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)
Jennifer Fromm, Esq.
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: March 31, 2023
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. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-158723/g450187img5839e00a1.gif)
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 |
1 | ||
2 | ||
5 | ||
7 | ||
Fund | Schedule of Investments | |
8 | ||
17 | ||
22 | ||
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”) | 32 | |
43 | ||
58 | ||
65 | ||
69 | ||
73 | ||
75 | ||
79 | ||
85 | ||
98 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-158723/g450187imgcac90f8f2.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-23-158723/g450187imgdfb705df3.jpg)
President, Virtus Opportunities Trust
May 2023
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,047.60 | 0.84 % | $ 4.29 | ||||
Class C | 1,000.00 | 1,044.40 | 1.59 | 8.10 | ||||
Class I | 1,000.00 | 1,049.30 | 0.59 | 3.01 | ||||
Class R6 | 1,000.00 | 1,050.00 | 0.47 | 2.40 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,072.10 | 1.03 | 5.32 | ||||
Class C | 1,000.00 | 1,065.90 | 1.78 | 9.17 | ||||
Class I | 1,000.00 | 1,073.40 | 0.78 | 4.03 | ||||
Class R6 | 1,000.00 | 1,074.30 | 0.62 | 3.21 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 1,000.00 | 1,029.70 | 0.75 | 3.80 | ||||
Class C | 1,000.00 | 1,025.90 | 1.50 | 7.58 | ||||
Class I | 1,000.00 | 1,032.00 | 0.50 | 2.53 | ||||
Class R6 | 1,000.00 | 1,032.30 | 0.43 | 2.18 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 1,057.70 | 0.99 | 5.08 | ||||
Class C | 1,000.00 | 1,051.80 | 1.74 | 8.90 | ||||
Class I | 1,000.00 | 1,058.40 | 0.74 | 3.80 | ||||
Class R6 | 1,000.00 | 1,059.20 | 0.60 | 3.08 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,034.70 | 0.90 | 4.57 | ||||
Class C | 1,000.00 | 1,032.90 | 1.16 | 5.88 | ||||
Class C1 | 1,000.00 | 1,030.50 | 1.66 | 8.40 | ||||
Class I | 1,000.00 | 1,036.00 | 0.65 | 3.30 | ||||
Class R6 | 1,000.00 | 1,036.30 | 0.52 | 2.64 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 1,055.20 | 1.07 | 5.48 | ||||
Class C | 1,000.00 | 1,052.50 | 1.81 | 9.26 | ||||
Class I | 1,000.00 | 1,057.70 | 0.81 | 4.16 | ||||
Class R6 | 1,000.00 | 1,058.50 | 0.67 | 3.44 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | $1,000.00 | $1,053.90 | 0.83% | $4.25 | ||||
Class C | 1,000.00 | 1,050.00 | 1.58 | 8.08 | ||||
Class I | 1,000.00 | 1,055.20 | 0.58 | 2.97 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,020.74 | 0.84 % | $ 4.23 | ||||
Class C | 1,000.00 | 1,017.00 | 1.59 | 8.00 | ||||
Class I | 1,000.00 | 1,021.99 | 0.59 | 2.97 | ||||
Class R6 | 1,000.00 | 1,022.59 | 0.47 | 2.37 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,019.80 | 1.03 | 5.19 | ||||
Class C | 1,000.00 | 1,016.06 | 1.78 | 8.95 | ||||
Class I | 1,000.00 | 1,021.04 | 0.78 | 3.93 | ||||
Class R6 | 1,000.00 | 1,021.84 | 0.62 | 3.13 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.19 | 0.75 | 3.78 | ||||
Class C | 1,000.00 | 1,017.45 | 1.50 | 7.54 | ||||
Class I | 1,000.00 | 1,022.44 | 0.50 | 2.52 | ||||
Class R6 | 1,000.00 | 1,022.79 | 0.43 | 2.17 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||
Class C | 1,000.00 | 1,016.26 | 1.74 | 8.75 | ||||
Class I | 1,000.00 | 1,021.24 | 0.74 | 3.73 | ||||
Class R6 | 1,000.00 | 1,021.94 | 0.60 | 3.02 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.44 | 0.90 | 4.53 | ||||
Class C | 1,000.00 | 1,019.15 | 1.16 | 5.84 | ||||
Class C1 | 1,000.00 | 1,016.65 | 1.66 | 8.35 | ||||
Class I | 1,000.00 | 1,021.69 | 0.65 | 3.28 | ||||
Class R6 | 1,000.00 | 1,022.34 | 0.52 | 2.62 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 1,019.60 | 1.07 | 5.39 | ||||
Class C | 1,000.00 | 1,015.91 | 1.81 | 9.10 | ||||
Class I | 1,000.00 | 1,020.89 | 0.81 | 4.08 | ||||
Class R6 | 1,000.00 | 1,021.59 | 0.67 | 3.38 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | $1,000.00 | $1,020.79 | 0.83% | $4.18 | ||||
Class C | 1,000.00 | 1,017.05 | 1.58 | 7.95 | ||||
Class I | 1,000.00 | 1,022.04 | 0.58 | 2.92 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
March 31, 2023.
Corporate Bonds and Notes | 34% | |
Financials | 11% | |
Industrials | 4 | |
Energy | 4 | |
All other Corporate Bonds and Notes | 15 | |
Mortgage-Backed Securities | 24 | |
U.S. Government Securities | 15 | |
Asset-Backed Securities | 13 | |
Municipal Bonds | 5 | |
Leveraged Loans | 5 | |
Short-Term Investment | 2 | |
Other (includes securities lending collateral) | 2 | |
Total | 100% |
Corporate Bonds and Notes | 84% | |
Energy | 18% | |
Consumer Discretionary | 15 | |
Industrials | 11 | |
All other Corporate Bonds and Notes | 40 | |
Leveraged Loans | 6 | |
Short-Term Investment | 5 | |
Securities Lending Collateral | 2 | |
U.S. Government Security | 2 | |
Other | 1 | |
Total | 100% |
Asset-Backed Securities | 35% | |
Mortgage-Backed Securities | 24 | |
Corporate Bonds and Notes | 23 | |
Financials | 9% | |
Health Care | 2 | |
Materials | 2 | |
All other Corporate Bonds and Notes | 10 | |
U.S. Government Securities | 7 | |
Leveraged Loans | 6 | |
Short-Term Investment | 4 | |
Other (includes securities lending collateral) | 1 | |
Total | 100% |
Corporate Bonds and Notes | 40% | |
Financials | 10% | |
Energy | 8 | |
Industrials | 4 | |
All other Corporate Bonds and Notes | 18 | |
Mortgage-Backed Securities | 13 | |
Asset-Backed Securities | 13 | |
U.S. Government Securities | 13 | |
Leveraged Loans | 11 | |
Foreign Government Securities | 7 | |
Preferred Stocks | 1 | |
Other (includes securities lending collateral) | 2 | |
Total | 100% |
Corporate Bonds and Notes | 28% | |
Financials | 10% | |
Energy | 4 | |
Health Care | 2 | |
All other Corporate Bonds and Notes | 12 | |
Asset-Backed Securities | 27 | |
Mortgage-Backed Securities | 24 | |
U.S. Government Securities | 10 | |
Leveraged Loans | 8 | |
Other (includes short-term investment and securities lending collateral) | 3 | |
Total | 100% |
Leveraged Loans | 95% | |
Information Technology | 13% | |
Health Care | 11 | |
Service | 11 | |
Manufacturing | 7 | |
Food / Tobacco | 6 | |
Gaming / Leisure | 6 | |
Chemicals | 4 | |
All other Leveraged Loans | 37 | |
Corporate Bonds and Notes | 4 | |
Common Stocks | 1 | |
Total | 100% |
Municipal Bonds | 100% |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—14.7% | |||
U.S. Treasury Bonds | |||
2.375%, 2/15/42 | $ 720 | $ 579 | |
3.000%, 8/15/48 | 3,115 | 2,720 | |
1.375%, 8/15/50 | 1,320 | 793 | |
1.875%, 2/15/51 | 1,335 | 912 | |
1.875%, 11/15/51 | 940 | 640 | |
2.250%, 2/15/52 | 950 | 708 | |
2.875%, 5/15/52 | 985 | 843 | |
4.000%, 11/15/52 | 2,425 | 2,574 | |
3.625%, 2/15/53 | 665 | 660 | |
U.S. Treasury Notes | |||
0.625%, 12/31/27 | 990 | 861 | |
1.500%, 2/15/30 | 1,265 | 1,109 | |
1.375%, 11/15/31 | 630 | 532 | |
4.125%, 11/15/32 | 795 | 835 | |
Total U.S. Government Securities (Identified Cost $15,609) | 13,766 | ||
Municipal Bonds—5.1% | |||
California—0.2% | |||
Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | 250 | 181 | |
Florida—1.1% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 1,065 | 1,043 | |
Idaho—0.2% | |||
Idaho Health Facilities Authority St. Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | 170 | 163 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 30 | 24 | |
New York—2.8% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 1,290 | 1,423 | |
New York State Environmental Facilities Corp. Revenue Taxable 5.000%, 6/15/51 | 1,070 | 1,185 | |
2,608 | |||
Texas—0.5% | |||
City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | 255 | 206 |
Par Value | Value | ||
Texas—continued | |||
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | $ 80 | $ 67 | |
Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | 205 | 158 | |
Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | 80 | 78 | |
509 | |||
Virginia—0.3% | |||
City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 285 | 257 | |
Total Municipal Bonds (Identified Cost $5,244) | 4,785 | ||
Foreign Government Securities—1.4% | |||
Dominican Republic 144A 4.875%, 9/23/32(1) | 420 | 356 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(2) | 200 | 184 | |
Republic of Serbia 144A 6.500%, 9/26/33(1)(3) | 200 | 198 | |
United Mexican States | |||
2.659%, 5/24/31 | 425 | 356 | |
6.350%, 2/9/35 | 200 | 213 | |
Total Foreign Government Securities (Identified Cost $1,385) | 1,307 | ||
Mortgage-Backed Securities—23.4% | |||
Agency—2.0% | |||
Federal Home Loan Mortgage Corp. Pool #SD2026 5.000%, 11/1/52 | 1,653 | 1,648 | |
Federal National Mortgage Association | |||
Pool #323702 6.000%, 5/1/29 | 6 | 6 | |
Pool #535371 6.500%, 5/1/30 | — (4) | — (4) | |
Pool #590108 7.000%, 7/1/31 | 3 | 3 | |
Pool #880117 5.500%, 4/1/36 | 21 | 21 | |
Pool #909092 6.000%, 9/1/37 | 8 | 9 | |
Pool #909220 6.000%, 8/1/38 | 105 | 109 |
Par Value | Value | ||
Agency—continued | |||
Pool #938574 5.500%, 9/1/36 | $ 43 | $ 44 | |
Pool #986067 6.000%, 8/1/38 | 2 | 2 | |
Government National Mortgage Association I Pool #443000 6.500%, 9/15/28 | 7 | 8 | |
1,850 | |||
Non-Agency—21.4% | |||
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(1)(5) | 150 | 140 | |
2021-A, A1 144A 1.065%, 9/25/65(1)(5) | 175 | 154 | |
American Homes 4 Rent Trust | |||
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 192 | 185 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 125 | 122 | |
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 255 | 238 | |
2020-SFR2, C 144A 2.533%, 7/17/37(1) | 100 | 94 | |
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 250 | 234 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 100 | 87 | |
2022-SFR1, C 144A 3.740%, 3/17/39(1) | 515 | 471 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(1)(5) | 187 | 178 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(5) | 76 | 72 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(5) | 31 | 29 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(5) | 89 | 72 | |
2022-1, A1B 144A 3.269%, 12/25/56(1)(5) | 270 | 239 | |
BPR Trust 2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.191%, 2/15/29(1)(5) | 360 | 352 | |
BX Commercial Mortgage Trust | |||
2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.192%, 10/15/36(1)(5) | 144 | 141 |
Par Value | Value | ||
Non-Agency—continued | |||
2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 6.788%, 2/15/39(1)(5) | $ 302 | $ 282 | |
BX Trust 2019-OC11, D 144A 3.944%, 12/9/41(1)(5) | 715 | 590 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(1) | 417 | 357 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(5) | 85 | 72 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(5) | 173 | 152 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 3.066%, 5/25/34(5) | 57 | 50 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(5) | 110 | 103 | |
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A 0.857%, 5/25/65(1)(5) | 44 | 37 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(1) | 210 | 193 | |
CoreVest American Finance Trust | |||
2019-3, C 144A 3.265%, 10/15/52(1) | 220 | 186 | |
2020-1, A1 144A 1.832%, 3/15/50(1) | 287 | 272 | |
2020-3, A 144A 1.358%, 8/15/53(1) | 182 | 164 | |
2020-4, A 144A 1.174%, 12/15/52(1) | 267 | 241 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 5.664%, 5/15/36(1)(5) | 369 | 365 | |
Credit Suisse Mortgage Capital Trust | |||
2020-NQM1, A1 144A 1.208%, 5/25/65(1)(5) | 38 | 34 | |
2021-NQM1, A1 144A 0.809%, 5/25/65(1)(5) | 78 | 66 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(5) | 97 | 86 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(5) | 20 | 18 |
Par Value | Value | ||
Non-Agency—continued | |||
2022-1, A1 144A 2.206%, 1/25/67(1)(5) | $ 907 | $ 761 | |
FirstKey Homes Trust 2021-SFR1, D 144A 2.189%, 8/17/38(1) | 335 | 288 | |
Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(1)(5) | 41 | 37 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(5) | 6 | 5 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(5) | 7 | 6 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(5) | 10 | 10 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 2/15/38(1)(5) | 395 | 362 | |
Imperial Fund Mortgage Trust 2021-NQM4, A1 144A 2.091%, 1/25/57(1)(5) | 573 | 482 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.316%, 8/15/39(1)(5) | 305 | 303 | |
JPMorgan Chase Mortgage Trust | |||
2017-3, 2A2 144A 2.500%, 8/25/47(1)(5) | 27 | 23 | |
2017-5, A1 144A 3.300%, 10/26/48(1)(5) | 28 | 27 | |
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month Term SOFR + 1.114%, Cap N/A, Floor 1.114%) 144A 5.942%, 12/15/37(1)(5) | 143 | 136 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 5/15/36(1)(5) | 215 | 213 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 2/25/26(1)(5) | 270 | 263 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(1)(5) | 110 | 106 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.439%, 4/25/55(1)(5) | 305 | 272 |
Par Value | Value | ||
Non-Agency—continued | |||
MFA Trust | |||
2022-NQM2, A1 144A 4.000%, 5/25/67(1)(5) | $ 896 | $ 852 | |
2020-NQM3, A1 144A 1.014%, 1/26/65(1)(5) | 245 | 225 | |
Mill City Mortgage Loan Trust | |||
2017-3, B1 144A 3.250%, 1/25/61(1)(5) | 575 | 479 | |
2017-3, M2 144A 3.250%, 1/25/61(1)(5) | 261 | 238 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(5) | 155 | 135 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13, AS 4.266%, 11/15/46 | 360 | 353 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(5) | 55 | 52 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(5) | 39 | 37 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(5) | 30 | 28 | |
2016-3A, B1 144A 4.000%, 9/25/56(1)(5) | 186 | 170 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(5) | 209 | 197 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(5) | 113 | 108 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(1)(5) | 650 | 556 | |
2020-1A, A1B 144A 3.500%, 10/25/59(1)(5) | 212 | 195 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(5) | 372 | 334 | |
2022-RTL1, A1F 144A 4.336%, 12/25/26(1) | 255 | 243 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(5) | 100 | 94 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(1)(5) | 163 | 133 | |
OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48(1)(5) | 16 | 15 | |
Preston Ridge Partners Mortgage LLC 2021-2, A1 144A 2.115%, 3/25/26(1)(5) | 305 | 288 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(5) | 313 | 290 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(5) | 149 | 141 |
Par Value | Value | ||
Non-Agency—continued | |||
Progress Residential Trust 2019-SFR3, B 144A 2.571%, 9/17/36(1) | $ 235 | $ 225 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(5) | 351 | 301 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(5) | 122 | 104 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(5) | 16 | 15 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(5) | 24 | 22 | |
SG Residential Mortgage Trust | |||
2019-3, A1 144A 2.703%, 9/25/59(1)(5) | 36 | 34 | |
2021-1, A3 144A 1.560%, 7/25/61(1)(5) | 186 | 147 | |
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(5) | 60 | 48 | |
Towd Point Mortgage Trust | |||
2016-4, B1 144A 3.931%, 7/25/56(1)(5) | 310 | 287 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(5) | 340 | 319 | |
2017-4, A2 144A 3.000%, 6/25/57(1)(5) | 460 | 412 | |
2018-6, A2 144A 3.750%, 3/25/58(1)(5) | 600 | 527 | |
2019-1, A1 144A 3.750%, 3/25/58(1)(5) | 126 | 119 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(5) | 190 | 170 | |
2019-4, A2 144A 3.250%, 10/25/59(1)(5) | 240 | 214 | |
2019-HY2, M1 (1 month LIBOR + 1.600%, Cap N/A, Floor 1.600%) 144A 6.445%, 5/25/58(1)(5) | 100 | 96 | |
2020-MH1, A2 144A 2.500%, 2/25/60(1)(5) | 405 | 349 | |
2021-1, A2 144A 2.750%, 11/25/61(1)(5) | 355 | 286 | |
2023-1, A1 144A 3.750%, 1/25/63(1) | 492 | 466 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 190 | 177 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 310 | 260 | |
TVC Mortgage Trust 2020-RTL1, A1 144A 3.474%, 9/25/24(1) | 71 | 71 | |
VCAT LLC 2021-NPL2, A1 144A 2.115%, 3/27/51(1)(5) | 201 | 190 |
Par Value | Value | ||
Non-Agency—continued | |||
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(5) | $ 100 | $ 85 | |
2019-INV2, A1 144A 2.913%, 7/25/59(1)(5) | 49 | 47 | |
2022-4, A1 144A 4.474%, 4/25/67(1)(5) | 210 | 203 | |
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(1) | 76 | 69 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 361 | 344 | |
20,120 | |||
Total Mortgage-Backed Securities (Identified Cost $23,993) | 21,970 | ||
Asset-Backed Securities—12.4% | |||
Automobiles—4.7% | |||
ACM Auto Trust 2022-1A, B 144A 4.470%, 4/20/29(1) | 201 | 200 | |
American Credit Acceptance Receivables Trust 2022-1, D 144A 2.460%, 3/13/28(1) | 270 | 251 | |
Avis Budget Rental Car Funding LLC (AESOP) 2023-3A, A 144A 5.440%, 2/22/28(1) | 237 | 237 | |
CarNow Auto Receivables Trust 2023-1A, C 144A 7.240%, 9/15/26(1) | 288 | 287 | |
Carvana Auto Receivables Trust | |||
2019-2A, D 144A 3.280%, 1/15/25(1) | 102 | 102 | |
2019-3A, D 144A 3.040%, 4/15/25(1) | 140 | 139 | |
2021-N3, D 1.580%, 6/12/28 | 220 | 204 | |
CPS Auto Receivables Trust 2019-D, E 144A 3.860%, 10/15/25(1) | 265 | 258 | |
Credit Acceptance Auto Loan Trust 2020-3A, B 144A 1.770%, 12/17/29(1) | 265 | 253 | |
DT Auto Owner Trust 2023-1A, B 144A 5.190%, 10/16/28(1) | 384 | 381 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(1) | 300 | 284 | |
2022-1A, C 144A 3.130%, 5/15/28(1) | 270 | 255 |
Par Value | Value | ||
Automobiles—continued | |||
Flagship Credit Auto Trust 2019-2, C 144A 3.090%, 5/15/25(1) | $ 38 | $ 38 | |
Foursight Capital Automobile Receivables Trust 2022-1, B 144A 2.150%, 5/17/27(1) | 215 | 201 | |
LAD Auto Receivables Trust 2021-1A, D 144A 3.990%, 11/15/29(1) | 270 | 241 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(1) | 225 | 217 | |
United Auto Credit Securitization Trust | |||
2021-1, C 144A 0.840%, 6/10/26(1) | 49 | 49 | |
2023-1, B 144A 5.910%, 7/10/28(1) | 287 | 285 | |
Westlake Automobile Receivables Trust | |||
2021-3A, D 144A 2.120%, 1/15/27(1) | 265 | 245 | |
2023-1A, C 144A 5.740%, 8/15/28(1) | 265 | 266 | |
4,393 | |||
Consumer Loans—0.8% | |||
ACHV ABS TRUST 2023-1PL, A 144A 6.420%, 3/18/30(1) | 239 | 239 | |
OneMain Financial Issuance Trust 2022-3A, A 144A 5.940%, 5/15/34(1) | 256 | 257 | |
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | 270 | 243 | |
739 | |||
Credit Card—0.5% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1) | 280 | 260 | |
Genesis Sales Finance Master Trust 2021-AA, A 144A 1.200%, 12/21/26(1) | 280 | 265 | |
525 | |||
Equipment—0.4% | |||
NMEF Funding LLC 2021-A, B 144A 1.850%, 12/15/27(1) | 385 | 373 | |
Other—5.9% | |||
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(1) | 224 | 227 |
Par Value | Value | ||
Other—continued | |||
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | $ 18 | $ 18 | |
2019-A, A 144A 3.140%, 7/16/40(1) | 59 | 56 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 251 | 230 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 270 | 236 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(1) | 59 | 57 | |
BHG Securitization Trust 2021-A, A 144A 1.420%, 11/17/33(1) | 219 | 205 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(1) | 162 | 139 | |
CCG Receivables Trust 2021-1, C 144A 0.840%, 6/14/27(1) | 285 | 266 | |
Dext ABS LLC 2023-1, A2 144A 5.990%, 3/15/32(1) | 187 | 187 | |
Diamond Resorts Owner Trust 2021-1A, A 144A 1.510%, 11/21/33(1) | 82 | 76 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(1) | 31 | 30 | |
2021-1A, A 144A 1.270%, 5/15/41(1) | 128 | 114 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 318 | 286 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 194 | 180 | |
MAPS Trust 2021-1A, A 144A 2.521%, 6/15/46(1) | 211 | 184 | |
MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(1) | 219 | 201 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(1) | 61 | 57 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(1) | 204 | 173 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 223 | 192 | |
NMEF Funding LLC | |||
2019-A, C 144A 3.300%, 8/17/26(1) | 99 | 99 | |
2022-A, B 144A 3.350%, 10/16/28(1) | 260 | 245 | |
Octane Receivables Trust | |||
2020-1A, A 144A 1.710%, 2/20/25(1) | 27 | 26 |
Par Value | Value | ||
Other—continued | |||
2023-1A, C 144A 6.370%, 9/20/29(1) | $ 285 | $ 287 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 248 | 236 | |
Pawneee Equipment Receivables Series LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 300 | 296 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(1) | 335 | 328 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 141 | 122 | |
VFI ABS LLC | |||
2022-1A, A 144A 2.230%, 3/24/28(1) | 106 | 103 | |
2022-1A, B 144A 3.040%, 7/24/28(1) | 425 | 404 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 389 | 326 | |
5,586 | |||
Student Loan—0.1% | |||
Commonbond Student Loan Trust 2019-AGS, A1 144A 2.540%, 1/25/47(1) | 83 | 75 | |
Total Asset-Backed Securities (Identified Cost $12,343) | 11,691 | ||
Corporate Bonds and Notes—34.1% | |||
Communication Services—1.0% | |||
CCO Holdings LLC | |||
144A 6.375%, 9/1/29(1) | 23 | 22 | |
144A 4.750%, 3/1/30(1) | 180 | 156 | |
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1) | 245 | 135 | |
Sprint Capital Corp. 8.750%, 3/15/32 | 75 | 91 | |
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(1) | 200 | 164 | |
T-Mobile USA, Inc. 5.050%, 7/15/33 | 116 | 117 | |
Vodafone Group plc 5.625%, 2/10/53 | 220 | 217 | |
902 | |||
Consumer Discretionary—1.2% | |||
Ashtead Capital, Inc. | |||
144A 4.375%, 8/15/27(1) | 305 | 292 | |
144A 5.500%, 8/11/32(1) | 200 | 197 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 80 | 66 | |
Ford Motor Co. 4.750%, 1/15/43 | 110 | 84 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
MDC Holdings, Inc. 3.966%, 8/6/61 | $ 155 | $ 93 | |
PulteGroup, Inc. 6.375%, 5/15/33 | 355 | 371 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 70 | 63 | |
1,166 | |||
Consumer Staples—1.4% | |||
Albertsons Cos., Inc. 144A 6.500%, 2/15/28(1) | 100 | 100 | |
Anheuser-Busch Cos. LLC 4.900%, 2/1/46 | 240 | 235 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(1) | 290 | 287 | |
BAT Capital Corp. 7.750%, 10/19/32 | 308 | 341 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 90 | 83 | |
Church & Dwight Co., Inc. 5.000%, 6/15/52 | 295 | 293 | |
1,339 | |||
Energy—4.1% | |||
Aker BP ASA 144A 2.000%, 7/15/26(1) | 285 | 256 | |
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 185 | 184 | |
BP Capital Markets plc 4.875% (6) | 340 | 309 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1)(3) | 110 | 108 | |
CrownRock LP 144A 5.000%, 5/1/29(1) | 135 | 126 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 170 | 149 | |
Ecopetrol S.A. 8.875%, 1/13/33 | 175 | 177 | |
Enbridge, Inc. 7.625%, 1/15/83 | 320 | 312 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(1) | 90 | 88 | |
Energy Transfer LP Series H 6.500% (6) | 230 | 202 | |
EQM Midstream Partners LP 144A 7.500%, 6/1/30(1) | 195 | 189 | |
Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(1) | 355 | 292 | |
Genesis Energy LP 8.875%, 4/15/30 | 30 | 30 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 215 | 242 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 40 | 46 |
Par Value | Value | ||
Energy—continued | |||
Pertamina Persero PT 144A 6.450%, 5/30/44(1) | $ 500 | $ 514 | |
Petroleos Mexicanos 7.690%, 1/23/50 | 275 | 193 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1) | 250 | 207 | |
USA Compression Partners LP 6.875%, 4/1/26 | 125 | 121 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(1) | 125 | 113 | |
3,858 | |||
Financials—10.9% | |||
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 310 | 302 | |
Ares Finance Co. LLC 144A 4.000%, 10/8/24(1) | 270 | 260 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 270 | 214 | |
Banco Mercantil del Norte S.A. 144A 6.625% (1)(6) | 235 | 189 | |
Bank of America Corp. | |||
2.687%, 4/22/32 | 975 | 814 | |
2.482%, 9/21/36 | 180 | 137 | |
Bank of New York Mellon Corp. (The) Series G 4.700% (6) | 430 | 407 | |
Barclays plc 7.437%, 11/2/33 | 200 | 221 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 200 | 171 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 144 | 121 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 175 | 131 | |
Brookfield Finance, Inc. 2.724%, 4/15/31 | 335 | 281 | |
Capital One Financial Corp. 2.359%, 7/29/32 | 272 | 194 | |
Charles Schwab Corp. (The) Series H 4.000% (6) | 335 | 264 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 230 | 221 | |
Citigroup, Inc. | |||
3.980%, 3/20/30 | 275 | 256 | |
6.270%, 11/17/33 | 175 | 189 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 290 | 258 | |
Discover Financial Services 6.700%, 11/29/32 | 176 | 181 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(1) | 90 | 90 |
Par Value | Value | ||
Financials—continued | |||
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | $ 280 | $ 248 | |
Fifth Third Bancorp 4.337%, 4/25/33 | 160 | 140 | |
Goldman Sachs Group, Inc. (The) | |||
1.992%, 1/27/32 | 505 | 403 | |
6.450%, 5/1/36 | 85 | 91 | |
Huntington Bancshares, Inc. 2.550%, 2/4/30 | 180 | 143 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 255 | 261 | |
1.953%, 2/4/32 | 610 | 491 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 155 | 122 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 305 | 245 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 6.848%, 4/20/67(5) | 315 | 209 | |
MetLife, Inc. Series G 3.850% (6) | 185 | 163 | |
Morgan Stanley | |||
5.948%, 1/19/38 | 123 | 122 | |
6.375%, 7/24/42 | 260 | 293 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 155 | 150 | |
OWL Rock Core Income Corp. 4.700%, 2/8/27 | 185 | 167 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 330 | 325 | |
5.125%, 3/1/52 | 88 | 78 | |
6.000%, 9/1/52 | 44 | 41 | |
6.750%, 3/1/53 | 185 | 180 | |
State Street Corp. | |||
4.164%, 8/4/33 | 295 | 277 | |
4.821%, 1/26/34 | 83 | 83 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 40 | 37 | |
3.700%, 8/4/26 | 62 | 54 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 330 | 273 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 235 | 239 | |
Wells Fargo & Co. Series BB 3.900% (6) | 365 | 322 | |
Zions Bancorp NA 3.250%, 10/29/29 | 250 | 175 | |
10,233 | |||
Health Care—2.7% | |||
Amgen, Inc. | |||
5.250%, 3/2/33 | 109 | 112 | |
5.650%, 3/2/53 | 83 | 86 |
Par Value | Value | ||
Health Care—continued | |||
Bio-Rad Laboratories, Inc. 3.700%, 3/15/32 | $ 310 | $ 280 | |
CVS Health Corp. 4.300%, 3/25/28 | 310 | 305 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 305 | 270 | |
GE HealthCare Technologies, Inc. 144A 5.857%, 3/15/30(1) | 205 | 215 | |
HCA, Inc. 5.250%, 6/15/49 | 170 | 153 | |
Illumina, Inc. 2.550%, 3/23/31 | 373 | 308 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(7) | 70 | 52 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 175 | 157 | |
Universal Health Services, Inc. 2.650%, 1/15/32 | 365 | 285 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 107 | 102 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 226 | 198 | |
144A 2.300%, 6/22/27(1) | 2 | 1 | |
2,524 | |||
Industrials—4.2% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1) | 390 | 378 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 245 | 219 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | 260 | 244 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 225 | 186 | |
Boeing Co. (The) 5.930%, 5/1/60 | 274 | 274 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(1) | 276 | 226 | |
Chart Industries, Inc. 144A 7.500%, 1/1/30(1) | 5 | 5 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 465 | 390 | |
Delta Air Lines Pass-Through Trust 2015-1, AA 3.625%, 7/30/27 | 193 | 177 | |
Ferguson Finance plc 144A 4.650%, 4/20/32(1) | 370 | 352 |
Par Value | Value | ||
Industrials—continued | |||
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | $ 215 | $ 185 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 354 | 303 | |
Icahn Enterprises LP 5.250%, 5/15/27 | 200 | 188 | |
Regal Rexnord Corp. 144A 6.400%, 4/15/33(1) | 285 | 285 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 150 | 140 | |
Sempra Global 144A 3.250%, 1/15/32(1) | 339 | 283 | |
TransDigm, Inc. 5.500%, 11/15/27 | 100 | 94 | |
3,929 | |||
Information Technology—2.7% | |||
Booz Allen Hamilton, Inc. | |||
144A 3.875%, 9/1/28(1) | 125 | 114 | |
144A 4.000%, 7/1/29(1) | 140 | 126 | |
Broadcom, Inc. 4.150%, 11/15/30 | 255 | 237 | |
CDW LLC 3.569%, 12/1/31 | 287 | 247 | |
Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(1) | 125 | 104 | |
Dell International LLC 8.100%, 7/15/36 | 197 | 230 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 213 | 201 | |
HP, Inc. 5.500%, 1/15/33 | 260 | 258 | |
Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 198 | 166 | |
Leidos, Inc. 2.300%, 2/15/31 | 475 | 385 | |
Motorola Solutions, Inc. 4.600%, 5/23/29 | 180 | 175 | |
Oracle Corp. | |||
6.250%, 11/9/32 | 110 | 118 | |
5.550%, 2/6/53 | 110 | 105 | |
3.850%, 4/1/60 | 60 | 42 | |
2,508 | |||
Materials—1.8% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 200 | 210 | |
Avient Corp. 144A 7.125%, 8/1/30(1) | 155 | 160 | |
Bayport Polymers LLC 144A 5.140%, 4/14/32(1) | 300 | 280 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 140 | 143 |
Par Value | Value | ||
Materials—continued | |||
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | $ 215 | $ 206 | |
Glencore Funding LLC 144A 2.850%, 4/27/31(1) | 355 | 298 | |
International Flavors & Fragrances, Inc. | |||
144A 2.300%, 11/1/30(1) | 170 | 136 | |
144A 3.468%, 12/1/50(1) | 50 | 34 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 265 | 274 | |
1,741 | |||
Real Estate—2.1% | |||
EPR Properties 4.750%, 12/15/26 | 185 | 161 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 136 | 133 | |
3.250%, 1/15/32 | 148 | 120 | |
Iron Mountain, Inc. 144A 4.500%, 2/15/31(1) | 215 | 185 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 255 | 230 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 190 | 128 | |
Office Properties Income Trust 4.500%, 2/1/25 | 190 | 164 | |
Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(1) | 330 | 260 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 355 | 266 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 175 | 164 | |
5.125%, 5/15/32 | 175 | 165 | |
1,976 | |||
Utilities—2.0% | |||
Brooklyn Union Gas Co. (The) 144A 4.866%, 8/5/32(1) | 190 | 182 | |
CMS Energy Corp. 4.750%, 6/1/50 | 210 | 181 | |
Enel Finance International N.V. 144A 7.500%, 10/14/32(1) | 200 | 223 | |
Exelon Corp. 5.600%, 3/15/53 | 220 | 224 | |
KeySpan Gas East Corp. 144A 5.994%, 3/6/33(1) | 130 | 134 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(1) | 235 | 244 |
Par Value | Value | ||
Utilities—continued | |||
Puget Energy, Inc. | |||
2.379%, 6/15/28 | $ 204 | $ 180 | |
4.224%, 3/15/32 | 158 | 145 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 359 | 301 | |
Vistra Corp. 144A 8.000% (1)(6) | 100 | 93 | |
1,907 | |||
Total Corporate Bonds and Notes (Identified Cost $34,829) | 32,083 | ||
Leveraged Loans—5.0% | |||
Aerospace—0.5% | |||
Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.407%, 6/7/28(5) | 92 | 91 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 8.558%, 10/20/27(5) | 114 | 118 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.213%, 6/21/27(5) | 102 | 106 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.148%, 8/24/28(5) | 144 | 143 | |
458 | |||
Chemicals—0.3% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.657%, 11/8/27(5) | 279 | 279 | |
Consumer Durables—0.1% | |||
Resideo Funding, Inc. Tranche B (1-3 month LIBOR + 2.250%) 7.120% - 7.230%, 2/11/28(5) | 122 | 121 | |
Energy—0.3% | |||
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 8.308%, 12/21/28(5) | 124 | 119 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.063%, 10/5/28(5) | 122 | 120 |
Par Value | Value | ||
Energy—continued | |||
Whitewater Whistler Holdings LLC (3 month Term SOFR + 3.850%) 8.657%, 2/15/30(5) | $ 25 | $ 25 | |
264 | |||
Financials—0.1% | |||
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%) 7.890%, 6/15/25(5) | 87 | 86 | |
Food / Tobacco—0.2% | |||
Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.109%, 5/16/29(5) | 45 | 44 | |
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 2.250%) 7.075%, 8/3/25(5) | 169 | 169 | |
213 | |||
Forest Prod / Containers—0.2% | |||
Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%) 6.510%, 7/1/26(5) | 192 | 191 | |
Gaming / Leisure—0.5% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.157%, 2/6/30(5) | 50 | 50 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.642%, 6/22/26(5) | 125 | 125 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 7.960%, 4/13/29(5) | 65 | 64 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 7.100%, 2/8/27(5) | 122 | 121 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 7.570%, 4/29/26(5) | $ 81 | $ 80 | |
440 | |||
Health Care—0.5% | |||
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 7.438%, 1/4/26(5) | 64 | 64 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 8.575%, 11/16/25(5) | 104 | 99 | |
Medline Borrower LP (1 month LIBOR + 3.250%) 8.090%, 10/23/28(5) | 180 | 175 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.157%, 4/20/29(5) | 94 | 93 | |
431 | |||
Housing—0.1% | |||
Standard Industries, Inc. (1 month LIBOR + 2.250%) 7.116%, 9/22/28(5) | 123 | 123 | |
Information Technology—0.7% | |||
Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.398%, 9/18/26(5) | 223 | 222 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%) 7.090%, 9/21/28(5) | 123 | 122 | |
Open Text Corp. (1 month Term SOFR + 3.600%) 8.407%, 1/31/30(5) | 80 | 80 | |
Sophia LP Tranche B (3 month LIBOR + 3.500%) 8.659%, 10/7/27(5) | 122 | 120 | |
UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%) 8.032%, 5/4/26(5) | 122 | 119 | |
663 | |||
Manufacturing—0.2% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 8.306%, 10/8/27(5) | 84 | 83 |
Par Value | Value | ||
Manufacturing—continued | |||
NCR Corp. (3 month LIBOR + 2.500%) 7.330%, 8/28/26(5) | $ 108 | $ 106 | |
189 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Media, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 7.340%, 9/18/26(5) | 74 | 74 | |
Media / Telecom - Cable/Wireless Video—0.1% | |||
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.840%, 8/2/27(5) | 111 | 106 | |
Media / Telecom - Diversified Media—0.0% | |||
Creative Artists Agency LLC 2023 (1 month Term SOFR + 3.500%) 8.307%, 11/27/28(5) | 20 | 20 | |
Media / Telecom - Wireless Communications—0.2% | |||
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 6.600%, 4/11/25(5) | 220 | 220 | |
Retail—0.2% | |||
PetsMart LLC (1 month Term SOFR + 3.850%) 8.657%, 2/11/28(5) | 190 | 188 | |
Service—0.3% | |||
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 8.095%, 2/6/26(5) | 121 | 120 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.048%, 11/23/28(5) | 123 | 121 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 8.590%, 2/1/28(5) | 84 | 83 | |
324 | |||
Par Value | Value | ||
Transportation - Automotive—0.1% | |||
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.656% - 7.870%, 2/28/30(5) | $ 70 | $ 69 | |
Utilities—0.3% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.590%, 8/1/25(5) | 252 | 250 | |
Total Leveraged Loans (Identified Cost $4,717) | 4,709 |
Shares | ||
Preferred Stocks—0.6% | ||
Financials—0.4% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 106 (8) | 99 |
MetLife, Inc. Series D, 5.875% | 108 (8) | 100 |
Truist Financial Corp. Series Q, 5.100% | 195 (8) | 171 |
370 | ||
Industrials—0.2% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.196%(5) | 161 (8) | 161 |
Total Preferred Stocks (Identified Cost $553) | 531 | |
Total Long-Term Investments—96.7% (Identified Cost $98,673) | 90,842 | |
Shares | Value | ||
Short-Term Investment—2.4% | |||
Money Market Mutual Fund—2.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(9) | 2,287,947 | $ 2,288 | |
Total Short-Term Investment (Identified Cost $2,288) | 2,288 | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(9)(10) | 303,484 | 304 | |
Total Securities Lending Collateral (Identified Cost $304) | 304 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $101,265) | $93,434 | ||
Other assets and liabilities, net—0.6% | 566 | ||
NET ASSETS—100.0% | $94,000 |
Abbreviations: | |
ABS | Asset-Backed Securities |
BAM | Build America Municipal Insured |
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 March 31, 2023, these securities amounted to a value of $43,616 or 46.4% 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) | All or a portion of security is on loan. |
(4) | Amount is less than $500. |
(5) | Variable rate security. Rate disclosed is as of March 31, 2023. 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) | No contractual maturity date. |
(7) | Security in default, 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† | |
United States | 92% |
Canada | 2 |
Mexico | 1 |
United Kingdom | 1 |
Indonesia | 1 |
Bermuda | 1 |
Netherlands | 1 |
Other | 1 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Asset-Backed Securities | $11,691 | $ — | $11,691 | ||
Corporate Bonds and Notes | 32,083 | — | 32,083 | ||
Foreign Government Securities | 1,307 | — | 1,307 | ||
Leveraged Loans | 4,709 | — | 4,709 | ||
Mortgage-Backed Securities | 21,970 | — | 21,970 | ||
Municipal Bonds | 4,785 | — | 4,785 | ||
U.S. Government Securities | 13,766 | — | 13,766 | ||
Equity Securities: | |||||
Preferred Stocks | 531 | — | 531 | ||
Money Market Mutual Fund | 2,288 | 2,288 | — | ||
Securities Lending Collateral | 304 | 304 | — | ||
Total Investments | $93,434 | $2,592 | $90,842 |
Par Value | Value | ||
U.S. Government Security—1.7% | |||
U.S. Treasury Note 3.125%, 11/15/28 | $ 835 | $ 814 | |
Total U.S. Government Security (Identified Cost $810) | 814 | ||
Corporate Bonds and Notes—84.9% | |||
Communication Services—9.5% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | 200 | 128 | |
Altice France S.A. 144A 5.125%, 7/15/29(1) | 400 | 301 | |
CCO Holdings LLC | |||
144A 5.125%, 5/1/27(1) | 350 | 331 | |
144A 6.375%, 9/1/29(1) | 17 | 16 | |
144A 4.750%, 3/1/30(1) | 615 | 533 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 280 | 203 | |
CSC Holdings LLC | |||
5.250%, 6/1/24 | 280 | 270 | |
144A 7.500%, 4/1/28(1) | 410 | 261 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 265 | 236 | |
7.750%, 7/1/26 | 465 | 307 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 380 | 318 | |
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1) | 465 | 257 | |
McGraw-Hill Education, Inc. | |||
144A 5.750%, 8/1/28(1) | 310 | 270 | |
144A 8.000%, 8/1/29(1) | 340 | 279 | |
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1) | 365 | 237 | |
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1) | 365 | 139 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 175 | 54 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 280 | 281 | |
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1) | 290 | 237 | |
4,658 | |||
Consumer Discretionary—14.7% | |||
Ashtead Capital, Inc. 144A 5.500%, 8/11/32(1) | 200 | 196 | |
Caesars Entertainment, Inc. | |||
144A 6.250%, 7/1/25(1) | 280 | 280 | |
144A 8.125%, 7/1/27(1) | 175 | 179 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 360 | 297 | |
Clarios Global LP 144A 8.500%, 5/15/27(1) | 300 | 301 | |
eG Global Finance plc | |||
144A 6.750%, 2/7/25(1) | 200 | 185 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
144A 8.500%, 10/30/25(1) | $ 355 | $ 332 | |
Ford Motor Co. | |||
3.250%, 2/12/32 | 581 | 457 | |
4.750%, 1/15/43 | 225 | 173 | |
Ford Motor Credit Co. LLC | |||
4.125%, 8/17/27 | 200 | 183 | |
7.350%, 3/6/30 | 200 | 205 | |
Gates Global LLC 144A 6.250%, 1/15/26(1) | 315 | 309 | |
Hilton Domestic Operating Co., Inc. 144A 3.625%, 2/15/32(1) | 435 | 367 | |
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1) | 360 | 315 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 310 | 277 | |
Mclaren Finance plc 144A 7.500%, 8/1/26(1) | 365 | 300 | |
Metis Merger Sub LLC 144A 6.500%, 5/15/29(1) | 200 | 167 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 405 | 380 | |
Nordstrom, Inc. 4.250%, 8/1/31 | 495 | 354 | |
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1) | 365 | 269 | |
Raptor Acquisition Corp. 144A 4.875%, 11/1/26(1) | 315 | 293 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 15 | 16 | |
Scientific Games International, Inc. 144A 7.000%, 5/15/28(1) | 410 | 406 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 335 | 302 | |
Taylor Morrison Communities, Inc. 144A 5.125%, 8/1/30(1) | 340 | 314 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 460 | 388 | |
7,245 | |||
Consumer Staples—2.5% | |||
Albertsons Cos., Inc. | |||
144A 4.625%, 1/15/27(1) | 455 | 440 | |
144A 6.500%, 2/15/28(1) | 125 | 125 | |
H-Food Holdings LLC 144A 8.500%, 6/1/26(1) | 270 | 167 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 400 | 304 | |
Sigma Holdco B.V. 144A 7.875%, 5/15/26(1) | 215 | 171 | |
1,207 | |||
Par Value | Value | ||
Energy—18.5% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | $ 410 | $ 407 | |
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1) | 340 | 326 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 310 | 300 | |
BP Capital Markets plc 4.875% (2) | 285 | 259 | |
Cheniere Energy, Inc. 4.625%, 10/15/28 | 175 | 166 | |
Chesapeake Energy Corp. | |||
144A 5.500%, 2/1/26(1)(3) | 320 | 315 | |
144A 5.875%, 2/1/29(1) | 165 | 157 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 440 | 434 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 367 | 383 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 260 | 255 | |
144A 5.000%, 5/1/29(1) | 230 | 214 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 420 | 368 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(1) | 286 | 278 | |
Energy Transfer LP Series H 6.500% (2) | 495 | 436 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(1) | 81 | 80 | |
144A 7.500%, 6/1/30(1) | 145 | 141 | |
Genesis Energy LP 8.875%, 4/15/30 | 60 | 61 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 280 | 258 | |
144A 6.000%, 2/1/31(1) | 245 | 226 | |
International Petroleum Corp. RegS, 144A 7.250%, 2/1/27(1)(4) | 300 | 279 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 335 | 326 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(2)(5) | 115 | 1 | |
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1) | 355 | 339 | |
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | 335 | 314 | |
Occidental Petroleum Corp. | |||
6.625%, 9/1/30 | 360 | 379 | |
6.125%, 1/1/31 | 460 | 477 | |
Parsley Energy LLC 144A 4.125%, 2/15/28(1) | 175 | 164 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 300 | 283 | |
Teine Energy Ltd. 144A 6.875%, 4/15/29(1) | 380 | 348 |
Par Value | Value | ||
Energy—continued | |||
Transocean, Inc. | |||
144A 11.500%, 1/30/27(1) | $ 143 | $ 148 | |
144A 8.750%, 2/15/30(1) | 245 | 250 | |
USA Compression Partners LP 6.875%, 4/1/26 | 250 | 243 | |
Venture Global Calcasieu Pass LLC | |||
144A 3.875%, 8/15/29(1) | 30 | 27 | |
144A 4.125%, 8/15/31(1) | 500 | 439 | |
9,081 | |||
Financials—6.4% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 550 | 516 | |
Alliant Holdings Intermediate LLC 144A 6.750%, 10/15/27(1) | 257 | 238 | |
Block, Inc. 3.500%, 6/1/31(3) | 335 | 275 | |
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | 375 | 317 | |
Burford Capital Global Finance LLC 144A 6.250%, 4/15/28(1) | 295 | 254 | |
Cobra Acquisition Co. LLC 144A 6.375%, 11/1/29(1) | 280 | 162 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 485 | 383 | |
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | 600 | 510 | |
Navient Corp. 5.875%, 10/25/24 | 185 | 180 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 330 | 320 | |
3,155 | |||
Health Care—7.9% | |||
1375209 BC Ltd. 144A 9.000%, 1/30/28(1) | 29 | 29 | |
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 320 | 252 | |
Bausch Health Cos., Inc. | |||
144A 6.125%, 2/1/27(1) | ��� 45 | 29 | |
144A 11.000%, 9/30/28(1) | 52 | 38 | |
144A 14.000%, 10/15/30(1) | 10 | 6 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 585 | 521 | |
Community Health Systems, Inc. | |||
144A 6.875%, 4/15/29(1) | 25 | 15 | |
144A 6.125%, 4/1/30(1) | 215 | 130 | |
144A 5.250%, 5/15/30(1) | 285 | 224 | |
144A 4.750%, 2/15/31(1) | 160 | 118 | |
DaVita, Inc. 144A 3.750%, 2/15/31(1) | 435 | 343 |
Par Value | Value | ||
Health Care—continued | |||
Endo Dac 144A 9.500%, 7/31/27(1)(6) | $ 50 | $ 4 | |
Lannett Co., Inc. 144A 7.750%, 4/15/26(1) | 105 | 17 | |
Legacy LifePoint Health LLC | |||
144A 6.750%, 4/15/25(1) | 5 | 5 | |
144A 4.375%, 2/15/27(1) | 285 | 233 | |
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 555 | 482 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(7) | 256 | 190 | |
Surgery Center Holdings, Inc. | |||
144A 6.750%, 7/1/25(1) | 90 | 89 | |
144A 10.000%, 4/15/27(1) | 76 | 77 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 310 | 187 | |
Tenet Healthcare Corp. | |||
4.875%, 1/1/26 | 180 | 176 | |
6.250%, 2/1/27 | 130 | 128 | |
144A 6.125%, 6/15/30(1) | 195 | 192 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
3.150%, 10/1/26 | 245 | 220 | |
5.125%, 5/9/29 | 200 | 183 | |
3,888 | |||
Industrials—10.5% | |||
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(1) | 380 | 365 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 180 | 149 | |
Boeing Co. (The) 5.930%, 5/1/60 | 381 | 381 | |
Chart Industries, Inc. | |||
144A 7.500%, 1/1/30(1) | 15 | 16 | |
144A 9.500%, 1/1/31(1) | 275 | 290 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 150 | 110 | |
Fortress Transportation & Infrastructure Investors LLC | |||
144A 6.500%, 10/1/25(1) | 231 | 231 | |
144A 9.750%, 8/1/27(1) | 40 | 42 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 425 | 366 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 220 | 216 | |
5.250%, 5/15/27 | 280 | 263 | |
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1) | 310 | 287 | |
OT Merger Corp. 144A 7.875%, 10/15/29(1) | 140 | 83 | |
Regal Rexnord Corp. | |||
144A 6.300%, 2/15/30(1) | 280 | 282 | |
144A 6.400%, 4/15/33(1) | 146 | 146 |
Par Value | Value | ||
Industrials—continued | |||
Ritchie Bros Holdings, Inc. 144A 7.750%, 3/15/31(1) | $ 290 | $ 304 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 435 | 405 | |
SRS Distribution, Inc. 144A 6.125%, 7/1/29(1) | 370 | 312 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1) | 430 | 360 | |
TransDigm, Inc. | |||
144A 6.750%, 8/15/28(1) | 145 | 146 | |
144A 6.250%, 3/15/26(1) | 115 | 115 | |
5.500%, 11/15/27 | 310 | 292 | |
5,161 | |||
Information Technology—3.3% | |||
Alteryx, Inc. 144A 8.750%, 3/15/28(1) | 160 | 161 | |
ams-OSRAM AG 144A 7.000%, 7/31/25(1) | 285 | 267 | |
CDW LLC 3.569%, 12/1/31 | 290 | 249 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 130 | 113 | |
144A 6.500%, 10/15/28(1) | 340 | 282 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 200 | 160 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 415 | 394 | |
1,626 | |||
Materials—8.0% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 340 | 357 | |
ASP Unifrax Holdings, Inc. 144A 5.250%, 9/30/28(1) | 378 | 302 | |
Avient Corp. 144A 7.125%, 8/1/30(1) | 350 | 361 | |
Cleveland-Cliffs, Inc. | |||
7.000%, 3/15/27 | 170 | 166 | |
144A 6.750%, 3/15/26(1) | 115 | 117 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 485 | 465 | |
LSB Industries, Inc. 144A 6.250%, 10/15/28(1) | 475 | 423 | |
Mauser Packaging Solutions Holding Co. 144A 9.250%, 4/15/27(1) | 455 | 420 | |
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1) | 390 | 372 | |
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | 265 | 240 | |
Trident TPI Holdings, Inc. | |||
144A 9.250%, 8/1/24(1) | 245 | 243 | |
144A 6.625%, 11/1/25(1) | 265 | 244 |
Par Value | Value | ||
Materials—continued | |||
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | $ 263 | $ 223 | |
3,933 | |||
Real Estate—1.3% | |||
Iron Mountain, Inc. 144A 4.500%, 2/15/31(1) | 405 | 348 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 465 | 313 | |
661 | |||
Utilities—2.3% | |||
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 305 | 286 | |
144A 5.875%, 4/1/29(1) | 175 | 150 | |
Sunnova Energy Corp. 144A 5.875%, 9/1/26(1)(3) | 305 | 258 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(1) | 240 | 228 | |
Vistra Corp. 144A 8.000% (1)(2) | 220 | 205 | |
1,127 | |||
Total Corporate Bonds and Notes (Identified Cost $45,951) | 41,742 | ||
Leveraged Loans—5.8% | |||
Aerospace—0.6% | |||
Kestrel Bidco, Inc. (3 month LIBOR + 3.000%) 0.000%, 12/11/26(8)(9) | 305 | 292 | |
Consumer Non-Durables—0.3% | |||
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 8.840%, 6/30/24(9) | 160 | 156 | |
Energy—0.4% | |||
Traverse Midstream Partners LLC (3 month Term SOFR + 3.850%) 8.726%, 2/16/28(9) | 191 | 188 | |
Forest Prod / Containers—0.6% | |||
Klockner Pentaplast of America, Inc. Tranche B (3 month Term SOFR + 4.750%) 10.129%, 2/12/26(9) | 306 | 280 |
Par Value | Value | ||
Gaming / Leisure—0.2% | |||
ECL Entertainment LLC Tranche B (1 month Term SOFR + 7.500%) 12.422%, 5/1/28(9) | $ 118 | $ 117 | |
Health Care—1.1% | |||
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 8.648%, 3/31/27(9) | 87 | 13 | |
(3 month Term SOFR + 4.250%) 9.148%, 3/31/27(9) | 36 | 8 | |
(3 month Term SOFR + 8.025%) 12.923%, 3/31/27(9) | 10 | 9 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 8.575%, 11/16/25(9) | 255 | 242 | |
Sotera Health Holdings LLC (3 month LIBOR + 3.000%) 0.000%, 12/11/26(8)(9) | 250 | 246 | |
518 | |||
Information Technology—0.8% | |||
Finastra USA, Inc. First Lien (3 month LIBOR + 3.500%) 8.325%, 6/13/24(9) | 244 | 228 | |
Infinite Bidco LLC Second Lien (3 month LIBOR + 7.000%) 12.159%, 3/2/29(9) | 175 | 154 | |
382 | |||
Manufacturing—0.6% | |||
Arcline FM Holdings LLC | |||
First Lien (3 month LIBOR + 4.750%) 9.909%, 6/23/28(9) | 148 | 140 | |
Second Lien (3 month LIBOR + 8.250%) 13.409%, 6/25/29(9) | 190 | 171 | |
311 | |||
Metals / Minerals—0.7% | |||
Covia Holdings Corp. (3 month LIBOR + 4.000%) 8.782%, 7/31/26(9) | 360 | 350 |
Par Value | Value | ||
Service—0.5% | |||
Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%) 7.953%, 3/20/25(9) | $ ��� 77 | $ 69 | |
Sweetwater Borrower LLC (1 month LIBOR + 4.250%) 9.125%, 8/7/28(9) | 192 | 182 | |
251 | |||
Utilities—0.0% | |||
Lightstone HoldCo LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 10.557%, 1/29/27(9) | 1 | 1 | |
