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: September 30, 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. |
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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 | ||
Fund | Fund Summary | Schedule of Investments |
8 | 35 | |
12 | 45 | |
16 | 49 | |
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”) | 20 | 58 |
24 | 71 | |
28 | 85 | |
32 | 92 | |
96 | ||
100 | ||
102 | ||
106 | ||
111 | ||
125 | ||
126 | ||
127 | ||
128 |
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President and Trustee, Virtus Funds
November 2023
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 974.30 | 0.77 % | $ 3.81 | ||||
Class C | 1,000.00 | 969.50 | 1.52 | 7.50 | ||||
Class I | 1,000.00 | 975.20 | 0.52 | 2.57 | ||||
Class R6 | 1,000.00 | 975.90 | 0.40 | 1.98 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,028.50 | 0.98 | 4.98 | ||||
Class C | 1,000.00 | 1,027.40 | 1.74 | 8.84 | ||||
Class I | 1,000.00 | 1,032.50 | 0.74 | 3.77 | ||||
Class R6 | 1,000.00 | 1,030.60 | 0.58 | 2.95 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 1,000.00 | 1,015.40 | 0.74 | 3.74 | ||||
Class C | 1,000.00 | 1,011.60 | 1.49 | 7.51 | ||||
Class I | 1,000.00 | 1,015.60 | 0.49 | 2.48 | ||||
Class R6 | 1,000.00 | 1,016.00 | 0.42 | 2.12 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 999.90 | 0.98 | 4.91 | ||||
Class C | 1,000.00 | 997.40 | 1.73 | 8.66 | ||||
Class I | 1,000.00 | 1,001.60 | 0.74 | 3.71 | ||||
Class R6 | 1,000.00 | 1,002.70 | 0.60 | 3.01 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,016.40 | 0.89 | 4.50 | ||||
Class C | 1,000.00 | 1,012.50 | 1.15 | 5.80 | ||||
Class C1 | 1,000.00 | 1,010.10 | 1.65 | 8.31 | ||||
Class I | 1,000.00 | 1,015.30 | 0.64 | 3.23 | ||||
Class R6 | 1,000.00 | 1,017.90 | 0.51 | 2.58 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 1,053.90 | 1.02 | 5.25 | ||||
Class C | 1,000.00 | 1,050.00 | 1.77 | 9.10 | ||||
Class I | 1,000.00 | 1,055.20 | 0.77 | 3.97 | ||||
Class R6 | 1,000.00 | 1,055.90 | 0.63 | 3.25 |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | $1,000.00 | $ 969.10 | 0.83% | $4.10 | ||||
Class C | 1,000.00 | 965.50 | 1.58 | 7.78 | ||||
Class I | 1,000.00 | 970.40 | 0.58 | 2.86 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,021.21 | 0.77 % | $ 3.90 | ||||
Class C | 1,000.00 | 1,017.45 | 1.52 | 7.69 | ||||
Class I | 1,000.00 | 1,022.46 | 0.52 | 2.64 | ||||
Class R6 | 1,000.00 | 1,023.06 | 0.40 | 2.03 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,020.16 | 0.98 | 4.96 | ||||
Class C | 1,000.00 | 1,016.34 | 1.74 | 8.80 | ||||
Class I | 1,000.00 | 1,021.36 | 0.74 | 3.75 | ||||
Class R6 | 1,000.00 | 1,022.16 | 0.58 | 2.94 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.36 | 0.74 | 3.75 | ||||
Class C | 1,000.00 | 1,017.60 | 1.49 | 7.54 | ||||
Class I | 1,000.00 | 1,022.61 | 0.49 | 2.48 | ||||
Class R6 | 1,000.00 | 1,022.96 | 0.42 | 2.13 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.16 | 0.98 | 4.96 | ||||
Class C | 1,000.00 | 1,016.39 | 1.73 | 8.74 | ||||
Class I | 1,000.00 | 1,021.36 | 0.74 | 3.75 | ||||
Class R6 | 1,000.00 | 1,022.06 | 0.60 | 3.04 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.61 | 0.89 | 4.51 | ||||
Class C | 1,000.00 | 1,019.30 | 1.15 | 5.82 | ||||
Class C1 | 1,000.00 | 1,016.80 | 1.65 | 8.34 | ||||
Class I | 1,000.00 | 1,021.86 | 0.64 | 3.24 | ||||
Class R6 | 1,000.00 | 1,022.51 | 0.51 | 2.59 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 1,019.95 | 1.02 | 5.17 | ||||
Class C | 1,000.00 | 1,016.19 | 1.77 | 8.95 | ||||
Class I | 1,000.00 | 1,021.21 | 0.77 | 3.90 | ||||
Class R6 | 1,000.00 | 1,021.91 | 0.63 | 3.19 |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | $1,000.00 | $1,020.91 | 0.83% | $4.20 | ||||
Class C | 1,000.00 | 1,017.15 | 1.58 | 7.99 | ||||
Class I | 1,000.00 | 1,022.16 | 0.58 | 2.94 |
* | 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 (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
September 30, 2023
September 30, 2023
Ticker Symbols: | |
Class A: SAVAX | |
Class C: SAVCX | |
Class I: SAVYX | |
Class R6: VBFRX |
Newfleet Asset Management
■ | The Fund is diversified and has an investment objective of high total return from both current income and capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 2.06%, Class C shares at NAV returned 1.25%, Class I shares at NAV returned 2.33%, and Class R6 shares at NAV returned 2.47%. For the same period, the Bloomberg U.S. Aggregate Bond Index, which serves as both the Fund’s broad-based and style-specific benchmark index appropriate for comparison, returned 0.64%. |
Corporate Bonds and Notes | 32% | |
Financials | 11% | |
Industrials | 4 | |
Health Care | 3 | |
All other Corporate Bonds and Notes | 14 | |
Mortgage-Backed Securities | 28 | |
U.S. Government Securities | 18 | |
Asset-Backed Securities | 12 | |
Leveraged Loans | 6 | |
Municipal Bonds | 2 | |
Foreign Government Securities | 1 | |
Other (includes short-term investment and securities lending collateral) | 1 | |
Total | 100% | |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 2.06 % | 0.83 % | 1.79 % | — % | — | |
Class A shares at POP3,4 | -1.77 | 0.07 | 1.40 | — | — | |
Class C shares at NAV2 and with CDSC4 | 1.25 | 0.07 | 1.02 | — | — | |
Class I shares at NAV2 | 2.33 | 1.08 | 2.04 | — | — | |
Class R6 shares at NAV2 | 2.47 | 1.20 | — | 1.32 | 11/3/16 | |
Bloomberg U.S. Aggregate Bond Index | 0.64 | 0.10 | 1.13 | 0.01 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.03 %; Net: 0.80%; Class C shares: Gross 1.82%; Net: 1.55 %; Class I shares: Gross 0.78%; Net: 0.55%; Class R6 shares: Gross 0.71%, Net 0.43%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
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1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PHCHX | |
Class C: PGHCX | |
Class I: PHCIX | |
Class R6: VRHYX |
Newfleet Asset Management
■ | The Fund is diversified and has a primary investment objective of high current income and a secondary objective of capital growth. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 10.27%, Class C shares at NAV returned 9.51%, Class I shares at NAV returned 10.84%, and Class R6 shares at NAV returned 10.71%. For the same period, the Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 10.28%. |
Corporate Bonds and Notes | 91% | |
Energy | 19% | |
Consumer Discretionary | 15 | |
Industrials | 11 | |
All other Corporate Bonds and Notes | 46 | |
Leveraged Loans | 4 | |
Securities Lending Collateral | 4 | |
Other | 1 | |
Total | 100% | |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 10.27 % | 3.02 % | 3.90 % | — % | — | |
Class A shares at POP3,4 | 6.14 | 2.24 | 3.51 | — | — | |
Class C shares at NAV2 and with CDSC4 | 9.51 | 2.26 | 3.14 | — | — | |
Class I shares at NAV2 | 10.84 | 3.33 | 4.19 | — | — | |
Class R6 shares at NAV2 | 10.71 | 3.39 | — | 4.04 | 11/3/16 | |
Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index | 10.28 | 2.95 | 4.24 | 3.89 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.26%, Net 1.00%; Class C shares: Gross 2.06%, Net 1.75%; Class I shares: Gross 1.08%, Net 0.75%; Class R6 shares: Gross 0.95%, Net 0.59%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
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1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: HIMZX | |
Class C: PCMZX | |
Class I: HIBIX | |
Class R6: VLDRX |
Newfleet Asset Management
■ | The Fund is diversified and has an investment objective to provide a high level of total return, including a competitive level of current income, while limiting fluctuations in net asset value due to changes in interest rates. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 4.55%, Class C shares at NAV returned 3.78%, Class I shares at NAV returned 4.81%, and Class R6 shares at NAV returned 4.89%. For the same period, the ICE BofA 1-5 Year Corporate & Government Bond Index returned 2.73%. |
Asset-Backed Securities | 35% | |
Mortgage-Backed Securities | 28 | |
Corporate Bonds and Notes | 22 | |
Financials | 9% | |
Utilities | 2 | |
Industrials | 2 | |
All other Corporate Bonds and Notes | 9 | |
U.S. Government Securities | 7 | |
Leveraged Loans | 6 | |
Other (includes securities lending collateral) | 2 | |
Total | 100% | |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 4.55 % | 1.42 % | 1.58 % | — % | — | |
Class A shares at POP3,4 | 2.20 | 0.96 | 1.34 | — | — | |
Class C shares at NAV2 and with CDSC4 | 3.78 | 0.66 | 0.82 | — | — | |
Class I shares at NAV2 | 4.81 | 1.65 | 1.82 | — | — | |
Class R6 shares at NAV2 | 4.89 | — | — | 1.79 | 12/19/18 | |
ICE BofA 1-5 Year Corporate & Government Bond Index | 2.73 | 1.17 | 1.14 | 1.01 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 0.88 %; Net: 0.75%; Class C shares: Gross 1.68%; Net: 1.50 %; Class I shares: Gross 0.64%; Net: 0.50%; Class R6 shares: Gross 0.58%, Net 0.43%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252imgec7929ba8.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252img0fa6f0369.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: NAMFX | |
Class C: NCMFX | |
Class I: VMFIX | |
Class R6: VMFRX |
Newfleet Asset Management
■ | The Fund is diversified and has an investment objective of maximizing current income while preserving capital. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 5.76%†, Class C shares at NAV returned 4.91%, Class I shares at NAV returned 6.01%, and Class R6 shares at NAV returned 6.21%. For the same period, the Bloomberg U.S. Aggregate Bond Index, which serves as both the Fund’s broad-based and style-specific fixed income index, returned 0.64%. |
Corporate Bonds and Notes | 37% | |
Financials | 10% | |
Energy | 7 | |
Health Care | 4 | |
All other Corporate Bonds and Notes | 16 | |
Mortgage-Backed Securities | 18 | |
Asset-Backed Securities | 14 | |
Leveraged Loans | 13 | |
U.S. Government Securities | 9 | |
Foreign Government Securities | 6 | |
Securities Lending Collateral | 1 | |
Other (includes short-term investment) | 2 | |
Total | 100% | |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 5.76 % 3 | 1.58 % | 2.57 % | — % | — | |
Class A shares at POP4,5 | 1.80 | 0.81 | 2.18 | — | — | |
Class C shares at NAV2 and with CDSC5 | 4.91 | 0.82 | 1.80 | — | — | |
Class I shares at NAV2 | 6.01 | 1.83 | 2.83 | — | — | |
Class R6 shares at NAV2 | 6.21 | 1.99 | — | 2.56 | 11/12/14 | |
Bloomberg U.S. Aggregate Bond Index | 0.64 | 0.10 | 1.13 | 0.73 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.08%, Net 0.99%; Class C shares: Gross 1.84%, Net 1.74%; Class I shares: Gross 0.84%, Net 0.74%; Class R6 shares: Gross 0.76%; Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252img5d81361510.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252imgbeec385711.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: NARAX | |
Class C: PSTCX | |
Class C1: PMSTX | |
Class I: PIMSX | |
Class R6: VMSSX |
Newfleet Asset Management
■ | The Fund is diversified and has an investment objective of providing high current income while attempting to limit changes in the Fund’s net asset value per share caused by interest rate changes. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 5.17%, Class C shares at NAV returned 4.58%, Class C1 shares at NAV returned 4.09%, Class I shares at NAV returned 5.18%, and Class R6 shares at NAV returned 5.48%. For the same period, the ICE BofA 1–3 Year A–BBB U.S. Corporate Index, which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 4.03%. |
Corporate Bonds and Notes | 27% | |
Financials | 9% | |
Energy | 4 | |
Industrials | 3 | |
All other Corporate Bonds and Notes | 11 | |
Mortgage-Backed Securities | 26 | |
Asset-Backed Securities | 26 | |
Leveraged Loans | 9 | |
U.S. Government Securities | 9 | |
Other (includes short-term investment and securities lending collateral) | 3 | |
Total | 100% | |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 5.17 % | 1.49 % | 1.82 % | — % | — | |
Class A shares at POP3,4 | 2.80 | 1.03 | 1.59 | — | — | |
Class C shares at NAV2 and with CDSC4 | 4.58 | 1.21 | 1.56 | — | — | |
Class C1 shares at NAV2 and with CDSC4 | 4.09 | 0.72 | 1.06 | — | — | |
Class I shares at NAV2 | 5.18 | 1.70 | 2.07 | — | — | |
Class R6 shares at NAV2 | 5.48 | 1.90 | — | 1.94 | 11/3/16 | |
ICE BofA 1-3 Year A-BBB U.S. Corporate Index | 4.03 | 1.75 | 1.70 | 1.63 5 | — | |
Fund Expense Ratios: Class A shares: Gross 0.96%, Net 0.90%; Class C shares: Gross 1.23%, Net 1.16%; Class C1 shares: Gross 1.71%, Net 1.66%; Class I shares: Gross 0.71%, Net 0.65%; Class R6 shares: Gross 0.67%, Net 0.52%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252img0ad86b4212.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252imge23d908313.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C1 shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
Ticker Symbols: | |
Class A: PSFRX | |
Class C: PFSRX | |
Class I: PSFIX | |
Class R6: VRSFX |
Newfleet Asset Management
■ | The Fund is diversified and has an investment objective of high total return from both current income and capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 11.20%, Class C shares at NAV returned 10.50%, Class I shares at NAV returned 11.61%, and Class R6 shares at NAV returned 11.77%. For the same period, the Credit Suisse Leveraged Loan Index, which serves as both the Fund’s broad-based and style-specific index, returned 12.47%. |
Leveraged Loans | 91% | |
Health Care | 12% | |
Information Technology | 11 | |
Service | 11 | |
Manufacturing | 7 | |
Food / Tobacco | 6 | |
Gaming / Leisure | 6 | |
Financials | 4 | |
All other Leveraged Loans | 34 | |
Corporate Bonds and Notes | 4 | |
Exchange-Traded Funds | 2 | |
Other (includes short-term investment) | 3 | |
Total | 100% | |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 11.20 % | 3.23 % | 3.26 % | — % | — | |
Class A shares at POP3,4 | 8.14 | 2.65 | 2.97 | — | — | |
Class C shares at NAV2 and with CDSC4 | 10.50 | 2.47 | 2.48 | — | — | |
Class I shares at NAV2 | 11.61 | 3.49 | 3.51 | — | — | |
Class R6 shares at NAV2 | 11.77 | 3.64 | — | 3.93 | 11/3/16 | |
Credit Suisse Leveraged Loan Index | 12.47 | 4.31 | 4.33 | 4.63 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.09%, Net: 1.04%; Class C shares: Gross 1.85%, Net: 1.79%; Class I shares: Gross 0.84% Net: 0.79%; Class R6 shares: Gross 0.78%, Net: 0.65%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252img1c6aa10a14.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252imgca7fbfbc15.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: HXBZX | |
Class C: PXCZX | |
Class I: HXBIX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of providing a high level of current income that is exempt from federal income tax. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 2.14%, Class C shares at NAV returned 1.37%, and Class I shares at NAV returned 2.39%. For the same period, the Bloomberg U.S. Aggregate Bond Index, a broad-based fixed income index, returned 0.64%, and the ICE BofA 1-22 Year U.S. Municipal Securities Index, which is the Fund’s style-specific benchmark appropriate for comparison, returned 2.76%. |
Municipal Bonds | 100% | |
Total | 100% | |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 2.14 % | 0.73% | 1.70% | |
Class A shares at POP3,4 | -0.67 | 0.17 | 1.42 | |
Class C shares at NAV2 and with CDSC4 | 1.37 | -0.04 | 0.94 | |
Class I shares at NAV2 | 2.39 | 0.98 | 1.96 | |
Bloomberg U.S. Aggregate Bond Index | 0.64 | 0.10 | 1.13 | |
ICE BofA 1-22 Year U.S. Municipal Securities Index | 2.76 | 1.27 | 2.17 | |
Fund Expense Ratios5: Class A shares: Gross 1.01%, Net 0.83%; Class C shares: Gross 1.76%, Net 1.58%; Class I shares: Gross 0.77%, Net 0.58%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252imgd2f5bf4b16.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252imgb48c002617.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
September 30, 2023
Par Value | Value | ||
U.S. Government Securities—17.3% | |||
U.S. Treasury Bonds | |||
2.375%, 2/15/42 | $ 720 | $ 498 | |
3.875%, 5/15/43 | 1,440 | 1,252 | |
3.000%, 8/15/48 | 3,115 | 2,277 | |
1.375%, 8/15/50 | 1,320 | 644 | |
1.875%, 2/15/51 | 1,335 | 748 | |
1.875%, 11/15/51 | 940 | 524 | |
2.250%, 2/15/52 | 950 | 583 | |
2.875%, 5/15/52 | 985 | 698 | |
4.000%, 11/15/52 | 2,800 | 2,482 | |
3.625%, 2/15/53 | 1,420 | 1,174 | |
3.625%, 5/15/53 | 7,550 | 6,251 | |
4.125%, 8/15/53 | 2,330 | 2,115 | |
U.S. Treasury Notes | |||
5.125%, 9/30/25 | 825 | 824 | |
0.625%, 12/31/27 | 990 | 837 | |
4.500%, 9/30/28 | 825 | 826 | |
1.500%, 2/15/30 | 1,265 | 1,049 | |
1.375%, 11/15/31 | 630 | 494 | |
4.125%, 11/15/32 | 1,170 | 1,128 | |
3.500%, 2/15/33 | 625 | 574 | |
3.375%, 5/15/33 | 3,990 | 3,618 | |
Total U.S. Government Securities (Identified Cost $34,039) | 28,596 | ||
Municipal Bonds—2.0% | |||
California—0.1% | |||
Santa Clara Valley Water District Series B, Taxable 2.967%, 6/1/50 | 250 | 159 | |
Florida—0.6% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 1,065 | 946 | |
Idaho—0.1% | |||
Idaho Health Facilities Authority St. Luke’s Health System Revenue Taxable Series B 5.020%, 3/1/48 | 170 | 146 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 30 | 22 | |
New York—0.8% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 1,290 | 1,329 | |
Texas—0.3% | |||
City of San Antonio, General Obligation Taxable 1.963%, 2/1/33 | 255 | 193 |
Par Value | Value | ||
Texas—continued | |||
State of Texas, General Obligation Taxable 3.211%, 4/1/44 | $ 80 | $ 60 | |
Texas Public Finance Authority Revenue Taxable 2.140%, 2/1/35 | 205 | 149 | |
Texas Transportation Commission State Highway Fund Revenue Taxable 4.000%, 10/1/33 | 80 | 73 | |
475 | |||
Virginia—0.1% | |||
City of Bristol, General Obligation Taxable (State AID Withholding Insured) 4.210%, 1/1/42 | 285 | 231 | |
Total Municipal Bonds (Identified Cost $4,014) | 3,308 | ||
Foreign Government Securities—0.9% | |||
Dominican Republic 144A 4.875%, 9/23/32(1) | 420 | 341 | |
Federative Republic of Brazil 6.000%, 10/20/33 | 200 | 189 | |
Republic of Serbia 144A 6.500%, 9/26/33(1) | 200 | 190 | |
United Mexican States | |||
2.659%, 5/24/31 | 425 | 335 | |
6.350%, 2/9/35 | 400 | 391 | |
Total Foreign Government Securities (Identified Cost $1,564) | 1,446 | ||
Mortgage-Backed Securities—27.1% | |||
Agency—5.7% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #SD2026 5.000%, 11/1/52 | 1,592 | 1,503 | |
Pool #SD3238 5.500%, 12/1/52 | 152 | 147 | |
Pool #SD8309 6.000%, 3/1/53 | 3,078 | 3,039 | |
Pool #SD8317 6.000%, 4/1/53 | 424 | 419 | |
Federal National Mortgage Association | |||
Pool #323702 6.000%, 5/1/29 | 5 | 5 | |
Pool #535371 6.500%, 5/1/30 | — (2) | — (2) | |
Pool #590108 7.000%, 7/1/31 | 3 | 3 | |
Pool #880117 5.500%, 4/1/36 | 20 | 20 | |
Pool #909092 6.000%, 9/1/37 | 8 | 8 |
Par Value | Value | ||
Agency—continued | |||
Pool #909220 6.000%, 8/1/38 | $ 103 | $ 104 | |
Pool #938574 5.500%, 9/1/36 | 39 | 39 | |
Pool #986067 6.000%, 8/1/38 | 1 | 2 | |
Pool #FS4438 5.000%, 11/1/52 | 147 | 138 | |
Pool #MA4785 5.000%, 10/1/52 | 346 | 326 | |
Pool #MA4805 4.500%, 11/1/52 | 508 | 466 | |
Pool #MA4980 6.000%, 4/1/53 | 2,338 | 2,308 | |
Pool #MA5072 5.500%, 7/1/53 | 910 | 880 | |
Government National Mortgage Association I Pool #443000 6.500%, 9/15/28 | 7 | 7 | |
9,414 | |||
Non-Agency—21.4% | |||
A&D Mortgage Trust 2023-NQM3, A1 144A 6.733%, 7/25/68(1)(3) | 828 | 827 | |
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(1)(3) | 138 | 126 | |
2021-A, A1 144A 1.065%, 9/25/65(1)(3) | 164 | 139 | |
2022-B, A1 144A 3.500%, 3/27/62(1)(3) | 917 | 841 | |
American Homes 4 Rent Trust | |||
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 189 | 182 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 125 | 121 | |
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 255 | 239 | |
2020-SFR2, C 144A 2.533%, 7/17/37(1) | 100 | 93 | |
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 250 | 235 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 460 | 402 | |
2022-SFR1, C 144A 3.740%, 3/17/39(1) | 515 | 464 | |
Angel Oak Mortgage Trust | |||
2021-8, A1 144A 1.820%, 11/25/66(1)(3) | 230 | 189 | |
2022-5, A1 144A 4.500%, 5/25/67(1)(3) | 810 | 760 | |
2023-1, A1 144A 4.750%, 9/26/67(1)(3) | 1,240 | 1,181 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(1)(3) | 504 | 460 |
Par Value | Value | ||
Non-Agency—continued | |||
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(3) | $ 72 | $ 66 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(3) | 28 | 26 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(3) | 83 | 64 | |
2022-1, A1B 144A 3.269%, 12/25/56(1)(3) | 270 | 225 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A 6.252%, 3/15/37(1)(3) | 425 | 393 | |
Benchmark Mortgage Trust 2023-B38, A2 5.626%, 4/15/56 | 235 | 228 | |
BPR Trust | |||
2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.696%, 2/15/29(1)(3) | 360 | 356 | |
2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 7.230%, 4/15/37(1)(3) | 670 | 658 | |
BX Commercial Mortgage Trust | |||
2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.697%, 10/15/36(1)(3) | 145 | 143 | |
2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 7.293%, 2/15/39(1)(3) | 263 | 252 | |
BX Trust 2019-OC11, D 144A 4.075%, 12/9/41(1)(3) | 815 | 670 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(1) | 388 | 326 | |
CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A 7.952%, 9/15/28(1)(3) | 635 | 635 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(3) | 78 | 69 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(3) | 161 | 141 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 4.892%, 5/25/34(3) | 55 | 49 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(3) | 609 | 548 | |
Citigroup Mortgage Loan Trust, Inc. 2019-RP1, A1 144A 3.500%, 1/25/66(1)(3) | 313 | 293 |
Par Value | Value | ||
Non-Agency—continued | |||
COLT Mortgage Loan Trust | |||
2022-4, A1 144A 4.301%, 3/25/67(1)(3) | $ 287 | $ 269 | |
2022-5, A1 144A 4.550%, 4/25/67(1)(3) | 228 | 215 | |
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A 0.857%, 5/25/65(1)(3) | 42 | 35 | |
COMM Mortgage Trust | |||
2013-300P, A1 144A 4.353%, 8/10/30(1) | 390 | 356 | |
2020-CBM, B 144A 3.099%, 2/10/37(1) | 210 | 196 | |
CoreVest American Finance Trust | |||
2019-3, C 144A 3.265%, 10/15/52(1) | 220 | 183 | |
2020-1, A1 144A 1.832%, 3/15/50(1) | 255 | 243 | |
2020-3, A 144A 1.358%, 8/15/53(1) | 148 | 135 | |
2020-4, A 144A 1.174%, 12/15/52(1) | 242 | 219 | |
2022-1, A 144A 4.744%, 6/17/55(1)(3) | 749 | 725 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month Term SOFR + 1.027%, Cap N/A, Floor 0.980%) 144A 6.360%, 5/15/36(1)(3) | 369 | 369 | |
Credit Suisse Mortgage Capital Trust | |||
2020-NQM1, A1 144A 1.208%, 5/25/65(1)(3) | 36 | 32 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(3) | 270 | 229 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(3) | 438 | 379 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(3) | 37 | 33 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(3) | 863 | 701 | |
Extended Stay America Trust 2021-ESH, C (1 month Term SOFR + 1.814%, Cap N/A, Floor 1.700%) 144A 7.146%, 7/15/38(1)(3) | 480 | 473 | |
FirstKey Homes Trust 2021-SFR1, D 144A 2.189%, 8/17/38(1) | 335 | 292 | |
Flagstar Mortgage Trust 2017-1, 1A3 144A 3.500%, 3/25/47(1)(3) | 40 | 34 | |
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(1)(3) | 404 | 353 |
Par Value | Value | ||
Non-Agency—continued | |||
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(3) | $ 10 | $ 9 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month Term SOFR + 0.914%, Cap N/A, Floor 0.800%) 144A 6.247%, 2/15/38(1)(3) | 395 | 310 | |
Homes Trust 2023-NQM2, A1 144A 6.456%, 2/25/68(1)(3) | 191 | 191 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.821%, 8/15/39(1)(3) | 305 | 305 | |
JPMBB Commercial Mortgage Securities Trust 2014-C18, AS 4.439%, 2/15/47(3) | 307 | 300 | |
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C13, E 144A 3.986%, 1/15/46(1)(3) | 540 | 457 | |
JPMorgan Chase Mortgage Trust | |||
2017-3, 2A2 144A 2.500%, 8/25/47(1)(3) | 526 | 440 | |
2017-5, A1 144A 3.542%, 10/26/48(1)(3) | 21 | 20 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month Term SOFR + 0.996%, Cap N/A, Floor 0.800%) 144A 6.328%, 5/15/36(1)(3) | 399 | 397 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 2/25/26(1)(3) | 63 | 62 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(1)(3) | 84 | 83 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.451%, 4/25/55(1)(3) | 305 | 251 | |
MFA Trust | |||
2022-NQM2, A1 144A 4.000%, 5/25/67(1)(3) | 868 | 790 | |
2020-NQM3, A1 144A 1.014%, 1/26/65(1)(3) | 215 | 190 | |
Mill City Mortgage Loan Trust | |||
2017-3, B1 144A 3.250%, 1/25/61(1)(3) | 574 | 454 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(3) | 155 | 129 | |
2021-NMR1, A1 144A 1.125%, 11/25/60(1)(3) | 98 | 89 | |
MIRA Trust 2023-MILE, A 144A 6.755%, 6/10/38(1) | 400 | 392 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13, AS 4.266%, 11/15/46 | 360 | 358 |
Par Value | Value | ||
Non-Agency—continued | |||
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(3) | $ 52 | $ 48 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(3) | 36 | 33 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(3) | 28 | 26 | |
2016-3A, B1 144A 4.000%, 9/25/56(1)(3) | 176 | 161 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(3) | 200 | 185 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(3) | 838 | 771 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(3) | 102 | 96 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(1)(3) | 650 | 526 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(3) | 1,051 | 926 | |
2022-NQM2, A1 144A 3.079%, 3/27/62(1)(3) | 430 | 376 | |
2022-RTL1, A1F 144A 4.336%, 12/25/26(1) | 255 | 245 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(3) | 436 | 405 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(1)(3) | 153 | 122 | |
Preston Ridge Partners Mortgage LLC | |||
2021-2, A1 144A 2.115%, 3/25/26(1)(3) | 265 | 255 | |
2021-RPL1, A1 144A 1.319%, 7/25/51(1)(3) | 335 | 294 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(3) | 364 | 329 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(3) | 125 | 121 | |
Progress Residential Trust 2019-SFR3, B 144A 2.571%, 9/17/36(1) | 365 | 351 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(3) | 360 | 295 | |
RCKT Mortgage Trust | |||
2020-1, A1 144A 3.000%, 2/25/50(1)(3) | 116 | 94 | |
2023-CES1, A1A 144A 6.515%, 6/25/43(1)(3) | 167 | 165 | |
2023-CES2, A1A 144A 6.808%, 9/25/43(1)(3) | 400 | 399 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(3) | 9 | 9 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(3) | 22 | 21 | |
SG Residential Mortgage Trust 2021-1, A3 144A 1.560%, 7/25/61(1)(3) | 177 | 135 |
Par Value | Value | ||
Non-Agency—continued | |||
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(3) | $ 57 | $ 45 | |
Towd Point Mortgage Trust | |||
2016-4, B1 144A 3.969%, 7/25/56(1)(3) | 310 | 280 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(3) | 340 | 316 | |
2017-4, A2 144A 3.000%, 6/25/57(1)(3) | 570 | 499 | |
2018-2, A2 144A 3.500%, 3/25/58(1)(3) | 670 | 609 | |
2018-6, A2 144A 3.750%, 3/25/58(1)(3) | 600 | 502 | |
2019-1, A1 144A 3.750%, 3/25/58(1)(3) | 116 | 108 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(3) | 190 | 160 | |
2019-4, A2 144A 3.250%, 10/25/59(1)(3) | 240 | 198 | |
2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A 7.034%, 5/25/58(1)(3) | 100 | 100 | |
2020-MH1, A2 144A 2.500%, 2/25/60(1)(3) | 405 | 354 | |
2021-1, A2 144A 2.750%, 11/25/61(1)(3) | 355 | 269 | |
2023-1, A1 144A 3.750%, 1/25/63(1) | 459 | 420 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 190 | 176 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 310 | 262 | |
VCAT LLC 2021-NPL2, A1 144A 2.115%, 3/27/51(1)(3) | 172 | 164 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(3) | 100 | 87 | |
2019-INV2, A1 144A 3.913%, 7/25/59(1)(3) | 604 | 582 | |
2022-4, A1 144A 4.474%, 4/25/67(1)(3) | 924 | 864 | |
2022-6, A1 144A 4.910%, 6/25/67(1)(3) | 395 | 382 | |
Visio Trust | |||
2020-1R, A2 144A 1.567%, 11/25/55(1) | 66 | 58 | |
2021-1R, A1 144A 1.280%, 5/25/56(1) | 198 | 179 |
Par Value | Value | ||
Non-Agency—continued | |||
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | $ 361 | $ 325 | |
35,426 | |||
Total Mortgage-Backed Securities (Identified Cost $47,573) | 44,840 | ||
Asset-Backed Securities—11.8% | |||
Automobiles—5.1% | |||
American Credit Acceptance Receivables Trust 2022-1, D 144A 2.460%, 3/13/28(1) | 270 | 256 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(1) | 381 | 348 | |
(AESOP) 2023-3A, A 144A 5.440%, 2/22/28(1) | 237 | 233 | |
CarNow Auto Receivables Trust 2023-1A, C 144A 7.240%, 9/15/26(1) | 288 | 285 | |
Carvana Auto Receivables Trust | |||
2019-3A, D 144A 3.040%, 4/15/25(1) | 24 | 24 | |
2021-N3, D 1.580%, 6/12/28 | 202 | 191 | |
2023-N1, C 144A 5.920%, 7/10/29(1) | 250 | 244 | |
CPS Auto Receivables Trust 2019-D, E 144A 3.860%, 10/15/25(1) | 260 | 257 | |
Credit Acceptance Auto Loan Trust 2020-3A, B 144A 1.770%, 12/17/29(1) | 265 | 262 | |
DT Auto Owner Trust | |||
2023-1A, B 144A 5.190%, 10/16/28(1) | 384 | 378 | |
2023-3A, C 144A 6.400%, 5/15/29(1) | 200 | 199 | |
Exeter Automobile Receivables Trust 2023-2A, B 5.610%, 9/15/27 | 315 | 312 | |
FHF Trust 2023-1A, A2 144A 6.570%, 6/15/28(1) | 248 | 245 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(1) | 300 | 288 | |
2022-1A, C 144A 3.130%, 5/15/28(1) | 270 | 253 | |
Foursight Capital Automobile Receivables Trust | |||
2022-1, B 144A 2.150%, 5/17/27(1) | 215 | 203 |
Par Value | Value | ||
Automobiles—continued | |||
2023-2, A2 144A 5.990%, 5/15/28(1) | $ 355 | $ 354 | |
GLS Auto Select Receivables Trust 2023-1A, B 144A 6.090%, 3/15/29(1) | 385 | 379 | |
LAD Auto Receivables Trust | |||
2021-1A, D 144A 3.990%, 11/15/29(1) | 270 | 252 | |
2022-1A, A 144A 5.210%, 6/15/27(1) | 596 | 592 | |
2023-2A, D 144A 6.300%, 2/15/31(1) | 265 | 259 | |
Lendbuzz Securitization Trust 2022-1A, A 144A 4.220%, 5/17/27(1) | 168 | 163 | |
Santander Drive Auto Receivables Trust 2023-1, B 4.980%, 2/15/28 | 627 | 616 | |
Tesla Auto Lease Trust 2023-A, B 144A 6.410%, 7/20/27(1) | 340 | 338 | |
Tricolor Auto Securitization Trust 2023-1A, B 144A 6.840%, 11/16/26(1) | 459 | 457 | |
United Auto Credit Securitization Trust 2023-1, B 144A 5.910%, 7/10/28(1) | 287 | 285 | |
Veridian Auto Receivables Trust 2023-1A, A4 144A 5.590%, 12/15/28(1) | 315 | 310 | |
Westlake Automobile Receivables Trust | |||
2021-3A, D 144A 2.120%, 1/15/27(1) | 265 | 247 | |
2023-1A, C 144A 5.740%, 8/15/28(1) | 265 | 262 | |
8,492 | |||
Consumer Loans—1.1% | |||
ACHV ABS Trust | |||
2023-1PL, A 144A 6.420%, 3/18/30(1) | 31 | 31 | |
2023-1PL, B 144A 6.800%, 3/18/30(1) | 369 | 369 | |
2023-3PL, B 144A 7.170%, 8/19/30(1) | 355 | 357 | |
Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(1) | 249 | 248 | |
OneMain Financial Issuance Trust 2022-3A, A 144A 5.940%, 5/15/34(1) | 256 | 254 | |
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | 270 | 246 | |
Reach ABS Trust 2023-1A, B 144A 7.330%, 2/18/31(1) | 310 | 309 | |
1,814 | |||
Par Value | Value | ||
Credit Card—0.3% | |||
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 | 266 | |
526 | |||
Equipment—0.2% | |||
NMEF Funding LLC 2021-A, B 144A 1.850%, 12/15/27(1) | 324 | 319 | |
Other—5.1% | |||
Adams Outdoor Advertising LP 2023-1, A2 144A 6.967%, 7/15/53(1) | 340 | 334 | |
Aligned Data Centers Issuer LLC 2021-1A, A2 144A 1.937%, 8/15/46(1) | 444 | 388 | |
Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A 6.090%, 12/20/29(1) | 325 | 325 | |
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(1) | 434 | 428 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 10 | 10 | |
2019-A, A 144A 3.140%, 7/16/40(1) | 51 | 47 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 216 | 195 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 270 | 235 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 426 | 377 | |
BHG Securitization Trust 2021-A, A 144A 1.420%, 11/17/33(1) | 180 | 168 | |
BXG Receivables Note Trust 2023-A, A 144A 5.770%, 11/15/38(1) | 354 | 347 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(1) | 161 | 140 | |
CCG Receivables Trust 2021-1, C 144A 0.840%, 6/14/27(1) | 285 | 271 | |
Dext ABS LLC 2023-1, A2 144A 5.990%, 3/15/32(1) | 187 | 184 | |
Diamond Resorts Owner Trust 2021-1A, A 144A 1.510%, 11/21/33(1) | 66 | 61 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(1) | 17 | 17 |
Par Value | Value | ||
Other—continued | |||
2021-1A, A 144A 1.270%, 5/15/41(1) | $ 105 | $ 93 | |
2023-2A, A 144A 6.530%, 6/15/49(1) | 402 | 402 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 415 | 349 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 393 | 352 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 193 | 178 | |
MAPS Trust 2021-1A, A 144A 2.521%, 6/15/46(1) | 153 | 132 | |
MVW LLC 2020-1A, A 144A 1.740%, 10/20/37(1) | 182 | 168 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(1) | 50 | 48 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(1) | 187 | 157 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 223 | 194 | |
NMEF Funding LLC 2022-A, B 144A 3.350%, 10/16/28(1) | 260 | 247 | |
Octane Receivables Trust 2023-1A, C 144A 6.370%, 9/20/29(1) | 285 | 280 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 202 | 193 | |
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 300 | 286 | |
Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(1) | 205 | 178 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(1) | 39 | 38 | |
Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A 6.280%, 4/20/40(1) | 299 | 297 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1) | 319 | 307 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 138 | 119 | |
VFI ABS LLC | |||
2022-1A, A 144A 2.230%, 3/24/28(1) | 65 | 64 | |
2022-1A, B 144A 3.040%, 7/24/28(1) | 425 | 404 |
Par Value | Value | ||
Other—continued | |||
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | $ 387 | $ 321 | |
8,334 | |||
Total Asset-Backed Securities (Identified Cost $20,166) | 19,485 | ||
Corporate Bonds and Notes—30.7% | |||
Communication Services—1.1% | |||
AT&T, Inc. 5.400%, 2/15/34 | 545 | 510 | |
CCO Holdings LLC | |||
144A 6.375%, 9/1/29(1) | 23 | 21 | |
144A 4.750%, 3/1/30(1) | 180 | 151 | |
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1) | 245 | 137 | |
Sprint Capital Corp. 8.750%, 3/15/32 | 265 | 307 | |
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(1) | 200 | 162 | |
T-Mobile USA, Inc. 5.050%, 7/15/33 | 246 | 228 | |
Vodafone Group plc 5.625%, 2/10/53 | 320 | 284 | |
1,800 | |||
Consumer Discretionary—1.5% | |||
Ashtead Capital, Inc. | |||
144A 4.375%, 8/15/27(1) | 305 | 283 | |
144A 5.500%, 8/11/32(1) | 200 | 185 | |
Churchill Downs, Inc. 144A 6.750%, 5/1/31(1) | 115 | 109 | |
Clarios Global LP 144A 6.750%, 5/15/28(1) | 20 | 19 | |
Ford Motor Co. 4.750%, 1/15/43 | 110 | 80 | |
Ford Motor Credit Co. LLC 6.800%, 5/12/28(4) | 200 | 200 | |
MDC Holdings, Inc. 3.966%, 8/6/61 | 550 | 303 | |
Newell Brands, Inc. 6.375%, 9/15/27(4) | 321 | 306 | |
Nissan Motor Acceptance Co. LLC 144A 7.050%, 9/15/28(1) | 295 | 295 | |
Ontario Gaming GTA LP 144A 8.000%, 8/1/30(1) | 250 | 250 | |
PulteGroup, Inc. 6.375%, 5/15/33(4) | 355 | 357 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 70 | 61 | |
2,448 | |||
Consumer Staples—1.3% | |||
Anheuser-Busch Cos. LLC 4.900%, 2/1/46 | 240 | 209 |
Par Value | Value | ||
Consumer Staples—continued | |||
Anheuser-Busch InBev Worldwide, Inc. 5.550%, 1/23/49 | $ 270 | $ 258 | |
Bacardi Ltd. 144A 5.400%, 6/15/33(1) | 275 | 258 | |
BAT Capital Corp. | |||
7.750%, 10/19/32 | 193 | 204 | |
4.758%, 9/6/49 | 245 | 172 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 90 | 81 | |
Church & Dwight Co., Inc. 5.000%, 6/15/52 | 295 | 262 | |
Coty, Inc. 144A 6.625%, 7/15/30(1) | 330 | 322 | |
Pilgrim’s Pride Corp. 6.250%, 7/1/33 | 352 | 331 | |
2,097 | |||
Energy—2.9% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 157 | 157 | |
BP Capital Markets plc 4.875% (5) | 635 | 567 | |
Civitas Resources, Inc. 144A 8.750%, 7/1/31(1) | 135 | 138 | |
Columbia Pipelines Operating Co. LLC | |||
144A 6.036%, 11/15/33(1) | 160 | 156 | |
144A 6.544%, 11/15/53(1) | 140 | 137 | |
144A 6.714%, 8/15/63(1) | 40 | 39 | |
CrownRock LP 144A 5.000%, 5/1/29(1) | 135 | 127 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 170 | 147 | |
Ecopetrol S.A. 8.875%, 1/13/33 | 175 | 170 | |
Enbridge, Inc. | |||
7.625%, 1/15/83 | 320 | 306 | |
8.500%, 1/15/84 | 94 | 93 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(1) | 220 | 217 | |
Energy Transfer LP Series H 6.500% (5) | 230 | 211 | |
Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(1) | 520 | 404 | |
Genesis Energy LP 8.875%, 4/15/30 | 100 | 98 | |
Kinder Morgan Energy Partners LP | |||
6.950%, 1/15/38 | 110 | 113 | |
7.500%, 11/15/40 | 215 | 226 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 40 | 43 | |
Occidental Petroleum Corp. 6.125%, 1/1/31 | 305 | 301 | |
Pertamina Persero PT 144A 6.450%, 5/30/44(1) | 500 | 476 | |
Petroleos Mexicanos 7.690%, 1/23/50 | 275 | 176 |
Par Value | Value | ||
Energy—continued | |||
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1)(4) | $ 250 | $ 199 | |
USA Compression Partners LP 6.875%, 4/1/26 | 125 | 122 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(1) | 125 | 105 | |
4,728 | |||
Financials—10.6% | |||
Allianz SE 144A 6.350%, 9/6/53(1) | 400 | 386 | |
Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%) 8.564%, 8/15/53(3) | 310 | 306 | |
American Express Co. 5.625%, 7/28/34 | 485 | 458 | |
Ares Finance Co. LLC 144A 4.000%, 10/8/24(1) | 270 | 261 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 270 | 199 | |
Banco Mercantil del Norte S.A. 144A 6.625% (1)(5) | 235 | 184 | |
Bank of America Corp. | |||
2.687%, 4/22/32 | 975 | 766 | |
5.288%, 4/25/34 | 105 | 98 | |
2.482%, 9/21/36 | 635 | 462 | |
Bank of New York Mellon Corp. (The) | |||
5.834%, 10/25/33 | 200 | 197 | |
Series G 4.700%(5) | 430 | 414 | |
Barclays plc 7.437%, 11/2/33 | 400 | 411 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 200 | 172 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 144 | 124 | |
Blue Owl Credit Income Corp. 4.700%, 2/8/27 | 185 | 168 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 355 | 265 | |
Brookfield Capital Finance LLC 6.087%, 6/14/33 | 140 | 136 | |
Brookfield Finance, Inc. 2.724%, 4/15/31 | 440 | 349 | |
Capital One Financial Corp. 2.359%, 7/29/32 | 422 | 289 | |
Charles Schwab Corp. (The) | |||
6.136%, 8/24/34 | 240 | 233 | |
Series H 4.000%(5) | 240 | 169 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 255 | 242 | |
Citigroup, Inc. | |||
3.980%, 3/20/30 | 275 | 247 | |
6.270%, 11/17/33 | 255 | 254 | |
6.174%, 5/25/34 | 273 | 261 | |
Citizens Bank N.A. 2.250%, 4/28/25 | 500 | 463 |
Par Value | Value | ||
Financials—continued | |||
Corebridge Financial, Inc. 6.875%, 12/15/52 | $ 405 | $ 388 | |
Discover Financial Services 6.700%, 11/29/32 | 126 | 122 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 280 | 249 | |
Fifth Third Bancorp 4.337%, 4/25/33 | 265 | 224 | |
First American Financial Corp. 4.000%, 5/15/30 | 405 | 343 | |
Global Atlantic Fin Co. 144A 7.950%, 6/15/33(1) | 121 | 116 | |
Goldman Sachs Group, Inc. (The) | |||
1.992%, 1/27/32 | 505 | 379 | |
3.102%, 2/24/33 | 145 | 116 | |
6.450%, 5/1/36 | 145 | 144 | |
Huntington Bancshares, Inc. 2.550%, 2/4/30 | 180 | 142 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 435 | 418 | |
5.350%, 6/1/34 | 185 | 175 | |
1.953%, 2/4/32 | 685 | 519 | |
KeyCorp 4.789%, 6/1/33 | 270 | 225 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 155 | 136 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 305 | 251 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 7.628%, 4/20/67(3) | 315 | 209 | |
MetLife, Inc. Series G 3.850% (4)(5) | 325 | 301 | |
Morgan Stanley | |||
5.250%, 4/21/34 | 375 | 348 | |
5.424%, 7/21/34 | 140 | 132 | |
5.948%, 1/19/38 | 123 | 115 | |
6.375%, 7/24/42 | 260 | 269 | |
MSCI, Inc. 144A 3.625%, 9/1/30(1) | 376 | 315 | |
National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%) 8.541%, 4/30/43(3) | 150 | 147 | |
Nippon Life Insurance Co. 144A 6.250%, 9/13/53(1) | 225 | 223 | |
Northern Trust Corp. | |||
3.375%, 5/8/32 | 315 | 278 | |
6.125%, 11/2/32 | 150 | 148 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 285 | 283 | |
Prudential Financial, Inc. | |||
5.125%, 3/1/52 | 88 | 76 | |
6.000%, 9/1/52 | 44 | 40 | |
6.750%, 3/1/53 | 185 | 179 |
Par Value | Value | ||
Financials—continued | |||
State Street Corp. | |||
4.164%, 8/4/33 | $ 295 | $ 258 | |
4.821%, 1/26/34 | 83 | 76 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 80 | 77 | |
3.700%, 8/4/26 | 132 | 119 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 330 | 274 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 435 | 433 | |
UBS Group AG 144A 6.301%, 9/22/34(1) | 480 | 469 | |
Wells Fargo & Co. | |||
5.389%, 4/24/34 | 480 | 449 | |
Series BB 3.900%(5) | 245 | 214 | |
Series U 5.875%(3)(5) | 360 | 353 | |
Zions Bancorp NA 3.250%, 10/29/29 | 250 | 194 | |
17,440 | |||
Health Care—3.2% | |||
AdaptHealth LLC 144A 5.125%, 3/1/30(1) | 180 | 139 | |
Amgen, Inc. | |||
5.250%, 3/2/33 | 334 | 319 | |
5.650%, 3/2/53 | 83 | 78 | |
Bio-Rad Laboratories, Inc. 3.700%, 3/15/32 | 505 | 425 | |
Catalent Pharma Solutions, Inc. 144A 3.500%, 4/1/30(1)(4) | 345 | 284 | |
CVS Health Corp. 5.875%, 6/1/53 | 320 | 296 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 660 | 552 | |
Fortrea Holdings, Inc. 144A 7.500%, 7/1/30(1) | 64 | 62 | |
GE HealthCare Technologies, Inc. 5.857%, 3/15/30 | 360 | 357 | |
HCA, Inc. | |||
5.500%, 6/1/33 | 250 | 236 | |
5.250%, 6/15/49 | 170 | 140 | |
Illumina, Inc. 2.550%, 3/23/31 | 553 | 429 | |
IQVIA, Inc. 144A 5.700%, 5/15/28(1) | 194 | 189 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(6) | 70 | 50 | |
Royalty Pharma plc | |||
2.150%, 9/2/31(4) | 200 | 150 | |
3.350%, 9/2/51 | 350 | 203 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 175 | 156 | |
Universal Health Services, Inc. 2.650%, 1/15/32 | 655 | 491 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 107 | 100 |
Par Value | Value | ||
Health Care—continued | |||
Viatris, Inc. | |||
2.300%, 6/22/27 | $ 226 | $ 195 | |
144A 2.300%, 6/22/27(1) | 2 | 1 | |
Zimmer Biomet Holdings, Inc. 3.550%, 3/20/30 | 500 | 427 | |
5,279 | |||
Industrials—3.6% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(1) | 371 | 356 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 245 | 216 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | 260 | 244 | |
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(1) | 85 | 82 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 225 | 198 | |
Boeing Co. (The) | |||
5.805%, 5/1/50 | 130 | 118 | |
5.930%, 5/1/60 | 509 | 457 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 9/15/36(1) | 268 | 222 | |
Concentrix Corp. 6.650%, 8/2/26 | 165 | 164 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 465 | 375 | |
Delta Air Lines Pass-Through Trust 2015-1, AA 3.625%, 1/30/29 | 186 | 174 | |
Ferguson Finance plc 144A 4.650%, 4/20/32(1) | 370 | 332 | |
Flowserve Corp. 3.500%, 10/1/30 | 84 | 70 | |
Fortune Brands Innovations, Inc. 5.875%, 6/1/33 | 385 | 371 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 215 | 184 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 439 | 369 | |
Icahn Enterprises LP 5.250%, 5/15/27 | 200 | 176 | |
Regal Rexnord Corp. 144A 6.400%, 4/15/33(1) | 435 | 419 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 285 | 259 | |
Sempra Global 144A 3.250%, 1/15/32(1) | 339 | 265 | |
TransDigm, Inc. 5.500%, 11/15/27 | 100 | 93 | |
United Airlines Pass-Through Trust 2023-1, A 5.800%, 7/15/37 | 253 | 246 |
Par Value | Value | ||
Industrials—continued | |||
Veralto Corp. 144A 5.450%, 9/18/33(1) | $ 625 | $ 605 | |
5,995 | |||
Information Technology—1.6% | |||
Booz Allen Hamilton, Inc. | |||
5.950%, 8/4/33 | 140 | 137 | |
144A 3.875%, 9/1/28(1) | 260 | 233 | |
144A 4.000%, 7/1/29(1) | 275 | 243 | |
Broadcom, Inc. 4.150%, 11/15/30 | 255 | 226 | |
CDW LLC 3.569%, 12/1/31 | 287 | 236 | |
Consensus Cloud Solutions, Inc. 144A 6.500%, 10/15/28(1) | 125 | 107 | |
Dell International LLC 8.100%, 7/15/36 | 272 | 304 | |
Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 198 | 163 | |
Leidos, Inc. 2.300%, 2/15/31 | 475 | 365 | |
Motorola Solutions, Inc. 4.600%, 5/23/29 | 180 | 170 | |
Oracle Corp. | |||
6.250%, 11/9/32 | 170 | 172 | |
5.550%, 2/6/53 | 240 | 210 | |
3.850%, 4/1/60 | 60 | 38 | |
2,604 | |||
Materials—0.8% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 200 | 199 | |
