford Motor Co. 4.750%, 1/15/43 | 505 | 335 | |
Ford Motor Credit Co. LLC 4.125%, 8/17/27 | 485 | 417 | |
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1) | ��� 480 | 411 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
M/I Homes, Inc. 4.950%, 2/1/28 | $ 870 | $ 724 | |
Mclaren Finance plc 144A 7.500%, 8/1/26(1) | 380 | 305 | |
Metis Merger Sub LLC 144A 6.500%, 5/15/29(1) | 365 | 285 | |
Mohegan Gaming & Entertainment 144A 8.000%, 2/1/26(1) | 675 | 563 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 615 | 565 | |
Nordstrom, Inc. 4.250%, 8/1/31 | 770 | 527 | |
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1) | 765 | 530 | |
PulteGroup, Inc. | |||
7.875%, 6/15/32 | 525 | 542 | |
6.375%, 5/15/33 | 230 | 217 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 24 | 24 | |
Scientific Games International, Inc. 144A 7.000%, 5/15/28(1) | 185 | 174 | |
Tenneco, Inc. 144A 5.125%, 4/15/29(1) | 715 | 706 | |
9,633 | |||
Consumer Staples—1.0% | |||
Albertsons Cos., Inc. 144A 3.250%, 3/15/26(1) | 630 | 554 | |
BAT Capital Corp. 4.906%, 4/2/30 | 630 | 556 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 315 | 271 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 495 | 353 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 845 | 733 | |
2,467 | |||
Energy—8.8% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 900 | 876 | |
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1) | 410 | 373 | |
Antero Resources Corp. 144A 7.625%, 2/1/29(1) | 111 | 111 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 620 | 596 |
Par Value | Value | ||
Energy—continued | |||
BP Capital Markets plc 4.875% (6) | $ 865 | $ 744 | |
Callon Petroleum Co. 144A 7.500%, 6/15/30(1) | 440 | 385 | |
Calumet Specialty Products Partners LP 144A 8.125%, 1/15/27(1) | 480 | 442 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 763 | 794 | |
CrownRock LP 144A 5.625%, 10/15/25(1) | 445 | 426 | |
DCP Midstream Operating LP 3.250%, 2/15/32 | 455 | 360 | |
Earthstone Energy Holdings LLC 144A 8.000%, 4/15/27(1) | 485 | 457 | |
Ecopetrol S.A. 4.625%, 11/2/31 | 825 | 574 | |
Enbridge, Inc. 7.625%, 1/15/83 | 685 | 660 | |
Energy Transfer LP Series H 6.500% (6) | 705 | 614 | |
HF Sinclair Corp. 144A 5.875%, 4/1/26(1) | 675 | 662 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 520 | 455 | |
144A 6.000%, 2/1/31(1) | 520 | 451 | |
International Petroleum Corp. RegS, 144A 7.250%, 2/1/27(1)(3) | 200 | 182 | |
KazMunayGas National Co. JSC 144A 6.375%, 10/24/48(1) | 470 | 325 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 640 | 692 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 705 | 676 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(7)(8) | 375 | 2 | |
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1) | 400 | 348 | |
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | 630 | 587 | |
Occidental Petroleum Corp. 6.125%, 1/1/31 | 900 | 886 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (1)(6) | 124 | — (9) | |
Parsley Energy LLC 144A 4.125%, 2/15/28(1) | 600 | 545 | |
Pertamina Persero PT 144A 2.300%, 2/9/31(1) | 1,465 | 1,106 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(8) | 1,580 | 34 |
Par Value | Value | ||
Energy—continued | |||
Petroleos Mexicanos | |||
6.500%, 3/13/27 | $ 1,810 | $ 1,516 | |
7.690%, 1/23/50 | 735 | 447 | |
Petronas Capital Ltd. 144A 3.500%, 4/21/30(1) | 565 | 510 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1) | 780 | 611 | |
Saudi Arabian Oil Co. 144A 2.250%, 11/24/30(1) | 1,090 | 884 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 655 | 594 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3) | 485 | 468 | |
Teine Energy Ltd. 144A 6.875%, 4/15/29(1) | 440 | 395 | |
Transcanada Trust 5.600%, 3/7/82 | 730 | 633 | |
Transocean, Inc. 144A 11.500%, 1/30/27(1) | 31 | 29 | |
USA Compression Partners LP 6.875%, 4/1/26 | 435 | 400 | |
Venture Global Calcasieu Pass LLC | |||
144A 3.875%, 8/15/29(1) | 55 | 47 | |
144A 4.125%, 8/15/31(1) | 520 | 431 | |
21,328 | |||
Financials—8.4% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 845 | 772 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 720 | 663 | |
Ally Financial, Inc. Series B 4.700% (6) | 1,119 | 872 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 735 | 613 | |
Banco Mercantil del Norte S.A. 144A 6.625% (1)(6) | 855 | 670 | |
Banco Santander Chile 144A 3.177%, 10/26/31(1) | 785 | 621 | |
Bank of America Corp. 2.482%, 9/21/36 | 840 | 607 | |
Bank of New York Mellon Corp. (The) Series G 4.700% (6) | 795 | 761 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 890 | 734 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 430 | 353 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 535 | 380 | |
Brighthouse Financial, Inc. 5.625%, 5/15/30 | 663 | 621 |
Par Value | Value | ||
Financials—continued | |||
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | $ 360 | $ 284 | |
Charles Schwab Corp. (The) Series H 4.000% (6) | 1,035 | 760 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 605 | 565 | |
Cobra Acquisition Co. LLC 144A 6.375%, 11/1/29(1) | 500 | 349 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 428 | 391 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(1) | 163 | 161 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 970 | 881 | |
Intercorp Peru Ltd. 144A 3.875%, 8/15/29(1) | 740 | 599 | |
Itau Unibanco Holding S.A. 144A 3.875%, 4/15/31(1) | 975 | 832 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 570 | 539 | |
1.953%, 2/4/32 | 795 | 588 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 460 | 370 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 740 | 572 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.750%, 4/20/67(4) | 870 | 657 | |
MetLife, Inc. Series G 3.850% (6) | 875 | 783 | |
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | 695 | 594 | |
OWL Rock Core Income Corp. 4.700%, 2/8/27 | 422 | 370 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 450 | 443 | |
5.125%, 3/1/52 | 192 | 167 | |
6.000%, 9/1/52 | 117 | 109 | |
Santander Holdings USA, Inc. 4.400%, 7/13/27 | 700 | 644 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 945 | 814 |
Par Value | Value | ||
Financials—continued | |||
Wells Fargo & Co. Series BB 3.900% (6) | $ 1,295 | $ 1,095 | |
20,234 | |||
Health Care—2.3% | |||
1375209 BC Ltd. 144A 9.000%, 1/30/28(1) | 75 | 75 | |
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 710 | 583 | |
Bausch Health Cos., Inc. | |||
144A 6.125%, 2/1/27(1) | 45 | 31 | |
144A 11.000%, 9/30/28(1) | 134 | 108 | |
144A 14.000%, 10/15/30(1) | 27 | 15 | |
Bio-Rad Laboratories, Inc. 3.700%, 3/15/32 | 191 | 161 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 345 | 285 | |
Community Health Systems, Inc. | |||
144A 6.875%, 4/15/29(1) | 75 | 36 | |
144A 6.125%, 4/1/30(1) | 760 | 358 | |
144A 4.750%, 2/15/31(1) | 695 | 467 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 630 | 487 | |
Lannett Co., Inc. 144A 7.750%, 4/15/26(1) | 175 | 49 | |
Legacy LifePoint Health LLC 144A 6.750%, 4/15/25(1) | 345 | 326 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(10) | 365 | 288 | |
Surgery Center Holdings, Inc. | |||
144A 6.750%, 7/1/25(1) | 725 | 670 | |
144A 10.000%, 4/15/27(1) | 315 | 306 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 545 | 404 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 575 | 469 | |
Universal Health Services, Inc. 144A 2.650%, 1/15/32(1) | 555 | 392 | |
5,510 | |||
Industrials—3.0% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1) | 578 | 545 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 705 | 585 |
Par Value | Value | ||
Industrials—continued | |||
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | $ 597 | $ 534 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 355 | 279 | |
Boeing Co. (The) | |||
5.150%, 5/1/30 | 295 | 273 | |
3.750%, 2/1/50 | 450 | 293 | |
5.930%, 5/1/60 | 220 | 188 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 780 | 616 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 270 | 219 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 620 | 471 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 360 | 336 | |
5.250%, 5/15/27 | 60 | 53 | |
OT Merger Corp. 144A 7.875%, 10/15/29(1) | 255 | 173 | |
Pentair Finance S.a.r.l. 5.900%, 7/15/32 | 605 | 572 | |
Promontoria Holding 264 B.V. 144A 7.875%, 3/1/27(1) | 225 | 207 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 370 | 329 | |
Sempra Global 144A 3.250%, 1/15/32(1) | 814 | 648 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1) | 693 | 548 | |
TransDigm, Inc. 5.500%, 11/15/27 | 330 | 287 | |
7,156 | |||
Information Technology—1.4% | |||
CDW LLC 3.569%, 12/1/31 | 682 | 531 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 115 | 102 | |
144A 6.500%, 10/15/28(1) | 165 | 140 | |
Dell International LLC 8.100%, 7/15/36 | 160 | 169 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 618 | 545 | |
HP, Inc. 5.500%, 1/15/33 | 780 | 692 | |
Kyndryl Holdings, Inc. 3.150%, 10/15/31 | 795 | 533 | |
TD SYNNEX Corp. 2.375%, 8/9/28 | 785 | 633 |
Par Value | Value | ||
Information Technology—continued | |||
Viasat, Inc. 144A 5.625%, 9/15/25(1) | $ 205 | $ 159 | |
3,504 | |||
Materials—3.6% | |||
Albemarle Corp. 5.050%, 6/1/32 | 665 | 616 | |
ARD Finance S.A. PIK 144A 6.500%, 6/30/27(1)(11) | 1,025 | 702 | |
Avient Corp. 144A 7.125%, 8/1/30(1) | 90 | 83 | |
Bayport Polymers LLC 144A 5.140%, 4/14/32(1) | 710 | 646 | |
Celanese U.S. Holdings LLC | |||
5.900%, 7/5/24 | 230 | 227 | |
6.165%, 7/15/27 | 195 | 185 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 800 | 787 | |
Eldorado Gold Corp. 144A 6.250%, 9/1/29(1) | 615 | 467 | |
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 625 | 521 | |
Inversiones CMPC S.A. 144A 3.850%, 1/13/30(1) | 700 | 565 | |
LSB Industries, Inc. 144A 6.250%, 10/15/28(1) | 660 | 566 | |
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1) | 631 | 532 | |
Suzano Austria GmbH 2.500%, 9/15/28 | 495 | 386 | |
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | 950 | 755 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 510 | 478 | |
Trident TPI Holdings, Inc. | |||
144A 9.250%, 8/1/24(1) | 790 | 725 | |
144A 6.625%, 11/1/25(1) | 316 | 272 | |
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | 245 | 184 | |
8,697 | |||
Real Estate—1.9% | |||
EPR Properties 3.600%, 11/15/31 | 475 | 339 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 229 | 214 | |
3.250%, 1/15/32 | 81 | 61 | |
Iron Mountain, Inc. 144A 4.500%, 2/15/31(1) | 520 | 402 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 840 | 730 |
Par Value | Value | ||
Real Estate—continued | |||
MPT Operating Partnership LP 3.500%, 3/15/31 | $ 545 | $ 380 | |
Office Properties Income Trust 4.500%, 2/1/25 | 900 | 800 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 845 | 614 | |
Service Properties Trust 4.950%, 2/15/27 | 485 | 360 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 375 | 339 | |
5.125%, 5/15/32 | 375 | 332 | |
4,571 | |||
Utilities—1.2% | |||
CMS Energy Corp. 4.750%, 6/1/50 | 860 | 727 | |
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1) | 975 | 862 | |
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 160 | 141 | |
144A 5.875%, 4/1/29(1) | 185 | 152 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 877 | 711 | |
Vistra Corp. 144A 8.000% (1)(6) | 315 | 289 | |
��2,882 | |||
Total Corporate Bonds and Notes (Identified Cost $110,562) | 91,433 | ||
Leveraged Loans—13.4% | |||
Aerospace—0.8% | |||
Air Canada (3 month LIBOR + 3.500%) 6.421%, 8/11/28(4) | 118 | 112 | |
Amentum Government Services Holdings LLC Tranche B-3 (3-6 month Term SOFR + 4.000%) 7.206% - 7.558%, 2/15/29(4) | 219 | 209 | |
Brown Group Holding LLC (1 month LIBOR + 2.500%) 5.615%, 6/7/28(4) | 263 | 249 | |
KKR Apple Bidco LLC | |||
(1 month LIBOR + 2.750%) 5.865%, 9/22/28(4) | 382 | 364 |
Par Value | Value | ||
Aerospace—continued | |||
Second Lien (1 month LIBOR + 5.750%) 8.865%, 9/21/29(4) | $ 35 | $ 33 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 8.777%, 6/21/27(4) | 366 | 367 | |
TransDigm, Inc. | |||
Tranche E (3 month LIBOR + 2.250%) 5.924%, 5/30/25(4) | 317 | 304 | |
Tranche F (3 month LIBOR + 2.250%) 5.924%, 12/9/25(4) | 221 | 211 | |
1,849 | |||
Chemicals—0.4% | |||
Aruba Investments Holdings LLC First Lien (1 month LIBOR + 4.000%) 7.084%, 11/24/27(4) | 305 | 280 | |
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 5.115%, 4/1/24(4) | 704 | 680 | |
960 | |||
Consumer Non-Durables—0.4% | |||
DS Parent, Inc. Tranche B (3 month LIBOR + 5.750%) 9.424% - 9.920%, 12/8/28(4) | 303 | 291 | |
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 7.115%, 6/30/24(4) | 269 | 249 | |
ZEP, Inc. First Lien (3 month LIBOR + 4.000%) 7.674%, 8/12/24(4) | 439 | 379 | |
919 | |||
Energy—0.9% | |||
Citgo Petroleum Corp. 2019, Tranche B (1 month LIBOR + 6.250%) 9.365%, 3/28/24(4) | 317 | 317 | |
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.500%) 8.174%, 6/17/27(4) | 425 | 417 | |
Medallion Midland Acquisition LLC (3 month LIBOR + 3.750%) 7.424%, 10/18/28(4) | 389 | 375 |
Par Value | Value | ||
Energy—continued | |||
Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%) 6.211%, 10/5/28(4) | $ 426 | $ 413 | |
Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%) 5.950%, 9/27/24(4) | 746 | 727 | |
2,249 | |||
Financials—0.2% | |||
Asurion LLC Tranche B-9 (1 month LIBOR + 3.250%) 6.365%, 7/31/27(4) | 163 | 137 | |
Blackhawk Network Holdings, Inc. First Lien (1 month Term SOFR + 3.000%) 6.034%, 6/15/25(4) | 272 | 254 | |
Citadel Securities LP Tranche B (1 month Term SOFR + 3.114%) 6.149%, 2/2/28(4) | 167 | 165 | |
556 | |||
Food / Tobacco—0.4% | |||
H-Food Holdings LLC (1 month LIBOR + 3.688%) 6.803%, 5/23/25(4) | 338 | 262 | |
Pegasus Bidco B.V. Tranche B-2 (2 month Term SOFR + 4.250%) 6.962%, 7/12/29(4) | 235 | 224 | |
Shearer’s Foods LLC First Lien (1 month LIBOR + 3.500%) 6.615%, 9/23/27(4) | 339 | 314 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 7.174%, 3/31/28(4) | 240 | 215 | |
1,015 | |||
Forest Prod / Containers—0.7% | |||
Anchor Glass Container Corp. 2017 (1-3 month LIBOR + 2.750%) 6.424% - 6.534%, 12/7/23(4) | 275 | 213 | |
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%) 8.259%, 2/12/26(4) | 356 | 301 |
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%) 5.814%, 4/3/24(4) | $ 495 | $ 460 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 6.365%, 1/31/25(4) | 476 | 433 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 6.365%, 3/3/28(4) | 316 | 297 | |
1,704 | |||
Gaming / Leisure—1.2% | |||
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.865%, 12/23/24(4) | 318 | 311 | |
Carnival Corp. Tranche B (3 month LIBOR + 3.000%) 5.877%, 6/30/25(4) | 142 | 128 | |
ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%) 10.615%, 5/1/28(4) | 253 | 249 | |
J&J Ventures Gaming LLC (3 month LIBOR + 4.000%) 7.674%, 4/26/28(4) | 336 | 318 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.870%, 4/29/24(4) | 963 | 927 | |
PUG LLC Tranche B (1 month LIBOR + 3.500%) 6.615%, 2/12/27(4) | 376 | 325 | |
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 7.602%, 11/1/26(4) | 130 | 124 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 5.617%, 4/4/29(4) | 100 | 92 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 5.520%, 4/29/26(4) | 523 | 502 | |
2,976 | |||
Health Care—1.9% | |||
CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%) 6.365%, 9/29/28(4) | 403 | 386 |
Par Value | Value | ||
Health Care—continued | |||
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 7.674%, 10/1/27(4) | $ 361 | $ 343 | |
Heartland Dental LLC 2021 (1 month LIBOR + 4.000%) 7.084%, 4/30/25(4) | 306 | 283 | |
Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%) 7.924%, 8/19/28(4) | 265 | 250 | |
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.871%, 11/16/25(4) | 268 | 248 | |
One Call Corp. Tranche B, First Lien (3 month LIBOR + 5.500%) 8.313%, 4/22/27(4) | 272 | 199 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 7.424%, 11/30/27(4) | 268 | 254 | |
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 5.865%, 2/14/25(4) | 449 | 412 | |
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.250%) 6.365%, 3/5/26(4) | 315 | 297 | |
Tranche B-3 (1 month LIBOR + 3.500%) 6.615%, 3/5/26(4) | 101 | 96 | |
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 6.365%, 11/15/28(4) | 184 | 175 | |
Precision Medicine Group LLC (3 month LIBOR + 3.000%) 6.674%, 11/18/27(4) | 372 | 343 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%) 7.424%, 10/1/26(4) | 281 | 261 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 6.510%, 8/31/26(4) | 315 | 299 | |
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%) 8.065%, 11/20/26(4) | 351 | 324 |
Par Value | Value | ||
Health Care—continued | |||
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.865%, 7/2/25(4) | $ 391 | $ 363 | |
4,533 | |||
Housing—0.2% | |||
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 6.115%, 6/9/28(4) | 343 | 330 | |
SRS Distribution, Inc. | |||
2021 (3 month LIBOR + 3.500%) 6.306%, 6/2/28(4) | 173 | 159 | |
2022 (3 month Term SOFR + 3.500%) 6.177%, 6/2/28(4) | 50 | 46 | |
535 | |||
Information Technology—1.8% | |||
Applied Systems, Inc. Second Lien (3 month LIBOR + 5.500%) 9.174%, 9/19/25(4) | 366 | 359 | |
BMC Software 2021 (1 month LIBOR + 3.750%) 6.865%, 10/2/25(4) | 266 | 252 | |
CDK Global, Inc. (3 month Term SOFR + 4.500%) 6.610%, 7/6/29(4) | 150 | 144 | |
ConnectWise LLC (3 month LIBOR + 3.500%) 7.174%, 9/29/28(4) | 138 | 128 | |
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%) 6.365%, 7/30/27(4) | 267 | 250 | |
Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 7.115%, 12/1/27(4) | 334 | 317 | |
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%) 6.615%, 7/1/24(4) | 799 | 772 | |
Infinite Bidco LLC First Lien (3 month LIBOR + 3.250%) 6.924%, 3/2/28(4) | 394 | 372 | |
Magenta Buyer LLC First Lien (1 month LIBOR + 4.750%) 7.870%, 7/27/28(4) | 1 | 1 |
Par Value | Value | ||
Information Technology—continued | |||
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 6.365%, 3/10/28(4) | $ 402 | $ 374 | |
Proofpoint, Inc. (3 month LIBOR + 3.250%) 6.320%, 8/31/28(4) | 138 | 129 | |
Quest Software U.S. Holdings, Inc. First Lien (3 month Term SOFR + 4.400%) 6.977%, 2/1/29(4) | 345 | 253 | |
RealPage, Inc. First Lien (1 month LIBOR + 3.000%) 6.115%, 4/24/28(4) | 400 | 374 | |
Sophia LP | |||
2022, Tranche B-1 (1 month Term SOFR + 4.000%) 7.034%, 10/7/27(4) | 90 | 87 | |
Tranche B (3 month LIBOR + 3.500%) 7.174%, 10/7/27(4) | 340 | 327 | |
UKG, Inc. | |||
2021, Second Lien (3 month LIBOR + 5.250%) 7.535%, 5/3/27(4) | 25 | 23 | |
2021-2, First Lien (3 month LIBOR + 3.250%) 5.535%, 5/4/26(4) | 133 | 126 | |
4,288 | |||
Manufacturing—0.6% | |||
Alliance Laundry Systems LLC Tranche B (1 month LIBOR + 3.500%) 5.955%, 10/8/27(4) | 324 | 310 | |
Arcline FM Holdings LLC | |||
First Lien (1 month LIBOR + 4.750%) 8.392%, 6/23/28(4) | 341 | 316 | |
Second Lien (1 month LIBOR + 8.250%) 10.500%, 6/25/29(4) | 140 | 130 | |
Filtration Group Corp. (1 month LIBOR + 3.000%) 6.115%, 3/31/25(4) | 376 | 361 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 6.926%, 2/23/29(4) | 90 | 84 | |
Star U.S. Bidco LLC (1 month LIBOR + 4.250%) 7.365%, 3/17/27(4) | 299 | 282 | |
1,483 | |||
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—0.2% | |||
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 8.115%, 8/2/27(4) | $ 381 | $ 354 | |
Media / Telecom - Diversified Media—0.3% | |||
Cinemark USA, Inc. (1-3 month LIBOR + 1.750%) 4.560% - 5.430%, 3/31/25(4) | 315 | 296 | |
McGraw-Hill Education, Inc. (3-6 month LIBOR + 4.750%) 7.820% - 8.316%, 7/28/28(4) | 275 | 253 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 5.870%, 5/18/25(4) | 293 | 279 | |
828 | |||
Media / Telecom - Telecommunications—0.1% | |||
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 6.063%, 10/2/27(4) | 268 | 231 | |
Metals / Minerals—0.3% | |||
Covia Holdings Corp. (3 month LIBOR + 4.000%) 6.285%, 7/31/26(4) | 465 | 440 | |
Peabody Energy Corp. Tranche B (1 month LIBOR + 2.750%) 5.834%, 3/31/25(4) | 278 | 264 | |
704 | |||
Retail—0.5% | |||
CNT Holdings I Corp. First Lien (1 month Term SOFR + 3.500%) 6.248%, 11/8/27(4) | 368 | 350 | |
Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%) 6.865%, 3/6/28(4) | 352 | 324 | |
PetsMart LLC (1 month LIBOR + 3.750%) 6.870%, 2/11/28(4) | 266 | 251 |
Par Value | Value | ||
Retail—continued | |||
Rising Tide Holdings, Inc. First Lien (1 month LIBOR + 4.750%) 7.865%, 6/1/28(4) | $ 257 | $ 219 | |
1,144 | |||
Service—1.5% | |||
Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%) 6.557%, 7/27/28(4) | 366 | 347 | |
Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%) 6.566%, 3/20/25(4) | 343 | 307 | |
Dun & Bradstreet Corp. (The) | |||
2022, Tranche B-2 (1 month Term SOFR + 3.250%) 6.282%, 1/18/29(4) | 70 | 67 | |
Tranche B (1 month LIBOR + 3.250%) 6.330%, 2/6/26(4) | 384 | 371 | |
DXP Enterprises, Inc. (1 month LIBOR + 4.750%) 7.865%, 12/23/27(4) | 339 | 322 | |
Garda World Security Corp. Tranche B-2 (3 month LIBOR + 4.250%) 7.240%, 10/30/26(4) | 115 | 108 | |
Grab Holdings, Inc. (1 month LIBOR + 4.500%) 7.620%, 1/29/26(4) | 290 | 271 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 6.703%, 11/23/28(4) | 253 | 240 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.865%, 2/1/28(4) | 390 | 369 | |
PODS LLC (1 month LIBOR + 3.000%) 6.115%, 3/31/28(4) | 267 | 252 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%) 6.365%, 2/10/29(4) | 264 | 250 | |
Sweetwater Borrower LLC (1 month LIBOR + 4.250%) 7.375%, 8/7/28(4) | 343 | 312 |
Par Value | Value | ||
Service—continued | |||
Weld North Education LLC 2021 (1 month LIBOR + 3.750%) 6.870%, 12/21/27(4) | $ 338 | $ 326 | |
3,542 | |||
Transportation - Automotive—0.6% | |||
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 6.365%, 4/30/26(4) | 292 | 275 | |
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 5.115%, 11/2/23(4) | 853 | 786 | |
Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.000%) 7.250%, 5/4/28(4) | 316 | 296 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 6.556%, 10/28/27(4) | 187 | 177 | |
1,534 | |||
Utilities—0.4% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 5.865%, 8/1/25(4) | 261 | 249 | |
Generation Bridge II LLC | |||
Tranche B (1 month LIBOR + 5.000%) 8.149%, 2/23/29(4) | 175 | 172 | |
Tranche C (1 month LIBOR + 5.000%) 8.149%, 2/23/29(4) | 21 | 21 | |
Lightstone Holdco LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 8.784%, 2/1/27(4) | 491 | 447 | |
Tranche C (1 month Term SOFR + 5.750%) 8.784%, 2/1/27(4) | 28 | 25 | |
914 | |||
Total Leveraged Loans (Identified Cost $34,094) | 32,318 |
Shares | ||
Preferred Stocks—1.5% | ||
Financials—1.1% | ||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 525 (12) | 457 |
Shares | Value | ||
Financials—continued | |||
MetLife, Inc. Series D, 5.875%(5) | 478 (12) | $ 436 | |
Truist Financial Corp. Series Q, 5.100% | 880 (12) | 780 | |
Zions Bancorp NA, 6.950% | 38,525 | 980 | |
2,653 | |||
Industrials—0.4% | |||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 6.623%(4) | 1,055 (12) | 987 | |
Total Preferred Stocks (Identified Cost $3,816) | 3,640 | ||
Common Stocks—0.1% | |||
Consumer Discretionary—0.1% | |||
Mark IV Industries(7)(13) | 446 | 1 | |
MYT Holding LLC Class B(7)(13) | 42,729 | 43 | |
NMG Parent LLC(7)(13) | 836 | 146 | |
190 | |||
Energy—0.0% | |||
Frontera Energy Corp.(13) | 1,112 | 8 | |
Total Common Stocks (Identified Cost $330) | 198 | ||
Exchange-Traded Fund—2.0% | |||
iShares JP Morgan USD Emerging Markets Bond ETF(14) | 59,287 | 4,707 | |
Total Exchange-Traded Fund (Identified Cost $5,350) | 4,707 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(7)(13) | 6,252 | 8 | |
Total Rights (Identified Cost $5) | 8 | ||
Total Long-Term Investments—97.2% (Identified Cost $268,428) | 234,166 | ||
Shares | Value | ||
Short-Term Investment—1.4% | |||
Money Market Mutual Fund—1.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(14) | 3,347,228 | $ 3,347 | |
Total Short-Term Investment (Identified Cost $3,347) | 3,347 | ||
Securities Lending Collateral—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(14)(15) | 557,365 | 557 | |
Total Securities Lending Collateral (Identified Cost $557) | 557 | ||
TOTAL INVESTMENTS—98.8% (Identified Cost $272,332) | $238,070 | ||
Other assets and liabilities, net—1.2% | 2,934 | ||
NET ASSETS—100.0% | $241,004 |
Abbreviations: | |
ABS | Asset-Backed Securities |
ACA | American Capital Access Financial Guarantee Corp. |
BAM | Build America Municipal Insured |
ETF | Exchange-Traded Fund |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LP | Limited Partnership |
NA | National Association |
PIK | Payment-in-Kind Security |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | 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 September 30, 2022, these securities amounted to a value of $122,574 or 50.9% of net assets. |
(2) | Security in default; no interest payments are being received. |
(3) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(4) | Variable rate security. Rate disclosed is as of September 30, 2022. 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. |
(5) | All or a portion of security is on loan. |
(6) | No contractual maturity date. |
(7) | 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. |
(8) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(9) | Amount is less than $500. |
(10) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(11) | 100% of the income received was in cash. |
(12) | Value shown as par value. |
(13) | Non-income producing. |
(14) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(15) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 84% |
Canada | 3 |
Mexico | 2 |
Netherlands | 1 |
Indonesia | 1 |
Luxembourg | 1 |
Saudi Arabia | 1 |
Other | 7 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Precision Medicine Group LLC, (3 month LIBOR + 3.750%) 3.750%, 11/18/27 | $14 | $14 | $13 | $(1) |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 29,116 | $ — | $ 29,116 | $ — | |||
Corporate Bonds and Notes | 91,433 | — | 91,431 | 2 | |||
Foreign Government Securities | 10,082 | — | 10,082 | — | |||
Leveraged Loans | 32,318 | — | 32,318 | — | |||
Mortgage-Backed Securities | 34,939 | — | 34,939 | — | |||
Municipal Bonds | 1,457 | — | 1,457 | — | |||
U.S. Government Securities | 26,268 | — | 26,268 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 3,640 | 980 | 2,660 | — | |||
Common Stocks | 198 | 8 | — | 190 | |||
Rights | 8 | — | — | 8 | |||
Exchange-Traded Fund | 4,707 | 4,707 | — | — | |||
Money Market Mutual Fund | 3,347 | 3,347 | — | — | |||
Securities Lending Collateral | 557 | 557 | — | — | |||
Total Investments | $238,070 | $9,599 | $228,271 | $200 |
September 30, 2022
Par Value | Value | ||
U.S. Government Securities—9.2% | |||
U.S. Treasury Notes | |||
0.125%, 3/31/23 | $ 14,085 | $ 13,826 | |
0.125%, 4/30/23 | 155,450 | 151,970 | |
0.125%, 8/31/23 | 28,060 | 27,020 | |
2.500%, 4/30/24 | 191,140 | 185,809 | |
1.000%, 12/15/24 | 61,195 | 57,024 | |
0.250%, 5/31/25 | 28,025 | 25,207 | |
0.375%, 7/31/27 | 16,550 | 13,895 | |
0.625%, 12/31/27 | 15,150 | 12,708 | |
Total U.S. Government Securities (Identified Cost $501,967) | 487,459 | ||
Municipal Bond—0.1% | |||
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 4,215 | 3,674 | |
Total Municipal Bond (Identified Cost $3,956) | 3,674 | ||
Foreign Government Securities—1.7% | |||
Bolivarian Republic of Venezuela | |||
RegS 7.000%, 12/1/18(1)(2) | 20,999 | 1,575 | |
RegS 7.750%, 10/13/19(1)(2) | 9,851 | 739 | |
Dominican Republic 144A 5.500%, 2/22/29(3) | 6,410 | 5,490 | |
Egypt Government International Bond 144A 5.800%, 9/30/27(3) | 8,250 | 5,775 | |
Kingdom of Saudi Arabia 144A 4.000%, 4/17/25(3) | 6,800 | 6,638 | |
Republic of Colombia | |||
4.500%, 1/28/26 | 6,330 | 5,795 | |
4.500%, 3/15/29 | 3,045 | 2,494 | |
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(3) | 9,990 | 8,859 | |
Republic of Egypt 144A 7.600%, 3/1/29(3) | 3,000 | 2,092 | |
Republic of Indonesia | |||
144A 3.375%, 4/15/23(3)(4) | 2,844 | 2,812 | |
144A 4.125%, 1/15/25(3) | 11,290 | 11,042 | |
144A 4.750%, 1/8/26(3) | 13,053 | 12,802 | |
Republic of Nigeria 144A 6.500%, 11/28/27(3) | 6,690 | 4,792 | |
Republic of Panama 3.875%, 3/17/28 | 10,000 | 9,061 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Republic of Qatar 144A 3.250%, 6/2/26(3) | $ 5,500 | $ 5,239 | |
United Mexican States 4.150%, 3/28/27 | 5,200 | 4,969 | |
Total Foreign Government Securities (Identified Cost $126,036) | 90,174 | ||
Mortgage-Backed Securities—26.9% | |||
Agency—0.2% | |||
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 10 | 10 | |
Pool #695237 5.500%, 2/1/33 | 7 | 7 | |
Pool #725762 6.000%, 8/1/34 | 56 | 58 | |
Pool #773385 5.500%, 5/1/34 | 59 | 61 | |
Pool #800267 5.500%, 12/1/34 | 15 | 15 | |
Pool #806318 5.500%, 11/1/34 | 114 | 114 | |
Pool #806328 5.500%, 11/1/34 | 100 | 99 | |
Pool #808018 5.500%, 1/1/35 | 72 | 74 | |
Pool #889578 6.000%, 4/1/38 | 37 | 39 | |
Pool #890710 3.000%, 2/1/31 | 3,042 | 2,872 | |
Pool #941322 6.000%, 7/1/37 | 6 | 6 | |
Pool #AC6992 5.000%, 12/1/39 | 1,000 | 1,008 | |
Pool #AD3841 4.500%, 4/1/40 | 1,259 | 1,231 | |
Pool #AD4224 5.000%, 8/1/40 | ��� 1,190 | 1,199 | |
Pool #AD6058 4.000%, 8/1/25 | 688 | 666 | |
Pool #AE4799 4.000%, 10/1/40 | 11 | 11 | |
Pool #AH4009 4.000%, 3/1/41 | 1,454 | 1,387 | |
Pool #AI2472 4.500%, 5/1/41 | 927 | 908 | |
Pool #AO5149 3.000%, 6/1/27 | 135 | 131 | |
Pool #AS6515 4.000%, 1/1/46 | 1,946 | 1,847 | |
Government National Mortgage Association Pool #563381 6.500%, 11/15/31 | 6 | 6 | |
11,749 | |||
Par Value | Value | ||
Non-Agency—26.7% | |||
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(3)(5) | $ 3,605 | $ 3,342 | |
2021-A, A1 144A 1.065%, 9/25/65(3)(5) | 9,100 | 7,997 | |
Aligned Data Centers Issuer LLC 2021-1A, A2 144A 1.937%, 8/15/46(3) | 16,110 | 13,736 | |
American Homes 4 Rent Trust | |||
2014-SFR3, A 144A 3.678%, 12/17/36(3) | 19,348 | 18,651 | |
2015-SFR1, A 144A 3.467%, 4/17/52(3) | 10,518 | 10,068 | |
AMSR Trust | |||
2020-SFR1, A 144A 1.819%, 4/17/37(3) | 8,627 | 7,988 | |
2020-SFR1, B 144A 2.120%, 4/17/37(3) | 6,739 | 6,242 | |
2020-SFR2, D 144A 3.282%, 7/17/37(3) | 1,680 | 1,559 | |
2020-SFR3, B 144A 1.806%, 9/17/37(3) | 4,362 | 3,910 | |
2021-SFR2, C 144A 1.877%, 8/17/38(3) | 4,535 | 3,825 | |
2021-SFR3, D 144A 2.177%, 10/17/38(3) | 6,675 | 5,593 | |
2021-SFR4, B 144A 2.417%, 12/17/38(3) | 4,106 | 3,553 | |
2022-SFR1, C 144A 3.740%, 3/17/39(3) | 1,985 | 1,758 | |
2022-SFR3, C 144A 4.000%, 10/17/39(3) | 2,000 | 1,777 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(3)(5) | 4,441 | 4,096 | |
2020-6, A1 144A 1.261%, 5/25/65(3)(5) | 2,889 | 2,509 | |
2021-2, A1 144A 0.985%, 4/25/66(3)(5) | 1,687 | 1,433 | |
2021-3, A2 144A 1.305%, 5/25/66(3)(5) | 2,191 | 1,844 | |
2021-5, A1 144A 0.951%, 7/25/66(3)(5) | 8,089 | 6,684 | |
2021-7, A1 144A 1.978%, 10/25/66(3)(5) | 9,719 | 8,058 | |
2021-8, A1 144A 1.820%, 11/25/66(3)(5) | 11,671 | 9,966 | |
2022-5, A1 144A 4.500%, 5/25/67(3)(5) | 2,778 | 2,652 | |
Angel Oak Mortgage Trust I LLC | |||
2018-3, A1 144A 3.649%, 9/25/48(3)(5) | 98 | 97 | |
2019-2, A1 144A 3.628%, 3/25/49(3)(5) | 17 | 17 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(3)(5) | 3,888 | 3,649 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-2, A1 144A 3.347%, 4/25/49(3)(5) | $ 3,436 | $ 3,215 | |
2021-1R, A1 144A 1.175%, 10/25/48(3)(5) | 12,881 | 11,019 | |
2022-1, A1B 144A 3.269%, 12/25/56(3)(5) | 4,252 | 3,572 | |
Banc of America Funding Trust 2004-D, 5A1 2.745%, 1/25/35(5) | 992 | 988 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%, Cap N/A, Floor 0.722%) 144A 3.540%, 3/15/37(3)(5) | 5,490 | 5,167 | |
BPR Trust | |||
2021-KEN, A (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 2/15/29(3)(5) | 1,975 | 1,917 | |
2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 4.743%, 4/15/37(3)(5) | 6,815 | 6,713 | |
BRAVO Residential Funding Trust | |||
2021-A, A1 144A 1.991%, 10/25/59(3)(5) | 5,092 | 4,823 | |
2021-NQM3, A1 144A 1.699%, 4/25/60(3)(5) | 1,903 | 1,717 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(3)(5) | 2,016 | 1,871 | |
BX Commercial Mortgage Trust | |||
2019-XL, C (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 10/15/36(3)(5) | 6,626 | 6,426 | |
2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 4.883%, 2/15/39(3)(5) | 10,655 | 9,910 | |
BX Trust | |||
2018-GW, B (1 month LIBOR + 1.020%, Cap N/A, Floor 1.020%) 144A 3.838%, 5/15/35(3)(5) | 19,910 | 19,009 | |
2019-OC11, B 144A 3.605%, 12/9/41(3) | 5,000 | 4,141 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-OC11, D 144A 4.075%, 12/9/41(3)(5) | $ 7,699 | $ 6,284 | |
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(3) | 9,651 | 8,573 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(3)(5) | 4,801 | 4,059 | |
2016-SH2, M2 144A 3.750%, 12/25/45(3)(5) | 6,957 | 6,122 | |
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%, Cap N/A, Floor 1.120%) 144A 3.938%, 6/15/34(3)(5) | 17,508 | 17,196 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 3.065%, 5/25/34(5) | 312 | 292 | |
CIM Trust | |||
2021-NR4, A1 144A 2.816%, 10/25/61(3)(5) | 9,991 | 9,206 | |
2022-R2, A1 144A 3.750%, 12/25/61(3)(5) | 5,575 | 5,258 | |
Citigroup Commercial Mortgage Trust 2015-GC27, A4 2.878%, 2/10/48 | 6,828 | 6,482 | |
Citigroup Mortgage Loan Trust | |||
2013-A, A 144A 3.000%, 5/25/42(3)(5) | 2,725 | 2,630 | |
2020-EXP1, A1B 144A 1.804%, 5/25/60(3)(5) | 1,727 | 1,591 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2014-A, A 144A 4.000%, 1/25/35(3)(5) | 1,723 | 1,621 | |
2015-PS1, A1 144A 3.750%, 9/25/42(3)(5) | 625 | 587 | |
2018-RP1, A1 144A 3.000%, 9/25/64(3)(5) | 4,617 | 4,479 | |
2019-RP1, A1 144A 3.500%, 1/25/66(3)(5) | 5,096 | 4,825 | |
COLT Funding LLC | |||
2021-3R, A1 144A 1.051%, 12/25/64(3)(5) | 3,529 | 3,101 | |
2021-3R, A2 144A 1.257%, 12/25/64(3)(5) | 827 | 725 | |
COLT Mortgage Loan Trust | |||
2021-2, A2 144A 1.130%, 8/25/66(3)(5) | 5,489 | 4,503 |
Par Value | Value | ||
Non-Agency—continued | |||
2022-1, A1 144A 2.284%, 12/27/66(3)(5) | $ 10,964 | $ 9,545 | |
2022-3, A1 144A 3.901%, 2/25/67(3)(5) | 16,374 | 14,928 | |
2022-4, A1 144A 4.301%, 3/25/67(3)(5) | 6,918 | 6,623 | |
2022-5, A1 144A 4.550%, 4/25/67(3)(5) | 13,847 | 13,189 | |
2021-2R, A1 144A 0.798%, 7/27/54(3) | 2,296 | 2,031 | |
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A 0.857%, 5/25/65(3)(5) | 6,199 | 5,449 | |
COLT Trust 2020-RPL1, A1 144A 1.390%, 1/25/65(3)(5) | 9,402 | 8,091 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(3)(5) | 9,555 | 8,624 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(3) | 9,915 | 9,276 | |
2020-3, A 144A 1.358%, 8/15/53(3) | 4,896 | 4,303 | |
2020-4, A 144A 1.174%, 12/15/52(3) | 14,603 | 12,873 | |
2022-1, A 144A 4.744%, 6/17/55(3)(5) | 4,987 | 4,849 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 3.798%, 5/15/36(3)(5) | 22,785 | 22,472 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(3)(5) | 8,650 | 8,310 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(3)(5) | 3,286 | 3,004 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(3)(5) | 12,805 | 11,396 | |
2021-NQM1, A1 144A 0.809%, 5/25/65(3)(5) | 7,942 | 7,368 | |
2021-NQM2, A1 144A 1.179%, 2/25/66(3)(5) | 5,598 | 4,856 | |
2021-AFC1, A1 144A 0.830%, 3/25/56(3)(5) | 2,774 | 2,274 |
Par Value | Value | ||
Non-Agency—continued | |||
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(3)(5) | $ 5,576 | $ 4,915 | |
Dominion Mortgage Trust 2021-RTL1, A1 144A 2.487%, 7/25/27(3)(5) | 10,050 | 9,081 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(3)(5) | 1,582 | 1,498 | |
2020-1, A1 144A 2.006%, 5/25/65(3)(5) | 1,836 | 1,769 | |
2020-2, A1 144A 1.178%, 10/25/65(3)(5) | 6,353 | 5,845 | |
2021-1, A2 144A 1.003%, 2/25/66(3)(5) | 1,233 | 1,035 | |
2021-2, A1 144A 0.931%, 6/25/66(3)(5) | 6,676 | 5,559 | |
2022-1, A1 144A 2.206%, 1/25/67(3)(5) | 9,196 | 7,744 | |
Extended Stay America Trust 2021-ESH, C (1 month LIBOR + 1.700%, Cap N/A, Floor 1.700%) 144A 4.518%, 7/15/38(3)(5) | 3,101 | 2,980 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(3) | 7,020 | 6,280 | |
2020-SFR2, A 144A 1.266%, 10/19/37(3) | 6,641 | 5,951 | |
2020-SFR2, B 144A 1.567%, 10/19/37(3) | 21,440 | 19,166 | |
2021-SFR1, D 144A 2.189%, 8/17/38(3) | 18,405 | 15,577 | |
2022-SFR1, A 144A 4.145%, 5/17/39(3) | 6,483 | 6,119 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(3)(5) | 1,038 | 966 | |
2018-1, A23 144A 3.500%, 11/25/57(3)(5) | 957 | 874 | |
2019-2, A52 144A 3.500%, 6/25/59(3)(5) | 4,258 | 4,016 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(3)(5) | 1,223 | 1,163 |
Par Value | Value | ||
Non-Agency—continued | |||
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 3.618%, 2/15/38(3)(5) | $ 5,700 | $ 5,498 | |
GS Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(5) | 4,075 | 3,406 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(3) | 16,760 | 16,057 | |
Home Partners of America Trust 2020-2, A 144A 1.532%, 1/17/41(3) | 5,052 | 4,161 | |
Imperial Fund Mortgage Trust | |||
2021-NQM4, A1 144A 2.091%, 1/25/57(3)(5) | 12,909 | 10,449 | |
2022-NQM3, A1 144A 4.380%, 5/25/67(3)(5) | 9,645 | 9,115 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 5.334%, 8/15/37(3)(5) | 7,340 | 7,257 | |
JP Morgan Mortgage Trust | |||
2006-A6, 3A3L 3.373%, 10/25/36(5) | 321 | 245 | |
2014-5, B1 144A 2.820%, 10/25/29(3)(5) | 1,882 | 1,570 | |
JPMBB Commercial Mortgage Securities Trust 2015-C32, AS 3.984%, 11/15/48 | 2,495 | 2,337 | |
JPMorgan Chase Mortgage Trust | |||
2006-A2, 4A1 3.651%, 8/25/34(5) | 252 | 252 | |
2014-1, 2A12 144A 3.500%, 1/25/44(3)(5) | 691 | 641 | |
2014-2, 2A2 144A 3.500%, 6/25/29(3)(5) | 1,657 | 1,563 | |
2014-2, AM 144A 3.360%, 6/25/29(3)(5) | 1,029 | 960 | |
2014-5, B2 144A 2.820%, 10/25/29(3)(5) | 886 | 736 | |
2015-1, AM1 144A 3.413%, 12/25/44(3)(5) | 1,225 | 1,188 | |
2015-5, A2 144A 3.586%, 5/25/45(3)(5) | 1,631 | 1,591 |
Par Value | Value | ||
Non-Agency—continued | |||
2017-3, 2A2 144A 2.500%, 8/25/47(3)(5) | $ 2,184 | $ 1,925 | |
2017-5, A1 144A 3.124%, 10/26/48(3)(5) | 4,140 | 3,986 | |
KKR Industrial Portfolio Trust | |||
2021-KDIP, C (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%) 144A 3.818%, 12/15/37(3)(5) | 1,676 | 1,588 | |
2021-KDIP, D (1 month LIBOR + 1.250%, Cap N/A, Floor 1.250%) 144A 4.068%, 12/15/37(3)(5) | 3,750 | 3,543 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 3.618%, 5/15/36(3)(5) | 5,740 | 5,644 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 9/25/26(3)(5) | 11,065 | 10,639 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(3)(5) | 8,940 | 8,453 | |
MetLife Securitization Trust | |||
2017-1A, M1 144A 3.421%, 4/25/55(3)(5) | 7,930 | 7,095 | |
2018-1A, A 144A 3.750%, 3/25/57(3)(5) | 20,084 | 18,936 | |
2019-1A, A1A 144A 3.750%, 4/25/58(3)(5) | 6,499 | 6,359 | |
MFA Trust | |||
2022-INV1, A1 144A 3.907%, 4/25/66(3)(5) | 11,860 | 11,221 | |
2022-NQM2, A1 144A 4.000%, 5/25/67(3)(5) | 9,310 | 8,670 | |
2020-NQM3, A1 144A 1.014%, 1/26/65(3)(5) | 2,302 | 2,106 | |
2021-INV1, A1 144A 0.852%, 1/25/56(3)(5) | 1,672 | 1,539 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(3)(5) | 1,983 | 1,874 | |
2017-3, M2 144A 3.250%, 1/25/61(3)(5) | 9,032 | 8,419 | |
2019-1, M2 144A 3.500%, 10/25/69(3)(5) | 12,131 | 10,328 | |
2021-NMR1, A1 144A 1.125%, 11/25/60(3)(5) | 5,091 | 4,719 |
Par Value | Value | ||
Non-Agency—continued | |||
Morgan Stanley Bank of America Merrill Lynch Trust | |||
2013-C10, A4 4.206%, 7/15/46(5) | $ 2,075 | $ 2,057 | |
2013-C13, AS 4.266%, 11/15/46 | 1,735 | 1,698 | |
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%, Cap N/A, Floor 0.700%) 144A 3.518%, 11/15/34(3)(5) | 11,154 | 11,084 | |
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A 2.713%, 2/25/34(5) | 376 | 365 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 3.721%, 6/25/44(3)(5) | 3,200 | 3,133 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(3)(5) | 4,032 | 3,767 | |
2015-2A, A1 144A 3.750%, 8/25/55(3)(5) | 3,473 | 3,230 | |
2016-1A, A1 144A 3.750%, 3/25/56(3)(5) | 1,862 | 1,732 | |
2016-3A, A1 144A 3.750%, 9/25/56(3)(5) | 2,185 | 2,027 | |
2016-4A, A1 144A 3.750%, 11/25/56(3)(5) | 2,834 | 2,628 | |
2017-2A, A3 144A 4.000%, 3/25/57(3)(5) | 11,349 | 10,775 | |
2018-2A, A1 144A 4.500%, 2/25/58(3)(5) | 6,590 | 6,296 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(3)(5) | 595 | 502 | |
2020-1A, A1B 144A 3.500%, 10/25/59(3)(5) | 5,486 | 5,108 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(3)(5) | 4,573 | 4,278 | |
2022-RTL1, A1F 144A 4.336%, 12/25/26(3) | 8,710 | 8,296 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(3)(5) | 3,328 | 3,101 | |
2016-2A, A1 144A 3.750%, 11/26/35(3)(5) | 4,271 | 3,990 | |
2018-1A, A1A 144A 4.000%, 12/25/57(3)(5) | 8,069 | 7,669 |
Par Value | Value | ||
Non-Agency—continued | |||
NewRez Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.050%, Cap N/A, Floor 1.050%) 144A 4.134%, 5/25/55(3)(5) | $ 13,845 | $ 13,557 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(3)(5) | 11,625 | 9,756 | |
NMLT Trust 2021-INV1, A1 144A 1.185%, 5/25/56(3)(5) | 6,487 | 5,507 | |
NYMT Loan Trust 2022-CP1, A1 144A 2.042%, 7/25/61(3) | 5,038 | 4,502 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(3)(5) | 997 | 956 | |
2021-NQM2, A1 144A 1.101%, 5/25/61(3)(5) | 5,851 | 4,804 | |
2021-NQM3, A1 144A 1.054%, 7/25/61(3)(5) | 7,401 | 5,905 | |
2021-NQM3, A2 144A 1.260%, 7/25/61(3)(5) | 2,551 | 2,045 | |
2018-1, A2 (1 month LIBOR + 0.650%) 144A 3.734%, 6/25/57(3)(5) | 2,455 | 2,378 | |
Onslow Bay Mortgage Loan Trust 2021-NQM4, A1 144A 1.957%, 10/25/61(3)(5) | 5,372 | 4,406 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(3)(5) | 7,890 | 7,397 | |
Preston Ridge Partners Mortgage LLC | |||
2020-6, A1 144A 2.363%, 11/25/25(3)(5) | 11,501 | 10,936 | |
2021-2, A1 144A 2.115%, 3/25/26(3)(5) | 2,651 | 2,476 | |
2021-3, A1 144A 1.867%, 4/25/26(3)(5) | 6,923 | 6,304 | |
2021-7, A1 144A 1.867%, 8/25/26(3)(5) | 7,491 | 6,866 | |
2021-9, A1 144A 2.363%, 10/25/26(3)(5) | 7,892 | 7,287 | |
2021-RPL1, A1 144A 1.319%, 7/25/51(3)(5) | 4,734 | 4,220 | |
2021-RPL2, A1 144A 1.455%, 10/25/51(3)(5) | 22,929 | 20,358 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(3)(5) | 11,116 | 10,252 |
Par Value | Value | ||
Non-Agency—continued | |||
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(3)(5) | $ 15,130 | $ 14,328 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(3) | 10,340 | 9,801 | |
2020-SFR2, E 144A 5.115%, 6/17/37(3) | 6,890 | 6,549 | |
2021-SFR2, D 144A 2.197%, 4/19/38(3) | 16,205 | 13,756 | |
2021-SFR3, D 144A 2.288%, 5/17/26(3) | 11,130 | 9,490 | |
2021-SFR5, D 144A 2.109%, 7/17/38(3) | 2,500 | 2,118 | |
2021-SFR6, C 144A 1.855%, 7/17/38(3) | 3,770 | 3,202 | |
2020-SFR3, A 144A 1.294%, 10/17/27(3) | 3,645 | 3,275 | |
2021-SFR1, C 144A 1.555%, 4/17/38(3) | 1,430 | 1,206 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(3)(5) | 2,147 | 1,817 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(3)(5) | 4,123 | 3,452 | |
RCO VI Mortgage LLC 2022-1, A1 144A 3.000%, 1/25/27(3)(5) | 9,568 | 8,978 | |
RCO VII Mortgage LLC 2021-2, A1 144A 2.116%, 9/25/26(3)(5) | 6,778 | 6,397 | |
Residential Mortgage Loan Trust | |||
2019-2, A1 144A 2.913%, 5/25/59(3)(5) | 960 | 943 | |
2020-1, A1 144A 2.376%, 1/26/60(3)(5) | 2,273 | 2,139 | |
Roc Mortgage Trust 2021-RTL1, A1 144A 2.487%, 8/25/26(3)(5) | 19,655 | 18,394 | |
SBA Tower Trust 144A 1.631%, 11/15/26(3) | 9,540 | 8,132 | |
Sequoia Mortgage Trust 2013-8, B1 3.488%, 6/25/43(5) | 1,623 | 1,535 | |
SG Residential Mortgage Trust | |||
2019-3, A1 144A 2.703%, 9/25/59(3)(5) | 1,294 | 1,254 | |
2021-1, A1 144A 1.160%, 7/25/61(3)(5) | 7,417 | 6,049 | |
2021-1, A3 144A 1.560%, 7/25/61(3)(5) | 4,305 | 3,530 | |
STAR Trust 2021-1, A1 144A 1.219%, 5/25/65(3)(5) | 6,154 | 5,715 |
Par Value | Value | ||
Non-Agency—continued | |||
Starwood Mortgage Residential Trust | |||
2020-1, A1 144A 2.275%, 2/25/50(3)(5) | $ 564 | $ 561 | |
2020-3, A1 144A 1.486%, 4/25/65(3)(5) | 2,599 | 2,498 | |
2021-3, A2 144A 1.395%, 6/25/56(3)(5) | 2,748 | 2,253 | |
2021-3, A3 144A 1.518%, 6/25/56(3)(5) | 2,284 | 1,862 | |
Structured Adjustable Rate Mortgage Loan Trust 2004-14, 7A 3.446%, 10/25/34(5) | 1,919 | 1,839 | |
Sutherland Commercial Mortgage Loans 2017-SBC6, A 144A 3.192%, 5/25/37(3)(5) | 167 | 167 | |
Towd Point Mortgage Trust | |||
2015-6, M1 144A 3.750%, 4/25/55(3)(5) | 5,255 | 5,107 | |
2016-4, B1 144A 3.823%, 7/25/56(3)(5) | 8,095 | 7,408 | |
2017-1, M1 144A 3.750%, 10/25/56(3)(5) | 4,374 | 4,069 | |
2018-2, A2 144A 3.500%, 3/25/58(3)(5) | 9,400 | 8,656 | |
2018-6, A1A 144A 3.750%, 3/25/58(3)(5) | 4,254 | 4,178 | |
2018-6, A1B 144A 3.750%, 3/25/58(3)(5) | 1,705 | 1,589 | |
2019-2, A2 144A 3.750%, 12/25/58(3)(5) | 925 | 812 | |
2020-1, M1 144A 3.500%, 1/25/60(3)(5) | 4,820 | 3,982 | |
2020-MH1, A2 144A 2.500%, 2/25/60(3)(5)(6) | 14,281 | 12,057 | |
2021-1, A2 144A 2.750%, 11/25/61(3)(5) | 12,970 | 10,170 | |
2022-1, A1 144A 3.750%, 7/25/62(3)(5) | 2,357 | 2,178 | |
2017-6, A2 144A 3.000%, 10/25/57(3)(5) | 11,390 | 10,317 | |
Towd Point Trust 2021-HE1, M1 144A 1.500%, 2/25/63(3)(5) | 2,116 | 1,991 | |
Tricon American Homes Trust 2020-SFR2, D 144A 2.281%, 11/17/39(3) | 5,243 | 4,330 | |
Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(3) | 6,490 | 5,673 | |
TVC Mortgage Trust 2020-RTL1, A1 144A 3.474%, 9/25/24(3) | 3,147 | 3,135 |
Par Value | Value | ||
Non-Agency—continued | |||
UBS Commercial Mortgage Trust 2012-C1, D 144A 6.660%, 5/10/45(3)(5) | $ 1,008 | $ 918 | |
UBS-Barclays Commercial Mortgage Trust 2013-C6, B 144A 3.875%, 4/10/46(3)(5) | 8,691 | 8,489 | |
VCAT Asset Securitization LLC 2021-NPL6, A1 144A 1.917%, 9/25/51(3)(5) | 9,369 | 8,709 | |
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(3)(5) | 7,682 | 7,253 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(3)(5) | 11,448 | 10,494 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(3)(5) | 17,016 | 15,633 | |
2021-NPL5, A1 144A 1.868%, 8/25/51(3)(5) | 9,366 | 8,570 | |
Velocity Commercial Capital Loan Trust 2020-1, AFX 144A 2.610%, 2/25/50(3)(5) | 7,117 | 6,627 | |
Vericrest Opportunity Loan Trust C LLC 2021-NPL9, A1 144A 1.992%, 5/25/51(3)(5) | 3,716 | 3,386 | |
Vericrest Opportunity Loan Trust CVI LLC 2021-NP12, A1 144A 2.734%, 12/26/51(3)(5) | 11,097 | 10,225 | |
Vericrest Opportunity Loan Trust XCII LLC 2021-NPL1, A1 144A 1.893%, 2/27/51(3)(5) | 12,591 | 11,431 | |
Vericrest Opportunity Loan Trust XCIV LLC 2021-NPL3, A1 144A 2.240%, 2/27/51(3)(5) | 5,190 | 4,813 | |
Vericrest Opportunity Loan Trust XCV LLC 2021-NPL4, A1 144A 2.240%, 3/27/51(3)(5) | 5,573 | 5,179 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(3)(5) | 6,070 | 5,545 | |
2019-INV2, A1 144A 2.913%, 7/25/59(3)(5) | 3,576 | 3,518 | |
2021-2, A1 144A 1.031%, 2/25/66(3)(5) | 8,497 | 7,053 | |
2021-3, A1 144A 1.046%, 6/25/66(3)(5) | 11,245 | 9,212 | |
2021-R3, A1 144A 1.020%, 4/25/64(3)(5) | 5,487 | 5,044 | |
2022-4, A1 144A 4.474%, 4/25/67(3)(5) | 12,611 | 12,023 |
Par Value | Value | ||
Non-Agency—continued | |||
2022-5, A1 144A 3.800%, 4/25/67(3)(5) | $ 22,023 | $ 20,351 | |
2022-7, A1 144A 5.152%, 7/25/67(3)(5) | 8,416 | 8,174 | |
2020-1, A1 144A 2.417%, 1/25/60(3)(5) | 1,832 | 1,769 | |
2020-4, A1 144A 1.502%, 5/25/65(3)(5) | 6,321 | 6,002 | |
2021-1, A1 144A 0.815%, 1/25/66(3)(5) | 1,563 | 1,346 | |
2021-R1, A1 144A 0.820%, 10/25/63(3)(5) | 4,809 | 4,388 | |
2021-R2, A1 144A 0.918%, 2/25/64(3)(5) | 4,047 | 3,701 | |
Visio Trust | |||
2019-2, A1 144A 2.722%, 11/25/54(3)(5) | 3,813 | 3,483 | |
2019-2, A2 144A 2.924%, 11/25/54(3)(5) | 2,250 | 2,056 | |
2021-1R, A1 144A 1.280%, 5/25/56(3) | 8,712 | 7,958 | |
VM Master Issuer LLC 2022-1, A1 144A 5.163%, 5/24/25(3)(5) | 11,785 | 11,733 | |
WaMu Mortgage Pass-Through Certificates Series Trust 2004-CB1, 2A 5.000%, 6/25/34 | 288 | 267 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 6,689 | 6,381 | |
Wells Fargo Mortgage Backed Securities Trust | |||
2004-U, A1 3.669%, 10/25/34(5) | 125 | 120 | |
2020-4, A1 144A 3.000%, 7/25/50(3)(5) | 2,539 | 2,116 | |
1,405,602 | |||
Total Mortgage-Backed Securities (Identified Cost $1,554,588) | 1,417,351 | ||
Asset-Backed Securities—25.0% | |||
Automobiles—11.9% | |||
ACC Auto Trust | |||
2021-A, B 144A 1.790%, 4/15/27(3) | 7,835 | 7,474 | |
2021-A, C 144A 3.790%, 4/15/27(3) | 6,948 | 6,524 | |
ACC Trust | |||
2021-1, C 144A 2.080%, 12/20/24(3) | 3,025 | 2,948 |
Par Value | Value | ||
Automobiles—continued | |||
2022-1, C 144A 3.240%, 10/20/25(3) | $ 6,580 | $ 6,241 | |
ACM Auto Trust | |||
2022-1A, A 144A 3.230%, 4/20/29(3) | 3,886 | 3,873 | |
2022-1A, B 144A 4.470%, 4/20/29(3) | 6,780 | 6,720 | |
American Credit Acceptance Receivables Trust | |||
2021-1, C 144A 0.830%, 3/15/27(3) | 11,021 | 10,854 | |
2021-2, C 144A 0.970%, 7/13/27(3) | 9,705 | 9,465 | |
2021-3, C 144A 0.980%, 11/15/27(3) | 2,385 | 2,305 | |
2022-1, E 144A 3.640%, 3/13/28(3) | 11,425 | 10,140 | |
AmeriCredit Automobile Receivables Trust | |||
2018-1, D 3.820%, 3/18/24 | 7,410 | 7,407 | |
2019-1, C 3.360%, 2/18/25 | 6,988 | 6,964 | |
Arivo Acceptance Auto Loan Receivables Trust 2021-1A, A 144A 1.190%, 1/15/27(3) | 5,413 | 5,217 | |
Avid Automobile Receivables Trust | |||
2019-1, C 144A 3.140%, 7/15/26(3) | 3,180 | 3,158 | |
2019-1, D 144A 4.030%, 7/15/26(3) | 1,615 | 1,599 | |
2021-1, D 144A 1.990%, 4/17/28(3) | 3,200 | 2,869 | |
2021-1, E 144A 3.390%, 4/17/28(3) | 1,590 | 1,405 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2019-2A, D 144A 3.040%, 9/22/25(3) | 11,905 | 10,746 | |
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(3) | 8,025 | 7,382 | |
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(3) | 9,205 | 8,204 | |
(AESOP) 2021-1A, A 144A 1.380%, 8/20/27(3) | 1,870 | 1,610 | |
(AESOP) 2021-1A, D 144A 3.710%, 8/20/27(3) | 11,500 | 9,518 |
Par Value | Value | ||
Automobiles—continued | |||
CarNow Auto Receivables Trust | |||
2021-1A, C 144A 2.160%, 2/17/26(3) | $ 3,100 | $ 2,998 | |
2021-2A, B 144A 1.300%, 1/15/26(3) | 3,030 | 2,962 | |
2022-1A, B 144A 4.890%, 3/16/26(3) | 5,000 | 4,961 | |