Tranche C (1 month Term SOFR + 5.750%) 10.557%, 1/29/27(9) | — (10) | — (10) | |
1 | |||
Total Leveraged Loans (Identified Cost $3,021) | 2,846 |
Shares | ||
Preferred Stocks—1.1% | ||
Financials—0.8% | ||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 250 (11) | 220 |
Citigroup, Inc. Series T, 6.250% | 190 (11) | 182 |
402 | ||
Industrials—0.3% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.196%(9) | 134 (11) | 134 |
Total Preferred Stocks (Identified Cost $571) | 536 | |
Common Stocks—0.4% | ||
Consumer Discretionary—0.1% | ||
MYT Holding LLC Class B(5)(12) | 33,144 | 20 |
NMG Parent LLC(5)(12) | 116 | 16 |
36 | ||
Shares | Value | ||
Energy—0.3% | |||
QuarterNorth Energy Holding, Inc.(12) | 1,072 | $ 151 | |
Total Common Stocks (Identified Cost $306) | 187 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp., 12/29/49(5)(12) | 8,563 | 10 | |
Total Rights (Identified Cost $7) | 10 | ||
Total Long-Term Investments—93.9% (Identified Cost $50,666) | 46,135 | ||
Short-Term Investment—5.2% | |||
Money Market Mutual Fund—5.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(13) | 2,538,753 | 2,539 | |
Total Short-Term Investment (Identified Cost $2,539) | 2,539 | ||
Shares | Value | ||
Securities Lending Collateral—1.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(13)(14) | 849,562 | $ 850 | |
Total Securities Lending Collateral (Identified Cost $850) | 850 | ||
TOTAL INVESTMENTS—100.8% (Identified Cost $54,055) | $49,524 | ||
Other assets and liabilities, net—(0.8)% | (376) | ||
NET ASSETS—100.0% | $49,148 |
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 |
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 March 31, 2023, these securities amounted to a value of $33,754 or 68.7% of net assets. |
(2) | No contractual maturity date. |
(3) | All or a portion of security is on loan. |
(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) | This loan will settle after March 31, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(9) | Variable rate security. Rate disclosed is as of March 31, 2023. 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) | Amount is less than $500. |
(11) | Value shown as par value. |
(12) | Non-income producing. |
(13) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(14) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 84% |
Canada | 5 |
United Kingdom | 2 |
Australia | 2 |
Netherlands | 2 |
Luxembourg | 1 |
Germany | 1 |
Other | 3 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Corporate Bonds and Notes | $41,742 | $ — | $41,741 | $ 1 | |||
Leveraged Loans | 2,846 | — | 2,846 | — | |||
U.S. Government Security | 814 | — | 814 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 536 | — | 536 | — | |||
Rights | 10 | — | — | 10 | |||
Common Stocks | 187 | — | 151 | 36 | |||
Money Market Mutual Fund | 2,539 | 2,539 | — | — | |||
Securities Lending Collateral | 850 | 850 | — | — | |||
Total Investments | $49,524 | $3,389 | $46,088 | $47 |
Par Value | Value | ||
U.S. Government Securities—6.6% | |||
U.S. Treasury Notes | |||
0.125%, 8/31/23 | $ 7,085 | $ 6,953 | |
2.500%, 4/30/24 | 7,030 | 6,875 | |
4.125%, 1/31/25 | 16,805 | 16,800 | |
Total U.S. Government Securities (Identified Cost $30,626) | 30,628 | ||
Foreign Government Securities—0.3% | |||
Dominican Republic 144A 5.500%, 2/22/29(1) | 1,090 | 1,024 | |
Korea National Oil Corp. 144A 4.875%, 4/3/28(1) | 200 | 201 | |
Republic of South Africa 5.875%, 9/16/25 | 265 | 264 | |
Total Foreign Government Securities (Identified Cost $1,567) | 1,489 | ||
Mortgage-Backed Securities—24.3% | |||
Agency—0.2% | |||
Federal National Mortgage Association | |||
Pool #AC3654 5.000%, 10/1/39 | 72 | 73 | |
Pool #AD3841 4.500%, 4/1/40 | 21 | 21 | |
Pool #AD6058 4.000%, 8/1/25 | 6 | 6 | |
Pool #AL7532 3.000%, 11/1/27 | 140 | 136 | |
Pool #AO5149 3.000%, 6/1/27 | 36 | 35 | |
Pool #AS5730 3.000%, 9/1/30 | 352 | 337 | |
Pool #MA0908 4.000%, 11/1/31 | 95 | 93 | |
Pool #MA3663 3.500%, 5/1/49 | 182 | 171 | |
Government National Mortgage Association | |||
Pool #345039 7.000%, 9/15/23 | — (2) | — (2) | |
Pool #780023 7.000%, 9/15/24 | — (2) | — (2) | |
872 | |||
Non-Agency—24.1% | |||
Ajax Mortgage Loan Trust 2019-D, A1 144A 2.956%, 9/25/65(1)(3) | 457 | 427 | |
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1) | 170 | 164 | |
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 940 | 877 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-SFR3, B 144A 1.806%, 9/17/37(1) | $ 2,400 | $ 2,207 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 1,010 | 882 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(1)(3) | 981 | 882 | |
2020-R1, A2 144A 1.247%, 4/25/53(1)(3) | 731 | 663 | |
2021-7, A1 144A 1.978%, 10/25/66(1)(3) | 933 | 762 | |
2021-8, A1 144A 1.820%, 11/25/66(1)(3) | 2,459 | 2,046 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(1)(3) | 523 | 499 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(3) | 996 | 935 | |
2020-1, A1B 144A 2.100%, 3/25/55(1) | 939 | 864 | |
BPR Trust 2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.191%, 2/15/29(1)(3) | 755 | 737 | |
BRAVO Residential Funding Trust 2021-NQM3, A1 144A 1.699%, 4/25/60(1)(3) | 1,973 | 1,772 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(3) | 435 | 405 | |
BX Commercial Mortgage Trust 2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.192%, 10/15/36(1)(3) | 880 | 860 | |
BX Trust | |||
2018-GW, B (1 month LIBOR + 1.020%, Cap N/A, Floor 1.020%) 144A 5.704%, 5/15/35(1)(3) | 1,265 | 1,227 | |
2019-OC11, B 144A 3.605%, 12/9/41(1) | 811 | 681 | |
2022-CLS, A 144A 5.760%, 10/13/27(1) | 2,212 | 2,160 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(1) | 2,252 | 1,931 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(3) | 214 | 181 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(3) | 384 | 337 |
Par Value | Value | ||
Non-Agency—continued | |||
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%, Cap N/A, Floor 1.120%) 144A 5.804%, 6/15/34(1)(3) | $ 367 | $ 357 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2015-PS1, A1 144A 3.750%, 9/25/42(1)(3) | 29 | 27 | |
2019-RP1, A1 144A 3.500%, 1/25/66(1)(3) | 1,071 | 1,015 | |
COLT Funding LLC 2021-3R, A1 144A 1.051%, 12/25/64(1)(3) | 1,051 | 900 | |
COLT Mortgage Loan Trust | |||
2022-3, A1 144A 3.901%, 2/25/67(1)(3) | 1,952 | 1,810 | |
2022-4, A1 144A 4.301%, 3/25/67(1)(3) | 638 | 610 | |
2021-2R, A1 144A 0.798%, 7/27/54(1) | 371 | 316 | |
COLT Mortgage Pass-Through Certificates | |||
2021-1R, A1 144A 0.857%, 5/25/65(1)(3) | 429 | 360 | |
2021-1R, A3 144A 1.421%, 5/25/65(1)(3) | 901 | 748 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(1) | 1,035 | 951 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(1)(3) | 950 | 868 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(1) | 1,626 | 1,538 | |
2020-4, A 144A 1.174%, 12/15/52(1) | 1,307 | 1,180 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 5.664%, 5/15/36(1)(3) | 1,451 | 1,437 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(1)(3) | 695 | 664 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(3) | 1,730 | 1,507 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(3) | 105 | 94 |
Par Value | Value | ||
Non-Agency—continued | |||
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(3) | $ 233 | $ 215 | |
2020-1, A1 144A 2.006%, 5/25/65(1)(3) | 394 | 376 | |
2020-2, A1 144A 1.178%, 10/25/65(1)(3) | 1,500 | 1,348 | |
2021-1, A2 144A 1.003%, 2/25/66(1)(3) | 530 | 440 | |
Extended Stay America Trust 2021-ESH, C (1 month LIBOR + 1.700%, Cap N/A, Floor 1.700%) 144A 6.385%, 7/15/38(1)(3) | 1,054 | 1,021 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 440 | 401 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 2,045 | 1,846 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 1,050 | 903 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(3) | 71 | 66 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(3) | 52 | 47 | |
2019-2, A52 144A 3.500%, 6/25/59(1)(3) | 411 | 388 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(3) | 93 | 88 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 2/15/38(1)(3) | 2,085 | 1,910 | |
Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(3) | 1,426 | 1,194 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1) | 1,070 | 988 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.316%, 8/15/39(1)(3) | 1,765 | 1,751 | |
JPMBB Commercial Mortgage Securities Trust | |||
2014-C18, AS 4.439%, 2/15/47(3) | 1,395 | 1,352 |
Par Value | Value | ||
Non-Agency—continued | |||
2015-C32, AS 3.984%, 11/15/48 | $ 2,200 | $ 2,071 | |
JPMorgan Chase Mortgage Trust | |||
2014-1, 2A12 144A 3.500%, 1/25/44(1)(3) | 99 | 90 | |
2014-2, 2A2 144A 3.500%, 6/25/29(1)(3) | 191 | 184 | |
2014-2, AM 144A 3.360%, 6/25/29(1)(3) | 259 | 248 | |
2015-1, AM1 144A 5.692%, 12/25/44(1)(3) | 47 | 45 | |
2015-5, A2 144A 5.853%, 5/25/45(1)(3) | 249 | 244 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(3) | 214 | 185 | |
2017-5, A1 144A 3.300%, 10/26/48(1)(3) | 343 | 331 | |
KKR Industrial Portfolio Trust 2021-KDIP, C (1 month Term SOFR + 1.114%, Cap N/A, Floor 1.114%) 144A 5.942%, 12/15/37(1)(3) | 1,459 | 1,392 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 5/15/36(1)(3) | 1,040 | 1,030 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 2/25/26(1)(3) | 1,000 | 976 | |
MetLife Securitization Trust | |||
2018-1A, A 144A 3.750%, 3/25/57(1)(3) | 1,420 | 1,337 | |
2019-1A, A1A 144A 3.750%, 4/25/58(1)(3) | 2,007 | 1,945 | |
MFA Trust | |||
2020-NQM3, A1 144A 1.014%, 1/26/65(1)(3) | 799 | 733 | |
2021-INV1, A1 144A 0.852%, 1/25/56(1)(3) | 140 | 123 | |
Mill City Mortgage Loan Trust | |||
2017-3, M2 144A 3.250%, 1/25/61(1)(3) | 1,013 | 923 | |
2021-NMR1, A1 144A 1.125%, 11/25/60(1)(3) | 656 | 608 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 6.010%, 6/25/44(1)(3) | 239 | 230 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(3) | 484 | 453 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(3) | 523 | 485 |
Par Value | Value | ||
Non-Agency—continued | |||
2016-1A, A1 144A 3.750%, 3/25/56(1)(3) | $ 288 | $ 264 | |
2016-3A, A1 144A 3.750%, 9/25/56(1)(3) | 302 | 279 | |
2016-4A, A1 144A 3.750%, 11/25/56(1)(3) | 1,319 | 1,214 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(3) | 839 | 792 | |
2020-1A, A1B 144A 3.500%, 10/25/59(1)(3) | 1,141 | 1,050 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(3) | 487 | 437 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(3) | 1,152 | 1,053 | |
2016-2A, A1 144A 3.750%, 11/26/35(1)(3) | 673 | 634 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(3) | 1,036 | 981 | |
NMLT Trust 2021-INV1, A1 144A 1.185%, 5/25/56(1)(3) | 1,308 | 1,087 | |
NYMT Loan Trust 2022-CP1, A1 144A 2.042%, 7/25/61(1) | 2,276 | 2,054 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(1)(3) | 47 | 45 | |
2018-1, A2 (1 month LIBOR + 0.650%) 144A 5.495%, 6/25/57(1)(3) | 109 | 101 | |
Preston Ridge Partners Mortgage LLC | |||
2021-3, A1 144A 1.867%, 4/25/26(1)(3) | 458 | 437 | |
2021-RPL2, A1 144A 1.455%, 10/25/51(1)(3) | 569 | 505 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(3) | 1,173 | 1,086 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 685 | 656 | |
2021-SFR3, C 144A 2.088%, 5/17/26(1) | 500 | 445 | |
2021-SFR3, D 144A 2.288%, 5/17/26(1) | 1,010 | 887 | |
2020-SFR3, A 144A 1.294%, 10/17/27(1) | 344 | 312 | |
2021-SFR1, C 144A 1.555%, 4/17/38(1) | 1,050 | 919 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(3) | 104 | 90 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(3) | 301 | 257 |
Par Value | Value | ||
Non-Agency—continued | |||
Residential Mortgage Loan Trust | |||
2019-2, A1 144A 2.913%, 5/25/59(1)(3) | $ 150 | $ 147 | |
2020-1, A1 144A 2.376%, 1/26/60(1)(3) | 532 | 505 | |
SBA Tower Trust 144A 1.631%, 11/15/26(1) | 1,900 | 1,664 | |
SG Residential Mortgage Trust | |||
2019-3, A1 144A 2.703%, 9/25/59(1)(3) | 235 | 227 | |
2021-1, A3 144A 1.560%, 7/25/61(1)(3) | 415 | 329 | |
Starwood Mortgage Residential Trust | |||
2020-1, A1 144A 2.275%, 2/25/50(1)(3) | 76 | 72 | |
2020-3, A1 144A 1.486%, 4/25/65(1)(3) | 227 | 213 | |
2021-3, A2 144A 1.395%, 6/25/56(1)(3) | 595 | 480 | |
2021-3, A3 144A 1.518%, 6/25/56(1)(3) | 299 | 240 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(1)(3) | 1,089 | 1,065 | |
2016-2, M2 144A 3.000%, 8/25/55(1)(3) | 3,370 | 3,084 | |
2017-1, A2 144A 3.500%, 10/25/56(1)(3) | 2,355 | 2,255 | |
2018-2, A2 144A 3.500%, 3/25/58(1)(3) | 1,565 | 1,450 | |
2018-3, A1 144A 3.750%, 5/25/58(1)(3) | 755 | 722 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(3) | 955 | 928 | |
2019-1, A1 144A 3.750%, 3/25/58(1)(3) | 296 | 281 | |
2019-HY2, M1 (1 month LIBOR + 1.600%, Cap N/A, Floor 1.600%) 144A 6.445%, 5/25/58(1)(3) | 1,450 | 1,392 | |
2015-4, M1 144A 3.750%, 4/25/55(1)(3) | 2 | 2 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(3) | 1,170 | 1,070 | |
Towd Point Trust 2021-HE1, M1 144A 1.500%, 2/25/63(1)(3) | 493 | 460 | |
VCAT Asset Securitization LLC 2021-NPL6, A1 144A 1.917%, 9/25/51(1)(3) | 1,127 | 1,043 | |
VCAT LLC 2021-NPL2, A1 144A 2.115%, 3/27/51(1)(3) | 678 | 640 | |
Velocity Commercial Capital Loan Trust 2020-1, AFX 144A 2.610%, 2/25/50(1)(3) | 550 | 485 |
Par Value | Value | ||
Non-Agency—continued | |||
Verus Securitization Trust | |||
2019-INV2, A1 144A 2.913%, 7/25/59(1)(3) | $ 668 | $ 645 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(3) | 1,630 | 1,358 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(3) | 3,052 | 2,988 | |
2020-1, A1 144A 2.417%, 1/25/60(1)(3) | 539 | 509 | |
2021-R1, A1 144A 0.820%, 10/25/63(1)(3) | 1,008 | 904 | |
2021-R2, A1 144A 0.918%, 2/25/64(1)(3) | 272 | 233 | |
Visio Trust | |||
2019-2, A1 144A 2.722%, 11/25/54(1)(3) | 2,533 | 2,363 | |
2021-1R, A1 144A 1.280%, 5/25/56(1) | 1,662 | 1,514 | |
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 | 1,382 | 1,315 | |
Wells Fargo Mortgage Backed Securities Trust | |||
2004-K, 1A2 3.615%, 7/25/34(3) | 34 | 34 | |
2004-U, A1 4.017%, 10/25/34(3) | 11 | 10 | |
2020-4, A1 144A 3.000%, 7/25/50(1)(3) | 270 | 231 | |
111,903 | |||
Total Mortgage-Backed Securities (Identified Cost $123,034) | 112,775 | ||
Asset-Backed Securities—35.9% | |||
Automobiles—18.1% | |||
ACC Trust 2021-1, C 144A 2.080%, 12/20/24(1) | 1,690 | 1,666 | |
ACM Auto Trust 2022-1A, B 144A 4.470%, 4/20/29(1) | 1,117 | 1,114 | |
American Credit Acceptance Receivables Trust | |||
2021-1, C 144A 0.830%, 3/15/27(1) | 886 | 872 | |
2021-3, C 144A 0.980%, 11/15/27(1) | 1,750 | 1,715 | |
2022-1, D 144A 2.460%, 3/13/28(1) | 2,370 | 2,205 | |
Arivo Acceptance Auto Loan Receivables Trust | |||
2021-1A, A 144A 1.190%, 1/15/27(1) | 332 | 321 | |
2022-2A, A 144A 6.900%, 1/16/29(1) | 670 | 670 |
Par Value | Value | ||
Automobiles—continued | |||
Avid Automobile Receivables Trust | |||
2021-1, D 144A 1.990%, 4/17/28(1) | $ 400 | $ 366 | |
2023-1, A 144A 6.630%, 7/15/26(1) | 1,390 | 1,388 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(1) | 1,475 | 1,385 | |
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(1) | 400 | 367 | |
(AESOP) 2021-1A, A 144A 1.380%, 8/20/27(1) | 1,750 | 1,551 | |
(AESOP) 2023-3A, A 144A 5.440%, 2/22/28(1) | 1,181 | 1,180 | |
CarNow Auto Receivables Trust | |||
2020-1A, C 144A 3.840%, 9/16/24(1) | 80 | 80 | |
2021-1A, B 144A 1.380%, 2/17/26(1) | 114 | 113 | |
2021-2A, B 144A 1.300%, 1/15/26(1) | 1,131 | 1,116 | |
Carvana Auto Receivables Trust | |||
2019-2A, D 144A 3.280%, 1/15/25(1) | 147 | 147 | |
2019-3A, D 144A 3.040%, 4/15/25(1) | 846 | 838 | |
2019-3A, E 144A 4.600%, 7/15/26(1) | 1,445 | 1,400 | |
2020-N1A, D 144A 3.430%, 1/15/26(1) | 1,202 | 1,186 | |
2020-P1, B 0.920%, 11/9/26 | 1,340 | 1,201 | |
2021-N1, C 1.300%, 1/10/28 | 551 | 512 | |
2021-N2, C 1.070%, 3/10/28 | 683 | 631 | |
2021-N3, D 1.580%, 6/12/28 | 1,490 | 1,383 | |
2022-N1, C 144A 3.320%, 12/11/28(1) | 1,825 | 1,761 | |
CIG Auto Receivables Trust 2021-1A, D 144A 2.110%, 4/12/27(1) | 1,985 | 1,801 | |
CPS Auto Receivables Trust | |||
2019-D, E 144A 3.860%, 10/15/25(1) | 1,900 | 1,853 | |
2020-C, C 144A 1.710%, 8/17/26(1) | 101 | 101 | |
2022-D, D 144A 8.730%, 1/16/29(1) | 1,335 | 1,366 |
Par Value | Value | ||
Automobiles—continued | |||
Credit Acceptance Auto Loan Trust 2022-1A, A 144A 4.600%, 6/15/32(1) | $ 1,520 | $ 1,491 | |
DT Auto Owner Trust | |||
2020-2A, C 144A 3.280%, 3/16/26(1) | 804 | 796 | |
2021-2A, C 144A 1.100%, 2/16/27(1) | 2,015 | 1,934 | |
2023-1A, B 144A 5.190%, 10/16/28(1) | 1,534 | 1,523 | |
Exeter Automobile Receivables Trust | |||
2019-2A, E 144A 4.680%, 5/15/26(1) | 1,605 | 1,580 | |
2020-1A, D 144A 2.730%, 12/15/25(1) | 1,001 | 981 | |
2020-3A, E 144A 3.440%, 8/17/26(1) | 1,985 | 1,902 | |
2022-3A, C 5.300%, 9/15/27 | 895 | 888 | |
2018-4A, D 144A 4.350%, 9/16/24(1) | 210 | 210 | |
First Investors Auto Owner Trust | |||
2021-1A, B 144A 0.890%, 3/15/27(1) | 2,150 | 2,088 | |
2021-1A, C 144A 1.170%, 3/15/27(1) | 1,895 | 1,792 | |
2021-2A, C 144A 1.470%, 11/15/27(1) | 1,845 | 1,686 | |
Flagship Credit Auto Trust 2019-2, C 144A 3.090%, 5/15/25(1) | 181 | 181 | |
Foursight Capital Automobile Receivables Trust | |||
2019-1, E 144A 4.300%, 9/15/25(1) | 1,290 | 1,289 | |
2022-1, B 144A 2.150%, 5/17/27(1) | 1,610 | 1,506 | |
2023-1, A3 144A 5.390%, 12/15/27(1) | 1,435 | 1,425 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(1) | 2,070 | 2,007 | |
2020-2A, B 144A 3.160%, 6/16/25(1) | 432 | 430 | |
2020-4A, C 144A 1.140%, 11/17/25(1) | 1,026 | 1,011 | |
2021-3A, C 144A 1.110%, 9/15/26(1) | 1,055 | 999 | |
2022-2A, C 144A 5.300%, 4/17/28(1) | 1,825 | 1,800 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 1,775 | 1,754 | |
Hertz Vehicle Financing III LLC 2022-1A, C 144A 2.630%, 6/25/26(1) | 2,415 | 2,211 |
Par Value | Value | ||
Automobiles—continued | |||
LAD Auto Receivables Trust | |||
2021-1A, D 144A 3.990%, 11/15/29(1) | $ 2,000 | $ 1,786 | |
2022-1A, A 144A 5.210%, 6/15/27(1) | 1,364 | 1,356 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(1) | 1,249 | 1,206 | |
OneMain Direct Auto Receivables Trust 2022-1A, C 144A 5.310%, 6/14/29(1) | 1,210 | 1,164 | |
Santander Consumer Auto Receivables Trust 2021-AA, C 144A 1.030%, 11/16/26(1) | 590 | 543 | |
Santander Drive Auto Receivables Trust | |||
2022-5, C 4.740%, 10/16/28 | 1,155 | 1,132 | |
2022-7, A2 5.810%, 1/15/26 | 1,320 | 1,320 | |
Tesla Auto Lease Trust 2020-A, C 144A 1.680%, 2/20/24(1) | 354 | 354 | |
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(1) | 718 | 710 | |
Tricolor Auto Securitization Trust | |||
2022-1A, C 144A 4.710%, 8/15/25(1) | 1,725 | 1,693 | |
2023-1A, B 144A 6.840%, 11/16/26(1) | 1,455 | 1,456 | |
United Auto Credit Securitization Trust | |||
2021-1, D 144A 1.140%, 6/10/26(1) | 1,840 | 1,801 | |
2023-1, B 144A 5.910%, 7/10/28(1) | 1,434 | 1,425 | |
Westlake Automobile Receivables Trust | |||
2020-3A, C 144A 1.240%, 11/17/25(1) | 1,275 | 1,253 | |
2021-3A, D 144A 2.120%, 1/15/27(1) | 2,015 | 1,865 | |
2022-1A, B 144A 2.750%, 3/15/27(1) | 1,825 | 1,767 | |
2023-1A, C 144A 5.740%, 8/15/28(1) | 1,100 | 1,104 | |
83,708 | |||
Collateralized Loan Obligations—0.5% | |||
GoldenTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%, Cap N/A, Floor 1.070%) 144A 5.878%, 1/20/33(1)(3) | 1,435 | 1,410 |
Par Value | Value | ||
Collateralized Loan Obligations—continued | |||
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A 5.708%, 4/20/29(1)(3) | $ 744 | $ 736 | |
2,146 | |||
Consumer Loans—2.1% | |||
CFMT Issuer Trust 2021-GRN1, A 144A 1.100%, 3/20/41(1) | 635 | 586 | |
Lendingpoint Asset Securitization Trust 2022-A, B 144A 2.410%, 6/15/29(1) | 2,010 | 1,963 | |
Marlette Funding Trust 2021-1A, B 144A 1.000%, 6/16/31(1) | 525 | 521 | |
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | 1,970 | 1,774 | |
Regional Management Issuance Trust 2021-1, A 144A 1.680%, 3/17/31(1) | 1,815 | 1,694 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 1,020 | 975 | |
SoFi Consumer Loan Program Trust 2022-1S, A 144A 6.210%, 4/15/31(1) | 767 | 767 | |
Upstart Securitization Trust 2021-2, B 144A 1.750%, 6/20/31(1) | 1,730 | 1,652 | |
9,932 | |||
Credit Card—1.3% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1) | 1,875 | 1,745 | |
Genesis Sales Finance Master Trust 2021-AA, A 144A 1.200%, 12/21/26(1) | 700 | 662 | |
Mercury Financial Credit Card Master Trust 2023-1A, A 144A 8.040%, 9/20/27(1) | 1,452 | 1,452 | |
Mission Lane Credit Card Master Trust 2021-A, A 144A 1.590%, 9/15/26(1) | 2,310 | 2,244 | |
6,103 | |||
Par Value | Value | ||
Equipment—1.3% | |||
CLI Funding VI LLC 2020-1A, A 144A 2.080%, 9/18/45(1) | $ 1,742 | $ 1,536 | |
NMEF Funding LLC 2021-A, B 144A 1.850%, 12/15/27(1) | 3,160 | 3,060 | |
Pawnee Equipment Receivables Series LLC 2020-1, A 144A 1.370%, 11/17/25(1) | 72 | 71 | |
Post Road Equipment Finance 2022-1A, B 144A 5.150%, 1/16/29(1) | 1,210 | 1,185 | |
5,852 | |||
Other—12.3% | |||
Accelerated LLC 2021-1H, A 144A 1.350%, 10/20/40(1) | 1,043 | 951 | |
Aligned Data Centers Issuer LLC 2021-1A, A2 144A 1.937%, 8/15/46(1) | 1,840 | 1,623 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 562 | 555 | |
2019-A, A 144A 3.140%, 7/16/40(1) | 350 | 331 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 2,054 | 1,881 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 1,355 | 1,185 | |
2021-A, A 144A 1.540%, 7/17/46(1) | 1,565 | 1,404 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 1,796 | 1,574 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(1) | 268 | 262 | |
BHG Securitization Trust 2021-B, B 144A 1.670%, 10/17/34(1) | 1,495 | 1,311 | |
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1) | 144 | 140 | |
BXG Receivables Note Trust | |||
2015-A, A 144A 2.880%, 5/2/30(1) | 33 | 32 | |
2020-A, B 144A 2.490%, 2/28/36(1) | 626 | 564 | |
2022-A, A 144A 4.120%, 9/28/37(1) | 1,006 | 970 | |
CCG Receivables Trust | |||
2021-1, C 144A 0.840%, 6/14/27(1) | 1,510 | 1,410 |
Par Value | Value | ||
Other—continued | |||
2023-1, A2 144A 5.820%, 9/16/30(1) | $ 500 | $ 505 | |
Commercial Equipment Finance LLC 2021-A, A 144A 2.050%, 2/16/27(1) | 530 | 513 | |
Conn’s Receivables Funding LLC 2021-A, B 144A 2.870%, 5/15/26(1) | 1,156 | 1,145 | |
Crossroads Asset Trust 2021-A, B 144A 1.120%, 6/20/25(1) | 1,350 | 1,334 | |
Dext ABS LLC | |||
2020-1, A 144A 1.460%, 2/16/27(1) | 427 | 423 | |
2020-1, B 144A 1.920%, 11/15/27(1) | 2,385 | 2,313 | |
2023-1, A2 144A 5.990%, 3/15/32(1) | 695 | 695 | |
Diamond Resorts Owner Trust | |||
2019-1A, B 144A 3.530%, 2/20/32(1) | 449 | 431 | |
2021-1A, A 144A 1.510%, 11/21/33(1) | 752 | 697 | |
Foundation Finance Trust 2019-1A, A 144A 3.860%, 11/15/34(1) | 399 | 392 | |
FREED ABS Trust 2022-1FP, C 144A 2.510%, 3/19/29(1) | 1,205 | 1,142 | |
GCI Funding I LLC 2021-1, A 144A 2.380%, 6/18/46(1) | 1,171 | 1,007 | |
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1) | 8 | 8 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 1,916 | 1,666 | |
Hilton Grand Vacations Trust | |||
2017-AA, A 144A 2.660%, 12/26/28(1) | 96 | 95 | |
2018-AA, A 144A 3.540%, 2/25/32(1) | 277 | 269 | |
2020-AA, A 144A 2.740%, 2/25/39(1) | 407 | 383 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 1,018 | 943 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 2,193 | 2,036 | |
LL ABS Trust 2021-1A, A 144A 1.070%, 5/15/29(1) | 509 | 494 | |
Mariner Finance Issuance Trust | |||
2019-AA, A 144A 2.960%, 7/20/32(1) | 355 | 351 |
Par Value | Value | ||
Other—continued | |||
2020-AA, A 144A 2.190%, 8/21/34(1) | $ 1,090 | $ 1,043 | |
MVW LLC | |||
2020-1A, A 144A 1.740%, 10/20/37(1) | 1,332 | 1,221 | |
2021-1WA, B 144A 1.440%, 1/22/41(1) | 706 | 644 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(1) | 291 | 275 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 1,925 | 1,651 | |
NMEF Funding LLC 2022-A, B 144A 3.350%, 10/16/28(1) | 1,480 | 1,393 | |
Oasis Securitization Funding LLC 2021-2A, A 144A 2.143%, 10/15/33(1) | 701 | 689 | |
Octane Receivables Trust | |||
2019-1A, C 144A 4.740%, 6/20/25(1) | 1,715 | 1,701 | |
2020-1A, B 144A 1.980%, 6/20/25(1) | 1,825 | 1,775 | |
2021-1A, A 144A 0.930%, 3/22/27(1) | 605 | 585 | |
2023-1A, C 144A 6.370%, 9/20/29(1) | 1,450 | 1,459 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 320 | 305 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 1,848 | 1,790 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(1) | 2,015 | 1,970 | |
Sierra Timeshare Receivables Funding LLC | |||
2018-2A, A 144A 3.500%, 6/20/35(1) | 104 | 103 | |
2019-1A, B 144A 3.420%, 1/20/36(1) | 177 | 170 | |
2019-2A, B 144A 2.820%, 5/20/36(1) | 183 | 175 | |
2020-2A, B 144A 2.320%, 7/20/37(1) | 633 | 593 | |
2022-2A, C 144A 6.360%, 6/20/40(1) | 572 | 564 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1) | 655 | 640 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 1,904 | 1,654 | |
VFI ABS LLC 2022-1A, B 144A 3.040%, 7/24/28(1) | 2,443 | 2,323 |
Par Value | Value | ||
Other—continued | |||
Westgate Resorts LLC | |||
2020-1A, A 144A 2.713%, 3/20/34(1) | $ 411 | $ 402 | |
2022-1A, B 144A 2.288%, 8/20/36(1) | 1,107 | 1,046 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 2,359 | 1,975 | |
57,181 | |||
Student Loan—0.3% | |||
Commonbond Student Loan Trust | |||
2017-AGS, A1 144A 2.550%, 5/25/41(1) | 102 | 95 | |
2019-AGS, A1 144A 2.540%, 1/25/47(1) | 403 | 364 | |
2020-1, A 144A 1.690%, 10/25/51(1) | 280 | 248 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1) | 112 | 110 | |
Navient Private Education Refi Loan Trust 2021-A, A 144A 0.840%, 5/15/69(1) | 751 | 657 | |
1,474 | |||
Total Asset-Backed Securities (Identified Cost $175,245) | 166,396 | ||
Corporate Bonds and Notes—23.7% | |||
Communication Services—0.8% | |||
CCO Holdings LLC 144A 6.375%, 9/1/29(1) | 216 | 206 | |
Level 3 Financing, Inc. 144A 4.625%, 9/15/27(1) | 595 | 358 | |
Sprint Capital Corp. 6.875%, 11/15/28 | 450 | 483 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(1) | 120 | 119 | |
T-Mobile USA, Inc. 2.050%, 2/15/28 | 545 | 484 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 900 | 902 | |
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 5.964%, 5/15/25(3) | 636 | 637 | |
Warnermedia Holdings, Inc. 144A 3.755%, 3/15/27(1) | 760 | 716 | |
3,905 | |||
Consumer Discretionary—0.5% | |||
Advance Auto Parts, Inc. 5.950%, 3/9/28 | 173 | 178 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(1) | $ 1,600 | $ 1,533 | |
Ford Motor Credit Co. LLC 7.350%, 11/4/27 | 525 | 541 | |
2,252 | |||
Consumer Staples—0.8% | |||
Albertsons Cos., Inc. | |||
144A 3.250%, 3/15/26(1) | 770 | 724 | |
144A 6.500%, 2/15/28(1) | 253 | 254 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(1) | 1,170 | 1,160 | |
BAT Capital Corp. 2.259%, 3/25/28 | 1,565 | 1,342 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 495 | 457 | |
3,937 | |||
Energy—1.8% | |||
Aker BP ASA | |||
144A 2.875%, 1/15/26(1) | 410 | 388 | |
144A 2.000%, 7/15/26(1) | 560 | 504 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 955 | 949 | |
BP Capital Markets plc 4.875% (4) | 1,115 | 1,013 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 1,120 | 1,102 | |
Enbridge, Inc. 7.375%, 1/15/83 | 1,515 | 1,448 | |
Energy Transfer LP 4.200%, 4/15/27 | 690 | 661 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(1) | 403 | 399 | |
144A 7.500%, 6/1/27(1) | 5 | 5 | |
NGPL PipeCo LLC 144A 4.875%, 8/15/27(1) | 954 | 925 | |
Petroleos Mexicanos 6.500%, 3/13/27 | 1,215 | 1,098 | |
8,492 | |||
Financials—9.0% | |||
AerCap Ireland Capital DAC | |||
2.450%, 10/29/26 | 760 | 682 | |
3.000%, 10/29/28 | 150 | 131 | |
Series 3NC1 1.750%, 10/29/24 | 266 | 248 | |
American Express Co. 5.850%, 11/5/27 | 1,140 | 1,196 | |
Banco Santander Chile 144A 2.700%, 1/10/25(1) | 950 | 902 | |
Bank of America Corp. | |||
1.734%, 7/22/27 | 2,770 | 2,484 | |
2.551%, 2/4/28 | 719 | 654 | |
(3 month LIBOR + 0.770%) 5.576%, 2/5/26(3) | 840 | 839 |
Par Value | Value | ||
Financials—continued | |||
Bank of New York Mellon Corp. (The) 5.802%, 10/25/28 | $ 1,031 | $ 1,074 | |
Barclays plc | |||
7.325%, 11/2/26 | 370 | 379 | |
7.385%, 11/2/28 | 360 | 382 | |
Blackstone Private Credit Fund | |||
2.625%, 12/15/26 | 744 | 625 | |
4.000%, 1/15/29 | 415 | 346 | |
BPCE S.A. 144A 5.975%, 1/18/27(1) | 610 | 608 | |
Brookfield Finance, Inc. 3.900%, 1/25/28 | 1,580 | 1,469 | |
Charles Schwab Corp. (The) | |||
Series G 5.375%(4) | 275 | 261 | |
Series H 4.000%(4) | 945 | 744 | |
Citadel Finance LLC 144A 3.375%, 3/9/26(1) | 1,190 | 1,087 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 189 | 182 | |
Citigroup, Inc. | |||
3.200%, 10/21/26 | 885 | 835 | |
(3 month LIBOR + 1.250%) 6.427%, 7/1/26(3) | 1,080 | 1,080 | |
(SOFR + 1.280%) 6.045%, 2/24/28(3)(5) | 962 | 950 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 939 | 837 | |
Credit Suisse AG 7.950%, 1/9/25 | 465 | 473 | |
Danske Bank A/S | |||
144A 3.773%, 3/28/25(1) | 500 | 488 | |
144A 1.621%, 9/11/26(1) | 673 | 602 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 1,430 | 1,266 | |
Fifth Third Bancorp 4.055%, 4/25/28 | 255 | 233 | |
Fifth Third Bank N.A. 5.852%, 10/27/25 | 470 | 463 | |
Goldman Sachs Group, Inc. (The) | |||
(3 month LIBOR + 1.170%) 6.034%, 5/15/26(3) | 475 | 471 | |
(3 month LIBOR + 1.750%) 6.552%, 10/28/27(3) | 1,750 | 1,769 | |
Huntington Bancshares, Inc. 2.625%, 8/6/24 | 445 | 417 | |
Huntington National Bank (The) 5.699%, 11/18/25 | 292 | 282 |
Par Value | Value | ||
Financials—continued | |||
JPMorgan Chase & Co. | |||
1.578%, 4/22/27 | $ 1,680 | $ 1,509 | |
(SOFR + 1.180%) 5.939%, 2/24/28(3) | 1,500 | 1,482 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 1,200 | 948 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 1,385 | 1,111 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 6.848%, 4/20/67(3) | 1,394 | 927 | |
Morgan Stanley | |||
2.475%, 1/21/28 | 1,016 | 928 | |
6.296%, 10/18/28 | 339 | 357 | |
5.123%, 2/1/29 | 1,185 | 1,194 | |
Navient Corp. 5.875%, 10/25/24 | 1,130 | 1,098 | |
OWL Rock Core Income Corp. 5.500%, 3/21/25 | 500 | 487 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 1,948 | 1,916 | |
6.000%, 9/1/52(5) | 260 | 244 | |
Spirit Realty LP 4.450%, 9/15/26 | 619 | 593 | |
State Street Corp. | |||
5.751%, 11/4/26 | 633 | 645 | |
5.820%, 11/4/28 | 710 | 741 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 200 | 185 | |
3.700%, 8/4/26 | 304 | 265 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 1,020 | 843 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 1,070 | 1,086 | |
Wells Fargo & Co. 1.654%, 6/2/24 | 925 | 919 | |
41,937 | |||
Health Care—2.1% | |||
Amgen, Inc. | |||
5.250%, 3/2/25 | 88 | 89 | |
5.150%, 3/2/28 | 883 | 902 | |
Bio-Rad Laboratories, Inc. 3.300%, 3/15/27 | 1,054 | 994 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 805 | 711 | |
GE HealthCare Technologies, Inc. | |||
144A 5.600%, 11/15/25(1) | 541 | 548 | |
144A 5.650%, 11/15/27(1) | 550 | 568 |
Par Value | Value | ||
Health Care—continued | |||
Illumina, Inc. | |||
5.800%, 12/12/25 | $ 420 | $ 424 | |
5.750%, 12/13/27 | 510 | 523 | |
Royalty Pharma plc | |||
1.200%, 9/2/25 | 190 | 172 | |
1.750%, 9/2/27 | 2,135 | 1,850 | |
Universal Health Services, Inc. 1.650%, 9/1/26 | 1,825 | 1,606 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 273 | 260 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 1,441 | 1,263 | |
144A 2.300%, 6/22/27(1) | — (2) | — (2) | |
9,910 | |||
Industrials—1.9% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1) | 1,339 | 1,299 | |
Aviation Capital Group LLC 144A 6.250%, 4/15/28(1) | 261 | 261 | |
Boeing Co. (The) | |||
4.875%, 5/1/25 | 335 | 334 | |
5.040%, 5/1/27 | 507 | 511 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(1) | 1,483 | 1,215 | |
Chart Industries, Inc. 144A 7.500%, 1/1/30(1) | 30 | 31 | |
GFL Environmental, Inc. 144A 3.750%, 8/1/25(1) | 1,650 | 1,586 | |
Hexcel Corp. 4.200%, 2/15/27 | 745 | 707 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 1,948 | 1,670 | |
Regal Rexnord Corp. | |||
144A 6.050%, 2/15/26(1) | 256 | 257 | |
144A 6.050%, 4/15/28(1) | 391 | 391 | |
144A 6.300%, 2/15/30(1) | 450 | 453 | |
8,715 | |||
Information Technology—1.7% | |||
CDW LLC 3.276%, 12/1/28 | 527 | 464 | |
Dell International LLC 4.900%, 10/1/26 | 1,040 | 1,037 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 1,068 | 1,010 | |
Kyndryl Holdings, Inc. | |||
2.050%, 10/15/26 | 582 | 506 |
Par Value | Value | ||
Information Technology—continued | |||
2.700%, 10/15/28 | $ 547 | $ 458 | |
Open Text Corp. 144A 3.875%, 2/15/28(1) | 900 | 803 | |
Oracle Corp. 5.800%, 11/10/25 | 1,060 | 1,087 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(1) | 1,940 | 1,720 | |
TD SYNNEX Corp. 2.375%, 8/9/28 | 755 | 626 | |
7,711 | |||
Materials—2.1% | |||
ArcelorMittal S.A. 6.550%, 11/29/27 | 925 | 962 | |
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(1) | 1,125 | 1,049 | |
Bayport Polymers LLC 144A 4.743%, 4/14/27(1) | 1,755 | 1,648 | |
Celanese U.S. Holdings LLC 5.900%, 7/5/24 | 650 | 650 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 1,280 | 1,227 | |
Glencore Funding LLC 144A 1.625%, 9/1/25(1) | 1,290 | 1,192 | |
International Flavors & Fragrances, Inc. 144A 1.832%, 10/15/27(1) | 1,393 | 1,182 | |
Silgan Holdings, Inc. 144A 1.400%, 4/1/26(1) | 1,813 | 1,626 | |
9,536 | |||
Real Estate—1.4% | |||
EPR Properties 4.950%, 4/15/28 | 1,105 | 923 | |
GLP Capital LP 5.250%, 6/1/25 | 955 | 932 | |
Office Properties Income Trust | |||
4.500%, 2/1/25 | 930 | 803 | |
2.650%, 6/15/26 | 373 | 252 | |
Retail Opportunity Investments Partnership LP 5.000%, 12/15/23 | 1,645 | 1,626 | |
Service Properties Trust | |||
4.650%, 3/15/24 | 520 | 507 | |
4.350%, 10/1/24 | 550 | 526 | |
VICI Properties LP | |||
144A 4.625%, 6/15/25(1) | 170 | 164 | |
144A 4.500%, 1/15/28(1) | 265 | 245 |
Par Value | Value | ||
Real Estate—continued | |||
144A 4.625%, 12/1/29(1) | $ 535 | $ 487 | |
6,465 | |||
Utilities—1.6% | |||
DPL, Inc. 4.125%, 7/1/25 | 147 | 140 | |
Enel Finance America LLC 144A 7.100%, 10/14/27(1) | 570 | 613 | |
Enel Finance International N.V. 144A 6.800%, 10/14/25(1) | 200 | 207 | |
Exelon Corp. 5.150%, 3/15/28 | 975 | 992 | |
FirstEnergy Transmission LLC 144A 2.866%, 9/15/28(1) | 837 | 755 | |
NextEra Energy Capital Holdings, Inc. 6.051%, 3/1/25 | 974 | 991 | |
NRG Energy, Inc. 144A 3.750%, 6/15/24(1) | 1,161 | 1,126 | |
Puget Energy, Inc. 2.379%, 6/15/28 | 1,068 | 941 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 1,800 | 1,510 | |
7,275 | |||
Total Corporate Bonds and Notes (Identified Cost $118,167) | 110,135 | ||
Leveraged Loans—6.0% | |||
Aerospace—0.6% | |||
Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.407%, 6/7/28(3) | 743 | 735 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 8.558%, 10/20/27(3) | 575 | 595 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.213%, 6/21/27(3) | 514 | 533 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.148%, 8/24/28(3) | 1,130 | 1,126 | |
2,989 | |||
Par Value | Value | ||
Chemicals—0.3% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.657%, 11/8/27(3) | $ 1,492 | $ 1,488 | |
Consumer Durables—0.4% | |||
Resideo Funding, Inc. Tranche B (1-3 month LIBOR + 2.250%) 7.190% - 7.230%, 2/11/28(3) | 616 | 609 | |
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.100%) 6.907%, 1/29/29(3) | 1,214 | 1,193 | |
1,802 | |||
Energy—0.3% | |||
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 8.308%, 12/21/28(3) | 628 | 607 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.360%) 8.063%, 10/5/28(3) | 749 | 736 | |
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(6)(7) | 1 | — | |
Whitewater Whistler Holdings LLC (3 month Term SOFR + 3.850%) 8.657%, 2/15/30(3) | 125 | 124 | |
1,467 | |||
Financials—0.4% | |||
Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month LIBOR + 2.250%) 7.011%, 12/1/27(3) | 943 | 942 | |
Citadel Securities LP 2021 (1 month Term SOFR + 2.610%) 7.422%, 2/2/28(3) | 915 | 905 | |
1,847 | |||
Par Value | Value | ||
Food / Tobacco—0.4% | |||
Aramark Services, Inc. | |||
Tranche B-3 (1 month LIBOR + 1.750%) 6.590%, 3/11/25(3) | $ 345 | $ 344 | |
Tranche B-5 (1 month LIBOR + 2.500%) 7.340%, 4/6/28(3) | 583 | 580 | |
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 2.250%) 7.075%, 8/3/25(3) | 980 | 980 | |
1,904 | |||
Forest Prod / Containers—0.2% | |||
Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%) 6.510%, 7/1/26(3) | 805 | 802 | |
Gaming / Leisure—0.6% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.157%, 2/6/30(3) | 260 | 258 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.642%, 6/22/26(3) | 623 | 622 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 7.960%, 4/13/29(3) | 367 | 364 | |
Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%) 7.409%, 7/21/26(3) | 624 | 623 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 7.570%, 4/29/26(3) | 840 | 834 | |
2,701 | |||
Health Care—0.2% | |||
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 7.438%, 1/4/26(3) | 423 | 421 |
Par Value | Value | ||
Health Care—continued | |||
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 7.350%, 3/6/25(3) | $ 645 | $ 642 | |
1,063 | |||
Housing—0.3% | |||
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 7.840%, 3/19/29(3) | 634 | 625 | |
Standard Industries, Inc. (1 month LIBOR + 2.250%) 7.116%, 9/22/28(3) | 617 | 613 | |
1,238 | |||
Information Technology—0.5% | |||
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%) 7.090%, 9/21/28(3) | 626 | 621 | |
Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 3.250%) 8.057%, 11/9/29(3) | 1,370 | 1,367 | |
UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%) 8.032%, 5/4/26(3) | 506 | 492 | |
2,480 | |||
Manufacturing—0.3% | |||
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%) 7.407%, 3/31/27(3) | 526 | 522 | |
NCR Corp. (3 month LIBOR + 2.500%) 7.330%, 8/28/26(3) | 941 | 926 | |
1,448 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Media, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 7.340%, 9/18/26(3) | 371 | 369 |
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—0.3% | |||
Charter Communications Operating LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.557%, 2/1/27(3) | $ 636 | $ 629 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.840%, 8/2/27(3) | 637 | 612 | |
1,241 | |||
Media / Telecom - Wireless Communications—0.2% | |||
SBA Senior Finance II LLC Tranche B (1 month LIBOR + 1.750%) 6.600%, 4/11/25(3) | 1,050 | 1,049 | |
Service—0.6% | |||
Asplundh Tree Expert, LLC 2021 (1 month LIBOR + 1.750%) 6.590%, 9/7/27(3) | 618 | 614 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 8.095%, 2/6/26(3) | 601 | 599 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.048%, 11/23/28(3) | 632 | 621 | |
Pike Corp. | |||
2028 (3 month LIBOR + 3.000%) 7.850%, 1/21/28(3) | 657 | 651 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 8.307%, 1/21/28(3) | 109 | 109 | |
2,594 | |||
Transportation - Automotive—0.1% | |||
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.656% - 7.870%, 2/28/30(3) | 359 | 358 |
Par Value | Value | ||
Utilities—0.2% | |||
Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%) 6.459% - 6.590%, 12/31/25(3) | $ 914 | $ 908 | |
Total Leveraged Loans (Identified Cost $27,805) | 27,748 |
Shares | ||
Preferred Stocks—0.6% | ||
Financials—0.5% | ||
Citigroup, Inc. Series T, 6.250% | 1,235 (8) | 1,182 |
JPMorgan Chase & Co. Series HH, 4.600% | 1,106 (8) | 1,029 |
2,211 | ||
Industrials—0.1% | ||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.196%(3) | 557 (8) | 557 |
Total Preferred Stocks (Identified Cost $2,899) | 2,768 | |
Total Long-Term Investments—97.4% (Identified Cost $479,343) | 451,939 | |
Short-Term Investment—4.5% | ||
Money Market Mutual Fund—4.5% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(9) | 20,735,461 | 20,735 |
Total Short-Term Investment (Identified Cost $20,735) | 20,735 | |
Shares | Value | ||
Securities Lending Collateral—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(9)(10) | 1,038,542 | $ 1,039 | |
Total Securities Lending Collateral (Identified Cost $1,039) | 1,039 | ||
TOTAL INVESTMENTS—102.1% (Identified Cost $501,117) | $473,713 | ||
Other assets and liabilities, net—(2.1)% | (9,896) | ||
NET ASSETS—100.0% | $463,817 |
Abbreviations: | |
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
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 March 31, 2023, these securities amounted to a value of $304,315 or 65.6% of net assets. |
(2) | Amount is less than $500. |
(3) | Variable rate security. Rate disclosed is as of March 31, 2023. 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) | No contractual maturity date. |
(5) | All or a portion of security is on loan. |
(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) | 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† | |
United States | 94% |
Canada | 2 |
United Kingdom | 1 |
Bermuda | 1 |
Cayman Islands | 1 |
South Korea | 1 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $166,396 | $ — | $166,396 | $— | |||
Corporate Bonds and Notes | 110,135 | — | 110,135 | — | |||
Foreign Government Securities | 1,489 | — | 1,489 | — | |||
Leveraged Loans | 27,748 | — | 27,748 | — (1) | |||
Mortgage-Backed Securities | 112,775 | — | 112,775 | — | |||
U.S. Government Securities | 30,628 | — | 30,628 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 2,768 | — | 2,768 | — | |||
Money Market Mutual Fund | 20,735 | 20,735 | — | — | |||
Securities Lending Collateral | 1,039 | 1,039 | — | — | |||
Total Investments | $473,713 | $21,774 | $451,939 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Par Value | Value | ||
U.S. Government Securities—12.9% | |||
U.S. Treasury Bonds | |||
1.875%, 11/15/51 | $ 3,165 | $ 2,155 | |
4.000%, 11/15/52 | 6,945 | 7,370 | |
U.S. Treasury Notes | |||
0.125%, 8/31/23 | 4,905 | 4,813 | |
2.500%, 4/30/24 | 5,320 | 5,203 | |
0.250%, 5/31/25 | 2,180 | 2,012 | |
1.875%, 2/15/32 | 5,960 | 5,231 | |
4.125%, 11/15/32 | 9,110 | 9,573 | |
Total U.S. Government Securities (Identified Cost $37,456) | 36,357 | ||
Municipal Bonds—0.5% | |||
Florida—0.2% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 470 | 460 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 100 | 79 | |
New York—0.2% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 665 | 734 | |
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 295 | 273 | |
Total Municipal Bonds (Identified Cost $1,678) | 1,546 | ||
Foreign Government Securities—6.6% | |||
Abu Dhabi Government International Bond 144A 3.125%, 4/16/30(1) | 400 | 377 | |
Arab Republic of Egypt | |||
144A 7.600%, 3/1/29(1) | 445 | 309 | |
144A 5.875%, 2/16/31(1) | 1,355 | 815 | |
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(2) | 920 | 99 | |
RegS 7.650%, 4/21/25(2)(3) | 1,500 | 162 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Costa Rica Government 144A 6.550%, 4/3/34(1) | $ 265 | $ 266 | |
Dominican Republic 144A 4.875%, 9/23/32(1) | 1,685 | 1,429 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(3) | 1,175 | 1,079 | |
Export-Import Bank Korea 5.125%, 1/11/33 | 625 | 655 | |
Hungary Government International Bond 144A 6.250%, 9/22/32(1) | 610 | 621 | |
Kingdom of Jordan 144A 5.850%, 7/7/30(1) | 780 | 691 | |
Kingdom of Morocco | |||
144A 3.000%, 12/15/32(1) | 200 | 161 | |
144A 5.500%, 12/11/42(1) | 410 | 352 | |
Korea National Oil Corp. 144A 4.875%, 4/3/28(1) | 200 | 201 | |
Mongolia Government International Bond 144A 8.650%, 1/19/28(1) | 825 | 809 | |
Republic of Angola 144A 8.250%, 5/9/28(1) | 865 | 769 | |
Republic of Argentina 3.500%, 7/9/41(4) | 1,470 | 409 | |
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(1) | 445 | 426 | |
Republic of Guatemala 144A 5.250%, 8/10/29(1) | 460 | 447 | |
Republic of Indonesia | |||
2.850%, 2/14/30 | 790 | 712 | |
144A 4.350%, 1/8/27(1) | 370 | 368 | |
Republic of Panama 3.298%, 1/19/33(5) | 495 | 413 | |
Republic of Philippines 3.700%, 3/1/41 | 965 | 801 | |
Republic of Poland 4.875%, 10/4/33 | 505 | 503 | |
Republic of Serbia 144A 6.500%, 9/26/33(1)(5) | 565 | 561 | |
Republic of South Africa 5.875%, 4/20/32 | 830 | 752 | |
Republic of Turkey | |||
9.875%, 1/15/28 | 230 | 239 | |
7.625%, 4/26/29 | 1,025 | 974 | |
Saudi International Bond | |||
144A 5.500%, 10/25/32(1) | 670 | 715 | |
144A 4.500%, 10/26/46(1) | 770 | 676 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
State of Qatar 144A 3.750%, 4/16/30(1) | $ 620 | $ 605 | |
United Mexican States | |||
3.500%, 2/12/34 | 450 | 383 | |
6.350%, 2/9/35 | 405 | 431 | |
4.500%, 1/31/50 | 635 | 512 | |
Total Foreign Government Securities (Identified Cost $21,606) | 18,722 | ||
Mortgage-Backed Securities—13.5% | |||
Agency—0.5% | |||
Federal National Mortgage Association Pool #MA4785 5.000%, 10/1/52 | 1,275 | 1,271 | |
Non-Agency—13.0% | |||
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(1) | 1,320 | 1,300 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 1,011 | 990 | |
AMSR Trust | |||
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 660 | 618 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 2,000 | 1,840 | |
2021-SFR3, D 144A 2.177%, 10/17/38(1) | 335 | 292 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(4) | 116 | 109 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(4) | 271 | 254 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(4) | 441 | 357 | |
BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 6.725%, 4/15/37(1)(4) | 375 | 360 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(4) | 85 | 79 | |
BX Trust | |||
2019-OC11, D 144A 3.944%, 12/9/41(1)(4) | 972 | 802 | |
2022-CLS, A 144A 5.760%, 10/13/27(1) | 603 | 589 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4) | 209 | 177 |
Par Value | Value | ||
Non-Agency—continued | |||
2016-SH2, M2 144A 3.750%, 12/25/45(1)(4) | $ 433 | $ 380 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(4) | 234 | 219 | |
Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A 3.000%, 9/25/64(1)(4) | 958 | 911 | |
CoreVest American Finance Trust 2019-3, C 144A 3.265%, 10/15/52(1) | 250 | 211 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 5.664%, 5/15/36(1)(4) | 1,272 | 1,259 | |
Dominion Mortgage Trust 2021-RTL1, A1 144A 2.487%, 7/25/27(1)(4) | 1,000 | 905 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(4) | 36 | 34 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(4) | 298 | 250 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 770 | 702 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 1,245 | 1,124 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 1,010 | 868 | |
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(1)(4) | 45 | 41 | |
Imperial Fund Mortgage Trust 2021-NQM4, A1 144A 2.091%, 1/25/57(1)(4) | 1,381 | 1,161 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.316%, 8/15/39(1)(4) | 836 | 829 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(1)(4) | 42 | 40 | |
2014-5, B2 144A 2.780%, 10/25/29(1)(4) | 238 | 205 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 2/25/26(1)(4) | 450 | 439 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.439%, 4/25/55(1)(4) | 425 | 379 |
Par Value | Value | ||
Non-Agency—continued | |||
MFA Trust | |||
2022-NQM2, A1 144A 4.000%, 5/25/67(1)(4) | $ 1,344 | $ 1,277 | |
2021-INV1, A1 144A 0.852%, 1/25/56(1)(4) | 159 | 141 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(4) | 375 | 352 | |
2017-3, B1 144A 3.250%, 1/25/61(1)(4) | 679 | 565 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(4) | 779 | 677 | |
New Residential Mortgage Loan Trust | |||
2016-3A, B1 144A 4.000%, 9/25/56(1)(4) | 500 | 457 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(4) | 399 | 376 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(4) | 34 | 33 | |
OBX Trust 2019-INV1, A3 144A 4.500%, 11/25/48(1)(4) | 62 | 60 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(1)(4) | 385 | 365 | |
Preston Ridge Partners Mortgage LLC 2021-RPL1, A1 144A 1.319%, 7/25/51(1)(4) | 173 | 155 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(4) | 361 | 343 | |
Progress Residential Trust 2019-SFR3, B 144A 2.571%, 9/17/36(1) | 1,000 | 958 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(4) | 48 | 48 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(4) | 160 | 151 | |
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(4) | 184 | 147 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(1)(4) | 301 | 294 | |
2016-4, B1 144A 3.931%, 7/25/56(1)(4) | 485 | 448 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(4) | 550 | 516 | |
2017-4, A2 144A 3.000%, 6/25/57(1)(4) | 850 | 762 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(4) | 84 | 81 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-6, A2 144A 3.750%, 3/25/58(1)(4) | $ 1,925 | $ 1,689 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(4) | 1,198 | 1,069 | |
2020-1, M1 144A 3.500%, 1/25/60(1)(4) | 305 | 247 | |
2023-1, A1 144A 3.750%, 1/25/63(1) | 689 | 653 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(4) | 665 | 608 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 610 | 569 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 840 | 704 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(1)(4) | 1,405 | 1,373 | |
VCAT LLC | |||
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4) | 439 | 407 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(4) | 603 | 558 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(4) | 310 | 263 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(4) | 131 | 109 | |
2022-5, A1 144A 3.800%, 4/25/67(1)(4) | 869 | 798 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(4) | 491 | 480 | |
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(1) | 128 | 116 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 1,346 | 1,284 | |
36,857 | |||
Total Mortgage-Backed Securities (Identified Cost $41,287) | 38,128 | ||
Asset-Backed Securities—13.2% | |||
Automobiles—5.7% | |||
ACC Trust 2021-1, C 144A 2.080%, 12/20/24(1) | 781 | 770 | |
ACM Auto Trust 2022-1A, B 144A 4.470%, 4/20/29(1) | 422 | 421 | |
Avid Automobile Receivables Trust 2023-1, A 144A 6.630%, 7/15/26(1) | 776 | 775 |
Par Value | Value | ||
Automobiles—continued | |||
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1) | $ 1,129 | $ 1,037 | |
(AESOP) 2023-3A, A 144A 5.440%, 2/22/28(1) | 841 | 841 | |
Carvana Auto Receivables Trust | |||
2019-3A, E 144A 4.600%, 7/15/26(1) | 690 | 669 | |
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 | 1,011 | |
DT Auto Owner Trust 2023-1A, D 144A 6.440%, 11/15/28(1) | 777 | 779 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(1) | 750 | 727 | |
2020-3A, E 144A 4.310%, 7/15/27(1) | 940 | 904 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 650 | 642 | |
2023-1A, B 144A 6.190%, 6/15/27(1) | 983 | 994 | |