Bayport Polymers LLC 144A 5.140%, 4/14/32(1) | 300 | 259 | |
Corp. Nacional del Cobre de Chile 144A 5.950%, 1/8/34(1) | 310 | 300 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 215 | 197 | |
Glencore Funding LLC 144A 2.850%, 4/27/31(1) | 225 | 178 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 265 | 253 | |
1,386 | |||
Real Estate—1.4% | |||
EPR Properties 4.750%, 12/15/26(4) | 350 | 320 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 206 | 198 | |
4.000%, 1/15/30 | 75 | 64 | |
3.250%, 1/15/32 | 298 | 231 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 325 | 289 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 190 | 119 |
Par Value | Value | ||
Real Estate—continued | |||
Ontario Teachers’ Cadillac Fairview Properties Trust 144A 2.500%, 10/15/31(1) | $ 330 | $ 249 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 420 | 309 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 175 | 160 | |
5.125%, 5/15/32 | 340 | 304 | |
144A 4.125%, 8/15/30(1) | 145 | 123 | |
2,366 | |||
Utilities—2.7% | |||
Black Hills Corp. 6.150%, 5/15/34 | 460 | 448 | |
Brooklyn Union Gas Co. (The) 144A 4.866%, 8/5/32(1) | 190 | 169 | |
CMS Energy Corp. 4.750%, 6/1/50 | 540 | 461 | |
Electricite de France S.A. | |||
144A 6.250%, 5/23/33(1) | 200 | 200 | |
144A 6.900%, 5/23/53(1) | 215 | 213 | |
Enel Finance International N.V. 144A 7.500%, 10/14/32(1) | 400 | 427 | |
Entergy Texas, Inc. 5.800%, 9/1/53 | 455 | 435 | |
Exelon Corp. 5.600%, 3/15/53 | 495 | 450 | |
KeySpan Gas East Corp. 144A 5.994%, 3/6/33(1) | �� 240 | 232 | |
New York State Electric & Gas Corp. 144A 5.850%, 8/15/33(1) | 370 | 365 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(1) | 365 | 353 | |
Puget Energy, Inc. | |||
2.379%, 6/15/28 | 204 | 175 | |
4.224%, 3/15/32 | 158 | 135 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 429 | 374 | |
Vistra Corp. 144A 8.000% (1)(5) | 100 | 95 | |
4,532 | |||
Total Corporate Bonds and Notes (Identified Cost $55,121) | 50,675 | ||
Leveraged Loans—5.7% | |||
Aerospace—0.3% | |||
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.166%, 6/7/28(3) | 219 | 217 | |
Delta Air Lines, Inc. (3 month Term SOFR + 3.750%) 9.076%, 10/20/27(3) | 102 | 106 |
Par Value | Value | ||
Aerospace—continued | |||
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%) 10.798%, 6/21/27(3) | $ 90 | $ 93 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.640%, 8/24/28(3) | 143 | 143 | |
559 | |||
Chemicals—0.5% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 9.166%, 11/8/27(3) | 278 | 277 | |
Innophos Holdings, Inc. (1 month Term SOFR + 3.364%) 8.681%, 2/5/27(3) | 159 | 159 | |
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%) 9.666%, 10/15/28(3) | 145 | 142 | |
Nouryon Finance B.V. (3 month LIBOR + 3.250%) 0.000%, 4/3/28(3)(7) | 155 | 152 | |
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%) 9.830%, 8/1/30(3) | 170 | 169 | |
899 | |||
Consumer Durables—0.0% | |||
Resideo Funding, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.693% - 7.698%, 2/11/28(3) | — (2) | — (2) | |
Consumer Non-Durables—0.1% | |||
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%) 9.402%, 12/22/26(3) | 209 | 208 | |
Energy—0.2% | |||
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%) 9.088%, 12/21/28(3) | 123 | 122 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.692%, 10/5/28(3) | 122 | 121 | |
243 | |||
Par Value | Value | ||
Financials—0.4% | |||
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%) 8.172%, 6/15/25(3) | $ 87 | $ 87 | |
Citadel Securities LP Tranche B (1 month Term SOFR + 2.614%) 7.931%, 7/29/30(3) | 101 | 100 | |
Finco I LLC 2023 (3 month Term SOFR + 3.000%) 8.369%, 6/27/29(3) | 254 | 254 | |
GIP Pilot Acquisition Partners LP (1 month Term SOFR + 3.250%) 0.000%, 9/18/30(3)(7) | 45 | 45 | |
GTCR W Merger Sub LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/20/30(3)(7) | 95 | 95 | |
581 | |||
Food / Tobacco—0.4% | |||
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%) 9.668% - 11.750%, 5/16/29(3) | 210 | 204 | |
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%) 7.666%, 1/29/27(3) | 252 | 250 | |
Hostess Brands LLC Tranche B (3 month Term SOFR + 2.500%) 7.890%, 6/21/30(3) | 223 | 223 | |
677 | |||
Gaming / Leisure—0.4% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.666%, 2/6/30(3) | 50 | 50 | |
Carnival Corp. (1 month Term SOFR + 3.000%) 8.327%, 8/9/27(3) | 140 | 139 | |
Entain plc Tranche B-2 (3 month Term SOFR + 3.600%) 8.990%, 10/31/29(3) | 20 | 20 | |
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%) 9.640%, 8/1/30(3) | 40 | 40 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 8.434%, 4/13/29(3) | 64 | 64 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Station Casinos LLC Tranche B-1 (1 month Term SOFR + 2.350%) 7.666%, 2/8/27(3) | $ 121 | $ 121 | |
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(3) | 269 | 269 | |
703 | |||
Health Care—0.6% | |||
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%) 8.247%, 5/1/30(3) | 109 | 108 | |
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 9/29/28(3) | 234 | 233 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month Term SOFR + 4.012%) 9.377%, 11/16/25(3) | 97 | 97 | |
Medline Borrower LP (1 month Term SOFR + 3.364%) 8.681%, 10/23/28(3) | 179 | 178 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.666%, 4/20/29(3) | 93 | 93 | |
Select Medical Corp. Tranche B-1 (1 month Term SOFR + 3.000%) 8.316%, 3/8/27(3) | 105 | 104 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.850%) 9.240%, 10/1/26(3) | 190 | 190 | |
1,003 | |||
Housing—0.2% | |||
SRS Distribution, Inc. 2021 (1 month Term SOFR + 3.500%) 0.000%, 6/2/28(3)(7) | 160 | 158 | |
Standard Industries, Inc. (1 month Term SOFR + 2.614%) 7.938%, 9/22/28(3) | 122 | 123 | |
281 | |||
Information Technology—0.7% | |||
Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.890%, 9/18/26(3) | 222 | 222 |
Par Value | Value | ||
Information Technology—continued | |||
CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.681%, 9/21/28(3) | $ 123 | $ 122 | |
CDK Global, Inc. (1 month Term SOFR + 4.250%) 9.640%, 7/6/29(3) | 189 | 189 | |
Epicor Software Corp. First Lien (3 month LIBOR + 1.750%) 9.069%, 7/30/27(3) | 20 | 20 | |
Open Text Corp. Tranche B (1 month Term SOFR + 2.850%) 8.166%, 1/31/30(3) | 80 | 79 | |
Sophia LP Tranche B (1 month Term SOFR + 3.600%) 8.916%, 10/7/27(3) | 121 | 121 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 8.159%, 3/3/30(3) | 293 | 293 | |
UKG, Inc. 2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(3) | 121 | 121 | |
1,167 | |||
Manufacturing—0.2% | |||
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%) 8.901%, 10/8/27(3) | 82 | 82 | |
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%) 8.931%, 10/21/28(3) | 125 | 125 | |
NCR Corp. (1 month Term SOFR + 2.614%) 7.931%, 8/28/26(3) | 108 | 107 | |
314 | |||
Media / Telecom - Broadcasting—0.2% | |||
Univision Communications, Inc. 2021 (1 month Term SOFR + 3.364%) 8.681%, 3/15/26(3) | 259 | 258 | |
Media / Telecom - Cable/Wireless Video—0.4% | |||
Cogeco Communications Finance USA LP Tranche B-1 (3 month LIBOR + 3.250%) 0.000%, 9/18/30(3)(7) | 265 | 260 | |
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.431%, 8/2/27(3) | 228 | 223 |
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—continued | |||
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%) 8.652%, 11/12/27(3) | $ 145 | $ 141 | |
624 | |||
Media / Telecom - Diversified Media—0.0% | |||
Simon & Schuster, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/27/30(3)(7) | 25 | 25 | |
Metals / Minerals—0.0% | |||
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%) 9.879%, 8/19/30(3) | 40 | 40 | |
Retail—0.1% | |||
PetsMart LLC (1 month Term SOFR + 3.850%) 9.166%, 2/11/28(3) | 189 | 188 | |
Service—0.7% | |||
AlixPartners LLP (1 month Term SOFR + 2.864%) 8.181%, 2/4/28(3) | 35 | 35 | |
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%) 8.619%, 4/20/29(3) | 161 | 161 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month Term SOFR + 2.850%) 8.167%, 2/6/26(3) | 120 | 120 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.540%, 11/23/28(3) | 122 | 122 | |
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%) 9.166%, 2/1/28(3) | 213 | 212 | |
Pike Corp. 2028 (1 month Term SOFR + 3.114%) 8.431%, 1/21/28(3) | 250 | 249 | |
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 8.731%, 3/28/25(3) | 224 | 222 | |
1,121 | |||
Transportation - Automotive—0.1% | |||
Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 9.066%, 5/6/30(3) | 170 | 169 |
Par Value | Value | ||
Utilities—0.2% | |||
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%) 8.181%, 8/1/25(3) | $ 251 | $ 250 | |
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.566%, 8/7/29(3) | 70 | 70 | |
320 | |||
Total Leveraged Loans (Identified Cost $9,338) | 9,380 |
Shares | ||
Preferred Stocks—0.3% | ||
Financials—0.3% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 171 (8) | 160 |
MetLife, Inc. Series D, 5.875% | 108 (8) | 101 |
Truist Financial Corp. Series Q, 5.100% | 330 (8) | 282 |
543 | ||
Total Preferred Stocks (Identified Cost $584) | 543 | |
Total Long-Term Investments—95.8% (Identified Cost $172,399) | 158,273 | |
Short-Term Investment—0.3% | ||
Money Market Mutual Fund—0.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(9) | 432,680 | 433 |
Total Short-Term Investment (Identified Cost $433) | 433 | |
Securities Lending Collateral—0.5% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(9)(10) | 922,536 | 923 |
Total Securities Lending Collateral (Identified Cost $923) | 923 | |
TOTAL INVESTMENTS—96.6% (Identified Cost $173,755) | $159,629 | |
Other assets and liabilities, net—3.4% | 5,572 | |
NET ASSETS—100.0% | $165,201 |
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 |
MSCI | Morgan Stanley Capital International |
NA | National Association |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities amounted to a value of $69,571 or 42.1% of net assets. |
(2) | Amount is less than $500 (not in thousands). |
(3) | Variable rate security. Rate disclosed is as of September 30, 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) | All or a portion of security is on loan. |
(5) | No contractual maturity date. |
(6) | Security in default; interest payments are being received. |
(7) | This loan will settle after September 30, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(8) | Value shown as par value. |
(9) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(10) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 93% |
Canada | 2 |
United Kingdom | 1 |
Mexico | 1 |
Netherlands | 1 |
Indonesia | 1 |
Switzerland | 1 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Asset-Backed Securities | $ 19,485 | $ — | $ 19,485 | ||
Corporate Bonds and Notes | 50,675 | — | 50,675 | ||
Foreign Government Securities | 1,446 | — | 1,446 | ||
Leveraged Loans | 9,380 | — | 9,380 | ||
Mortgage-Backed Securities | 44,840 | — | 44,840 | ||
Municipal Bonds | 3,308 | — | 3,308 | ||
U.S. Government Securities | 28,596 | — | 28,596 | ||
Equity Securities: | |||||
Preferred Stocks | 543 | — | 543 | ||
Money Market Mutual Fund | 433 | 433 | — | ||
Securities Lending Collateral | 923 | 923 | — | ||
Total Investments | $159,629 | $1,356 | $158,273 |
September 30, 2023
Par Value | Value | ||
Corporate Bonds and Notes—92.4% | |||
Communication Services—9.4% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | $ 200 | $ 99 | |
Altice France S.A. 144A 5.125%, 7/15/29(1) | 400 | 284 | |
CCO Holdings LLC | |||
144A 6.375%, 9/1/29(1) | 17 | 16 | |
144A 4.750%, 3/1/30(1) | 1,015 | 852 | |
CSC Holdings LLC | |||
5.250%, 6/1/24 | 280 | 266 | |
144A 7.500%, 4/1/28(1) | 410 | 266 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 380 | 354 | |
7.750%, 7/1/26 | 465 | 349 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 490 | 421 | |
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1) | 465 | 260 | |
McGraw-Hill Education, Inc. 144A 5.750%, 8/1/28(1) | 150 | 130 | |
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1) | 365 | 291 | |
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1) | 365 | 122 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 175 | 89 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 280 | 280 | |
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1) | 290 | 228 | |
4,307 | |||
Consumer Discretionary—15.2% | |||
Caesars Entertainment, Inc. 144A 8.125%, 7/1/27(1) | 175 | 176 | |
Carnival Corp. | |||
144A 7.625%, 3/1/26(1)(2) | 400 | 389 | |
144A 7.000%, 8/15/29(1) | 35 | 35 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 175 | 150 | |
Churchill Downs, Inc. 144A 6.750%, 5/1/31(1) | 290 | 274 | |
Clarios Global LP | |||
144A 8.500%, 5/15/27(1) | 300 | 299 | |
144A 6.750%, 5/15/28(1) | 30 | 29 | |
eG Global Finance plc | |||
144A 6.750%, 2/7/25(1) | 200 | 196 | |
144A 8.500%, 10/30/25(1) | 205 | 202 | |
Ford Motor Co. | |||
3.250%, 2/12/32 | 581 | 448 | |
4.750%, 1/15/43 | 225 | 164 | |
Ford Motor Credit Co. LLC | |||
4.125%, 8/17/27 | 200 | 182 | |
7.350%, 3/6/30 | 200 | 203 | |
Gates Global LLC 144A 6.250%, 1/15/26(1) | 315 | 307 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Hilton Domestic Operating Co., Inc. 144A 3.625%, 2/15/32(1) | $ 300 | $ 242 | |
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1) | 327 | 290 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 310 | 304 | |
Light & Wonder International, Inc. 144A 7.000%, 5/15/28(1) | 410 | 403 | |
Newell Brands, Inc. 6.625%, 9/15/29(2) | 375 | 357 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 405 | 380 | |
Nordstrom, Inc. 4.250%, 8/1/31 | 495 | 359 | |
Ontario Gaming GTA LP 144A 8.000%, 8/1/30(1) | 305 | 305 | |
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1)(2) | 365 | 281 | |
Raptor Acquisition Corp. 144A 4.875%, 11/1/26(1) | 315 | 295 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 15 | 16 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 335 | 292 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 460 | 399 | |
6,977 | |||
Consumer Staples—3.5% | |||
Albertsons Cos., Inc. 144A 4.625%, 1/15/27(1) | 285 | 269 | |
BAT Capital Corp. 7.750%, 10/19/32 | 215 | 227 | |
Coty, Inc. 144A 6.625%, 7/15/30(1) | 330 | 322 | |
H-Food Holdings LLC 144A 8.500%, 6/1/26(1) | 270 | 68 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 400 | 284 | |
Pilgrim’s Pride Corp. 6.250%, 7/1/33 | 300 | 282 | |
Sigma Holdco B.V. 144A 7.875%, 5/15/26(1) | 215 | 180 | |
1,632 | |||
Energy—19.7% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 350 | 350 | |
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1) | 340 | 321 |
Par Value | Value | ||
Energy—continued | |||
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | $ 360 | $ 356 | |
BP Capital Markets plc 4.875% (3) | 415 | 371 | |
Chesapeake Energy Corp. | |||
144A 5.500%, 2/1/26(1) | 160 | 155 | |
144A 5.875%, 2/1/29(1) | 165 | 155 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 440 | 434 | |
Civitas Resources, Inc. 144A 8.750%, 7/1/31(1) | 255 | 261 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 367 | 380 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 260 | 256 | |
144A 5.000%, 5/1/29(1) | 230 | 216 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 420 | 363 | |
Enbridge, Inc. 8.500%, 1/15/84 | 350 | 347 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(1) | 286 | 282 | |
Energy Transfer LP Series H 6.500% (3) | 495 | 455 | |
Genesis Energy LP 8.875%, 4/15/30 | 295 | 288 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 280 | 253 | |
144A 6.000%, 2/1/31(1) | 245 | 216 | |
International Petroleum Corp. | |||
144A, RegS 7.250%, 2/1/27(1)(4) | 300 | 280 | |
144A, RegS 7.250%, 2/1/27(1)(4) | 200 | 186 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 335 | 323 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(5) | 115 | 10 | |
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1) | 355 | 343 | |
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | 335 | 319 | |
Occidental Petroleum Corp. 6.125%, 1/1/31 | 460 | 453 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 300 | 276 | |
Teine Energy Ltd. 144A 6.875%, 4/15/29(1) | 380 | 349 | |
Transocean, Inc. | |||
144A 11.500%, 1/30/27(1) | 143 | 150 | |
144A 8.750%, 2/15/30(1) | 233 | 238 | |
USA Compression Partners LP 6.875%, 4/1/26 | 250 | 245 |
Par Value | Value | ||
Energy—continued | |||
Venture Global Calcasieu Pass LLC | |||
144A 3.875%, 8/15/29(1) | $ 30 | $ 25 | |
144A 4.125%, 8/15/31(1) | 500 | 410 | |
9,066 | |||
Financials—7.5% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 675 | 656 | |
Block, Inc. 3.500%, 6/1/31(2) | 335 | 263 | |
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | 375 | 331 | |
Cobra AcquisitionCo. LLC 144A 6.375%, 11/1/29(1) | 280 | 207 | |
Global Atlantic Fin Co. 144A 7.950%, 6/15/33(1) | 268 | 258 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 485 | 424 | |
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | 600 | 518 | |
Navient Corp. 5.875%, 10/25/24 | 185 | 182 | |
NCR Atleos Escrow Corp. 144A 9.500%, 4/1/29(1) | 300 | 290 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 330 | 327 | |
3,456 | |||
Health Care—8.7% | |||
AdaptHealth LLC 144A 5.125%, 3/1/30(1) | 445 | 345 | |
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 320 | 240 | |
Bausch Health Cos., Inc. | |||
144A 6.125%, 2/1/27(1) | 45 | 28 | |
144A 11.000%, 9/30/28(1) | 52 | 35 | |
144A 14.000%, 10/15/30(1) | 10 | 6 | |
Catalent Pharma Solutions, Inc. 144A 3.500%, 4/1/30(1)(2) | 335 | 276 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 385 | 349 | |
Community Health Systems, Inc. | |||
144A 6.875%, 4/15/29(1) | 25 | 13 | |
144A 6.125%, 4/1/30(1) | 215 | 109 | |
144A 5.250%, 5/15/30(1) | 285 | 217 | |
144A 4.750%, 2/15/31(1) | 160 | 113 | |
Endo Dac 144A 9.500%, 7/31/27(1)(6) | 50 | 3 | |
Fortrea Holdings, Inc. 144A 7.500%, 7/1/30(1) | 117 | 114 | |
Lannett Co., Inc. 144A 7.750%, 4/15/26(1)(5) | 105 | 6 |
Par Value | Value | ||
Health Care—continued | |||
Legacy LifePoint Health LLC 144A 4.375%, 2/15/27(1) | $ 285 | $ 245 | |
LifePoint Health, Inc. 144A 9.875%, 8/15/30(1) | 260 | 252 | |
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 640 | 553 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(7) | 256 | 182 | |
Star Parent, Inc. 144A 9.000%, 10/1/30(1) | 105 | 106 | |
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 | 239 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
3.150%, 10/1/26 | 245 | 218 | |
5.125%, 5/9/29 | 200 | 181 | |
3,996 | |||
Industrials—11.1% | |||
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(1) | 380 | 360 | |
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(1) | 125 | 121 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 350 | 308 | |
Boeing Co. (The) 5.930%, 5/1/60 | 381 | 342 | |
Chart Industries, Inc. 144A 9.500%, 1/1/31(1) | 275 | 292 | |
Fortress Transportation & Infrastructure Investors LLC | |||
144A 6.500%, 10/1/25(1) | 231 | 227 | |
144A 9.750%, 8/1/27(1) | 40 | 42 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 430 | 368 | |
Hertz Corp. (The) 144A 5.000%, 12/1/29(1) | 290 | 227 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 90 | 84 | |
5.250%, 5/15/27 | 280 | 246 | |
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1) | 310 | 281 | |
Regal Rexnord Corp. | |||
144A 6.300%, 2/15/30(1) | 465 | 449 | |
144A 6.400%, 4/15/33(1) | 146 | 141 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 435 | 395 |
Par Value | Value | ||
Industrials—continued | |||
SRS Distribution, Inc. 144A 6.125%, 7/1/29(1) | $ 370 | $ 315 | |
TransDigm, Inc. | |||
144A 6.875%, 12/15/30(1) | 140 | 137 | |
5.500%, 11/15/27 | 310 | 290 | |
United Rentals North America, Inc. 3.750%, 1/15/32 | 404 | 326 | |
VistaJet Malta Finance plc 144A 9.500%, 6/1/28(1) | 155 | 136 | |
5,087 | |||
Information Technology—4.5% | |||
ams-OSRAM AG 144A 7.000%, 7/31/25(1) | 285 | 281 | |
CDW LLC 3.569%, 12/1/31 | 290 | 239 | |
CommScope Technologies LLC 144A 6.000%, 6/15/25(1) | 250 | 238 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1)(2) | 130 | 120 | |
144A 6.500%, 10/15/28(1) | 340 | 290 | |
GTCR W-2 Merger Sub LLC 144A 7.500%, 1/15/31(1) | 237 | 237 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 200 | 174 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 535 | 494 | |
2,073 | |||
Materials—7.8% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 340 | 338 | |
ASP Unifrax Holdings, Inc. 144A 5.250%, 9/30/28(1) | 568 | 404 | |
Cleveland-Cliffs, Inc. | |||
7.000%, 3/15/27 | 170 | 165 | |
144A 6.750%, 3/15/26(1) | 115 | 115 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 485 | 443 | |
Graham Packaging Co., Inc. 144A 7.125%, 8/15/28(1) | 400 | 335 | |
LSB Industries, Inc. 144A 6.250%, 10/15/28(1) | 475 | 430 | |
Mauser Packaging Solutions Holding Co. 144A 9.250%, 4/15/27(1) | 245 | 214 | |
Mercer International, Inc. 5.125%, 2/1/29 | 55 | 43 | |
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1) | 390 | 385 |
Par Value | Value | ||
Materials—continued | |||
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | $ 265 | $ 248 | |
Windsor Holdings III LLC 144A 8.500%, 6/15/30(1) | 234 | 231 | |
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | 263 | 213 | |
3,564 | |||
Real Estate—1.4% | |||
MPT Operating Partnership LP 3.500%, 3/15/31 | 465 | 291 | |
VICI Properties LP 5.125%, 5/15/32 | 370 | 331 | |
622 | |||
Utilities—3.6% | |||
Alexander Funding Trust II 144A 7.467%, 7/31/28(1) | 285 | 285 | |
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 305 | 286 | |
144A 5.875%, 4/1/29(1) | 175 | 157 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(1) | 235 | 227 | |
Sunnova Energy Corp. 144A 5.875%, 9/1/26(1)(2) | 305 | 261 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(1) | 240 | 218 | |
Vistra Corp. 144A 8.000% (1)(3) | 220 | 210 | |
1,644 | |||
Total Corporate Bonds and Notes (Identified Cost $46,456) | 42,424 | ||
Leveraged Loans—4.4% | |||
Aerospace—0.7% | |||
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%) 8.420%, 12/11/26(8) | 303 | 296 | |
Forest Prod / Containers—0.6% | |||
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%) 10.476%, 2/12/26(8) | 304 | 292 | |
Health Care—0.6% | |||
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 9.140%, 3/31/27(5)(6)(8) | 87 | — (9) | |
(3 month Term SOFR + 4.250%) 9.640%, 3/31/27(6) | 36 | 8 |
Par Value | Value | ||
Health Care—continued | |||
(3 month Term SOFR + 8.025%) 13.415%, 3/31/27(6) | $ 10 | $ 12 | |
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%) 9.073%, 12/11/26(8) | 249 | 249 | |
269 | |||
Information Technology—0.3% | |||
Infinite Bidco LLC Second Lien (1 month Term SOFR + 7.000%) 12.431%, 3/2/29(8) | 175 | 152 | |
Manufacturing—0.7% | |||
Arcline FM Holdings LLC | |||
First Lien (3 month Term SOFR + 5.012%) 10.402%, 6/23/28(8) | 147 | 146 | |
Second Lien (3 month Term SOFR + 8.250%) 13.902%, 6/25/29(8) | 190 | 182 | |
328 | |||
Metals / Minerals—0.8% | |||
Covia Holdings Corp. (3 month Term SOFR + 4.262%) 9.530%, 7/31/26(8) | 360 | 357 | |
Service—0.7% | |||
Carlisle Foodservice Products, Inc. First Lien (3 month PRIME + 2.000%) 10.500%, 3/20/25 | 77 | 74 | |
Sweetwater Borrower LLC (1 month Term SOFR + 4.364%) 9.681%, 8/7/28(8) | 259 | 251 | |
325 | |||
Total Leveraged Loans (Identified Cost $2,162) | 2,019 |
Shares | ||
Preferred Stocks—1.1% | ||
Financials—1.1% | ||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 250 (10) | 223 |
Citigroup, Inc. Series T, 6.250% | 315 (10) | 303 |
526 | ||
Total Preferred Stocks (Identified Cost $564) | 526 | |
Shares | Value | ||
Common Stocks—0.4% | |||
Consumer Discretionary—0.1% | |||
MYT Holding LLC Class B(5)(11) | 33,144 | $ 10 | |
NMG Parent LLC(5)(11) | 116 | 14 | |
24 | |||
Energy—0.3% | |||
QuarterNorth Energy Holding, Inc.(11) | 1,072 | 140 | |
Total Common Stocks (Identified Cost $329) | 164 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp., 12/29/49(5)(11) | 8,563 | 10 | |
Total Rights (Identified Cost $7) | 10 | ||
Total Long-Term Investments—98.3% (Identified Cost $49,518) | 45,143 | ||
Securities Lending Collateral—3.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(12)(13) | 1,641,367 | 1,641 | |
Total Securities Lending Collateral (Identified Cost $1,641) | 1,641 | ||
TOTAL INVESTMENTS—101.9% (Identified Cost $51,159) | $46,784 | ||
Other assets and liabilities, net—(1.9)% | (862) | ||
NET ASSETS—100.0% | $45,922 |
Abbreviations: | |
ACA | American Capital Access Financial Guarantee Corp. |
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 September 30, 2023, these securities amounted to a value of $33,155 or 72.2% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(4) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(5) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(6) | Security in default; no interest payments are being received. |
(7) | Security in default; interest payments are being received. |
(8) | Variable rate security. Rate disclosed is as of September 30, 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. |
(9) | Amount is less than $500 (not in thousands). |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 83% |
Canada | 6 |
Australia | 2 |
Netherlands | 2 |
United Kingdom | 2 |
Luxembourg | 1 |
Panama | 1 |
Other | 3 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Corporate Bonds and Notes | $42,424 | $ — | $42,408 | $16 | |||
Leveraged Loans | 2,019 | — | 2,019 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 526 | — | 526 | — | |||
Rights | 10 | — | — | 10 | |||
Common Stocks | 164 | — | 140 | 24 | |||
Securities Lending Collateral | 1,641 | 1,641 | — | — | |||
Total Investments | $46,784 | $1,641 | $45,093 | $50 |
September 30, 2023
Par Value | Value | ||
U.S. Government Securities—6.7% | |||
U.S. Treasury Notes | |||
2.500%, 4/30/24 | $ 1,145 | $ 1,126 | |
4.125%, 1/31/25 | 8,145 | 8,019 | |
0.250%, 5/31/25 | 2,405 | 2,218 | |
5.000%, 8/31/25(1) | 6,390 | 6,377 | |
4.375%, 8/15/26 | 8,590 | 8,483 | |
Total U.S. Government Securities (Identified Cost $26,413) | 26,223 | ||
Foreign Government Securities—0.3% | |||
Dominican Republic 144A 5.500%, 2/22/29(2) | 1,090 | 997 | |
Republic of South Africa 5.875%, 9/16/25 | 265 | 261 | |
Total Foreign Government Securities (Identified Cost $1,365) | 1,258 | ||
Mortgage-Backed Securities—28.1% | |||
Agency—3.8% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #SB8269 6.000%, 10/1/38 | 3,000 | 3,007 | |
Pool #SD3238 5.500%, 12/1/52 | 1,275 | 1,233 | |
Pool #SD8309 6.000%, 3/1/53 | 3,924 | 3,874 | |
Federal National Mortgage Association | |||
Pool #AC3654 5.000%, 10/1/39 | 62 | 61 | |
Pool #AD3841 4.500%, 4/1/40 | 19 | 18 | |
Pool #AD6058 4.000%, 8/1/25 | 4 | 4 | |
Pool #AL7532 3.000%, 11/1/27 | 114 | 109 | |
Pool #AO5149 3.000%, 6/1/27 | 31 | 30 | |
Pool #AS5730 3.000%, 9/1/30 | 312 | 291 | |
Pool #FS4438 5.000%, 11/1/52 | 2,248 | 2,123 | |
Pool #MA0908 4.000%, 11/1/31 | 86 | 80 | |
Pool #MA3663 3.500%, 5/1/49 | 171 | 149 | |
Pool #MA4805 4.500%, 11/1/52 | 2,231 | 2,049 | |
Pool #MA5072 5.500%, 7/1/53 | 2,137 | 2,066 | |
Government National Mortgage Association Pool #780023 7.000%, 9/15/24 | — (3) | — (3) | |
15,094 | |||
Par Value | Value | ||
Non-Agency—24.3% | |||
Ajax Mortgage Loan Trust 2019-D, A1 144A 2.956%, 9/25/65(2)(4) | $ 420 | $ 384 | |
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(2) | 168 | 162 | |
AMSR Trust | |||
2020-SFR1, B 144A 2.120%, 4/17/37(2) | 940 | 881 | |
2020-SFR3, B 144A 1.806%, 9/17/37(2) | 2,400 | 2,200 | |
2021-SFR2, C 144A 1.877%, 8/17/38(2) | 1,010 | 883 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(2)(4) | 784 | 724 | |
2020-R1, A2 144A 1.247%, 4/25/53(2)(4) | 632 | 568 | |
2021-8, A1 144A 1.820%, 11/25/66(2)(4) | 2,288 | 1,880 | |
Angel Oak SB Commercial Mortgage Trust 2020-SBC1, A1 144A 2.068%, 5/25/50(2)(4) | 75 | 68 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(2)(4) | 939 | 864 | |
2020-1, A1B 144A 2.100%, 3/25/55(2) | 871 | 794 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A 6.252%, 3/15/37(2)(4) | 770 | 712 | |
BPR Trust | |||
2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.696%, 2/15/29(2)(4) | 755 | 746 | |
2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 7.230%, 4/15/37(2)(4) | 1,525 | 1,498 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(2)(4) | 394 | 364 | |
BX Commercial Mortgage Trust 2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.697%, 10/15/36(2)(4) | 880 | 873 | |
BX Trust | |||
2018-GW, B (1 month Term SOFR + 1.317%, Cap N/A, Floor 1.270%) 144A 6.650%, 5/15/35(2)(4) | 1,265 | 1,243 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-OC11, B 144A 3.605%, 12/9/41(2) | $ 811 | $ 684 | |
2022-CLS, A 144A 5.760%, 10/13/27(2) | 2,212 | 2,134 | |
Cascade MH Asset Trust 2021-MH1, A1 144A 1.753%, 2/25/46(2) | 2,096 | 1,763 | |
CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A 7.952%, 9/15/28(2)(4) | 425 | 425 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(2)(4) | 197 | 173 | |
2016-SH2, M2 144A 3.750%, 12/25/45(2)(4) | 359 | 313 | |
Citigroup Mortgage Loan Trust, Inc. 2019-RP1, A1 144A 3.500%, 1/25/66(2)(4) | 954 | 894 | |
COLT Funding LLC 2021-3R, A1 144A 1.051%, 12/25/64(2)(4) | 899 | 770 | |
COLT Mortgage Loan Trust | |||
2022-3, A1 144A 3.901%, 2/25/67(2)(4) | 1,875 | 1,686 | |
2022-4, A1 144A 4.301%, 3/25/67(2)(4) | 609 | 571 | |
2021-2R, A1 144A 0.798%, 7/27/54(2) | 314 | 268 | |
COMM Mortgage Trust 2020-CBM, B 144A 3.099%, 2/10/37(2) | 1,035 | 967 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(2)(4) | 950 | 878 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(2) | 1,444 | 1,374 | |
2020-4, A 144A 1.174%, 12/15/52(2) | 1,182 | 1,073 | |
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month Term SOFR + 1.027%, Cap N/A, Floor 0.980%) 144A 6.360%, 5/15/36(2)(4) | 1,451 | 1,450 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(2)(4) | 608 | 572 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(2)(4) | 2,413 | 2,047 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(2)(4) | 99 | 86 |
Par Value | Value | ||
Non-Agency—continued | |||
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(2)(4) | $ 218 | $ 198 | |
2020-1, A1 144A 2.006%, 5/25/65(2)(4) | 325 | 310 | |
2020-2, A1 144A 1.178%, 10/25/65(2)(4) | 1,339 | 1,193 | |
2021-1, A2 144A 1.003%, 2/25/66(2)(4) | 440 | 360 | |
Extended Stay America Trust 2021-ESH, C (1 month Term SOFR + 1.814%, Cap N/A, Floor 1.700%) 144A 7.146%, 7/15/38(2)(4) | 1,026 | 1,011 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(2) | 440 | 403 | |
2020-SFR2, B 144A 1.567%, 10/19/37(2) | 2,045 | 1,857 | |
2021-SFR1, D 144A 2.189%, 8/17/38(2) | 1,050 | 915 | |
Galton Funding Mortgage Trust | |||
2018-1, A23 144A 3.500%, 11/25/57(2)(4) | 42 | 37 | |
2019-2, A52 144A 3.500%, 6/25/59(2)(4) | 397 | 343 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(2)(4) | 88 | 82 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month Term SOFR + 0.914%, Cap N/A, Floor 0.800%) 144A 6.247%, 2/15/38(2)(4) | 2,085 | 1,637 | |
Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(4) | 1,426 | 1,144 | |
Homes Trust 2023-NQM2, A1 144A 6.456%, 2/25/68(2)(4) | 1,146 | 1,144 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.821%, 8/15/39(2)(4) | 1,765 | 1,767 | |
JPMBB Commercial Mortgage Securities Trust | |||
2014-C18, AS 4.439%, 2/15/47(4) | 1,395 | 1,365 | |
2015-C32, AS 3.984%, 11/15/48 | 2,200 | 2,029 | |
JPMorgan Chase Mortgage Trust | |||
2014-1, 2A12 144A 3.500%, 1/25/44(2)(4) | 97 | 86 |
Par Value | Value | ||
Non-Agency—continued | |||
2015-1, AM1 144A 6.565%, 12/25/44(2)(4) | $ 35 | $ 34 | |
2015-5, A2 144A 6.651%, 5/25/45(2)(4) | 204 | 200 | |
2017-3, 2A2 144A 2.500%, 8/25/47(2)(4) | 192 | 160 | |
2017-5, A1 144A 3.542%, 10/26/48(2)(4) | 257 | 252 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month Term SOFR + 0.996%, Cap N/A, Floor 0.800%) 144A 6.328%, 5/15/36(2)(4) | 1,040 | 1,035 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 2/25/26(2)(4) | 232 | 231 | |
MetLife Securitization Trust | |||
2018-1A, A 144A 3.750%, 3/25/57(2)(4) | 1,351 | 1,241 | |
2019-1A, A1A 144A 3.750%, 4/25/58(2)(4) | 1,728 | 1,646 | |
MFA Trust | |||
2020-NQM3, A1 144A 1.014%, 1/26/65(2)(4) | 700 | 618 | |
2021-INV1, A1 144A 0.852%, 1/25/56(2)(4) | 116 | 103 | |
Mill City Mortgage Loan Trust 2021-NMR1, A1 144A 1.125%, 11/25/60(2)(4) | 576 | 527 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 6.815%, 6/25/44(2)(4) | 207 | 207 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(2)(4) | 450 | 415 | |
2015-2A, A1 144A 3.750%, 8/25/55(2)(4) | 480 | 437 | |
2016-1A, A1 144A 3.750%, 3/25/56(2)(4) | 267 | 243 | |
2016-3A, A1 144A 3.750%, 9/25/56(2)(4) | 281 | 256 | |
2016-4A, A1 144A 3.750%, 11/25/56(2)(4) | 1,223 | 1,113 | |
2017-2A, A3 144A 4.000%, 3/25/57(2)(4) | 773 | 711 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(2)(4) | 1,067 | 955 | |
2016-2A, A1 144A 3.750%, 11/26/35(2)(4) | 616 | 568 | |
2018-1A, A1A 144A 4.000%, 12/25/57(2)(4) | 1,881 | 1,747 | |
NYMT Loan Trust 2022-CP1, A1 144A 2.042%, 7/25/61(2) | 2,106 | 1,864 | |
OBX Trust 2018-1, A2 (1 month Term SOFR + 0.764%) 144A 6.084%, 6/25/57(2)(4) | 96 | 91 |
Par Value | Value | ||
Non-Agency—continued | |||
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(2)(4) | $ 1,091 | $ 987 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(2) | 850 | 818 | |
2021-SFR3, C 144A 2.088%, 5/17/26(2) | 500 | 443 | |
2021-SFR3, D 144A 2.288%, 5/17/26(2) | 1,010 | 891 | |
2020-SFR3, A 144A 1.294%, 10/17/27(2) | 342 | 311 | |
2021-SFR1, C 144A 1.555%, 4/17/38(2) | 1,050 | 926 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(2)(4) | 98 | 80 | |
Residential Mortgage Loan Trust | |||
2019-2, A1 144A 2.913%, 5/25/59(2)(4) | 85 | 84 | |
2020-1, A1 144A 2.376%, 1/26/60(2)(4) | 1,932 | 1,826 | |
SG Residential Mortgage Trust 2021-1, A3 144A 1.560%, 7/25/61(2)(4) | 395 | 302 | |
Starwood Mortgage Residential Trust | |||
2020-1, A1 144A 2.275%, 2/25/50(2)(4) | 65 | 60 | |
2020-3, A1 144A 1.486%, 4/25/65(2)(4) | 209 | 193 | |
2021-3, A3 144A 1.518%, 6/25/56(2)(4) | 285 | 222 | |
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(2)(4) | 718 | 705 | |
2016-2, M2 144A 3.000%, 8/25/55(2)(4) | 3,370 | 2,998 | |
2017-1, A2 144A 3.500%, 10/25/56(2)(4) | 2,355 | 2,266 | |
2018-2, A2 144A 3.500%, 3/25/58(2)(4) | 1,565 | 1,422 | |
2018-3, A1 144A 3.750%, 5/25/58(2)(4) | 678 | 642 | |
2018-6, A1A 144A 3.750%, 3/25/58(2)(4) | 809 | 783 | |
2019-1, A1 144A 3.750%, 3/25/58(2)(4) | 274 | 255 | |
2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A 7.034%, 5/25/58(2)(4) | 1,450 | 1,450 | |
2017-6, A2 144A 3.000%, 10/25/57(2)(4) | 1,170 | 1,040 | |
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(2)(4) | 580 | 552 | |
2021-NPL6, A1 144A 1.917%, 9/25/51(2)(4) | 1,016 | 934 |
Par Value | Value | ||
Non-Agency—continued | |||
Verus Securitization Trust | |||
2019-INV2, A1 144A 3.913%, 7/25/59(2)(4) | $ 477 | $ 460 | |
2021-3, A1 144A 1.046%, 6/25/66(2)(4) | 1,511 | 1,253 | |
2022-7, A1 144A 5.152%, 7/25/67(2)(4) | 2,889 | 2,811 | |
2020-1, A1 144A 2.417%, 1/25/60(2)(4) | 478 | 451 | |
2021-R1, A1 144A 0.820%, 10/25/63(2)(4) | 831 | 738 | |
2021-R2, A1 144A 0.918%, 2/25/64(2)(4) | 250 | 212 | |
Visio Trust | |||
2019-2, A1 144A 2.722%, 11/25/54(2)(4) | 1,966 | 1,843 | |
2021-1R, A1 144A 1.280%, 5/25/56(2) | 1,504 | 1,359 | |
Wells Fargo Commercial Mortgage Trust | |||
2014-C24, AS 3.931%, 11/15/47 | 1,140 | 1,028 | |
2015-P2, A3 3.541%, 12/15/48 | 1,382 | 1,309 | |
Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A 3.000%, 7/25/50(2)(4) | 258 | 206 | |
95,367 | |||
Total Mortgage-Backed Securities (Identified Cost $119,656) | 110,461 | ||
Asset-Backed Securities—34.5% | |||
Automobiles—18.5% | |||
ACC Trust 2021-1, C 144A 2.080%, 12/20/24(2) | 899 | 883 | |
American Credit Acceptance Receivables Trust | |||
2021-1, C 144A 0.830%, 3/15/27(2) | 294 | 292 | |
2021-3, C 144A 0.980%, 11/15/27(2) | 801 | 791 | |
Arivo Acceptance Auto Loan Receivables Trust 2022-2A, A 144A 6.900%, 1/16/29(2) | 552 | 549 | |
Avid Automobile Receivables Trust | |||
2021-1, D 144A 1.990%, 4/17/28(2) | 400 | 376 | |
2023-1, A 144A 6.630%, 7/15/26(2) | 807 | 806 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(2) | 1,475 | 1,382 |
Par Value | Value | ||
Automobiles—continued | |||
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(2) | $ 400 | $ 365 | |
(AESOP) 2021-1A, A 144A 1.380%, 8/20/27(2) | 1,750 | 1,544 | |
(AESOP) 2023-3A, A 144A 5.440%, 2/22/28(2) | 1,181 | 1,160 | |
Carvana Auto Receivables Trust | |||
2019-3A, D 144A 3.040%, 4/15/25(2) | 142 | 141 | |
2019-3A, E 144A 4.600%, 7/15/26(2) | 1,445 | 1,429 | |
2020-N1A, D 144A 3.430%, 1/15/26(2) | 544 | 540 | |
2020-P1, B 0.920%, 11/9/26 | 1,340 | 1,227 | |
2021-N1, C 1.300%, 1/10/28 | 439 | 410 | |
2021-N2, C 1.070%, 3/10/28 | 552 | 511 | |
2021-N3, D 1.580%, 6/12/28 | 1,367 | 1,295 | |
2022-N1, C 144A 3.320%, 12/11/28(2) | 1,297 | 1,260 | |
2023-N1, C 144A 5.920%, 7/10/29(2) | 1,109 | 1,082 | |
CIG Auto Receivables Trust 2021-1A, D 144A 2.110%, 4/12/27(2) | 1,985 | 1,853 | |
CPS Auto Receivables Trust | |||
2019-D, E 144A 3.860%, 10/15/25(2) | 1,864 | 1,841 | |
2022-D, D 144A 8.730%, 1/16/29(2) | 1,335 | 1,383 | |
Credit Acceptance Auto Loan Trust 2023-2A, A 144A 5.920%, 5/16/33(2) | 920 | 910 | |
DT Auto Owner Trust | |||
2020-2A, C 144A 3.280%, 3/16/26(2) | 287 | 286 | |
2021-2A, C 144A 1.100%, 2/16/27(2) | 2,015 | 1,970 | |
2023-1A, B 144A 5.190%, 10/16/28(2) | 1,534 | 1,511 | |
2023-3A, C 144A 6.400%, 5/15/29(2) | 650 | 647 | |
Exeter Automobile Receivables Trust | |||
2019-2A, E 144A 4.680%, 5/15/26(2) | 1,605 | 1,595 | |
2020-1A, D 144A 2.730%, 12/15/25(2) | 633 | 621 | |
2020-3A, E 144A 3.440%, 8/17/26(2) | 1,985 | 1,908 | |
2022-3A, C 5.300%, 9/15/27 | 895 | 882 | |
2023-2A, B 5.610%, 9/15/27 | 1,150 | 1,137 |
Par Value | Value | ||
Automobiles—continued | |||
FHF Trust 2023-1A, A2 144A 6.570%, 6/15/28(2) | $ 1,188 | $ 1,176 | |
First Investors Auto Owner Trust | |||
2021-1A, B 144A 0.890%, 3/15/27(2) | 1,597 | 1,579 | |
2021-1A, C 144A 1.170%, 3/15/27(2) | 1,895 | 1,819 | |
2021-2A, C 144A 1.470%, 11/15/27(2) | 1,845 | 1,687 | |
Foursight Capital Automobile Receivables Trust | |||
2022-1, B 144A 2.150%, 5/17/27(2) | 1,610 | 1,521 | |
2023-1, A3 144A 5.390%, 12/15/27(2) | 1,435 | 1,409 | |
2023-2, A2 144A 5.990%, 5/15/28(2) | 875 | 873 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(2) | 801 | 786 | |
2020-4A, C 144A 1.140%, 11/17/25(2) | 353 | 350 | |
2021-3A, C 144A 1.110%, 9/15/26(2) | 1,055 | 1,018 | |
2022-2A, C 144A 5.300%, 4/17/28(2) | 1,825 | 1,785 | |
2022-2A, D 144A 6.150%, 4/17/28(2) | 1,775 | 1,744 | |
GLS Auto Select Receivables Trust 2023-1A, B 144A 6.090%, 3/15/29(2) | 1,315 | 1,296 | |
Hertz Vehicle Financing III LLC 2022-1A, C 144A 2.630%, 6/25/26(2) | 1,000 | 932 | |
LAD Auto Receivables Trust | |||
2021-1A, D 144A 3.990%, 11/15/29(2) | 2,000 | 1,870 | |
2022-1A, A 144A 5.210%, 6/15/27(2) | 1,199 | 1,190 | |
2023-2A, D 144A 6.300%, 2/15/31(2) | 825 | 806 | |
Lobel Automobile Receivables Trust 2023-1, A 144A 6.970%, 7/15/26(2) | 876 | 876 | |
OCCU Auto Receivables Trust 2023-1A, A2 144A 6.230%, 4/15/27(2) | 1,181 | 1,181 | |
OneMain Direct Auto Receivables Trust 2022-1A, C 144A 5.310%, 6/14/29(2) | 1,210 | 1,162 | |
Oscar U.S. Funding XV LLC 2023-1A, A3 144A 5.810%, 12/10/27(2) | 1,100 | 1,093 | |
Santander Consumer Auto Receivables Trust 2021-AA, C 144A 1.030%, 11/16/26(2) | 590 | 549 |
Par Value | Value | ||
Automobiles—continued | |||
Santander Drive Auto Receivables Trust | |||
2022-5, C 4.740%, 10/16/28 | $ 1,155 | $ 1,123 | |
2022-7, A2 5.810%, 1/15/26 | 587 | 587 | |
Tesla Auto Lease Trust 2023-A, B 144A 6.410%, 7/20/27(2) | 1,090 | 1,085 | |
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(2) | 45 | 45 | |
Tricolor Auto Securitization Trust | |||
2022-1A, C 144A 4.710%, 8/15/25(2) | 1,725 | 1,702 | |
2023-1A, B 144A 6.840%, 11/16/26(2) | 1,455 | 1,448 | |
United Auto Credit Securitization Trust | |||
2021-1, D 144A 1.140%, 6/10/26(2) | 730 | 725 | |
2023-1, B 144A 5.910%, 7/10/28(2) | 1,434 | 1,424 | |
Westlake Automobile Receivables Trust | |||
2020-3A, C 144A 1.240%, 11/17/25(2) | 404 | 401 | |
2021-3A, D 144A 2.120%, 1/15/27(2) | 2,015 | 1,878 | |
2022-1A, B 144A 2.750%, 3/15/27(2) | 1,825 | 1,785 | |
2023-1A, C 144A 5.740%, 8/15/28(2) | 1,100 | 1,087 | |
72,579 | |||
Collateralized Loan Obligations—0.5% | |||
GoldenTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month Term SOFR + 1.332%, Cap N/A, Floor 1.070%) 144A 6.658%, 1/20/33(2)(4) | 1,435 | 1,428 | |
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month Term SOFR + 1.162%, Cap N/A, Floor 1.162%) 144A 6.488%, 4/20/29(2)(4) | 612 | 610 | |
2,038 | |||
Consumer Loans—2.7% | |||
ACHV ABS Trust 2023-3PL, B 144A 7.170%, 8/19/30(2) | 1,090 | 1,095 | |
Affirm Asset Securitization Trust 2022-A, 1A 144A 4.300%, 5/17/27(2) | 1,113 | 1,089 |
Par Value | Value | ||
Consumer Loans—continued | |||
Lendingpoint Asset Securitization Trust 2022-A, B 144A 2.410%, 6/15/29(2) | $ 803 | $ 800 | |
Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(2) | 1,154 | 1,150 | |
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(2) | 1,970 | 1,791 | |
Reach ABS Trust 2023-1A, B 144A 7.330%, 2/18/31(2) | 1,025 | 1,023 | |
Regional Management Issuance Trust 2021-1, A 144A 1.680%, 3/17/31(2) | 1,815 | 1,708 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(2) | 1,020 | 992 | |
Upstart Securitization Trust 2021-2, B 144A 1.750%, 6/20/31(2) | 1,146 | 1,132 | |
10,780 | |||
Credit Card—1.3% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(2) | 1,875 | 1,741 | |
Discover Card Execution Note Trust 2023-A2, A 4.930%, 6/15/28 | 1,300 | 1,284 | |
Genesis Sales Finance Master Trust 2021-AA, A 144A 1.200%, 12/21/26(2) | 700 | 665 | |
Mercury Financial Credit Card Master Trust 2023-1A, A 144A 8.040%, 9/20/27(2) | 1,452 | 1,457 | |
5,147 | |||
Equipment—1.3% | |||
CLI Funding VI LLC 2020-1A, A 144A 2.080%, 9/18/45(2) | 1,626 | 1,404 | |
NMEF Funding LLC 2021-A, B 144A 1.850%, 12/15/27(2) | 2,659 | 2,618 | |
Post Road Equipment Finance 2022-1A, B 144A 5.150%, 1/16/29(2) | 1,210 | 1,171 | |
5,193 | |||
Other—10.2% | |||
Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A 6.090%, 12/20/29(2) | 1,300 | 1,301 |
Par Value | Value | ||
Other—continued | |||
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(2) | $ 293 | $ 290 | |
2019-A, A 144A 3.140%, 7/16/40(2) | 301 | 279 | |
2019-A, C 144A 4.010%, 7/16/40(2) | 1,765 | 1,596 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(2) | 1,787 | 1,582 | |
BHG Securitization Trust 2021-B, B 144A 1.670%, 10/17/34(2) | 1,495 | 1,331 | |
BXG Receivables Note Trust 2020-A, B 144A 2.490%, 2/28/36(2) | 551 | 499 | |
CCG Receivables Trust | |||
2021-1, C 144A 0.840%, 6/14/27(2) | 1,510 | 1,435 | |
2023-1, A2 144A 5.820%, 9/16/30(2) | 500 | 499 | |
Commercial Equipment Finance LLC 2021-A, A 144A 2.050%, 2/16/27(2) | 350 | 340 | |
Dext ABS LLC 2023-1, A2 144A 5.990%, 3/15/32(2) | 695 | 684 | |
Diamond Resorts Owner Trust | |||
2019-1A, B 144A 3.530%, 2/20/32(2) | 345 | 345 | |
2021-1A, A 144A 1.510%, 11/21/33(2) | 607 | 557 | |
Elara HGV Timeshare Issuer LLC 2023-A, A 144A 6.160%, 2/25/38(2) | 943 | 944 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(2) | 224 | 221 | |
2023-2A, A 144A 6.530%, 6/15/49(2) | 983 | 983 | |
FREED ABS Trust 2022-1FP, C 144A 2.510%, 3/19/29(2) | 1,205 | 1,180 | |
GCI Funding I LLC 2021-1, A 144A 2.380%, 6/18/46(2) | 1,114 | 941 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(2) | 1,906 | 1,604 | |
Hilton Grand Vacations Trust | |||
2017-AA, A 144A 2.660%, 12/26/28(2) | 69 | 69 | |
2018-AA, A 144A 3.540%, 2/25/32(2) | 225 | 218 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(2) | 859 | 790 |
Par Value | Value | ||
Other—continued | |||
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(2) | $ 2,193 | $ 2,014 | |
LL ABS Trust 2021-1A, A 144A 1.070%, 5/15/29(2) | 239 | 236 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(2) | 967 | 938 | |
MVW LLC | |||
2020-1A, A 144A 1.740%, 10/20/37(2) | 1,111 | 1,023 | |
2021-1WA, B 144A 1.440%, 1/22/41(2) | 575 | 518 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(2) | 241 | 231 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(2) | 1,925 | 1,670 | |
NMEF Funding LLC | |||
2022-A, B 144A 3.350%, 10/16/28(2) | 1,480 | 1,406 | |
2023-A, B 144A 6.830%, 6/17/30(2) | 1,000 | 996 | |
Oasis Securitization Funding LLC 2021-2A, A 144A 2.143%, 10/15/33(2) | 377 | 375 | |
Octane Receivables Trust | |||
2020-1A, B 144A 1.980%, 6/20/25(2) | 1,474 | 1,463 | |