Carvana Auto Receivables Trust | |||
2019-3A, D 144A 3.040%, 4/15/25(3) | 4,340 | 4,300 | |
2019-3A, E 144A 4.600%, 7/15/26(3) | 4,399 | 4,203 | |
2020-N1A, D 144A 3.430%, 1/15/26(3) | 11,730 | 11,471 | |
2020-P1, C 1.320%, 11/9/26 | 2,250 | 2,007 | |
2021-N2, C 1.070%, 3/10/28 | 4,356 | 4,151 | |
2021-N3, D 1.580%, 6/12/28 | 12,685 | 11,703 | |
2021-P3, B 1.420%, 8/10/27 | 4,590 | 3,922 | |
2022-N1, C 144A 3.320%, 12/11/28(3) | 4,435 | 4,278 | |
2022-N1, D 144A 4.130%, 12/11/28(3) | 6,815 | 6,425 | |
CIG Auto Receivables Trust | |||
2020-1A, D 144A 2.350%, 1/12/26(3) | 7,910 | 7,703 | |
2020-1A, E 144A 4.430%, 2/12/27(3) | 9,485 | 9,290 | |
2021-1A, D 144A 2.110%, 4/12/27(3) | 4,015 | 3,704 | |
CPS Auto Receivables Trust | |||
2018-C, D 144A 4.400%, 6/17/24(3) | 137 | 137 | |
2020-A, C 144A 2.540%, 12/15/25(3) | 234 | 233 | |
2020-C, C 144A 1.710%, 8/17/26(3) | 2,086 | 2,071 | |
2021-A, B 144A 0.610%, 2/18/25(3) | 536 | 535 | |
2021-A, C 144A 0.830%, 9/15/26(3) | 6,500 | 6,384 | |
Credit Acceptance Auto Loan Trust | |||
2019-3A, B 144A 2.860%, 1/16/29(3) | 10,397 | 10,370 | |
2020-1A, B 144A 2.390%, 4/16/29(3) | 4,650 | 4,603 | |
2020-3A, B 144A 1.770%, 12/17/29(3) | 11,195 | 10,539 | |
2022-1A, A 144A 4.600%, 6/15/32(3) | 7,275 | 7,095 |
Par Value | Value | ||
Automobiles—continued | |||
Credito Real USA Auto Receivables Trust 2021-1A, A 144A 1.350%, 2/16/27(3) | $ 2,004 | $ 1,951 | |
Drive Auto Receivables Trust | |||
2018-4, D 4.090%, 1/15/26 | 4,164 | 4,165 | |
2019-3, C 2.900%, 8/15/25 | 1,109 | 1,108 | |
2019-4, C 2.510%, 11/17/25 | 343 | 343 | |
DT Auto Owner Trust | |||
2019-4A, C 144A 2.730%, 7/15/25(3) | 2,844 | 2,840 | |
2021-1A, D 144A 1.160%, 11/16/26(3) | 3,930 | 3,628 | |
2021-1A, E 144A 2.380%, 1/18/28(3) | 2,000 | 1,848 | |
2021-2A, C 144A 1.100%, 2/16/27(3) | 5,985 | 5,703 | |
2021-2A, D 144A 1.500%, 2/16/27(3) | 4,350 | 4,029 | |
2022-2A, D 144A 5.460%, 3/15/28(3) | 7,500 | 7,082 | |
Exeter Automobile Receivables Trust | |||
2020-1A, D 144A 2.730%, 12/15/25(3) | 8,775 | 8,639 | |
2020-3A, E 144A 3.440%, 8/17/26(3) | 3,015 | 2,872 | |
2021-1A, C 0.740%, 1/15/26 | 5,000 | 4,902 | |
2022-3A, C 5.300%, 9/15/27 | 8,423 | 8,245 | |
2018-4A, D 144A 4.350%, 9/16/24(3) | 5,122 | 5,114 | |
2019-1A, D 144A 4.130%, 12/16/24(3) | 6,307 | 6,305 | |
FHF Trust 2020-1A, A 144A 2.590%, 12/15/23(3) | 65 | 65 | |
First Investors Auto Owner Trust | |||
2019-1A, C 144A 3.260%, 3/17/25(3) | 660 | 660 | |
2021-1A, C 144A 1.170%, 3/15/27(3) | 2,915 | 2,740 | |
2021-2A, C 144A 1.470%, 11/15/27(3) | 6,395 | 5,741 | |
2022-1A, C 144A 3.130%, 5/15/28(3) | 5,745 | 5,301 | |
Flagship Credit Auto Trust | |||
2019-2, C 144A 3.090%, 5/15/25(3) | 1,497 | 1,488 | |
2020-1, C 144A 2.240%, 1/15/26(3) | 13,785 | 13,505 |
Par Value | Value | ||
Automobiles—continued | |||
2020-3, C 144A 1.730%, 9/15/26(3) | $ 3,490 | $ 3,335 | |
2020-4, C 144A 1.280%, 2/16/27(3) | 5,284 | 5,040 | |
2021-1, C 144A 0.910%, 3/15/27(3) | 2,930 | 2,741 | |
Foursight Capital Automobile Receivables Trust | |||
2021-2, C 144A 1.570%, 7/15/27(3) | 2,110 | 1,952 | |
2022-1, B 144A 2.150%, 5/17/27(3) | 2,140 | 1,966 | |
GLS Auto Receivables Issuer Trust | |||
2019-3A, D 144A 3.840%, 5/15/26(3) | 3,000 | 2,910 | |
2019-4A, B 144A 2.780%, 9/16/24(3) | 1,729 | 1,727 | |
2019-4A, C 144A 3.060%, 8/15/25(3) | 14,855 | 14,645 | |
2019-4A, D 144A 4.090%, 8/17/26(3) | 3,500 | 3,355 | |
2020-3A, D 144A 2.270%, 5/15/26(3) | 11,735 | 11,318 | |
2020-3A, E 144A 4.310%, 7/15/27(3) | 18,060 | 17,305 | |
2020-4A, C 144A 1.140%, 11/17/25(3) | 6,955 | 6,812 | |
2022-2A, C 144A 5.300%, 4/17/28(3) | 3,075 | 3,010 | |
2022-2A, D 144A 6.150%, 4/17/28(3) | 4,565 | 4,484 | |
GLS Auto Receivables Trust 2022-1A, C 144A 3.190%, 2/16/27(3) | 6,000 | 5,669 | |
Hertz Vehicle Financing III LLC 2022-1A, C 144A 2.630%, 6/25/26(3) | 3,790 | 3,387 | |
Hertz Vehicle Financing III LP 2021-2A, A 144A 1.680%, 12/27/27(3) | 14,055 | 12,020 | |
Hertz Vehicle Financing LLC 2022-4A, D 144A 6.560%, 9/25/26(3) | 5,995 | 5,521 | |
LAD Auto Receivables Trust 2021-1A, D 144A 3.990%, 11/15/29(3) | 2,705 | 2,436 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(3) | 10,435 | 10,164 |
Par Value | Value | ||
Automobiles—continued | |||
OneMain Direct Auto Receivables Trust | |||
2021-1A, B 144A 1.260%, 7/14/28(3) | $ 17,610 | $ 15,667 | |
2022-1A, C 144A 5.310%, 6/14/29(3) | 7,485 | 7,220 | |
Oscar U.S. Funding XIII LLC 2021-2A, A4 144A 1.270%, 9/11/28(3) | 6,000 | 5,371 | |
Prestige Auto Receivables Trust 2018-1A, D 144A 4.140%, 10/15/24(3) | 3,259 | 3,252 | |
Santander Drive Auto Receivables Trust | |||
2020-4, C 1.010%, 1/15/26 | 6,349 | 6,276 | |
2021-3, C 0.950%, 9/15/27 | 13,700 | 13,234 | |
Tesla Auto Lease Trust 2020-A, C 144A 1.680%, 2/20/24(3) | 3,045 | 2,996 | |
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(3) | 10,051 | 9,952 | |
Tricolor Auto Securitization Trust | |||
2022-1A, C 144A 4.710%, 8/15/25(3) | 3,040 | 2,966 | |
2022-1A, D 144A 5.380%, 1/15/26(3) | 4,640 | 4,474 | |
U.S. Auto Funding 2021-1A, B 144A 1.490%, 3/17/25(3) | 5,725 | 5,557 | |
United Auto Credit Securitization Trust | |||
2021-1, C 144A 0.840%, 6/10/26(3) | 6,200 | 6,123 | |
2021-1, D 144A 1.140%, 6/10/26(3) | 10,160 | 9,726 | |
2022-1, C 144A 2.610%, 6/10/27(3) | 2,785 | 2,681 | |
USASF Receivables LLC 2020-1A, C 144A 5.940%, 8/15/24(3) | 7,338 | 7,256 | |
Veros Auto Receivables Trust | |||
2021-1, B 144A 1.490%, 10/15/26(3) | 4,235 | 4,029 | |
2022-1, B 144A 4.390%, 8/16/27(3) | 16,900 | 16,229 | |
Westlake Automobile Receivables Trust | |||
2020-2A, C 144A 2.010%, 7/15/25(3) | 10,355 | 10,249 |
Par Value | Value | ||
Automobiles—continued | |||
2020-3A, C 144A 1.240%, 11/17/25(3) | $ 11,365 | $ 11,058 | |
2021-3A, D 144A 2.120%, 1/15/27(3) | 4,720 | 4,264 | |
2022-1A, B 144A 2.750%, 3/15/27(3) | 6,090 | 5,886 | |
631,205 | |||
Collateralized Loan Obligations—0.4% | |||
GoldentTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%, Cap N/A, Floor 1.070%) 144A 3.780%, 1/20/33(3)(5) | 18,315 | 17,813 | |
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A 3.610%, 4/20/29(3)(5) | 2,049 | 2,020 | |
19,833 | |||
Consumer Loans—1.5% | |||
Affirm Asset Securitization Trust | |||
2022-A, 1A 144A 4.300%, 5/17/27(3) | 4,930 | 4,765 | |
2022-A, A 144A 4.300%, 5/17/27(3) | 4,765 | 4,535 | |
CFMT Issuer Trust 2021-GRN1, A 144A 1.100%, 3/20/41(3) | 1,582 | 1,463 | |
Lendingpoint Asset Securitization Trust | |||
2021-A, A 144A 1.000%, 12/15/28(3) | 1,200 | 1,196 | |
2021-B, A 144A 1.110%, 2/15/29(3) | 1,471 | 1,446 | |
2022-A, B 144A 2.410%, 6/15/29(3) | 7,745 | 7,408 | |
2022-B, A 144A 4.770%, 10/15/29(3) | 5,667 | 5,554 | |
Lendmark Funding Trust 2019-2A, A 144A 2.780%, 4/20/28(3) | 8,000 | 7,782 | |
Oportun Funding XIV LLC | |||
2021-A, A 144A 1.210%, 3/8/28(3) | 9,015 | 8,370 | |
2021-A, B 144A 1.760%, 3/8/28(3) | 7,620 | 7,004 |
Par Value | Value | ||
Consumer Loans—continued | |||
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(3) | $ 6,210 | $ 5,481 | |
Regional Management Issuance Trust 2021-1, A 144A 1.680%, 3/17/31(3) | 2,610 | 2,333 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(3) | 7,335 | 6,922 | |
Upstart Pass-Through Trust Series | |||
2021-ST2, A 144A 2.500%, 4/20/27(3) | 3,330 | 3,182 | |
2021-ST8, A 144A 1.750%, 10/20/29(3) | 4,316 | 4,021 | |
Upstart Securitization Trust | |||
2021-1, A 144A 0.870%, 3/20/31(3) | 183 | 181 | |
2021-2, B 144A 1.750%, 6/20/31(3) | 7,140 | 6,788 | |
2022-2, A 144A 4.370%, 5/20/32(3) | 3,608 | 3,525 | |
81,956 | |||
Credit Card—0.9% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(3) | 4,270 | 3,872 | |
Genesis Sales Finance Master Trust | |||
2020-AA, A 144A 1.650%, 9/22/25(3) | 10,425 | 10,198 | |
2021-AA, A 144A 1.200%, 12/21/26(3) | 9,020 | 8,410 | |
Mercury Financial Credit Card Master Trust | |||
2021-1A, A 144A 1.540%, 3/20/26(3) | 10,570 | 10,042 | |
2022-1A, A 144A 2.500%, 9/21/26(3) | 14,120 | 13,375 | |
45,897 | |||
Equipment—0.7% | |||
Amur Equipment Finance Receivables VIII LLC 2020-1A, C 144A 3.060%, 4/20/26(3) | 2,122 | 2,075 | |
CCG Receivables Trust 2022-1, C 144A 4.670%, 7/16/29(3) | 3,750 | 3,623 |
Par Value | Value | ||
Equipment—continued | |||
CLI Funding VI LLC 2020-1A, A 144A 2.080%, 9/18/45(3) | $ 15,473 | $ 13,436 | |
Encina Equipment Finance LLC 2022-1A, B 144A 5.150%, 1/16/29(3) | 9,548 | 9,207 | |
NMEF Funding LLC 2019-A, B 144A 3.060%, 8/17/26(3) | 720 | 719 | |
Pawnee Equipment Receivables Series LLC | |||
2019-1, B 144A 2.520%, 10/15/24(3) | 3,635 | 3,607 | |
2020-1, A 144A 1.370%, 11/17/25(3) | 2,866 | 2,824 | |
35,491 | |||
Other—9.4% | |||
Accelerated LLC 2021-1H, A 144A 1.350%, 10/20/40(3) | 2,608 | 2,376 | |
Amur Equipment Finance Receivables IX LLC | |||
2021-1A, B 144A 1.380%, 2/22/27(3) | 1,830 | 1,688 | |
2021-1A, C 144A 1.750%, 6/21/27(3) | 5,388 | 4,937 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(3) | 1,869 | 1,845 | |
2019-A, A 144A 3.140%, 7/16/40(3) | 2,924 | 2,767 | |
2019-A, C 144A 4.010%, 7/16/40(3) | 20,680 | 18,920 | |
2020-AA, B 144A 2.790%, 7/17/46(3) | 2,160 | 1,964 | |
2020-AA, D 144A 7.150%, 7/17/46(3) | 7,435 | 6,980 | |
2021-A, A 144A 1.540%, 7/17/46(3) | 15,530 | 14,061 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(3) | 14,881 | 12,598 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(3) | 1,637 | 1,599 | |
BHG Securitization Trust | |||
2021-A, A 144A 1.420%, 11/17/33(3) | 7,008 | 6,515 | |
2021-B, B 144A 1.670%, 10/17/34(3) | 8,195 | 7,133 |
Par Value | Value | ||
Other—continued | |||
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(3) | $ 2,165 | $ 2,090 | |
Business Jet Securities LLC | |||
2020-1A, A 144A 2.981%, 11/15/35(3) | 3,058 | 2,789 | |
2021-1A, A 144A 2.162%, 4/15/36(3) | 3,678 | 3,229 | |
BXG Receivables Note Trust | |||
2015-A, A 144A 2.880%, 5/2/30(3) | 651 | 633 | |
2017-A, A 144A 2.950%, 10/4/32(3) | 3,683 | 3,525 | |
2020-A, B 144A 2.490%, 2/28/36(3) | 3,976 | 3,613 | |
2022-A, A 144A 4.120%, 9/28/37(3) | 8,493 | 8,009 | |
2022-A, B 144A 4.610%, 9/28/37(3) | 2,918 | 2,718 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(3) | 13,417 | 11,407 | |
CCG Receivables Trust | |||
2019-2, B 144A 2.550%, 3/15/27(3) | 8,620 | 8,506 | |
2021-1, C 144A 0.840%, 6/14/27(3) | 1,415 | 1,314 | |
Commercial Equipment Finance LLC 2021-A, A 144A 2.050%, 2/16/27(3) | 2,344 | 2,243 | |
Conn’s Receivables Funding LLC | |||
2021-A, B 144A 2.870%, 5/15/26(3) | 5,250 | 5,120 | |
2022-A, B 144A 9.520%, 12/15/26(3) | 11,380 | 11,339 | |
Dext ABS LLC | |||
2020-1, A 144A 1.460%, 2/16/27(3) | 3,586 | 3,527 | |
2020-1, D 144A 7.210%, 2/15/28(3) | 6,258 | 5,819 | |
Diamond Resorts Owner Trust | |||
2018-1, B 144A 4.190%, 1/21/31(3) | 1,179 | 1,158 | |
2019-1A, B 144A 3.530%, 2/20/32(3) | 2,056 | 1,997 | |
2021-1A, A 144A 1.510%, 11/21/33(3) | 1,727 | 1,572 | |
2021-1A, B 144A 2.050%, 11/21/33(3) | 774 | 705 |
Par Value | Value | ||
Other—continued | |||
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(3) | $ 11,870 | $ 11,415 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(3) | 1,482 | 1,453 | |
2021-1A, A 144A 1.270%, 5/15/41(3) | 11,670 | 10,460 | |
FREED ABS Trust 2022-1FP, C 144A 2.510%, 3/19/29(3) | 4,650 | 4,317 | |
GCI Funding I LLC 2021-1, A 144A 2.380%, 6/18/46(3) | 4,779 | 4,079 | |
Global SC Finance VII Srl 2020-1A, A 144A 2.170%, 10/17/40(3) | 11,424 | 10,201 | |
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(3) | 297 | 291 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(3) | 19,478 | 16,719 | |
Hilton Grand Vacations Trust | |||
2017-AA, A 144A 2.660%, 12/26/28(3) | 1,021 | 1,005 | |
2018-AA, A 144A 3.540%, 2/25/32(3) | 2,152 | 2,089 | |
2022-1D, B 144A 4.100%, 6/20/34(3) | 4,448 | 4,210 | |
2022-2A, C 144A 5.570%, 1/25/37(3) | 1,054 | 1,012 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(3) | 1,958 | 1,793 | |
Hotwire Funding LLC 2021-1, C 144A 4.459%, 11/20/51(3) | 6,405 | 5,225 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(3) | 7,965 | 6,899 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(3) | 19,017 | 17,233 | |
Lendmark Funding Trust 2021-1A, A 144A 1.900%, 11/20/31(3) | 12,315 | 10,347 | |
Libra Solutions LLC 2022-1A, A 144A 4.750%, 5/15/34(3) | 3,231 | 3,174 | |
LL ABS Trust 2021-1A, A 144A 1.070%, 5/15/29(3) | 2,728 | 2,616 |
Par Value | Value | ||
Other—continued | |||
MAPS Trust 2021-1A, A 144A 2.521%, 6/15/46(3) | $ 15,518 | $ 12,725 | |
Mariner Finance Issuance Trust | |||
2019-AA, A 144A 2.960%, 7/20/32(3) | 5,807 | 5,700 | |
2020-AA, A 144A 2.190%, 8/21/34(3) | 1,954 | 1,886 | |
MVW LLC 2021-1WA, B 144A 1.440%, 1/22/41(3) | 2,415 | 2,199 | |
MVW Owner Trust | |||
2016-1A, A 144A 2.250%, 12/20/33(3) | 612 | 611 | |
2019-1A, A 144A 2.890%, 11/20/36(3) | 2,266 | 2,145 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(3) | 4,696 | 3,936 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(3) | 9,320 | 7,943 | |
NMEF Funding LLC | |||
2019-A, C 144A 3.300%, 8/17/26(3) | 9,145 | 9,017 | |
2022-A, B 144A 3.350%, 10/16/28(3) | 5,495 | 5,079 | |
Oasis Securitization Funding LLC | |||
2021-1A, A 144A 2.579%, 2/15/33(3) | 1,130 | 1,115 | |
2021-2A, A 144A 2.143%, 10/15/33(3) | 3,678 | 3,575 | |
Octane Receivables Trust | |||
2019-1A, B 144A 3.770%, 7/22/24(3) | 2,390 | 2,384 | |
2019-1A, C 144A 4.740%, 6/20/25(3) | 17,822 | 17,571 | |
2020-1A, A 144A 1.710%, 2/20/25(3) | 3,611 | 3,567 | |
2020-1A, B 144A 1.980%, 6/20/25(3) | 1,114 | 1,076 | |
2021-1A, A 144A 0.930%, 3/22/27(3) | 4,891 | 4,725 | |
2021-1A, B 144A 1.530%, 4/20/27(3) | 3,700 | 3,334 | |
Oportun Funding LLC 2022-1, A 144A 3.250%, 6/15/29(3) | 5,591 | 5,473 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(3) | 5,561 | 5,224 |
Par Value | Value | ||
Other—continued | |||
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(3) | $ 10,570 | $ 10,166 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(3) | 17,410 | 16,389 | |
Purchasing Power Funding LLC | |||
2021-A, A 144A 1.570%, 10/15/25(3) | 12,425 | 11,865 | |
2021-A, B 144A 1.920%, 10/15/25(3) | 5,465 | 5,114 | |
Regional Management Issuance Trust 2022-1, A 144A 3.070%, 3/15/32(3) | 6,500 | 5,875 | |
Sierra Timeshare Receivables Funding LLC | |||
2018-2A, A 144A 3.500%, 6/20/35(3) | 1,079 | 1,063 | |
2019-1A, B 144A 3.420%, 1/20/36(3) | 993 | 961 | |
2019-2A, B 144A 2.820%, 5/20/36(3) | 3,446 | 3,312 | |
2020-2A, B 144A 2.320%, 7/20/37(3) | 2,613 | 2,462 | |
2022-2A, C 144A 6.360%, 6/20/40(3) | 3,510 | 3,405 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(3) | 15,048 | 13,858 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(3) | 9,136 | 7,793 | |
VFI ABS LLC | |||
2022-1A, A 144A 2.230%, 3/24/28(3) | 8,217 | 7,992 | |
2022-1A, D 144A 6.680%, 11/26/29(3) | 2,794 | 2,619 | |
Welk Resorts LLC 2019-AA, B 144A 2.990%, 6/15/38(3) | 4,357 | 4,200 | |
Westgate Resorts LLC | |||
2020-1A, A 144A 2.713%, 3/20/34(3) | 1,667 | 1,624 | |
2022-1A, B 144A 2.288%, 8/20/36(3) | 4,237 | 3,992 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(3) | 20,349 | 16,635 | |
497,844 | |||
Par Value | Value | ||
Student Loan—0.2% | |||
Commonbond Student Loan Trust | |||
2019-AGS, A1 144A 2.540%, 1/25/47(3) | $ 4,113 | $ 3,773 | |
2020-1, A 144A 1.690%, 10/25/51(3) | 2,435 | 2,099 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(3) | 640 | 630 | |
Navient Private Education Refi Loan Trust 2021-A, A 144A 0.840%, 5/15/69(3) | 2,791 | 2,455 | |
8,957 | |||
Total Asset-Backed Securities (Identified Cost $1,408,885) | 1,321,183 | ||
Corporate Bonds and Notes—23.3% | |||
Communication Services—1.6% | |||
Altice France S.A. | |||
144A 5.125%, 7/15/29(3) | 5,760 | 4,303 | |
144A 5.500%, 10/15/29(3) | 4,680 | 3,521 | |
AT&T, Inc. (3 month LIBOR + 0.890%) 3.795%, 2/15/23(5) | 8,918 | 8,925 | |
CCO Holdings LLC 144A 6.375%, 9/1/29(3) | 1,865 | 1,712 | |
CommScope, Inc. 144A 4.750%, 9/1/29(3) | 9,245 | 7,541 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(3) | 4,890 | 3,655 | |
Level 3 Financing, Inc. 144A 4.625%, 9/15/27(3) | 5,940 | 4,916 | |
Lumen Technologies, Inc. 5.625%, 4/1/25 | 3,430 | 3,327 | |
Northwest Fiber LLC 144A 4.750%, 4/30/27(3) | 6,450 | 5,612 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(3) | 4,131 | 4,072 | |
Telesat Canada 144A 6.500%, 10/15/27(3) | 2,930 | 1,084 | |
T-Mobile USA, Inc. | |||
3.750%, 4/15/27 | 6,265 | 5,782 | |
2.050%, 2/15/28 | 5,892 | 4,889 |
Par Value | Value | ||
Communication Services—continued | |||
TripAdvisor, Inc. 144A 7.000%, 7/15/25(3) | $ 5,605 | $ 5,449 | |
Twitter, Inc. 144A 3.875%, 12/15/27(3)(4) | 5,960 | 5,589 | |
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 4.005%, 5/15/25(5) | 10,541 | 10,595 | |
VTR Comunicaciones SpA 144A 5.125%, 1/15/28(3) | 2,903 | 1,962 | |
82,934 | |||
Consumer Discretionary—0.8% | |||
Ashtead Capital, Inc. | |||
144A 4.000%, 5/1/28(3) | 6,800 | 5,967 | |
144A 4.250%, 11/1/29(3) | 8,000 | 6,981 | |
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(3) | 3,525 | 3,397 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(3) | 3,395 | 2,685 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(3) | 4,865 | 3,927 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(3) | 6,305 | 5,399 | |
M/I Homes, Inc. 4.950%, 2/1/28 | 5,995 | 4,992 | |
Royal Caribbean Cruises Ltd. | |||
144A 9.125%, 6/15/23(3) | 3,445 | 3,505 | |
144A 9.250%, 1/15/29(3) | 183 | 180 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(3) | 3,415 | 2,758 | |
39,791 | |||
Consumer Staples—0.7% | |||
Albertsons Cos., Inc. 144A 3.250%, 3/15/26(3) | 11,340 | 9,960 | |
BAT Capital Corp. | |||
4.700%, 4/2/27 | 11,000 | 10,264 | |
2.259%, 3/25/28 | 5,870 | 4,669 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(3) | 6,625 | 5,697 |
Par Value | Value | ||
Consumer Staples—continued | |||
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(3) | $ 3,525 | $ 2,516 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(3) | 6,470 | 5,613 | |
38,719 | |||
Energy—3.7% | |||
Aker BP ASA | |||
144A 2.875%, 1/15/26(3) | 9,060 | 8,228 | |
144A 2.000%, 7/15/26(3) | 9,925 | 8,561 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(3) | 6,770 | 6,505 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 12,645 | 12,512 | |
BP Capital Markets plc 4.875% (7) | 8,705 | 7,486 | |
Callon Petroleum Co. 144A 7.500%, 6/15/30(3) | 3,650 | 3,196 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(3) | 6,060 | 5,803 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(3) | 10,640 | 10,167 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(3) | 5,950 | 5,696 | |
144A 5.000%, 5/1/29(3) | 6,715 | 5,925 | |
Enbridge, Inc. 7.375%, 1/15/83 | 14,050 | 13,534 | |
Energy Transfer LP 4.200%, 4/15/27 | 16,025 | 14,820 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(3) | 2,005 | 1,854 | |
144A 7.500%, 6/1/27(3) | 105 | 100 | |
Hilcorp Energy I LP 144A 6.000%, 4/15/30(3) | 5,090 | 4,436 | |
KazMunayGas National Co., JSC 144A 4.750%, 4/19/27(3) | 3,400 | 2,832 | |
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(3) | 9,880 | 9,884 | |
NGPL PipeCo LLC 144A 4.875%, 8/15/27(3) | 7,945 | 7,397 |
Par Value | Value | ||
Energy—continued | |||
Pertamina Persero PT 144A 4.300%, 5/20/23(3) | $ 6,940 | $ 6,886 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(3)(8) | 9,545 | 205 | |
Petroleos Mexicanos 6.500%, 3/13/27 | 32,165 | 26,935 | |
Saudi Arabian Oil Co. 90349GAN5 144A 2.875%, 4/16/24(3) | 12,700 | 12,271 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 4,820 | 4,371 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(3) | 2,147 | 2,021 | |
Transocean, Inc. 144A 11.500%, 1/30/27(3) | 775 | 717 | |
USA Compression Partners LP 6.875%, 4/1/26 | 7,025 | 6,463 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(3) | 7,280 | 6,245 | |
195,050 | |||
Financials—7.7% | |||
AerCap Ireland Capital DAC | |||
2.875%, 8/14/24 | 4,930 | 4,636 | |
2.450%, 10/29/26 | 6,290 | 5,306 | |
3.000%, 10/29/28 | 695 | 557 | |
Series 3NC1 1.750%, 10/29/24 | 4,930 | 4,485 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 11,965 | 11,014 | |
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(3) | 14,195 | 13,484 | |
Banco do Brasil S.A. 144A 3.250%, 9/30/26(3) | 4,495 | 3,963 | |
Banco Mercantil del Norte S.A. 144A 5.875% (3)(7) | 15,795 | 12,856 | |
Banco Santander Chile 144A 2.700%, 1/10/25(3) | 5,550 | 5,159 | |
Bank of America Corp. | |||
3.841%, 4/25/25 | 4,915 | 4,781 | |
1.734%, 7/22/27 | 19,345 | 16,597 | |
2.551%, 2/4/28 | 6,080 | 5,290 |
Par Value | Value | ||
Financials—continued | |||
(3 month LIBOR + 0.770%) 3.602%, 2/5/26(5) | $ 11,312 | $ 11,115 | |
Blackstone Private Credit Fund | |||
2.625%, 12/15/26 | 6,735 | 5,529 | |
4.000%, 1/15/29 | 3,345 | 2,680 | |
Brookfield Finance, Inc. 3.900%, 1/25/28 | 9,490 | 8,545 | |
Burford Capital Global Finance LLC 144A 6.250%, 4/15/28(3) | 955 | 836 | |
Charles Schwab Corp. (The) | |||
Series G 5.375%(7) | 4,332 | 4,213 | |
Series H 4.000%(7) | 8,541 | 6,274 | |
Citadel Finance LLC 144A 3.375%, 3/9/26(3) | 5,660 | 4,993 | |
Citadel LP 144A 4.875%, 1/15/27(3) | 1,055 | 984 | |
Citigroup, Inc. | |||
5.610%, 9/29/26 | 9,000 | 8,950 | |
3.200%, 10/21/26 | 24,642 | 22,574 | |
(SOFR + 1.280%) 4.039%, 2/24/28(5) | 8,147 | 7,825 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(3) | 8,938 | 8,173 | |
Danske Bank A/S | |||
144A 3.773%, 3/28/25(3) | 6,075 | 5,842 | |
144A 1.621%, 9/11/26(3) | 1,935 | 1,674 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(3) | 11,802 | 11,630 | |
Doric Nimrod Air Finance Alpha Pass-Through Trust 2012-1, A 144A 5.125%, 11/30/22(3) | 1,184 | 1,175 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(3) | 15,930 | 14,460 | |
F&G Global Funding 144A 1.750%, 6/30/26(3) | 13,125 | 11,424 | |
Goldman Sachs Group, Inc. (The) | |||
4.250%, 10/21/25 | 24,315 | 23,469 | |
3.850%, 1/26/27 | 21,430 | 19,912 | |
JPMorgan Chase & Co. | |||
1.578%, 4/22/27 | 19,090 | 16,481 |
Par Value | Value | ||
Financials—continued | |||
4.323%, 4/26/28 | $ 5,930 | $ 5,557 | |
(SOFR + 1.180%) 3.922%, 2/24/28(5) | 13,015 | 12,511 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(3) | 13,230 | 10,653 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(3) | 9,925 | 7,668 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.750%, 4/20/67(5) | 12,860 | 9,711 | |
Morgan Stanley | |||
2.188%, 4/28/26 | 6,000 | 5,504 | |
2.475%, 1/21/28 | 10,911 | 9,536 | |
3.591%, 7/22/28 | 6,000 | 5,398 | |
Navient Corp. 5.875%, 10/25/24 | 8,787 | 8,326 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 8,725 | 8,200 | |
OWL Rock Core Income Corp. 5.500%, 3/21/25 | 4,304 | 4,049 | |
Prudential Financial, Inc. 5.625%, 6/15/43 | 13,774 | 13,571 | |
Spirit Realty LP 4.450%, 9/15/26 | 6,686 | 6,370 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 5,470 | 4,712 | |
Wells Fargo & Co. 3.526%, 3/24/28 | 9,000 | 8,151 | |
406,803 | |||
Health Care—1.4% | |||
Bio-Rad Laboratories, Inc. 3.300%, 3/15/27 | 8,928 | 8,103 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(3) | 8,395 | 6,926 | |
Community Health Systems, Inc. | |||
144A 6.125%, 4/1/30(3) | 6,405 | 3,021 | |
144A 5.250%, 5/15/30(3) | 3,615 | 2,517 | |
Legacy LifePoint Health LLC 144A 6.750%, 4/15/25(3) | 5,355 | 5,067 | |
Royalty Pharma plc | |||
1.200%, 9/2/25 | 2,749 | 2,430 | |
1.750%, 9/2/27 | 11,909 | 9,841 |
Par Value | Value | ||
Health Care—continued | |||
Tenet Healthcare Corp. | |||
144A 4.875%, 1/1/26(3) | $ 4,455 | $ 4,140 | |
144A 5.125%, 11/1/27(3) | 3,250 | 2,916 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
6.000%, 4/15/24 | 1,000 | 963 | |
3.150%, 10/1/26 | 6,405 | 5,219 | |
4.750%, 5/9/27 | 1,505 | 1,272 | |
Universal Health Services, Inc. 144A 1.650%, 9/1/26(3) | 16,145 | 13,530 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 1,804 | 1,645 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 9,355 | 7,638 | |
144A 2.300%, 6/22/27(3) | — (9) | — (9) | |
75,228 | |||
Industrials—1.3% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(3) | 11,737 | 11,080 | |
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(3) | 8,120 | 7,237 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(3) | 7,176 | 5,629 | |
Boeing Co. (The) 4.875%, 5/1/25 | 4,191 | 4,089 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(3) | 3,971 | 3,227 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 16,510 | 13,354 | |
Icahn Enterprises LP | |||
4.750%, 9/15/24 | 12,610 | 11,797 | |
6.250%, 5/15/26 | 5,605 | 5,238 | |
Spirit AeroSystems, Inc. 144A 5.500%, 1/15/25(3) | 6,190 | 5,850 | |
67,501 | |||
Information Technology—1.8% | |||
Block, Inc. 2.750%, 6/1/26 | 8,885 | 7,636 | |
CDW LLC | |||
2.670%, 12/1/26 | 6,466 | 5,608 | |
3.276%, 12/1/28 | 6,466 | 5,396 |
Par Value | Value | ||
Information Technology—continued | |||
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(3) | $ 1,695 | $ 1,494 | |
144A 6.500%, 10/15/28(3) | 2,550 | 2,165 | |
Dell International LLC 4.900%, 10/1/26 | 6,420 | 6,185 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(3) | 18,282 | 16,103 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(3) | 920 | 750 | |
Kyndryl Holdings, Inc. | |||
2.050%, 10/15/26 | 6,681 | 5,366 | |
2.700%, 10/15/28 | 6,580 | 4,812 | |
Leidos, Inc. 3.625%, 5/15/25 | 10,350 | 9,919 | |
Open Text Corp. 144A 3.875%, 2/15/28(3) | 6,040 | 4,995 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(3) | 12,305 | 10,627 | |
TD SYNNEX Corp. | |||
1.750%, 8/9/26 | 6,514 | 5,536 | |
2.375%, 8/9/28 | 6,510 | 5,250 | |
Viasat, Inc. 144A 5.625%, 9/15/25(3) | 3,055 | 2,372 | |
94,214 | |||
Materials—2.0% | |||
Anglo American Capital plc 144A 2.250%, 3/17/28(3) | 9,867 | 8,033 | |
Avient Corp. 144A 5.750%, 5/15/25(3) | 6,933 | 6,690 | |
Bayport Polymers LLC 144A 4.743%, 4/14/27(3) | 15,200 | 14,084 | |
Celanese U.S. Holdings LLC | |||
3.500%, 5/8/24 | 9,870 | 9,433 | |
6.050%, 3/15/25 | 2,795 | 2,730 | |
6.165%, 7/15/27 | 2,745 | 2,598 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(3) | 2,630 | 2,587 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(3) | 9,560 | 8,315 | |
Glencore Funding LLC 144A 1.625%, 9/1/25(3) | 14,745 | 13,268 | |
International Flavors & Fragrances, Inc. | |||
144A 1.230%, 10/1/25(3) | 7,666 | 6,718 | |
144A 1.832%, 10/15/27(3) | 8,106 | 6,640 |
Par Value | Value | ||
Materials—continued | |||
Mauser Packaging Solutions Holding Co. 144A 7.250%, 4/15/25(3) | $ 3,680 | $ 3,237 | |
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(3) | 7,950 | 7,123 | |
Silgan Holdings, Inc. 144A 1.400%, 4/1/26(3) | 11,513 | 9,828 | |
Suzano Austria GmbH 2.500%, 9/15/28 | 6,420 | 5,003 | |
106,287 | |||
Real Estate—1.1% | |||
EPR Properties 4.950%, 4/15/28 | 9,545 | 8,215 | |
GLP Capital LP | |||
5.250%, 6/1/25 | 13,175 | 12,735 | |
5.750%, 6/1/28 | 1,863 | 1,745 | |
5.300%, 1/15/29 | 2,731 | 2,489 | |
Office Properties Income Trust 2.650%, 6/15/26 | 5,087 | 3,815 | |
Retail Opportunity Investments Partnership LP 5.000%, 12/15/23 | 10,874 | 10,762 | |
Service Properties Trust 4.350%, 10/1/24 | 9,755 | 8,636 | |
VICI Properties LP | |||
144A 4.625%, 6/15/25(3) | 1,305 | 1,228 | |
144A 5.750%, 2/1/27(3) | 6,370 | 6,002 | |
55,627 | |||
Utilities—1.2% | |||
Dominion Energy, Inc. Series A 1.450%, 4/15/26 | 15,850 | 13,917 | |
DPL, Inc. 4.125%, 7/1/25 | 1,881 | 1,731 | |
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(3) | 11,970 | 10,588 | |
Ferrellgas LP 144A 5.375%, 4/1/26(3) | 6,685 | 5,883 | |
NRG Energy, Inc. 144A 3.750%, 6/15/24(3) | 14,667 | 14,097 | |
Puget Energy, Inc. 2.379%, 6/15/28 | 9,794 | 8,149 |
Par Value | Value | ||
Utilities—continued | |||
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | $ 13,578 | $ 11,010 | |
65,375 | |||
Total Corporate Bonds and Notes (Identified Cost $1,384,305) | 1,227,529 | ||
Leveraged Loans—9.1% | |||
Aerospace—0.8% | |||
Air Canada (3 month LIBOR + 3.500%) 6.421%, 8/11/28(5) | 1,717 | 1,630 | |
Amentum Government Services Holdings LLC Tranche B-3 (3-6 month Term SOFR + 4.000%) 7.206% - 7.558%, 2/15/29(5) | 2,653 | 2,528 | |
Brown Group Holding LLC (1 month LIBOR + 2.500%) 5.615%, 6/7/28(5) | 9,667 | 9,167 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 6.460%, 10/20/27(5) | 5,410 | 5,414 | |
KKR Apple Bidco LLC (1 month LIBOR + 2.750%) 5.865%, 9/22/28(5) | 6,637 | 6,323 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 8.777%, 6/21/27(5) | 4,964 | 4,975 | |
TransDigm, Inc. | |||
Tranche E (3 month LIBOR + 2.250%) 5.924%, 5/30/25(5) | 5,296 | 5,074 | |
Tranche F (3 month LIBOR + 2.250%) 5.924%, 12/9/25(5) | 6,431 | 6,151 | |
41,262 | |||
Chemicals—0.4% | |||
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 5.115%, 4/1/24(5) | 13,309 | 12,853 |
Par Value | Value | ||
Chemicals—continued | |||
Starfruit Finco B.V. (1 month LIBOR + 2.750%) 5.865%, 10/1/25(5) | $ 5,217 | $ 4,884 | |
WR Grace Holdings LLC (3 month LIBOR + 3.750%) 7.438%, 9/22/28(5) | 2,258 | 2,108 | |
19,845 | |||
Consumer Durables—0.1% | |||
Resideo Funding, Inc. Tranche B (2 month LIBOR + 2.250%) 4.890% - 5.365%, 2/11/28(5) | 7,135 | 6,899 | |
Consumer Non-Durables—0.1% | |||
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%) 6.820%, 12/22/26(5) | 6,413 | 5,925 | |
Energy—0.3% | |||
AL GCX Holdings LLC (3 month Term SOFR + 3.900%) 6.066%, 5/17/29(5) | 1,765 | 1,738 | |
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 6.210%, 12/21/28(5) | 6,041 | 5,579 | |
Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%) 6.211%, 10/5/28(5) | 6,023 | 5,833 | |
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(6)(8) | 66 | — | |
13,150 | |||
Financials—0.4% | |||
Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month LIBOR + 2.250%) 5.264%, 12/1/27(5) | 6,035 | 5,869 |
Par Value | Value | ||
Financials—continued | |||
Blackhawk Network Holdings, Inc. First Lien (1 month Term SOFR + 3.000%) 6.034%, 6/15/25(5) | $ 6,067 | $ 5,657 | |
Citadel Securities LP 2021 (1 month Term SOFR + 2.614%) 5.649%, 2/2/28(5) | 8,710 | 8,447 | |
19,973 | |||
Food / Tobacco—0.7% | |||
Aramark Services, Inc. | |||
Tranche B-3 (1 month LIBOR + 1.750%) 4.865%, 3/11/25(5) | 1,909 | 1,842 | |
Tranche B-5 (1 month LIBOR + 2.500%) 5.615%, 4/6/28(5) | 4,656 | 4,547 | |
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%) 7.142%, 11/24/27(5) | 5,140 | 4,810 | |
CHG PPC Parent LLC 2021-1 (1 month LIBOR + 3.000%) 6.125%, 12/8/28(5) | 6,079 | 5,806 | |
Froneri U.S., Inc. Tranche B-2 (1 month LIBOR + 2.250%) 5.365%, 1/29/27(5) | 6,085 | 5,730 | |
Hostess Brands LLC 2019, Tranche B (1-3 month LIBOR + 2.250%) 5.056% - 5.365%, 8/3/25(5) | 8,468 | 8,173 | |
Pegasus Bidco B.V. Tranche B-2 (2 month Term SOFR + 4.250%) 6.962%, 7/12/29(5) | 2,290 | 2,183 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 7.174%, 3/31/28(5) | 6,406 | 5,735 | |
38,826 | |||
Par Value | Value | ||
Forest Prod / Containers—0.4% | |||
Berry Global, Inc. Tranche Z (3 month LIBOR + 1.750%) 4.178%, 7/1/26(5) | $ 6,016 | $ 5,818 | |
Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%) 5.814%, 4/3/24(5) | 8,204 | 7,624 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 6.365%, 1/31/25(5) | 2,581 | 2,353 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 6.365%, 3/3/28(5) | 6,119 | 5,735 | |
21,530 | |||
Gaming / Leisure—1.2% | |||
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.865%, 12/23/24(5) | 16,410 | 16,002 | |
Carnival Corp. Tranche B (3 month LIBOR + 3.000%) 5.877%, 6/30/25(5) | 1,564 | 1,415 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.834%, 6/22/26(5) | 5,826 | 5,627 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.870%, 4/29/24(5) | 9,151 | 8,805 | |
Playtika Holding Corp. Tranche B-1 (1 month LIBOR + 2.750%) 5.865%, 3/13/28(5) | 6,035 | 5,769 | |
PUG LLC Tranche B (1 month LIBOR + 3.500%) 6.615%, 2/12/27(5) | 4,074 | 3,524 | |
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 7.602%, 11/1/26(5) | 2,550 | 2,429 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 5.617%, 4/4/29(5) | 2,180 | 2,014 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 5.906%, 4/13/29(5) | $ 3,232 | $ 3,133 | |
Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%) 5.892%, 7/21/26(5) | 5,829 | 5,600 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 5.520%, 4/29/26(5) | 9,055 | 8,685 | |
63,003 | |||
Health Care—0.9% | |||
Agiliti Health, Inc. | |||
(1 month LIBOR + 2.750%) 5.375%, 1/4/26(5) | 4,973 | 4,799 | |
(1 month LIBOR + 2.750%) 5.375%, 1/4/26(5) | 1,140 | 1,100 | |
Change Healthcare Holdings LLC (3 month PRIME + 1.500%) 7.750%, 3/1/24(5) | 7,650 | 7,620 | |
Elanco Animal Health, Inc. (1 month LIBOR + 1.750%) 4.314%, 8/1/27(5) | 5,983 | 5,680 | |
Horizon Therapeutics USA, Inc. Tranche B-2 (1 month LIBOR + 1.750%) 4.875%, 3/15/28(5) | 6,537 | 6,263 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%) 5.634%, 4/20/29(5) | 2,574 | 2,529 | |
Phoenix Guarantor, Inc. Tranche B-3 (1 month LIBOR + 3.500%) 6.615%, 3/5/26(5) | 6,019 | 5,705 | |
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 6.365%, 11/15/28(5) | 2,139 | 2,038 | |
R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%) 6.034%, 6/21/29(5) | 7,455 | 7,328 |
Par Value | Value | ||
Health Care—continued | |||
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 5.620%, 3/6/25(5) | $ 6,265 | $ 6,046 | |
49,108 | |||
Housing—0.4% | |||
CPG International LLC (3 month Term SOFR + 2.600%) 4.092%, 4/28/29(5) | 5,885 | 5,664 | |
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 6.115%, 6/9/28(5) | 7,945 | 7,631 | |
SRS Distribution, Inc. | |||
2021 (3 month LIBOR + 3.500%) 6.306%, 6/2/28(5) | 3,356 | 3,091 | |
2022 (3 month Term SOFR + 3.500%) 6.177%, 6/2/28(5) | 746 | 684 | |
Standard Industries, Inc. (3 month LIBOR + 2.500%) 6.675%, 9/22/28(5) | 5,951 | 5,763 | |
22,833 | |||
Information Technology—0.7% | |||
Applied Systems, Inc. First Lien (3 month LIBOR + 3.000%) 6.674%, 9/19/24(5) | 14,318 | 13,944 | |
BMC Software 2021 (1 month LIBOR + 3.750%) 6.865%, 10/2/25(5) | 2,369 | 2,240 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 1.250%) 4.365%, 9/21/28(5) | 4,107 | 3,964 | |
RealPage, Inc. First Lien (1 month LIBOR + 3.000%) 6.115%, 4/24/28(5) | 6,647 | 6,216 | |
UKG, Inc. | |||
2021, Second Lien (3 month LIBOR + 5.250%) 7.535%, 5/3/27(5) | 355 | 334 |
Par Value | Value | ||
Information Technology—continued | |||
2021-2, First Lien (3 month LIBOR + 3.250%) 5.535%, 5/4/26(5) | $ 8,889 | $ 8,437 | |
35,135 | |||
Manufacturing—0.6% | |||
Alliance Laundry Systems LLC Tranche B (1 month LIBOR + 3.500%) 5.955%, 10/8/27(5) | 6,065 | 5,805 | |
Filtration Group Corp. 2021 (1 month LIBOR + 3.500%) 6.615%, 10/21/28(5) | 6,110 | 5,787 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%) 5.615%, 3/31/27(5) | 4,884 | 4,683 | |
NCR Corp. (3 month LIBOR + 2.500%) 5.310%, 8/28/26(5) | 5,459 | 5,227 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 6.926%, 2/23/29(5) | 1,408 | 1,323 | |
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%) 6.115%, 10/1/25(5) | 5,891 | 5,791 | |
Titan AcquisitionCo New Zealand Ltd. (1 month LIBOR + 3.000%) 5.877%, 3/28/25(5) | 4,884 | 4,363 | |
32,979 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 5.615%, 9/18/26(5) | 4,695 | 4,623 |
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—0.3% | |||
Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.870%, 2/1/27(5) | $ 5,424 | $ 5,212 | |
CSC Holdings LLC | |||
2017 (1 month LIBOR + 2.250%) 5.068%, 7/17/25(5) | 4,299 | 4,086 | |
2018 (1 month LIBOR + 2.250%) 5.068%, 1/15/26(5) | 3,870 | 3,614 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 8.115%, 8/2/27(5) | 4,073 | 3,784 | |
16,696 | |||
Media / Telecom - Diversified Media—0.1% | |||
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%) 6.306%, 8/21/26(5) | 2,535 | 2,257 | |
Media / Telecom - Telecommunications—0.3% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 5.365%, 3/15/27(5) | 5,657 | 5,135 | |
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 6.063%, 10/2/27(5) | 3,784 | 3,259 | |
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 4.865%, 3/1/27(5) | 4,327 | 4,103 | |
12,497 | |||
Retail—0.1% | |||
PetsMart LLC (1 month LIBOR + 3.750%) 6.870%, 2/11/28(5) | 4,815 | 4,547 |
Par Value | Value | ||
Service—0.8% | |||
Asplundh Tree Expert, LLC 2021 (1 month LIBOR + 1.750%) 4.865%, 9/7/27(5) | $ 5,966 | $ 5,804 | |
Dun & Bradstreet Corp. (The) | |||
2022, Tranche B-2 (1 month Term SOFR + 3.250%) 6.282%, 1/18/29(5) | 1,378 | 1,327 | |
Tranche B (1 month LIBOR + 3.250%) 6.330%, 2/6/26(5) | 5,714 | 5,515 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 6.703%, 11/23/28(5) | 5,943 | 5,635 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.865%, 2/1/28(5) | 6,610 | 6,253 | |
Pike Corp. | |||
2028 (1 month LIBOR + 3.000%) 6.120%, 1/21/28(5) | 8,227 | 7,969 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 6.534%, 1/21/28(5) | 1,080 | 1,052 | |
PODS LLC (1 month LIBOR + 3.000%) 6.115%, 3/31/28(5) | 7,123 | 6,724 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%) 6.365%, 2/10/29(5) | 3,517 | 3,325 | |
43,604 | |||
Transportation - Automotive—0.1% | |||
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 6.365%, 4/30/26(5) | 4,864 | 4,590 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 6.556%, 10/28/27(5) | 1,790 | 1,693 | |
6,283 | |||
Par Value | Value | ||
Utilities—0.3% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 5.865%, 8/1/25(5) | $ 8,831 | $ 8,426 | |
Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%) 4.743% - 4.865%, 12/31/25(5) | 8,742 | 8,429 | |
16,855 | |||
Total Leveraged Loans (Identified Cost $498,359) | 477,830 |
Shares | ||
Preferred Stocks—0.2% | ||
Financials—0.0% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 4,159 (10) | 3,623 |
Industrials—0.2% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 6.623%(5) | 9,580 (10) | 8,959 |
Total Preferred Stocks (Identified Cost $13,394) | 12,582 | |
Common Stocks—0.0% | ||
Energy—0.0% | ||
Frontera Energy Corp.(11) | 24,722 | 180 |
Total Common Stocks (Identified Cost $697) | 180 | |
Exchange-Traded Fund—0.9% | ||
iShares JP Morgan USD Emerging Markets Bond ETF(4)(12) | 621,261 | 49,328 |
Total Exchange-Traded Fund (Identified Cost $56,063) | 49,328 | |
Shares | Value | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(6)(11) | 98,789 | $ 119 | |
Total Rights (Identified Cost $84) | 119 | ||
Total Long-Term Investments—96.4% (Identified Cost $5,548,334) | 5,087,409 | ||
Short-Term Investment—2.9% | |||
Money Market Mutual Fund—2.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(12) | 153,637,023 | 153,637 | |
Total Short-Term Investment (Identified Cost $153,637) | 153,637 | ||
Securities Lending Collateral—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(12)(13) | 7,388,490 | 7,388 | |
Total Securities Lending Collateral (Identified Cost $7,388) | 7,388 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $5,709,359) | $5,248,434 | ||
Other assets and liabilities, net—0.6% | 29,160 | ||
NET ASSETS—100.0% | $5,277,594 |
Abbreviations: | |
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
ETF | Exchange-Traded Fund |
GS | Goldman Sachs & Co. |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
SOFR | Secured Overnight Financing Rate |
WaMu | Washington Mutual |
Footnote Legend: | |
(1) | Security in default; no interest payments are being received. |
(2) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(3) | 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 September 30, 2022, these securities amounted to a value of $3,255,506 or 61.7% of net assets. |
(4) | All or a portion of security is on loan. |
(5) | Variable rate security. Rate disclosed is as of September 30, 2022. 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. |
(6) | 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. |
(7) | No contractual maturity date. |
(8) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(9) | Amount is less than $500. |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 92% |
Canada | 1 |
Mexico | 1 |
Indonesia | 1 |
United Kingdom | 1 |
Netherlands | 1 |
Cayman Islands | 1 |
Other | 2 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $1,321,183 | $ — | $1,321,183 | $ — | |||
Corporate Bonds and Notes | 1,227,529 | — | 1,227,529 | — | |||
Foreign Government Securities | 90,174 | — | 90,174 | — | |||
Leveraged Loans | 477,830 | — | 477,830 | — (1) | |||
Mortgage-Backed Securities | 1,417,351 | — | 1,405,294 | 12,057 | |||
Municipal Bond | 3,674 | — | 3,674 | — | |||
U.S. Government Securities | 487,459 | — | 487,459 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 12,582 | — | 12,582 | — | |||
Common Stocks | 180 | 180 | — | — | |||
Rights | 119 | — | — | 119 | |||
Exchange-Traded Fund | 49,328 | 49,328 | — | — | |||
Money Market Mutual Fund | 153,637 | 153,637 | — | — | |||
Securities Lending Collateral | 7,388 | 7,388 | — | — | |||
Total Investments | $5,248,434 | $210,533 | $5,025,725 | $12,176 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2022
Par Value | Value | ||
U.S. Government Security—0.5% | |||
U.S. Treasury Notes 2.500%, 5/31/24 | $ 1,000 | $ 971 | |
Total U.S. Government Security (Identified Cost $996) | 971 | ||
Corporate Bonds and Notes—2.9% | |||
Communication Services—0.6% | |||
iHeartCommunications, Inc. | |||
6.375%, 5/1/26 | 258 | 239 | |
8.375%, 5/1/27 | 467 | 393 | |
Level 3 Financing, Inc. 144A 4.250%, 7/1/28(1) | 55 | 43 | |
McGraw-Hill Education, Inc. 144A 5.750%, 8/1/28(1) | 565 | 472 | |
1,147 | |||
Consumer Discretionary—0.2% | |||
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(1) | 95 | 91 | |
PetSmart, Inc. 144A 4.750%, 2/15/28(1) | 300 | 257 | |
348 | |||
Consumer Staples—0.0% | |||
Kronos Acquisition Holdings, Inc. 144A 5.000%, 12/31/26(1) | 5 | 4 | |
Financials—0.2% | |||
Acrisure LLC 144A 4.250%, 2/15/29(1) | 240 | 188 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 225 | 181 | |
369 | |||
Health Care—0.2% | |||
Community Health Systems, Inc. 144A 6.125%, 4/1/30(1) | 85 | 40 | |
Legacy LifePoint Health LLC | |||
144A 6.750%, 4/15/25(1) | 10 | 10 | |
144A 4.375%, 2/15/27(1) | 260 | 215 | |
Medline Borrower LP 144A 3.875%, 4/1/29(1) | 150 | 120 | |
385 | |||
Industrials—0.8% | |||
Icahn Enterprises LP 4.750%, 9/15/24 | 550 | 515 | |
SRS Distribution, Inc. 144A 4.625%, 7/1/28(1) | 275 | 236 | |
TransDigm, Inc. 144A 8.000%, 12/15/25(1) | 435 | 441 |
Par Value | Value | ||
Industrials—continued | |||
Vertiv Group Corp. 144A 4.125%, 11/15/28(1) | $ 295 | $ 237 | |
1,429 | |||
Information Technology—0.1% | |||
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 215 | 175 | |
Materials—0.3% | |||
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(1) | 590 | 491 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 95 | 94 | |
585 | |||
Real Estate—0.5% | |||
iStar, Inc. 4.250%, 8/1/25 | 875 | 849 | |
VICI Properties LP 144A 4.625%, 6/15/25(1) | 70 | 66 | |
915 | |||
Total Corporate Bonds and Notes (Identified Cost $6,136) | 5,357 | ||
Leveraged Loans—91.0% | |||
Aerospace—4.7% | |||
Air Canada (3 month LIBOR + 3.500%) 6.421%, 8/11/28(2) | 268 | 254 | |
Amentum Government Services Holdings LLC Tranche B-3 (3-6 month Term SOFR + 4.000%) 7.206% - 7.558%, 2/15/29(2) | 658 | 627 | |
American Airlines, Inc. | |||
(3 month LIBOR + 4.750%) 7.460%, 4/20/28(2) | 390 | 377 | |
2017, Tranche B (1 month LIBOR + 2.000%) 4.818%, 12/15/23(2) | 792 | 780 | |
Brown Group Holding LLC (1 month LIBOR + 2.500%) 5.615%, 6/7/28(2) | 1,301 | 1,234 | |
Kestrel Bidco, Inc. (1 month LIBOR + 3.000%) 5.993%, 12/11/26(2) | 820 | 720 | |
KKR Apple Bidco LLC | |||
(1 month LIBOR + 2.750%) 5.865%, 9/22/28(2) | 804 | 766 | |
Second Lien (1 month LIBOR + 5.750%) 8.865%, 9/21/29(2) | 70 | 67 |
Par Value | Value | ||
Aerospace—continued | |||
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 8.777%, 6/21/27(2) | $ 1,021 | $ 1,023 | |
TransDigm, Inc. Tranche F (3 month LIBOR + 2.250%) 5.924%, 12/9/25(2) | 2,194 | 2,098 | |
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%) 6.533%, 4/21/28(2) | 817 | 779 | |
8,725 | |||
Chemicals—4.3% | |||
Aruba Investments Holdings LLC First Lien (1 month LIBOR + 4.000%) 7.084%, 11/24/27(2) | 537 | 493 | |
Avient Corp. Tranche B-6 (1 month Term SOFR + 3.250%) 6.297%, 8/29/29(2) | 500 | 498 | |
Diamond BC B.V. Tranche B (3 month LIBOR + 2.750%) 5.556%, 9/29/28(2) | 822 | 756 | |
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 5.115%, 4/1/24(2) | 2,547 | 2,459 | |
Innophos Holdings, Inc. (1 month LIBOR + 3.250%) 6.365%, 2/5/27(2) | 848 | 820 | |
Starfruit Finco B.V. (1 month LIBOR + 2.750%) 5.865%, 10/1/25(2) | 1,716 | 1,606 | |
Trinseo Materials Operating SCA 2018 (1 month LIBOR + 2.000%) 5.115%, 9/6/24(2) | 1,009 | 967 | |
WR Grace Holdings LLC (3 month LIBOR + 3.750%) 7.438%, 9/22/28(2) | 367 | 343 | |
7,942 | |||
Consumer Durables—0.7% | |||
Serta Simmons Bedding LLC First Lien (3 month LIBOR + 3.500%) 6.210% - 6.266%, 11/8/23(2) | 664 | 57 | |
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.100%) 5.134%, 1/29/29(2) | 1,221 | 1,180 | |
1,237 | |||
Par Value | Value | ||
Consumer Non-Durables—1.8% | |||
DS Parent, Inc. Tranche B (3-6 month LIBOR + 5.750%) 9.424% - 9.920%, 12/8/28(2) | $ 712 | $ 682 | |
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%) 6.820%, 12/22/26(2) | 1,135 | 1,048 | |
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 7.115%, 6/30/24(2) | 1,006 | 934 | |
ZEP, Inc. First Lien (3 month LIBOR + 4.000%) 7.674%, 8/12/24(2) | 659 | 569 | |
3,233 | |||
Energy—3.1% | |||
AL GCX Holdings LLC (3 month Term SOFR + 3.900%) 6.066%, 5/17/29(2) | 625 | 615 | |
Citgo Petroleum Corp. 2019, Tranche B (1 month LIBOR + 6.250%) 9.365%, 3/28/24(2) | 663 | 663 | |
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 6.210%, 12/21/28(2) | 1,071 | 989 | |
Hamilton Projects Acquiror LLC (3 month LIBOR + 4.500%) 8.174%, 6/17/27(2) | 738 | 723 | |
M6 ETX Holdings II Midco LLC (3 month LIBOR + 4.000%) 0.000%, 9/19/29(2)(3) | 500 | 490 | |
Medallion Midland Acquisition LLC (3 month LIBOR + 3.750%) 7.424%, 10/18/28(2) | 844 | 814 | |
Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%) 6.211%, 10/5/28(2) | 725 | 702 | |
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(4)(5) | 11 | — |
Par Value | Value | ||
Energy—continued | |||
Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%) 5.950%, 9/27/24(2) | $ 784 | $ 765 | |
5,761 | |||
Financials—3.4% | |||
Acrisure LLC 2020, Tranche B (1 month LIBOR + 3.500%) 6.615%, 2/15/27(2) | 1,236 | 1,128 | |
Asurion LLC | |||
Tranche B-8 (1 month LIBOR + 3.250%) 6.365%, 12/23/26(2) | 927 | 784 | |
Tranche B-9 (1 month LIBOR + 3.250%) 6.365%, 7/31/27(2) | 545 | 458 | |
Blackhawk Network Holdings, Inc. First Lien (1 month Term SOFR + 3.000%) 6.034%, 6/15/25(2) | 1,148 | 1,070 | |
Citadel Securities LP | |||
2021 (1 month Term SOFR + 2.614%) 5.649%, 2/2/28(2) | 1,516 | 1,470 | |
Tranche B (1 month Term SOFR + 3.114%) 6.149%, 2/2/28(2) | 176 | 174 | |
Deerfield Dakota Holding LLC First Lien (1 month Term SOFR + 3.750%) 6.784%, 4/9/27(2) | 1,178 | 1,110 | |
6,194 | |||
Food / Tobacco—4.1% | |||
Aramark Services, Inc. Tranche B-5 (1 month LIBOR + 2.500%) 5.615%, 4/6/28(2) | 960 | 938 | |
Arterra Wines Canada, Inc. Tranche B-1 (3 month LIBOR + 3.500%) 7.142%, 11/24/27(2) | 609 | 570 | |
Froneri U.S., Inc. Tranche B-2 (1 month LIBOR + 2.250%) 5.365%, 1/29/27(2) | 924 | 870 | |
H-Food Holdings LLC (1 month LIBOR + 3.688%) 6.803%, 5/23/25(2) | 1,564 | 1,213 | |
Pegasus Bidco B.V. Tranche B-2 (2 month Term SOFR + 4.250%) 6.962%, 7/12/29(2) | 1,075 | 1,025 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Shearer’s Foods LLC First Lien (1 month LIBOR + 3.500%) 6.615%, 9/23/27(2) | $ 1,359 | $ 1,259 | |
Sigma Bidco B.V. Tranche B-2 (6 month LIBOR + 3.000%) 5.899%, 7/2/25(2) | 1,339 | 1,149 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 7.174%, 3/31/28(2) | 676 | 605 | |
7,629 | |||
Forest Prod / Containers—3.4% | |||
Anchor Glass Container Corp. | |||
2017 (1-3 month LIBOR + 2.750%) 6.424% - 6.534%, 12/7/23(2) | 713 | 554 | |
2020 (1 month LIBOR + 5.000%) 8.674%, 12/7/23(2) | 381 | 301 | |
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%) 8.259%, 2/12/26(2) | 968 | 817 | |
Mauser Packaging Solutions Holding Co. (1 month LIBOR + 3.250%) 5.814%, 4/3/24(2) | 1,554 | 1,444 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 6.365%, 1/31/25(2) | 1,130 | 1,030 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 6.365%, 3/3/28(2) | 825 | 774 | |
Trident TPI Holdings, Inc. | |||
Tranche B-1 (3 month LIBOR + 3.250%) 6.924%, 10/17/24(2) | 1,029 | 1,000 | |
Tranche B-3, First Lien (3 month LIBOR + 4.000%) 7.674%, 9/15/28(2) | 351 | 332 | |
Tranche B-3, First Lien (3 month LIBOR + 4.000%) 7.674%, 9/15/28(2) | 31 | 31 | |
6,283 | |||
Gaming / Leisure—6.0% | |||
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.865%, 12/23/24(2) | 1,924 | 1,876 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Carnival Corp. | |||
2021, Tranche B (6 month LIBOR + 3.250%) 6.127%, 10/18/28(2) | $ 471 | $ 410 | |
Tranche B (3 month LIBOR + 3.000%) 5.877%, 6/30/25(2) | 607 | 549 | |
ECL Entertainment LLC Tranche B (1 month LIBOR + 7.500%) 10.615%, 5/1/28(2) | 645 | 636 | |
Fertitta Entertainment LLC Tranche B (1 month Term SOFR + 4.000%) 7.034%, 1/26/29(2) | 1,111 | 1,029 | |
J&J Ventures Gaming LLC (3 month LIBOR + 4.000%) 7.674%, 4/26/28(2) | 881 | 833 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.870%, 4/29/24(2) | 2,160 | 2,078 | |
PUG LLC Tranche B (1 month LIBOR + 3.500%) 6.615%, 2/12/27(2) | 864 | 748 | |
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 7.602%, 11/1/26(2) | 265 | 252 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 5.617%, 4/4/29(2) | 280 | 259 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 5.906%, 4/13/29(2) | 948 | 919 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 5.520%, 4/29/26(2) | 1,423 | 1,365 | |
10,954 | |||
Health Care—12.6% | |||
Agiliti Health, Inc. | |||
(1 month LIBOR + 2.750%) 5.375%, 1/4/26(2) | 463 | 446 | |
(1 month LIBOR + 2.750%) 5.375%, 1/4/26(2) | 202 | 194 | |
Change Healthcare Holdings LLC (3 month PRIME + 1.500%) 7.750%, 3/1/24(2) | 1,050 | 1,046 | |
Charlotte Buyer, Inc. Tranche B (3 month Term SOFR + 5.250%) 7.980%, 2/11/28(2) | 1,000 | 935 |
Par Value | Value | ||
Health Care—continued | |||
CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%) 6.365%, 9/29/28(2) | $ 1,025 | $ 982 | |
Endo Luxembourg Finance Co. I S.a.r.l. 2021 (3 month PRIME + 6.000%) 12.250%, 3/27/28(2)(6) | 528 | 445 | |
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 6.325%, 3/31/27(2) | 781 | 200 | |
(3 month Term SOFR + 4.250%) 6.825%, 3/31/27(2) | 319 | 139 | |
(3 month Term SOFR + 7.875%) 10.531%, 3/31/27(2) | 91 | 88 | |
eResearchTechnology, Inc. First Lien (1 month LIBOR + 4.500%) 7.615%, 2/4/27(2) | 625 | 582 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 7.674%, 10/1/27(2) | 1,071 | 1,019 | |
Heartland Dental LLC (1 month LIBOR + 3.500%) 6.615%, 4/30/25(2) | 757 | 695 | |
Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%) 7.924%, 8/19/28(2) | 512 | 482 | |
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.871%, 11/16/25(2) | 1,337 | 1,241 | |
Medline Borrower LP (1 month LIBOR + 3.250%) 6.365%, 10/23/28(2) | 622 | 571 | |
One Call Corp. Tranche B, First Lien (3 month LIBOR + 5.500%) 8.313%, 4/22/27(2) | 681 | 497 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 7.424%, 11/30/27(2) | 1,115 | 1,058 | |
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 5.865%, 2/14/25(2) | 1,511 | 1,386 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%) 5.634%, 4/20/29(2) | 1,042 | 1,024 | |
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.250%) 6.365%, 3/5/26(2) | 300 | 284 |
Par Value | Value | ||
Health Care—continued | |||
Tranche B-3 (1 month LIBOR + 3.500%) 6.615%, 3/5/26(2) | $ 811 | $ 769 | |
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 6.365%, 11/15/28(2) | 707 | 673 | |
Pluto Acquisition I, Inc. 2021, First Lien (3 month LIBOR + 4.000%) 6.076%, 6/22/26(2) | 642 | 558 | |
Precision Medicine Group LLC (3 month LIBOR + 3.000%) 6.674%, 11/18/27(2) | 749 | 691 | |
R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%) 6.034%, 6/21/29(2) | 1,365 | 1,342 | |
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 5.620%, 3/6/25(2) | 1,063 | 1,026 | |
Southern Veterinary Partners LLC First Lien (1 month LIBOR + 4.000%) 7.115%, 10/5/27(2) | 1,231 | 1,162 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%) 7.424%, 10/1/26(2) | 527 | 489 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 6.510%, 8/31/26(2) | 1,463 | 1,386 | |
Team Health Holdings, Inc. (1 month Term SOFR + 5.250%) 8.284%, 3/2/27(2) | 399 | 339 | |
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%) 8.065%, 11/20/26(2) | 263 | 243 | |
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.865%, 7/2/25(2) | 1,401 | 1,299 | |
23,291 | |||
Housing—3.2% | |||
American Builders & Contractors Supply Co., Inc. (1 month LIBOR + 2.000%) 5.115%, 1/15/27(2) | 1,074 | 1,039 | |
Chariot Buyer LLC (1 month LIBOR + 3.500%) 6.615%, 11/3/28(2) | 714 | 647 |
Par Value | Value | ||
Housing—continued | |||
CPG International LLC (3 month Term SOFR + 2.600%) 4.092%, 4/28/29(2) | $ 1,250 | $ 1,203 | |
Oscar Acquisitionco LLC Tranche B (3 month Term SOFR + 4.600%) 8.153%, 4/29/29(2) | 1,000 | 914 | |
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 6.115%, 6/9/28(2) | 1,229 | 1,180 | |
SRS Distribution, Inc. | |||
2021 (3 month LIBOR + 3.500%) 6.306%, 6/2/28(2) | 848 | 781 | |
2022 (3 month Term SOFR + 3.500%) 6.177%, 6/2/28(2) | 75 | 68 | |
5,832 | |||
Information Technology—13.1% | |||
Applied Systems, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 6.674%, 9/19/24(2) | 1,491 | 1,452 | |
Second Lien (3 month LIBOR + 5.500%) 9.174%, 9/19/25(2) | 747 | 733 | |
Barracuda Networks, Inc. First Lien (1 month Term SOFR + 4.500%) 7.534%, 8/15/29(2) | 1,000 | 938 | |
BMC Software 2021 (1 month LIBOR + 3.750%) 6.865%, 10/2/25(2) | 1,808 | 1,709 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 1.250%) 4.365%, 9/21/28(2) | 1,311 | 1,265 | |
CDK Global, Inc. (3 month Term SOFR + 4.500%) 6.610%, 7/6/29(2) | 425 | 409 | |
ConnectWise LLC (3 month LIBOR + 3.500%) 7.174%, 9/29/28(2) | 839 | 782 | |
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%) 6.365%, 7/30/27(2) | 970 | 907 | |
Go Daddy Operating Co. LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.865%, 2/15/24(2) | 1,589 | 1,570 |
Par Value | Value | ||
Information Technology—continued | |||
Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 7.115%, 12/1/27(2) | $ 699 | $ 664 | |
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%) 6.615%, 7/1/24(2) | 1,810 | 1,749 | |
Infinite Bidco LLC | |||
First Lien (3 month LIBOR + 3.250%) 6.924%, 3/2/28(2) | 829 | 784 | |
Second Lien (3 month LIBOR + 7.000%) 10.674%, 3/2/29(2) | 290 | 272 | |
Ion Trading Finance Ltd. (3 month LIBOR + 4.750%) 8.424%, 4/1/28(2) | 212 | 196 | |
Magenta Buyer LLC First Lien (1 month LIBOR + 4.750%) 7.870%, 7/27/28(2) | 2 | 2 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 6.365%, 3/10/28(2) | 596 | 555 | |
Proofpoint, Inc. First Lien (3 month LIBOR + 3.250%) 6.320%, 8/31/28(2) | 1,166 | 1,093 | |
Quest Software U.S. Holdings, Inc. First Lien (3 month Term SOFR + 4.400%) 6.977%, 2/1/29(2) | 705 | 516 | |
RealPage, Inc. First Lien (1 month LIBOR + 3.000%) 6.115%, 4/24/28(2) | 1,620 | 1,515 | |
Sophia LP | |||
2022, Tranche B-1 (1 month Term SOFR + 4.000%) 7.034%, 10/7/27(2) | 359 | 346 | |
Tranche B (3 month LIBOR + 3.500%) 7.174%, 10/7/27(2) | 968 | 929 | |
Tenable, Inc. (3 month LIBOR + 2.750%) 5.556%, 7/7/28(2) | 1,157 | 1,099 | |
Uber Technologies, Inc. 2021 (3 month LIBOR + 3.500%) 6.570%, 2/25/27(2) | 1,534 | 1,492 | |
UKG, Inc. | |||
2021, Second Lien (3 month LIBOR + 5.250%) 7.535%, 5/3/27(2) | 55 | 52 |
Par Value | Value | ||
Information Technology—continued | |||
2021-2, First Lien (3 month LIBOR + 3.250%) 5.535%, 5/4/26(2) | $ 2,282 | $ 2,166 | |
Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%) 5.303%, 3/2/27(2) | 1,036 | 984 | |
24,179 | |||
Manufacturing—6.4% | |||
Alliance Laundry Systems LLC Tranche B (1 month LIBOR + 3.500%) 5.955%, 10/8/27(2) | 974 | 932 | |
Arcline FM Holdings LLC | |||
First Lien (1 month LIBOR + 4.750%) 8.392%, 6/23/28(2) | 951 | 879 | |
Second Lien (1 month LIBOR + 8.250%) 10.500%, 6/25/29(2) | 400 | 372 | |
Circor International, Inc. (1 month LIBOR + 5.500%) 8.584%, 12/20/28(2) | 988 | 922 | |
Filtration Group Corp. | |||
(1 month LIBOR + 3.000%) 6.115%, 3/31/25(2) | 1,470 | 1,409 | |
2021 (1 month LIBOR + 3.500%) 6.615%, 10/21/28(2) | 357 | 338 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%) 5.615%, 3/31/27(2) | 1,545 | 1,482 | |
NCR Corp. (3 month LIBOR + 2.500%) 5.310%, 8/28/26(2) | 1,383 | 1,324 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 6.926%, 2/23/29(2) | 726 | 683 | |
Star U.S. Bidco LLC (1 month LIBOR + 4.250%) 7.365%, 3/17/27(2) | 936 | 883 | |
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%) 6.115%, 10/1/25(2) | 1,597 | 1,570 | |
Titan Acquisition Ltd. (1 month LIBOR + 3.000%) 5.877%, 3/28/25(2) | 1,067 | 953 | |
11,747 | |||
Par Value | Value | ||
Media / Telecom - Broadcasting—1.0% | |||
iHeartCommunications, Inc. (1 month LIBOR + 3.000%) 6.115%, 5/1/26(2) | $ 1,264 | $ 1,185 | |
Nexstar Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 5.615%, 9/18/26(2) | 727 | 716 | |
1,901 | |||
Media / Telecom - Cable/Wireless Video—1.5% | |||
CSC Holdings LLC 2017 (1 month LIBOR + 2.250%) 5.068%, 7/17/25(2) | 1,568 | 1,491 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 8.115%, 8/2/27(2) | 707 | 657 | |
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%) 5.318%, 1/31/28(2) | 620 | 591 | |
2,739 | |||
Media / Telecom - Diversified Media—2.6% | |||
Cinemark USA, Inc. (1-3 month LIBOR + 1.750%) 4.560% - 5.430%, 3/31/25(2) | 1,039 | 976 | |
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%) 6.306%, 8/21/26(2) | 1,047 | 932 | |
Dotdash Meredith, Inc. Tranche B (1 month Term SOFR + 4.000%) 6.612%, 12/1/28(2) | 748 | 666 | |
McGraw-Hill Education, Inc. (3-6 month LIBOR + 4.750%) 7.820% - 8.316%, 7/28/28(2) | 1,291 | 1,188 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 5.870%, 5/18/25(2) | 1,035 | 985 | |
4,747 | |||
Media / Telecom - Telecommunications—2.7% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 5.365%, 3/15/27(2) | 880 | 798 | |
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 6.063%, 10/2/27(2) | 646 | 557 |
Par Value | Value | ||
Media / Telecom - Telecommunications—continued | |||
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 4.865%, 3/1/27(2) | $ 1,026 | $ 973 | |
Numericable U.S. LLC | |||
Tranche B-11 (3 month LIBOR + 2.750%) 5.556%, 7/31/25(2) | 963 | 877 | |
Tranche B-12 (3 month LIBOR + 3.688%) 6.200%, 1/31/26(2) | 526 | 476 | |
Tranche B-13 (3 month LIBOR + 4.000%) 6.905%, 8/14/26(2) | 626 | 566 | |
West Corp. | |||
Tranche B (1 month LIBOR + 4.000%) 7.115%, 10/10/24(2) | 434 | 371 | |
Tranche B-1 (1 month LIBOR + 3.500%) 6.615%, 10/10/24(2) | 395 | 333 | |
4,951 | |||
Metals / Minerals—0.6% | |||
Covia Holdings Corp. (3 month LIBOR + 4.000%) 6.285%, 7/31/26(2) | 491 | 465 | |
Peabody Energy Corp. Tranche B (1 month LIBOR + 2.750%) 5.834%, 3/31/25(2) | 746 | 706 | |
1,171 | |||
Retail—1.7% | |||
CNT Holdings I Corp. First Lien (1 month Term SOFR + 3.500%) 6.248%, 11/8/27(2) | 1,021 | 971 | |
Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%) 6.865%, 3/6/28(2) | 1,285 | 1,184 | |
Isagenix International LLC (3 month LIBOR + 7.750%) 11.354%, 6/14/25(2) | 501 | 198 | |
PetsMart LLC (1 month LIBOR + 3.750%) 6.870%, 2/11/28(2) | 387 | 366 | |
Rising Tide Holdings, Inc. First Lien (1 month LIBOR + 4.750%) 7.865%, 6/1/28(2) | 574 | 489 | |
3,208 | |||
Service—8.9% | |||
Allied Universal Holdco LLC (1 month LIBOR + 3.750%) 6.865%, 5/12/28(2) | 564 | 495 |
Par Value | Value | ||
Service—continued | |||
Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%) 6.557%, 7/27/28(2) | $ 618 | $ 587 | |
BrightView Landscapes LLC Tranche B (1 month Term SOFR + 3.250%) 6.284%, 4/20/29(2) | 1,297 | 1,243 | |
Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%) 6.566%, 3/20/25(2) | 1,033 | 924 | |
Dun & Bradstreet Corp. (The) | |||
2022, Tranche B-2 (1 month Term SOFR + 3.250%) 6.282%, 1/18/29(2) | 134 | 129 | |
Tranche B (1 month LIBOR + 3.250%) 6.330%, 2/6/26(2) | 1,364 | 1,317 | |
DXP Enterprises, Inc. (1 month LIBOR + 4.750%) 7.865%, 12/23/27(2) | 334 | 317 | |
Garda World Security Corp. Tranche B-2 (3 month LIBOR + 4.250%) 7.240%, 10/30/26(2) | 740 | 695 | |
Grab Holdings, Inc. (1 month LIBOR + 4.500%) 7.620%, 1/29/26(2) | 823 | 769 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 6.703%, 11/23/28(2) | 1,533 | 1,454 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 6.865%, 2/1/28(2) | 1,219 | 1,153 | |
Pike Corp. | |||
2028 (1 month LIBOR + 3.000%) 6.120%, 1/21/28(2) | 1,141 | 1,105 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 6.534%, 1/21/28(2) | 145 | 141 | |
PODS LLC (1 month LIBOR + 3.000%) 6.115%, 3/31/28(2) | 1,255 | 1,185 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 6.365%, 12/31/25(2) | 1,069 | 1,010 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%) 6.365%, 2/10/29(2) | 1,506 | 1,424 |
Par Value | Value | ||
Service—continued | |||
Sweetwater Borrower LLC (1 month LIBOR + 4.250%) 7.375%, 8/7/28(2) | $ 723 | $ 658 | |
Weld North Education LLC 2021 (1 month LIBOR + 3.750%) 6.870%, 12/21/27(2) | 1,024 | 988 | |
WEX, Inc. Tranche B (1 month LIBOR + 2.250%) 5.365%, 3/31/28(2) | 793 | 768 | |
16,362 | |||
Transportation - Automotive—2.4% | |||
American Axle & Manufacturing, Inc. Tranche B (1-3 month LIBOR + 2.250%) 5.040% - 5.340%, 4/6/24(2) | 1,000 | 977 | |
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 6.365%, 4/30/26(2) | 812 | 766 | |
Cooper-Standard Automotive, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 5.115%, 11/2/23(2) | 940 | 865 | |
Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.000%) 7.250%, 5/4/28(2) | 1,172 | 1,096 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 6.556%, 10/28/27(2) | 787 | 745 | |
4,449 | |||
Utilities—2.8% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 5.865%, 8/1/25(2) | 2,336 | 2,229 | |
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%) 5.115%, 1/15/25(2) | 1,036 | 1,006 | |
Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%) 5.115%, 8/12/26(2) | 439 | 420 | |
Generation Bridge II LLC | |||
Tranche B (1 month LIBOR + 5.000%) 8.149%, 2/23/29(2) | 335 | 330 |
Par Value | Value | ||
Utilities—continued | |||
Tranche C (1 month LIBOR + 5.000%) 8.149%, 2/23/29(2) | $ 41 | $ 40 | |
Lightstone Holdco LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 8.784%, 2/1/27(2) | 1,212 | 1,104 | |
Tranche C (1 month Term SOFR + 5.750%) 8.784%, 2/1/27(2) | 69 | 62 | |
5,191 | |||
Total Leveraged Loans (Identified Cost $178,910) | 167,726 |
Shares | ||
Common Stocks—1.0% | ||
Communication Services—0.1% | ||
iHeartMedia, Inc. Class A(7) | 11,099 | 81 |
Consumer Discretionary—0.6% | ||
Libbey Glass, Inc.(7) | 40,573 | 568 |
NMG Parent LLC(4)(7) | 3,033 | 531 |
1,099 | ||
Materials—0.3% | ||
Covia Holdings LLC(7) | 48,743 | 634 |
Total Common Stocks (Identified Cost $666) | 1,814 | |
Rights—0.1% | ||
Utilities—0.1% | ||
Vistra Energy Corp.(4)(7) | 152,810 | 184 |
Total Rights (Identified Cost $129) | 184 | |
Total Long-Term Investments—95.5% (Identified Cost $186,837) | 176,052 | |
Short-Term Investments—2.4% | ||
Money Market Mutual Fund—1.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(8) | 2,468,379 | 2,468 |
Total Money Market Mutual Fund (Identified Cost $2,468) | 2,468 |
Par Value | ||
U.S. Government Securities—1.1% | ||
U.S. Treasury Bills | ||
0.000%, 10/13/22(9) | $ 960 | 959 |
Par Value | Value | ||
0.000%, 5/18/23(9) | $ 1,000 | $ 978 | |
Total U.S. Government Securities (Identified Cost $1,946) | 1,937 | ||
Total Short-Term Investments (Identified Cost $4,414) | 4,405 | ||
TOTAL INVESTMENTS—97.9% (Identified Cost $191,251) | $180,457 | ||
Other assets and liabilities, net—2.1% | 3,908 | ||
NET ASSETS—100.0% | $184,365 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | 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 September 30, 2022, these securities amounted to a value of $3,361 or 1.8% of net assets. |
(2) | Variable rate security. Rate disclosed is as of September 30, 2022. 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. |
(3) | This loan will settle after September 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(4) | 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. |
(5) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(6) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(7) | Non-income producing. |
(8) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(9) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
Country Weightings (Unaudited)† | |
United States | 92% |
Canada | 2 |
Netherlands | 2 |
Luxembourg | 1 |
France | 1 |
Spain | 1 |
Panama | 1 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Precision Medicine Group LLC, (3 month LIBOR + 3.000%) 3.000%, 11/18/27 | $28 | $28 | $26 | $(2) | ||||
Trident TPI Holdings, Inc., (3 month LIBOR + 4.000%) 7.674%, 9/15/28 | 19 | 19 | 16 | (3) | ||||
Total | $47 | $47 | $42 | $(5) |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $ 5,357 | $ — | $ 5,357 | $ — | |||
Leveraged Loans | 167,726 | — | 167,726 | — (1) | |||
U.S. Government Securities | 2,908 | — | 2,908 | — | |||
Equity Securities: | |||||||
Rights | 184 | — | — | 184 | |||
Common Stocks | 1,814 | 81 | 1,202 | 531 | |||
Money Market Mutual Fund | 2,468 | 2,468 | — | — | |||
Total Investments | $180,457 | $2,549 | $177,193 | $715 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2022
Par Value | Value | ||
Municipal Bonds(1)—96.5% | |||
Alabama—1.2% | |||
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put, Series A, 12/1/23, 4.000%, 12/1/48(2) | $ 910 | $ 908 | |
Arizona—4.7% | |||
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series B 5.000%, 7/1/37 | 360 | 375 | |
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series C 5.000%, 7/1/36 | 1,000 | 1,043 | |
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36 | 500 | 522 | |
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24 | 565 | 582 | |
Northern Arizona University, Stimular Plan for Economic and Educational Development Revenue, 5.000%, 8/1/25 | 1,000 | 1,015 | |
3,537 | |||
Arkansas—0.7% | |||
University of Arkansas, Facility Revenue, 5.000%, 11/1/33 | 505 | 525 | |
California—2.9% | |||
California Municipal Finance Authority, Bowles Hall Foundation Revenue, 4.500%, 6/1/24 | 150 | 151 | |
California Municipal Finance Authority, Bowles Hall Foundation Revenue, Series A 4.500%, 6/1/23 | 225 | 226 | |
California State Health Facilities Financing Authority, Providence St. Joseph Health, 4.000%, 10/1/36 | 275 | 257 | |
California State Municipal Finance Authority, Community Medical Centers, Series A (Pre-Refunded 2/1/25 @ 100) 5.000%, 2/1/27 | 400 | 416 |
Par Value | Value | ||
California—continued | |||
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, (BAM Insured) 5.000%, 5/1/32 | $ 545 | $ 578 | |
Santa Clarita Community College District, General Obligation, 3.000%, 8/1/44 | 500 | 360 | |
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured) 5.000%, 9/1/25 | 175 | 182 | |
2,170 | |||
Colorado—6.7% | |||
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27 | 400 | 411 | |
Public Authority For Colorado Energy, Natural Gas Purchase Revenue, | |||
6.125%, 11/15/23 | 970 | 982 | |
6.250%, 11/15/28 | 2,250 | 2,387 | |
Regional Transportation District, Sales Tax Revenue, Fastracks Project, 5.000%, 11/1/32 | 1,195 | 1,257 | |
5,037 | |||
Connecticut—3.2% | |||
Connecticut Housing Finance Authority, Mortgage Revenue, (GNMA / FNMA / FHLMC Insured) 3.200%, 11/15/33 | 330 | 295 | |
Connecticut State Health & Educational Facilities Authority Revenue, Series A 4.000%, 7/1/40 | 725 | 639 | |
Connecticut State Higher Education Supplement Loan Authority, Chesla Loan Program Revenue, Series D (Pre-Refunded 11/15/26 @ 100) 3.000%, 11/15/35 | 200 | 197 | |
State of Connecticut, Series E | |||
General Obligation, 5.000%, 9/15/34 | 750 | 796 | |
Special Tax Revenue, 3.125%, 5/1/40 | 610 | 476 | |
2,403 | |||
Par Value | Value | ||
District of Columbia—6.0% | |||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Convertible Capital Appreciation Series C Second Lien, (AGC Insured) (Pre-Refunded 10/1/26 @ 100) 6.500%, 10/1/41 | $ 4,030 | $ 4,502 | |
Florida—14.2% | |||
Brevard County School Board, Certificates of Participation, Series A 5.000%, 7/1/32 | 1,000 | 1,051 | |
Broward County School Board, Certificates of Participation, Series A 5.000%, 7/1/32 | 300 | 312 | |
Central Florida Expressway Authority, Senior Lien Toll Revenue, Series B 4.000%, 7/1/30 | 230 | 233 | |
City of Tallahassee, Health Facilities Revenue, Tallahassee Memorial Healthcare, 5.000%, 12/1/36 | 500 | 494 | |
Miami Beach Redevelopment Agency, | |||
Tax Increment Revenue, 5.000%, 2/1/32 | 320 | 326 | |
Tax Increment Revenue, (AGM Insured) 5.000%, 2/1/31 | 40 | 41 | |
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, Series A 5.000%, 4/1/30 | 200 | 205 | |
Miami-Dade County School Board, Certificates of Participation, 5.000%, 2/1/34 | 1,700 | 1,749 | |
Seminole County School Board, Certificates of Participation, Series D 5.000%, 7/1/29 | 1,935 | 2,038 | |
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35 | 750 | 775 | |
State of Florida, Department of Transportation Right of Way General Obligation, 5.000%, 7/1/31 | 3,000 | 3,248 |
Par Value | Value | ||
Florida—continued | |||
Wildwood Utility Dependent District, South Sumter Utility Project Revenue, (BAM Insured) 5.000%, 10/1/37 | $ 250 | $ 269 | |
10,741 | |||
Georgia—0.8% | |||
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31 | 550 | 569 | |
Idaho—0.3% | |||
Idaho Health Facilities Authority, St. Luke’s Health System Revenue, 5.000%, 3/1/37 | 235 | 236 | |
Illinois—12.6% | |||
City of Chicago | |||
Second Lien, (AGM Insured) 5.000%, 11/1/31 | 500 | 529 | |
Second Lien, (AGM Insured) 5.250%, 11/1/32 | 350 | 373 | |
Waterworks Revenue, Second Lien, 5.000%, 11/1/30 | 500 | 514 | |
Cook County School District No. 78 Rosemont, General Obligation, (AGM Insured) 5.000%, 12/1/38 | 1,000 | 1,075 | |
Illinois Housing Development Authority, Social Bonds Series D (GNMA/FNMA/FHLMC COLL Insured) 2.375%, 10/1/42 | 475 | 319 | |
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien, Series B 5.000%, 1/1/32 | 1,000 | 1,046 | |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue, Convertible Capital Appreciation Series B, (AGM Insured) 0.000%, 6/15/26 | 1,000 | 858 | |
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue, 5.000%, 6/1/27 | 450 | 468 |
Par Value | Value | ||
Illinois—continued | |||
Sales Tax Securitization Corp., Chicago Sales Tax Revenue, Sales Tax Revenue, 5.000%, 1/1/30 | $ 1,500 | $ 1,567 | |
State of Illinois, General Obligation, | |||
5.000%, 2/1/26 | 1,490 | 1,509 | |
5.000%, 2/1/27 | 1,250 | 1,274 | |
9,532 | |||
Indiana—2.3% | |||
Indiana Finance Authority, Parkview Health System, Series A 5.000%, 11/1/43 | 1,700 | 1,726 | |
Maine—3.1% | |||
City of Portland, General Airport Revenue, | |||
5.000%, 7/1/26 | 1,000 | 1,009 | |
5.000%, 7/1/29 | 580 | 585 | |
5.000%, 7/1/30 | 770 | 777 | |
2,371 | |||
Maryland—2.5% | |||
Maryland Community Development Administration, Revenue, Series A | |||
1.250%, 3/1/30 | 200 | 161 | |
1.950%, 9/1/41 | 500 | 320 | |
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, 5.000%, 8/15/26 | 800 | 820 | |
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, Series A 5.000%, 5/15/42 | 600 | 604 | |
1,905 | |||
Massachusetts—1.1% | |||
Massachusetts Housing Finance Agency, 2.300%, 12/1/40 | 500 | 347 | |
Massachusetts Port Authority, Transportation Revenue, Series A (AMT) 5.000%, 7/1/31 | 500 | 517 | |
864 | |||
Michigan—1.3% | |||
Michigan State Building Authority, Facilities Program Lease Revenue, Series I | |||
5.000%, 4/15/25 | 500 | 521 |
Par Value | Value | ||
Michigan—continued | |||
4.000%, 10/15/36 | $ 500 | $ 486 | |
1,007 | |||
Mississippi—1.3% | |||
State of Mississippi, Series B (Covid-19 Go Emergency Bonds) General Obligation, 4.000%, 10/1/39 | 1,000 | 950 | |
New Jersey—2.0% | |||
New Jersey Turnpike Authority, Toll Revenue, Series B 4.000%, 1/1/35 | 240 | 233 | |
New Jersey, State of, Sales Tax Revenue 4.000%, 6/1/31 | 245 | 247 | |
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, Series A | |||
5.000%, 6/1/31 | 250 | 257 | |
5.000%, 6/1/32 | 250 | 256 | |
5.000%, 6/1/33 | 250 | 255 | |
5.000%, 6/1/34 | 250 | 254 | |
1,502 | |||
New York—2.8% | |||
Dutchess County Local Development Corp., The Culinary Institute of America Revenue, 5.000%, 7/1/33 | 180 | 181 | |
New York City Housing Development Corp., Sustainable Development Bonds Revenue, (FHA 542(C) Insured) 2.400%, 11/1/46 | 750 | 465 | |
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue, | |||
(AGM Insured) 3.000%, 1/1/36 | 250 | 199 | |
(AGM Insured) 3.000%, 1/1/37 | 100 | 77 | |
(AGM Insured) 3.000%, 1/1/46 | 750 | 515 | |
New York State Dormitory Authority, | |||
New York University Hospitals Center Revenue, 5.000%, 7/1/33 | 150 | 153 | |
Orange Regional Medical Center Revenue, 144A 5.000%, 12/1/23(3) | 300 | 302 |
Par Value | Value | ||
New York—continued | |||
TSASC, Inc., Tobacco Settlement Revenue, 5.000%, 6/1/34 | $ 190 | $ 193 | |
2,085 | |||
Ohio—2.7% | |||
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Senior Series A-2 Class 1 Revenue, 4.000%, 6/1/48 | 500 | 407 | |
New Albany Community Authority, Community Facilities Revenue, Series C 5.000%, 10/1/24 | 1,250 | 1,252 | |
Northeast Ohio Regional Sewer District Revenue, 3.000%, 11/15/40 | 500 | 390 | |
2,049 | |||
Oregon—3.0% | |||
Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue, Series A 4.500%, 1/1/49 | 240 | 240 | |
State of Oregon, Article XI-Q Series F General Obligation, 5.000%, 5/1/33 | 1,095 | 1,147 | |
Washington & Multnomah Counties, Beaverton School District No. 48J, General Obligation, (SCH BD GTY Insured) 5.000%, 6/15/36 | 800 | 837 | |
2,224 | |||
Pennsylvania—4.1% | |||
Butler County Hospital Authority, Butler Health System Revenue, 5.000%, 7/1/30 | 250 | 254 | |
City of Philadelphia, Water & Wastewater Revenue, Series A 5.000%, 10/1/42 | 300 | 315 |
Par Value | Value | ||
Pennsylvania—continued | |||
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34 | $ 250 | $ 263 | |
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien, Convertible Capital Appreciation Series E, Toll Highway Revenue, 6.375%, 12/1/38 | 2,000 | 2,230 | |
3,062 | |||
South Carolina—0.4% | |||
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue, 5.000%, 12/1/24 | 290 | 299 | |
Tennessee—2.7% | |||
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, Series A 5.000%, 10/1/26 | 1,000 | 1,018 | |
Tennessee State School Bond Authority, Higher Education Program Revenue, (State Higher Education Intercept Program Insured) 5.000%, 11/1/34 | 1,000 | 1,050 | |
2,068 | |||
Texas—11.4% | |||
Central Texas Regional Mobility Authority, Senior Lien Toll Revenue, Series D 4.000%, 1/1/38 | 750 | 672 | |
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured) 5.000%, 2/15/34 | 1,000 | 1,055 |
Par Value | Value | ||
Texas—continued | |||
North Texas Tollway Authority, Special Project System Revenue, Convertible Capital Appreciation Bonds Series C, (Pre-Refunded 9/1/31 @ 100) 0.000%, 9/1/43 | $ 2,835 | $ 3,383 | |
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D 6.250%, 12/15/26 | 1,075 | 1,117 | |
Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, LIBOR Index Series C 2.863%, 9/15/27(2) | 1,895 | 1,826 | |
Wharton Independent School District, General Obligation, (PSF-GTD Insured) 3.000%, 2/15/32 | 645 | 577 | |
8,630 | |||
Vermont—0.4% | |||
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, 5.000%, 12/1/35 | 300 | 304 | |
West Virginia—0.4% | |||
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23 | 300 | 303 | |
Wisconsin—1.7% | |||
Public Finance Authority, | |||
Renown Regional Medical Center Revenue, 5.000%, 6/1/33 | 1,000 | 1,018 |
Par Value | Value | ||
Wisconsin—continued | |||
Waste Management, Inc. Revenue, (AMT) 2.875%, 5/1/27 | $ 250 | $ 235 | |
1,253 | |||
Total Municipal Bonds (Identified Cost $75,476) | 72,762 | ||
Total Long-Term Investments—96.5% (Identified Cost $75,476) | 72,762 |
Shares | ||
Short-Term Investment—2.2% | ||
Money Market Mutual Fund—2.2% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(4) | 1,689,585 | 1,690 |
Total Short-Term Investment (Identified Cost $1,690) | 1,690 | |
TOTAL INVESTMENTS—98.7% (Identified Cost $77,166) | $74,452 | |
Other assets and liabilities, net—1.3% | 993 | |
NET ASSETS—100.0% | $75,445 |
Abbreviations: | |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Municipal Insured |
FHA | Federal Housing Authority |
FHLMC | Federal Home Loan Mortgage Corporation (“Freddie Mac”) |
FNMA | Federal National Mortgage Association (“Fannie Mae”) |
GNMA | Government National Mortgage Association (“Ginnie Mae”) |
LIBOR | London Interbank Offered Rate |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
Footnote Legend: | |
(1) | At September 30, 2022, 18.5% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund’s net assets. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. 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. These securities do not indicate a reference rate and spread in their description above. |
(3) | 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 September 30, 2022, these securities amounted to a value of $302 or 0.4% of net assets. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $72,762 | $ — | $72,762 | ||
Money Market Mutual Fund | 1,690 | 1,690 | — | ||
Total Investments | $74,452 | $1,690 | $72,762 |
September 30, 2022
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 104,096 | $ 44,958 | $ 547,933 | $ 238,070 | |||
Cash | 112 | 107 | 164 | 219 | |||
Receivables | |||||||
Investment securities sold | 7,965 | — (a) | 4,902 | 1,850 | |||
Fund shares sold | 59 | 3 | 415 | 471 | |||
Dividends and interest | 719 | 814 | 1,752 | 2,096 | |||
Securities lending income | — (a) | — (a) | — (a) | — (a) | |||
Prepaid Trustees’ retainer | 2 | 1 | 7 | 3 | |||
Prepaid expenses | 22 | 19 | 34 | 41 | |||
Other assets | 12 | 5 | 62 | 27 | |||
Total assets | 112,987 | 45,907 | 555,269 | 242,777 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 19,486 | 109 | 913 | 620 | |||
Investment securities purchased | 6 | 15 | — | 120 | |||
Collateral on securities loaned | 187 | 463 | 18 | 557 | |||
Dividend distributions | — | 11 | 47 | 179 | |||
Investment advisory fees | 10 | 5 | 92 | 92 | |||
Distribution and service fees | 7 | 9 | 26 | 24 | |||
Administration and accounting fees | 10 | 4 | 48 | 21 | |||
Transfer agent and sub-transfer agent fees and expenses | 17 | 10 | 77 | 47 | |||
Professional fees | 42 | 32 | 87 | 61 | |||
Trustee deferred compensation plan | 12 | 5 | 62 | 27 | |||
Interest expense and/or commitment fees | — (a) | — (a) | 2 | 1 | |||
Other accrued expenses | 17 | 17 | 42 | 23 | |||
Unrealized depreciation on unfunded loan commitments(b) | — | — | — | 1 | |||
Total liabilities | 19,794 | 680 | 1,414 | 1,773 | |||
Net Assets | $ 93,193 | $ 45,227 | $ 553,855 | $ 241,004 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par value | $ — | $ — | $ 55 | $ — | |||
Capital paid in on shares of beneficial interest | 110,271 | 57,235 | 606,684 | 293,932 | |||
Accumulated earnings (loss) | (17,078) | (12,008) | (52,884) | (52,928) | |||
Net Assets | $ 93,193 | $ 45,227 | $ 553,855 | $ 241,004 | |||
Net Assets: | |||||||
Class A | $ 27,013 | $ 36,258 | $ 77,244 | $ 64,515 | |||
Class C | $ 1,283 | $ 1,013 | $ 11,773 | $ 12,014 | |||
Class I | $ 63,559 | $ 6,196 | $ 425,501 | $ 159,300 | |||
Class R6 | $ 1,338 | $ 1,760 | $ 39,337 | $ 5,175 | |||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||||
Class A | 2,745,789 | 10,280,206 | 7,658,098 | 7,394,092 | |||
Class C | 133,511 | 292,210 | 1,167,168 | 1,361,077 | |||
Class I | 6,354,713 | 1,753,585 | 42,194,246 | 18,307,169 | |||
Class R6 | 133,734 | 498,644 | 3,896,905 | 590,750 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 9.84 | $ 3.53 | $ 10.09 | $ 8.73 | |||
Class C | $ 9.61 | $ 3.47 | $ 10.09 | $ 8.83 | |||
Class I | $ 10.00 | $ 3.53 | $ 10.08 | $ 8.70 | |||
Class R6 | $ 10.01 | $ 3.53 | $ 10.09 | $ 8.76 |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 10.22 | $ 3.67 | $ 10.32 | $ 9.07 | |||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.25% | 3.75% | |||
(1) Investment in securities at cost | $ 118,822 | $ 52,126 | $ 591,404 | $ 272,332 | |||
(2) Market value of securities on loan | $ 178 | $ 446 | $ 17 | $ 530 | |||
(3) Newfleet Core Plus Bond Fund and Newfleet Low Duration Core Plus Bond Fund have a par value of $1.00, and all other funds on this page have no par value. |
(a) | Amount is less than $500. |
(b) | See Schedule of Investments for schedule of unfunded loan commitments. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | Seix Tax-Exempt Bond Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 5,248,434 | $ 180,457 | $ 74,452 | ||
Cash | 3,992 | 544 | — | ||
Receivables | |||||
Investment securities sold | 18,497 | 3,660 | — | ||
Fund shares sold | 12,632 | 417 | 110 | ||
Dividends and interest | 25,088 | 648 | 1,054 | ||
Securities lending income | 1 | — | — | ||
Prepaid Trustees’ retainer | 69 | 2 | 1 | ||
Prepaid expenses | 35 | 25 | 15 | ||
Other assets | 576 | 20 | 8 | ||
Total assets | 5,309,324 | 185,773 | 75,640 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 18,202 | 378 | 92 | ||
Investment securities purchased | 725 | 629 | — | ||
Collateral on securities loaned | 7,388 | — | — | ||
Dividend distributions | 650 | 122 | 9 | ||
Investment advisory fees | 1,774 | 55 | 17 | ||
Distribution and service fees | 278 | 18 | 8 | ||
Administration and accounting fees | 446 | 16 | 7 | ||
Transfer agent and sub-transfer agent fees and expenses | 795 | 25 | 13 | ||
Professional fees | 600 | 33 | 34 | ||
Trustee deferred compensation plan | 576 | 20 | 8 | ||
Interest expense and/or commitment fees | 21 | 90 | — (a) | ||
Other accrued expenses | 275 | 17 | 7 | ||
Unrealized depreciation on unfunded loan commitments(b) | — | 5 | — | ||
Total liabilities | 31,730 | 1,408 | 195 | ||
Net Assets | $ 5,277,594 | $ 184,365 | $ 75,445 | ||
Net Assets Consist of: | |||||
Common stock $0.001 par value | $ — | $ — | $ 8 | ||
Capital paid in on shares of beneficial interest | 5,972,735 | 265,541 | 78,678 | ||
Accumulated earnings (loss) | (695,141) | (81,176) | (3,241) | ||
Net Assets | $ 5,277,594 | $ 184,365 | $ 75,445 | ||
Net Assets: | |||||
Class A | $ 771,020 | $ 56,561 | $ 29,594 | ||
Class C | $ 181,221 | $ 7,202 | $ 2,058 | ||
Class C1 | $ 44,838 | $ — | $ — | ||
Class I | $ 4,254,653 | $ 119,257 | $ 43,793 | ||
Class R6 | $ 25,862 | $ 1,345 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||
Class A | 179,150,551 | 6,713,216 | 2,977,630 | ||
Class C | 41,491,819 | 854,165 | 207,122 | ||
Class C1 | 10,292,522 | — | — | ||
Class I | 986,965,131 | 14,176,349 | 4,406,563 | ||
Class R6 | 5,983,246 | 159,959 | — |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | Seix Tax-Exempt Bond Fund | |||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 4.30 | $ 8.43 | $ 9.94 | ||
Class C | $ 4.37 | $ 8.43 | $ 9.94 | ||
Class C1 | $ 4.36 | $ — | $ — | ||
Class I | $ 4.31 | $ 8.41 | $ 9.94 | ||
Class R6 | $ 4.32 | $ 8.41 | $ — | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 4.40 | $ 8.67 | $ 10.22 | ||
Maximum Sales Charge - Class A | 2.25% | 2.75% | 2.75% | ||
(1) Investment in securities at cost | $ 5,709,359 | $ 191,251 | $ 77,166 | ||
(2) Market value of securities on loan | $ 7,221 | $ — | $ — | ||
(3) Seix Tax-Exempt Bond Fund has a par value of $0.001, and all other funds on this page have no par value. |
(a) | Amount is less than $500. |
(b) | See Schedule of Investments for schedule of unfunded loan commitments. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
YEAR ENDED September 30, 2022
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||
Investment Income | |||||||
Dividends | $ 25 | $ 17 | $ 76 | $ 136 | |||
Interest | 3,668 | 3,172 | 15,246 | 13,157 | |||
Securities lending, net of fees | 4 | 16 | 12 | 45 | |||
Total investment income | 3,697 | 3,205 | 15,334 | 13,338 | |||
Expenses | |||||||
Investment advisory fees | 524 | 288 | 2,775 | 1,541 | |||
Distribution and service fees, Class A | 77 | 105 | 229 | 180 | |||
Distribution and service fees, Class C | 20 | 13 | 155 | 165 | |||
Administration and accounting fees | 123 | 60 | 693 | 285 | |||
Transfer agent fees and expenses | 52 | 29 | 288 | 118 | |||
Sub-transfer agent fees and expenses, Class A | 18 | 18 | 42 | 49 | |||
Sub-transfer agent fees and expenses, Class C | 2 | 1 | 15 | 12 | |||
Sub-transfer agent fees and expenses, Class I | 59 | 10 | 354 | 148 | |||
Custodian fees | 8 | 3 | 13 | 8 | |||
Printing fees and expenses | 10 | 6 | 41 | 20 | |||
Professional fees | 58 | 43 | 129 | 78 | |||
Interest expense and/or commitment fees | 1 | — (1) | 18 | 3 | |||
Registration fees | 45 | 43 | 84 | 70 | |||
Trustees’ fees and expenses | 6 | 3 | 36 | 15 | |||
Miscellaneous expenses | 30 | 36 | 66 | 39 | |||
Total expenses | 1,033 | 658 | 4,938 | 2,731 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (274) | (143) | (999) | (281) | |||
Less low balance account fees | (1) | (2) | — (1) | — (1) | |||
Net expenses | 758 | 513 | 3,939 | 2,450 | |||
Net investment income (loss) | 2,939 | 2,692 | 11,395 | 10,888 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (2,104) | (1,153) | (8,110) | (7,239) | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (17,663) | (8,805) | (48,638) | (38,130) | |||
Net realized and unrealized gain (loss) on investments | (19,767) | (9,958) | (56,748) | (45,369) | |||
Net increase (decrease) in net assets resulting from operations | $(16,828) | $(7,266) | $(45,353) | $(34,481) |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | Seix Tax-Exempt Bond Fund | |||
Investment Income | |||||
Dividends | $ 906 | $ 37 | $ 31 | ||
Interest | 178,540 | 9,436 | 2,664 | ||
Securities lending, net of fees | 200 | — | — | ||
Total investment income | 179,646 | 9,473 | 2,695 | ||
Expenses | |||||
Investment advisory fees | 28,756 | 901 | 408 | ||
Distribution and service fees, Class A | 2,190 | 163 | 85 | ||
Distribution and service fees, Class C | 1,130 | 82 | 29 | ||
Distribution and service fees, Class C1 | 592 | — | — | ||
Administration and accounting fees | 6,001 | 206 | 97 | ||
Transfer agent fees and expenses | 2,513 | 85 | 40 | ||
Sub-transfer agent fees and expenses, Class A | 592 | 39 | 20 | ||
Sub-transfer agent fees and expenses, Class C | 201 | 5 | 2 | ||
Sub-transfer agent fees and expenses, Class C1 | 40 | — | — | ||
Sub-transfer agent fees and expenses, Class I | 3,279 | 79 | 43 | ||
Custodian fees | 26 | 5 | 1 | ||
Printing fees and expenses | 389 | 14 | 7 | ||
Professional fees | 934 | 75 | 42 | ||
Interest expense and/or commitment fees | 48 | 194 | 1 | ||
Registration fees | 164 | 68 | 34 | ||
Trustees’ fees and expenses | 312 | 10 | 5 | ||
Miscellaneous expenses | 385 | 35 | 8 | ||
Total expenses | 47,552 | 1,961 | 822 | ||
Less net expenses reimbursed and/or waived by investment adviser(1) | (2,872) | (109) | (167) | ||
Less low balance account fees | (1) | — (2) | — (2) | ||
Net expenses | 44,679 | 1,852 | 655 | ||
Net investment income (loss) | 134,967 | 7,621 | 2,040 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (82,760) | (2,643) | (124) | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (511,840) | (10,866) | (11,461) | ||
Net realized and unrealized gain (loss) on investments | (594,600) | (13,509) | (11,585) | ||
Net increase (decrease) in net assets resulting from operations | $(459,633) | $ (5,888) | $ (9,545) |
(1) | See Note 3D in Notes to Financial Statements. |
(2) | Amount is less than $500. |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 2,939 | $ 2,493 | $ 2,692 | $ 2,871 | |||
Net realized gain (loss) | (2,104) | 1,697 | (1,153) | 1,213 | |||
Net change in unrealized appreciation (depreciation) | (17,663) | (2,115) | (8,805) | 2,872 | |||
Increase (decrease) in net assets resulting from operations | (16,828) | 2,075 | (7,266) | 6,956 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,220) | (766) | (2,131) | (2,257) | |||
Class C | (70) | (48) | (54) | (77) | |||
Class I | (3,141) | (1,647) | (380) | (428) | |||
Class R6 | (56) | (27) | (112) | (89) | |||
Total dividends and distributions to shareholders | (4,487) | (2,488) | (2,677) | (2,851) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (2,007) | (2,848) | (2,932) | (1,306) | |||
Class C | (984) | (2,051) | (212) | (1,249) | |||
Class I | 8,112 | 7,692 | (757) | (1,652) | |||
Class R6 | 384 | 96 | 224 | 697 | |||
Increase (decrease) in net assets from capital transactions | 5,505 | 2,889 | (3,677) | (3,510) | |||
Net increase (decrease) in net assets | (15,810) | 2,476 | (13,620) | 595 | |||
Net Assets | |||||||
Beginning of period | 109,003 | 106,527 | 58,847 | 58,252 | |||
End of Period | $ 93,193 | $ 109,003 | $ 45,227 | $ 58,847 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 11,395 | $ 10,172 | $ 10,888 | $ 13,582 | |||
Net realized gain (loss) | (8,110) | 2,312 | (7,239) | 8,732 | |||
Net change in unrealized appreciation (depreciation) | (48,638) | (3,172) | (38,130) | 2,431 | |||
Increase (decrease) in net assets resulting from operations | (45,353) | 9,312 | (34,481) | 24,745 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,330) | (1,338) | (2,724) | (2,827) | |||
Class C | (108) | (126) | (487) | (652) | |||
Class I | (9,384) | (8,684) | (7,635) | (9,489) | |||
Class R6 | (554) | (12) | (234) | (229) | |||
Return of Capital: | |||||||
Class A | — | — | (153) | — | |||
Class C | — | — | (35) | — | |||
Class I | — | — | (396) | — | |||
Class R6 | — | — | (12) | — | |||
Total dividends and distributions to shareholders | (11,376) | (10,160) | (11,676) | (13,197) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (16,540) | 13,606 | (6,219) | 1,991 | |||
Class C | (4,355) | (2,716) | (5,331) | (11,727) | |||
Class I | (163,556) | 233,395 | (22,746) | (95,339) | |||
Class R6 | 14,785 | 26,847 | (222) | 104 | |||
Increase (decrease) in net assets from capital transactions | (169,666) | 271,132 | (34,518) | (104,971) | |||
Net increase (decrease) in net assets | (226,395) | 270,284 | (80,675) | (93,423) | |||
Net Assets | |||||||
Beginning of period | 780,250 | 509,966 | 321,679 | 415,102 | |||
End of Period | $ 553,855 | $ 780,250 | $ 241,004 | $ 321,679 |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 134,967 | $ 138,581 | $ 7,621 | $ 6,883 | |||
Net realized gain (loss) | (82,760) | 39,968 | (2,643) | (4,612) | |||
Net change in unrealized appreciation (depreciation) | (511,840) | 4,213 | (10,866) | 14,570 | |||
Increase (decrease) in net assets resulting from operations | (459,633) | 182,762 | (5,888) | 16,841 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (17,877) | (19,363) | (2,381) | (2,075) | |||
Class C | (3,892) | (6,385) | (241) | (448) | |||
Class C1 | (735) | (1,217) | — | — | |||
Class I | (111,213) | (115,367) | (4,942) | (4,277) | |||
Class R6 | (677) | (649) | (56) | (77) | |||
Return of Capital: | |||||||
Class A | (1,085) | — | — | — | |||
Class C | (280) | — | — | — | |||
Class C1 | (73) | — | — | — | |||
Class I | (6,029) | — | — | — | |||
Class R6 | (36) | — | — | — | |||
Total dividends and distributions to shareholders | (141,897) | (142,981) | (7,620) | (6,877) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (98,535) | 93,563 | (11,478) | 11,564 | |||
Class C | (64,648) | (168,856) | (1,865) | (18,861) | |||
Class C1 | (19,482) | (45,480) | — | — | |||
Class I | (482,484) | 651,747 | (8,832) | 20,879 | |||
Class R6 | (1,409) | 18,649 | (179) | (1,251) | |||
Increase (decrease) in net assets from capital transactions | (666,558) | 549,623 | (22,354) | 12,331 | |||
Net increase (decrease) in net assets | (1,268,088) | 589,404 | (35,862) | 22,295 | |||
Net Assets | |||||||
Beginning of period | 6,545,682 | 5,956,278 | 220,227 | 197,932 | |||
End of Period | $ 5,277,594 | $ 6,545,682 | $ 184,365 | $ 220,227 |
Seix Tax-Exempt Bond Fund | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 2,040 | $ 2,353 | |
Net realized gain (loss) | (124) | 390 | |
Net change in unrealized appreciation (depreciation) | (11,461) | (303) | |
Increase (decrease) in net assets resulting from operations | (9,545) | 2,440 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (846) | (1,058) | |
Class C | (51) | (135) | |
Class I | (1,469) | (2,016) | |
Total dividends and distributions to shareholders | (2,366) | (3,209) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | (3,838) | 1,126 | |
Class C | (1,127) | (4,550) | |
Class I | (11,580) | (5,053) | |
Increase (decrease) in net assets from capital transactions | (16,545) | (8,477) | |
Net increase (decrease) in net assets | (28,456) | (9,246) | |
Net Assets | |||
Beginning of period | 103,901 | 113,147 | |
End of Period | $ 75,445 | $ 103,901 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet Core Plus Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.81 | 0.26 | (1.80) | (1.54) | (0.27) | — | (0.16) | (0.43) | — | (1.97) | $ 9.84 | (13.38) % | $ 27,013 | 0.81 % (6) | 1.05 % | 2.34 % | 52 % | |
10/1/20 to 9/30/21 | 11.85 | 0.25 | (0.04) | 0.21 | (0.25) | — | — | (0.25) | — | (0.04) | 11.81 | 1.79 | 34,538 | 0.80 | 1.05 | 2.12 | 59 | |
10/1/19 to 9/30/20 | 11.51 | 0.30 | 0.34 | 0.64 | (0.30) | — | — | (0.30) | — | 0.34 | 11.85 | 5.66 | 37,507 | 0.81 (7) | 1.07 | 2.61 | 65 | |
10/1/18 to 9/30/19 | 10.84 | 0.35 | 0.67 | 1.02 | (0.35) | — | — | (0.35) | — | 0.67 | 11.51 | 9.64 | 36,248 | 0.85 | 1.11 | 3.21 | 59 | |
10/1/17 to 9/30/18 | 11.31 | 0.36 | (0.46) | (0.10) | (0.37) | — | — | (0.37) | — | (0.47) | 10.84 | (0.92) | 33,998 | 0.84 | 1.12 | 3.24 | 49 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.54 | 0.17 | (1.75) | (1.58) | (0.19) | — | (0.16) | (0.35) | — | (1.93) | $ 9.61 | (14.05) % | $ 1,283 | 1.56 % (6) | 1.84 % | 1.55 % | 52 % | |
10/1/20 to 9/30/21 | 11.57 | 0.16 | (0.03) | 0.13 | (0.16) | — | — | (0.16) | — | (0.03) | 11.54 | 1.11 | 2,621 | 1.55 | 1.81 | 1.39 | 59 | |
10/1/19 to 9/30/20 | 11.24 | 0.21 | 0.33 | 0.54 | (0.21) | — | — | (0.21) | — | 0.33 | 11.57 | 4.85 | 4,676 | 1.56 (7) | 1.82 | 1.84 | 65 | |
10/1/18 to 9/30/19 | 10.59 | 0.27 | 0.65 | 0.92 | (0.27) | — | — | (0.27) | — | 0.65 | 11.24 | 8.78 | 3,725 | 1.59 | 1.85 | 2.49 | 59 | |
10/1/17 to 9/30/18 | 11.04 | 0.27 | (0.44) | (0.17) | (0.28) | — | — | (0.28) | — | (0.45) | 10.59 | (1.58) | 5,165 | 1.59 | 1.87 | 2.49 | 49 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.00 | 0.29 | (1.82) | (1.53) | (0.31) | — | (0.16) | (0.47) | — | (2.00) | $10.00 | (13.17) % | $ 63,559 | 0.57 % (6) | 0.80 % | 2.62 % | 52 % | |
10/1/20 to 9/30/21 | 12.04 | 0.28 | (0.04) | 0.24 | (0.28) | — | — | (0.28) | — | (0.04) | 12.00 | 2.04 | 70,630 | 0.55 | 0.79 | 2.36 | 59 | |
10/1/19 to 9/30/20 | 11.70 | 0.33 | 0.34 | 0.67 | (0.33) | — | — | (0.33) | — | 0.34 | 12.04 | 5.87 | 63,222 | 0.56 (7) | 0.80 | 2.85 | 65 | |
10/1/18 to 9/30/19 | 11.02 | 0.38 | 0.69 | 1.07 | (0.39) | — | — | (0.39) | — | 0.68 | 11.70 | 9.90 | 54,038 | 0.60 | 0.82 | 3.39 | 59 | |
10/1/17 to 9/30/18 | 11.49 | 0.39 | (0.46) | (0.07) | (0.40) | — | — | (0.40) | — | (0.47) | 11.02 | (0.60) | 27,360 | 0.59 | 0.84 | 3.50 | 49 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.01 | 0.30 | (1.82) | (1.52) | (0.32) | — | (0.16) | (0.48) | — | (2.00) | $10.01 | (13.05) % | $ 1,338 | 0.45 % (6) | 0.73 % | 2.74 % | 52 % | |
10/1/20 to 9/30/21 | 12.05 | 0.30 | (0.04) | 0.26 | (0.30) | — | — | (0.30) | — | (0.04) | 12.01 | 2.17 | 1,214 | 0.43 | 0.72 | 2.48 | 59 | |
10/1/19 to 9/30/20 | 11.71 | 0.35 | 0.34 | 0.69 | (0.35) | — | — | (0.35) | — | 0.34 | 12.05 | 6.00 | 1,122 | 0.44 (7) | 0.74 | 2.99 | 65 | |
10/1/18 to 9/30/19 | 11.02 | 0.40 | 0.69 | 1.09 | (0.40) | — | — | (0.40) | — | 0.69 | 11.71 | 10.13 | 1,031 | 0.48 | 0.77 | 3.52 | 59 | |
10/1/17 to 9/30/18 | 11.50 | 0.40 | (0.47) | (0.07) | (0.41) | — | — | (0.41) | — | (0.48) | 11.02 | (0.60) | 414 | 0.50 (7) | 0.79 | 3.59 | 49 | |
Newfleet High Yield Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.28 | 0.20 | (0.75) | (0.55) | (0.20) | — | — | (0.20) | — | (0.75) | $ 3.53 | (13.15) % | $ 36,258 | 1.01 % (6) | 1.27 % | 5.10 % | 47 % | |
10/1/20 to 9/30/21 | 4.00 | 0.20 | 0.28 | 0.48 | (0.20) | — | — | (0.20) | — | 0.28 | 4.28 | 12.18 | 47,153 | 1.00 | 1.25 | 4.77 | 74 | |
10/1/19 to 9/30/20 | 4.10 | 0.21 | (0.10) | 0.11 | (0.21) | — | — | (0.21) | — | (0.10) | 4.00 | 2.88 | 45,234 | 1.00 | 1.37 | 5.31 | 88 | |
10/1/18 to 9/30/19 | 4.13 | 0.23 | (0.03) | 0.20 | (0.23) | — | — | (0.23) | — | (0.03) | 4.10 | 4.99 | 49,890 | 0.99 | 1.36 | 5.61 | 59 | |
10/1/17 to 9/30/18 | 4.25 | 0.23 | (0.12) | 0.11 | (0.23) | — | — | (0.23) | — | (0.12) | 4.13 | 2.77 | 51,859 | 0.99 | 1.34 | 5.48 | 66 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.21 | 0.17 | (0.74) | (0.57) | (0.17) | — | — | (0.17) | — | (0.74) | $ 3.47 | (13.87) % | $ 1,013 | 1.76 % (6) | 2.08 % | 4.34 % | 47 % | |
10/1/20 to 9/30/21 | 3.93 | 0.17 | 0.28 | 0.45 | (0.17) | — | — | (0.17) | — | 0.28 | 4.21 | 11.47 | 1,460 | 1.75 | 2.03 | 4.05 | 74 | |
10/1/19 to 9/30/20 | 4.02 | 0.18 | (0.09) | 0.09 | (0.18) | — | — | (0.18) | — | (0.09) | 3.93 | 2.33 | 2,542 | 1.75 | 2.11 | 4.55 | 88 | |
10/1/18 to 9/30/19 | 4.06 | 0.19 | (0.04) | 0.15 | (0.19) | — | — | (0.19) | — | (0.04) | 4.02 | 3.94 | 2,207 | 1.75 | 2.11 | 4.85 | 59 | |
10/1/17 to 9/30/18 | 4.17 | 0.19 | (0.10) | 0.09 | (0.20) | — | — | (0.20) | — | (0.11) | 4.06 | 2.20 | 3,254 | 1.74 | 2.08 | 4.73 | 66 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.29 | 0.21 | (0.76) | (0.55) | (0.21) | — | — | (0.21) | — | (0.76) | $ 3.53 | (13.14) % | $ 6,196 | 0.76 % (6) | 1.10 % | 5.34 % | 47 % | |
10/1/20 to 9/30/21 | 4.01 | 0.21 | 0.28 | 0.49 | (0.21) | — | — | (0.21) | — | 0.28 | 4.29 | 12.43 | 8,297 | 0.75 | 1.05 | 5.01 | 74 | |
10/1/19 to 9/30/20 | 4.10 | 0.22 | (0.09) | 0.13 | (0.22) | — | — | (0.22) | — | (0.09) | 4.01 | 3.40 | 9,319 | 0.75 | 1.17 | 5.54 | 88 | |
10/1/18 to 9/30/19 | 4.13 | 0.24 | (0.03) | 0.21 | (0.24) | — | — | (0.24) | — | (0.03) | 4.10 | 5.25 | 7,805 | 0.75 | 1.15 | 5.82 | 59 | |
10/1/17 to 9/30/18 | 4.25 | 0.24 | (0.12) | 0.12 | (0.24) | — | — | (0.24) | — | (0.12) | 4.13 | 3.03 | 8,557 | 0.74 | 1.14 | 5.72 | 66 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet High Yield Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.29 | 0.22 | (0.76) | (0.54) | (0.22) | — | — | (0.22) | — | (0.76) | $ 3.53 | (13.00) % | $ 1,760 | 0.60 % (6) | 0.96 % | 5.50 % | 47 % | |
10/1/20 to 9/30/21 | 4.00 | 0.22 | 0.29 | 0.51 | (0.22) | — | — | (0.22) | — | 0.29 | 4.29 | 12.87 | 1,937 | 0.60 (7) | 0.93 | 5.12 | 74 | |
10/1/19 to 9/30/20 | 4.10 | 0.22 | (0.10) | 0.12 | (0.22) | — | — | (0.22) | — | (0.10) | 4.00 | 3.20 | 1,157 | 0.69 | 1.05 | 5.58 | 88 | |
10/1/18 to 9/30/19 | 4.13 | 0.23 | (0.02) | 0.21 | (0.24) | — | — | (0.24) | — | (0.03) | 4.10 | 5.30 | 829 | 0.69 | 1.04 | 5.77 | 59 | |
10/1/17 to 9/30/18 | 4.25 | 0.24 | (0.11) | 0.13 | (0.25) | — | — | (0.25) | — | (0.12) | 4.13 | 3.09 | 4,400 | 0.69 | 1.00 | 5.79 | 66 | |
Newfleet Low Duration Core Plus Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.96 | 0.15 | (0.86) | (0.71) | (0.16) | — | — | (0.16) | — | (0.87) | $10.09 | (6.55) % | $ 77,244 | 0.77 % (6) | 0.90 % | 1.46 % | 38 % | |
10/1/20 to 9/30/21 | 10.96 | 0.16 | — (8) | 0.16 | (0.16) | — | — | (0.16) | — | — (8) | 10.96 | 1.44 | 101,271 | 0.75 | 0.89 | 1.42 | 55 | |
10/1/19 to 9/30/20 | 10.86 | 0.24 | 0.10 | 0.34 | (0.24) | — | — | (0.24) | — | 0.10 | 10.96 | 3.21 | 87,690 | 0.75 | 0.91 | 2.24 | 57 | |
10/1/18 to 9/30/19 | 10.64 | 0.29 | 0.22 | 0.51 | (0.29) | — | — | (0.29) | — | 0.22 | 10.86 | 4.82 | 81,384 | 0.75 | 0.95 | 2.67 | 45 | |