Hertz Vehicle Financing LLC 2022-4A, D 144A 6.560%, 9/25/26(1) | 530 | 499 | |
LAD Auto Receivables Trust | |||
2022-1A, A 144A 5.210%, 6/15/27(1) | 554 | 550 | |
2023-1A, D 144A 7.300%, 6/17/30(1) | 780 | 784 | |
OneMain Direct Auto Receivables Trust 2022-1A, C 144A 5.310%, 6/14/29(1) | 520 | 500 | |
Tricolor Auto Securitization Trust 2023-1A, C 144A 7.240%, 2/16/27(1) | 780 | 780 | |
United Auto Credit Securitization Trust 2023-1, C 144A 6.280%, 7/10/28(1) | 784 | 778 | |
USASF Receivables LLC 2020-1A, C 144A 5.940%, 8/15/24(1) | 1,250 | 1,248 |
Par Value | Value | ||
Automobiles—continued | |||
Westlake Automobile Receivables Trust 2022-1A, B 144A 2.750%, 3/15/27(1) | $ 760 | $ 736 | |
16,091 | |||
Consumer Loans—1.0% | |||
ACHV ABS Trust 2023-1PL, B 144A 6.800%, 3/18/30(1) | 765 | 764 | |
OneMain Financial Issuance Trust 2022-3A, A 144A 5.940%, 5/15/34(1) | 743 | 745 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 835 | 798 | |
Upstart Pass-Through Trust Series 2021-ST2, A 144A 2.500%, 4/20/27(1) | 339 | 322 | |
Upstart Securitization Trust 2022-2, A 144A 4.370%, 5/20/32(1) | 345 | 339 | |
2,968 | |||
Credit Card—0.5% | |||
Mercury Financial Credit Card Master Trust | |||
2022-1A, A 144A 2.500%, 9/21/26(1) | 735 | 690 | |
2023-1A, A 144A 8.040%, 9/20/27(1) | 777 | 777 | |
1,467 | |||
Other—6.0% | |||
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(1) | 661 | 670 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 99 | 98 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 868 | 795 | |
2020-AA, D 144A 7.150%, 7/17/46(1) | 815 | 695 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 917 | 803 | |
Business Jet Securities LLC 2020-1A, A 144A 2.981%, 11/15/35(1) | 267 | 253 | |
CCG Receivables Trust 2023-1, A2 144A 5.820%, 9/16/30(1) | 825 | 833 | |
Conn’s Receivables Funding LLC 2022-A, B 144A 9.520%, 12/15/26(1) | 630 | 628 |
Par Value | Value | ||
Other—continued | |||
Dext ABS LLC | |||
2020-1, D 144A 7.210%, 2/15/28(1) | $ 840 | $ 794 | |
2023-1, A2 144A 5.990%, 3/15/32(1) | 845 | 845 | |
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1) | 830 | 769 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 1,036 | 901 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 533 | 494 | |
Hotwire Funding LLC 2021-1, C 144A 4.459%, 11/20/51(1) | 960 | 813 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 691 | 621 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 613 | 570 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(1) | 1,010 | 967 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 665 | 570 | |
Octane Receivables Trust 2020-1A, B 144A 1.980%, 6/20/25(1) | 644 | 626 | |
Pawneee Equipment Receivables Series LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 635 | 626 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 974 | 944 | |
Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(1) | 505 | 442 | |
Purchasing Power Funding LLC 2021-A, B 144A 1.920%, 10/15/25(1) | 1,000 | 933 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1) | 457 | 446 |
Par Value | Value | ||
Other—continued | |||
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | $ 882 | $ 738 | |
16,874 | |||
Total Asset-Backed Securities (Identified Cost $38,910) | 37,400 | ||
Corporate Bonds and Notes—39.8% | |||
Communication Services—2.3% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | 660 | 421 | |
CCO Holdings LLC 144A 4.750%, 3/1/30(1) | 970 | 841 | |
CSC Holdings LLC 144A 7.500%, 4/1/28(1) | 710 | 453 | |
CT Trust 144A 5.125%, 2/3/32(1) | 610 | 508 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 590 | 526 | |
7.750%, 7/1/26 | 440 | 290 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 725 | 607 | |
McGraw-Hill Education, Inc. 144A 8.000%, 8/1/29(1) | 560 | 459 | |
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1)(5) | 475 | 309 | |
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1) | 555 | 212 | |
Sprint Capital Corp. 8.750%, 3/15/32 | 225 | 274 | |
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(1) | 790 | 647 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 365 | 113 | |
T-Mobile USA, Inc. 5.050%, 7/15/33 | 511 | 514 | |
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1) | 455 | 371 | |
6,545 | |||
Consumer Discretionary—3.1% | |||
Ashtead Capital, Inc. | |||
144A 4.375%, 8/15/27(1) | 870 | 834 | |
144A 5.500%, 8/11/32(1) | 285 | 280 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 480 | 395 | |
Clarios Global LP 144A 8.500%, 5/15/27(1) | 450 | 452 | |
eG Global Finance plc 144A 8.500%, 10/30/25(1) | 495 | 463 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Ford Motor Co. 4.750%, 1/15/43 | $ 475 | $ 364 | |
Ford Motor Credit Co. LLC | |||
4.125%, 8/17/27 | 455 | 417 | |
7.350%, 3/6/30 | 450 | 462 | |
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1) | 770 | 673 | |
Mclaren Finance plc 144A 7.500%, 8/1/26(1) | 355 | 292 | |
MDC Holdings, Inc. 3.966%, 8/6/61 | 420 | 252 | |
Metis Merger Sub LLC 144A 6.500%, 5/15/29(1) | 345 | 287 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 725 | 681 | |
Nordstrom, Inc. 4.250%, 8/1/31 | 720 | 515 | |
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1) | 715 | 528 | |
PulteGroup, Inc. | |||
7.875%, 6/15/32 | 525 | 607 | |
6.375%, 5/15/33 | 230 | 240 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 24 | 25 | |
Scientific Games International, Inc. 144A 7.000%, 5/15/28(1) | 575 | 569 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 505 | 426 | |
8,762 | |||
Consumer Staples—0.9% | |||
Albertsons Cos., Inc. | |||
144A 3.250%, 3/15/26(1) | 285 | 268 | |
144A 6.500%, 2/15/28(1) | 272 | 273 | |
BAT Capital Corp. 7.750%, 10/19/32 | 859 | 952 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 315 | 291 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 465 | 353 | |
Sigma Holdco B.V. 144A 7.875%, 5/15/26(1) | 390 | 309 | |
2,446 | |||
Energy—8.0% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 840 | 835 | |
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1) | 685 | 658 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 580 | 561 |
Par Value | Value | ||
Energy—continued | |||
BP Capital Markets plc 4.875% (6) | $ 865 | $ 786 | |
Chesapeake Energy Corp. 144A 5.875%, 2/1/29(1) | 455 | 433 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 420 | 414 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 679 | 709 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 415 | 407 | |
144A 5.000%, 5/1/29(1) | 460 | 428 | |
Ecopetrol S.A. | |||
4.625%, 11/2/31 | 770 | 589 | |
8.875%, 1/13/33 | 750 | 756 | |
Enbridge, Inc. 7.625%, 1/15/83 | 685 | 668 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(1) | 410 | 399 | |
Energy Transfer LP Series H 6.500% (6) | 660 | 581 | |
Genesis Energy LP 8.875%, 4/15/30 | 140 | 142 | |
Greensaif Pipelines Bidco S.a.r.l. 144A 6.129%, 2/23/38(1) | 375 | 385 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 485 | 446 | |
144A 6.000%, 2/1/31(1) | 485 | 446 | |
International Petroleum Corp. RegS, 144A 7.250%, 2/1/27(1)(3) | 200 | 186 | |
KazMunayGas National Co. JSC 144A 6.375%, 10/24/48(1) | 670 | 555 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 640 | 744 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 660 | 642 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(7) | 375 | 2 | |
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1) | 375 | 358 | |
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | 735 | 690 | |
Occidental Petroleum Corp. 6.125%, 1/1/31 | 840 | 871 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (1)(6) | 124 | — (8) | |
Parsley Energy LLC 144A 4.125%, 2/15/28(1) | 600 | 564 | |
Pertamina Persero PT 144A 2.300%, 2/9/31(1) | 1,465 | 1,207 |
Par Value | Value | ||
Energy—continued | |||
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(9) | $ 1,580 | $ 71 | |
Petroleos Mexicanos | |||
6.500%, 3/13/27 | 740 | 669 | |
6.700%, 2/16/32 | 1,250 | 991 | |
7.690%, 1/23/50 | 735 | 515 | |
Petronas Capital Ltd. 144A 3.500%, 4/21/30(1) | 565 | 531 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1) | 780 | 645 | |
Saudi Arabian Oil Co. 144A 2.250%, 11/24/30(1) | 1,090 | 918 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 615 | 580 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3) | 485 | 495 | |
Teine Energy Ltd. 144A 6.875%, 4/15/29(1) | 415 | 380 | |
Transocean, Inc. | |||
144A 11.500%, 1/30/27(1) | 31 | 32 | |
144A 8.750%, 2/15/30(1) | 400 | 408 | |
USA Compression Partners LP 6.875%, 4/1/26 | 410 | 398 | |
Venture Global Calcasieu Pass LLC | |||
144A 3.875%, 8/15/29(1) | 55 | 50 | |
144A 4.125%, 8/15/31(1) | 485 | 426 | |
22,571 | |||
Financials—10.2% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 940 | 881 | |
Alliant Holdings Intermediate LLC 144A 6.750%, 10/15/27(1) | 455 | 422 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 720 | 701 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 735 | 582 | |
Banco Mercantil del Norte S.A. 144A 6.625% (1)(6) | 855 | 688 | |
Banco Santander Chile 144A 3.177%, 10/26/31(1)(5) | 935 | 782 | |
Bank of America Corp. | |||
5.015%, 7/22/33 | 910 | 900 | |
2.482%, 9/21/36 | 840 | 638 | |
Bank of New York Mellon Corp. (The) | |||
5.834%, 10/25/33 | 500 | 534 | |
Series G 4.700%(6) | 795 | 752 | |
Barclays plc 7.437%, 11/2/33 | 580 | 641 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 890 | 763 |
Par Value | Value | ||
Financials—continued | |||
Blackstone Private Credit Fund 2.625%, 12/15/26 | $ 430 | $ 361 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 535 | 399 | |
Brighthouse Financial, Inc. 5.625%, 5/15/30 | 663 | 640 | |
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | 665 | 562 | |
Charles Schwab Corp. (The) Series H 4.000% (6) | 1,035 | 815 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 605 | 582 | |
Citigroup, Inc. 6.270%, 11/17/33 | 985 | 1,065 | |
Cobra Acquisition Co. LLC 144A 6.375%, 11/1/29(1) | 470 | 271 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 793 | 707 | |
Discover Financial Services 6.700%, 11/29/32 | 648 | 668 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(1) | 83 | 82 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 970 | 859 | |
Fifth Third Bancorp 4.337%, 4/25/33 | 475 | 415 | |
Goldman Sachs Group, Inc. (The) | |||
3.102%, 2/24/33 | 790 | 678 | |
6.450%, 5/1/36 | 355 | 379 | |
Huntington Bancshares, Inc. 2.550%, 2/4/30 | 540 | 429 | |
Itau Unibanco Holding S.A. 144A 3.875%, 4/15/31(1) | 975 | 867 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 570 | 584 | |
1.953%, 2/4/32 | 795 | 640 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 430 | 340 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 740 | 593 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 6.848%, 4/20/67(4) | 666 | 443 | |
MetLife, Inc. Series G 3.850% (6) | 875 | 771 |
Par Value | Value | ||
Financials—continued | |||
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | $ 820 | $ 698 | |
Morgan Stanley | |||
6.342%, 10/18/33 | 710 | 775 | |
5.948%, 1/19/38 | 352 | 350 | |
OWL Rock Core Income Corp. 4.700%, 2/8/27 | 422 | 381 | |
Prudential Financial, Inc. | |||
5.625%, 6/15/43 | 700 | 689 | |
5.125%, 3/1/52 | 192 | 169 | |
6.000%, 9/1/52 | 117 | 110 | |
6.750%, 3/1/53 | 560 | 545 | |
State Street Corp. 4.821%, 1/26/34 | 838 | 833 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 150 | 139 | |
3.700%, 8/4/26 | 180 | 157 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 945 | 781 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 600 | 609 | |
Wells Fargo & Co. Series BB 3.900% (6) | 1,295 | 1,143 | |
28,813 | |||
Health Care—2.9% | |||
1375209 BC Ltd. 144A 9.000%, 1/30/28(1) | 75 | 74 | |
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 665 | 524 | |
Amgen, Inc. | |||
5.250%, 3/2/33 | 359 | 369 | |
5.650%, 3/2/53 | 143 | 149 | |
Bausch Health Cos., Inc. | |||
144A 6.125%, 2/1/27(1) | 45 | 29 | |
144A 11.000%, 9/30/28(1) | 133 | 98 | |
144A 14.000%, 10/15/30(1) | 26 | 15 | |
Bio-Rad Laboratories, Inc. 3.700%, 3/15/32 | 556 | 503 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 800 | 712 | |
Community Health Systems, Inc. | |||
144A 6.875%, 4/15/29(1) | 70 | 43 | |
144A 6.125%, 4/1/30(1) | 645 | 389 | |
144A 4.750%, 2/15/31(1) | 650 | 480 | |
DaVita, Inc. 144A 3.750%, 2/15/31(1) | 555 | 438 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 795 | 702 | |
GE HealthCare Technologies, Inc. 144A 5.857%, 3/15/30(1) | 605 | 633 |
Par Value | Value | ||
Health Care—continued | |||
Lannett Co., Inc. 144A 7.750%, 4/15/26(1) | $ 165 | $ 27 | |
Legacy LifePoint Health LLC 144A 6.750%, 4/15/25(1) | 325 | 308 | |
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 320 | 278 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(10) | 345 | 257 | |
Surgery Center Holdings, Inc. | |||
144A 6.750%, 7/1/25(1) | 340 | 336 | |
144A 10.000%, 4/15/27(1) | 173 | 176 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 510 | 307 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 540 | 486 | |
Universal Health Services, Inc. 2.650%, 1/15/32 | 1,095 | 854 | |
8,187 | |||
Industrials—3.6% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1)(5) | 923 | 896 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 705 | 630 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | 597 | 560 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 335 | 277 | |
Boeing Co. (The) | |||
5.150%, 5/1/30 | 295 | 297 | |
3.750%, 2/1/50 | 450 | 341 | |
5.930%, 5/1/60 | 220 | 220 | |
Chart Industries, Inc. | |||
144A 7.500%, 1/1/30(1) | 10 | 10 | |
144A 9.500%, 1/1/31(1) | 550 | 580 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 1,015 | 850 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 255 | 186 | |
Fortress Transportation & Infrastructure Investors LLC 144A 6.500%, 10/1/25(1) | 280 | 280 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 580 | 499 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 340 | 335 |
Par Value | Value | ||
Industrials—continued | |||
5.250%, 5/15/27 | $ 365 | $ 342 | |
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1) | 325 | 301 | |
OT Merger Corp. 144A 7.875%, 10/15/29(1) | 240 | 142 | |
Regal Rexnord Corp. 144A 6.400%, 4/15/33(1) | 893 | 894 | |
Ritchie Bros Holdings, Inc. 144A 7.750%, 3/15/31(1) | 490 | 513 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 650 | 605 | |
Sempra Global 144A 3.250%, 1/15/32(1) | 814 | 680 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1) | 648 | 543 | |
TransDigm, Inc. 5.500%, 11/15/27 | 310 | 292 | |
10,273 | |||
Information Technology—2.8% | |||
Alteryx, Inc. 144A 8.750%, 3/15/28(1) | 325 | 327 | |
Booz Allen Hamilton, Inc. | |||
144A 3.875%, 9/1/28(1) | 365 | 333 | |
144A 4.000%, 7/1/29(1) | 405 | 365 | |
CDW LLC 3.569%, 12/1/31 | 682 | 587 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 110 | 96 | |
144A 6.500%, 10/15/28(1) | 635 | 527 | |
Dell International LLC 8.100%, 7/15/36 | 575 | 671 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 618 | 584 | |
HP, Inc. 5.500%, 1/15/33 | 780 | 773 | |
Kyndryl Holdings, Inc. 3.150%, 10/15/31 | 610 | 467 | |
Leidos, Inc. 2.300%, 2/15/31 | 1,135 | 921 | |
Micron Technology, Inc. 6.750%, 11/1/29 | 536 | 569 | |
Oracle Corp. 6.150%, 11/9/29 | 555 | 591 | |
TD SYNNEX Corp. 2.375%, 8/9/28 | 785 | 651 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 610 | 578 | |
8,040 | |||
Materials—2.3% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 595 | 624 | |
Avient Corp. 144A 7.125%, 8/1/30(1) | 365 | 376 |
Par Value | Value | ||
Materials—continued | |||
Bayport Polymers LLC 144A 5.140%, 4/14/32(1) | $ 710 | $ 663 | |
Celanese U.S. Holdings LLC 5.900%, 7/5/24 | 230 | 230 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 750 | 764 | |
International Flavors & Fragrances, Inc. 144A 2.300%, 11/1/30(1) | 450 | 361 | |
LSB Industries, Inc. 144A 6.250%, 10/15/28(1) | 930 | 828 | |
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1) | 100 | 100 | |
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1) | 591 | 564 | |
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | 460 | 417 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 510 | 527 | |
Trident TPI Holdings, Inc. | |||
144A 9.250%, 8/1/24(1) | 740 | 733 | |
144A 6.625%, 11/1/25(1) | 296 | 273 | |
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | 167 | 142 | |
6,602 | |||
Real Estate—1.9% | |||
EPR Properties 3.600%, 11/15/31 | 475 | 355 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 229 | 223 | |
3.250%, 1/15/32 | 256 | 208 | |
Iron Mountain, Inc. 144A 4.500%, 2/15/31(1) | 825 | 709 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 840 | 759 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 510 | 343 | |
Office Properties Income Trust 4.500%, 2/1/25 | 900 | 777 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 845 | 634 | |
Service Properties Trust 4.950%, 2/15/27 | 455 | 385 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 375 | 352 | |
5.125%, 5/15/32 | 525 | 495 | |
5,240 | |||
Utilities—1.8% | |||
CMS Energy Corp. 4.750%, 6/1/50 | 860 | 743 |
Par Value | Value | ||
Utilities—continued | |||
Enel Finance International N.V. 144A 7.500%, 10/14/32(1) | $ 385 | $ 429 | |
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1) | 465 | 455 | |
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 305 | 285 | |
144A 5.875%, 4/1/29(1) | 175 | 150 | |
KeySpan Gas East Corp. 144A 5.994%, 3/6/33(1) | 775 | 799 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(1) | 712 | 738 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 877 | 736 | |
Sunnova Energy Corp. 144A 5.875%, 9/1/26(1)(5) | 555 | 470 | |
Vistra Corp. 144A 8.000% (1)(6) | 295 | 275 | |
5,080 | |||
Total Corporate Bonds and Notes (Identified Cost $124,289) | 112,559 | ||
Leveraged Loans—11.3% | |||
Aerospace—0.5% | |||
Amentum Government Services Holdings LLC Tranche 3 (3-6 month Term SOFR + 4.000%) 8.764% - 9.033%, 2/15/29(4) | 219 | 213 | |
Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.407%, 6/7/28(4) | 261 | 258 | |
Kestrel Bidco, Inc. (3 month LIBOR + 3.000%) 0.000%, 12/11/26(4)(11) | 290 | 277 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.213%, 6/21/27(4) | 327 | 339 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.148%, 8/24/28(4) | 460 | 459 | |
1,546 | |||
Par Value | Value | ||
Chemicals—0.2% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.657%, 11/8/27(4) | $ 704 | $ 703 | |
Consumer Non-Durables—0.3% | |||
DS Parent, Inc. Tranche B (3 month Term SOFR + 5.750%) 10.791%, 12/8/28(4) | 295 | 285 | |
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 5.870%, 6/30/24(4) | 269 | 263 | |
ZEP, Inc. First Lien (3 month LIBOR + 4.000%) 9.159%, 8/12/24(4) | 439 | 372 | |
920 | |||
Energy—0.7% | |||
Hamilton Projects Acquiror LLC Tranche B (3 month LIBOR + 4.500%) 9.659%, 6/17/27(4) | 426 | 421 | |
Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%) 8.910%, 10/18/28(4) | 273 | 269 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.063%, 10/5/28(4) | 490 | 481 | |
Traverse Midstream Partners LLC (3 month Term SOFR + 3.850%) 8.726%, 2/16/28(4) | 815 | 800 | |
1,971 | |||
Financials—0.3% | |||
Asurion LLC Tranche B-9 (1 month LIBOR + 3.250%) 8.090%, 7/31/27(4) | 162 | 149 | |
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%) 7.890%, 6/15/25(4) | 271 | 266 | |
Castlelake Aviation One Designated Activity Co. 2023 (1 month Term SOFR + 2.750%) 7.783%, 10/22/27(4) | 364 | 358 | |
773 | |||
Par Value | Value | ||
Food / Tobacco—0.9% | |||
Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.109%, 5/16/29(4) | $ 675 | $ 656 | |
Froneri U.S., Inc. Tranche B-2 (3 month LIBOR + 2.250%) 7.409%, 1/29/27(4) | 559 | 550 | |
H-Food Holdings LLC (1 month LIBOR + 3.688%) 8.528%, 5/23/25(4) | 336 | 287 | |
Naked Juice LLC (3 month Term SOFR + 3.350%) 8.248%, 1/24/29(4) | 554 | 486 | |
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.011%, 7/12/29(4) | 234 | 230 | |
Shearer’s Foods LLC First Lien (1 month LIBOR + 3.500%) 8.340%, 9/23/27(4) | 238 | 232 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 8.659%, 3/31/28(4) | 239 | 213 | |
2,654 | |||
Forest Prod / Containers—0.3% | |||
Anchor Glass Container Corp. 2017 (3-5 month LIBOR + 2.750%) 7.562% - 7.960%, 12/7/23(4) | 1 | 1 | |
Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 4.000%) 8.776%, 8/14/26(4) | 210 | 208 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 8.090%, 1/31/25(4) | 473 | 440 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 8.090%, 3/3/28(4) | 245 | 239 | |
888 | |||
Gaming / Leisure—0.8% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.157%, 2/6/30(4) | 145 | 144 | |
Carnival Corp. Tranche B (1 month LIBOR + 3.000%) 7.840%, 6/30/25(4) | 560 | 551 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
ECL Entertainment LLC Tranche B (1 month Term SOFR + 7.500%) 12.422%, 5/1/28(4) | $ 282 | $ 279 | |
J&J Ventures Gaming LLC (3 month LIBOR + 4.000%) 9.159%, 4/26/28(4) | 334 | 323 | |
Playa Resorts Holding B.V. (1 month Term SOFR + 4.250%) 8.993%, 1/5/29(4) | 303 | 301 | |
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 8.947%, 11/1/26(4) | 129 | 128 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 7.570%, 4/29/26(4) | 560 | 557 | |
2,283 | |||
Health Care—1.3% | |||
CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%) 8.090%, 9/29/28(4) | 401 | 397 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 8.998%, 10/1/27(4) | 239 | 228 | |
Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%) 9.409%, 8/19/28(4) | 265 | 259 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 8.575%, 11/16/25(4) | 260 | 247 | |
Medline Borrower LP (1 month LIBOR + 3.250%) 8.090%, 10/23/28(4) | 559 | 544 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (1 month LIBOR + 3.500%) 8.659%, 11/30/27(4) | 267 | 260 | |
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 7.590%, 2/14/25(4) | — (8) | — (8) | |
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.250%) 8.090%, 3/5/26(4) | 313 | 304 | |
Tranche B-3 (1 month LIBOR + 3.500%) 8.340%, 3/5/26(4) | 101 | 98 |
Par Value | Value | ||
Health Care—continued | |||
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 8.090%, 11/15/28(4) | $ 183 | $ 181 | |
Sotera Health Holdings LLC (3 month LIBOR + 3.000%) 8.816%, 12/11/26(4) | 155 | 152 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%) 8.909%, 10/1/26(4) | 279 | 276 | |
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%) 9.410%, 11/20/26(4) | 349 | 274 | |
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 8.590%, 7/2/25(4) | 389 | 362 | |
3,582 | |||
Housing—0.2% | |||
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 7.840%, 3/19/29(4) | 342 | 337 | |
SRS Distribution, Inc. | |||
2021 (1 month LIBOR + 3.500%) 8.340%, 6/2/28(4) | 172 | 166 | |
2022 (1 month Term SOFR + 3.350%) 8.157%, 6/2/28(4) | 49 | 48 | |
551 | |||
Information Technology—1.6% | |||
Applied Systems, Inc. Second Lien (3 month Term SOFR + 6.750%) 11.648%, 9/17/27(4) | 366 | 365 | |
CDK Global, Inc. (3 month Term SOFR + 4.250%) 9.148%, 7/6/29(4) | 150 | 149 | |
ConnectWise LLC (1 month LIBOR + 3.500%) 8.340%, 9/29/28(4) | 137 | 132 | |
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%) 8.090%, 7/30/27(4) | �� 266 | 261 | |
Finastra USA, Inc. First Lien (3 month LIBOR + 3.500%) 8.325%, 6/13/24(4) | 439 | 409 | |
Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 8.840%, 12/1/27(4) | 332 | 327 |
Par Value | Value | ||
Information Technology—continued | |||
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%) 8.340%, 7/1/24(4) | $ 515 | $ 509 | |
Indicor LLC (3 month Term SOFR + 4.500%) 9.398%, 11/22/29(4) | 345 | 342 | |
Infinite Bidco LLC First Lien (3 month LIBOR + 3.250%) 8.409%, 3/2/28(4) | 392 | 374 | |
Open Text Corp. (1 month Term SOFR + 3.600%) 8.407%, 1/31/30(4) | 294 | 293 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 8.090%, 3/10/28(4) | 400 | 384 | |
Proofpoint, Inc. (1 month LIBOR + 3.250%) 8.090%, 8/31/28(4) | 137 | 133 | |
RealPage, Inc. First Lien (1 month LIBOR + 3.000%) 7.840%, 4/24/28(4) | 254 | 246 | |
Sophia LP Tranche B (3 month LIBOR + 3.500%) 8.659%, 10/7/27(4) | 339 | 334 | |
UKG, Inc. | |||
2021, Second Lien (3 month LIBOR + 5.250%) 10.032%, 5/3/27(4) | 25 | 24 | |
2021-2, First Lien (3 month LIBOR + 3.250%) 8.032%, 5/4/26(4) | 132 | 129 | |
4,411 | |||
Manufacturing—0.6% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 8.306%, 10/8/27(4) | 227 | 225 | |
Arcline FM Holdings LLC | |||
First Lien (3 month LIBOR + 4.750%) 9.909%, 6/23/28(4) | 339 | 323 | |
Second Lien (3 month LIBOR + 8.250%) 13.409%, 6/25/29(4) | 140 | 126 | |
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 8.593%, 3/15/30(4) | 240 | 239 | |
Filtration Group Corp. (1 month LIBOR + 3.000%) 7.840%, 3/31/25(4) | 374 | 373 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 8.609%, 2/23/29(4) | 89 | 87 |
Par Value | Value | ||
Manufacturing—continued | |||
Star U.S. Bidco LLC (1 month LIBOR + 4.250%) 9.090%, 3/17/27(4) | $ 298 | $ 287 | |
1,660 | |||
Media / Telecom - Cable/Wireless Video—0.1% | |||
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.840%, 8/2/27(4) | 362 | 348 | |
Media / Telecom - Diversified Media—0.4% | |||
Cinemark USA, Inc. (1-3 month LIBOR + 1.750%) 6.580% - 6.910%, 3/31/25(4) | 313 | 307 | |
Creative Artists Agency LLC 2023 (1 month Term SOFR + 3.500%) 8.307%, 11/27/28(4) | 75 | 75 | |
McGraw-Hill Education, Inc. (3 month LIBOR + 4.750%) 9.385%, 7/28/28(4) | 274 | 255 | |
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 9.735%, 4/11/29(4) | 285 | 256 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 7.600%, 5/18/25(4) | 268 | 265 | |
1,158 | |||
Retail—0.7% | |||
CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%) 8.125%, 11/8/27(4) | 367 | 360 | |
EG America LLC 0.000%, 2/5/25(4) | 530 | 505 | |
Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%) 8.590%, 3/6/28(4) | 350 | 345 | |
PetsMart LLC (1 month Term SOFR + 3.850%) 8.657%, 2/11/28(4) | 524 | 520 | |
Rising Tide Holdings, Inc. First Lien (3 month LIBOR + 4.750%) 9.703%, 6/1/28(4) | 256 | 152 | |
1,882 | |||
Par Value | Value | ||
Service—1.7% | |||
Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%) 8.556%, 7/27/28(4) | $ 245 | $ 239 | |
Ascend Learning LLC (3 month LIBOR + 3.500%) 0.000%, 12/11/28(4)(11) | 404 | 372 | |
BrightView Landscapes LLC Tranche B (1-3 month Term SOFR + 3.250%) 7.926% - 8.057%, 4/20/29(4) | 559 | 544 | |
Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%) 7.953%, 3/20/25(4) | 341 | 308 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 8.095%, 2/6/26(4) | 382 | 381 | |
DXP Enterprises, Inc. (3 month Term SOFR + 5.350%) 9.955%, 12/23/27(4) | 337 | 329 | |
Garda World Security Corp. Tranche B-2 (1 month Term SOFR + 4.350%) 9.109%, 10/30/26(4) | 115 | 113 | |
Grab Holdings, Inc. (1 month LIBOR + 4.500%) 9.350%, 1/29/26(4) | 132 | 132 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.048%, 11/23/28(4) | 252 | 247 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 8.590%, 2/1/28(4) | 668 | 658 | |
PODS LLC (1 month Term SOFR + 3.114%) 7.922%, 3/31/28(4) | 265 | 257 | |
Sedgwick Claims Management Services, Inc. 2023 (1 month Term SOFR + 3.750%) 8.557%, 2/24/28(4) | 595 | 587 | |
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%) 8.157%, 2/10/29(4) | 263 | 258 |
Par Value | Value | ||
Service—continued | |||
Weld North Education LLC 2021 (1 month LIBOR + 3.750%) 8.600%, 12/21/27(4) | $ 337 | $ 335 | |
4,760 | |||
Transportation - Automotive—0.5% | |||
American Axle & Manufacturing, Inc. Tranche B, First Lien (1 month Term SOFR + 3.600%) 8.447%, 12/13/29(4) | 394 | 391 | |
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 8.090%, 4/30/26(4) | 292 | 289 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 8.575%, 10/28/27(4) | 261 | 244 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.656% - 7.870%, 2/28/30(4) | 489 | 488 | |
1,412 | |||
Utilities—0.2% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.590%, 8/1/25(4) | 260 | 258 | |
Generation Bridge II LLC | |||
Tranche B (1 month Term SOFR + 5.000%) 9.922%, 2/23/29(4) | 167 | 166 | |
Tranche C (1 month Term SOFR + 5.000%) 9.922%, 2/23/29(4) | 21 | 21 | |
Lightstone HoldCo LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 10.557%, 1/29/27(4) | 1 | 1 | |
Tranche C (1 month Term SOFR + 5.750%) 10.557%, 1/29/27(4) | — (8) | — (8) | |
446 | |||
Total Leveraged Loans (Identified Cost $32,524) | 31,948 |
Shares | Value | ||
Preferred Stocks—1.1% | |||
Financials—0.9% | |||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 525 (12) | $ 462 | |
JPMorgan Chase & Co. Series HH, 4.600% | 300 (12) | 279 | |
MetLife, Inc. Series D, 5.875% | 478 (12) | 445 | |
Truist Financial Corp. Series Q, 5.100% | 615 (12) | 539 | |
Zions Bancorp NA, 6.950% | 38,525 | 915 | |
2,640 | |||
Industrials—0.2% | |||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.196%(4) | 485 (12) | 484 | |
Total Preferred Stocks (Identified Cost $3,299) | 3,124 | ||
Common Stocks—0.1% | |||
Consumer Discretionary—0.1% | |||
MYT Holding LLC Class B(7)(13) | 42,729 | 26 | |
NMG Parent LLC(7)(13) | 836 | 113 | |
139 | |||
Total Common Stocks (Identified Cost $306) | 139 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp., 12/29/49(7)(13) | 6,252 | 7 | |
Total Rights (Identified Cost $5) | 7 | ||
Total Long-Term Investments—99.0% (Identified Cost $301,360) | 279,930 | ||
Shares | Value | ||
Securities Lending Collateral—0.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(14)(15) | 2,005,152 | $ 2,005 | |
Total Securities Lending Collateral (Identified Cost $2,005) | 2,005 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $303,365) | $281,935 | ||
Other assets and liabilities, net—0.3% | 768 | ||
NET ASSETS—100.0% | $282,703 |
Abbreviations: | |
ABS | Asset-Backed Securities |
ACA | American Capital Access Financial Guarantee Corp. |
BAM | Build America Municipal Insured |
JSC | Joint Stock Company |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited 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 March 31, 2023, these securities amounted to a value of $145,997 or 51.6% 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 March 31, 2023. 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) | Amount is less than $500. |
(9) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(10) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(11) | This loan will settle after March 31, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(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† | |
United States | 83% |
Canada | 2 |
Mexico | 2 |
Saudi Arabia | 1 |
Indonesia | 1 |
United Kingdom | 1 |
Netherlands | 1 |
Other | 9 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $ 37,400 | $ — | $ 37,400 | $ — | |||
Corporate Bonds and Notes | 112,559 | — | 112,557 | 2 | |||
Foreign Government Securities | 18,722 | — | 18,722 | — | |||
Leveraged Loans | 31,948 | — | 31,948 | — | |||
Mortgage-Backed Securities | 38,128 | — | 38,128 | — | |||
Municipal Bonds | 1,546 | — | 1,546 | — | |||
U.S. Government Securities | 36,357 | — | 36,357 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 3,124 | 915 | 2,209 | — | |||
Rights | 7 | — | — | 7 | |||
Common Stocks | 139 | — | — | 139 | |||
Securities Lending Collateral | 2,005 | 2,005 | — | — | |||
Total Investments | $281,935 | $2,920 | $278,867 | $148 |
Par Value | Value | ||
U.S. Government Securities—9.8% | |||
U.S. Treasury Notes | |||
0.125%, 4/30/23 | $ 110,585 | $ 110,204 | |
0.125%, 8/31/23 | 93,865 | 92,112 | |
2.500%, 4/30/24 | 132,165 | 129,253 | |
1.000%, 12/15/24 | 61,195 | 57,989 | |
4.125%, 1/31/25 | 48,250 | 48,237 | |
0.375%, 7/31/27 | 16,550 | 14,377 | |
0.625%, 12/31/27 | 15,150 | 13,176 | |
Total U.S. Government Securities (Identified Cost $472,845) | 465,348 | ||
Municipal Bond—0.1% | |||
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 4,215 | 3,907 | |
Total Municipal Bond (Identified Cost $3,958) | 3,907 | ||
Foreign Government Securities—2.4% | |||
Arab Republic of Egypt | |||
144A 5.800%, 9/30/27(1) | 8,210 | 5,736 | |
144A 7.600%, 3/1/29(1) | 4,075 | 2,832 | |
Bolivarian Republic of Venezuela | |||
RegS 7.000%, 12/1/18(2)(3)(4) | 20,999 | 2,268 | |
RegS 7.750%, 10/13/19(2)(3)(4) | 9,851 | 1,064 | |
Dominican Republic | |||
144A 5.500%, 2/22/29(1) | 8,710 | 8,178 | |
144A 7.050%, 2/3/31(1) | 2,200 | 2,212 | |
Export-Import Bank Korea 3.250%, 8/12/26 | 7,800 | 7,428 | |
Hungary Government International Bond 144A 6.125%, 5/22/28(1) | 9,800 | 10,033 | |
Kingdom of Morocco 144A 5.950%, 3/8/28(1) | 3,000 | 3,060 | |
Korea National Oil Corp. 144A 4.875%, 4/3/28(1) | 2,000 | 2,013 | |
Republic of Colombia | |||
4.500%, 1/28/26 | 5 | 5 | |
4.500%, 3/15/29 | 6,315 | 5,572 | |
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(1) | 13,575 | 12,991 | |
Republic of Indonesia | |||
144A 3.375%, 4/15/23(1)(5) | 2,844 | 2,839 | |
144A 4.750%, 1/8/26(1) | 5,053 | 5,085 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Republic of Panama 3.875%, 3/17/28 | $ 13,590 | $ 13,011 | |
Republic of Serbia 144A 6.250%, 5/26/28(1) | 6,800 | 6,859 | |
Republic of Turkey 9.875%, 1/15/28 | 2,490 | 2,593 | |
Saudi International Bond 144A 4.750%, 1/18/28(1) | 6,500 | 6,578 | |
United Mexican States | |||
3.750%, 1/11/28 | 8,700 | 8,378 | |
5.400%, 2/9/28 | 5,300 | 5,478 | |
Total Foreign Government Securities (Identified Cost $140,033) | 114,213 | ||
Mortgage-Backed Securities—24.1% | |||
Agency—0.2% | |||
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 9 | 10 | |
Pool #695237 5.500%, 2/1/33 | 7 | 7 | |
Pool #725762 6.000%, 8/1/34 | 52 | 54 | |
Pool #773385 5.500%, 5/1/34 | 57 | 59 | |
Pool #800267 5.500%, 12/1/34 | 14 | 14 | |
Pool #806318 5.500%, 11/1/34 | 111 | 112 | |
Pool #806328 5.500%, 11/1/34 | 96 | 97 | |
Pool #808018 5.500%, 1/1/35 | 70 | 72 | |
Pool #889578 6.000%, 4/1/38 | 35 | 36 | |
Pool #890710 3.000%, 2/1/31 | 2,704 | 2,590 | |
Pool #941322 6.000%, 7/1/37 | 5 | 5 | |
Pool #AC6992 5.000%, 12/1/39 | 957 | 977 | |
Pool #AD3841 4.500%, 4/1/40 | 1,097 | 1,100 | |
Pool #AD4224 5.000%, 8/1/40 | 1,147 | 1,171 | |
Pool #AD6058 4.000%, 8/1/25 | 524 | 519 | |
Pool #AE4799 4.000%, 10/1/40 | 11 | 11 | |
Pool #AH4009 4.000%, 3/1/41 | 1,398 | 1,368 | |
Pool #AI2472 4.500%, 5/1/41 | 861 | 866 | |
Pool #AO5149 3.000%, 6/1/27 | 118 | 115 | |
Pool #AS6515 4.000%, 1/1/46 | 1,872 | 1,825 |
Par Value | Value | ||
Agency—continued | |||
Government National Mortgage Association Pool #563381 6.500%, 11/15/31 | $ 5 | $ 6 | |
11,014 | |||
Non-Agency—23.9% | |||
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(1)(6) | 3,387 | 3,161 | |
2021-A, A1 144A 1.065%, 9/25/65(1)(6) | 8,358 | 7,358 | |
American Homes 4 Rent Trust | |||
2014-SFR3, A 144A 3.678%, 12/17/36(1) | 19,126 | 18,712 | |
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 10,392 | 10,028 | |
AMSR Trust | |||
2020-SFR1, A 144A 1.819%, 4/17/37(1) | 8,627 | 8,091 | |
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 6,739 | 6,291 | |
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 1,680 | 1,572 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 4,362 | 4,012 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 4,535 | 3,960 | |
2021-SFR3, D 144A 2.177%, 10/17/38(1) | 6,675 | 5,815 | |
2021-SFR4, B 144A 2.417%, 12/17/38(1) | 4,106 | 3,695 | |
2022-SFR1, C 144A 3.740%, 3/17/39(1) | 1,985 | 1,814 | |
2022-SFR3, C 144A 4.000%, 10/17/39(1) | 2,000 | 1,849 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(1)(6) | 4,107 | 3,691 | |
2021-3, A2 144A 1.305%, 5/25/66(1)(6) | 2,042 | 1,681 | |
2021-5, A1 144A 0.951%, 7/25/66(1)(6) | 7,424 | 6,106 | |
2021-7, A1 144A 1.978%, 10/25/66(1)(6) | 9,143 | 7,470 | |
2021-8, A1 144A 1.820%, 11/25/66(1)(6) | 11,017 | 9,167 | |
2022-5, A1 144A 4.500%, 5/25/67(1)(6) | 2,647 | 2,524 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(6) | 3,465 | 3,253 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(6) | 3,101 | 2,902 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(6) | 11,817 | 9,562 | |
2022-1, A1B 144A 3.269%, 12/25/56(1)(6) | 4,252 | 3,760 |
Par Value | Value | ||
Non-Agency—continued | |||
Banc of America Funding Trust 2004-D, 5A1 3.956%, 1/25/35(6) | $ 863 | $ 828 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%, Cap N/A, Floor 0.722%) 144A 5.557%, 3/15/37(1)(6) | 5,490 | 5,023 | |
BPR Trust | |||
2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.191%, 2/15/29(1)(6) | 1,975 | 1,929 | |
2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 6.725%, 4/15/37(1)(6) | 7,400 | 7,110 | |
BRAVO Residential Funding Trust | |||
2021-A, A1 144A 1.991%, 10/25/59(1)(6) | 4,853 | 4,592 | |
2021-NQM3, A1 144A 1.699%, 4/25/60(1)(6) | 1,703 | 1,530 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(6) | 1,871 | 1,742 | |
BX Commercial Mortgage Trust | |||
2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.192%, 10/15/36(1)(6) | 6,626 | 6,478 | |
2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 6.788%, 2/15/39(1)(6) | 10,593 | 9,912 | |
BX Trust | |||
2018-GW, B (1 month LIBOR + 1.020%, Cap N/A, Floor 1.020%) 144A 5.704%, 5/15/35(1)(6) | 19,910 | 19,309 | |
2019-OC11, B 144A 3.605%, 12/9/41(1) | 5,000 | 4,196 | |
2019-OC11, D 144A 3.944%, 12/9/41(1)(6) | 7,699 | 6,353 | |
2022-CLS, A 144A 5.760%, 10/13/27(1) | 15,725 | 15,355 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(6) | 4,391 | 3,706 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(6) | 6,500 | 5,700 |
Par Value | Value | ||
Non-Agency—continued | |||
CHC Commercial Mortgage Trust 2019-CHC, A (1 month LIBOR + 1.120%, Cap N/A, Floor 1.120%) 144A 5.804%, 6/15/34(1)(6) | $ 17,508 | $ 17,007 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 3.066%, 5/25/34(6) | 300 | 267 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(6) | 5,256 | 4,925 | |
Citigroup Mortgage Loan Trust | |||
2013-A, A 144A 3.000%, 5/25/42(1)(6) | 2,466 | 2,285 | |
2020-EXP1, A1B 144A 1.804%, 5/25/60(1)(6) | 1,605 | 1,461 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2015-PS1, A1 144A 3.750%, 9/25/42(1)(6) | 583 | 543 | |
2018-RP1, A1 144A 3.000%, 9/25/64(1)(6) | 3,908 | 3,717 | |
2019-RP1, A1 144A 3.500%, 1/25/66(1)(6) | 4,533 | 4,299 | |
COLT Funding LLC | |||
2021-3R, A1 144A 1.051%, 12/25/64(1)(6) | 3,274 | 2,804 | |
2021-3R, A2 144A 1.257%, 12/25/64(1)(6) | 767 | 654 | |
COLT Mortgage Loan Trust | |||
2021-2, A2 144A 1.130%, 8/25/66(1)(6) | 5,328 | 4,233 | |
2022-1, A1 144A 2.284%, 12/27/66(1)(6) | 10,423 | 9,106 | |
2022-3, A1 144A 3.901%, 2/25/67(1)(6) | 15,604 | 14,474 | |
2022-4, A1 144A 4.301%, 3/25/67(1)(6) | 6,653 | 6,358 | |
2022-5, A1 144A 4.550%, 4/25/67(1)(6) | 13,224 | 12,773 | |
2021-2R, A1 144A 0.798%, 7/27/54(1) | 2,127 | 1,810 | |
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A 0.857%, 5/25/65(1)(6) | 5,722 | 4,802 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(1)(6) | 9,555 | 8,727 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(1) | 8,908 | 8,426 | |
2020-3, A 144A 1.358%, 8/15/53(1) | 4,310 | 3,892 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-4, A 144A 1.174%, 12/15/52(1) | $ 13,651 | $ 12,329 | |
2022-1, A 144A 4.744%, 6/17/55(1)(6) | 4,902 | 4,836 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month LIBOR + 0.980%, Cap N/A, Floor 0.980%) 144A 5.664%, 5/15/36(1)(6) | 22,728 | 22,498 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(1)(6) | 7,771 | 7,419 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(1)(6) | 2,999 | 2,700 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(6) | 12,009 | 10,456 | |
2021-NQM1, A1 144A 0.809%, 5/25/65(1)(6) | 7,371 | 6,210 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(6) | 5,371 | 4,780 | |
Dominion Mortgage Trust 2021-RTL1, A1 144A 2.487%, 7/25/27(1)(6) | 10,050 | 9,098 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(6) | 1,410 | 1,303 | |
2020-1, A1 144A 2.006%, 5/25/65(1)(6) | 1,413 | 1,347 | |
2020-2, A1 144A 1.178%, 10/25/65(1)(6) | 5,481 | 4,926 | |
2021-1, A2 144A 1.003%, 2/25/66(1)(6) | 1,118 | 929 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(6) | 6,147 | 5,156 | |
Extended Stay America Trust 2021-ESH, C (1 month LIBOR + 1.700%, Cap N/A, Floor 1.700%) 144A 6.385%, 7/15/38(1)(6) | 5,408 | 5,237 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 7,020 | 6,398 | |
2020-SFR2, A 144A 1.266%, 10/19/37(1) | 4,636 | 4,208 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 21,440 | 19,352 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 18,405 | 15,823 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(6) | 946 | 870 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-1, A23 144A 3.500%, 11/25/57(1)(6) | $ 859 | $ 783 | |
2019-2, A52 144A 3.500%, 6/25/59(1)(6) | 4,197 | 3,960 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(6) | 1,107 | 1,044 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 2/15/38(1)(6) | 5,700 | 5,222 | |
Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(6) | 2,630 | 2,202 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1) | 16,760 | 15,476 | |
Imperial Fund Mortgage Trust | |||
2021-NQM4, A1 144A 2.091%, 1/25/57(1)(6) | 12,416 | 10,444 | |
2022-NQM3, A1 144A 4.380%, 5/25/67(1)(6) | 9,336 | 8,944 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.316%, 8/15/39(1)(6) | 10,161 | 10,078 | |
JP Morgan Mortgage Trust | |||
2006-A6, 3A3L 3.851%, 10/25/36(6) | 309 | 223 | |
2014-5, B1 144A 2.780%, 10/25/29(1)(6) | 1,882 | 1,631 | |
2018-7FRB, A2 (1 month LIBOR + 0.750%) 144A 5.595%, 4/25/46(1)(6) | 5,340 | 5,103 | |
JPMBB Commercial Mortgage Securities Trust 2015-C32, AS 3.984%, 11/15/48 | 2,495 | 2,349 | |
JPMorgan Chase Mortgage Trust | |||
2014-1, 2A12 144A 3.500%, 1/25/44(1)(6) | 602 | 549 | |
2014-2, 2A2 144A 3.500%, 6/25/29(1)(6) | 1,462 | 1,405 | |
2014-2, AM 144A 3.360%, 6/25/29(1)(6) | 865 | 828 | |
2014-5, B2 144A 2.780%, 10/25/29(1)(6) | 886 | 766 | |
2015-1, AM1 144A 5.692%, 12/25/44(1)(6) | 968 | 926 | |
2015-5, A2 144A 5.853%, 5/25/45(1)(6) | 1,171 | 1,144 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(6) | 2,023 | 1,751 | |
2017-5, A1 144A 3.300%, 10/26/48(1)(6) | 3,546 | 3,417 |
Par Value | Value | ||
Non-Agency—continued | |||
KKR Industrial Portfolio Trust | |||
2021-KDIP, C (1 month Term SOFR + 1.114%, Cap N/A, Floor 1.114%) 144A 5.942%, 12/15/37(1)(6) | $ 1,676 | $ 1,599 | |
2021-KDIP, D (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.364%) 144A 6.192%, 12/15/37(1)(6) | 3,750 | 3,543 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month LIBOR + 0.800%, Cap N/A, Floor 0.800%) 144A 5.484%, 5/15/36(1)(6) | 5,740 | 5,684 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 2/25/26(1)(6) | 11,065 | 10,794 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(1)(6) | 8,940 | 8,580 | |
MetLife Securitization Trust | |||
2017-1A, M1 144A 3.439%, 4/25/55(1)(6) | 7,930 | 7,072 | |
2018-1A, A 144A 3.750%, 3/25/57(1)(6) | 15,400 | 14,505 | |
2019-1A, A1A 144A 3.750%, 4/25/58(1)(6) | 5,952 | 5,768 | |
MFA Trust | |||
2022-INV1, A1 144A 3.907%, 4/25/66(1)(6) | 11,383 | 10,760 | |
2022-NQM2, A1 144A 4.000%, 5/25/67(1)(6) | 636 | 605 | |
2020-NQM3, A1 144A 1.014%, 1/26/65(1)(6) | 2,041 | 1,873 | |
2021-INV1, A1 144A 0.852%, 1/25/56(1)(6) | 1,453 | 1,282 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(6) | 1,983 | 1,860 | |
2017-3, M2 144A 3.250%, 1/25/61(1)(6) | 9,012 | 8,216 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(6) | 12,131 | 10,551 | |
2021-NMR1, A1 144A 1.125%, 11/25/60(1)(6) | 4,509 | 4,175 | |
Morgan Stanley Bank of America Merrill Lynch Trust | |||
2013-C10, A4 4.067%, 7/15/46(6) | 2,075 | 2,066 | |
2013-C13, AS 4.266%, 11/15/46 | 1,735 | 1,702 | |
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A 4.474%, 2/25/34(6) | 362 | 337 |
Par Value | Value | ||
Non-Agency—continued | |||
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 6.010%, 6/25/44(1)(6) | $ 2,800 | $ 2,698 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(6) | 3,668 | 3,440 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(6) | 3,202 | 2,972 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(6) | 1,706 | 1,563 | |
2016-3A, A1 144A 3.750%, 9/25/56(1)(6) | 2,034 | 1,876 | |
2016-4A, A1 144A 3.750%, 11/25/56(1)(6) | 2,643 | 2,433 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(6) | 10,436 | 9,850 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(6) | 6,065 | 5,815 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(1)(6) | 595 | 509 | |
2020-1A, A1B 144A 3.500%, 10/25/59(1)(6) | 5,077 | 4,670 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(6) | 4,002 | 3,589 | |
2022-RTL1, A1F 144A 4.336%, 12/25/26(1) | 8,710 | 8,301 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(6) | 3,028 | 2,769 | |
2016-2A, A1 144A 3.750%, 11/26/35(1)(6) | 3,900 | 3,668 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(6) | 7,406 | 7,011 | |
NewRez Warehouse Securitization Trust 2021-1, C (1 month LIBOR + 1.050%, Cap N/A, Floor 1.050%) 144A 5.895%, 5/25/55(1)(6) | 11,999 | 11,830 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(1)(6) | 10,791 | 8,782 | |
NMLT Trust 2021-INV1, A1 144A 1.185%, 5/25/56(1)(6) | 6,188 | 5,141 | |
NYMT Loan Trust 2022-CP1, A1 144A 2.042%, 7/25/61(1) | 4,632 | 4,179 | |
OBX Trust | |||
2019-INV1, A3 144A 4.500%, 11/25/48(1)(6) | 815 | 781 | |
2018-1, A2 (1 month LIBOR + 0.650%) 144A 5.495%, 6/25/57(1)(6) | 2,286 | 2,129 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(1)(6) | 7,890 | 7,482 |
Par Value | Value | ||
Non-Agency—continued | |||
Preston Ridge Partners Mortgage LLC | |||
2021-2, A1 144A 2.115%, 3/25/26(1)(6) | $ 2,354 | $ 2,221 | |
2021-3, A1 144A 1.867%, 4/25/26(1)(6) | 6,096 | 5,820 | |
2021-RPL2, A1 144A 1.455%, 10/25/51(1)(6) | 21,291 | 18,917 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(6) | 10,298 | 9,528 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(6) | 13,702 | 13,002 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 10,340 | 9,903 | |
2020-SFR2, E 144A 5.115%, 6/17/37(1) | 6,890 | 6,517 | |
2021-SFR2, D 144A 2.197%, 4/19/38(1) | 16,205 | 14,186 | |
2021-SFR3, D 144A 2.288%, 5/17/26(1) | 11,130 | 9,780 | |
2021-SFR5, D 144A 2.109%, 7/17/38(1) | 2,500 | 2,171 | |
2021-SFR6, D 144A 2.225%, 7/17/38(1) | 3,750 | 3,279 | |
2020-SFR3, A 144A 1.294%, 10/17/27(1) | 3,640 | 3,307 | |
2021-SFR1, C 144A 1.555%, 4/17/38(1) | 1,430 | 1,252 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(6) | 2,076 | 1,780 | |
RCKT Mortgage Trust 2020-1, A1 144A 3.000%, 2/25/50(1)(6) | 3,878 | 3,317 | |
Residential Mortgage Loan Trust | |||
2019-2, A1 144A 2.913%, 5/25/59(1)(6) | 614 | 603 | |
2020-1, A1 144A 2.376%, 1/26/60(1)(6) | 1,681 | 1,597 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(6) | 1,443 | 1,365 | |
SG Residential Mortgage Trust | |||
2019-3, A1 144A 2.703%, 9/25/59(1)(6) | 916 | 885 | |
2021-1, A3 144A 1.560%, 7/25/61(1)(6) | 4,210 | 3,336 | |
STAR Trust 2021-1, A1 144A 1.219%, 5/25/65(1)(6) | 5,631 | 4,845 |
Par Value | Value | ||
Non-Agency—continued | |||
Starwood Mortgage Residential Trust | |||
2020-1, A1 144A 2.275%, 2/25/50(1)(6) | $ 520 | $ 494 | |
2020-3, A1 144A 1.486%, 4/25/65(1)(6) | 2,242 | 2,098 | |
2021-3, A2 144A 1.395%, 6/25/56(1)(6) | 2,617 | 2,109 | |
2021-3, A3 144A 1.518%, 6/25/56(1)(6) | 2,176 | 1,745 | |
Towd Point Mortgage Trust | |||
2016-4, B1 144A 3.931%, 7/25/56(1)(6) | 8,095 | 7,480 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(6) | 4,374 | 4,100 | |
2018-2, A2 144A 3.500%, 3/25/58(1)(6) | 9,400 | 8,711 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(6) | 3,511 | 3,414 | |
2018-6, A1B 144A 3.750%, 3/25/58(1)(6) | 1,705 | 1,573 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(6) | 925 | 825 | |
2019-HY2, M1 (1 month LIBOR + 1.600%, Cap N/A, Floor 1.600%) 144A 6.445%, 5/25/58(1)(6) | 4,045 | 3,885 | |
2020-1, M1 144A 3.500%, 1/25/60(1)(6) | 4,820 | 3,900 | |
2020-MH1, A2 144A 2.500%, 2/25/60(1)(6) | 12,111 | 10,432 | |
2021-1, A2 144A 2.750%, 11/25/61(1)(6) | 12,970 | 10,464 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(6) | 11,390 | 10,419 | |
Towd Point Trust 2021-HE1, M1 144A 1.500%, 2/25/63(1)(6) | 1,752 | 1,635 | |
Tricon American Homes Trust 2020-SFR2, D 144A 2.281%, 11/17/39(1) | 5,243 | 4,394 | |
Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(1) | 6,490 | 5,846 | |
TVC Mortgage Trust 2020-RTL1, A1 144A 3.474%, 9/25/24(1) | 1,341 | 1,337 | |
UBS-Barclays Commercial Mortgage Trust 2013-C6, B 144A 3.875%, 4/10/46(1)(6) | 8,691 | 8,657 | |
VCAT Asset Securitization LLC 2021-NPL6, A1 144A 1.917%, 9/25/51(1)(6) | 9,044 | 8,367 |
Par Value | Value | ||
Non-Agency—continued | |||
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(1)(6) | $ 6,743 | $ 6,369 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(6) | 10,441 | 9,673 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(6) | 14,692 | 13,597 | |
2021-NPL5, A1 144A 1.868%, 8/25/51(1)(6) | 8,395 | 7,747 | |
Velocity Commercial Capital Loan Trust 2020-1, AFX 144A 2.610%, 2/25/50(1)(6) | 6,391 | 5,632 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(6) | 6,070 | 5,148 | |
2019-INV2, A1 144A 2.913%, 7/25/59(1)(6) | 2,919 | 2,819 | |
2021-2, A1 144A 1.031%, 2/25/66(1)(6) | 6,654 | 5,643 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(6) | 10,377 | 8,643 | |
2021-R3, A1 144A 1.020%, 4/25/64(1)(6) | 4,903 | 4,351 | |
2022-4, A1 144A 4.474%, 4/25/67(1)(6) | 11,893 | 11,461 | |
2022-5, A1 144A 3.800%, 4/25/67(1)(6) | 21,422 | 19,679 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(6) | 8,141 | 7,970 | |
2020-1, A1 144A 2.417%, 1/25/60(1)(6) | 1,667 | 1,574 | |
2020-4, A1 144A 1.502%, 5/25/65(1)(6) | 5,706 | 5,231 | |
2021-R1, A1 144A 0.820%, 10/25/63(1)(6) | 4,307 | 3,861 | |
2021-R2, A1 144A 0.918%, 2/25/64(1)(6) | 3,682 | 3,148 | |
Visio Trust | |||
2019-2, A1 144A 2.722%, 11/25/54(1)(6) | 3,316 | 3,092 | |
2019-2, A2 144A 2.924%, 11/25/54(1)(6) | 1,967 | 1,841 | |
2021-1R, A1 144A 1.280%, 5/25/56(1) | 7,949 | 7,243 | |
VM Master Issuer LLC 2022-1, A1 144A 5.163%, 5/24/25(1)(3)(6) | 11,785 | 11,733 | |
WaMu Mortgage Pass-Through Certificates Series Trust 2004-CB1, 2A 5.000%, 6/25/34 | 233 | 225 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 6,689 | 6,379 |
Par Value | Value | ||
Non-Agency—continued | |||
Wells Fargo Mortgage Backed Securities Trust | |||
2004-U, A1 4.017%, 10/25/34(6) | $ 121 | $ 111 | |
2020-4, A1 144A 3.000%, 7/25/50(1)(6) | 2,431 | 2,084 | |
1,134,130 | |||
Total Mortgage-Backed Securities (Identified Cost $1,249,239) | 1,145,144 | ||
Asset-Backed Securities—26.2% | |||
Automobiles—11.7% | |||
ACC Auto Trust 2021-A, C 144A 3.790%, 4/15/27(1) | 6,948 | 6,636 | |