2021-1A, A 144A 0.930%, 3/22/27(2) | 351 | 344 | |
2023-1A, C 144A 6.370%, 9/20/29(2) | 1,450 | 1,425 | |
2023-3A, B 144A 6.480%, 7/20/29(2) | 1,179 | 1,179 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(2) | 260 | 249 | |
Purchasing Power Funding LLC 2021-A, A 144A 1.570%, 10/15/25(2) | 232 | 231 | |
Sierra Timeshare Receivables Funding LLC | |||
2019-1A, B 144A 3.420%, 1/20/36(2) | 138 | 134 | |
2019-2A, B 144A 2.820%, 5/20/36(2) | 143 | 139 | |
2020-2A, B 144A 2.320%, 7/20/37(2) | 505 | 477 | |
2023-2A, B 144A 6.280%, 4/20/40(2) | 826 | 819 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(2) | 652 | 628 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(2) | 519 | 447 |
Par Value | Value | ||
Other—continued | |||
VFI ABS LLC 2022-1A, B 144A 3.040%, 7/24/28(2) | $ 2,443 | $ 2,320 | |
Westgate Resorts LLC | |||
2020-1A, A 144A 2.713%, 3/20/34(2) | 267 | 262 | |
2022-1A, B 144A 2.288%, 8/20/36(2) | 901 | 853 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(2) | 2,347 | 1,948 | |
40,013 | |||
Student Loan—0.0% | |||
Commonbond Student Loan Trust 2017-AGS, A1 144A 2.550%, 5/25/41(2) | 90 | 83 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(2) | 41 | 40 | |
123 | |||
Total Asset-Backed Securities (Identified Cost $141,852) | 135,873 | ||
Corporate Bonds and Notes—21.8% | |||
Communication Services—0.6% | |||
CCO Holdings LLC 144A 6.375%, 9/1/29(2) | 216 | 201 | |
Level 3 Financing, Inc. 144A 4.625%, 9/15/27(2) | 595 | 428 | |
Sprint Capital Corp. 6.875%, 11/15/28 | 665 | 687 | |
Sprint Spectrum Co. LLC 144A 4.738%, 9/20/29(2) | 90 | 89 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(2) | 900 | 898 | |
2,303 | |||
Consumer Discretionary—0.8% | |||
Ashtead Capital, Inc. 144A 4.375%, 8/15/27(2) | 1,600 | 1,487 | |
Clarios Global LP 144A 6.750%, 5/15/28(2) | 95 | 93 | |
Ford Motor Credit Co. LLC 7.350%, 11/4/27 | 525 | 535 | |
MDC Holdings, Inc. 2.500%, 1/15/31 | 840 | 627 | |
Nissan Motor Acceptance Co. LLC | |||
144A 6.950%, 9/15/26(2) | 195 | 197 | |
144A 7.050%, 9/15/28(2) | 315 | 315 | |
3,254 | |||
Consumer Staples—0.5% | |||
BAT Capital Corp. 2.259%, 3/25/28 | 970 | 820 |
Par Value | Value | ||
Consumer Staples—continued | |||
Central American Bottling Corp. 144A 5.250%, 4/27/29(2) | $ 495 | $ 445 | |
Coty, Inc. 144A 6.625%, 7/15/30(2) | 615 | 600 | |
1,865 | |||
Energy—1.7% | |||
Boardwalk Pipelines LP 4.950%, 12/15/24 | 955 | 941 | |
BP Capital Markets plc 4.875% (5) | 1,115 | 996 | |
Civitas Resources, Inc. 144A 8.375%, 7/1/28(2) | 325 | 331 | |
Enbridge, Inc. 7.375%, 1/15/83 | 1,155 | 1,098 | |
Energy Transfer LP 4.200%, 4/15/27 | 690 | 650 | |
EQM Midstream Partners LP | |||
144A 6.000%, 7/1/25(2) | 403 | 397 | |
144A 7.500%, 6/1/27(2) | 5 | 5 | |
Korea National Oil Corp. 144A 4.875%, 4/3/28(2) | 200 | 195 | |
NGPL PipeCo LLC 144A 4.875%, 8/15/27(2) | 954 | 901 | |
Petroleos Mexicanos 6.500%, 3/13/27 | 1,215 | 1,065 | |
6,579 | |||
Financials—9.5% | |||
AerCap Ireland Capital DAC | |||
2.450%, 10/29/26 | 760 | 681 | |
3.000%, 10/29/28 | 150 | 129 | |
Series 3NC1 1.750%, 10/29/24 | 266 | 254 | |
Banco Santander Chile 144A 2.700%, 1/10/25(2) | 950 | 908 | |
Bank of America Corp. | |||
1.734%, 7/22/27 | 1,615 | 1,431 | |
2.551%, 2/4/28 | 719 | 641 | |
(3 month Term SOFR + 1.032%) 6.401%, 2/5/26(4) | 840 | 841 | |
Barclays plc | |||
7.325%, 11/2/26 | 370 | 376 | |
7.385%, 11/2/28 | 360 | 369 | |
Blackstone Private Credit Fund | |||
2.625%, 12/15/26 | 349 | 300 | |
4.000%, 1/15/29 | 415 | 353 | |
Blue Owl Credit Income Corp. 5.500%, 3/21/25 | 500 | 484 | |
BPCE S.A. 144A 5.975%, 1/18/27(2) | 610 | 603 | |
Brookfield Finance, Inc. 3.900%, 1/25/28 | 1,125 | 1,036 | |
Capital One Financial Corp. 6.312%, 6/8/29 | 672 | 657 |
Par Value | Value | ||
Financials—continued | |||
Charles Schwab Corp. (The) | |||
Series G 5.375%(5) | $ 275 | $ 264 | |
Series H 4.000%(5) | 830 | 586 | |
Citadel Finance LLC 144A 3.375%, 3/9/26(2) | 1,190 | 1,073 | |
Citigroup, Inc. | |||
3.200%, 10/21/26 | 410 | 378 | |
(3 month Term SOFR + 1.512%) 6.906%, 7/1/26(4) | 1,080 | 1,099 | |
(SOFR + 1.280%) 6.623%, 2/24/28(1)(4) | 962 | 960 | |
Citizens Bank N.A. 2.250%, 4/28/25 | 810 | 750 | |
Corebridge Financial, Inc. 6.875%, 12/15/52 | 939 | 900 | |
Credit Suisse AG 7.950%, 1/9/25 | 465 | 473 | |
Danske Bank A/S | |||
144A 3.773%, 3/28/25(2) | 500 | 493 | |
144A 1.621%, 9/11/26(2) | 673 | 613 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(2) | 1,430 | 1,272 | |
Fifth Third Bancorp 4.055%, 4/25/28 | 255 | 235 | |
Fifth Third Bank N.A. 5.852%, 10/27/25 | 470 | 462 | |
Goldman Sachs Group, Inc. (The) | |||
(3 month Term SOFR + 1.432%) 6.796%, 5/15/26(4) | 475 | 478 | |
(3 month Term SOFR + 2.012%) 7.377%, 10/28/27(4) | 1,750 | 1,794 | |
Huntington Bancshares, Inc. 6.208%, 8/21/29 | 370 | 362 | |
Huntington National Bank (The) 5.699%, 11/18/25 | 292 | 285 | |
JPMorgan Chase & Co. | |||
1.578%, 4/22/27 | 970 | 866 | |
(SOFR + 1.180%) 6.523%, 2/24/28(1)(4) | 1,500 | 1,498 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(2) | 1,135 | 993 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(2) | 1,385 | 1,139 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 7.628%, 4/20/67(4) | 1,394 | 923 | |
Morgan Stanley | |||
2.475%, 1/21/28 | 1,016 | 906 | |
6.296%, 10/18/28 | 339 | 342 | |
5.123%, 2/1/29 | 1,185 | 1,141 |
Par Value | Value | ||
Financials—continued | |||
MSCI, Inc. 144A 3.625%, 9/1/30(2) | $ 612 | $ 513 | |
Navient Corp. 5.875%, 10/25/24 | 1,130 | 1,112 | |
Prudential Financial, Inc. 6.000%, 9/1/52 | 260 | 238 | |
State Street Corp. | |||
5.751%, 11/4/26 | 633 | 631 | |
5.820%, 11/4/28 | 495 | 496 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 200 | 192 | |
3.700%, 8/4/26 | 304 | 274 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 1,020 | 847 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 1,070 | 1,064 | |
Truist Bank 3.625%, 9/16/25 | 965 | 912 | |
UBS AG 5.650%, 9/11/28 | 600 | 590 | |
Wells Fargo & Co. | |||
3.526%, 3/24/28 | 700 | 643 | |
Series U 5.875%(4)(5) | 435 | 427 | |
37,287 | |||
Health Care—1.6% | |||
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 1,060 | 887 | |
HCA, Inc. 5.200%, 6/1/28 | 627 | 606 | |
Illumina, Inc. | |||
5.800%, 12/12/25 | 420 | 417 | |
5.750%, 12/13/27 | 510 | 501 | |
IQVIA, Inc. 144A 5.700%, 5/15/28(2) | 835 | 811 | |
Royalty Pharma plc | |||
1.200%, 9/2/25 | 190 | 173 | |
1.750%, 9/2/27 | 1,155 | 986 | |
Universal Health Services, Inc. 1.650%, 9/1/26 | 1,205 | 1,062 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 273 | 256 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 716 | 616 | |
144A 2.300%, 6/22/27(2) | — (3) | — (3) | |
6,315 | |||
Industrials—1.9% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(2) | 1,273 | 1,221 | |
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(2) | 220 | 213 | |
Boeing Co. (The) 4.875%, 5/1/25 | 335 | 329 |
Par Value | Value | ||
Industrials—continued | |||
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 9/15/36(2) | $ 940 | $ 778 | |
Concentrix Corp. 6.650%, 8/2/26 | 525 | 522 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(2) | 843 | 679 | |
Hexcel Corp. 4.200%, 2/15/27 | 985 | 912 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 973 | 818 | |
Regal Rexnord Corp. | |||
144A 6.050%, 2/15/26(2) | 256 | 253 | |
144A 6.050%, 4/15/28(2) | 391 | 380 | |
144A 6.300%, 2/15/30(2) | 450 | 435 | |
Veralto Corp. 144A 5.350%, 9/18/28(2) | 845 | 836 | |
7,376 | |||
Information Technology—0.8% | |||
Booz Allen Hamilton, Inc. | |||
144A 3.875%, 9/1/28(2) | 184 | 165 | |
144A 4.000%, 7/1/29(2) | 861 | 759 | |
CDW LLC 3.276%, 12/1/28 | 527 | 454 | |
Kyndryl Holdings, Inc. 2.700%, 10/15/28 | 547 | 450 | |
Open Text Corp. 144A 3.875%, 2/15/28(2) | 900 | 786 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(2) | 510 | 458 | |
3,072 | |||
Materials—1.0% | |||
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(2) | 1,125 | 1,028 | |
Bayport Polymers LLC 144A 4.743%, 4/14/27(2) | 1,185 | 1,094 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(2) | 1,280 | 1,170 | |
Silgan Holdings, Inc. 144A 1.400%, 4/1/26(2) | 1,038 | 921 | |
4,213 | |||
Real Estate—1.4% | |||
EPR Properties 4.950%, 4/15/28 | 735 | 651 | |
GLP Capital LP 5.250%, 6/1/25 | 955 | 935 | |
Office Properties Income Trust 2.650%, 6/15/26 | 373 | 254 | |
Retail Opportunity Investments Partnership LP 5.000%, 12/15/23 | 1,645 | 1,641 |
Par Value | Value | ||
Real Estate—continued | |||
Service Properties Trust | |||
4.650%, 3/15/24 | $ 520 | $ 513 | |
4.350%, 10/1/24 | 550 | 527 | |
VICI Properties LP | |||
144A 4.625%, 6/15/25(2) | 170 | 164 | |
144A 4.500%, 1/15/28(2) | 265 | 242 | |
144A 4.625%, 12/1/29(2) | 720 | 639 | |
5,566 | |||
Utilities—2.0% | |||
American Electric Power Co., Inc. 5.699%, 8/15/25 | 964 | 959 | |
DPL, Inc. 4.125%, 7/1/25 | 147 | 139 | |
Electricite de France S.A. 144A 5.700%, 5/23/28(2) | 690 | 683 | |
Enel Finance America LLC 144A 7.100%, 10/14/27(2) | 570 | 590 | |
Enel Finance International N.V. 144A 6.800%, 10/14/25(2) | 200 | 202 | |
Exelon Corp. 5.150%, 3/15/28 | 640 | 628 | |
FirstEnergy Transmission LLC 144A 2.866%, 9/15/28(2) | 837 | 726 | |
National Grid plc 5.602%, 6/12/28 | 422 | 418 | |
NRG Energy, Inc. 144A 3.750%, 6/15/24(2) | 1,161 | 1,137 | |
Puget Energy, Inc. 2.379%, 6/15/28 | 1,068 | 914 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 1,640 | 1,430 | |
7,826 | |||
Total Corporate Bonds and Notes (Identified Cost $91,738) | 85,656 | ||
Leveraged Loans—6.2% | |||
Aerospace—0.7% | |||
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.166%, 6/7/28(4) | 739 | 731 | |
Delta Air Lines, Inc. (3 month Term SOFR + 3.750%) 9.076%, 10/20/27(4) | 514 | 532 | |
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%) 10.798%, 6/21/27(4) | 454 | 471 |
Par Value | Value | ||
Aerospace—continued | |||
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.640%, 8/24/28(4) | $ 1,124 | $ 1,124 | |
2,858 | |||
Chemicals—0.3% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 9.166%, 11/8/27(4) | 1,027 | 1,022 | |
Consumer Durables—0.2% | |||
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.025%) 7.341%, 1/29/29(4) | 763 | 757 | |
Energy—0.3% | |||
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%) 9.088%, 12/21/28(4) | 625 | 618 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.692%, 10/5/28(4) | 745 | 745 | |
Paragon Offshore Finance Co. (3 month LIBOR + 1.750%) 3.750%, 7/16/21(6)(7) | 1 | — | |
1,363 | |||
Financials—0.4% | |||
Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month Term SOFR + 2.350%) 7.675%, 12/1/27(4) | 514 | 514 | |
Citadel Securities LP Tranche B (1 month Term SOFR + 2.614%) 7.931%, 7/29/30(4) | 910 | 907 | |
Finco I LLC 2023 (3 month Term SOFR + 3.000%) 8.369%, 6/27/29(4) | 125 | 124 | |
1,545 | |||
Food / Tobacco—0.4% | |||
Aramark Services, Inc. Tranche B-5 (1 month Term SOFR + 2.614%) 7.931%, 4/6/28(4) | 583 | 582 | |
Hostess Brands LLC Tranche B (3 month Term SOFR + 2.500%) 7.890%, 6/21/30(4) | 889 | 890 | |
1,472 | |||
Par Value | Value | ||
Forest Prod / Containers—0.2% | |||
Berry Global, Inc. Tranche Z (3 month Term SOFR + 2.012%) 7.293%, 7/1/26(4) | $ 734 | $ 733 | |
Gaming / Leisure—0.5% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.666%, 2/6/30(4) | 259 | 258 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 8.434%, 4/13/29(4) | 365 | 365 | |
Stars Group Holdings B.V. 2021 (3 month Term SOFR + 2.512%) 7.902%, 7/21/26(4) | 621 | 620 | |
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(4) | 835 | 834 | |
2,077 | |||
Health Care—0.3% | |||
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%) 8.247%, 5/1/30(4) | 643 | 640 | |
CHG Healthcare Services, Inc. 2023 (1 month Term SOFR + 3.000%) 0.000%, 9/29/28(4)(8) | 50 | 50 | |
Select Medical Corp. Tranche B-1 (1 month Term SOFR + 3.000%) 8.316%, 3/8/27(4) | 644 | 641 | |
1,331 | |||
Housing—0.3% | |||
Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 3/18/29(4) | 630 | 630 | |
Standard Industries, Inc. (1 month Term SOFR + 2.614%) 7.938%, 9/22/28(4) | 612 | 612 | |
1,242 | |||
Information Technology—0.7% | |||
CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.681%, 9/21/28(4) | 624 | 621 | |
Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 2.500%) 7.816%, 11/9/29(4) | 1,363 | 1,364 |
Par Value | Value | ||
Information Technology—continued | |||
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 8.159%, 3/3/30(4) | $ 357 | $ 357 | |
UKG, Inc. 2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(4) | 503 | 501 | |
2,843 | |||
Manufacturing—0.4% | |||
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%) 7.916%, 3/31/27(4) | 523 | 521 | |
NCR Corp. (1 month Term SOFR + 2.614%) 7.931%, 8/28/26(4) | 938 | 936 | |
1,457 | |||
Media / Telecom - Broadcasting—0.1% | |||
Nexstar Media, Inc. Tranche B-4 (1 month Term SOFR + 2.614%) 7.931%, 9/18/26(4) | 371 | 370 | |
Media / Telecom - Cable/Wireless Video—0.5% | |||
Charter Communications Operating LLC Tranche B-2 (3 month Term SOFR + 1.750%) 7.116%, 2/1/27(4) | 632 | 631 | |
Cogeco Communications Finance USA LP Tranche B-1 (1 month Term SOFR + 3.250%) 0.000%, 9/18/30(4)(8) | 715 | 703 | |
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.431%, 8/2/27(4) | 604 | 590 | |
1,924 | |||
Service—0.5% | |||
Dun & Bradstreet Corp. (The) Tranche B (1 month Term SOFR + 2.850%) 8.167%, 2/6/26(4) | 598 | 597 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.540%, 11/23/28(4) | 628 | 626 | |
Pike Corp. | |||
2028 (1 month Term SOFR + 3.114%) 8.431%, 1/21/28(4) | 657 | 655 |
Par Value | Value | ||
Service—continued | |||
2028, Tranche B (1 month Term SOFR + 3.500%) 8.816%, 1/21/28(4) | $ 109 | $ 109 | |
1,987 | |||
Utilities—0.4% | |||
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%) 8.181%, 8/1/25(4) | 458 | 457 | |
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.566%, 8/7/29(4) | 155 | 155 | |
Vistra Operations Co. LLC 2018 (1 month Term SOFR + 1.864%) 7.181%, 12/31/25(4) | 909 | 909 | |
1,521 | |||
Total Leveraged Loans (Identified Cost $24,415) | 24,502 |
Shares | ||
Preferred Stocks—0.6% | ||
Financials—0.6% | ||
Citigroup, Inc. Series T, 6.250% | 1,235 (9) | 1,188 |
JPMorgan Chase & Co. Series HH, 4.600% | 1,106 (9) | 1,035 |
2,223 | ||
Total Preferred Stocks (Identified Cost $2,363) | 2,223 | |
Total Long-Term Investments—98.2% (Identified Cost $407,802) | 386,196 | |
Securities Lending Collateral—0.9% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(10)(11) | 3,448,896 | 3,449 |
Total Securities Lending Collateral (Identified Cost $3,449) | 3,449 | |
TOTAL INVESTMENTS—99.1% (Identified Cost $411,251) | $389,645 | |
Other assets and liabilities, net—0.9% | 3,625 | |
NET ASSETS—100.0% | $393,270 |
Abbreviations: | |
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
DAC | Designated Activity Company |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
MSCI | Morgan Stanley Capital International |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | All or a portion of security is on loan. |
(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 September 30, 2023, these securities amounted to a value of $247,465 or 62.9% of net assets. |
(3) | Amount is less than $500 (not in thousands). |
(4) | Variable rate security. Rate disclosed is as of September 30, 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) | No contractual maturity date. |
(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. |
(8) | This loan will settle after September 30, 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) | Value shown as par value. |
(10) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(11) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 94% |
Canada | 1 |
United Kingdom | 1 |
Cayman Islands | 1 |
France | 1 |
Australia | 1 |
Denmark | 1 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $135,873 | $ — | $135,873 | $— | |||
Corporate Bonds and Notes | 85,656 | — | 85,656 | — | |||
Foreign Government Securities | 1,258 | — | 1,258 | — | |||
Leveraged Loans | 24,502 | — | 24,502 | — (1) | |||
Mortgage-Backed Securities | 110,461 | — | 110,461 | — | |||
U.S. Government Securities | 26,223 | — | 26,223 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 2,223 | — | 2,223 | — | |||
Securities Lending Collateral | 3,449 | 3,449 | — | — | |||
Total Investments | $389,645 | $3,449 | $386,196 | $— |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2023
Par Value | Value | ||
U.S. Government Securities—9.0% | |||
U.S. Treasury Bonds | |||
3.875%, 5/15/43 | $ 1,410 | $ 1,226 | |
1.875%, 11/15/51 | 4,265 | 2,377 | |
4.000%, 11/15/52 | 13,215 | 11,713 | |
U.S. Treasury Notes | |||
2.500%, 4/30/24 | 670 | 659 | |
0.250%, 5/31/25 | 1,375 | 1,268 | |
1.875%, 2/15/32 | 10,440 | 8,480 | |
4.125%, 11/15/32 | 9,475 | 9,138 | |
3.375%, 5/15/33 | 1,020 | 925 | |
Total U.S. Government Securities (Identified Cost $40,573) | 35,786 | ||
Municipal Bonds—0.3% | |||
Florida—0.1% | |||
Broward County, Water & Sewer Utility Revenue Series A 4.000%, 10/1/47 | 470 | 417 | |
Illinois—0.0% | |||
Sales Tax Securitization Corp. Series B, Second Lien, Taxable (BAM Insured) 3.411%, 1/1/43 | 100 | 72 | |
New York—0.2% | |||
Metropolitan Transportation Authority Revenue Taxable Series A 5.000%, 11/15/45 | 665 | 685 | |
Virginia—0.0% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 285 | 236 | |
Total Municipal Bonds (Identified Cost $1,660) | 1,410 | ||
Foreign Government Securities—5.7% | |||
Arab Republic of Egypt | |||
144A 7.600%, 3/1/29(1) | 445 | 285 | |
144A 5.875%, 2/16/31(1) | 850 | 467 | |
Bolivarian Republic of Venezuela | |||
9.375%, 1/13/34(2) | 920 | 87 | |
RegS 7.650%, 4/21/25(2)(3) | 1,500 | 143 | |
Dominican Republic 144A 4.875%, 9/23/32(1) | 1,995 | 1,619 | |
Emirate of Dubai Government International Bonds RegS 5.250%, 1/30/43(3) | 1,175 | 1,045 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
Federative Republic of Brazil 6.000%, 10/20/33 | $ 1,405 | $ 1,325 | |
Hungary Government International Bond 144A 6.250%, 9/22/32(1) | 610 | 595 | |
Kingdom of Jordan 144A 5.850%, 7/7/30(1) | 780 | 690 | |
Kingdom of Morocco | |||
144A 3.000%, 12/15/32(1) | 460 | 350 | |
144A 5.500%, 12/11/42(1) | 410 | 331 | |
Republic of Angola 144A 8.250%, 5/9/28(1) | 865 | 747 | |
Republic of Argentina 3.500%, 7/9/41(4) | 3,350 | 862 | |
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(1) | 445 | 415 | |
Republic of Ecuador 144A 6.000%, 7/31/30(1)(4) | 1,040 | 529 | |
Republic of Guatemala | |||
144A 5.250%, 8/10/29(1) | 460 | 423 | |
144A 7.050%, 10/4/32(1) | 300 | 301 | |
Republic of Indonesia 2.850%, 2/14/30 | 790 | 671 | |
Republic of Nigeria 144A 7.375%, 9/28/33(1) | 610 | 450 | |
Republic of Panama 3.298%, 1/19/33 | 495 | 386 | |
Republic of Philippines 3.700%, 3/1/41 | 965 | 725 | |
Republic of Poland 4.875%, 10/4/33 | 710 | 658 | |
Republic of Serbia 144A 6.500%, 9/26/33(1) | 770 | 732 | |
Republic of South Africa 5.875%, 4/20/32 | 830 | 705 | |
Republic of Turkey | |||
9.375%, 3/14/29 | 270 | 277 | |
7.625%, 4/26/29 | 1,025 | 980 | |
9.125%, 7/13/30 | 1,305 | 1,309 | |
Romania Government International Bond 144A 7.125%, 1/17/33(1) | 605 | 618 | |
Saudi International Bond | |||
144A 5.500%, 10/25/32(1) | 670 | 669 | |
144A 4.500%, 10/26/46(1) | 770 | 606 | |
State of Qatar 144A 3.750%, 4/16/30(1) | 620 | 577 | |
Ukraine Government | |||
144A 7.750%, 9/1/26(1)(2) | 825 | 243 | |
RegS 7.750%, 9/1/26(2)(3) | 680 | 201 | |
RegS 7.750%, 9/1/28(2)(3) | 475 | 135 | |
United Mexican States | |||
3.500%, 2/12/34 | 450 | 351 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
6.350%, 2/9/35 | $ 915 | $ 893 | |
6.338%, 5/4/53 | 1,230 | 1,116 | |
Total Foreign Government Securities (Identified Cost $26,590) | 22,516 | ||
Mortgage-Backed Securities—18.6% | |||
Agency—3.9% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #SD3238 5.500%, 12/1/52 | 309 | 299 | |
Pool #SD8309 6.000%, 3/1/53 | 3,998 | 3,946 | |
Pool #SD8317 6.000%, 4/1/53 | 1,273 | 1,257 | |
Federal National Mortgage Association | |||
Pool #FS4438 5.000%, 11/1/52 | 1,026 | 969 | |
Pool #MA4785 5.000%, 10/1/52 | 1,912 | 1,805 | |
Pool #MA4805 4.500%, 11/1/52 | 1,519 | 1,395 | |
Pool #MA4980 6.000%, 4/1/53 | 4,582 | 4,523 | |
Pool #MA5072 5.500%, 7/1/53 | 1,434 | 1,387 | |
15,581 | |||
Non-Agency—14.7% | |||
A&D Mortgage Trust 2023-NQM3, A1 144A 6.733%, 7/25/68(1)(4) | 1,676 | 1,674 | |
Ajax Mortgage Loan Trust 2022-B, A1 144A 3.500%, 3/27/62(1)(4) | 1,638 | 1,503 | |
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(1) | 1,320 | 1,293 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 1,011 | 980 | |
AMSR Trust | |||
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 660 | 619 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 2,000 | 1,833 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 510 | 446 | |
2021-SFR3, D 144A 2.177%, 10/17/38(1) | 540 | 466 | |
Angel Oak Mortgage Trust | |||
2022-5, A1 144A 4.500%, 5/25/67(1)(4) | 2,381 | 2,233 | |
2023-1, A1 144A 4.750%, 9/26/67(1)(4) | 2,900 | 2,762 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(4) | 109 | 101 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-2, A1 144A 3.347%, 4/25/49(1)(4) | $ 243 | $ 223 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(4) | 306 | 239 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A 6.252%, 3/15/37(1)(4) | 590 | 546 | |
Benchmark Mortgage Trust 2023-B38, A2 5.626%, 4/15/56 | 700 | 679 | |
BPR Trust 2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 7.230%, 4/15/37(1)(4) | 675 | 663 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(4) | 258 | 238 | |
BX Commercial Mortgage Trust 2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.697%, 10/15/36(1)(4) | 1,054 | 1,046 | |
BX Trust | |||
2019-OC11, D 144A 4.075%, 12/9/41(1)(4) | 1,412 | 1,161 | |
2022-CLS, A 144A 5.760%, 10/13/27(1) | 603 | 582 | |
CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A 7.952%, 9/15/28(1)(4) | 770 | 770 | |
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4) | 193 | 169 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(4) | 405 | 352 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(4) | 978 | 880 | |
Citigroup Mortgage Loan Trust, Inc. 2018-RP1, A1 144A 3.000%, 9/25/64(1)(4) | 795 | 756 | |
COLT Mortgage Loan Trust | |||
2022-4, A1 144A 4.301%, 3/25/67(1)(4) | 1,196 | 1,121 | |
2022-5, A1 144A 4.550%, 4/25/67(1)(4) | 685 | 645 | |
COMM Mortgage Trust 2013-300P, A1 144A 4.353%, 8/10/30(1) | 985 | 899 | |
CoreVest American Finance Trust 2019-3, C 144A 3.265%, 10/15/52(1) | 250 | 208 |
Par Value | Value | ||
Non-Agency—continued | |||
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month Term SOFR + 1.027%, Cap N/A, Floor 0.980%) 144A 6.360%, 5/15/36(1)(4) | $ 1,272 | $ 1,270 | |
Credit Suisse Mortgage Capital Trust 2020-RPL4, A1 144A 2.000%, 1/25/60(1)(4) | 801 | 679 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(4) | 331 | 286 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(4) | 34 | 31 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(4) | 283 | 230 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 770 | 706 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 1,245 | 1,131 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 1,010 | 880 | |
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(1)(4) | 37 | 32 | |
Homes Trust 2023-NQM2, A1 144A 6.456%, 2/25/68(1)(4) | 430 | 429 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.821%, 8/15/39(1)(4) | 836 | 837 | |
JPMBB Commercial Mortgage Securities Trust 2014-C18, AS 4.439%, 2/15/47(4) | 885 | 866 | |
JPMorgan Chase Commercial Mortgage Securities Trust 2013-C13, E 144A 3.986%, 1/15/46(1)(4) | 1,331 | 1,127 | |
JPMorgan Chase Mortgage Trust 2014-5, B2 144A 2.758%, 10/25/29(1)(4) | 237 | 206 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month Term SOFR + 0.996%, Cap N/A, Floor 0.800%) 144A 6.328%, 5/15/36(1)(4) | 975 | 971 | |
LHOME Mortgage Trust 2021-RTL1, A1 144A 2.090%, 2/25/26(1)(4) | 104 | 104 |
Par Value | Value | ||
Non-Agency—continued | |||
MetLife Securitization Trust 2017-1A, M1 144A 3.451%, 4/25/55(1)(4) | $ 425 | $ 350 | |
MFA Trust | |||
2022-NQM2, A1 144A 4.000%, 5/25/67(1)(4) | 1,303 | 1,184 | |
2021-INV1, A1 144A 0.852%, 1/25/56(1)(4) | 132 | 118 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(4) | 375 | 351 | |
2017-3, B1 144A 3.250%, 1/25/61(1)(4) | 677 | 536 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(4) | 779 | 647 | |
MIRA Trust 2023-MILE, A 144A 6.755%, 6/10/38(1) | 640 | 627 | |
New Residential Mortgage Loan Trust | |||
2016-3A, B1 144A 4.000%, 9/25/56(1)(4) | 473 | 431 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(4) | 383 | 354 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(4) | 1,467 | 1,349 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(4) | 31 | 29 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(4) | 586 | 516 | |
2022-NQM2, A1 144A 3.079%, 3/27/62(1)(4) | 1,020 | 890 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(1)(4) | 385 | 373 | |
Preston Ridge Partners Mortgage LLC 2021-RPL1, A1 144A 1.319%, 7/25/51(1)(4) | 161 | 141 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(4) | 303 | 293 | |
Progress Residential Trust 2019-SFR3, B 144A 2.571%, 9/17/36(1) | 1,000 | 963 | |
RCKT Mortgage Trust 2023-CES1, A1A 144A 6.515%, 6/25/43(1)(4) | 1,159 | 1,148 | |
Residential Mortgage Loan Trust 2019-2, A1 144A 2.913%, 5/25/59(1)(4) | 27 | 27 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(4) | 151 | 141 | |
Starwood Mortgage Residential Trust 2021-3, A3 144A 1.518%, 6/25/56(1)(4) | 175 | 136 |
Par Value | Value | ||
Non-Agency—continued | |||
Towd Point Mortgage Trust | |||
2016-1, M1 144A 3.500%, 2/25/55(1)(4) | $ 199 | $ 195 | |
2016-4, B1 144A 3.969%, 7/25/56(1)(4) | 485 | 438 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(4) | 550 | 511 | |
2017-4, A2 144A 3.000%, 6/25/57(1)(4) | 850 | 743 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(4) | 71 | 69 | |
2018-6, A2 144A 3.750%, 3/25/58(1)(4) | 1,925 | 1,612 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(4) | 1,198 | 1,009 | |
2020-1, M1 144A 3.500%, 1/25/60(1)(4) | 305 | 239 | |
2023-1, A1 144A 3.750%, 1/25/63(1) | 643 | 588 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(4) | 665 | 591 | |
Tricon American Homes Trust | |||
2019-SFR1, C 144A 3.149%, 3/17/38(1) | 610 | 565 | |
2020-SFR2, D 144A 2.281%, 11/17/39(1) | 840 | 710 | |
TVC Mortgage Trust 2020-RTL1, M 144A 5.193%, 9/25/24(1)(4) | 1,405 | 1,401 | |
VCAT LLC | |||
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4) | 382 | 355 | |
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(4) | 520 | 485 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(4) | 310 | 269 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(4) | 121 | 101 | |
2022-5, A1 144A 3.800%, 4/25/67(1)(4) | 828 | 746 | |
2022-6, A1 144A 4.910%, 6/25/67(1)(4) | 938 | 906 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(4) | 464 | 452 | |
Visio Trust 2020-1R, A2 144A 1.567%, 11/25/55(1) | 112 | 98 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 716 | 646 | |
58,205 | |||
Total Mortgage-Backed Securities (Identified Cost $77,847) | 73,786 | ||
Par Value | Value | ||
Asset-Backed Securities—14.0% | |||
Automobiles—6.0% | |||
ACC Trust 2021-1, C 144A 2.080%, 12/20/24(1) | $ 415 | $ 408 | |
ACM Auto Trust 2023-2A, A 144A 7.970%, 6/20/30(1) | 789 | 790 | |
Avid Automobile Receivables Trust 2023-1, A 144A 6.630%, 7/15/26(1) | 451 | 450 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1) | 1,129 | 1,075 | |
(AESOP) 2023-3A, A 144A 5.440%, 2/22/28(1) | 841 | 826 | |
Carvana Auto Receivables Trust | |||
2019-3A, E 144A 4.600%, 7/15/26(1) | 690 | 682 | |
2022-N1, D 144A 4.130%, 12/11/28(1) | 685 | 655 | |
2023-N1, C 144A 5.920%, 7/10/29(1) | 805 | 785 | |
DT Auto Owner Trust | |||
2023-1A, D 144A 6.440%, 11/15/28(1) | 777 | 766 | |
2023-3A, C 144A 6.400%, 5/15/29(1) | 485 | 483 | |
Exeter Automobile Receivables Trust | |||
2023-2A, B 5.610%, 9/15/27 | 745 | 737 | |
2023-3A, D 6.680%, 4/16/29 | 920 | 917 | |
FHF Trust 2023-1A, A2 144A 6.570%, 6/15/28(1) | 743 | 735 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(1) | 991 | 972 | |
2020-3A, E 144A 4.310%, 7/15/27(1) | 940 | 913 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 800 | 786 | |
2023-1A, B 144A 6.190%, 6/15/27(1) | 983 | 979 | |
Hertz Vehicle Financing LLC 2022-4A, D 144A 6.560%, 9/25/26(1) | 530 | 506 | |
LAD Auto Receivables Trust | |||
2022-1A, A 144A 5.210%, 6/15/27(1) | 1,067 | 1,059 | |
2023-1A, D 144A 7.300%, 6/17/30(1) | 780 | 782 | |
2023-2A, D 144A 6.300%, 2/15/31(1) | 750 | 733 | |
Lendbuzz Securitization Trust 2023-2A, A2 144A 7.090%, 10/16/28(1) | 747 | 745 |
Par Value | Value | ||
Automobiles—continued | |||
Lobel Automobile Receivables Trust 2023-1, B 144A 7.050%, 9/15/28(1) | $ 895 | $ 881 | |
OneMain Direct Auto Receivables Trust 2022-1A, C 144A 5.310%, 6/14/29(1) | 520 | 499 | |
Tesla Auto Lease Trust 2023-A, B 144A 6.410%, 7/20/27(1) | 855 | 851 | |
Tricolor Auto Securitization Trust | |||
2023-1A, B 144A 6.840%, 11/16/26(1) | 1,088 | 1,083 | |
2023-1A, C 144A 7.240%, 2/16/27(1) | 780 | 778 | |
United Auto Credit Securitization Trust | |||
2023-1, C 144A 6.280%, 7/10/28(1) | 784 | 775 | |
2023-1, D 144A 8.000%, 7/10/28(1) | 1,102 | 1,109 | |
USASF Receivables LLC 2020-1A, C 144A 5.940%, 8/15/24(1) | 232 | 232 | |
Westlake Automobile Receivables Trust 2022-1A, B 144A 2.750%, 3/15/27(1) | 760 | 743 | |
23,735 | |||
Consumer Loans—1.6% | |||
ACHV ABS Trust | |||
2023-1PL, B 144A 6.800%, 3/18/30(1) | 1,140 | 1,140 | |
2023-3PL, B 144A 7.170%, 8/19/30(1) | 865 | 869 | |
BHG Securitization Trust 2021-B, D 144A 3.170%, 10/17/34(1) | 875 | 709 | |
Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(1) | 746 | 743 | |
OneMain Financial Issuance Trust 2022-3A, A 144A 5.940%, 5/15/34(1) | 743 | 738 | |
Reach ABS Trust 2023-1A, B 144A 7.330%, 2/18/31(1) | 767 | 765 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 835 | 812 | |
Upstart Pass-Through Trust Series 2021-ST2, A 144A 2.500%, 4/20/27(1) | 229 | 222 | |
Upstart Securitization Trust 2022-2, A 144A 4.370%, 5/20/32(1) | 185 | 183 | |
6,181 | |||
Par Value | Value | ||
Credit Card—0.6% | |||
Mercury Financial Credit Card Master Trust | |||
2022-1A, A 144A 2.500%, 9/21/26(1) | $ 735 | $ 703 | |
2023-1A, A 144A 8.040%, 9/20/27(1) | 777 | 780 | |
Mission Lane Credit Card Master Trust | |||
2023-A, A 144A 7.230%, 7/17/28(1) | 746 | 740 | |
2023-B, A 144A 7.790%, 11/15/28(1) | 280 | 280 | |
2,503 | |||
Other—5.8% | |||
Adams Outdoor Advertising LP 2023-1, A2 144A 6.967%, 7/15/53(1) | 855 | 841 | |
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(1) | 1,146 | 1,130 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 51 | 51 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 746 | 675 | |
2020-AA, D 144A 7.150%, 7/17/46(1) | 815 | 697 | |
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 912 | 807 | |
CCG Receivables Trust 2023-1, A2 144A 5.820%, 9/16/30(1) | 825 | 824 | |
Conn’s Receivables Funding LLC | |||
2022-A, B 144A 9.520%, 12/15/26(1) | 478 | 480 | |
2023-A, B 144A 10.000%, 1/17/28(1) | 1,500 | 1,503 | |
Dext ABS LLC | |||
2020-1, D 144A 7.210%, 2/15/28(1) | 840 | 810 | |
2023-1, A2 144A 5.990%, 3/15/32(1) | 845 | 832 | |
Elara HGV Timeshare Issuer LLC 2023-A, A 144A 6.160%, 2/25/38(1) | 946 | 947 | |
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1) | 830 | 757 | |
Foundation Finance Trust 2023-2A, A 144A 6.530%, 6/15/49(1) | 991 | 991 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 1,031 | 867 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 450 | 414 |
Par Value | Value | ||
Other—continued | |||
Hotwire Funding LLC 2021-1, C 144A 4.459%, 11/20/51(1) | $ 960 | $ 799 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 1,169 | 1,046 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 613 | 563 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(1) | 896 | 870 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 665 | 577 | |
Octane Receivables Trust | |||
2020-1A, B 144A 1.980%, 6/20/25(1) | 520 | 516 | |
2023-3A, C 144A 6.740%, 8/20/29(1) | 991 | 991 | |
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 635 | 606 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 969 | 929 | |
Progress Residential Trust 2021-SFR6, D 144A 2.225%, 7/17/38(1) | 505 | 439 | |
Purchasing Power Funding LLC 2021-A, B 144A 1.920%, 10/15/25(1) | 1,000 | 989 | |
Sierra Timeshare Receivables Funding LLC 2023-2A, B 144A 6.280%, 4/20/40(1) | 726 | 720 | |
Taco Bell Funding LLC 2016-1A, A23 144A 4.970%, 5/25/46(1) | 881 | 849 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 877 | 728 | |
23,248 | |||
Total Asset-Backed Securities (Identified Cost $57,173) | 55,667 | ||
Corporate Bonds and Notes—36.7% | |||
Communication Services—2.1% | |||
Altice France Holding S.A. 144A 6.000%, 2/15/28(1) | 660 | 326 | |
Altice France S.A. 144A 5.125%, 7/15/29(1) | 730 | 519 | |
AT&T, Inc. 5.400%, 2/15/34 | 1,040 | 973 | |
CCO Holdings LLC 144A 4.750%, 3/1/30(1) | 970 | 814 |
Par Value | Value | ||
Communication Services—continued | |||
CSC Holdings LLC | |||
5.250%, 6/1/24 | $ 450 | $ 428 | |
144A 7.500%, 4/1/28(1) | 710 | 461 | |
CT Trust 144A 5.125%, 2/3/32(1) | 610 | 472 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 590 | 549 | |
7.750%, 7/1/26 | 440 | 330 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 725 | 624 | |
Level 3 Financing, Inc. 144A 3.625%, 1/15/29(1) | 530 | 297 | |
Millennium Escrow Corp. 144A 6.625%, 8/1/26(1) | 475 | 379 | |
Rackspace Technology Global, Inc. 144A 5.375%, 12/1/28(1) | 555 | 186 | |
Sprint Capital Corp. 8.750%, 3/15/32 | 470 | 544 | |
Telecomunicaciones Digitales S.A. 144A 4.500%, 1/30/30(1) | 790 | 640 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 365 | 186 | |
T-Mobile USA, Inc. 5.050%, 7/15/33 | 301 | 279 | |
VZ Secured Financing B.V. 144A 5.000%, 1/15/32(1) | 455 | 358 | |
8,365 | |||
Consumer Discretionary—2.8% | |||
Ashtead Capital, Inc. | |||
144A 4.375%, 8/15/27(1) | 870 | 809 | |
144A 5.500%, 8/11/32(1) | 285 | 263 | |
Carnival Corp. 144A 7.000%, 8/15/29(1) | 115 | 113 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 480 | 411 | |
Churchill Downs, Inc. 144A 6.750%, 5/1/31(1) | 515 | 487 | |
Clarios Global LP | |||
144A 8.500%, 5/15/27(1) | 450 | 449 | |
144A 6.750%, 5/15/28(1) | 65 | 63 | |
eG Global Finance plc 144A 8.500%, 10/30/25(1) | 495 | 487 | |
Ford Motor Co. 4.750%, 1/15/43 | 475 | 347 | |
Ford Motor Credit Co. LLC | |||
4.125%, 8/17/27 | 455 | 414 | |
7.350%, 3/6/30 | 450 | 456 | |
Jacobs Entertainment, Inc. 144A 6.750%, 2/15/29(1) | 700 | 621 | |
Light & Wonder International, Inc. 144A 7.000%, 5/15/28(1) | 575 | 565 | |
MDC Holdings, Inc. 3.966%, 8/6/61 | 1,295 | 713 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Newell Brands, Inc. 6.625%, 9/15/29(5) | $ 622 | $ 592 | |
Nissan Motor Acceptance Co. LLC 144A 7.050%, 9/15/28(1) | 695 | 695 | |
NMG Holding Co., Inc. 144A 7.125%, 4/1/26(1) | 725 | 680 | |
Nordstrom, Inc. 4.250%, 8/1/31 | 720 | 522 | |
Ontario Gaming GTA LP 144A 8.000%, 8/1/30(1) | 630 | 630 | |
Premier Entertainment Sub LLC 144A 5.625%, 9/1/29(1)(5) | 715 | 551 | |
PulteGroup, Inc. | |||
7.875%, 6/15/32(5) | 525 | 580 | |
6.375%, 5/15/33 | 230 | 231 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 24 | 25 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 505 | 438 | |
11,142 | |||
Consumer Staples—1.2% | |||
Albertsons Cos., Inc. | |||
144A 3.250%, 3/15/26(1) | 285 | 264 | |
144A 6.500%, 2/15/28(1) | 272 | 269 | |
BAT Capital Corp. 7.750%, 10/19/32 | 859 | 907 | |
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | 315 | 283 | |
Coty, Inc. 144A 6.625%, 7/15/30(1) | 720 | 703 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 465 | 330 | |
Minerva Luxembourg S.A. 144A 8.875%, 9/13/33(1) | 945 | 938 | |
Pilgrim’s Pride Corp. 6.250%, 7/1/33 | 695 | 653 | |
Sigma Holdco B.V. 144A 7.875%, 5/15/26(1) | 390 | 327 | |
4,674 | |||
Energy—7.0% | |||
Alliance Resource Operating Partners LP 144A 7.500%, 5/1/25(1) | 716 | 715 | |
Antero Midstream Partners LP 144A 5.750%, 1/15/28(1) | 685 | 646 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 580 | 574 | |
BP Capital Markets plc 4.875% (6) | 1,530 | 1,367 |
Par Value | Value | ||
Energy—continued | |||
Chesapeake Energy Corp. 144A 5.875%, 2/1/29(1) | $ 455 | $ 428 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 640 | 630 | |
Civitas Resources, Inc. 144A 8.750%, 7/1/31(1) | 385 | 393 | |
Columbia Pipelines Operating Co. LLC | |||
144A 6.036%, 11/15/33(1) | 820 | 800 | |
144A 6.714%, 8/15/63(1) | 100 | 98 | |
Coronado Finance Pty Ltd. 144A 10.750%, 5/15/26(1) | 679 | 703 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 415 | 408 | |
144A 5.000%, 5/1/29(1) | 460 | 431 | |
DT Midstream, Inc. 144A 4.125%, 6/15/29(1) | 845 | 731 | |
Ecopetrol S.A. | |||
4.625%, 11/2/31 | 770 | 588 | |
8.875%, 1/13/33 | 1,020 | 994 | |
Enbridge, Inc. | |||
7.625%, 1/15/83 | 685 | 654 | |
8.500%, 1/15/84 | 416 | 413 | |
Enerflex Ltd. 144A 9.000%, 10/15/27(1) | 695 | 686 | |
Energy Transfer LP Series H 6.500% (6) | 660 | 606 | |
Flex Intermediate Holdco LLC 144A 3.363%, 6/30/31(1) | 1,010 | 785 | |
Genesis Energy LP 8.875%, 4/15/30 | 580 | 566 | |
Greensaif Pipelines Bidco S.a.r.l. 144A 6.129%, 2/23/38(1) | 375 | 367 | |
Hilcorp Energy I LP | |||
144A 5.750%, 2/1/29(1) | 485 | 438 | |
144A 6.000%, 2/1/31(1) | 485 | 427 | |
International Petroleum Corp. | |||
144A, RegS 7.250%, 2/1/27(1)(3) | 200 | 187 | |
144A, RegS 7.250%, 2/1/27(1)(3) | 1,000 | 931 | |
KazMunayGas National Co. JSC 144A 6.375%, 10/24/48(1)(5) | 915 | 744 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 640 | 694 | |
Korea National Oil Corp. 144A 4.875%, 4/3/28(1) | 200 | 195 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 660 | 637 | |
Mesquite Energy, Inc. 144A 7.250%, 2/15/23(1)(7) | 375 | 33 | |
Nabors Industries Ltd. 144A 7.250%, 1/15/26(1) | 700 | 676 |
Par Value | Value | ||
Energy—continued | |||
Northriver Midstream Finance LP 144A 5.625%, 2/15/26(1) | $ 735 | $ 700 | |
Occidental Petroleum Corp. 6.125%, 1/1/31 | 840 | 828 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000% (1)(6)(8) | 124 | 3 | |
Pertamina Persero PT 144A 2.300%, 2/9/31(1) | 1,465 | 1,135 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(2) | 1,580 | 86 | |
Petroleos Mexicanos | |||
6.500%, 3/13/27 | 740 | 649 | |
6.700%, 2/16/32 | 1,250 | 926 | |
7.690%, 1/23/50 | 735 | 470 | |
Petronas Capital Ltd. 144A 3.500%, 4/21/30(1) | 565 | 499 | |
Reliance Industries Ltd. 144A 2.875%, 1/12/32(1)(5) | 780 | 620 | |
Southwestern Energy Co. 5.375%, 2/1/29 | 615 | 566 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3) | 685 | 690 | |
Teine Energy Ltd. 144A 6.875%, 4/15/29(1) | 415 | 381 | |
Transocean, Inc. | |||
144A 11.500%, 1/30/27(1) | 471 | 494 | |
144A 8.750%, 2/15/30(1) | 380 | 389 | |
USA Compression Partners LP 6.875%, 4/1/26 | 410 | 402 | |
Venture Global Calcasieu Pass LLC | |||
144A 3.875%, 8/15/29(1) | 55 | 46 | |
144A 4.125%, 8/15/31(1) | 485 | 398 | |
27,827 | |||
Financials—10.0% | |||
Acrisure LLC 144A 7.000%, 11/15/25(1) | 1,175 | 1,141 | |
Allianz SE 144A 6.350%, 9/6/53(1) | 800 | 772 | |
Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%) 8.564%, 8/15/53(4) | 720 | 711 | |
American Express Co. 5.625%, 7/28/34 | 905 | 854 | |
Ascot Group Ltd. 144A 4.250%, 12/15/30(1) | 735 | 542 | |
Banco Mercantil del Norte S.A. 144A 6.625% (1)(6) | 855 | 670 | |
Banco Santander Chile 144A 3.177%, 10/26/31(1) | 935 | 779 | |
Bank of America Corp. | |||
5.015%, 7/22/33 | 910 | 837 | |
5.288%, 4/25/34 | 300 | 279 |
Par Value | Value | ||
Financials—continued | |||
2.482%, 9/21/36 | $ 840 | $ 611 | |
Bank of New York Mellon Corp. (The) | |||
5.834%, 10/25/33 | 515 | 506 | |
Series G 4.700%(6) | 795 | 765 | |
Barclays plc 7.437%, 11/2/33 | 580 | 596 | |
BBVA Bancomer S.A. 144A 5.125%, 1/18/33(1) | 890 | 764 | |
Blackstone Private Credit Fund 2.625%, 12/15/26 | 430 | 370 | |
Block, Inc. 3.500%, 6/1/31(5) | 565 | 444 | |
Blue Owl Credit Income Corp. 4.700%, 2/8/27 | 422 | 384 | |
Blue Owl Finance LLC 144A 3.125%, 6/10/31(1) | 815 | 610 | |
BroadStreet Partners, Inc. 144A 5.875%, 4/15/29(1) | 665 | 587 | |
Brookfield Capital Finance LLC 6.087%, 6/14/33 | 705 | 685 | |
Capital One Financial Corp. 2.359%, 7/29/32 | 865 | 593 | |
Charles Schwab Corp. (The) | |||
6.136%, 8/24/34 | 365 | 355 | |
Series H 4.000%(6) | 720 | 508 | |
Citadel LP 144A 4.875%, 1/15/27(1) | 605 | 575 | |
Citigroup, Inc. | |||
6.270%, 11/17/33 | 985 | 982 | |
6.174%, 5/25/34 | 544 | 520 | |
Citizens Bank N.A. 2.250%, 4/28/25 | 490 | 454 | |
Cobra AcquisitionCo. LLC 144A 6.375%, 11/1/29(1) | 470 | 348 | |
Corebridge Financial, Inc. 6.875%, 12/15/52 | 1,053 | 1,009 | |
Discover Financial Services 6.700%, 11/29/32 | 428 | 414 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 970 | 863 | |
Export-Import Bank Korea 5.125%, 1/11/33 | 625 | 610 | |
Fifth Third Bancorp 4.337%, 4/25/33 | 645 | 546 | |
First American Financial Corp. 4.000%, 5/15/30 | 820 | 695 | |
Global Atlantic Fin Co. 144A 7.950%, 6/15/33(1) | 282 | 271 | |
Goldman Sachs Group, Inc. (The) | |||
3.102%, 2/24/33 | 790 | 632 |
Par Value | Value | ||
Financials—continued | |||
6.450%, 5/1/36 | $ 355 | $ 353 | |
Huntington Bancshares, Inc. 2.550%, 2/4/30 | 540 | 427 | |
JPMorgan Chase & Co. | |||
5.717%, 9/14/33 | 570 | 548 | |
5.350%, 6/1/34 | 325 | 308 | |
1.953%, 2/4/32 | 795 | 603 | |
KeyCorp 4.789%, 6/1/33 | 680 | 567 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 430 | 376 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 740 | 608 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 7.628%, 4/20/67(4) | 666 | 441 | |
MetLife, Inc. Series G 3.850% (6) | 715 | 661 | |
Midcap Financial Issuer Trust 144A 6.500%, 5/1/28(1) | 1,080 | 932 | |
Morgan Stanley | |||
6.342%, 10/18/33 | 710 | 714 | |
5.250%, 4/21/34 | 570 | 529 | |
5.424%, 7/21/34 | 345 | 325 | |
5.948%, 1/19/38 | 352 | 329 | |
MSCI, Inc. 144A 3.625%, 9/1/30(1) | 931 | 780 | |
National Rural Utilities Cooperative Finance Corp. (3 month Term SOFR + 3.172%) 8.541%, 4/30/43(4) | 450 | 442 | |
NCR Atleos Escrow Corp. 144A 9.500%, 4/1/29(1) | 510 | 493 | |
Nippon Life Insurance Co. 144A 6.250%, 9/13/53(1) | 375 | 371 | |
Northern Trust Corp. | |||
3.375%, 5/8/32 | 600 | 529 | |
6.125%, 11/2/32 | 365 | 360 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 605 | 600 | |
Prudential Financial, Inc. | |||
5.125%, 3/1/52 | 192 | 165 | |
6.000%, 9/1/52 | 117 | 107 | |
6.750%, 3/1/53 | 560 | 542 | |
State Street Corp. 4.821%, 1/26/34 | 838 | 764 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 310 | 297 | |
3.700%, 8/4/26 | 180 | 163 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | �� 945 | 785 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 600 | 597 |
Par Value | Value | ||
Financials—continued | |||
UBS Group AG 144A 6.301%, 9/22/34(1) | $ 995 | $ 972 | |
Wells Fargo & Co. | |||
5.389%, 4/24/34 | 425 | 397 | |
Series BB 3.900%(6) | 950 | 830 | |
Series U 5.875%(4)(6) | 505 | 495 | |
39,692 | |||
Health Care—3.6% | |||
AdaptHealth LLC 144A 5.125%, 3/1/30(1) | 900 | 697 | |
Akumin, Inc. 144A 7.000%, 11/1/25(1) | 665 | 499 | |
Amgen, Inc. | |||
5.250%, 3/2/33 | 359 | 343 | |
5.650%, 3/2/53 | 143 | 134 | |
Bausch Health Cos., Inc. | |||
144A 6.125%, 2/1/27(1) | 45 | 28 | |
144A 11.000%, 9/30/28(1) | 133 | 90 | |
144A 14.000%, 10/15/30(1) | 26 | 15 | |
Bio-Rad Laboratories, Inc. 3.700%, 3/15/32 | 556 | 468 | |
Catalent Pharma Solutions, Inc. 144A 3.500%, 4/1/30(1)(5) | 940 | 774 | |
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 800 | 726 | |
Community Health Systems, Inc. | |||
144A 6.875%, 4/15/29(1) | 70 | 37 | |
144A 6.125%, 4/1/30(1) | 645 | 328 | |
144A 4.750%, 2/15/31(1) | 650 | 460 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 1,190 | 996 | |
Fortrea Holdings, Inc. 144A 7.500%, 7/1/30(1) | 111 | 108 | |
GE HealthCare Technologies, Inc. 5.857%, 3/15/30 | 605 | 600 | |
HCA, Inc. 5.500%, 6/1/33 | 740 | 700 | |
Illumina, Inc. 2.550%, 3/23/31 | 1,145 | 889 | |
IQVIA, Inc. 144A 5.700%, 5/15/28(1) | 581 | 565 | |
Lannett Co., Inc. 144A 7.750%, 4/15/26(1)(7) | 165 | 9 | |
LifePoint Health, Inc. 144A 9.875%, 8/15/30(1) | 1,115 | 1,080 | |
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 670 | 579 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1)(9) | 345 | 245 | |
Star Parent, Inc. 144A 9.000%, 10/1/30(1) | 135 | 136 |
Par Value | Value | ||
Health Care—continued | |||
Surgery Center Holdings, Inc. | |||
144A 6.750%, 7/1/25(1) | $ 340 | $ 337 | |