10/1/17 to 9/30/18 | 10.83 | 0.25 | (0.19) | 0.06 | (0.25) | — | — | (0.25) | — | (0.19) | 10.64 | 0.55 | 74,707 | 0.75 | 1.09 | 2.32 | 54 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.96 | 0.07 | (0.86) | (0.79) | (0.08) | — | — | (0.08) | — | (0.87) | $10.09 | (7.26) % | $ 11,773 | 1.51 % (6) | 1.69 % | 0.70 % | 38 % | |
10/1/20 to 9/30/21 | 10.96 | 0.08 | (0.01) | 0.07 | (0.07) | — | — | (0.07) | — | — (8) | 10.96 | 0.68 | 17,403 | 1.50 | 1.66 | 0.69 | 55 | |
10/1/19 to 9/30/20 | 10.86 | 0.16 | 0.10 | 0.26 | (0.16) | — | — | (0.16) | — | 0.10 | 10.96 | 2.44 | 20,105 | 1.50 | 1.67 | 1.50 | 57 | |
10/1/18 to 9/30/19 | 10.64 | 0.21 | 0.22 | 0.43 | (0.21) | — | — | (0.21) | — | 0.22 | 10.86 | 4.04 | 20,746 | 1.50 | 1.70 | 1.92 | 45 | |
10/1/17 to 9/30/18 | 10.83 | 0.17 | (0.19) | (0.02) | (0.17) | — | — | (0.17) | — | (0.19) | 10.64 | (0.20) | 22,809 | 1.50 | 1.82 | 1.55 | 54 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.96 | 0.18 | (0.88) | (0.70) | (0.18) | — | — | (0.18) | — | (0.88) | $10.08 | (6.41) % | $ 425,501 | 0.52 % (6) | 0.66 % | 1.69 % | 38 % | |
10/1/20 to 9/30/21 | 10.95 | 0.18 | 0.01 | 0.19 | (0.18) | — | — | (0.18) | — | 0.01 | 10.96 | 1.78 | 634,354 | 0.50 | 0.65 | 1.64 | 55 | |
10/1/19 to 9/30/20 | 10.85 | 0.27 | 0.10 | 0.37 | (0.27) | — | — | (0.27) | — | 0.10 | 10.95 | 3.46 | 401,784 | 0.50 | 0.67 | 2.49 | 57 | |
10/1/18 to 9/30/19 | 10.63 | 0.31 | 0.22 | 0.53 | (0.31) | — | — | (0.31) | — | 0.22 | 10.85 | 5.09 | 352,583 | 0.50 | 0.70 | 2.91 | 45 | |
10/1/17 to 9/30/18 | 10.83 | 0.28 | (0.20) | 0.08 | (0.28) | — | — | (0.28) | — | (0.20) | 10.63 | 0.71 | 265,252 | 0.50 | 0.83 | 2.57 | 54 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.96 | 0.19 | (0.87) | (0.68) | (0.19) | — | — | (0.19) | — | (0.87) | $10.09 | (6.25) % | $ 39,337 | 0.45 % (6) | 0.60 % | 1.81 % | 38 % | |
10/1/20 to 9/30/21 | 10.96 | 0.16 | 0.03 | 0.19 | (0.19) | — | — | (0.19) | — | — (8) | 10.96 | 1.76 | 27,222 | 0.43 | 0.57 | 1.46 | 55 | |
10/1/19 to 9/30/20 | 10.86 | 0.28 | 0.10 | 0.38 | (0.28) | — | — | (0.28) | — | 0.10 | 10.96 | 3.54 | 387 | 0.43 | 0.61 | 2.56 | 57 | |
12/19/18 (9) to 9/30/19 | 10.58 | 0.25 | 0.28 | 0.53 | (0.25) | — | — | (0.25) | — | 0.28 | 10.86 | 5.08 | 282 | 0.43 | 0.62 | 3.02 | 45 (10) | |
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.35 | 0.36 | (1.59) | (1.23) | (0.37) | (0.02) | — | (0.39) | — | (1.62) | $ 8.73 | (12.15) % | $ 64,515 | 1.00 % (6) | 1.10 % | 3.76 % | 52 % | |
10/1/20 to 9/30/21 | 10.06 | 0.37 | 0.27 | 0.64 | (0.35) | — | — | (0.35) | — (8) | 0.29 | 10.35 | 6.45 (11) | 82,697 | 0.99 | 1.07 | 3.56 | 77 | |
10/1/19 to 9/30/20 | 10.16 | 0.39 | (0.11) | 0.28 | (0.38) | — | — | (0.38) | — | (0.10) | 10.06 | 2.86 | 78,378 | 0.99 | 1.09 | 3.87 | 95 | |
10/1/18 to 9/30/19 | 9.97 | 0.43 | 0.19 | 0.62 | (0.38) | (0.05) | — | (0.43) | — (8) | 0.19 | 10.16 | 6.43 (11) | 86,034 | 0.98 | 1.10 | 4.34 | 81 | |
10/1/17 to 9/30/18 | 10.42 | 0.45 | (0.46) | (0.01) | (0.42) | (0.02) | — | (0.44) | — | (0.45) | 9.97 | (0.14) | 73,217 | 0.98 | 1.10 | 4.43 | 70 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet Multi-Sector Intermediate Bond Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.46 | 0.30 | (1.62) | (1.32) | (0.29) | (0.02) | — | (0.31) | — | (1.63) | $ 8.83 | (12.78) % | $ 12,014 | 1.75 % (6) | 1.85 % | 3.00 % | 52 % | |
10/1/20 to 9/30/21 | 10.17 | 0.29 | 0.27 | 0.56 | (0.27) | — | — | (0.27) | — (8) | 0.29 | 10.46 | 5.58 (11) | 20,004 | 1.74 | 1.82 | 2.81 | 77 | |
10/1/19 to 9/30/20 | 10.26 | 0.31 | (0.10) | 0.21 | (0.30) | — | — | (0.30) | — | (0.09) | 10.17 | 2.16 | 30,872 | 1.74 | 1.83 | 3.12 | 95 | |
10/1/18 to 9/30/19 | 10.07 | 0.36 | 0.19 | 0.55 | (0.31) | (0.05) | — | (0.36) | — (8) | 0.19 | 10.26 | 5.57 (11) | 39,778 | 1.73 | 1.85 | 3.63 | 81 | |
10/1/17 to 9/30/18 | 10.53 | 0.38 | (0.48) | (0.10) | (0.34) | (0.02) | — | (0.36) | — | (0.46) | 10.07 | (0.96) | 53,809 | 1.73 | 1.83 | 3.68 | 70 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.33 | 0.39 | (1.60) | (1.21) | (0.40) | (0.02) | — | (0.42) | — | (1.63) | $ 8.70 | (11.99) % | $ 159,300 | 0.75��% (6) | 0.86 % | 4.00 % | 52 % | |
10/1/20 to 9/30/21 | 10.05 | 0.39 | 0.28 | 0.67 | (0.39) | — | — | (0.39) | — (8) | 0.28 | 10.33 | 6.70 (11) | 212,633 | 0.74 | 0.82 | 3.80 | 77 | |
10/1/19 to 9/30/20 | 10.15 | 0.41 | (0.10) | 0.31 | (0.41) | — | — | (0.41) | — | (0.10) | 10.05 | 3.19 | 299,784 | 0.74 | 0.83 | 4.09 | 95 | |
10/1/18 to 9/30/19 | 9.98 | 0.46 | 0.18 | 0.64 | (0.42) | (0.05) | — | (0.47) | — (8) | 0.17 | 10.15 | 6.57 (11) | 177,574 | 0.73 | 0.85 | 4.57 | 81 | |
10/1/17 to 9/30/18 | 10.43 | 0.48 | (0.47) | 0.01 | (0.44) | (0.02) | — | (0.46) | — | (0.45) | 9.98 | 0.14 | 162,322 | 0.73 | 0.83 | 4.66 | 70 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $10.38 | 0.40 | (1.60) | (1.20) | (0.40) | (0.02) | — | (0.42) | — | (1.62) | $ 8.76 | (11.83) % | $ 5,175 | 0.61 % (6) | 0.78 % | 4.15 % | 52 % | |
10/1/20 to 9/30/21 | 10.08 | 0.41 | 0.28 | 0.69 | (0.39) | — | — | (0.39) | — (8) | 0.30 | 10.38 | 6.87 (11) | 6,345 | 0.60 | 0.75 | 3.94 | 77 | |
10/1/19 to 9/30/20 | 10.17 | 0.42 | (0.10) | 0.32 | (0.41) | — | — | (0.41) | — | (0.09) | 10.08 | 3.28 | 6,068 | 0.60 | 0.76 | 4.25 | 95 | |
10/1/18 to 9/30/19 | 9.98 | 0.46 | 0.20 | 0.66 | (0.42) | (0.05) | — | (0.47) | — (8) | 0.19 | 10.17 | 6.77 (11) | 4,903 | 0.59 | 0.78 | 4.65 | 81 | |
10/1/17 to 9/30/18 | 10.43 | 0.49 | (0.47) | 0.02 | (0.45) | (0.02) | — | (0.47) | — | (0.45) | 9.98 | 0.19 | 15,750 | 0.62 | 0.76 | 4.78 | 70 | |
Newfleet Multi-Sector Short Term Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.76 | 0.09 | (0.45) | (0.36) | (0.09) | (0.01) | — | (0.10) | — | (0.46) | $ 4.30 | (7.65) % | $ 771,020 | 0.92 % (6)(7) | 0.97 % | 2.04 % | 41 % | |
10/1/20 to 9/30/21 | 4.73 | 0.10 | 0.03 | 0.13 | (0.10) | — | — | (0.10) | — | 0.03 | 4.76 | 2.78 | 956,384 | 0.96 (12) | 0.96 | 2.02 | 64 | |
10/1/19 to 9/30/20 | 4.72 | 0.12 | 0.02 | 0.14 | (0.12) | (0.01) | — | (0.13) | — | 0.01 | 4.73 | 3.10 | 857,107 | 0.98 (12) | 0.98 | 2.58 | 70 | |
10/1/18 to 9/30/19 | 4.65 | 0.14 | 0.07 | 0.21 | (0.12) | (0.02) | — | (0.14) | — | 0.07 | 4.72 | 4.62 | 898,392 | 0.97 (12) | 0.98 | 3.01 | 58 | |
10/1/17 to 9/30/18 | 4.78 | 0.14 | (0.14) | — | (0.12) | (0.01) | — | (0.13) | — | (0.13) | 4.65 | 0.05 | 711,425 | 0.97 (12) | 0.98 | 2.88 | 55 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.83 | 0.08 | (0.45) | (0.37) | (0.08) | (0.01) | — | (0.09) | — | (0.46) | $ 4.37 | (7.79) % | $ 181,221 | 1.18 % (6)(7) | 1.24 % | 1.77 % | 41 % | |
10/1/20 to 9/30/21 | 4.79 | 0.09 | 0.04 | 0.13 | (0.09) | — | — | (0.09) | — | 0.04 | 4.83 | 2.69 | 267,919 | 1.21 (12) | 1.21 | 1.82 | 64 | |
10/1/19 to 9/30/20 | 4.78 | 0.11 | 0.02 | 0.13 | (0.11) | (0.01) | — | (0.12) | — | 0.01 | 4.79 | 2.81 | 433,279 | 1.21 (12) | 1.21 | 2.35 | 70 | |
10/1/18 to 9/30/19 | 4.71 | 0.13 | 0.07 | 0.20 | (0.11) | (0.02) | — | (0.13) | — | 0.07 | 4.78 | 4.31 | 575,524 | 1.21 (12) | 1.21 | 2.78 | 58 | |
10/1/17 to 9/30/18 | 4.84 | 0.13 | (0.14) | (0.01) | (0.11) | (0.01) | — | (0.12) | — | (0.13) | 4.71 | (0.18) | 1,039,109 | 1.20 (12) | 1.21 | 2.66 | 55 | |
Class C1 | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.82 | 0.06 | (0.46) | (0.40) | (0.05) | (0.01) | — | (0.06) | — | (0.46) | $ 4.36 | (8.25) % | $ 44,838 | 1.68 % (6)(7) | 1.72 % | 1.27 % | 41 % | |
10/1/20 to 9/30/21 | 4.78 | 0.06 | 0.04 | 0.10 | (0.06) | — | — | (0.06) | — | 0.04 | 4.82 | 2.19 | 70,114 | 1.71 (12) | 1.71 | 1.32 | 64 | |
10/1/19 to 9/30/20 | 4.77 | 0.09 | 0.02 | 0.11 | (0.09) | (0.01) | — | (0.10) | — | 0.01 | 4.78 | 2.31 | 114,699 | 1.71 (12) | 1.71 | 1.85 | 70 | |
10/1/18 to 9/30/19 | 4.70 | 0.11 | 0.07 | 0.18 | (0.09) | (0.02) | — | (0.11) | — | 0.07 | 4.77 | 3.80 | 195,185 | 1.71 (12) | 1.72 | 2.28 | 58 | |
10/1/17 to 9/30/18 | 4.83 | 0.10 | (0.13) | (0.03) | (0.09) | (0.01) | — | (0.10) | — | (0.13) | 4.70 | (0.68) | 304,444 | 1.70 (12) | 1.71 | 2.16 | 55 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet Multi-Sector Short Term Bond Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.77 | 0.10 | (0.45) | (0.35) | (0.10) | (0.01) | — | (0.11) | — | (0.46) | $ 4.31 | (7.40) % | $4,254,653 | 0.67 % (6)(7) | 0.72 % | 2.29 % | 41 % | |
10/1/20 to 9/30/21 | 4.73 | 0.11 | 0.04 | 0.15 | (0.11) | — | — | (0.11) | — | 0.04 | 4.77 | 3.25 | 5,221,147 | 0.71 (12) | 0.71 | 2.28 | 64 | |
10/1/19 to 9/30/20 | 4.72 | 0.13 | 0.02 | 0.15 | (0.13) | (0.01) | — | (0.14) | — | 0.01 | 4.73 | 3.36 | 4,539,835 | 0.72 (12) | 0.72 | 2.83 | 70 | |
10/1/18 to 9/30/19 | 4.66 | 0.15 | 0.06 | 0.21 | (0.13) | (0.02) | — | (0.15) | — | 0.06 | 4.72 | 4.66 | 4,695,968 | 0.72 (12) | 0.72 | 3.26 | 58 | |
10/1/17 to 9/30/18 | 4.79 | 0.15 | (0.14) | 0.01 | (0.13) | (0.01) | — | (0.14) | — | (0.13) | 4.66 | 0.32 | 4,981,559 | 0.71 (12) | 0.71 | 3.16 | 55 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 4.78 | 0.11 | (0.46) | (0.35) | (0.10) | (0.01) | — | (0.11) | — | (0.46) | $ 4.32 | (7.32) % | $ 25,862 | 0.54 % (6)(7) | 0.69 % | 2.43 % | 41 % | |
10/1/20 to 9/30/21 | 4.74 | 0.12 | 0.04 | 0.16 | (0.12) | — | — | (0.12) | — | 0.04 | 4.78 | 3.31 | 30,118 | 0.55 | 0.67 | 2.42 | 64 | |
10/1/19 to 9/30/20 | 4.72 | 0.14 | 0.03 | 0.17 | (0.14) | (0.01) | — | (0.15) | — | 0.02 | 4.74 | 3.65 | 11,358 | 0.55 | 0.65 | 2.99 | 70 | |
10/1/18 to 9/30/19 | 4.65 | 0.16 | 0.07 | 0.23 | (0.14) | (0.02) | — | (0.16) | — | 0.07 | 4.72 | 4.96 | 6,408 | 0.55 | 0.65 | 3.42 | 58 | |
10/1/17 to 9/30/18 | 4.78 | 0.15 | (0.13) | 0.02 | (0.14) | (0.01) | — | (0.15) | — | (0.13) | 4.65 | 0.38 | 3,161 | 0.59 (7) | 0.65 | 3.29 | 55 | |
Newfleet Senior Floating Rate Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.01 | 0.32 | (0.58) | (0.26) | (0.32) | — | — | (0.32) | — | (0.58) | $ 8.43 | (2.87) % | $ 56,561 | 1.05 % (6)(13) | 1.11 % | 3.65 % | 33 % | |
10/1/20 to 9/30/21 | 8.58 | 0.28 | 0.43 | 0.71 | (0.28) | — | — | (0.28) | — | 0.43 | 9.01 | 8.40 | 72,274 | 1.04 (13) | 1.08 | 3.18 | 65 | |
10/1/19 to 9/30/20 | 9.11 | 0.38 | (0.54) | (0.16) | (0.37) | — | — | (0.37) | — | (0.53) | 8.58 | (1.66) | 57,743 | 1.12 (13) | 1.13 | 4.31 | 40 | |
10/1/18 to 9/30/19 | 9.41 | 0.46 | (0.30) | 0.16 | (0.46) | — | — | (0.46) | — | (0.30) | 9.11 | 1.80 | 167,595 | 1.10 (13) | 1.11 | 4.96 | 24 | |
10/1/17 to 9/30/18 | 9.42 | 0.41 | (0.01) | 0.40 | (0.41) | — | — | (0.41) | — | (0.01) | 9.41 | 4.33 | 196,025 | 1.09 | 1.12 | 4.31 | 37 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.02 | 0.26 | (0.59) | (0.33) | (0.26) | — | — | (0.26) | — | (0.59) | $ 8.43 | (3.71) % | $ 7,202 | 1.80 % (6)(13) | 1.87 % | 2.92 % | 33 % | |
10/1/20 to 9/30/21 | 8.59 | 0.22 | 0.43 | 0.65 | (0.22) | — | — | (0.22) | — | 0.43 | 9.02 | 7.59 | 9,595 | 1.78 (13) | 1.85 | 2.49 | 65 | |
10/1/19 to 9/30/20 | 9.12 | 0.30 | (0.52) | (0.22) | (0.31) | — | — | (0.31) | — | (0.53) | 8.59 | (2.36) | 27,287 | 1.86 (13) | 1.92 | 3.47 | 40 | |
10/1/18 to 9/30/19 | 9.42 | 0.39 | (0.30) | 0.09 | (0.39) | — | — | (0.39) | — | (0.30) | 9.12 | 1.05 | 47,050 | 1.86 (13) | 1.92 | 4.23 | 24 | |
10/1/17 to 9/30/18 | 9.44 | 0.33 | (0.01) | 0.32 | (0.34) | — | — | (0.34) | — | (0.02) | 9.42 | 3.45 | 78,558 | 1.84 | 1.91 | 3.55 | 37 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.00 | 0.35 | (0.59) | (0.24) | (0.35) | — | — | (0.35) | — | (0.59) | $ 8.41 | (2.75) % | $ 119,257 | 0.80 % (6)(13) | 0.86 % | 3.94 % | 33 % | |
10/1/20 to 9/30/21 | 8.57 | 0.30 | 0.44 | 0.74 | (0.31) | — | — | (0.31) | — | 0.43 | 9.00 | 8.68 | 136,742 | 0.79 (13) | 0.83 | 3.42 | 65 | |
10/1/19 to 9/30/20 | 9.10 | 0.39 | (0.52) | (0.13) | (0.40) | — | — | (0.40) | — | (0.53) | 8.57 | (1.39) | 110,156 | 0.86 (13) | 0.91 | 4.45 | 40 | |
10/1/18 to 9/30/19 | 9.40 | 0.48 | (0.30) | 0.18 | (0.48) | — | — | (0.48) | — | (0.30) | 9.10 | 2.05 | 158,703 | 0.86 (13) | 0.91 | 5.20 | 24 | |
10/1/17 to 9/30/18 | 9.42 | 0.43 | (0.02) | 0.41 | (0.43) | — | — | (0.43) | — | (0.02) | 9.40 | 4.48 | 228,058 | 0.84 | 0.90 | 4.56 | 37 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.00 | 0.36 | (0.59) | (0.23) | (0.36) | — | — | (0.36) | — | (0.59) | $ 8.41 | (2.61) % | $ 1,345 | 0.66 % (6)(13) | 0.80 % | 4.08 % | 33 % | |
10/1/20 to 9/30/21 | 8.57 | 0.32 | 0.43 | 0.75 | (0.32) | — | — | (0.32) | — | 0.43 | 9.00 | 8.83 | 1,616 | 0.65 (13) | 0.77 | 3.61 | 65 | |
10/1/19 to 9/30/20 | 9.11 | 0.37 | (0.50) | (0.13) | (0.41) | — | — | (0.41) | — | (0.54) | 8.57 | (1.33) | 2,746 | 0.70 (13) | 0.82 | 4.51 | 40 | |
10/1/18 to 9/30/19 | 9.40 | 0.49 | (0.28) | 0.21 | (0.50) | — | — | (0.50) | — | (0.29) | 9.11 | 2.31 | 219 | 0.71 (13) | 0.84 | 5.35 | 24 | |
10/1/17 to 9/30/18 | 9.42 | 0.44 | (0.02) | 0.42 | (0.44) | — | — | (0.44) | — | (0.02) | 9.40 | 4.60 | 105 | 0.75 (7) | 0.86 | 4.70 | 37 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Seix Tax-Exempt Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.36 | 0.23 | (1.38) | (1.15) | (0.23) | — | (0.04) | (0.27) | — | (1.42) | $ 9.94 | (10.30) % | $ 29,594 | 0.85 % (6)(7) | 1.02 % | 2.13 % | 1 % | |
10/1/20 to 9/30/21 | 11.45 | 0.23 | — (8) | 0.23 | (0.23) | — | (0.09) | (0.32) | — | (0.09) | 11.36 | 2.04 | 37,928 | 0.85 | 1.01 | 2.05 | 6 | |
10/1/19 to 9/30/20 | 11.34 | 0.25 | 0.11 | 0.36 | (0.25) | — | — | (0.25) | — | 0.11 | 11.45 | 3.17 | 37,078 | 0.85 | 1.01 | 2.21 | 6 | |
10/1/18 to 9/30/19 | 10.88 | 0.27 | 0.53 | 0.80 | (0.27) | — | (0.07) | (0.34) | — | 0.46 | 11.34 | 7.50 | 38,374 | 0.85 | 0.99 | 2.47 | 4 | |
10/1/17 to 9/30/18 | 11.28 | 0.31 | (0.35) | (0.04) | (0.31) | — | (0.05) | (0.36) | — | (0.40) | 10.88 | (0.35) | 36,238 | 0.85 | 0.99 | 2.78 | 15 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.36 | 0.15 | (1.38) | (1.23) | (0.15) | — | (0.04) | (0.19) | — | (1.42) | $ 9.94 | (10.97) % | $ 2,058 | 1.60 % (6)(7) | 1.77 % | 1.37 % | 1 % | |
10/1/20 to 9/30/21 | 11.45 | 0.15 | — (8) | 0.15 | (0.15) | — | (0.09) | (0.24) | — | (0.09) | 11.36 | 1.28 | 3,561 | 1.60 | 1.75 | 1.31 | 6 | |
10/1/19 to 9/30/20 | 11.34 | 0.17 | 0.10 | 0.27 | (0.16) | — | — | (0.16) | — | 0.11 | 11.45 | 2.40 | 8,145 | 1.60 | 1.74 | 1.47 | 6 | |
10/1/18 to 9/30/19 | 10.89 | 0.19 | 0.52 | 0.71 | (0.19) | — | (0.07) | (0.26) | — | 0.45 | 11.34 | 6.60 | 11,194 | 1.60 | 1.73 | 1.73 | 4 | |
10/1/17 to 9/30/18 | 11.29 | 0.22 | (0.34) | (0.12) | (0.23) | — | (0.05) | (0.28) | — | (0.40) | 10.89 | (1.09) | 15,238 | 1.60 | 1.73 | 2.03 | 15 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.36 | 0.26 | (1.39) | (1.13) | (0.25) | — | (0.04) | (0.29) | — | (1.42) | $ 9.94 | (10.07) % | $ 43,793 | 0.60 % (6)(7) | 0.79 % | 2.37 % | 1 % | |
10/1/20 to 9/30/21 | 11.45 | 0.26 | — (8) | 0.26 | (0.26) | — | (0.09) | (0.35) | — | (0.09) | 11.36 | 2.29 | 62,412 | 0.60 | 0.77 | 2.30 | 6 | |
10/1/19 to 9/30/20 | 11.34 | 0.28 | 0.10 | 0.38 | (0.27) | — | — | (0.27) | — | 0.11 | 11.45 | 3.43 | 67,924 | 0.60 | 0.78 | 2.46 | 6 | |
10/1/18 to 9/30/19 | 10.88 | 0.30 | 0.53 | 0.83 | (0.30) | — | (0.07) | (0.37) | — | 0.46 | 11.34 | 7.76 | 84,588 | 0.60 | 0.78 | 2.72 | 4 | |
10/1/17 to 9/30/18 | 11.28 | 0.33 | (0.34) | (0.01) | (0.34) | — | (0.05) | (0.39) | — | (0.40) | 10.88 | (0.10) | 102,516 | 0.60 | 0.74 | 3.03 | 15 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Net expense ratio includes extraordinary proxy expenses. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Amount is less than $0.005 per share. |
(9) | Inception date. |
(10) | Portfolio turnover is representative of the Fund for the entire period. |
(11) | Payment from affiliate had no impact on total return. |
(12) | The share class is currently under its expense limitation. |
(13) | Ratios of total expenses excluding interest expense on borrowings for year ended September 30, 2022, 2021, 2020 and 2019, were 0.94% (Class A), 1.69% (Class C), 0.69% (Class I) and 0.55% (Class R6). |
September 30, 2022
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ 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). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income securities, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Payment-In-Kind Securities |
Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Interest-Only and Principal-Only Securities |
Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. | |
J. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital |
structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
K. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 2022, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
Newfleet Core Plus Bond Fund | $ 178 | $ 178 | $ — | |||
Newfleet High Yield Fund | 446 | 446 | — | |||
Newfleet Low Duration Core Plus Bond Fund | 17 | 17 | — | |||
Newfleet Multi-Sector Intermediate Bond Fund | 530 | 530 | — | |||
Newfleet Multi-Sector Short Term Bond Fund | 7,221 | 7,221 | — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
Newfleet Core Plus Bond Fund | Money Market Mutual Fund | $ 187 | ||
Newfleet High Yield Fund | Money Market Mutual Fund | 463 |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
Newfleet Low Duration Core Plus Bond Fund | Money Market Mutual Fund | $ 18 | ||
Newfleet Multi-Sector Intermediate Bond Fund | Money Market Mutual Fund | 557 | ||
Newfleet Multi-Sector Short Term Bond Fund | Money Market Mutual Fund | 7,388 |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
First $1 Billion | $1+ Billion | ||
Newfleet Core Plus Bond Fund | 0.45 % | 0.40 % | |
Seix Tax-Exempt Bond Fund | 0.45 | 0.40 |
First $2 Billion | $2+ Billion | ||
Newfleet Low Duration Core Plus Bond Fund | 0.40 % | 0.375 % |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
Newfleet High Yield Fund | 0.55 % | 0.50 % | 0.45 % | ||
Newfleet Multi-Sector Intermediate Bond Fund | 0.55 | 0.50 | 0.45 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion through $10 Billion | Over $10 Billion | ||||
Newfleet Multi-Sector Short Term Bond Fund | 0.55 % | 0.50 % | 0.45 % | 0.425% |
First $2 Billion | $2+ Billion through $4 Billion | $4+ Billion | |||
Newfleet Senior Floating Rate Fund | 0.45 % | 0.40 % | 0.38 % |
B. | Subadvisers |
The subadvisers manage the investments of each Fund, for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Newfleet Core Plus Bond Fund | Newfleet(1) | |
Newfleet High Yield Fund | Newfleet(1) | |
Newfleet Low Duration Core Plus Bond Fund | Newfleet(1) | |
Newfleet Multi-Sector Intermediate Bond Fund | Newfleet(1) | |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet(1) | |
Newfleet Senior Floating Rate Fund | Newfleet | |
Seix Tax-Exempt Bond Fund | Seix(2) |
(1) | Newfleet Asset Management (“Newfleet”), a division of Virtus Fixed Income Advisers LLC (“VFIA”), an indirect wholly owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”). |
(2) | Seix Investment Advisors, LLC (“Seix”), a division of VFIA, an indirect wholly owned subsidiary of Virtus. |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class C1 | Class I | Class R6 | |||||
Newfleet Core Plus Bond Fund | 0.80 % | 1.55 % | N/A % | 0.55 % | 0.43 % | |||||
Newfleet High Yield Fund | 1.00 | 1.75 | N/A | 0.75 | 0.59 | |||||
Newfleet Low Duration Core Plus Bond Fund | 0.75 | 1.50 | N/A | 0.50 | 0.43 | |||||
Newfleet Multi-Sector Intermediate Bond Fund | 0.99 | 1.74 | N/A | 0.74 | 0.60 | |||||
Newfleet Multi-Sector Short Term Bond Fund(1) | 0.90 | 1.16 | 1.66 | 0.65 | 0.52 | |||||
Newfleet Senior Floating Rate Fund | 0.94 | 1.69 | N/A | 0.69 | 0.55 | |||||
Seix Tax-Exempt Bond Fund(2) | 0.83 | 1.58 | N/A | 0.58 | N/A |
(1) | Effective December 1, 2021. For the period February 1, 2021 through November 30, 2021, the expense caps were as follows for Class A shares, Class C shares, Class C1 shares, Class I shares and Class R6 shares, respectively: 1.10%, 1.35%, 1.85%, 0.85% and 0.55%. |
(2) | Effective December 1, 2021. For the period February 1, 2021 through November 30, 2021, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 0.85%, 1.60% and 0.60%. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending September 30: |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 94 | $ 90 | $ 72 | $ 256 | ||||
Class C | 11 | 9 | 6 | 26 | ||||
Class I | 147 | 165 | 192 | 504 | ||||
Class R6 | 3 | 3 | 4 | 10 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 169 | 118 | 108 | 395 | ||||
Class C | 8 | 5 | 4 | 17 | ||||
Class I | 36 | 26 | 24 | 86 | ||||
Class R6 | 3 | 6 | 7 | 16 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 133 | 129 | 119 | 381 | ||||
Class C | 35 | 30 | 28 | 93 | ||||
Class I | 646 | 770 | 805 | 2,221 | ||||
Class R6 | 1 | 1 | 47 | 49 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 76 | 69 | 68 | 213 | ||||
Class C | 33 | 20 | 16 | 69 | ||||
Class I | 203 | 206 | 188 | 597 | ||||
Class R6 | 8 | 9 | 9 | 26 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | — | — | 410 | 410 | ||||
Class C | — | — | 130 | 130 | ||||
Class C1 | — | — | 22 | 22 | ||||
Class I | — | — | 2,267 | 2,267 | ||||
Class R6 | 11 | 32 | 43 | 86 |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | $ 18 | $ 29 | $ 34 | $ 81 | ||||
Class C | 21 | 13 | 5 | 39 | ||||
Class I | 68 | 55 | 68 | 191 | ||||
Class R6 | 3 | 3 | 2 | 8 | ||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | 57 | 61 | 60 | 178 | ||||
Class C | 14 | 8 | 5 | 27 | ||||
Class I | 138 | 111 | 102 | 351 |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal year (the “period”) ended September 30, 2022, it retained net commissions of $22 for Class A shares and CDSC of $50, $6 and $15 for Class A shares, Class C shares and Class C1 shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares (0.50% for Newfleet Multi-Sector Short Term Bond Fund), and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended September 30, 2022, the Funds incurred administration fees totaling $6,910 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended September 30, 2022, the Funds incurred transfer agent fees totaling $3,084 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
Cross trades for the period ended September 30, 2022, were executed by certain Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds, or between a fund and another entity, that are or could be considered affiliates by virtue of having a common investment adviser (or affiliated investment advisers), common directors/ trustees and/or common officers. At its regularly scheduled meetings, the Funds’ CCO provides to the Board written representation that certain transactions effected pursuant to 17a-7 complied with procedures adopted by the Board. Pursuant to these procedures, for the period ended September 30, 2022, the Newfleet Core Plus Bond Fund engaged in Rule 17a-7 securities purchases of $6. | |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at September 30, 2022. |
Purchases | Sales | ||
Newfleet Core Plus Bond Fund | $ 60,668 | $ 55,102 | |
Newfleet High Yield Fund | 23,424 | 29,040 |
Purchases | Sales | ||
Newfleet Low Duration Core Plus Bond Fund | $ 210,392 | $ 369,908 | |
Newfleet Multi-Sector Intermediate Bond Fund | 98,791 | 172,493 | |
Newfleet Multi-Sector Short Term Bond Fund | 2,020,309 | 3,076,319 | |
Newfleet Senior Floating Rate Fund | 63,785 | 98,460 | |
Seix Tax-Exempt Bond Fund | 1,219 | 17,654 |
Purchases | Sales | ||
Newfleet Core Plus Bond Fund | $ 10,015 | $ 2,807 | |
Newfleet Low Duration Core Plus Bond Fund | 41,237 | 51,174 | |
Newfleet Multi-Sector Intermediate Bond Fund | 43,473 | 18,351 | |
Newfleet Multi-Sector Short Term Bond Fund | 427,230 | 170,859 | |
Newfleet Senior Floating Rate Fund | 995 | — |
Note 5. Capital Share Transactions (reported in thousands) Transactions in shares of capital stock, during the periods ended as indicated below, were as follows: | ||||||||||||||||||||||||||
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | |||||||||||||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | |||||||||||||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | |||||||||||||||||||
Class A | ||||||||||||||||||||||||||
Shares sold and cross class conversions | 213 | $ 2,304 | 433 | $ 5,138 | 275 | $ 1,107 | 643 | $ 2,719 | ||||||||||||||||||
Reinvestment of distributions | 99 | 1,100 | 57 | 679 | 476 | 1,869 | 468 | 1,982 | ||||||||||||||||||
Shares repurchased and cross class conversions | (490) | (5,411) | (731) | (8,665) | (1,479) | (5,908) | (1,415) | (6,007) | ||||||||||||||||||
Net Increase / (Decrease) | (178) | $ (2,007) | (241) | $ (2,848) | (728) | $ (2,932) | (304) | $ (1,306) | ||||||||||||||||||
Class C | ||||||||||||||||||||||||||
Shares sold and cross class conversions | 25 | $ 276 | 83 | $ 958 | 32 | $ 133 | 66 | $ 275 | ||||||||||||||||||
Reinvestment of distributions | 6 | 70 | 4 | 47 | 14 | 53 | 19 | 77 | ||||||||||||||||||
Shares repurchased and cross class conversions | (125) | (1,330) | (264) | (3,056) | (101) | (398) | (385) | (1,601) | ||||||||||||||||||
Net Increase / (Decrease) | (94) | $ (984) | (177) | $ (2,051) | (55) | $ (212) | (300) | $ (1,249) | ||||||||||||||||||
Class I | ||||||||||||||||||||||||||
Shares sold and cross class conversions | 4,971 | $ 56,063 | 2,228 | $ 26,885 | 422 | $ 1,660 | 1,016 | $ 4,312 | ||||||||||||||||||
Reinvestment of distributions | 282 | 3,155 | 137 | 1,646 | 97 | 382 | 101 | 429 | ||||||||||||||||||
Shares repurchased and cross class conversions | (4,782) | (51,106) | (1,732) | (20,839) | (699) | (2,799) | (1,509) | (6,393) | ||||||||||||||||||
Net Increase / (Decrease) | 471 | $ 8,112 | 633 | $ 7,692 | (180) | $ (757) | (392) | $ (1,652) | ||||||||||||||||||
Class R6 | ||||||||||||||||||||||||||
Shares sold and cross class conversions | 59 | $ 678 | 40 | $ 487 | 192 | $ 797 | 308 | $ 1,310 | ||||||||||||||||||
Reinvestment of distributions | 5 | 52 | 2 | 25 | 27 | 107 | 19 | 82 | ||||||||||||||||||
Shares repurchased and cross class conversions | (31) | (346) | (34) | (416) | (172) | (680) | (164) | (695) | ||||||||||||||||||
Net Increase / (Decrease) | 33 | $ 384 | 8 | $ 96 | 47 | $ 224 | 163 | $ 697 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 2,275 | $ 24,030 | 3,365 | $ 36,987 | 1,108 | $ 10,490 | 1,750 | $ 18,067 | |||||||
Reinvestment of distributions | 98 | 1,024 | 95 | 1,048 | 248 | 2,377 | 227 | 2,349 | |||||||
Shares repurchased and cross class conversions | (3,957) | (41,594) | (2,222) | (24,429) | (1,954) | (19,086) | (1,779) | (18,425) | |||||||
Net Increase / (Decrease) | (1,584) | $ (16,540) | 1,238 | $ 13,606 | (598) | $ (6,219) | 198 | $ 1,991 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 440 | $ 4,714 | 721 | $ 7,915 | 151 | $ 1,478 | 273 | $ 2,855 | |||||||
Reinvestment of distributions | 9 | 99 | 11 | 117 | 48 | 470 | 56 | 587 | |||||||
Shares repurchased and cross class conversions | (870) | (9,168) | (978) | (10,748) | (750) | (7,279) | (1,454) | (15,169) | |||||||
Net Increase / (Decrease) | (421) | $ (4,355) | (246) | $ (2,716) | (551) | $ (5,331) | (1,125) | $ (11,727) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 17,323 | $ 184,267 | 34,575 | $ 380,072 | 7,134 | $ 67,976 | 6,787 | $ 70,111 | |||||||
Reinvestment of distributions | 821 | 8,632 | 714 | 7,839 | 648 | 6,191 | 573 | 5,912 | |||||||
Shares repurchased and cross class conversions | (33,854) | (356,455) | (14,066) | (154,516) | (10,063) | (96,913) | (16,613) | (171,362) | |||||||
Net Increase / (Decrease) | (15,710) | $ (163,556) | 21,223 | $ 233,395 | (2,281) | $ (22,746) | (9,253) | $ (95,339) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 2,038 | $ 21,359 | 2,468 | $ 27,070 | 70 | $ 674 | 143 | $ 1,491 | |||||||
Reinvestment of distributions | 45 | 469 | 1 | 10 | 19 | 181 | 16 | 169 | |||||||
Shares repurchased and cross class conversions | (669) | (7,043) | (21) | (233) | (109) | (1,077) | (150) | (1,556) | |||||||
Net Increase / (Decrease) | 1,414 | $ 14,785 | 2,448 | $ 26,847 | (20) | $ (222) | 9 | $ 104 |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 28,778 | $ 132,136 | 64,678 | $ 308,633 | 2,640 | $ 23,430 | 2,450 | $ 21,880 | |||||||
Reinvestment of distributions | 3,692 | 16,722 | 3,506 | 16,718 | 228 | 1,991 | 201 | 1,792 | |||||||
Shares repurchased and cross class conversions | (54,254) | (247,393) | (48,581) | (231,788) | (4,176) | (36,899) | (1,360) | (12,108) | |||||||
Net Increase / (Decrease) | (21,784) | $ (98,535) | 19,603 | $ 93,563 | (1,308) | $ (11,478) | 1,291 | $ 11,564 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 3 | $ 8 | 27 | $ 129 | 428 | $ 3,759 | 87 | $ 779 | |||||||
Reinvestment of distributions | 909 | 4,180 | 1,313 | 6,350 | 26 | 227 | 48 | 427 | |||||||
Shares repurchased and cross class conversions | (14,912) | (68,836) | (36,232) | (175,335) | (664) | (5,851) | (2,249) | (20,067) | |||||||
Net Increase / (Decrease) | (14,000) | $ (64,648) | (34,892) | $ (168,856) | (210) | $ (1,865) | (2,114) | $ (18,861) |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C1 | |||||||||||||||
Shares sold and cross class conversions | 1,445 | $ 6,764 | 4,162 | $ 20,098 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 148 | 677 | 215 | 1,038 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (5,857) | (26,923) | (13,810) | (66,616) | — | — | — | — | |||||||
Net Increase / (Decrease) | (4,264) | $ (19,482) | (9,433) | $ (45,480) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 252,671 | $ 1,160,210 | 357,498 | $ 1,709,159 | 9,393 | $ 82,580 | 7,595 | $ 67,477 | |||||||
Reinvestment of distributions | 22,911 | 103,966 | 20,996 | 100,297 | 421 | 3,661 | 249 | 2,216 | |||||||
Shares repurchased and cross class conversions | (383,808) | (1,746,660) | (242,228) | (1,157,709) | (10,834) | (95,073) | (5,504) | (48,814) | |||||||
Net Increase / (Decrease) | (108,226) | $ (482,484) | 136,266 | $ 651,747 | (1,020) | $ (8,832) | 2,340 | $ 20,879 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,649 | $ 7,583 | 5,181 | $ 24,747 | 1 | $ 13 | 7 | $ 61 | |||||||
Reinvestment of distributions | 131 | 593 | 111 | 533 | 6 | 53 | 8 | 74 | |||||||
Shares repurchased and cross class conversions | (2,102) | (9,585) | (1,384) | (6,631) | (27) | (245) | (156) | (1,386) | |||||||
Net Increase / (Decrease) | (322) | $ (1,409) | 3,908 | $ 18,649 | (20) | $ (179) | (141) | $ (1,251) |
Seix Tax-Exempt Bond Fund | |||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 123 | $ 1,342 | 479 | $ 5,477 | |||
Reinvestment of distributions | 69 | 741 | 79 | 912 | |||
Shares repurchased and cross class conversions | (552) | (5,921) | (459) | (5,263) | |||
Net Increase / (Decrease) | (360) | $ (3,838) | 99 | $ 1,126 | |||
Class C | |||||||
Shares sold and cross class conversions | 12 | $ 131 | 27 | $ 316 | |||
Reinvestment of distributions | 5 | 51 | 12 | 134 | |||
Shares repurchased and cross class conversions | (123) | (1,309) | (437) | (5,000) | |||
Net Increase / (Decrease) | (106) | $ (1,127) | (398) | $ (4,550) | |||
Class I | |||||||
Shares sold and cross class conversions | 741 | $ 7,806 | 782 | $ 8,979 | |||
Reinvestment of distributions | 122 | 1,320 | 157 | 1,799 | |||
Shares repurchased and cross class conversions | (1,949) | (20,706) | (1,380) | (15,831) | |||
Net Increase / (Decrease) | (1,086) | $ (11,580) | (441) | $ (5,053) |
% of Shares Outstanding | Number of Accounts* | ||
Newfleet Core Plus Bond Fund | 56 % | 2 | |
Newfleet Low Duration Core Plus Bond Fund | 54 | 4 | |
Newfleet Multi-Sector Intermediate Bond Fund | 42 | 3 | |
Newfleet Multi-Sector Short Term Bond Fund | 35 | 2 | |
Newfleet Senior Floating Rate Fund | 28 | 2 | |
Seix Tax-Exempt Bond Fund | 11 | 1 |
* | None of the accounts are affiliated. |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Newfleet Low Duration Core Plus Bond Fund | $12 | $11,105 | 1.76% | 22 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 2 | 2,392 | 1.33 | 26 | ||||
Newfleet Multi-Sector Short Term Bond Fund | 1 | 2,040 | 1.43 | 15 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Newfleet Core Plus Bond Fund | $ 118,896 | $ 25 | $ (14,825) | $ (14,800) | ||||
Newfleet High Yield Fund | 52,077 | 80 | (7,199) | (7,119) | ||||
Newfleet Low Duration Core Plus Bond Fund | 591,389 | 9 | (43,465) | (43,456) | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 272,352 | 242 | (34,524) | (34,282) | ||||
Newfleet Multi-Sector Short Term Bond Fund | 5,709,976 | 501 | (462,043) | (461,542) | ||||
Newfleet Senior Floating Rate Fund | 191,343 | 1,368 | (12,254) | (10,886) | ||||
Seix Tax-Exempt Bond Fund | 77,720 | 979 | (4,247) | (3,268) |
Fund | Short-Term | Long-Term | ||
Newfleet High Yield Fund | $ — | $ 3,861 | ||
Newfleet Low Duration Core Plus Bond Fund | 1,619 | — | ||
Newfleet Multi-Sector Intermediate Bond Fund | — | 11,053 | ||
Newfleet Multi-Sector Short Term Bond Fund | 55,169 | 96,432 | ||
Newfleet Senior Floating Rate Fund | 6,635 | 61,195 | ||
Seix Tax-Exempt Bond Fund | — | 2 |
Undistributed Ordinary Income | Undistributed Tax-Exempt Income | Post-October Capital Loss Deferred | Capital Loss Deferred | ||||
Newfleet Core Plus Bond Fund | $ — | $ — | $ 2,267 | $ — | |||
Newfleet High Yield Fund | 349 | — | 1,372 | 3,861 | |||
Newfleet Low Duration Core Plus Bond Fund | 342 | — | 8,091 | 1,619 | |||
Newfleet Multi-Sector Intermediate Bond Fund | — | — | 7,565 | 11,053 | |||
Newfleet Multi-Sector Short Term Bond Fund | — | — | 81,422 | 151,601 | |||
Newfleet Senior Floating Rate Fund | 31 | — | 2,466 | 67,830 | |||
Seix Tax-Exempt Bond Fund | — | 221 | 184 | 2 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Newfleet Core Plus Bond Fund | |||||||||
9/30/22 | $ 3,597 | $ 890 | $ — | $ — | $ 4,487 | ||||
9/30/21 | 2,488 | — | — | — | 2,488 | ||||
Newfleet High Yield Fund | |||||||||
9/30/22 | 2,677 | — | — | — | 2,677 | ||||
9/30/21 | 2,851 | — | — | — | 2,851 | ||||
Newfleet Low Duration Core Plus Bond Fund | |||||||||
9/30/22 | 11,376 | — | — | — | 11,376 | ||||
9/30/21 | 10,160 | — | — | — | 10,160 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | |||||||||
9/30/22 | 11,080 | — | — | 596 | 11,676 | ||||
9/30/21 | 13,197 | — | — | — | 13,197 | ||||
Newfleet Multi-Sector Short Term Bond Fund | |||||||||
9/30/22 | 134,394 | — | — | 7,503 | 141,897 | ||||
9/30/21 | 142,981 | — | — | — | 142,981 | ||||
Newfleet Senior Floating Rate Fund | |||||||||
9/30/22 | 7,620 | — | — | — | 7,620 | ||||
9/30/21 | 6,877 | — | — | — | 6,877 | ||||
Seix Tax-Exempt Bond Fund | |||||||||
9/30/22 | 1 | 345 | 2,020 | — | 2,366 | ||||
9/30/21 | 1 | 890 | 2,318 | — | 3,209 |
Philadelphia, Pennsylvania
November 23, 2022
Federal Tax Exempt Interest Dividends % | Long-Term Capital Gain Distributions ($) | ||
Newfleet Core Plus Bond Fund | — % | $ 146 | |
Seix Tax-Exempt Bond Fund | 100.00 | — |
VIRTUS OPPORTUNITIES TRUST
JUNE 28, 2022 (Unaudited)
Nominee | Votes For | Votes Withheld | ||
Sarah E. Cogan | 10,407,376,283.52 | 97,265,841.77 | ||
Deborah A. DeCotis | 10,401,696,303.12 | 102,945,822.17 | ||
F. Ford Drummond | 10,400,483,984.831 | 104,158,140.46 | ||
Sidney E. Harris | 10,397,336,549.80 | 107,305,575.49 | ||
Connie D. McDaniel | 10,406,924,517.65 | 97,717,607.64 | ||
R. Keith Walton | 10,402,656,885.02 | 101,985,240.27 | ||
Brian T. Zino | 10,170,984,436.07 | 333,657,689.22 |
Fund | Votes For | Votes Against | Abstain | |||
Virtus Newfleet Core Plus Bond Fund | $63,559,209.59 or 52.328% of Fund | $442,957.42 or 0.364% of Fund | $612,915.51 or 0.504% of Fund | |||
Virtus Newfleet Multi-Sector Intermediate Bond Fund | $108,671,782.26 or 67.226% of Voted | $1,377,544.79 or 0.852% of Voted | $1,028,904.45 or 0.636% of Voted |
VIRTUS OPPORTUNITIES TRUST
AUGUST 9, 2022 (Unaudited)
Votes For | Votes Withheld | Abstain | ||
$312,571,755.73 or 50.457% of Fund | $5,724,402.33 or 0.924% of Fund | $7,186,235.60 or 1.160% of Fund |
Votes For | Votes Withheld | Abstain | ||
$308,648,329.83 or 67.901% of Voted | $8,018,849.32 or 1.764% of Voted | $8,815,214.51 or 1.939% of Voted |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2016 103 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (61 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 107 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (61 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 107 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (61 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund; Director, Cadre Holdings Inc. (since 2022); Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 107 Portfolios | Owner/Operator (since 1998), Drummond Ranch; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (61 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund, Virtus Stone Harbor Emerging Markets Total Income Fund, The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 100 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (61 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2016 100 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (61 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 100 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2019), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (61 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
McLoughlin, Philip YOB: 1946 Served Since: 1999 110 Portfolios | Private investor since 2010. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (61 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McNamara, Geraldine M. YOB: 1951 Served Since: 2001 103 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (61 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 107 Portfolios | Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (61 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino, Brian T. YOB: 1952 Served Since: 2020 107 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (61 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 112 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (61 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2019 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Carr, Kevin J. YOB: 1954 | Senior Vice President (since 2013); Vice President (2005 to 2013); Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (since 2017), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009) and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2005) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Virtus Newfleet High Yield Fund,
Virtus Newfleet Low Duration Core Plus Bond Fund,
Virtus Newfleet Multi-Sector Intermediate Bond Fund,
Virtus Newfleet Multi-Sector Short Term Bond Fund,
and Virtus Newfleet Senior Floating Rate Fund (each, a “Fund”)
each a series of Virtus Opportunities Trust (Unaudited)
a series of Virtus Opportunities Trust
(Unaudited)
a series of Virtus Opportunities Trust
(Unaudited)
Statutory Prospectus, each dated January 28, 2022, as supplemented
Virtus Newfleet Tax-Exempt Bond Fund | Lisa H. Leonard (since June 2012) Ronald H. Schwartz, CFA (since June 2022) Dusty Self (since June 2022) |
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8639 | 11-22 |
Virtus Duff & Phelps Global Infrastructure Fund |
Virtus Duff & Phelps Global Real Estate Securities Fund |
Virtus Duff & Phelps International Real Estate Securities Fund |
Virtus Duff & Phelps Real Asset Fund |
Virtus Duff & Phelps Real Estate Securities Fund |
Virtus FORT Trend Fund |
Virtus KAR Developing Markets Fund |
Virtus KAR Emerging Markets Small-Cap Fund |
Virtus KAR International Small-Mid Cap Fund |
Virtus Vontobel Emerging Markets Opportunities Fund |
Virtus Vontobel Foreign Opportunities Fund |
Virtus Vontobel Global Opportunities Fund |
Virtus Vontobel Greater European Opportunities Fund |
1 | ||
2 | ||
6 | ||
Fund | Fund Summary | Schedule of Investments |
10 | 60 | |
14 | 62 | |
18 | 64 | |
22 | 66 | |
26 | 67 | |
30 | 68 | |
34 | 71 | |
38 | 73 | |
41 | 75 | |
Virtus Vontobel Emerging Markets Opportunities Fund (“Vontobel Emerging Markets Opportunities Fund”) | 44 | 77 |
48 | 79 | |
52 | 81 | |
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”) | 56 | 83 |
85 | ||
93 | ||
96 | ||
103 | ||
112 | ||
133 | ||
135 | ||
136 | ||
137 | ||
138 |
President, Virtus Opportunities Trust
November 2022
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 826.70 | 1.28 % | $ 5.86 | ||||
Class C | 1,000.00 | 823.90 | 2.07 | 9.46 | ||||
Class I | 1,000.00 | 827.70 | 1.06 | 4.86 | ||||
Class R6 | 1,000.00 | 828.20 | 0.88 | 4.03 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 716.70 | 1.43 | 6.15 | ||||
Class C | 1,000.00 | 713.90 | 2.18 | 9.37 | ||||
Class I | 1,000.00 | 717.50 | 1.18 | 5.08 | ||||
Class R6 | 1,000.00 | 718.60 | 0.92 | 3.96 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 690.80 | 1.53 | 6.49 | ||||
Class C | 1,000.00 | 688.00 | 2.28 | 9.65 | ||||
Class I | 1,000.00 | 692.10 | 1.28 | 5.43 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | 1,000.00 | 840.90 | 0.84 | 3.88 | ||||
Class C | 1,000.00 | 838.30 | 1.55 | 7.14 | ||||
Class I | 1,000.00 | 842.70 | 0.61 | 2.82 | ||||
Class R6 | 1,000.00 | 843.50 | 0.23 | 1.06 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 747.60 | 1.36 | 5.96 | ||||
Class C | 1,000.00 | 745.10 | 2.08 | 9.10 | ||||
Class I | 1,000.00 | 748.80 | 1.14 | 5.00 | ||||
Class R6 | 1,000.00 | 749.80 | 0.82 | 3.60 | ||||
FORT Trend Fund | ||||||||
Class A | 1,000.00 | 948.50 | 1.63 | 7.96 | ||||
Class C | 1,000.00 | 944.70 | 2.38 | 11.60 | ||||
Class I | 1,000.00 | 950.10 | 1.38 | 6.75 | ||||
Class R6 | 1,000.00 | 950.60 | 1.29 | 6.31 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 1,000.00 | 805.50 | 1.58 | 7.15 | ||||
Class C | 1,000.00 | 802.20 | 2.33 | 10.53 | ||||
Class I | 1,000.00 | 806.90 | 1.33 | 6.02 | ||||
Class R6 | 1,000.00 | 806.00 | 1.25 | 5.66 |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | $1,000.00 | $816.90 | 1.81% | $ 8.24 | ||||
Class C | 1,000.00 | 813.60 | 2.59 | 11.78 | ||||
Class I | 1,000.00 | 818.40 | 1.53 | 6.97 | ||||
Class R6 | 1,000.00 | 818.80 | 1.43 | 6.52 | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | 1,000.00 | 694.60 | 1.45 | 6.16 | ||||
Class C | 1,000.00 | 691.90 | 2.26 | 9.59 | ||||
Class I | 1,000.00 | 695.00 | 1.26 | 5.35 | ||||
Class R6 | 1,000.00 | 695.40 | 1.14 | 4.85 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | 1,000.00 | 812.20 | 1.60 | 7.27 | ||||
Class C | 1,000.00 | 808.70 | 2.32 | 10.52 | ||||
Class I | 1,000.00 | 813.20 | 1.26 | 5.73 | ||||
Class R6 | 1,000.00 | 814.20 | 1.01 | 4.59 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 1,000.00 | 790.80 | 1.42 | 6.37 | ||||
Class C | 1,000.00 | 788.40 | 2.08 | 9.33 | ||||
Class I | 1,000.00 | 792.10 | 1.10 | 4.94 | ||||
Class R6 | 1,000.00 | 792.50 | 0.98 | 4.40 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 1,000.00 | 783.00 | 1.39 | 6.21 | ||||
Class C | 1,000.00 | 779.90 | 2.14 | 9.55 | ||||
Class I | 1,000.00 | 783.80 | 1.12 | 5.01 | ||||
Class R6 | 1,000.00 | 784.00 | 0.93 | 4.16 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 1,000.00 | 773.10 | 1.43 | 6.36 | ||||
Class C | 1,000.00 | 770.10 | 2.18 | 9.67 | ||||
Class I | 1,000.00 | 773.70 | 1.18 | 5.25 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.65 | 1.28 % | $ 6.48 | ||||
Class C | 1,000.00 | 1,014.69 | 2.07 | 10.45 | ||||
Class I | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||
Class R6 | 1,000.00 | 1,020.66 | 0.88 | 4.46 |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | $1,000.00 | $1,017.90 | 1.43% | $ 7.23 | ||||
Class C | 1,000.00 | 1,014.14 | 2.18 | 11.01 | ||||
Class I | 1,000.00 | 1,019.15 | 1.18 | 5.97 | ||||
Class R6 | 1,000.00 | 1,020.46 | 0.92 | 4.66 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,017.40 | 1.53 | 7.74 | ||||
Class C | 1,000.00 | 1,013.64 | 2.28 | 11.51 | ||||
Class I | 1,000.00 | 1,018.65 | 1.28 | 6.48 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | 1,000.00 | 1,020.86 | 0.84 | 4.26 | ||||
Class C | 1,000.00 | 1,017.30 | 1.55 | 7.84 | ||||
Class I | 1,000.00 | 1,022.01 | 0.61 | 3.09 | ||||
Class R6 | 1,000.00 | 1,023.92 | 0.23 | 1.17 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,018.25 | 1.36 | 6.88 | ||||
Class C | 1,000.00 | 1,014.64 | 2.08 | 10.50 | ||||
Class I | 1,000.00 | 1,019.35 | 1.14 | 5.77 | ||||
Class R6 | 1,000.00 | 1,020.96 | 0.82 | 4.15 | ||||
FORT Trend Fund | ||||||||
Class A | 1,000.00 | 1,016.90 | 1.63 | 8.24 | ||||
Class C | 1,000.00 | 1,013.14 | 2.38 | 12.01 | ||||
Class I | 1,000.00 | 1,018.15 | 1.38 | 6.98 | ||||
Class R6 | 1,000.00 | 1,018.60 | 1.29 | 6.53 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 1,000.00 | 1,017.15 | 1.58 | 7.99 | ||||
Class C | 1,000.00 | 1,013.39 | 2.33 | 11.76 | ||||
Class I | 1,000.00 | 1,018.40 | 1.33 | 6.73 | ||||
Class R6 | 1,000.00 | 1,018.80 | 1.25 | 6.33 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,015.99 | 1.81 | 9.15 | ||||
Class C | 1,000.00 | 1,012.08 | 2.59 | 13.06 | ||||
Class I | 1,000.00 | 1,017.40 | 1.53 | 7.74 | ||||
Class R6 | 1,000.00 | 1,017.90 | 1.43 | 7.23 | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | 1,000.00 | 1,017.80 | 1.45 | 7.33 | ||||
Class C | 1,000.00 | 1,013.74 | 2.26 | 11.41 | ||||
Class I | 1,000.00 | 1,018.75 | 1.26 | 6.38 | ||||
Class R6 | 1,000.00 | 1,019.35 | 1.14 | 5.77 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,017.05 | 1.60 | 8.09 | ||||
Class C | 1,000.00 | 1,013.44 | 2.32 | 11.71 | ||||
Class I | 1,000.00 | 1,018.75 | 1.26 | 6.38 | ||||
Class R6 | 1,000.00 | 1,020.00 | 1.01 | 5.11 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,017.95 | 1.42 | 7.18 | ||||
Class C | 1,000.00 | 1,014.64 | 2.08 | 10.50 | ||||
Class I | 1,000.00 | 1,019.55 | 1.10 | 5.57 | ||||
Class R6 | 1,000.00 | 1,020.16 | 0.98 | 4.96 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,018.10 | 1.39 | 7.03 | ||||
Class C | 1,000.00 | 1,014.34 | 2.14 | 10.81 | ||||
Class I | 1,000.00 | 1,019.45 | 1.12 | 5.67 | ||||
Class R6 | 1,000.00 | 1,020.41 | 0.93 | 4.71 |
Beginning Account Value April 1, 2022 | Ending Account Value September 30, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | $1,000.00 | $1,017.90 | 1.43% | $ 7.23 | ||||
Class C | 1,000.00 | 1,014.14 | 2.18 | 11.01 | ||||
Class I | 1,000.00 | 1,019.15 | 1.18 | 5.97 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
September 30, 2022
Ticker Symbols: | |
Class A: PGUAX | |
Class C: PGUCX | |
Class I: PGIUX | |
Class R6: VGIRX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has investment objectives of both capital appreciation and current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -7.12%†, Class C shares at NAV returned -7.78%, Class I shares at NAV returned -6.90%†, and Class R6 shares at NAV returned -6.74%. For the same period, the FTSE Developed Core Infrastructure 50/50 Index (net), a broad-based equity index, returned -7.11%, and the Global Infrastructure Linked Benchmark, the Fund’s style-specific benchmark appropriate for comparison, returned -7.11%. |
Utilities | 49% |
Industrials | 25 |
Energy | 14 |
Real Estate | 10 |
Communication Services | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -7.12 % 3 | 3.25 % | 5.76 % | — % | — | |
Class A shares at POP4,5 | -12.23 | 2.09 | 5.16 | — | — | |
Class C shares at NAV2 and with CDSC5 | -7.78 | 2.48 | 4.97 | — | — | |
Class I shares at NAV2 | -6.90 3 | 3.51 | 6.01 | — | — | |
Class R6 shares at NAV2 | -6.74 | — | — | 3.64 | 1/30/18 | |
FTSE Developed Core Infrastructure 50/50 Index (net) | -7.11 | 3.04 | 6.67 | 3.02 6 | — | |
Global Infrastructure Linked Benchmark | -7.11 | 3.04 | 5.50 | 3.02 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.28%, Net 1.28%; Class C shares: Gross 2.02%, Net 2.02%; Class I shares: Gross 1.01%, Net 1.01%; Class R6 shares: Gross 0.91%, Net 0.85%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VGSAX | |
Class C: VGSCX | |
Class I: VGISX | |
Class R6: VRGEX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has a primary investment objective of long-term capital appreciation, with a secondary investment objective of income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -23.66%, Class C shares at NAV returned -24.25%, Class I shares at NAV returned -23.48%, and Class R6 shares at NAV returned -23.27%. For the same period, the FTSE EPRA NAREIT Developed Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -22.77%. |
Residential REITs | 22% |
Industrial/Office REITs | 19 |
Retail REITs | 11 |
Self Storage REITs | 9 |
Equity Real Estate Investment REITs | 7 |
Real Estate Management & Development REITs | 6 |
Health Care REITs | 5 |
Other (includes short-term investment) | 21 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -23.66 % | 2.73 % | 5.32 % | — % | — | |
Class A shares at POP3,4 | -27.85 | 1.57 | 4.72 | — | — | |
Class C shares at NAV2 and with CDSC4 | -24.25 | 1.95 | 4.53 | — | — | |
Class I shares at NAV2 | -23.48 | 2.99 | 5.58 | — | — | |
Class R6 shares at NAV2 | -23.27 | 3.22 | — | 4.61 | 11/3/16 | |
FTSE EPRA NAREIT Developed Index (net) | -22.77 | -0.85 | 2.87 | 0.76 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 2.64%, Net 1.40%; Class C shares: Gross 2.16%, Net 2.15%; Class I shares: Gross 1.14%, Net 1.15%; Class R6 shares: Gross 1.04%, Net 0.89%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PXRAX | |
Class C: PXRCX | |
Class I: PXRIX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has a primary investment objective of long-term capital appreciation, with a secondary investment objective of income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -32.02%, Class C shares at NAV returned -32.58%, and Class I shares at NAV returned -31.81%. For the same period, the FTSE EPRA NAREIT Developed ex-U.S. Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -30.03%. |
Real Estate Operating Companies | 23% |
Industrial/Office REITs | 15 |
Retail REITs | 12 |
Office REITs | 9 |
Residential REITs | 9 |
Real Estate Management & Development REITs | 7 |
Diversified REITs | 5 |
Other (includes short-term investment) | 20 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | -32.02 % | -1.88% | 2.14% | |
Class A shares at POP3,4 | -35.75 | -2.98 | 1.56 | |
Class C shares at NAV2 and with CDSC4 | -32.58 | -2.60 | 1.38 | |
Class I shares at NAV2 | -31.81 | -1.62 | 2.41 | |
FTSE EPRA NAREIT Developed ex-U.S. Index (net) | -30.03 | -3.68 | 0.75 | |
Fund Expense Ratios5: Class A shares: Gross 1.75%, Net 1.50%; Class C shares: Gross 2.57%, Net 2.25%; Class I shares: Gross 1.50%, Net 1.25%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PDPAX | |
Class C: PDPCX | |
Class I: VADIX | |
Class R6: VAABX |
Duff & Phelps Investment Management Co.