ACC Trust | |||
2021-1, C 144A 2.080%, 12/20/24(1) | 2,864 | 2,824 | |
2022-1, C 144A 3.240%, 10/20/25(1) | 6,580 | 6,354 | |
ACM Auto Trust 2022-1A, B 144A 4.470%, 4/20/29(1) | 5,449 | 5,435 | |
American Credit Acceptance Receivables Trust | |||
2021-1, C 144A 0.830%, 3/15/27(1) | 5,872 | 5,777 | |
2021-2, C 144A 0.970%, 7/13/27(1) | 6,357 | 6,261 | |
2021-3, C 144A 0.980%, 11/15/27(1) | 2,269 | 2,223 | |
2022-1, E 144A 3.640%, 3/13/28(1) | 11,425 | 9,785 | |
AmeriCredit Automobile Receivables Trust 2019-1, C 3.360%, 2/18/25 | 2,439 | 2,431 | |
Arivo Acceptance Auto Loan Receivables Trust | |||
2021-1A, A 144A 1.190%, 1/15/27(1) | 3,550 | 3,440 | |
2022-2A, A 144A 6.900%, 1/16/29(1) | 7,993 | 8,000 | |
Avid Automobile Receivables Trust | |||
2019-1, D 144A 4.030%, 7/15/26(1) | 1,615 | 1,613 | |
2021-1, D 144A 1.990%, 4/17/28(1) | 3,200 | 2,927 | |
2021-1, E 144A 3.390%, 4/17/28(1) | 1,590 | 1,432 |
Par Value | Value | ||
Automobiles—continued | |||
Avis Budget Rental Car Funding AESOP LLC (AESOP) 2022-5A, A 144A 6.120%, 4/20/27(1) | $ 3,393 | $ 3,473 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1) | 15,919 | 14,621 | |
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(1) | 8,025 | 7,534 | |
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(1) | 9,205 | 8,456 | |
(AESOP) 2021-1A, A 144A 1.380%, 8/20/27(1) | 1,870 | 1,657 | |
(AESOP) 2021-1A, D 144A 3.710%, 8/20/27(1) | 11,500 | 9,586 | |
CarNow Auto Receivables Trust | |||
2021-1A, C 144A 2.160%, 2/17/26(1) | 4,750 | 4,659 | |
2021-2A, B 144A 1.300%, 1/15/26(1) | 1,739 | 1,716 | |
2022-1A, B 144A 4.890%, 3/16/26(1) | 5,000 | 4,938 | |
2023-1A, C 144A 7.240%, 9/15/26(1) | 12,824 | 12,765 | |
Carvana Auto Receivables Trust | |||
2019-3A, D 144A 3.040%, 4/15/25(1) | 2,541 | 2,518 | |
2019-3A, E 144A 4.600%, 7/15/26(1) | 4,399 | 4,263 | |
2020-N1A, D 144A 3.430%, 1/15/26(1) | 11,103 | 10,954 | |
2020-P1, C 1.320%, 11/9/26 | 2,250 | 1,978 | |
2021-N2, C 1.070%, 3/10/28 | 2,371 | 2,189 | |
2021-N3, D 1.580%, 6/12/28 | 12,685 | 11,776 | |
2021-P3, B 1.420%, 8/10/27 | 4,590 | 3,948 | |
2022-N1, C 144A 3.320%, 12/11/28(1) | 4,435 | 4,279 | |
2022-N1, D 144A 4.130%, 12/11/28(1) | 6,815 | 6,424 | |
CIG Auto Receivables Trust | |||
2020-1A, D 144A 2.350%, 1/12/26(1) | 7,910 | 7,683 | |
2020-1A, E 144A 4.430%, 2/12/27(1) | 9,485 | 9,222 | |
2021-1A, D 144A 2.110%, 4/12/27(1) | 4,015 | 3,644 |
Par Value | Value | ||
Automobiles—continued | |||
CPS Auto Receivables Trust | |||
2020-C, C 144A 1.710%, 8/17/26(1) | $ 319 | $ 319 | |
2021-A, C 144A 0.830%, 9/15/26(1) | 2,829 | 2,804 | |
2022-D, D 144A 8.730%, 1/16/29(1) | 7,170 | 7,336 | |
Credit Acceptance Auto Loan Trust | |||
2020-3A, B 144A 1.770%, 12/17/29(1) | 11,195 | 10,677 | |
2022-1A, A 144A 4.600%, 6/15/32(1) | 7,275 | 7,136 | |
Credito Real USA Auto Receivables Trust 2021-1A, A 144A 1.350%, 2/16/27(1) | 1,117 | 1,097 | |
DT Auto Owner Trust | |||
2021-1A, D 144A 1.160%, 11/16/26(1) | 3,930 | 3,643 | |
2021-1A, E 144A 2.380%, 1/18/28(1) | 2,000 | 1,849 | |
2021-2A, C 144A 1.100%, 2/16/27(1) | 5,985 | 5,743 | |
2021-2A, D 144A 1.500%, 2/16/27(1) | 4,350 | 4,049 | |
2022-2A, D 144A 5.460%, 3/15/28(1) | 7,500 | 7,329 | |
2023-1A, D 144A 6.440%, 11/15/28(1) | 1,741 | 1,746 | |
Exeter Automobile Receivables Trust | |||
2020-1A, D 144A 2.730%, 12/15/25(1) | 7,168 | 7,025 | |
2020-3A, E 144A 3.440%, 8/17/26(1) | 3,015 | 2,888 | |
2021-1A, C 0.740%, 1/15/26 | 2,878 | 2,829 | |
2022-3A, C 5.300%, 9/15/27 | 8,423 | 8,354 | |
2018-4A, D 144A 4.350%, 9/16/24(1) | 2,072 | 2,066 | |
2019-1A, D 144A 4.130%, 12/16/24(1) | 2,532 | 2,528 | |
FHF Trust 2022-2A, B 144A 6.570%, 1/16/29(1) | 8,847 | 8,821 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(1) | 2,915 | 2,757 | |
2021-2A, C 144A 1.470%, 11/15/27(1) | 6,395 | 5,842 | |
2022-1A, C 144A 3.130%, 5/15/28(1) | 5,745 | 5,420 | |
Flagship Credit Auto Trust | |||
2019-2, C 144A 3.090%, 5/15/25(1) | 342 | 341 | |
2020-1, C 144A 2.240%, 1/15/26(1) | 8,138 | 8,029 |
Par Value | Value | ||
Automobiles—continued | |||
2020-3, C 144A 1.730%, 9/15/26(1) | $ 3,490 | $ 3,355 | |
2020-4, C 144A 1.280%, 2/16/27(1) | 5,284 | 5,063 | |
Foursight Capital Automobile Receivables Trust | |||
2021-2, C 144A 1.570%, 7/15/27(1) | 2,110 | 1,965 | |
2022-1, B 144A 2.150%, 5/17/27(1) | 2,140 | 2,002 | |
GLS Auto Receivables Issuer Trust | |||
2019-3A, D 144A 3.840%, 5/15/26(1) | 3,000 | 2,921 | |
2019-4A, D 144A 4.090%, 8/17/26(1) | 5,803 | 5,627 | |
2020-3A, D 144A 2.270%, 5/15/26(1) | 11,735 | 11,428 | |
2020-3A, E 144A 4.310%, 7/15/27(1) | 18,060 | 17,370 | |
2020-4A, C 144A 1.140%, 11/17/25(1) | 4,417 | 4,356 | |
2022-2A, C 144A 5.300%, 4/17/28(1) | 3,075 | 3,033 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 4,565 | 4,512 | |
2023-1A, B 144A 6.190%, 6/15/27(1) | 4,105 | 4,149 | |
GLS Auto Receivables Trust 2022-1A, C 144A 3.190%, 2/16/27(1) | 6,000 | 5,751 | |
Hertz Vehicle Financing III LLC 2022-1A, C 144A 2.630%, 6/25/26(1) | 5,594 | 5,121 | |
Hertz Vehicle Financing LLC 2022-4A, D 144A 6.560%, 9/25/26(1) | 5,995 | 5,644 | |
LAD Auto Receivables Trust | |||
2021-1A, D 144A 3.990%, 11/15/29(1) | 2,705 | 2,416 | |
2023-1A, D 144A 7.300%, 6/17/30(1) | 2,570 | 2,583 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(1) | 8,693 | 8,394 | |
OneMain Direct Auto Receivables Trust | |||
2021-1A, B 144A 1.260%, 7/14/28(1) | 17,610 | 15,808 | |
2022-1A, C 144A 5.310%, 6/14/29(1) | 7,485 | 7,202 | |
Oscar U.S. Funding XIII LLC 2021-2A, A4 144A 1.270%, 9/11/28(1) | 6,000 | 5,469 | |
Santander Drive Auto Receivables Trust | |||
2020-4, C 1.010%, 1/15/26 | 2,569 | 2,549 |
Par Value | Value | ||
Automobiles—continued | |||
2021-3, C 0.950%, 9/15/27 | $ 13,700 | $ 13,298 | |
2022-7, A2 5.810%, 1/15/26 | 4,108 | 4,109 | |
Tesla Auto Lease Trust 2020-A, C 144A 1.680%, 2/20/24(1) | 896 | 894 | |
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(1) | 4,914 | 4,861 | |
Tricolor Auto Securitization Trust | |||
2022-1A, C 144A 4.710%, 8/15/25(1) | 3,040 | 2,984 | |
2022-1A, D 144A 5.380%, 1/15/26(1) | 4,640 | 4,482 | |
2023-1A, B 144A 6.840%, 11/16/26(1) | 995 | 995 | |
2023-1A, C 144A 7.240%, 2/16/27(1) | 4,547 | 4,548 | |
U.S. Auto Funding 2021-1A, B 144A 1.490%, 3/17/25(1) | 4,331 | 4,294 | |
United Auto Credit Securitization Trust | |||
2021-1, C 144A 0.840%, 6/10/26(1) | 909 | 907 | |
2021-1, D 144A 1.140%, 6/10/26(1) | 10,160 | 9,942 | |
2022-1, C 144A 2.610%, 6/10/27(1) | 2,785 | 2,714 | |
2023-1, B 144A 5.910%, 7/10/28(1) | 5,206 | 5,174 | |
2023-1, C 144A 6.280%, 7/10/28(1) | 2,901 | 2,879 | |
USASF Receivables LLC 2020-1A, C 144A 5.940%, 8/15/24(1) | 6,392 | 6,380 | |
Veros Auto Receivables Trust | |||
2021-1, B 144A 1.490%, 10/15/26(1) | 4,235 | 4,055 | |
2022-1, B 144A 4.390%, 8/16/27(1) | 16,900 | 16,361 | |
Westlake Automobile Receivables Trust | |||
2020-2A, C 144A 2.010%, 7/15/25(1) | 4,338 | 4,313 | |
2020-3A, C 144A 1.240%, 11/17/25(1) | 11,365 | 11,166 | |
2021-3A, D 144A 2.120%, 1/15/27(1) | 4,720 | 4,368 | |
2022-1A, B 144A 2.750%, 3/15/27(1) | 6,090 | 5,897 | |
2023-1A, C 144A 5.740%, 8/15/28(1) | 1,415 | 1,420 | |
556,808 | |||
Par Value | Value | ||
Collateralized Loan Obligations—0.4% | |||
GoldenTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month LIBOR + 1.070%, Cap N/A, Floor 1.070%) 144A 5.878%, 1/20/33(1)(6) | $ 18,315 | $ 17,997 | |
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A 5.708%, 4/20/29(1)(6) | 1,798 | 1,778 | |
19,775 | |||
Consumer Loans—1.7% | |||
Affirm Asset Securitization Trust | |||
2022-A, 1A 144A 4.300%, 5/17/27(1) | 4,930 | 4,694 | |
2022-A, A 144A 4.300%, 5/17/27(1) | 4,765 | 4,537 | |
CFMT Issuer Trust 2021-GRN1, A 144A 1.100%, 3/20/41(1) | 1,224 | 1,130 | |
Lendingpoint Asset Securitization Trust | |||
2022-A, B 144A 2.410%, 6/15/29(1) | 7,745 | 7,565 | |
2022-B, A 144A 4.770%, 10/15/29(1) | 3,761 | 3,690 | |
Lendmark Funding Trust 2019-2A, A 144A 2.780%, 4/20/28(1) | 4,478 | 4,401 | |
OneMain Financial Issuance Trust 2022-3A, A 144A 5.940%, 5/15/34(1) | 7,261 | 7,277 | |
Oportun Funding XIV LLC | |||
2021-A, A 144A 1.210%, 3/8/28(1) | 9,015 | 8,534 | |
2021-A, B 144A 1.760%, 3/8/28(1) | 7,620 | 7,166 | |
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | 6,210 | 5,591 | |
Regional Management Issuance Trust 2021-1, A 144A 1.680%, 3/17/31(1) | 2,610 | 2,436 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 7,335 | 7,015 | |
SoFi Consumer Loan Program Trust 2022-1S, A 144A 6.210%, 4/15/31(1) | 6,126 | 6,131 | |
Upstart Securitization Trust | |||
2021-2, B 144A 1.750%, 6/20/31(1) | 7,140 | 6,816 |
Par Value | Value | ||
Consumer Loans—continued | |||
2022-2, A 144A 4.370%, 5/20/32(1) | $ 2,382 | $ 2,340 | |
79,323 | |||
Credit Card—0.8% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1) | 4,270 | 3,973 | |
Genesis Sales Finance Master Trust 2021-AA, A 144A 1.200%, 12/21/26(1) | 9,020 | 8,530 | |
Mercury Financial Credit Card Master Trust | |||
2022-1A, A 144A 2.500%, 9/21/26(1) | 14,120 | 13,250 | |
2023-1A, A 144A 8.040%, 9/20/27(1) | 14,709 | 14,714 | |
40,467 | |||
Equipment—0.6% | |||
Amur Equipment Finance Receivables VIII LLC 2020-1A, C 144A 3.060%, 4/20/26(1) | 2,122 | 2,096 | |
CCG Receivables Trust 2022-1, C 144A 4.670%, 7/16/29(1) | 3,750 | 3,613 | |
CLI Funding VI LLC 2020-1A, A 144A 2.080%, 9/18/45(1) | 14,505 | 12,779 | |
Pawnee Equipment Receivables Series LLC 2020-1, A 144A 1.370%, 11/17/25(1) | 984 | 976 | |
Post Road Equipment Finance 2022-1A, B 144A 5.150%, 1/16/29(1) | 9,548 | 9,353 | |
28,817 | |||
Other—10.8% | |||
Accelerated LLC 2021-1H, A 144A 1.350%, 10/20/40(1) | 2,149 | 1,960 | |
ACHV ABS TRUST 2023-1PL, A 144A 6.420%, 3/18/30(1) | 1,496 | 1,495 | |
Aligned Data Centers Issuer LLC 2021-1A, A2 144A 1.937%, 8/15/46(1) | 16,110 | 14,212 | |
Amur Equipment Finance Receivables IX LLC | |||
2021-1A, B 144A 1.380%, 2/22/27(1) | 1,830 | 1,727 | |
2021-1A, C 144A 1.750%, 6/21/27(1) | 5,388 | 5,057 |
Par Value | Value | ||
Other—continued | |||
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(1) | $ 11,197 | $ 11,342 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 1,274 | 1,259 | |
2019-A, A 144A 3.140%, 7/16/40(1) | 2,157 | 2,040 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 19,615 | 17,963 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 2,160 | 1,889 | |
2020-AA, D 144A 7.150%, 7/17/46(1) | 7,435 | 6,343 | |
2021-A, A 144A 1.540%, 7/17/46(1) | 13,423 | 12,040 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 14,805 | 12,975 | |
Bankers Healthcare Group Securitization Trust 2020-A, A 144A 2.560%, 9/17/31(1) | 1,131 | 1,106 | |
BHG Securitization Trust | |||
2021-A, A 144A 1.420%, 11/17/33(1) | 5,810 | 5,436 | |
2021-B, B 144A 1.670%, 10/17/34(1) | 8,195 | 7,189 | |
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1) | 1,796 | 1,743 | |
Business Jet Securities LLC | |||
2020-1A, A 144A 2.981%, 11/15/35(1) | 1,668 | 1,581 | |
2021-1A, A 144A 2.162%, 4/15/36(1) | 3,077 | 2,877 | |
BXG Receivables Note Trust | |||
2015-A, A 144A 2.880%, 5/2/30(1) | 453 | 439 | |
2017-A, A 144A 2.950%, 10/4/32(1) | 3,055 | 2,943 | |
2020-A, B 144A 2.490%, 2/28/36(1) | 3,482 | 3,138 | |
2022-A, A 144A 4.120%, 9/28/37(1) | 7,431 | 7,165 | |
2022-A, B 144A 4.610%, 9/28/37(1) | 2,553 | 2,447 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(1) | 13,316 | 11,420 | |
CCG Receivables Trust | |||
2019-2, B 144A 2.550%, 3/15/27(1) | 7,207 | 7,180 | |
2021-1, C 144A 0.840%, 6/14/27(1) | 1,415 | 1,321 | |
2023-1, A2 144A 5.820%, 9/16/30(1) | 1,140 | 1,151 |
Par Value | Value | ||
Other—continued | |||
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(1) | $ 9,463 | $ 8,593 | |
Commercial Equipment Finance LLC 2021-A, A 144A 2.050%, 2/16/27(1) | 1,679 | 1,625 | |
Conn’s Receivables Funding LLC | |||
2021-A, B 144A 2.870%, 5/15/26(1) | 3,282 | 3,250 | |
2022-A, B 144A 9.520%, 12/15/26(1) | 11,380 | 11,338 | |
Dext ABS LLC | |||
2020-1, A 144A 1.460%, 2/16/27(1) | 1,542 | 1,527 | |
2020-1, D 144A 7.210%, 2/15/28(1) | 6,258 | 5,918 | |
2023-1, A2 144A 5.990%, 3/15/32(1) | 12,036 | 12,035 | |
Diamond Resorts Owner Trust | |||
2019-1A, B 144A 3.530%, 2/20/32(1) | 1,576 | 1,511 | |
2021-1A, A 144A 1.510%, 11/21/33(1) | 1,363 | 1,263 | |
2021-1A, B 144A 2.050%, 11/21/33(1) | 611 | 562 | |
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1) | 11,870 | 10,992 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(1) | 1,033 | 1,014 | |
2021-1A, A 144A 1.270%, 5/15/41(1) | 9,684 | 8,613 | |
FREED ABS Trust 2022-1FP, C 144A 2.510%, 3/19/29(1) | 4,650 | 4,405 | |
GCI Funding I LLC 2021-1, A 144A 2.380%, 6/18/46(1) | 4,474 | 3,848 | |
Global SC Finance VII Srl 2020-1A, A 144A 2.170%, 10/17/40(1) | 10,618 | 9,629 | |
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1) | 160 | 158 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 19,379 | 16,850 | |
Hilton Grand Vacations Trust | |||
2017-AA, A 144A 2.660%, 12/26/28(1) | 782 | 775 | |
2018-AA, A 144A 3.540%, 2/25/32(1) | 1,780 | 1,727 | |
2022-1D, B 144A 4.100%, 6/20/34(1) | 3,534 | 3,389 |
Par Value | Value | ||
Other—continued | |||
2022-2A, C 144A 5.570%, 1/25/37(1) | $ 976 | $ 949 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 1,707 | 1,582 | |
Hotwire Funding LLC 2021-1, C 144A 4.459%, 11/20/51(1) | 6,405 | 5,425 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 7,884 | 7,087 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 19,017 | 17,656 | |
Lendingpoint Asset Securitization Trust 2022-C, A 144A 6.560%, 2/15/30(1) | 3,412 | 3,400 | |
Lendmark Funding Trust 2021-1A, A 144A 1.900%, 11/20/31(1) | 12,315 | 10,747 | |
Libra Solutions LLC | |||
2022-1A, A 144A 4.750%, 5/15/34(1) | 2,173 | 2,140 | |
2023-1A, A 144A 7.000%, 2/15/35(1) | 4,909 | 4,898 | |
MAPS Trust 2021-1A, A 144A 2.521%, 6/15/46(1) | 12,957 | 11,281 | |
Mariner Finance Issuance Trust | |||
2019-AA, A 144A 2.960%, 7/20/32(1) | 2,466 | 2,438 | |
2020-AA, A 144A 2.190%, 8/21/34(1) | 1,954 | 1,870 | |
MVW LLC 2021-1WA, B 144A 1.440%, 1/22/41(1) | 1,931 | 1,762 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(1) | 1,895 | 1,795 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(1) | 4,351 | 3,694 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 9,320 | 7,993 | |
NMEF Funding LLC | |||
2019-A, C 144A 3.300%, 8/17/26(1) | 4,531 | 4,518 | |
2022-A, B 144A 3.350%, 10/16/28(1) | 5,495 | 5,172 | |
Oasis Securitization Funding LLC 2021-2A, A 144A 2.143%, 10/15/33(1) | 2,301 | 2,262 |
Par Value | Value | ||
Other—continued | |||
Octane Receivables Trust | |||
2019-1A, B 144A 3.770%, 7/22/24(1) | $ 99 | $ 99 | |
2019-1A, C 144A 4.740%, 6/20/25(1) | 17,822 | 17,680 | |
2020-1A, A 144A 1.710%, 2/20/25(1) | 1,540 | 1,528 | |
2020-1A, B 144A 1.980%, 6/20/25(1) | 1,114 | 1,083 | |
2021-1A, A 144A 0.930%, 3/22/27(1) | 3,340 | 3,231 | |
2021-1A, B 144A 1.530%, 4/20/27(1) | 3,700 | 3,435 | |
2023-1A, C 144A 6.370%, 9/20/29(1) | 2,000 | 2,012 | |
Oportun Funding LLC 2022-1, A 144A 3.250%, 6/15/29(1) | 3,105 | 3,047 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 4,591 | 4,371 | |
Pawneee Equipment Receivables Series LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 10,570 | 10,426 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 13,208 | 12,795 | |
Purchasing Power Funding LLC | |||
2021-A, A 144A 1.570%, 10/15/25(1) | 12,425 | 12,148 | |
2021-A, B 144A 1.920%, 10/15/25(1) | 5,465 | 5,100 | |
Regional Management Issuance Trust 2022-1, A 144A 3.070%, 3/15/32(1) | 6,500 | 6,089 | |
SBA Tower Trust 144A 1.631%, 11/15/26(1) | 9,540 | 8,355 | |
Sierra Timeshare Receivables Funding LLC | |||
2018-2A, A 144A 3.500%, 6/20/35(1) | 857 | 846 | |
2019-1A, B 144A 3.420%, 1/20/36(1) | 779 | 745 | |
2019-2A, B 144A 2.820%, 5/20/36(1) | 2,747 | 2,632 | |
2020-2A, B 144A 2.320%, 7/20/37(1) | 2,062 | 1,930 | |
2022-2A, C 144A 6.360%, 6/20/40(1) | 2,573 | 2,534 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1) | 13,985 | 13,084 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 9,052 | 7,866 |
Par Value | Value | ||
Other—continued | |||
Upstart Securitization Trust 2023-1, A 144A 6.590%, 2/20/33(1) | $ 4,000 | $ 3,984 | |
VFI ABS LLC | |||
2022-1A, A 144A 2.230%, 3/24/28(1) | 5,690 | 5,529 | |
2022-1A, D 144A 6.680%, 11/26/29(1) | 2,794 | 2,657 | |
Welk Resorts LLC 2019-AA, B 144A 2.990%, 6/15/38(1) | 3,593 | 3,470 | |
Westgate Resorts LLC | |||
2020-1A, A 144A 2.713%, 3/20/34(1) | 1,198 | 1,170 | |
2022-1A, B 144A 2.288%, 8/20/36(1) | 3,558 | 3,362 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 20,247 | 16,954 | |
511,291 | |||
Student Loan—0.2% | |||
Commonbond Student Loan Trust | |||
2019-AGS, A1 144A 2.540%, 1/25/47(1) | 3,757 | 3,390 | |
2020-1, A 144A 1.690%, 10/25/51(1) | 2,159 | 1,915 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1) | 382 | 375 | |
Navient Private Education Refi Loan Trust 2021-A, A 144A 0.840%, 5/15/69(1) | 2,516 | 2,200 | |
7,880 | |||
Total Asset-Backed Securities (Identified Cost $1,316,353) | 1,244,361 | ||
Corporate Bonds and Notes—27.5% | |||
Communication Services—1.2% | |||
Altice France S.A. | |||
144A 5.125%, 7/15/29(1) | 4,885 | 3,676 | |
144A 5.500%, 10/15/29(1) | 3,970 | 3,036 | |
CCO Holdings LLC 144A 6.375%, 9/1/29(1) | 1,585 | 1,514 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 4,145 | 3,004 | |
Level 3 Financing, Inc. 144A 4.625%, 9/15/27(1) | 5,040 | 3,030 |
Par Value | Value | ||
Communication Services—continued | |||
Northwest Fiber LLC 144A 4.750%, 4/30/27(1) | $ 5,470 | $ 4,673 | |
Sprint Capital Corp. 6.875%, 11/15/28 | 4,445 | 4,776 | |
Sprint Spectrum Co. LLC 144A 4.738%, 3/20/25(1) | 3,305 | 3,280 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 2,485 | 770 | |
T-Mobile USA, Inc. 3.750%, 4/15/27 | 6,265 | 6,023 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 4,755 | 4,766 | |
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 5.964%, 5/15/25(6) | 10,541 | 10,561 | |
VTR Comunicaciones SpA 144A 5.125%, 1/15/28(1) | 2,463 | 1,505 | |
Warnermedia Holdings, Inc. 144A 3.755%, 3/15/27(1) | 8,025 | 7,557 | |
58,171 | |||
Consumer Discretionary—0.8% | |||
Advance Auto Parts, Inc. 5.950%, 3/9/28 | 1,771 | 1,826 | |
Ashtead Capital, Inc. | |||
144A 4.000%, 5/1/28(1) | 6,800 | 6,316 | |
144A 4.250%, 11/1/29(1) | 8,000 | 7,341 | |
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(1) | 2,990 | 2,990 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 2,880 | 2,372 | |
eG Global Finance plc 144A 8.500%, 10/30/25(1) | 5,330 | 4,989 | |
Ford Motor Credit Co. LLC 7.350%, 11/4/27 | 5,165 | 5,320 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 5,345 | 4,783 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 183 | 195 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 2,895 | 2,440 | |
38,572 | |||
Consumer Staples—0.7% | |||
Albertsons Cos., Inc. | |||
144A 3.250%, 3/15/26(1) | 4,615 | 4,343 | |
144A 6.500%, 2/15/28(1) | 4,341 | 4,352 | |
BAT Capital Corp. | |||
4.700%, 4/2/27 | 11,000 | 10,793 | |
2.259%, 3/25/28 | 5,870 | 5,033 |
Par Value | Value | ||
Consumer Staples—continued | |||
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | $ 6,625 | $ 6,120 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 2,990 | 2,272 | |
32,913 | |||
Energy—3.9% | |||
Aker BP ASA | |||
144A 2.875%, 1/15/26(1) | 4,375 | 4,138 | |
144A 2.000%, 7/15/26(1) | 5,040 | 4,534 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 5,740 | 5,552 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 12,645 | 12,569 | |
BP Capital Markets plc 4.875% (7) | 8,705 | 7,911 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1)(5) | 5,140 | 5,058 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 9,020 | 8,899 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 5,045 | 4,944 | |
144A 5.000%, 5/1/29(1) | 5,695 | 5,305 | |
Enbridge, Inc. 7.375%, 1/15/83 | 14,050 | 13,432 | |
Energy Transfer LP 4.200%, 4/15/27 | 11,050 | 10,587 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(1) | 1,700 | 1,681 | |
144A 7.500%, 6/1/27(1) | 90 | 90 | |
Genesis Energy LP 8.875%, 4/15/30 | 1,660 | 1,681 | |
Hilcorp Energy I LP 144A 6.000%, 4/15/30(1) | 4,315 | 3,978 | |
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27(1) | 4,620 | 4,227 | |
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(1) | 9,880 | 9,871 | |
NGPL PipeCo LLC 144A 4.875%, 8/15/27(1) | 7,945 | 7,700 | |
Pertamina Persero PT 144A 4.300%, 5/20/23(1) | 9,430 | 9,402 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(8) | 9,545 | 430 | |
Petroleos Mexicanos 6.500%, 3/13/27 | 33,165 | 29,968 | |
Saudi Arabian Oil Co. 90349GAN5 144A 2.875%, 4/16/24(1) | 17,260 | 16,805 |
Par Value | Value | ||
Energy—continued | |||
Southwestern Energy Co. 5.375%, 2/1/29 | $ 4,090 | $ 3,855 | |
Transocean, Inc. 144A 11.500%, 1/30/27(1) | 775 | 800 | |
USA Compression Partners LP 6.875%, 4/1/26 | 5,955 | 5,788 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(1) | 6,175 | 5,570 | |
184,775 | |||
Financials—9.6% | |||
AerCap Ireland Capital DAC | |||
2.450%, 10/29/26 | 6,290 | 5,647 | |
3.000%, 10/29/28 | 695 | 607 | |
Series 3NC1 1.750%, 10/29/24 | 2,584 | 2,407 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53 | 11,965 | 11,651 | |
American Express Co. 5.850%, 11/5/27 | 10,976 | 11,516 | |
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(1) | 7,330 | 7,078 | |
Banco do Brasil S.A. 144A 3.250%, 9/30/26(1) | 4,495 | 4,135 | |
Banco Mercantil del Norte S.A. 144A 5.875% (1)(7) | 15,795 | 13,327 | |
Banco Santander Chile 144A 2.700%, 1/10/25(1) | 7,545 | 7,164 | |
Bank of America Corp. | |||
3.841%, 4/25/25 | 4,915 | 4,825 | |
1.734%, 7/22/27 | 19,345 | 17,347 | |
2.551%, 2/4/28 | 6,080 | 5,530 | |
(3 month LIBOR + 0.770%) 5.576%, 2/5/26(6) | 11,312 | 11,300 | |
Bank of New York Mellon Corp. (The) 5.802%, 10/25/28 | 13,146 | 13,694 | |
Barclays plc | |||
7.325%, 11/2/26 | 3,430 | 3,513 | |
7.385%, 11/2/28 | 3,215 | 3,408 | |
Blackstone Private Credit Fund | |||
2.625%, 12/15/26 | 6,735 | 5,656 | |
4.000%, 1/15/29 | 3,345 | 2,788 | |
Block, Inc. 2.750%, 6/1/26 | 7,535 | 6,870 | |
BPCE S.A. 144A 5.975%, 1/18/27(1) | 6,390 | 6,373 | |
Brookfield Finance, Inc. 3.900%, 1/25/28 | 9,490 | 8,822 |
Par Value | Value | ||
Financials—continued | |||
Burford Capital Global Finance LLC 144A 6.250%, 4/15/28(1) | $ 810 | $ 698 | |
Charles Schwab Corp. (The) | |||
Series G 5.375%(7) | 4,332 | 4,105 | |
Series H 4.000%(7) | 8,541 | 6,726 | |
Citadel Finance LLC 144A 3.375%, 3/9/26(1) | 5,660 | 5,169 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 1,055 | 1,015 | |
Citigroup, Inc. | |||
5.610%, 9/29/26 | 9,000 | 9,067 | |
3.200%, 10/21/26 | 14,187 | 13,384 | |
(SOFR + 1.280%) 6.045%, 2/24/28(5)(6) | 8,147 | 8,048 | |
Corebridge Financial, Inc. 144A 6.875%, 12/15/52(1) | 8,938 | 7,968 | |
Credit Suisse AG 7.950%, 1/9/25 | 4,910 | 4,991 | |
Danske Bank A/S | |||
144A 3.773%, 3/28/25(1) | 6,075 | 5,929 | |
144A 1.621%, 9/11/26(1) | 1,935 | 1,729 | |
Doric Nimrod Air Alpha Pass-Through Trust 2013-1, A 144A 5.250%, 5/30/23(1) | 5,965 | 5,942 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 15,930 | 14,099 | |
Fifth Third Bancorp 4.055%, 4/25/28 | 2,565 | 2,348 | |
Fifth Third Bank N.A. 5.852%, 10/27/25 | 4,530 | 4,465 | |
Goldman Sachs Group, Inc. (The) | |||
4.250%, 10/21/25 | 24,315 | 23,590 | |
3.850%, 1/26/27 | 11,430 | 11,026 | |
Huntington Bancshares, Inc. 2.625%, 8/6/24 | 4,375 | 4,102 | |
Huntington National Bank (The) 5.699%, 11/18/25 | �� 2,708 | 2,619 | |
JPMorgan Chase & Co. | |||
1.578%, 4/22/27 | 19,090 | 17,152 | |
4.323%, 4/26/28 | 5,930 | 5,785 | |
(SOFR + 1.180%) 5.939%, 2/24/28(6) | 13,015 | 12,860 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 11,215 | 8,860 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 8,415 | 6,748 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 6.848%, 4/20/67(6) | 10,579 | 7,035 |
Par Value | Value | ||
Financials—continued | |||
Morgan Stanley | |||
2.188%, 4/28/26 | $ 6,000 | $ 5,630 | |
2.475%, 1/21/28 | 10,911 | 9,966 | |
6.296%, 10/18/28 | 1,604 | 1,687 | |
3.772%, 1/24/29 | 6,000 | 5,681 | |
Navient Corp. 5.875%, 10/25/24 | 7,452 | 7,239 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 7,400 | 7,171 | |
OWL Rock Core Income Corp. 5.500%, 3/21/25 | 4,304 | 4,191 | |
Prudential Financial, Inc. 5.625%, 6/15/43 | 13,774 | 13,550 | |
Spirit Realty LP 4.450%, 9/15/26 | 6,686 | 6,409 | |
State Street Corp. | |||
5.751%, 11/4/26 | 6,169 | 6,287 | |
5.820%, 11/4/28 | 6,988 | 7,289 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 2,229 | 2,063 | |
3.700%, 8/4/26 | 3,062 | 2,673 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 5,470 | 4,523 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 10,895 | 11,058 | |
Wells Fargo & Co. 3.526%, 3/24/28 | 9,000 | 8,491 | |
453,026 | |||
Health Care—2.4% | |||
Amgen, Inc. | |||
5.250%, 3/2/25 | 884 | 894 | |
5.150%, 3/2/28 | 8,863 | 9,049 | |
Bio-Rad Laboratories, Inc. 3.300%, 3/15/27 | 8,928 | 8,420 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 7,120 | 6,339 | |
Community Health Systems, Inc. | |||
144A 6.125%, 4/1/30(1) | 4,935 | 2,973 | |
144A 5.250%, 5/15/30(1) | 3,065 | 2,404 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 8,360 | 7,388 | |
GE HealthCare Technologies, Inc. | |||
144A 5.600%, 11/15/25(1) | 4,159 | 4,209 | |
144A 5.650%, 11/15/27(1) | 6,350 | 6,564 | |
Illumina, Inc. | |||
5.800%, 12/12/25 | 4,445 | 4,486 | |
5.750%, 12/13/27 | 5,005 | 5,131 | |
Legacy LifePoint Health LLC 144A 6.750%, 4/15/25(1) | 4,540 | 4,308 | |
Royalty Pharma plc | |||
1.200%, 9/2/25 | 2,749 | 2,492 |
Par Value | Value | ||
Health Care—continued | |||
1.750%, 9/2/27 | $ 11,909 | $ 10,320 | |
Tenet Healthcare Corp. | |||
4.875%, 1/1/26 | 3,780 | 3,706 | |
5.125%, 11/1/27 | 2,755 | 2,645 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
6.000%, 4/15/24 | 516 | 513 | |
3.150%, 10/1/26 | 5,430 | 4,884 | |
4.750%, 5/9/27 | 1,280 | 1,190 | |
7.875%, 9/15/29 | 975 | 1,017 | |
Universal Health Services, Inc. 1.650%, 9/1/26 | 16,145 | 14,205 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 1,804 | 1,718 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 9,355 | 8,198 | |
144A 2.300%, 6/22/27(1) | — (9) | — (9) | |
113,053 | |||
Industrials—2.0% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 8/15/27(1) | 11,716 | 11,370 | |
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(1) | 6,885 | 6,616 | |
Aviation Capital Group LLC 144A 6.250%, 4/15/28(1) | 2,680 | 2,680 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 6,086 | 5,024 | |
Boeing Co. (The) 4.875%, 5/1/25 | 4,191 | 4,183 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 3/15/35(1) | 9,506 | 7,790 | |
Chart Industries, Inc. | |||
144A 7.500%, 1/1/30(1) | 205 | 212 | |
144A 9.500%, 1/1/31(1) | 2,890 | 3,049 | |
Hexcel Corp. 4.200%, 2/15/27 | 7,580 | 7,190 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 16,510 | 14,152 | |
Icahn Enterprises LP | |||
4.750%, 9/15/24 | 10,690 | 10,427 | |
6.250%, 5/15/26 | 4,755 | 4,679 | |
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1) | 3,805 | 3,528 | |
Regal Rexnord Corp. | |||
144A 6.050%, 2/15/26(1) | 2,680 | 2,692 | |
144A 6.050%, 4/15/28(1) | 4,590 | 4,592 |
Par Value | Value | ||
Industrials—continued | |||
144A 6.300%, 2/15/30(1) | $ 4,698 | $ 4,730 | |
92,914 | |||
Information Technology—1.7% | |||
CDW LLC 3.276%, 12/1/28 | 5,341 | 4,705 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 1,440 | 1,251 | |
144A 6.500%, 10/15/28(1) | 2,165 | 1,795 | |
Dell International LLC 4.900%, 10/1/26 | 6,420 | 6,404 | |
Entegris Escrow Corp. 144A 4.750%, 4/15/29(1) | 13,042 | 12,330 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 920 | 735 | |
Kyndryl Holdings, Inc. | |||
2.050%, 10/15/26 | 5,026 | 4,367 | |
2.700%, 10/15/28 | 4,835 | 4,048 | |
Leidos, Inc. 3.625%, 5/15/25 | 10,350 | 10,081 | |
Open Text Corp. 144A 3.875%, 2/15/28(1) | 5,120 | 4,570 | |
Oracle Corp. 5.800%, 11/10/25 | 10,245 | 10,501 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(1) | 12,305 | 10,911 | |
TD SYNNEX Corp. 2.375%, 8/9/28 | 6,510 | 5,399 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 5,180 | 4,911 | |
82,008 | |||
Materials—2.2% | |||
ArcelorMittal S.A. 6.550%, 11/29/27 | 9,270 | 9,640 | |
Avient Corp. 144A 5.750%, 5/15/25(1) | 5,878 | 5,816 | |
Bayport Polymers LLC 144A 4.743%, 4/14/27(1) | 15,200 | 14,277 | |
Celanese U.S. Holdings LLC 3.500%, 5/8/24 | 9,870 | 9,640 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 2,230 | 2,270 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 8,105 | 7,766 | |
Glencore Funding LLC 144A 1.625%, 9/1/25(1) | 14,745 | 13,620 | |
International Flavors & Fragrances, Inc. | |||
144A 1.230%, 10/1/25(1) | 7,666 | 6,856 |
Par Value | Value | ||
Materials—continued | |||
144A 1.832%, 10/15/27(1) | $ 8,106 | $ 6,880 | |
Mauser Packaging Solutions Holding Co. 144A 9.250%, 4/15/27(1) | 3,120 | 2,883 | |
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(1) | 6,740 | 6,428 | |
Silgan Holdings, Inc. 144A 1.400%, 4/1/26(1) | 11,513 | 10,323 | |
Suzano Austria GmbH 2.500%, 9/15/28 | 8,725 | 7,437 | |
103,836 | |||
Real Estate—1.1% | |||
EPR Properties 4.950%, 4/15/28 | 9,545 | 7,970 | |
GLP Capital LP | |||
5.250%, 6/1/25 | 7,340 | 7,166 | |
5.750%, 6/1/28 | 1,863 | 1,817 | |
5.300%, 1/15/29 | 2,731 | 2,606 | |
Office Properties Income Trust 2.650%, 6/15/26 | 5,087 | 3,435 | |
Retail Opportunity Investments Partnership LP 5.000%, 12/15/23 | 10,874 | 10,748 | |
Service Properties Trust 4.350%, 10/1/24 | 8,270 | 7,910 | |
VICI Properties LP | |||
144A 4.625%, 6/15/25(1) | 1,305 | 1,262 | |
144A 5.750%, 2/1/27(1) | 6,370 | 6,253 | |
144A 4.500%, 1/15/28(1) | 1,710 | 1,583 | |
144A 4.625%, 12/1/29(1) | 3,420 | 3,113 | |
53,863 | |||
Utilities—1.9% | |||
Dominion Energy, Inc. Series A 1.450%, 4/15/26 | 15,850 | 14,274 | |
DPL, Inc. 4.125%, 7/1/25 | 1,596 | 1,525 | |
Enel Finance America LLC 144A 7.100%, 10/14/27(1) | 5,430 | 5,835 | |
Enel Finance International N.V. 144A 6.800%, 10/14/25(1) | 2,600 | 2,687 | |
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1)(5) | 7,425 | 7,259 | |
Exelon Corp. 5.150%, 3/15/28 | 9,700 | 9,869 | |
Ferrellgas LP 144A 5.375%, 4/1/26(1) | 5,670 | 5,308 | |
NextEra Energy Capital Holdings, Inc. 6.051%, 3/1/25 | 9,727 | 9,895 |
Par Value | Value | ||
Utilities—continued | |||
NRG Energy, Inc. 144A 3.750%, 6/15/24(1) | $ 14,667 | $ 14,226 | |
Puget Energy, Inc. 2.379%, 6/15/28 | 9,794 | 8,627 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 13,578 | 11,390 | |
90,895 | |||
Total Corporate Bonds and Notes (Identified Cost $1,394,525) | 1,304,026 | ||
Leveraged Loans—8.1% | |||
Aerospace—0.7% | |||
Amentum Government Services Holdings LLC Tranche B-3 (3-6 month Term SOFR + 4.000%) 8.764% - 9.033%, 2/15/29(6) | 2,640 | 2,575 | |
Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.407%, 6/7/28(6) | 7,018 | 6,948 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 8.558%, 10/20/27(6) | 5,140 | 5,319 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.213%, 6/21/27(6) | 4,441 | 4,603 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.148%, 8/24/28(6) | 13,014 | 12,964 | |
32,409 | |||
Chemicals—0.2% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.657%, 11/8/27(6) | 8,401 | 8,378 | |
WR Grace Holdings LLC (3 month LIBOR + 3.750%) 8.938%, 9/22/28(6) | 2,247 | 2,224 | |
10,602 | |||
Consumer Durables—0.1% | |||
Resideo Funding, Inc. Tranche B (1-3 month LIBOR + 2.250%) 7.120% - 7.230%, 2/11/28(6) | 7,099 | 7,021 |
Par Value | Value | ||
Consumer Non-Durables—0.1% | |||
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%) 8.703%, 12/22/26(6) | $ 6,380 | $ 6,118 | |
Energy—0.3% | |||
AL GCX Holdings LLC (3 month Term SOFR + 3.650%) 8.275%, 5/17/29(3)(6) | 1,724 | 1,700 | |
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 8.308%, 12/21/28(6) | 6,010 | 5,809 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.063%, 10/5/28(6) | 7,307 | 7,172 | |
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(3)(8) | 66 | — | |
Whitewater Whistler Holdings LLC (3 month Term SOFR + 3.850%) 8.657%, 2/15/30(6) | 1,365 | 1,358 | |
16,039 | |||
Financials—0.4% | |||
Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month LIBOR + 2.250%) 7.011%, 12/1/27(6) | 6,004 | 6,002 | |
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%) 7.890%, 6/15/25(6) | 6,035 | 5,940 | |
Citadel Securities LP 2021 (1 month Term SOFR + 2.614%) 7.422%, 2/2/28(6) | 8,667 | 8,574 | |
20,516 | |||
Food / Tobacco—0.8% | |||
Aramark Services, Inc. | |||
Tranche B-3 (1 month LIBOR + 1.750%) 6.590%, 3/11/25(6) | 1,909 | 1,902 | |
Tranche B-5 (1 month LIBOR + 2.500%) 7.340%, 4/6/28(6) | 4,656 | 4,634 | |
Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.109%, 5/16/29(6) | 5,065 | 4,922 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Froneri U.S., Inc. Tranche B-2 (3 month LIBOR + 2.250%) 7.409%, 1/29/27(6) | $ 9,001 | $ 8,861 | |
Hostess Brands LLC 2019, Tranche B (3 month LIBOR + 2.250%) 7.075%, 8/3/25(6) | 7,686 | 7,681 | |
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.011%, 7/12/29(6) | 2,284 | 2,246 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 8.659%, 3/31/28(6) | 6,374 | 5,697 | |
35,943 | |||
Forest Prod / Containers—0.4% | |||
Berry Global, Inc. Tranche Z (1 month LIBOR + 1.750%) 6.510%, 7/1/26(6) | 5,929 | 5,903 | |
Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 4.000%) 8.776%, 8/14/26(6) | 3,640 | 3,605 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 8.090%, 1/31/25(6) | 2,567 | 2,390 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 8.090%, 3/3/28(6) | 5,019 | 4,893 | |
16,791 | |||
Gaming / Leisure—0.8% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.157%, 2/6/30(6) | 3,355 | 3,333 | |
Carnival Corp. Tranche B (1 month LIBOR + 3.000%) 7.840%, 6/30/25(6) | 1,556 | 1,532 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.642%, 6/22/26(6) | 5,826 | 5,816 | |
Playa Resorts Holding B.V. (1 month Term SOFR + 4.250%) 8.993%, 1/5/29(6) | 4,744 | 4,710 | |
Playtika Holding Corp. Tranche B-1 (1 month LIBOR + 2.750%) 7.590%, 3/13/28(6) | 6,004 | 5,956 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 8.947%, 11/1/26(6) | $ 2,531 | $ 2,509 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 7.960%, 4/13/29(6) | 3,216 | 3,186 | |
Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%) 7.409%, 7/21/26(6) | 5,799 | 5,789 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 7.570%, 4/29/26(6) | 6,266 | 6,226 | |
39,057 | |||
Health Care—0.5% | |||
Agiliti Health, Inc. | |||
(1 month LIBOR + 2.750%) 7.438%, 1/4/26(6) | 4,947 | 4,922 | |
(1 month LIBOR + 2.750%) 7.438%, 1/4/26(6) | 1,140 | 1,134 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.157%, 4/20/29(6) | 2,561 | 2,538 | |
Phoenix Guarantor, Inc. Tranche B-3 (1 month LIBOR + 3.500%) 8.340%, 3/5/26(6) | 5,988 | 5,832 | |
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 8.090%, 11/15/28(6) | 2,128 | 2,101 | |
R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%) 7.807%, 6/21/29(6) | 19 | 19 | |
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 7.350%, 3/6/25(6) | 4,835 | 4,810 | |
21,356 | |||
Housing—0.4% | |||
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 7.840%, 3/19/29(6) | 7,905 | 7,799 | |
SRS Distribution, Inc. | |||
2021 (1 month LIBOR + 3.500%) 8.340%, 6/2/28(6) | 3,339 | 3,218 |
Par Value | Value | ||
Housing—continued | |||
2022 (1 month Term SOFR + 3.350%) 8.157%, 6/2/28(6) | $ 743 | $ 715 | |
Standard Industries, Inc. (1 month LIBOR + 2.250%) 7.116%, 9/22/28(6) | 5,904 | 5,865 | |
17,597 | |||
Information Technology—0.6% | |||
Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.398%, 9/18/26(6) | 14,318 | 14,277 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%) 7.090%, 9/21/28(6) | 4,087 | 4,047 | |
UKG, Inc. | |||
2021, Second Lien (3 month LIBOR + 5.250%) 10.032%, 5/3/27(6) | 355 | 339 | |
2021-2, First Lien (3 month LIBOR + 3.250%) 8.032%, 5/4/26(6) | 8,844 | 8,605 | |
27,268 | |||
Manufacturing—0.7% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 8.306%, 10/8/27(6) | 6,018 | 5,955 | |
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 8.593%, 3/15/30(6) | 4,715 | 4,697 | |
Filtration Group Corp. 2021 (1 month LIBOR + 3.500%) 8.340%, 10/21/28(6) | 6,079 | 5,981 | |
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%) 7.407%, 3/31/27(6) | 4,859 | 4,824 | |
NCR Corp. (3 month LIBOR + 2.500%) 7.330%, 8/28/26(6) | 5,398 | 5,308 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 8.609%, 2/23/29(6) | 1,401 | 1,369 |
Par Value | Value | ||
Manufacturing—continued | |||
Titan AcquisitionCo New Zealand Ltd. (3 month LIBOR + 3.000%) 8.151%, 3/28/25(6) | $ 4,859 | $ 4,593 | |
32,727 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Media, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 7.340%, 9/18/26(6) | 4,264 | 4,249 | |
Media / Telecom - Cable/Wireless Video—0.3% | |||
Charter Communications Operating LLC Tranche B-2 (1 month Term SOFR + 1.750%) 6.557%, 2/1/27(6) | 5,396 | 5,339 | |
CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%) 9.327%, 1/17/28(6) | 8,147 | 7,524 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.840%, 8/2/27(6) | 3,872 | 3,718 | |
16,581 | |||
Media / Telecom - Diversified Media—0.1% | |||
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 9.735%, 4/11/29(6) | 6,280 | 5,636 | |
Retail—0.1% | |||
PetsMart LLC (1 month Term SOFR + 3.850%) 8.657%, 2/11/28(6) | 4,791 | 4,751 | |
Service—0.9% | |||
Asplundh Tree Expert, LLC 2021 (1 month LIBOR + 1.750%) 6.590%, 9/7/27(6) | 5,936 | 5,899 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 8.095%, 2/6/26(6) | 5,684 | 5,668 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.048%, 11/23/28(6) | 5,913 | 5,807 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 8.590%, 2/1/28(6) | 3,930 | 3,872 |
Par Value | Value | ||
Service—continued | |||
Pike Corp. | |||
2028 (3 month LIBOR + 3.000%) 7.850%, 1/21/28(6) | $ 8,226 | $ 8,154 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 8.307%, 1/21/28(6) | 1,075 | 1,070 | |
PODS LLC (1 month Term SOFR + 3.114%) 7.922%, 3/31/28(6) | 7,087 | 6,873 | |
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%) 8.157%, 2/10/29(6) | 3,499 | 3,441 | |
40,784 | |||
Transportation - Automotive—0.2% | |||
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 8.090%, 4/30/26(6) | 4,864 | 4,828 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 8.575%, 10/28/27(6) | 3,287 | 3,073 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.656% - 7.870%, 2/28/30(6) | 3,558 | 3,548 | |
11,449 | |||
Utilities—0.4% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.590%, 8/1/25(6) | 8,786 | 8,729 | |
Vistra Operations Co. LLC 2018 (1 month LIBOR + 1.750%) 6.459% - 6.590%, 12/31/25(6) | 8,692 | 8,637 | |
17,366 | |||
Total Leveraged Loans (Identified Cost $388,063) | 384,260 |
Shares | ||
Preferred Stocks—0.2% | ||
Financials—0.1% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 4,159 (10) | 3,868 |
Shares | Value | ||
Industrials—0.1% | |||
General Electric Co. Series D, (3 month LIBOR + 3.330%), 8.196%(6) | 4,397 (10) | $ 4,392 | |
Total Preferred Stocks (Identified Cost $8,352) | 8,260 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp., 12/29/49(3)(11) | 98,789 | 116 | |
Total Rights (Identified Cost $84) | 116 | ||
Total Long-Term Investments—98.4% (Identified Cost $4,973,452) | 4,669,635 | ||
Short-Term Investment—0.2% | |||
Money Market Mutual Fund—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(12) | 10,830,642 | 10,831 | |
Total Short-Term Investment (Identified Cost $10,831) | 10,831 | ||
Shares | Value | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(12)(13) | 12,545,587 | $ 12,546 | |
Total Securities Lending Collateral (Identified Cost $12,546) | 12,546 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $4,996,829) | $4,693,012 | ||
Other assets and liabilities, net—1.1% | 53,663 | ||
NET ASSETS—100.0% | $4,746,675 |
Abbreviations: | |
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
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 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 March 31, 2023, these securities amounted to a value of $2,896,162 or 61.0% of net assets. |
(2) | Security in default; no interest payments are being received. |
(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) | 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) | All or a portion of security is on loan. |
(6) | Variable rate security. Rate disclosed is as of March 31, 2023. 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. |
(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† | |
United States | 90% |
Mexico | 1 |
Canada | 1 |
United Kingdom | 1 |
Saudi Arabia | 1 |
Netherlands | 1 |
Cayman Islands | 1 |
Other | 4 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $1,244,361 | $ — | $1,244,361 | $ — | |||
Corporate Bonds and Notes | 1,304,026 | — | 1,304,026 | — | |||
Foreign Government Securities | 114,213 | — | 110,881 | 3,332 | |||
Leveraged Loans | 384,260 | — | 382,560 | 1,700 (1) | |||
Mortgage-Backed Securities | 1,145,144 | — | 1,133,411 | 11,733 | |||
Municipal Bond | 3,907 | — | 3,907 | — | |||
U.S. Government Securities | 465,348 | — | 465,348 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 8,260 | — | 8,260 | — | |||
Rights | 116 | — | — | 116 | |||
Money Market Mutual Fund | 10,831 | 10,831 | — | — | |||
Securities Lending Collateral | 12,546 | 12,546 | — | — | |||
Total Investments | $4,693,012 | $23,377 | $4,652,754 | $16,881 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Par Value | Value | ||
Corporate Bonds and Notes—3.9% | |||
Communication Services—0.9% | |||
CSC Holdings LLC 144A 7.500%, 4/1/28(1) | $ 200 | $ 127 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 320 | 268 | |
iHeartCommunications, Inc. | |||
6.375%, 5/1/26 | 258 | 227 | |
8.375%, 5/1/27 | 467 | 340 | |
Level 3 Financing, Inc. 144A 4.250%, 7/1/28(1) | 55 | 31 | |
McGraw-Hill Education, Inc. 144A 5.750%, 8/1/28(1) | 565 | 492 | |
1,485 | |||
Consumer Discretionary—0.5% | |||
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(1) | 95 | 95 | |
eG Global Finance plc 144A 6.750%, 2/7/25(1) | 314 | 291 | |
PetSmart, Inc. 144A 4.750%, 2/15/28(1) | 500 | 469 | |
855 | |||
Consumer Staples—0.3% | |||
Albertsons Cos., Inc. 144A 6.500%, 2/15/28(1) | 265 | 266 | |
Kronos Acquisition Holdings, Inc. 144A 5.000%, 12/31/26(1) | 5 | 4 | |
Sigma Holdco B.V. 144A 7.875%, 5/15/26(1) | 380 | 301 | |
571 | |||
Financials—0.2% | |||
Acrisure LLC 144A 4.250%, 2/15/29(1) | 240 | 204 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 225 | 178 | |
382 | |||
Health Care—0.2% | |||
Community Health Systems, Inc. 144A 6.125%, 4/1/30(1) | 75 | 45 | |
Legacy LifePoint Health LLC | |||
144A 6.750%, 4/15/25(1) | 10 | 10 | |
144A 4.375%, 2/15/27(1) | 260 | 213 | |
Medline Borrower LP 144A 3.875%, 4/1/29(1) | 150 | 130 | |
398 | |||
Industrials—1.0% | |||
Icahn Enterprises LP 4.750%, 9/15/24 | 550 | 537 |
Par Value | Value | ||
Industrials—continued | |||
Regal Rexnord Corp. | |||
144A 6.050%, 4/15/28(1) | $ 195 | $ 195 | |
144A 6.300%, 2/15/30(1) | 270 | 272 | |
Ritchie Bros Holdings, Inc. 144A 7.750%, 3/15/31(1) | 150 | 157 | |
TransDigm, Inc. 144A 6.750%, 8/15/28(1) | 250 | 253 | |
Vertiv Group Corp. 144A 4.125%, 11/15/28(1) | 295 | 260 | |
1,674 | |||
Information Technology—0.1% | |||
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 215 | 172 | |
Materials—0.5% | |||
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(1) | 590 | 550 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 95 | 97 | |
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1) | 130 | 130 | |
777 | |||
Real Estate—0.2% | |||
VICI Properties LP | |||
4.950%, 2/15/30 | 300 | 281 | |
144A 4.625%, 6/15/25(1) | 70 | 68 | |
349 | |||
Total Corporate Bonds and Notes (Identified Cost $7,301) | 6,663 | ||
Leveraged Loans—94.6% | |||
Aerospace—4.2% | |||
Amentum Government Services Holdings LLC Tranche B-3 (3-6 month Term SOFR + 4.000%) 8.764% - 9.033%, 2/15/29(2) | 655 | 639 | |
American Airlines, Inc. (3 month LIBOR + 4.750%) 9.558%, 4/20/28(2) | 390 | 395 | |
Brown Group Holding LLC (1 month Term SOFR + 2.600%) 7.407%, 6/7/28(2) | 1,294 | 1,281 | |
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%) 7.859%, 12/11/26(2) | 917 | 877 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.213%, 6/21/27(2) | 914 | 947 |
Par Value | Value | ||
Aerospace—continued | |||
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.148%, 8/24/28(2) | $ 2,216 | $ 2,208 | |
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%) 8.568%, 4/21/28(2) | 813 | 806 | |
7,153 | |||
Chemicals—4.4% | |||
Diamond BC B.V. Tranche B (3 month LIBOR + 2.750%) 7.575%, 9/29/28(2) | 1,117 | 1,112 | |
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.657%, 11/8/27(2) | 2,132 | 2,126 | |
Innophos Holdings, Inc. (1 month LIBOR + 3.250%) 8.090%, 2/5/27(2) | �� 844 | 827 | |
Starfruit Finco B.V. (3 month Term SOFR + 2.850%) 7.526%, 10/1/25(2) | 1,704 | 1,688 | |
Trinseo Materials Operating SCA 2018 (1 month LIBOR + 2.000%) 6.840%, 9/6/24(2) | 1,387 | 1,367 | |
WR Grace Holdings LLC (3 month LIBOR + 3.750%) 8.938%, 9/22/28(2) | 365 | 362 | |
7,482 | |||
Consumer Durables—0.7% | |||
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.100%) 6.907%, 1/29/29(2) | 1,215 | 1,194 | |
Consumer Non-Durables—2.0% | |||
DS Parent, Inc. Tranche B (3 month Term SOFR + 5.750%) 10.791%, 12/8/28(2) | 694 | 668 | |
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.750%) 8.703%, 12/22/26(2) | 1,328 | 1,274 | |
Parfums Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 8.840%, 6/30/24(2) | 1,006 | 986 | |
ZEP, Inc. First Lien (3 month LIBOR + 4.000%) 9.159%, 8/12/24(2) | 659 | 558 | |
3,486 | |||
Par Value | Value | ||
Energy—3.6% | |||
AL GCX Holdings LLC (3 month Term SOFR + 3.650%) 8.275%, 5/17/29(2)(3) | $ 610 | $ 602 | |
Freeport LNG Investments LLP Tranche B (3 month LIBOR + 3.500%) 8.308%, 12/21/28(2) | 1,066 | 1,030 | |
Hamilton Projects Acquiror LLC Tranche B (3 month LIBOR + 4.500%) 9.659%, 6/17/27(2) | 738 | 730 | |
M6 ETX Holdings II Midco LLC (1 month Term SOFR + 4.650%) 9.356%, 9/19/29(2) | 899 | 887 | |
Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%) 8.910%, 10/18/28(2) | 840 | 827 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.063%, 10/5/28(2) | 769 | 755 | |
Paragon Offshore Finance Co. (1 month PRIME + 0.000%) 3.250%, 7/16/21(3)(4) | 11 | — | |
Traverse Midstream Partners LLC (3 month Term SOFR + 3.850%) 8.726%, 2/16/28(2) | 1,179 | 1,157 | |
Whitewater Whistler Holdings LLC (3 month Term SOFR + 3.850%) 8.657%, 2/15/30(2) | 210 | 209 | |
6,197 | |||
Financials—3.4% | |||
Acrisure LLC 2020, Tranche B (1 month LIBOR + 3.500%) 8.340%, 2/15/27(2) | 1,230 | 1,188 | |
Asurion LLC | |||
Tranche B-8 (1 month LIBOR + 3.250%) 8.090%, 12/23/26(2) | 923 | 854 | |
Tranche B-9 (1 month LIBOR + 3.250%) 8.090%, 7/31/27(2) | 542 | 496 | |
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 3.000%) 7.890%, 6/15/25(2) | 1,142 | 1,124 |
Par Value | Value | ||
Financials—continued | |||
Castlelake Aviation One Designated Activity Co. 2023 (1 month Term SOFR + 2.750%) 7.783%, 10/22/27(2) | $ 683 | $ 672 | |
Citadel Securities LP 2021 (1 month Term SOFR + 2.614%) 7.422%, 2/2/28(2) | 1,508 | 1,492 | |
5,826 | |||
Food / Tobacco—5.6% | |||
Aramark Services, Inc. Tranche B-5 (1 month LIBOR + 2.500%) 7.340%, 4/6/28(2) | 960 | 956 | |
Del Monte Foods, Inc. (1 month Term SOFR + 4.350%) 9.109%, 5/16/29(2) | 855 | 831 | |
Froneri U.S., Inc. Tranche B-2 (3 month LIBOR + 2.250%) 7.409%, 1/29/27(2) | 1,407 | 1,385 | |
H-Food Holdings LLC (1 month LIBOR + 3.688%) 8.528%, 5/23/25(2) | 1,770 | 1,511 | |
Naked Juice LLC (3 month Term SOFR + 3.350%) 8.248%, 1/24/29(2) | 818 | 718 | |
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.011%, 7/12/29(2) | 1,072 | 1,054 | |
Shearer’s Foods LLC First Lien (1 month LIBOR + 3.500%) 8.340%, 9/23/27(2) | 1,353 | 1,319 | |
Sigma Bidco B.V. Tranche B-2 (3 month Term SOFR + 3.160%) 7.460%, 7/2/25(2) | 1,332 | 1,269 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 8.659%, 3/31/28(2) | 673 | 601 | |
9,644 | |||
Forest Prod / Containers—4.0% | |||
Anchor Glass Container Corp. | |||
2017 (3-5 month LIBOR + 2.750%) 7.562% - 7.960%, 12/7/23(2) | 362 | 249 | |
2020 (1 month LIBOR + 5.000%) 10.210%, 12/7/23(2) | 379 | 269 |
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 4.175%) 8.982%, 4/13/29(2) | $ 997 | $ 973 | |
Klockner Pentaplast of America, Inc. Tranche B (3 month Term SOFR + 4.750%) 10.129%, 2/12/26(2) | 1,307 | 1,198 | |
Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 4.000%) 8.776%, 8/14/26(2) | 790 | 782 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 8.090%, 1/31/25(2) | 1,124 | 1,046 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 8.090%, 3/3/28(2) | 1,021 | 995 | |
Trident TPI Holdings, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.250%) 8.090%, 10/17/24(2) | 1,023 | 1,014 | |
Tranche B-3, First Lien (3 month LIBOR + 4.000%) 9.159%, 9/15/28(2) | 399 | 385 | |
6,911 | |||
Gaming / Leisure—5.6% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.157%, 2/6/30(2) | 540 | 536 | |
Carnival Corp. | |||
2021, Tranche B (1 month LIBOR + 3.250%) 8.090%, 10/18/28(2) | 468 | 457 | |
Tranche B (1 month LIBOR + 3.000%) 7.840%, 6/30/25(2) | 903 | 889 | |
ECL Entertainment LLC Tranche B (1 month Term SOFR + 7.500%) 12.422%, 5/1/28(2) | 662 | 656 | |
Fertitta Entertainment LLC Tranche B (1 month Term SOFR + 4.000%) 8.807%, 1/26/29(2) | 3 | 3 | |
Flutter Entertainment plc 2028, Tranche B (3 month Term SOFR + 3.512%) 8.410%, 7/22/28(2) | 542 | 541 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
J&J Ventures Gaming LLC (3 month LIBOR + 4.000%) 9.159%, 4/26/28(2) | $ 877 | $ 846 | |
Playa Resorts Holding B.V. (1 month Term SOFR + 4.250%) 8.993%, 1/5/29(2) | 1,635 | 1,624 | |
Raptor Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 8.947%, 11/1/26(2) | 263 | 261 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 8.103%, 4/4/29(2) | 998 | 982 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 7.960%, 4/13/29(2) | 1,321 | 1,309 | |
UFC Holdings LLC Tranche B-3 (3 month LIBOR + 2.750%) 7.570%, 4/29/26(2) | 1,390 | 1,381 | |
9,485 | |||
Health Care—11.0% | |||
Agiliti Health, Inc. | |||
(1 month LIBOR + 2.750%) 7.438%, 1/4/26(2) | 460 | 458 | |
(1 month LIBOR + 2.750%) 7.438%, 1/4/26(2) | 201 | 200 | |
CHG Healthcare Services, Inc. First Lien (1 month LIBOR + 3.250%) 8.090%, 9/29/28(2) | 1,414 | 1,398 | |
Endo Luxembourg Finance Co. I S.a.r.l. 2021 (3 month PRIME + 6.250%) 14.000%, 3/27/28(5) | 530 | 406 | |