144A 10.000%, 4/15/27(1) | 173 | 175 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 510 | 393 | |
Teva Pharmaceutical Finance Netherlands III B.V. 3.150%, 10/1/26 | 540 | 480 | |
Universal Health Services, Inc. 2.650%, 1/15/32 | 1,550 | 1,162 | |
Viatris, Inc. 2.700%, 6/22/30 | 915 | 715 | |
Zimmer Biomet Holdings, Inc. 3.550%, 3/20/30 | 830 | 709 | |
14,477 | |||
Industrials—3.2% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(1) | 878 | 842 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 705 | 622 | |
Avolon Holdings Funding Ltd. 144A 4.375%, 5/1/26(1) | 597 | 561 | |
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(1) | 250 | 242 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 685 | 603 | |
Boeing Co. (The) | |||
5.150%, 5/1/30 | 295 | 282 | |
3.750%, 2/1/50 | 450 | 306 | |
5.805%, 5/1/50 | 155 | 140 | |
5.930%, 5/1/60 | 220 | 198 | |
Chart Industries, Inc. | |||
144A 7.500%, 1/1/30(1) | 10 | 10 | |
144A 9.500%, 1/1/31(1) | 550 | 585 | |
Concentrix Corp. 6.650%, 8/2/26 | 495 | 492 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 1,015 | 818 | |
Flowserve Corp. 3.500%, 10/1/30 | 260 | 217 | |
Fortress Transportation & Infrastructure Investors LLC 144A 6.500%, 10/1/25(1) | 280 | 275 | |
Global Infrastructure Solutions, Inc. 144A 7.500%, 4/15/32(1) | 580 | 496 | |
Hertz Corp. (The) 144A 5.000%, 12/1/29(1) | 765 | 599 | |
Icahn Enterprises LP | |||
6.250%, 5/15/26 | 175 | ���163 |
Par Value | Value | ||
Industrials—continued | |||
5.250%, 5/15/27 | $ 365 | $ 321 | |
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1) | 325 | 294 | |
Regal Rexnord Corp. 144A 6.400%, 4/15/33(1) | 893 | 860 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 650 | 590 | |
Sempra Global 144A 3.250%, 1/15/32(1) | 814 | 637 | |
TransDigm, Inc. | |||
144A 6.875%, 12/15/30(1) | 460 | 451 | |
5.500%, 11/15/27 | 310 | 290 | |
United Airlines Pass-Through Trust 2023-1, A 5.800%, 7/15/37 | 589 | 573 | |
United Rentals North America, Inc. 3.750%, 1/15/32 | 540 | 436 | |
Veralto Corp. 144A 5.450%, 9/18/33(1) | 450 | 435 | |
VistaJet Malta Finance plc 144A 9.500%, 6/1/28(1) | 340 | 298 | |
12,636 | |||
Information Technology—1.6% | |||
Booz Allen Hamilton, Inc. | |||
5.950%, 8/4/33 | 485 | 473 | |
144A 3.875%, 9/1/28(1) | 365 | 327 | |
144A 4.000%, 7/1/29(1) | 600 | 529 | |
CDW LLC 3.569%, 12/1/31 | 682 | 562 | |
CommScope Technologies LLC 144A 6.000%, 6/15/25(1) | 645 | 614 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1)(5) | 110 | 101 | |
144A 6.500%, 10/15/28(1) | 635 | 541 | |
Dell International LLC 8.100%, 7/15/36 | 575 | 643 | |
GTCR W-2 Merger Sub LLC 144A 7.500%, 1/15/31(1) | 566 | 567 | |
Kyndryl Holdings, Inc. 3.150%, 10/15/31 | 610 | 462 | |
Leidos, Inc. 2.300%, 2/15/31 | 1,135 | 873 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 845 | 781 | |
6,473 | |||
Materials—2.1% | |||
ArcelorMittal S.A. 6.800%, 11/29/32 | 595 | 591 | |
ASP Unifrax Holdings, Inc. 144A 5.250%, 9/30/28(1) | 1,235 | 879 |
Par Value | Value | ||
Materials—continued | |||
Bayport Polymers LLC 144A 5.140%, 4/14/32(1) | $ 710 | $ 613 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 750 | 748 | |
Corp. Nacional del Cobre de Chile 144A 5.950%, 1/8/34(1) | 850 | 822 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 935 | 855 | |
Graham Packaging Co., Inc. 144A 7.125%, 8/15/28(1) | 988 | 828 | |
LSB Industries, Inc. 144A 6.250%, 10/15/28(1) | 930 | 843 | |
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1) | 510 | 492 | |
Mercer International, Inc. 5.125%, 2/1/29 | 125 | 98 | |
New Enterprise Stone & Lime Co., Inc. 144A 9.750%, 7/15/28(1) | 591 | 584 | |
Taseko Mines Ltd. 144A 7.000%, 2/15/26(1) | 460 | 430 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 510 | 488 | |
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | 167 | 135 | |
8,406 | |||
Real Estate—1.4% | |||
EPR Properties | |||
4.750%, 12/15/26 | 205 | 187 | |
3.600%, 11/15/31 | 475 | 352 | |
GLP Capital LP | |||
5.750%, 6/1/28 | 579 | 555 | |
4.000%, 1/15/30 | 245 | 208 | |
3.250%, 1/15/32 | 436 | 338 | |
Kite Realty Group Trust 4.750%, 9/15/30 | 840 | 748 | |
MPT Operating Partnership LP 3.500%, 3/15/31 | 510 | 319 | |
Office Properties Income Trust 4.500%, 2/1/25 | 900 | 736 | |
Phillips Edison Grocery Center Operating Partnership I LP 2.625%, 11/15/31 | 845 | 621 | |
Service Properties Trust 4.950%, 2/15/27 | 455 | 384 | |
VICI Properties LP | |||
4.950%, 2/15/30 | 375 | 343 | |
5.125%, 5/15/32 | 725 | 649 | |
144A 4.125%, 8/15/30(1) | 180 | 153 | |
5,593 | |||
Par Value | Value | ||
Utilities—1.7% | |||
CMS Energy Corp. 4.750%, 6/1/50 | $ 1,130 | $ 964 | |
Electricite de France S.A. | |||
144A 6.250%, 5/23/33(1) | 200 | 200 | |
144A 6.900%, 5/23/53(1) | 605 | 600 | |
Enel Finance International N.V. 144A 7.500%, 10/14/32(1) | 585 | 625 | |
Eskom Holdings SOC Ltd. | |||
144A 7.125%, 2/11/25(1) | 465 | 452 | |
144A 8.450%, 8/10/28(1) | 285 | 270 | |
RegS 6.350%, 8/10/28(3) | 215 | 196 | |
Ferrellgas LP | |||
144A 5.375%, 4/1/26(1) | 305 | 286 | |
144A 5.875%, 4/1/29(1) | 175 | 157 | |
KeySpan Gas East Corp. 144A 5.994%, 3/6/33(1) | 775 | 748 | |
NRG Energy, Inc. 144A 7.000%, 3/15/33(1) | 712 | 688 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 877 | 765 | |
Sunnova Energy Corp. 144A 5.875%, 9/1/26(1)(5) | 555 | 476 | |
Vistra Corp. 144A 8.000% (1)(6) | 295 | 281 | |
6,708 | |||
Total Corporate Bonds and Notes (Identified Cost $160,309) | 145,993 | ||
Leveraged Loans—12.6% | |||
Aerospace—0.6% | |||
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%) 9.331%, 2/15/29(4) | 217 | 214 | |
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.166%, 6/7/28(4) | 638 | 632 | |
Dynasty Acquisition Co., Inc. | |||
2023, Tranche B-1 (1 month Term SOFR + 4.000%) 9.316%, 8/24/28(4) | 337 | 336 | |
2023, Tranche B-2 (1 month Term SOFR + 4.000%) 9.316%, 8/24/28(4) | 145 | 144 | |
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%) 8.420%, 12/11/26(4) | 288 | 281 | |
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%) 10.798%, 6/21/27(4) | 289 | 300 |
Par Value | Value | ||
Aerospace—continued | |||
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.640%, 8/24/28(4) | $ 458 | $ 458 | |
2,365 | |||
Chemicals—0.4% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 9.166%, 11/8/27(4) | 407 | 405 | |
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%) 9.666%, 10/15/28(4) | 404 | 398 | |
Nouryon Finance B.V. (3 month LIBOR + 3.250%) 0.000%, 4/3/28(4)(10) | 579 | 571 | |
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%) 9.830%, 8/1/30(4) | 405 | 403 | |
1,777 | |||
Consumer Non-Durables—0.2% | |||
DS Parent, Inc. Tranche B (6 month Term SOFR + 5.750%) 11.337%, 12/8/28(4) | 288 | 283 | |
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%) 9.402%, 12/22/26(4) | 572 | 569 | |
852 | |||
Energy—0.7% | |||
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%) 9.088%, 12/21/28(4) | 575 | 569 | |
Hamilton Projects Acquiror LLC (1 month Term SOFR + 4.614%) 9.931%, 6/17/27(4) | 389 | 387 | |
Medallion Midland Acquisition LLC (3 month Term SOFR + 4.012%) 9.402%, 10/18/28(4) | 620 | 620 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.692%, 10/5/28(4) | 488 | 487 |
Par Value | Value | ||
Energy—continued | |||
Traverse Midstream Partners LLC 2023, Tranche B (3 month Term SOFR + 3.850%) 9.216%, 2/16/28(4) | $ 520 | $ 519 | |
2,582 | |||
Financials—0.3% | |||
Asurion LLC Tranche B-8 (1 month Term SOFR + 3.364%) 8.681%, 12/23/26(4) | 379 | 370 | |
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%) 8.172%, 6/15/25(4) | 269 | 268 | |
Castlelake Aviation One Designated Activity Co. 2023 (3 month Term SOFR + 3.012%) 8.421%, 10/22/27(4) | 362 | 361 | |
GIP Pilot Acquisition Partners LP (1 month Term SOFR + 3.250%) 0.000%, 9/18/30(4)(10) | 120 | 120 | |
GTCR W Merger Sub LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/20/30(4)(10) | 235 | 235 | |
1,354 | |||
Food / Tobacco—0.9% | |||
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%) 9.668% - 11.750%, 5/16/29(4) | 672 | 652 | |
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%) 7.666%, 1/29/27(4) | 556 | 551 | |
Naked Juice LLC (3 month Term SOFR + 3.350%) 8.740%, 1/24/29(4) | 551 | 522 | |
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.615%, 7/12/29(4) | 547 | 545 | |
Shearer’s Foods LLC First Lien (1 month Term SOFR + 3.614%) 8.931%, 9/23/27(4) | 391 | 390 | |
Sigma Bidco B.V. Tranche B-7 (3 month LIBOR + 3.250%) 0.000%, 1/2/28(4)(10) | 384 | 374 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%) 8.902%, 3/31/28(4) | $ 636 | $ 620 | |
3,654 | |||
Forest Prod / Containers—0.4% | |||
Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 4.275%) 9.591%, 4/13/29(4) | 384 | 379 | |
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%) 10.476%, 2/12/26(4) | 483 | 463 | |
Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 4.000%) 9.319% - 9.330%, 8/14/26(4) | 209 | 209 | |
TricorBraun, Inc. (1 month Term SOFR + 3.364%) 8.681%, 3/3/28(4) | 563 | 551 | |
1,602 | |||
Gaming / Leisure—1.0% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.666%, 2/6/30(4) | 144 | 144 | |
Carnival Corp. (1 month Term SOFR + 3.000%) 8.327%, 8/9/27(4) | 359 | 358 | |
ECL Entertainment LLC Tranche B (3 month Term SOFR + 4.750%) 10.140%, 9/3/30(4) | 405 | 404 | |
Entain Holdings Gibraltar Ltd. Tranche B (3 month Term SOFR + 2.600%) 7.990%, 3/29/27(4) | 319 | 318 | |
Entain plc Tranche B-2 (3 month Term SOFR + 3.600%) 8.990%, 10/31/29(4) | 50 | 50 | |
J&J Ventures Gaming LLC | |||
(3 month Term SOFR + 4.262%) 9.652%, 4/26/28(4) | 333 | 317 | |
2023 (1 month Term SOFR + 3.250%) 0.000%, 4/26/28(4)(10) | 415 | 396 | |
2023 (1 month Term SOFR + 4.364%) 9.693%, 4/26/28(4) | 230 | 220 | |
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%) 9.640%, 8/1/30(4) | 140 | 140 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Playa Hotels & Resorts B.V. (1 month Term SOFR + 4.250%) 9.581%, 1/5/29(4) | $ 301 | $ 301 | |
Raptor Acquisition Corp. Tranche B (3 month Term SOFR + 4.262%) 9.658%, 11/1/26(4) | 128 | 128 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 8.768%, 4/4/29(4) | 463 | 460 | |
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(4) | 558 | 556 | |
3,792 | |||
Health Care—1.6% | |||
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%) 8.247%, 5/1/30(4) | 455 | 453 | |
Bausch & Lomb Corp. (3 month LIBOR + 3.000%) 0.000%, 9/14/28(4)(10) | 280 | 276 | |
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 9/29/28(4) | 553 | 550 | |
Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%) 9.490%, 10/1/27(4) | 238 | 232 | |
Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%) 9.740%, 8/19/28(4) | 265 | 264 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month Term SOFR + 4.012%) 9.377%, 11/16/25(4) | 244 | 243 | |
Medline Borrower LP (1 month Term SOFR + 3.364%) 8.681%, 10/23/28(4) | 556 | 554 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month Term SOFR + 3.762%) 9.152%, 11/30/27(4) | 265 | 264 | |
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month Term SOFR + 3.364%) 8.681%, 3/5/26(4) | 312 | 309 | |
Tranche B-3 (1 month Term SOFR + 3.614%) 8.931%, 3/5/26(4) | 100 | 100 |
Par Value | Value | ||
Health Care—continued | |||
Phoenix Newco, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 11/15/28(4) | $ 516 | $ 512 | |
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%) 9.073%, 12/11/26(4) | 155 | 155 | |
Star Parent, Inc. Tranche B (1 month Term SOFR + 3.250%) 0.000%, 9/19/30(4)(10) | 860 | 840 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.850%) 9.240%, 10/1/26(4) | 576 | 575 | |
Upstream Newco, Inc. 2021 (1 month Term SOFR + 4.364%) 9.681%, 11/20/26(4) | 347 | 332 | |
Viant Medical Holdings, Inc. First Lien (1 month Term SOFR + 3.864%) 9.181%, 7/2/25(4) | 552 | 540 | |
6,199 | |||
Housing—0.4% | |||
Chariot Buyer LLC (1 month Term SOFR + 3.350%) 8.666%, 11/3/28(4) | 455 | 447 | |
Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 3/18/29(4) | 340 | 340 | |
SRS Distribution, Inc. | |||
2021 (1 month Term SOFR + 3.614%) 8.931%, 6/2/28(4) | 556 | 550 | |
2022 (1 month Term SOFR + 3.600%) 8.916%, 6/2/28(4) | 49 | 49 | |
1,386 | |||
Information Technology—1.2% | |||
Applied Systems, Inc. | |||
2026 (3 month Term SOFR + 4.500%) 9.890%, 9/18/26(4) | 264 | 264 | |
Second Lien (3 month Term SOFR + 6.750%) 12.140%, 9/17/27(4) | 366 | 367 | |
Barracuda Parent LLC First Lien (3 month Term SOFR + 4.500%) 9.869%, 8/15/29(4) | 499 | 493 | |
CDK Global, Inc. (1 month Term SOFR + 4.250%) 9.640%, 7/6/29(4) | 746 | 745 | |
ConnectWise LLC (1 month Term SOFR + 3.614%) 8.931%, 9/29/28(4) | 136 | 134 |
Par Value | Value | ||
Information Technology—continued | |||
Epicor Software Corp. | |||
First Lien (3 month LIBOR + 1.750%) 9.069%, 7/30/27(4) | $ 35 | $ 35 | |
Tranche C (1 month Term SOFR + 3.364%) 8.681%, 7/30/27(4) | 264 | 264 | |
Indicor LLC (3 month Term SOFR + 4.500%) 9.890%, 11/22/29(4) | 502 | 503 | |
Mosel Bidco SE Tranche B (1 month Term SOFR + 5.000%) 0.000%, 9/16/30(4)(7)(10) | 223 | 223 | |
Polaris Newco LLC First Lien (1 month Term SOFR + 4.114%) 9.431%, 6/2/28(4) | 579 | 553 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month Term SOFR + 3.364%) 8.681%, 3/10/28(4) | 398 | 393 | |
Proofpoint, Inc. (1 month Term SOFR + 3.364%) 8.681%, 8/31/28(4) | 136 | 135 | |
RealPage, Inc. First Lien (1 month Term SOFR + 3.114%) 8.431%, 4/24/28(4) | 253 | 249 | |
Sophia LP Tranche B (1 month Term SOFR + 3.600%) 8.916%, 10/7/27(4) | 337 | 336 | |
UKG, Inc. | |||
2021, Second Lien (3 month Term SOFR + 5.350%) 10.618%, 5/3/27(4) | 25 | 25 | |
2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(4) | 132 | 131 | |
4,850 | |||
Manufacturing—1.0% | |||
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%) 8.901%, 10/8/27(4) | 222 | 221 | |
Arcline FM Holdings LLC | |||
First Lien (3 month Term SOFR + 5.012%) 10.402%, 6/23/28(4) | 337 | 335 | |
Second Lien (3 month Term SOFR + 8.250%) 13.902%, 6/25/29(4) | 140 | 134 | |
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 9.174%, 3/15/30(4) | 239 | 239 |
Par Value | Value | ||
Manufacturing—continued | |||
CPM Holdings, Inc. (1 month Term SOFR + 3.500%) 0.000%, 9/22/28(4)(10) | $ 458 | $ 457 | |
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%) 8.931%, 10/21/28(4) | 622 | 619 | |
Madison IAQ LLC (1 month Term SOFR + 3.364%) 8.689%, 6/21/28(4) | 482 | 474 | |
NCR Atleos LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 3/27/29(4)(10) | 835 | 804 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 9.170%, 2/23/29(4) | 397 | 397 | |
Star U.S. Bidco LLC (1 month Term SOFR + 4.350%) 9.666%, 3/17/27(4) | 296 | 295 | |
3,975 | |||
Media / Telecom - Broadcasting—0.2% | |||
Terrier Media Buyer, Inc. 2021, Tranche B (3 month Term SOFR + 3.600%) 8.990%, 12/17/26(4) | 404 | 368 | |
Univision Communications, Inc. 2021 (1 month Term SOFR + 3.364%) 8.681%, 3/15/26(4) | 617 | 615 | |
983 | |||
Media / Telecom - Cable/Wireless Video—0.3% | |||
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.431%, 8/2/27(4) | 637 | 622 | |
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%) 8.652%, 11/12/27(4) | 379 | 369 | |
991 | |||
Media / Telecom - Diversified Media—0.2% | |||
AssuredPartners, Inc. (3 month LIBOR + 3.000%) 0.000%, 2/12/27(4)(10) | 60 | 60 | |
McGraw-Hill Education, Inc. (1 month Term SOFR + 4.864%) 10.181%, 7/28/28(4) | 272 | 267 |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 10.398%, 4/11/29(4) | $ 284 | $ 255 | |
Simon & Schuster, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/27/30(4)(10) | 80 | 79 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 5/18/25(4) | 263 | 262 | |
923 | |||
Media / Telecom - Telecommunications—0.1% | |||
Cincinnati Bell, Inc. Tranche B-2 (1 month Term SOFR + 3.350%) 8.666%, 11/22/28(4) | 328 | 322 | |
Metals / Minerals—0.2% | |||
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%) 9.879%, 8/19/30(4) | 185 | 185 | |
Covia Holdings Corp. (3 month Term SOFR + 4.262%) 9.530%, 7/31/26(4) | 530 | 526 | |
711 | |||
Retail—0.4% | |||
CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%) 8.800%, 11/8/27(4) | 365 | 363 | |
EG America LLC (1 month Term SOFR + 4.114%) 9.414%, 2/7/25(4) | 486 | 478 | |
Great Outdoors Group LLC Tranche B-2 (3 month Term SOFR + 4.012%) 9.402%, 3/6/28(4) | 348 | 347 | |
PetsMart LLC (1 month Term SOFR + 3.850%) 9.166%, 2/11/28(4) | 521 | 519 | |
1,707 | |||
Service—2.0% | |||
AlixPartners LLP (1 month Term SOFR + 2.864%) 8.181%, 2/4/28(4) | 617 | 616 | |
Ascend Learning LLC (1 month Term SOFR + 3.600%) 8.916%, 12/11/28(4) | 402 | 383 |
Par Value | Value | ||
Service—continued | |||
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%) 8.619%, 4/20/29(4) | $ 346 | $ 346 | |
Carlisle Foodservice Products, Inc. First Lien (3 month PRIME + 2.000%) 10.500%, 3/20/25 | 734 | 705 | |
DG Investment Intermediate Holdings 2, Inc. 2022 (1 month Term SOFR + 4.750%) 10.066%, 3/31/28(4) | 424 | 420 | |
DXP Enterprises, Inc. (3 month Term SOFR + 5.250%) 10.444%, 12/23/27(4) | 336 | 334 | |
Garda World Security Corp. Tranche B-2 (3 month Term SOFR + 4.350%) 9.746%, 10/30/26(4) | 115 | 115 | |
Grab Holdings, Inc. (1 month Term SOFR + 4.614%) 9.931%, 1/29/26(4) | 130 | 130 | |
Kuehg Corp. (3 month Term SOFR + 5.000%) 10.390%, 6/12/30(4) | 460 | 460 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.540%, 11/23/28(4) | 544 | 542 | |
Omnia Partners LLC (3 month Term SOFR + 4.250%) 9.601%, 7/19/30(4) | 539 | 539 | |
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%) 9.166%, 2/1/28(4) | 662 | 660 | |
PODS LLC (1 month Term SOFR + 3.114%) 8.431%, 3/31/28(4) | 184 | 178 | |
Sedgwick Claims Management Services, Inc. 2023 (1 month Term SOFR + 3.750%) 9.066%, 2/24/28(4) | 407 | 406 | |
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%) 8.666%, 2/10/29(4) | 262 | 259 | |
Sweetwater Borrower LLC (1 month Term SOFR + 4.364%) 9.681%, 8/7/28(4) | 381 | 369 | |
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 8.731%, 3/28/25(4) | 768 | 761 |
Par Value | Value | ||
Service—continued | |||
TMF Sapphire Bidco B.V. Tranche B-2 (2 month Term SOFR + 5.000%) 10.370%, 5/3/28(4) | $ 215 | $ 214 | |
Weld North Education LLC 2021 (1 month Term SOFR + 3.864%) 9.181%, 12/21/27(4) | 335 | 328 | |
7,765 | |||
Transportation - Automotive—0.3% | |||
American Axle & Manufacturing, Inc. Tranche B, First Lien (1-6 month Term SOFR + 3.600%) 8.436% - 8.929%, 12/13/29(4) | 389 | 387 | |
Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 9.066%, 5/6/30(4) | 525 | 524 | |
PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%) 9.381%, 10/28/27(4) | 439 | 415 | |
1,326 | |||
Utilities—0.2% | |||
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%) 8.181%, 8/1/25(4) | 732 | 730 | |
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.566%, 8/7/29(4) | 180 | 180 | |
910 | |||
Total Leveraged Loans (Identified Cost $49,864) | 50,026 |
Shares | ||
Preferred Stocks—0.7% | ||
Financials—0.7% | ||
Capital Farm Credit ACA Series 1 144A, 5.000%(1) | 525 (11) | 467 |
JPMorgan Chase & Co. Series HH, 4.600% | 300 (11) | 281 |
MetLife, Inc. Series D, 5.875% | 478 (11) | 449 |
Truist Financial Corp. Series Q, 5.100% | 725 (11) | 620 |
Shares | Value | ||
Financials—continued | |||
Zions Bancorp NA, 9.561% | 38,525 | $ 963 | |
2,780 | |||
Total Preferred Stocks (Identified Cost $2,954) | 2,780 | ||
Common Stocks—0.0% | |||
Consumer Discretionary—0.0% | |||
MYT Holding LLC Class B(7)(12) | 42,729 | 13 | |
NMG Parent LLC(7)(12) | 836 | 96 | |
West Marine(7)(12) | 650 | 2 | |
111 | |||
Total Common Stocks (Identified Cost $308) | 111 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp., 12/29/49(7)(12) | 6,252 | 7 | |
Total Rights (Identified Cost $5) | 7 | ||
Total Long-Term Investments—97.6% (Identified Cost $417,283) | 388,082 | ||
Short-Term Investment—1.0% | |||
Money Market Mutual Fund—1.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(13) | 4,069,518 | 4,070 | |
Total Short-Term Investment (Identified Cost $4,070) | 4,070 | ||
Securities Lending Collateral—1.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(13)(14) | 4,427,184 | 4,427 | |
Total Securities Lending Collateral (Identified Cost $4,427) | 4,427 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $425,780) | $396,579 | ||
Other assets and liabilities, net—0.3% | 1,007 | ||
NET ASSETS—100.0% | $397,586 |
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 |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
MSCI | Morgan Stanley Capital International |
NA | National Association |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities amounted to a value of $198,655 or 50.0% of net assets. |
(2) | Security in default; no interest payments are being received. |
(3) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(4) | Variable rate security. Rate disclosed is as of September 30, 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) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
(9) | Security in default; interest payments are being received. |
(10) | This loan will settle after September 30, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(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 (Unaudited)† | |
United States | 84% |
Canada | 2 |
Mexico | 2 |
Netherlands | 1 |
United Kingdom | 1 |
Luxembourg | 1 |
Turkey | 1 |
Other | 8 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Omnia Partners LLC, (3 month LIBOR + 4.250%) 0.000%, 7/19/30 | $51 | $50 | $51 | $1 |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $ 55,667 | $ — | $ 55,667 | $ — | |||
Corporate Bonds and Notes | 145,993 | — | 145,951 | 42 | |||
Foreign Government Securities | 22,516 | — | 22,516 | — | |||
Leveraged Loans | 50,026 | — | 49,803 | 223 | |||
Mortgage-Backed Securities | 73,786 | — | 73,786 | — | |||
Municipal Bonds | 1,410 | — | 1,410 | — | |||
U.S. Government Securities | 35,786 | — | 35,786 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 2,780 | 963 | 1,817 | — | |||
Rights | 7 | — | — | 7 | |||
Common Stocks | 111 | — | — | 111 | |||
Money Market Mutual Fund | 4,070 | 4,070 | — | — | |||
Securities Lending Collateral | 4,427 | 4,427 | — | — | |||
Total Investments | $396,579 | $9,460 | $386,736 | $383 |
September 30, 2023
Par Value | Value | ||
U.S. Government Securities—7.9% | |||
U.S. Treasury Notes | |||
0.375%, 10/31/23 | $ 48,400 | $ 48,210 | |
2.500%, 4/30/24 | 196,160 | 192,827 | |
0.250%, 5/31/25 | 17,850 | 16,460 | |
1.625%, 2/15/26 | 68,160 | 63,138 | |
4.375%, 8/15/26 | 33,880 | 33,459 | |
Total U.S. Government Securities (Identified Cost $356,039) | 354,094 | ||
Municipal Bond—0.1% | |||
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 4,120 | 3,410 | |
Total Municipal Bond (Identified Cost $3,871) | 3,410 | ||
Foreign Government Securities—2.2% | |||
Arab Republic of Egypt | |||
144A 5.800%, 9/30/27(1) | 2,910 | 1,910 | |
144A 7.600%, 3/1/29(1) | 4,075 | 2,613 | |
Bolivarian Republic of Venezuela | |||
RegS 7.000%, 12/1/18(2)(3) | 20,999 | 1,470 | |
RegS 7.750%, 10/13/19(2)(3) | 9,851 | 690 | |
Dominican Republic | |||
144A 5.500%, 2/22/29(1) | 8,710 | 7,965 | |
144A 7.050%, 2/3/31(1) | 2,200 | 2,122 | |
Hungary Government International Bond 144A 6.125%, 5/22/28(1) | 9,800 | 9,760 | |
Kingdom of Jordan 144A 7.500%, 1/13/29(1) | 5,500 | 5,371 | |
Kingdom of Morocco 144A 5.950%, 3/8/28(1) | 3,000 | 2,951 | |
Republic of Cote d’Ivoire 144A 6.375%, 3/3/28(1) | 13,575 | 12,671 | |
Republic of Panama 3.875%, 3/17/28 | 13,590 | 12,478 | |
Republic of Serbia 144A 6.250%, 5/26/28(1) | 6,800 | 6,659 | |
Republic of Turkey | |||
9.375%, 3/14/29 | 3,230 | 3,308 | |
9.125%, 7/13/30 | 7,490 | 7,511 | |
Saudi International Bond 144A 4.750%, 1/18/28(1) | 6,500 | 6,338 | |
United Mexican States | |||
3.750%, 1/11/28 | 8,700 | 8,045 |
Par Value | Value | ||
Foreign Government Securities—continued | |||
5.400%, 2/9/28 | $ 5,300 | $ 5,219 | |
Total Foreign Government Securities (Identified Cost $126,097) | 97,081 | ||
Mortgage-Backed Securities—26.2% | |||
Agency—2.7% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #SB8269 6.000%, 10/1/38 | 34,137 | 34,221 | |
Pool #SD3238 5.500%, 12/1/52 | 2,951 | 2,853 | |
Federal National Mortgage Association | |||
Pool #254549 6.000%, 12/1/32 | 8 | 8 | |
Pool #725762 6.000%, 8/1/34 | 47 | 47 | |
Pool #773385 5.500%, 5/1/34 | 55 | 55 | |
Pool #800267 5.500%, 12/1/34 | 13 | 13 | |
Pool #806318 5.500%, 11/1/34 | 108 | 104 | |
Pool #806328 5.500%, 11/1/34 | 92 | 89 | |
Pool #808018 5.500%, 1/1/35 | 67 | 67 | |
Pool #889578 6.000%, 4/1/38 | 33 | 34 | |
Pool #890710 3.000%, 2/1/31 | 2,401 | 2,237 | |
Pool #941322 6.000%, 7/1/37 | 5 | 5 | |
Pool #AC6992 5.000%, 12/1/39 | 934 | 914 | |
Pool #AD3841 4.500%, 4/1/40 | 989 | 933 | |
Pool #AD4224 5.000%, 8/1/40 | 1,106 | 1,082 | |
Pool #AD6058 4.000%, 8/1/25 | 366 | 350 | |
Pool #AE4799 4.000%, 10/1/40 | 11 | 10 | |
Pool #AH4009 4.000%, 3/1/41 | 1,348 | 1,235 | |
Pool #AI2472 4.500%, 5/1/41 | 816 | 771 | |
Pool #AO5149 3.000%, 6/1/27 | 103 | 99 | |
Pool #AS6515 4.000%, 1/1/46 | 1,792 | 1,633 | |
Pool #FS4438 5.000%, 11/1/52 | 12,677 | 11,971 | |
Pool #MA4785 5.000%, 10/1/52 | 11,563 | 10,918 | |
Pool #MA4805 4.500%, 11/1/52 | 23,208 | 21,317 | |
Pool #MA5072 5.500%, 7/1/53 | 30,250 | 29,245 |
Par Value | Value | ||
Agency—continued | |||
Government National Mortgage Association Pool #563381 6.500%, 11/15/31 | $ 5 | $ 5 | |
120,216 | |||
Non-Agency—23.5% | |||
A&D Mortgage Trust 2023-NQM3, A1 144A 6.733%, 7/25/68(1)(4) | 10,616 | 10,603 | |
Ajax Mortgage Loan Trust | |||
2019-D, A1 144A 2.956%, 9/25/65(1)(4) | 3,111 | 2,843 | |
2021-A, A1 144A 1.065%, 9/25/65(1)(4) | 7,837 | 6,636 | |
2022-B, A1 144A 3.500%, 3/27/62(1)(4) | 16,865 | 15,473 | |
American Homes 4 Rent Trust | |||
2014-SFR3, A 144A 3.678%, 12/17/36(1) | 18,909 | 18,399 | |
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 10,253 | 9,864 | |
AMSR Trust | |||
2020-SFR1, A 144A 1.819%, 4/17/37(1) | 8,627 | 8,072 | |
2020-SFR1, B 144A 2.120%, 4/17/37(1) | 6,739 | 6,319 | |
2020-SFR2, D 144A 3.282%, 7/17/37(1) | 1,680 | 1,576 | |
2020-SFR3, B 144A 1.806%, 9/17/37(1) | 4,362 | 3,998 | |
2021-SFR2, C 144A 1.877%, 8/17/38(1) | 4,535 | 3,966 | |
2021-SFR3, D 144A 2.177%, 10/17/38(1) | 6,675 | 5,758 | |
2021-SFR4, B 144A 2.417%, 12/17/38(1) | 4,106 | 3,622 | |
2022-SFR1, C 144A 3.740%, 3/17/39(1) | 1,985 | 1,790 | |
2022-SFR3, C 144A 4.000%, 10/17/39(1) | 2,000 | 1,793 | |
Angel Oak Mortgage Trust | |||
2020-4, A1 144A 1.469%, 6/25/65(1)(4) | 3,282 | 3,032 | |
2021-3, A2 144A 1.305%, 5/25/66(1)(4) | 1,802 | 1,482 | |
2021-5, A1 144A 0.951%, 7/25/66(1)(4) | 6,864 | 5,567 | |
2021-8, A1 144A 1.820%, 11/25/66(1)(4) | 10,250 | 8,423 | |
2022-5, A1 144A 4.500%, 5/25/67(1)(4) | 5,156 | 4,835 | |
Arroyo Mortgage Trust | |||
2019-1, A1 144A 3.805%, 1/25/49(1)(4) | 3,265 | 3,005 | |
2019-2, A1 144A 3.347%, 4/25/49(1)(4) | 2,991 | 2,739 | |
2021-1R, A1 144A 1.175%, 10/25/48(1)(4) | 4,885 | 3,816 |
Par Value | Value | ||
Non-Agency—continued | |||
2022-1, A1B 144A 3.269%, 12/25/56(1)(4) | $ 4,252 | $ 3,541 | |
Banc of America Funding Trust 2004-D, 5A1 3.941%, 1/25/35(4) | 824 | 797 | |
BBCMS Mortgage Trust 2018-TALL, A (1 month Term SOFR + 0.919%, Cap N/A, Floor 0.872%) 144A 6.252%, 3/15/37(1)(4) | 10,490 | 9,704 | |
Benchmark Mortgage Trust 2023-B38, A2 5.626%, 4/15/56 | 12,132 | 11,770 | |
BPR Trust | |||
2021-KEN, A (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.696%, 2/15/29(1)(4) | 1,975 | 1,953 | |
2022-OANA, A (1 month Term SOFR + 1.898%, Cap N/A, Floor 1.898%) 144A 7.230%, 4/15/37(1)(4) | 18,900 | 18,559 | |
BRAVO Residential Funding Trust 2021-A, A1 144A 1.991%, 10/25/59(1)(4) | 4,485 | 4,283 | |
Bunker Hill Loan Depositary Trust 2019-2, A1 144A 2.879%, 7/25/49(1)(4) | 1,696 | 1,564 | |
BX Commercial Mortgage Trust | |||
2019-XL, C (1 month Term SOFR + 1.364%, Cap N/A, Floor 1.250%) 144A 6.697%, 10/15/36(1)(4) | 6,626 | 6,575 | |
2022-LP2, D (1 month Term SOFR + 1.961%, Cap N/A, Floor 1.961%) 144A 7.293%, 2/15/39(1)(4) | 9,243 | 8,846 | |
BX Trust | |||
2018-GW, B (1 month Term SOFR + 1.317%, Cap N/A, Floor 1.270%) 144A 6.650%, 5/15/35(1)(4) | 19,910 | 19,559 | |
2019-OC11, B 144A 3.605%, 12/9/41(1) | 5,000 | 4,219 | |
2019-OC11, D 144A 4.075%, 12/9/41(1)(4) | 7,699 | 6,329 | |
2022-CLS, A 144A 5.760%, 10/13/27(1) | 15,725 | 15,168 | |
CENT Trust 2023-CITY, A (1 month Term SOFR + 2.620%, Cap N/A, Floor 2.620%) 144A 7.952%, 9/15/28(1)(4) | 4,505 | 4,503 |
Par Value | Value | ||
Non-Agency—continued | |||
Chase Mortgage Finance Corp. | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(4) | $ 4,039 | $ 3,542 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(4) | 6,067 | 5,285 | |
CHL Mortgage Pass-Through Trust 2004-6, 1A2 4.892%, 5/25/34(4) | 290 | 259 | |
CIM Trust 2022-R2, A1 144A 3.750%, 12/25/61(1)(4) | 5,003 | 4,503 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2013-A, A 144A 3.000%, 5/25/42(1)(4) | 2,390 | 2,274 | |
2018-RP1, A1 144A 3.000%, 9/25/64(1)(4) | 3,245 | 3,084 | |
2019-RP1, A1 144A 3.500%, 1/25/66(1)(4) | 4,037 | 3,782 | |
2020-EXP1, A1B 144A 1.804%, 5/25/60(1)(4) | 1,517 | 1,355 | |
COLT Funding LLC | |||
2021-3R, A1 144A 1.051%, 12/25/64(1)(4) | 2,799 | 2,399 | |
2021-3R, A2 144A 1.257%, 12/25/64(1)(4) | 656 | 559 | |
COLT Mortgage Loan Trust | |||
2021-2, A2 144A 1.130%, 8/25/66(1)(4) | 5,148 | 3,907 | |
2022-3, A1 144A 3.901%, 2/25/67(1)(4) | 14,992 | 13,484 | |
2022-4, A1 144A 4.301%, 3/25/67(1)(4) | 7,374 | 6,907 | |
2022-5, A1 144A 4.550%, 4/25/67(1)(4) | 14,633 | 13,778 | |
2021-2R, A1 144A 0.798%, 7/27/54(1) | 1,796 | 1,536 | |
COLT Mortgage Pass-Through Certificates 2021-1R, A1 144A 0.857%, 5/25/65(1)(4) | 5,516 | 4,586 | |
COMM Mortgage Trust 2013-300P, A1 144A 4.353%, 8/10/30(1) | 10,795 | 9,850 | |
CoreVest American Finance Issuer LLC 2021-RTL1, A1 144A 2.239%, 3/28/29(1)(4) | 9,555 | 8,831 | |
CoreVest American Finance Trust | |||
2020-1, A1 144A 1.832%, 3/15/50(1) | 7,911 | 7,530 | |
2020-3, A 144A 1.358%, 8/15/53(1) | 3,500 | 3,187 | |
2020-4, A 144A 1.174%, 12/15/52(1) | 12,343 | 11,203 | |
2022-1, A 144A 4.744%, 6/17/55(1)(4) | 7,502 | 7,267 |
Par Value | Value | ||
Non-Agency—continued | |||
Credit Suisse Mortgage Capital Certificates 2019-ICE4, A (1 month Term SOFR + 1.027%, Cap N/A, Floor 0.980%) 144A 6.360%, 5/15/36(1)(4) | $ 22,728 | $ 22,704 | |
Credit Suisse Mortgage Capital Trust | |||
2017-RPL1, A1 144A 2.750%, 7/25/57(1)(4) | 6,794 | 6,390 | |
2020-NQM1, A1 144A 1.208%, 5/25/65(1)(4) | 2,800 | 2,496 | |
2020-RPL4, A1 144A 2.000%, 1/25/60(1)(4) | 11,291 | 9,578 | |
Deephaven Residential Mortgage Trust 2022-1, A1 144A 2.205%, 1/25/67(1)(4) | 6,321 | 5,466 | |
Ellington Financial Mortgage Trust | |||
2019-2, A3 144A 3.046%, 11/25/59(1)(4) | 1,323 | 1,200 | |
2020-1, A1 144A 2.006%, 5/25/65(1)(4) | 1,165 | 1,112 | |
2020-2, A1 144A 1.178%, 10/25/65(1)(4) | 4,896 | 4,361 | |
2021-1, A2 144A 1.003%, 2/25/66(1)(4) | 929 | 760 | |
2022-1, A1 144A 2.206%, 1/25/67(1)(4) | 6,694 | 5,434 | |
Extended Stay America Trust 2021-ESH, C (1 month Term SOFR + 1.814%, Cap N/A, Floor 1.700%) 144A 7.146%, 7/15/38(1)(4) | 5,266 | 5,187 | |
FirstKey Homes Trust | |||
2020-SFR1, B 144A 1.740%, 8/17/37(1) | 7,020 | 6,433 | |
2020-SFR2, A 144A 1.266%, 10/19/37(1) | 4,614 | 4,186 | |
2020-SFR2, B 144A 1.567%, 10/19/37(1) | 21,440 | 19,470 | |
2021-SFR1, D 144A 2.189%, 8/17/38(1) | 13,785 | 12,015 | |
Galton Funding Mortgage Trust | |||
2018-1, A23 144A 3.500%, 11/25/57(1)(4) | 707 | 618 | |
2019-2, A52 144A 3.500%, 6/25/59(1)(4) | 4,049 | 3,503 | |
GCAT Trust 2020-NQM1, A1 144A 2.247%, 1/25/60(1)(4) | 1,049 | 977 | |
GCT Commercial Mortgage Trust 2021-GCT, A (1 month Term SOFR + 0.914%, Cap N/A, Floor 0.800%) 144A 6.247%, 2/15/38(1)(4) | 5,700 | 4,474 |
Par Value | Value | ||
Non-Agency—continued | |||
Goldman Sachs Mortgage Securities Trust 2020-GC45, AS 3.173%, 2/13/53(4) | $ 2,630 | $ 2,109 | |
Homes Trust 2023-NQM2, A1 144A 6.456%, 2/25/68(1)(4) | 9,395 | 9,384 | |
Imperial Fund Mortgage Trust 2022-NQM3, A1 144A 4.380%, 5/25/67(1)(4) | 8,866 | 8,348 | |
INTOWN Mortgage Trust 2022-STAY, A (1 month Term SOFR + 2.489%, Cap N/A, Floor 2.489%) 144A 7.821%, 8/15/39(1)(4) | 10,161 | 10,174 | |
JPMBB Commercial Mortgage Securities Trust | |||
2014-C18, AS 4.439%, 2/15/47(4) | 6,407 | 6,270 | |
2015-C32, AS 3.984%, 11/15/48 | 2,495 | 2,301 | |
JPMorgan Chase Mortgage Trust | |||
2006-A6, 3A3L 4.407%, 10/25/36(4) | 243 | 175 | |
2014-1, 2A12 144A 3.500%, 1/25/44(1)(4) | 589 | 521 | |
2014-5, B1 144A 2.758%, 10/25/29(1)(4) | 1,882 | 1,638 | |
2014-5, B2 144A 2.758%, 10/25/29(1)(4) | 886 | 767 | |
2015-1, AM1 144A 6.565%, 12/25/44(1)(4) | 717 | 690 | |
2015-5, A2 144A 6.651%, 5/25/45(1)(4) | 957 | 940 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(4) | 1,816 | 1,519 | |
2017-5, A1 144A 3.542%, 10/26/48(1)(4) | 2,657 | 2,600 | |
2018-7FRB, A2 (1 month Term SOFR + 0.864%) 144A 6.184%, 4/25/46(1)(4) | 4,528 | 4,350 | |
KNDL Mortgage Trust 2019-KNSQ, A (1 month Term SOFR + 0.996%, Cap N/A, Floor 0.800%) 144A 6.328%, 5/15/36(1)(4) | 14,572 | 14,507 | |
LHOME Mortgage Trust | |||
2021-RTL1, A1 144A 2.090%, 2/25/26(1)(4) | 2,567 | 2,554 | |
2021-RTL2, A1 144A 2.090%, 6/25/26(1)(4) | 6,825 | 6,714 | |
MetLife Securitization Trust | |||
2017-1A, M1 144A 3.451%, 4/25/55(1)(4) | 7,930 | 6,533 | |
2018-1A, A 144A 3.750%, 3/25/57(1)(4) | 14,657 | 13,464 |
Par Value | Value | ||
Non-Agency—continued | |||
2019-1A, A1A 144A 3.750%, 4/25/58(1)(4) | $ 5,123 | $ 4,882 | |
MFA Trust | |||
2022-INV1, A1 144A 3.907%, 4/25/66(1)(4) | 10,604 | 9,869 | |
2022-NQM2, A1 144A 4.000%, 5/25/67(1)(4) | 617 | 561 | |
2020-NQM3, A1 144A 1.014%, 1/26/65(1)(4) | 1,789 | 1,578 | |
2021-INV1, A1 144A 0.852%, 1/25/56(1)(4) | 1,205 | 1,074 | |
Mill City Mortgage Loan Trust | |||
2017-1, M2 144A 3.250%, 11/25/58(1)(4) | 1,983 | 1,854 | |
2017-3, M2 144A 3.250%, 1/25/61(1)(4) | 8,987 | 8,000 | |
2019-1, M2 144A 3.500%, 10/25/69(1)(4) | 12,131 | 10,083 | |
2021-NMR1, A1 144A 1.125%, 11/25/60(1)(4) | 3,956 | 3,617 | |
MIRA Trust 2023-MILE, A 144A 6.755%, 6/10/38(1) | 12,180 | 11,929 | |
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C13, AS 4.266%, 11/15/46 | 1,735 | 1,726 | |
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A 6.352%, 2/25/34(4) | 349 | 330 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 6.815%, 6/25/44(1)(4) | 2,432 | 2,425 | |
New Residential Mortgage Loan Trust | |||
2014-1A, A 144A 3.750%, 1/25/54(1)(4) | 3,412 | 3,146 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(4) | 2,939 | 2,678 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(4) | 1,583 | 1,443 | |
2016-3A, A1 144A 3.750%, 9/25/56(1)(4) | 1,891 | 1,719 | |
2016-4A, A1 144A 3.750%, 11/25/56(1)(4) | 2,450 | 2,231 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(4) | 9,621 | 8,852 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(4) | 5,483 | 5,165 | |
2019-RPL2, M2 144A 3.750%, 2/25/59(1)(4) | 595 | 482 | |
2021-NQ2R, A1 144A 0.941%, 10/25/58(1)(4) | 3,464 | 3,053 | |
2022-RTL1, A1F 144A 4.336%, 12/25/26(1) | 8,710 | 8,369 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(4) | 2,804 | 2,511 | |
2016-2A, A1 144A 3.750%, 11/26/35(1)(4) | 3,567 | 3,291 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-1A, A1A 144A 4.000%, 12/25/57(1)(4) | $ 6,766 | $ 6,283 | |
NewRez Warehouse Securitization Trust 2021-1, C (1 month Term SOFR + 1.164%, Cap N/A, Floor 1.050%) 144A 6.484%, 5/25/55(1)(4) | 11,999 | 11,935 | |
NLT Trust 2021-INV2, A1 144A 1.162%, 8/25/56(1)(4) | 10,110 | 8,074 | |
NYMT Loan Trust 2022-CP1, A1 144A 2.042%, 7/25/61(1) | 4,285 | 3,793 | |
OBX Trust 2018-1, A2 (1 month Term SOFR + 0.764%) 144A 6.084%, 6/25/57(1)(4) | 2,020 | 1,915 | |
Palisades Mortgage Loan Trust 2021-RTL1, A1 144A 2.857%, 6/25/26(1)(4) | 7,890 | 7,654 | |
Preston Ridge Partners Mortgage LLC | |||
2021-2, A1 144A 2.115%, 3/25/26(1)(4) | 2,045 | 1,962 | |
2021-RPL2, A1 144A 1.455%, 10/25/51(1)(4) | 19,940 | 17,283 | |
PRET LLC 2021-RN3, A1 144A 1.843%, 9/25/51(1)(4) | 9,577 | 8,662 | |
Pretium Mortgage Credit Partners I LLC 2021-NPL1, A1 144A 2.240%, 9/27/60(1)(4) | 11,509 | 11,106 | |
Progress Residential Trust | |||
2019-SFR3, B 144A 2.571%, 9/17/36(1) | 10,340 | 9,955 | |
2020-SFR2, E 144A 5.115%, 6/17/37(1) | 6,890 | 6,658 | |
2021-SFR3, D 144A 2.288%, 5/17/26(1) | 11,130 | 9,819 | |
2021-SFR5, D 144A 2.109%, 7/17/38(1) | 2,500 | 2,184 | |
2021-SFR6, D 144A 2.225%, 7/17/38(1) | 3,750 | 3,264 | |
2020-SFR3, A 144A 1.294%, 10/17/27(1) | 3,625 | 3,298 | |
2021-SFR1, C 144A 1.555%, 4/17/38(1) | 1,430 | 1,262 | |
Provident Funding Mortgage Trust 2019-1, A2 144A 3.000%, 12/25/49(1)(4) | 1,952 | 1,598 | |
RCKT Mortgage Trust | |||
2020-1, A1 144A 3.000%, 2/25/50(1)(4) | 3,691 | 3,009 | |
2023-CES1, A1A 144A 6.515%, 6/25/43(1)(4) | 6,394 | 6,331 | |
2023-CES2, A1A 144A 6.808%, 9/25/43(1)(4) | 8,600 | 8,588 |
Par Value | Value | ||
Non-Agency—continued | |||
Residential Mortgage Loan Trust | |||
2019-2, A1 144A 2.913%, 5/25/59(1)(4) | $ 347 | $ 342 | |
2020-1, A1 144A 2.376%, 1/26/60(1)(4) | 1,303 | 1,232 | |
Sequoia Mortgage Trust 2013-8, B1 3.481%, 6/25/43(4) | 1,363 | 1,274 | |
SG Residential Mortgage Trust 2021-1, A3 144A 1.560%, 7/25/61(1)(4) | 5,935 | 4,536 | |
STAR Trust 2021-1, A1 144A 1.219%, 5/25/65(1)(4) | 4,922 | 4,253 | |
Starwood Mortgage Residential Trust | |||
2020-1, A1 144A 2.275%, 2/25/50(1)(4) | 447 | 413 | |
2020-3, A1 144A 1.486%, 4/25/65(1)(4) | 2,066 | 1,904 | |
2021-3, A3 144A 1.518%, 6/25/56(1)(4) | 2,070 | 1,613 | |
Towd Point Mortgage Trust | |||
2016-4, B1 144A 3.969%, 7/25/56(1)(4) | 8,095 | 7,308 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(4) | 4,374 | 4,067 | |
2018-2, A2 144A 3.500%, 3/25/58(1)(4) | 12,525 | 11,383 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(4) | 2,974 | 2,878 | |
2018-6, A1B 144A 3.750%, 3/25/58(1)(4) | 1,705 | 1,550 | |
2019-2, A2 144A 3.750%, 12/25/58(1)(4) | 925 | 779 | |
2019-HY2, M1 (1 month Term SOFR + 1.714%, Cap N/A, Floor 1.600%) 144A 7.034%, 5/25/58(1)(4) | 4,045 | 4,045 | |
2020-1, M1 144A 3.500%, 1/25/60(1)(4) | 4,820 | 3,776 | |
2020-MH1, A2 144A 2.500%, 2/25/60(1)(4) | 12,111 | 10,570 | |
2021-1, A2 144A 2.750%, 11/25/61(1)(4) | 12,970 | 9,824 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(4) | 11,390 | 10,122 | |
Tricon American Homes Trust 2020-SFR2, D 144A 2.281%, 11/17/39(1) | 5,243 | 4,432 | |
Tricon Residential Trust 2021-SFR1, B 144A 2.244%, 7/17/38(1) | 6,490 | 5,791 | |
VCAT LLC | |||
2021-NPL2, A1 144A 2.115%, 3/27/51(1)(4) | 5,767 | 5,489 | |
2021-NPL3, A1 144A 1.743%, 5/25/51(1)(4) | 9,089 | 8,443 |
Par Value | Value | ||
Non-Agency—continued | |||
2021-NPL4, A1 144A 1.868%, 8/25/51(1)(4) | $ 12,669 | $ 11,819 | |
2021-NPL6, A1 144A 1.917%, 9/25/51(1)(4) | 8,148 | 7,492 | |
Velocity Commercial Capital Loan Trust 2020-1, AFX 144A 2.610%, 2/25/50(1)(4) | 5,521 | 4,671 | |
Verus Securitization Trust | |||
2019-4, M1 144A 3.207%, 11/25/59(1)(4) | 6,070 | 5,274 | |
2019-INV2, A1 144A 3.913%, 7/25/59(1)(4) | 3,932 | 3,789 | |
2021-2, A1 144A 1.031%, 2/25/66(1)(4) | 6,122 | 5,102 | |
2021-3, A1 144A 1.046%, 6/25/66(1)(4) | 9,618 | 7,974 | |
2021-R3, A1 144A 1.020%, 4/25/64(1)(4) | 4,400 | 3,847 | |
2022-4, A1 144A 4.474%, 4/25/67(1)(4) | 12,435 | 11,630 | |
2022-5, A1 144A 3.800%, 4/25/67(1)(4) | 20,406 | 18,398 | |
2022-7, A1 144A 5.152%, 7/25/67(1)(4) | 7,706 | 7,499 | |
2020-1, A1 144A 2.417%, 1/25/60(1)(4) | 1,480 | 1,394 | |
2020-4, A1 144A 1.502%, 5/25/65(1)(4) | 5,070 | 4,604 | |
2021-R1, A1 144A 0.820%, 10/25/63(1)(4) | 3,553 | 3,154 | |
2021-R2, A1 144A 0.918%, 2/25/64(1)(4) | 3,388 | 2,874 | |
Visio Trust | |||
2019-2, A1 144A 2.722%, 11/25/54(1)(4) | 2,573 | 2,413 | |
2021-1R, A1 144A 1.280%, 5/25/56(1) | 7,194 | 6,499 | |
VM Master Issuer LLC 2022-1, A1 144A 5.163%, 5/24/25(1)(4)(5) | 11,785 | 11,629 | |
WaMu Mortgage Pass-Through Certificates Series Trust 2004-CB1, 2A 5.000%, 6/25/34 | 222 | 210 | |
Wells Fargo Commercial Mortgage Trust 2014-C24, AS 3.931%, 11/15/47 | 6,689 | 6,034 | |
Wells Fargo Mortgage Backed Securities Trust 2020-4, A1 144A 3.000%, 7/25/50(1)(4) | 2,327 | 1,854 | |
1,051,696 | |||
Total Mortgage-Backed Securities (Identified Cost $1,271,156) | 1,171,912 | ||
Par Value | Value | ||
Asset-Backed Securities—25.8% | |||
Automobiles—11.9% | |||
ACC Auto Trust 2021-A, C 144A 3.790%, 4/15/27(1) | $ 6,948 | $ 6,793 | |
ACC Trust | |||
2021-1, C 144A 2.080%, 12/20/24(1) | 1,524 | 1,496 | |
2022-1, C 144A 3.240%, 10/20/25(1) | 6,580 | 4,696 | |
ACM Auto Trust 2023-2A, A 144A 7.970%, 6/20/30(1) | 10,312 | 10,321 | |
American Credit Acceptance Receivables Trust | |||
2021-1, C 144A 0.830%, 3/15/27(1) | 1,946 | 1,933 | |
2021-3, C 144A 0.980%, 11/15/27(1) | 1,038 | 1,026 | |
2022-1, E 144A 3.640%, 3/13/28(1) | 11,425 | 10,423 | |
Arivo Acceptance Auto Loan Receivables Trust 2022-2A, A 144A 6.900%, 1/16/29(1) | 6,582 | 6,555 | |
Avid Automobile Receivables Trust | |||
2019-1, D 144A 4.030%, 7/15/26(1) | 1,615 | 1,606 | |
2021-1, D 144A 1.990%, 4/17/28(1) | 3,200 | 3,006 | |
2021-1, E 144A 3.390%, 4/17/28(1) | 1,590 | 1,466 | |
Avis Budget Rental Car Funding AESOP LLC (AESOP) 2022-5A, A 144A 6.120%, 4/20/27(1) | 3,393 | 3,383 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2019-2A, D 144A 3.040%, 9/22/25(1) | 15,919 | 15,157 | |
(AESOP) 2020-1A, A 144A 2.330%, 8/20/26(1) | 8,025 | 7,520 | |
(AESOP) 2020-2A, A 144A 2.020%, 2/20/27(1) | 9,205 | 8,400 | |
(AESOP) 2021-1A, A 144A 1.380%, 8/20/27(1) | 1,870 | 1,650 | |
(AESOP) 2021-1A, D 144A 3.710%, 8/20/27(1) | 11,500 | 9,968 | |
BOF URSA VI Funding Trust I 2023-CAR2, A2 144A 5.542%, 10/27/31(1) | 2,009 | 1,981 | |
CarNow Auto Receivables Trust | |||
2021-1A, C 144A 2.160%, 2/17/26(1) | 2,094 | 2,078 |
Par Value | Value | ||
Automobiles—continued | |||
2022-1A, B 144A 4.890%, 3/16/26(1) | $ 3,128 | $ 3,110 | |
2023-1A, C 144A 7.240%, 9/15/26(1) | 12,824 | 12,700 | |
Carvana Auto Receivables Trust | |||
2019-3A, D 144A 3.040%, 4/15/25(1) | 426 | 425 | |
2019-3A, E 144A 4.600%, 7/15/26(1) | 4,399 | 4,350 | |
2020-N1A, D 144A 3.430%, 1/15/26(1) | 5,024 | 4,989 | |
2020-P1, C 1.320%, 11/9/26 | 2,250 | 2,020 | |
2021-N2, C 1.070%, 3/10/28 | 1,915 | 1,772 | |
2021-N3, D 1.580%, 6/12/28 | 11,641 | 11,027 | |
2021-P3, B 1.420%, 8/10/27 | 4,590 | 3,976 | |
2022-N1, C 144A 3.320%, 12/11/28(1) | 3,152 | 3,063 | |
2022-N1, D 144A 4.130%, 12/11/28(1) | 7,315 | 6,998 | |
2023-N1, C 144A 5.920%, 7/10/29(1) | 3,044 | 2,969 | |
CIG Auto Receivables Trust 2021-1A, D 144A 2.110%, 4/12/27(1) | 4,015 | 3,749 | |
CPS Auto Receivables Trust 2022-D, D 144A 8.730%, 1/16/29(1) | 7,170 | 7,426 | |
Credit Acceptance Auto Loan Trust | |||
2020-3A, B 144A 1.770%, 12/17/29(1) | 11,195 | 11,078 | |
2022-1A, A 144A 4.600%, 6/15/32(1) | 7,275 | 7,112 | |
2023-2A, A 144A 5.920%, 5/16/33(1) | 2,080 | 2,057 | |
DT Auto Owner Trust | |||
2021-1A, D 144A 1.160%, 11/16/26(1) | 3,930 | 3,684 | |
2021-1A, E 144A 2.380%, 1/18/28(1) | 2,000 | 1,866 | |
2021-2A, C 144A 1.100%, 2/16/27(1) | 5,985 | 5,853 | |
2021-2A, D 144A 1.500%, 2/16/27(1) | 4,350 | 4,066 | |
2022-2A, D 144A 5.460%, 3/15/28(1) | 7,500 | 7,259 | |
2023-1A, D 144A 6.440%, 11/15/28(1) | 1,741 | 1,717 | |
Exeter Automobile Receivables Trust | |||
2020-1A, D 144A 2.730%, 12/15/25(1) | 4,532 | 4,450 | |
2020-3A, E 144A 3.440%, 8/17/26(1) | 3,015 | 2,898 | |
2021-1A, C 0.740%, 1/15/26 | 930 | 923 |
Par Value | Value | ||
Automobiles—continued | |||
2022-3A, C 5.300%, 9/15/27 | $ 8,423 | $ 8,298 | |
2023-2A, B 5.610%, 9/15/27 | 12,333 | 12,197 | |
2023-3A, D 6.680%, 4/16/29 | 3,723 | 3,712 | |
FHF Trust | |||
2022-2A, B 144A 6.570%, 1/16/29(1) | 8,847 | 8,656 | |
2023-1A, A2 144A 6.570%, 6/15/28(1) | 2,896 | 2,866 | |
First Investors Auto Owner Trust | |||
2021-1A, C 144A 1.170%, 3/15/27(1) | 2,915 | 2,798 | |
2021-2A, C 144A 1.470%, 11/15/27(1) | 6,395 | 5,848 | |
2022-1A, C 144A 3.130%, 5/15/28(1) | 5,745 | 5,387 | |
Flagship Credit Auto Trust | |||
2020-1, C 144A 2.240%, 1/15/26(1) | 3,013 | 2,999 | |
2020-3, C 144A 1.730%, 9/15/26(1) | 3,344 | 3,255 | |
2020-4, C 144A 1.280%, 2/16/27(1) | 5,016 | 4,879 | |
Foursight Capital Automobile Receivables Trust | |||
2021-2, C 144A 1.570%, 7/15/27(1) | 2,110 | 1,990 | |
2022-1, B 144A 2.150%, 5/17/27(1) | 2,140 | 2,022 | |
2023-2, A2 144A 5.990%, 5/15/28(1) | 6,170 | 6,158 | |
GLS Auto Receivables Issuer Trust | |||
2019-4A, D 144A 4.090%, 8/17/26(1) | 8,821 | 8,655 | |
2020-3A, D 144A 2.270%, 5/15/26(1) | 10,527 | 10,346 | |
2020-3A, E 144A 4.310%, 7/15/27(1) | 4,410 | 4,285 | |
2020-4A, C 144A 1.140%, 11/17/25(1) | 1,520 | 1,509 | |
2022-2A, C 144A 5.300%, 4/17/28(1) | 3,075 | 3,008 | |
2022-2A, D 144A 6.150%, 4/17/28(1) | 4,565 | 4,485 | |
2023-1A, B 144A 6.190%, 6/15/27(1) | 4,105 | 4,086 | |