■ | The Fund is non-diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -3.64%, Class C shares at NAV returned -4.28%, Class I shares at NAV returned -3.35%, and Class R6 shares at NAV from January 31, 2022 (inception date) through September 30, 2022, returned -9.08%*. For the fiscal year ended September 30, 2022, the MSCI All Country World Index (net) which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -20.66%. |
Affiliated Mutual Funds | 65% | |
Exchange-Traded Funds | 34 | |
Short-Term Investment | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -3.64 % | 3.26 % | 2.33 % | — % | ||
Class A shares at POP3,4 | -8.94 | 2.10 | 1.75 | — | ||
Class C shares at NAV2 and with CDSC2,4 | -4.28 | 2.46 | 1.55 | — | ||
Class I shares at NAV2 | -3.35 | 3.53 | 2.59 | — | ||
Class R6 shares at NAV2 | — | — | — | -9.08 | 1/31/22 | |
MSCI All Country World Index (net) | -20.66 | 4.44 | 7.28 | -21.78 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.60%, Net 1.60%; Class C shares: Gross 2.42%, Net 2.42%; Class I shares: Gross 1.34%, Net 1.34%; Class R6 shares: Gross 1.23%, Net 0.97%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PHRAX | |
Class C: PHRCX | |
Class I: PHRIX | |
Class R6: VRREX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has investment objectives of capital appreciation and income with approximately equal emphasis. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -17.05%, Class C shares at NAV returned -17.64%, Class I shares at NAV returned -16.80%, and Class R6 shares at NAV returned -16.57%. For the same period, the FTSE NAREIT Equity REITs Index, the Fund’s style-specific index appropriate for comparison, returned -16.41%. |
Residential | 29% |
Industrial/Office | 23 |
Self Storage | 13 |
Retail | 13 |
Health Care | 8 |
Data Centers | 7 |
Lodging/Resorts | 4 |
Other (includes short-term investment) | 3 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -17.05 % | 4.33 % | 6.47 % | — % | — | |
Class A shares at POP3,4 | -21.61 | 3.16 | 5.87 | — | — | |
Class C shares at NAV2 and with CDSC4 | -17.64 | 3.58 | 5.69 | — | — | |
Class I shares at NAV2 | -16.80 | 4.63 | 6.76 | — | — | |
Class R6 shares at NAV2 | -16.57 | 4.89 | — | 5.38 | 11/12/14 | |
FTSE NAREIT Equity REITs Index | -16.41 | 2.93 | 6.26 | 4.35 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.36%, Net 1.36%; Class C shares: Gross 2.08%, Net 2.08%; Class I shares: Gross 1.09%, Net 1.09%; Class R6 shares: Gross 0.94%, Net 0.79%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VAPAX | |
Class C: VAPCX | |
Class I: VAPIX | |
Class R6: VRPAX |
FORT Investment Management LP
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -3.52%, Class C shares at NAV returned -4.27%, Class I shares at NAV returned -3.25%, and Class R6 shares at NAV returned -3.16%. For the same period, the ICE BofA 3-month U.S. Treasury Bill Index, which serves as both the broad-based equity index and the style-specific index, returned 0.62%. |
Short-Term Investments | 100% | |
Money Market Mutual Fund | 6% | |
U.S. Government Securities | 94 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -3.52 % | 0.57 % | 3.05 % | — % | — | |
Class A shares at POP3,4 | -8.82 | -0.56 | 2.47 | — | — | |
Class C shares at NAV2 and with CDSC4 | -4.27 | -0.18 | 2.28 | — | — | |
Class I shares at NAV2 | -3.25 | 0.83 | 3.30 | — | — | |
Class R6 shares at NAV2 | -3.16 | 0.93 | — | 0.59 | 11/12/14 | |
ICE BofA 3-month U.S. Treasury Bill Index | 0.62 | 1.15 | 0.68 | 0.90 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.63%, Net 1.60%; Class C shares: Gross 2.40%, Net 2.35%; Class I shares: Gross 1.38%, Net 1.35%; Class R6 shares: Gross 1.28%, Net 1.26%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VDMAX | |
Class C: VDMCX | |
Class I: VIDMX | |
Class R6: VDMRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is non-diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -29.56%, Class C shares at NAV returned -30.11%, Class I shares at NAV returned -29.38%, and Class R6 shares at NAV returned -29.37%. For the same period, the MSCI Emerging Markets Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -28.11%. |
Industrials | 30% |
Consumer Staples | 19 |
Consumer Discretionary | 16 |
Communication Services | 13 |
Financials | 11 |
Information Technology | 5 |
Health Care | 2 |
Other (includes short-term investment) | 4 |
Total | 100% |
1 Year | Since inception | Inception date | ||
Class A shares at NAV2 | -29.56 % | -26.26 % | 6/22/21 | |
Class A shares at POP3,4 | -33.44 | -29.46 | 6/22/21 | |
Class C shares at NAV2 and with CDSC4 | -30.11 | -26.84 | 6/22/21 | |
Class I shares at NAV2 | -29.38 | -26.05 | 6/22/21 | |
Class R6 shares at NAV2 | -29.37 | -26.04 | 6/22/21 | |
MSCI Emerging Markets Index (net) | -28.11 | -26.53 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 4.54%, Net 1.55%; Class C shares: Gross 5.29%, Net 2.30%; Class I shares: Gross 4.29%, Net 1.30%; Class R6 shares: Gross 4.27%, Net 1.22%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VAESX | |
Class C: VCESX | |
Class I: VIESX | |
Class R6: VRESX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -30.74%, Class C shares at NAV returned -31.27%, Class I shares at NAV returned -30.49%, and Class R6 shares at NAV returned -30.43%. For the same period, the MSCI Emerging Markets Small Cap Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -23.23%. |
Industrials | 32% |
Communication Services | 16 |
Information Technology | 15 |
Consumer Staples | 14 |
Consumer Discretionary | 8 |
Financials | 5 |
Materials | 5 |
Other (includes short-term investment) | 5 |
Total | 100% |
1 Year | 5 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -30.74 % | 2.95 % | 3.61 % | 12/17/13 | |
Class A shares at POP3,4 | -34.55 | 1.79 | 2.95 | 12/17/13 | |
Class C shares at NAV2 and with CDSC4 | -31.27 | 2.19 | 2.85 | 12/17/13 | |
Class I shares at NAV2 | -30.49 | 3.23 | 3.88 | 12/17/13 | |
Class R6 shares at NAV2 | -30.43 | — | 1.04 | 8/1/19 | |
MSCI Emerging Markets Small Cap Index (net) | -23.23 | 1.25 | — 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.81%, Net 1.79%; Class C shares: Gross 2.54%, Net 2.53%; Class I shares: Gross 1.51%, Net 1.50%; Class R6 shares: Gross 1.41%, Net 1.40%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 4.53% from the inception date of Class R6 shares and 2.82% from the inception date of Class A shares, Class C shares, and Class I shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VISAX | |
Class C: VCISX | |
Class I: VIISX | |
Class R6: VRISX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -45.16%, Class C shares at NAV returned -45.57%, Class I shares at NAV returned -45.04%, and Class R6 shares at NAV returned -44.97%. For the same period, the MSCI All Country World ex USA SMID Cap Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -28.85%. |
Industrials | 26% |
Communication Services | 26 |
Financials | 13 |
Information Technology | 9 |
Health Care | 7 |
Consumer Staples | 7 |
Consumer Discretionary | 7 |
Other | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -45.16 % | -2.50 % | 5.58 % | — % | — | |
Class A shares at POP3,4 | -48.17 | -3.59 | 4.98 | — | — | |
Class C shares at NAV2 and with CDSC4 | -45.57 | -3.20 | 4.80 | — | — | |
Class I shares at NAV2 | -45.04 | -2.25 | 5.84 | — | — | |
Class R6 shares at NAV2 | -44.97 | -2.14 | — | 3.23 | 11/12/14 | |
MSCI All Country World ex USA SMID Cap Index (net) | -28.85 | -1.25 | 3.74 | 2.22 5 | — | |
Fund Expense Ratios6: Class A shares: 1.43%; Class C shares: 2.15%; Class I shares: 1.14%; Class R6 shares: 1.06%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: HEMZX | |
Class C: PICEX | |
Class I: HIEMX | |
Class R6: VREMX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -26.30%, Class C shares at NAV returned -26.85%, Class I shares at NAV returned -26.00% and Class R6 shares at NAV returned -25.82%. For the same period, the MSCI Emerging Markets Index (net), which serves as both the broad-based and style-specific index appropriate for comparison, returned -28.11%. |
Consumer Staples | 23% |
Financials | 20 |
Consumer Discretionary | 17 |
Information Technology | 14 |
Industrials | 8 |
Communication Services | 7 |
Health Care | 4 |
Other (includes short-term investment) | 7 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -26.30 % | -3.46 % | 0.14 % | — % | — | |
Class A shares at POP3,4 | -30.35 | -4.55 | -0.43 | — | — | |
Class C shares at NAV2 and with CDSC4 | -26.85 | -4.13 | -0.57 | — | — | |
Class I shares at NAV2 | -26.00 | -3.15 | 0.44 | — | — | |
Class R6 shares at NAV2 | -25.82 | -2.94 | — | -0.33 | 11/12/14 | |
MSCI Emerging Markets Index (net) | -28.11 | -1.81 | 1.05 | 0.77 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.54%, Net 1.54%; Class C shares: Gross 2.22%, Net 2.22%; Class I shares: Gross 1.23%, Net 1.23%; Class R6 shares: Gross 1.13%, Net 0.98%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: JVIAX | |
Class C: JVICX | |
Class I: JVXIX | |
Class R6: VFOPX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -27.20%, Class C shares at NAV returned -27.68%, Class I shares at NAV returned -26.97%, and Class R6 shares at NAV returned -26.88%. For the same period, the MSCI All Country World ex USA Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -25.17%. |
Industrials | 25% |
Information Technology | 20 |
Health Care | 14 |
Consumer Staples | 13 |
Consumer Discretionary | 11 |
Financials | 9 |
Materials | 2 |
Short-Term Investment | 6 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -27.20 % | 1.02 % | 3.88 % | — % | — | |
Class A shares at POP3,4 | -31.20 | -0.11 | 3.29 | — | — | |
Class C shares at NAV2 and with CDSC4 | -27.68 | 0.35 | 3.14 | — | — | |
Class I shares at NAV2 | -26.97 | 1.34 | 4.17 | — | — | |
Class R6 shares at NAV2 | -26.88 | 1.45 | — | 3.57 | 11/12/14 | |
MSCI All Country World ex USA Index (net) | -25.17 | -0.81 | 3.01 | 1.45 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.40%, Net 1.39%; Class C shares: Gross 2.12%, Net 2.05%; Class I shares: Gross 1.11%, Net 1.07%; Class R6 shares: Gross 1.03%, Net 0.95%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: NWWOX | |
Class C: WWOCX | |
Class I: WWOIX | |
Class R6: VRGOX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -24.10%, Class C shares at NAV returned -24.71%, Class I shares at NAV returned -23.93%, and Class R6 shares at NAV returned -23.80%. For the same period, the MSCI All Country World Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -20.66%. |
Information Technology | 22% |
Health Care | 18 |
Consumer Discretionary | 15 |
Consumer Staples | 15 |
Financials | 12 |
Industrials | 9 |
Materials | 5 |
Other (includes short-term investment) | 4 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -24.10 % | 4.29 % | 7.55 % | — % | — | |
Class A shares at POP3,4 | -28.28 | 3.11 | 6.95 | — | — | |
Class C shares at NAV2 and with CDSC4 | -24.71 | 3.51 | 6.76 | — | — | |
Class I shares at NAV2 | -23.93 | 4.58 | 7.84 | — | — | |
Class R6 shares at NAV2 | -23.80 | — | — | 2.49 | 1/30/18 | |
MSCI All Country World Index (net) | -20.66 | 4.44 | 7.28 | 2.32 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.38%, Net 1.36%; Class C shares: Gross 2.13%, Net 2.11%; Class I shares: Gross 1.13%, Net 1.09%; Class R6 shares: Gross 1.05%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VGEAX | |
Class C: VGECX | |
Class I: VGEIX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2022, the Fund’s Class A shares at NAV returned -29.21%, Class C shares at NAV returned -29.72%, and Class I shares at NAV returned -29.00%. For the same period, the MSCI Europe Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned -24.80%. |
Industrials | 26% |
Consumer Staples | 20 |
Consumer Discretionary | 14 |
Health Care | 13 |
Information Technology | 10 |
Financials | 5 |
Materials | 3 |
Other (includes short-term investment) | 9 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | -29.21 % | -0.81% | 2.84% | |
Class A shares at POP3,4 | -33.10 | -1.93 | 2.26 | |
Class C shares at NAV2 and with CDSC4 | -29.72 | -1.55 | 2.08 | |
Class I shares at NAV2 | -29.00 | -0.57 | 3.10 | |
MSCI Europe Index (net) | -24.80 | -1.24 | 3.45 | |
Fund Expense Ratios5: Class A shares: Gross 2.34%, Net 1.40%; Class C shares: Gross 3.06%, Net 2.15%; Class I shares: Gross 2.05%, Net 1.15%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Shares | Value | ||
Common Stocks—99.7% | |||
Communication Services—1.7% | |||
Cellnex Telecom S.A. (Spain) | 42,580 | $ 1,313 | |
Energy—13.8% | |||
Cheniere Energy, Inc. (United States) | 21,925 | 3,638 | |
DT Midstream, Inc. (United States) | 16,965 | 880 | |
Enbridge, Inc. (Canada) | 58,232 | 2,161 | |
ONEOK, Inc. (United States) | 17,371 | 890 | |
Pembina Pipeline Corp. (Canada) | 48,219 | 1,465 | |
Targa Resources Corp. (United States) | 10,080 | 608 | |
Williams Cos., Inc. (The) (United States) | 36,438 | 1,043 | |
10,685 | |||
Industrials—25.3% | |||
Aena SME S.A. (Spain)(1) | 20,154 | 2,092 | |
Atlantia SpA (Italy) | 119,267 | 2,632 | |
Atlas Arteria Ltd. (Australia) | 431,935 | 1,720 | |
Auckland International Airport Ltd. (New Zealand)(1) | 393,050 | 1,575 | |
Canadian National Railway Co. (Canada) | 11,867 | 1,281 | |
Canadian Pacific Railway Ltd. (Canada) | 18,855 | 1,258 | |
Ferrovial S.A. (Spain) | 50,565 | 1,148 | |
Flughafen Zurich AG Registered Shares (Switzerland)(1) | 7,858 | 1,161 | |
Norfolk Southern Corp. (United States) | 4,015 | 842 | |
Transurban Group (Australia) | 517,514 | 4,087 | |
Union Pacific Corp. (United States) | 4,645 | 905 | |
Vinci S.A. (France) | 10,834 | 876 | |
19,577 | |||
Real Estate—9.5% | |||
American Tower Corp. (United States) | 20,784 | 4,462 | |
Crown Castle, Inc. (United States) | 20,028 | 2,895 | |
7,357 | |||
Utilities—49.4% | |||
Ameren Corp. (United States) | 13,604 | 1,096 | |
American Electric Power Co., Inc. (United States) | 26,705 | 2,309 |
Shares | Value | ||
Utilities—continued | |||
American Water Works Co., Inc. (United States) | 6,108 | $ 795 | |
APA Group (Australia) | 153,810 | 946 | |
Atmos Energy Corp. (United States) | 14,160 | 1,442 | |
CenterPoint Energy, Inc. (United States) | 82,816 | 2,334 | |
CMS Energy Corp. (United States) | 15,507 | 903 | |
Dominion Energy, Inc. (United States) | 46,869 | 3,239 | |
EDP - Energias de Portugal S.A. (Portugal) | 224,567 | 975 | |
Emera, Inc. (Canada) | 38,550 | 1,560 | |
Enel SpA (Italy) | 216,995 | 890 | |
Entergy Corp. (United States) | 7,910 | 796 | |
Evergy, Inc. (United States) | 20,540 | 1,220 | |
Eversource Energy (United States) | 27,613 | 2,153 | |
Iberdrola S.A. (Spain) | 95,132 | 887 | |
National Grid plc (United Kingdom) | 198,986 | 2,048 | |
NextEra Energy, Inc. (United States) | 60,874 | 4,773 | |
Orsted AS (Denmark) | 10,876 | 867 | |
Public Service Enterprise Group, Inc. (United States) | 37,420 | 2,104 | |
Sempra Energy (United States) | 21,299 | 3,194 | |
Severn Trent plc (United Kingdom) | 25,380 | 663 | |
Southern Co. (The) (United States) | 20,514 | 1,395 | |
Xcel Energy, Inc. (United States) | 25,255 | 1,616 | |
38,205 | |||
Total Common Stocks (Identified Cost $77,735) | 77,137 | ||
Rights—0.0% | |||
Industrials—0.0% | |||
Atlas Arteria Ltd. (Australia)(1) | 146,418 | — | |
Total Rights (Identified Cost $0) | — | ||
Total Long-Term Investments—99.7% (Identified Cost $77,735) | 77,137 | ||
Shares | Value | ||
Short-Term Investment—0.1% | |||
Money Market Mutual Fund—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(2) | 47,776 | $ 48 | |
Total Short-Term Investment (Identified Cost $48) | 48 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $77,783) | $77,185 | ||
Other assets and liabilities, net—0.2% | 181 | ||
NET ASSETS—100.0% | $77,366 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 59% |
Canada | 10 |
Australia | 9 |
Spain | 7 |
Italy | 5 |
United Kingdom | 4 |
New Zealand | 2 |
Other | 4 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $77,137 | $53,257 | $23,880 | ||
Rights | — | — | — | ||
Money Market Mutual Fund | 48 | 48 | — | ||
Total Investments | $77,185 | $53,305 | $23,880 |
Shares | Value | ||
Common Stocks—98.6% | |||
Australia—3.8% | |||
GPT Group (The) - In Specie(1)(2) | 13,566 | $ — | |
National Storage REIT | 3,664,362 | 5,277 | |
NEXTDC Ltd.(2) | 443,476 | 2,481 | |
Scentre Group | 3,965,300 | 6,479 | |
14,237 | |||
Belgium—1.5% | |||
Aedifica S.A. | 27,381 | 2,111 | |
Warehouses De Pauw CVA | 136,041 | 3,341 | |
5,452 | |||
Canada—3.6% | |||
Allied Properties Real Estate Investment Trust | 171,650 | 3,400 | |
Boardwalk Real Estate Investment Trust | 145,850 | 4,884 | |
Granite Real Estate Investment Trust | 103,779 | 5,009 | |
13,293 | |||
China—0.9% | |||
Hang Lung Properties Ltd. | 2,105,000 | 3,457 | |
France—1.5% | |||
Klepierre S.A.(2) | 310,694 | 5,402 | |
Germany—2.1% | |||
Aroundtown S.A. | 1,063,180 | 2,328 | |
Vonovia SE | 254,678 | 5,496 | |
7,824 | |||
Hong Kong—1.5% | |||
Swire Properties Ltd. | 2,663,000 | 5,729 | |
India—1.0% | |||
Capitaland India Trust | 4,856,700 | 3,537 | |
Ireland—0.6% | |||
Irish Residential Properties REIT plc | 2,009,468 | 2,255 | |
Japan—7.7% | |||
Kenedix Office Investment Corp. Class A | 773 | 3,645 | |
Mitsubishi Estate Co., Ltd. | 908,200 | 11,967 | |
Mitsui Fudosan Logistics Park, Inc. | 1,857 | 6,355 | |
Nippon Prologis REIT, Inc. | 2,134 | 4,679 | |
Orix JREIT, Inc. | 1,433 | 1,833 | |
28,479 | |||
Singapore—0.9% | |||
CapitaLand Integrated Commercial Trust | 2,441,000 | 3,247 |
Shares | Value | ||
Spain—1.6% | |||
Inmobiliaria Colonial Socimi S.A. | 248,735 | $ 1,201 | |
Merlin Properties Socimi S.A. | 595,400 | 4,594 | |
5,795 | |||
Sweden—1.9% | |||
Castellum AB | 344,211 | 3,857 | |
Catena AB | 109,791 | 3,257 | |
7,114 | |||
United Kingdom—4.4% | |||
Derwent London plc | 114,510 | 2,583 | |
Safestore Holdings plc | 348,947 | 3,248 | |
Segro plc | 222,528 | 1,857 | |
UNITE Group plc (The) | 651,807 | 6,188 | |
Workspace Group plc | 585,772 | 2,605 | |
16,481 | |||
United States—65.6% | |||
Alexandria Real Estate Equities, Inc. | 34,529 | 4,841 | |
American Homes 4 Rent Class A | 263,550 | 8,647 | |
Apartment Income REIT Corp. | 152,578 | 5,893 | |
AvalonBay Communities, Inc. | 70,165 | 12,924 | |
Brixmor Property Group, Inc. | 384,333 | 7,099 | |
Cousins Properties, Inc. | 250,200 | 5,842 | |
CubeSmart | 320,475 | 12,838 | |
Douglas Emmett, Inc. | 254,205 | 4,558 | |
Duke Realty Corp. | 215,756 | 10,399 | |
Equinix, Inc. | 26,325 | 14,975 | |
Equity Residential | 138,165 | 9,287 | |
Extra Space Storage, Inc. | 78,765 | 13,604 | |
Healthpeak Properties, Inc. | 264,200 | 6,055 | |
Host Hotels & Resorts, Inc. | 356,566 | 5,662 | |
Invitation Homes, Inc. | 247,410 | 8,355 | |
Kimco Realty Corp. | 295,045 | 5,432 | |
Mid-America Apartment Communities, Inc. | 78,700 | 12,204 | |
Prologis, Inc. | 211,134 | 21,451 | |
Public Storage | 16,300 | 4,773 | |
Realty Income Corp. | 61,550 | 3,582 | |
Regency Centers Corp. | 122,350 | 6,589 | |
Rexford Industrial Realty, Inc. | 107,100 | 5,569 | |
RLJ Lodging Trust | 118,307 | 1,197 | |
Ryman Hospitality Properties, Inc. | 53,135 | 3,910 | |
SBA Communications, Corp. Class A | 18,150 | 5,166 | |
Simon Property Group, Inc. | 51,946 | 4,662 | |
Spirit Realty Capital, Inc. | 183,426 | 6,633 |
Shares | Value | ||
United States—continued | |||
Sun Communities, Inc. | 104,279 | $ 14,112 | |
VICI Properties, Inc. | 112,750 | 3,366 | |
Welltower, Inc. | 209,000 | 13,443 | |
243,068 | |||
Total Common Stocks (Identified Cost $411,494) | 365,370 | ||
Total Long-Term Investments—98.6% (Identified Cost $411,494) | 365,370 | ||
Short-Term Investment—1.2% | |||
Money Market Mutual Fund—1.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(3) | 4,417,470 | 4,417 | |
Total Short-Term Investment (Identified Cost $4,417) | 4,417 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $415,911) | $369,787 | ||
Other assets and liabilities, net—0.2% | 698 | ||
NET ASSETS—100.0% | $370,485 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | 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. |
(2) | Non-income producing. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 67% |
Japan | 8 |
United Kingdom | 4 |
Australia | 4 |
Canada | 4 |
Germany | 2 |
Sweden | 2 |
Other | 9 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $365,370 | $256,361 | $109,009 | $— (1) | |||
Money Market Mutual Fund | 4,417 | 4,417 | — | — | |||
Total Investments | $369,787 | $260,778 | $109,009 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Shares | Value | ||
Common Stocks—96.6% | |||
Australia—10.7% | |||
Dexus | 72,218 | $ 359 | |
GPT Group (The) - In Specie(1)(2) | 588,920 | — | |
National Storage REIT | 491,304 | 708 | |
NEXTDC Ltd.(2) | 53,799 | 301 | |
Scentre Group | 703,100 | 1,149 | |
2,517 | |||
Belgium—3.5% | |||
Aedifica S.A. | 5,604 | 432 | |
Warehouses De Pauw CVA | 15,766 | 387 | |
819 | |||
Canada—7.8% | |||
Allied Properties Real Estate Investment Trust | 23,500 | 465 | |
Boardwalk Real Estate Investment Trust | 15,685 | 525 | |
Granite Real Estate Investment Trust | 11,326 | 547 | |
Summit Industrial Income REIT | 23,400 | 290 | |
1,827 | |||
China—5.0% | |||
GDS Holdings Ltd. ADR(2) | 17,100 | 302 | |
Hang Lung Properties Ltd. | 536,000 | 880 | |
1,182 | |||
France—3.3% | |||
Klepierre S.A.(2) | 44,431 | 772 | |
Germany—5.9% | |||
Aroundtown S.A. | 154,590 | 338 | |
Vonovia SE | 48,510 | 1,047 | |
1,385 | |||
Hong Kong—9.0% | |||
Link REIT | 128,441 | 897 | |
Swire Properties Ltd. | 531,000 | 1,142 | |
Wharf Real Estate Investment Co., Ltd. | 16,000 | 73 | |
2,112 | |||
India—1.9% | |||
Capitaland India Trust | 600,100 | 437 | |
Ireland—2.4% | |||
Irish Residential Properties REIT plc | 499,133 | 560 |
Shares | Value | ||
Japan—25.5% | |||
Hulic Co., Ltd. | 93,000 | $ 685 | |
Japan Hotel REIT Investment Corp. Class A | 1,375 | 687 | |
Kenedix Office Investment Corp. Class A | 124 | 585 | |
Kenedix Residential Next Investment Corp. | 241 | 357 | |
Mitsubishi Estate Co., Ltd. | 134,000 | 1,766 | |
Mitsui Fudosan Logistics Park, Inc. | 218 | 746 | |
Nippon Prologis REIT, Inc. | 377 | 826 | |
Orix JREIT, Inc. | 261 | 334 | |
5,986 | |||
Singapore—3.9% | |||
CapitaLand Integrated Commercial Trust | 517,000 | 688 | |
Mapletree Industrial Trust | 140,600 | 232 | |
920 | |||
Spain—3.8% | |||
Inmobiliaria Colonial Socimi S.A. | 42,100 | 203 | |
Merlin Properties Socimi S.A. | 88,700 | 685 | |
888 | |||
Sweden—3.6% | |||
Castellum AB | 46,943 | 526 | |
Catena AB | 10,397 | 309 | |
835 | |||
United Kingdom—10.3% | |||
Derwent London plc | 17,031 | 384 | |
Safestore Holdings plc | 59,826 | 557 | |
Segro plc | 51,168 | 427 | |
UNITE Group plc (The) | 61,200 | 581 | |
Workspace Group plc | 102,900 | 458 | |
2,407 | |||
Total Common Stocks (Identified Cost $28,194) | 22,647 | ||
Total Long-Term Investments—96.6% (Identified Cost $28,194) | 22,647 | ||
Shares | Value | ||
Short-Term Investment—3.7% | |||
Money Market Mutual Fund—3.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(3) | 869,583 | $ 870 | |
Total Short-Term Investment (Identified Cost $870) | 870 | ||
TOTAL INVESTMENTS—100.3% (Identified Cost $29,064) | $23,517 | ||
Other assets and liabilities, net—(0.3)% | (75) | ||
NET ASSETS—100.0% | $23,442 |
Abbreviations: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | 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. |
(2) | Non-income producing. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
Japan | 25% |
Australia | 11 |
United Kingdom | 10 |
Hong Kong | 9 |
Canada | 8 |
Germany | 6 |
China | 5 |
Other | 26 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $22,647 | $2,202 | $20,445 | $— (1) | |||
Money Market Mutual Fund | 870 | 870 | — | — | |||
Total Investments | $23,517 | $3,072 | $20,445 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Shares | Value | ||
Affiliated Mutual Funds(1)—65.4% | |||
Equity Funds—60.3% | |||
Virtus Duff & Phelps Global Infrastructure Fund Class R6(2) | 337,213 | $ 4,782 | |
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6(2) | 159,204 | 4,517 | |
Virtus Duff & Phelps Select MLP and Energy Fund Class I(2) | 356,477 | 3,771 | |
13,070 | |||
Fixed Income Fund—5.1% | |||
Virtus Newfleet Senior Floating Rate Fund Class R6(2) | 132,386 | 1,113 | |
Total Affiliated Mutual Funds (Identified Cost $10,706) | 14,183 | ||
Exchange-Traded Funds(1)—34.3% | |||
Invesco DB Agriculture Fund(3) | 45,100 | 903 | |
Invesco DB Commodity Index Tracking Fund(3) | 114,374 | 2,735 | |
Invesco DB Gold Fund(3) | 15,800 | 740 | |
Schwab U.S. TIPS ETF | 11,200 | 580 |
Shares | Value | ||
SPDR S&P Global Natural Resources ETF | 50,050 | $ 2,475 | |
Total Exchange-Traded Funds (Identified Cost $5,968) | 7,433 | ||
Total Long-Term Investments—99.7% (Identified Cost $16,674) | 21,616 | ||
Short-Term Investment—1.0% | |||
Money Market Mutual Fund(1)—1.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%) | 220,900 | 221 | |
Total Short-Term Investment (Identified Cost $221) | 221 | ||
TOTAL INVESTMENTS—100.7% (Identified Cost $16,895) | $21,837 | ||
Other assets and liabilities, net—(0.7)% | (155) | ||
NET ASSETS—100.0% | $21,682 |
Abbreviations: | |
DB | Deutsche Bank AG |
ETF | Exchange-Traded Fund |
MLP | Master Limited Partnership |
S&P | Standard & Poor’s |
SPDR | S&P Depositary Receipt |
TIPS | Treasury-Inflation Protected Securities |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(2) | Affiliated company. See Note 4H in Notes to Financial Statements. |
(3) | Non-income producing. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Affiliated Mutual Funds | $14,183 | $14,183 | |
Exchange-Traded Funds | 7,433 | 7,433 | |
Money Market Mutual Fund | 221 | 221 | |
Total Investments | $21,837 | $21,837 |
Shares | Value | ||
Common Stocks—98.8% | |||
Real Estate Investment Trusts—98.8% | |||
Data Centers—7.2% | |||
Equinix, Inc. | 49,981 | $ 28,431 | |
Health Care—8.0% | |||
Healthpeak Properties, Inc. | 484,500 | 11,105 | |
Welltower, Inc. | 317,580 | 20,427 | |
31,532 | |||
Industrial/Office—22.4% | |||
Industrial—15.8% | |||
Duke Realty Corp. | 257,879 | 12,430 | |
Prologis, Inc. | 344,844 | 35,036 | |
Rexford Industrial Realty, Inc. | 278,675 | 14,491 | |
61,957 | |||
Office—6.6% | |||
Alexandria Real Estate Equities, Inc. | 69,434 | 9,734 | |
Boston Properties, Inc. | 26,000 | 1,949 | |
Cousins Properties, Inc. | 393,546 | 9,189 | |
Douglas Emmett, Inc. | 285,868 | 5,126 | |
25,998 | |||
Total Industrial/Office | 87,955 | ||
Lodging/Resorts—4.0% | |||
Host Hotels & Resorts, Inc. | 551,044 | 8,751 | |
RLJ Lodging Trust | 207,905 | 2,104 | |
Ryman Hospitality Properties, Inc. | 66,860 | 4,920 | |
15,775 | |||
Residential—28.5% | |||
Apartments—17.6% | |||
Apartment Income REIT Corp. | 360,995 | 13,941 |
Shares | Value | ||
Residential—continued | |||
Apartments—continued | |||
AvalonBay Communities, Inc. | 103,815 | $ 19,122 | |
Equity Residential | 257,154 | 17,286 | |
Mid-America Apartment Communities, Inc. | 121,380 | 18,822 | |
69,171 | |||
Manufactured Homes—4.5% | |||
Sun Communities, Inc. | 132,112 | 17,879 | |
Single Family Homes—6.4% | |||
American Homes 4 Rent Class A | 467,900 | 15,352 | |
Invitation Homes, Inc. | 289,260 | 9,768 | |
25,120 | |||
Total Residential | 112,170 | ||
Retail—12.9% | |||
Free Standing—3.4% | |||
Realty Income Corp. | 74,500 | 4,336 | |
Spirit Realty Capital, Inc. | 252,893 | 9,145 | |
13,481 | |||
Regional Malls—2.4% | |||
Simon Property Group, Inc. | 106,296 | 9,540 | |
Shopping Centers—7.1% | |||
Brixmor Property Group, Inc. | 505,856 | 9,343 | |
Kimco Realty Corp. | 471,820 | 8,686 | |
Regency Centers Corp. | 181,800 | 9,790 | |
27,819 | |||
Total Retail | 50,840 | ||
Self Storage—13.0% | |||
CubeSmart | 465,850 | 18,662 | |
Extra Space Storage, Inc. | 110,929 | 19,158 |
Shares | Value | ||
Self Storage—continued | |||
Public Storage | 44,800 | $ 13,118 | |
50,938 | |||
Specialty—2.8% | |||
SBA Communications, Corp. Class A | 20,300 | 5,778 | |
VICI Properties, Inc. | 176,800 | 5,278 | |
11,056 | |||
Total Common Stocks (Identified Cost $272,885) | 388,697 | ||
Total Long-Term Investments—98.8% (Identified Cost $272,885) | 388,697 | ||
Short-Term Investment—0.4% | |||
Money Market Mutual Fund—0.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(1) | 1,559,866 | 1,560 | |
Total Short-Term Investment (Identified Cost $1,560) | 1,560 | ||
TOTAL INVESTMENTS—99.2% (Identified Cost $274,445) | $390,257 | ||
Other assets and liabilities, net—0.8% | 3,272 | ||
NET ASSETS—100.0% | $393,529 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $388,697 | $388,697 | |
Money Market Mutual Fund | 1,560 | 1,560 | |
Total Investments | $390,257 | $390,257 |
Shares | Value | ||
Short-Term Investments—92.3% | |||
Money Market Mutual Fund—5.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(1) | 6,977,775 | $ 6,978 | |
Total Money Market Mutual Fund (Identified Cost $6,978) | 6,978 |
Par Value | ||
U.S. Government Securities—86.8% | ||
U.S. Treasury Bills | ||
0.000%, 10/20/22(2) | $ 3,700 | 3,696 |
0.000%, 11/17/22(2) | 20,800 | 20,726 |
0.000%, 12/22/22(2) | 7,000 | 6,950 |
0.000%, 1/5/23(2) | 25,100 | 24,888 |
0.000%, 1/19/23(2) | 27,300 | 27,024 |
0.000%, 2/23/23(2) | 18,700 | 18,437 |
0.000%, 3/23/23(2) | 4,100 | 4,029 |
Par Value | Value | ||
0.000%, 3/30/23(2) | $ 4,700 | $ 4,611 | |
Total U.S. Government Securities (Identified Cost $110,509) | 110,361 | ||
Total Short-Term Investments (Identified Cost $117,487) | 117,339 | ||
TOTAL INVESTMENTS—92.3% (Identified Cost $117,487) | $117,339 | ||
Other assets and liabilities, net—7.7% | 9,828 | ||
NET ASSETS—100.0% | $127,167 |
Abbreviations: | |
BTP | Italian Buonie |
CAC | Cotation Assistée en Continu |
DAX | Deutsche Boerse AG German Stock Index |
EAFE | Europe, Australasia and Far East |
EURIBOR | Euro Interbank Offered Rate |
FTSE | Financial Times Stock Exchange |
HSCEI | Hang Seng China Enterprises Index |
KC HRW | Kansas City Hard Red Winter |
MSCI | Morgan Stanley Capital International |
OAT | Obligations Assimilables du Trésor |
RBOB | Reformulated Blendstock for Oxygenate Blending |
S&P | Standard & Poor’s |
SOFR | Secured Overnight Financing Rate |
SONIA | Sterling Overnight Index Average |
ULSD | Ultra Low Sulfur Diesel |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(2) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
Exchange-traded futures contracts as of September 30, 2022 were as follows: | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation | |
Long Contracts: | ||||||
Natural Gas Future | November 2022 | 18 | $ 1,218 | $ — | $ (44) | |
Soybean Future | November 2022 | 5 | 341 | — | (23) | |
Corn Future | December 2022 | 27 | 915 | 36 | — | |
Dollar Index Future | December 2022 | 7 | 785 | 19 | — | |
FTSE 100 Index Future | December 2022 | 1 | 77 | — | (4) | |
KC HRW Wheat Future | December 2022 | 6 | 297 | 9 | — | |
Mexican Peso Future | December 2022 | 9 | 221 | — (1) | — | |
Nikkei 225 Stock Average Future | December 2022 | 2 | 358 | — | (17) | |
Palladium Future | December 2022 | 1 | 218 | — | (5) | |
Soybean Meal Future | December 2022 | 4 | 161 | — | (11) | |
Swiss Franc Future | December 2022 | 2 | 255 | — | (3) | |
Wheat Future | December 2022 | 9 | 415 | 54 | — | |
$ 118 | $(107) | |||||
Short Contracts: | ||||||
CAC 40® Index Future | October 2022 | (2) | (113) | — | (1) | |
FTSE China A50 Index Future | October 2022 | (14) | (181) | — | — (1) | |
Hang Seng Index Future | October 2022 | (16) | (1,754) | 42 | — | |
HSCEI Index Future | October 2022 | (19) | (716) | 18 | — | |
Cattle Feeder Future | November 2022 | (1) | (87) | — (1) | — | |
Crude Oil Future | November 2022 | (38) | (3,021) | 158 | — | |
Gasoline RBOB Future | November 2022 | (13) | (1,294) | — | (18) | |
NY Harbor ULSD Future | November 2022 | (10) | (1,353) | — | (8) | |
2 Year U.S. Treasury Note Future | December 2022 | (96) | (19,718) | 270 | — |
Exchange-traded futures contracts as of September 30, 2022 were as follows (continued): | |||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation |
3 Year Australian Bond Future | December 2022 | (47) | $ (3,204) | $ 22 | $ — |
5 Year U.S. Treasury Note Future | December 2022 | (159) | (17,094) | 428 | — |
10 Year Australian Bond Future | December 2022 | (42) | (3,146) | 55 | — |
10 Year Canadian Bond Future | December 2022 | (19) | (1,700) | 7 | — |
10 Year Euro-Bund Future | December 2022 | (110) | (14,930) | 645 | — |
10 Year Japanese Bond Future | December 2022 | (3) | (3,074) | 6 | — |
10 Year Ultra Bond Future | December 2022 | (37) | (4,384) | 153 | — |
10 Year U.K. Gilt Future | December 2022 | (64) | (6,889) | 745 | — |
10 Year U.S. Treasury Note Future | December 2022 | (165) | (18,490) | 581 | — |
30 Year Euro Bond Future | December 2022 | (25) | (3,593) | 196 | — |
30 Year U.S. Treasury Bond Future | December 2022 | (34) | (4,298) | 180 | — |
Australian Dollar Future | December 2022 | (54) | (3,464) | 88 | — |
Brent Crude Future | December 2022 | (51) | (4,342) | 178 | — |
British Pound Future | December 2022 | (38) | (2,656) | — | (9) |
Canadian Dollar Future | December 2022 | (20) | (1,448) | 18 | — |
Cocoa Future | December 2022 | (6) | (141) | — | (1) |
Copper Future | December 2022 | (12) | (1,024) | 51 | — |
Cotton No. 2 Future | December 2022 | (5) | (213) | 12 | — |
DAX Index Future | December 2022 | (6) | (1,784) | 53 | — |
Dow Jones Index E-Mini Future | December 2022 | (6) | (864) | 51 | — |
Euro Currency Future | December 2022 | (39) | (4,808) | 72 | — |
Euro Stoxx 50® Future | December 2022 | (50) | (1,624) | — | (1) |
Euro-Bobl Future | December 2022 | (157) | (18,426) | 385 | — |
Euro-BTP Future | December 2022 | (38) | (4,170) | 148 | — |
Euro-OAT Future | December 2022 | (44) | (5,697) | 253 | — |
Euro-Schatz Future | December 2022 | (95) | (9,978) | 54 | — |
Gold Future | December 2022 | (15) | (2,508) | 38 | — |
Japanese Yen Future | December 2022 | (56) | (4,874) | 32 | — |
Lean Hogs Future | December 2022 | (4) | (122) | 3 | — |
Low Sulphur Gas Oil Future | December 2022 | (14) | (1,263) | 2 | — |
MSCI EAFE® Index Future | December 2022 | (6) | (498) | 40 | — |
MSCI Emerging Market Index Future | December 2022 | (15) | (654) | 60 | — |
Nasdaq 100® E-Mini Future | December 2022 | (2) | (441) | 28 | — |
New Zealand Dollar Future | December 2022 | (14) | (786) | 38 | — |
Russell 2000® E-Mini Future | December 2022 | (21) | (1,753) | 54 | — |
S&P 500® E-Mini Future | December 2022 | (12) | (2,161) | 102 | — |
Silver Future | December 2022 | (6) | (571) | 10 | — |
SPI 200 Future | December 2022 | (1) | (103) | 1 | — |
U.S. Ultra Bond Future | December 2022 | (20) | (2,740) | 182 | — |
Platinum Future | January 2023 | (2) | (86) | — | (1) |
3-Month Bank Acceptance Future | March 2023 | (6) | (1,037) | 1 | — |
3-Month EURIBOR Future | March 2023 | (31) | (7,383) | 44 | — |
3-Month SOFR Future | March 2023 | (56) | (13,381) | 78 | — |
3-Month SONIA Index Future | March 2023 | (19) | (4,998) | 85 | — |
90-Day Bank Bill Future | March 2023 | (7) | (4,432) | 2 | — |
Sugar #11 World Future | March 2023 | (10) | (198) | — | (2) |
3-Month Bank Acceptance Future | June 2023 | (8) | (1,384) | 3 | — |
3-Month EURIBOR Future | June 2023 | (51) | (12,115) | 109 | — |
3-Month SOFR Future | June 2023 | (46) | (10,996) | 70 | — |
3-Month SONIA Index Future | June 2023 | (22) | (5,783) | 101 | — |
90-Day Bank Bill Future | June 2023 | (7) | (4,430) | 3 | — |
3-Month Bank Acceptance Future | September 2023 | (6) | (1,039) | — (1) | — |
3-Month EURIBOR Future | September 2023 | (56) | (13,296) | 116 | — |
3-Month SOFR Future | September 2023 | (39) | (9,329) | 76 | — |
3-Month SONIA Index Future | September 2023 | (20) | (5,259) | 95 | — |
90-Day Bank Bill Future | September 2023 | (7) | (4,430) | 4 | — |
3-Month EURIBOR Future | December 2023 | (59) | (14,016) | 96 | — |
3-Month SOFR Future | December 2023 | (37) | (8,859) | 79 | — |
3-Month SONIA Index Future | December 2023 | (21) | (5,526) | 99 | — |
3-Month EURIBOR Future | March 2024 | (56) | (13,308) | 85 | — |
Exchange-traded futures contracts as of September 30, 2022 were as follows (continued): | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation | |
3-Month SOFR Future | March 2024 | (35) | $ (8,394) | $ 67 | $ — | |
3-Month SONIA Index Future | March 2024 | (15) | (3,950) | 65 | — | |
3-Month EURIBOR Future | June 2024 | (49) | (11,648) | 75 | — | |
3-Month SOFR Future | June 2024 | (31) | (7,447) | 61 | — | |
3-Month SONIA Index Future | June 2024 | (11) | (2,899) | 59 | — | |
3-Month EURIBOR Future | September 2024 | (46) | (10,939) | 67 | — | |
3-Month SOFR Future | September 2024 | (29) | (6,975) | 45 | — | |
3-Month SONIA Index Future | September 2024 | (12) | (3,166) | 61 | — | |
3-Month EURIBOR Future | December 2024 | (36) | (8,564) | 55 | — | |
3-Month SOFR Future | December 2024 | (31) | (7,464) | 46 | — | |
3-Month SONIA Index Future | December 2024 | (9) | (2,378) | 44 | — | |
3-Month EURIBOR Future | March 2025 | (27) | (6,423) | 38 | — | |
3-Month SOFR Future | March 2025 | (28) | (6,747) | 41 | — | |
3-Month SONIA Index Future | March 2025 | (6) | (1,588) | 33 | — | |
3-Month EURIBOR Future | June 2025 | (22) | (5,233) | 38 | — | |
3-Month SOFR Future | June 2025 | (28) | (6,749) | 39 | — | |
3-Month SONIA Index Future | June 2025 | (4) | (1,061) | 24 | — | |
3-Month EURIBOR Future | September 2025 | (21) | (4,994) | 27 | — | |
3-Month SOFR Future | September 2025 | (30) | (7,233) | 36 | — | |
3-Month SONIA Index Future | September 2025 | (4) | (1,062) | 21 | — | |
3-Month EURIBOR Future | December 2025 | (15) | (3,566) | 19 | — | |
3-Month SOFR Future | December 2025 | (28) | (6,752) | 20 | — | |
3-Month SONIA Index Future | December 2025 | (3) | (797) | 10 | — | |
7,596 | (41) | |||||
Total | $7,714 | $(148) | ||||
Footnote Legend: | ||||||
(1)Amount is less than $500. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
U.S. Government Securities | $110,361 | $ — | $110,361 | ||
Money Market Mutual Fund | 6,978 | 6,978 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 7,714 | 7,714 | — | ||
Total Assets | 125,053 | 14,692 | 110,361 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Futures Contracts | (148) | (148) | — | ||
Total Liabilities | (148) | (148) | — | ||
Total Investments | $124,905 | $14,544 | $110,361 |
Shares | Value | ||
Common Stocks—95.2% | |||
Communication Services—12.5% | |||
Addcn Technology Co., Ltd. (Taiwan) | 5,732 | $ 33 | |
Autohome, Inc. ADR (China) | 1,457 | 42 | |
Baltic Classifieds Group plc (United Kingdom) | 41,786 | 63 | |
NAVER Corp. (South Korea) | 157 | 21 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 658,400 | 53 | |
Tencent Holdings Ltd. (China) | 1,300 | 44 | |
Tongdao Liepin Group (China)(1) | 13,000 | 12 | |
Wirtualna Polska Holding S.A. (Poland) | 1,864 | 34 | |
302 | |||
Consumer Discretionary—16.2% | |||
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 574 | 46 | |
Allegro.eu S.A. (Poland)(1) | 5,645 | 24 | |
JD.com, Inc. ADR (China) | 1,233 | 62 | |
JD.com, Inc. Class A (China) | 1,447 | 37 | |
Prosus N.V. (China)(1) | 824 | 43 | |
Union Auction PCL (Thailand) | 179,200 | 46 | |
Vasta Platform Ltd. Class A (Brazil)(1) | 25,571 | 134 | |
392 | |||
Consumer Staples—18.9% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 4,400 | 65 | |
Carlsberg Brewery Malaysia Bhd (Malaysia) | 11,200 | 54 | |
Fraser and Neave Ltd. (Singapore) | 58,700 | 50 | |
Heineken Malaysia Bhd (Malaysia) | 10,800 | 56 | |
Pernod Ricard S.A. (France) | 285 | 52 | |
Thai Beverage PCL (Thailand) | 142,500 | 59 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 23,115 | 81 | |
Wuliangye Yibin Co., Ltd. Class A (China) | 1,700 | 41 | |
458 | |||
Financials—10.3% | |||
Bank Central Asia Tbk PT (Indonesia) | 160,000 | 89 | |
HDFC Bank Ltd. ADR (India) | 974 | 57 |
Shares | Value | ||
Financials—continued | |||
Qualitas Controladora SAB de CV (Mexico) | 11,606 | $ 48 | |
United Overseas Bank Ltd. (Singapore) | 3,100 | 56 | |
250 | |||
Health Care—1.8% | |||
Prodia Widyahusada Tbk PT (Indonesia) | 126,000 | 42 | |
Industrials—29.1% | |||
Boa Vista Servicos S.A. (Brazil) | 77,270 | 85 | |
Credit Bureau Asia Ltd. (Singapore) | 136,900 | 93 | |
GFC Ltd. (Taiwan) | 19,000 | 44 | |
Grupa Pracuj S.A. (Poland) | 8,964 | 69 | |
Haitian International Holdings Ltd. (China) | 21,166 | 40 | |
HeadHunter Group plc ADR (Russia)(2) | 270 | — (3) | |
NICE Information Service Co., Ltd. (South Korea) | 4,472 | 41 | |
S-1 Corp. (South Korea) | 1,579 | 64 | |
SaraminHR Co., Ltd. (South Korea) | 1,814 | 38 | |
Tegma Gestao Logistica S.A. (Brazil) | 49,744 | 180 | |
Wizz Air Holdings plc (Hungary)(1) | 2,956 | 51 | |
705 | |||
Information Technology—5.3% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 1,645 | 113 | |
Webcash Corp. (South Korea) | 1,458 | 15 | |
128 | |||
Real Estate—1.1% | |||
American Tower Corp. (United States) | 126 | 27 | |
Total Common Stocks (Identified Cost $3,087) | 2,304 | ||
Total Long-Term Investments—95.2% (Identified Cost $3,087) | 2,304 | ||
Shares | Value | ||
Short-Term Investment—3.0% | |||
Money Market Mutual Fund—3.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(4) | 73,318 | $ 73 | |
Total Short-Term Investment (Identified Cost $73) | 73 | ||
TOTAL INVESTMENTS—98.2% (Identified Cost $3,160) | $2,377 | ||
Other assets and liabilities, net—1.8% | 44 | ||
NET ASSETS—100.0% | $2,421 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | 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. |
(3) | Amount is less than $500. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
China | 18% |
Brazil | 17 |
Singapore | 8 |
Taiwan | 8 |
Indonesia | 8 |
South Korea | 8 |
Mexico | 6 |
Other | 27 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $2,304 | $875 | $1,429 | $— (1) | |||
Money Market Mutual Fund | 73 | 73 | — | — | |||
Total Investments | $2,377 | $948 | $1,429 | $— (1) |
(1) | Amount is less than $500. |
Shares | Value | ||
Common Stocks—98.2% | |||
Communication Services—16.3% | |||
Addcn Technology Co., Ltd. (Taiwan) | 1,105,009 | $ 6,385 | |
Autohome, Inc. ADR (China) | 153,462 | 4,414 | |
Baltic Classifieds Group plc (United Kingdom) | 5,817,568 | 8,821 | |
Dayamitra Telekomunikasi PT (Indonesia) | 72,990,000 | 3,466 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 64,582,586 | 5,221 | |
Tongdao Liepin Group (China)(1) | 3,003,800 | 2,784 | |
Wirtualna Polska Holding S.A. (Poland) | 358,347 | 6,546 | |
37,637 | |||
Consumer Discretionary—8.4% | |||
Allegro.eu S.A. (Poland)(1) | 743,175 | 3,197 | |
Union Auction PCL (Thailand)(2) | 34,539,000 | 8,843 | |
Vasta Platform Ltd. Class A (Brazil)(1)(2) | 1,391,515 | 7,305 | |
19,345 | |||
Consumer Staples—13.7% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 647,264 | 9,561 | |
Carlsberg Brewery Malaysia Bhd (Malaysia) | 1,501,000 | 7,273 | |
Clicks Group Ltd. (South Africa) | 232,776 | 3,674 | |
Heineken Malaysia Bhd (Malaysia) | 1,536,900 | 7,892 | |
Taisun International Holding Corp. (Taiwan) | 1,142,074 | 3,023 | |
31,423 | |||
Financials—5.3% | |||
Multi Commodity Exchange of India Ltd. (India) | 491,441 | 7,311 | |
Qualitas Controladora SAB de CV (Mexico) | 1,176,089 | 4,857 | |
12,168 | |||
Health Care—2.5% | |||
Haw Par Corp., Ltd. (Singapore) | 800,374 | 5,702 | |
Industrials—32.3% | |||
Boa Vista Servicos S.A. (Brazil) | 9,183,337 | 10,061 |
Shares | Value | ||
Industrials—continued | |||
Grupa Pracuj S.A. (Poland) | 1,044,677 | $ 8,037 | |
Haitian International Holdings Ltd. (China) | 2,875,218 | 5,441 | |
HeadHunter Group plc ADR (Russia)(3) | 37,879 | — (4) | |
IndiaMart InterMesh Ltd. (India) | 63,095 | 3,432 | |
Kerry TJ Logistics Co., Ltd. (Taiwan) | 2,864,000 | 3,394 | |
NICE Information Service Co., Ltd. (South Korea) | 633,897 | 5,886 | |
S-1 Corp. (South Korea) | 174,875 | 7,044 | |
SaraminHR Co., Ltd. (South Korea) | 324,256 | 6,747 | |
Sporton International, Inc. (Taiwan) | 1,033,256 | 7,636 | |
Tegma Gestao Logistica S.A. (Brazil)(2) | 3,919,656 | 14,162 | |
Wizz Air Holdings plc (Hungary)(1) | 153,044 | 2,662 | |
74,502 | |||
Information Technology—15.3% | |||
Computer Age Management Services Ltd. (India) | 276,398 | 8,516 | |
Douzone Bizon Co., Ltd. (South Korea) | 147,052 | 3,168 | |
Humanica PCL (Thailand) | 13,196,200 | 3,863 | |