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 8.648%, 3/31/27(2) | 777 | 117 | |
(3 month Term SOFR + 4.250%) 9.148%, 3/31/27(2) | 316 | 75 | |
(3 month Term SOFR + 8.025%) 12.923%, 3/31/27(2) | 91 | 76 | |
eResearch Technology, Inc. First Lien (1 month LIBOR + 4.500%) 9.340%, 2/4/27(2) | 622 | 586 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 8.998%, 10/1/27(2) | 1,385 | 1,319 | |
Hunter Holdco 3 Ltd. First Lien (3 month LIBOR + 4.250%) 9.409%, 8/19/28(2) | 512 | 500 |
Par Value | Value | ||
Health Care—continued | |||
LifePoint Health, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 8.575%, 11/16/25(2) | $ 1,147 | $ 1,091 | |
Medline Borrower LP (1 month LIBOR + 3.250%) 8.090%, 10/23/28(2) | 1,306 | 1,272 | |
One Call Corp. Tranche B, First Lien (3 month LIBOR + 5.500%) 10.375%, 4/22/27(2) | 677 | 500 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (1 month LIBOR + 3.500%) 8.659%, 11/30/27(2) | 1,110 | 1,083 | |
Pearl Intermediate Parent LLC First Lien (1 month LIBOR + 2.750%) 7.590%, 2/14/25(2) | 1,053 | 1,008 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.157%, 4/20/29(2) | 1,037 | 1,028 | |
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.250%) 8.090%, 3/5/26(2) | 298 | 290 | |
Tranche B-3 (1 month LIBOR + 3.500%) 8.340%, 3/5/26(2) | 807 | 786 | |
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 8.090%, 11/15/28(2) | 704 | 695 | |
Pluto Acquisition I, Inc. 2021, First Lien (3 month LIBOR + 4.000%) 8.953%, 6/22/26(2) | 639 | 449 | |
R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%) 7.807%, 6/21/29(2) | 3 | 3 | |
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 7.350%, 3/6/25(2) | 993 | 988 | |
Sotera Health Holdings LLC (6 month Term SOFR + 3.750%) 8.816%, 12/11/26(2) | 290 | 285 | |
Southern Veterinary Partners LLC First Lien (1 month LIBOR + 4.000%) 8.840%, 10/5/27(2) | 876 | 842 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month LIBOR + 3.750%) 8.909%, 10/1/26(2) | 524 | 519 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 8.460%, 8/31/26(2) | 1,152 | 1,144 |
Par Value | Value | ||
Health Care—continued | |||
Team Health Holdings, Inc. (1 month Term SOFR + 5.250%) 10.057%, 3/2/27(2) | $ 397 | $ 271 | |
Upstream Newco, Inc. 2021 (3 month Term SOFR + 4.250%) 9.410%, 11/20/26(2) | 262 | 205 | |
Viant Medical Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 8.590%, 7/2/25(2) | 1,394 | 1,294 | |
18,888 | |||
Housing—2.9% | |||
American Builders & Contractors Supply Co., Inc. (1 month Term SOFR + 2.100%) 6.907%, 1/15/27(2) | 1,069 | 1,062 | |
Chariot Buyer LLC (1 month LIBOR + 3.250%) 8.090%, 11/3/28(2) | 710 | 681 | |
CPG International LLC (1 month Term SOFR + 2.600%) 7.407%, 4/28/29(2) | 905 | 892 | |
Quikrete Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.000%) 7.840%, 3/19/29(2) | 1,223 | 1,206 | |
SRS Distribution, Inc. | |||
2021 (1 month LIBOR + 3.500%) 8.340%, 6/2/28(2) | 1,127 | 1,086 | |
2022 (1 month Term SOFR + 3.350%) 8.157%, 6/2/28(2) | 74 | 72 | |
4,999 | |||
Information Technology—12.9% | |||
Applied Systems, Inc. | |||
2026 (3 month Term SOFR + 4.500%) 9.398%, 9/18/26(2) | 1,491 | 1,487 | |
Second Lien (3 month Term SOFR + 6.750%) 11.648%, 9/17/27(2) | 747 | 746 | |
Barracuda Parent LLC First Lien (3 month Term SOFR + 4.500%) 9.176%, 8/15/29(2) | 998 | 959 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month LIBOR + 2.250%) 7.090%, 9/21/28(2) | 1,304 | 1,291 | |
CDK Global, Inc. (3 month Term SOFR + 4.250%) 9.148%, 7/6/29(2) | 424 | 422 |
Par Value | Value | ||
Information Technology—continued | |||
ConnectWise LLC (1 month LIBOR + 3.500%) 8.340%, 9/29/28(2) | $ 835 | $ 804 | |
Epicor Software Corp. Tranche C (1 month LIBOR + 3.250%) 8.090%, 7/30/27(2) | 965 | 946 | |
Finastra USA, Inc. First Lien (3 month LIBOR + 3.500%) 8.325%, 6/13/24(2) | 618 | 577 | |
Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 3.250%) 8.057%, 11/9/29(2) | 1,585 | 1,582 | |
Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 8.840%, 12/1/27(2) | 696 | 684 | |
Hyland Software, Inc. 2018 (1 month LIBOR + 3.500%) 8.340%, 7/1/24(2) | 1,162 | 1,147 | |
Indicor LLC (3 month Term SOFR + 4.500%) 9.398%, 11/22/29(2) | 745 | 738 | |
Infinite Bidco LLC | |||
First Lien (3 month LIBOR + 3.250%) 8.409%, 3/2/28(2) | 825 | 788 | |
Second Lien (3 month LIBOR + 7.000%) 12.159%, 3/2/29(2) | 290 | 255 | |
Ion Trading Finance Ltd. (3 month LIBOR + 4.750%) 9.909%, 4/1/28(2) | 211 | 198 | |
Open Text Corp. (1 month Term SOFR + 3.600%) 8.407%, 1/31/30(2) | 953 | 949 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 8.090%, 3/10/28(2) | 593 | 569 | |
Proofpoint, Inc. (1 month LIBOR + 3.250%) 8.090%, 8/31/28(2) | 1,160 | 1,132 | |
RealPage, Inc. First Lien (1 month LIBOR + 3.000%) 7.840%, 4/24/28(2) | 1,238 | 1,199 | |
Sophia LP Tranche B (3 month LIBOR + 3.500%) 8.659%, 10/7/27(2) | 793 | 783 | |
SS&C Technologies Holdings, Inc. Tranche B-5 (1 month LIBOR + 1.750%) 6.590%, 4/16/25(2) | 1,456 | 1,452 | |
UKG, Inc. | |||
2021, Second Lien (3 month LIBOR + 5.250%) 10.032%, 5/3/27(2) | 55 | 53 | |
2021-2, First Lien (3 month LIBOR + 3.250%) 8.032%, 5/4/26(2) | 2,270 | 2,209 |
Par Value | Value | ||
Information Technology—continued | |||
Vertiv Group Corp. Tranche B (1 month LIBOR + 2.750%) 7.419%, 3/2/27(2) | $ 1,029 | $ 1,006 | |
21,976 | |||
Manufacturing—6.5% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 8.306%, 10/8/27(2) | 967 | 957 | |
Arcline FM Holdings LLC | |||
First Lien (3 month LIBOR + 4.750%) 9.909%, 6/23/28(2) | 1,120 | 1,066 | |
Second Lien (3 month LIBOR + 8.250%) 13.409%, 6/25/29(2) | 400 | 360 | |
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 8.593%, 3/15/30(2) | 710 | 707 | |
Circor International, Inc. (1 month LIBOR + 5.500%) 10.340%, 12/20/28(2) | 988 | 968 | |
Filtration Group Corp. | |||
(1 month LIBOR + 3.000%) 7.840%, 3/31/25(2) | 1,123 | 1,119 | |
2021 (1 month LIBOR + 3.500%) 8.340%, 10/21/28(2) | 355 | 349 | |
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%) 7.407%, 3/31/27(2) | 1,537 | 1,526 | |
NCR Corp. (3 month LIBOR + 2.500%) 7.330%, 8/28/26(2) | 1,368 | 1,345 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 8.609%, 2/23/29(2) | 912 | 891 | |
Star U.S. Bidco LLC (1 month LIBOR + 4.250%) 9.090%, 3/17/27(2) | 931 | 900 | |
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 8.151%, 3/28/25(2) | 1,061 | 1,003 | |
11,191 | |||
Media / Telecom - Broadcasting—0.9% | |||
iHeartCommunications, Inc. (1 month LIBOR + 3.000%) 7.840%, 5/1/26(2) | 894 | 790 | |
Nexstar Media, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 7.340%, 9/18/26(2) | 661 | 658 | |
1,448 | |||
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—2.3% | |||
Cogeco Communications Finance USA LP Tranche B (1 month LIBOR + 2.000%) 6.840%, 1/3/25(2) | $ 1,037 | $ 1,035 | |
CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%) 9.327%, 1/17/28(2) | 1,054 | 973 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.840%, 8/2/27(2) | 965 | 926 | |
Virgin Media Bristol LLC Tranche N (3 month LIBOR + 2.500%) 7.184%, 1/31/28(2) | 1,015 | 997 | |
3,931 | |||
Media / Telecom - Diversified Media—3.2% | |||
Cinemark USA, Inc. (1-3 month LIBOR + 1.750%) 6.58 % - 6.910%, 3/31/25(2) | 1,217 | 1,194 | |
Clear Channel Outdoor Holdings, Inc. Tranche B (3 month LIBOR + 3.500%) 8.325%, 8/21/26(2) | 688 | 639 | |
Creative Artists Agency LLC 2023 (1 month Term SOFR + 3.500%) 8.307%, 11/27/28(2) | 140 | 139 | |
Dotdash Meredith, Inc. Tranche B (1 month Term SOFR + 4.100%) 8.765%, 12/1/28(2) | 745 | 670 | |
McGraw-Hill Education, Inc. (3 month LIBOR + 4.750%) 9.385%, 7/28/28(2) | 1,284 | 1,197 | |
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 9.735%, 4/11/29(2) | 670 | 601 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 7.600%, 5/18/25(2) | 946 | 938 | |
5,378 | |||
Media / Telecom - Telecommunications—1.9% | |||
Cincinnati Bell, Inc. Tranche B-2 (1 month Term SOFR + 3.350%) 8.157%, 11/22/28(2) | 589 | 575 | |
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 6.557%, 3/1/27(2) | 1,541 | 1,296 |
Par Value | Value | ||
Media / Telecom - Telecommunications—continued | |||
Numericable U.S. LLC | |||
Tranche B-11 (1 month LIBOR + 2.750%) 7.575%, 7/31/25(2) | $ 958 | $ 940 | |
Tranche B-12 (2 month LIBOR + 3.688%) 8.517%, 1/31/26(2) | 523 | 507 | |
3,318 | |||
Metals / Minerals—0.3% | |||
Covia Holdings Corp. (3 month LIBOR + 4.000%) 8.782%, 7/31/26(2) | 491 | 477 | |
Retail—2.4% | |||
CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%) 8.125%, 11/8/27(2) | 846 | 831 | |
EG America LLC 0.000%, 2/5/25(2) | 1,040 | 992 | |
Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%) 8.590%, 3/6/28(2) | 1,109 | 1,093 | |
Isagenix International LLC (1 month LIBOR + 7.750%) 11.354%, 6/14/25(2) | 7 | 2 | |
PetsMart LLC (1 month Term SOFR + 3.850%) 8.657%, 2/11/28(2) | 879 | 872 | |
Rising Tide Holdings, Inc. First Lien (3 month LIBOR + 4.750%) 9.703%, 6/1/28(2) | 571 | 338 | |
4,128 | |||
Service—11.0% | |||
AlixPartners LLP (1 month LIBOR + 2.750%) 7.609%, 2/4/28(2) | 958 | 953 | |
Allied Universal Holdco LLC (1 month Term SOFR + 3.850%) 8.657%, 5/12/28(2) | 561 | 532 | |
Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%) 8.556%, 7/27/28(2) | 615 | 598 | |
Ascend Learning LLC (3 month LIBOR + 3.500%) 0.000%, 12/11/28(2)(6) | 608 | 561 | |
BrightView Landscapes LLC Tranche B (1-3 month Term SOFR + 3.250%) 7.926% - 8.057%, 4/20/29(2) | 1,490 | 1,451 |
Par Value | Value | ||
Service—continued | |||
Carlisle Foodservice Products, Inc. First Lien (3 month LIBOR + 3.000%) 7.953%, 3/20/25(2) | $ 1,027 | $ 926 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 8.095%, 2/6/26(2) | 1,018 | 1,015 | |
DXP Enterprises, Inc. (3 month Term SOFR + 5.350%) 9.955%, 12/23/27(2) | 745 | 726 | |
Garda World Security Corp. Tranche B-2 (1 month Term SOFR + 4.350%) 9.109%, 10/30/26(2) | 740 | 730 | |
Grab Holdings, Inc. (1 month LIBOR + 4.500%) 9.350%, 1/29/26(2) | 375 | 373 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.048%, 11/23/28(2) | 1,187 | 1,165 | |
Peraton Corp. | |||
Tranche B, First Lien (1 month LIBOR + 3.750%) 8.590%, 2/1/28(2) | 1,511 | 1,489 | |
Tranche B-1, Second Lien (3 month LIBOR + 7.750%) 0.000%, 2/1/29(2)(6) | 260 | 252 | |
Pike Corp. | |||
2028 (1 month LIBOR + 3.000%) 7.850%, 1/21/28(2) | 1,141 | 1,131 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 8.307%, 1/21/28(2) | 144 | 144 | |
PODS LLC (1 month Term SOFR + 3.114%) 7.922%, 3/31/28(2) | 1,075 | 1,042 | |
Sedgwick Claims Management Services, Inc. 2023 (1 month Term SOFR + 3.750%) 8.557%, 2/24/28(2) | 1,566 | 1,544 | |
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%) 8.157%, 2/10/29(2) | 1,159 | 1,140 | |
Sweetwater Borrower LLC (1 month LIBOR + 4.250%) 9.125%, 8/7/28(2) | 1,030 | 973 | |
Weld North Education LLC 2021 (1 month LIBOR + 3.750%) 8.600%, 12/21/27(2) | 1,218 | 1,213 |
Par Value | Value | ||
Service—continued | |||
WEX, Inc. Tranche B (1 month LIBOR + 2.250%) 7.090%, 3/31/28(2) | $ 789 | $ 783 | |
18,741 | |||
Transportation - Automotive—2.3% | |||
American Axle & Manufacturing, Inc. Tranche B, First Lien (1 month Term SOFR + 3.600%) 8.447%, 12/13/29(2) | 883 | 875 | |
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 8.090%, 4/30/26(2) | 812 | 806 | |
Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.000%) 8.922%, 5/4/28(2) | 977 | 956 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 8.575%, 10/28/27(2) | 898 | 840 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 7.870%, 2/28/30(2) | 508 | 507 | |
3,984 | |||
Utilities—3.5% | |||
Astoria Energy LLC Tranche B (3 month LIBOR + 3.500%) 0.000%, 12/10/27(2)(6) | 1,010 | 1,000 | |
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.590%, 8/1/25(2) | 2,378 | 2,363 | |
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.000%) 6.840%, 1/15/25(2) | 1,031 | 1,028 | |
Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%) 6.840%, 8/12/26(2) | 436 | 433 | |
Generation Bridge II LLC | |||
Tranche B (1 month Term SOFR + 5.000%) 9.922%, 2/23/29(2) | 320 | 319 | |
Tranche C (1 month Term SOFR + 5.000%) 9.922%, 2/23/29(2) | 41 | 41 | |
Lightstone HoldCo LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 10.557%, 1/29/27(2) | 808 | 690 |
Par Value | Value | ||
Utilities—continued | |||
Tranche C (1 month Term SOFR + 5.750%) 10.557%, 1/29/27(2) | $ 46 | $ 39 | |
5,913 | |||
Total Leveraged Loans (Identified Cost $166,672) | 161,750 |
Shares | ||
Common Stocks—0.6% | ||
Consumer Discretionary—0.2% | ||
NMG Parent LLC(3)(7) | 3,033 | 409 |
Energy—0.4% | ||
Covia Holdings LLC(7) | 48,743 | 646 |
Total Common Stocks (Identified Cost $442) | 1,055 | |
Rights—0.1% | ||
Utilities—0.1% | ||
Vistra Energy Corp., 12/29/49(3)(7) | 152,810 | 180 |
Total Rights (Identified Cost $129) | 180 | |
Total Long-Term Investments—99.2% (Identified Cost $174,544) | 169,648 | |
Shares | Value | ||
Short-Term Investment—0.4% | |||
Money Market Mutual Fund—0.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(8) | 711,195 | $ 711 | |
Total Short-Term Investment (Identified Cost $711) | 711 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $175,255) | $170,359 | ||
Other assets and liabilities, net—0.4% | 719 | ||
NET ASSETS—100.0% | $171,078 |
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 March 31, 2023, these securities amounted to a value of $5,278 or 3.1% of net assets. |
(2) | Variable rate security. Rate disclosed is as of March 31, 2023. 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) | 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) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(5) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(6) | This loan will settle after March 31, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(7) | Non-income producing. |
(8) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 90% |
Netherlands | 3 |
Canada | 3 |
Luxembourg | 1 |
France | 1 |
Panama | 1 |
Spain | 1 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Corporate Bonds and Notes | $ 6,663 | $ — | $ 6,663 | $ — | |||
Leveraged Loans | 161,750 | — | 161,148 | 602 (1) | |||
Equity Securities: | |||||||
Rights | 180 | — | — | 180 | |||
Common Stocks | 1,055 | — | 646 | 409 | |||
Money Market Mutual Fund | 711 | 711 | — | — | |||
Total Investments | $170,359 | $711 | $168,457 | $1,191 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Leveraged Loans | Rights | Common Stocks | ||||
Investments in Securities | |||||||
Balance as of September 30, 2022: | $ 715 | $ —(a) | $184 | $ 531 | |||
Net change in unrealized appreciation (depreciation)(b) | (126) | — | (4) | (122) | |||
Transfers into Level 3(c) | 602 | 602 | — | — | |||
Balance as of March 31, 2023 | $1,191 | $602 (a) | $180 | $ 409 |
Par Value | Value | ||
Municipal Bonds(1)—98.0% | |||
Alabama—1.3% | |||
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put, Series A, 12/1/23, 4.000%, 12/1/48(2) | $ 910 | $ 911 | |
Arizona—3.5% | |||
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series B 5.000%, 7/1/37 | 360 | 381 | |
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series C 5.000%, 7/1/36 | 1,000 | 1,060 | |
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36 | 500 | 532 | |
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24 | 565 | 585 | |
2,558 | |||
Arkansas—0.8% | |||
University of Arkansas, Facility Revenue, Series A 5.000%, 11/1/33 | 505 | 543 | |
California—2.5% | |||
California Municipal Finance Authority, Bowles Hall Foundation Revenue, Series A 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, Series A 4.000%, 10/1/36 | 275 | 278 | |
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, Series A (BAM Insured) 5.000%, 5/1/32 | 545 | 598 | |
Santa Clarita Community College District, General Obligation, 3.000%, 8/1/44 | 500 | 412 |
Par Value | Value | ||
California—continued | |||
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured) 5.000%, 9/1/25 | $ 175 | $ 183 | |
1,848 | |||
Colorado—8.0% | |||
City & County of Denver Co. Airport System Revenue, Series D (AMT) 5.500%, 11/15/30 | 1,000 | 1,164 | |
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27 | 400 | 417 | |
Public Authority For Colorado Energy, Natural Gas Purchase Revenue, | |||
6.125%, 11/15/23 | 510 | 518 | |
6.250%, 11/15/28 | 2,250 | 2,446 | |
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A 5.000%, 11/1/32 | 1,195 | 1,299 | |
5,844 | |||
Connecticut—2.8% | |||
Connecticut Housing Finance Authority, Mortgage Revenue, Series F1 (GNMA / FNMA / FHLMC Insured) 3.200%, 11/15/33 | 325 | 320 | |
Connecticut State Health & Educational Facilities Authority Revenue, Series A 4.000%, 7/1/40 | 725 | 704 | |
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 | 205 | |
State of Connecticut, Series E General Obligation, 5.000%, 9/15/34 | 750 | 831 | |
2,060 | |||
District of Columbia—6.3% | |||
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 | 4,577 |
Par Value | Value | ||
Florida—16.0% | |||
Brevard County School Board, Certificates of Participation, Series A 5.000%, 7/1/32 | $1,000 | $ 1,090 | |
Broward County School Board, Certificates of Participation, Series A 5.000%, 7/1/32 | 300 | 320 | |
Central Florida Expressway Authority, Senior Lien Toll Revenue, Series B 4.000%, 7/1/30 | 230 | 238 | |
City of Tallahassee, Health Facilities Revenue, Tallahassee Memorial Healthcare, Series A 5.000%, 12/1/36 | 500 | 510 | |
Miami Beach Redevelopment Agency, | |||
Tax Increment Revenue, 5.000%, 2/1/32 | 320 | 325 | |
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 | 207 | |
Miami-Dade County School Board, Certificates of Participation, Series D 5.000%, 2/1/34 | 1,700 | 1,779 | |
Miami-Dade Seaport Department County Revenue, Senior Bonds Series A 5.250%, 10/1/52 | 500 | 533 | |
Seminole County School Board, Certificates of Participation, Series C 5.000%, 7/1/29 | 1,935 | 2,080 | |
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35 | 750 | 790 | |
State of Florida, Department of Transportation Right of Way General Obligation, Series B 5.000%, 7/1/31 | 3,000 | 3,404 | |
Wildwood Utility Dependent District, South Sumter Utility Project Revenue, (BAM Insured) 5.000%, 10/1/37 | 250 | 284 | |
11,601 | |||
Par Value | Value | ||
Georgia—0.8% | |||
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31 | $ 550 | $ 577 | |
Idaho—0.3% | |||
Idaho Health Facilities Authority, St. Luke’s Health System Revenue, Series A 5.000%, 3/1/37 | 235 | 245 | |
Illinois—8.0% | |||
City of Chicago | |||
Second Lien, (AGM Insured) 5.250%, 11/1/32 | 350 | 382 | |
Second Lien, Series 2017-2 (AGM Insured) 5.000%, 11/1/31 | 500 | 541 | |
Waterworks Revenue, Second Lien, 5.000%, 11/1/30 | 500 | 528 | |
Cook County School District No. 78 Rosemont, General Obligation, (AGM Insured) 5.000%, 12/1/38 | 1,000 | 1,121 | |
Illinois Housing Development Authority, Social Bonds Series D (GNMA/FNMA/FHLMC COLL Insured) 2.375%, 10/1/42 | 475 | 342 | |
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien, Series B 5.000%, 1/1/32 | 1,000 | 1,065 | |
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue, 5.000%, 6/1/27 | 450 | 481 | |
State of Illinois, General Obligation, 5.000%, 2/1/27 | 1,250 | 1,342 | |
5,802 | |||
Indiana—3.2% | |||
Indiana Finance Authority, Parkview Health System, Series A 5.000%, 11/1/43 | 1,700 | 1,769 | |
Indianapolis Local Public Improvement Bond Bank Revenue, (AMT) 5.000%, 1/1/34 | 500 | 561 | |
2,330 | |||
Par Value | Value | ||
Maine—1.9% | |||
City of Portland, General Airport Revenue, | |||
5.000%, 7/1/29 | $ 580 | $ 583 | |
5.000%, 7/1/30 | 770 | 773 | |
1,356 | |||
Maryland—2.7% | |||
Maryland Community Development Administration, Revenue, Series A | |||
1.250%, 3/1/30 | 200 | 171 | |
1.950%, 9/1/41 | 500 | 335 | |
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, 5.000%, 8/15/26 | 800 | 829 | |
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, Series A 5.000%, 5/15/42 | 600 | 620 | |
1,955 | |||
Massachusetts—1.3% | |||
Massachusetts Housing Finance Agency, 2.300%, 12/1/40 | 500 | 374 | |
Massachusetts Port Authority, Transportation Revenue, Series A (AMT) 5.000%, 7/1/31 | 500 | 537 | |
911 | |||
Michigan—1.4% | |||
Michigan State Building Authority, Facilities Program Lease Revenue, Series I | |||
5.000%, 4/15/25 | 500 | 525 | |
4.000%, 10/15/36 | 500 | 512 | |
1,037 | |||
Minnesota—3.5% | |||
Minneapolis Special School District No. 1 | |||
Series B General Obligation, (SD CRED PROG Insured) 5.000%, 2/1/39 | 1,085 | 1,243 | |
Series B General Obligation, (SD CRED PROG Insured) 5.000%, 2/1/40 | 1,140 | 1,298 | |
2,541 | |||
Par Value | Value | ||
Mississippi—1.4% | |||
State of Mississippi, Series B (Covid-19 Go Emergency Bonds) General Obligation, 4.000%, 10/1/39 | $1,000 | $ 1,013 | |
New Jersey—1.8% | |||
New Jersey Turnpike Authority, Toll Revenue, Series B 4.000%, 1/1/35 | 240 | 248 | |
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, Series A | |||
5.000%, 6/1/31 | 250 | 271 | |
5.000%, 6/1/32 | 250 | 270 | |
5.000%, 6/1/33 | 250 | 269 | |
5.000%, 6/1/34 | 250 | 268 | |
1,326 | |||
New York—2.4% | |||
Dutchess County Local Development Corp., The Culinary Institute of America Revenue, 5.000%, 7/1/33 | 180 | 190 | |
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue, | |||
Series A (AGM Insured) 3.000%, 1/1/36 | 250 | 225 | |
Series A (AGM Insured) 3.000%, 1/1/37 | 100 | 87 | |
Series A (AGM Insured) 3.000%, 1/1/46 | 750 | 566 | |
New York State Dormitory Authority, | |||
New York University Hospitals Center Revenue, 5.000%, 7/1/33 | 150 | 159 | |
Orange Regional Medical Center Revenue, 144A 5.000%, 12/1/23(3) | 300 | 301 | |
TSASC, Inc., Tobacco Settlement Revenue, Series A 5.000%, 6/1/34 | 190 | 198 | |
1,726 | |||
Ohio—1.2% | |||
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Senior Series A-2 Class 1 Revenue, 4.000%, 6/1/48 | 500 | 441 |
Par Value | Value | ||
Ohio—continued | |||
Northeast Ohio Regional Sewer District Revenue, 3.000%, 11/15/40 | $ 500 | $ 427 | |
868 | |||
Oregon—3.1% | |||
Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue, Series A 4.500%, 1/1/49 | 235 | 237 | |
State of Oregon, Article XI-Q Series F General Obligation, 5.000%, 5/1/33 | 1,095 | 1,177 | |
Washington & Multnomah Counties, Beaverton School District No. 48J, Capital Appreciation Bond, General Obligation, Series D (SCH BD GTY Insured) 5.000%, 6/15/36 | 800 | 862 | |
2,276 | |||
Pennsylvania—5.1% | |||
City of Philadelphia, Water & Wastewater Revenue, Series A 5.000%, 10/1/42 | 300 | 319 | |
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34 | 250 | 273 | |
Pennsylvania Economic Development Financing Authority Revenue, PENNDOT Major Bridges (AMT) 5.500%, 6/30/39 | 485 | 527 | |
Pennsylvania Turnpike Commission Revenue, First Subordinate Series 5.000%, 12/1/38 | 2,325 | 2,603 | |
3,722 | |||
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 | 300 |
Par Value | Value | ||
Tennessee—5.6% | |||
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, Series A 5.000%, 10/1/26 | $1,000 | $ 1,028 | |
Metropolitan Nashville Airport Authority (The) | |||
Revenue, Series A 5.250%, 7/1/47 | 250 | 278 | |
Revenue, Series A 5.000%, 7/1/52 | 250 | 269 | |
Revenue, Series B (AMT) 5.500%, 7/1/40 | 500 | 557 | |
Revenue, Series B (AMT) 5.500%, 7/1/41 | 250 | 279 | |
Revenue, Series B (AMT) 5.500%, 7/1/52 | 500 | 543 | |
Tennessee State School Bond Authority, Higher Education Program Revenue, Series B (State Higher Education Intercept Program Insured) 5.000%, 11/1/34 | 1,000 | 1,101 | |
4,055 | |||
Texas—10.1% | |||
Central Texas Regional Mobility Authority, Senior Lien Toll Revenue, Series D 4.000%, 1/1/38 | 750 | 752 | |
Georgetown Independent School District General Obligation, (PSF-GTD Insured) 3.750%, 8/15/41 | 500 | 499 | |
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured) 5.000%, 2/15/34 | 1,000 | 1,088 | |
Northwest Independent School District, Series A General Obligation, (PSF-GTD Insured) 5.000%, 2/15/39 | 1,370 | 1,565 | |
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D 6.250%, 12/15/26 | 895 | 942 | |
Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, LIBOR Index Series C 3.902%, 9/15/27(2) | 1,895 | 1,873 |
Par Value | Value | ||
Texas—continued | |||
Wharton Independent School District, General Obligation, (PSF-GTD Insured) 3.000%, 2/15/32 | $ 645 | $ 645 | |
7,364 | |||
Vermont—0.4% | |||
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, Series A 5.000%, 12/1/35 | 300 | 314 | |
West Virginia—0.4% | |||
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23 | 300 | 301 | |
Wisconsin—1.8% | |||
Public Finance Authority, | |||
Renown Regional Medical Center Revenue, Series A 5.000%, 6/1/33 | 1,000 | 1,044 | |
Waste Management, Inc. Project Revenue, (AMT) 2.875%, 5/1/27 | 250 | 237 | |
1,281 | |||
Total Municipal Bonds (Identified Cost $71,425) | 71,242 | ||
Total Long-Term Investments—98.0% (Identified Cost $71,425) | 71,242 | ||
TOTAL INVESTMENTS—98.0% (Identified Cost $71,425) | $71,242 | ||
Other assets and liabilities, net—2.0% | 1,432 | ||
NET ASSETS—100.0% | $72,674 |
Abbreviations: | |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMT | Alternative Minimum Tax |
BAM | Build America Municipal Insured |
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 |
SD CRED PROG | State Credit Enhancement Program |
Footnote Legend: | |
(1) | At March 31, 2023, 24.7% 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 March 31, 2023. 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 March 31, 2023, these securities amounted to a value of $301 or 0.4% of net assets. |
Total Value at March 31, 2023 | Level 2 Significant Observable Inputs | ||
Assets: | |||
Debt Instruments: | |||
Municipal Bonds | $71,242 | $71,242 | |
Total Investments | $71,242 | $71,242 |
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) | $ 93,434 | $ 49,524 | $ 473,713 | $ 281,935 | |||
Cash | 907 | 508 | 4,833 | 2,761 | |||
Receivables | |||||||
Investment securities sold | 35 | 883 | 1,685 | 4,801 | |||
Fund shares sold | 296 | 13 | 230 | 1,173 | |||
Dividends and interest | 727 | 852 | 2,139 | 2,761 | |||
Securities lending income | — (a) | 1 | 4 | 2 | |||
Prepaid Trustees’ retainer | 2 | 1 | 10 | 5 | |||
Prepaid expenses | 28 | 23 | 49 | 35 | |||
Other assets | 12 | 6 | 58 | 34 | |||
Total assets | 95,441 | 51,811 | 482,721 | 293,507 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 83 | 121 | 385 | 653 | |||
Investment securities purchased | 951 | 1,603 | 17,079 | 7,715 | |||
Collateral on securities loaned | 304 | 850 | 1,039 | 2,005 | |||
Dividend distributions | — | 10 | 54 | 138 | |||
Investment advisory fees | 13 | 11 | 82 | 104 | |||
Distribution and service fees | 7 | 9 | 23 | 24 | |||
Administration and accounting fees | 9 | 5 | 41 | 25 | |||
Transfer agent and sub-transfer agent fees and expenses | 12 | 9 | 66 | 52 | |||
Professional fees | 40 | 26 | 50 | 36 | |||
Trustee deferred compensation plan | 12 | 6 | 58 | 34 | |||
Interest expense and/or commitment fees | — (a) | — (a) | 2 | 1 | |||
Other accrued expenses | 10 | 13 | 25 | 17 | |||
Total liabilities | 1,441 | 2,663 | 18,904 | 10,804 | |||
Net Assets | $ 94,000 | $ 49,148 | $ 463,817 | $ 282,703 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par value | $ — | $ — | $ 45 | $ — | |||
Capital paid in on shares of beneficial interest | 108,823 | 59,411 | 509,242 | 328,103 | |||
Accumulated earnings (loss) | (14,823) | (10,263) | (45,470) | (45,400) | |||
Net Assets | $ 94,000 | $ 49,148 | $ 463,817 | $ 282,703 | |||
Net Assets: | |||||||
Class A | $ 29,053 | $ 36,305 | $ 68,019 | $ 70,081 | |||
Class C | $ 1,336 | $ 1,059 | $ 10,189 | $ 10,734 | |||
Class I | $ 62,272 | $ 9,933 | $ 345,820 | $ 196,824 | |||
Class R6 | $ 1,339 | $ 1,851 | $ 39,789 | $ 5,064 | |||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||||
Class A | 2,866,750 | 9,901,549 | 6,635,481 | 7,781,519 | |||
Class C | 135,009 | 293,861 | 993,959 | 1,177,673 | |||
Class I | 6,043,865 | 2,703,656 | 33,745,087 | 21,924,118 | |||
Class R6 | 129,917 | 504,471 | 3,878,632 | 559,831 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 10.13 | $ 3.67 | $ 10.25 | $ 9.01 | |||
Class C | $ 9.90 | $ 3.60 | $ 10.25 | $ 9.11 | |||
Class I | $ 10.30 | $ 3.67 | $ 10.25 | $ 8.98 | |||
Class R6 | $ 10.31 | $ 3.67 | $ 10.26 | $ 9.05 |
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 | $ 10.52 | $ 3.81 | $ 10.49 | $ 9.36 | |||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.25% | 3.75% | |||
(1) Investment in securities at cost | $ 101,265 | $ 54,055 | $ 501,117 | $ 303,365 | |||
(2) Market value of securities on loan | $ 295 | $ 832 | $ 1,016 | $ 1,957 | |||
(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. |
* | 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) | $ 4,693,012 | $ 170,359 | $ 71,242 | ||
Cash | 48,335 | 1,482 | 545 | ||
Receivables | |||||
Investment securities sold | 30,026 | 10,194 | — | ||
Fund shares sold | 5,721 | 661 | 46 | ||
Dividends and interest | 27,068 | 773 | 1,013 | ||
Securities lending income | 6 | — | — | ||
Prepaid Trustees’ retainer | 94 | 4 | 1 | ||
Prepaid expenses | 59 | 37 | 20 | ||
Other assets | 584 | 22 | 9 | ||
Total assets | 4,804,905 | 183,532 | 72,876 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 10,139 | 879 | 125 | ||
Investment securities purchased | 30,906 | 5,211 | — | ||
Borrowings (See Note 11) | — | 6,000 | — | ||
Collateral on securities loaned | 12,546 | — | — | ||
Dividend distributions | 507 | 163 | 8 | ||
Investment advisory fees | 1,504 | 54 | 12 | ||
Distribution and service fees | 251 | 17 | 8 | ||
Administration and accounting fees | 410 | 16 | 7 | ||
Transfer agent and sub-transfer agent fees and expenses | 848 | 31 | 14 | ||
Professional fees | 314 | 11 | 19 | ||
Trustee deferred compensation plan | 584 | 22 | 9 | ||
Interest expense and/or commitment fees | 15 | 36 | — (a) | ||
Other accrued expenses | 206 | 14 | — | ||
Total liabilities | 58,230 | 12,454 | 202 | ||
Net Assets | $ 4,746,675 | $ 171,078 | $ 72,674 | ||
Net Assets Consist of: | |||||
Common stock $0.001 par value | $ — | $ — | $ 7 | ||
Capital paid in on shares of beneficial interest | 5,351,611 | 248,569 | 72,936 | ||
Accumulated earnings (loss) | (604,936) | (77,491) | (269) | ||
Net Assets | $ 4,746,675 | $ 171,078 | $ 72,674 | ||
Net Assets: | |||||
Class A | $ 710,068 | $ 54,114 | $ 29,293 | ||
Class C | $ 153,994 | $ 6,625 | $ 1,737 | ||
Class C1 | $ 39,671 | $ — | $ — | ||
Class I | $ 3,831,424 | $ 109,144 | $ 41,644 | ||
Class R6 | $ 11,518 | $ 1,195 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||
Class A | 161,995,318 | 6,296,807 | 2,832,164 | ||
Class C | 34,609,964 | 770,247 | 167,977 | ||
Class C1 | 8,940,048 | — | — | ||
Class I | 872,648,541 | 12,719,362 | 4,026,601 | ||
Class R6 | 2,615,811 | 139,305 | — |
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 | $ 4.38 | $ 8.59 | $ 10.34 | ||
Class C | $ 4.45 | $ 8.60 | $ 10.34 | ||
Class C1 | $ 4.44 | $ — | $ — | ||
Class I | $ 4.39 | $ 8.58 | $ 10.34 | ||
Class R6 | $ 4.40 | $ 8.58 | $ — | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 4.48 | $ 8.83 | $ 10.63 | ||
Maximum Sales Charge - Class A | 2.25% | 2.75% | 2.75% | ||
(1) Investment in securities at cost | $ 4,996,829 | $ 175,255 | $ 71,425 | ||
(2) Market value of securities on loan | $ 12,252 | $ — | $ — | ||
(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. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
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 | $ 45 | $ 51 | $ 161 | $ 167 | |||
Interest | 1,860 | 1,618 | 8,282 | 6,890 | |||
Securities lending, net of fees | 1 | 3 | 6 | 5 | |||
Foreign taxes withheld | — | — (1) | — | (1) | |||
Total investment income | 1,906 | 1,672 | 8,449 | 7,061 | |||
Expenses | |||||||
Investment advisory fees | 198 | 127 | 983 | 694 | |||
Distribution and service fees, Class A | 35 | 45 | 90 | 84 | |||
Distribution and service fees, Class C | 7 | 5 | 56 | 57 | |||
Administration and accounting fees | 49 | 27 | 254 | 132 | |||
Transfer agent fees and expenses | 20 | 12 | 104 | 54 | |||
Sub-transfer agent fees and expenses, Class A | 9 | 9 | 24 | 27 | |||
Sub-transfer agent fees and expenses, Class C | 1 | 1 | 5 | 6 | |||
Sub-transfer agent fees and expenses, Class I | 29 | 5 | 148 | 68 | |||
Custodian fees | 5 | 2 | 7 | 5 | |||
Printing fees and expenses | 3 | 2 | 19 | 10 | |||
Professional fees | 31 | 25 | 7 | 16 | |||
Interest expense and/or commitment fees | 5 | — (1) | 5 | 1 | |||
Registration fees | 22 | 19 | 35 | 32 | |||
Trustees’ fees and expenses | 3 | 2 | 19 | 9 | |||
Miscellaneous expenses | 15 | 18 | 32 | 19 | |||
Total expenses | 432 | 299 | 1,788 | 1,214 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (131) | (69) | (436) | (147) | |||
Net expenses | 301 | 230 | 1,352 | 1,067 | |||
Net investment income (loss) | 1,605 | 1,442 | 7,097 | 5,994 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (4,631) | (876) | (8,631) | (5,073) | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | 6,883 | 2,614 | 16,042 | 12,792 | |||
Net realized and unrealized gain (loss) on investments | 2,252 | 1,738 | 7,411 | 7,719 | |||
Net increase (decrease) in net assets resulting from operations | $ 3,857 | $3,180 | $14,508 | $13,713 |
(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 | $ 1,056 | $ 304 | $ 36 | ||
Interest | 98,276 | 7,201 | 1,257 | ||
Securities lending, net of fees | 12 | — | — | ||
Foreign taxes withheld | (30) | — | — | ||
Total investment income | 99,314 | 7,505 | 1,293 | ||
Expenses | |||||
Investment advisory fees | 11,847 | 420 | 166 | ||
Distribution and service fees, Class A | 917 | 70 | 37 | ||
Distribution and service fees, Class C | 414 | 35 | 10 | ||
Distribution and service fees, Class C1 | 210 | — | — | ||
Administration and accounting fees | 2,513 | 99 | 41 | ||
Transfer agent fees and expenses | 1,054 | 40 | 16 | ||
Sub-transfer agent fees and expenses, Class A | 315 | 23 | 10 | ||
Sub-transfer agent fees and expenses, Class C | 75 | 3 | 1 | ||
Sub-transfer agent fees and expenses, Class C1 | 16 | — | — | ||
Sub-transfer agent fees and expenses, Class I | 1,621 | 52 | 21 | ||
Custodian fees | 14 | 2 | 1 | ||
Printing fees and expenses | 191 | 7 | 3 | ||
Professional fees | — | 18 | 15 | ||
Interest expense and/or commitment fees | 23 | 118 | — (1) | ||
Registration fees | 71 | 34 | 15 | ||
Trustees’ fees and expenses | 186 | 7 | 3 | ||
Miscellaneous expenses | 108 | 16 | 5 | ||
Total expenses | 19,575 | 944 | 344 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (2,126) | (80) | (83) | ||
Net expenses | 17,449 | 864 | 261 | ||
Net investment income (loss) | 81,865 | 6,641 | 1,032 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (66,459) | (2,207) | 125 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 156,755 | 5,892 | 2,827 | ||
Net realized and unrealized gain (loss) on investments | 90,296 | 3,685 | 2,952 | ||
Net increase (decrease) in net assets resulting from operations | $172,161 | $10,326 | $3,984 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,605 | $ 2,939 | $ 1,442 | $ 2,692 | |||
Net realized gain (loss) | (4,631) | (2,104) | (876) | (1,153) | |||
Net change in unrealized appreciation (depreciation) | 6,883 | (17,663) | 2,614 | (8,805) | |||
Increase (decrease) in net assets resulting from operations | 3,857 | (16,828) | 3,180 | (7,266) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (492) | (1,220) | (1,122) | (2,131) | |||
Class C | (18) | (70) | (29) | (54) | |||
Class I | (1,068) | (3,141) | (222) | (380) | |||
Class R6 | (24) | (56) | (62) | (112) | |||
Total dividends and distributions to shareholders | (1,602) | (4,487) | (1,435) | (2,677) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 1,186 | (2,007) | (1,361) | (2,932) | |||
Class C | 17 | (984) | 6 | (212) | |||
Class I | (2,614) | 8,112 | 3,508 | (757) | |||
Class R6 | (37) | 384 | 23 | 224 | |||
Increase (decrease) in net assets from capital transactions | (1,448) | 5,505 | 2,176 | (3,677) | |||
Net increase (decrease) in net assets | 807 | (15,810) | 3,921 | (13,620) | |||
Net Assets | |||||||
Beginning of period | 93,193 | 109,003 | 45,227 | 58,847 | |||
End of Period | $ 94,000 | $ 93,193 | $ 49,148 | $ 45,227 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 7,097 | $ 11,395 | $ 5,994 | $ 10,888 | |||
Net realized gain (loss) | (8,631) | (8,110) | (5,073) | (7,239) | |||
Net change in unrealized appreciation (depreciation) | 16,042 | (48,638) | 12,792 | (38,130) | |||
Increase (decrease) in net assets resulting from operations | 14,508 | (45,353) | 13,713 | (34,481) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (971) | (1,330) | (1,581) | (2,724) | |||
Class C | (110) | (108) | (220) | (487) | |||
Class I | (5,419) | (9,384) | (4,253) | (7,635) | |||
Class R6 | (594) | (554) | (131) | (234) | |||
Return of Capital: | |||||||
Class A | — | — | — | (153) | |||
Class C | — | — | — | (35) | |||
Class I | — | — | — | (396) | |||
Class R6 | — | — | — | (12) | |||
Total dividends and distributions to shareholders | (7,094) | (11,376) | (6,185) | (11,676) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (10,377) | (16,540) | 3,481 | (6,219) | |||
Class C | (1,772) | (4,355) | (1,639) | (5,331) | |||
Class I | (85,117) | (163,556) | 32,577 | (22,746) | |||
Class R6 | (186) | 14,785 | (248) | (222) | |||
Increase (decrease) in net assets from capital transactions | (97,452) | (169,666) | 34,171 | (34,518) | |||
Net increase (decrease) in net assets | (90,038) | (226,395) | 41,699 | (80,675) | |||
Net Assets | |||||||
Beginning of period | 553,855 | 780,250 | 241,004 | 321,679 | |||
End of Period | $ 463,817 | $ 553,855 | $ 282,703 | $ 241,004 |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 81,865 | $ 134,967 | $ 6,641 | $ 7,621 | |||
Net realized gain (loss) | (66,459) | (82,760) | (2,207) | (2,643) | |||
Net change in unrealized appreciation (depreciation) | 156,755 | (511,840) | 5,892 | (10,866) | |||
Increase (decrease) in net assets resulting from operations | 172,161 | (459,633) | 10,326 | (5,888) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (11,535) | (17,877) | (1,958) | (2,381) | |||
Class C | (2,346) | (3,892) | (218) | (241) | |||
Class C1 | (494) | (735) | — | — | |||
Class I | (67,278) | (111,213) | (4,419) | (4,942) | |||
Class R6 | (303) | (677) | (46) | (56) | |||
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 | (81,956) | (141,897) | (6,641) | (7,620) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (74,380) | (98,535) | (3,577) | (11,478) | |||
Class C | (30,295) | (64,648) | (726) | (1,865) | |||
Class C1 | (5,943) | (19,482) | — | — | |||
Class I | (495,795) | (482,484) | (12,492) | (8,832) | |||
Class R6 | (14,711) | (1,409) | (177) | (179) | |||
Increase (decrease) in net assets from capital transactions | (621,124) | (666,558) | (16,972) | (22,354) | |||
Net increase (decrease) in net assets | (530,919) | (1,268,088) | (13,287) | (35,862) | |||
Net Assets | |||||||
Beginning of period | 5,277,594 | 6,545,682 | 184,365 | 220,227 | |||
End of Period | $ 4,746,675 | $ 5,277,594 | $ 171,078 | $ 184,365 |
Seix Tax-Exempt Bond Fund | |||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 1,032 | $ 2,040 | |
Net realized gain (loss) | 125 | (124) | |
Net change in unrealized appreciation (depreciation) | 2,827 | (11,461) | |
Increase (decrease) in net assets resulting from operations | 3,984 | (9,545) | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (385) | (846) | |
Class C | (18) | (51) | |
Class I | (609) | (1,469) | |
Total dividends and distributions to shareholders | (1,012) | (2,366) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | (1,476) | (3,838) | |
Class C | (402) | (1,127) | |
Class I | (3,865) | (11,580) | |
Increase (decrease) in net assets from capital transactions | (5,743) | (16,545) | |
Net increase (decrease) in net assets | (2,771) | (28,456) | |
Net Assets | |||
Beginning of period | 75,445 | 103,901 | |
End of Period | $ 72,674 | $ 75,445 |
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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.84 | 0.17 | 0.29 | 0.46 | (0.17) | — | — | (0.17) | — | 0.29 | $10.13 | 4.76 % | $ 29,053 | 0.84 % (7)(8) | 1.12 % | 3.50 % | 30 % | |
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 (8) | 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 (9) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.61 | 0.13 | 0.29 | 0.42 | (0.13) | — | — | (0.13) | — | 0.29 | $ 9.90 | 4.44 % | $ 1,336 | 1.59 % (7)(8) | 1.92 % | 2.75 % | 30 % | |
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 (8) | 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 (9) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.00 | 0.19 | 0.30 | 0.49 | (0.19) | — | — | (0.19) | — | 0.30 | $10.30 | 4.93 % | $ 62,272 | 0.59 % (7)(8) | 0.90 % | 3.75 % | 30 % | |
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 (8) | 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 (9) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.01 | 0.20 | 0.30 | 0.50 | (0.20) | — | — | (0.20) | — | 0.30 | $10.31 | 5.00 % | $ 1,339 | 0.47 % (7)(8) | 0.80 % | 3.86 % | 30 % | |
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 (8) | 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 (9) | 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 (9) | 0.79 | 3.59 | 49 | |
Newfleet High Yield Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 3.53 | 0.11 | 0.14 | 0.25 | (0.11) | — | — | (0.11) | — | 0.14 | $ 3.67 | 7.21 % | $ 36,305 | 1.03 % (8) | 1.32 % | 6.22 % | 26 % | |
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 (8) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 3.47 | 0.10 | 0.13 | 0.23 | (0.10) | — | — | (0.10) | — | 0.13 | $ 3.60 | 6.59 % | $ 1,059 | 1.78 % (8) | 2.11 % | 5.47 % | 26 % | |
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 (8) | 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 |
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 I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 3.53 | 0.12 | 0.14 | 0.26 | (0.12) | — | — | (0.12) | — | 0.14 | $ 3.67 | 7.34 % | $ 9,933 | 0.78 % (8) | 1.14 % | 6.44 % | 26 % | |
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 (8) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 3.53 | 0.12 | 0.14 | 0.26 | (0.12) | — | — | (0.12) | — | 0.14 | $ 3.67 | 7.43 % | $ 1,851 | 0.62 % (8) | 1.01 % | 6.63 % | 26 % | |
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 (8) | 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 (9) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.09 | 0.14 | 0.16 | 0.30 | (0.14) | — | — | (0.14) | — | 0.16 | $10.25 | 2.97 % | $ 68,019 | 0.75 % | 0.91 % | 2.70 % | 17 % | |
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 (8) | 0.90 | 1.46 | 38 | |
10/1/20 to 9/30/21 | 10.96 | 0.16 | — (10) | 0.16 | (0.16) | — | — | (0.16) | — | — (10) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.09 | 0.10 | 0.16 | 0.26 | (0.10) | — | — | (0.10) | — | 0.16 | $10.25 | 2.59 % | $ 10,189 | 1.50 % | 1.68 % | 1.95 % | 17 % | |
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 (8) | 1.69 | 0.70 | 38 | |
10/1/20 to 9/30/21 | 10.96 | 0.08 | (0.01) | 0.07 | (0.07) | — | — | (0.07) | — | — (10) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.08 | 0.15 | 0.17 | 0.32 | (0.15) | — | — | (0.15) | — | 0.17 | $10.25 | 3.20 % | $ 345,820 | 0.50 % | 0.68 % | 2.94 % | 17 % | |
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 (8) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.09 | 0.15 | 0.17 | 0.32 | (0.15) | — | — | (0.15) | — | 0.17 | $10.26 | 3.23 % | $ 39,789 | 0.43 % | 0.60 % | 3.03 % | 17 % | |
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 (8) | 0.60 | 1.81 | 38 | |
10/1/20 to 9/30/21 | 10.96 | 0.16 | 0.03 | 0.19 | (0.19) | — | — | (0.19) | — | — (10) | 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 (11) 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 (12) |
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 | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.73 | 0.21 | 0.28 | 0.49 | (0.21) | — | — | (0.21) | — | 0.28 | $ 9.01 | 5.77 % | $ 70,081 | 0.99 % | 1.10 % | 4.62 % | 33 % | |
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 (8) | 1.10 | 3.76 | 52 | |
10/1/20 to 9/30/21 | 10.06 | 0.37 | 0.27 | 0.64 | (0.35) | — | — | (0.35) | — (10) | 0.29 | 10.35 | 6.45 (13) | 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) | — (10) | 0.19 | 10.16 | 6.43 (13) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.83 | 0.17 | 0.28 | 0.45 | (0.17) | — | — | (0.17) | — | 0.28 | $ 9.11 | 5.18 % | $ 10,734 | 1.74 % | 1.87 % | 3.86 % | 33 % | |
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 (8) | 1.85 | 3.00 | 52 | |
10/1/20 to 9/30/21 | 10.17 | 0.29 | 0.27 | 0.56 | (0.27) | — | — | (0.27) | — (10) | 0.29 | 10.46 | 5.58 (13) | 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) | — (10) | 0.19 | 10.26 | 5.57 (13) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.70 | 0.22 | 0.28 | 0.50 | (0.22) | — | — | (0.22) | — | 0.28 | $ 8.98 | 5.84 % | $ 196,824 | 0.74 % | 0.85 % | 4.86 % | 33 % | |
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 (8) | 0.86 | 4.00 | 52 | |
10/1/20 to 9/30/21 | 10.05 | 0.39 | 0.28 | 0.67 | (0.39) | — | — | (0.39) | — (10) | 0.28 | 10.33 | 6.70 (13) | 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) | — (10) | 0.17 | 10.15 | 6.57 (13) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.76 | 0.22 | 0.29 | 0.51 | (0.22) | — | — | (0.22) | — | 0.29 | $ 9.05 | 5.92 % | $ 5,064 | 0.60 % | 0.77 % | 5.00 % | 33 % | |
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 (8) | 0.78 | 4.15 | 52 | |
10/1/20 to 9/30/21 | 10.08 | 0.41 | 0.28 | 0.69 | (0.39) | — | — | (0.39) | — (10) | 0.30 | 10.38 | 6.87 (13) | 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) | — (10) | 0.19 | 10.17 | 6.77 (13) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 4.30 | 0.07 | 0.08 | 0.15 | (0.07) | — | — | (0.07) | — | 0.08 | $ 4.38 | 3.47 % | $ 710,068 | 0.90 % | 0.99 % | 3.14 % | 15 % | |
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 (8)(9) | 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 (14) | 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 (14) | 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 (14) | 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 (14) | 0.98 | 2.88 | 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 C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 4.37 | 0.06 | 0.08 | 0.14 | (0.06) | — | — | (0.06) | — | 0.08 | $ 4.45 | 3.29 % | $ 153,994 | 1.16 % | 1.24 % | 2.87 % | 15 % | |
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 (8)(9) | 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 (14) | 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 (14) | 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 (14) | 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 (14) | 1.21 | 2.66 | 55 | |
Class C1 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 4.36 | 0.05 | 0.08 | 0.13 | (0.05) | — | — | (0.05) | — | 0.08 | $ 4.44 | 3.05 % | $ 39,671 | 1.66 % | 1.73 % | 2.38 % | 15 % | |
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 (8)(9) | 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 (14) | 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 (14) | 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 (14) | 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 (14) | 1.71 | 2.16 | 55 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 4.31 | 0.07 | 0.08 | 0.15 | (0.07) | — | — | (0.07) | — | 0.08 | $ 4.39 | 3.60 % | $3,831,424 | 0.65 % | 0.73 % | 3.38 % | 15 % | |
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 (8)(9) | 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 (14) | 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 (14) | 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 (14) | 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 (14) | 0.71 | 3.16 | 55 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 4.32 | 0.08 | 0.08 | 0.16 | (0.08) | — | — | (0.08) | — | 0.08 | $ 4.40 | 3.63 % | $ 11,518 | 0.52 % | 0.70 % | 3.46 % | 15 % | |
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 (8)(9) | 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 (9) | 0.65 | 3.29 | 55 | |
Newfleet Senior Floating Rate Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.43 | 0.30 | 0.16 | 0.46 | (0.30) | — | — | (0.30) | — | 0.16 | $ 8.59 | 5.52 % | $ 54,114 | 1.07 % (15) | 1.15 % | 6.98 % | 24 % | |
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 (8)(15) | 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 (15) | 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 (15) | 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 (15) | 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 |
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 Senior Floating Rate Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.43 | 0.27 | 0.17 | 0.44 | (0.27) | — | — | (0.27) | — | 0.17 | $ 8.60 | 5.25 % | $ 6,625 | 1.81 % (15) | 1.91 % | 6.22 % | 24 % | |
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 (8)(15) | 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 (15) | 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 (15) | 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 (15) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.41 | 0.31 | 0.17 | 0.48 | (0.31) | — | — | (0.31) | — | 0.17 | $ 8.58 | 5.77 % | $ 109,144 | 0.81 % (15) | 0.90 % | 7.22 % | 24 % | |
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 (8)(15) | 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 (15) | 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 (15) | 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 (15) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.41 | 0.31 | 0.18 | 0.49 | (0.32) | — | — | (0.32) | — | 0.17 | $ 8.58 | 5.85 % | $ 1,195 | 0.67 % (15) | 0.82 % | 7.34 % | 24 % | |
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 (8)(15) | 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 (15) | 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 (15) | 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 (15) | 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 (9) | 0.86 | 4.70 | 37 | |
Seix Tax-Exempt Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.94 | 0.14 | 0.39 | 0.53 | (0.13) | — | — | (0.13) | — | 0.40 | $10.34 | 5.39 % | $ 29,293 | 0.83 % | 1.04 % | 2.67 % | 17 % | |
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 (8)(9) | 1.02 | 2.13 | 1 | |