GLS Auto Receivables Trust 2022-1A, C 144A 3.190%, 2/16/27(1) | 6,000 | 5,771 | |
GLS Auto Select Receivables Trust 2023-1A, B 144A 6.090%, 3/15/29(1) | 4,400 | 4,336 | |
Hertz Vehicle Financing III LLC 2022-1A, C 144A 2.630%, 6/25/26(1) | 5,894 | 5,494 |
Par Value | Value | ||
Automobiles—continued | |||
Hertz Vehicle Financing LLC 2022-4A, D 144A 6.560%, 9/25/26(1) | $ 5,995 | $ 5,718 | |
LAD Auto Receivables Trust | |||
2021-1A, D 144A 3.990%, 11/15/29(1) | 2,705 | 2,529 | |
2022-1A, A 144A 5.210%, 6/15/27(1) | 4,780 | 4,744 | |
2023-1A, D 144A 7.300%, 6/17/30(1) | 2,570 | 2,576 | |
Lendbuzz Securitization Trust 2023-2A, A2 144A 7.090%, 10/16/28(1) | 6,613 | 6,596 | |
Lobel Automobile Receivables Trust | |||
2023-1, A 144A 6.970%, 7/15/26(1) | 2,170 | 2,170 | |
2023-1, B 144A 7.050%, 9/15/28(1) | 8,568 | 8,432 | |
OCCU Auto Receivables Trust 2023-1A, A2 144A 6.230%, 4/15/27(1) | 6,019 | 6,021 | |
OneMain Direct Auto Receivables Trust | |||
2021-1A, B 144A 1.260%, 7/14/28(1) | 17,610 | 15,889 | |
2022-1A, C 144A 5.310%, 6/14/29(1) | 7,485 | 7,185 | |
Oscar U.S. Funding XIII LLC 2021-2A, A4 144A 1.270%, 9/11/28(1) | 6,000 | 5,556 | |
Oscar U.S. Funding XV LLC 2023-1A, A3 144A 5.810%, 12/10/27(1) | 5,680 | 5,643 | |
Santander Drive Auto Receivables Trust | |||
2021-3, C 0.950%, 9/15/27 | 9,277 | 9,136 | |
2022-7, A2 5.810%, 1/15/26 | 1,827 | 1,826 | |
2023-1, B 4.980%, 2/15/28 | 4,101 | 4,030 | |
Tesla Auto Lease Trust 2023-A, B 144A 6.410%, 7/20/27(1) | 5,155 | 5,131 | |
Tidewater Auto Receivables Trust 2020-AA, C 144A 1.910%, 9/15/26(1) | 307 | 306 | |
Tricolor Auto Securitization Trust | |||
2022-1A, C 144A 4.710%, 8/15/25(1) | 3,040 | 3,000 | |
2022-1A, D 144A 5.380%, 1/15/26(1) | 4,640 | 4,517 | |
2023-1A, B 144A 6.840%, 11/16/26(1) | 995 | 990 | |
2023-1A, C 144A 7.240%, 2/16/27(1) | 5,547 | 5,532 |
Par Value | Value | ||
Automobiles—continued | |||
U.S. Auto Funding 2021-1A, B 144A 1.490%, 3/17/25(1) | $ 1,788 | $ 1,773 | |
United Auto Credit Securitization Trust | |||
2021-1, D 144A 1.140%, 6/10/26(1) | 4,033 | 4,002 | |
2022-1, C 144A 2.610%, 6/10/27(1) | 2,394 | 2,375 | |
2023-1, B 144A 5.910%, 7/10/28(1) | 5,206 | 5,169 | |
2023-1, C 144A 6.280%, 7/10/28(1) | 4,655 | 4,602 | |
2023-1, D 144A 8.000%, 7/10/28(1) | 7,750 | 7,799 | |
USASF Receivables LLC 2020-1A, C 144A 5.940%, 8/15/24(1) | 1,471 | 1,470 | |
Veridian Auto Receivables Trust 2023-1A, A4 144A 5.590%, 12/15/28(1) | 9,585 | 9,430 | |
Veros Auto Receivables Trust | |||
2021-1, B 144A 1.490%, 10/15/26(1) | 4,115 | 4,036 | |
2022-1, B 144A 4.390%, 8/16/27(1) | 16,900 | 16,522 | |
2023-1, B 144A 7.170%, 11/15/28(1) | 10,000 | 9,897 | |
Westlake Automobile Receivables Trust | |||
2020-3A, C 144A 1.240%, 11/17/25(1) | 3,599 | 3,576 | |
2021-3A, D 144A 2.120%, 1/15/27(1) | 4,720 | 4,399 | |
2022-1A, B 144A 2.750%, 3/15/27(1) | 6,090 | 5,957 | |
2023-1A, C 144A 5.740%, 8/15/28(1) | 1,415 | 1,398 | |
533,967 | |||
Collateralized Loan Obligations—0.4% | |||
GoldenTree Loan Management US CLO 1 Ltd. 2021-9A, A (3 month Term SOFR + 1.332%, Cap N/A, Floor 1.070%) 144A 6.658%, 1/20/33(1)(4) | 18,315 | 18,229 | |
Palmer Square Loan Funding Ltd. 2021-1A, A1 (3 month Term SOFR + 1.162%, Cap N/A, Floor 1.162%) 144A 6.488%, 4/20/29(1)(4) | 1,480 | 1,473 | |
19,702 | |||
Consumer Loans—1.6% | |||
ACHV ABS Trust 2023-3PL, B 144A 7.170%, 8/19/30(1) | 2,190 | 2,200 |
Par Value | Value | ||
Consumer Loans—continued | |||
Affirm Asset Securitization Trust | |||
2022-A, 1A 144A 4.300%, 5/17/27(1) | $ 4,930 | $ 4,825 | |
2022-A, A 144A 4.300%, 5/17/27(1) | 4,765 | 4,663 | |
2023-B, A 144A 6.820%, 9/15/28(1) | 7,678 | 7,688 | |
Lendingpoint Asset Securitization Trust | |||
2022-A, B 144A 2.410%, 6/15/29(1) | 3,095 | 3,083 | |
2022-B, A 144A 4.770%, 10/15/29(1) | 2,229 | 2,202 | |
Marlette Funding Trust 2023-2A, B 144A 6.540%, 6/15/33(1) | 1,753 | 1,746 | |
OneMain Financial Issuance Trust 2022-3A, A 144A 5.940%, 5/15/34(1) | 7,261 | 7,213 | |
Oportun Funding XIV LLC | |||
2021-A, A 144A 1.210%, 3/8/28(1) | 5,839 | 5,612 | |
2021-A, B 144A 1.760%, 3/8/28(1) | 4,935 | 4,725 | |
Oportun Issuance Trust 2021-C, A 144A 2.180%, 10/8/31(1) | 11,210 | 10,195 | |
Regional Management Issuance Trust 2021-1, A 144A 1.680%, 3/17/31(1) | 2,610 | 2,456 | |
Republic Finance Issuance Trust 2020-A, A 144A 2.470%, 11/20/30(1) | 7,335 | 7,133 | |
Upstart Securitization Trust | |||
2021-2, B 144A 1.750%, 6/20/31(1) | 4,729 | 4,671 | |
2022-2, A 144A 4.370%, 5/20/32(1) | 1,273 | 1,263 | |
2023-1, A 144A 6.590%, 2/20/33(1) | 2,497 | 2,492 | |
72,167 | |||
Credit Card—1.1% | |||
Avant Credit Card Master Trust 2021-1A, A 144A 1.370%, 4/15/27(1) | 4,030 | 3,743 | |
Genesis Sales Finance Master Trust 2021-AA, A 144A 1.200%, 12/21/26(1) | 9,020 | 8,565 | |
Mercury Financial Credit Card Master Trust | |||
2022-1A, A 144A 2.500%, 9/21/26(1) | 9,265 | 8,869 | |
2023-1A, A 144A 8.040%, 9/20/27(1) | 14,709 | 14,762 |
Par Value | Value | ||
Credit Card—continued | |||
Mission Lane Credit Card Master Trust | |||
2023-A, A 144A 7.230%, 7/17/28(1) | $ 4,804 | $ 4,764 | |
2023-B, A 144A 7.790%, 11/15/28(1) | 7,720 | 7,719 | |
48,422 | |||
Equipment—0.6% | |||
Amur Equipment Finance Receivables VIII LLC 2020-1A, C 144A 3.060%, 4/20/26(1) | 435 | 434 | |
CCG Receivables Trust 2022-1, C 144A 4.670%, 7/16/29(1) | 3,750 | 3,562 | |
CLI Funding VI LLC 2020-1A, A 144A 2.080%, 9/18/45(1) | 13,536 | 11,691 | |
Post Road Equipment Finance 2022-1A, B 144A 5.150%, 1/16/29(1) | 9,548 | 9,237 | |
24,924 | |||
Other—10.2% | |||
ACHV ABS Trust 2023-1PL, A 144A 6.420%, 3/18/30(1) | 220 | 220 | |
Adams Outdoor Advertising LP 2023-1, A2 144A 6.967%, 7/15/53(1) | 12,166 | 11,961 | |
Aligned Data Centers Issuer LLC 2021-1A, A2 144A 1.937%, 8/15/46(1) | 13,750 | 12,028 | |
Amur Equipment Finance Receivables IX LLC | |||
2021-1A, B 144A 1.380%, 2/22/27(1) | 1,830 | 1,752 | |
2021-1A, C 144A 1.750%, 6/21/27(1) | 5,388 | 5,086 | |
Amur Equipment Finance Receivables XII LLC 2023-1A, A2 144A 6.090%, 12/20/29(1) | 2,465 | 2,466 | |
Applebee’s Funding LLC 2023-1A, A2 144A 7.824%, 3/5/53(1) | 11,197 | 11,038 | |
Aqua Finance Trust | |||
2017-A, A 144A 3.720%, 11/15/35(1) | 665 | 659 | |
2019-A, A 144A 3.140%, 7/16/40(1) | 1,854 | 1,716 | |
2019-A, C 144A 4.010%, 7/16/40(1) | 16,859 | 15,247 | |
2020-AA, B 144A 2.790%, 7/17/46(1) | 2,160 | 1,882 | |
2020-AA, D 144A 7.150%, 7/17/46(1) | 7,435 | 6,357 |
Par Value | Value | ||
Other—continued | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | $ 16,501 | $ 14,614 | |
Arm Master Trust LLC 2023-T1, A 144A 6.562%, 2/17/25(1) | 3,630 | 3,624 | |
BHG Securitization Trust | |||
2021-A, A 144A 1.420%, 11/17/33(1) | 4,771 | 4,450 | |
2021-B, B 144A 1.670%, 10/17/34(1) | 8,195 | 7,294 | |
Business Jet Securities LLC 2021-1A, A 144A 2.162%, 4/15/36(1) | 2,522 | 2,293 | |
BXG Receivables Note Trust | |||
2017-A, A 144A 2.950%, 10/4/32(1) | 2,477 | 2,425 | |
2020-A, B 144A 2.490%, 2/28/36(1) | 3,064 | 2,776 | |
2022-A, B 144A 4.610%, 9/28/37(1) | 2,251 | 2,089 | |
2023-A, A 144A 5.770%, 11/15/38(1) | 7,181 | 7,045 | |
Cajun Global LLC 2021-1, A2 144A 3.931%, 11/20/51(1) | 13,214 | 11,548 | |
CCG Receivables Trust | |||
2021-1, C 144A 0.840%, 6/14/27(1) | 1,415 | 1,345 | |
2023-1, A2 144A 5.820%, 9/16/30(1) | 1,140 | 1,138 | |
CF Hippolyta Issuer LLC 2020-1, A1 144A 1.690%, 7/15/60(1) | 8,095 | 7,353 | |
Commercial Equipment Finance LLC 2021-A, A 144A 2.050%, 2/16/27(1) | 1,109 | 1,077 | |
Conn’s Receivables Funding LLC | |||
2022-A, B 144A 9.520%, 12/15/26(1) | 8,629 | 8,664 | |
2023-A, B 144A 10.000%, 1/17/28(1) | 3,050 | 3,056 | |
Dext ABS LLC | |||
2020-1, D 144A 7.210%, 2/15/28(1) | 6,258 | 6,037 | |
2023-1, A2 144A 5.990%, 3/15/32(1) | 12,036 | 11,851 | |
Diamond Resorts Owner Trust | |||
2019-1A, B 144A 3.530%, 2/20/32(1) | 1,210 | 1,209 | |
2021-1A, A 144A 1.510%, 11/21/33(1) | 1,101 | 1,009 | |
2021-1A, B 144A 2.050%, 11/21/33(1) | 493 | 454 |
Par Value | Value | ||
Other—continued | |||
Elara HGV Timeshare Issuer LLC 2023-A, A 144A 6.160%, 2/25/38(1) | $ 10,790 | $ 10,800 | |
FAT Brands Royalty LLC 2021-1A, A2 144A 4.750%, 4/25/51(1) | 11,870 | 10,825 | |
Foundation Finance Trust | |||
2019-1A, A 144A 3.860%, 11/15/34(1) | 578 | 572 | |
2021-1A, A 144A 1.270%, 5/15/41(1) | 7,914 | 6,978 | |
2023-1A, A 144A 5.670%, 12/15/43(1) | 3,547 | 3,457 | |
2023-2A, A 144A 6.530%, 6/15/49(1) | 10,588 | 10,587 | |
FREED ABS Trust 2022-1FP, C 144A 2.510%, 3/19/29(1) | 4,650 | 4,553 | |
GCI Funding I LLC 2021-1, A 144A 2.380%, 6/18/46(1) | 4,258 | 3,597 | |
Global SC Finance VII Srl 2020-1A, A 144A 2.170%, 10/17/40(1) | 9,778 | 8,705 | |
Hardee’s Funding LLC 2020-1A, A2 144A 3.981%, 12/20/50(1) | 19,280 | 16,221 | |
Hilton Grand Vacations Trust | |||
2017-AA, A 144A 2.660%, 12/26/28(1) | 566 | 564 | |
2018-AA, A 144A 3.540%, 2/25/32(1) | 1,447 | 1,400 | |
2022-1D, B 144A 4.100%, 6/20/34(1) | 2,982 | 2,816 | |
2022-2A, C 144A 5.570%, 1/25/37(1) | 835 | 801 | |
HIN Timeshare Trust 2020-A, C 144A 3.420%, 10/9/39(1) | 1,440 | 1,324 | |
Hotwire Funding LLC | |||
2021-1, C 144A 4.459%, 11/20/51(1) | 6,405 | 5,328 | |
2023-1A, A2 144A 5.687%, 5/20/53(1) | 5,500 | 5,288 | |
Jack in the Box Funding LLC 2022-1A, A2I 144A 3.445%, 2/26/52(1) | 8,066 | 7,219 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 19,017 | 17,459 | |
Lendingpoint Asset Securitization Trust 2022-C, A 144A 6.560%, 2/15/30(1) | 1,760 | 1,757 | |
Lendmark Funding Trust 2021-1A, A 144A 1.900%, 11/20/31(1) | 10,385 | 8,967 |
Par Value | Value | ||
Other—continued | |||
Libra Solutions LLC | |||
2022-1A, A 144A 4.750%, 5/15/34(1) | $ 1,260 | $ 1,247 | |
2023-1A, A 144A 7.000%, 2/15/35(1) | 3,658 | 3,640 | |
MAPS Trust 2021-1A, A 144A 2.521%, 6/15/46(1) | 9,376 | 8,086 | |
Mariner Finance Issuance Trust 2020-AA, A 144A 2.190%, 8/21/34(1) | 1,733 | 1,682 | |
MVW LLC | |||
2021-1WA, B 144A 1.440%, 1/22/41(1) | 1,572 | 1,417 | |
2023-1A, B 144A 5.420%, 10/20/40(1) | 6,812 | 6,606 | |
MVW Owner Trust 2019-1A, A 144A 2.890%, 11/20/36(1) | 1,571 | 1,505 | |
Navient Private Education Refi Loan Trust 2021-EA, A 144A 0.970%, 12/16/69(1) | 4,001 | 3,349 | |
NBC Funding LLC 2021-1, A2 144A 2.989%, 7/30/51(1) | 9,320 | 8,084 | |
NMEF Funding LLC | |||
2022-A, B 144A 3.350%, 10/16/28(1) | 5,495 | 5,222 | |
2023-A, B 144A 6.830%, 6/17/30(1) | 7,120 | 7,092 | |
Oasis Securitization Funding LLC 2021-2A, A 144A 2.143%, 10/15/33(1) | 1,236 | 1,232 | |
Octane Receivables Trust | |||
2020-1A, B 144A 1.980%, 6/20/25(1) | 899 | 893 | |
2021-1A, A 144A 0.930%, 3/22/27(1) | 1,941 | 1,901 | |
2021-1A, B 144A 1.530%, 4/20/27(1) | 3,700 | 3,488 | |
2023-1A, C 144A 6.370%, 9/20/29(1) | 2,000 | 1,965 | |
2023-3A, B 144A 6.480%, 7/20/29(1) | 3,759 | 3,758 | |
2023-3A, C 144A 6.740%, 8/20/29(1) | 3,834 | 3,836 | |
Oportun Funding LLC 2022-1, A 144A 3.250%, 6/15/29(1) | 1,191 | 1,180 | |
Orange Lake Timeshare Trust 2019-A, B 144A 3.360%, 4/9/38(1) | 3,732 | 3,567 | |
Pawneee Equipment Receivables LLC 2022-1, B 144A 5.400%, 7/17/28(1) | 10,570 | 10,091 | |
Planet Fitness Master Issuer LLC 2018-1A, A2II 144A 4.666%, 9/5/48(1) | 13,138 | 12,593 |
Par Value | Value | ||
Other—continued | |||
Purchasing Power Funding LLC | |||
2021-A, A 144A 1.570%, 10/15/25(1) | $ 1,432 | $ 1,427 | |
2021-A, B 144A 1.920%, 10/15/25(1) | 5,465 | 5,403 | |
Regional Management Issuance Trust 2022-1, A 144A 3.070%, 3/15/32(1) | 6,500 | 6,060 | |
Sierra Timeshare Receivables Funding LLC | |||
2019-1A, B 144A 3.420%, 1/20/36(1) | 606 | 590 | |
2019-2A, B 144A 2.820%, 5/20/36(1) | 2,150 | 2,084 | |
2020-2A, B 144A 2.320%, 7/20/37(1) | 1,642 | 1,552 | |
Trinity Rail Leasing LLC 2019-1A, A 144A 3.820%, 4/17/49(1) | 13,665 | 12,802 | |
TRP LLC 2021-1, A 144A 2.070%, 6/19/51(1) | 5,757 | 4,961 | |
VFI ABS LLC | |||
2022-1A, A 144A 2.230%, 3/24/28(1) | 3,493 | 3,407 | |
2022-1A, D 144A 6.680%, 11/26/29(1) | 2,794 | 2,627 | |
Welk Resorts LLC 2019-AA, B 144A 2.990%, 6/15/38(1) | 2,994 | 2,806 | |
Westgate Resorts LLC | |||
2020-1A, A 144A 2.713%, 3/20/34(1) | 778 | 763 | |
2022-1A, B 144A 2.288%, 8/20/36(1) | 2,896 | 2,740 | |
ZAXBY’S Funding LLC 2021-1A, A2 144A 3.238%, 7/30/51(1) | 20,144 | 16,723 | |
457,360 | |||
Student Loan—0.0% | |||
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1) | 139 | 138 | |
Total Asset-Backed Securities (Identified Cost $1,216,699) | 1,156,680 | ||
Corporate Bonds and Notes—26.3% | |||
Communication Services—0.7% | |||
Altice France S.A. | |||
144A 5.125%, 7/15/29(1) | 4,885 | 3,473 | |
144A 5.500%, 10/15/29(1) | 3,970 | 2,855 | |
CCO Holdings LLC 144A 6.375%, 9/1/29(1) | 1,585 | 1,478 | |
CSC Holdings LLC 5.250%, 6/1/24 | 4,800 | 4,566 |
Par Value | Value | ||
Communication Services—continued | |||
Level 3 Financing, Inc. 144A 4.625%, 9/15/27(1) | $ 5,040 | $ 3,625 | |
Sprint Capital Corp. 6.875%, 11/15/28 | 6,685 | 6,902 | |
Sprint Spectrum Co. LLC 144A 4.738%, 9/20/29(1) | 2,479 | 2,452 | |
Telesat Canada 144A 6.500%, 10/15/27(1) | 2,485 | 1,267 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 4,755 | 4,746 | |
VTR Comunicaciones SpA 144A 5.125%, 1/15/28(1) | 3 | 2 | |
31,366 | |||
Consumer Discretionary—1.3% | |||
Ashtead Capital, Inc. 144A 4.250%, 11/1/29(1) | 8,000 | 7,084 | |
Carriage Services, Inc. 144A 4.250%, 5/15/29(1) | 2,880 | 2,463 | |
Churchill Downs, Inc. 144A 6.750%, 5/1/31(1) | 5,770 | 5,453 | |
Clarios Global LP 144A 6.750%, 5/15/28(1) | 590 | 576 | |
eG Global Finance plc 144A 8.500%, 10/30/25(1) | 4,943 | 4,865 | |
Ford Motor Credit Co. LLC | |||
7.350%, 11/4/27 | 5,165 | 5,267 | |
6.800%, 5/12/28(6) | 2,130 | 2,128 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 5,345 | 5,238 | |
MDC Holdings, Inc. 2.500%, 1/15/31 | 8,930 | 6,668 | |
Newell Brands, Inc. 6.375%, 9/15/27(6) | 5,000 | 4,770 | |
Nissan Motor Acceptance Co. LLC | |||
144A 6.950%, 9/15/26(1) | 1,775 | 1,788 | |
144A 7.050%, 9/15/28(1) | 4,225 | 4,224 | |
Ontario Gaming GTA LP 144A 8.000%, 8/1/30(1) | 4,765 | 4,765 | |
Royal Caribbean Cruises Ltd. 144A 9.250%, 1/15/29(1) | 183 | 193 | |
Weekley Homes LLC 144A 4.875%, 9/15/28(1) | 2,895 | 2,512 | |
57,994 | |||
Consumer Staples—0.6% | |||
Albertsons Cos., Inc. 144A 6.500%, 2/15/28(1) | 4,341 | 4,291 | |
BAT Capital Corp. | |||
4.700%, 4/2/27 | 7,700 | 7,372 | |
2.259%, 3/25/28 | 2,195 | 1,856 |
Par Value | Value | ||
Consumer Staples—continued | |||
Central American Bottling Corp. 144A 5.250%, 4/27/29(1) | $ 6,625 | $ 5,950 | |
Coty, Inc. 144A 6.625%, 7/15/30(1) | 6,940 | 6,776 | |
HLF Financing S.a.r.l. LLC 144A 4.875%, 6/1/29(1) | 2,990 | 2,123 | |
28,368 | |||
Energy—4.2% | |||
Aker BP ASA 144A 2.000%, 7/15/26(1) | 1,890 | 1,687 | |
Ascent Resources Utica Holdings LLC 144A 8.250%, 12/31/28(1) | 5,740 | 5,680 | |
Boardwalk Pipelines LP 4.950%, 12/15/24 | 12,645 | 12,459 | |
BP Capital Markets plc 4.875% (7) | 10,210 | 9,122 | |
CITGO Petroleum Corp. 144A 7.000%, 6/15/25(1) | 9,020 | 8,886 | |
Civitas Resources, Inc. | |||
144A 8.375%, 7/1/28(1) | 2,340 | 2,381 | |
144A 8.750%, 7/1/31(1) | 2,275 | 2,324 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 5,045 | 4,964 | |
144A 5.000%, 5/1/29(1) | 5,695 | 5,336 | |
Ecopetrol S.A. 8.625%, 1/19/29 | 9,875 | 9,886 | |
Enbridge, Inc. 7.375%, 1/15/83 | 11,650 | 11,079 | |
Energy Transfer LP 4.200%, 4/15/27 | 8,610 | 8,113 | |
EQM Midstream Partners LP 144A 7.500%, 6/1/27(1) | 90 | 90 | |
Genesis Energy LP 8.875%, 4/15/30 | 6,290 | 6,141 | |
Hilcorp Energy I LP 144A 6.000%, 4/15/30(1) | 4,315 | 3,891 | |
KazMunayGas National Co. JSC | |||
144A 5.375%, 4/24/30(1) | 4,490 | 4,074 | |
RegS 5.375%, 4/24/30(3) | 3,550 | 3,221 | |
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(1) | 9,880 | 9,873 | |
Korea National Oil Corp. 144A 4.875%, 4/3/28(1) | 7,000 | 6,815 | |
NGPL PipeCo LLC 144A 4.875%, 8/15/27(1) | 7,945 | 7,500 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(2) | 9,545 | 520 | |
Petroleos Mexicanos 6.500%, 3/13/27 | 33,165 | 29,083 | |
Saudi Arabian Oil Co. 144A 2.875%, 4/16/24(1) | 17,260 | 16,912 |
Par Value | Value | ||
Energy—continued | |||
Southwestern Energy Co. 5.375%, 2/1/29 | $ 4,090 | $ 3,767 | |
Transocean, Inc. 144A 11.500%, 1/30/27(1) | 5,045 | 5,291 | |
USA Compression Partners LP 6.875%, 4/1/26 | 5,955 | 5,833 | |
Venture Global Calcasieu Pass LLC 144A 3.875%, 8/15/29(1) | 6,175 | 5,196 | |
190,124 | |||
Financials—9.2% | |||
AerCap Ireland Capital DAC | |||
2.450%, 10/29/26 | 6,290 | 5,634 | |
3.000%, 10/29/28 | 695 | 596 | |
Series 3NC1 1.750%, 10/29/24 | 2,584 | 2,463 | |
Allstate Corp. (The) Series B (3 month Term SOFR + 3.200%) 8.564%, 8/15/53(4) | 10,625 | 10,485 | |
Banco Mercantil del Norte S.A. 144A 5.875% (1)(7) | 15,295 | 13,039 | |
Banco Santander Chile 144A 2.700%, 1/10/25(1) | 7,545 | 7,211 | |
Bank of America Corp. | |||
3.841%, 4/25/25 | 4,915 | 4,845 | |
1.734%, 7/22/27 | 13,290 | 11,777 | |
2.551%, 2/4/28 | 6,080 | 5,421 | |
(3 month Term SOFR + 1.032%) 6.401%, 2/5/26(4) | 11,312 | 11,331 | |
Barclays plc | |||
7.325%, 11/2/26 | 3,430 | 3,482 | |
7.385%, 11/2/28 | 3,215 | 3,299 | |
Blackstone Private Credit Fund | |||
2.625%, 12/15/26 | 5,165 | 4,446 | |
4.000%, 1/15/29 | 3,345 | 2,844 | |
Block, Inc. 2.750%, 6/1/26 | 7,535 | 6,777 | |
Blue Owl Credit Income Corp. 5.500%, 3/21/25 | 4,304 | 4,163 | |
BPCE S.A. 144A 5.975%, 1/18/27(1) | 6,390 | 6,321 | |
Brookfield Finance, Inc. 3.900%, 1/25/28 | 9,490 | 8,741 | |
Capital One Financial Corp. 6.312%, 6/8/29 | 7,118 | 6,956 | |
Charles Schwab Corp. (The) | |||
Series G 5.375%(7) | 4,332 | 4,162 | |
Series H 4.000%(7) | 6,721 | 4,742 | |
Citadel Finance LLC 144A 3.375%, 3/9/26(1) | 5,660 | 5,105 |
Par Value | Value | ||
Financials—continued | |||
Citadel LP 144A 4.875%, 1/15/27(1) | $ 1,055 | $ 1,003 | |
Citigroup, Inc. | |||
5.610%, 9/29/26 | 9,000 | 8,909 | |
3.200%, 10/21/26 | 9,162 | 8,459 | |
(SOFR + 1.280%) 6.623%, 2/24/28(4)(6) | 8,147 | 8,132 | |
Citizens Bank N.A. 2.250%, 4/28/25 | 9,235 | 8,551 | |
Corebridge Financial, Inc. 6.875%, 12/15/52 | 8,938 | 8,563 | |
Credit Suisse AG 7.950%, 1/9/25 | 4,910 | 4,997 | |
Danske Bank A/S | |||
144A 3.773%, 3/28/25(1) | 6,075 | 5,985 | |
144A 1.621%, 9/11/26(1) | 1,935 | 1,762 | |
Drawbridge Special Opportunities Fund LP 144A 3.875%, 2/15/26(1) | 15,930 | 14,173 | |
Export-Import Bank Korea 3.250%, 8/12/26 | 7,800 | 7,322 | |
Fifth Third Bancorp 4.055%, 4/25/28 | 2,565 | 2,361 | |
Fifth Third Bank N.A. 5.852%, 10/27/25 | 4,530 | 4,457 | |
Goldman Sachs Group, Inc. (The) | |||
4.250%, 10/21/25 | 24,315 | 23,432 | |
3.850%, 1/26/27 | 6,630 | 6,218 | |
Huntington Bancshares, Inc. 6.208%, 8/21/29 | 3,920 | 3,835 | |
Huntington National Bank (The) 5.699%, 11/18/25 | 2,708 | 2,647 | |
JPMorgan Chase & Co. | |||
1.578%, 4/22/27 | 16,600 | 14,814 | |
4.323%, 4/26/28 | 5,930 | 5,626 | |
(SOFR + 1.180%) 6.523%, 2/24/28(4) | 13,015 | 12,998 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 8,085 | 7,071 | |
Liberty Mutual Group, Inc. 144A 4.125%, 12/15/51(1) | 8,415 | 6,918 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 7.628%, 4/20/67(4) | 10,579 | 7,009 | |
Morgan Stanley | |||
2.188%, 4/28/26 | 6,000 | 5,636 | |
2.475%, 1/21/28 | 10,911 | 9,729 | |
6.296%, 10/18/28 | 1,604 | 1,616 | |
3.772%, 1/24/29 | 6,000 | 5,471 | |
MSCI, Inc. 144A 3.625%, 9/1/30(1) | 6,679 | 5,598 | |
Navient Corp. 5.875%, 10/25/24 | 7,452 | 7,334 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 7,400 | 7,341 |
Par Value | Value | ||
Financials—continued | |||
State Street Corp. | |||
5.751%, 11/4/26 | $ 6,169 | $ 6,147 | |
5.820%, 11/4/28 | 2,518 | 2,521 | |
Synchrony Financial | |||
4.875%, 6/13/25 | 3,194 | 3,062 | |
3.700%, 8/4/26 | 3,062 | 2,764 | |
Texas Capital Bancshares, Inc. 4.000%, 5/6/31 | 5,470 | 4,541 | |
Toronto-Dominion Bank (The) 8.125%, 10/31/82 | 10,895 | 10,839 | |
Truist Bank 3.625%, 9/16/25 | 8,785 | 8,298 | |
UBS AG 5.650%, 9/11/28 | 6,700 | 6,588 | |
Wells Fargo & Co. | |||
3.526%, 3/24/28 | 9,000 | 8,265 | |
Series U 5.875%(4)(7) | 6,935 | 6,800 | |
411,632 | |||
Health Care—1.9% | |||
Cheplapharm Arzneimittel GmbH 144A 5.500%, 1/15/28(1) | 7,120 | 6,460 | |
Community Health Systems, Inc. | |||
144A 6.125%, 4/1/30(1) | 4,935 | 2,511 | |
144A 5.250%, 5/15/30(1) | 3,065 | 2,330 | |
DENTSPLY SIRONA, Inc. 3.250%, 6/1/30 | 13,108 | 10,971 | |
Fortrea Holdings, Inc. 144A 7.500%, 7/1/30(1) | 2,373 | 2,309 | |
HCA, Inc. 5.200%, 6/1/28 | 4,461 | 4,311 | |
Illumina, Inc. | |||
5.800%, 12/12/25 | 4,445 | 4,416 | |
5.750%, 12/13/27 | 5,005 | 4,921 | |
IQVIA, Inc. 144A 5.700%, 5/15/28(1) | 8,587 | 8,343 | |
Royalty Pharma plc | |||
1.200%, 9/2/25 | 2,749 | 2,498 | |
1.750%, 9/2/27 | 7,234 | 6,172 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
6.000%, 4/15/24 | 516 | 512 | |
3.150%, 10/1/26 | 5,430 | 4,828 | |
4.750%, 5/9/27 | 1,280 | 1,172 | |
7.875%, 9/15/29 | 975 | 987 | |
Universal Health Services, Inc. 1.650%, 9/1/26 | 12,600 | 11,107 | |
Utah Acquisition Sub, Inc. 3.950%, 6/15/26 | 1,804 | 1,690 | |
Viatris, Inc. | |||
2.300%, 6/22/27 | 8,330 | 7,168 | |
144A 2.300%, 6/22/27(1) | — (8) | — (8) | |
82,706 | |||
Par Value | Value | ||
Industrials—2.4% | |||
Alaska Airlines Pass-Through Trust 2020-1, A 144A 4.800%, 2/15/29(1) | $ 11,144 | $ 10,686 | |
Allied Universal Holdco LLC 144A 6.625%, 7/15/26(1) | 6,885 | 6,524 | |
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(1) | 2,940 | 2,849 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 6,086 | 5,362 | |
Boeing Co. (The) 4.875%, 5/1/25 | 4,191 | 4,119 | |
British Airways Pass-Through Trust 2021-1, A 144A 2.900%, 9/15/36(1) | 9,216 | 7,630 | |
Chart Industries, Inc. 144A 9.500%, 1/1/31(1) | 2,890 | 3,072 | |
Concentrix Corp. 6.650%, 8/2/26 | 5,425 | 5,392 | |
CoStar Group, Inc. 144A 2.800%, 7/15/30(1) | 8,984 | 7,239 | |
Hexcel Corp. 4.200%, 2/15/27 | 10,050 | 9,306 | |
Huntington Ingalls Industries, Inc. 2.043%, 8/16/28 | 11,255 | 9,454 | |
Icahn Enterprises LP | |||
4.750%, 9/15/24 | 10,690 | 10,296 | |
6.250%, 5/15/26 | 2,110 | 1,960 | |
Neptune Bidco U.S., Inc. 144A 9.290%, 4/15/29(1) | 3,805 | 3,445 | |
Regal Rexnord Corp. | |||
144A 6.050%, 2/15/26(1) | 2,680 | 2,650 | |
144A 6.050%, 4/15/28(1) | 4,590 | 4,465 | |
144A 6.300%, 2/15/30(1) | 4,698 | 4,538 | |
Veralto Corp. 144A 5.350%, 9/18/28(1) | 8,890 | 8,789 | |
107,776 | |||
Information Technology—1.0% | |||
Booz Allen Hamilton, Inc. | |||
144A 3.875%, 9/1/28(1) | 1,950 | 1,747 | |
144A 4.000%, 7/1/29(1) | 9,207 | 8,121 | |
CDW LLC 3.276%, 12/1/28 | 5,341 | 4,603 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1)(6) | 1,440 | 1,326 | |
144A 6.500%, 10/15/28(1) | 2,165 | 1,845 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 920 | 802 | |
Kyndryl Holdings, Inc. | |||
2.050%, 10/15/26 | 5,026 | 4,387 | |
2.700%, 10/15/28 | 4,835 | 3,975 |
Par Value | Value | ||
Information Technology—continued | |||
Leidos, Inc. 3.625%, 5/15/25 | $ 7,850 | $ 7,547 | |
SK Hynix, Inc. 144A 1.500%, 1/19/26(1) | 4,710 | 4,225 | |
Viasat, Inc. 144A 5.625%, 9/15/25(1) | 7,025 | 6,489 | |
45,067 | |||
Materials—1.6% | |||
Bayport Polymers LLC 144A 4.743%, 4/14/27(1) | 12,755 | 11,774 | |
Celanese U.S. Holdings LLC 3.500%, 5/8/24 | 8,694 | 8,550 | |
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 2,230 | 2,223 | |
FMG Resources August 2006 Pty Ltd. 144A 5.875%, 4/15/30(1) | 8,105 | 7,410 | |
Glencore Funding LLC 144A 1.625%, 9/1/25(1) | 7,650 | 7,055 | |
International Flavors & Fragrances, Inc. 144A 1.230%, 10/1/25(1) | 7,666 | 6,872 | |
Mauser Packaging Solutions Holding Co. 144A 9.250%, 4/15/27(1) | 3,120 | 2,727 | |
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(1) | 6,740 | 6,349 | |
Silgan Holdings, Inc. 144A 1.400%, 4/1/26(1) | 11,513 | 10,212 | |
Suzano Austria GmbH 2.500%, 9/15/28 | 8,725 | 7,242 | |
70,414 | |||
Real Estate—1.2% | |||
EPR Properties 4.950%, 4/15/28 | 9,545 | 8,458 | |
GLP Capital LP | |||
5.250%, 6/1/25 | 7,340 | 7,189 | |
5.750%, 6/1/28 | 1,863 | 1,786 | |
5.300%, 1/15/29 | 2,731 | 2,532 | |
Office Properties Income Trust 2.650%, 6/15/26 | 5,087 | 3,460 | |
Retail Opportunity Investments Partnership LP 5.000%, 12/15/23 | 10,874 | 10,846 | |
Service Properties Trust 4.350%, 10/1/24 | 8,270 | 7,933 | |
VICI Properties LP | |||
144A 4.625%, 6/15/25(1) | 1,305 | 1,260 | |
144A 5.750%, 2/1/27(1) | 6,370 | 6,167 | |
144A 4.500%, 1/15/28(1) | 1,710 | 1,560 | |
144A 4.625%, 12/1/29(1) | 3,420 | 3,034 |
Par Value | Value | ||
Real Estate—continued | |||
144A 4.125%, 8/15/30(1) | $ 1,780 | $ 1,514 | |
55,739 | |||
Utilities—2.2% | |||
American Electric Power Co., Inc. 5.699%, 8/15/25 | 10,255 | 10,203 | |
Dominion Energy, Inc. Series A 1.450%, 4/15/26 | 7,155 | 6,437 | |
DPL, Inc. 4.125%, 7/1/25 | 1,596 | 1,512 | |
Electricite de France S.A. 144A 5.700%, 5/23/28(1) | 7,110 | 7,041 | |
Enel Finance America LLC 144A 7.100%, 10/14/27(1) | 5,430 | 5,617 | |
Enel Finance International N.V. 144A 6.800%, 10/14/25(1) | 2,600 | 2,630 | |
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(1) | 7,425 | 7,225 | |
Exelon Corp. 5.150%, 3/15/28 | 6,585 | 6,462 | |
Ferrellgas LP 144A 5.375%, 4/1/26(1) | 5,670 | 5,315 | |
National Grid plc 5.602%, 6/12/28 | 4,481 | 4,432 | |
NextEra Energy Capital Holdings, Inc. 6.051%, 3/1/25 | 4,792 | 4,799 | |
NRG Energy, Inc. 144A 3.750%, 6/15/24(1) | 14,667 | 14,362 | |
Puget Energy, Inc. 2.379%, 6/15/28 | 9,794 | 8,378 | |
Southern Co. (The) Series 21-A 3.750%, 9/15/51 | 13,578 | 11,843 | |
96,256 | |||
Total Corporate Bonds and Notes (Identified Cost $1,259,006) | 1,177,442 | ||
Leveraged Loans—9.2% | |||
Aerospace—0.7% | |||
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%) 9.331%, 2/15/29(4) | 2,627 | 2,586 | |
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.166%, 6/7/28(4) | 6,980 | 6,909 | |
Delta Air Lines, Inc. (3 month Term SOFR + 3.750%) 9.076%, 10/20/27(4) | 4,599 | 4,758 |
Par Value | Value | ||
Aerospace—continued | |||
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%) 10.798%, 6/21/27(4) | $ 3,919 | $ 4,066 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.640%, 8/24/28(4) | 12,948 | 12,946 | |
31,265 | |||
Chemicals—0.3% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 9.166%, 11/8/27(4) | 8,322 | 8,279 | |
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%) 9.666%, 10/15/28(4) | 4,170 | 4,107 | |
12,386 | |||
Consumer Non-Durables—0.1% | |||
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%) 9.402%, 12/22/26(4) | 6,347 | 6,308 | |
Energy—0.3% | |||
AL GCX Holdings LLC (3 month Term SOFR + 3.650%) 8.931%, 5/17/29(4) | 1,674 | 1,674 | |
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%) 9.088%, 12/21/28(4) | 5,980 | 5,918 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.692%, 10/5/28(4) | 7,269 | 7,258 | |
Paragon Offshore Finance Co. (3 month LIBOR + 1.750%) 3.750%, 7/16/21(2)(5) | 66 | — | |
14,850 | |||
Financials—0.6% | |||
Avolon TLB Borrower 1 U.S. LLC Tranche B-5 (1 month Term SOFR + 2.350%) 7.675%, 12/1/27(4) | 5,973 | 5,967 | |
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%) 8.172%, 6/15/25(4) | 6,003 | 5,978 |
Par Value | Value | ||
Financials—continued | |||
Citadel Securities LP Tranche B (1 month Term SOFR + 2.614%) 7.931%, 7/29/30(4) | $ 8,623 | $ 8,596 | |
Finco I LLC 2023 (3 month Term SOFR + 3.000%) 8.369%, 6/27/29(4) | 1,307 | 1,306 | |
GIP Pilot Acquisition Partners LP (3 month LIBOR + 3.250%) 0.000%, 9/18/30(4)(9) | 1,325 | 1,320 | |
GTCR W Merger Sub LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/20/30(4)(9) | 2,635 | 2,633 | |
25,800 | |||
Food / Tobacco—0.8% | |||
Aramark Services, Inc. Tranche B-5 (1 month Term SOFR + 2.614%) 7.931%, 4/6/28(4) | 4,656 | 4,649 | |
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%) 9.668% - 11.750%, 5/16/29(4) | 7,325 | 7,112 | |
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%) 7.666%, 1/29/27(4) | 8,971 | 8,896 | |
Hostess Brands LLC Tranche B (3 month Term SOFR + 2.500%) 7.890%, 6/21/30(4) | 8,322 | 8,331 | |
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.615%, 7/12/29(4) | 2,273 | 2,267 | |
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%) 8.902%, 3/31/28(4) | 6,341 | 6,173 | |
37,428 | |||
Forest Prod / Containers—0.3% | |||
Berry Global, Inc. Tranche Z (3 month Term SOFR + 2.012%) 7.293%, 7/1/26(4) | 5,404 | 5,401 | |
Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 4.000%) 9.330%, 8/14/26(4) | 3,631 | 3,627 | |
TricorBraun, Inc. (1 month Term SOFR + 3.364%) 8.681%, 3/3/28(4) | 4,994 | 4,893 | |
13,921 | |||
Par Value | Value | ||
Gaming / Leisure—0.9% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.666%, 2/6/30(4) | $ 3,338 | $ 3,336 | |
Carnival Corp. (1 month Term SOFR + 3.000%) 8.327%, 8/9/27(4) | 4,489 | 4,472 | |
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%) 9.640%, 8/1/30(4) | 1,490 | 1,490 | |
Playa Hotels & Resorts B.V. (1 month Term SOFR + 4.250%) 9.581%, 1/5/29(4) | 4,720 | 4,719 | |
Playtika Holding Corp. Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 3/13/28(4) | 5,989 | 5,977 | |
Raptor Acquisition Corp. Tranche B (3 month Term SOFR + 4.262%) 9.658%, 11/1/26(4) | 2,518 | 2,520 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 8.434%, 4/13/29(4) | 3,199 | 3,196 | |
Stars Group Holdings B.V. 2021 (3 month Term SOFR + 2.512%) 7.902%, 7/21/26(4) | 5,770 | 5,762 | |
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(4) | 6,231 | 6,221 | |
37,693 | |||
Health Care—0.6% | |||
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%) 8.247%, 5/1/30(4) | 6,087 | 6,057 | |
CHG Healthcare Services, Inc. | |||
2023 (1 month Term SOFR + 3.000%) 0.000%, 9/29/28(4)(9) | 780 | 778 | |
First Lien (1 month Term SOFR + 3.364%) 8.681%, 9/29/28(4) | 2,343 | 2,330 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.666%, 4/20/29(4) | 2,548 | 2,536 | |
Phoenix Guarantor, Inc. Tranche B-3 (1 month Term SOFR + 3.614%) 8.931%, 3/5/26(4) | 5,958 | 5,925 |
Par Value | Value | ||
Health Care—continued | |||
Phoenix Newco, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 11/15/28(4) | $ 2,118 | $ 2,101 | |
Select Medical Corp. Tranche B-1 (1 month Term SOFR + 3.000%) 8.316%, 3/8/27(4) | 6,548 | 6,524 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.850%) 9.240%, 10/1/26(4) | 2,363 | 2,358 | |
28,609 | |||
Housing—0.4% | |||
Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 3/18/29(4) | 5,501 | 5,498 | |
SRS Distribution, Inc. | |||
2021 (1 month Term SOFR + 3.614%) 8.931%, 6/2/28(4) | 3,322 | 3,285 | |
2022 (1 month Term SOFR + 3.600%) 8.916%, 6/2/28(4) | 739 | 731 | |
Standard Industries, Inc. (1 month Term SOFR + 2.614%) 7.938%, 9/22/28(4) | 5,857 | 5,852 | |
15,366 | |||
Information Technology—0.8% | |||
Applied Systems, Inc. 2026 (3 month Term SOFR + 4.500%) 9.890%, 9/18/26(4) | 14,246 | 14,275 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.681%, 9/21/28(4) | 4,066 | 4,052 | |
Epicor Software Corp. First Lien (3 month LIBOR + 1.750%) 9.069%, 7/30/27(4) | 635 | 635 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 8.159%, 3/3/30(4) | 8,080 | 8,073 | |
UKG, Inc. | |||
2021, Second Lien (3 month Term SOFR + 5.350%) 10.618%, 5/3/27(4) | 355 | 354 | |
2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(4) | 8,800 | 8,768 | |
36,157 | |||
Par Value | Value | ||
Manufacturing—0.6% | |||
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%) 8.901%, 10/8/27(4) | $ 5,876 | $ 5,869 | |
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 9.174%, 3/15/30(4) | 4,692 | 4,691 | |
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%) 8.931%, 10/21/28(4) | 6,049 | 6,020 | |
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%) 7.916%, 3/31/27(4) | 4,834 | 4,817 | |
NCR Corp. (1 month Term SOFR + 2.614%) 7.931%, 8/28/26(4) | 5,377 | 5,364 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 9.170%, 2/23/29(4) | 1,394 | 1,393 | |
28,154 | |||
Media / Telecom - Broadcasting—0.3% | |||
Nexstar Media, Inc. Tranche B-4 (1 month Term SOFR + 2.614%) 7.931%, 9/18/26(4) | 4,264 | 4,257 | |
Univision Communications, Inc. 2021 (1 month Term SOFR + 3.364%) 8.681%, 3/15/26(4) | 7,143 | 7,120 | |
11,377 | |||
Media / Telecom - Cable/Wireless Video—0.6% | |||
Charter Communications Operating LLC Tranche B-2 (3 month Term SOFR + 1.750%) 7.116%, 2/1/27(4) | 5,368 | 5,359 | |
Cogeco Communications Finance USA LP Tranche B-1 (3 month LIBOR + 3.250%) 0.000%, 9/18/30(4)(9) | 7,715 | 7,586 | |
CSC Holdings LLC 2022 (1 month Term SOFR + 4.500%) 9.832%, 1/18/28(4) | 8,107 | 7,668 | |
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.431%, 8/2/27(4) | 5,997 | 5,854 | |
26,467 | |||
Par Value | Value | ||
Media / Telecom - Diversified Media—0.1% | |||
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 10.398%, 4/11/29(4) | $ 6,264 | $ 5,625 | |
Simon & Schuster, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/27/30(4)(9) | 721 | 715 | |
6,340 | |||
Metals / Minerals—0.0% | |||
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%) 9.879%, 8/19/30(4) | 1,230 | 1,226 | |
Retail—0.1% | |||
PetsMart LLC (1 month Term SOFR + 3.850%) 9.166%, 2/11/28(4) | 4,767 | 4,747 | |
Service—1.1% | |||
AlixPartners LLP (1 month Term SOFR + 2.864%) 8.181%, 2/4/28(4) | 5,285 | 5,277 | |
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%) 8.619%, 4/20/29(4) | 2,911 | 2,909 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month Term SOFR + 2.850%) 8.167%, 2/6/26(4) | 5,654 | 5,642 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.540%, 11/23/28(4) | 5,883 | 5,860 | |
Peraton Corp. Tranche B, First Lien (1 month Term SOFR + 3.850%) 9.166%, 2/1/28(4) | 6,185 | 6,166 | |
Pike Corp. | |||
2028 (1 month Term SOFR + 3.114%) 8.431%, 1/21/28(4) | 8,226 | 8,208 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 8.816%, 1/21/28(4) | 1,069 | 1,069 | |
PODS LLC (1 month Term SOFR + 3.114%) 8.431%, 3/31/28(4) | 3,253 | 3,147 | |
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%) 8.666%, 2/10/29(4) | 3,482 | 3,445 |
Par Value | Value | ||
Service—continued | |||
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 8.731%, 3/28/25(4) | $ 6,304 | $ 6,246 | |
47,969 | |||
Transportation - Automotive—0.2% | |||
Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 9.066%, 5/6/30(4) | 5,085 | 5,069 | |
PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%) 9.381%, 10/28/27(4) | 3,270 | 3,089 | |
8,158 | |||
Utilities—0.4% | |||
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%) 8.181%, 8/1/25(4) | 8,741 | 8,731 | |
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.566%, 8/7/29(4) | 1,685 | 1,683 | |
Vistra Operations Co. LLC 2018 (1 month Term SOFR + 1.864%) 7.181%, 12/31/25(4) | 8,643 | 8,639 | |
19,053 | |||
Total Leveraged Loans (Identified Cost $413,233) | 413,274 |
Shares | ||
Preferred Stock—0.1% | ||
Financials—0.1% | ||
JPMorgan Chase & Co. Series HH, 4.600% | 4,159 (10) | 3,891 |
Total Preferred Stock (Identified Cost $4,159) | 3,891 | |
Rights—0.0% | ||
Utilities—0.0% | ||
Vistra Energy Corp., 12/29/49(5)(11) | 98,789 | 115 |
Total Rights (Identified Cost $83) | 115 | |
Total Long-Term Investments—97.8% (Identified Cost $4,650,343) | 4,377,899 | |
Shares | Value | ||
Short-Term Investments—1.4% | |||
Money Market Mutual Fund—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(12) | 40,449,967 | $ 40,450 | |
Total Money Market Mutual Fund (Identified Cost $40,450) | 40,450 |
Par Value | ||
U.S. Government Security—0.5% | ||
U.S. Treasury Bill 0.000%, 2/29/24(13) | $ 23,165 | 22,653 |
Total U.S. Government Security (Identified Cost $22,651) | 22,653 | |
Total Short-Term Investments (Identified Cost $63,101) | 63,103 |
Shares | ||
Securities Lending Collateral—0.2% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(12)(14) | 10,236,580 | 10,237 |
Total Securities Lending Collateral (Identified Cost $10,237) | 10,237 | |
TOTAL INVESTMENTS—99.4% (Identified Cost $4,723,681) | $4,451,239 | |
Other assets and liabilities, net—0.6% | 25,620 | |
NET ASSETS—100.0% | $4,476,859 |
Abbreviations: | |
ABS | Asset-Backed Securities |
CLO | Collateralized Loan Obligation |
DAC | Designated Activity Company |
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 |
MSCI | Morgan Stanley Capital International |
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 September 30, 2023, these securities amounted to a value of $2,642,473 or 59.0% of net assets. |
(2) | Security in default; no interest payments are being received. |
(3) | Regulation S security. Security is offered and sold outside of the United States; therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(4) | Variable rate security. Rate disclosed is as of September 30, 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) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(6) | All or a portion of security is on loan. |
(7) | No contractual maturity date. |
(8) | Amount is less than $500 (not in thousands). |
(9) | This loan will settle after September 30, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(10) | Value shown as par value. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
(14) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 90% |
Canada | 1 |
Mexico | 1 |
United Kingdom | 1 |
Cayman Islands | 1 |
Saudi Arabia | 1 |
Netherlands | 1 |
Other | 4 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $1,156,680 | $ — | $1,156,680 | $ — | |||
Corporate Bonds and Notes | 1,177,442 | — | 1,177,442 | — | |||
Foreign Government Securities | 97,081 | — | 97,081 | — | |||
Leveraged Loans | 413,274 | — | 413,274 | — (1) | |||
Mortgage-Backed Securities | 1,171,912 | — | 1,160,283 | 11,629 | |||
Municipal Bond | 3,410 | — | 3,410 | — | |||
U.S. Government Securities | 376,747 | — | 376,747 | — | |||
Equity Securities: | |||||||
Rights | 115 | — | — | 115 | |||
Preferred Stock | 3,891 | — | 3,891 | — | |||
Money Market Mutual Fund | 40,450 | 40,450 | — | — | |||
Securities Lending Collateral | 10,237 | 10,237 | — | — | |||
Total Investments | $4,451,239 | $50,687 | $4,388,808 | $11,744 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2023
Par Value | Value | ||
Corporate Bonds and Notes—4.2% | |||
Communication Services—0.6% | |||
CSC Holdings LLC 144A 7.500%, 4/1/28(1) | $ 200 | $ 130 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 320 | 275 | |
iHeartCommunications, Inc. 6.375%, 5/1/26 | 258 | 222 | |
Level 3 Financing, Inc. 144A 4.250%, 7/1/28(1) | 55 | 34 | |
McGraw-Hill Education, Inc. 144A 5.750%, 8/1/28(1) | 565 | 488 | |
1,149 | |||
Consumer Discretionary—0.7% | |||
Carnival Corp. 144A 7.000%, 8/15/29(1) | 70 | 69 | |
CCM Merger, Inc. 144A 6.375%, 5/1/26(1) | 350 | 335 | |
Clarios Global LP 144A 6.750%, 5/15/28(1) | 35 | 34 | |
eG Global Finance plc 144A 6.750%, 2/7/25(1) | 314 | 308 | |
Ontario Gaming GTA LP 144A 8.000%, 8/1/30(1) | 195 | 195 | |
PetSmart, Inc. 144A 4.750%, 2/15/28(1) | 500 | 438 | |
1,379 | |||
Consumer Staples—0.5% | |||
Albertsons Cos., Inc. 144A 6.500%, 2/15/28(1) | 265 | 262 | |
Coty, Inc. 144A 6.625%, 7/15/30(1) | 190 | 185 | |
Kronos Acquisition Holdings, Inc. 144A 5.000%, 12/31/26(1) | 5 | 5 | |
Sigma Holdco B.V. 144A 7.875%, 5/15/26(1) | 380 | 318 | |
Triton Water Holdings, Inc. 144A 6.250%, 4/1/29(1) | 225 | 184 | |
954 | |||
Financials—0.4% | |||
Acrisure LLC 144A 4.250%, 2/15/29(1) | 240 | 202 | |
Ladder Capital Finance Holdings LLLP 144A 4.250%, 2/1/27(1) | 225 | 197 | |
NCR Atleos Escrow Corp. 144A 9.500%, 4/1/29(1) | 334 | 323 | |
722 | |||
Health Care—0.5% | |||
Community Health Systems, Inc. 144A 6.125%, 4/1/30(1) | 75 | 38 |
Par Value | Value | ||
Health Care—continued | |||
Legacy LifePoint Health LLC 144A 4.375%, 2/15/27(1) | $ 260 | $ 224 | |
LifePoint Health, Inc. 144A 9.875%, 8/15/30(1) | 550 | 532 | |
Medline Borrower LP 144A 3.875%, 4/1/29(1) | 150 | 127 | |
921 | |||
Industrials—0.8% | |||
Beacon Roofing Supply, Inc. 144A 6.500%, 8/1/30(1) | 135 | 131 | |
Icahn Enterprises LP 4.750%, 9/15/24 | 550 | 530 | |
Regal Rexnord Corp. | |||
144A 6.050%, 4/15/28(1) | 195 | 190 | |
144A 6.300%, 2/15/30(1) | 270 | 261 | |
TransDigm, Inc. 144A 6.875%, 12/15/30(1) | 330 | 323 | |
Vertiv Group Corp. 144A 4.125%, 11/15/28(1) | 295 | 259 | |
1,694 | |||
Information Technology—0.2% | |||
Central Parent LLC 144A 8.000%, 6/15/29(1) | 50 | 50 | |
GTCR W-2 Merger Sub LLC 144A 7.500%, 1/15/31(1) | 123 | 123 | |
ION Trading Technologies S.a.r.l. 144A 5.750%, 5/15/28(1) | 215 | 187 | |
360 | |||
Materials—0.3% | |||
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(1) | 590 | 539 | |
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1) | 130 | 126 | |
665 | |||
Real Estate—0.2% | |||
VICI Properties LP | |||
4.950%, 2/15/30 | 300 | 274 | |
144A 4.625%, 6/15/25(1) | 70 | 68 | |
342 | |||
Total Corporate Bonds and Notes (Identified Cost $8,785) | 8,186 | ||
Leveraged Loans—91.7% | |||
Aerospace—3.9% | |||
Amentum Government Services Holdings LLC (1 month Term SOFR + 4.000%) 9.331%, 2/15/29(2) | 652 | 641 |
Par Value | Value | ||
Aerospace—continued | |||
American Airlines, Inc. (3 month Term SOFR + 5.012%) 10.338%, 4/20/28(2) | $ 370 | $ 381 | |
Brown Group Holding LLC (1 month Term SOFR + 2.850%) 8.166%, 6/7/28(2) | 1,287 | 1,274 | |
Dynasty Acquisition Co., Inc. | |||
2023, Tranche B-1 (1 month Term SOFR + 4.000%) 9.316%, 8/24/28(2) | 529 | 527 | |
2023, Tranche B-2 (1 month Term SOFR + 4.000%) 9.316%, 8/24/28(2) | 227 | 226 | |
Kestrel Bidco, Inc. (1 month Term SOFR + 3.100%) 8.420%, 12/11/26(2) | 911 | 891 | |
Mileage Plus Holdings LLC (3 month Term SOFR + 5.400%) 10.798%, 6/21/27(2) | 806 | 837 | |
TransDigm, Inc. Tranche I (3 month Term SOFR + 3.250%) 8.640%, 8/24/28(2) | 2,205 | 2,205 | |
United AirLines, Inc. Tranche B (1 month Term SOFR + 3.864%) 9.182%, 4/21/28(2) | 644 | 644 | |
7,626 | |||
Chemicals—3.5% | |||
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 9.166%, 11/8/27(2) | 2,156 | 2,145 | |
Innophos Holdings, Inc. (1 month Term SOFR + 3.364%) 8.681%, 2/5/27(2) | 1,323 | 1,316 | |
LSF11 A5 Holdco LLC (1 month Term SOFR + 4.350%) 9.666%, 10/15/28(2) | 883 | 869 | |
Nouryon Finance B.V. (3 month LIBOR + 3.250%) 0.000%, 4/3/28(2)(3) | 525 | 518 | |
Starfruit Finco B.V. (1 month Term SOFR + 3.100%) 8.427%, 10/1/25(2) | 1,012 | 1,010 | |
Windsor Holdings III LLC Tranche B (1 month Term SOFR + 4.500%) 9.830%, 8/1/30(2) | 890 | 885 | |
6,743 | |||
Par Value | Value | ||
Consumer Durables—0.5% | |||
Zodiac Pool Solutions LLC (1 month Term SOFR + 2.025%) 7.341%, 1/29/29(2) | $ 1,041 | $ 1,034 | |
Consumer Non-Durables—1.1% | |||
DS Parent, Inc. Tranche B (6 month Term SOFR + 5.750%) 11.337%, 12/8/28(2) | 675 | 665 | |
Kronos Acquisition Holdings, Inc. Tranche B-1 (3 month Term SOFR + 4.012%) 9.402%, 12/22/26(2) | 1,531 | 1,522 | |
2,187 | |||
Energy—2.7% | |||
AL GCX Holdings LLC (3 month Term SOFR + 3.650%) 8.931%, 5/17/29(2) | 593 | 593 | |
Freeport LNG Investments LLP Tranche B (3 month Term SOFR + 3.762%) 9.088%, 12/21/28(2) | 1,060 | 1,049 | |
Hamilton Projects Acquiror LLC (1 month Term SOFR + 4.614%) 9.931%, 6/17/27(2) | 675 | 671 | |
Medallion Midland Acquisition LLC (3 month Term SOFR + 4.012%) 9.402%, 10/18/28(2) | 1,210 | 1,210 | |
Oryx Midstream Services Permian Basin LLC 2023 (1 month Term SOFR + 3.364%) 8.692%, 10/5/28(2) | 765 | 764 | |
Paragon Offshore Finance Co. (3 month LIBOR + 1.750%) 3.750%, 7/16/21(4)(5) | 11 | — | |
Traverse Midstream Partners LLC 2023, Tranche B (3 month Term SOFR + 3.850%) 9.216%, 2/16/28(2) | 1,014 | 1,011 | |
5,298 | |||
Financials—4.1% | |||
Acrisure LLC 2020, Tranche B (1 month LIBOR + 3.500%) 8.931%, 2/15/27(2) | 1,224 | 1,205 | |
Asurion LLC Tranche B-8 (1 month Term SOFR + 3.364%) 8.681%, 12/23/26(2) | 1,117 | 1,092 |
Par Value | Value | ||
Financials—continued | |||
Avolon TLB Borrower 1 (US) LLC Tranche B-6 (1 month Term SOFR + 2.500%) 7.825%, 6/22/28(2) | $ 651 | $ 651 | |
Blackhawk Network Holdings, Inc. First Lien (3 month Term SOFR + 2.750%) 8.172%, 6/15/25(2) | 1,136 | 1,131 | |
Castlelake Aviation One Designated Activity Co. 2023 (3 month Term SOFR + 3.012%) 8.421%, 10/22/27(2) | 680 | 678 | |
Citadel Securities LP Tranche B (1 month Term SOFR + 2.614%) 7.931%, 7/29/30(2) | 1,501 | 1,496 | |
Finco I LLC 2023 (3 month Term SOFR + 3.000%) 8.369%, 6/27/29(2) | 977 | 977 | |
GIP Pilot Acquisition Partners LP (1 month Term SOFR + 3.250%) 0.000%, 9/18/30(2)(3) | 290 | 289 | |
GTCR W Merger Sub LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/20/30(2)(3) | 580 | 580 | |
8,099 | |||
Food / Tobacco—5.9% | |||
Aramark Services, Inc. Tranche B-5 (1 month Term SOFR + 2.614%) 7.931%, 4/6/28(2) | 960 | 959 | |
Del Monte Foods, Inc. (1 month Term SOFR + 4.350% - 3 month PRIME + 3.250%) 9.668% - 11.750%, 5/16/29(2) | 1,151 | 1,117 | |
Froneri U.S., Inc. Tranche B-2 (1 month Term SOFR + 2.350%) 7.666%, 1/29/27(2) | 1,774 | 1,760 | |