Oracle Financial Services Software Ltd. (India) | 250,312 | 9,125 | |
TOTVS S.A. (Brazil) | 1,052,052 | 5,751 | |
Webcash Corp. (South Korea) | 268,434 | 2,719 | |
Younglimwon Soft Lab Co., Ltd. (South Korea) | 382,706 | 2,177 | |
35,319 | |||
Materials—4.4% | |||
Avia Avian Tbk PT (Indonesia) | 86,062,660 | 4,489 | |
Corp. Moctezuma SAB de C.V. (Mexico) | 1,875,583 | 5,717 | |
10,206 | |||
Total Common Stocks (Identified Cost $277,830) | 226,302 | ||
Total Long-Term Investments—98.2% (Identified Cost $277,830) | 226,302 | ||
Shares | Value | ||
Short-Term Investment—2.2% | |||
Money Market Mutual Fund—2.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(5) | 5,131,410 | $ 5,131 | |
Total Short-Term Investment (Identified Cost $5,131) | 5,131 | ||
TOTAL INVESTMENTS—100.4% (Identified Cost $282,961) | $231,433 | ||
Other assets and liabilities, net—(0.4)% | (915) | ||
NET ASSETS—100.0% | $230,518 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Affiliated company. See Note 4H in Notes to Financial Statements. |
(3) | 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. |
(4) | Amount is less than $500. |
(5) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
Brazil | 16% |
India | 12 |
South Korea | 12 |
China | 10 |
Taiwan | 9 |
Poland | 8 |
Malaysia | 6 |
Other | 27 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $226,302 | $52,267 | $174,035 | $— (1) | |||
Money Market Mutual Fund | 5,131 | 5,131 | — | — | |||
Total Investments | $231,433 | $57,398 | $174,035 | $— (1) |
(1) | Amount is less than $500. |
Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—25.2% | |||
Adevinta ASA Class B (Norway)(1) | 3,000,019 | $ 17,873 | |
Auto Trader Group plc (United Kingdom) | 8,923,122 | 50,604 | |
Baltic Classifieds Group plc (United Kingdom)(2) | 33,911,290 | 51,417 | |
Dayamitra Telekomunikasi PT (Indonesia) | 737,376,000 | 35,020 | |
Infrastrutture Wireless Italiane SpA (Italy) | 2,687,707 | 23,449 | |
Moneysupermarket.com Group plc (United Kingdom) | 7,823,773 | 16,146 | |
New Work SE (Germany) | 233,119 | 27,884 | |
Rightmove plc (United Kingdom) | 8,923,122 | 47,604 | |
269,997 | |||
Consumer Discretionary—6.7% | |||
Allegro.eu S.A. (Poland)(1) | 5,671,316 | 24,397 | |
Goldlion Holdings Ltd. (Hong Kong) | 20,967,882 | 3,153 | |
Max Stock Ltd. (Israel)(2) | 8,799,684 | 12,788 | |
Mercari, Inc. (Japan)(1) | 2,018,500 | 26,923 | |
Victorian Plumbing Group plc (United Kingdom)(1) | 10,881,777 | 4,394 | |
71,655 | |||
Consumer Staples—7.0% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 2,656,905 | 39,247 | |
Heineken Malaysia Bhd (Malaysia) | 6,885,200 | 35,358 | |
74,605 | |||
Energy—2.0% | |||
Pason Systems, Inc. (Canada) | 2,245,563 | 21,491 | |
Financials—12.7% | |||
Euroz Hartleys Group Ltd. (Australia) | 1,764,233 | 1,463 | |
FinecoBank Banca Fineco SpA (Italy) | 2,848,047 | 35,175 | |
Gruppo MutuiOnline SpA (Italy) | 1,196,954 | 23,422 |
Shares | Value | ||
Financials—continued | |||
Hargreaves Lansdown plc (United Kingdom) | 2,042,474 | $ 19,561 | |
Hypoport SE (Germany)(1) | 71,575 | 6,318 | |
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)(2) | 4,072,919 | 28,962 | |
Nordnet AB publ (Sweden) | 845,575 | 9,575 | |
Numis Corp. plc (United Kingdom) | 2,248,464 | 5,802 | |
VNV Global AB (Sweden)(1) | 2,662,473 | 5,372 | |
135,650 | |||
Health Care—7.1% | |||
Haw Par Corp., Ltd. (Singapore) | 8,012,512 | 57,081 | |
Nakanishi, Inc. (Japan) | 1,030,300 | 18,840 | |
75,921 | |||
Industrials—25.6% | |||
Boa Vista Servicos S.A. (Brazil) | 18,130,203 | 19,863 | |
CAE, Inc. (Canada)(1) | 1,484,986 | 22,780 | |
Enento Group Oyj (Finland)(1) | 1,036,648 | 21,352 | |
Haitian International Holdings Ltd. (China) | 18,495,072 | 35,000 | |
HeadHunter Group plc ADR (Russia)(3) | 2,282,731 | 2 | |
Howden Joinery Group plc (United Kingdom) | 3,696,580 | 20,651 | |
Knorr-Bremse AG (Germany) | 613,566 | 26,348 | |
Lumax International Corp., Ltd. (Taiwan) | 4,819,259 | 9,648 | |
Marel HF (Iceland) | 4,731,278 | 14,338 | |
Meitec Corp. (Japan) | 1,578,400 | 24,974 | |
MTU Aero Engines AG (Germany) | 246,628 | 36,860 | |
S-1 Corp. (South Korea) | 1,032,190 | 41,576 | |
273,392 | |||
Information Technology—9.3% | |||
Alten S.A. (France) | 347,764 | 38,216 | |
Bouvet ASA (Norway)(2) | 6,602,140 | 32,964 | |
Brockhaus Technologies AG (Germany)(1)(2) | 774,496 | 11,694 | |
FDM Group Holdings plc (United Kingdom) | 2,430,708 | 16,891 | |
99,765 | |||
Shares | Value | ||
Materials—3.3% | |||
Corp. Moctezuma SAB de C.V. (Mexico) | 11,570,944 | $ 35,271 | |
Total Common Stocks (Identified Cost $1,496,026) | 1,057,747 | ||
Warrant—0.0% | |||
Financials—0.0% | |||
VNV Global AB (Sweden)(1) | 1,748,895 | 15 | |
Total Warrant (Identified Cost $0) | 15 | ||
Total Long-Term Investments—98.9% (Identified Cost $1,496,026) | 1,057,762 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $1,496,026) | $1,057,762 | ||
Other assets and liabilities, net—1.1% | 11,717 | ||
NET ASSETS—100.0% | $1,069,479 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Affiliated company. See Note 4H in Notes to Financial Statements. |
(3) | 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. |
Country Weightings (Unaudited)† | |
United Kingdom | 25% |
Germany | 10 |
Italy | 8 |
China | 7 |
Japan | 7 |
Singapore | 6 |
Norway | 5 |
Other | 32 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $1,057,747 | $99,405 | $958,340 | $ 2 | |||
Warrant | 15 | 15 | — | — | |||
Total Investments | $1,057,762 | $99,420 | $958,340 | $ 2 |
Shares | Value | ||
Common Stocks—99.3% | |||
Communication Services—7.4% | |||
NAVER Corp. (South Korea) | 209,793 | $ 27,948 | |
NetEase, Inc. (China) | 1,712,261 | 25,837 | |
NetEase, Inc. ADR (China) | 242,978 | 18,369 | |
Telkom Indonesia Persero Tbk PT (Indonesia) | 146,125,117 | 42,588 | |
Tencent Holdings Ltd. (China) | 772,238 | 26,083 | |
140,825 | |||
Consumer Discretionary—16.5% | |||
Alibaba Group Holding Ltd. (China)(1) | 2,972,872 | 29,667 | |
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 55,226 | 4,417 | |
Baozun, Inc. Sponsored ADR (China)(1) | 1,111,079 | 6,978 | |
China Tourism Group Duty Free Corp., Ltd. Class A (China) | 462,219 | 12,771 | |
Eicher Motors Ltd. (India) | 1,271,994 | 56,985 | |
JD.com, Inc. ADR (China) | �� 350,787 | 17,645 | |
JD.com, Inc. Class A (China) | 2,732,189 | 68,928 | |
Lojas Renner S.A. (Brazil) | 4,881,551 | 25,266 | |
MercadoLibre, Inc. (Brazil)(1) | 30,611 | 25,339 | |
Midea Group Co., Ltd. Class A (China) | 4,156,537 | 28,815 | |
Shenzhou International Group Holdings Ltd. (China) | 1,032,677 | 7,974 | |
Yum China Holdings, Inc. (China) | 605,905 | 28,758 | |
313,543 | |||
Consumer Staples—22.7% | |||
Chacha Food Co., Ltd. Class A (China) | 4,949,975 | 32,177 | |
Clicks Group Ltd. (South Africa) | 1,656,454 | 26,147 | |
Foshan Haitian Flavouring & Food Co., Ltd. Class A (China) | 2,118,312 | 24,674 | |
Heineken N.V. (Netherlands) | 541,038 | 47,249 |
Shares | Value | ||
Consumer Staples—continued | |||
Hindustan Unilever Ltd. (India) | 1,231,559 | $ 40,616 | |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A (China) | 5,621,653 | 26,084 | |
Kweichow Moutai Co., Ltd. Class A (China) | 99,836 | 26,275 | |
President Chain Store Corp. (Taiwan) | 6,757,906 | 59,962 | |
Raia Drogasil S.A. (Brazil) | 13,271,169 | 55,969 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 25,884,138 | 90,905 | |
430,058 | |||
Energy—3.1% | |||
Reliance Industries Ltd. (India) | 2,036,517 | 59,104 | |
Financials—20.3% | |||
Bancolombia S.A. Sponsored ADR (Colombia) | 846,527 | 20,630 | |
Bank Central Asia Tbk PT (Indonesia) | 67,789,971 | 37,843 | |
Bank Rakyat Persero Tbk PT (Indonesia) | 194,811,324 | 57,016 | |
First Abu Dhabi Bank PJSC (United Arab Emirates ) | 4,982,702 | 24,169 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 1,294,652 | 44,254 | |
Housing Development Finance Corp., Ltd. (India) | 2,139,692 | 59,696 | |
Kotak Mahindra Bank Ltd. (India) | 1,774,047 | 39,374 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore) | 4,879,874 | 39,985 | |
SCB X PCL (Thailand) | 10,095,934 | 27,664 | |
United Overseas Bank Ltd. (Singapore) | 1,933,125 | 35,014 | |
385,645 | |||
Health Care—3.7% | |||
Cipla Ltd. (India) | 2,657,538 | 36,232 | |
Hapvida Participacoes e Investimentos S.A. (Brazil) | 17,091,511 | 24,080 |
Shares | Value | ||
Health Care—continued | |||
Wuxi Biologics Cayman, Inc. (China)(1) | 1,672,737 | $ 9,957 | |
70,269 | |||
Industrials—7.7% | |||
Shanghai M&G Stationery, Inc. Class A (China) | 5,220,494 | 33,147 | |
Shenzhen Inovance Technology Co., Ltd. Class A (China) | 3,421,080 | 27,671 | |
Techtronic Industries Co., Ltd. (Hong Kong) | 2,371,799 | 22,632 | |
Voltas Ltd. (India) | 1,290,628 | 14,305 | |
WEG S.A. (Brazil) | 2,636,701 | 15,666 | |
Wuxi Lead Intelligent Equipment Co., Ltd. Class A (China) | 4,768,784 | 31,646 | |
145,067 | |||
Information Technology—14.5% | |||
Accton Technology Corp. (Taiwan) | 3,341,899 | 28,505 | |
HCL Technologies Ltd. (India) | 2,210,298 | 25,103 | |
Infosys Ltd. (India) | 1,843,263 | 31,598 | |
Realtek Semiconductor Corp. (Taiwan) | 1,427,428 | 12,050 | |
Samsung Electronics Co., Ltd. (South Korea) | 236,636 | 8,689 | |
SK Hynix, Inc. (South Korea) | 628,191 | 35,933 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 6,193,490 | 82,097 | |
Tata Consultancy Services Ltd. (India) | 759,485 | 27,834 | |
TOTVS S.A. (Brazil) | 4,037,675 | 22,073 | |
273,882 | |||
Materials—1.5% | |||
Avia Avian Tbk PT (Indonesia) | 524,324,751 | 27,346 | |
Utilities—1.9% | |||
ENN Energy Holdings Ltd. (China) | 1,070,661 | 14,276 |
Shares | Value | ||
Utilities—continued | |||
Power Grid Corp. of India Ltd. (India) | 8,594,333 | $ 22,315 | |
36,591 | |||
Total Common Stocks (Identified Cost $2,047,776) | 1,882,330 | ||
Total Long-Term Investments—99.3% (Identified Cost $2,047,776) | 1,882,330 | ||
Shares | Value | ||
Short-Term Investment—0.5% | |||
Money Market Mutual Fund—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(2) | 10,184,005 | $ 10,184 | |
Total Short-Term Investment (Identified Cost $10,184) | 10,184 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $2,057,960) | $1,892,514 | ||
Other assets and liabilities, net—0.2% | 4,090 | ||
NET ASSETS—100.0% | $1,896,604 |
Abbreviations: | |
ADR | American Depositary Receipt |
PJSC | Public Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
China | 26% |
India | 22 |
Taiwan | 10 |
Brazil | 9 |
Indonesia | 9 |
Mexico | 5 |
Singapore | 4 |
Other | 15 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,882,330 | $327,337 | $1,554,993 | ||
Money Market Mutual Fund | 10,184 | 10,184 | — | ||
Total Investments | $1,892,514 | $337,521 | $1,554,993 |
Shares | Value | ||
Common Stocks—93.8% | |||
Consumer Discretionary—10.9% | |||
EssilorLuxottica S.A. (France)(1) | 110,027 | $ 14,955 | |
Ferrari N.V. (Italy) | 87,698 | 16,240 | |
Flutter Entertainment plc (Ireland)(2) | 81,536 | 8,988 | |
Hermes International (France) | 15,187 | 17,862 | |
Yum China Holdings, Inc. (China) | 220,526 | 10,467 | |
68,512 | |||
Consumer Staples—12.7% | |||
Budweiser Brewing Co. APAC Ltd. (Hong Kong) | 4,087,395 | 10,644 | |
Diageo plc (United Kingdom) | 625,796 | 26,342 | |
L’Oreal S.A. (France) | 47,617 | 15,225 | |
Nestle S.A. Registered Shares (Switzerland) | 251,542 | 27,206 | |
79,417 | |||
Financials—9.4% | |||
Aon plc Class A (United States) | 76,876 | 20,593 | |
Intact Financial Corp. (Canada) | 64,532 | 9,133 | |
London Stock Exchange Group plc (United Kingdom) | 349,327 | 29,500 | |
59,226 | |||
Health Care—14.1% | |||
Alcon, Inc. (Switzerland) | 309,617 | 17,984 | |
Eurofins Scientific SE (Luxembourg) | 148,241 | 8,800 | |
Hoya Corp. (Japan) | 153,608 | 14,802 | |
Lonza Group AG Registered Shares (Switzerland) | 20,576 | 10,018 | |
Mettler-Toledo International, Inc. (United States)(2) | 14,650 | 15,882 | |
Roche Holding AG (Switzerland) | 28,207 | 9,182 | |
Sartorius Stedim Biotech (France) | 39,293 | 12,053 | |
88,721 | |||
Industrials—24.9% | |||
Ashtead Group plc (United Kingdom) | 172,188 | 7,733 |
Shares | Value | ||
Industrials—continued | |||
CAE, Inc. (Canada)(2) | 397,297 | $ 6,095 | |
Canadian National Railway Co. (Canada) | 159,887 | 17,267 | |
Epiroc AB Class A (Sweden) | 567,272 | 8,115 | |
Experian plc (Ireland) | 573,747 | 16,795 | |
IMCD N.V. (Netherlands) | 76,696 | 9,093 | |
RELX plc (United Kingdom) | 1,357,560 | 33,173 | |
Rentokil Initial plc (United Kingdom) | 3,897,525 | 20,659 | |
Spirax-Sarco Engineering plc (United Kingdom) | 72,005 | 8,277 | |
Wolters Kluwer N.V. (Netherlands) | 302,481 | 29,454 | |
156,661 | |||
Information Technology—20.2% | |||
Adyen N.V. (Netherlands)(2) | 5,461 | 6,811 | |
Constellation Software, Inc. (Canada) | 27,397 | 38,122 | |
Halma plc (United Kingdom) | 494,699 | 11,127 | |
Keyence Corp. (Japan) | 28,275 | 9,346 | |
Mastercard, Inc. Class A (United States) | 89,233 | 25,372 | |
Obic Co., Ltd. (Japan) | 158,166 | 21,209 | |
Tata Consultancy Services Ltd. (India) | 396,566 | 14,534 | |
126,521 | |||
Materials—1.6% | |||
Air Liquide S.A. (France) | 89,544 | 10,235 | |
Total Common Stocks (Identified Cost $544,246) | 589,293 | ||
Total Long-Term Investments—93.8% (Identified Cost $544,246) | 589,293 | ||
Short-Term Investment—5.9% | |||
Money Market Mutual Fund—5.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(3) | 36,829,164 | 36,829 | |
Total Short-Term Investment (Identified Cost $36,829) | 36,829 | ||
Shares | Value | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(3)(4) | 262,883 | $ 263 | |
Total Securities Lending Collateral (Identified Cost $263) | 263 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $581,338) | $626,385 | ||
Other assets and liabilities, net—0.3% | 2,117 | ||
NET ASSETS—100.0% | $628,502 |
Footnote Legend: | |
(1) | All or a portion of security is on loan. |
(2) | Non-income producing. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United Kingdom | 22% |
United States | 16 |
Canada | 11 |
France | 11 |
Switzerland | 10 |
Netherlands | 7 |
Japan | 7 |
Other | 16 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $589,293 | $132,464 | $456,829 | ||
Money Market Mutual Fund | 36,829 | 36,829 | — | ||
Securities Lending Collateral | 263 | 263 | — | ||
Total Investments | $626,385 | $169,556 | $456,829 |
Shares | Value | ||
Common Stocks—97.3% | |||
Communication Services—3.8% | |||
Alphabet, Inc. Class C (United States)(1) | 78,277 | $ 7,526 | |
NAVER Corp. (South Korea) | 13,982 | 1,863 | |
9,389 | |||
Consumer Discretionary—14.9% | |||
Alibaba Group Holding Ltd. (China)(1) | 99,561 | 994 | |
Amazon.com, Inc. (United States)(1) | 90,928 | 10,275 | |
Booking Holdings, Inc. (United States)(1) | 3,176 | 5,219 | |
EssilorLuxottica S.A. (France) | 32,602 | 4,431 | |
Flutter Entertainment plc (Ireland)(1) | 59,524 | 6,561 | |
JD.com, Inc. Class A (China) | 138,027 | 3,482 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 6,127 | 3,612 | |
NIKE, Inc. Class B (United States) | 27,726 | 2,305 | |
36,879 | |||
Consumer Staples—14.6% | |||
Coca-Cola Co. (The) (United States) | 173,845 | 9,739 | |
Heineken N.V. (Netherlands) | 86,869 | 7,586 | |
Kobe Bussan Co., Ltd. (Japan) | 98,300 | 2,365 | |
Nestle S.A. Registered Shares (Switzerland) | 99,942 | 10,810 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 1,655,526 | 5,814 | |
36,314 | |||
Financials—11.6% | |||
CME Group, Inc. Class A (United States) | 58,984 | 10,448 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 66,179 | 2,262 | |
Housing Development Finance Corp., Ltd. (India) | 320,044 | 8,929 | |
London Stock Exchange Group plc (United Kingdom) | 85,644 | 7,233 | |
28,872 | |||
Health Care—17.3% | |||
Abbott Laboratories (United States) | 50,656 | 4,901 | |
Alcon, Inc. (Switzerland) | 68,723 | 3,992 |
Shares | Value | ||
Health Care—continued | |||
Becton Dickinson & Co. (United States) | 14,153 | $ 3,154 | |
Boston Scientific Corp. (United States)(1) | 200,334 | 7,759 | |
Eurofins Scientific SE (Luxembourg) | 77,249 | 4,586 | |
Hoya Corp. (Japan) | 53,858 | 5,189 | |
Intuitive Surgical, Inc. (United States)(1) | 11,138 | 2,088 | |
UnitedHealth Group, Inc. (United States) | 22,363 | 11,294 | |
42,963 | |||
Industrials—9.2% | |||
Ashtead Group plc (United Kingdom) | 72,637 | 3,262 | |
Otis Worldwide Corp. (United States) | 36,766 | 2,346 | |
RELX plc (United Kingdom) | 228,048 | 5,573 | |
Rentokil Initial plc (United Kingdom) | 912,590 | 4,837 | |
Techtronic Industries Co., Ltd. (Hong Kong) | 321,992 | 3,072 | |
Teleperformance (France) | 15,154 | 3,844 | |
22,934 | |||
Information Technology—21.5% | |||
Adobe, Inc. (United States)(1) | 17,091 | 4,703 | |
Constellation Software, Inc. (Canada) | 3,584 | 4,987 | |
Mastercard, Inc. Class A (United States) | 38,004 | 10,806 | |
Microsoft Corp. (United States) | 51,170 | 11,918 | |
PayPal Holdings, Inc. (United States)(1) | 16,565 | 1,426 | |
ServiceNow, Inc. (United States)(1) | 10,555 | 3,986 | |
Synopsys, Inc. (United States)(1) | 7,538 | 2,303 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 67,708 | 4,642 | |
Tata Consultancy Services Ltd. (India) | 71,546 | 2,622 | |
Visa, Inc. Class A (United States) | 33,155 | 5,890 | |
53,283 | |||
Materials—4.4% | |||
Air Liquide S.A. (France) | 26,975 | 3,083 |
Shares | Value | ||
Materials—continued | |||
Sherwin-Williams Co. (The) (United States) | 12,452 | $ 2,550 | |
Vulcan Materials Co. (United States) | 33,418 | 5,270 | |
10,903 | |||
Total Common Stocks (Identified Cost $198,111) | 241,537 | ||
Total Long-Term Investments—97.3% (Identified Cost $198,111) | 241,537 | ||
Short-Term Investment—0.1% | |||
Money Market Mutual Fund—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(2) | 214,181 | 214 | |
Total Short-Term Investment (Identified Cost $214) | 214 | ||
TOTAL INVESTMENTS—97.4% (Identified Cost $198,325) | $241,751 | ||
Other assets and liabilities, net—2.6% | 6,359 | ||
NET ASSETS—100.0% | $248,110 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 52% |
United Kingdom | 9 |
France | 6 |
Switzerland | 6 |
India | 5 |
Netherlands | 3 |
Japan | 3 |
Other | 16 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $241,537 | $141,349 | $100,188 | ||
Money Market Mutual Fund | 214 | 214 | — | ||
Total Investments | $241,751 | $141,563 | $100,188 |
Shares | Value | ||
Common Stocks—95.4% | |||
Communication Services—2.6% | |||
Infrastrutture Wireless Italiane SpA (Italy) | 18,405 | $ 161 | |
Consumer Discretionary—13.8% | |||
Booking Holdings, Inc. (United States)(1) | 89 | 146 | |
EssilorLuxottica S.A. (France) | 1,256 | 171 | |
Ferrari N.V. (Italy) | 685 | 127 | |
Flutter Entertainment plc (Ireland)(1) | 1,474 | 162 | |
Hermes International (France) | 93 | 109 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 232 | 137 | |
852 | |||
Consumer Staples—19.4% | |||
Diageo plc (United Kingdom) | 5,751 | 242 | |
Heineken N.V. (Netherlands) | 2,227 | 195 | |
L’Oreal S.A. (France) | 348 | 111 | |
Nestle S.A. Registered Shares (Switzerland) | 3,135 | 339 | |
Pernod Ricard S.A. (France) | 980 | 180 | |
Royal Unibrew A/S (Denmark) | 925 | 60 | |
Unilever plc (United Kingdom) | 1,620 | 71 | |
1,198 | |||
Financials—5.4% | |||
Groupe Bruxelles Lambert N.V. (Belgium) | 1,112 | 78 | |
London Stock Exchange Group plc (United Kingdom) | 3,033 | 256 | |
334 | |||
Health Care—12.6% | |||
Alcon, Inc. (Switzerland) | 3,619 | 210 | |
Coloplast A/S Class B (Denmark) | 621 | 63 | |
Eurofins Scientific SE (Luxembourg) | 2,193 | 130 | |
Lonza Group AG Registered Shares (Switzerland) | 301 | 147 | |
Roche Holding AG (Switzerland) | 185 | 60 | |
Sartorius Stedim Biotech (France) | 542 | 167 | |
777 | |||
Shares | Value | ||
Industrials—25.8% | |||
Ashtead Group plc (United Kingdom) | 2,174 | $ 97 | |
Epiroc AB Class A (Sweden) | 4,282 | 61 | |
Experian plc (Ireland) | 3,643 | 106 | |
IMCD N.V. (Netherlands) | 993 | 118 | |
RELX plc (United Kingdom) | 11,474 | 280 | |
Rentokil Initial plc (United Kingdom) | 41,262 | 219 | |
Spirax-Sarco Engineering plc (United Kingdom) | 797 | 91 | |
Teleperformance (France) | 468 | 119 | |
Vinci S.A. (France) | 2,630 | 213 | |
Wolters Kluwer N.V. (Netherlands) | 2,903 | 283 | |
1,587 | |||
Information Technology—10.2% | |||
Accenture plc Class A (United States) | 727 | 187 | |
Adyen N.V. (Netherlands)(1) | 61 | 76 | |
ASML Holding N.V. (Netherlands) | 193 | 80 | |
Edenred (France) | 3,511 | 162 | |
Halma plc (United Kingdom) | 5,469 | 123 | |
628 | |||
Materials—3.6% | |||
Air Liquide S.A. (France) | 1,002 | 115 | |
Sika AG Registered Shares (Switzerland) | 519 | 104 | |
219 | |||
Utilities—2.0% | |||
EDP - Energias de Portugal S.A. (Portugal) | 28,155 | 122 | |
Total Common Stocks (Identified Cost $5,544) | 5,878 | ||
Total Long-Term Investments—95.4% (Identified Cost $5,544) | 5,878 | ||
Shares | Value | ||
Short-Term Investment—3.9% | |||
Money Market Mutual Fund—3.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.748%)(2) | 240,151 | $ 240 | |
Total Short-Term Investment (Identified Cost $240) | 240 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $5,784) | $6,118 | ||
Other assets and liabilities, net—0.7% | 44 | ||
NET ASSETS—100.0% | $6,162 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
France | 24% |
United Kingdom | 23 |
Switzerland | 14 |
Netherlands | 12 |
United States | 9 |
Italy | 5 |
Ireland | 5 |
Other | 8 |
Total | 100% |
† % of total investments as of September 30, 2022. |
Total Value at September 30, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $5,878 | $333 | $5,545 | ||
Money Market Mutual Fund | 240 | 240 | — | ||
Total Investments | $6,118 | $573 | $5,545 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 77,185 | $ 369,787 | $ 23,517 | $ 7,654 | |||
Investment in affiliates at value(2) | — | — | — | 14,183 | |||
Cash | 100 | 100 | 100 | — | |||
Receivables | |||||||
Investment securities sold | — | 488 | 64 | — | |||
Fund shares sold | 44 | 376 | 11 | — (a) | |||
Receivable from adviser | — | — | — | — (a) | |||
Dividends | 99 | 1,410 | 87 | 6 | |||
Tax reclaims | 51 | 303 | 63 | — | |||
Prepaid Trustees’ retainer | 1 | 6 | — (a) | — (a) | |||
Prepaid expenses | 17 | 26 | 17 | 26 | |||
Other assets | 9 | 44 | 3 | 3 | |||
Total assets | 77,506 | 372,540 | 23,862 | 21,872 | |||
Liabilities | |||||||
Due to custodian | — | 1 | 2 | — | |||
Payables | |||||||
Fund shares repurchased | 12 | 376 | 4 | 150 | |||
Investment securities purchased | — | 1,192 | 351 | 6 | |||
Investment advisory fees | 46 | 212 | 16 | — | |||
Distribution and service fees | 10 | 9 | 1 | 3 | |||
Administration and accounting fees | 8 | 34 | 3 | 3 | |||
Transfer agent and sub-transfer agent fees and expenses | 13 | 81 | 6 | 4 | |||
Professional fees | 35 | 74 | 31 | 19 | |||
Trustee deferred compensation plan | 9 | 44 | 3 | 3 | |||
Interest expense and/or commitment fees | — (a) | 2 | — (a) | — (a) | |||
Other accrued expenses | 7 | 30 | 3 | 2 | |||
Total liabilities | 140 | 2,055 | 420 | 190 | |||
Net Assets | $ 77,366 | $ 370,485 | $ 23,442 | $ 21,682 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 71,326 | $ 419,189 | $ 33,827 | $ 42,165 | |||
Accumulated earnings (loss) | 6,040 | (48,704) | (10,385) | (20,483) | |||
Net Assets | $ 77,366 | $ 370,485 | $ 23,442 | $ 21,682 | |||
Net Assets: | |||||||
Class A | $ 29,344 | $ 21,145 | $ 2,086 | $ 11,226 | |||
Class C | $ 3,544 | $ 4,671 | $ 98 | $ 812 | |||
Class I | $ 34,847 | $ 269,095 | $ 21,258 | $ 9,553 | |||
Class R6 | $ 9,631 | $ 75,574 | $ — | $ 91 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 2,072,626 | 726,972 | 384,198 | 935,159 | |||
Class C | 250,719 | 171,196 | 18,217 | 67,467 | |||
Class I | 2,460,886 | 9,545,407 | 3,909,727 | 796,431 | |||
Class R6 | 679,069 | 2,663,913 | — | 7,564 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 14.16 | $ 29.09 | $ 5.43 | $ 12.00 | |||
Class C | $ 14.14 | $ 27.28 | $ 5.38 | $ 12.03 | |||
Class I | $ 14.16 | $ 28.19 | $ 5.44 | $ 12.00 | |||
Class R6 | $ 14.18 | $ 28.37 | $ — | $ 12.02 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 14.98 | $ 30.78 | $ 5.75 | $ 12.70 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 77,783 | $ 415,911 | $ 29,064 | $ 6,189 | |||
(2) Investment in affiliates at cost | $ — | $ — | $ — | $ 10,706 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund‡ | KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 390,257 | $ 117,339 | $ 2,377 | $ 201,123 | |||
Investment in affiliated securities at value(2) | — | — | — | 30,310 | |||
Foreign currency at value(3) | — | 224 | — | 288 | |||
Cash | 100 | 1,002 | 50 | 100 | |||
Due from broker | — | 1,261 | — | — | |||
Cash pledged as collateral for futures contracts | — | 7,487 | — | — | |||
Variation margin receivable on futures contracts | — | 64 | — | — | |||
Receivables | |||||||
Investment securities sold | 2,776 | — | — | 327 | |||
Fund shares sold | 438 | — (a) | — | 813 | |||
Receivable from adviser | — | — | 8 | — | |||
Dividends and interest | 1,409 | 14 | 2 | 170 | |||
Tax reclaims | — | — | — (a) | 26 | |||
Prepaid Trustees’ retainer | 6 | 1 | — (a) | 3 | |||
Prepaid expenses | 46 | 24 | 12 | 32 | |||
Other assets | 46 | 13 | — (a) | 27 | |||
Total assets | 395,078 | 127,429 | 2,449 | 233,219 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 473 | 37 | — | 280 | |||
Investment securities purchased | 522 | — | — | 1,950 | |||
Investment advisory fees | 253 | 98 | — | 240 | |||
Distribution and service fees | 28 | 24 | — (a) | 8 | |||
Administration and accounting fees | 37 | 11 | 1 | 21 | |||
Transfer agent and sub-transfer agent fees and expenses | 86 | 29 | — (a) | 73 | |||
Professional fees | 67 | 35 | 26 | 71 | |||
Trustee deferred compensation plan | 46 | 13 | — (a) | 27 | |||
Interest expense and/or commitment fees | 2 | 1 | — (a) | 1 | |||
Other accrued expenses | 35 | 14 | 1 | 30 | |||
Total liabilities | 1,549 | 262 | 28 | 2,701 | |||
Net Assets | $ 393,529 | $ 127,167 | $ 2,421 | $ 230,518 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 249,439 | $ 534,267 | $ 3,468 | $ 295,287 | |||
Accumulated earnings (loss) | 144,090 | (407,100) | (1,047) | (64,769) | |||
Net Assets | $ 393,529 | $ 127,167 | $ 2,421 | $ 230,518 | |||
Net Assets: | |||||||
Class A | $ 107,081 | $ 99,003 | $ 85 | $ 31,637 | |||
Class C | $ 4,181 | $ 4,505 | $ 67 | $ 1,589 | |||
Class I | $ 184,709 | $ 23,207 | $ 80 | $ 196,191 | |||
Class R6 | $ 97,558 | $ 452 | $ 2,189 | $ 1,101 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 5,398,835 | 7,075,819 | 12,500 | 2,814,080 | |||
Class C | 211,005 | 346,890 | 10,000 | 143,343 | |||
Class I | 9,349,994 | 1,623,962 | 11,859 | 17,351,177 | |||
Class R6 | 4,913,906 | 31,334 | 323,141 | 97,435 |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund‡ | KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 19.83 | $ 13.99 | $ 6.75 | $ 11.24 | |||
Class C | $ 19.81 | $ 12.99 | $ 6.69 | $ 11.09 | |||
Class I | $ 19.76 | $ 14.29 | $ 6.77 | $ 11.31 | |||
Class R6 | $ 19.85 | $ 14.42 | $ 6.77 | $ 11.30 | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 20.98 | $ 14.80 | $ 7.14 | $ 11.89 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 274,445 | $ 117,487 | $ 3,160 | $ 249,220 | |||
(2) Investment in affiliates at cost | $ — | $ — | $ — | $ 33,741 | |||
(3) Foreign currency at cost | $ — | $ 217 | $ — | $ 288 |
(a) | Amount is less than $500. |
‡ | Consolidated Statement of Assets and Liabilities |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 919,937 | $ 1,892,514 | $ 626,385 | ||
Investment in affiliates at value(3) | 137,825 | — | — | ||
Foreign currency at value(4) | 748 | 10,321 | 16 | ||
Cash | 22 | 2,003 | 1,002 | ||
Receivables | |||||
Investment securities sold | 23,458 | 8,219 | 9,730 | ||
Fund shares sold | 1,507 | 1,873 | 419 | ||
Dividends | 2,208 | 2,356 | 560 | ||
Tax reclaims | 1,628 | 1,101 | 1,096 | ||
Securities lending income | — | — | — (a) | ||
Foreign captial gains tax refund | — | — | 382 | ||
Prepaid Trustees’ retainer | 14 | 25 | 9 | ||
Prepaid expenses | 43 | — | 36 | ||
Other assets | 134 | 219 | 47 | ||
Total assets | 1,087,524 | 1,918,631 | 639,682 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 3,615 | 5,207 | 640 | ||
Investment securities purchased | 148 | 12,926 | 9,287 | ||
Foreign capital gains tax | — | 590 | — | ||
Redemption facility (See Note 10) | 12,500 | — | — | ||
Collateral on securities loaned | — | — | 263 | ||
Investment advisory fees | 928 | 1,633 | 460 | ||
Distribution and service fees | 27 | 72 | 35 | ||
Administration and accounting fees | 103 | 169 | 56 | ||
Transfer agent and sub-transfer agent fees and expenses | 158 | 565 | 152 | ||
Professional fees | 272 | 304 | 102 | ||
Trustee deferred compensation plan | 134 | 219 | 71 | ||
Interest expense and/or commitment fees | 9 | 15 | 3 | ||
Other accrued expenses | 151 | 327 | 111 | ||
Total liabilities | 18,045 | 22,027 | 11,180 | ||
Net Assets | $ 1,069,479 | $ 1,896,604 | $ 628,502 | ||
Net Assets Consist of: | |||||
Common stock $0.001 par value | $ — | $ — | $ 31 | ||
Capital paid in on shares of beneficial interest | 1,744,949 | 2,379,876 | 601,268 | ||
Accumulated earnings (loss) | (675,470) | (483,272) | 27,203 | ||
Net Assets | $ 1,069,479 | $ 1,896,604 | $ 628,502 | ||
Net Assets: | |||||
Class A | $ 42,670 | $ 193,151 | $ 132,361 | ||
Class C | $ 18,430 | $ 31,378 | $ 6,744 | ||
Class I | $ 927,917 | $ 1,572,456 | $ 440,340 | ||
Class R6 | $ 80,462 | $ 99,619 | $ 49,057 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 3,406,204 | 27,401,003 | 6,460,828 | ||
Class C | 1,503,835 | 4,695,967 | 350,939 | ||
Class I | 73,747,891 | 212,566,265 | 21,395,217 | ||
Class R6 | 6,386,447 | 13,374,939 | 2,377,910 |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | |||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 12.53 | $ 7.05 | $ 20.49 | ||
Class C | $ 12.26 | $ 6.68 | $ 19.22 | ||
Class I | $ 12.58 | $ 7.40 | $ 20.58 | ||
Class R6 | $ 12.60 | $ 7.45 | $ 20.63 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 13.26 | $ 7.46 | $ 21.68 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 1,316,918 | $ 2,057,960 | $ 581,338 | ||
(2) Market value of securities on loan | $ — | $ — | $ 247 | ||
(3) Investment in affiliates at cost | $ 179,108 | $ — | $ — | ||
(4) Foreign currency at cost | $ 732 | $ 10,262 | $ 89 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||
Assets | |||
Investment in securities at value(1) | $ 241,751 | $ 6,118 | |
Foreign currency at value(2) | 373 | — | |
Cash | 1,001 | 50 | |
Receivables | |||
Investment securities sold | — | 44 | |
Fund shares sold | 5,508 | 5 | |
Dividends | 140 | 3 | |
Tax reclaims | 289 | 15 | |
Prepaid Trustees’ retainer | 4 | — (a) | |
Prepaid expenses | 34 | 9 | |
Other assets | 29 | 1 | |
Total assets | 249,129 | 6,245 | |
Liabilities | |||
Due to custodian | — | — (a) | |
Payables | |||
Fund shares repurchased | 237 | 45 | |
Investment securities purchased | 369 | — | |
Investment advisory fees | 170 | 3 | |
Distribution and service fees | 27 | 1 | |
Administration and accounting fees | 23 | 1 | |
Transfer agent and sub-transfer agent fees and expenses | 44 | 2 | |
Professional fees | 54 | 28 | |
Trustee deferred compensation plan | 29 | 1 | |
Interest expense and/or commitment fees | 1 | — (a) | |
Other accrued expenses | 65 | 2 | |
Total liabilities | 1,019 | 83 | |
Net Assets | $ 248,110 | $ 6,162 | |
Net Assets Consist of: | |||
Capital paid in on shares of beneficial interest | $ 194,970 | $ 6,266 | |
Accumulated earnings (loss) | 53,140 | (104) | |
Net Assets | $ 248,110 | $ 6,162 | |
Net Assets: | |||
Class A | $ 87,009 | $ 2,023 | |
Class C | $ 8,393 | $ 207 | |
Class I | $ 96,319 | $ 3,932 | |
Class R6 | $ 56,389 | $ — | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class A | 6,433,179 | 228,434 | |
Class C | 808,663 | 24,666 | |
Class I | 7,067,055 | 442,408 | |
Class R6 | 4,109,538 | — | |
Net Asset Value and Redemption Price Per Share:* | |||
Class A | $ 13.53 | $ 8.86 | |
Class C | $ 10.38 | $ 8.41 | |
Class I | $ 13.63 | $ 8.89 | |
Class R6 | $ 13.72 | $ — |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||
Class A | $ 14.32 | $ 9.38 | |
Maximum Sales Charge - Class A | 5.50% | 5.50% | |
(1) Investment in securities at cost | $ 198,325 | $ 5,784 | |
(2) Foreign currency at cost | $ 371 | $ —(a) |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | Duff & Phelps Real Estate Securities Fund | |||||
Investment Income | |||||||||
Dividends | $ 2,285 | $ 13,537 | $ 1,194 | $ 171 | $ 10,768 | ||||
Dividends from affiliates | — | — | — | 251 | — | ||||
Foreign taxes withheld | (130) | (603) | (99) | — | — | ||||
Total investment income | 2,155 | 12,934 | 1,095 | 422 | 10,768 | ||||
Expenses | |||||||||
Investment advisory fees | 587 | 4,152 | 314 | — (1) | 3,926 | ||||
Distribution and service fees, Class A | 84 | 69 | 8 | 32 | 347 | ||||
Distribution and service fees, Class C | 50 | 62 | 2 | 7 | 60 | ||||
Administration and accounting fees | 97 | 491 | 32 | 32 | 525 | ||||
Transfer agent fees and expenses | 38 | 202 | 13 | 11 | 218 | ||||
Sub-transfer agent fees and expenses, Class A | 30 | 336 | 2 | 13 | 194 | ||||
Sub-transfer agent fees and expenses, Class C | 5 | 6 | — (2) | 1 | 7 | ||||
Sub-transfer agent fees and expenses, Class I | 40 | 396 | 32 | 12 | 344 | ||||
Custodian fees | 2 | 10 | 3 | — (2) | 2 | ||||
Printing fees and expenses | 9 | 36 | 4 | 4 | 33 | ||||
Professional fees | 43 | 103 | 34 | 21 | 102 | ||||
Interest expense and/or commitment fees | 1 | 4 | — (2) | — (2) | 4 | ||||
Registration fees | 47 | 62 | 32 | 44 | 78 | ||||
Trustees’ fees and expenses | 4 | 25 | 2 | 1 | 27 | ||||
Miscellaneous expenses | 9 | 34 | 4 | — | 51 | ||||
Total expenses | 1,046 | 5,988 | 482 | 178 | 5,918 | ||||
Less net expenses reimbursed and/or waived by investment adviser(3) | (7) | (415) | (76) | — (2) | (204) | ||||
Less low balance account fees | — (2) | — (2) | — | — (2) | — (2) | ||||
Net expenses | 1,039 | 5,573 | 406 | 178 | 5,714 | ||||
Net investment income (loss) | 1,116 | 7,361 | 689 | 244 | 5,054 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 7,786 | (1,941) | 586 | (100) | 37,592 | ||||
Investment in affiliates | — | — | — | 53 | — | ||||
Foreign currency transactions | (11) | (97) | (14) | — | — | ||||
Capital gain received from investments in underlying funds | — | — | — | 364 | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | (14,536) | (124,626) | (12,113) | 129 | (118,834) | ||||
Investment in affiliates | — | — | — | (1,692) | — | ||||
Foreign currency transactions | (9) | (51) | (10) | — | — | ||||
Net realized and unrealized gain (loss) on investments | (6,770) | (126,715) | (11,551) | (1,246) | (81,242) | ||||
Net increase (decrease) in net assets resulting from operations | $ (5,654) | $(119,354) | $(10,862) | $(1,002) | $ (76,188) |
(1) | The Adviser does not charge an advisory fee. |
(2) | Amount is less than $500. |
(3) | See Note 4D in Notes to Financial Statements. |
FORT Trend Fund(1) | KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||
Investment Income | |||||||
Dividends | $ 60 | $ 65 | $ 6,470 | $ 40,896 | |||
Dividends from affiliates | — | — | 1,478 | 8,248 | |||
Interest | 797 | — | — | — | |||
Foreign taxes withheld | — | (7) | (1,047) | (5,243) | |||
Total investment income | 857 | 58 | 6,901 | 43,901 | |||
Expenses | |||||||
Investment advisory fees | 1,422 (2) | 27 | 3,908 | 20,187 | |||
Distribution and service fees, Class A | 262 | — (3) | 107 | 185 | |||
Distribution and service fees, Class C | 102 | 1 | 21 | 322 | |||
Administration and accounting fees | 151 | 11 | 329 | 2,222 | |||
Transfer agent fees and expenses | 61 | 1 | 133 | 921 | |||
Sub-transfer agent fees and expenses, Class A | 100 | — | 50 | 73 | |||
Sub-transfer agent fees and expenses, Class C | 14 | — | 4 | 32 | |||
Sub-transfer agent fees and expenses, Class I | 27 | — (3) | 318 | 1,805 | |||
Custodian fees | — (3) | 2 | 35 | 129 | |||
Printing fees and expenses | 15 | 2 | 28 | 156 | |||
Professional fees | 55 | 23 | 87 | 505 | |||
Interest expense and/or commitment fees | 1 | — (3) | 3 | 36 | |||
Registration fees | 45 | 52 | 98 | 148 | |||
Trustees’ fees and expenses | 7 | — (3) | 18 | 128 | |||
Miscellaneous expenses | 27 | 6 | 27 | 168 | |||
Total expenses | 2,289 | 125 | 5,166 | 27,017 | |||
Less net expenses reimbursed and/or waived by investment adviser(4) | — | (90) | (109) | — | |||
Less low balance account fees | — (3) | — | — | — | |||
Plus net expenses recaptured(4) | 15 | — | — | — | |||
Net expenses | 2,304 | 35 | 5,057 | 27,017 | |||
Net investment income (loss) | (1,447) | 23 | 1,844 | 16,884 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | 148 | (271) | 4,078 | (76,960) | |||
Investment in affiliates | — | — | (8,813) | (80,362) | |||
Foreign currency transactions | (84) | (1) | (184) | (1,256) | |||
Foreign capital gains tax | — | — | (126) | — | |||
Futures | (13,042) | — | — | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (151) | (674) | (133,120) | (885,235) | |||
Investment in affiliates | — | — | 14,504 | (198,316) | |||
Foreign currency transactions | 7 | — (3) | (6) | (613) | |||
Foreign capital gains tax | — | — | 2,624 | — | |||
Futures | 9,981 | — | — | — | |||
Net realized and unrealized gain (loss) on investments | (3,141) | (946) | (121,043) | (1,242,742) | |||
Net increase (decrease) in net assets resulting from operations | $ (4,588) | $(923) | $(119,199) | $(1,225,858) |
(1) | Consolidated Statement of Operations |
(2) | See Note 4A in Notes to Financial Statements. |
(3) | Amount is less than $500. |
(4) | See Note 4D in Notes to Financial Statements. |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||
Investment Income | |||||||
Dividends | $ 62,840 | $ 9,321 | $ 3,811 | $ 123 | |||
Securities lending, net of fees | 7 | 26 | 4 | — (1) | |||
Foreign taxes withheld | (8,951) | (1,083) | (272) | (16) | |||
Total investment income | 53,896 | 8,264 | 3,543 | 107 | |||
Expenses | |||||||
Investment advisory fees | 30,442 | 7,569 | 2,905 | 72 | |||
Distribution and service fees, Class A | 698 | 445 | 287 | 7 | |||
Distribution and service fees, Class C | 525 | 120 | 144 | 3 | |||
Administration and accounting fees | 3,122 | 888 | 346 | 16 | |||
Transfer agent fees and expenses | 1,312 | 380 | 148 | 1 | |||
Sub-transfer agent fees and expenses, Class A | 463 | 178 | 87 | 3 | |||
Sub-transfer agent fees and expenses, Class C | 64 | 12 | 12 | — (1) | |||
Sub-transfer agent fees and expenses, Class I | 2,280 | 601 | 121 | 6 | |||
Custodian fees | 279 | 42 | 12 | 2 | |||
Printing fees and expenses | 200 | 66 | 23 | 2 | |||
Professional fees | 448 | 162 | 82 | 30 | |||
Interest expense and/or commitment fees | 66 | 10 | 4 | — (1) | |||
Registration fees | 114 | 80 | 64 | 27 | |||
Trustees’ fees and expenses | 183 | 48 | 19 | — (1) | |||
Miscellaneous expenses | 341 | 105 | 49 | 1 | |||
Total expenses | 40,537 | 10,706 | 4,303 | 170 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (226) | (443) | (221) | (64) | |||
Less low balance account fees | — | (1) | (1) | — | |||
Net expenses | 40,311 | 10,262 | 4,081 | 106 | |||
Net investment income (loss) | 13,585 | (1,998) | (538) | 1 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (84,014) | 15,569 | 23,473 | (300) | |||
Foreign currency transactions | (2,886) | (721) | (135) | (1) | |||
Foreign capital gains tax | (25,862) | (1,018) | (264) | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (766,574) | (273,089) | (104,148) | (2,357) | |||
Foreign currency transactions | (130) | (140) | (19) | (1) | |||
Foreign capital gains tax | 42,641 | 2,834 | 699 | — | |||
Net realized and unrealized gain (loss) on investments | (836,825) | (256,565) | (80,394) | (2,659) | |||
Net increase (decrease) in net assets resulting from operations | $(823,240) | $(258,563) | $ (80,932) | $(2,658) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,116 | $ 849 | $ 7,361 | $ 4,658 | |||
Net realized gain (loss) | 7,775 | 4,483 | (2,038) | 12,877 | |||
Net change in unrealized appreciation (depreciation) | (14,545) | 5,783 | (124,677) | 66,949 | |||
Increase (decrease) in net assets resulting from operations | (5,654) | 11,115 | (119,354) | 84,484 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,936) | (717) | (814) | — | |||
Class C | (273) | (133) | (132) | — | |||
Class I | (2,497) | (908) | (12,094) | (974) | |||
Class R6 | (682) | (255) | (3,450) | (407) | |||
Total dividends and distributions to shareholders | (5,388) | (2,013) | (16,490) | (1,381) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 1,679 | (1,915) | 1,543 | 2,118 | |||
Class C | (1,501) | (5,287) | 918 | (2,430) | |||
Class I | (132) | 3,057 | 25,272 | 117,646 | |||
Class R6 | 917 | 543 | 11,094 | 18,626 | |||
Increase (decrease) in net assets from capital transactions | 963 | (3,602) | 38,827 | 135,960 | |||
Net increase (decrease) in net assets | (10,079) | 5,500 | (97,017) | 219,063 | |||
Net Assets | |||||||
Beginning of period | 87,445 | 81,945 | 467,502 | 248,439 | |||
End of Period | $ 77,366 | $ 87,445 | $ 370,485 | $ 467,502 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 689 | $ 583 | $ 244 | $ 66 | |||
Net realized gain (loss) | 572 | 938 | 317 | 1,049 | |||
Net change in unrealized appreciation (depreciation) | (12,123) | 3,481 | (1,563) | 3,861 | |||
Increase (decrease) in net assets resulting from operations | (10,862) | 5,002 | (1,002) | 4,976 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (54) | — | (95) | (84) | |||
Class C | — | — | (3) | — | |||
Class I | (516) | — | (84) | (81) | |||
Total dividends and distributions to shareholders | (570) | — | (182) | (165) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (473) | 1,489 | (910) | (2,018) | |||
Class C | (108) | (341) | 460 | (286) | |||
Class I | 949 | 457 | 497 | (1,115) | |||
Class R6 | — | — | 100 | — | |||
Increase (decrease) in net assets from capital transactions | 368 | 1,605 | 147 | (3,419) | |||
Net increase (decrease) in net assets | (11,064) | 6,607 | (1,037) | 1,392 | |||
Net Assets | |||||||
Beginning of period | 34,506 | 27,899 | 22,719 | 21,327 | |||
End of Period | $ 23,442 | $ 34,506 | $ 21,682 | $ 22,719 |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022(1) | Year Ended September 30, 2021(1) | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 5,054 | $ 4,712 | $ (1,447) | $ (2,946) | |||
Net realized gain (loss) | 37,592 | 23,945 | (12,978) | 4,437 | |||
Net change in unrealized appreciation (depreciation) | (118,834) | 142,614 | 9,837 | (2,091) | |||
Increase (decrease) in net assets resulting from operations | (76,188) | 171,271 | (4,588) | (600) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (6,201) | (7,694) | — | — | |||
Class C | (231) | (351) | — | — | |||
Class I | (11,149) | (12,799) | — | — | |||
Class R6 | (7,479) | (7,731) | — | — | |||
Total dividends and distributions to shareholders | (25,060) | (28,575) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (9,319) | (108,143) | (6,108) | 5,088 | |||
Class C | (919) | (2,944) | (12,383) | (44,433) | |||
Class I | 518 | (99,443) | (5,840) | (10,302) | |||
Class R6 | (31,411) | 71,200 | (196) | (40) | |||
Increase (decrease) in net assets from capital transactions | (41,131) | (139,330) | (24,527) | (49,687) | |||
Net increase (decrease) in net assets | (142,379) | 3,366 | (29,115) | (50,287) | |||
Net Assets | |||||||
Beginning of period | 535,908 | 532,542 | 156,282 | 206,569 | |||
End of Period | $ 393,529 | $ 535,908 | $ 127,167 | $ 156,282 |
(1) | Consolidated Statement of Changes in Net Assets. |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||
Year Ended September 30, 2022 | From Inception June 22, 2021 to September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 23 | $ 3 | $ 1,844 | $ 697 | |||
Net realized gain (loss) | (272) | (2) | (5,045) | 25,184 | |||
Net change in unrealized appreciation (depreciation) | (674) | (109) | (115,998) | 20,777 | |||
Increase (decrease) in net assets resulting from operations | (923) | (108) | (119,199) | 46,658 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (—) (1) | — | (4,302) | (503) | |||
Class C | (—) (1) | — | (175) | (10) | |||
Class I | (1) | — | (27,544) | (2,695) | |||
Class R6 | (15) | — | (99) | (2) | |||