10/1/20 to 9/30/21 | 11.45 | 0.23 | — (10) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.94 | 0.10 | 0.39 | 0.49 | (0.09) | — | — | (0.09) | — | 0.40 | $10.34 | 5.00 % | $ 1,737 | 1.58 % | 1.78 % | 1.92 % | 17 % | |
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 (8)(9) | 1.77 | 1.37 | 1 | |
10/1/20 to 9/30/21 | 11.45 | 0.15 | — (10) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 9.94 | 0.15 | 0.40 | 0.55 | (0.15) | — | — | (0.15) | — | 0.40 | $10.34 | 5.52 % | $ 41,644 | 0.58 % | 0.82 % | 2.92 % | 17 % | |
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 (8)(9) | 0.79 | 2.37 | 1 | |
10/1/20 to 9/30/21 | 11.45 | 0.26 | — (10) | 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) | Unaudited. |
(7) | Includes interest expense on borrowings. |
(8) | Net expense ratio includes extraordinary proxy expenses. |
(9) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(10) | Amount is less than $0.005 per share. |
(11) | Inception date. |
(12) | Portfolio turnover is representative of the Fund for the entire period. |
(13) | Payment from affiliate had no impact on total return. |
(14) | The share class is currently under its expense limitation. |
(15) | Ratios of total expenses excluding interest expense on borrowings for six months ended March 31, 2023, and 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). |
Fund | Investment objective(s) | |
Newfleet Core Plus Bond Fund | High total return from both current income and capital appreciation. | |
Newfleet High Yield Fund | High current income and a secondary objective of capital growth. | |
Newfleet Low Duration Core Plus Bond Fund | 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. | |
Newfleet Multi-Sector Intermediate Bond Fund | Maximizing current income while preserving capital. | |
Newfleet Multi-Sector Short Term Bond Fund | To provide a high current income, while attempting to limit changes in the Fund’s net asset value per share caused by interest rate changes. | |
Newfleet Senior Floating Rate Fund | High total return from both current income and capital appreciation. | |
Seix Tax-Exempt Bond Fund | Providing a high level of current income that is exempt from federal income tax. |
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 each such 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 instruments, 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 March 31, 2023, 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 | $ 295 | $ 295 | $ — | |||
Newfleet High Yield Fund | 832 | 832 | — | |||
Newfleet Low Duration Core Plus Bond Fund | 1,016 | 1,016 | — | |||
Newfleet Multi-Sector Intermediate Bond Fund | 1,957 | 1,957 | — |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
Newfleet Multi-Sector Short Term Bond Fund | $12,252 | $12,252 | $— |
(1) | Collateral received in excess of the 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 | $ 304 | ||
Newfleet High Yield Fund | Money Market Mutual Fund | 850 | ||
Newfleet Low Duration Core Plus Bond Fund | Money Market Mutual Fund | 1,039 | ||
Newfleet Multi-Sector Intermediate Bond Fund | Money Market Mutual Fund | 2,005 | ||
Newfleet Multi-Sector Short Term Bond Fund | Money Market Mutual Fund | 12,546 |
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 six months 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(1) | |
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. |
(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, 2024. 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 | 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 | 0.83 | 1.58 | N/A | 0.58 | N/A |
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 six months ending March 31: |
Expiration | ||||||||||
Fund | 2023 | 2024 | 2025 | 2026 | Total | |||||
Newfleet Core Plus Bond Fund | ||||||||||
Class A | $ 56 | $ 90 | $ 72 | $ 39 | $ 257 | |||||
Class C | 7 | 9 | 6 | 2 | 24 | |||||
Class I | 94 | 165 | 192 | 88 | 539 | |||||
Class R6 | 2 | 3 | 4 | 2 | 11 | |||||
Newfleet High Yield Fund | ||||||||||
Class A | 96 | 118 | 108 | 51 | 373 | |||||
Class C | 5 | 5 | 4 | 2 | 16 | |||||
Class I | 22 | 26 | 24 | 12 | 84 | |||||
Class R6 | 2 | 6 | 7 | 4 | 19 | |||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||||
Class A | 77 | 129 | 119 | 60 | 385 | |||||
Class C | 20 | 30 | 28 | 10 | 88 | |||||
Class I | 377 | 770 | 805 | 332 | 2,284 | |||||
Class R6 | — (1) | 1 | 47 | 34 | 82 |
Expiration | ||||||||||
Fund | 2023 | 2024 | 2025 | 2026 | Total | |||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||
Class A | $ 41 | $ 69 | $ 68 | $ 39 | $ 217 | |||||
Class C | 17 | 20 | 16 | 8 | 61 | |||||
Class I | 126 | 206 | 188 | 95 | 615 | |||||
Class R6 | 5 | 9 | 9 | 5 | 28 | |||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||||
Class A | — | — | 410 | 332 | 742 | |||||
Class C | — | — | 130 | 71 | 201 | |||||
Class C1 | — | — | 22 | 16 | 38 | |||||
Class I | — | — | 2,267 | 1,690 | 3,957 | |||||
Class R6 | 7 | 32 | 43 | 17 | 99 | |||||
Newfleet Senior Floating Rate Fund | ||||||||||
Class A | 18 | 29 | 34 | 24 | 105 | |||||
Class C | 13 | 13 | 5 | 3 | 34 | |||||
Class I | 45 | 55 | 68 | 52 | 220 | |||||
Class R6 | 2 | 3 | 2 | 1 | 8 | |||||
Seix Tax-Exempt Bond Fund | ||||||||||
Class A | 34 | 61 | 60 | 31 | 186 | |||||
Class C | 7 | 8 | 5 | 2 | 22 | |||||
Class I | 76 | 111 | 102 | 50 | 339 |
(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 six months ended March 31, 2023, it retained net commissions of $11 for Class A shares and CDSC of $6, $2 and $4 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 Funds may be exchanged for shares of the same class of certain other Virtus 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 six months ended March 31, 2023, the Funds incurred administration fees totaling $2,870 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 six months ended March 31, 2023, the Funds incurred transfer agent fees totaling $1,285 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. During the six months ended March 31, 2023, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
H. | Trustee Deferred Compensation Plan |
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 March 31, 2023. |
Purchases | Sales | ||
Newfleet Core Plus Bond Fund | $ 19,254 | $ 27,845 | |
Newfleet High Yield Fund | 12,186 | 11,397 | |
Newfleet Low Duration Core Plus Bond Fund | 55,582 | 141,621 | |
Newfleet Multi-Sector Intermediate Bond Fund | 82,622 | 55,721 | |
Newfleet Multi-Sector Short Term Bond Fund | 654,442 | 1,137,249 | |
Newfleet Senior Floating Rate Fund | 41,546 | 50,857 | |
Seix Tax-Exempt Bond Fund | 11,997 | 16,068 |
Purchases | Sales | ||
Newfleet Core Plus Bond Fund | $ 7,462 | $ 10,428 | |
Newfleet High Yield Fund | 809 | — | |
Newfleet Low Duration Core Plus Bond Fund | 23,670 | 21,654 | |
Newfleet Multi-Sector Intermediate Bond Fund | 30,169 | 24,027 | |
Newfleet Multi-Sector Short Term Bond Fund | 48,268 | 127,511 | |
Newfleet Senior Floating Rate Fund | — | 975 |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 272 | $ 2,695 | 213 | $ 2,304 | 210 | $ 769 | 275 | $ 1,107 | |||||||
Reinvestment of distributions | 45 | 443 | 99 | 1,100 | 266 | 970 | 476 | 1,869 | |||||||
Shares repurchased and cross class conversions | (196) | (1,952) | (490) | (5,411) | (855) | (3,100) | (1,479) | (5,908) | |||||||
Net Increase / (Decrease) | 121 | $ 1,186 | (178) | $ (2,007) | (379) | $ (1,361) | (728) | $ (2,932) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 45 | $ 448 | 25 | $ 276 | 20 | $ 70 | 32 | $ 133 | |||||||
Reinvestment of distributions | 2 | 17 | 6 | 70 | 8 | 28 | 14 | 53 | |||||||
Shares repurchased and cross class conversions | (46) | (448) | (125) | (1,330) | (26) | (92) | (101) | (398) | |||||||
Net Increase / (Decrease) | 1 | $ 17 | (94) | $ (984) | 2 | $ 6 | (55) | $ (212) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 3,461 | $ 35,426 | 4,971 | $ 56,063 | 1,693 | $ 6,202 | 422 | $ 1,660 | |||||||
Reinvestment of distributions | 105 | 1,068 | 282 | 3,155 | 61 | 224 | 97 | 382 | |||||||
Shares repurchased and cross class conversions | (3,877) | (39,108) | (4,782) | (51,106) | (804) | (2,918) | (699) | (2,799) | |||||||
Net Increase / (Decrease) | (311) | $ (2,614) | 471 | $ 8,112 | 950 | $ 3,508 | (180) | $ (757) |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 23 | $ 230 | 59 | $ 678 | 60 | $ 218 | 192 | $ 797 | |||||||
Reinvestment of distributions | 2 | 23 | 5 | 52 | 16 | 59 | 27 | 107 | |||||||
Shares repurchased and cross class conversions | (29) | (290) | (31) | (346) | (70) | (254) | (172) | (680) | |||||||
Net Increase / (Decrease) | (4) | $ (37) | 33 | $ 384 | 6 | $ 23 | 47 | $ 224 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 768 | $ 7,777 | 2,275 | $ 24,030 | 975 | $ 8,700 | 1,108 | $ 10,490 | |||||||
Reinvestment of distributions | 77 | 788 | 98 | 1,024 | 144 | 1,285 | 248 | 2,377 | |||||||
Shares repurchased and cross class conversions | (1,868) | (18,942) | (3,957) | (41,594) | (732) | (6,504) | (1,954) | (19,086) | |||||||
Net Increase / (Decrease) | (1,023) | $ (10,377) | (1,584) | $ (16,540) | 387 | $ 3,481 | (598) | $ (6,219) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 240 | $ 2,433 | 440 | $ 4,714 | 200 | $ 1,799 | 151 | $ 1,478 | |||||||
Reinvestment of distributions | 10 | 101 | 9 | 99 | 22 | 199 | 48 | 470 | |||||||
Shares repurchased and cross class conversions | (423) | (4,306) | (870) | (9,168) | (405) | (3,637) | (750) | (7,279) | |||||||
Net Increase / (Decrease) | (173) | $ (1,772) | (421) | $ (4,355) | (183) | $ (1,639) | (551) | $ (5,331) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 7,660 | $ 78,077 | 17,323 | $ 184,267 | 9,634 | $ 85,998 | 7,134 | $ 67,976 | |||||||
Reinvestment of distributions | 491 | 4,993 | 821 | 8,632 | 371 | 3,307 | 648 | 6,191 | |||||||
Shares repurchased and cross class conversions | (16,600) | (168,187) | (33,854) | (356,455) | (6,388) | (56,728) | (10,063) | (96,913) | |||||||
Net Increase / (Decrease) | (8,449) | $ (85,117) | (15,710) | $ (163,556) | 3,617 | $ 32,577 | (2,281) | $ (22,746) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 321 | $ 3,264 | 2,038 | $ 21,359 | 255 | $ 2,322 | 70 | $ 674 | |||||||
Reinvestment of distributions | 50 | 505 | 45 | 469 | 11 | 98 | 19 | 181 | |||||||
Shares repurchased and cross class conversions | (389) | (3,955) | (669) | (7,043) | (297) | (2,668) | (109) | (1,077) | |||||||
Net Increase / (Decrease) | (18) | $ (186) | 1,414 | $ 14,785 | (31) | $ (248) | (20) | $ (222) |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 9,842 | $ 42,824 | 28,778 | $ 132,136 | 407 | $ 3,491 | 2,640 | $ 23,430 | |||||||
Reinvestment of distributions | 2,324 | 10,114 | 3,692 | 16,722 | 196 | 1,680 | 228 | 1,991 | |||||||
Shares repurchased and cross class conversions | (29,321) | (127,318) | (54,254) | (247,393) | (1,019) | (8,748) | (4,176) | (36,899) | |||||||
Net Increase / (Decrease) | (17,155) | $ (74,380) | (21,784) | $ (98,535) | (416) | $ (3,577) | (1,308) | $ (11,478) | |||||||
Class C | �� | ||||||||||||||
Shares sold and cross class conversions | — (1) | $ 1 | 3 | $ 8 | 153 | $ 1,307 | 428 | $ 3,759 | |||||||
Reinvestment of distributions | 531 | 2,345 | 909 | 4,180 | 23 | 204 | 26 | 227 | |||||||
Shares repurchased and cross class conversions | (7,413) | (32,641) | (14,912) | (68,836) | (260) | (2,237) | (664) | (5,851) | |||||||
Net Increase / (Decrease) | (6,882) | $ (30,295) | (14,000) | $ (64,648) | (84) | $ (726) | (210) | $ (1,865) | |||||||
Class C1 | |||||||||||||||
Shares sold and cross class conversions | 662 | $ 2,903 | 1,445 | $ 6,764 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 96 | 422 | 148 | 677 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (2,110) | (9,268) | (5,857) | (26,923) | — | — | — | — | |||||||
Net Increase / (Decrease) | (1,352) | $ (5,943) | (4,264) | $ (19,482) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 115,200 | $ 501,992 | 252,671 | $ 1,160,210 | 5,456 | $ 46,694 | 9,393 | $ 82,580 | |||||||
Reinvestment of distributions | 13,924 | 60,715 | 22,911 | 103,966 | 418 | 3,583 | 421 | 3,661 | |||||||
Shares repurchased and cross class conversions | (243,441) | (1,058,502) | (383,808) | (1,746,660) | (7,331) | (62,769) | (10,834) | (95,073) | |||||||
Net Increase / (Decrease) | (114,317) | $ (495,795) | (108,226) | $ (482,484) | (1,457) | $ (12,492) | (1,020) | $ (8,832) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 469 | $ 2,046 | 1,649 | $ 7,583 | 1 | $ 11 | 1 | $ 13 | |||||||
Reinvestment of distributions | 48 | 210 | 131 | 593 | 5 | 43 | 6 | 53 | |||||||
Shares repurchased and cross class conversions | (3,884) | (16,967) | (2,102) | (9,585) | (27) | (231) | (27) | (245) | |||||||
Net Increase / (Decrease) | (3,367) | $ (14,711) | (322) | $ (1,409) | (21) | $ (177) | (20) | $ (179) |
(1) | Amount is less than 500 shares. |
Seix Tax-Exempt Bond Fund | |||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 139 | $ 1,411 | 123 | $ 1,342 | |||
Reinvestment of distributions | 33 | 333 | 69 | 741 | |||
Shares repurchased and cross class conversions | (317) | (3,220) | (552) | (5,921) | |||
Net Increase / (Decrease) | (145) | $ (1,476) | (360) | $ (3,838) | |||
Class C | |||||||
Shares sold and cross class conversions | 16 | $ 166 | 12 | $ 131 | |||
Reinvestment of distributions | 2 | 18 | 5 | 51 | |||
Shares repurchased and cross class conversions | (57) | (586) | (123) | (1,309) | |||
Net Increase / (Decrease) | (39) | $ (402) | (106) | $ (1,127) | |||
Class I | |||||||
Shares sold and cross class conversions | 878 | $ 8,886 | 741 | $ 7,806 | |||
Reinvestment of distributions | 54 | 549 | 122 | 1,320 | |||
Shares repurchased and cross class conversions | (1,312) | (13,300) | (1,949) | (20,706) | |||
Net Increase / (Decrease) | (380) | $ (3,865) | (1,086) | $ (11,580) |
% of Shares Outstanding | Number of Accounts* | ||
Newfleet Core Plus Bond Fund | 55 % | 4 | |
Newfleet Low Duration Core Plus Bond Fund | 55 | 4 | |
Newfleet Multi-Sector Intermediate Bond Fund | 48 | 3 | |
Newfleet Multi-Sector Short Term Bond Fund | 36 | 2 | |
Newfleet Senior Floating Rate Fund | 27 | 2 | |
Seix Tax-Exempt Bond Fund | 13 | 1 |
* | None of the accounts are affiliated. |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
Newfleet Core Plus Bond Fund | $5 | $3,200 | 4.12% | 13 | ||||
Newfleet Low Duration Core Plus Bond Fund | 3 | 3,817 | 4.14 | 6 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Newfleet Core Plus Bond Fund | $ 101,301 | $ 283 | $ (8,150) | $ (7,867) | ||||
Newfleet High Yield Fund | 54,029 | 310 | (4,815) | (4,505) | ||||
Newfleet Low Duration Core Plus Bond Fund | 501,113 | 743 | (28,143) | (27,400) | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 303,568 | 1,621 | (23,254) | (21,633) | ||||
Newfleet Multi-Sector Short Term Bond Fund | 4,997,210 | 8,373 | (312,571) | (304,198) | ||||
Newfleet Senior Floating Rate Fund | 175,298 | 948 | (5,887) | (4,939) | ||||
Seix Tax-Exempt Bond Fund | 71,524 | 1,533 | (1,815) | (282) |
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 |
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.
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please contact us at 1-800-243-1574, or visit Virtus.com.
8640 | 05-23 |
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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 | ||
8 | ||
Fund | Schedule of Investments | |
10 | ||
12 | ||
14 | ||
15 | ||
16 | ||
17 | ||
20 | ||
22 | ||
24 | ||
Virtus Vontobel Emerging Markets Opportunities Fund (“Vontobel Emerging Markets Opportunities Fund”) | 26 | |
28 | ||
30 | ||
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”) | 32 | |
33 | ||
41 | ||
44 | ||
51 | ||
61 | ||
80 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-158723/g461547imgc15a1ed22.gif)
![](https://capedge.com/proxy/N-CSRS/0001193125-23-158723/g461547imgb64bdd9f3.jpg)
President, Virtus Opportunities Trust
May 2023
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 1,095.20 | 1.28 % | $ 6.69 | ||||
Class C | 1,000.00 | 1,090.50 | 2.06 | 10.74 | ||||
Class I | 1,000.00 | 1,096.50 | 1.04 | 5.44 | ||||
Class R6 | 1,000.00 | 1,098.10 | 0.85 | 4.45 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,084.40 | 1.40 | 7.28 | ||||
Class C | 1,000.00 | 1,080.60 | 2.15 | 11.15 | ||||
Class I | 1,000.00 | 1,085.90 | 1.15 | 5.98 | ||||
Class R6 | 1,000.00 | 1,087.10 | 0.89 | 4.63 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,101.30 | 1.50 | 7.86 | ||||
Class C | 1,000.00 | 1,096.70 | 2.25 | 11.76 | ||||
Class I | 1,000.00 | 1,102.90 | 1.25 | 6.55 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | 1,000.00 | 1,078.80 | 0.69 | 3.58 | ||||
Class C | 1,000.00 | 1,074.50 | 1.44 | 7.45 | ||||
Class I | 1,000.00 | 1,080.00 | 0.45 | 2.33 | ||||
Class R6 | 1,000.00 | 1,081.80 | 0.20 | 1.04 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,071.50 | 1.36 | 7.02 | ||||
Class C | 1,000.00 | 1,067.80 | 2.09 | 10.77 | ||||
Class I | 1,000.00 | 1,072.40 | 1.12 | 5.79 | ||||
Class R6 | 1,000.00 | 1,074.70 | 0.79 | 4.09 | ||||
FORT Trend Fund | ||||||||
Class A | 1,000.00 | 911.40 | 1.60 | 7.62 | ||||
Class C | 1,000.00 | 907.60 | 2.35 | 11.18 | ||||
Class I | 1,000.00 | 912.50 | 1.35 | 6.44 | ||||
Class R6 | 1,000.00 | 913.30 | 1.26 | 6.01 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 1,000.00 | 1,166.50 | 1.55 | 8.37 | ||||
Class C | 1,000.00 | 1,162.90 | 2.30 | 12.40 | ||||
Class I | 1,000.00 | 1,167.10 | 1.30 | 7.02 | ||||
Class R6 | 1,000.00 | 1,169.10 | 1.23 | 6.65 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | $1,000.00 | $1,143.20 | 1.79% | $ 9.56 | ||||
Class C | 1,000.00 | 1,138.90 | 2.52 | 13.44 | ||||
Class I | 1,000.00 | 1,145.00 | 1.50 | 8.02 | ||||
Class R6 | 1,000.00 | 1,145.10 | 1.40 | 7.49 | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | 1,000.00 | 1,284.10 | 1.45 | 8.26 | ||||
Class C | 1,000.00 | 1,279.00 | 2.20 | 12.50 | ||||
Class I | 1,000.00 | 1,286.20 | 1.20 | 6.84 | ||||
Class R6 | 1,000.00 | 1,286.50 | 1.10 | 6.27 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,055.30 | 1.63 | 8.35 | ||||
Class C | 1,000.00 | 1,052.40 | 2.32 | 11.87 | ||||
Class I | 1,000.00 | 1,056.80 | 1.30 | 6.67 | ||||
Class R6 | 1,000.00 | 1,059.10 | 0.98 | 5.03 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,228.00 | 1.39 | 7.72 | ||||
Class C | 1,000.00 | 1,224.40 | 2.05 | 11.37 | ||||
Class I | 1,000.00 | 1,230.40 | 1.07 | 5.95 | ||||
Class R6 | 1,000.00 | 1,230.80 | 0.95 | 5.28 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,194.30 | 1.36 | 7.44 | ||||
Class C | 1,000.00 | 1,190.30 | 2.11 | 11.52 | ||||
Class I | 1,000.00 | 1,196.60 | 1.09 | 5.97 | ||||
Class R6 | 1,000.00 | 1,197.60 | 0.91 | 4.99 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,256.20 | 1.43 | 8.04 | ||||
Class C | 1,000.00 | 1,250.90 | 2.18 | 12.23 | ||||
Class I | 1,000.00 | 1,257.60 | 1.18 | 6.64 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.55 | 1.28 % | $ 6.44 | ||||
Class C | 1,000.00 | 1,014.66 | 2.06 | 10.35 | ||||
Class I | 1,000.00 | 1,019.75 | 1.04 | 5.24 | ||||
Class R6 | 1,000.00 | 1,020.69 | 0.85 | 4.28 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | $1,000.00 | $1,017.95 | 1.40% | $ 7.04 | ||||
Class C | 1,000.00 | 1,014.21 | 2.15 | 10.80 | ||||
Class I | 1,000.00 | 1,019.20 | 1.15 | 5.79 | ||||
Class R6 | 1,000.00 | 1,020.49 | 0.89 | 4.48 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,017.45 | 1.50 | 7.54 | ||||
Class C | 1,000.00 | 1,013.71 | 2.25 | 11.30 | ||||
Class I | 1,000.00 | 1,018.70 | 1.25 | 6.29 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | 1,000.00 | 1,021.49 | 0.69 | 3.48 | ||||
Class C | 1,000.00 | 1,017.75 | 1.44 | 7.24 | ||||
Class I | 1,000.00 | 1,022.69 | 0.45 | 2.27 | ||||
Class R6 | 1,000.00 | 1,023.93 | 0.20 | 1.01 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,018.15 | 1.36 | 6.84 | ||||
Class C | 1,000.00 | 1,014.51 | 2.09 | 10.50 | ||||
Class I | 1,000.00 | 1,019.35 | 1.12 | 5.64 | ||||
Class R6 | 1,000.00 | 1,020.99 | 0.79 | 3.98 | ||||
FORT Trend Fund | ||||||||
Class A | 1,000.00 | 1,016.95 | 1.60 | 8.05 | ||||
Class C | 1,000.00 | 1,013.21 | 2.35 | 11.80 | ||||
Class I | 1,000.00 | 1,018.20 | 1.35 | 6.79 | ||||
Class R6 | 1,000.00 | 1,018.65 | 1.26 | 6.34 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 1,000.00 | 1,017.20 | 1.55 | 7.80 | ||||
Class C | 1,000.00 | 1,013.46 | 2.30 | 11.55 | ||||
Class I | 1,000.00 | 1,018.45 | 1.30 | 6.54 | ||||
Class R6 | 1,000.00 | 1,018.80 | 1.23 | 6.19 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,016.01 | 1.79 | 9.00 | ||||
Class C | 1,000.00 | 1,012.37 | 2.52 | 12.64 | ||||
Class I | 1,000.00 | 1,017.45 | 1.50 | 7.54 | ||||
Class R6 | 1,000.00 | 1,017.95 | 1.40 | 7.04 | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | 1,000.00 | 1,017.70 | 1.45 | 7.29 | ||||
Class C | 1,000.00 | 1,013.96 | 2.20 | 11.05 | ||||
Class I | 1,000.00 | 1,018.95 | 1.20 | 6.04 | ||||
Class R6 | 1,000.00 | 1,019.45 | 1.10 | 5.54 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,016.80 | 1.63 | 8.20 | ||||
Class C | 1,000.00 | 1,013.36 | 2.32 | 11.65 | ||||
Class I | 1,000.00 | 1,018.45 | 1.30 | 6.54 | ||||
Class R6 | 1,000.00 | 1,020.04 | 0.98 | 4.94 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,018.00 | 1.39 | 6.99 | ||||
Class C | 1,000.00 | 1,014.71 | 2.05 | 10.30 | ||||
Class I | 1,000.00 | 1,019.60 | 1.07 | 5.39 | ||||
Class R6 | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,018.15 | 1.36 | 6.84 | ||||
Class C | 1,000.00 | 1,014.41 | 2.11 | 10.60 | ||||
Class I | 1,000.00 | 1,019.50 | 1.09 | 5.49 | ||||
Class R6 | 1,000.00 | 1,020.39 | 0.91 | 4.58 |
Beginning Account Value October 1, 2022 | Ending Account Value March 31, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | $1,000.00 | $1,017.80 | 1.43% | $ 7.19 | ||||
Class C | 1,000.00 | 1,014.06 | 2.18 | 10.95 | ||||
Class I | 1,000.00 | 1,019.05 | 1.18 | 5.94 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
March 31, 2023
Utilities | 49% |
Industrials | 26 |
Energy | 14 |
Real Estate | 9 |
Communication Services | 2 |
Total | 100% |
Industrial/Office REITs | 16% |
Diversified REITs | 13 |
Residential REITs | 13 |
Retail REITs | 9 |
Health Care REITs | 8 |
Self Storage REITs | 7 |
Real Estate Management & Development REITs | 6 |
Other REITs | 28 |
Total | 100% |
Real Estate Operating Companies | 22% |
Diversified REITs | 19 |
Retail REITs | 12 |
Real Estate Management & Development REITs | 9 |
Office REITs | 9 |
Industrial/Office REITs | 7 |
Specialized REITs | 7 |
Other REITs | 15 |
Total | 100% |
Affiliated Mutual Funds | 69% | |
Exchange-Traded Funds | 31 | |
Total | 100% |
Industrial/Office | 22% |
Residential | 22 |
Retail | 12 |
Health Care | 12 |
Self Storage | 12 |
Data Centers | 9 |
Specialty | 9 |
Other | 2 |
Total | 100% |
Short-Term Investments | 100% | |
Money Market Mutual Fund | 6% | |
U.S. Government Securities | 94 | |
Total | 100% |
Industrials | 32% |
Consumer Staples | 18 |
Consumer Discretionary | 15 |
Financials | 14 |
Communication Services | 13 |
Information Technology | 6 |
Health Care | 2 |
Total | 100% |
Industrials | 34% |
Communication Services | 16 |
Information Technology | 12 |
Consumer Staples | 10 |
Consumer Discretionary | 9 |
Financials | 8 |
Materials | 4 |
Other (includes short-term investment) | 7 |
Total | 100% |
Industrials | 26% |
Communication Services | 24 |
Financials | 15 |
Information Technology | 10 |
Consumer Discretionary | 8 |
Health Care | 5 |
Consumer Staples | 4 |
Other (includes short-term investment) | 8 |
Total | 100% |
Consumer Discretionary | 24% |
Consumer Staples | 21 |
Financials | 18 |
Information Technology | 16 |
Communication Services | 9 |
Industrials | 6 |
Energy | 2 |
Other (includes short-term investment) | 4 |
Total | 100% |
Industrials | 22% |
Information Technology | 17 |
Consumer Discretionary | 16 |
Financials | 16 |
Health Care | 13 |
Consumer Staples | 10 |
Materials | 3 |
Other (includes short-term investment and securities lending collateral) | 3 |
Total | 100% |
Financials | 18% |
Health Care | 18 |
Consumer Staples | 16 |
Information Technology | 15 |
Industrials | 14 |
Consumer Discretionary | 13 |
Materials | 4 |
Other | 2 |
Total | 100% |
Industrials | 29% |
Consumer Staples | 17 |
Consumer Discretionary | 16 |
Health Care | 12 |
Financials | 11 |
Information Technology | 6 |
Materials | 4 |
Other | 5 |
Total | 100% |
Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—2.0% | |||
Cellnex Telecom S.A. (Spain) | 40,715 | $ 1,579 | |
Energy—13.9% | |||
Cheniere Energy, Inc. (United States) | 20,967 | 3,304 | |
DT Midstream, Inc. (United States) | 20,086 | 992 | |
Enbridge, Inc. (Canada) | 45,309 | 1,729 | |
Pembina Pipeline Corp. (Canada) | 46,103 | 1,493 | |
Targa Resources Corp. (United States) | 20,506 | 1,496 | |
TC Energy Corp. (Canada) | 31,899 | 1,241 | |
Williams Cos., Inc. (The) (United States) | 28,240 | 843 | |
11,098 | |||
Industrials—25.6% | |||
Aena SME S.A. (Spain) | 19,269 | 3,112 | |
Atlas Arteria Ltd. (Australia) | 505,148 | 2,133 | |
Auckland International Airport Ltd. (New Zealand)(1) | 375,810 | 2,045 | |
Canadian National Railway Co. (Canada) | 6,331 | 747 | |
Canadian Pacific Railway Ltd. (Canada) | 18,026 | 1,387 | |
CSX Corp. (United States) | 30,560 | 915 | |
Ferrovial S.A. (Spain) | 37,242 | 1,094 | |
Flughafen Zurich AG Registered Shares (Switzerland) | 7,514 | 1,376 | |
Transurban Group (Australia) | 534,601 | 5,104 | |
Union Pacific Corp. (United States) | 6,473 | 1,303 | |
Vinci S.A. (France) | 10,363 | 1,188 | |
20,404 | |||
Shares | Value | ||
Real Estate—8.5% | |||
American Tower Corp. (United States) | 19,873 | $ 4,061 | |
Crown Castle, Inc. (United States) | 20,609 | 2,758 | |
6,819 | |||
Utilities—48.9% | |||
Ameren Corp. (United States) | 15,377 | 1,328 | |
American Electric Power Co., Inc. (United States) | 25,537 | 2,324 | |
APA Group (Australia) | 204,857 | 1,392 | |
Atmos Energy Corp. (United States) | 16,074 | 1,806 | |
CenterPoint Energy, Inc. (United States) | 79,181 | 2,333 | |
CMS Energy Corp. (United States) | 24,844 | 1,525 | |
Dominion Energy, Inc. (United States) | 44,810 | 2,505 | |
DTE Energy Co. (United States) | 12,370 | 1,355 | |
EDP - Energias de Portugal S.A. (Portugal) | 214,720 | 1,168 | |
Emera, Inc. (Canada) | 36,857 | 1,514 | |
Enel SpA (Italy) | 207,479 | 1,266 | |
Entergy Corp. (United States) | 11,203 | 1,207 | |
Eversource Energy (United States) | 15,938 | 1,247 | |
Iberdrola S.A. (Spain) | 73,646 | 917 | |
National Grid plc (United Kingdom) | 190,260 | 2,574 | |
NextEra Energy, Inc. (United States) | 58,203 | 4,486 | |
Orsted AS (Denmark) | 10,399 | 883 | |
Public Service Enterprise Group, Inc. (United States) | 18,372 | 1,147 | |
Sempra Energy (United States) | 19,093 | 2,886 | |
Severn Trent plc (United Kingdom) | 38,005 | 1,350 |
Shares | Value | ||
Utilities—continued | |||
Southern Co. (The) (United States) | 25,810 | $ 1,796 | |
Xcel Energy, Inc. (United States) | 30,048 | 2,027 | |
39,036 | |||
Total Common Stocks (Identified Cost $74,787) | 78,936 | ||
Total Long-Term Investments—98.9% (Identified Cost $74,787) | 78,936 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $74,787) | $78,936 | ||
Other assets and liabilities, net—1.1% | 911 | ||
NET ASSETS—100.0% | $79,847 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 55% |
Australia | 11 |
Canada | 10 |
Spain | 8 |
United Kingdom | 5 |
New Zealand | 3 |
Switzerland | 2 |
Other | 6 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $78,936 | $68,262 | $10,674 | ||
Total Investments | $78,936 | $68,262 | $10,674 |
Shares | Value | ||
Common Stocks—98.7% | |||
Australia—4.0% | |||
National Storage REIT | 3,076,962 | $ 5,212 | |
NEXTDC Ltd.(1) | 436,976 | 3,092 | |
Scentre Group | 3,176,100 | 5,879 | |
14,183 | |||
Belgium—1.7% | |||
Aedifica S.A. | 31,781 | 2,554 | |
Warehouses De Pauw CVA | 122,541 | 3,631 | |
6,185 | |||
Canada—2.9% | |||
Allied Properties Real Estate Investment Trust | 145,350 | 2,620 | |
Boardwalk Real Estate Investment Trust | 65,527 | 2,673 | |
Granite Real Estate Investment Trust | 83,179 | 5,151 | |
10,444 | |||
China—1.0% | |||
Hang Lung Properties Ltd. | 1,822,700 | 3,411 | |
France—1.2% | |||
Klepierre S.A. | 186,594 | 4,219 | |
Germany—1.1% | |||
Aroundtown S.A. | 615,880 | 877 | |
Vonovia SE | 159,678 | 3,003 | |
3,880 | |||
Hong Kong—3.7% | |||
Link REIT | 933,600 | 6,003 | |
Swire Properties Ltd. | 2,323,000 | 5,979 | |
Wharf Real Estate Investment Co., Ltd. | 210,000 | 1,209 | |
13,191 | |||
India—1.0% | |||
Capitaland India Trust | 4,200,700 | 3,447 | |
Ireland—0.6% | |||
Irish Residential Properties REIT plc | 1,959,468 | 1,976 | |
Japan—7.6% | |||
Mitsubishi Estate Co., Ltd. | 1,017,800 | 12,106 | |
Mitsui Fudosan Logistics Park, Inc. | 1,685 | 5,912 |
Shares | Value | ||
Japan—continued | |||
Nippon Prologis REIT, Inc. | 1,464 | $ 3,099 | |
Orix JREIT, Inc. | 4,455 | 5,649 | |
26,766 | |||
Singapore—1.4% | |||
CapitaLand Integrated Commercial Trust | 3,341,000 | 4,983 | |
Spain—1.1% | |||
Merlin Properties Socimi S.A. | 452,400 | 3,955 | |
Sweden—1.9% | |||
Castellum AB | 281,311 | 3,263 | |
Catena AB | 93,191 | 3,448 | |
6,711 | |||
United Kingdom—5.3% | |||
Derwent London plc | 93,210 | 2,711 | |
Safestore Holdings plc | 321,947 | 3,773 | |
Segro plc | 184,528 | 1,747 | |
UNITE Group plc (The) | 642,807 | 7,609 | |
Workspace Group plc | 506,772 | 2,731 | |
18,571 | |||
United States—64.2% | |||
Alexandria Real Estate Equities, Inc. | 29,129 | 3,658 | |
American Homes 4 Rent Class A | 257,150 | 8,087 | |
American Tower Corp. | 28,575 | 5,839 | |
Apartment Income REIT Corp. | 150,378 | 5,385 | |
AvalonBay Communities, Inc. | 41,065 | 6,901 | |
Brixmor Property Group, Inc. | 302,133 | 6,502 | |
Cousins Properties, Inc. | 222,200 | 4,751 | |
CubeSmart | 218,375 | 10,093 | |
Douglas Emmett, Inc. | 141,205 | 1,741 | |
Equinix, Inc. | 27,575 | 19,883 | |
Extra Space Storage, Inc. | 39,470 | 6,431 | |
Healthpeak Properties, Inc. | 252,000 | 5,537 | |
Host Hotels & Resorts, Inc. | 104,881 | 1,730 | |
Mid-America Apartment Communities, Inc. | 61,800 | 9,334 | |
Prologis, Inc. | 266,418 | 33,241 | |
Public Storage | 32,325 | 9,767 | |
Realty Income Corp. | 154,950 | 9,811 |
Shares | Value | ||
United States—continued | |||
Regency Centers Corp. | 88,350 | $ 5,405 | |
Rexford Industrial Realty, Inc. | 108,900 | 6,496 | |
Ryman Hospitality Properties, Inc. | 33,735 | 3,027 | |
SBA Communications Corp. Class A | 19,350 | 5,052 | |
Simon Property Group, Inc. | 24,546 | 2,748 | |
Sun Communities, Inc. | 99,779 | 14,057 | |
UDR, Inc. | 170,450 | 6,999 | |
Ventas, Inc. | 207,150 | 8,980 | |
VICI Properties, Inc. Class A | 335,450 | 10,942 | |
Welltower, Inc. | 202,400 | 14,510 | |
226,907 | |||
Total Common Stocks (Identified Cost $344,488) | 348,829 | ||
Total Long-Term Investments—98.7% (Identified Cost $344,488) | 348,829 | ||
TOTAL INVESTMENTS—98.7% (Identified Cost $344,488) | $348,829 | ||
Other assets and liabilities, net—1.3% | 4,487 | ||
NET ASSETS—100.0% | $353,316 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 65% |
Japan | 8 |
United Kingdom | 5 |
Australia | 4 |
Hong Kong | 4 |
Canada | 3 |
Sweden | 2 |
Other | 9 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $348,829 | $282,848 | $65,981 | ||
Total Investments | $348,829 | $282,848 | $65,981 |
Shares | Value | ||
Common Stocks—98.4% | |||
Australia—9.9% | |||
National Storage REIT | 478,154 | $ 810 | |
NEXTDC Ltd.(1) | 68,299 | 483 | |
Scentre Group | 649,600 | 1,203 | |
2,496 | |||
Belgium—4.2% | |||
Aedifica S.A. | 6,804 | 547 | |
Warehouses De Pauw CVA | 16,916 | 501 | |
1,048 | |||
Canada—6.5% | |||
Allied Properties Real Estate Investment Trust | 17,500 | 315 | |
Boardwalk Real Estate Investment Trust | 8,140 | 332 | |
Chartwell Retirement Residences | 55,000 | 348 | |
Granite Real Estate Investment Trust | 10,301 | 638 | |
1,633 | |||
China—4.4% | |||
GDS Holdings Ltd. ADR(1) | 17,100 | 319 | |
Hang Lung Properties Ltd. | 427,300 | 800 | |
1,119 | |||
France—2.3% | |||
Klepierre S.A. | 25,981 | 587 | |
Germany—4.5% | |||
Aroundtown S.A. | 121,390 | 173 | |
Vonovia SE | 51,010 | 959 | |
1,132 | |||
Hong Kong—11.6% | |||
Link REIT | 184,210 | 1,184 | |
Swire Properties Ltd. | 455,600 | 1,173 |
Shares | Value | ||
Hong Kong—continued | |||
Wharf Real Estate Investment Co., Ltd. | 96,000 | $ 553 | |
2,910 | |||
India—2.1% | |||
Capitaland India Trust | 654,100 | 537 | |
Ireland—1.8% | |||
Irish Residential Properties REIT plc | 458,133 | 462 | |
Japan—23.6% | |||
Hulic Co., Ltd. | 101,000 | 831 | |
Japan Hotel REIT Investment Corp. Class A | 1,375 | 780 | |
Kenedix Residential Next Investment Corp. | 224 | 346 | |
Mitsubishi Estate Co., Ltd. | 142,100 | 1,690 | |
Mitsui Fudosan Logistics Park, Inc. | 218 | 765 | |
Nippon Prologis REIT, Inc. | 251 | 531 | |
Orix JREIT, Inc. | 538 | 682 | |
United Urban Investment Corp. | 290 | 313 | |
5,938 | |||
Singapore—7.9% | |||
CapitaLand Ascendas REIT | 410,000 | 884 | |
CapitaLand Integrated Commercial Trust | 739,000 | 1,102 | |
1,986 | |||
Spain—3.0% | |||
Merlin Properties Socimi S.A. | 85,200 | 745 | |
Sweden—4.1% | |||
Castellum AB | 55,943 | 649 | |
Catena AB | 10,397 | 385 | |
1,034 | |||
Shares | Value | ||
United Kingdom—12.5% | |||
Derwent London plc | 17,031 | $ 495 | |
Safestore Holdings plc | 65,926 | 773 | |
Segro plc | 59,168 | 560 | |
UNITE Group plc (The) | 62,200 | 736 | |
Workspace Group plc | 108,900 | 587 | |
3,151 | |||
Total Common Stocks (Identified Cost $27,396) | 24,778 | ||
Total Long-Term Investments—98.4% (Identified Cost $27,396) | 24,778 | ||
TOTAL INVESTMENTS—98.4% (Identified Cost $27,396) | $24,778 | ||
Other assets and liabilities, net—1.6% | 403 | ||
NET ASSETS—100.0% | $25,181 |
Abbreviations: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
Japan | 24% |
United Kingdom | 13 |
Hong Kong | 12 |
Australia | 10 |
Singapore | 8 |
Canada | 7 |
Germany | 5 |
Other | 21 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $24,778 | $10,111 | $14,667 | ||
Total Investments | $24,778 | $10,111 | $14,667 |
Shares | Value | ||
Affiliated Mutual Funds(1)—68.1% | |||
Equity Funds—63.5% | |||
Virtus Duff & Phelps Global Infrastructure Fund Class R6(2) | 357,785 | $ 5,030 | |
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6(2) | 156,107 | 4,749 | |
Virtus Duff & Phelps Select MLP and Energy Fund Class I(2) | 295,384 | 3,264 | |
13,043 | |||
Fixed Income Fund—4.6% | |||
Virtus Newfleet Senior Floating Rate Fund Class R6(2) | 110,476 | 948 | |
Total Affiliated Mutual Funds (Identified Cost $10,061) | 13,991 | ||
Shares | Value | ||
Exchange-Traded Funds(1)—30.5% | |||
Invesco DB Agriculture Fund | 28,000 | $ 572 | |
Invesco DB Commodity Index Tracking Fund | 94,574 | 2,245 | |
Schwab U.S. TIPS ETF | 11,200 | 600 | |
SPDR S&P Global Natural Resources ETF | 42,750 | 2,441 | |
VanEck Gold Miners ETF | 13,000 | 421 | |
Total Exchange-Traded Funds (Identified Cost $4,631) | 6,279 | ||
Total Long-Term Investments—98.6% (Identified Cost $14,692) | 20,270 | ||
TOTAL INVESTMENTS—98.6% (Identified Cost $14,692) | $20,270 | ||
Other assets and liabilities, net—1.4% | 288 | ||
NET ASSETS—100.0% | $20,558 |
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 investment. See Note 4H in Notes to Financial Statements. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Affiliated Mutual Funds | $13,991 | $13,991 | |
Exchange-Traded Funds | 6,279 | 6,279 | |
Total Investments | $20,270 | $20,270 |
Shares | Value | ||
Common Stocks—99.1% | |||
Real Estate Investment Trusts—99.1% | |||
Data Centers—9.0% | |||
Equinix, Inc. | 48,931 | $ 35,281 | |
Health Care—11.7% | |||
Healthpeak Properties, Inc. | 484,500 | 10,645 | |
Ventas, Inc. | 378,850 | 16,423 | |
Welltower, Inc. | 259,680 | 18,616 | |
45,684 | |||
Industrial/Office—21.9% | |||
Industrial—17.7% | |||
Prologis, Inc. | 420,936 | 52,520 | |
Rexford Industrial Realty, Inc. | 278,675 | 16,623 | |
69,143 | |||
Office—4.2% | |||
Alexandria Real Estate Equities, Inc. | 55,734 | 7,000 | |
Cousins Properties, Inc. | 360,546 | 7,709 | |
Douglas Emmett, Inc. | 152,268 | 1,877 | |
16,586 | |||
Total Industrial/Office | 85,729 | ||
Lodging/Resorts—2.2% | |||
Host Hotels & Resorts, Inc. | 215,844 | 3,559 | |
Ryman Hospitality Properties, Inc. | 56,535 | 5,073 | |
8,632 | |||
Shares | Value | ||
Residential—21.6% | |||
Apartments—12.7% | |||
Apartment Income REIT Corp. | 339,995 | $ 12,175 | |
AvalonBay Communities, Inc. | 64,415 | 10,826 | |
Mid-America Apartment Communities, Inc. | 99,980 | 15,101 | |
UDR, Inc. | 285,170 | 11,709 | |
49,811 | |||
Manufactured Homes—4.7% | |||
Sun Communities, Inc. | 129,612 | 18,259 | |
Single Family Homes—4.2% | |||
American Homes 4 Rent Class A | 443,450 | 13,947 | |
Invitation Homes, Inc. | 78,560 | 2,453 | |
16,400 | |||
Total Residential | 84,470 | ||
Retail—12.2% | |||
Free Standing—4.5% | |||
Realty Income Corp. | 279,674 | 17,709 | |
Regional Malls—2.0% | |||
Simon Property Group, Inc. | 68,646 | 7,686 | |
Shopping Centers—5.7% | |||
Brixmor Property Group, Inc. | 469,956 | 10,114 | |
Kimco Realty Corp. | 104,420 | 2,039 | |
Regency Centers Corp. | 165,000 | 10,095 | |
22,248 | |||
Total Retail | 47,643 | ||
Shares | Value | ||
Self Storage—11.6% | |||
CubeSmart | 350,850 | $ 16,216 | |
Extra Space Storage, Inc. | 63,514 | 10,349 | |
Public Storage | 62,405 | 18,855 | |
45,420 | |||
Specialty—8.9% | |||
American Tower Corp. | 51,595 | 10,543 | |
SBA Communications Corp. Class A | 23,300 | 6,083 | |
VICI Properties, Inc. Class A | 548,750 | 17,900 | |
34,526 | |||
Total Common Stocks (Identified Cost $273,630) | 387,385 | ||
Total Long-Term Investments—99.1% (Identified Cost $273,630) | 387,385 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $273,630) | $387,385 | ||
Other assets and liabilities, net—0.9% | 3,580 | ||
NET ASSETS—100.0% | $390,965 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $387,385 | $387,385 | |
Total Investments | $387,385 | $387,385 |
Shares | Value | ||
Short-Term Investments—92.5% | |||
Money Market Mutual Fund—5.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(1) | 5,657,331 | $ 5,657 | |
Total Money Market Mutual Fund (Identified Cost $5,657) | 5,657 |
Par Value | ||
U.S. Government Securities—87.1% | ||
U.S. Treasury Bills | ||
0.000%, 4/20/23(2) | $ 6,500 | 6,486 |
0.000%, 5/18/23(2) | 14,500 | 14,415 |
0.000%, 6/22/23(2) | 3,000 | 2,969 |
0.000%, 7/6/23(2) | 24,000 | 23,709 |
0.000%, 7/20/23(2) | 24,100 | 23,765 |
0.000%, 8/24/23(2) | 17,200 | 16,880 |
0.000%, 9/21/23(2) | 900 | 880 |
Par Value | Value | ||
0.000%, 9/28/23(2) | $ 2,700 | $ 2,637 | |
Total U.S. Government Securities (Identified Cost $91,707) | 91,741 | ||
Total Short-Term Investments (Identified Cost $97,364) | 97,398 | ||
TOTAL INVESTMENTS—92.5% (Identified Cost $97,364) | $ 97,398 | ||
Other assets and liabilities, net—7.5% | 7,889 | ||
NET ASSETS—100.0% | $105,287 |
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 |
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 March 31, 2023 were as follows: | |||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation |
Long Contracts: | |||||
CAC 40® 10 Euro Future | April 2023 | 5 | $ 398 | $ 24 | $ — |
HSCEI Futures | April 2023 | 12 | 536 | 19 | — |
Mini HSI Index Future | April 2023 | 22 | 574 | 11 | — |
Cattle Feeder Future | May 2023 | 1 | 103 | 3 | — |
Cocoa Future | May 2023 | 1 | 29 | — (1) | — |
Copper Future | May 2023 | 6 | 614 | — | (2) |
Corn Future | May 2023 | 3 | 99 | 2 | — |
Gasoline RBOB Future | May 2023 | 2 | 225 | — (1) | — |
KC HRW Wheat Future | May 2023 | 2 | 88 | 1 | — |
Silver Future | May 2023 | 2 | 242 | — | — (1) |
Soybean Future | May 2023 | 3 | 226 | — | (2) |
Sugar #11 World Future | May 2023 | 19 | 473 | 38 | — |
10 Year Australian Bond Future | June 2023 | 5 | 411 | 1 | — |
10 Year Japanese Bond Future | June 2023 | 1 | 1,116 | — | (3) |
10 Year U.S. Treasury Note Future | June 2023 | 10 | 1,149 | — | (2) |
10 Year U.S. Ultra Future | June 2023 | 4 | 485 | 2 | — |
3 Year Australian Bond Future | June 2023 | 6 | 436 | — (1) | — |
30 Year U.S. Treasury Bond Future | June 2023 | 5 | 656 | — | — (1) |
DAX Mini Future | June 2023 | 9 | 771 | 38 | — |
DJIA Mini E-CBOT Future | June 2023 | 3 | 502 | 6 | — |
Euro Currency Future | June 2023 | 85 | 11,585 | 203 | — |
Euro Stoxx 50® Future | June 2023 | 53 | 2,449 | 161 | — |
Euro-BTP Future | June 2023 | 10 | 1,251 | — | (4) |
FTSE 100 Index Future | June 2023 | 5 | 471 | 15 | — |
Gold Future | June 2023 | 12 | 2,383 | 5 | — |
Live Cattle Future | June 2023 | 4 | 259 | 4 | — |
Exchange-traded futures contracts as of March 31, 2023 were as follows (continued): | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation | |
Mexican Peso Future | June 2023 | 18 | $ 492 | $ 15 | $ — | |
MSCI EAFE® Index Future | June 2023 | 2 | 210 | 3 | — | |
Nasdaq 100® E-Mini Future | June 2023 | 9 | 2,394 | 163 | — | |
Nikkei 225 Mini Future | June 2023 | 55 | 1,161 | 6 | — | |
Russell 2000 E-Mini Future | June 2023 | 2 | 181 | 4 | — | |
S&P 500® E-Mini Future | June 2023 | 14 | 2,896 | 41 | — | |
SPI 200 Future | June 2023 | 2 | 240 | — | — (1) | |
TOPIX Index Future | June 2023 | 4 | 604 | — | (4) | |
Platinum Future | July 2023 | 1 | 50 | — (1) | — | |
90-Day Bank Bill Future | September 2023 | 12 | 7,951 | — | (1) | |
90-Day Bank Bill Future | December 2023 | 4 | 2,651 | — | (1) | |
3-Month SOFR Future | June 2025 | 11 | 2,668 | — | — (1) | |
3-Month SOFR Future | September 2025 | 3 | 728 | — (1) | — | |
$ 765 | $ (19) | |||||
Short Contracts: | ||||||
Coffee ’C’ Future | May 2023 | (4) | (256) | 4 | — | |
Cotton No. 2 Future | May 2023 | (6) | (248) | — | (9) | |
Crude Oil Future | May 2023 | (23) | (1,740) | — | (205) | |
Low Sulphur Gas Oil Future | May 2023 | (12) | (902) | — | (10) | |
Natural Gas Future | May 2023 | (41) | (909) | 37 | — | |
Red Wheat Future | May 2023 | (1) | (45) | — | (2) | |
Soybean Oil Future | May 2023 | (13) | (433) | 24 | — | |
Wheat Future | May 2023 | (2) | (69) | 1 | — | |
10 Year Canadian Bond Future | June 2023 | (1) | (93) | — | — (1) | |
10 Year Euro-Bund Future | June 2023 | (69) | (10,165) | 45 | — | |
10 Year U.K. Gilt Future | June 2023 | (30) | (3,825) | 71 | — | |
2 Year U.S. Treasury Note Future | June 2023 | (65) | (13,419) | 24 | — | |
30 Year Euro-Buxl Bond Future | June 2023 | (11) | (1,680) | 19 | — | |
5 Year U.S. Treasury Note Future | June 2023 | (86) | (9,418) | — | (20) | |
Australian Dollar Future | June 2023 | (63) | (4,222) | — | (42) | |
Brent Crude Future | June 2023 | (25) | (1,997) | — | (178) | |
British Pound Future | June 2023 | (2) | (154) | — | (1) | |
Canadian Dollar Future | June 2023 | (8) | (592) | — | (8) | |
Dollar Index Future | June 2023 | (2) | (204) | 2 | — | |
Euro-BOBL Future | June 2023 | (104) | (13,295) | 51 | — | |
Euro-BTP Future | June 2023 | (1) | (114) | — | — (1) | |
Euro-OAT Future | June 2023 | (13) | (1,836) | — | (25) | |
Euro-Schatz Future | June 2023 | (151) | (17,309) | 8 | — | |
Japanese Yen Future | June 2023 | (86) | (8,194) | 45 | — | |
Lean Hogs Future | June 2023 | (6) | (220) | 1 | — | |
New Zealand Dollar Future | June 2023 | (3) | (188) | — | (2) | |
Swiss Franc Future | June 2023 | (7) | (965) | — | (10) | |
U.S. Ultra Bond Future | June 2023 | (5) | (706) | — | (5) | |
3-Month Bank Acceptance Future | September 2023 | (19) | (3,351) | — | (5) | |
3-Month EURIBOR Future | September 2023 | (133) | (34,756) | 21 | — | |
3-Month SOFR Future | September 2023 | (122) | (29,095) | 23 | — | |
3-Month SONIA Index Future | September 2023 | (25) | (7,355) | 3 | — | |
3-Month Bank Acceptance Future | December 2023 | (15) | (2,652) | 1 | — | |
3-Month EURIBOR Future | December 2023 | (173) | (45,244) | 85 | — | |
3-Month SOFR Future | December 2023 | (72) | (17,226) | 22 | — | |
3-Month SONIA Index Future | December 2023 | (12) | (3,535) | — (1) | — | |
3-Month Bank Acceptance Future | March 2024 | (16) | (2,837) | 5 | — | |
3-Month EURIBOR Future | March 2024 | (168) | (44,009) | 80 | — | |
3-Month SOFR Future | March 2024 | (35) | (8,408) | 5 | — | |
3-Month SONIA Index Future | March 2024 | (13) | (3,838) | — | (9) | |
90-Day Bank Bill Future | March 2024 | (8) | (5,302) | — | (5) | |
3-Month EURIBOR Future | June 2024 | (158) | (41,456) | 65 | — | |
3-Month SOFR Future | June 2024 | (19) | (4,581) | 2 | — |
Exchange-traded futures contracts as of March 31, 2023 were as follows (continued): | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation | |
3-Month SONIA Index Future | June 2024 | (19) | $ (5,622) | $ — | $ (8) | |
3-Month EURIBOR Future | September 2024 | (130) | (34,157) | 49 | — | |
3-Month SOFR Future | September 2024 | (40) | (9,671) | — | (4) | |
3-Month SONIA Index Future | September 2024 | (20) | (5,927) | — | (4) | |
3-Month EURIBOR Future | December 2024 | (122) | (32,088) | 16 | — | |
3-Month SOFR Future | December 2024 | (36) | (8,719) | — | (11) | |
3-Month SONIA Index Future | December 2024 | (15) | (4,449) | — | (1) | |
3-Month EURIBOR Future | March 2025 | (124) | (32,638) | 2 | — | |
3-Month SOFR Future | March 2025 | (3) | (727) | — | — (1) | |
3-Month SONIA Index Future | March 2025 | (14) | (4,155) | — | (6) | |
3-Month EURIBOR Future | June 2025 | (90) | (23,706) | — | (17) | |
3-Month SONIA Index Future | June 2025 | (10) | (2,970) | — | (3) | |
3-Month EURIBOR Future | September 2025 | (73) | (19,237) | — | (9) | |
3-Month SONIA Index Future | September 2025 | (8) | (2,377) | — | (1) | |
3-Month EURIBOR Future | December 2025 | (46) | (12,128) | — | (2) | |
3-Month SOFR Future | December 2025 | (24) | (5,824) | — | (7) | |
3-Month SONIA Index Future | December 2025 | (6) | (1,784) | — | (1) | |
3-Month EURIBOR Future | March 2026 | (31) | (8,176) | — | (5) | |
3-Month SOFR Future | March 2026 | (19) | (4,611) | — | (5) | |
3-Month SONIA Index Future | March 2026 | (6) | (1,785) | — | (1) | |
3-Month EURIBOR Future | June 2026 | (21) | (5,540) | — | (5) | |
3-Month SOFR Future | June 2026 | (12) | (2,912) | — | (5) | |
3-Month SONIA Index Future | June 2026 | (3) | (893) | — | (1) | |
711 | (632) | |||||
Total | $1,476 | $ (651) | ||||
Footnote Legend: | ||||||
(1)Amount is less than $500. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
U.S. Government Securities | $91,741 | $ — | $91,741 | ||
Money Market Mutual Fund | 5,657 | 5,657 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 1,476 | 1,476 | — | ||
Total Assets | 98,874 | 7,133 | 91,741 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Futures Contracts | (651) | (651) | — | ||
Total Liabilities | (651) | (651) | — | ||
Total Investments | $98,223 | $6,482 | $91,741 |
Shares | Value | ||
Common Stocks—101.3% | |||
Communication Services—13.7% | |||
Addcn Technology Co., Ltd. (Taiwan) | 5,732 | $ 38 | |
Autohome, Inc. ADR (China) | 1,903 | 64 | |
Baltic Classifieds Group plc (United Kingdom) | 41,786 | 80 | |
NAVER Corp. (South Korea) | 157 | 24 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 658,400 | 41 | |
Tencent Holdings Ltd. (China) | 1,300 | 63 | |
Tongdao Liepin Group (China)(1) | 13,000 | 17 | |
Wirtualna Polska Holding S.A. (Poland) | 1,864 | 44 | |
371 | |||
Consumer Discretionary—14.8% | |||
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 574 | 59 | |
Allegro.eu S.A. (Poland)(1) | 12,953 | 88 | |
JD.com, Inc. ADR (China) | 1,233 | 54 | |
JD.com, Inc. Class A (China) | 1,447 | 31 | |
Prosus N.V. (China)(1) | 386 | 30 | |
Union Auction PCL Foreign Shares (Thailand) | 179,200 | 56 | |
Vasta Platform Ltd. Class A (Brazil)(1) | 25,571 | 82 | |
400 | |||
Consumer Staples—18.3% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 4,100 | 73 | |
Carlsberg Brewery Malaysia Bhd (Malaysia) | 11,200 | 55 | |
Fraser and Neave Ltd. (Singapore) | 32,600 | 26 | |
Heineken Malaysia Bhd (Malaysia) | 10,800 | 65 | |
Pernod Ricard S.A. (France) | 285 | 65 | |
Thai Beverage PCL (Thailand) | 142,500 | 68 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 23,115 | 92 | |
Wuliangye Yibin Co., Ltd. Class A (China) | 1,700 | 49 | |
493 | |||
Financials—14.3% | |||
Bank Central Asia Tbk PT (Indonesia) | 123,000 | 72 | |
HDFC Bank Ltd. ADR (India) | 974 | 65 | |
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(2) | 472 | 36 | |
Kfin Technologies Ltd. (India)(1) | 3,393 | 12 |
Shares | Value | ||
Financials—continued | |||
Multi Commodity Exchange of India Ltd. (India) | 3,968 | $ 73 | |
Qualitas Controladora SAB de C.V. (Mexico) | 9,150 | 58 | |
United Overseas Bank Ltd. (Singapore) | 3,100 | 69 | |
385 | |||
Health Care—1.8% | |||
Prodia Widyahusada Tbk PT (Indonesia) | 126,000 | 49 | |
Industrials—32.1% | |||
Boa Vista Servicos S.A. (Brazil) | 58,370 | 87 | |
Credit Bureau Asia Ltd. (Singapore) | 136,900 | 101 | |
GFC Ltd. (Taiwan) | 19,000 | 46 | |
Grupa Pracuj S.A. (Poland) | 12,111 | 163 | |
Haitian International Holdings Ltd. (China) | 27,166 | 70 | |
HeadHunter Group plc ADR (Russia)(1)(3) | 270 | — (4) | |
NICE Information Service Co., Ltd. (South Korea) | 4,472 | 42 | |
Precision Tsugami China Corp., Ltd. (China) | 53,000 | 54 | |
S-1 Corp. (South Korea) | 1,261 | 54 | |
SaraminHR Co., Ltd. (South Korea) | 1,814 | 34 | |
Tegma Gestao Logistica S.A. (Brazil) | 35,026 | 126 | |
Wizz Air Holdings plc (Hungary)(1) | 2,475 | 91 | |
868 | |||
Information Technology—6.3% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 1,645 | 153 | |
Webcash Corp. (South Korea) | 1,458 | 17 | |
170 | |||
Total Common Stocks (Identified Cost $3,048) | 2,736 | ||
Total Long-Term Investments—101.3% (Identified Cost $3,048) | 2,736 | ||
TOTAL INVESTMENTS—101.3% (Identified Cost $3,048) | $2,736 | ||
Other assets and liabilities, net—(1.3)% | (36) | ||
NET ASSETS—100.0% | $2,700 |
Abbreviations: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | 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 March 31, 2023, these securities amounted to a value of $36 or 1.3% of net assets. |
(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. |
Country Weightings† | |
China | 21% |
Poland | 11 |
Brazil | 11 |
Taiwan | 9 |
Singapore | 7 |
South Korea | 6 |
Indonesia | 6 |
Other | 29 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $2,736 | $1,449 | $1,287 | $— (1) | |||
Total Investments | $2,736 | $1,449 | $1,287 | $— (1) |
(1) | Amount is less than $500. |
are based on unobservable inputs. A significant change in third party information could result in a significantly lower or higher value of Level 3 investments.
are not shown for the period ended March 31, 2023.