H-Food Holdings LLC (3 month LIBOR + 3.688%) 9.268%, 5/23/25(2) | 1,348 | 1,171 | |
Hostess Brands LLC Tranche B (3 month Term SOFR + 2.500%) 7.890%, 6/21/30(2) | 459 | 459 | |
Naked Juice LLC (3 month Term SOFR + 3.350%) 8.740%, 1/24/29(2) | 1,013 | 960 | |
Pegasus Bidco B.V. Tranche B-2 (3 month Term SOFR + 4.250%) 9.615%, 7/12/29(2) | 1,067 | 1,064 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Shearer’s Foods LLC First Lien (1 month Term SOFR + 3.614%) 8.931%, 9/23/27(2) | $ 1,051 | $ 1,049 | |
Sigma Bidco B.V. Tranche B-7 (3 month Term SOFR + 4.910%) 4.910%, 1/2/28(2) | 2,008 | 1,953 | |
Triton Water Holdings, Inc. First Lien (3 month Term SOFR + 3.512%) 8.902%, 3/31/28(2) | 959 | 933 | |
11,425 | |||
Forest Prod / Containers—3.3% | |||
Anchor Glass Container Corp. 2023, First Lien (3-6 month Term SOFR + 5.428%) 10.628% - 10.896%, 12/7/25(2) | 746 | 613 | |
Clydesdale Acquisition Holdings, Inc. Tranche B (1 month Term SOFR + 4.275%) 9.591%, 4/13/29(2) | 993 | 978 | |
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.975%) 10.476%, 2/12/26(2) | 1,499 | 1,439 | |
Mauser Packaging Solutions Holding Co. (1 month Term SOFR + 4.000%) 9.330%, 8/14/26(2) | 788 | 787 | |
TricorBraun, Inc. (1 month Term SOFR + 3.364%) 8.681%, 3/3/28(2) | 1,215 | 1,190 | |
Trident TPI Holdings, Inc. | |||
Tranche B-3, First Lien (3 month Term SOFR + 4.262%) 9.652%, 9/15/28(2) | 397 | 395 | |
Tranche B-5 (3 month Term SOFR + 4.500%) 9.890%, 9/15/28(2) | 1,021 | 1,018 | |
6,420 | |||
Gaming / Leisure—5.8% | |||
Caesars Entertainment, Inc. Tranche B (1 month Term SOFR + 3.350%) 8.666%, 2/6/30(2) | 702 | 701 | |
Carnival Corp. | |||
(1 month Term SOFR + 3.000%) 8.327%, 8/9/27(2) | 668 | 666 | |
2021, Tranche B (1 month Term SOFR + 3.364%) 8.681%, 10/18/28(2) | 466 | 463 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
ECL Entertainment LLC Tranche B (3 month Term SOFR + 4.750%) 10.140%, 9/3/30(2) | $ 685 | $ 683 | |
Entain Holdings Gibraltar Ltd. Tranche B (3 month Term SOFR + 2.600%) 7.990%, 3/29/27(2) | 708 | 706 | |
Entain plc Tranche B-2 (3 month Term SOFR + 3.600%) 8.990%, 10/31/29(2) | 85 | 84 | |
Fertitta Entertainment LLC Tranche B (1 month Term SOFR + 4.000%) 9.316%, 1/26/29(2) | 998 | 986 | |
J&J Ventures Gaming LLC | |||
(3 month Term SOFR + 4.262%) 9.652%, 4/26/28(2) | 872 | 831 | |
2023 (1 month Term SOFR + 3.250%) 0.000%, 4/26/28(2)(3) | 273 | 261 | |
2023 (1 month Term SOFR + 4.364%) 9.693%, 4/26/28(2) | 152 | 145 | |
Ontario Gaming GTA Ltd. Partnership Tranche B (3 month Term SOFR + 4.250%) 9.640%, 8/1/30(2) | 380 | 380 | |
Playa Hotels & Resorts B.V. (1 month Term SOFR + 4.250%) 9.581%, 1/5/29(2) | 1,174 | 1,173 | |
Raptor Acquisition Corp. Tranche B (3 month Term SOFR + 4.262%) 9.658%, 11/1/26(2) | 262 | 262 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 8.768%, 4/4/29(2) | 1,246 | 1,238 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 8.434%, 4/13/29(2) | 1,314 | 1,313 | |
UFC Holdings LLC Tranche B-3 (3 month Term SOFR + 3.012%) 8.369%, 4/29/26(2) | 1,382 | 1,380 | |
11,272 | |||
Health Care—12.6% | |||
Agiliti Health, Inc. 2023, Tranche B (3 month Term SOFR + 3.000%) 8.247%, 5/1/30(2) | 832 | 827 | |
Bausch & Lomb Corp. (3 month LIBOR + 3.000%) 0.000%, 9/14/28(2)(3) | 385 | 380 |
Par Value | Value | ||
Health Care—continued | |||
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month Term SOFR + 2.114%) 7.438%, 2/22/28(2) | $ 948 | $ 925 | |
CHG Healthcare Services, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 9/29/28(2) | 1,671 | 1,662 | |
Endo Luxembourg Finance Co. I S.a.r.l. 2021 (3 month PRIME + 6.250%) 14.500%, 3/27/28(6) | 530 | 378 | |
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 9.140%, 3/31/27(2)(4)(5) | 772 | 1 | |
(3 month Term SOFR + 4.250%) 9.640%, 3/31/27(5) | 316 | 71 | |
(3 month Term SOFR + 8.025%) 13.415%, 3/31/27(5) | 91 | 106 | |
eResearch Technology, Inc. First Lien (1 month Term SOFR + 4.614%) 9.931%, 2/4/27(2) | 618 | 606 | |
Gainwell Acquisition Corp. Tranche B (3 month Term SOFR + 4.100%) 9.490%, 10/1/27(2) | 1,378 | 1,342 | |
Hunter Holdco 3 Ltd. First Lien (3 month Term SOFR + 4.350%) 9.740%, 8/19/28(2) | 512 | 510 | |
LifePoint Health, Inc. Tranche B, First Lien (3 month Term SOFR + 4.012%) 9.377%, 11/16/25(2) | 1,249 | 1,245 | |
Medline Borrower LP (1 month Term SOFR + 3.364%) 8.681%, 10/23/28(2) | 2,032 | 2,025 | |
One Call Corp. Tranche B, First Lien (3 month Term SOFR + 5.762%) 11.113%, 4/22/27(2) | 674 | 540 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month Term SOFR + 3.762%) 9.152%, 11/30/27(2) | 1,104 | 1,098 | |
Pearl Intermediate Parent LLC First Lien (1 month Term SOFR + 2.850%) 8.166%, 2/14/25(2) | 1,049 | 1,042 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.350%) 7.666%, 4/20/29(2) | 1,032 | 1,027 |
Par Value | Value | ||
Health Care—continued | |||
Phoenix Guarantor, Inc. | |||
Tranche B-1 (1 month Term SOFR + 3.364%) 8.681%, 3/5/26(2) | $ 297 | $ 295 | |
Tranche B-3 (1 month Term SOFR + 3.614%) 8.931%, 3/5/26(2) | 803 | 799 | |
Phoenix Newco, Inc. First Lien (1 month Term SOFR + 3.364%) 8.681%, 11/15/28(2) | 879 | 872 | |
Pluto Acquisition I, Inc. 2021, First Lien (3 month Term SOFR + 4.262%) 9.684%, 6/22/26(2) | 635 | 553 | |
Select Medical Corp. Tranche B-1 (1 month Term SOFR + 3.000%) 8.316%, 3/8/27(2) | 1,125 | 1,121 | |
Sotera Health Holdings LLC (1 month Term SOFR + 3.750%) 9.073%, 12/11/26(2) | 289 | 289 | |
Southern Veterinary Partners LLC First Lien (1 month Term SOFR + 4.114%) 9.431%, 10/5/27(2) | 871 | 865 | |
Star Parent, Inc. Tranche B (1 month Term SOFR + 3.250%) 0.000%, 9/19/30(2)(3) | 1,625 | 1,587 | |
Sunshine Luxembourg VII S.a.r.l. Tranche B-3 (3 month Term SOFR + 3.850%) 9.240%, 10/1/26(2) | 1,287 | 1,284 | |
Surgery Center Holdings, Inc. 2021 (1 month Term SOFR + 3.864%) 9.189%, 8/31/26(2) | 1,152 | 1,153 | |
Team Health Holdings, Inc. (1 month Term SOFR + 5.250%) 10.566%, 3/2/27(2) | 395 | 298 | |
Upstream Newco, Inc. 2021 (1 month Term SOFR + 4.364%) 9.681%, 11/20/26(2) | 260 | 249 | |
Viant Medical Holdings, Inc. First Lien (1 month Term SOFR + 3.864%) 9.181%, 7/2/25(2) | 1,386 | 1,359 | |
24,509 | |||
Housing—2.3% | |||
Chariot Buyer LLC (1 month Term SOFR + 3.350%) 8.666%, 11/3/28(2) | 880 | 865 |
Par Value | Value | ||
Housing—continued | |||
CPG International LLC (1 month Term SOFR + 2.600%) 7.916%, 4/28/29(2) | $ 900 | $ 899 | |
Quikrete Holdings, Inc. Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 3/18/29(2) | 1,216 | 1,216 | |
SRS Distribution, Inc. | |||
2021 (1 month Term SOFR + 3.614%) 8.931%, 6/2/28(2) | 1,511 | 1,494 | |
2022 (1 month Term SOFR + 3.600%) 8.916%, 6/2/28(2) | 74 | 73 | |
4,547 | |||
Information Technology—11.0% | |||
Applied Systems, Inc. | |||
2026 (3 month Term SOFR + 4.500%) 9.890%, 9/18/26(2) | 1,797 | 1,801 | |
Second Lien (3 month Term SOFR + 6.750%) 12.140%, 9/17/27(2) | 747 | 748 | |
Barracuda Parent LLC First Lien (3 month Term SOFR + 4.500%) 9.869%, 8/15/29(2) | 1,172 | 1,159 | |
CCC Intelligent Solutions, Inc. Tranche B (1 month Term SOFR + 2.364%) 7.681%, 9/21/28(2) | 1,297 | 1,293 | |
CDK Global, Inc. (1 month Term SOFR + 4.250%) 9.640%, 7/6/29(2) | 842 | 841 | |
ConnectWise LLC (1 month Term SOFR + 3.614%) 8.931%, 9/29/28(2) | 830 | 816 | |
Epicor Software Corp. | |||
First Lien (3 month LIBOR + 1.750%) 0.000%, 7/30/27(2)(3) | 55 | 55 | |
Tranche C (1 month Term SOFR + 3.364%) 8.681%, 7/30/27(2) | 960 | 958 | |
Go Daddy Operating Co. LLC Tranche B-5 (1 month Term SOFR + 2.500%) 7.816%, 11/9/29(2) | 1,577 | 1,577 | |
Indicor LLC (3 month Term SOFR + 4.500%) 9.890%, 11/22/29(2) | 915 | 917 | |
Infinite Bidco LLC Second Lien (1 month Term SOFR + 7.000%) 12.431%, 3/2/29(2) | 290 | 251 | |
Mosel Bidco SE Tranche B (1 month Term SOFR + 5.000%) 0.000%, 9/16/30(2)(3)(4) | 235 | 235 |
Par Value | Value | ||
Information Technology—continued | |||
Open Text Corp. Tranche B (1 month Term SOFR + 2.850%) 8.166%, 1/31/30(2) | $ 948 | $ 947 | |
Polaris Newco LLC First Lien (1 month Term SOFR + 4.114%) 9.431%, 6/2/28(2) | 988 | 944 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month Term SOFR + 3.364%) 8.681%, 3/10/28(2) | 590 | 581 | |
Proofpoint, Inc. (1 month Term SOFR + 3.364%) 8.681%, 8/31/28(2) | 1,154 | 1,144 | |
RealPage, Inc. First Lien (1 month Term SOFR + 3.114%) 8.431%, 4/24/28(2) | 1,232 | 1,217 | |
Sophia LP Tranche B (1 month Term SOFR + 3.600%) 8.916%, 10/7/27(2) | 789 | 787 | |
SS&C Technologies Holdings, Inc. Tranche B-5 (1 month Term SOFR + 1.864%) 7.181%, 4/16/25(2) | 1,408 | 1,407 | |
Uber Technologies, Inc. 2023 (3 month Term SOFR + 2.750%) 8.159%, 3/3/30(2) | 845 | 844 | |
UKG, Inc. | |||
2021, Second Lien (3 month Term SOFR + 5.350%) 10.618%, 5/3/27(2) | 55 | 55 | |
2021-2, First Lien (3 month Term SOFR + 3.350%) 8.618%, 5/4/26(2) | 1,921 | 1,913 | |
Vertiv Group Corp. Tranche B (1 month Term SOFR + 2.864%) 8.192%, 3/2/27(2) | 1,023 | 1,021 | |
21,511 | |||
Manufacturing—7.0% | |||
Alliance Laundry Systems LLC Tranche B (3 month Term SOFR + 3.600%) 8.901%, 10/8/27(2) | 944 | 943 | |
Arcline FM Holdings LLC | |||
First Lien (3 month Term SOFR + 5.012%) 10.402%, 6/23/28(2) | 1,115 | 1,106 | |
Second Lien (3 month Term SOFR + 8.250%) 13.902%, 6/25/29(2) | 400 | 384 |
Par Value | Value | ||
Manufacturing—continued | |||
Chart Industries, Inc. (1 month Term SOFR + 3.850%) 9.174%, 3/15/30(2) | $ 966 | $ 966 | |
Circor International, Inc. (1 month Term SOFR + 5.600%) 10.916%, 12/20/28(2) | 957 | 957 | |
CPM Holdings, Inc. (1 month Term SOFR + 3.500%) 0.000%, 9/22/28(2)(3) | 703 | 701 | |
Filtration Group Corp. 2021 (1 month Term SOFR + 3.614%) 8.931%, 10/21/28(2) | 1,615 | 1,607 | |
Gates Global LLC Tranche B-3 (1 month Term SOFR + 2.600%) 7.916%, 3/31/27(2) | 1,529 | 1,524 | |
Madison IAQ LLC (1 month Term SOFR + 3.364%) 8.689%, 6/21/28(2) | 1,011 | 993 | |
NCR Atleos LLC Tranche B (3 month LIBOR + 3.250%) 0.000%, 3/27/29(2)(3) | 1,325 | 1,276 | |
NCR Corp. (1 month Term SOFR + 2.614%) 7.931%, 8/28/26(2) | 1,363 | 1,359 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 9.170%, 2/23/29(2) | 907 | 906 | |
Star U.S. Bidco LLC (1 month Term SOFR + 4.350%) 9.666%, 3/17/27(2) | 926 | 923 | |
13,645 | |||
Media / Telecom - Broadcasting—2.1% | |||
Gray Television, Inc. (1 month Term SOFR + 3.114%) 8.444%, 12/1/28(2) | 364 | 355 | |
iHeartCommunications, Inc. (1 month Term SOFR + 3.114%) 8.431%, 5/1/26(2) | 894 | 801 | |
Nexstar Media, Inc. Tranche B-4 (1 month Term SOFR + 2.614%) 7.931%, 9/18/26(2) | 660 | 659 | |
Terrier Media Buyer, Inc. 2021, Tranche B (3 month Term SOFR + 3.600%) 8.990%, 12/17/26(2) | 1,167 | 1,065 |
Par Value | Value | ||
Media / Telecom - Broadcasting—continued | |||
Univision Communications, Inc. 2021 (1 month Term SOFR + 3.364%) 8.681%, 3/15/26(2) | $ 1,240 | $ 1,236 | |
4,116 | |||
Media / Telecom - Cable/Wireless Video—3.2% | |||
Cogeco Communications Finance USA LP Tranche B-1 (3 month LIBOR + 3.250%) 0.000%, 9/18/30(2)(3) | 1,230 | 1,209 | |
CSC Holdings LLC | |||
2017 (1 month LIBOR + 2.250%) 7.697%, 7/17/25(2) | 549 | 531 | |
2022 (1 month Term SOFR + 4.500%) 9.832%, 1/18/28(2) | 1,048 | 992 | |
DIRECTV Financing LLC (1 month Term SOFR + 5.000%) 10.431%, 8/2/27(2) | 1,470 | 1,434 | |
Eagle Broadband Investments LLC (3 month Term SOFR + 3.262%) 8.652%, 11/12/27(2) | 853 | 830 | |
Virgin Media Bristol LLC Tranche N (1 month Term SOFR + 2.614%) 7.947%, 1/31/28(2) | 1,215 | 1,179 | |
6,175 | |||
Media / Telecom - Diversified Media—2.4% | |||
AssuredPartners, Inc. (3 month LIBOR + 3.000%) 0.000%, 2/12/27(2)(3) | 95 | 95 | |
Clear Channel Outdoor Holdings, Inc. Tranche B (1-3 month Term SOFR + 3.762%) 8.931% - 9.131%, 8/21/26(2) | 686 | 665 | |
Dotdash Meredith, Inc. Tranche B (1 month Term SOFR + 4.100%) 9.430%, 12/1/28(2) | 741 | 712 | |
McGraw-Hill Education, Inc. (1 month Term SOFR + 4.864%) 10.181%, 7/28/28(2) | 830 | 812 | |
Neptune Bidco U.S., Inc. Tranche B (3 month Term SOFR + 5.100%) 10.398%, 4/11/29(2) | 1,093 | 982 |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
Simon & Schuster, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 9/27/30(2)(3) | $ 150 | $ 149 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month Term SOFR + 2.864%) 8.181%, 5/18/25(2) | 1,311 | 1,307 | |
4,722 | |||
Media / Telecom - Telecommunications—2.1% | |||
Cincinnati Bell, Inc. Tranche B-2 (1 month Term SOFR + 3.350%) 8.666%, 11/22/28(2) | 959 | 940 | |
Level 3 Financing, Inc. 2027, Tranche B (1 month Term SOFR + 1.864%) 7.181%, 3/1/27(2) | 1,541 | 1,453 | |
Numericable U.S. LLC | |||
Tranche B-11 (3 month LIBOR + 2.750%) 8.381%, 7/31/25(2) | 1,323 | 1,277 | |
Tranche B-12 (3 month LIBOR + 3.688%) 9.257%, 1/31/26(2) | 521 | 490 | |
4,160 | |||
Metals / Minerals—0.8% | |||
Arsenal Aic Parent LLC Tranche B (1 month Term SOFR + 4.500%) 9.879%, 8/19/30(2) | 590 | 588 | |
Covia Holdings Corp. (3 month Term SOFR + 4.262%) 9.530%, 7/31/26(2) | 951 | 944 | |
1,532 | |||
Retail—1.8% | |||
CNT Holdings I Corp. First Lien (3 month Term SOFR + 3.500%) 8.800%, 11/8/27(2) | 842 | 838 | |
EG America LLC (1 month Term SOFR + 4.114%) 9.414%, 2/7/25(2) | 954 | 937 | |
Great Outdoors Group LLC Tranche B-2 (3 month Term SOFR + 4.012%) 9.402%, 3/6/28(2) | 819 | 817 | |
PetsMart LLC (1 month Term SOFR + 3.850%) 9.166%, 2/11/28(2) | 874 | 871 | |
3,463 | |||
Par Value | Value | ||
Service—10.8% | |||
AlixPartners LLP (1 month Term SOFR + 2.864%) 8.181%, 2/4/28(2) | $ 1,172 | $ 1,170 | |
Allied Universal Holdco LLC (1 month Term SOFR + 3.850%) 9.166%, 5/12/28(2) | 559 | 539 | |
Ascend Learning LLC (1 month Term SOFR + 3.600%) 8.916%, 12/11/28(2) | 605 | 576 | |
BrightView Landscapes LLC Tranche B (3 month Term SOFR + 3.250%) 8.619%, 4/20/29(2) | 923 | 923 | |
Carlisle Foodservice Products, Inc. First Lien (3 month PRIME + 2.000%) 10.500%, 3/20/25 | 1,221 | 1,173 | |
DG Investment Intermediate Holdings 2, Inc. 2022 (1 month Term SOFR + 4.750%) 10.066%, 3/31/28(2) | 633 | 627 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month Term SOFR + 2.850%) 8.167%, 2/6/26(2) | 1,012 | 1,010 | |
DXP Enterprises, Inc. (3 month Term SOFR + 5.250%) 10.444%, 12/23/27(2) | 741 | 739 | |
Garda World Security Corp. Tranche B-2 (3 month Term SOFR + 4.350%) 9.746%, 10/30/26(2) | 915 | 913 | |
Grab Holdings, Inc. (1 month Term SOFR + 4.614%) 9.931%, 1/29/26(2) | 368 | 370 | |
Kuehg Corp. (3 month Term SOFR + 5.000%) 10.390%, 6/12/30(2) | 680 | 680 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 8.540%, 11/23/28(2) | 1,181 | 1,176 | |
Omnia Partners LLC (3 month Term SOFR + 4.250%) 9.601%, 7/19/30(2) | 1,042 | 1,042 | |
Peraton Corp. | |||
Tranche B, First Lien (1 month Term SOFR + 3.850%) 9.166%, 2/1/28(2) | 1,697 | 1,692 | |
Tranche B-1, Second Lien (3 month Term SOFR + 7.850%) 13.233%, 2/1/29(2) | 259 | 253 |
Par Value | Value | ||
Service—continued | |||
Pike Corp. | |||
2028 (1 month Term SOFR + 3.114%) 8.431%, 1/21/28(2) | $ 1,141 | $ 1,138 | |
2028, Tranche B (1 month Term SOFR + 3.500%) 8.816%, 1/21/28(2) | 144 | 144 | |
PODS LLC (1 month Term SOFR + 3.114%) 8.431%, 3/31/28(2) | 630 | 609 | |
Sedgwick Claims Management Services, Inc. 2023 (1 month Term SOFR + 3.750%) 9.066%, 2/24/28(2) | 1,310 | 1,306 | |
St. George’s University Scholastic Services LLC (1 month Term SOFR + 3.350%) 8.666%, 2/10/29(2) | 1,153 | 1,141 | |
Sweetwater Borrower LLC (1 month Term SOFR + 4.364%) 9.681%, 8/7/28(2) | 1,078 | 1,043 | |
Titan Acquisition Ltd. (3 month LIBOR + 3.000%) 8.731%, 3/28/25(2) | 1,250 | 1,238 | |
TMF Sapphire Bidco B.V. Tranche B-2 (2 month Term SOFR + 5.000%) 10.370%, 5/3/28(2) | 320 | 319 | |
Weld North Education LLC 2021 (1 month Term SOFR + 3.864%) 9.181%, 12/21/27(2) | 1,212 | 1,187 | |
21,008 | |||
Transportation - Automotive—2.0% | |||
American Axle & Manufacturing, Inc. Tranche B, First Lien (1-6 month Term SOFR + 3.600%) 8.436% - 8.929%, 12/13/29(2) | 872 | 868 | |
Clarios Global LP 2023 (1 month Term SOFR + 3.750%) 9.066%, 5/6/30(2) | 885 | 882 | |
Mavis Tire Express Services Topco Corp. First Lien (1 month Term SOFR + 4.114%) 9.431%, 5/4/28(2) | 972 | 969 | |
PAI Holdco, Inc. Tranche B (3 month Term SOFR + 4.012%) 9.381%, 10/28/27(2) | 1,287 | 1,216 | |
3,935 | |||
Par Value | Value | ||
Utilities—2.8% | |||
Astoria Energy LLC Tranche B (1 month Term SOFR + 3.614%) 8.931%, 12/10/27(2) | $ 987 | $ 986 | |
Brookfield WEC Holdings, Inc. (1 month Term SOFR + 2.864%) 8.181%, 8/1/25(2) | 2,367 | 2,364 | |
Calpine Construction Finance Co. L P (1 month Term SOFR + 2.250%) 7.566%, 7/31/30(2) | 1,028 | 1,022 | |
Generation Bridge Northeast LLC Tranche B (1 month Term SOFR + 4.250%) 9.566%, 8/7/29(2) | 310 | 310 | |
Lightstone HoldCo LLC | |||
Tranche B (1 month Term SOFR + 5.750%) 11.066%, 1/29/27(2) | 804 | 747 | |
Tranche C (1 month Term SOFR + 5.750%) 11.066%, 1/29/27(2) | 45 | 42 | |
5,471 | |||
Total Leveraged Loans (Identified Cost $180,571) | 178,898 |
Shares | ||
Common Stocks—0.2% | ||
Consumer Discretionary—0.2% | ||
NMG Parent LLC(4)(7) | 3,033 | 349 |
West Marine(4)(7) | 1,450 | 3 |
352 | ||
Total Common Stocks (Identified Cost $170) | 352 | |
Exchange-Traded Funds—1.3% | ||
iShares iBoxx High Yield Corporate Bond ETF(8) | 17,020 | 1,255 |
Janus Henderson AAA CLO ETF(8) | 26,645 | 1,341 |
Total Exchange-Traded Funds (Identified Cost $2,586) | 2,596 | |
Shares | Value | ||
Rights—0.1% | |||
Utilities—0.1% | |||
Vistra Energy Corp., 12/29/49(4)(7) | 152,810 | $ 178 | |
Total Rights (Identified Cost $129) | 178 | ||
Total Long-Term Investments—97.5% (Identified Cost $192,241) | 190,210 | ||
Short-Term Investment—3.2% | |||
Money Market Mutual Fund—3.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(8) | 6,336,804 | 6,337 | |
Total Short-Term Investment (Identified Cost $6,337) | 6,337 | ||
TOTAL INVESTMENTS—100.7% (Identified Cost $198,578) | $196,547 | ||
Other assets and liabilities, net—(0.7)% | (1,452) | ||
NET ASSETS—100.0% | $195,095 |
Abbreviations: | |
CLO | Collateralized Loan Obligation |
ETF | Exchange-Traded Fund |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LLLP | Limited Liability Limited Partnership |
LLP | Limited Liability Partnership |
LP | Limited Partnership |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2023, these securities amounted to a value of $7,160 or 3.7% of net assets. |
(2) | Variable rate security. Rate disclosed is as of September 30, 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) | This loan will settle after September 30, 2023, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(4) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(5) | Security in default; no interest payments are being received. |
(6) | Security in default; interest payments are being received. |
(7) | Non-income producing. |
(8) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 91% |
Canada | 3 |
Netherlands | 1 |
Luxembourg | 1 |
France | 1 |
Panama | 1 |
United Kingdom | 1 |
Other | 1 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Omnia Partners LLC, (3 month LIBOR + 4.250%) 0.000%, 7/19/30 | $98 | $97 | $98 | $1 |
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Corporate Bonds and Notes | $ 8,186 | $ — | $ 8,186 | $ — | |||
Leveraged Loans | 178,898 | — | 178,662 | 236 (1) | |||
Equity Securities: | |||||||
Rights | 178 | — | — | 178 | |||
Common Stocks | 352 | — | — | 352 | |||
Exchange-Traded Funds | 2,596 | 2,596 | — | — | |||
Money Market Mutual Fund | 6,337 | 6,337 | — | — | |||
Total Investments | $196,547 | $8,933 | $186,848 | $766 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2023
Par Value | Value | ||
Municipal Bonds(1)—96.7% | |||
Alabama—1.4% | |||
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put, Series A, 12/1/23, 4.000%, 12/1/48(2) | $ 910 | $ 910 | |
Arizona—3.7% | |||
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series B 5.000%, 7/1/37 | 360 | 365 | |
Arizona Board of Regents, Arizona State University System Revenue, Green Bond, Series C 5.000%, 7/1/36 | 1,000 | 1,015 | |
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36 | 500 | 512 | |
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24 | 565 | 571 | |
2,463 | |||
California—3.1% | |||
California Municipal Finance Authority, Bowles Hall Foundation Revenue, Series A 4.500%, 6/1/24 | 150 | 150 | |
California State Health Facilities Financing Authority, Providence St. Joseph Health, Series A 4.000%, 10/1/36 | 275 | 257 | |
California, State of, General Obligation 4.000%, 9/1/43 | 525 | 502 | |
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, Series A (BAM Insured) 5.000%, 5/1/32 | 545 | 566 | |
Santa Clarita Community College District, General Obligation, 3.000%, 8/1/44 | 500 | 363 | |
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured) 5.000%, 9/1/25 | 175 | 178 | |
2,016 | |||
Par Value | Value | ||
Colorado—8.5% | |||
City & County of Denver Co. Airport System Revenue, Series D (AMT) 5.500%, 11/15/30 | $1,000 | $ 1,080 | |
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27 | 400 | 403 | |
Public Authority For Colorado Energy, Natural Gas Purchase Revenue, | |||
6.125%, 11/15/23 | 510 | 511 | |
6.250%, 11/15/28 | 2,250 | 2,354 | |
Regional Transportation District, Sales Tax Revenue, Fastracks Project, Series A 5.000%, 11/1/32 | 1,195 | 1,238 | |
5,586 | |||
Connecticut—1.9% | |||
Connecticut Housing Finance Authority, Mortgage Revenue, Series F1 (GNMA / FNMA / FHLMC Insured) 3.200%, 11/15/33 | 325 | 293 | |
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 | 196 | |
State of Connecticut, Series E General Obligation, 5.000%, 9/15/34 | 750 | 788 | |
1,277 | |||
District of Columbia—4.9% | |||
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 | 3,000 | 3,241 | |
Florida—16.8% | |||
Brevard County School Board, Certificates of Participation, Series A 5.000%, 7/1/32 | 1,000 | 1,044 | |
Broward County School Board, Certificates of Participation, Series A 5.000%, 7/1/32 | 300 | 304 | |
Central Florida Expressway Authority, Senior Lien Toll Revenue, Series B 4.000%, 7/1/30 | 230 | 228 |
Par Value | Value | ||
Florida—continued | |||
City of Tallahassee, Health Facilities Revenue, Tallahassee Memorial Healthcare, Series A 5.000%, 12/1/36 | $ 500 | $ 475 | |
Miami Beach Redevelopment Agency, | |||
Tax Increment Revenue, 5.000%, 2/1/32 | 320 | 321 | |
Tax Increment Revenue, (AGM Insured) 5.000%, 2/1/31 | 40 | 40 | |
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, Series A 5.000%, 4/1/30 | 200 | 202 | |
Miami-Dade County School Board, Certificates of Participation, Series D 5.000%, 2/1/34 | 1,700 | 1,726 | |
Miami-Dade Seaport Department County Revenue, Senior Bonds Series A 5.250%, 10/1/52 | 500 | 497 | |
Seminole County School Board, Certificates of Participation, Series C 5.000%, 7/1/29 | 1,935 | 1,988 | |
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35 | 750 | 764 | |
State of Florida, Department of Transportation Right of Way General Obligation, Series B 5.000%, 7/1/31 | 3,000 | 3,197 | |
Wildwood Utility Dependent District, South Sumter Utility Project Revenue, (BAM Insured) 5.000%, 10/1/37 | 250 | 260 | |
11,046 | |||
Georgia—0.8% | |||
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31 | 550 | 558 | |
Illinois—7.2% | |||
City of Chicago | |||
Second Lien, (AGM Insured) 5.250%, 11/1/32 | 350 | 365 | |
Second Lien, Series 2017-2 (AGM Insured) 5.000%, 11/1/31 | 500 | 513 | |
Waterworks Revenue, Second Lien, 5.000%, 11/1/30 | 500 | 505 |
Par Value | Value | ||
Illinois—continued | |||
Cook County School District No. 78 Rosemont, General Obligation, (AGM Insured) 5.000%, 12/1/38 | $1,000 | $ 1,038 | |
Illinois State Toll Highway Authority, Toll Highway Revenue, Senior Lien, Series B 5.000%, 1/1/32 | 1,000 | 1,017 | |
State of Illinois, General Obligation, 5.000%, 2/1/27 | 1,250 | 1,285 | |
4,723 | |||
Indiana—3.4% | |||
Indiana Finance Authority, Parkview Health System, Series A 5.000%, 11/1/43 | 1,700 | 1,703 | |
Indianapolis Local Public Improvement Bond Bank Revenue, (AMT) 5.000%, 1/1/34 | 500 | 521 | |
2,224 | |||
Maryland—4.0% | |||
Maryland Community Development Administration, Revenue, Series A 1.250%, 3/1/30 | 200 | 161 | |
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, 5.000%, 8/15/26 | 800 | 808 | |
Maryland Health & Higher Educational Facilities Authority, Medstar Health System Revenue, Series A 5.000%, 5/15/42 | 600 | 597 | |
Maryland Stadium Authority, Series A 5.000%, 3/1/37 | 1,000 | 1,069 | |
2,635 | |||
Massachusetts—1.3% | |||
Massachusetts Housing Finance Agency, 2.300%, 12/1/40 | 500 | 323 | |
Massachusetts Port Authority, Transportation Revenue, Series A (AMT) 5.000%, 7/1/31 | 500 | 512 | |
835 | |||
Par Value | Value | ||
Michigan—1.5% | |||
Michigan State Building Authority, Facilities Program Lease Revenue, Series I | |||
5.000%, 4/15/25 | $ 500 | $ 509 | |
4.000%, 10/15/36 | 500 | 486 | |
995 | |||
Minnesota—3.6% | |||
Minneapolis Special School District No. 1 | |||
Series B General Obligation, (SD CRED PROG Insured) 5.000%, 2/1/39 | 1,085 | 1,152 | |
Series B General Obligation, (SD CRED PROG Insured) 5.000%, 2/1/40 | 1,140 | 1,206 | |
2,358 | |||
New Jersey—1.6% | |||
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, Series A | |||
5.000%, 6/1/31 | 250 | 258 | |
5.000%, 6/1/32 | 250 | 258 | |
5.000%, 6/1/33 | 250 | 258 | |
5.000%, 6/1/34 | 250 | 258 | |
1,032 | |||
New York—3.1% | |||
City of New York, General Obligation, Series A 5.000%, 8/1/51 | 590 | 599 | |
Dutchess County Local Development Corp., The Culinary Institute of America Revenue, 5.000%, 7/1/33 | 180 | 182 | |
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue, | |||
Series A (AGM Insured) 3.000%, 1/1/36 | 250 | 202 | |
Series A (AGM Insured) 3.000%, 1/1/37 | 100 | 78 | |
Series A (AGM Insured) 3.000%, 1/1/46 | 750 | 517 | |
New York State Dormitory Authority, | |||
New York University Hospitals Center Revenue, 5.000%, 7/1/33 | 150 | 153 | |
Orange Regional Medical Center Revenue, 144A 5.000%, 12/1/23(3) | 300 | 299 | |
2,030 | |||
Par Value | Value | ||
Ohio—0.9% | |||
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Senior Series A-2 Class 1 Revenue, 4.000%, 6/1/48 | $ 500 | $ 422 | |
Hamilton County, Life Enriching Communities Pro Revenue, Series A 5.500%, 1/1/43 | 160 | 155 | |
577 | |||
Oregon—3.0% | |||
State of Oregon, Article XI-Q Series F General Obligation, 5.000%, 5/1/33 | 1,095 | 1,123 | |
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 | 826 | |
1,949 | |||
Pennsylvania—5.3% | |||
City of Philadelphia, Water & Wastewater Revenue, Series A 5.000%, 10/1/42 | 300 | 305 | |
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34 | 250 | 259 | |
Pennsylvania Economic Development Financing Authority Revenue, PENNDOT Major Bridges (AMT) 5.500%, 6/30/39 | 485 | 507 | |
Pennsylvania Turnpike Commission Revenue, First Subordinate Series 5.000%, 12/1/38 | 2,325 | 2,423 | |
3,494 | |||
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 | 293 | |
Tennessee—5.8% | |||
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, Series A 5.000%, 10/1/26 | 1,000 | 1,004 |
Par Value | Value | ||
Tennessee—continued | |||
Metropolitan Nashville Airport Authority (The) | |||
Revenue, Series A 5.250%, 7/1/47 | $ 250 | $ 260 | |
Revenue, Series A 5.000%, 7/1/52 | 250 | 251 | |
Revenue, Series B (AMT) 5.500%, 7/1/40 | 500 | 525 | |
Revenue, Series B (AMT) 5.500%, 7/1/41 | 250 | 262 | |
Revenue, Series B (AMT) 5.500%, 7/1/52 | 500 | 513 | |
Tennessee State School Bond Authority, Higher Education Program Revenue, Series B (State Higher Education Intercept Program Insured) 5.000%, 11/1/34 | 1,000 | 1,039 | |
3,854 | |||
Texas—11.7% | |||
Arlington Higher Education Finance Corp., Trinity Basin Preparatory Revenue, (PSF-GTD Insured) 4.500%, 8/15/53 | 190 | 179 | |
Central Texas Regional Mobility Authority, Senior Lien Toll Revenue, Series D 4.000%, 1/1/38 | 750 | 688 | |
Denton Independent School District, General Obligation, (PSF-GTD Insured) 5.000%, 8/15/48 | 520 | 545 | |
Georgetown Independent School District General Obligation, (PSF-GTD Insured) 3.750%, 8/15/41 | 500 | 431 | |
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured) 5.000%, 2/15/34 | 1,000 | 1,030 | |
Northwest Independent School District, Series A General Obligation, (PSF-GTD Insured) 5.000%, 2/15/39 | 1,370 | 1,445 | |
Texas Municipal Gas Acquisition and Supply Corp. I, Gas Supply Revenue, Senior Lien, Series D 6.250%, 12/15/26 | 895 | 914 |
Par Value | Value | ||
Texas—continued | |||
Texas Municipal Gas Acquisition and Supply Corp. II, Gas Supply Revenue, LIBOR Index Series C 4.433%, 9/15/27(2) | $1,600 | $ 1,561 | |
Texas Public Finance Authority, Texas Southern University Revenue, (BAM Insured) 5.250%, 5/1/37 | 300 | 312 | |
Wharton Independent School District, General Obligation, (PSF-GTD Insured) 3.000%, 2/15/32 | 645 | 575 | |
7,680 | |||
Vermont—0.4% | |||
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, Series A 5.000%, 12/1/35 | 300 | 303 | |
Washington—0.5% | |||
Grant County Public Hospital District No. 1, General Obligation 5.500%, 12/1/43 | 305 | 306 | |
Wisconsin—1.9% | |||
Public Finance Authority, | |||
Renown Regional Medical Center Revenue, Series A 5.000%, 6/1/33 | 1,000 | 1,008 | |
Waste Management, Inc. Project Revenue, (AMT) 2.875%, 5/1/27 | 250 | 232 | |
1,240 | |||
Total Municipal Bonds (Identified Cost $66,317) | 63,625 | ||
Total Long-Term Investments—96.7% (Identified Cost $66,317) | 63,625 | ||
TOTAL INVESTMENTS—96.7% (Identified Cost $66,317) | $63,625 | ||
Other assets and liabilities, net—3.3% | 2,187 | ||
NET ASSETS—100.0% | $65,812 |
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 September 30, 2023, 25.2% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund’s net assets. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at September 30, 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 September 30, 2023, these securities amounted to a value of $299 or 0.5% of net assets. |
Total Value at September 30, 2023 | Level 2 Significant Observable Inputs | ||
Assets: | |||
Debt Instruments: | |||
Municipal Bonds | $63,625 | $63,625 | |
Total Investments | $63,625 | $63,625 |
September 30, 2023
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) | $ 159,629 | $ 46,784 | $ 389,645 | $ 396,579 | |||
Cash | 4,290 | 284 | 5,967 | 9,584 | |||
Receivables | |||||||
Investment securities sold | 310 | — | 1,307 | 526 | |||
Fund shares sold | 3,659 | 3 | 811 | 741 | |||
Dividends and interest | 1,350 | 852 | 1,884 | 3,754 | |||
Unrealized appreciation on unfunded loan commitment(a) | — | — | — | 1 | |||
Securities lending income | 1 | 4 | 2 | 7 | |||
Prepaid Trustees’ retainer | 3 | 1 | 8 | 7 | |||
Prepaid expenses | 25 | 19 | 28 | 43 | |||
Other assets | 20 | 6 | 52 | 49 | |||
Total assets | 169,287 | 47,953 | 399,704 | 411,291 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 254 | 52 | 872 | 742 | |||
Investment securities purchased | 2,769 | 238 | 1,700 | 7,978 | |||
Collateral on securities loaned | 923 | 1,641 | 3,449 | 4,427 | |||
Dividend distributions | — | 18 | 96 | 166 | |||
Investment advisory fees | 15 | 4 | 67 | 166 | |||
Distribution and service fees | 7 | 9 | 20 | 22 | |||
Administration and accounting fees | 14 | 5 | 34 | 34 | |||
Transfer agent and sub-transfer agent fees and expenses | 31 | 13 | 70 | 51 | |||
Professional fees | 36 | 36 | 36 | 42 | |||
Trustee deferred compensation plan | 20 | 6 | 52 | 49 | |||
Interest expense and/or commitment fees | — (b) | — (b) | 1 | 1 | |||
Other accrued expenses | 17 | 9 | 37 | 27 | |||
Total liabilities | 4,086 | 2,031 | 6,434 | 13,705 | |||
Net Assets | $ 165,201 | $ 45,922 | $ 393,270 | $ 397,586 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par value | $ — | $ — | $ 38 | $ — | |||
Capital paid in on shares of beneficial interest | 186,680 | 56,396 | 439,684 | 452,079 | |||
Accumulated earnings (loss) | (21,479) | (10,474) | (46,452) | (54,493) | |||
Net Assets | $ 165,201 | $ 45,922 | $ 393,270 | $ 397,586 | |||
Net Assets: | |||||||
Class A | $ 28,811 | $ 35,738 | $ 62,424 | $ 67,280 | |||
Class C | $ 1,553 | $ 1,098 | $ 8,845 | $ 9,131 | |||
Class I | $ 132,866 | $ 7,225 | $ 314,549 | $ 303,103 | |||
Class R6 | $ 1,971 | $ 1,861 | $ 7,452 | $ 18,072 | |||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||||
Class A | 2,981,377 | 9,789,278 | 6,104,161 | 7,650,618 | |||
Class C | 164,606 | 306,162 | 864,946 | 1,025,841 | |||
Class I | 13,524,423 | 1,974,686 | 30,767,171 | 34,595,004 | |||
Class R6 | 200,520 | 509,360 | 728,125 | 2,044,665 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 9.66 | $ 3.65 | $ 10.23 | $ 8.79 | |||
Class C | $ 9.43 | $ 3.59 | $ 10.23 | $ 8.90 | |||
Class I | $ 9.82 | $ 3.66 | $ 10.22 | $ 8.76 | |||
Class R6 | $ 9.83 | $ 3.65 | $ 10.23 | $ 8.84 |
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 | $ 10.04 | $ 3.79 | $ 10.47 | $ 9.13 | |||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.25% | 3.75% | |||
(1) Investment in securities at cost | $ 173,755 | $ 51,159 | $ 411,251 | $ 425,780 | |||
(2) Market value of securities on loan | $ 888 | $ 1,586 | $ 3,362 | $ 4,262 | |||
(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) | See Schedule of Investments for schedule of unfunded loan commitments. |
(b) | Amount is less than $500 (not in thousands). |
* | 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) | $ 4,451,239 | $ 196,547 | $ 63,625 | ||
Cash | 51,051 | 5,902 | 1,451 | ||
Receivables | |||||
Investment securities sold | 5,173 | 3,139 | — | ||
Fund shares sold | 4,927 | 353 | 44 | ||
Dividends and interest | 27,676 | 869 | 927 | ||
Unrealized appreciation on unfunded loan commitment(a) | — | 1 | — | ||
Securities lending income | 5 | — | — | ||
Prepaid Trustees’ retainer | 87 | 4 | 1 | ||
Prepaid expenses | 65 | 24 | 13 | ||
Other assets | 569 | 25 | 9 | ||
Total assets | 4,540,792 | 206,864 | 66,070 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 9,919 | 702 | 165 | ||
Investment securities purchased | 38,767 | 10,640 | — | ||
Collateral on securities loaned | 10,237 | — | — | ||
Dividend distributions | 1,114 | 196 | 11 | ||
Investment advisory fees | 1,706 | 66 | 7 | ||
Distribution and service fees | 220 | 18 | 7 | ||
Administration and accounting fees | 374 | 17 | 6 | ||
Transfer agent and sub-transfer agent fees and expenses | 706 | 26 | 13 | ||
Professional fees | 87 | 41 | 31 | ||
Trustee deferred compensation plan | 569 | 25 | 9 | ||
Interest expense and/or commitment fees | 9 | 22 | — (b) | ||
Other accrued expenses | 225 | 16 | 9 | ||
Total liabilities | 63,933 | 11,769 | 258 | ||
Net Assets | $ 4,476,859 | $ 195,095 | $ 65,812 | ||
Net Assets Consist of: | |||||
Common stock $0.001 par value | $ — | $ — | $ 7 | ||
Capital paid in on shares of beneficial interest | 5,099,675 | 270,340 | 69,099 | ||
Accumulated earnings (loss) | (622,816) | (75,245) | (3,294) | ||
Net Assets | $ 4,476,859 | $ 195,095 | $ 65,812 | ||
Net Assets: | |||||
Class A | $ 660,114 | $ 61,100 | $ 27,621 | ||
Class C | $ 132,559 | $ 6,311 | $ 1,370 | ||
Class C1 | $ 33,679 | $ — | $ — | ||
Class I | $ 3,639,516 | $ 126,422 | $ 36,821 | ||
Class R6 | $ 10,991 | $ 1,262 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value):(3) | |||||
Class A | 151,199,484 | 7,019,672 | 2,791,593 | ||
Class C | 29,902,003 | 724,464 | 138,517 | ||
Class C1 | 7,619,048 | — | — | ||
Class I | 832,234,551 | 14,545,337 | 3,721,679 | ||
Class R6 | 2,505,778 | 145,193 | — |
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 | $ 4.37 | $ 8.70 | $ 9.89 | ||
Class C | $ 4.43 | $ 8.71 | $ 9.89 | ||
Class C1 | $ 4.42 | $ — | $ — | ||
Class I | $ 4.37 | $ 8.69 | $ 9.89 | ||
Class R6 | $ 4.39 | $ 8.69 | $ — | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 4.47 | $ 8.95 | $ 10.17 | ||
Maximum Sales Charge - Class A | 2.25% | 2.75% | 2.75% | ||
(1) Investment in securities at cost | $ 4,723,681 | $ 198,578 | $ 66,317 | ||
(2) Market value of securities on loan | $ 9,886 | $ — | $ — | ||
(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) | See Schedule of Investments for schedule of unfunded loan commitments. |
(b) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
September 30, 2023
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 | $ 174 | $ 77 | $ 348 | $ 476 | |||
Interest | 5,002 | 3,417 | 17,248 | 16,920 | |||
Securities lending, net of fees | 4 | 23 | 11 | 41 | |||
Foreign taxes withheld | — | — (1) | — | (1) | |||
Total investment income | 5,180 | 3,517 | 17,607 | 17,436 | |||
Expenses | |||||||
Investment advisory fees | 488 | 257 | 1,860 | 1,609 | |||
Distribution and service fees, Class A | 72 | 91 | 170 | 170 | |||
Distribution and service fees, Class C | 14 | 11 | 104 | 107 | |||
Administration and accounting fees | 118 | 55 | 480 | 306 | |||
Transfer agent fees and expenses | 58 | 40 | 209 | 132 | |||
Sub-transfer agent fees and expenses, Class A | 19 | 17 | 44 | 48 | |||
Sub-transfer agent fees and expenses, Class C | 1 | 1 | 5 | 8 | |||
Sub-transfer agent fees and expenses, Class I | 82 | 11 | 275 | 120 | |||
Custodian fees | 9 | 5 | 12 | 11 | |||
Printing fees and expenses | 11 | 6 | 36 | 25 | |||
Professional fees | 33 | 42 | 5 | 31 | |||
Interest expense and/or commitment fees | 6 | — (1) | 9 | 2 | |||
Registration fees | 44 | 39 | 73 | 69 | |||
Trustees’ fees and expenses | 8 | 4 | 38 | 20 | |||
Miscellaneous expenses | 37 | 30 | 81 | 42 | |||
Total expenses | 1,000 | 609 | 3,401 | 2,700 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (318) | (155) | (859) | (280) | |||
Less low balance account fees | (1) | (2) | — (1) | — (1) | |||
Net expenses | 681 | 452 | 2,542 | 2,420 | |||
Net investment income (loss) | 4,499 | 3,065 | 15,065 | 15,016 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (4,987) | (1,240) | (15,402) | (6,767) | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | 588 | 2,749 | 21,836 | 5,009 | |||
Net realized and unrealized gain (loss) on investments | (4,399) | 1,509 | 6,434 | (1,758) | |||
Net increase (decrease) in net assets resulting from operations | $ 100 | $ 4,574 | $ 21,499 | $13,258 |
(1) | Amount is less than $500 (not in thousands). |
(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 | $ 2,150 | $ 566 | $ 79 | ||
Interest | 205,973 | 14,968 | 2,454 | ||
Securities lending, net of fees | 39 | — | — | ||
Foreign taxes withheld | (30) | — | — | ||
Total investment income | 208,132 | 15,534 | 2,533 | ||
Expenses | |||||
Investment advisory fees | 22,981 | 822 | 324 | ||
Distribution and service fees, Class A | 1,778 | 140 | 73 | ||
Distribution and service fees, Class C | 770 | 67 | 17 | ||
Distribution and service fees, Class C1 | 395 | — | — | ||
Administration and accounting fees | 4,860 | 193 | 81 | ||
Transfer agent fees and expenses | 2,047 | 81 | 34 | ||
Sub-transfer agent fees and expenses, Class A | 527 | 38 | 18 | ||
Sub-transfer agent fees and expenses, Class C | 126 | 5 | 1 | ||
Sub-transfer agent fees and expenses, Class C1 | 26 | — | — | ||
Sub-transfer agent fees and expenses, Class I | 2,790 | 89 | 34 | ||
Custodian fees | 23 | 4 | 1 | ||
Printing fees and expenses | 144 | 16 | 8 | ||
Professional fees | 40 | 56 | 32 | ||
Interest expense and/or commitment fees | 51 | 174 | — (1) | ||
Registration fees | 139 | 66 | 32 | ||
Trustees’ fees and expenses | 377 | 14 | 6 | ||
Miscellaneous expenses | 275 | 32 | 27 | ||
Total expenses | 37,349 | 1,797 | 688 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (3,711) | (146) | (180) | ||
Less low balance account fees | (1) | — (1) | — (1) | ||
Net expenses | 33,637 | 1,651 | 508 | ||
Net investment income (loss) | 174,495 | 13,883 | 2,025 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (118,530) | (2,804) | (421) | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 188,100 | 8,757 | 319 | ||
Net realized and unrealized gain (loss) on investments | 69,570 | 5,953 | (102) | ||
Net increase (decrease) in net assets resulting from operations | $ 244,065 | $19,836 | $1,923 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 3D in Notes to Financial Statements. |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 4,499 | $ 2,939 | $ 3,065 | $ 2,692 | |||
Net realized gain (loss) | (4,987) | (2,104) | (1,240) | (1,153) | |||
Net change in unrealized appreciation (depreciation) | 588 | (17,663) | 2,749 | (8,805) | |||
Increase (decrease) in net assets resulting from operations | 100 | (16,828) | 4,574 | (7,266) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,120) | (1,220) | (2,350) | (2,131) | |||
Class C | (44) | (70) | (61) | (54) | |||
Class I | (3,274) | (3,141) | (501) | (380) | |||
Class R6 | (63) | (56) | (128) | (112) | |||
Total dividends and distributions to shareholders | (4,501) | (4,487) | (3,040) | (2,677) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 2,328 | (2,007) | (1,768) | (2,932) | |||
Class C | 307 | (984) | 51 | (212) | |||
Class I | 73,094 | 8,112 | 836 | (757) | |||
Class R6 | 680 | 384 | 42 | 224 | |||
Increase (decrease) in net assets from capital transactions | 76,409 | 5,505 | (839) | (3,677) | |||
Net increase (decrease) in net assets | 72,008 | (15,810) | 695 | (13,620) | |||
Net Assets | |||||||
Beginning of period | 93,193 | 109,003 | 45,227 | 58,847 | |||
End of Period | $ 165,201 | $ 93,193 | $ 45,922 | $ 45,227 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 15,065 | $ 11,395 | $ 15,016 | $ 10,888 | |||
Net realized gain (loss) | (15,402) | (8,110) | (6,767) | (7,239) | |||
Net change in unrealized appreciation (depreciation) | 21,836 | (48,638) | 5,009 | (38,130) | |||
Increase (decrease) in net assets resulting from operations | 21,499 | (45,353) | 13,258 | (34,481) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (2,081) | (1,330) | (3,278) | (2,724) | |||
Class C | (239) | (108) | (429) | (487) | |||
Class I | (11,461) | (9,384) | (10,816) | (7,635) | |||
Class R6 | (1,285) | (554) | (300) | (234) | |||
Return of Capital: | |||||||
Class A | — | — | — | (153) | |||
Class C | — | — | — | (35) | |||
Class I | — | — | — | (396) | |||
Class R6 | — | — | — | (12) | |||
Total dividends and distributions to shareholders | (15,066) | (11,376) | (14,823) | (11,676) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (15,835) | (16,540) | 2,294 | (6,219) | |||
Class C | (3,095) | (4,355) | (3,010) | (5,331) | |||
Class I | (115,578) | (163,556) | 145,801 | (22,746) | |||
Class R6 | (32,510) | 14,785 | 13,062 | (222) | |||
Increase (decrease) in net assets from capital transactions | (167,018) | (169,666) | 158,147 | (34,518) | |||
Net increase (decrease) in net assets | (160,585) | (226,395) | 156,582 | (80,675) | |||
Net Assets | |||||||
Beginning of period | 553,855 | 780,250 | 241,004 | 321,679 | |||
End of Period | $ 393,270 | $ 553,855 | $ 397,586 | $ 241,004 |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 174,495 | $ 134,967 | $ 13,883 | $ 7,621 | |||
Net realized gain (loss) | (118,530) | (82,760) | (2,804) | (2,643) | |||
Net change in unrealized appreciation (depreciation) | 188,100 | (511,840) | 8,757 | (10,866) | |||
Increase (decrease) in net assets resulting from operations | 244,065 | (459,633) | 19,836 | (5,888) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (24,311) | (17,877) | (4,200) | (2,381) | |||
Class C | (4,756) | (3,892) | (447) | (241) | |||
Class C1 | (1,035) | (735) | — | — | |||
Class I | (141,108) | (111,213) | (9,164) | (4,942) | |||
Class R6 | (530) | (677) | (94) | (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 | (171,740) | (141,897) | (13,905) | (7,620) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (121,688) | (98,535) | 2,708 | (11,478) | |||
Class C | (51,256) | (64,648) | (1,119) | (1,865) | |||
Class C1 | (11,806) | (19,482) | — | — | |||
Class I | (673,115) | (482,484) | 3,335 | (8,832) | |||
Class R6 | (15,195) | (1,409) | (125) | (179) | |||
Increase (decrease) in net assets from capital transactions | (873,060) | (666,558) | 4,799 | (22,354) | |||
Net increase (decrease) in net assets | (800,735) | (1,268,088) | 10,730 | (35,862) | |||
Net Assets | |||||||
Beginning of period | 5,277,594 | 6,545,682 | 184,365 | 220,227 | |||
End of Period | $ 4,476,859 | $ 5,277,594 | $ 195,095 | $ 184,365 |
Seix Tax-Exempt Bond Fund | |||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 2,025 | $ 2,040 | |
Net realized gain (loss) | (421) | (124) | |
Net change in unrealized appreciation (depreciation) | 319 | (11,461) | |
Increase (decrease) in net assets resulting from operations | 1,923 | (9,545) | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (765) | (846) | |
Class C | (33) | (51) | |
Class I | (1,178) | (1,469) | |
Total dividends and distributions to shareholders | (1,976) | (2,366) | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | (1,885) | (3,838) | |