Total dividends and distributions to shareholders | (16) | — | (32,120) | (3,210) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 19 | 100 | (6,203) | 9,717 | |||
Class C | — | 100 | 18 | 1,089 | |||
Class I | 16 | 100 | (34,298) | 144,668 | |||
Class R6 | 433 | 2,700 | 380 | 1,057 | |||
Increase (decrease) in net assets from capital transactions | 468 | 3,000 | (40,103) | 156,531 | |||
Net increase (decrease) in net assets | (471) | 2,892 | (191,422) | 199,979 | |||
Net Assets | |||||||
Beginning of period | 2,892 | — | 421,940 | 221,961 | |||
End of Period | $ 2,421 | $ 2,892 | $ 230,518 | $ 421,940 |
(1) | Amount is less than $500. |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 16,884 | $ 12,876 | $ 13,585 | $ (3,341) | |||
Net realized gain (loss) | (158,578) | 154,363 | (112,762) | 941,257 | |||
Net increase from payment by affiliate | — | 81 | — | — | |||
Net change in unrealized appreciation (depreciation) | (1,084,164) | 453,864 | (724,063) | (347,650) | |||
Increase (decrease) in net assets resulting from operations | (1,225,858) | 621,184 | (823,240) | 590,266 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (7,342) | (842) | (66,729) | (1,489) | |||
Class C | (2,873) | (123) | (13,137) | — | |||
Class I | (211,939) | (24,779) | (656,363) | (35,907) | |||
Class R6 | (22,516) | (2,466) | (30,881) | (1,604) | |||
Total dividends and distributions to shareholders | (244,670) | (28,210) | (767,110) | (39,000) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (10,312) | (422) | (26,317) | (36,686) | |||
Class C | (3,254) | (805) | (13,973) | (37,190) | |||
Class I | (484,904) | 460,825 | (1,199,214) | (1,547,829) | |||
Class R6 | (67,539) | 161,171 | (37,502) | (12,971) | |||
Increase (decrease) in net assets from capital transactions | (566,009) | 620,769 | (1,277,006) | (1,634,676) | |||
Net increase (decrease) in net assets | (2,036,537) | 1,213,743 | (2,867,356) | (1,083,410) | |||
Net Assets | |||||||
Beginning of period | 3,106,016 | 1,892,273 | 4,763,960 | 5,847,370 | |||
End of Period | $ 1,069,479 | $ 3,106,016 | $ 1,896,604 | $ 4,763,960 |
Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | ||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (1,998) | $ (2,146) | $ (538) | $ (1,103) | |||
Net realized gain (loss) | 13,830 | 211,266 | 23,074 | 59,713 | |||
Net change in unrealized appreciation (depreciation) | (270,395) | (23,283) | (103,468) | 8,656 | |||
Increase (decrease) in net assets resulting from operations | (258,563) | 185,837 | (80,932) | 67,266 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (40,624) | (12,411) | (22,330) | (2,494) | |||
Class C | (3,281) | (2,092) | (3,698) | (678) | |||
Class I | (156,089) | (55,581) | (26,621) | (3,522) | |||
Class R6 | (12,796) | (5,866) | (15,811) | (1,766) | |||
Total dividends and distributions to shareholders | (212,790) | (75,950) | (68,460) | (8,460) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 20,737 | 9,257 | 6,881 | 2,357 | |||
Class C | (4,652) | (14,341) | (4,445) | (9,061) | |||
Class I | (22,026) | (62,500) | (24,753) | (718) | |||
Class R6 | 13,208 | (25,630) | 1,948 | (14,285) | |||
Increase (decrease) in net assets from capital transactions | 7,267 | (93,214) | (20,369) | (21,707) | |||
Net increase (decrease) in net assets | (464,086) | 16,673 | (169,761) | 37,099 | |||
Net Assets | |||||||
Beginning of period | 1,092,588 | 1,075,915 | 417,871 | 380,772 | |||
End of Period | $ 628,502 | $ 1,092,588 | $ 248,110 | $ 417,871 |
Vontobel Greater European Opportunities Fund | |||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 1 | $ — | |
Net realized gain (loss) | (301) | 323 | |
Net change in unrealized appreciation (depreciation) | (2,358) | 1,169 | |
Increase (decrease) in net assets resulting from operations | (2,658) | 1,492 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (114) | (67) | |
Class C | (15) | (25) | |
Class I | (283) | (229) | |
Total dividends and distributions to shareholders | (412) | (321) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | 97 | 1,060 | |
Class C | (66) | (109) | |
Class I | (599) | 3,200 | |
Increase (decrease) in net assets from capital transactions | (568) | 4,151 | |
Net increase (decrease) in net assets | (3,638) | 5,322 | |
Net Assets | |||
Beginning of period | 9,800 | 4,478 | |
End of Period | $ 6,162 | $ 9,800 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Global Infrastructure Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $16.17 | 0.18 | — | (1.20) | (1.02) | (0.15) | (0.84) | (0.99) | — | (2.01) | $14.16 | (7.07) % | $ 29,344 | 1.27 % (6) | 1.27 % | 1.12 % | 37 % | |
10/1/20 to 9/30/21 | 14.54 | 0.14 | — | 1.84 | 1.98 | (0.17) | (0.18) | (0.35) | — | 1.63 | 16.17 | 13.75 | 31,857 | 1.28 | 1.28 | 0.86 | 28 | |
10/1/19 to 9/30/20 | 16.26 | 0.20 | — | (1.17) | (0.97) | (0.23) | (0.52) | (0.75) | — | (1.72) | 14.54 | (6.11) | 30,172 | 1.27 | 1.27 | 1.35 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.25 | — | 2.38 | 2.63 | (0.27) | (0.55) | (0.82) | — | 1.81 | 16.26 | 19.13 | 37,533 | 1.26 | 1.26 | 1.69 | 30 | |
10/1/17 to 9/30/18 | 15.00 | 0.28 | — | (0.39) | (0.11) | (0.29) | (0.15) | (0.44) | — | (0.55) | 14.45 | (0.75) | 32,466 | 1.25 | 1.25 | 1.91 | 36 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $16.14 | 0.05 | — | (1.20) | (1.15) | (0.01) | (0.84) | (0.85) | — | (2.00) | $14.14 | (7.78) % | $ 3,544 | 2.04 % (6) | 2.04 % | 0.32 % | 37 % | |
10/1/20 to 9/30/21 | 14.50 | 0.02 | — | 1.84 | 1.86 | (0.04) | (0.18) | (0.22) | — | 1.64 | 16.14 | 12.92 | 5,525 | 2.02 | 2.02 | 0.11 | 28 | |
10/1/19 to 9/30/20 | 16.20 | 0.09 | — | (1.16) | (1.07) | (0.11) | (0.52) | (0.63) | — | (1.70) | 14.50 | (6.83) | 9,833 | 2.03 | 2.03 | 0.59 | 31 | |
10/1/18 to 9/30/19 | 14.39 | 0.14 | — | 2.37 | 2.51 | (0.15) | (0.55) | (0.70) | — | 1.81 | 16.20 | 18.32 | 15,046 | 2.01 | 2.01 | 0.97 | 30 | |
10/1/17 to 9/30/18 | 14.94 | 0.17 | — | (0.39) | (0.22) | (0.18) | (0.15) | (0.33) | — | (0.55) | 14.39 | (1.54) | 17,972 | 2.00 | 2.00 | 1.16 | 36 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $16.17 | 0.22 | — | (1.21) | (0.99) | (0.18) | (0.84) | (1.02) | — | (2.01) | $14.16 | (6.84) % | $ 34,847 | 1.03 % (6) | 1.03 % | 1.36 % | 37 % | |
10/1/20 to 9/30/21 | 14.54 | 0.18 | — | 1.85 | 2.03 | (0.22) | (0.18) | (0.40) | — | 1.63 | 16.17 | 14.07 | 39,955 | 1.01 | 1.01 | 1.15 | 28 | |
10/1/19 to 9/30/20 | 16.27 | 0.24 | — | (1.19) | (0.95) | (0.26) | (0.52) | (0.78) | — | (1.73) | 14.54 | (5.94) | 33,326 | 1.04 | 1.04 | 1.61 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.29 | — | 2.39 | 2.68 | (0.31) | (0.55) | (0.86) | — | 1.82 | 16.27 | 19.50 | 50,089 | 1.02 | 1.02 | 1.94 | 30 | |
10/1/17 to 9/30/18 | 15.00 | 0.31 | — | (0.38) | (0.07) | (0.33) | (0.15) | (0.48) | — | (0.55) | 14.45 | (0.52) | 30,488 | 1.01 | 1.01 | 2.12 | 36 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $16.20 | 0.25 | — | (1.22) | (0.97) | (0.21) | (0.84) | (1.05) | — | (2.02) | $14.18 | (6.74) % | $ 9,631 | 0.87 % (6) | 0.93 % | 1.53 % | 37 % | |
10/1/20 to 9/30/21 | 14.55 | 0.21 | — | 1.85 | 2.06 | (0.23) | (0.18) | (0.41) | — | 1.65 | 16.20 | 14.30 | 10,108 | 0.85 | 0.92 | 1.31 | 28 | |
10/1/19 to 9/30/20 | 16.27 | 0.26 | — | (1.18) | (0.92) | (0.28) | (0.52) | (0.80) | — | (1.72) | 14.55 | (5.75) | 8,614 | 0.85 | 0.94 | 1.74 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.30 | — | 2.39 | 2.69 | (0.32) | (0.55) | (0.87) | — | 1.82 | 16.27 | 19.60 | 9,436 | 0.91 (7) | 0.93 | 2.02 | 30 | |
1/30/18 (8) to 9/30/18 | 15.06 | 0.23 | — | (0.60) | (0.37) | (0.24) | — | (0.24) | — | (0.61) | 14.45 | (2.44) | 11,561 | 0.93 | 0.93 | 2.41 | 36 (9) | |
Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $39.17 | 0.47 | — | (9.38) | (8.91) | (0.47) | (0.70) | (1.17) | — | (10.08) | $29.09 | (23.66) % | $ 21,145 | 1.41 % (6) | 2.51 % | 1.23 % | 17 % | |
10/1/20 to 9/30/21 | 29.50 | 0.41 | — | 9.26 | 9.67 | — | — | — | — | 9.67 | 39.17 | 32.78 | 27,127 | 1.40 | 2.65 | 1.14 | 17 | |
10/1/19 to 9/30/20 | 34.82 | 0.41 | — | (3.66) | (3.25) | (1.29) | (0.78) | (2.07) | — | (5.32) | 29.50 | (10.01) | 18,740 | 1.40 | 2.59 | 1.34 | 32 | |
10/1/18 to 9/30/19 | 30.30 | 0.51 | — | 4.46 | 4.97 | (0.44) | (0.01) | (0.45) | — | 4.52 | 34.82 | 16.72 | 21,612 | 1.40 | 2.61 | 1.63 | 31 | |
10/1/17 to 9/30/18 | 28.64 | 0.74 | — | 1.38 | 2.12 | (0.40) | (0.06) | (0.46) | — | 1.66 | 30.30 | 7.48 | 19,470 | 1.40 | 2.51 | 2.53 | 41 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $36.81 | 0.20 | — | (8.86) | (8.66) | (0.17) | (0.70) | (0.87) | — | (9.53) | $27.28 | (24.25) % | $ 4,671 | 2.16 % (6)(10)(11) | 2.15 % | 0.56 % | 17 % | |
10/1/20 to 9/30/21 | 27.93 | 0.23 | — | 8.65 | 8.88 | — | — | — | — | 8.88 | 36.81 | 31.79 | 5,531 | 2.15 | 2.16 | 0.70 | 17 | |
10/1/19 to 9/30/20 | 33.42 | 0.16 | — | (3.47) | (3.31) | (1.40) | (0.78) | (2.18) | — | (5.49) | 27.93 | (10.67) | 6,297 | 2.15 | 2.19 | 0.53 | 32 | |
10/1/18 to 9/30/19 | 29.50 | 0.25 | — | 4.29 | 4.54 | (0.61) | (0.01) | (0.62) | — | 3.92 | 33.42 | 15.84 | 9,399 | 2.15 | 2.20 | 0.84 | 31 | |
10/1/17 to 9/30/18 | 28.12 | 0.50 | — | 1.36 | 1.86 | (0.42) | (0.06) | (0.48) | — | 1.38 | 29.50 | 6.68 | 9,580 | 2.15 | 2.21 | 1.73 | 41 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Global Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $38.04 | 0.55 | — | (9.09) | (8.54) | (0.61) | (0.70) | (1.31) | — | (9.85) | $28.19 | (23.48) % | $ 269,095 | 1.16 % (6)(10)(11) | 1.16 % | 1.48 % | 17 % | |
10/1/20 to 9/30/21 | 28.73 | 0.46 | — | 9.02 | 9.48 | (0.17) | — | (0.17) | — | 9.31 | 38.04 | 33.13 | 344,063 | 1.15 (10)(11) | 1.14 | 1.29 | 17 | |
10/1/19 to 9/30/20 | 34.33 | 0.47 | — | (3.54) | (3.07) | (1.75) | (0.78) | (2.53) | — | (5.60) | 28.73 | (9.79) | 168,410 | 1.15 | 1.20 | 1.55 | 32 | |
10/1/18 to 9/30/19 | 30.33 | 0.59 | — | 4.35 | 4.94 | (0.93) | (0.01) | (0.94) | — | 4.00 | 34.33 | 17.01 | 206,723 | 1.15 | 1.19 | 1.90 | 31 | |
10/1/17 to 9/30/18 | 28.77 | 0.80 | — | 1.39 | 2.19 | (0.57) | (0.06) | (0.63) | — | 1.56 | 30.33 | 7.70 | 145,648 | 1.15 | 1.19 | 2.72 | 41 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $38.26 | 0.64 | — | (9.13) | (8.49) | (0.70) | (0.70) | (1.40) | — | (9.89) | $28.37 | (23.27) % | $ 75,574 | 0.91 % (6) | 1.05 % | 1.74 % | 17 % | |
10/1/20 to 9/30/21 | 28.86 | 0.61 | — | 9.00 | 9.61 | (0.21) | — | (0.21) | — | 9.40 | 38.26 | 33.46 | 90,781 | 0.89 | 1.04 | 1.73 | 17 | |
10/1/19 to 9/30/20 | 34.41 | 0.65 | — | (3.64) | (2.99) | (1.78) | (0.78) | (2.56) | — | (5.55) | 28.86 | (9.52) | 54,992 | 0.89 | 1.09 | 2.29 | 32 | |
10/1/18 to 9/30/19 | 30.37 | 0.54 | — | 4.47 | 5.01 | (0.96) | (0.01) | (0.97) | — | 4.04 | 34.41 | 17.23 | 2,893 | 0.94 (7) | 1.08 | 1.75 | 31 | |
10/1/17 to 9/30/18 | 28.79 | 0.86 | — | 1.38 | 2.24 | (0.60) | (0.06) | (0.66) | — | 1.58 | 30.37 | 7.90 | 6,611 | 1.00 (7) | 1.09 | 2.92 | 41 | |
Duff & Phelps International Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 8.11 | 0.14 | — | (2.70) | (2.56) | (0.12) | — | (0.12) | — | (2.68) | $ 5.43 | (32.02) % | $ 2,086 | 1.51 % (6) | 1.73 % | 1.90 % | 24 % | |
10/1/20 to 9/30/21 | 6.79 | 0.14 | — | 1.18 | 1.32 | — | — | — | — | 1.32 | 8.11 | 19.44 | 3,612 | 1.50 | 1.75 | 1.69 | 71 | |
10/1/19 to 9/30/20 | 7.96 | 0.09 | — | (0.63) | (0.54) | (0.63) | — | (0.63) | — | (1.17) | 6.79 | (7.72) | 1,843 | 1.50 | 1.75 | 1.32 | 34 | |
10/1/18 to 9/30/19 | 7.41 | 0.14 | — | 0.68 | 0.82 | (0.27) | — | (0.27) | — | 0.55 | 7.96 | 11.65 | 2,318 | 1.50 | 1.71 | 1.87 | 34 | |
10/1/17 to 9/30/18 | 6.93 | 0.30 | — | 0.30 | 0.60 | (0.12) | — | (0.12) | — | 0.48 | 7.41 | 8.72 | 2,145 | 1.50 | 1.85 | 4.07 | 38 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 7.98 | 0.09 | — | (2.69) | (2.60) | — | — | — | — | (2.60) | $ 5.38 | (32.58) % | $ 98 | 2.26 % (6) | 2.56 % | 1.22 % | 24 % | |
10/1/20 to 9/30/21 | 6.73 | 0.06 | — | 1.19 | 1.25 | — | — | — | — | 1.25 | 7.98 | 18.57 | 273 | 2.25 | 2.57 | 0.74 | 71 | |
10/1/19 to 9/30/20 | 7.92 | 0.04 | — | (0.63) | (0.59) | (0.60) | — | (0.60) | — | (1.19) | 6.73 | (8.37) | 526 | 2.25 | 2.50 | 0.61 | 34 | |
10/1/18 to 9/30/19 | 7.38 | 0.08 | — | 0.68 | 0.76 | (0.22) | — | (0.22) | — | 0.54 | 7.92 | 10.84 | 736 | 2.25 | 2.44 | 1.06 | 34 | |
10/1/17 to 9/30/18 | 6.89 | 0.25 | — | 0.30 | 0.55 | (0.06) | — | (0.06) | — | 0.49 | 7.38 | 7.97 | 945 | 2.25 | 2.59 | 3.35 | 38 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 8.11 | 0.17 | — | (2.71) | (2.54) | (0.13) | — | (0.13) | — | (2.67) | $ 5.44 | (31.81) % | $ 21,258 | 1.26 % (6) | 1.51 % | 2.23 % | 24 % | |
10/1/20 to 9/30/21 | 6.78 | 0.15 | — | 1.18 | 1.33 | — | — | — | — | 1.33 | 8.11 | 19.62 | 30,621 | 1.25 | 1.51 | 1.89 | 71 | |
10/1/19 to 9/30/20 | 7.93 | 0.11 | — | (0.62) | (0.51) | (0.64) | — | (0.64) | — | (1.15) | 6.78 | (7.37) | 25,530 | 1.25 | 1.49 | 1.50 | 34 | |
10/1/18 to 9/30/19 | 7.40 | 0.16 | — | 0.67 | 0.83 | (0.30) | — | (0.30) | — | 0.53 | 7.93 | 11.84 | 51,060 | 1.25 | 1.44 | 2.10 | 34 | |
10/1/17 to 9/30/18 | 6.94 | 0.28 | — | 0.34 | 0.62 | (0.16) | — | (0.16) | — | 0.46 | 7.40 | 9.03 | 39,992 | 1.25 | 1.53 | 3.74 | 38 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Real Asset Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.55 | 0.13 | 0.02 | (0.60) | (0.45) | (0.10) | — | (0.10) | — | (0.55) | $12.00 | (3.64) % | $ 11,226 | 0.81 % (6) | 0.81 % | 0.99 % | 17 % | |
10/1/20 to 9/30/21 | 10.10 | 0.02 | 0.03 | 2.47 | 2.52 | (0.07) | — | (0.07) | — | 2.45 | 12.55 | 25.10 | 12,674 | 0.85 (6) | 0.85 | 0.19 | 14 | |
10/1/19 to 9/30/20 | 11.38 | 0.27 | 0.26 | (1.46) | (0.93) | (0.35) | — | (0.35) | — | (1.28) | 10.10 | (8.50) | 11,964 | 1.05 (6) | 1.05 | 2.57 | 75 | |
10/1/18 to 9/30/19 | 11.63 | 0.14 | 0.16 | (0.31) | (0.01) | (0.24) | — | (0.24) | — | (0.25) | 11.38 | 0.18 | 15,897 | 0.76 | 0.76 | 1.25 | 13 | |
10/1/17 to 9/30/18 | 11.05 | 0.12 | 0.13 | 0.44 | 0.69 | (0.11) | — | (0.11) | — | 0.58 | 11.63 | 6.25 | 10,348 | 0.71 | 0.71 | 1.06 | 17 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.64 | (0.11) | 0.02 | (0.45) | (0.54) | (0.07) | — | (0.07) | — | (0.61) | $12.03 | (4.28) % | $ 812 | 1.57 % (6) | 1.57 % | (0.82) % | 17 % | |
10/1/20 to 9/30/21 | 10.19 | (0.04) | 0.03 | 2.46 | 2.45 | — | — | — | — | 2.45 | 12.64 | 24.04 | 435 | 1.68 (6) | 1.68 | (0.33) | 14 | |
10/1/19 to 9/30/20 | 11.32 | 0.31 | 0.26 | (1.60) | (1.03) | (0.10) | — | (0.10) | — | (1.13) | 10.19 | (9.17) | 604 | 1.74 (6) | 1.74 | 2.85 | 75 | |
10/1/18 to 9/30/19 | 11.50 | 0.27 | 0.16 | (0.52) | (0.09) | (0.09) | — | (0.09) | — | (0.18) | 11.32 | (0.65) | 2,126 | 1.50 | 1.50 | 2.44 | 13 | |
10/1/17 to 9/30/18 | 10.97 | 0.04 | 0.14 | 0.41 | 0.59 | (0.06) | — | (0.06) | — | 0.53 | 11.50 | 5.40 | 9,948 | 1.46 | 1.46 | 0.39 | 17 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.52 | 0.15 | 0.02 | (0.58) | (0.41) | (0.11) | — | (0.11) | — | (0.52) | $12.00 | (3.35) % | $ 9,553 | 0.57 % (6) | 0.57 % | 1.12 % | 17 % | |
10/1/20 to 9/30/21 | 10.07 | 0.05 | 0.03 | 2.47 | 2.55 | (0.10) | — | (0.10) | — | 2.45 | 12.52 | 25.47 | 9,610 | 0.60 (6) | 0.60 | 0.46 | 14 | |
10/1/19 to 9/30/20 | 11.35 | 0.48 | 0.26 | (1.64) | (0.90) | (0.38) | — | (0.38) | — | (1.28) | 10.07 | (8.32) | 8,759 | 0.72 (6) | 0.72 | 4.52 | 75 | |
10/1/18 to 9/30/19 | 11.62 | 0.25 | 0.16 | (0.39) | 0.02 | (0.29) | — | (0.29) | — | (0.27) | 11.35 | 0.44 | 21,018 | 0.51 | 0.51 | 2.26 | 13 | |
10/1/17 to 9/30/18 | 11.03 | 0.16 | 0.13 | 0.42 | 0.71 | (0.12) | — | (0.12) | — | 0.59 | 11.62 | 6.49 | 20,225 | 0.45 | 0.45 | 1.43 | 17 | |
Class R6 | ||||||||||||||||||
1/31/22 (8) to 9/30/22 | $13.22 | (0.14) | 0.02 | (1.08) | (1.20) | — | — | — | — | (1.20) | $12.02 | (9.08) % | $ 91 | 0.22 % (6) | 0.54 % | (1.57) % | 17 % | |
Duff & Phelps Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.94 | 0.18 | — | (4.16) | (3.98) | (0.24) | (0.89) | (1.13) | — | (5.11) | $19.83 | (17.05) % | $ 107,081 | 1.34 % (6) | 1.34 % | 0.73 % | 14 % | |
10/1/20 to 9/30/21 | 18.82 | 0.22 | — | 7.10 | 7.32 | (0.46) | (0.74) | (1.20) | — | 6.12 | 24.94 | 40.33 | 143,841 | 1.36 | 1.36 | 0.98 | 14 | |
10/1/19 to 9/30/20 | 26.33 | 0.26 | — | (3.23) | (2.97) | (0.33) | (4.21) | (4.54) | — | (7.51) | 18.82 | (12.99) | 209,309 | 1.35 | 1.35 | 1.25 | 40 | |
10/1/18 to 9/30/19 | 26.76 | 0.37 | — | 3.34 | 3.71 | (0.42) | (3.72) | (4.14) | — | (0.43) | 26.33 | 17.33 | 175,112 | 1.38 | 1.38 | 1.50 | 30 | |
10/1/17 to 9/30/18 | 30.43 | 0.31 | — | 0.75 | 1.06 | (0.30) | (4.43) | (4.73) | — | (3.67) | 26.76 | 4.03 | 216,062 | 1.38 | 1.38 | 1.16 | 12 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.90 | (0.01) | — | (4.13) | (4.14) | (0.06) | (0.89) | (0.95) | — | (5.09) | $19.81 | (17.64) % | $ 4,181 | 2.06 % (6) | 2.06 % | (0.03) % | 14 % | |
10/1/20 to 9/30/21 | 18.79 | 0.10 | — | 7.04 | 7.14 | (0.29) | (0.74) | (1.03) | — | 6.11 | 24.90 | 39.32 | 6,244 | 2.08 | 2.08 | 0.43 | 14 | |
10/1/19 to 9/30/20 | 26.26 | 0.08 | — | (3.18) | (3.10) | (0.16) | (4.21) | (4.37) | — | (7.47) | 18.79 | (13.65) | 7,280 | 2.11 | 2.11 | 0.38 | 40 | |
10/1/18 to 9/30/19 | 26.69 | 0.19 | — | 3.32 | 3.51 | (0.22) | (3.72) | (3.94) | — | (0.43) | 26.26 | 16.49 | 12,325 | 2.09 | 2.09 | 0.78 | 30 | |
10/1/17 to 9/30/18 | 30.35 | 0.12 | — | 0.76 | 0.88 | (0.11) | (4.43) | (4.54) | — | (3.66) | 26.69 | 3.28 | 26,643 | 2.07 | 2.07 | 0.45 | 12 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.85 | 0.25 | — | (4.14) | (3.89) | (0.31) | (0.89) | (1.20) | — | (5.09) | $19.76 | (16.80) % | $ 184,709 | 1.09 % (6) | 1.09 % | 0.98 % | 14 % | |
10/1/20 to 9/30/21 | 18.76 | 0.20 | — | 7.16 | 7.36 | (0.53) | (0.74) | (1.27) | — | 6.09 | 24.85 | 40.73 | 234,084 | 1.09 | 1.09 | 0.92 | 14 | |
10/1/19 to 9/30/20 | 26.28 | 0.30 | — | (3.23) | (2.93) | (0.38) | (4.21) | (4.59) | — | (7.52) | 18.76 | (12.80) | 272,248 | 1.10 | 1.10 | 1.43 | 40 | |
10/1/18 to 9/30/19 | 26.71 | 0.44 | — | 3.34 | 3.78 | (0.49) | (3.72) | (4.21) | — | (0.43) | 26.28 | 17.73 | 373,801 | 1.09 | 1.09 | 1.81 | 30 | |
10/1/17 to 9/30/18 | 30.39 | 0.40 | — | 0.73 | 1.13 | (0.38) | (4.43) | (4.81) | — | (3.68) | 26.71 | 4.31 | 437,179 | 1.08 | 1.08 | 1.49 | 12 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.96 | 0.31 | — | (4.16) | (3.85) | (0.37) | (0.89) | (1.26) | — | (5.11) | $19.85 | (16.57) % | $ 97,558 | 0.80 % (6) | 0.95 % | 1.21 % | 14 % | |
10/1/20 to 9/30/21 | 18.81 | 0.20 | — | 7.26 | 7.46 | (0.57) | (0.74) | (1.31) | — | 6.15 | 24.96 | 41.15 | 151,739 | 0.79 | 0.94 | 0.89 | 14 | |
10/1/19 to 9/30/20 | 26.30 | 0.37 | — | (3.24) | (2.87) | (0.41) | (4.21) | (4.62) | — | (7.49) | 18.81 | (12.52) | 43,705 | 0.79 | 0.96 | 1.80 | 40 | |
10/1/18 to 9/30/19 | 26.72 | 0.51 | — | 3.32 | 3.83 | (0.53) | (3.72) | (4.25) | — | (0.42) | 26.30 | 17.94 | 38,915 | 0.87 (7) | 0.95 | 2.11 | 30 | |
10/1/17 to 9/30/18 | 30.39 | 0.47 | — | 0.71 | 1.18 | (0.42) | (4.43) | (4.85) | — | (3.67) | 26.72 | 4.50 | 26,210 | 0.93 (7) | 0.95 | 1.75 | 12 | |
FORT Trend Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22(12) | $14.50 | (0.14) | — | (0.37) | (0.51) | — | — | — | — | (0.51) | $13.99 | (3.52) % | $ 99,003 | 1.61 % (6)(10)(11) | 1.60 % | (0.99) % | 0 % | |
10/1/20 to 9/30/21(12) | 14.55 | (0.22) | — | 0.17 | (0.05) | — | — | — | — | (0.05) | 14.50 | (0.34) | 108,701 | 1.60 | 1.77 | (1.53) | 0 | |
10/1/19 to 9/30/20(12) | 15.16 | (0.04) | — | (0.57) | (0.61) | — | — | — | — | (0.61) | 14.55 | (4.02) | 104,017 | 1.59 (10) | 1.59 | (0.25) | 198 | |
10/1/18 to 9/30/19 | 15.79 | 0.03 | — | (0.66) | (0.63) | — | — | — | — | (0.63) | 15.16 | (3.99) | 108,998 | 1.56 (10) | 1.56 | 0.19 | 228 | |
10/1/17 to 9/30/18 | 13.60 | 0.01 | — | 2.18 | 2.19 | — | — | — | — | 2.19 | 15.79 | 16.10 | 109,943 | 1.56 (10) | 1.56 | 0.08 | 57 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22(12) | $13.57 | (0.26) | — | (0.32) | (0.58) | — | — | — | — | (0.58) | $12.99 | (4.27) % | $ 4,505 | 2.36 % (6) | 2.38 % | (1.92) % | 0 % | |
10/1/20 to 9/30/21(12) | 13.73 | (0.31) | — | 0.15 | (0.16) | — | — | — | — | (0.16) | 13.57 | (1.17) | 17,109 | 2.35 | 2.53 | (2.27) | 0 | |
10/1/19 to 9/30/20(12) | 14.41 | (0.13) | — | (0.55) | (0.68) | — | — | — | — | (0.68) | 13.73 | (4.72) | 61,735 | 2.34 (10) | 2.34 | (0.96) | 198 | |
10/1/18 to 9/30/19 | 15.12 | (0.08) | — | (0.63) | (0.71) | — | — | — | — | (0.71) | 14.41 | (4.70) | 128,143 | 2.30 (10) | 2.30 | (0.57) | 228 | |
10/1/17 to 9/30/18 | 13.11 | (0.09) | — | 2.10 | 2.01 | — | — | — | — | 2.01 | 15.12 | 15.33 | 218,543 | 2.29 (10) | 2.29 | (0.65) | 57 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22(12) | $14.77 | (0.11) | — | (0.37) | (0.48) | — | — | — | — | (0.48) | $14.29 | (3.25) % | $ 23,207 | 1.36 % (6)(10)(11) | 1.35 % | (0.77) % | 0 % | |
10/1/20 to 9/30/21(12) | 14.79 | (0.19) | — | 0.17 | (0.02) | — | — | — | — | (0.02) | 14.77 | (0.14) | 29,793 | 1.35 | 1.52 | (1.28) | 0 | |
10/1/19 to 9/30/20(12) | 15.37 | 0.01 | — | (0.59) | (0.58) | — | — | — | — | (0.58) | 14.79 | (3.77) | 40,098 | 1.33 (10) | 1.33 | 0.05 | 198 | |
10/1/18 to 9/30/19 | 15.97 | 0.06 | — | (0.66) | (0.60) | — | — | — | — | (0.60) | 15.37 | (3.76) | 73,639 | 1.31 (10) | 1.31 | 0.42 | 228 | |
10/1/17 to 9/30/18 | 13.71 | 0.05 | — | 2.21 | 2.26 | — | — | — | — | 2.26 | 15.97 | 16.48 | 110,950 | 1.30 (10) | 1.30 | 0.34 | 57 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22(12) | $14.89 | (0.10) | — | (0.37) | (0.47) | — | — | — | — | (0.47) | $14.42 | (3.16) % | $ 452 | 1.27 % (6)(10)(11) | 1.26 % | (0.68) % | 0 % | |
10/1/20 to 9/30/21(12) | 14.90 | (0.18) | — | 0.17 | (0.01) | — | — | — | — | (0.01) | 14.89 | (0.07) | 679 | 1.26 | 1.43 | (1.19) | 0 | |
10/1/19 to 9/30/20(12) | 15.47 | 0.01 | — | (0.58) | (0.57) | — | — | — | — | (0.57) | 14.90 | (3.68) | 719 | 1.24 (10) | 1.24 | 0.09 | 198 | |
10/1/18 to 9/30/19 | 16.05 | 0.08 | — | (0.66) | (0.58) | — | — | — | — | (0.58) | 15.47 | (3.61) | 602 | 1.21 (10) | 1.21 | 0.53 | 228 | |
10/1/17 to 9/30/18 | 13.77 | 0.08 | — | 2.20 | 2.28 | — | — | — | — | 2.28 | 16.05 | 16.56 | 625 | 1.20 (10) | 1.20 | 0.50 | 57 | |
KAR Developing Markets Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.63 | 0.04 | — | (2.87) | (2.83) | (0.01) | (0.04) | (0.05) | — | (2.88) | $ 6.75 | (29.56) % | $ 85 | 1.56 % (6) | 4.83 % | 0.53 % | 16 % | |
6/22/21 (8) to 9/30/21 | 10.00 | — (13) | — | (0.37) | (0.37) | — | — | — | — | (0.37) | 9.63 | (3.70) | 96 | 1.55 | 12.33 | 0.01 | 5 (9) | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.61 | (0.02) | — | (2.86) | (2.88) | — | (0.04) | (0.04) | — | (2.92) | $ 6.69 | (30.11) % | $ 67 | 2.31 % (6) | 5.56 % | (0.25) % | 16 % | |
6/22/21 (8) to 9/30/21 | 10.00 | (0.02) | — | (0.37) | (0.39) | — | — | — | — | (0.39) | 9.61 | (3.90) | 96 | 2.30 | 13.08 | (0.74) | 5 (9) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR Developing Markets Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.64 | 0.07 | — | (2.88) | (2.81) | (0.02) | (0.04) | (0.06) | — | (2.87) | $ 6.77 | (29.38) % | $ 80 | 1.31 % (6) | 4.53 % | 0.78 % | 16 % | |
6/22/21 (8) to 9/30/21 | 10.00 | 0.01 | — | (0.37) | (0.36) | — | — | — | — | (0.36) | 9.64 | (3.60) | 97 | 1.30 | 12.08 | 0.26 | 5 (9) | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $ 9.64 | 0.07 | — | (2.88) | (2.81) | (0.02) | (0.04) | (0.06) | — | (2.87) | $ 6.77 | (29.37) % | $ 2,189 | 1.23 % (6) | 4.53 % | 0.89 % | 16 % | |
6/22/21 (8) to 9/30/21 | 10.00 | 0.01 | — | (0.37) | (0.36) | — | — | — | — | (0.36) | 9.64 | (3.60) | 2,603 | 1.22 | 12.06 | 0.34 | 5 (9) | |
KAR Emerging Markets Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $17.61 | 0.05 | — | (5.10) | (5.05) | (0.33) | (0.99) | (1.32) | — | (6.37) | $11.24 | (30.74) % | $ 31,637 | 1.81 % (6)(7)(10)(11) | 1.80 % | 0.32 % | 24 % | |
10/1/20 to 9/30/21 | 14.93 | (0.02) | — | 2.87 | 2.85 | (0.17) | — | (0.17) | — | 2.68 | 17.61 | 19.15 | 57,403 | 1.85 (10)(11) | 1.81 | (0.11) | 19 | |
10/1/19 to 9/30/20 | 12.10 | (0.02) | — | 3.08 | 3.06 | (0.23) | — | (0.23) | — | 2.83 | 14.93 | 25.70 | 39,799 | 1.85 | 1.90 | (0.17) | 47 | |
10/1/18 to 9/30/19 | 11.66 | 0.32 | — | 0.15 | 0.47 | (0.03) | — | (0.03) | — | 0.44 | 12.10 | 4.10 | 27,479 | 1.86 | 1.90 | 2.70 | 44 | |
10/1/17 to 9/30/18 | 10.95 | 0.10 | — | 0.68 | 0.78 | (0.07) | — | (0.07) | — | 0.71 | 11.66 | 7.10 | 4,658 | 1.85 | 2.23 | 0.83 | 24 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $17.41 | (0.05) | — | (5.06) | (5.11) | (0.22) | (0.99) | (1.21) | — | (6.32) | $11.09 | (31.27) % | $ 1,589 | 2.56 % (6)(7) | 2.62 % | (0.34) % | 24 % | |
10/1/20 to 9/30/21 | 14.80 | (0.14) | — | 2.85 | 2.71 | (0.10) | — | (0.10) | — | 2.61 | 17.41 | 18.33 | 2,540 | 2.60 (10)(11) | 2.54 | (0.79) | 19 | |
10/1/19 to 9/30/20 | 12.03 | (0.11) | — | 3.05 | 2.94 | (0.17) | — | (0.17) | — | 2.77 | 14.80 | 24.75 | 1,208 | 2.60 | 2.61 | (0.87) | 47 | |
10/1/18 to 9/30/19 | 11.65 | 0.17 | — | 0.21 | 0.38 | — | — | — | — | 0.38 | 12.03 | 3.26 | 736 | 2.61 | 2.62 | 1.47 | 44 | |
10/1/17 to 9/30/18 | 10.96 | 0.01 | — | 0.68 | 0.69 | — | — | — | — | 0.69 | 11.65 | 6.30 | 358 | 2.60 | 2.90 | 0.08 | 24 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $17.72 | 0.09 | — | (5.12) | (5.03) | (0.39) | (0.99) | (1.38) | — | (6.41) | $11.31 | (30.49) % | $ 196,191 | 1.51 % (6)(7) | 1.55 % | 0.61 % | 24 % | |
10/1/20 to 9/30/21 | 15.01 | 0.05 | — | 2.86 | 2.91 | (0.20) | — | (0.20) | — | 2.71 | 17.72 | 19.49 | 360,774 | 1.55 (10)(11) | 1.51 | 0.26 | 19 | |
10/1/19 to 9/30/20 | 12.16 | 0.01 | — | 3.10 | 3.11 | (0.26) | — | (0.26) | — | 2.85 | 15.01 | 26.01 | 180,829 | 1.60 | 1.62 | 0.11 | 47 | |
10/1/18 to 9/30/19 | 11.70 | 0.34 | — | 0.16 | 0.50 | (0.04) | — | (0.04) | — | 0.46 | 12.16 | 4.33 | 85,699 | 1.61 | 1.67 | 2.85 | 44 | |
10/1/17 to 9/30/18 | 10.99 | 0.14 | — | 0.67 | 0.81 | (0.10) | — | (0.10) | — | 0.71 | 11.70 | 7.36 | 28,630 | 1.60 | 1.93 | 1.16 | 24 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $17.74 | 0.13 | — | (5.14) | (5.01) | (0.44) | (0.99) | (1.43) | — | (6.44) | $11.30 | (30.43) % | $ 1,101 | 1.41 % (6)(7) | 1.45 % | 0.96 % | 24 % | |
10/1/20 to 9/30/21 | 15.01 | 0.13 | — | 2.82 | 2.95 | (0.22) | — | (0.22) | — | 2.73 | 17.74 | 19.71 | 1,223 | 1.41 (10)(11) | 1.41 | 0.72 | 19 | |
10/1/19 to 9/30/20 | 12.16 | 0.02 | — | 3.10 | 3.12 | (0.27) | — | (0.27) | — | 2.85 | 15.01 | 26.13 | 125 | 1.50 | 1.51 | 0.17 | 47 | |
8/1/19 (8) to 9/30/19 | 12.36 | 0.03 | — | (0.23) | (0.20) | — | — | — | — | (0.20) | 12.16 | (1.62) | 98 | 1.51 (6) | 1.62 | 1.44 | 44 (9) | |
KAR International Small-Mid Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.72 | 0.11 | — | (10.47) | (10.36) | (0.44) | (1.39) | (1.83) | — | (12.19) | $12.53 | (45.16) % | $ 42,670 | 1.44 % (6)(10) | 1.44 % | 0.55 % | 21 % | |
10/1/20 to 9/30/21 | 19.15 | 0.04 | — | 5.74 | 5.78 | (0.16) | (0.05) | (0.21) | — (13) | 5.57 | 24.72 | 30.29 (14) | 100,353 | 1.53 (7)(10) | 1.53 | 0.18 | 23 | |
10/1/19 to 9/30/20 | 16.95 | 0.02 | — | 2.51 | 2.53 | (0.33) | — | (0.33) | — | 2.20 | 19.15 | 14.98 | 78,101 | 1.56 (10) | 1.56 | 0.13 | 48 | |
10/1/18 to 9/30/19 | 17.15 | 0.44 | — | (0.47) | (0.03) | (0.06) | (0.11) | (0.17) | — (13) | (0.20) | 16.95 | (0.05) (14) | 70,958 | 1.55 (10) | 1.55 | 2.66 | 30 | |
10/1/17 to 9/30/18 | 16.22 | 0.16 | — | 1.01 | 1.17 | (0.08) | (0.16) | (0.24) | — | 0.93 | 17.15 | 7.31 | 47,909 | 1.60 | 1.56 | 0.92 | 21 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
KAR International Small-Mid Cap Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.23 | (0.03) | — | (10.28) | (10.31) | (0.27) | (1.39) | (1.66) | — | (11.97) | $12.26 | (45.57) % | $ 18,430 | 2.20 % (6)(10) | 2.20 % | (0.18) % | 21 % | |
10/1/20 to 9/30/21 | 18.78 | (0.13) | — | 5.65 | 5.52 | (0.02) | (0.05) | (0.07) | — (13) | 5.45 | 24.23 | 29.43 (14) | 42,388 | 2.25 (7) | 2.25 | (0.55) | 23 | |
10/1/19 to 9/30/20 | 16.64 | (0.11) | — | 2.45 | 2.34 | (0.20) | — | (0.20) | — | 2.14 | 18.78 | 14.07 | 33,524 | 2.27 (10) | 2.27 | (0.65) | 48 | |
10/1/18 to 9/30/19 | 16.89 | 0.32 | — | (0.46) | (0.14) | — | (0.11) | (0.11) | — (13) | (0.25) | 16.64 | (0.78) (14) | 37,210 | 2.29 (10) | 2.29 | 1.93 | 30 | |
10/1/17 to 9/30/18 | 16.04 | 0.03 | — | 1.02 | 1.05 | (0.04) | (0.16) | (0.20) | — | 0.85 | 16.89 | 6.60 | 35,966 | 2.31 (10) | 2.27 | 0.18 | 21 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.86 | 0.15 | — | (10.51) | (10.36) | (0.53) | (1.39) | (1.92) | — | (12.28) | $12.58 | (45.04) % | $ 927,917 | 1.19 % (6)(10) | 1.19 % | 0.76 % | 21 % | |
10/1/20 to 9/30/21 | 19.25 | 0.12 | — | 5.76 | 5.88 | (0.22) | (0.05) | (0.27) | — (13) | 5.61 | 24.86 | 30.69 (14) | 2,685,996 | 1.24 (7)(10) | 1.24 | 0.49 | 23 | |
10/1/19 to 9/30/20 | 17.03 | 0.06 | — | 2.53 | 2.59 | (0.37) | — | (0.37) | — | 2.22 | 19.25 | 15.28 | 1,705,562 | 1.28 (10) | 1.28 | 0.35 | 48 | |
10/1/18 to 9/30/19 | 17.24 | 0.50 | — | (0.49) | 0.01 | (0.11) | (0.11) | (0.22) | — (13) | (0.21) | 17.03 | 0.18 (14) | 1,372,552 | 1.30 (10) | 1.30 | 2.96 | 30 | |
10/1/17 to 9/30/18 | 16.28 | 0.21 | — | 1.01 | 1.22 | (0.10) | (0.16) | (0.26) | — | 0.96 | 17.24 | 7.58 | 773,571 | 1.35 | 1.29 | 1.20 | 21 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $24.89 | 0.17 | — | (10.52) | (10.35) | (0.55) | (1.39) | (1.94) | — | (12.29) | $12.60 | (44.97) % | $ 80,462 | 1.09 % (6)(10) | 1.09 % | 0.86 % | 21 % | |
10/1/20 to 9/30/21 | 19.27 | 0.16 | — | 5.75 | 5.91 | (0.24) | (0.05) | (0.29) | — (13) | 5.62 | 24.89 | 30.82 (14) | 277,279 | 1.15 (7)(10) | 1.15 | 0.65 | 23 | |
10/1/19 to 9/30/20 | 17.05 | 0.11 | — | 2.50 | 2.61 | (0.39) | — | (0.39) | — | 2.22 | 19.27 | 15.35 | 75,086 | 1.18 (10) | 1.18 | 0.65 | 48 | |
10/1/18 to 9/30/19 | 17.26 | 0.43 | — | (0.41) | 0.02 | (0.12) | (0.11) | (0.23) | — (13) | (0.21) | 17.05 | 0.24 (14) | 40,866 | 1.19 (10) | 1.19 | 2.60 | 30 | |
10/1/17 to 9/30/18 | 16.28 | 0.18 | — | 1.07 | 1.25 | (0.11) | (0.16) | (0.27) | — | 0.98 | 17.26 | 7.74 | 72,151 | 1.21 (10) | 1.20 | 1.06 | 21 | |
Vontobel Emerging Markets Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.91 | 0.02 | — | (2.55) | (2.53) | (0.10) | (2.23) | (2.33) | — | (4.86) | $ 7.05 | (26.30) % | $ 193,151 | 1.58 % (6) | 1.58 % | 0.18 % | 54 % | |
10/1/20 to 9/30/21 | 11.01 | (0.04) | — | 0.99 | 0.95 | (0.05) | — | (0.05) | — | 0.90 | 11.91 | 8.58 | 362,477 | 1.54 | 1.54 | (0.33) | 67 | |
10/1/19 to 9/30/20 | 10.65 | 0.01 | — | 0.55 | 0.56 | (0.16) | (0.04) | (0.20) | — | 0.36 | 11.01 | 5.22 | 369,053 | 1.57 | 1.57 | 0.07 | 55 | |
10/1/18 to 9/30/19 | 10.44 | 0.12 | — | 0.42 | 0.54 | (0.06) | (0.27) | (0.33) | — | 0.21 | 10.65 | 5.64 | 479,456 | 1.57 | 1.57 | 1.20 | 30 | |
10/1/17 to 9/30/18 | 11.11 | 0.06 | — | (0.71) | (0.65) | (0.02) | — | (0.02) | �� | (0.67) | 10.44 | (5.83) | 550,117 | 1.58 | 1.58 | 0.54 | 38 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $11.46 | (0.05) | — | (2.42) | (2.47) | (0.08) | (2.23) | (2.31) | — | (4.78) | $ 6.68 | (26.85) % | $ 31,378 | 2.28 % (6) | 2.28 % | (0.55) % | 54 % | |
10/1/20 to 9/30/21 | 10.62 | (0.13) | — | 0.97 | 0.84 | — | — | — | — | 0.84 | 11.46 | 7.91 | 72,832 | 2.22 | 2.22 | (1.06) | 67 | |
10/1/19 to 9/30/20 | 10.27 | (0.06) | — | 0.52 | 0.46 | (0.07) | (0.04) | (0.11) | — | 0.35 | 10.62 | 4.49 | 99,139 | 2.25 | 2.25 | (0.61) | 55 | |
10/1/18 to 9/30/19 | 10.08 | 0.04 | — | 0.42 | 0.46 | — | (0.27) | (0.27) | — | 0.19 | 10.27 | 4.93 | 135,668 | 2.25 | 2.25 | 0.41 | 30 | |
10/1/17 to 9/30/18 | 10.77 | (0.01) | — | (0.68) | (0.69) | — | — | — | — | (0.69) | 10.08 | (6.41) | 182,813 | 2.25 | 2.25 | (0.12) | 38 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.35 | 0.04 | — | (2.65) | (2.61) | (0.11) | (2.23) | (2.34) | — | (4.95) | $ 7.40 | (26.00) % | $1,572,456 | 1.24 % (6) | 1.24 % | 0.46 % | 54 % | |
10/1/20 to 9/30/21 | 11.41 | — (13) | — | 1.02 | 1.02 | (0.08) | — | (0.08) | — | 0.94 | 12.35 | 8.93 | 4,124,645 | 1.23 | 1.23 | (0.03) | 67 | |
10/1/19 to 9/30/20 | 11.03 | 0.04 | — | 0.58 | 0.62 | (0.20) | (0.04) | (0.24) | — | 0.38 | 11.41 | 5.57 | 5,178,655 | 1.26 | 1.26 | 0.38 | 55 | |
10/1/18 to 9/30/19 | 10.82 | 0.17 | — | 0.42 | 0.59 | (0.11) | (0.27) | (0.38) | — | 0.21 | 11.03 | 5.91 | 6,228,010 | 1.25 | 1.25 | 1.56 | 30 | |
10/1/17 to 9/30/18 | 11.49 | 0.11 | — | (0.73) | (0.62) | (0.05) | — | (0.05) | — | (0.67) | 10.82 | (5.46) | 6,434,732 | 1.23 | 1.23 | 0.91 | 38 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Vontobel Emerging Markets Opportunities Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.40 | 0.07 | — | (2.67) | (2.60) | (0.12) | (2.23) | (2.35) | — | (4.95) | $ 7.45 | (25.82) % | $ 99,619 | 1.00 % (6) | 1.16 % | 0.74 % | 54 % | |
10/1/20 to 9/30/21 | 11.44 | 0.03 | — | 1.03 | 1.06 | (0.10) | — | (0.10) | — | 0.96 | 12.40 | 9.21 | 204,006 | 0.98 | 1.13 | 0.23 | 67 | |
10/1/19 to 9/30/20 | 11.04 | 0.06 | — | 0.59 | 0.65 | (0.21) | (0.04) | (0.25) | — | 0.40 | 11.44 | 5.86 | 200,523 | 0.98 | 1.15 | 0.59 | 55 | |
10/1/18 to 9/30/19 | 10.82 | 0.19 | — | 0.42 | 0.61 | (0.12) | (0.27) | (0.39) | — | 0.22 | 11.04 | 6.11 | 119,946 | 1.03 (7) | 1.13 | 1.80 | 30 | |
10/1/17 to 9/30/18 | 11.48 | 0.12 | — | (0.73) | (0.61) | (0.05) | — | (0.05) | — | (0.66) | 10.82 | (5.34) | 125,809 | 1.15 | 1.15 | 1.01 | 38 | |
Vontobel Foreign Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $34.97 | (0.12) | — | (7.42) | (7.54) | — | (6.94) | (6.94) | — | (14.48) | $20.49 | (27.20) % | $ 132,361 | 1.40 % (6)(10)(11) | 1.40 % | (0.46) % | 57 % | |
10/1/20 to 9/30/21 | 31.75 | (0.15) | — | 5.63 | 5.48 | — | (2.26) | (2.26) | — | 3.22 | 34.97 | 17.95 | 204,395 | 1.39 | 1.40 �� | (0.43) | 81 | |
10/1/19 to 9/30/20 | 30.44 | (0.10) | — | 3.64 | 3.54 | (0.09) | (2.14) | (2.23) | — | 1.31 | 31.75 | 12.02 | 176,146 | 1.39 | 1.43 | (0.35) | 63 | |
10/1/18 to 9/30/19 | 34.62 | 0.11 | — | 1.25 | 1.36 | (0.15) | (5.39) | (5.54) | — | (4.18) | 30.44 | 7.08 | 186,206 | 1.40 (7) | 1.44 | 0.38 | 64 | |
10/1/17 to 9/30/18 | 33.95 | 0.10 | — | 0.64 | 0.74 | (0.07) | — | (0.07) | — | 0.67 | 34.62 | 2.17 | 211,755 | 1.43 | 1.43 | 0.27 | 39 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $33.41 | (0.30) | — | (6.95) | (7.25) | — | (6.94) | (6.94) | — | (14.19) | $19.22 | (27.68) % | $ 6,744 | 2.06 % (6) | 2.14 % | (1.18) % | 57 % | |
10/1/20 to 9/30/21 | 30.62 | (0.37) | — | 5.42 | 5.05 | — | (2.26) | (2.26) | — | 2.79 | 33.41 | 17.16 | 18,014 | 2.05 | 2.12 | (1.17) | 81 | |
10/1/19 to 9/30/20 | 29.54 | (0.29) | — | 3.51 | 3.22 | — | (2.14) | (2.14) | — | 1.08 | 30.62 | 11.26 | 30,294 | 2.05 | 2.12 | (1.01) | 63 | |
10/1/18 to 9/30/19 | 33.83 | (0.10) | — | 1.23 | 1.13 | (0.03) | (5.39) | (5.42) | — | (4.29) | 29.54 | 6.40 | 41,638 | 2.07 (7) | 2.13 | (0.34) | 64 | |
10/1/17 to 9/30/18 | 33.34 | (0.14) | — | 0.63 | 0.49 | — | — | — | — | 0.49 | 33.83 | 1.47 | 75,379 | 2.10 | 2.10 | (0.41) | 39 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $35.00 | (0.04) | — | (7.44) | (7.48) | — | (6.94) | (6.94) | — | (14.42) | $20.58 | (26.97) % | $ 440,340 | 1.08 % (6) | 1.14 % | (0.16) % | 57 % | |
10/1/20 to 9/30/21 | 31.74 | (0.04) | — | 5.62 | 5.58 | (0.06) | (2.26) | (2.32) | — | 3.26 | 35.00 | 18.32 | 803,474 | 1.07 | 1.11 | (0.12) | 81 | |
10/1/19 to 9/30/20 | 30.43 | — (13) | — | 3.63 | 3.63 | (0.18) | (2.14) | (2.32) | — | 1.31 | 31.74 | 12.37 | 784,711 | 1.07 | 1.13 | (0.02) | 63 | |
10/1/18 to 9/30/19 | 34.70 | 0.20 | — | 1.24 | 1.44 | (0.32) | (5.39) | (5.71) | — | (4.27) | 30.43 | 7.43 | 761,809 | 1.08 (7) | 1.13 | 0.68 | 64 | |
10/1/17 to 9/30/18 | 34.03 | 0.20 | — | 0.65 | 0.85 | (0.18) | — | (0.18) | — | 0.67 | 34.70 | 2.48 | 984,802 | 1.12 | 1.12 | 0.57 | 39 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $35.03 | — (13) | — | (7.46) | (7.46) | — | (6.94) | (6.94) | — | (14.40) | $20.63 | (26.88) % | $ 49,057 | 0.97 % (6) | 1.06 % | — % (15) | 57 % | |
10/1/20 to 9/30/21 | 31.76 | (0.01) | — | 5.63 | 5.62 | (0.09) | (2.26) | (2.35) | — | 3.27 | 35.03 | 18.44 | 66,705 | 0.95 | 1.03 | (0.03) | 81 | |
10/1/19 to 9/30/20 | 30.44 | 0.03 | — | 3.64 | 3.67 | (0.21) | (2.14) | (2.35) | — | 1.32 | 31.76 | 12.49 | 84,764 | 0.95 | 1.04 | 0.11 | 63 | |
10/1/18 to 9/30/19 | 34.72 | 0.29 | — | 1.18 | 1.47 | (0.36) | (5.39) | (5.75) | — | (4.28) | 30.44 | 7.57 | 69,198 | 0.96 (7) | 1.04 | 0.97 | 64 | |
10/1/17 to 9/30/18 | 34.06 | 0.23 | — | 0.64 | 0.87 | (0.21) | — | (0.21) | — | 0.66 | 34.72 | 2.55 | 33,573 | 1.03 | 1.03 | 0.66 | 39 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Vontobel Global Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $21.43 | (0.06) | — | (4.06) | (4.12) | (0.28) | (3.50) | (3.78) | — | (7.90) | $13.53 | (24.10) % | $ 87,009 | 1.37 % (6) | 1.40 % | (0.32) % | 33 % | |
10/1/20 to 9/30/21 | 18.63 | (0.09) | — | 3.31 | 3.22 | — | (0.42) | (0.42) | — | 2.80 | 21.43 | 17.47 | 130,814 | 1.36 | 1.39 | (0.43) | 49 | |
10/1/19 to 9/30/20 | 16.37 | (0.05) | — | 2.65 | 2.60 | — | (0.34) | (0.34) | — | 2.26 | 18.63 | 16.03 | 111,264 | 1.36 | 1.41 | (0.28) | 48 | |
10/1/18 to 9/30/19 | 17.02 | 0.02 | — | 0.97 | 0.99 | — (13) | (1.64) | (1.64) | — | (0.65) | 16.37 | 7.62 | 99,951 | 1.37 (7) | 1.40 | 0.11 | 35 | |
10/1/17 to 9/30/18 | 16.22 | 0.02 | — | 1.68 | 1.70 | — (13) | (0.90) | (0.90) | — | 0.80 | 17.02 | 10.80 | 104,081 | 1.40 (10) | 1.40 | 0.12 | 38 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $17.37 | (0.15) | — | (3.09) | (3.24) | (0.25) | (3.50) | (3.75) | — | (6.99) | $10.38 | (24.71) % | $ 8,393 | 2.12 % (6) | 2.15 % | (1.10) % | 33 % | |
10/1/20 to 9/30/21 | 15.28 | (0.20) | — | 2.71 | 2.51 | — | (0.42) | (0.42) | — | 2.09 | 17.37 | 16.64 | 19,745 | 2.11 | 2.13 | (1.21) | 49 | |
10/1/19 to 9/30/20 | 13.58 | (0.14) | — | 2.18 | 2.04 | — | (0.34) | (0.34) | — | 1.70 | 15.28 | 15.19 | 25,626 | 2.11 | 2.13 | (1.03) | 48 | |
10/1/18 to 9/30/19 | 14.51 | (0.08) | — | 0.79 | 0.71 | — | (1.64) | (1.64) | — | (0.93) | 13.58 | 6.89 | 28,147 | 2.12 (7) | 2.16 | (0.64) | 35 | |
10/1/17 to 9/30/18 | 14.06 | (0.09) | — | 1.44 | 1.35 | — | (0.90) | (0.90) | — | 0.45 | 14.51 | 9.92 | 32,003 | 2.16 (10) | 2.16 | (0.61) | 38 | |
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $21.53 | (0.01) | — | (4.10) | (4.11) | (0.29) | (3.50) | (3.79) | — | (7.90) | $13.63 | (23.93) % | $ 96,319 | 1.10 % (6) | 1.16 % | (0.07) % | 33 % | |
10/1/20 to 9/30/21 | 18.67 | (0.03) | — | 3.31 | 3.28 | — | (0.42) | (0.42) | — | 2.86 | 21.53 | 17.76 | 178,017 | 1.09 | 1.13 | (0.16) | 49 | |
10/1/19 to 9/30/20 | 16.39 | — (13) | — | 2.66 | 2.66 | (0.04) | (0.34) | (0.38) | — | 2.28 | 18.67 | 16.41 | 153,902 | 1.09 | 1.17 | (0.02) | 48 | |
10/1/18 to 9/30/19 | 17.02 | 0.06 | — | 0.99 | 1.05 | (0.04) | (1.64) | (1.68) | — | (0.63) | 16.39 | 7.98 | 124,340 | 1.10 (7) | 1.17 | 0.41 | 35 | |
10/1/17 to 9/30/18 | 16.23 | 0.07 | — | 1.67 | 1.74 | (0.05) | (0.90) | (0.95) | — | 0.79 | 17.02 | 11.07 | 81,090 | 1.16 (10) | 1.16 | 0.43 | 38 | |
Class R6 | ||||||||||||||||||
10/1/21 to 9/30/22 | $21.63 | 0.02 | — | (4.12) | (4.10) | (0.31) | (3.50) | (3.81) | — | (7.91) | $13.72 | (23.80) % | $ 56,389 | 0.91 % (6) | 1.07 % | 0.11 % | 33 % | |
10/1/20 to 9/30/21 | 18.72 | — (13) | — | 3.33 | 3.33 | — | (0.42) | (0.42) | — | 2.91 | 21.63 | 17.98 | 89,295 | 0.90 | 1.05 | 0.02 | 49 | |
10/1/19 to 9/30/20 | 16.42 | 0.03 | — | 2.66 | 2.69 | (0.05) | (0.34) | (0.39) | — | 2.30 | 18.72 | 16.59 | 89,980 | 0.90 | 1.08 | 0.18 | 48 | |
10/1/18 to 9/30/19 | 17.03 | 0.13 | — | 0.94 | 1.07 | (0.04) | (1.64) | (1.68) | — | (0.61) | 16.42 | 8.19 | 65,704 | 0.90 (7) | 1.08 | 0.80 | 35 | |
1/30/18 (8) to 9/30/18 | 17.27 | 0.06 | — | (0.30) | (0.24) | — | — | — | — | (0.24) | 17.03 | 1.39 | 425 | 1.11 (10) | 1.11 | 0.56 | 38 (9) | |
Vontobel Greater European Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/21 to 9/30/22 | $13.04 | (0.01) | — | (3.63) | (3.64) | (0.02) | (0.52) | (0.54) | — | (4.18) | $ 8.86 | (29.21) % | $ 2,023 | 1.41 % (6) | 2.19 % | (0.12) % | 29 % | |
10/1/20 to 9/30/21 | 11.24 | (0.01) | — | 2.36 | 2.35 | — | (0.55) | (0.55) | — | 1.80 | 13.04 | 21.44 | 2,853 | 1.41 (7) | 2.34 | (0.11) | 33 | |
10/1/19 to 9/30/20 | 11.55 | (0.02) | — | 1.09 | 1.07 | (0.06) | (1.32) | (1.38) | — | (0.31) | 11.24 | 9.82 | 1,486 | 1.45 | 3.58 | (0.19) | 51 | |
10/1/18 to 9/30/19 | 15.62 | 0.07 | — | (0.38) | (0.31) | (0.14) | (3.62) | (3.76) | — | (4.07) | 11.55 | 2.14 | 1,378 | 1.45 | 2.99 | 0.62 | 16 | |
10/1/17 to 9/30/18 | 17.62 | 0.13 | — | (0.16) | (0.03) | (0.24) | (1.73) | (1.97) | — | (2.00) | 15.62 | (0.49) | 3,283 | 1.45 | 2.20 | 0.77 | 22 | |
Class C | ||||||||||||||||||
10/1/21 to 9/30/22 | $12.47 | (0.10) | — | (3.44) | (3.54) | — | (0.52) | (0.52) | — | (4.06) | $ 8.41 | (29.72) % | $ 207 | 2.16 % (6) | 2.86 % | (0.89) % | 29 % | |
10/1/20 to 9/30/21 | 10.85 | (0.11) | — | 2.28 | 2.17 | — | (0.55) | (0.55) | — | 1.62 | 12.47 | 20.52 | 386 | 2.16 (7) | 3.06 | (0.95) | 33 | |
10/1/19 to 9/30/20 | 11.21 | (0.09) | — | 1.05 | 0.96 | — | (1.32) | (1.32) | — | (0.36) | 10.85 | 9.01 | 430 | 2.20 | 4.31 | (0.91) | 51 | |
10/1/18 to 9/30/19 | 15.22 | (0.04) | — | (0.35) | (0.39) | — | (3.62) | (3.62) | — | (4.01) | 11.21 | 1.34 | 579 | 2.20 | 3.73 | (0.32) | 16 | |
10/1/17 to 9/30/18 | 17.22 | 0.01 | — | (0.15) | (0.14) | (0.13) | (1.73) | (1.86) | — | (2.00) | 15.22 | (1.17) | 1,827 | 2.20 | 2.92 | 0.07 | 22 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Vontobel Greater European Opportunities Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/21 to 9/30/22 | $13.06 | 0.01 | — | (3.62) | (3.61) | (0.04) | (0.52) | (0.56) | — | (4.17) | $ 8.89 | (29.00) % | $ 3,932 | 1.16 % (6) | 1.92 % | 0.12 % | 29 % | |
10/1/20 to 9/30/21 | 11.23 | 0.01 | — | 2.37 | 2.38 | — | (0.55) | (0.55) | — | 1.83 | 13.06 | 21.74 | 6,561 | 1.16 (7) | 2.05 | 0.12 | 33 | |
10/1/19 to 9/30/20 | 11.55 | 0.01 | — | 1.09 | 1.10 | (0.10) | (1.32) | (1.42) | — | (0.32) | 11.23 | 10.06 | 2,562 | 1.20 | 3.31 | 0.12 | 51 | |
10/1/18 to 9/30/19 | 15.65 | 0.12 | — | (0.41) | (0.29) | (0.19) | (3.62) | (3.81) | — | (4.10) | 11.55 | 2.36 | 2,280 | 1.20 | 2.72 | 1.00 | 16 | |
10/1/17 to 9/30/18 | 17.65 | 0.12 | — | (0.10) | 0.02 | (0.29) | (1.73) | (2.02) | — | (2.00) | 15.65 | (0.19) | 2,626 | 1.20 | 1.89 | 0.75 | 22 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Net expense ratio includes extraordinary proxy expenses. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Inception date. |
(9) | Portfolio turnover is representative of the Fund for the entire period. |
(10) | The share class is currently under its expense limitation. |
(11) | See 4D in the Notes to Financial statements for information on recapture of expenses previously reimbursed and/or waived. |
(12) | Consolidated Financial Highlights. |
(13) | Amount is less than $0.005 per share. |
(14) | Payment from affiliate had no impact on total return. |
(15) | Amount is less than 0.005%. |
September 30, 2022
A. | Basis of Consolidation |
The accompanying consolidated financial statements of FORT Trend Fund include the account of VATS Offshore Fund, Ltd. (the “Subsidiary”), which is a wholly-owned subsidiary of FORT Trend Fund and is organized as a company under the laws of the Cayman Islands and primarily |
invests in commodity-related instruments. The Subsidiary is not registered under the 1940 Act. The Subsidiary enables FORT Trend Fund to hold these commodity-related instruments and satisfy regulated investment company tax requirements. FORT Trend Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at September 30, 2022 were $23,123 and 18% of FORT Trend Fund’s consolidated net assets. Intercompany accounts and transactions, if any, have been eliminated. The Subsidiary is subject to the same investment policies and restrictions that apply to FORT Trend Fund, except that the Subsidiary may invest without limitation in commodity-related instruments. | |
B. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ 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). |
C. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
D. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. The Subsidiary is classified as a controlled foreign corporation under the Code. Therefore, the FORT Trend Fund is required to increase its taxable income by its share of the Subsidiary’s income. Net investment losses of the Subsidiary cannot be deducted by the FORT Trend Fund in the current period nor carried forward to offset taxable income in future periods. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
E. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
F. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
G. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income securities, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
H. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 2022, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
Vontobel Foreign Opportunities Fund | $ 247 | $ 247 | $ — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
Vontobel Foreign Opportunities Fund | Money Market Mutual Fund | $263 |
A. | Futures Contracts |
A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the “initial margin” requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. | |
During the fiscal year (the “period”) ended September 30, 2022, FORT Trend Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund’s success in using futures will be dependent upon the subadviser’s ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end are listed after the Fund’s Consolidated Schedule of Investments. Cash deposited as margin is recorded on the Consolidated Statements of Assets and Liabilities as “Cash pledged as collateral for futures contracts.” | |
The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Assets and Liabilities at September 30, 2022: |
Statement Line Description | Primary Risk | FORT Trend Fund | |
Asset Derivatives | |||
Variation margin receivable on futures contracts(1) | Commodity contracts | $ 551 | |
Variation margin receivable on futures contracts(1) | Equity contracts | 449 | |
Variation margin receivable on futures contracts(1) | Foreign currency contracts | 267 | |
Variation margin receivable on futures contracts(1) | Interest rate contracts | 6,447 | |
Total | $7,714 | ||
Liability Derivatives | |||
Variation margin receivable on futures contracts(1) | Commodity contracts | $(113) | |
Variation margin receivable on futures contracts(1) | Equity contracts | (23) | |
Variation margin receivable on futures contracts(1) | Foreign currency contracts | (12) | |
Total | $(148) |
(1) | Includes cumulative appreciation (depreciation) on futures contracts as reported in the Consolidated Schedule of Investments. Current day’s variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
Statement Line Description | Primary Risk | FORT Trend Fund | |
Net Realized Gain (Loss) From | |||
Futures (1) | Commodity contracts | $ 4,759 | |
Futures (1) | Equity contracts | (15,540) | |
Futures (1) | Foreign currency contracts | 1,833 | |
Futures (1) | Interest rate contracts | (4,094) | |
Total | $(13,042) | ||
Net Change in Unrealized Appreciation (Depreciation) on | |||
Futures (2) | Commodity contracts | $ (451) | |
Futures (2) | Equity contracts | 2,542 | |
Futures (2) | Foreign currency contracts | 54 | |
Futures (2) | Interest rate contracts | 7,836 | |
Total | $ 9,981 |
(1)Included in net realized gain (loss) from futures within the Consolidated Statement of Operations. |
(2)Included in net change in unrealized appreciation (depreciation) from futures within the Consolidated Statement of Operations. |
FORT Trend Fund | |
Futures Contracts - Long Positions(1) | $ (721) |
Futures Contracts - Short Positions(1) | 1,691 |
(1) Average unrealized for the period. |
B. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. | |
A Fund’s risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. | |
With exchange traded futures, generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund. | |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. |
C. | Collateral Requirements and Master Netting Agreements (“MNA”) |
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. | |
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. | |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. | |
The following table presents the FORT Trend Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of September 30, 2022: |
At September 30, 2022, the Fund’s derivative assets and liabilities (by type) are as follows: | |||||
FORT Trend Fund | |||||
Assets | Liabilities | ||||
Derivative Financial Instruments: | |||||
Futures contracts | $ 64 | $— | |||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $ 64 | $— | |||
Derivatives not subject to a MNA or similar agreement | (64) | — | |||
Total assets and liabilities subject to a MNA | $ — | $— |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. is the investment adviser to the Funds, with the exception of the FORT Trend Fund, which is advised by Virtus Alternative Investment Advisers, Inc. (each an “Adviser” and collectively, the “Advisers”). Each Adviser is an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”). Each Adviser manages the applicable Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the applicable Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets (except as otherwise noted) of each Fund: |
First $1 Billion | $1+ Billion | ||
FORT Trend Fund | 1.00 % | 0.95 % | |
KAR Developing Markets Fund | 1.00 | 0.95 | |
KAR Emerging Markets Small-Cap Fund | 1.20 | 1.15 | |
Vontobel Emerging Markets Opportunities Fund | 1.00 | 0.95 | |
Vontobel Greater European Opportunities Fund | 0.85 | 0.80 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
Duff & Phelps Global Infrastructure Fund | 0.65 % | 0.60 % | 0.55 % | ||
Duff & Phelps Global Real Estate Securities Fund | 0.85 | 0.80 | 0.75 | ||
Duff & Phelps International Real Estate Securities Fund | 1.00 | 0.95 | 0.90 | ||
Duff & Phelps Real Estate Securities Fund | 0.75 | 0.70 | 0.65 | ||
Vontobel Global Opportunities Fund | 0.85 | 0.80 | 0.75 |
First $2 Billion | $2+ Billion through $4 Billion | $4+ Billion | |||
Vontobel Foreign Opportunities Fund | 0.85 % | 0.80 % | 0.75 % |
First $3 billion | $3+ Billion | ||
KAR International Small-Mid Cap Fund | 0.90 % | 0.85 % |
B. | Subadvisers |
The subadvisers manage the investments of each Fund, for which they are paid a fee by the applicable Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Duff & Phelps Global Infrastructure Fund | DPIM(1) | |
Duff & Phelps Global Real Estate Securities Fund | DPIM(1) | |
Duff & Phelps International Real Estate Securities Fund | DPIM(1) | |
Duff & Phelps Real Asset Fund | DPIM(1) | |
Duff & Phelps Real Estate Securities Fund | DPIM(1) | |
FORT Trend Fund | FORT(2) | |
KAR Developing Markets Fund | KAR(3) | |
KAR Emerging Markets Small-Cap Fund | KAR(3) | |
KAR International Small-Mid Cap Fund | KAR(3) | |
Vontobel Emerging Markets Opportunities Fund | Vontobel(4) | |
Vontobel Foreign Opportunities Fund | Vontobel(4) | |
Vontobel Global Opportunities Fund | Vontobel(4) | |
Vontobel Greater European Opportunities Fund | Vontobel(4) |
(1) | Duff & Phelps Investment Management Co. (“DPIM”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | FORT Investment Management LP (“FORT”). |
(3) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(4) | Vontobel Asset Management, Inc. (“Vontobel”). |
C. | Expense Limitations |
Each Adviser has contractually agreed to limit certain Funds’ annual total operating expenses subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Duff & Phelps Global Infrastructure Fund | N/A % | N/A % | N/A % | 0.85 % | ||||
Duff & Phelps Global Real Estate Securities Fund | 1.40 | 2.15 (1) | 1.15 (1) | 0.89 | ||||
Duff & Phelps International Real Estate Securities Fund | 1.50 | 2.25 | 1.25 | N/A | ||||
Duff & Phelps Real Asset Fund | N/A | N/A | N/A | 0.20 (2) | ||||
Duff & Phelps Real Estate Securities Fund | N/A | N/A | N/A | 0.79 | ||||
FORT Trend Fund | 1.60 (1) | 2.35 | 1.35 (1) | 1.26 (1) | ||||
KAR Developing Markets Fund | 1.55 | 2.30 | 1.30 | 1.22 | ||||
KAR Emerging Markets Small-Cap Fund(3) | 1.79 (1) | 2.53 | 1.50 | 1.40 | ||||
KAR International Small-Mid Cap Fund | 1.45 (1) | 2.20 (1) | 1.20 (1) | 1.10 (1) | ||||
Vontobel Emerging Markets Opportunities Fund | N/A | N/A | N/A | 0.98 | ||||
Vontobel Foreign Opportunities Fund | 1.39 (1) | 2.05 | 1.07 | 0.95 | ||||
Vontobel Global Opportunities Fund | 1.36 | 2.11 | 1.09 | 0.90 | ||||
Vontobel Greater European Opportunities Fund | 1.40 | 2.15 | 1.15 | N/A |
(1) | The share class is currently below its expense cap. |
(2) | Effective February 1, 2022. |
(3) | Effective December 1, 2021. For the period October 1, 2021 through November 30, 2021, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.85%, 2.60%, 1.60% and 1.50%. |
D. | Expense Recapture |
Under certain conditions, each Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the period ending September 30: |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class R6 | $ 9 | $ 6 | $ 7 | $ 22 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 251 | 296 | 303 | 850 | ||||
Class C | 3 | 2 | — (1) | 5 | ||||
Class I | 10 | 34 | 58 | 102 | ||||
Class R6 | 46 | 100 | 137 | 283 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 5 | 7 | 6 | 18 | ||||
Class C | 2 | 1 | 1 | 4 | ||||
Class I | 100 | 72 | 69 | 241 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class R6 | — | — | — (1) | — (1) | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class R6 | 64 | 193 | 204 | 461 | ||||
FORT Trend Fund | ||||||||
Class A | — | 8 | 8 | 16 | ||||
Class C | — | 16 | 4 | 20 | ||||
Class I | — | 6 | 2 | 8 | ||||
Class R6 | — | — (1) | — (1) | — (1) | ||||
KAR Developing Markets Fund | ||||||||
Class A | — | 3 | 3 | 6 | ||||
Class C | — | 3 | 3 | 6 | ||||
Class I | — | 3 | 3 | 6 | ||||
Class R6 | — | 80 | 81 | 161 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | — | — | 3 | 3 | ||||
Class C | — | — | 2 | 2 | ||||
Class I | — | — | 114 | 114 | ||||
Class R6 | — | — | — (1) | — (1) | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class C | — | — | — (1) | — (1) | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class R6 | 241 | 343 | 226 | 810 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 73 | 25 | 9 | 107 | ||||
Class C | 25 | 18 | 10 | 53 | ||||
Class I | 415 | 343 | 376 | 1,134 | ||||
Class R6 | 68 | 62 | 60 | 190 |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | $ 52 | $ 38 | $ 29 | $ 119 | ||||
Class C | 4 | 6 | 4 | 14 | ||||
Class I | 109 | 78 | 71 | 258 | ||||
Class R6 | 134 | 136 | 117 | 387 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 29 | 20 | 20 | 69 | ||||
Class C | 10 | 5 | 2 | 17 | ||||
Class I | 47 | 50 | 42 | 139 |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
Duff & Phelps Global Real Estate Securities Fund | $ — | $ 1 | $82 | $— | $ 83 | |||||
FORT Trend Fund | 22 | 2 | 5 | — (1) | 29 | |||||
KAR Emerging Markets Small-Cap Fund | 10 | — (1) | — | — | 10 | |||||
KAR International Small-Mid Cap Fund | — (1) | 2 | 56 | 2 | 60 | |||||
Vontobel Foreign Opportunities Fund | 12 | — | — | — | 12 |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the period ended September 30, 2022, it retained net commissions of $42 for Class A shares and CDSC of $16 and $16 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%(1) for Class A shares and 1.00%(1)(2) for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended September 30, 2022, the Funds incurred administration fees totaling $7,613 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended September 30, 2022, the Funds incurred transfer agent fees totaling $3,397 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Affiliated Shareholders |
At September 30, 2022, Virtus and its affiliates held shares of the following Fund, which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate Net Asset Value | ||
KAR Developing Markets Fund | |||
Class A | 10,000 | $ 68 | |
Class C | 10,000 | 67 | |
Class I | 10,000 | 68 | |
Class R6 | 323,141 | 2,188 |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. During the period ended September 30, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
A summary of the Duff & Phelps Real Asset Fund’s total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds(1) during the period ended September 30, 2022, is as follows: |
Value, beginning of period | Purchases (2) | Sales proceeds(3) | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
Duff & Phelps Real Asset Fund | |||||||||||||||||
Affiliated Mutual Funds—65.4% | |||||||||||||||||
Equity Funds—60.3% | |||||||||||||||||
Virtus Duff & Phelps Global Infrastructure Fund Class R6 | $ 5,141 | $ 768 | $ 442 | $ (5) | $ (680) | $ 4,782 | 337,213 | $ 71 | $272 | ||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6 | 5,108 | 1,235 | 297 | 4 | (1,533) | 4,517 | 159,204 | 93 | 92 | ||||||||
Virtus Duff & Phelps Select MLP and Energy Fund Class I | 3,134 | 756 | 771 | 35 | 617 | 3,771 | 356,477 | 40 (4) | — | ||||||||
Fixed Income Fund—5.1% | |||||||||||||||||
Virtus Newfleet Senior Floating Rate Fund Class R6 | 1,388 | 47 | 245 | 19 | (96) | 1,113 | 132,386 | 47 | — | ||||||||
Total | $14,771 | $2,806 | $1,755 | $53 | $(1,692) | $14,183 | $251 | $364 |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities(5) | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
KAR Emerging Markets Small-Cap Fund | |||||||||||||||||
Common Stocks—13.1% | |||||||||||||||||
Tegma Gestao Logistica S.A. | $14,637 | $1,327 | $4,327 | $(2,402) | $ 4,927 | $14,162 | 3,919,656 | $ 966 | $— | ||||||||
Union Auction PCL | 10,393 | — | 873 | (395) | (282) | 8,843 | 34,539,000 | 474 | — | ||||||||
Vasta Platform Ltd., Class A(6) | 5,755 | 2,298 | 2,598 | (5,855) | 7,705 | 7,305 | 1,391,515 | — | — | ||||||||
Younglimwon Soft Lab Co., Ltd. (7) | 3,483 | — | 197 | (161) | (949) | — | — | 38 | — | ||||||||
Total | $34,268 | $3,625 | $7,995 | $(8,813) | $11,401 | $30,310 | $1,478 | $— |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities(5) | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
KAR International Small-Mid Cap Fund | |||||||||||||||||
Common Stocks—12.9% | |||||||||||||||||
Baltic Classifieds Group plc | $ 87,824 | $ 5,700 | $ 11,027 | $ 2,208 | $ (33,288) | $ 51,417 | 33,911,290 | $ 464 | $— | ||||||||
Bouvet ASA | 56,573 | 475 | 12,890 | 3,348 | (14,542) | 32,964 | 6,602,140 | 2,302 | — | ||||||||
Brockhaus Technologies AG(6) | 19,504 | 438 | — | — | (8,248) | 11,694 | 774,496 | — | — | ||||||||
Computer Modelling Group Ltd. | 21,030 | — | 19,595 | (11,367) | 9,932 | — | — | 758 | — | ||||||||
Fineos Corp., Ltd. | 50,851 | 134 | 18,616 | (28,154) | (4,215) | — | — | — | — | ||||||||
HeadHunter Group plc(7) | 158,659 | 817 | 27,871 | 12,032 | (143,635) | — | — | 2,686 | — | ||||||||
Lumax International Corp., Ltd.(7) | 19,331 | — | 7,273 | 1,015 | (3,425) | — | — | 1,040 | — | ||||||||
MarkLines Co., Ltd. | 30,398 | 251 | 27,364 | 9,613 | (12,898) | — | — | — | — | ||||||||
Max Stock Ltd. | 30,894 | 518 | — | — | (18,624) | 12,788 | 8,799,684 | — | — | ||||||||
Mortgage Advice Bureau Holdings Ltd. | 80,310 | 303 | 21,150 | 12,112 | (42,613) | 28,962 | 4,072,919 | — | — | ||||||||
Pason Systems, Inc(7) | 61,070 | 749 | 75,137 | 4,921 | 29,888 | — | — | 998 | — | ||||||||
Redbubble Ltd. | 72,019 | 867 | 28,990 | (58,619) | 14,723 | — | — | — | — | ||||||||
Sabre Insurance Group plc. | 57,188 | 482 | 37,743 | (27,471) | 7,544 | — | — | — | — | ||||||||
Total | $745,651 | $10,734 | $287,656 | $(80,362) | $(219,401) | $137,825 | $8,248 | $— |
(1) | The Duff & Phelps Real Asset Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At September 30, 2022, the Fund was the owner of record of 12% of the Virtus Duff & Phelps Select MLP and Energy Fund Class I and the owner of record of less than 10% of all other affiliated underlying funds. |
(2) | Includes reinvested dividends from income and capital gain distributions. |
(3) | Includes return of capital. |
(4) | Includes return of capital dividend reclassification in the amount of $80, relating to a prior year dividend. |
(5) | Does not tie to Net change in unrealized appreciation (depreciation) on Investment in affiliates on the Statements of Operations as a result of previously affiliated securities moving to unaffiliated. |
(6) | Non-income producing. |
(7) | Issuer is not an affiliated investment of the Fund at September 30, 2022. |
I. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at September 30, 2022. |
Purchases | Sales | ||
Duff & Phelps Global Infrastructure Fund | $ 32,697 | $ 35,280 | |
Duff & Phelps Global Real Estate Securities Fund | 115,036 | 81,841 | |
Duff & Phelps International Real Estate Securities Fund | 8,097 | 7,445 | |
Duff & Phelps Real Asset Fund | 4,663 | 4,094 | |
Duff & Phelps Real Estate Securities Fund | 71,610 | 129,767 | |
KAR Developing Markets Fund | 1,051 | 403 | |
KAR Emerging Markets Small-Cap Fund | 74,257 | 122,541 | |
KAR International Small-Mid Cap Fund | 466,203 | 1,297,850 | |
Vontobel Emerging Markets Opportunities Fund | 1,680,165 | 3,703,884 | |
Vontobel Foreign Opportunities Fund | 487,178 | 702,437 | |
Vontobel Global Opportunities Fund | 110,542 | 199,591 | |
Vontobel Greater European Opportunities Fund | 2,352 | 3,310 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 235 | $ 3,873 | 418 | $ 6,664 | 210 | $ 8,141 | 225 | $ 8,105 | |||||||
Reinvestment of distributions | 113 | 1,828 | 43 | 672 | 15 | 653 | — | — | |||||||
Shares repurchased and cross class conversions | (245) | (4,022) | (566) | (9,251) | (191) | (7,251) | (168) | (5,987) | |||||||
Net Increase / (Decrease) | 103 | $ 1,679 | (105) | $ (1,915) | 34 | $ 1,543 | 57 | $ 2,118 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 31 | $ 511 | 45 | $ 717 | 79 | $ 2,924 | 18 | $ 631 | |||||||
Reinvestment of distributions | 16 | 269 | 9 | 132 | 4 | 132 | — | — | |||||||
Shares repurchased and cross class conversions | (139) | (2,281) | (389) | (6,136) | (62) | (2,138) | (93) | (3,061) | |||||||
Net Increase / (Decrease) | (92) | $ (1,501) | (335) | $ (5,287) | 21 | $ 918 | (75) | $ (2,430) |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 429 | $ 7,026 | 588 | $ 9,594 | 3,749 | $ 137,771 | 4,949 | $ 176,493 | |||||||
Reinvestment of distributions | 153 | 2,472 | 57 | 898 | 298 | 11,968 | 30 | 952 | |||||||
Shares repurchased and cross class conversions | (592) | (9,630) | (466) | (7,435) | (3,546) | (124,467) | (1,797) | (59,799) | |||||||
Net Increase / (Decrease) | (10) | $ (132) | 179 | $ 3,057 | 501 | $ 25,272 | 3,182 | $ 117,646 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 106 | $ 1,756 | 103 | $ 1,639 | 458 | $ 16,994 | 554 | $ 21,628 | |||||||
Reinvestment of distributions | 42 | 675 | 16 | 252 | 85 | 3,414 | 13 | 402 | |||||||
Shares repurchased and cross class conversions | (93) | (1,514) | (87) | (1,348) | (252) | (9,314) | (100) | (3,404) | |||||||
Net Increase / (Decrease) | 55 | $ 917 | 32 | $ 543 | 291 | $ 11,094 | 467 | $ 18,626 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 18 | $ 140 | 257 | $ 2,153 | 133 | $ 1,849 | 42 | $ 494 | |||||||
Reinvestment of distributions | 7 | 52 | — | — | 6 | 84 | 7 | 75 | |||||||
Shares repurchased and cross class conversions | (86) | (665) | (83) | (664) | (214) | (2,843) | (224) | (2,587) | |||||||
Net Increase / (Decrease) | (61) | $ (473) | 174 | $ 1,489 | (75) | $ (910) | (175) | $ (2,018) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 2 | $ 14 | — | $ 2 | 76 | $ 1,037 | 8 | $ 96 | |||||||
Reinvestment of distributions | — | — | — | — | — (1) | 3 | — | — | |||||||
Shares repurchased and cross class conversions | (18) | (122) | (44) | (343) | (43) | (580) | (33) | (382) | |||||||
Net Increase / (Decrease) | (16) | $ (108) | (44) | $ (341) | 33 | $ 460 | (25) | $ (286) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 669 | $ 4,921 | 2,641 | $ 22,626 | 386 | $ 5,218 | 90 | $ 1,068 | |||||||
Reinvestment of distributions | 65 | 516 | — | 1 | 6 | 83 | 7 | 79 | |||||||
Shares repurchased and cross class conversions | (598) | (4,488) | (2,635) | (22,170) | (363) | (4,804) | (199) | (2,262) | |||||||
Net Increase / (Decrease) | 136 | $ 949 | 6 | $ 457 | 29 | $ 497 | (102) | $ (1,115) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 8 | $ 100 | — | $ — | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | 8 | $ 100 | — | $ — |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 864 | $ 22,100 | 922 | $ 20,837 | 756 | $ 10,953 | 2,365 | $ 34,548 | |||||||
Reinvestment of distributions | 228 | 6,019 | 363 | 7,462 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (1,461) | (37,438) | (6,641) | (136,442) | (1,179) | (17,061) | (2,013) | (29,460) | |||||||
Net Increase / (Decrease) | (369) | $ (9,319) | (5,356) | $ (108,143) | (423) | $ (6,108) | 352 | $ 5,088 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 43 | $ 1,092 | 44 | $ 1,016 | 10 | $ 130 | 13 | $ 183 | |||||||
Reinvestment of distributions | 8 | 229 | 17 | 350 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (91) | (2,240) | (198) | (4,310) | (924) | (12,513) | (3,249) | (44,616) | |||||||
Net Increase / (Decrease) | (40) | $ (919) | (137) | $ (2,944) | (914) | $ (12,383) | (3,236) | $ (44,433) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,943 | $ 73,762 | 2,089 | $ 47,868 | 202 | $ 2,983 | 213 | $ 3,186 | |||||||
Reinvestment of distributions | 420 | 10,979 | 614 | 12,625 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (3,434) | (84,223) | (7,797) | (159,936) | (595) | (8,823) | (907) | (13,488) | |||||||
Net Increase / (Decrease) | (71) | $ 518 | (5,094) | $ (99,443) | (393) | $ (5,840) | (694) | $ (10,302) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,723 | $ 43,154 | 4,715 | $ 93,514 | 1 | $ 8 | 1 | $ 18 | |||||||
Reinvestment of distributions | 283 | 7,461 | 372 | 7,726 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (3,171) | (82,026) | (1,332) | (30,040) | (15) | (204) | (4) | (58) | |||||||
Net Increase / (Decrease) | (1,165) | $ (31,411) | 3,755 | $ 71,200 | (14) | $ (196) | (3) | $ (40) |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||||||
Year Ended September 30, 2022 | From Inception June 22, 2021 to September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 3 | $ 19 | 10 | $ 100 | 1,023 | $ 14,093 | 1,477 | $ 24,995 | |||||||
Reinvestment of distributions | — | — | — | — | 277 | 4,301 | 30 | 503 | |||||||
Shares repurchased and cross class conversions | — | — | (—) (1) | (—) (2) | (1,745) | (24,597) | (914) | (15,781) | |||||||
Net Increase / (Decrease) | 3 | $ 19 | 10 | $ 100 | (445) | $ (6,203) | 593 | $ 9,717 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | 10 | $ 100 | 34 | $ 488 | 85 | $ 1,459 | |||||||
Reinvestment of distributions | — | — | — | — | 11 | 175 | 1 | 10 | |||||||
Shares repurchased and cross class conversions | — | — | (—) (1) | (—) (2) | (48) | (645) | (22) | (380) | |||||||
Net Increase / (Decrease) | — | $ — | 10 | $ 100 | (3) | $ 18 | 64 | $ 1,089 |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||||||
Year Ended September 30, 2022 | From Inception June 22, 2021 to September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2 | $ 16 | 10 | $ 100 | 8,664 | $ 121,808 | 12,097 | $ 210,349 | |||||||
Reinvestment of distributions | — (1) | — (2) | — | — | 1,765 | 27,465 | 161 | 2,693 | |||||||
Shares repurchased and cross class conversions | — | — | (—) (1) | (—) (2) | (13,435) | (183,571) | (3,950) | (68,374) | |||||||
Net Increase / (Decrease) | 2 | $ 16 | 10 | $ 100 | (3,006) | $ (34,298) | 8,308 | $ 144,668 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 53 | $ 433 | 270 | $ 2,700 | 28 | $ 372 | 61 | $ 1,061 | |||||||
Reinvestment of distributions | — | — | — | — | 6 | 87 | — (1) | — (2) | |||||||
Shares repurchased and cross class conversions | — | — | (—) (1) | (—) (2) | (6) | (79) | (—) (1) | (4) | |||||||
Net Increase / (Decrease) | 53 | $ 433 | 270 | $ 2,700 | 28 | $ 380 | 61 | $ 1,057 |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 841 | $ 15,750 | 1,193 | $ 27,780 | 6,803 | $ 64,459 | 8,916 | $ 115,145 | |||||||
Shares issued-merger (See Note 13) | 24 | 607 | — | — | — | — | — | — | |||||||
Reinvestment of distributions | 323 | 7,192 | 37 | 830 | 5,927 | 56,364 | 96 | 1,203 | |||||||
Shares repurchased and cross class conversions | (1,842) | (33,861) | (1,249) | (29,032) | (15,768) | (147,140) | (12,105) | (153,034) | |||||||
Net Increase / (Decrease) | (654) | $ (10,312) | (19) | $ (422) | (3,038) | $ (26,317) | (3,093) | $ (36,686) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 62 | $ 1,230 | 250 | $ 5,697 | 150 | $ 1,341 | 661 | $ 8,474 | |||||||
Shares issued-merger (See Note 13) | 12 | 311 | — | — | — | — | — | — | |||||||
Reinvestment of distributions | 128 | 2,793 | 6 | 122 | 1,419 | 12,857 | — | — | |||||||
Shares repurchased and cross class conversions | (449) | (7,588) | (290) | (6,624) | (3,229) | (28,171) | (3,639) | (45,664) | |||||||
Net Increase / (Decrease) | (247) | $ (3,254) | (34) | $ (805) | (1,660) | $ (13,973) | (2,978) | $ (37,190) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 32,974 | $ 632,173 | 36,403 | $ 861,402 | 71,371 | $ 682,721 | 63,024 | $ 846,730 | |||||||
Shares issued-merger (See Note 13) | 1,501 | 38,692 | — | — | — | — | — | — | |||||||
Reinvestment of distributions | 8,896 | 198,465 | 1,018 | 23,007 | 58,424 | 581,318 | 2,445 | 31,633 | |||||||
Shares repurchased and cross class conversions | (77,670) | (1,354,234) | (17,969) | (423,584) | (251,117) | (2,463,253) | (185,409) | (2,426,192) | |||||||
Net Increase / (Decrease) | (34,299) | $ (484,904) | 19,452 | $ 460,825 | (121,322) | $ (1,199,214) | (119,940) | $ (1,547,829) |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 2,374 | $ 46,184 | 8,311 | $ 187,350 | 4,120 | $ 39,018 | 4,736 | $ 63,725 | |||||||
Shares issued-merger (See Note 13) | 171 | 4,417 | — | — | — | — | — | — | |||||||
Reinvestment of distributions | 832 | 18,561 | 88 | 1,989 | 2,328 | 23,279 | 98 | 1,270 | |||||||
Shares repurchased and cross class conversions | (8,131) | (136,701) | (1,155) | (28,168) | (9,520) | (99,799) | (5,912) | (77,966) | |||||||
Net Increase / (Decrease) | (4,754) | $ (67,539) | 7,244 | $ 161,171 | (3,072) | $ (37,502) | (1,078) | $ (12,971) |
Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | ||||||||||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 942 | $ 25,901 | 945 | $ 31,405 | 384 | $ 6,809 | 746 | $ 15,288 | |||||||
Reinvestment of distributions | 1,291 | 36,977 | 349 | 11,130 | 1,077 | 20,114 | 112 | 2,200 | |||||||
Shares repurchased and cross class conversions | (1,618) | (42,141) | (996) | (33,278) | (1,132) | (20,042) | (726) | (15,131) | |||||||
Net Increase / (Decrease) | 615 | $ 20,737 | 298 | $ 9,257 | 329 | $ 6,881 | 132 | $ 2,357 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 17 | $ 430 | 33 | $ 1,060 | 56 | $ 760 | 143 | $ 2,378 | |||||||
Reinvestment of distributions | 117 | 3,149 | 67 | 2,045 | 246 | 3,551 | 41 | 658 | |||||||
Shares repurchased and cross class conversions | (322) | (8,231) | (550) | (17,446) | (630) | (8,756) | (724) | (12,097) | |||||||
Net Increase / (Decrease) | (188) | $ (4,652) | (450) | $ (14,341) | (328) | $ (4,445) | (540) | $ (9,061) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 5,863 | $ 155,649 | 3,691 | $ 124,022 | 1,794 | $ 29,502 | 1,947 | $ 40,142 | |||||||
Reinvestment of distributions | 5,212 | 149,581 | 1,683 | 53,587 | 1,363 | 25,593 | 172 | 3,388 | |||||||
Shares repurchased and cross class conversions | (12,635) | (327,256) | (7,139) | (240,109) | (4,358) | (79,848) | (2,096) | (44,248) | |||||||
Net Increase / (Decrease) | (1,560) | $ (22,026) | (1,765) | $ (62,500) | (1,201) | $ (24,753) | 23 | $ (718) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 606 | $ 15,854 | 612 | $ 20,010 | 327 | $ 5,964 | 621 | $ 12,866 | |||||||
Reinvestment of distributions | 399 | 11,478 | 171 | 5,460 | 824 | 15,552 | 86 | 1,700 | |||||||
Shares repurchased and cross class conversions | (531) | (14,124) | (1,548) | (51,100) | (1,169) | (19,568) | (1,386) | (28,851) | |||||||
Net Increase / (Decrease) | 474 | $ 13,208 | (765) | $ (25,630) | (18) | $ 1,948 | (679) | $ (14,285) |
Vontobel Greater European Opportunities Fund | |||||||
Year Ended September 30, 2022 | Year Ended September 30, 2021 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 60 | $ 688 | 118 | $ 1,451 | |||
Reinvestment of distributions | 9 | 114 | 6 | 66 | |||
Shares repurchased and cross class conversions | (59) | (705) | (37) | (457) | |||
Net Increase / (Decrease) | 10 | $ 97 | 87 | $ 1,060 | |||
Class C | |||||||
Shares sold and cross class conversions | — (1) | $ 3 | 13 | $ 148 | |||
Reinvestment of distributions | 1 | 15 | 2 | 25 | |||
Shares repurchased and cross class conversions | (8) | (84) | (24) | (282) | |||
Net Increase / (Decrease) | (7) | $ (66) | (9) | $ (109) | |||
Class I | |||||||
Shares sold and cross class conversions | 43 | $ 495 | 295 | $ 3,463 | |||
Reinvestment of distributions | 21 | 275 | 19 | 220 | |||
Shares repurchased and cross class conversions | (124) | (1,369) | (40) | (483) | |||
Net Increase / (Decrease) | (60) | $ (599) | 274 | $ 3,200 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts* | ||
Duff & Phelps Global Infrastructure Fund | 22 % | 2 | |
Duff & Phelps Global Real Estate Securities Fund | 46 | 2 | |
Duff & Phelps International Real Estate Securities Fund | 65 | 1 | |
Duff & Phelps Real Asset Fund | 15 | 1 | |
Duff & Phelps Real Estate Securities Fund | 13 | 1 | |
FORT Trend Fund | 28 | 2 | |
KAR Developing Markets Fund | 90 | 2 | |
KAR Emerging Markets Small-Cap Fund | 54 | 3 | |
KAR International Small-Mid Cap Fund | 54 | 4 | |
Vontobel Emerging Markets Opportunities Fund | 44 | 2 | |
Vontobel Foreign Opportunities Fund | 28 | 1 | |
Vontobel Global Opportunities Fund | 16 | 1 | |
Vontobel Greater European Opportunities Fund | 48 | 2 |
* | None of the accounts are affiliated. |
Sector | Percentage of Total Investments | ||
Duff & Phelps Global Infrastructure Fund | Utilities | 49% | |
Duff & Phelps Global Infrastructure Fund | Industrials | 25 | |
Duff & Phelps Real Estate Securities Fund | Residential | 29 | |
KAR Developing Markets Fund | Industrials | 30 | |
KAR Emerging Markets Small-Cap Fund | Industrials | 32 | |
KAR International Small-Mid Cap Fund | Industrials | 26 | |
KAR International Small-Mid Cap Fund | Communication Services | 26 | |
Vontobel Foreign Opportunities Fund | Industrials | 25 | |
Vontobel Greater European Opportunities Fund | Industrials | 26 |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Duff & Phelps Global Real Estate Securities Fund | $ —(1) | $ 3,600 | 1.83% | 2 | ||||
KAR Emerging Markets Small-Cap Fund | — (1) | 4,100 | 1.15 | 3 | ||||
KAR International Small-Mid Cap Fund | 19 | 11,925 | 1.53 | 28 | ||||
Vontobel Emerging Markets Opportunities Fund | 42 | 28,414 | 1.33 | 35 | ||||
Vontobel Foreign Opportunities Fund | 3 | 14,100 | 1.35 | 5 | ||||
Vontobel Global Opportunities Fund | 2 | 6,750 | 1.06 | 8 |
(1) | Amount is less than $500. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Global Infrastructure Fund | $ 78,224 | $ 7,897 | $ (8,936) | $ (1,039) | ||||
Duff & Phelps Global Real Estate Securities Fund | 417,727 | 27,633 | (75,573) | (47,940) | ||||
Duff & Phelps International Real Estate Securities Fund | 30,961 | 2,918 | (10,362) | (7,444) | ||||
Duff & Phelps Real Asset Fund | 26,988 | 5,040 | (10,191) | (5,151) | ||||
Duff & Phelps Real Estate Securities Fund | 280,177 | 126,862 | (16,782) | 110,080 | ||||
FORT Trend Fund | 133,124 | 1 | (6,768) | (6,767) | ||||
KAR Developing Markets Fund | 3,160 | 100 | (883) | (783) | ||||
KAR Emerging Markets Small-Cap Fund | 283,234 | 20,941 | (72,742) | (51,801) | ||||
KAR International Small-Mid Cap Fund | 1,497,462 | 109,232 | (548,932) | (439,700) | ||||
Vontobel Emerging Markets Opportunities Fund | 2,123,664 | 196,073 | (427,223) | (231,150) | ||||
Vontobel Foreign Opportunities Fund | 586,464 | 118,332 | (78,412) | 39,920 | ||||
Vontobel Global Opportunities Fund | 204,178 | 67,794 | (30,221) | 37,573 | ||||
Vontobel Greater European Opportunities Fund | 5,839 | 1,121 | (842) | 279 |
Fund | Short-Term | Long-Term | ||
Duff & Phelps International Real Estate Securities Fund | $ 1,532 | $ 931 | ||
Duff & Phelps Real Asset Fund | 12,956 | 2,438 | ||
FORT Trend Fund | 406,072 | 262 | ||
Vontobel Emerging Markets Opportunities Fund | 69,761 | 70,043 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late Year Ordinary Losses Deferred | Post-October Capital Loss Deferred | Capital Loss Deferred | |||||
Duff & Phelps Global Infrastructure Fund | $ 328 | $ 6,770 | $ — | $ — | $ — | ||||
Duff & Phelps Global Real Estate Securities Fund | 2,133 | — | — | 2,801 | — | ||||
Duff & Phelps International Real Estate Securities Fund | — | — | 344 | 122 | 2,463 | ||||
Duff & Phelps Real Asset Fund | 64 | — | — | — | 15,394 | ||||
Duff & Phelps Real Estate Securities Fund | — | 34,057 | — | — | — | ||||
FORT Trend Fund | — | — | 757 | — | 406,334 | ||||
KAR Developing Markets Fund | 17 | — | — | 281 | — | ||||
KAR Emerging Markets Small-Cap Fund | — | — | 6,809 | 6,124 | — | ||||
KAR International Small-Mid Cap Fund | — | — | 21,612 | 213,700 | — |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late Year Ordinary Losses Deferred | Post-October Capital Loss Deferred | Capital Loss Deferred | |||||
Vontobel Emerging Markets Opportunities Fund | $ — | $ — | $24,154 | $ 87,197 | $139,804 | ||||
Vontobel Foreign Opportunities Fund | — | 319 | 1,386 | 11,446 | — | ||||
Vontobel Global Opportunities Fund | — | 24,371 | 3,116 | 5,642 | — | ||||
Vontobel Greater European Opportunities Fund | — | — | 29 | 352 | — |
Ordinary Income | Long-Term Capital Gains | Total | |||
Duff & Phelps Global Infrastructure Fund | |||||
9/30/22 | $ 1,548 | $ 3,840 | $ 5,388 | ||
9/30/21 | 1,023 | 990 | 2,013 | ||
Duff & Phelps Global Real Estate Securities Fund | |||||
9/30/22 | 8,176 | 8,314 | 16,490 | ||
9/30/21 | 1,381 | — | 1,381 | ||
Duff & Phelps International Real Estate Securities Fund | |||||
9/30/22 | 570 | — | 570 | ||
Duff & Phelps Real Asset Fund | |||||
9/30/22 | 182 | — | 182 | ||
9/30/21 | 165 | — | 165 | ||
Duff & Phelps Real Estate Securities Fund | |||||
9/30/22 | 12,351 | 12,709 | 25,060 | ||
9/30/21 | 12,025 | 16,550 | 28,575 | ||
KAR Developing Markets Fund | |||||
9/30/22 | 16 | — | 16 | ||
KAR Emerging Markets Small-Cap Fund | |||||
9/30/22 | 21,603 | 10,517 | 32,120 | ||
9/30/21 | 3,210 | — | 3,210 | ||
KAR International Small-Mid Cap Fund | |||||
9/30/22 | 97,265 | 147,405 | 244,670 | ||
9/30/21 | 23,000 | 5,210 | 28,210 | ||
Vontobel Emerging Markets Opportunities Fund | |||||
9/30/22 | 243,800 | 523,310 | 767,110 | ||
9/30/21 | 39,000 | — | 39,000 | ||
Vontobel Foreign Opportunities Fund | |||||
9/30/22 | 40,481 | 172,309 | 212,790 | ||
9/30/21 | 4,250 | 71,700 | 75,950 | ||
Vontobel Global Opportunities Fund | |||||
9/30/22 | 14,780 | 53,680 | 68,460 | ||
9/30/21 | — | 8,460 | 8,460 | ||
Vontobel Greater European Opportunities Fund | |||||
9/30/22 | 128 | 284 | 412 | ||
9/30/21 | — | 321 | 321 |
Merged Fund | Shares Outstanding | Shares Converted | Merged Fund Net Asset Value of Converted Shares | |||
Class A Shares | 40,674 | 23,696 | $ 607 | |||
Class C Shares | 20,936 | 12,399 | 311 | |||
Class I Shares | 2,583,429 | 1,501,375 | 38,692 | |||
Class R6 Shares | 294,773 | 171,167 | 4,417 |
Merged Fund Net Assets | Merged Fund Unrealized Appreciation (Depreciation) | Acquiring Fund Net Assets | ||
$44,027 | $9,371 | $3,237,294 |
Net investment income (loss) | $16,838(a) |
Net realized and unrealized gain (loss) on investments | (1,241,150) (b) |
Net increase (decrease) in net assets resulting from operations | $ (1,224,312) |
Virtus Duff & Phelps Global Infrastructure Fund Virtus Duff & Phelps Global Real Estate Securities Fund Virtus Duff & Phelps International Real Estate Securities Fund Virtus Duff & Phelps Real Asset Fund Virtus Duff & Phelps Real Securities Fund Virtus KAR Emerging Markets Small-Cap Fund Virtus KAR International Small-Mid Cap Fund Virtus Vontobel Emerging Markets Opportunities Fund Virtus Vontobel Foreign Opportunities Fund Virtus Vontobel Global Opportunities Fund Virtus Vontobel Greater European Opportunities Fund | Statements of operations for the year ended September 30, 2022 and statements of changes in net assets for the years ended September 30, 2022 and 2021 |
Virtus FORT Trend Fund | Consolidated statements of operations for the year ended September 30, 2022 and consolidated statements of changes in net assets for the years ended September 30, 2022 and 2021 |
Virtus KAR Developing Markets Fund | Statement of operations for the year ended September 30, 2022, and statement of changes in net assets for the year ended September 30, 2022 and the period June 22, 2021 (commencement of operations) through September 30, 2021 |
Philadelphia, Pennsylvania
November 23, 2022
Qualified REIT Dividend Income % (non-corporate shareholders) | Qualified Dividend Income % (non-corporate shareholder) | Dividend Received Deduction % (corporate shareholders) | Long-Term Capital Gain Distributions ($) | ||||
Duff & Phelps Global Infrastructure Fund | — % | 100.00 % | 76.62 % | $ 7,296 | |||
Duff & Phelps Global Real Estate Securities Fund | — | 100.00 | — | 753 | |||
Duff & Phelps International Real Estate Securities Fund | — | 100.00 | — | — | |||
Duff & Phelps Real Asset Fund | — | 100.00 | 79.34 | — | |||
Duff & Phelps Real Estate Securities Fund | 88.20 | — | — | 36,014 | |||
KAR Developing Markets Fund | — | 95.84 | — | — | |||
KAR Emerging Markets Small-Cap Fund | — | 100.00 | — | 813 | |||
KAR International Small-Mid Cap Fund | — | 100.00 | — | 38,389 | |||
Vontobel Emerging Markets Opportunities Fund | — | 61.52 | 1.14 | 1,424 | |||
Vontobel Foreign Opportunities Fund | — | — | — | 29,055 | |||
Vontobel Global Opportunities Fund | — | 58.90 | 29.40 | 30,137 | |||
Vontobel Greater European Opportunities Fund | — | 100.00 | — | 59 |
Foreign Source Income Recognized | Foreign Taxes Paid on Foreign Source Income | ||
Duff & Phelps International Real Estate Securities Fund | $ 1,190 | $ 99 | |
Duff & Phelps Real Asset Fund | 51 | 3 | |
KAR Developing Markets Fund | 63 | 7 | |
KAR Emerging Markets Small-Cap Fund | 7,878 | 1,173 | |
KAR International Small-Mid Cap Fund | 48,947 | 5,243 | |
Vontobel Emerging Markets Opportunities Fund | 61,977 | 34,657 | |
Vontobel Greater European Opportunities Fund | 121 | 16 |
VIRTUS OPPORTUNITIES TRUST
JUNE 28, 2022
(Unaudited)
Nominee | Votes For | Votes Withheld |
Sarah E. Cogan | 10,407,376,283.52 | 97,265,841.77 |
Deborah A. DeCotis | 10,401,696,303.12 | 102,945,822.17 |
F. Ford Drummond | 10,400,483,984.83 | 104,158,140.46 |
Sidney E. Harris | 10,397,336,549.80 | 107,305,575.49 |
Connie D. McDaniel | 10,406,924,517.65 | 97,717,607.64 |
R. Keith Walton | 10,402,656,885.02 | 101,985,240.27 |
Brian T. Zino | 10,170,984,436.07 | 333,657,689.22 |
Fund | Votes For | Votes Against | Abstain |
Virtus Duff & Phelps Global Real Estate Securities Fund | $188,053,977.63 or 71.492% of Voted | $648,888.81 or 0.247% of Voted | $1,428,117.90 or 0.542% of Voted |
Virtus Vontobel Emerging Markets Opportunities Fund | $1,412,451,533.48 or 56.153% of Fund | $9,690,339.29 or 0.385% of Fund | $2,139,737.69 or 0.085% of Fund |
Virtus Vontobel Foreign Opportunities Fund | $319,995,144.20 or 68.109% of Voted | $7,998,153.05 or 1.703% of Voted | $1,176,936.02 or 0.250% of Voted |
Votes For | Votes Against | Abstain |
$1,416,409,171.15 or 56.310% of Fund | $5,104,584.65 or 0.202% of Fund | $2,767,854.66 or 0.110% of Fund |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2016 103 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (61 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 107 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (61 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 107 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (61 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund; Director, Cadre Holdings Inc. (since 2022); Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 107 Portfolios | Owner/Operator (since 1998), Drummond Ranch; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (61 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund, Virtus Stone Harbor Emerging Markets Total Income Fund, The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 100 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (61 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2016 100 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (61 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 100 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2019), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (61 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
McLoughlin, Philip YOB: 1946 Served Since: 1999 110 Portfolios | Private investor since 2010. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (61 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McNamara, Geraldine M. YOB: 1951 Served Since: 2001 103 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (61 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 107 Portfolios | Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (61 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino, Brian T. YOB: 1952 Served Since: 2020 107 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (61 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 112 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (61 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2019 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Carr, Kevin J. YOB: 1954 | Senior Vice President (since 2013); Vice President (2005 to 2013); Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (since 2017), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009) and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2005) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8637 | 11-22 |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | Other than certain non-substantive changes, there have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. Audit Committee Financial Expert.
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. |
(a)(2) | The Registrant’s Board of Trustees has determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.” Each such individual is an “independent” trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
(a)(3) | Not applicable. |
Item 4. Principal Accountant Fees and Services.
• | Registrant may incorporate the following information by reference, if this information has been disclosed in the registrant’s definitive proxy statement or definitive information statement. The proxy statement or information statement must be filed no later than 120 days after the end of the fiscal year covered by the Annual Report. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $465,040 for 2021 and $488,653 for 2022. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $20,924 for 2021 and $34,978 for 2022. Such audit-related fees include the out of pocket expenses. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $121,075 for 2021 and $130,100 for 2022. |
“Tax Fees” are those primarily associated with review of the Trust’s tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust’s financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund’s federal income returns.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2021 and $0 for 2022. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Board of Trustees of Virtus Opportunities Trust (the “Fund”) has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) | 0% |
(c) | 0% |
(d) | N/A |
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $141,999 for 2021 and $158,699 for 2022. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) |
(a)(2) |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | During the period covered by this report, Virtus Stone Harbor Emerging Markets Corporate Debt Fund, Virtus Stone Harbor Emerging Markets Debt Allocation Fund, Virtus Stone Harbor Emerging Markets Debt Fund, Virtus Stone Harbor High Yield Bond Fund, Virtus Stone Harbor Local Markets Fund, and Virtus Stone Harbor Strategic Income Fund, each a series of the Registrant, engaged Deloitte & Touche LLP as independent public accounting firm. There was no change in the Registrant’s independent public accountant for the remaining series of the Trust. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Opportunities Trust | |
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) | ||
Date 11/30/2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) | ||
Date 11/30/2022 | ||
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) | ||
Date 11/30/2022 |
* | Print the name and title of each signing officer under his or her signature. |