Shares | Value | ||
Common Stocks—94.9% | |||
Communication Services—16.4% | |||
Addcn Technology Co., Ltd. (Taiwan) | 1,037,009 | $ 6,893 | |
Autohome, Inc. ADR (China) | 153,462 | 5,136 | |
Baltic Classifieds Group plc (United Kingdom) | 5,875,586 | 11,235 | |
Dayamitra Telekomunikasi PT (Indonesia) | 80,440,000 | 3,785 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 51,960,586 | 3,214 | |
Tongdao Liepin Group (China)(1) | 2,737,800 | 3,582 | |
Wirtualna Polska Holding S.A. (Poland) | 358,347 | 8,385 | |
42,230 | |||
Consumer Discretionary—8.8% | |||
Allegro.eu S.A. (Poland)(1) | 1,185,278 | 8,047 | |
Union Auction PCL Foreign Shares (Thailand)(2) | 33,162,000 | 10,298 | |
Vasta Platform Ltd. Class A (Brazil)(1)(2) | 1,391,515 | 4,467 | |
22,812 | |||
Consumer Staples—9.6% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 383,509 | 6,848 | |
Carlsberg Brewery Malaysia Bhd (Malaysia) | 1,468,000 | 7,184 | |
Clicks Group Ltd. (South Africa) | 219,376 | 3,168 | |
Heineken Malaysia Bhd (Malaysia) | 1,234,600 | 7,424 | |
24,624 | |||
Financials—7.9% | |||
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(3) | 41,615 | 3,142 | |
Kfin Technologies Ltd. (India)(1) | 273,302 | 932 | |
Multi Commodity Exchange of India Ltd. (India) | 480,128 | 8,877 | |
Qualitas Controladora SAB de C.V. (Mexico) | 1,176,089 | 7,509 | |
20,460 | |||
Health Care—1.9% | |||
Haw Par Corp., Ltd. (Singapore) | 677,674 | 4,970 | |
Industrials—34.3% | |||
Boa Vista Servicos S.A. (Brazil) | 7,910,834 | 11,831 |
Shares | Value | ||
Industrials—continued | |||
Computer Age Management Services Ltd. (India) | 221,707 | $ 5,492 | |
Grupa Pracuj S.A. (Poland) | 1,095,700 | 14,723 | |
Haitian International Holdings Ltd. (China) | 2,791,218 | 7,235 | |
HeadHunter Group plc ADR (Russia)(1)(4) | 37,879 | — (5) | |
IndiaMart InterMesh Ltd. (India) | 62,826 | 3,847 | |
Kerry TJ Logistics Co., Ltd. (Taiwan) | 2,791,000 | 3,485 | |
NICE Information Service Co., Ltd. (South Korea) | 537,368 | 5,106 | |
S-1 Corp. (South Korea) | 166,975 | 7,096 | |
SaraminHR Co., Ltd. (South Korea) | 262,458 | 4,893 | |
Sporton International, Inc. (Taiwan) | 860,256 | 7,653 | |
Tegma Gestao Logistica S.A. (Brazil) | 3,163,798 | 11,392 | |
Wizz Air Holdings plc (Hungary)(1) | 153,044 | 5,613 | |
88,366 | |||
Information Technology—12.3% | |||
Douzone Bizon Co., Ltd. (South Korea) | 90,913 | 2,461 | |
Humanica PCL Foreign Shares (Thailand) | 13,196,200 | 4,519 | |
LEENO Industrial, Inc. (South Korea) | 28,982 | 3,214 | |
Oracle Financial Services Software Ltd. (India) | 250,312 | 9,968 | |
TOTVS S.A. (Brazil) | 1,018,860 | 5,653 | |
Webcash Corp. (South Korea) | 258,134 | 2,945 | |
Younglimwon Soft Lab Co., Ltd. (South Korea) | 382,706 | 2,995 | |
31,755 | |||
Materials—3.7% | |||
Avia Avian Tbk PT (Indonesia) | 81,982,660 | 3,255 | |
Corp. Moctezuma SAB de C.V. (Mexico) | 1,875,583 | 6,245 | |
9,500 | |||
Total Common Stocks (Identified Cost $259,110) | 244,717 | ||
Total Long-Term Investments—94.9% (Identified Cost $259,110) | 244,717 | ||
Shares | Value | ||
Short-Term Investment—4.5% | |||
Money Market Mutual Fund—4.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(6) | 11,554,413 | $ 11,554 | |
Total Short-Term Investment (Identified Cost $11,554) | 11,554 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $270,664) | $256,271 | ||
Other assets and liabilities, net—0.6% | 1,598 | ||
NET ASSETS—100.0% | $257,869 |
Abbreviations: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Affiliated investment. See Note 4H in Notes to Financial Statements. |
(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 March 31, 2023, these securities amounted to a value of $3,142 or 1.2% of net assets. |
(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) | Amount is less than $500. |
(6) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
Brazil | 13% |
Poland | 12 |
India | 11 |
South Korea | 11 |
China | 9 |
Taiwan | 7 |
Thailand | 6 |
Other | 31 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $244,717 | $107,478 | $137,239 | $— (1) | |||
Money Market Mutual Fund | 11,554 | 11,554 | — | — | |||
Total Investments | $256,271 | $119,032 | $137,239 | $— (1) |
(1) | Amount is less than $500. |
Shares | Value | ||
Common Stocks—94.6% | |||
Communication Services—24.0% | |||
Adevinta ASA Class B (Norway)(1) | 2,123,320 | $ 15,058 | |
Auto Trader Group plc (United Kingdom) | 7,523,062 | 57,186 | |
Baltic Classifieds Group plc (United Kingdom)(2) | 29,622,573 | 56,641 | |
Dayamitra Telekomunikasi PT (Indonesia) | 718,013,000 | 33,782 | |
Infrastrutture Wireless Italiane SpA (Italy) | 1,284,106 | 16,879 | |
New Work SE (Germany) | 165,112 | 29,940 | |
Rightmove plc (United Kingdom) | 7,229,322 | 50,209 | |
259,695 | |||
Consumer Discretionary—7.5% | |||
Allegro.eu S.A. (Poland)(1) | 4,475,540 | 30,385 | |
Goldlion Holdings Ltd. (Hong Kong) | 20,707,882 | 3,325 | |
Max Stock Ltd. (Israel) | 6,878,117 | 13,417 | |
Mercari, Inc. (Japan)(1) | 1,314,000 | 23,161 | |
Victorian Plumbing Group plc (United Kingdom) | 10,746,647 | 10,513 | |
80,801 | |||
Consumer Staples—4.3% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 1,169,601 | 20,886 | |
Heineken Malaysia Bhd (Malaysia) | 4,210,900 | 25,322 | |
46,208 | |||
Energy—1.0% | |||
Pason Systems, Inc. (Canada) | 1,266,627 | 11,368 | |
Financials—14.4% | |||
FinecoBank Banca Fineco SpA (Italy) | 1,760,328 | 26,994 | |
Gruppo MutuiOnline SpA (Italy) | 1,040,355 | 29,448 | |
Hargreaves Lansdown plc (United Kingdom) | 1,571,993 | 15,502 | |
Hypoport SE (Germany)(1) | 161,891 | 22,298 | |
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)(2) | 3,945,678 | 36,116 | |
Multi Commodity Exchange of India Ltd. (India) | 224,091 | 4,143 | |
Nordnet AB publ (Sweden) | 689,169 | 11,338 | |
Numis Corp. plc (United Kingdom) | 2,220,542 | 5,896 |
Shares | Value | ||
Financials—continued | |||
VNV Global AB (Sweden)(1) | 1,935,096 | $ 3,785 | |
155,520 | |||
Health Care—5.1% | |||
Haw Par Corp., Ltd. (Singapore) | 6,056,112 | 44,415 | |
Nakanishi, Inc. (Japan) | 524,900 | 10,427 | |
54,842 | |||
Industrials—25.2% | |||
Boa Vista Servicos S.A. (Brazil) | 22,471,682 | 33,607 | |
CAE, Inc. (Canada)(1) | 1,265,973 | 28,626 | |
Enento Group Oyj (Finland)(1) | 779,978 | 13,856 | |
Haitian International Holdings Ltd. (China) | 11,416,072 | 29,593 | |
HeadHunter Group plc ADR (Russia)(1)(3) | 2,282,731 | 2 | |
Howden Joinery Group plc (United Kingdom) | 3,679,313 | 31,681 | |
Knorr-Bremse AG (Germany) | 486,475 | 32,330 | |
Lumax International Corp., Ltd. (Taiwan) | 2,974,333 | 7,420 | |
Meitec Corp. (Japan) | 1,395,200 | 24,980 | |
MTU Aero Engines AG (Germany) | 158,687 | 39,685 | |
S-1 Corp. (South Korea) | 741,908 | 31,531 | |
273,311 | |||
Information Technology—9.8% | |||
Alten S.A. (France) | 286,488 | 45,641 | |
Bouvet ASA (Norway) | 4,574,063 | 28,092 | |
Brockhaus Technologies AG (Germany)(1)(2) | 602,594 | 14,769 | |
FDM Group Holdings plc (United Kingdom) | 1,960,878 | 17,537 | |
106,039 | |||
Materials—3.3% | |||
Corp. Moctezuma SAB de C.V. (Mexico) | 10,875,224 | 36,211 | |
Total Common Stocks (Identified Cost $1,120,141) | 1,023,995 | ||
Warrant—0.0% | |||
Financials—0.0% | |||
VNV Global AB (Sweden), 08/10/23(1) | 1,749 | 8 | |
Total Long-Term Investments—94.6% (Identified Cost $1,120,141) | 1,024,003 | ||
Shares | Value | ||
Short-Term Investment—3.9% | |||
Money Market Mutual Fund—3.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(4) | 42,447,367 | $ 42,447 | |
Total Short-Term Investment (Identified Cost $42,447) | 42,447 | ||
TOTAL INVESTMENTS—98.5% (Identified Cost $1,162,588) | $1,066,450 | ||
Other assets and liabilities, net—1.5% | 16,219 | ||
NET ASSETS—100.0% | $1,082,669 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Affiliated investment. 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) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United Kingdom | 26% |
Germany | 13 |
Italy | 7 |
Japan | 6 |
China | 5 |
France | 4 |
Singapore | 4 |
Other | 35 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $1,023,995 | $765,008 | $258,985 | $ 2 | |||
Warrant | 8 | 8 | — | — | |||
Money Market Mutual Fund | 42,447 | 42,447 | — | — | |||
Total Investments | $1,066,450 | $807,463 | $258,985 | $ 2 |
Shares | Value | ||
Common Stocks—98.8% | |||
Communication Services—9.3% | |||
NetEase, Inc. (China) | 678,808 | $ 11,983 | |
NetEase, Inc. ADR (China) | 124,404 | 11,002 | |
Telkom Indonesia Persero Tbk PT (Indonesia) | 107,259,817 | 29,126 | |
Tencent Holdings Ltd. (China) | 2,218,133 | 108,399 | |
160,510 | |||
Consumer Discretionary—23.4% | |||
Alibaba Group Holding Ltd. (China)(1) | 2,679,420 | 33,936 | |
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 491,394 | 50,211 | |
Americana Restaurants International plc (United Arab Emirates)(1) | 27,826,192 | 28,868 | |
China Tourism Group Duty Free Corp., Ltd. Class A (China) | 765,247 | 20,435 | |
Eicher Motors Ltd. (India) | 1,241,448 | 44,607 | |
Galaxy Entertainment Group Ltd. (Hong Kong)(1) | 1,281,294 | 8,571 | |
JD.com, Inc. Class A (China) | 1,282,766 | 28,011 | |
Lojas Renner S.A. (Brazil) | 6,288,022 | 20,594 | |
Meituan Class B (China)(1) | 1,363,335 | 24,734 | |
MercadoLibre, Inc. (Uruguay)(1) | 8,814 | 11,617 | |
Midea Group Co., Ltd. Class A (China) | 3,506,537 | 27,438 | |
Sands China Ltd. (China)(1) | 8,020,290 | 27,862 | |
Shenzhou International Group Holdings Ltd. (China) | 1,807,011 | 18,956 | |
Titan Co., Ltd. (India) | 314,115 | 9,648 | |
Yum China Holdings, Inc. (China) | 433,423 | 27,475 | |
Yum China Holdings, Inc. (China) | 359,544 | 22,517 | |
405,480 | |||
Consumer Staples—20.3% | |||
Chacha Food Co., Ltd. Class A (China) | 3,247,383 | 20,038 | |
Clicks Group Ltd. (South Africa) | 1,828,387 | 26,405 | |
Foshan Haitian Flavouring & Food Co., Ltd. Class A (China) | 851,274 | 9,480 | |
Heineken N.V. (Netherlands) | 370,265 | 39,778 | |
Hindustan Unilever Ltd. (India) | 709,513 | 22,158 |
Shares | Value | ||
Consumer Staples—continued | |||
Inner Mongolia Yili Industrial Group Co., Ltd. Class A (China) | 5,511,264 | $ 23,313 | |
Kweichow Moutai Co., Ltd. Class A (China) | 144,779 | 38,245 | |
Orion Corp. (South Korea) | 262,674 | 27,569 | |
President Chain Store Corp. (Taiwan) | 5,806,462 | 51,460 | |
Raia Drogasil S.A. (Brazil) | 7,258,394 | 34,928 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 14,518,625 | 58,010 | |
351,384 | |||
Energy—2.4% | |||
Reliance Industries Ltd. (India) | 1,452,147 | 41,291 | |
Financials—17.7% | |||
Banco BTG Pactual S.A. (Brazil) | 3,435,864 | 13,287 | |
Bancolombia S.A. Sponsored ADR (Colombia) | 710,492 | 17,855 | |
Bank Central Asia Tbk PT (Indonesia) | 49,880,284 | 29,182 | |
Bank Rakyat Persero Tbk PT (Indonesia) | 146,569,232 | 46,441 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 1,045,668 | 46,349 | |
Housing Development Finance Corp., Ltd. (India) | 2,214,687 | 71,021 | |
Kotak Mahindra Bank Ltd. (India) | 1,253,288 | 26,490 | |
Oversea-Chinese Banking Corp., Ltd. (Singapore) | 661,302 | 6,164 | |
Saudi Tadawul Group Holding Co. (Saudi Arabia) | 477,007 | 18,350 | |
SCB X PCL Foreign Shares (Thailand) | 6,724,334 | 20,204 | |
United Overseas Bank Ltd. (Singapore) | 469,925 | 10,540 | |
305,883 | |||
Health Care—1.2% | |||
Cipla Ltd. (India) | 1,840,841 | 20,204 | |
Industrials—6.0% | |||
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico) | 262,620 | 5,123 | |
Shanghai M&G Stationery, Inc. Class A (China) | 3,308,107 | 23,639 | |
Shenzhen Inovance Technology Co., Ltd. Class A (China) | 1,788,519 | 18,323 |
Shares | Value | ||
Industrials—continued | |||
Techtronic Industries Co., Ltd. (Hong Kong) | 1,547,777 | $ 16,770 | |
Voltas Ltd. (India) | 925,523 | 9,244 | |
WEG S.A. (Brazil) | 953,081 | 7,616 | |
Wuxi Lead Intelligent Equipment Co., Ltd. Class A (China) | 4,092,762 | 24,135 | |
104,850 | |||
Information Technology—15.3% | |||
Accton Technology Corp. (Taiwan) | 2,136,006 | 22,450 | |
Infosys Ltd. (India) | 2,190,968 | 38,305 | |
Samsung Electronics Co., Ltd. (South Korea) | 1,227,562 | 60,704 | |
SK Hynix, Inc. (South Korea) | 141,925 | 9,712 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 5,623,921 | 98,557 | |
Tata Consultancy Services Ltd. (India) | 418,240 | 16,394 | |
TOTVS S.A. (Brazil) | 3,456,675 | 19,178 | |
265,300 | |||
Materials—1.0% | |||
Avia Avian Tbk PT (Indonesia) | 457,911,743 | 18,180 | |
Utilities—2.2% | |||
ENN Energy Holdings Ltd. (China) | 1,558,605 | 21,342 | |
Power Grid Corp. of India Ltd. (India) | 5,980,577 | 16,465 | |
37,807 | |||
Total Common Stocks (Identified Cost $1,637,209) | 1,710,889 | ||
Total Long-Term Investments—98.8% (Identified Cost $1,637,209) | 1,710,889 | ||
Shares | Value | ||
Short-Term Investment—0.1% | |||
Money Market Mutual Fund—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(2) | 2,071,993 | $ 2,072 | |
Total Short-Term Investment (Identified Cost $2,072) | 2,072 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $1,639,281) | $1,712,961 | ||
Other assets and liabilities, net—1.1% | 19,032 | ||
NET ASSETS—100.0% | $1,731,993 |
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† | |
China | 34% |
India | 18 |
Taiwan | 10 |
Indonesia | 7 |
South Korea | 6 |
Brazil | 6 |
Hong Kong | 4 |
Other | 15 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $1,710,889 | $390,297 | $1,320,592 | ||
Money Market Mutual Fund | 2,072 | 2,072 | — | ||
Total Investments | $1,712,961 | $392,369 | $1,320,592 |
Shares | Value | ||
Common Stocks—96.8% | |||
Consumer Discretionary—16.3% | |||
Amadeus IT Group S.A. (Spain)(1) | 326,848 | $ 21,856 | |
Ferrari N.V. (Italy) | 90,508 | 24,470 | |
Flutter Entertainment plc (Ireland)(1) | 125,583 | 22,833 | |
Hermes International (France) | 10,692 | 21,614 | |
Yum China Holdings, Inc. (China) | 326,385 | 20,441 | |
111,214 | |||
Consumer Staples—9.8% | |||
Diageo plc (United Kingdom) | 415,466 | 18,522 | |
L’Oreal S.A. (France) | 49,730 | 22,180 | |
Nestle S.A. Registered Shares (Switzerland) | 214,711 | 26,156 | |
66,858 | |||
Financials—16.3% | |||
Aon plc Class A (United States) | 67,643 | 21,327 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 403,608 | 17,890 | |
Intact Financial Corp. (Canada) | 110,029 | 15,747 | |
London Stock Exchange Group plc (United Kingdom) | 313,454 | 30,424 | |
Mastercard, Inc. Class A (United States) | 70,508 | 25,623 | |
111,011 | |||
Health Care—12.8% | |||
Alcon, Inc. (Switzerland) | 319,060 | 22,562 | |
EssilorLuxottica S.A. (France)(2) | 56,441 | 10,161 | |
Hoya Corp. (Japan) | 78,008 | 8,621 | |
Lonza Group AG Registered Shares (Switzerland) | 23,100 | 13,820 | |
Mettler-Toledo International, Inc. (United States)(1) | 14,156 | 21,662 | |
Sartorius Stedim Biotech (France) | 34,603 | 10,583 | |
87,409 | |||
Industrials—21.9% | |||
Ashtead Group plc (United Kingdom) | 219,101 | 13,401 |
Shares | Value | ||
Industrials—continued | |||
Canadian National Railway Co. (Canada) | 83,234 | $ 9,821 | |
Epiroc AB Class A (Sweden) | 418,277 | 8,294 | |
Experian plc (Ireland) | 458,230 | 15,036 | |
IMCD N.V. (Netherlands) | 59,259 | 9,666 | |
RELX plc (United Kingdom) | 1,191,624 | 38,484 | |
Rentokil Initial plc (United Kingdom) | 3,063,973 | 22,361 | |
Spirax-Sarco Engineering plc (United Kingdom) | 105,585 | 15,441 | |
Wolters Kluwer N.V. (Netherlands) | 135,880 | 17,145 | |
149,649 | |||
Information Technology—17.2% | |||
Constellation Software, Inc. (Canada) | 20,006 | 37,613 | |
Halma plc (United Kingdom) | 549,012 | 15,096 | |
Keyence Corp. (Japan) | 29,963 | 14,685 | |
Obic Co., Ltd. (Japan) | 131,466 | 20,823 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 167,189 | 15,552 | |
Tata Consultancy Services Ltd. (India) | 350,769 | 13,750 | |
117,519 | |||
Materials—2.5% | |||
Air Liquide S.A. (France) | 103,014 | 17,227 | |
Total Common Stocks (Identified Cost $496,916) | 660,887 | ||
Total Long-Term Investments—96.8% (Identified Cost $496,916) | 660,887 | ||
Short-Term Investment—3.3% | |||
Money Market Mutual Fund—3.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(3) | 22,700,158 | 22,700 | |
Total Short-Term Investment (Identified Cost $22,700) | 22,700 | ||
Shares | Value | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.705%)(3)(4) | 341,420 | $ 341 | |
Total Securities Lending Collateral (Identified Cost $341) | 341 | ||
TOTAL INVESTMENTS—100.1% (Identified Cost $519,957) | $683,928 | ||
Other assets and liabilities, net—(0.1)% | (931) | ||
NET ASSETS—100.0% | $682,997 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(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† | |
United Kingdom | 23% |
United States | 13 |
France | 12 |
Canada | 9 |
Switzerland | 9 |
Japan | 6 |
Ireland | 6 |
Other | 22 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $660,887 | $564,677 | $96,210 | ||
Money Market Mutual Fund | 22,700 | 22,700 | — | ||
Securities Lending Collateral | 341 | 341 | — | ||
Total Investments | $683,928 | $587,718 | $96,210 |
Shares | Value | ||
Common Stocks—99.6% | |||
Communication Services—2.3% | |||
Alphabet, Inc. Class C (United States)(1) | 58,881 | $ 6,124 | |
Consumer Discretionary—13.2% | |||
Amazon.com, Inc. (United States)(1) | 97,114 | 10,031 | |
Booking Holdings, Inc. (United States)(1) | 1,047 | 2,777 | |
Flutter Entertainment plc (Ireland)(1) | 48,125 | 8,750 | |
JD.com, Inc. Class A (China) | 196,451 | 4,290 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 3,958 | 3,625 | |
NIKE, Inc. Class B (United States) | 19,280 | 2,364 | |
Yum China Holdings, Inc. (China) | 55,706 | 3,531 | |
35,368 | |||
Consumer Staples—15.6% | |||
Coca-Cola Co. (The) (United States) | 159,602 | 9,900 | |
Heineken N.V. (Netherlands) | 72,979 | 7,840 | |
Kobe Bussan Co., Ltd. (Japan) | 111,590 | 3,116 | |
L’Oreal S.A. (France) | 10,715 | 4,779 | |
Nestle S.A. Registered Shares (Switzerland) | 82,464 | 10,046 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 1,520,059 | 6,073 | |
41,754 | |||
Financials—18.5% | |||
CME Group, Inc. Class A (United States) | 54,163 | 10,373 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 124,759 | 5,530 | |
Housing Development Finance Corp., Ltd. (India) | 350,376 | 11,236 | |
London Stock Exchange Group plc (United Kingdom) | 87,989 | 8,540 | |
Mastercard, Inc. Class A (United States) | 23,550 | 8,559 |
Shares | Value | ||
Financials—continued | |||
Visa, Inc. Class A (United States) | 23,015 | $ 5,189 | |
49,427 | |||
Health Care—17.7% | |||
Abbott Laboratories (United States) | 46,509 | 4,710 | |
Alcon, Inc. (Switzerland) | 63,103 | 4,462 | |
Becton Dickinson & Co. (United States) | 15,713 | 3,890 | |
Boston Scientific Corp. (United States)(1) | 176,171 | 8,814 | |
EssilorLuxottica S.A. (France) | 37,593 | 6,768 | |
Eurofins Scientific SE (Luxembourg) | 74,227 | 4,962 | |
Hoya Corp. (Japan) | 48,658 | 5,377 | |
Intuitive Surgical, Inc. (United States)(1) | 2,471 | 631 | |
UnitedHealth Group, Inc. (United States) | 16,065 | 7,592 | |
47,206 | |||
Industrials—13.6% | |||
Ashtead Group plc (United Kingdom) | 105,279 | 6,439 | |
Otis Worldwide Corp. (United States) | 30,068 | 2,538 | |
RELX plc (United Kingdom) | 336,231 | 10,859 | |
Rentokil Initial plc (United Kingdom) | 953,702 | 6,960 | |
Techtronic Industries Co., Ltd. (Hong Kong) | 250,718 | 2,716 | |
Teleperformance (France) | 28,435 | 6,837 | |
36,349 | |||
Information Technology—15.1% | |||
Adobe, Inc. (United States)(1) | 11,971 | 4,613 | |
Constellation Software, Inc. (Canada) | 3,310 | 6,223 | |
Microsoft Corp. (United States) | 50,964 | 14,693 | |
ServiceNow, Inc. (United States)(1) | 8,540 | 3,969 | |
Synopsys, Inc. (United States)(1) | 6,925 | 2,675 |
Shares | Value | ||
Information Technology—continued | |||
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 68,653 | $ 6,386 | |
Tata Consultancy Services Ltd. (India) | 45,581 | 1,786 | |
40,345 | |||
Materials—3.6% | |||
Air Liquide S.A. (France) | 16,287 | 2,723 | |
Sherwin-Williams Co. (The) (United States) | 11,451 | 2,574 | |
Vulcan Materials Co. (United States) | 25,622 | 4,396 | |
9,693 | |||
Total Common Stocks (Identified Cost $187,396) | 266,266 | ||
Total Long-Term Investments—99.6% (Identified Cost $187,396) | 266,266 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $187,396) | $266,266 | ||
Other assets and liabilities, net—0.4% | 1,103 | ||
NET ASSETS—100.0% | $267,369 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 44% |
United Kingdom | 12 |
France | 9 |
Switzerland | 6 |
India | 5 |
Ireland | 3 |
Japan | 3 |
Other | 18 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $266,266 | $232,215 | $34,051 | ||
Total Investments | $266,266 | $232,215 | $34,051 |
Shares | Value | ||
Common Stocks—96.6% | |||
Communication Services—2.9% | |||
Infrastrutture Wireless Italiane SpA (Italy) | 15,595 | $ 205 | |
Consumer Discretionary—15.7% | |||
Amadeus IT Group S.A. (Spain)(1) | 2,482 | 166 | |
Booking Holdings, Inc. (United States)(1) | 31 | 82 | |
Cie Financiere Richemont S.A. Registered Shares (Switzerland) | 899 | 143 | |
Ferrari N.V. (Italy) | 660 | 179 | |
Flutter Entertainment plc (Ireland)(1) | 1,349 | 245 | |
Hermes International (France) | 47 | 95 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 201 | 184 | |
1,094 | |||
Consumer Staples—16.2% | |||
Diageo plc (United Kingdom) | 4,986 | 222 | |
Heineken N.V. (Netherlands) | 2,258 | 243 | |
L’Oreal S.A. (France) | 330 | 147 | |
Nestle S.A. Registered Shares (Switzerland) | 2,812 | 342 | |
Pernod Ricard S.A. (France) | 789 | 179 | |
1,133 | |||
Financials—10.9% | |||
Adyen N.V. (Netherlands)(1) | 50 | 79 | |
Edenred (France) | 3,268 | 193 | |
Groupe Bruxelles Lambert N.V. (Belgium) | 824 | 70 | |
London Stock Exchange Group plc (United Kingdom) | 3,150 | 306 | |
UBS Group AG Registered Shares (Switzerland) | 5,288 | 112 | |
760 | |||
Health Care—11.1% | |||
Alcon, Inc. (Switzerland) | 3,750 | 265 |
Shares | Value | ||
Health Care—continued | |||
EssilorLuxottica S.A. (France) | 971 | $ 175 | |
Eurofins Scientific SE (Luxembourg) | 1,073 | 72 | |
Lonza Group AG Registered Shares (Switzerland) | 247 | 148 | |
Sartorius Stedim Biotech (France) | 391 | 119 | |
779 | |||
Industrials—28.3% | |||
Ashtead Group plc (United Kingdom) | 2,304 | 141 | |
Epiroc AB Class A (Sweden) | 4,081 | 81 | |
Experian plc (Ireland) | 3,434 | 113 | |
IMCD N.V. (Netherlands) | 612 | 100 | |
RELX plc (United Kingdom) | 11,703 | 378 | |
Rentokil Initial plc (United Kingdom) | 39,129 | 285 | |
Spirax-Sarco Engineering plc (United Kingdom) | 759 | 111 | |
Teleperformance (France) | 714 | 172 | |
Vinci S.A. (France) | 2,485 | 285 | |
Wolters Kluwer N.V. (Netherlands) | 2,442 | 308 | |
1,974 | |||
Information Technology—5.7% | |||
Accenture plc Class A (United States) | 481 | 137 | |
ASML Holding N.V. (Netherlands) | 209 | 142 | |
Halma plc (United Kingdom) | 4,423 | 122 | |
401 | |||
Materials—3.7% | |||
Air Liquide S.A. (France) | 834 | 139 | |
Sika AG Registered Shares (Switzerland) | 429 | 120 | |
259 | |||
Shares | Value | ||
Utilities—2.1% | |||
EDP - Energias de Portugal S.A. (Portugal) | 26,670 | $ 145 | |
Total Common Stocks (Identified Cost $4,855) | 6,750 | ||
Total Long-Term Investments—96.6% (Identified Cost $4,855) | 6,750 | ||
TOTAL INVESTMENTS—96.6% (Identified Cost $4,855) | $6,750 | ||
Other assets and liabilities, net—3.4% | 238 | ||
NET ASSETS—100.0% | $6,988 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
France | 25% |
United Kingdom | 23 |
Switzerland | 17 |
Netherlands | 13 |
Italy | 6 |
Ireland | 5 |
United States | 3 |
Other | 8 |
Total | 100% |
† % of total investments as of March 31, 2023. |
Notes to Financial Statements):
Total Value at March 31, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $6,750 | $6,750 | |
Total Investments | $6,750 | $6,750 |
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) | $ 78,936 | $ 348,829 | $ 24,778 | $ 6,279 | |||
Investment in affiliated securities at value(2) | — | — | — | 13,991 | |||
Foreign currency at value(3) | 19 | 150 | 21 | — | |||
Cash | 717 | 2,393 | 272 | 245 | |||
Receivables | |||||||
Investment securities sold | — | 706 | — | — | |||
Fund shares sold | 58 | 217 | 16 | 37 | |||
Dividends | 140 | 1,266 | 93 | 9 | |||
Receivable from adviser | — | — | — | 7 | |||
Tax reclaims | 57 | 335 | 64 | — | |||
Prepaid Trustees’ retainer | 2 | 7 | 1 | — (a) | |||
Prepaid expenses | 29 | 45 | 15 | 22 | |||
Other assets | 10 | 43 | 3 | 3 | |||
Total assets | 79,968 | 353,991 | 25,263 | 20,593 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 15 | 250 | 33 | 2 | |||
Investment securities purchased | — | — | — | 7 | |||
Investment advisory fees | 42 | 210 | 15 | — | |||
Distribution and service fees | 9 | 8 | 1 | 3 | |||
Administration and accounting fees | 7 | 31 | 3 | 2 | |||
Transfer agent and sub-transfer agent fees and expenses | 12 | 61 | 6 | 5 | |||
Professional fees | 23 | 49 | 21 | 13 | |||
Trustee deferred compensation plan | 10 | 43 | 3 | 3 | |||
Interest expense and/or commitment fees | — (a) | 1 | — (a) | — (a) | |||
Other accrued expenses | 3 | 22 | — | — | |||
Total liabilities | 121 | 675 | 82 | 35 | |||
Net Assets | $ 79,847 | $ 353,316 | $ 25,181 | $ 20,558 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 74,249 | $ 375,205 | $ 33,090 | $ 39,590 | |||
Accumulated earnings (loss) | 5,598 | (21,889) | (7,909) | (19,032) | |||
Net Assets | $ 79,847 | $ 353,316 | $ 25,181 | $ 20,558 | |||
Net Assets: | |||||||
Class A | $ 30,113 | $ 21,117 | $ 1,930 | $ 11,448 | |||
Class C | $ 3,111 | $ 4,482 | $ 85 | $ 549 | |||
Class I | $ 37,082 | $ 248,511 | $ 23,166 | $ 8,464 | |||
Class R6 | $ 9,541 | $ 79,206 | $ — | $ 97 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 2,146,188 | 673,620 | 322,945 | 893,461 | |||
Class C | 222,007 | 152,051 | 14,366 | 42,593 | |||
Class I | 2,642,324 | 8,185,828 | 3,863,495 | 661,480 | |||
Class R6 | 678,652 | 2,603,616 | — | 7,564 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 14.03 | $ 31.35 | $ 5.98 | $ 12.81 | |||
Class C | $ 14.01 | $ 29.48 | $ 5.90 | $ 12.90 | |||
Class I | $ 14.03 | $ 30.36 | $ 6.00 | $ 12.80 | |||
Class R6 | $ 14.06 | $ 30.42 | $ — | $ 12.78 |
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 | $ 14.85 | $ 33.17 | $ 6.33 | $ 13.56 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 74,787 | $ 344,488 | $ 27,396 | $ 4,631 | |||
(2) Investment in affiliates at cost | $ — | $ — | $ — | $ 10,061 | |||
(3) Foreign currency at cost | $ 19 | $ 149 | $ 21 | $ — |
(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) | $ 387,385 | $ 97,398 | $ 2,736 | $ 241,506 | |||
Investment in affiliated securities at value(2) | — | — | — | 14,765 | |||
Foreign currency at value(3) | — | 1,371 | — (a) | — | |||
Cash | 2,122 | 1,106 | 78 | 2,604 | |||
Cash pledged as collateral for futures contracts | — | 6,161 | — | — | |||
Receivables | |||||||
Investment securities sold | 1,889 | — | 3 | — | |||
Fund shares sold | 472 | 1 | — | 292 | |||
Dividends and interest | 1,246 | 26 | 12 | 1,290 | |||
Receivable from adviser | — | — | 3 | — | |||
Tax reclaims | — | — | — | 32 | |||
Prepaid Trustees’ retainer | 8 | 2 | — (a) | 5 | |||
Prepaid expenses | 45 | 32 | 25 | 41 | |||
Other assets | 47 | 13 | — (a) | 31 | |||
Total assets | 393,214 | 106,110 | 2,857 | 260,566 | |||
Liabilities | |||||||
Due to broker | — | 232 | — | — | |||
Variation margin payable on futures contracts | — | 293 | — | — | |||
Payables | |||||||
Fund shares repurchased | 609 | 105 | 139 | 2,109 | |||
Investment securities purchased | 1,159 | — | — (a) | 18 | |||
Foreign capital gains tax | — | — | — | 89 | |||
Investment advisory fees | 228 | 87 | — | 262 | |||
Distribution and service fees | 25 | 21 | — (a) | 10 | |||
Administration and accounting fees | 34 | 10 | 1 | 23 | |||
Transfer agent and sub-transfer agent fees and expenses | 76 | 30 | — (a) | 79 | |||
Professional fees | 39 | 19 | 17 | 50 | |||
Trustee deferred compensation plan | 47 | 13 | — (a) | 31 | |||
Interest expense and/or commitment fees | 2 | — (a) | — (a) | 1 | |||
Other accrued expenses | 30 | 13 | — | 25 | |||
Total liabilities | 2,249 | 823 | 157 | 2,697 | |||
Net Assets | $ 390,965 | $ 105,287 | $ 2,700 | $ 257,869 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 256,265 | $ 523,344 | $ 3,367 | $ 290,234 | |||
Accumulated earnings (loss) | 134,700 | (418,057) | (667) | (32,365) | |||
Net Assets | $ 390,965 | $ 105,287 | $ 2,700 | $ 257,869 | |||
Net Assets: | |||||||
Class A | $ 106,551 | $ 84,515 | $ 99 | $ 30,770 | |||
Class C | $ 3,875 | $ 2,089 | $ 78 | $ 3,793 | |||
Class I | $ 170,899 | $ 18,296 | $ 125 | $ 222,037 | |||
Class R6 | $ 109,640 | $ 387 | $ 2,398 | $ 1,269 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 5,546,595 | 6,626,456 | 12,654 | 2,394,215 | |||
Class C | 201,853 | 177,108 | 10,000 | 300,283 | |||
Class I | 8,934,601 | 1,402,765 | 16,028 | 17,152,859 | |||
Class R6 | 5,702,527 | 29,430 | 306,421 | 98,078 |
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 | $ 19.21 | $ 12.75 | $ 7.81 | $ 12.85 | |||
Class C | $ 19.20 | $ 11.79 | $ 7.78 | $ 12.63 | |||
Class I | $ 19.13 | $ 13.04 | $ 7.80 | $ 12.94 | |||
Class R6 | $ 19.23 | $ 13.17 | $ 7.83 | $ 12.94 | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 20.33 | $ 13.49 | $ 8.26 | $ 13.60 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 273,630 | $ 97,364 | $ 3,048 | $ 251,711 | |||
(2) Investment in affiliates at cost | $ — | $ — | $ — | $ 18,953 | |||
(3) Foreign currency at cost | $ — | $ 1,372 | $ — | $ — |
(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) | $ 958,924 | $ 1,712,961 | $ 683,928 | ||
Investment in affiliated securities at value(3) | 107,526 | — | — | ||
Foreign currency at value(4) | 422 | 11,152 | 41 | ||
Cash | 11,210 | 18,110 | 6,732 | ||
Receivables | |||||
Investment securities sold | 150 | 7,890 | — | ||
Fund shares sold | 908 | 3,093 | 225 | ||
Dividends | 4,669 | 4,361 | 509 | ||
Tax reclaims | 1,823 | 881 | 1,158 | ||
Securities lending income | — | — | — (a) | ||
Foreign captial gains tax refund | — | — | 354 | ||
Prepaid Trustees’ retainer | 20 | 33 | 14 | ||
Prepaid expenses | 28 | — | 30 | ||
Other assets | 130 | 209 | 81 | ||
Total assets | 1,085,810 | 1,758,690 | 693,072 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 1,513 | 2,998 | 3,436 | ||
Investment securities purchased | — | 20,637 | 5,324 | ||
Foreign capital gains tax | 36 | — | — | ||
Collateral on securities loaned | — | — | 341 | ||
Investment advisory fees | 776 | 1,398 | 421 | ||
Distribution and service fees | 26 | 57 | 36 | ||
Administration and accounting fees | 92 | 147 | 57 | ||
Transfer agent and sub-transfer agent fees and expenses | 235 | 714 | 208 | ||
Professional fees | 154 | 189 | 66 | ||
Trustee deferred compensation plan | 130 | 209 | 81 | ||
Interest expense and/or commitment fees | 13 | 18 | 3 | ||
Other accrued expenses | 166 | 330 | 102 | ||
Total liabilities | 3,141 | 26,697 | 10,075 | ||
Net Assets | $ 1,082,669 | $ 1,731,993 | $ 682,997 | ||
Net Assets Consist of: | |||||
Common stock $0.001 par value | $ — | $ — | $ 27 | ||
Capital paid in on shares of beneficial interest | 1,492,753 | 2,117,669 | 519,331 | ||
Accumulated earnings (loss) | (410,084) | (385,676) | 163,639 | ||
Net Assets | $ 1,082,669 | $ 1,731,993 | $ 682,997 | ||
Net Assets: | |||||
Class A | $ 46,246 | $ 177,903 | $ 147,453 | ||
Class C | $ 19,861 | $ 23,776 | $ 6,568 | ||
Class I | $ 936,623 | $ 1,442,410 | $ 477,640 | ||
Class R6 | $ 79,939 | $ 87,904 | $ 51,336 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 2,874,347 | 23,899,961 | 5,862,409 | ||
Class C | 1,266,512 | 3,381,405 | 279,282 | ||
Class I | 57,887,379 | 184,349,473 | 18,872,409 | ||
Class R6 | 4,931,589 | 11,140,876 | 2,022,369 |
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 | $ 16.09 | $ 7.44 | $ 25.15 | ||
Class C | $ 15.68 | $ 7.03 | $ 23.52 | ||
Class I | $ 16.18 | $ 7.82 | $ 25.31 | ||
Class R6 | $ 16.21 | $ 7.89 | $ 25.38 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 17.03 | $ 7.87 | $ 26.61 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 1,046,886 | $ 1,639,281 | $ 519,957 | ||
(2) Market value of securities on loan | $ — | $ — | $ 327 | ||
(3) Investment in affiliates at cost | $ 115,702 | $ — | $ — | ||
(4) Foreign currency at cost | $ 423 | $ 11,152 | $ 41 |
(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) | $ 266,266 | $ 6,750 | |
Cash | 1,030 | 238 | |
Receivables | |||
Fund shares sold | 48 | — | |
Dividends | 105 | 3 | |
Receivable from adviser | — | 1 | |
Tax reclaims | 295 | 16 | |
Prepaid Trustees’ retainer | 5 | — (a) | |
Prepaid expenses | 36 | 19 | |
Other assets | 32 | 1 | |
Total assets | 267,817 | 7,028 | |
Liabilities | |||
Due to custodian | — | — (a) | |
Payables | |||
Fund shares repurchased | 41 | 14 | |
Foreign capital gains tax | 26 | — | |
Investment advisory fees | 161 | — | |
Distribution and service fees | 26 | 1 | |
Administration and accounting fees | 23 | 1 | |
Transfer agent and sub-transfer agent fees and expenses | 45 | 1 | |
Professional fees | 36 | 22 | |
Trustee deferred compensation plan | 32 | 1 | |
Interest expense and/or commitment fees | 1 | — (a) | |
Other accrued expenses | 57 | — | |
Total liabilities | 448 | 40 | |
Net Assets | $ 267,369 | $ 6,988 | |
Net Assets Consist of: | |||
Capital paid in on shares of beneficial interest | $ 191,549 | $ 5,567 | |
Accumulated earnings (loss) | 75,820 | 1,421 | |
Net Assets | $ 267,369 | $ 6,988 | |
Net Assets: | |||
Class A | $ 96,493 | $ 2,499 | |
Class C | $ 7,984 | $ 258 | |
Class I | $ 94,737 | $ 4,231 | |
Class R6 | $ 68,155 | $ — | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class A | 6,612,611 | 224,537 | |
Class C | 739,923 | 24,576 | |
Class I | 6,427,933 | 378,503 | |
Class R6 | 4,585,770 | — | |
Net Asset Value and Redemption Price Per Share: | |||
Class A | $ 14.59 | $ 11.13 | |
Class C | $ 10.79 | $ 10.52 | |
Class I | $ 14.74 | $ 11.18 | |
Class R6 | $ 14.86 | $ — |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||
Class A | $ 15.44 | $ 11.78 | |
Maximum Sales Charge - Class A | 5.50% | 5.50% | |
(1) Investment in securities at cost | $ 187,396 | $ 4,855 |
(a) | Amount is less than $500. |
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 | $1,210 | $ 6,159 | $ 425 | $ 95 | $ 7,144 | ||||
Dividends from affiliates | — | — | — | 154 | — | ||||
Foreign taxes withheld | (66) | (202) | (39) | — | — | ||||
Total investment income | 1,144 | 5,957 | 386 | 249 | 7,144 | ||||
Expenses | |||||||||
Investment advisory fees | 260 | 1,563 | 131 | — (1) | 1,492 | ||||
Distribution and service fees, Class A | 38 | 27 | 3 | 15 | 136 | ||||
Distribution and service fees, Class C | 17 | 24 | — (2) | 4 | 20 | ||||
Administration and accounting fees | 45 | 191 | 17 | 15 | 206 | ||||
Transfer agent fees and expenses | 17 | 79 | 6 | 5 | 87 | ||||
Sub-transfer agent fees and expenses, Class A | 16 | 165 | 1 | 7 | 82 | ||||
Sub-transfer agent fees and expenses, Class C | 2 | 2 | — (2) | — (2) | 3 | ||||
Sub-transfer agent fees and expenses, Class I | 20 | 163 | 13 | 6 | 151 | ||||
Custodian fees | 1 | 3 | 1 | — (2) | 1 | ||||
Printing fees and expenses | 4 | 18 | 1 | 1 | 23 | ||||
Professional fees | 14 | 10 | 15 | 9 | 8 | ||||
Interest expense and/or commitment fees | — (2) | 5 | — (2) | — (2) | 3 | ||||
Registration fees | 22 | 34 | 14 | 25 | 43 | ||||
Trustees’ fees and expenses | 3 | 15 | 1 | 1 | 15 | ||||
Miscellaneous expenses | 6 | 18 | 4 | 3 | 23 | ||||
Total expenses | 465 | 2,317 | 207 | 91 | 2,293 | ||||
Less net expenses reimbursed and/or waived by investment adviser(3) | (4) | (260) | (40) | (24) | (90) | ||||
Net expenses | 461 | 2,057 | 167 | 67 | 2,203 | ||||
Net investment income (loss) | 683 | 3,900 | 219 | 182 | 4,941 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | 1,893 | (24,335) | (678) | 287 | 25,446 | ||||
Investment in affiliates | — | — | — | 158 | — | ||||
Foreign currency transactions | 14 | (16) | (3) | — | — | ||||
Capital gain received from investments in underlying funds | — | — | — | 428 | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 4,747 | 50,465 | 2,929 | 183 | (2,057) | ||||
Investment in affiliates | — | — | — | 453 | — | ||||
Foreign currency transactions | 8 | 51 | 9 | — | — | ||||
Net realized and unrealized gain (loss) on investments | 6,662 | 26,165 | 2,257 | 1,509 | 23,389 | ||||
Net increase (decrease) in net assets resulting from operations | $7,345 | $ 30,065 | $2,476 | $1,691 | $28,330 |
(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 | $ 155 | $ 34 | $ 2,556 | $ 8,459 | |||
Dividends from affiliates | — | — | 312 | 2,009 | |||
Interest | 1,951 | — | — | — | |||
Foreign taxes withheld | — | (3) | (313) | (955) | |||
Total investment income | 2,106 | 31 | 2,555 | 9,513 | |||
Expenses | |||||||
Investment advisory fees | 581 (2) | 13 | 1,465 | 4,787 | |||
Distribution and service fees, Class A | 114 | — (3) | 38 | 58 | |||
Distribution and service fees, Class C | 15 | — (3) | 16 | 97 | |||
Administration and accounting fees | 64 | 5 | 128 | 546 | |||
Transfer agent fees and expenses | 25 | 1 | 52 | 229 | |||
Sub-transfer agent fees and expenses, Class A | 55 | — (3) | 19 | 28 | |||
Sub-transfer agent fees and expenses, Class C | 2 | — | 2 | 13 | |||
Sub-transfer agent fees and expenses, Class I | 13 | — (3) | 123 | 630 | |||
Custodian fees | — (3) | 1 | 13 | 42 | |||
Printing fees and expenses | 6 | — (3) | 14 | 68 | |||
Professional fees | 20 | 13 | 15 | 33 | |||
Interest expense and/or commitment fees | 1 | — (3) | 1 | 39 | |||
Registration fees | 25 | 13 | 22 | 56 | |||
Trustees’ fees and expenses | 4 | — (3) | 9 | 46 | |||
Miscellaneous expenses | 14 | 3 | 12 | 67 | |||
Total expenses | 939 | 49 | 1,929 | 6,739 | |||
Less net expenses reimbursed and/or waived by investment adviser(4) | (25) | (32) | (43) | (245) | |||
Net expenses | 914 | 17 | 1,886 | 6,494 | |||
Net investment income (loss) | 1,192 | 14 | 669 | 3,019 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | 25 | (76) | (4,731) | (75,839) | |||
Investment in affiliates | — | — | (462) | (3,959) | |||
Foreign currency transactions | (61) | (1) | (66) | (115) | |||
Foreign capital gains tax | — | — | (53) | — | |||
Futures | (5,546) | — | — | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | 182 | 471 | 37,892 | 309,019 | |||
Investment in affiliates | — | — | (757) | 33,107 | |||
Foreign currency transactions | (8) | — (3) | 2 | 190 | |||
Foreign capital gains tax | — | — | (90) | (36) | |||
Futures | (6,741) | — | — | — | |||
Net realized and unrealized gain (loss) on investments | (12,149) | 394 | 31,735 | 262,367 | |||
Net increase (decrease) in net assets resulting from operations | $(10,957) | $408 | $32,404 | $265,386 |
(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 | $ 19,105 | $ 3,508 | $ 1,409 | $ 23 | |||
Securities lending, net of fees | — | 2 | — | — (1) | |||
Foreign taxes withheld | (2,087) | (257) | (51) | (2) | |||
Total investment income | 17,018 | 3,253 | 1,358 | 21 | |||
Expenses | |||||||
Investment advisory fees | 8,752 | 2,813 | 1,107 | 28 | |||
Distribution and service fees, Class A | 231 | 178 | 116 | 3 | |||
Distribution and service fees, Class C | 139 | 34 | 41 | 1 | |||
Administration and accounting fees | 915 | 340 | 136 | 7 | |||
Transfer agent fees and expenses | 400 | 145 | 57 | 2 | |||
Sub-transfer agent fees and expenses, Class A | 190 | 83 | 38 | 2 | |||
Sub-transfer agent fees and expenses, Class C | 20 | 4 | 4 | — (1) | |||
Sub-transfer agent fees and expenses, Class I | 939 | 279 | 49 | 2 | |||
Custodian fees | 97 | 8 | 4 | 1 | |||
Printing fees and expenses | 95 | 32 | 13 | — (1) | |||
Professional fees | — | 11 | 15 | 17 | |||
Interest expense and/or commitment fees | 21 | 4 | 11 | — (1) | |||
Registration fees | 35 | 37 | 30 | 11 | |||
Trustees’ fees and expenses | 73 | 25 | 10 | — (1) | |||
Miscellaneous expenses | 103 | 48 | 24 | 2 | |||
Total expenses | 12,010 | 4,041 | 1,655 | 76 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (91) | (281) | (123) | (33) | |||
Net expenses | 11,919 | 3,760 | 1,532 | 43 | |||
Net investment income (loss) | 5,099 | (507) | (174) | (22) | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (145,325) | 18,474 | 11,958 | (14) | |||
Foreign currency transactions | (564) | (99) | (80) | (1) | |||
Foreign capital gains tax | (1,514) | (168) | (95) | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | 239,126 | 118,924 | 35,444 | 1,561 | |||
Foreign currency transactions | 184 | 131 | 24 | 1 | |||
Foreign capital gains tax | 590 | — | (26) | — | |||
Net realized and unrealized gain (loss) on investments | 92,497 | 137,262 | 47,225 | 1,547 | |||
Net increase (decrease) in net assets resulting from operations | $ 97,596 | $136,755 | $47,051 | $1,525 |
(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 | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 683 | $ 1,116 | $ 3,900 | $ 7,361 | |||
Net realized gain (loss) | 1,907 | 7,775 | (24,351) | (2,038) | |||
Net change in unrealized appreciation (depreciation) | 4,755 | (14,545) | 50,516 | (124,677) | |||
Increase (decrease) in net assets resulting from operations | 7,345 | (5,654) | 30,065 | (119,354) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (2,955) | (1,936) | (132) | (814) | |||
Class C | (321) | (273) | — | (132) | |||
Class I | (3,551) | (2,497) | (2,017) | (12,094) | |||
Class R6 | (960) | (682) | (1,101) | (3,450) | |||
Total dividends and distributions to shareholders | (7,787) | (5,388) | (3,250) | (16,490) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 956 | 1,679 | (1,657) | 1,543 | |||
Class C | (425) | (1,501) | (562) | 918 | |||
Class I | 2,445 | (132) | (39,821) | 25,272 | |||
Class R6 | (53) | 917 | (1,944) | 11,094 | |||
Increase (decrease) in net assets from capital transactions | 2,923 | 963 | (43,984) | 38,827 | |||
Net increase (decrease) in net assets | 2,481 | (10,079) | (17,169) | (97,017) | |||
Net Assets | |||||||
Beginning of period | 77,366 | 87,445 | 370,485 | 467,502 | |||
End of Period | $ 79,847 | $ 77,366 | $ 353,316 | $ 370,485 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 219 | $ 689 | $ 182 | $ 244 | |||
Net realized gain (loss) | (681) | 572 | 873 | 317 | |||
Net change in unrealized appreciation (depreciation) | 2,938 | (12,123) | 636 | (1,563) | |||
Increase (decrease) in net assets resulting from operations | 2,476 | (10,862) | 1,691 | (1,002) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (54) | (125) | (95) | |||
Class C | — | — | (1) | (3) | |||
Class I | — | (516) | (112) | (84) | |||
Class R6 | — | — | (2) | — | |||
Total dividends and distributions to shareholders | — | (570) | (240) | (182) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (352) | (473) | (534) | (910) | |||
Class C | (23) | (108) | (312) | 460 | |||
Class I | (362) | 949 | (1,729) | 497 | |||
Class R6 | — | — | — | 100 | |||
Increase (decrease) in net assets from capital transactions | (737) | 368 | (2,575) | 147 | |||
Net increase (decrease) in net assets | 1,739 | (11,064) | (1,124) | (1,037) | |||
Net Assets | |||||||
Beginning of period | 23,442 | 34,506 | 21,682 | 22,719 | |||
End of Period | $ 25,181 | $ 23,442 | $ 20,558 | $ 21,682 |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023(1) (Unaudited) | Year Ended September 30, 2022(1) | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 4,941 | $ 5,054 | $ 1,192 | $ (1,447) | |||
Net realized gain (loss) | 25,446 | 37,592 | (5,582) | (12,978) | |||
Net change in unrealized appreciation (depreciation) | (2,057) | (118,834) | (6,567) | 9,837 | |||
Increase (decrease) in net assets resulting from operations | 28,330 | (76,188) | (10,957) | (4,588) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (10,254) | (6,201) | — | — | |||
Class C | (370) | (231) | — | — | |||
Class I | (16,842) | (11,149) | — | — | |||
Class R6 | (10,254) | (7,479) | — | — | |||
Total dividends and distributions to shareholders | (37,720) | (25,060) | — | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 2,279 | (9,319) | (5,895) | (6,108) | |||
Class C | (206) | (919) | (2,112) | (12,383) | |||
Class I | (10,284) | 518 | (2,890) | (5,840) | |||
Class R6 | 15,037 | (31,411) | (26) | (196) | |||
Increase (decrease) in net assets from capital transactions | 6,826 | (41,131) | (10,923) | (24,527) | |||
Net increase (decrease) in net assets | (2,564) | (142,379) | (21,880) | (29,115) | |||
Net Assets | |||||||
Beginning of period | 393,529 | 535,908 | 127,167 | 156,282 | |||
End of Period | $ 390,965 | $ 393,529 | $ 105,287 | $ 127,167 |
(1) | Consolidated Statement of Changes in Net Assets. |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 14 | $ 23 | $ 669 | $ 1,844 | |||
Net realized gain (loss) | (77) | (272) | (5,312) | (5,045) | |||
Net change in unrealized appreciation (depreciation) | 471 | (674) | 37,047 | (115,998) | |||
Increase (decrease) in net assets resulting from operations | 408 | (923) | 32,404 | (119,199) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1) | (—) (1) | — | (4,302) | |||
Class C | — | (—) (1) | — | (175) | |||
Class I | (1) | (1) | — | (27,544) | |||
Class R6 | (26) | (15) | — | (99) | |||
Total dividends and distributions to shareholders | (28) | (16) | — | (32,120) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 1 | 19 | (4,892) | (6,203) | |||
Class C | — | — | 1,811 | 18 | |||
Class I | 30 | 16 | (1,979) | (34,298) | |||
Class R6 | (132) | 433 | 7 | 380 | |||
Increase (decrease) in net assets from capital transactions | (101) | 468 | (5,053) | (40,103) | |||
Net increase (decrease) in net assets | 279 | (471) | 27,351 | (191,422) | |||
Net Assets | |||||||
Beginning of period | 2,421 | 2,892 | 230,518 | 421,940 | |||
End of Period | $ 2,700 | $ 2,421 | $ 257,869 | $ 230,518 |
(1) | Amount is less than $500. |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 3,019 | $ 16,884 | $ 5,099 | $ 13,585 | |||
Net realized gain (loss) | (79,913) | (158,578) | (147,403) | (112,762) | |||
Net change in unrealized appreciation (depreciation) | 342,280 | (1,084,164) | 239,900 | (724,063) | |||
Increase (decrease) in net assets resulting from operations | 265,386 | (1,225,858) | 97,596 | (823,240) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (7,342) | — | (66,729) | |||
Class C | — | (2,873) | — | (13,137) | |||
Class I | — | (211,939) | — | (656,363) | |||
Class R6 | — | (22,516) | — | (30,881) | |||
Total dividends and distributions to shareholders | — | (244,670) | — | (767,110) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (7,938) | (10,312) | (25,459) | (26,317) | |||
Class C | (3,301) | (3,254) | (9,106) | (13,973) | |||
Class I | (220,098) | (484,904) | (210,142) | (1,199,214) | |||
Class R6 | (20,859) | (67,539) | (17,500) | (37,502) | |||
Increase (decrease) in net assets from capital transactions | (252,196) | (566,009) | (262,207) | (1,277,006) | |||
Net increase (decrease) in net assets | 13,190 | (2,036,537) | (164,611) | (2,867,356) | |||
Net Assets | |||||||
Beginning of period | 1,069,479 | 3,106,016 | 1,896,604 | 4,763,960 | |||
End of Period | $ 1,082,669 | $ 1,069,479 | $ 1,731,993 | $ 1,896,604 |
Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | ||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (507) | $ (1,998) | $ (174) | $ (538) | |||
Net realized gain (loss) | 18,207 | 13,830 | 11,783 | 23,074 | |||
Net change in unrealized appreciation (depreciation) | 119,055 | (270,395) | 35,442 | (103,468) | |||
Increase (decrease) in net assets resulting from operations | 136,755 | (258,563) | 47,051 | (80,932) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (70) | (40,624) | (9,087) | (22,330) | |||
Class C | (4) | (3,281) | (1,060) | (3,698) | |||
Class I | (221) | (156,089) | (7,961) | (26,621) | |||
Class R6 | (24) | (12,796) | (6,263) | (15,811) | |||
Total dividends and distributions to shareholders | (319) | (212,790) | (24,371) | (68,460) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (13,956) | 20,737 | 2,240 | 6,881 | |||
Class C | (1,556) | (4,652) | (804) | (4,445) | |||
Class I | (58,202) | (22,026) | (11,307) | (24,753) | |||
Class R6 | (8,227) | 13,208 | 6,450 | 1,948 | |||
Increase (decrease) in net assets from capital transactions | (81,941) | 7,267 | (3,421) | (20,369) | |||
Net increase (decrease) in net assets | 54,495 | (464,086) | 19,259 | (169,761) | |||
Net Assets | |||||||
Beginning of period | 628,502 | 1,092,588 | 248,110 | 417,871 | |||
End of Period | $ 682,997 | $ 628,502 | $ 267,369 | $ 248,110 |
Vontobel Greater European Opportunities Fund | |||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ (22) | $ 1 | |
Net realized gain (loss) | (15) | (301) | |
Net change in unrealized appreciation (depreciation) | 1,562 | (2,358) | |
Increase (decrease) in net assets resulting from operations | 1,525 | (2,658) | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | — | (114) | |