Class C | (705) | (1,127) | |
Class I | (6,990) | (11,580) | |
Increase (decrease) in net assets from capital transactions | (9,580) | (16,545) | |
Net increase (decrease) in net assets | (9,633) | (28,456) | |
Net Assets | |||
Beginning of period | 75,445 | 103,901 | |
End of Period | $ 65,812 | $ 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 9/30/23 | $ 9.84 | 0.39 | (0.18) | 0.21 | (0.39) | — | — | (0.39) | — | (0.18) | $ 9.66 | 2.06 % | $ 28,811 | 0.80 % (6) | 1.10 % | 3.90 % | 49 % | |
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 (7) | 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 (8) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 9.61 | 0.31 | (0.18) | 0.13 | (0.31) | — | — | (0.31) | — | (0.18) | $ 9.43 | 1.25 % | $ 1,553 | 1.55 % (6) | 1.87 % | 3.16 % | 49 % | |
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 (7) | 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 (8) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.00 | 0.43 | (0.19) | 0.24 | (0.42) | — | — | (0.42) | — | (0.18) | $ 9.82 | 2.33 % | $ 132,866 | 0.55 % | 0.84 % | 4.26 % | 49 % | |
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 (7) | 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 (8) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.01 | 0.44 | (0.19) | 0.25 | (0.43) | — | — | (0.43) | — | (0.18) | $ 9.83 | 2.47 % | $ 1,971 | 0.43 % | 0.74 % | 4.32 % | 49 % | |
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 (7) | 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 (8) | 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 | |
Newfleet High Yield Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 3.53 | 0.24 | 0.12 | 0.36 | (0.24) | — | — | (0.24) | — | 0.12 | $ 3.65 | 10.27 % | $ 35,738 | 1.01 % (7) | 1.33 % | 6.53 % | 52 % | |
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 (7) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 3.47 | 0.21 | 0.12 | 0.33 | (0.21) | — | — | (0.21) | — | 0.12 | $ 3.59 | 9.51 % | $ 1,098 | 1.76 % (7) | 2.10 % | 5.77 % | 52 % | |
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 (7) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 3.53 | 0.25 | 0.13 | 0.38 | (0.25) | — | — | (0.25) | — | 0.13 | $ 3.66 | 10.84 % | $ 7,225 | 0.76 % (7) | 1.12 % | 6.77 % | 52 % | |
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 (7) | 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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet High Yield Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 3.53 | 0.25 | 0.12 | 0.37 | (0.25) | — | — | (0.25) | — | 0.12 | $ 3.65 | 10.71 % | $ 1,861 | 0.60 % (7) | 0.99 % | 6.93 % | 52 % | |
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 (7) | 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 (8) | 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 | |
Newfleet Low Duration Core Plus Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.09 | 0.31 | 0.14 | 0.45 | (0.31) | — | — | (0.31) | — | 0.14 | $10.23 | 4.55 % | $ 62,424 | 0.74 % | 0.93 % | 3.05 % | 38 % | |
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 (7) | 0.90 | 1.46 | 38 | |
10/1/20 to 9/30/21 | 10.96 | 0.16 | — (9) | 0.16 | (0.16) | — | — | (0.16) | — | — (9) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.09 | 0.23 | 0.15 | 0.38 | (0.24) | — | — | (0.24) | — | 0.14 | $10.23 | 3.78 % | $ 8,845 | 1.49 % | 1.66 % | 2.29 % | 38 % | |
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 (7) | 1.69 | 0.70 | 38 | |
10/1/20 to 9/30/21 | 10.96 | 0.08 | (0.01) | 0.07 | (0.07) | — | — | (0.07) | — | — (9) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.08 | 0.34 | 0.14 | 0.48 | (0.34) | — | — | (0.34) | — | 0.14 | $10.22 | 4.81 % | $ 314,549 | 0.49 % | 0.68 % | 3.29 % | 38 % | |
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 (7) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.09 | 0.34 | 0.15 | 0.49 | (0.35) | — | — | (0.35) | — | 0.14 | $10.23 | 4.89 % | $ 7,452 | 0.42 % | 0.60 % | 3.37 % | 38 % | |
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 (7) | 0.60 | 1.81 | 38 | |
10/1/20 to 9/30/21 | 10.96 | 0.16 | 0.03 | 0.19 | (0.19) | — | — | (0.19) | — | — (9) | 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 (10) 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 (11) | |
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.73 | 0.44 | 0.05 | 0.49 | (0.43) | — | — | (0.43) | — | 0.06 | $ 8.79 | 5.64 % | $ 67,280 | 0.99 % | 1.10 % | 4.94 % | 48 % | |
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 (7) | 1.10 | 3.76 | 52 | |
10/1/20 to 9/30/21 | 10.06 | 0.37 | 0.27 | 0.64 | (0.35) | — | — | (0.35) | — (9) | 0.29 | 10.35 | 6.45 (12) | 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) | — (9) | 0.19 | 10.16 | 6.43 (12) | 86,034 | 0.98 | 1.10 | 4.34 | 81 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet Multi-Sector Intermediate Bond Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.83 | 0.38 | 0.05 | 0.43 | (0.36) | — | — | (0.36) | — | 0.07 | $ 8.90 | 4.91 % | $ 9,131 | 1.74 % | 1.85 % | 4.15 % | 48 % | |
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 (7) | 1.85 | 3.00 | 52 | |
10/1/20 to 9/30/21 | 10.17 | 0.29 | 0.27 | 0.56 | (0.27) | — | — | (0.27) | — (9) | 0.29 | 10.46 | 5.58 (12) | 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) | — (9) | 0.19 | 10.26 | 5.57 (12) | 39,778 | 1.73 | 1.85 | 3.63 | 81 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.70 | 0.47 | 0.05 | 0.52 | (0.46) | — | — | (0.46) | — | 0.06 | $ 8.76 | 6.01 % | $ 303,103 | 0.74 % | 0.82 % | 5.24 % | 48 % | |
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 (7) | 0.86 | 4.00 | 52 | |
10/1/20 to 9/30/21 | 10.05 | 0.39 | 0.28 | 0.67 | (0.39) | — | — | (0.39) | — (9) | 0.28 | 10.33 | 6.70 (12) | 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) | — (9) | 0.17 | 10.15 | 6.57 (12) | 177,574 | 0.73 | 0.85 | 4.57 | 81 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.76 | 0.48 | 0.06 | 0.54 | (0.46) | — | — | (0.46) | — | 0.08 | $ 8.84 | 6.21 % | $ 18,072 | 0.60 % | 0.77 % | 5.39 % | 48 % | |
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 (7) | 0.78 | 4.15 | 52 | |
10/1/20 to 9/30/21 | 10.08 | 0.41 | 0.28 | 0.69 | (0.39) | — | — | (0.39) | — (9) | 0.30 | 10.38 | 6.87 (12) | 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) | — (9) | 0.19 | 10.17 | 6.77 (12) | 4,903 | 0.59 | 0.78 | 4.65 | 81 | |
Newfleet Multi-Sector Short Term Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 4.30 | 0.15 | 0.07 | 0.22 | (0.15) | — | — | (0.15) | — | 0.07 | $ 4.37 | 5.17 % | $ 660,114 | 0.89 % | 0.97 % | 3.47 % | 37 % | |
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 (7)(8) | 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 (13) | 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 (13) | 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 (13) | 0.98 | 3.01 | 58 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 4.37 | 0.14 | 0.06 | 0.20 | (0.14) | — | — | (0.14) | — | 0.06 | $ 4.43 | 4.58 % | $ 132,559 | 1.15 % | 1.23 % | 3.19 % | 37 % | |
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 (7)(8) | 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 (13) | 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 (13) | 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 (13) | 1.21 | 2.78 | 58 | |
Class C1 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 4.36 | 0.12 | 0.06 | 0.18 | (0.12) | — | — | (0.12) | — | 0.06 | $ 4.42 | 4.09 % | $ 33,679 | 1.65 % | 1.72 % | 2.70 % | 37 % | |
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 (7)(8) | 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 (13) | 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 (13) | 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 (13) | 1.72 | 2.28 | 58 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Newfleet Multi-Sector Short Term Bond Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 4.31 | 0.16 | 0.06 | 0.22 | (0.16) | — | — | (0.16) | — | 0.06 | $ 4.37 | 5.18 % | $3,639,516 | 0.64 % | 0.72 % | 3.72 % | 37 % | |
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 (7)(8) | 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 (13) | 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 (13) | 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 (13) | 0.72 | 3.26 | 58 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 4.32 | 0.16 | 0.07 | 0.23 | (0.16) | — | — | (0.16) | — | 0.07 | $ 4.39 | 5.48 % | $ 10,991 | 0.51 % | 0.69 % | 3.75 % | 37 % | |
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 (7)(8) | 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 | |
Newfleet Senior Floating Rate Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.43 | 0.64 | 0.28 | 0.92 | (0.65) | — | — | (0.65) | — | 0.27 | $ 8.70 | 11.20 % | $ 61,100 | 1.04 % (14) | 1.12 % | 7.48 % | 50 % | |
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 (7)(14) | 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 (14) | 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 (14) | 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 (14) | 1.11 | 4.96 | 24 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.43 | 0.58 | 0.28 | 0.86 | (0.58) | — | — | (0.58) | — | 0.28 | $ 8.71 | 10.50 % | $ 6,311 | 1.79 % (14) | 1.89 % | 6.69 % | 50 % | |
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 (7)(14) | 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 (14) | 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 (14) | 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 (14) | 1.92 | 4.23 | 24 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.41 | 0.66 | 0.29 | 0.95 | (0.67) | — | — | (0.67) | — | 0.28 | $ 8.69 | 11.61 % | $ 126,422 | 0.79 % (14) | 0.87 % | 7.70 % | 50 % | |
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 (7)(14) | 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 (14) | 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 (14) | 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 (14) | 0.91 | 5.20 | 24 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.41 | 0.67 | 0.29 | 0.96 | (0.68) | — | — | (0.68) | — | 0.28 | $ 8.69 | 11.77 % | $ 1,262 | 0.65 % (14) | 0.80 % | 7.84 % | 50 % | |
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 (7)(14) | 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 (14) | 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 (14) | 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 (14) | 0.84 | 5.35 | 24 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Seix Tax-Exempt Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 9.94 | 0.27 | (0.05) | 0.22 | (0.27) | — | — | (0.27) | — | (0.05) | $ 9.89 | 2.14 % | $ 27,621 | 0.83 % | 1.08 % | 2.69 % | 23 % | |
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 (7)(8) | 1.02 | 2.13 | 1 | |
10/1/20 to 9/30/21 | 11.45 | 0.23 | — (9) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 9.94 | 0.20 | (0.06) | 0.14 | (0.19) | — | — | (0.19) | — | (0.05) | $ 9.89 | 1.37 % | $ 1,370 | 1.58 % | 1.81 % | 1.94 % | 23 % | |
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 (7)(8) | 1.77 | 1.37 | 1 | |
10/1/20 to 9/30/21 | 11.45 | 0.15 | — (9) | 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 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 9.94 | 0.30 | (0.06) | 0.24 | (0.29) | — | — | (0.29) | — | (0.05) | $ 9.89 | 2.39 % | $ 36,821 | 0.58 % | 0.83 % | 2.94 % | 23 % | |
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 (7)(8) | 0.79 | 2.37 | 1 | |
10/1/20 to 9/30/21 | 11.45 | 0.26 | — (9) | 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 |
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) | Includes interest expense on borrowings. |
(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) | Amount is less than $0.005 per share. |
(10) | Inception date. |
(11) | Portfolio turnover is representative of the Fund for the entire period. |
(12) | Payment from affiliate had no impact on total return. |
(13) | The share class is currently under its expense limitation. |
(14) | Ratios of total expenses excluding interest expense on borrowings for year ended September 30, 2023, 2022, 2021, 2020 and 2019, were 0.94% (Class A), 1.69% (Class C), 0.69% (Class I) and 0.55% (Class R6). |
NOTES TO FINANCIAL STATEMENTS
September 30, 2023
NOTES TO FINANCIAL STATEMENTS (Continued)
A. | Security Valuation |
The Funds’ Board of Trustees (the “Board”) has designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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). | |
• Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). | |
• Level 1 – prices determined using significant unobservable inputs (including the Investment Adviser’s Valuation Committee’s own assumptions in determining the fair value of investments). |
NOTES TO FINANCIAL STATEMENTS (Continued)
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 |
NOTES TO FINANCIAL STATEMENTS (Continued)
interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. | |
J. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
K. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At September 30, 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 | $ 888 | $ 888 | $ — | |||
Newfleet High Yield Fund | 1,586 | 1,586 | — | |||
Newfleet Low Duration Core Plus Bond Fund | 3,362 | 3,362 | — | |||
Newfleet Multi-Sector Intermediate Bond Fund | 4,262 | 4,262 | — | |||
Newfleet Multi-Sector Short Term Bond Fund | 9,886 | 9,886 | — |
(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. |
NOTES TO FINANCIAL STATEMENTS (Continued)
(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 | $ 923 | ||
Newfleet High Yield Fund | Money Market Mutual Fund | 1,641 | ||
Newfleet Low Duration Core Plus Bond Fund | Money Market Mutual Fund | 3,449 | ||
Newfleet Multi-Sector Intermediate Bond Fund | Money Market Mutual Fund | 4,427 | ||
Newfleet Multi-Sector Short Term Bond Fund | Money Market Mutual Fund | 10,237 |
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 | $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 % |
NOTES TO FINANCIAL STATEMENTS (Continued)
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Newfleet Core Plus Bond Fund | Newfleet(1) | |
Newfleet High Yield Fund | Newfleet(1) | |
Newfleet Low Duration Core Plus Bond Fund | Newfleet(1) | |
Newfleet Multi-Sector Intermediate Bond Fund | Newfleet(1) | |
Newfleet Multi-Sector Short Term Bond Fund | Newfleet(1) | |
Newfleet Senior Floating Rate Fund | Newfleet(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 year ending September 30: |
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
Newfleet Core Plus Bond Fund | ||||||||
Class A | $ 90 | $ 72 | $ 85 | $ 247 | ||||
Class C | 9 | 6 | 4 | 19 | ||||
Class I | 165 | 192 | 224 | 581 | ||||
Class R6 | 3 | 4 | 5 | 12 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 118 | 108 | 117 | 343 | ||||
Class C | 5 | 4 | 4 | 13 | ||||
Class I | 26 | 24 | 27 | 77 | ||||
Class R6 | 6 | 7 | 7 | 20 | ||||
Newfleet Low Duration Core Plus Bond Fund | ||||||||
Class A | 129 | 119 | 128 | 376 | ||||
Class C | 30 | 28 | 17 | 75 | ||||
Class I | 770 | 805 | 646 | 2,221 | ||||
Class R6 | 1 | 47 | 68 | 116 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | $ 69 | $ 68 | $ 78 | $ 215 | ||||
Class C | 20 | 16 | 12 | 48 | ||||
Class I | 206 | 188 | 180 | 574 | ||||
Class R6 | 9 | 9 | 10 | 28 | ||||
Newfleet Multi-Sector Short Term Bond Fund | ||||||||
Class A | — | 410 | 577 | 987 | ||||
Class C | — | 130 | 123 | 253 | ||||
Class C1 | — | 22 | 25 | 47 | ||||
Class I | — | 2,267 | 2,961 | 5,228 | ||||
Class R6 | 32 | 43 | 26 | 101 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 29 | 34 | 44 | 107 | ||||
Class C | 13 | 5 | 6 | 24 | ||||
Class I | 55 | 68 | 94 | 217 | ||||
Class R6 | 3 | 2 | 2 | 7 | ||||
Seix Tax-Exempt Bond Fund | ||||||||
Class A | 61 | 60 | 72 | 193 | ||||
Class C | 8 | 5 | 4 | 17 | ||||
Class I | 111 | 102 | 104 | 317 |
Fund | Class R6 | |
Newfleet Multi-Sector Short Term Bond Fund | $1 |
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 year ended September 30, 2023, it retained net commissions of $21 for Class A shares and CDSC of $10, $2 and $6 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 year ended September 30, 2023, the Funds incurred administration fees totaling $5,613 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the year ended September 30, 2023, the Funds incurred transfer agent fees totaling $2,513 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 year ended September 30, 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 September 30, 2023. |
NOTES TO FINANCIAL STATEMENTS (Continued)
Purchases | Sales | ||
Newfleet Core Plus Bond Fund | $ 80,703 | $ 41,698 | |
Newfleet High Yield Fund | 22,845 | 22,140 | |
Newfleet Low Duration Core Plus Bond Fund | 115,059 | 276,426 | |
Newfleet Multi-Sector Intermediate Bond Fund | 225,616 | 99,839 | |
Newfleet Multi-Sector Short Term Bond Fund | 1,431,007 | 2,187,610 | |
Newfleet Senior Floating Rate Fund | 96,130 | 87,261 | |
Seix Tax-Exempt Bond Fund | 15,815 | 24,054 |
Purchases | Sales | ||
Newfleet Core Plus Bond Fund | $ 33,823 | $ 10,577 | |
Newfleet High Yield Fund | 809 | 818 | |
Newfleet Low Duration Core Plus Bond Fund | 55,740 | 37,382 | |
Newfleet Multi-Sector Intermediate Bond Fund | 67,483 | 38,691 | |
Newfleet Multi-Sector Short Term Bond Fund | 284,282 | 454,762 | |
Newfleet Senior Floating Rate Fund | — | 975 |
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 516 | $ 5,129 | 213 | $ 2,304 | 662 | $ 2,422 | 275 | $ 1,107 | |||||||
Reinvestment of distributions | 102 | 1,012 | 99 | 1,100 | 556 | 2,037 | 476 | 1,869 | |||||||
Shares repurchased and cross class conversions | (382) | (3,813) | (490) | (5,411) | (1,709) | (6,227) | (1,479) | (5,908) | |||||||
Net Increase / (Decrease) | 236 | $ 2,328 | (178) | $ (2,007) | (491) | $ (1,768) | (728) | $ (2,932) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 121 | $ 1,176 | 25 | $ 276 | 84 | $ 303 | 32 | $ 133 | |||||||
Reinvestment of distributions | 4 | 44 | 6 | 70 | 17 | 60 | 14 | 53 | |||||||
Shares repurchased and cross class conversions | (94) | (913) | (125) | (1,330) | (87) | (312) | (101) | (398) | |||||||
Net Increase / (Decrease) | 31 | $ 307 | (94) | $ (984) | 14 | $ 51 | (55) | $ (212) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 11,395 | $ 115,739 | 4,971 | $ 56,063 | 2,472 | $ 9,067 | 422 | $ 1,660 | |||||||
Reinvestment of distributions | 324 | 3,277 | 282 | 3,155 | 136 | 500 | 97 | 382 | |||||||
Shares repurchased and cross class conversions | (4,549) | (45,922) | (4,782) | (51,106) | (2,387) | (8,731) | (699) | (2,799) | |||||||
Net Increase / (Decrease) | 7,170 | $ 73,094 | 471 | $ 8,112 | 221 | $ 836 | (180) | $ (757) |
NOTES TO FINANCIAL STATEMENTS (Continued)
Newfleet Core Plus Bond Fund | Newfleet High Yield Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 121 | $ 1,228 | 59 | $ 678 | 87 | $ 318 | 192 | $ 797 | |||||||
Reinvestment of distributions | 6 | 58 | 5 | 52 | 33 | 121 | 27 | 107 | |||||||
Shares repurchased and cross class conversions | (60) | (606) | (31) | (346) | (109) | (397) | (172) | (680) | |||||||
Net Increase / (Decrease) | 67 | $ 680 | 33 | $ 384 | 11 | $ 42 | 47 | $ 224 |
Newfleet Low Duration Core Plus Bond Fund | Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,078 | $ 10,953 | 2,275 | $ 24,030 | 1,500 | $ 13,390 | 1,108 | $ 10,490 | |||||||
Reinvestment of distributions | 168 | 1,715 | 98 | 1,024 | 301 | 2,692 | 248 | 2,377 | |||||||
Shares repurchased and cross class conversions | (2,800) | (28,503) | (3,957) | (41,594) | (1,544) | (13,788) | (1,954) | (19,086) | |||||||
Net Increase / (Decrease) | (1,554) | $ (15,835) | (1,584) | $ (16,540) | 257 | $ 2,294 | (598) | $ (6,219) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 270 | $ 2,746 | 440 | $ 4,714 | 277 | $ 2,505 | 151 | $ 1,478 | |||||||
Reinvestment of distributions | 22 | 219 | 9 | 99 | 43 | 386 | 48 | 470 | |||||||
Shares repurchased and cross class conversions | (594) | (6,060) | (870) | (9,168) | (655) | (5,901) | (750) | (7,279) | |||||||
Net Increase / (Decrease) | (302) | $ (3,095) | (421) | $ (4,355) | (335) | $ (3,010) | (551) | $ (5,331) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 11,502 | $ 117,472 | 17,323 | $ 184,267 | 25,553 | $ 228,145 | 7,134 | $ 67,976 | |||||||
Reinvestment of distributions | 1,032 | 10,536 | 821 | 8,632 | 1,007 | 8,970 | 648 | 6,191 | |||||||
Shares repurchased and cross class conversions | (23,961) | (243,586) | (33,854) | (356,455) | (10,272) | (91,314) | (10,063) | (96,913) | |||||||
Net Increase / (Decrease) | (11,427) | $ (115,578) | (15,710) | $ (163,556) | 16,288 | $ 145,801 | (2,281) | $ (22,746) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 652 | $ 6,667 | 2,038 | $ 21,359 | 1,807 | $ 16,234 | 70 | $ 674 | |||||||
Reinvestment of distributions | 99 | 1,015 | 45 | 469 | 27 | 241 | 19 | 181 | |||||||
Shares repurchased and cross class conversions | (3,920) | (40,192) | (669) | (7,043) | (380) | (3,413) | (109) | (1,077) | |||||||
Net Increase / (Decrease) | (3,169) | $ (32,510) | 1,414 | $ 14,785 | 1,454 | $ 13,062 | (20) | $ (222) |
NOTES TO FINANCIAL STATEMENTS (Continued)
Newfleet Multi-Sector Short Term Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 16,083 | $ 70,197 | 28,778 | $ 132,136 | 1,549 | $ 13,403 | 2,640 | $ 23,430 | |||||||
Reinvestment of distributions | 4,870 | 21,274 | 3,692 | 16,722 | 417 | 3,598 | 228 | 1,991 | |||||||
Shares repurchased and cross class conversions | (48,904) | (213,159) | (54,254) | (247,393) | (1,660) | (14,293) | (4,176) | (36,899) | |||||||
Net Increase / (Decrease) | (27,951) | $ (121,688) | (21,784) | $ (98,535) | 306 | $ 2,708 | (1,308) | $ (11,478) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ 1 | 3 | $ 8 | 199 | $ 1,711 | 428 | $ 3,759 | |||||||
Reinvestment of distributions | 1,068 | 4,737 | 909 | 4,180 | 48 | 413 | 26 | 227 | |||||||
Shares repurchased and cross class conversions | (12,658) | (55,994) | (14,912) | (68,836) | (377) | (3,243) | (664) | (5,851) | |||||||
Net Increase / (Decrease) | (11,590) | $ (51,256) | (14,000) | $ (64,648) | (130) | $ (1,119) | (210) | $ (1,865) | |||||||
Class C1 | |||||||||||||||
Shares sold and cross class conversions | 989 | $ 4,354 | 1,445 | $ 6,764 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 199 | 882 | 148 | 677 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (3,861) | (17,042) | (5,857) | (26,923) | — | — | — | — | |||||||
Net Increase / (Decrease) | (2,673) | $ (11,806) | (4,264) | $ (19,482) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 201,373 | $ 880,233 | 252,671 | $ 1,160,210 | 9,153 | $ 78,639 | 9,393 | $ 82,580 | |||||||
Reinvestment of distributions | 29,093 | 127,291 | 22,911 | 103,966 | 853 | 7,344 | 421 | 3,661 | |||||||
Shares repurchased and cross class conversions | (385,197) | (1,680,639) | (383,808) | (1,746,660) | (9,637) | (82,648) | (10,834) | (95,073) | |||||||
Net Increase / (Decrease) | (154,731) | $ (673,115) | (108,226) | $ (482,484) | 369 | $ 3,335 | (1,020) | $ (8,832) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,182 | $ 5,180 | 1,649 | $ 7,583 | 14 | $ 119 | 1 | $ 13 | |||||||
Reinvestment of distributions | 81 | 353 | 131 | 593 | 10 | 87 | 6 | 53 | |||||||
Shares repurchased and cross class conversions | (4,740) | (20,728) | (2,102) | (9,585) | (39) | (331) | (27) | (245) | |||||||
Net Increase / (Decrease) | (3,477) | $ (15,195) | (322) | $ (1,409) | (15) | $ (125) | (20) | $ (179) |
Seix Tax-Exempt Bond Fund | |||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 238 | $ 2,427 | 123 | $ 1,342 | |||
Reinvestment of distributions | 65 | 662 | 69 | 741 | |||
Shares repurchased and cross class conversions | (489) | (4,974) | (552) | (5,921) | |||
Net Increase / (Decrease) | (186) | $ (1,885) | (360) | $ (3,838) |
NOTES TO FINANCIAL STATEMENTS (Continued)
Seix Tax-Exempt Bond Fund | |||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class C | |||||||
Shares sold and cross class conversions | 37 | $ 377 | 12 | $ 131 | |||
Reinvestment of distributions | 3 | 32 | 5 | 51 | |||
Shares repurchased and cross class conversions | (109) | (1,114) | (123) | (1,309) | |||
Net Increase / (Decrease) | (69) | $ (705) | (106) | $ (1,127) | |||
Class I | |||||||
Shares sold and cross class conversions | 1,148 | $ 11,647 | 741 | $ 7,806 | |||
Reinvestment of distributions | 105 | 1,068 | 122 | 1,320 | |||
Shares repurchased and cross class conversions | (1,938) | (19,705) | (1,949) | (20,706) | |||
Net Increase / (Decrease) | (685) | $ (6,990) | (1,086) | $ (11,580) |
(1) | Amount is less than 500 shares (not in thousands). |
% of Shares Outstanding | Number of Accounts* | ||
Newfleet Core Plus Bond Fund | 58 % | 3 | |
Newfleet Low Duration Core Plus Bond Fund | 61 | 4 | |
Newfleet Multi-Sector Intermediate Bond Fund | 42 | 2 | |
Newfleet Multi-Sector Short Term Bond Fund | 35 | 2 | |
Newfleet Senior Floating Rate Fund | 37 | 3 | |
Seix Tax-Exempt Bond Fund | 13 | 1 |
* | None of the accounts are affiliated. |
NOTES TO FINANCIAL STATEMENTS (Continued)
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 | 5 | 4,900 | 4.99 | 8 | ||||
Newfleet Multi-Sector Short Term Bond Fund | 15 | 29,400 | 6.17 | 3 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Newfleet Core Plus Bond Fund | $ 173,797 | $ 111 | $ (14,279) | $ (14,168) | ||||
Newfleet High Yield Fund | 51,138 | 169 | (4,523) | (4,354) | ||||
Newfleet Low Duration Core Plus Bond Fund | 411,256 | 345 | (21,956) | (21,611) | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 426,329 | 839 | (30,589) | (29,750) | ||||
Newfleet Multi-Sector Short Term Bond Fund | 4,725,271 | 3,756 | (277,788) | (274,032) | ||||
Newfleet Senior Floating Rate Fund | 198,622 | 1,140 | (3,215) | (2,075) | ||||
Seix Tax-Exempt Bond Fund | 66,389 | 335 | (3,099) | (2,764) |
Fund | Short-Term | Long-Term | ||
Newfleet Core Plus Bond Fund | $ 2,551 | $ 3,021 | ||
Newfleet High Yield Fund | 656 | 4,608 | ||
Newfleet Low Duration Core Plus Bond Fund | 5,507 | 5,324 | ||
Newfleet Multi-Sector Intermediate Bond Fund | 4,180 | 16,192 | ||
Newfleet Multi-Sector Short Term Bond Fund | 103,881 | 148,494 | ||
Newfleet Senior Floating Rate Fund | 7,485 | 63,487 | ||
Seix Tax-Exempt Bond Fund | — | 648 |
Fund | Undistributed Ordinary Income | Undistributed Tax-Exempt Income | Post-October Capital Loss Deferred | Capital Loss Deferred | ||||
Newfleet Core Plus Bond Fund | $ 5 | $ — | $ 1,724 | $ 5,572 | ||||
Newfleet High Yield Fund | 354 | — | 1,205 | 5,264 | ||||
Newfleet Low Duration Core Plus Bond Fund | 330 | — | 14,288 | 10,831 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 291 | — | 4,613 | 20,372 | ||||
Newfleet Multi-Sector Short Term Bond Fund | 2,835 | — | 98,675 | 252,375 | ||||
Newfleet Senior Floating Rate Fund | 27 | — | 2,202 | 70,972 | ||||
Seix Tax-Exempt Bond Fund | — | 230 | 104 | 648 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Newfleet Core Plus Bond Fund | |||||||||
9/30/23 | $ 4,501 | $ — | $ — | $ — | $ 4,501 | ||||
9/30/22 | 3,597 | 890 | — | — | 4,487 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Newfleet High Yield Fund | |||||||||
9/30/23 | $ 3,040 | $ — | $ — | $ — | $ 3,040 | ||||
9/30/22 | 2,677 | — | — | — | 2,677 | ||||
Newfleet Low Duration Core Plus Bond Fund | |||||||||
9/30/23 | 15,066 | — | — | — | 15,066 | ||||
9/30/22 | 11,376 | — | — | — | 11,376 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | |||||||||
9/30/23 | 14,823 | — | — | — | 14,823 | ||||
9/30/22 | 11,080 | — | — | 596 | 11,676 | ||||
Newfleet Multi-Sector Short Term Bond Fund | |||||||||
9/30/23 | 171,740 | — | — | — | 171,740 | ||||
9/30/22 | 134,394 | — | — | 7,503 | 141,897 | ||||
Newfleet Senior Floating Rate Fund | |||||||||
9/30/23 | 13,905 | — | — | — | 13,905 | ||||
9/30/22 | 7,620 | — | — | — | 7,620 | ||||
Seix Tax-Exempt Bond Fund | |||||||||
9/30/23 | 1 | — | 1,975 | — | 1,976 | ||||
9/30/22 | 1 | 345 | 2,020 | — | 2,366 |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252img8f67d84818.jpg)
Philadelphia, Pennsylvania
November 27, 2023
Fund | Federal Tax Exempt Interest Dividends % | |
Seix Tax-Exempt Bond Fund | 100.00 % |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2016 107 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since May 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II and Virtus Diversified Income & Convertible Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 104 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 104 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 104 Portfolios | President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios);Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 97 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2016 97 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 104 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (2011 to 2022) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin, Philip. YOB: 1946 Served Since: 1999 107 Portfolios | Private investor since 2010. | Trustee and Chairman (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Chairman (since 2023) and Trustee (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Chairman (since 2023), Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (56 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2001 107 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since May 2023) and Advisory Board Member (January 2023 to May 2023), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (4 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (56 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 104 Portfolios | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2023) and Advisory Board Member (2022 to 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2023) and Advisory Board Member (2022 to 2023), Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund®VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Zino, Brian T. YOB: 1952 Served Since: 2020 104 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 110 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Director (since 2023), Stone Harbor Investment Funds plc (21 sub-funds) and Stone Harbor Global Funds plc (27 sub-funds); Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Director (since 2013), Virtus Global Funds, plc (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (56 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Director (since 2023), Stone Harbor Investment Funds plc and Stone Harbor Global Funds plc; Director (since 2019), Virtus Global Funds ICAV; Director (since 2013), Virtus Global Funds, plc; Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Chisolm, Daphne YOB: 1969 | Vice President, Counsel and Assistant Secretary (since 2023) | Vice President and Senior Counsel (since 2023), Virtus Investment Partners, Inc.; Attorney at Law engaged in private practice as a solo practitioner (2018 to 2023); and various officer positions (since 2023) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Fromm, Jennifer YOB: 1973 | Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Griswold, Heidi YOB: 1973 | Vice President (since 2016). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Hackett, Amy YOB: 1968 | Vice President and Assistant Treasurer (since 2013); Assistant Treasurer (2009 to 2013). | Vice President (since 2010) and Assistant Vice President (2007 to 2010), Fund Services, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Krishnan, Suneeta YOB: 1965 | Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2009 to 2018). | Vice President (since 2017) and Assistant Treasurer (since 2007), Mutual Fund Administration, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Lowe, Benjamin YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Martin, David YOB: 1959 | Anti-Money Laundering Compliance Officer (since 2016). | Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
Rahman, Mahmood YOB: 1967 | Assistant Vice President (since 2021). | Vice President (since 2023), Tax Director (since 2020) and Assistant Vice President (2020 to 2023), Fund Administration, Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Suss, Amanda YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |
a series of Virtus Opportunities Trust
Statutory Prospectus pertaining to the Fund, each dated January 27, 2023, as supplemented
Virtus Newfleet High Yield Fund | David L. Albrycht, CFA (since 2011) William J. Eastwood, CFA (since August 2019) Eric Hess, CFA (since August 2019) Matthew Kearns, CFA (since November 2023) |
above, each dated January 27, 2023, as supplemented
1 Year | 5 Years | 10 Years | |
Class I Shares | |||
Return Before Taxes | -7.76% | 1.00% | 1.67% |
Return After Taxes on Distributions | -7.76% | 0.91% | 1.61% |
Return After Taxes on Distributions and Sale of Fund Shares | -3.64% | 1.38% | 1.92% |
Class A Shares | |||
Return Before Taxes | -10.52% | 0.18% | 1.13% |
Class C Shares | |||
Return Before Taxes | -8.68% | -0.01% | 0.65% |
Bloomberg U.S. Aggregate Bond Index | -13.01% | 0.02% | 1.06% |
ICE BofA 1-22 Year U.S. Municipal Securities Index (reflects no deduction for fees, expenses or taxes) | -6.74% | 1.39% | 2.05% |
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517252img999acd7d19.gif)
please contact us at 1-800-243-1574, or visit Virtus.com.
8639 | 11-23 |
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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 KAR Developing Markets Fund |
Virtus KAR Emerging Markets Small-Cap Fund |
Virtus KAR International Small-Mid Cap Fund |
Virtus Vontobel Emerging Markets Opportunities Fund* |
Virtus Vontobel Foreign Opportunities Fund* |
Virtus Vontobel Global Opportunities Fund* |
Virtus Vontobel Greater European Opportunities Fund* |
1 | ||
2 | ||
6 | ||
Fund | Fund Summary | Schedule of Investments |
10 | 56 | |
14 | 57 | |
18 | 59 | |
22 | 60 | |
26 | 61 | |
30 | 62 | |
34 | 64 | |
37 | 66 | |
Virtus Vontobel Emerging Markets Opportunities Fund (“Vontobel Emerging Markets Opportunities Fund”) | 40 | 67 |
44 | 69 | |
48 | 71 | |
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”) | 52 | 73 |
74 | ||
80 | ||
83 | ||
89 | ||
97 | ||
116 | ||
117 | ||
118 | ||
119 |
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![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img07d67f243.jpg)
President and Trustee, Virtus Funds
November 2023
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 891.20 | 1.31 % | $ 6.21 | ||||
Class C | 1,000.00 | 887.90 | 2.08 | 9.84 | ||||
Class I | 1,000.00 | 892.20 | 1.05 | 4.98 | ||||
Class R6 | 1,000.00 | 892.90 | 0.84 | 3.99 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 940.40 | 1.39 | 6.76 | ||||
Class C | 1,000.00 | 936.90 | 2.14 | 10.39 | ||||
Class I | 1,000.00 | 941.70 | 1.14 | 5.55 | ||||
Class R6 | 1,000.00 | 942.80 | 0.88 | 4.29 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 958.20 | 1.49 | 7.31 | ||||
Class C | 1,000.00 | 954.20 | 2.24 | 10.97 | ||||
Class I | 1,000.00 | 958.30 | 1.24 | 6.09 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | 1,000.00 | 971.10 | 0.49 | 2.42 | ||||
Class C | 1,000.00 | 967.40 | 1.25 | 6.16 | ||||
Class I | 1,000.00 | 971.90 | 0.25 | 1.24 | ||||
Class R6 | 1,000.00 | 971.80 | 0.20 | 0.99 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 934.60 | 1.35 | 6.55 | ||||
Class C | 1,000.00 | 930.90 | 2.06 | 9.97 | ||||
Class I | 1,000.00 | 935.60 | 1.10 | 5.34 | ||||
Class R6 | 1,000.00 | 936.80 | 0.78 | 3.79 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 1,000.00 | 982.10 | 1.49 | 7.40 | ||||
Class C | 1,000.00 | 978.10 | 2.24 | 11.11 | ||||
Class I | 1,000.00 | 983.30 | 1.24 | 6.17 | ||||
Class R6 | 1,000.00 | 983.40 | 1.19 | 5.92 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,021.00 | 1.78 | 9.02 | ||||
Class C | 1,000.00 | 1,017.40 | 2.52 | 12.74 | ||||
Class I | 1,000.00 | 1,021.60 | 1.49 | 7.55 | ||||
Class R6 | 1,000.00 | 1,022.40 | 1.39 | 7.05 |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | $1,000.00 | $ 990.10 | 1.44% | $ 7.18 | ||||
Class C | 1,000.00 | 986.60 | 2.19 | 10.91 | ||||
Class I | 1,000.00 | 991.30 | 1.19 | 5.94 | ||||
Class R6 | 1,000.00 | 992.00 | 1.08 | 5.39 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | 1,000.00 | 940.90 | 1.53 | 7.44 | ||||
Class C | 1,000.00 | 937.40 | 2.21 | 10.73 | ||||
Class I | 1,000.00 | 942.50 | 1.17 | 5.70 | ||||
Class R6 | 1,000.00 | 943.00 | 0.97 | 4.72 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 1,000.00 | 963.80 | 1.38 | 6.79 | ||||
Class C | 1,000.00 | 960.00 | 2.04 | 10.02 | ||||
Class I | 1,000.00 | 965.20 | 1.06 | 5.22 | ||||
Class R6 | 1,000.00 | 965.70 | 0.94 | 4.63 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,006.20 | 1.35 | 6.79 | ||||
Class C | 1,000.00 | 1,002.80 | 2.10 | 10.54 | ||||
Class I | 1,000.00 | 1,007.50 | 1.08 | 5.44 | ||||
Class R6 | 1,000.00 | 1,008.70 | 0.89 | 4.48 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 1,000.00 | 935.30 | 1.30 | 6.31 | ||||
Class C | 1,000.00 | 931.60 | 2.05 | 9.93 | ||||
Class I | 1,000.00 | 936.50 | 1.05 | 5.10 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.50 | 1.31 % | $ 6.63 | ||||
Class C | 1,000.00 | 1,014.64 | 2.08 | 10.50 | ||||
Class I | 1,000.00 | 1,019.80 | 1.05 | 5.32 | ||||
Class R6 | 1,000.00 | 1,020.86 | 0.84 | 4.26 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,018.10 | 1.39 | 7.03 | ||||
Class C | 1,000.00 | 1,014.34 | 2.14 | 10.81 | ||||
Class I | 1,000.00 | 1,019.35 | 1.14 | 5.77 | ||||
Class R6 | 1,000.00 | 1,020.66 | 0.88 | 4.46 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,017.60 | 1.49 | 7.54 | ||||
Class C | 1,000.00 | 1,013.84 | 2.24 | 11.31 | ||||
Class I | 1,000.00 | 1,018.85 | 1.24 | 6.28 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | 1,000.00 | 1,022.61 | 0.49 | 2.48 | ||||
Class C | 1,000.00 | 1,018.80 | 1.25 | 6.33 | ||||
Class I | 1,000.00 | 1,023.82 | 0.25 | 1.27 | ||||
Class R6 | 1,000.00 | 1,024.07 | 0.20 | 1.01 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,018.30 | 1.35 | 6.83 | ||||
Class C | 1,000.00 | 1,014.74 | 2.06 | 10.40 | ||||
Class I | 1,000.00 | 1,019.55 | 1.10 | 5.57 | ||||
Class R6 | 1,000.00 | 1,021.16 | 0.78 | 3.95 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 1,000.00 | 1,017.60 | 1.49 | 7.54 | ||||
Class C | 1,000.00 | 1,013.84 | 2.24 | 11.31 | ||||
Class I | 1,000.00 | 1,018.85 | 1.24 | 6.28 | ||||
Class R6 | 1,000.00 | 1,019.10 | 1.19 | 6.02 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,016.14 | 1.78 | 9.00 | ||||
Class C | 1,000.00 | 1,012.43 | 2.52 | 12.71 | ||||
Class I | 1,000.00 | 1,017.60 | 1.49 | 7.54 | ||||
Class R6 | 1,000.00 | 1,018.10 | 1.39 | 7.03 | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | 1,000.00 | 1,017.85 | 1.44 | 7.28 | ||||
Class C | 1,000.00 | 1,014.09 | 2.19 | 11.06 | ||||
Class I | 1,000.00 | 1,019.10 | 1.19 | 6.02 | ||||
Class R6 | 1,000.00 | 1,019.65 | 1.08 | 5.47 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,017.40 | 1.53 | 7.74 | ||||
Class C | 1,000.00 | 1,013.99 | 2.21 | 11.16 | ||||
Class I | 1,000.00 | 1,019.20 | 1.17 | 5.92 | ||||
Class R6 | 1,000.00 | 1,020.21 | 0.97 | 4.91 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,018.15 | 1.38 | 6.98 | ||||
Class C | 1,000.00 | 1,014.84 | 2.04 | 10.30 | ||||
Class I | 1,000.00 | 1,019.75 | 1.06 | 5.37 | ||||
Class R6 | 1,000.00 | 1,020.36 | 0.94 | 4.76 |
Beginning Account Value April 1, 2023 | Ending Account Value September 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Vontobel Global Opportunities Fund | ||||||||
Class A | $1,000.00 | $1,018.30 | 1.35% | $ 6.83 | ||||
Class C | 1,000.00 | 1,014.54 | 2.10 | 10.61 | ||||
Class I | 1,000.00 | 1,019.65 | 1.08 | 5.47 | ||||
Class R6 | 1,000.00 | 1,020.61 | 0.89 | 4.51 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,018.55 | 1.30 | 6.58 | ||||
Class C | 1,000.00 | 1,014.79 | 2.05 | 10.35 | ||||
Class I | 1,000.00 | 1,019.80 | 1.05 | 5.32 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (183) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Ticker Symbols: | |
Class A: PGUAX | |
Class C: PGUCX | |
Class I: PGIUX | |
Class R6: VGIRX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has investment objectives of both capital appreciation and current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned -2.40%, Class C shares at NAV returned -3.17%, Class I shares at NAV returned -2.17%, and Class R6 shares at NAV returned -1.96%. For the same period, the FTSE Developed Core Infrastructure 50/50 Index (net), a broad-based equity index, returned 0.38%, and the Global Infrastructure Linked Benchmark, the Fund’s style-specific benchmark appropriate for comparison, returned 0.38%. |
Utilities | 49% |
Industrials | 27 |
Energy | 14 |
Real Estate | 8 |
Communication Services | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -2.40 % | 2.91 % | 4.40 % | — % | — | |
Class A shares at POP3,4 | -7.77 | 1.75 | 3.81 | — | — | |
Class C shares at NAV2 and with CDSC4 | -3.17 | 2.14 | 3.62 | — | — | |
Class I shares at NAV2 | -2.17 | 3.16 | 4.66 | — | — | |
Class R6 shares at NAV2 | -1.96 | 3.33 | — | 2.63 | 1/30/18 | |
FTSE Developed Core Infrastructure 50/50 Index (net) | 0.38 | 2.97 | 5.19 | 2.55 5 | — | |
Global Infrastructure Linked Benchmark | 0.38 | 2.97 | 4.38 | 2.55 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.25%, Net 1.25%; Class C shares: Gross 2.03%, Net 2.03%; Class I shares: Gross 1.01%, Net 1.01%; Class R6 shares: Gross 0.91%, Net 0.85%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgb3171b164.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img065befe45.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VGSAX | |
Class C: VGSCX | |
Class I: VGISX | |
Class R6: VRGEX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has a primary investment objective of long-term capital appreciation, with a secondary investment objective of income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 1.97%, Class C shares at NAV returned 1.25%, Class I shares at NAV returned 2.26%, and Class R6 shares at NAV returned 2.50%. For the same period, the FTSE EPRA NAREIT Developed Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 1.64%. |
Industrial/Office REITs | 22% |
Residential REITs | 17 |
Retail REITs | 13 |
Health Care REITs | 9 |
Data Centers REITs | 9 |
Self Storage REITs | 9 |
Real Estate Operating Companies | 7 |
Other REITs | 14 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 1.97 % | 1.65 % | 4.86 % | — % | — | |
Class A shares at POP3,4 | -3.64 | 0.51 | 4.27 | — | — | |
Class C shares at NAV2 and with CDSC4 | 1.25 | 0.89 | 4.08 | — | — | |
Class I shares at NAV2 | 2.26 | 1.91 | 5.12 | — | — | |
Class R6 shares at NAV2 | 2.50 | 2.16 | — | 4.30 | 11/3/16 | |
FTSE EPRA NAREIT Developed Index (net) | 1.64 | -1.24 | 2.04 | 0.88 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 2.50%, Net 1.40%; Class C shares: Gross 2.13%, Net 2.15%; Class I shares: Gross 1.14%, Net 1.15%; Class R6 shares: Gross 1.03%, Net 0.89%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgade1f0966.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img65012beb7.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PXRAX | |
Class C: PXRCX | |
Class I: PXRIX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has a primary investment objective of long-term capital appreciation, with a secondary investment objective of income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 5.52%, Class C shares at NAV returned 4.65%, and Class I shares at NAV returned 5.70%. For the same period, the FTSE EPRA NAREIT Developed ex-U.S. Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 2.06%. |
Industrial/Office REITs | 20% |
Retail REITs | 19 |
Real Estate Operating Companies | 17 |
Residential REITs | 10 |
Diversified REITs | 10 |
Real Estate Management & Development REITs | 9 |
Lodging/Resorts REITs | 4 |
Other REITs | 11 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 5.52 % | -2.46% | 1.77% | |
Class A shares at POP3,4 | -0.28 | -3.56 | 1.20 | |
Class C shares at NAV2 and with CDSC4 | 4.65 | -3.21 | 1.01 | |
Class I shares at NAV2 | 5.70 | -2.23 | 2.03 | |
FTSE EPRA NAREIT Developed ex-U.S. Index (net) | 2.06 | -4.17 | -0.46 | |
Fund Expense Ratios5: Class A shares: Gross 1.72%, Net 1.50%; Class C shares: Gross 2.55%, Net 2.25%; Class I shares: Gross 1.49%, Net 1.25%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgb89127338.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img71c3fbc79.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PDPAX | |
Class C: PDPCX | |
Class I: VADIX | |
Class R6: VAABX |
Duff & Phelps Investment Management Co.