Class C | — | (15) | |
Class I | — | (283) | |
Total dividends and distributions to shareholders | — | (412) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | (46) | 97 | |
Class C | (1) | (66) | |
Class I | (652) | (599) | |
Increase (decrease) in net assets from capital transactions | (699) | (568) | |
Net increase (decrease) in net assets | 826 | (3,638) | |
Net Assets | |||
Beginning of period | 6,162 | 9,800 | |
End of Period | $ 6,988 | $ 6,162 |
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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $14.16 | 0.11 | — | 1.22 | 1.33 | (0.16) | (1.30) | (1.46) | — | (0.13) | $14.03 | 9.52 % | $ 30,113 | 1.28 % | 1.28 % | 1.57 % | 13 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $14.14 | 0.06 | — | 1.21 | 1.27 | (0.10) | (1.30) | (1.40) | — | (0.13) | $14.01 | 9.05 % | $ 3,111 | 2.06 % | 2.06 % | 0.78 % | 13 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $14.16 | 0.13 | — | 1.22 | 1.35 | (0.18) | (1.30) | (1.48) | — | (0.13) | $14.03 | 9.65 % | $ 37,082 | 1.04 % | 1.04 % | 1.82 % | 13 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $14.18 | 0.14 | — | 1.23 | 1.37 | (0.19) | (1.30) | (1.49) | — | (0.12) | $14.06 | 9.81 % | $ 9,541 | 0.85 % | 0.93 % | 2.00 % | 13 % | |
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 (7) | 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 (8) | 0.93 | 2.02 | 30 | |
1/30/18 (9) 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 (10) | |
Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $29.09 | 0.29 | — | 2.16 | 2.45 | (0.19) | — | (0.19) | — | 2.26 | $31.35 | 8.44 % | $ 21,117 | 1.40 % | 2.82 % | 1.87 % | 17 % | |
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 (7) | 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 |
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 C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $27.28 | 0.16 | — | 2.04 | 2.20 | — | — | — | — | 2.20 | $29.48 | 8.06 % | $ 4,482 | 2.15 % | 2.18 % | 1.09 % | 17 % | |
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 (7)(11)(12) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $28.19 | 0.31 | — | 2.11 | 2.42 | (0.25) | — | (0.25) | — | 2.17 | $30.36 | 8.59 % | $ 248,511 | 1.15 % | 1.18 % | 2.07 % | 17 % | |
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 (7)(11)(12) | 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 (11)(12) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $28.37 | 0.37 | — | 2.09 | 2.46 | (0.41) | — | (0.41) | — | 2.05 | $30.42 | 8.71 % | $ 79,206 | 0.89 % | 1.05 % | 2.41 % | 17 % | |
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 (7) | 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 (8) | 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 (8) | 1.09 | 2.92 | 41 | |
Duff & Phelps International Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 5.43 | 0.04 | — | 0.51 | 0.55 | — | — | — | — | 0.55 | $ 5.98 | 10.13 % | $ 1,930 | 1.50 % | 1.79 % | 1.38 % | 17 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 5.38 | 0.02 | — | 0.50 | 0.52 | — | — | — | — | 0.52 | $ 5.90 | 9.67 % | $ 85 | 2.25 % | 2.68 % | 0.56 % | 17 % | |
10/1/21 to 9/30/22 | 7.98 | 0.09 | — | (2.69) | (2.60) | — | — | — | — | (2.60) | 5.38 | (32.58) | 98 | 2.26 (7) | 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 |
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 International Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 5.44 | 0.05 | — | 0.51 | 0.56 | — | — | — | — | 0.56 | $ 6.00 | 10.29 % | $ 23,166 | 1.25 % | 1.55 % | 1.70 % | 17 % | |
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 (7) | 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 | |
Duff & Phelps Real Asset Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.00 | 0.10 | — | 0.85 | 0.95 | (0.14) | — | (0.14) | — | 0.81 | $12.81 | 7.88 % | $ 11,448 | 0.69 % (8) | 0.91 % | 1.51 % | 7 % | |
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 (7) | 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 (7) | 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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.03 | 0.12 | — | 0.78 | 0.90 | (0.03) | — | (0.03) | — | 0.87 | $12.90 | 7.45 % | $ 549 | 1.44 % (8) | 1.64 % | 1.90 % | 7 % | |
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 (7) | 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 (7) | 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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.00 | 0.12 | — | 0.84 | 0.96 | (0.16) | — | (0.16) | — | 0.80 | $12.80 | 8.00 % | $ 8,464 | 0.45 % (8) | 0.67 % | 1.88 % | 7 % | |
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 (7) | 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 (7) | 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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.02 | 0.12 | — | 0.86 | 0.98 | (0.22) | — | (0.22) | — | 0.76 | $12.78 | 8.18 % | $ 97 | 0.20 % | 0.54 % | 1.85 % | 7 % | |
1/31/22 (9) to 9/30/22 | 13.22 | (0.14) | 0.02 | (1.08) | (1.20) | — | — | — | — | (1.20) | 12.02 | (9.08) | 91 | 0.22 (7) | 0.54 | (1.57) | 17 |
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 | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.83 | 0.22 | — | 1.13 | 1.35 | (0.15) | (1.82) | (1.97) | — | (0.62) | $19.21 | 7.15 % | $ 106,551 | 1.36 % | 1.36 % | 2.24 % | 20 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.81 | 0.15 | — | 1.13 | 1.28 | (0.07) | (1.82) | (1.89) | — | (0.61) | $19.20 | 6.78 % | $ 3,875 | 2.09 % | 2.09 % | 1.48 % | 20 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.76 | 0.24 | — | 1.12 | 1.36 | (0.17) | (1.82) | (1.99) | — | (0.63) | $19.13 | 7.24 % | $ 170,899 | 1.12 % | 1.12 % | 2.43 % | 20 % | |
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 (7) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.85 | 0.28 | — | 1.13 | 1.41 | (0.21) | (1.82) | (2.03) | — | (0.62) | $19.23 | 7.47 % | $ 109,640 | 0.79 % | 0.96 % | 2.85 % | 20 % | |
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 (7) | 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 (8) | 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 (8) | 0.95 | 1.75 | 12 | |
FORT Trend Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6)(13) | $13.99 | 0.13 | — | (1.37) | (1.24) | — | — | — | — | (1.24) | $12.75 | (8.86) % | $ 84,515 | 1.60 % | 1.65 % | 2.03 % | 0 % | |
10/1/21 to 9/30/22(13) | 14.50 | (0.14) | — | (0.37) | (0.51) | — | — | — | — | (0.51) | 13.99 | (3.52) | 99,003 | 1.61 (7)(11)(12) | 1.60 | (0.99) | 0 | |
10/1/20 to 9/30/21(13) | 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(13) | 15.16 | (0.04) | — | (0.57) | (0.61) | — | — | — | — | (0.61) | 14.55 | (4.02) | 104,017 | 1.59 (11) | 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 (11) | 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 (11) | 1.56 | 0.08 | 57 |
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) | ||
FORT Trend Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6)(13) | $12.99 | 0.07 | — | (1.27) | (1.20) | — | — | — | — | (1.20) | $11.79 | (9.24) % | $ 2,089 | 2.35 % | 2.43 % | 1.17 % | 0 % | |
10/1/21 to 9/30/22(13) | 13.57 | (0.26) | — | (0.32) | (0.58) | — | — | — | — | (0.58) | 12.99 | (4.27) | 4,505 | 2.36 (7) | 2.38 | (1.92) | 0 | |
10/1/20 to 9/30/21(13) | 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(13) | 14.41 | (0.13) | — | (0.55) | (0.68) | — | — | — | — | (0.68) | 13.73 | (4.72) | 61,735 | 2.34 (11) | 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 (11) | 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 (11) | 2.29 | (0.65) | 57 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6)(13) | $14.29 | 0.15 | — | (1.40) | (1.25) | — | — | — | — | (1.25) | $13.04 | (8.75) % | $ 18,296 | 1.35 % | 1.40 % | 2.26 % | 0 % | |
10/1/21 to 9/30/22(13) | 14.77 | (0.11) | — | (0.37) | (0.48) | — | — | — | — | (0.48) | 14.29 | (3.25) | 23,207 | 1.36 (7)(11)(12) | 1.35 | (0.77) | 0 | |
10/1/20 to 9/30/21(13) | 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(13) | 15.37 | 0.01 | — | (0.59) | (0.58) | — | — | — | — | (0.58) | 14.79 | (3.77) | 40,098 | 1.33 (11) | 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 (11) | 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 (11) | 1.30 | 0.34 | 57 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6)(13) | $14.42 | 0.16 | — | (1.41) | (1.25) | — | — | — | — | (1.25) | $13.17 | (8.67) % | $ 387 | 1.26 % | 1.28 % | 2.36 % | 0 % | |
10/1/21 to 9/30/22(13) | 14.89 | (0.10) | — | (0.37) | (0.47) | — | — | — | — | (0.47) | 14.42 | (3.16) | 452 | 1.27 (7)(11)(12) | 1.26 | (0.68) | 0 | |
10/1/20 to 9/30/21(13) | 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(13) | 15.47 | 0.01 | — | (0.58) | (0.57) | — | — | — | — | (0.57) | 14.90 | (3.68) | 719 | 1.24 (11) | 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 (11) | 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 (11) | 1.20 | 0.50 | 57 | |
KAR Developing Markets Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.75 | 0.03 | — | 1.09 | 1.12 | (0.06) | — | (0.06) | — | 1.06 | $ 7.81 | 16.65 % | $ 99 | 1.55 % (8) | 3.89 % | 0.82 % | 11 % | |
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 (7) | 4.83 | 0.53 | 16 | |
6/22/21 (9) to 9/30/21 | 10.00 | — (14) | — | (0.37) | (0.37) | — | — | — | — | (0.37) | 9.63 | (3.70) | 96 | 1.55 | 12.33 | 0.01 | 5 (10) | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.69 | — (14) | — | 1.09 | 1.09 | — | — | — | — | 1.09 | $ 7.78 | 16.29 % | $ 78 | 2.30 % (8) | 4.61 % | 0.07 % | 11 % | |
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 (7) | 5.56 | (0.25) | 16 | |
6/22/21 (9) 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 (10) | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.77 | 0.04 | — | 1.09 | 1.13 | (0.10) | — | (0.10) | — | 1.03 | $ 7.80 | 16.71 % | $ 125 | 1.30 % (8) | 3.63 % | 1.06 % | 11 % | |
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 (7) | 4.53 | 0.78 | 16 | |
6/22/21 (9) 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 (10) | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.77 | 0.04 | — | 1.10 | 1.14 | (0.08) | — | (0.08) | — | 1.06 | $ 7.83 | 16.91 % | $ 2,398 | 1.23 % (8) | 3.60 % | 1.13 % | 11 % | |
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 (7) | 4.53 | 0.89 | 16 | |
6/22/21 (9) 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 (10) |
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 Emerging Markets Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $11.24 | 0.02 | — | 1.59 | 1.61 | — | — | — | — | 1.61 | $12.85 | 14.32 % | $ 30,770 | 1.79 % | 1.80 % | 0.32 % | 5 % | |
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 (7)(8)(11)(12) | 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 (11)(12) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $11.09 | (0.02) | — | 1.56 | 1.54 | — | — | — | — | 1.54 | $12.63 | 13.89 % | $ 3,793 | 2.52 % | 2.55 % | (0.35) % | 5 % | |
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 (7)(8) | 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 (11)(12) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $11.31 | 0.04 | — | 1.59 | 1.63 | — | — | — | — | 1.63 | $12.94 | 14.50 % | $ 222,037 | 1.50 % | 1.53 % | 0.59 % | 5 % | |
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 (7)(8) | 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 (11)(12) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $11.30 | 0.04 | — | 1.60 | 1.64 | — | — | — | — | 1.64 | $12.94 | 14.51 % | $ 1,269 | 1.40 % | 1.42 % | 0.70 % | 5 % | |
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 (7)(8) | 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 (11)(12) | 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 (9) to 9/30/19 | 12.36 | 0.03 | — | (0.23) | (0.20) | — | — | — | — | (0.20) | 12.16 | (1.62) | 98 | 1.51 (7) | 1.62 | 1.44 | 44 (10) | |
KAR International Small-Mid Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.53 | 0.03 | — | 3.53 | 3.56 | — | — | — | — | 3.56 | $16.09 | 28.41 % | $ 46,246 | 1.45 % | 1.48 % | 0.34 % | 4 % | |
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 (7)(11) | 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) | — (14) | 5.57 | 24.72 | 30.29 (15) | 100,353 | 1.53 (8)(11) | 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 (11) | 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) | — (14) | (0.20) | 16.95 | (0.05) (15) | 70,958 | 1.55 (11) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.26 | (0.03) | — | 3.45 | 3.42 | — | — | — | — | 3.42 | $15.68 | 27.90 % | $ 19,861 | 2.20 % | 2.25 % | (0.41) % | 4 % | |
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 (7)(11) | 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) | — (14) | 5.45 | 24.23 | 29.43 (15) | 42,388 | 2.25 (8) | 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 (11) | 2.27 | (0.65) | 48 | |
10/1/18 to 9/30/19 | 16.89 | 0.32 | — | (0.46) | (0.14) | — | (0.11) | (0.11) | — (14) | (0.25) | 16.64 | (0.78) (15) | 37,210 | 2.29 (11) | 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 (11) | 2.27 | 0.18 | 21 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.58 | 0.04 | — | 3.56 | 3.60 | — | — | — | — | 3.60 | $16.18 | 28.62 % | $ 936,623 | 1.20 % | 1.25 % | 0.59 % | 4 % | |
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 (7)(11) | 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) | — (14) | 5.61 | 24.86 | 30.69 (15) | 2,685,996 | 1.24 (8)(11) | 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 (11) | 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) | — (14) | (0.21) | 17.03 | 0.18 (15) | 1,372,552 | 1.30 (11) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $12.60 | 0.05 | — | 3.56 | 3.61 | — | — | — | — | 3.61 | $16.21 | 28.65 % | $ 79,939 | 1.10 % | 1.11 % | 0.67 % | 4 % | |
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 (7)(11) | 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) | — (14) | 5.62 | 24.89 | 30.82 (15) | 277,279 | 1.15 (8)(11) | 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 (11) | 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) | — (14) | (0.21) | 17.05 | 0.24 (15) | 40,866 | 1.19 (11) | 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 (11) | 1.20 | 1.06 | 21 | |
Vontobel Emerging Markets Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.05 | 0.01 | — | 0.38 | 0.39 | — | — | — | — | 0.39 | $ 7.44 | 5.53 % | $ 177,903 | 1.63 % | 1.63 % | 0.29 % | 32 % | |
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 (7) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 6.68 | (0.01) | — | 0.36 | 0.35 | — | — | — | — | 0.35 | $ 7.03 | 5.24 % | $ 23,776 | 2.32 % | 2.32 % | (0.43) % | 32 % | |
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 (7) | 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 |
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 I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.40 | 0.02 | — | 0.40 | 0.42 | — | — | — | — | 0.42 | $ 7.82 | 5.68 % | $1,442,410 | 1.30 % | 1.30 % | 0.60 % | 32 % | |
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 (7) | 1.24 | 0.46 | 54 | |
10/1/20 to 9/30/21 | 11.41 | — (14) | — | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 7.45 | 0.04 | — | 0.40 | 0.44 | — | — | — | — | 0.44 | $ 7.89 | 5.91 % | $ 87,904 | 0.98 % | 1.17 % | 0.93 % | 32 % | |
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 (7) | 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 (8) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.49 | (0.05) | — | 4.72 | 4.67 | — | (0.01) | (0.01) | — | 4.66 | $25.15 | 22.80 % | $ 147,453 | 1.39 % | 1.41 % | (0.40) % | 33 % | |
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 (7)(11)(12) | 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 (8) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $19.22 | (0.12) | — | 4.43 | 4.31 | — | (0.01) | (0.01) | — | 4.30 | $23.52 | 22.44 % | $ 6,568 | 2.05 % | 2.17 % | (1.07) % | 33 % | |
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 (7) | 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 (8) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.58 | (0.01) | — | 4.75 | 4.74 | — | (0.01) | (0.01) | — | 4.73 | $25.31 | 23.04 % | $ 477,640 | 1.07 % | 1.17 % | (0.08) % | 33 % | |
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 (7) | 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 | — (14) | — | 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 (8) | 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 |
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 Foreign Opportunities Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $20.63 | — (14) | — | 4.76 | 4.76 | — | (0.01) | (0.01) | — | 4.75 | $25.38 | 23.08 % | $ 51,336 | 0.95 % | 1.06 % | 0.03 % | 33 % | |
10/1/21 to 9/30/22 | 35.03 | — (14) | — | (7.46) | (7.46) | — | (6.94) | (6.94) | — | (14.40) | 20.63 | (26.88) | 49,057 | 0.97 (7) | 1.06 | — (16) | 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 (8) | 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 | |
Vontobel Global Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.53 | (0.02) | — | 2.54 | 2.52 | — | (1.46) | (1.46) | — | 1.06 | $14.59 | 19.43 % | $ 96,493 | 1.36 % | 1.41 % | (0.32) % | 21 % | |
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 (7) | 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 | — (14) | (1.64) | (1.64) | — | (0.65) | 16.37 | 7.62 | 99,951 | 1.37 (8) | 1.40 | 0.11 | 35 | |
10/1/17 to 9/30/18 | 16.22 | 0.02 | — | 1.68 | 1.70 | — (14) | (0.90) | (0.90) | — | 0.80 | 17.02 | 10.80 | 104,081 | 1.40 (11) | 1.40 | 0.12 | 38 | |
Class C | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $10.38 | (0.06) | — | 1.93 | 1.87 | — | (1.46) | (1.46) | — | 0.41 | $10.79 | 19.03 % | $ 7,984 | 2.11 % | 2.19 % | (1.08) % | 21 % | |
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 (7) | 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 (8) | 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 (11) | 2.16 | (0.61) | 38 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.63 | — (14) | — | 2.57 | 2.57 | — | (1.46) | (1.46) | — | 1.11 | $14.74 | 19.66 % | $ 94,737 | 1.09 % | 1.18 % | (0.07) % | 21 % | |
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 (7) | 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 | — (14) | — | 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 (8) | 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 (11) | 1.16 | 0.43 | 38 | |
Class R6 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $13.72 | 0.01 | — | 2.59 | 2.60 | — | (1.46) | (1.46) | — | 1.14 | $14.86 | 19.76 % | $ 68,155 | 0.91 % | 1.08 % | 0.15 % | 21 % | |
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 (7) | 1.07 | 0.11 | 33 | |
10/1/20 to 9/30/21 | 18.72 | — (14) | — | 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 (8) | 1.08 | 0.80 | 35 | |
1/30/18 (9) to 9/30/18 | 17.27 | 0.06 | — | (0.30) | (0.24) | — | — | — | — | (0.24) | 17.03 | 1.39 | 425 | 1.11 (11) | 1.11 | 0.56 | 38 (10) |
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 | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.86 | (0.04) | — | 2.31 | 2.27 | — | — | — | — | 2.27 | $11.13 | 25.62 % | $ 2,499 | 1.43 % (7)(8) | 2.43 % | (0.78) % | 22 % | |
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 (7) | 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 (8) | 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 | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.41 | (0.07) | — | 2.18 | 2.11 | — | — | — | — | 2.11 | $10.52 | 25.09 % | $ 258 | 2.18 % (7)(8) | 3.11 % | (1.53) % | 22 % | |
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 (7) | 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 (8) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 3/31/23(6) | $ 8.89 | (0.03) | — | 2.32 | 2.29 | — | — | — | — | 2.29 | $11.18 | 25.76 % | $ 4,231 | 1.18 % (7)(8) | 2.15 % | (0.52) % | 22 % | |
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 (7) | 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 (8) | 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) | Unaudited. |
(7) | Net expense ratio includes extraordinary proxy expenses. |
(8) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(9) | Inception date. |
(10) | Portfolio turnover is representative of the Fund for the entire period. |
(11) | The share class is currently under its expense limitation. |
(12) | See 4D in the Notes to Financial statements for information on recapture of expenses previously reimbursed and/or waived. |
(13) | Consolidated Financial Highlights. |
(14) | Amount is less than $0.005 per share. |
(15) | Payment from affiliate had no impact on total return. |
(16) | Amount is less than 0.005%. |
Fund | Investment objective(s) | |
Duff & Phelps Global Infrastructure Fund | Capital appreciation and current income. | |
Duff & Phelps Global Real Estate Securities Fund | Long-term capital appreciation, with a secondary investment objective of income. | |
Duff & Phelps International Real Estate Securities Fund | Long-term capital appreciation, with a secondary investment objective of income. | |
Duff & Phelps Real Asset Fund | Long-term capital appreciation. | |
Duff & Phelps Real Estate Securities Fund | Capital appreciation and income with approximately equal emphasis. | |
FORT Trend Fund | Long-term capital appreciation. | |
KAR Developing Markets Fund | Capital appreciation. | |
KAR Emerging Markets Small-Cap Fund | Capital appreciation. | |
KAR International Small-Mid Cap Fund | Capital appreciation. | |
Vontobel Emerging Markets Opportunities Fund | Capital appreciation. | |
Vontobel Foreign Opportunities Fund | Long-term capital appreciation. | |
Vontobel Global Opportunities Fund | Capital appreciation. | |
Vontobel Greater European Opportunities Fund | Long-term capital appreciation. |
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 March 31, 2023 were $17,055 and 16% 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. |
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 each such 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 instruments, 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 March 31, 2023, 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 | $ 327 | $ 327 | $ — |
(1) | Collateral received in excess of the 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 | $341 |
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 six months ended March 31, 2023, 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.” |
Statement Line Description | Primary Risk | FORT Trend Fund |
Asset Derivatives | ||
Variation margin receivable on futures contracts(1) | Commodity contracts | $ 120 |
Variation margin receivable on futures contracts(1) | Equity contracts | 491 |
Variation margin receivable on futures contracts(1) | Foreign currency contracts | 265 |
Variation margin receivable on futures contracts(1) | Interest rate contracts | 600 |
Total | $1,476 | |
Liability Derivatives | ||
Variation margin receivable on futures contracts(1) | Commodity contracts | $ (408) |
Variation margin receivable on futures contracts(1) | Equity contracts | (4) |
Variation margin receivable on futures contracts(1) | Foreign currency contracts | (63) |
Variation margin receivable on futures contracts(1) | Interest rate contracts | (176) |
Total | $ (651) |
(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 | $ (4,640) |
Futures (1) | Equity contracts | (1,379) |
Futures (1) | Foreign currency contracts | (1,245) |
Futures (1) | Interest rate contracts | 1,718 |
Total | $ (5,546) | |
Net Change in Unrealized Appreciation (Depreciation) on | ||
Futures (2) | Commodity contracts | $ (726) |
Futures (2) | Equity contracts | 61 |
Futures (2) | Foreign currency contracts | (53) |
Futures (2) | Interest rate contracts | (6,023) |
Total | $ (6,741) |
(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) | $ 202 |
Futures Contracts - Short Positions(1) | 3,879 |
(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 March 31, 2023: |
At March 31, 2023, the Fund’s derivative assets and liabilities (by type) are as follows: | |||||
FORT Trend Fund | |||||
Assets | Liabilities | ||||
Derivative Financial Instruments: | |||||
Futures contracts | $— | $ 293 | |||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $— | $ 293 | |||
Derivatives not subject to a MNA or similar agreement | — | (293) | |||
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 six months 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 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, 2024. |
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% | 1.15% | 0.89 | ||||
Duff & Phelps International Real Estate Securities Fund | 1.50 | 2.25 | 1.25 | N/A | ||||
Duff & Phelps Real Asset Fund | 0.50 (1) | 1.25 (1) | 0.25 (1) | 0.20 | ||||
Duff & Phelps Real Estate Securities Fund | N/A | N/A | N/A | 0.79 | ||||
FORT Trend Fund | 1.60 | 2.35 | 1.35 | 1.26 | ||||
KAR Developing Markets Fund | 1.50 (2) | 2.25 (2) | 1.25 (2) | 1.20 (2) | ||||
KAR Emerging Markets Small-Cap Fund | 1.79 | 2.53 | 1.50 | 1.40 | ||||
KAR International Small-Mid Cap Fund | 1.45 | 2.20 | 1.20 | 1.10 | ||||
Vontobel Emerging Markets Opportunities Fund | N/A | N/A | N/A | 0.98 | ||||
Vontobel Foreign Opportunities Fund | 1.39 | 2.05 | 1.07 | 0.95 | ||||
Vontobel Global Opportunities Fund | 1.36 | 2.11 | 1.09 | 0.90 | ||||
Vontobel Greater European Opportunities Fund | 1.35 (3) | 2.10 (3) | 1.10 (3) | N/A |
(1) | Effective January 1, 2023. |
(2) | Effective January 1, 2023. For the period October 1, 2022 through December 31, 2022, the expense caps were as follows for Class A shares, Class C shares, Class I shares and Class R6 shares, respectively: 1.55%, 2.30%, 1.30% and 1.22%. |
(3) | Effective January 1, 2023. For the period October 1, 2022 through December 31, 2022, the expense caps were as follows for Class A shares, Class C shares and Class I shares, respectively: 1.40%, 2.15%, and 1.15%. |
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 six months ending March 31: |
Expiration | ||||||||||
Fund | 2023 | 2024 | 2025 | 2026 | Total | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||||
Class R6 | $ 6 | $ 6 | $ 7 | $ 4 | $ 23 | |||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||||
Class A | 151 | 296 | 303 | 154 | 904 | |||||
Class C | 2 | 2 | — (1) | 1 | 5 | |||||
Class I | 10 | 34 | 58 | 39 | 141 | |||||
Class R6 | 43 | 100 | 137 | 66 | 346 | |||||
Duff & Phelps International Real Estate Securities Fund | ||||||||||
Class A | 3 | 7 | 6 | 3 | 19 | |||||
Class C | 1 | 1 | 1 | — (1) | 3 | |||||
Class I | 63 | 72 | 69 | 37 | 241 | |||||
Duff & Phelps Real Asset Fund | ||||||||||
Class A | — | — | — | 13 | 13 | |||||
Class C | — | — | — | 1 | 1 | |||||
Class I | — | — | — | 10 | 10 | |||||
Class R6 | — | — | — (1) | — (1) | — (1) | |||||
Duff & Phelps Real Estate Securities Fund | ||||||||||
Class R6 | 37 | 193 | 204 | 90 | 524 |
Expiration | ||||||||||
Fund | 2023 | 2024 | 2025 | 2026 | Total | |||||
FORT Trend Fund | ||||||||||
Class A | $ — | $ 8 | $ 8 | $ 19 | $ 35 | |||||
Class C | — | 16 | 4 | 1 | 21 | |||||
Class I | — | 6 | 2 | 5 | 13 | |||||
Class R6 | — | — (1) | — (1) | — (1) | — (1) | |||||
KAR Developing Markets Fund | ||||||||||
Class A | — | 3 | 3 | 1 | 7 | |||||
Class C | — | 3 | 3 | 1 | 7 | |||||
Class I | — | 3 | 3 | 1 | 7 | |||||
Class R6 | — | 80 | 81 | 29 | 190 | |||||
KAR Emerging Markets Small-Cap Fund | ||||||||||
Class A | — | — | — | 2 | 2 | |||||
Class C | — | — | 1 | 1 | 2 | |||||
Class I | — | — | 113 | 42 | 155 | |||||
Class R6 | — | — | 1 | — (1) | 1 | |||||
KAR International Small-Mid Cap Fund | ||||||||||
Class A | — | — | — | 8 | 8 | |||||
Class C | — | — | — (1) | 5 | 5 | |||||
Class I | — | — | — | 227 | 227 | |||||
Class R6 | — | — | — | 5 | 5 | |||||
Vontobel Emerging Markets Opportunities Fund | ||||||||||
Class R6 | 158 | 343 | 226 | 91 | 818 | |||||
Vontobel Foreign Opportunities Fund | ||||||||||
Class A | 48 | 25 | 9 | 19 | 101 | |||||
Class C | 14 | 18 | 10 | 4 | 46 | |||||
Class I | 243 | 343 | 376 | 231 | 1,193 | |||||
Class R6 | 41 | 62 | 60 | 27 | 190 | |||||
Vontobel Global Opportunities Fund | ||||||||||
Class A | 41 | 38 | 29 | 23 | 131 | |||||
Class C | 2 | 6 | 4 | 3 | 15 | |||||
Class I | 73 | 78 | 71 | 41 | 263 | |||||
Class R6 | 85 | 136 | 117 | 56 | 394 | |||||
Vontobel Greater European Opportunities Fund | ||||||||||
Class A | 17 | 20 | 20 | 12 | 69 | |||||
Class C | 6 | 4 | 2 | 1 | 13 | |||||
Class I | 28 | 50 | 42 | 20 | 140 |
(1) | Amount is less than $500. |
Fund | Class A | Class C | Class I | Total | ||||
KAR Emerging Markets Small-Cap Fund | $— (1) | $— (1) | $2 | $ 2 |
(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 six months ended March 31, 2023, it retained net commissions of $12 for Class A shares and CDSC of $6 and $1 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 Funds may be exchanged for shares of the same class of certain other Virtus 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 six months ended March 31, 2023, the Funds incurred administration fees totaling $2,382 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 six months ended March 31, 2023, the Funds incurred transfer agent fees totaling $1,067 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 March 31, 2023, 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 | $ 78 | |
Class C | 10,000 | 78 | |
Class I | 10,000 | 78 | |
Class R6 | 305,906 | 2,395 |
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 six months ended March 31, 2023, 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 six months ended March 31, 2023, is as follows: |
Value, beginning of period | Purchases (2) | Sales proceeds(3) | Net realized gain (loss) on affiliated funds | Net change in unrealized appreciation (depreciation) on affiliated funds | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
Duff & Phelps Real Asset Fund | |||||||||||||||||
Affiliated Mutual Funds—68.1% | |||||||||||||||||
Equity Funds—63.5% | |||||||||||||||||
Virtus Duff & Phelps Global Infrastructure Fund Class R6 | $ 4,782 | $491 | $ 220 | $ (23) | $ (—)(4) | $ 5,030 | 357,785 | $ 64 | $428 | ||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6 | 4,517 | 65 | 170 | (39) | 376 | 4,749 | 156,107 | 65 | — | ||||||||
Virtus Duff & Phelps Select MLP and Energy Fund Class I | 3,771 | — | 782 | 215 | 60 | 3,264 | 295,384 | (12) (5) | — | ||||||||
Fixed Income Fund—4.6% | |||||||||||||||||
Virtus Newfleet Senior Floating Rate Fund Class R6 | 1,113 | 38 | 225 | 5 | 17 | 948 | 110,476 | 37 | — | ||||||||
Total | $14,183 | $594 | $1,397 | $158 | $453 | $13,991 | $154 | $428 |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
KAR Emerging Markets Small-Cap Fund | |||||||||||||||||
Common Stocks—5.7% | |||||||||||||||||
Tegma Gestao Logistica S.A.(6) | $14,162 | $— | $2,891 | $(372) | $ 161 | $ — | — | $312 | $— | ||||||||
Union Auction PCL | 8,843 | — | 375 | (90) | 1,920 | 10,298 | 33,162,000 | — | — | ||||||||
Vasta Platform Ltd.(7) | 7,305 | — | — | — | (2,838) | 4,467 | 1,391,515 | — | — | ||||||||
Total | $30,310 | $— | $3,266 | $(462) | $ (757) | $14,765 | $312 | $— |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
KAR International Small-Mid Cap Fund | |||||||||||||||||
Common Stocks—9.9% | |||||||||||||||||
Baltic Classifieds Group plc | $ 51,417 | $— | $ 7,301 | $(2,728) | $ 15,253 | $ 56,641 | 29,622,573 | $ 274 | $— | ||||||||
Bouvet ASA(6) | 32,964 | — | 11,131 | 5,450 | (18,041) | — | — | 295 | — | ||||||||
Brockhaus Technologies AG(7) | 11,694 | — | 3,763 | (2,466) | 9,304 | 14,769 | 602,594 | — | — | ||||||||
Max Stock Ltd.(6) | 12,788 | — | 2,938 | (4,149) | 18,478 | — | — | 826 | — | ||||||||
Mortgage Advice Bureau Holdings Ltd. | 28,962 | — | 893 | (66) | 8,113 | 36,116 | 3,945,678 | 614 | — | ||||||||
Total | $137,825 | $— | $26,026 | $(3,959) | $ 33,107 | $107,526 | $2,009 | $— |
Footnote Legend: | |
(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 March 31, 2023, the Fund was the owner of record of 11% 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) | Amount is less than $500. |
(5) | Includes return of capital dividend reclassification in the amount of $(95), relating to a prior year dividend which exceeded the aggregate of dividend income earned during the current year. |
(6) | Issuer is not an affiliated investment of the Fund at March 31, 2023. |
(7) | Non-income producing. |
I. | Trustee Deferred Compensation Plan |
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 March 31, 2023. |
Purchases | Sales | ||
Duff & Phelps Global Infrastructure Fund | $ 10,129 | $ 14,868 | |
Duff & Phelps Global Real Estate Securities Fund | 63,606 | 106,429 | |
Duff & Phelps International Real Estate Securities Fund | 4,323 | 4,444 | |
Duff & Phelps Real Asset Fund | 1,474 | 3,820 | |
Duff & Phelps Real Estate Securities Fund | 78,076 | 102,966 | |
KAR Developing Markets Fund | 323 | 286 | |
KAR Emerging Markets Small-Cap Fund | 12,876 | 26,403 | |
KAR International Small-Mid Cap Fund | 38,485 | 334,571 | |
Vontobel Emerging Markets Opportunities Fund | 562,865 | 828,106 | |
Vontobel Foreign Opportunities Fund | 210,562 | 276,366 | |
Vontobel Global Opportunities Fund | 55,250 | 77,923 | |
Vontobel Greater European Opportunities Fund | 1,381 | 2,055 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 71 | $ 1,024 | 235 | $ 3,873 | 89 | $ 2,736 | 210 | $ 8,141 | |||||||
Reinvestment of distributions | 200 | 2,763 | 113 | 1,828 | 3 | 101 | 15 | 653 | |||||||
Shares repurchased and cross class conversions | (197) | (2,831) | (245) | (4,022) | (145) | (4,494) | (191) | (7,251) | |||||||
Net Increase / (Decrease) | 74 | $ 956 | 103 | $ 1,679 | (53) | $(1,657) | 34 | $ 1,543 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 3 | $ 37 | 31 | $ 511 | 8 | $ 248 | 79 | $ 2,924 | |||||||
Reinvestment of distributions | 23 | 321 | 16 | 269 | — | — | 4 | 132 | |||||||
Shares repurchased and cross class conversions | (55) | (783) | (139) | (2,281) | (27) | (810) | (62) | (2,138) | |||||||
Net Increase / (Decrease) | (29) | $(425) | (92) | $(1,501) | (19) | $(562) | 21 | $ 918 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 220 | $ 3,190 | 429 | $ 7,026 | 1,697 | $ 51,185 | 3,749 | $ 137,771 | |||||||
Reinvestment of distributions | 254 | 3,514 | 153 | 2,472 | 68 | 2,015 | 298 | 11,968 | |||||||
Shares repurchased and cross class conversions | (293) | (4,259) | (592) | (9,630) | (3,125) | (93,021) | (3,546) | (124,467) | |||||||
Net Increase / (Decrease) | 181 | $ 2,445 | (10) | $(132) | (1,360) | $ (39,821) | 501 | $ 25,272 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 36 | $ 509 | 106 | $ 1,756 | 131 | $ 3,989 | 458 | $ 16,994 | |||||||
Reinvestment of distributions | 69 | 960 | 42 | 675 | 37 | 1,090 | 85 | 3,414 | |||||||
Shares repurchased and cross class conversions | (105) | (1,522) | (93) | (1,514) | (228) | (7,023) | (252) | (9,314) | |||||||
Net Increase / (Decrease) | — (1) | $(53) | 55 | $ 917 | (60) | $(1,944) | 291 | $ 11,094 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 5 | $ 32 | 18 | $ 140 | 23 | $ 303 | 133 | $ 1,849 | |||||||
Reinvestment of distributions | — | — | 7 | 52 | 9 | 113 | 6 | 84 | |||||||
Shares repurchased and cross class conversions | (66) | (384) | (86) | (665) | (74) | (950) | (214) | (2,843) | |||||||
Net Increase / (Decrease) | (61) | $ (352) | (61) | $ (473) | (42) | $ (534) | (75) | $ (910) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ 1 | 2 | $ 14 | 7 | $ 91 | 76 | $ 1,037 | |||||||
Reinvestment of distributions | — | — | — | — | — (1) | 2 | — (1) | 3 | |||||||
Shares repurchased and cross class conversions | (4) | (24) | (18) | (122) | (32) | (405) | (43) | (580) | |||||||
Net Increase / (Decrease) | (4) | $ (23) | (16) | $ (108) | (25) | $ (312) | 33 | $ 460 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 474 | $ 2,820 | 669 | $ 4,921 | 45 | $ 587 | 386 | $ 5,218 | |||||||
Reinvestment of distributions | — | — | 65 | 516 | 9 | 110 | 6 | 83 | |||||||
Shares repurchased and cross class conversions | (520) | (3,182) | (598) | (4,488) | (189) | (2,426) | (363) | (4,804) | |||||||
Net Increase / (Decrease) | (46) | $ (362) | 136 | $ 949 | (135) | $ (1,729) | 29 | $ 497 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | — | $ — | 8 | $ 100 | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | — | $ — | 8 | $ 100 |
Duff & Phelps Real Estate Securities Fund | FORT Trend Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 264 | $ 5,225 | 864 | $ 22,100 | 168 | $ 2,250 | 756 | $ 10,953 | |||||||
Reinvestment of distributions | 533 | 9,928 | 228 | 6,019 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (649) | (12,874) | (1,461) | (37,438) | (617) | (8,145) | (1,179) | (17,061) | |||||||
Net Increase / (Decrease) | 148 | $ 2,279 | (369) | $ (9,319) | (449) | $ (5,895) | (423) | $ (6,108) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 12 | $ 247 | 43 | $ 1,092 | 5 | $ 63 | 10 | $ 130 | |||||||
Reinvestment of distributions | 20 | 370 | 8 | 229 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (41) | (823) | (91) | (2,240) | (175) | (2,175) | (924) | (12,513) | |||||||
Net Increase / (Decrease) | (9) | $ (206) | (40) | $ (919) | (170) | $ (2,112) | (914) | $ (12,383) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 1,362 | $ 26,640 | 2,943 | $ 73,762 | 184 | $ 2,532 | 202 | $ 2,983 | |||||||
Reinvestment of distributions | 887 | 16,453 | 420 | 10,979 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (2,664) | (53,377) | (3,434) | (84,223) | (405) | (5,422) | (595) | (8,823) | |||||||
Net Increase / (Decrease) | (415) | $ (10,284) | (71) | $ 518 | (221) | $ (2,890) | (393) | $ (5,840) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 980 | $ 19,547 | 1,723 | $ 43,154 | — (1) | $ —(2) | 1 | $ 8 | |||||||
Reinvestment of distributions | 549 | 10,230 | 283 | 7,461 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (740) | (14,740) | (3,171) | (82,026) | (2) | (26) | (15) | (204) | |||||||
Net Increase / (Decrease) | 789 | $ 15,037 | (1,165) | $ (31,411) | (2) | $ (26) | (14) | $ (196) |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ 1 | 3 | $ 19 | 686 | $ 8,533 | 1,023 | $ 14,093 | |||||||
Reinvestment of distributions | — (1) | — (2) | — | — | — | — | 277 | 4,301 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (1,106) | (13,425) | (1,745) | (24,597) | |||||||
Net Increase / (Decrease) | — (1) | $ 1 | 3 | $ 19 | (420) | $ (4,892) | (445) | $ (6,203) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 188 | $ 2,180 | 34 | $ 488 | |||||||
Reinvestment of distributions | — | — | — | — | — | — | 11 | 175 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (31) | (369) | (48) | (645) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | 157 | $ 1,811 | (3) | $ 18 |
KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 4 | $ 31 | 2 | $ 16 | 3,742 | $ 46,054 | 8,664 | $ 121,808 | |||||||
Reinvestment of distributions | — (1) | 1 | — (1) | — (2) | — | — | 1,765 | 27,465 | |||||||
Shares repurchased and cross class conversions | (—) (1) | (2) | — | — | (3,941) | (48,033) | (13,435) | (183,571) | |||||||
Net Increase / (Decrease) | 4 | $ 30 | 2 | $ 16 | (199) | $ (1,979) | (3,006) | $ (34,298) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1 | $ 4 | 53 | $ 433 | 1 | $ 7 | 28 | $ 372 | |||||||
Reinvestment of distributions | 1 | 4 | — | — | — | — | 6 | 87 | |||||||
Shares repurchased and cross class conversions | (19) | (140) | — | — | (—) (1) | (—) (2) | (6) | (79) | |||||||
Net Increase / (Decrease) | (17) | $ (132) | 53 | $ 433 | 1 | $ 7 | 28 | $ 380 |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 250 | $ 3,757 | 841 | $ 15,750 | 2,604 | $ 19,198 | 6,803 | $ 64,459 | |||||||
Shares issued-merger (See Note 13) | — | — | 24 | 607 | — | — | — | — | |||||||
Reinvestment of distributions | — | — | 323 | 7,192 | — | — | 5,927 | 56,364 | |||||||
Shares repurchased and cross class conversions | (782) | (11,695) | (1,842) | (33,861) | (6,105) | (44,657) | (15,768) | (147,140) | |||||||
Net Increase / (Decrease) | (532) | $ (7,938) | (654) | $ (10,312) | (3,501) | $ (25,459) | (3,038) | $ (26,317) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 31 | $ 464 | 62 | $ 1,230 | 75 | $ 526 | 150 | $ 1,341 | |||||||
Shares issued-merger (See Note 13) | — | — | 12 | 311 | — | — | — | — | |||||||
Reinvestment of distributions | — | — | 128 | 2,793 | — | — | 1,419 | 12,857 | |||||||
Shares repurchased and cross class conversions | (269) | (3,765) | (449) | (7,588) | (1,390) | (9,632) | (3,229) | (28,171) | |||||||
Net Increase / (Decrease) | (238) | $ (3,301) | (247) | $ (3,254) | (1,315) | $ (9,106) | (1,660) | $ (13,973) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 11,099 | $ 168,570 | 32,974 | $ 632,173 | 37,416 | $ 293,515 | 71,371 | $ 682,721 | |||||||
Shares issued-merger (See Note 13) | — | — | 1,501 | 38,692 | — | — | — | — | |||||||
Reinvestment of distributions | — | — | 8,896 | 198,465 | — | — | 58,424 | 581,318 | |||||||
Shares repurchased and cross class conversions | (26,959) | (388,668) | (77,670) | (1,354,234) | (65,633) | (503,657) | (251,117) | (2,463,253) | |||||||
Net Increase / (Decrease) | (15,860) | $ (220,098) | (34,299) | $ (484,904) | (28,217) | $ (210,142) | (121,322) | $ (1,199,214) |
KAR International Small-Mid Cap Fund | Vontobel Emerging Markets Opportunities Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 711 | $ 10,536 | 2,374 | $ 46,184 | 2,777 | $ 21,072 | 4,120 | $ 39,018 | |||||||
Shares issued-merger (See Note 13) | — | — | 171 | 4,417 | — | — | — | — | |||||||
Reinvestment of distributions | — | — | 832 | 18,561 | — | — | 2,328 | 23,279 | |||||||
Shares repurchased and cross class conversions | (2,166) | (31,395) | (8,131) | (136,701) | (5,011) | (38,572) | (9,520) | (99,799) | |||||||
Net Increase / (Decrease) | (1,455) | $ (20,859) | (4,754) | $ (67,539) | (2,234) | $ (17,500) | (3,072) | $ (37,502) |
Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | ||||||||||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 224 | $ 5,218 | 942 | $ 25,901 | 130 | $ 1,825 | 384 | $ 6,809 | |||||||
Reinvestment of distributions | 3 | 65 | 1,291 | 36,977 | 614 | 8,320 | 1,077 | 20,114 | |||||||
Shares repurchased and cross class conversions | (825) | (19,239) | (1,618) | (42,141) | (564) | (7,905) | (1,132) | (20,042) | |||||||
Net Increase / (Decrease) | (598) | $ (13,956) | 615 | $ 20,737 | 180 | $ 2,240 | 329 | $ 6,881 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 31 | $ 685 | 17 | $ 430 | 14 | $ 154 | 56 | $ 760 | |||||||
Reinvestment of distributions | — (1) | 4 | 117 | 3,149 | 104 | 1,046 | 246 | 3,551 | |||||||
Shares repurchased and cross class conversions | (103) | (2,245) | (322) | (8,231) | (187) | (2,004) | (630) | (8,756) | |||||||
Net Increase / (Decrease) | (72) | $ (1,556) | (188) | $ (4,652) | (69) | $ (804) | (328) | $ (4,445) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,293 | $ 54,103 | 5,863 | $ 155,649 | 2,488 | $ 36,003 | 1,794 | $ 29,502 | |||||||
Reinvestment of distributions | 9 | 205 | 5,212 | 149,581 | 567 | 7,762 | 1,363 | 25,593 | |||||||
Shares repurchased and cross class conversions | (4,825) | (112,510) | (12,635) | (327,256) | (3,694) | (55,072) | (4,358) | (79,848) | |||||||
Net Increase / (Decrease) | (2,523) | $ (58,202) | (1,560) | $ (22,026) | (639) | $ (11,307) | (1,201) | $ (24,753) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 96 | $ 2,298 | 606 | $ 15,854 | 564 | $ 8,075 | 327 | $ 5,964 | |||||||
Reinvestment of distributions | 1 | 23 | 399 | 11,478 | 454 | 6,261 | 824 | 15,552 | |||||||
Shares repurchased and cross class conversions | (453) | (10,548) | (531) | (14,124) | (542) | (7,886) | (1,169) | (19,568) | |||||||
Net Increase / (Decrease) | (356) | $ (8,227) | 474 | $ 13,208 | 476 | $ 6,450 | (18) | $ 1,948 |
Vontobel Greater European Opportunities Fund | |||||||
Six Months Ended March 31, 2023 (Unaudited) | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 32 | $ 337 | 60 | $ 688 | |||
Reinvestment of distributions | — | — | 9 | 114 | |||
Shares repurchased and cross class conversions | (36) | (383) | (59) | (705) | |||
Net Increase / (Decrease) | (4) | $ (46) | 10 | $ 97 | |||
Class C | |||||||
Shares sold and cross class conversions | — (1) | $ 2 | — (1) | $ 3 | |||
Reinvestment of distributions | — | — | 1 | 15 | |||
Shares repurchased and cross class conversions | (—) (1) | (3) | (8) | (84) | |||
Net Increase / (Decrease) | — (1) | $ (1) | (7) | $ (66) | |||
Class I | |||||||
Shares sold and cross class conversions | 13 | $ 133 | 43 | $ 495 | |||
Reinvestment of distributions | — | — | 21 | 275 | |||
Shares repurchased and cross class conversions | (77) | (785) | (124) | (1,369) | |||
Net Increase / (Decrease) | (64) | $ (652) | (60) | $ (599) |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts | ||
Duff & Phelps Global Infrastructure Fund | 13 % | 1 | |
Duff & Phelps Global Real Estate Securities Fund | 51 | 3 | |
Duff & Phelps International Real Estate Securities Fund | 75 | 1 | |
Duff & Phelps Real Asset Fund | 15 | 1 | |
Duff & Phelps Real Estate Securities Fund | 12 | 1 | |
FORT Trend Fund | 28 | 2 | |
KAR Developing Markets Fund | 89 | 2 * | |
KAR Emerging Markets Small-Cap Fund | 57 | 3 | |
KAR International Small-Mid Cap Fund | 55 | 4 | |
Vontobel Emerging Markets Opportunities Fund | 47 | 2 | |
Vontobel Foreign Opportunities Fund | 28 | 1 | |
Vontobel Global Opportunities Fund | 30 | 2 | |
Vontobel Greater European Opportunities Fund | 57 | 3 |
* | Includes affiliated shareholder account(s). |
Sector | Percentage of Total Investments | ||
Duff & Phelps Global Infrastructure Fund | Utilities | 49% | |
Duff & Phelps Global Infrastructure Fund | Industrials | 26 | |
KAR Developing Markets Fund | Industrials | 32 | |
KAR Emerging Markets Small-Cap Fund | Industrials | 34 | |
KAR International Small-Mid Cap Fund | Industrials | 26 | |
Vontobel Greater European Opportunities Fund | Industrials | 29 |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
Duff & Phelps Global Real Estate Securities Fund | $ 3 | $2,467 | 5.01% | 9 | ||||
Duff & Phelps Real Estate Securities Fund | 1 | 2,300 | 4.14 | 4 | ||||
KAR International Small-Mid Cap Fund | 25 | 6,629 | 4.83 | 28 | ||||
Vontobel Emerging Markets Opportunities Fund | 2 | 3,500 | 5.42 | 4 | ||||
Vontobel Global Opportunities Fund | 9 | 8,038 | 5.02 | 8 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Global Infrastructure Fund | $ 75,097 | $ 7,819 | $ (3,980) | $ 3,839 | ||||
Duff & Phelps Global Real Estate Securities Fund | 346,324 | 44,768 | (42,263) | 2,505 | ||||
Duff & Phelps International Real Estate Securities Fund | 29,130 | 1,895 | (6,247) | (4,352) | ||||
Duff & Phelps Real Asset Fund | 24,802 | 5,593 | (10,125) | (4,532) | ||||
Duff & Phelps Real Estate Securities Fund | 277,431 | 121,305 | (11,351) | 109,954 | ||||
FORT Trend Fund | 100,411 | 861 | (3,049) | (2,188) | ||||
KAR Developing Markets Fund | 3,048 | 186 | (498) | (312) | ||||
KAR Emerging Markets Small-Cap Fund | 270,937 | 30,219 | (44,885) | (14,666) | ||||
KAR International Small-Mid Cap Fund | 1,164,474 | 183,452 | (281,476) | (98,024) | ||||
Vontobel Emerging Markets Opportunities Fund | 1,702,720 | 191,728 | (181,487) | 10,241 | ||||
Vontobel Foreign Opportunities Fund | 524,941 | 176,256 | (17,269) | 158,987 | ||||
Vontobel Global Opportunities Fund | 193,716 | 81,355 | (8,805) | 72,550 | ||||
Vontobel Greater European Opportunities Fund | 4,932 | 2,003 | (185) | 1,818 |
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 |
1 Year | 5 Year | 10 Years | |
Class I | |||
Return Before Taxes | -2.42% | 4.13% | 3.23% |
Return After Taxes on Distributions | -2.71% | 3.61% | 2.77% |
Return After Taxes on Distributions and Sale of Fund Shares | -1.23% | 3.08% | 2.44% |
Class A | |||
Return Before Taxes | -8.03% | 2.70% | 2.39% |
Class C | |||
Return Before Taxes | -3.40% | 3.06% | 2.18% |
MSCI All Country World Index (net) (reflects no deduction for fees, expenses or taxes) | -18.36% | 5.23% | 7.98% |
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.
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please contact us at 1-800-243-1574, or visit Virtus.com.
8638 | 05-23 |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
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) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(2)(1) | Not applicable. | |
(a)(2)(2) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
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 | 5/25/2023 |
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 | 5/25/2023 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||
(principal financial officer) |
Date | 5/25/2023 |
* | Print the name and title of each signing officer under his or her signature. |