■ | The Fund is non-diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 4.77%, Class C shares at NAV returned 3.95%, Class I shares at NAV returned 4.96%, and Class R6 shares at NAV returned 5.13%. For the fiscal year ended September 30, 2023, the MSCI All Country World Index (net) which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 20.80%. |
Affiliated Mutual Funds | 71% | |
Exchange-Traded Funds | 29 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 4.77 % | 2.97 % | 2.73 % | — % | — | |
Class A shares at POP3,4 | -1.00 | 1.81 | 2.15 | — | — | |
Class C shares at NAV2 and with CDSC4 | 3.95 | 2.18 | 1.95 | — | — | |
Class I shares at NAV2 | 4.96 | 3.23 | 2.99 | — | — | |
Class R6 shares at NAV2 | 5.13 | — | — | -2.68 | 1/31/22 | |
MSCI All Country World Index (net) | 20.80 | 6.46 | 7.56 | -3.36 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.60%, Net 1.30%; Class C shares: Gross 2.35%, Net 2.05%; Class I shares: Gross 1.35%, Net 1.05%; Class R6 shares: Gross 1.32%, Net 1.00%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgb9bec3ee10.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img32d5442111.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: PHRAX | |
Class C: PHRCX | |
Class I: PHRIX | |
Class R6: VRREX |
Duff & Phelps Investment Management Co.
■ | The Fund is diversified and has investment objectives of capital appreciation and income with approximately equal emphasis. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 0.14%, Class C shares at NAV returned -0.59%, Class I shares at NAV returned 0.33%, and Class R6 shares at NAV returned 0.68%. For the same period, the FTSE NAREIT Equity REITs Index, the Fund’s style-specific index appropriate for comparison, returned 2.99%. |
Residential | 23% |
Industrial/Office | 19 |
Health Care | 13 |
Data Centers | 13 |
Retail | 12 |
Self Storage | 10 |
Gaming REITs | 4 |
Other | 6 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 0.14 % | 3.54 % | 6.10 % | — % | — | |
Class A shares at POP3,4 | -5.37 | 2.37 | 5.50 | — | — | |
Class C shares at NAV2 and with CDSC4 | -0.59 | 2.79 | 5.32 | — | — | |
Class I shares at NAV2 | 0.33 | 3.81 | 6.38 | — | — | |
Class R6 shares at NAV2 | 0.68 | 4.11 | — | 4.84 | 11/12/14 | |
FTSE NAREIT Equity REITs Index | 2.99 | 2.77 | 5.96 | 4.20 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.33%, Net 1.33%; Class C shares: Gross 2.05%, Net 2.05%; Class I shares: Gross 1.08%, Net 1.08%; Class R6 shares: Gross 0.93%, Net 0.79%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img96559fe412.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img99e61c9d13.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VDMAX | |
Class C: VDMCX | |
Class I: VIDMX | |
Class R6: VDMRX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is non-diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 14.56%, Class C shares at NAV returned 13.75%, Class I shares at NAV returned 14.76%, and Class R6 shares at NAV returned 14.97%. For the same period, the MSCI Emerging Markets Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 11.70%. |
Industrials | 27% |
Consumer Staples | 17 |
Communication Services | 15 |
Financials | 15 |
Consumer Discretionary | 15 |
Information Technology | 9 |
Health Care | 2 |
Total | 100% |
1 Year | Since inception | Inception date | ||
Class A shares at NAV2 | 14.56 % | -10.51 % | 6/22/21 | |
Class A shares at POP3,4 | 8.26 | -12.71 | 6/22/21 | |
Class C shares at NAV2 and with CDSC2,4 | 13.75 | -11.18 | 6/22/21 | |
Class I shares at NAV2 | 14.76 | -10.30 | 6/22/21 | |
Class R6 shares at NAV2 | 14.97 | -10.22 | 6/22/21 | |
MSCI Emerging Markets Index (net) | 11.70 | -11.68 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 4.81%, Net 1.50%; Class C shares: Gross 5.55%, Net 2.25%; Class I shares: Gross 4.51%, Net 1.25%; Class R6 shares: Gross 4.52%, Net 1.20%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img5e35d88a14.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgea09575215.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img3569c03616.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the Fund’s inception date. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VAESX | |
Class C: VCESX | |
Class I: VIESX | |
Class R6: VRESX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 16.73%, Class C shares at NAV returned 15.87%, Class I shares at NAV returned 16.98%, and Class R6 shares at NAV returned 17.08%. For the same period, the MSCI Emerging Markets Small Cap Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 23.06%. |
Industrials | 31% |
Communication Services | 19 |
Information Technology | 14 |
Consumer Discretionary | 11 |
Consumer Staples | 9 |
Financials | 8 |
Materials | 4 |
Other (includes short-term investment) | 4 |
Total | 100% |
1 Year | 5 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 16.73 % | 4.74 % | 4.88 % | 12/17/13 | |
Class A shares at POP3,4 | 10.31 | 3.56 | 4.28 | 12/17/13 | |
Class C shares at NAV2 and with CDSC4 | 15.87 | 3.95 | 4.11 | 12/17/13 | |
Class I shares at NAV2 | 16.98 | 5.02 | 5.15 | 12/17/13 | |
Class R6 shares at NAV2 | 17.08 | — | 4.68 | 8/1/19 | |
MSCI Emerging Markets Small Cap Index (net) | 23.06 | 6.45 | — 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.78%, Net 1.78%; Class C shares: Gross 2.60%, Net 2.53%; Class I shares: Gross 1.53%, Net 1.50%; Class R6 shares: Gross 1.43%, Net 1.40%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img1618566217.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img13e64ea518.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 8.71% from the inception date of Class R6 shares and 4.72% for the inception date of Class A shares, Class C shares, and Class I shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VISAX | |
Class C: VCISX | |
Class I: VIISX | |
Class R6: VRISX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 27.13%, Class C shares at NAV returned 26.18%, Institutional Class shares at NAV returned 27.50%, and Class R6 shares at NAV returned 27.62%. For the same period, the MSCI All Country World ex USA SMID Cap Index (net), the Fund’s broad-based and style-specific index appropriate for comparison, returned 19.95%. |
Communication Services | 28% |
Industrials | 25 |
Financials | 14 |
Information Technology | 10 |
Consumer Discretionary | 8 |
Health Care | 5 |
Consumer Staples | 5 |
Other | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 27.13 % | 0.85 % | 5.19 % | — % | — | |
Class A shares at POP3,4 | 20.14 | -0.28 | 4.59 | — | — | |
Class C shares at NAV2 and with CDSC4 | 26.18 | 0.12 | 4.42 | — | — | |
Class I shares at NAV2 | 27.50 | 1.13 | 5.46 | — | — | |
Class R6 shares at NAV2 | 27.62 | 1.22 | — | 5.73 | 11/12/14 | |
MSCI All Country World ex USA SMID Cap Index (net) | 19.95 | 1.95 | 3.82 | 4.08 5 | — | |
Fund Expense Ratios6: Class A shares: 1.42%; Class C shares: 2.18%; Class I shares: 1.17%; Class R6 shares: 1.08%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img7299882819.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgb5ae270620.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: HEMZX | |
Class C: PICEX | |
Class I: HIEMX | |
Class R6: VREMX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned -0.71%, Class C shares at NAV returned -1.35%, Class I shares at NAV returned -0.41% and Class R6 shares at NAV returned -0.13%. For the same period, the MSCI Emerging Markets Index (net), which serves as both the broad-based and style-specific index appropriate for comparison, returned 11.70%. |
Consumer Staples | 21% |
Consumer Discretionary | 20 |
Financials | 18 |
Information Technology | 16 |
Communication Services | 8 |
Industrials | 8 |
Health Care | 3 |
Other | 6 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -0.71 % | -2.45 % | 0.25 % | — % | — | |
Class A shares at POP3,4 | -6.17 | -3.55 | -0.32 | — | — | |
Class C shares at NAV2 and with CDSC4 | -1.35 | -3.11 | -0.46 | — | — | |
Class I shares at NAV2 | -0.41 | -2.14 | 0.55 | — | — | |
Class R6 shares at NAV2 | -0.13 | -1.90 | — | -0.31 | 11/12/14 | |
MSCI Emerging Markets Index (net) | 11.70 | 0.55 | 2.07 | 1.94 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.56%, Net 1.56%; Class C shares: Gross 2.27%, Net 2.27%; Class I shares: Gross 1.23%, Net 1.23%; Class R6 shares: Gross 1.14%, Net 0.98%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgaf94d55121.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imge64cefe622.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: JVIAX | |
Class C: JVICX | |
Class I: JVXIX | |
Class R6: VFOPX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 18.36%, Class C shares at NAV returned 17.54%†, Class I shares at NAV returned 18.77%, and Class R6 shares at NAV returned 18.87%†. For the same period, the MSCI All Country World ex USA Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 20.39%. |
Industrials | 25% |
Information Technology | 19 |
Financials | 17 |
Consumer Discretionary | 13 |
Health Care | 10 |
Consumer Staples | 9 |
Materials | 3 |
Other (includes short-term investment) | 4 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 18.36 % | 4.04 % | 4.89 % | — % | — | |
Class A shares at POP3,4 | 11.85 | 2.87 | 4.30 | — | — | |
Class C shares at NAV2 and with CDSC4 | 17.54 5 | 3.35 | 4.16 | — | — | |
Class I shares at NAV2 | 18.77 | 4.38 | 5.20 | — | — | |
Class R6 shares at NAV2 | 18.87 5 | 4.49 | — | 5.19 | 11/12/14 | |
MSCI All Country World ex USA Index (net) | 20.39 | 2.58 | 3.35 | 3.42 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.39%, Net 1.39%; Class C shares: Gross 2.13%, Net 2.05%; Class I shares: Gross 1.13%, Net 1.07%; Class R6 shares: Gross 1.05%, Net 0.95%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img05bc332e23.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgbaf8722824.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: NWWOX | |
Class C: WWOCX | |
Class I: WWOIX | |
Class R6: VRGOX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 20.16%, Class C shares at NAV returned 19.36%, Class I shares at NAV returned 20.55%, and Class R6 shares at NAV returned 20.81%. For the same period, the MSCI All Country World Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 20.80%. |
Health Care | 20% |
Financials | 18 |
Consumer Staples | 17 |
Information Technology | 16 |
Consumer Discretionary | 12 |
Industrials | 10 |
Materials | 5 |
Other | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 20.16 % | 5.99 % | 8.31 % | — % | — | |
Class A shares at POP3,4 | 13.56 | 4.80 | 7.70 | — | — | |
Class C shares at NAV2 and with CDSC4 | 19.36 | 5.24 | 7.51 | — | — | |
Class I shares at NAV2 | 20.55 | 6.30 | 8.60 | — | — | |
Class R6 shares at NAV2 | 20.81 | 6.50 | — | 5.51 | 1/30/18 | |
MSCI All Country World Index (net) | 20.80 | 6.46 | 7.56 | 5.36 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.39%, Net 1.36%; Class C shares: Gross 2.14%, Net 2.11%; Class I shares: Gross 1.14%, Net 1.09%; Class R6 shares: Gross 1.05%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img3a7a648b25.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgc5cb5e0326.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: VGEAX | |
Class C: VGECX | |
Class I: VGEIX |
Vontobel Asset Management, Inc.
■ | The Fund is diversified and has an investment objective of long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended September 30, 2023, the Fund’s Class A shares at NAV returned 17.49%, Class C shares at NAV returned 16.53%, and Class I shares at NAV returned 17.77%. For the same period, the MSCI Europe Index (net), which serves as both the Fund’s broad-based and style-specific index appropriate for comparison, returned 28.85%. |
Industrials | 30% |
Consumer Discretionary | 17 |
Consumer Staples | 15 |
Financials | 11 |
Health Care | 10 |
Information Technology | 7 |
Materials | 5 |
Other | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 17.49 % | 2.53% | 2.98% | |
Class A shares at POP3,4 | 11.03 | 1.37 | 2.40 | |
Class C shares at NAV2 and with CDSC4 | 16.53 | 1.75 | 2.20 | |
Class I shares at NAV2 | 17.77 | 2.78 | 3.23 | |
MSCI Europe Index (net) | 28.85 | 3.96 | 3.83 | |
Fund Expense Ratios5: Class A shares: Gross 2.21%, Net 1.38%; Class C shares: Gross 2.88%, Net 2.13%; Class I shares: Gross 1.93%, Net 1.13%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img00ebcee027.jpg)
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img2b18be4c28.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective January 27, 2023, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through January 31, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
September 30, 2023
Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—2.0% | |||
Cellnex Telecom S.A. (Spain) | 37,016 | $ 1,290 | |
Energy—13.5% | |||
Cheniere Energy, Inc. (United States) | 18,028 | 2,992 | |
DT Midstream, Inc. (United States) | 18,260 | 967 | |
Enbridge, Inc. (Canada) | 76,019 | 2,523 | |
Targa Resources Corp. (United States) | 16,567 | 1,420 | |
Williams Cos., Inc. (The) (United States) | 20,723 | 698 | |
8,600 | |||
Industrials—27.1% | |||
Aena SME S.A. (Spain) | 17,518 | 2,641 | |
Aeroports de Paris S.A. (France) | 6,797 | 804 | |
Atlas Arteria Ltd. (Australia) | 459,234 | 1,633 | |
Auckland International Airport Ltd. (New Zealand) | 341,651 | 1,620 | |
Canadian Pacific Kansas City Ltd. (Canada) | 16,387 | 1,219 | |
Ferrovial SE (Netherlands) | 33,856 | 1,037 | |
Flughafen Zurich AG Registered Shares (Switzerland) | 6,829 | 1,304 | |
Norfolk Southern Corp. (United States) | 7,458 | 1,469 | |
Transurban Group (Australia) | 449,074 | 3,664 | |
Union Pacific Corp. (United States) | 4,329 | 881 | |
Vinci S.A. (France) | 9,419 | 1,046 | |
17,318 | |||
Shares | Value | ||
Real Estate—7.8% | |||
American Tower Corp. (United States) | 19,011 | $ 3,126 | |
Crown Castle, Inc. (United States) | 20,297 | 1,868 | |
4,994 | |||
Utilities—48.5% | |||
Ameren Corp. (United States) | 19,074 | 1,427 | |
American Electric Power Co., Inc. (United States) | 23,214 | 1,746 | |
APA Group (Australia) | 132,784 | 709 | |
Atmos Energy Corp. (United States) | 9,986 | 1,058 | |
CenterPoint Energy, Inc. (United States) | 71,985 | 1,933 | |
CMS Energy Corp. (United States) | 22,586 | 1,200 | |
Dominion Energy, Inc. (United States) | 33,607 | 1,501 | |
DTE Energy Co. (United States) | 11,244 | 1,116 | |
Edison International (United States) | 14,961 | 947 | |
EDP - Energias de Portugal S.A. (Portugal) | 233,718 | 973 | |
Emera, Inc. (Canada) | 33,506 | 1,170 | |
Entergy Corp. (United States) | 10,183 | 942 | |
Evergy, Inc. (United States) | 18,013 | 913 | |
Iberdrola S.A. (Spain) | 95,528 | 1,070 | |
National Grid plc (United Kingdom) | 172,965 | 2,068 | |
NextEra Energy, Inc. (United States) | 52,913 | 3,031 | |
NiSource, Inc. (United States) | 46,406 | 1,145 | |
Public Service Enterprise Group, Inc. (United States) | 16,701 | 951 | |
Sempra (United States) | 34,710 | 2,361 |
Shares | Value | ||
Utilities—continued | |||
Severn Trent plc (United Kingdom) | 34,549 | $ 997 | |
Southern Co. (The) (United States) | 23,466 | 1,519 | |
United Utilities Group plc (United Kingdom) | 55,678 | 644 | |
Xcel Energy, Inc. (United States) | 27,315 | 1,563 | |
30,984 | |||
Total Common Stocks (Identified Cost $67,480) | 63,186 | ||
Total Long-Term Investments—98.9% (Identified Cost $67,480) | 63,186 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $67,480) | $63,186 | ||
Other assets and liabilities, net—1.1% | 688 | ||
NET ASSETS—100.0% | $63,874 |
Country Weightings (Unaudited)† | |
United States | 58% |
Australia | 9 |
Spain | 8 |
Canada | 8 |
United Kingdom | 6 |
France | 3 |
New Zealand | 3 |
Other | 5 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $63,186 | $63,186 | |
Total Investments | $63,186 | $63,186 |
September 30, 2023
Shares | Value | ||
Common Stocks—99.0% | |||
Australia—4.1% | |||
National Storage REIT | 2,908,962 | $ 4,077 | |
NEXTDC Ltd.(1) | 395,598 | 3,151 | |
Scentre Group | 3,429,100 | 5,424 | |
12,652 | |||
Belgium—1.7% | |||
Aedifica S.A. | 40,159 | 2,286 | |
Warehouses De Pauw CVA | 122,141 | 3,027 | |
5,313 | |||
Canada—3.0% | |||
Allied Properties Real Estate Investment Trust | 142,350 | 1,879 | |
Boardwalk Real Estate Investment Trust | 31,327 | 1,541 | |
Chartwell Retirement Residences | 251,200 | 1,901 | |
Granite Real Estate Investment Trust | 72,679 | 3,857 | |
9,178 | |||
China—0.7% | |||
Hang Lung Properties Ltd. | 1,479,700 | 2,026 | |
France—1.2% | |||
Klepierre S.A. | 150,294 | 3,691 | |
Germany—1.2% | |||
Vonovia SE | 153,678 | 3,706 | |
Hong Kong—2.9% | |||
Link REIT | 917,600 | 4,500 | |
Swire Properties Ltd. | 2,172,000 | 4,532 | |
9,032 | |||
India—1.2% | |||
Capitaland India Trust | 4,626,783 | 3,554 | |
Ireland—0.6% | |||
Irish Residential Properties REIT plc | 1,859,468 | 1,826 | |
Japan—7.6% | |||
Japan Hotel REIT Investment Corp. | 6,436 | 3,364 | |
Mitsubishi Estate Co., Ltd. | 533,800 | 6,983 | |
Mitsui Fudosan Co., Ltd. | 171,700 | 3,785 | |
Mitsui Fudosan Logistics Park, Inc. | 1,214 | 3,826 |
Shares | Value | ||
Japan—continued | |||
Orix JREIT, Inc. | 4,455 | $ 5,348 | |
23,306 | |||
Singapore—2.6% | |||
CapitaLand Ascendas REIT | 1,988,300 | 4,000 | |
CapitaLand Integrated Commercial Trust | 2,925,000 | 3,958 | |
7,958 | |||
Spain—1.0% | |||
Merlin Properties Socimi S.A. | 380,200 | 3,210 | |
Sweden—2.2% | |||
Castellum AB | 406,966 | 4,148 | |
Catena AB | 78,391 | 2,726 | |
6,874 | |||
United Kingdom—5.3% | |||
Derwent London plc | 98,210 | 2,309 | |
Safestore Holdings plc | 321,947 | 2,891 | |
Segro plc | 177,528 | 1,558 | |
UNITE Group plc (The) | 630,699 | 6,907 | |
Workspace Group plc | 414,826 | 2,483 | |
16,148 | |||
United States—63.7% | |||
Alexandria Real Estate Equities, Inc. | 35,429 | 3,546 | |
American Homes 4 Rent Class A | 222,350 | 7,491 | |
American Tower Corp. | 33,575 | 5,521 | |
Apartment Income REIT Corp. | 146,778 | 4,506 | |
AvalonBay Communities, Inc. | 35,665 | 6,125 | |
Brixmor Property Group, Inc. | 292,833 | 6,085 | |
Cousins Properties, Inc. | 70,200 | 1,430 | |
CubeSmart | 184,275 | 7,026 | |
Digital Realty Trust, Inc. | 103,300 | 12,501 | |
Douglas Emmett, Inc. | 46,205 | 590 | |
Equinix, Inc. | 19,975 | 14,507 | |
Extra Space Storage, Inc. | 23,370 | 2,841 | |
Healthpeak Properties, Inc. | 241,000 | 4,425 | |
Host Hotels & Resorts, Inc. | 98,381 | 1,581 | |
Mid-America Apartment Communities, Inc. | 54,300 | 6,986 | |
Prologis, Inc. | 228,818 | 25,676 |
Shares | Value | ||
United States—continued | |||
Public Storage | 35,925 | $ 9,467 | |
Realty Income Corp. | 167,450 | 8,363 | |
Regency Centers Corp. | 86,150 | 5,121 | |
Rexford Industrial Realty, Inc. | 127,800 | 6,307 | |
Ryman Hospitality Properties, Inc. | 35,735 | 2,976 | |
SBA Communications Corp. Class A | 19,350 | 3,873 | |
Simon Property Group, Inc. | 14,996 | 1,620 | |
Sun Communities, Inc. | 88,379 | 10,459 | |
UDR, Inc. | 188,750 | 6,733 | |
Ventas, Inc. | 208,350 | 8,778 | |
VICI Properties, Inc. Class A | 327,450 | 9,529 | |
Welltower, Inc. | 145,000 | 11,878 | |
195,941 | |||
Total Common Stocks (Identified Cost $312,629) | 304,415 | ||
Total Long-Term Investments—99.0% (Identified Cost $312,629) | 304,415 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $312,629) | $304,415 | ||
Other assets and liabilities, net—1.0% | 3,184 | ||
NET ASSETS—100.0% | $307,599 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 64% |
Japan | 8 |
United Kingdom | 5 |
Australia | 4 |
Canada | 3 |
Hong Kong | 3 |
Singapore | 3 |
Other | 10 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $304,415 | $304,415 | |
Total Investments | $304,415 | $304,415 |
September 30, 2023
Shares | Value | ||
Common Stocks—96.8% | |||
Australia—10.3% | |||
GPT Group (The) | 137,000 | $ 344 | |
National Storage REIT | 478,154 | 670 | |
NEXTDC Ltd.(1) | 73,024 | 582 | |
Scentre Group | 537,600 | 850 | |
2,446 | |||
Belgium—2.6% | |||
Aedifica S.A. | 8,040 | 458 | |
Warehouses De Pauw CVA | 6,716 | 166 | |
624 | |||
Canada—7.1% | |||
Allied Properties Real Estate Investment Trust | 23,400 | 309 | |
Boardwalk Real Estate Investment Trust | 2,740 | 135 | |
Chartwell Retirement Residences | 77,400 | 586 | |
First Capital Real Estate Investment Trust | 43,200 | 423 | |
Primaris Real Estate Investment Trust | 25,000 | 248 | |
1,701 | |||
France—3.5% | |||
Gecina S.A. | 2,500 | 256 | |
Klepierre S.A. | 23,481 | 576 | |
832 | |||
Germany—4.7% | |||
Vonovia SE | 46,010 | 1,110 | |
Hong Kong—8.8% | |||
Fortune Real Estate Investment Trust | 392,000 | 235 | |
Link REIT | 177,209 | 869 | |
Swire Properties Ltd. | 277,600 | 579 | |
Wharf Real Estate Investment Co., Ltd. | 105,000 | 406 | |
2,089 | |||
India—1.7% | |||
Capitaland India Trust | 528,279 | 406 |
Shares | Value | ||
Ireland—1.9% | |||
Irish Residential Properties REIT plc | 458,133 | $ 450 | |
Japan—24.5% | |||
Comforia Residential REIT, Inc. | 299 | 663 | |
Hulic Co., Ltd. | 20,500 | 184 | |
Japan Hotel REIT Investment Corp. | 1,785 | 933 | |
Mitsubishi Estate Co., Ltd. | 71,640 | 937 | |
Mitsui Fudosan Co., Ltd. | 52,800 | 1,164 | |
Mitsui Fudosan Logistics Park, Inc. | 129 | 406 | |
Nippon Accommodations Fund, Inc. | 111 | 469 | |
Nippon Prologis REIT, Inc. | 62 | 116 | |
Orix JREIT, Inc. | 538 | 646 | |
United Urban Investment Corp. | 290 | 302 | |
5,820 | |||
Mexico—1.2% | |||
Prologis Property Mexico S.A. de C.V. | 87,100 | 300 | |
Netherlands—1.1% | |||
CTP N.V. | 18,000 | 258 | |
Singapore—9.4% | |||
CapitaLand Ascendas REIT | 542,000 | 1,090 | |
CapitaLand Integrated Commercial Trust | 394,000 | 533 | |
Frasers Centrepoint Trust | 377,000 | 604 | |
2,227 | |||
Spain—3.0% | |||
Merlin Properties Socimi S.A. | 85,200 | 719 | |
Sweden—4.0% | |||
Castellum AB | 69,914 | 713 | |
Catena AB | 6,597 | 229 | |
942 | |||
United Kingdom—13.0% | |||
British Land Co. plc (The) | 97,000 | 375 | |
Derwent London plc | 18,531 | 436 |
Shares | Value | ||
United Kingdom—continued | |||
Land Securities Group plc | 80,400 | $ 579 | |
Safestore Holdings plc | 21,526 | 193 | |
Segro plc | 27,168 | 238 | |
UNITE Group plc (The) | 58,521 | 641 | |
Workspace Group plc | 103,900 | 622 | |
3,084 | |||
Total Common Stocks (Identified Cost $25,092) | 23,008 | ||
Total Long-Term Investments—96.8% (Identified Cost $25,092) | 23,008 | ||
TOTAL INVESTMENTS—96.8% (Identified Cost $25,092) | $23,008 | ||
Other assets and liabilities, net—3.2% | 768 | ||
NET ASSETS—100.0% | $23,776 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
Japan | 25% |
United Kingdom | 13 |
Australia | 11 |
Singapore | 10 |
Hong Kong | 9 |
Canada | 7 |
Germany | 5 |
Other | 20 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $23,008 | $23,008 | |
Total Investments | $23,008 | $23,008 |
September 30, 2023
Shares | Value | ||
Affiliated Mutual Funds(1)—71.2% | |||
Equity Funds—65.7% | |||
Virtus Duff & Phelps Global Infrastructure Fund Class R6(2) | 351,614 | $ 4,357 | |
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6(2) | 146,209 | 4,193 | |
Virtus Duff & Phelps Select MLP and Energy Fund Class I(2) | 285,778 | 3,375 | |
11,925 | |||
Fixed Income Fund—5.5% | |||
Virtus Newfleet Senior Floating Rate Fund Class R6(2) | 114,104 | 991 | |
Total Affiliated Mutual Funds (Identified Cost $9,511) | 12,916 | ||
Shares | Value | ||
Exchange-Traded Funds(1)—29.0% | |||
Invesco DB Agriculture Fund | 21,200 | $ 454 | |
Invesco DB Commodity Index Tracking Fund | 73,774 | 1,842 | |
Schwab U.S. TIPS ETF | 6,600 | 333 | |
SPDR S&P Global Natural Resources ETF | 38,750 | 2,159 | |
VanEck Gold Miners ETF | 17,800 | 479 | |
Total Exchange-Traded Funds (Identified Cost $3,887) | 5,267 | ||
Total Long-Term Investments—100.2% (Identified Cost $13,398) | 18,183 | ||
TOTAL INVESTMENTS—100.2% (Identified Cost $13,398) | $18,183 | ||
Other assets and liabilities, net—(0.2)% | (37) | ||
NET ASSETS—100.0% | $18,146 |
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 3H in Notes to Financial Statements. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Affiliated Mutual Funds | $12,916 | $12,916 | |
Exchange-Traded Funds | 5,267 | 5,267 | |
Total Investments | $18,183 | $18,183 |
September 30, 2023
Shares | Value | ||
Common Stocks—98.1% | |||
Real Estate Investment Trusts—98.1% | |||
Data Centers—12.4% | |||
Digital Realty Trust, Inc. | 147,650 | $ 17,869 | |
Equinix, Inc. | 36,351 | 26,400 | |
44,269 | |||
Gaming REITs—4.5% | |||
VICI Properties, Inc. Class A | 544,750 | 15,852 | |
Health Care—12.5% | |||
Healthpeak Properties, Inc. | 332,870 | 6,112 | |
Sabra Health Care REIT, Inc. | 318,305 | 4,437 | |
Ventas, Inc. | 393,450 | 16,576 | |
Welltower, Inc. | 213,210 | 17,466 | |
44,591 | |||
Industrial/Office—18.4% | |||
Industrial—15.7% | |||
Prologis, Inc. | 375,266 | 42,108 | |
Rexford Industrial Realty, Inc. | 280,925 | 13,864 | |
55,972 | |||
Office—2.7% | |||
Alexandria Real Estate Equities, Inc. | 57,834 | 5,789 | |
Cousins Properties, Inc. | 152,746 | 3,112 | |
Douglas Emmett, Inc. | 54,968 | 701 | |
9,602 | |||
Total Industrial/Office | 65,574 | ||
Shares | Value | ||
Lodging/Resorts—2.5% | |||
Host Hotels & Resorts, Inc. | 205,844 | $ 3,308 | |
Ryman Hospitality Properties, Inc. | 65,260 | 5,435 | |
8,743 | |||
Residential—22.1% | |||
Apartments—11.3% | |||
Apartment Income REIT Corp. | 327,995 | 10,069 | |
AvalonBay Communities, Inc. | 58,815 | 10,101 | |
Mid-America Apartment Communities, Inc. | 74,140 | 9,538 | |
UDR, Inc. | 292,670 | 10,440 | |
40,148 | |||
Manufactured Homes—4.3% | |||
Sun Communities, Inc. | 129,612 | 15,338 | |
Single Family Homes—6.5% | |||
American Homes 4 Rent Class A | 426,450 | 14,367 | |
Invitation Homes, Inc. | 281,760 | 8,929 | |
23,296 | |||
Total Residential | 78,782 | ||
Retail—11.7% | |||
Free Standing—4.3% | |||
Realty Income Corp. | 302,174 | 15,091 | |
Regional Malls—1.5% | |||
Simon Property Group, Inc. | 48,746 | 5,266 | |
Shopping Centers—5.9% | |||
Brixmor Property Group, Inc. | 466,756 | 9,699 |
Shares | Value | ||
Retail—continued | |||
Shopping Centers—continued | |||
Kimco Realty Corp. | 91,420 | $ 1,608 | |
Regency Centers Corp. | 165,000 | 9,808 | |
21,115 | |||
Total Retail | 41,472 | ||
Self Storage—10.1% | |||
CubeSmart | 326,614 | 12,454 | |
Extra Space Storage, Inc. | 51,814 | 6,299 | |
Public Storage | 65,555 | 17,275 | |
36,028 | |||
Specialty—3.9% | |||
American Tower Corp. | 55,295 | 9,094 | |
SBA Communications Corp. Class A | 24,600 | 4,924 | |
14,018 | |||
Total Common Stocks (Identified Cost $271,530) | 349,329 | ||
Total Long-Term Investments—98.1% (Identified Cost $271,530) | 349,329 | ||
TOTAL INVESTMENTS—98.1% (Identified Cost $271,530) | $349,329 | ||
Other assets and liabilities, net—1.9% | 6,697 | ||
NET ASSETS—100.0% | $356,026 |
Abbreviation: | |
REIT | Real Estate Investment Trust |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $349,329 | $349,329 | |
Total Investments | $349,329 | $349,329 |
September 30, 2023
Shares | Value | ||
Common Stocks—97.7% | |||
Communication Services—15.1% | |||
Addcn Technology Co., Ltd. (Taiwan) | 6,305 | $ 40 | |
Autohome, Inc. ADR (China) | 1,903 | 58 | |
Baltic Classifieds Group plc (United Kingdom) | 67,832 | 161 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 658,400 | 41 | |
Tencent Holdings Ltd. (China) | 1,300 | 51 | |
Tongdao Liepin Group (China)(1) | 10,336 | 9 | |
Wirtualna Polska Holding S.A. (Poland) | 1,864 | 43 | |
403 | |||
Consumer Discretionary—14.2% | |||
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 574 | 50 | |
Allegro.eu S.A. (Poland)(1) | 11,270 | 83 | |
JD.com, Inc. ADR (China) | 1,233 | 36 | |
JD.com, Inc. Class A (China) | 1,447 | 21 | |
momo.com, Inc. (Taiwan) | 2,057 | 32 | |
Union Auction PCL Foreign Shares (Thailand) | 179,200 | 51 | |
Vasta Platform Ltd. Class A (Brazil)(1) | 25,571 | 106 | |
379 | |||
Consumer Staples—16.7% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 4,100 | 69 | |
Carlsberg Brewery Malaysia Bhd (Malaysia) | 11,200 | 48 | |
Heineken Malaysia Bhd (Malaysia) | 10,800 | 56 | |
Multi Bintang Indonesia Tbk PT (Indonesia) | 99,000 | 55 | |
Pernod Ricard S.A. (France) | 372 | 62 | |
Thai Beverage PCL (Thailand) | 142,500 | 60 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 16,546 | 62 | |
Wuliangye Yibin Co., Ltd. Class A (China) | 1,700 | 36 | |
448 | |||
Shares | Value | ||
Financials—15.0% | |||
Bank Central Asia Tbk PT (Indonesia) | 100,000 | $ 57 | |
Caixa Seguridade Participacoes S.A. (Brazil) | 27,268 | 61 | |
HDFC Bank Ltd. ADR (India) | 799 | 47 | |
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(2) | 632 | 61 | |
Kfin Technologies Ltd. (India)(1) | 11,157 | 63 | |
Qualitas Controladora SAB de C.V. (Mexico) | 6,394 | 48 | |
United Overseas Bank Ltd. (Singapore) | 3,100 | 65 | |
402 | |||
Health Care—1.6% | |||
Prodia Widyahusada Tbk PT (Indonesia) | 104,000 | 43 | |
Industrials—26.7% | |||
Credit Bureau Asia Ltd. (Singapore) | 136,900 | 92 | |
GFC Ltd. (Taiwan) | 16,000 | 39 | |
Grupa Pracuj S.A. (Poland) | 10,787 | 141 | |
Haitian International Holdings Ltd. (China) | 27,166 | 58 | |
Humanica PCL Foreign Shares (Thailand) | 69,700 | 21 | |
NICE Information Service Co., Ltd. (South Korea) | 4,472 | 33 | |
Precision Tsugami China Corp., Ltd. (China) | 53,000 | 54 | |
S-1 Corp. (South Korea) | 955 | 40 | |
Saramin Co., Ltd. (South Korea) | 1,814 | 28 | |
Tegma Gestao Logistica S.A. (Brazil) | 29,366 | 151 | |
Wizz Air Holdings plc (Hungary)(1) | 2,475 | 58 | |
715 | |||
Information Technology—8.4% | |||
Koh Young Technology, Inc. (South Korea) | 3,807 | 35 | |
LEENO Industrial, Inc. (South Korea) | 408 | 46 |
Shares | Value | ||
Information Technology—continued | |||
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 1,645 | $ 143 | |
224 | |||
Total Common Stocks (Identified Cost $2,919) | 2,614 | ||
Total Long-Term Investments—97.7% (Identified Cost $2,919) | 2,614 | ||
TOTAL INVESTMENTS—97.7% (Identified Cost $2,919) | $2,614 | ||
Other assets and liabilities, net—2.3% | 61 | ||
NET ASSETS—100.0% | $2,675 |
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 September 30, 2023, these securities amounted to a value of $61 or 2.3% of net assets. |
Country Weightings (Unaudited)† | |
China | 17% |
Brazil | 12 |
Poland | 10 |
Taiwan | 10 |
Indonesia | 8 |
South Korea | 7 |
United Kingdom | 6 |
Other | 30 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $2,614 | $2,614 | |
Total Investments | $2,614 | $2,614 |
September 30, 2023
Shares | Value | ||
Common Stocks—94.8% | |||
Communication Services—18.2% | |||
Addcn Technology Co., Ltd. (Taiwan) | 1,040,555 | $ 6,560 | |
Autohome, Inc. ADR (China) | 180,362 | 5,474 | |
Baltic Classifieds Group plc (United Kingdom) | 6,496,770 | 15,457 | |
Dayamitra Telekomunikasi PT (Indonesia) | 84,982,000 | 3,739 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 103,760,586 | 6,445 | |
Tongdao Liepin Group (China)(1) | 2,176,257 | 1,945 | |
Wirtualna Polska Holding S.A. (Poland) | 358,347 | 8,236 | |
47,856 | |||
Consumer Discretionary—10.3% | |||
Allegro.eu S.A. (Poland)(1) | 1,185,278 | 8,746 | |
momo.com, Inc. (Taiwan) | 201,300 | 3,130 | |
Union Auction PCL Foreign Shares (Thailand)(2) | 33,162,000 | 9,472 | |
Vasta Platform Ltd. Class A (Brazil)(1)(2) | 1,391,515 | 5,733 | |
27,081 | |||
Consumer Staples—8.4% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 383,509 | 6,415 | |
Carlsberg Brewery Malaysia Bhd (Malaysia) | 1,468,000 | 6,253 | |
Clicks Group Ltd. (South Africa) | 219,376 | 2,997 | |
Heineken Malaysia Bhd (Malaysia) | 1,234,600 | 6,395 | |
22,060 | |||
Financials—8.3% | |||
Caixa Seguridade Participacoes S.A. (Brazil) | 2,648,125 | 5,880 | |
Kaspi.KZ JSC GDR, 144A (Kazakhstan)(3) | 61,759 | 5,978 | |
Kfin Technologies Ltd. (India)(1) | 610,556 | 3,452 | |
Qualitas Controladora SAB de C.V. (Mexico) | 861,988 | 6,490 | |
21,800 | |||
Health Care—2.2% | |||
Haw Par Corp., Ltd. (Singapore) | 794,374 | 5,724 |
Shares | Value | ||
Industrials—30.2% | |||
Computer Age Management Services Ltd. (India) | 221,707 | $ 6,703 | |
Grupa Pracuj S.A. (Poland) | 1,005,421 | 13,118 | |
Haitian International Holdings Ltd. (China) | 2,791,218 | 5,917 | |
Humanica PCL Foreign Shares (Thailand) | 16,086,100 | 4,771 | |
IndiaMart InterMesh Ltd. (India) | 123,067 | 4,263 | |
Kerry TJ Logistics Co., Ltd. (Taiwan) | 2,791,000 | 3,195 | |
NICE Information Service Co., Ltd. (South Korea) | 537,368 | 3,934 | |
S-1 Corp. (South Korea) | 166,975 | 7,004 | |
Saramin Co., Ltd. (South Korea) | 291,036 | 4,551 | |
Sporton International, Inc. (Taiwan) | 903,268 | 7,065 | |
Tegma Gestao Logistica S.A. (Brazil) | 2,936,385 | 15,118 | |
Wizz Air Holdings plc (Hungary)(1) | 153,044 | 3,585 | |
79,224 | |||
Information Technology—13.3% | |||
Douzone Bizon Co., Ltd. (South Korea) | 176,409 | 3,791 | |
Koh Young Technology, Inc. (South Korea) | 371,460 | 3,408 | |
LEENO Industrial, Inc. (South Korea) | 53,055 | 6,047 | |
Oracle Financial Services Software Ltd. (India) | 250,312 | 12,391 | |
TOTVS S.A. (Brazil) | 1,018,860 | 5,457 | |
Webcash Corp. (South Korea)(1) | 172,077 | 1,530 | |
Younglimwon Soft Lab Co., Ltd. (South Korea) | 382,706 | 2,411 | |
35,035 | |||
Materials—3.9% | |||
Avia Avian Tbk PT (Indonesia) | 81,982,660 | 2,971 | |
Corp. Moctezuma SAB de C.V. (Mexico) | 1,875,583 | 7,221 | |
10,192 | |||
Total Common Stocks (Identified Cost $254,864) | 248,972 | ||
Total Long-Term Investments—94.8% (Identified Cost $254,864) | 248,972 | ||
Shares | Value | ||
Short-Term Investment—2.2% | |||
Money Market Mutual Fund—2.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(4) | 5,819,105 | $ 5,819 | |
Total Short-Term Investment (Identified Cost $5,819) | 5,819 | ||
TOTAL INVESTMENTS—97.0% (Identified Cost $260,683) | $254,791 | ||
Other assets and liabilities, net—3.0% | 7,828 | ||
NET ASSETS—100.0% | $262,619 |
Abbreviations: | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Affiliated investment. See Note 3H 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 September 30, 2023, these securities amounted to a value of $5,978 or 2.3% of net assets. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
South Korea | 13% |
Brazil | 13 |
Poland | 12 |
India | 11 |
Taiwan | 8 |
China | 8 |
United Kingdom | 6 |
Other | 29 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $248,972 | $248,972 | |
Money Market Mutual Fund | 5,819 | 5,819 | |
Total Investments | $254,791 | $254,791 |
September 30, 2023
Shares | Value | ||
Common Stocks—99.1% | |||
Communication Services—27.5% | |||
Adevinta ASA (Norway)(1) | 2,123,320 | $ 21,021 | |
Auto Trader Group plc (United Kingdom) | 6,535,881 | 49,250 | |
Baltic Classifieds Group plc (United Kingdom)(2) | 29,622,573 | 70,478 | |
CTS Eventim AG & Co. KGaA (Germany) | 330,096 | 18,793 | |
Dayamitra Telekomunikasi PT (Indonesia) | 680,125,800 | 29,925 | |
Infrastrutture Wireless Italiane SpA (Italy) | 794,750 | 9,465 | |
New Work SE (Germany) | 139,687 | 14,621 | |
Rightmove plc (United Kingdom) | 6,760,767 | 46,375 | |
259,928 | |||
Consumer Discretionary—7.6% | |||
Allegro.eu S.A. (Poland)(1) | 3,506,621 | 25,874 | |
Goldlion Holdings Ltd. (Hong Kong) | 20,707,882 | 2,671 | |
Max Stock Ltd. (Israel) | 5,449,362 | 10,242 | |
Mercari, Inc. (Japan)(1) | 988,300 | 21,335 | |
Victorian Plumbing Group plc (United Kingdom) | 10,746,647 | 11,538 | |
71,660 | |||
Consumer Staples—4.5% | |||
Anhui Gujing Distillery Co., Ltd. Class B (China) | 779,436 | 13,039 | |
Heineken Malaysia Bhd (Malaysia) | 5,757,700 | 29,823 | |
42,862 | |||
Energy—1.3% | |||
Pason Systems, Inc. (Canada) | 1,266,627 | 12,571 | |
Financials—14.2% | |||
AJ Bell plc (United Kingdom) | 9,017,192 | 30,189 |
Shares | Value | ||
Financials—continued | |||
FinecoBank Banca Fineco SpA (Italy) | 2,222,655 | $ 27,059 | |
Gruppo MutuiOnline SpA (Italy) | 1,040,355 | 27,443 | |
Hypoport SE (Germany)(1) | 106,181 | 14,403 | |
Mortgage Advice Bureau Holdings Ltd. (United Kingdom)(2) | 3,565,010 | 23,314 | |
Nordnet AB publ (Sweden) | 689,169 | 9,109 | |
VNV Global AB (Sweden)(1) | 1,935,096 | 2,954 | |
134,471 | |||
Health Care—4.8% | |||
Haw Par Corp., Ltd. (Singapore) | 5,592,812 | 40,299 | |
Nakanishi, Inc. (Japan) | 232,900 | 5,447 | |
45,746 | |||
Industrials—25.1% | |||
Benefit One, Inc. (Japan) | 2,593,200 | 18,767 | |
CAE, Inc. (Canada)(1) | 1,265,973 | 29,556 | |
Enento Group Oyj (Finland)(1) | 779,978 | 17,482 | |
Haitian International Holdings Ltd. (China) | 11,116,072 | 23,564 | |
Howden Joinery Group plc (United Kingdom) | 3,354,510 | 30,140 | |
Knorr-Bremse AG (Germany) | 428,254 | 27,248 | |
Lumax International Corp., Ltd. (Taiwan) | 2,974,333 | 7,813 | |
MEITEC Group Holdings, Inc. (Japan) | 1,561,400 | 28,252 | |
MTU Aero Engines AG (Germany) | 142,039 | 25,792 | |
S-1 Corp. (South Korea) | 672,790 | 28,220 | |
236,834 | |||
Information Technology—9.7% | |||
Alten S.A. (France) | 189,642 | 24,982 | |
Bouvet ASA (Norway) | 4,574,063 | 24,246 |
Shares | Value | ||
Information Technology—continued | |||
Brockhaus Technologies AG (Germany)(1)(2) | 568,948 | $ 12,933 | |
FDM Group Holdings plc (United Kingdom) | 4,616,728 | 29,291 | |
91,452 | |||
Materials—4.4% | |||
Corp. Moctezuma SAB de C.V. (Mexico) | 10,875,224 | 41,872 | |
Total Common Stocks (Identified Cost $1,014,797) | 937,396 | ||
Total Long-Term Investments—99.1% (Identified Cost $1,014,797) | 937,396 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $1,014,797) | $937,396 | ||
Other assets and liabilities, net—0.9% | 8,501 | ||
NET ASSETS—100.0% | $945,897 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Affiliated investment. See Note 3H in Notes to Financial Statements. |
Country Weightings (Unaudited)† | |
United Kingdom | 31% |
Germany | 12 |
Japan | 8 |
Italy | 7 |
Norway | 5 |
Canada | 5 |
Mexico | 4 |
Other | 28 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $937,396 | $937,396 | |
Total Investments | $937,396 | $937,396 |
September 30, 2023
Shares | Value | ||
Common Stocks—99.5% | |||
Communication Services—8.2% | |||
NetEase, Inc. (China) | 324,562 | $ 6,611 | |
NetEase, Inc. ADR (China) | 87,485 | 8,762 | |
Telkom Indonesia Persero Tbk PT (Indonesia) | 66,518,107 | 16,140 | |
Tencent Holdings Ltd. (China) | 1,621,787 | 63,414 | |
94,927 | |||
Consumer Discretionary—19.7% | |||
Alibaba Group Holding Ltd. (China)(1) | 1,840,922 | 20,123 | |
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 347,313 | 30,126 | |
Americana Restaurants International plc (United Arab Emirates) | 17,157,781 | 19,152 | |
China Tourism Group Duty Free Corp., Ltd. Class A (China) | 537,286 | 7,795 | |
Eicher Motors Ltd. (India) | 636,391 | 26,416 | |
Galaxy Entertainment Group Ltd. (Hong Kong) | 1,182,037 | 7,117 | |
JD.com, Inc. Class A (China) | 785,272 | 11,542 | |
Lojas Renner S.A. (Brazil) | 2,752,459 | 7,338 | |
Meituan Class B (China)(1) | 636,613 | 9,316 | |
MercadoLibre, Inc. (Brazil)(1) | 11,664 | 14,789 | |
Midea Group Co., Ltd. Class A (China) | 918,391 | 6,976 | |
Sands China Ltd. (China)(1) | 3,056,619 | 9,368 | |
Shenzhou International Group Holdings Ltd. (China) | 953,607 | 9,133 | |
Titan Co., Ltd. (India) | 388,050 | 14,714 | |
Yum China Holdings, Inc. (China) | 359,156 | 20,012 | |
Yum China Holdings, Inc. (China) | 252,526 | 14,247 | |
228,164 | |||
Consumer Staples—20.7% | |||
Chacha Food Co., Ltd. Class A (China) | 2,327,766 | 10,418 | |
Clicks Group Ltd. (South Africa) | 1,427,361 | 19,499 | |
Dino Polska S.A. (Poland)(1) | 207,894 | 16,894 | |
Heineken N.V. (Netherlands) | 259,917 | 22,935 | |
Hindustan Unilever Ltd. (India) | 498,108 | 14,789 | |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A (China) | 2,990,069 | 10,861 | |
Kweichow Moutai Co., Ltd. Class A (China) | 52,803 | 13,002 |
Shares | Value | ||
Consumer Staples—continued | |||
Orion Corp. (South Korea) | 201,060 | $ 19,117 | |
President Chain Store Corp. (Taiwan) | 3,701,034 | 30,096 | |
Raia Drogasil S.A. (Brazil) | 7,262,821 | 39,893 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 11,219,484 | 42,348 | |
239,852 | |||
Energy—2.5% | |||
Reliance Industries Ltd. (India) | 1,019,588 | 28,792 | |
Financials—18.1% | |||
Banco BTG Pactual S.A. (Brazil) | 2,858,419 | 17,646 | |
Bancolombia S.A. Sponsored ADR (Colombia) | 318,195 | 8,489 | |
Bank Central Asia Tbk PT (Indonesia) | 35,082,790 | 20,033 | |
Bank Rakyat Persero Tbk PT (Indonesia) | 102,900,439 | 34,788 | |
HDFC Bank Ltd. (India) | 3,244,733 | 59,638 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 738,079 | 27,578 | |
Kotak Mahindra Bank Ltd. (India) | 884,733 | 18,492 | |
Saudi Tadawul Group Holding Co. (Saudi Arabia) | 268,596 | 13,822 | |
SCB X PCL Foreign Shares (Thailand) | 840,034 | 2,365 | |
United Overseas Bank Ltd. (Singapore) | 317,525 | 6,620 | |
209,471 | |||
Health Care—2.8% | |||
Cipla Ltd. (India) | 1,292,372 | 18,460 | |
Max Healthcare Institute Ltd. (India) | 1,986,985 | 13,577 | |
32,037 | |||
Industrials—7.6% | |||
Airtac International Group (Taiwan) | 319,086 | 9,677 | |
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico) | 635,665 | 10,436 | |
Polycab India Ltd. (India) | 215,084 | 13,839 | |
Shanghai M&G Stationery, Inc. Class A (China) | 2,090,287 | 10,446 | |
Shenzhen Inovance Technology Co., Ltd. Class A (China) | 708,471 | 6,449 | |
Techtronic Industries Co., Ltd. (Hong Kong) | 563,999 | 5,474 | |
Voltas Ltd. (India) | 1,158,587 | 12,045 | |
WEG S.A. (Brazil) | 1,244,022 | 8,994 |
Shares | Value | ||
Industrials—continued | |||
Wuxi Lead Intelligent Equipment Co., Ltd. Class A (China) | 2,878,588 | $ 10,727 | |
88,087 | |||
Information Technology—16.2% | |||
Accton Technology Corp. (Taiwan) | 799,161 | 12,205 | |
Infosys Ltd. (India) | 950,402 | 16,429 | |
Samsung Electronics Co., Ltd. (South Korea) | 1,111,258 | 56,329 | |
Samsung SDI Co., Ltd. (South Korea) | 27,870 | 10,575 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 3,980,719 | 64,494 | |
Tata Consultancy Services Ltd. (India) | 232,354 | 9,873 | |
TOTVS S.A. (Brazil) | 3,282,621 | 17,580 | |
187,485 | |||
Materials—1.9% | |||
APL Apollo Tubes Ltd. (India) | 454,699 | 8,898 | |
Avia Avian Tbk PT (Indonesia) | 372,599,168 | 13,501 | |
22,399 | |||
Utilities—1.8% | |||
ENN Energy Holdings Ltd. (China) | 1,009,998 | 8,383 | |
Power Grid Corp. of India Ltd. (India) | 4,917,081 | 11,828 | |
20,211 | |||
Total Common Stocks (Identified Cost $1,130,159) | 1,151,425 | ||
Total Long-Term Investments—99.5% (Identified Cost $1,130,159) | 1,151,425 | ||
TOTAL INVESTMENTS—99.5% (Identified Cost $1,130,159) | $1,151,425 | ||
Other assets and liabilities, net—0.5% | 5,943 | ||
NET ASSETS—100.0% | $1,157,368 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
China | 25% |
India | 23 |
Taiwan | 10 |
Brazil | 9 |
South Korea | 7 |
Indonesia | 7 |
Mexico | 5 |
Other | 14 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,151,425 | $1,151,425 | |
Total Investments | $1,151,425 | $1,151,425 |
September 30, 2023
Shares | Value | ||
Common Stocks—96.0% | |||
Consumer Discretionary—13.2% | |||
Amadeus IT Group S.A. (Spain) | 248,269 | $ 15,035 | |
Ferrari N.V. (Italy) | 88,041 | 26,035 | |
Flutter Entertainment plc (Ireland)(1) | 114,991 | 18,832 | |
Hermes International SCA (France) | 4,952 | 9,056 | |
Yum China Holdings, Inc. (China) | 267,677 | 15,102 | |
84,060 | |||
Consumer Staples—8.5% | |||
Alimentation Couche-Tard, Inc. (Canada) | 209,358 | 10,632 | |
Diageo plc (United Kingdom) | 276,735 | 10,244 | |
L’Oreal S.A. (France) | 30,634 | 12,735 | |
Nestle S.A. Registered Shares (Switzerland) | 182,810 | 20,719 | |
54,330 | |||
Energy—2.5% | |||
Schlumberger N.V. (United States) | 277,955 | 16,205 | |
Financials—16.4% | |||
Aon plc Class A (United States) | 69,976 | 22,688 | |
Intact Financial Corp. (Canada) | 93,682 | 13,658 | |
London Stock Exchange Group plc (United Kingdom) | 310,316 | 31,175 | |
Mastercard, Inc. Class A (United States) | 93,162 | 36,884 | |
104,405 | |||
Health Care—9.5% | |||
Alcon, Inc. (Switzerland) | 359,192 | 27,837 | |
EssilorLuxottica S.A. (France) | 84,664 | 14,784 | |
Hoya Corp. (Japan) | 89,408 | 9,169 | |
Mettler-Toledo International, Inc. (United States)(1) | 7,923 | 8,779 | |
60,569 | |||
Shares | Value | ||
Industrials—24.2% | |||
Ashtead Group plc (United Kingdom) | 295,718 | $ 18,047 | |
Canadian National Railway Co. (Canada) | 72,201 | 7,819 | |
Epiroc AB Class A (Sweden) | 859,105 | 16,356 | |
Experian plc (Ireland) | 272,057 | 8,932 | |
IMCD N.V. (Netherlands) | 47,943 | 6,083 | |
RELX plc (United Kingdom) | 1,148,674 | 38,892 | |
Rentokil Initial plc (United Kingdom) | 3,510,826 | 26,138 | |
Spirax-Sarco Engineering plc (United Kingdom) | 53,419 | 6,209 | |
Wolters Kluwer N.V. (Netherlands) | 212,396 | 25,745 | |
154,221 | |||
Information Technology—18.7% | |||
Constellation Software, Inc. (Canada) | 21,136 | 43,635 | |
Halma plc (United Kingdom) | 377,329 | 8,924 | |
Keyence Corp. (Japan) | 20,663 | 7,674 | |
Obic Co., Ltd. (Japan) | 160,728 | 24,398 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 143,153 | 12,440 | |
Tata Consultancy Services Ltd. (India) | 512,511 | 21,778 | |
118,849 | |||
Materials—3.0% | |||
Air Liquide S.A. (France) | 111,604 | 18,860 | |
Total Common Stocks (Identified Cost $472,654) | 611,499 | ||
Warrant—0.0% | |||
Information Technology—0.0% | |||
Constellation Software, Inc. (Canada), 03/31/40(1)(2) | 21,398 | — | |
Total Warrant (Identified Cost $—) | — | ||
Total Long-Term Investments—96.0% (Identified Cost $472,654) | 611,499 | ||
Shares | Value | ||
Short-Term Investment—1.5% | |||
Money Market Mutual Fund—1.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 5.222%)(3) | 9,469,495 | $ 9,469 | |
Total Short-Term Investment (Identified Cost $9,469) | 9,469 | ||
TOTAL INVESTMENTS—97.5% (Identified Cost $482,123) | $620,968 | ||
Other assets and liabilities, net—2.5% | 15,803 | ||
NET ASSETS—100.0% | $636,771 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United Kingdom | 23% |
United States | 15 |
Canada | 12 |
France | 9 |
Switzerland | 8 |
Japan | 7 |
Netherlands | 5 |
Other | 21 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $611,499 | $611,499 | $— | ||
Warrant | — | — | — (1) | ||
Money Market Mutual Fund | 9,469 | 9,469 | — | ||
Total Investments | $620,968 | $620,968 | $— (1) |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2023
Shares | Value | ||
Common Stocks—98.7% | |||
Communication Services—2.3% | |||
Alphabet, Inc. Class C (United States)(1) | 46,767 | $ 6,166 | |
Consumer Discretionary—11.4% | |||
Amazon.com, Inc. (United States)(1) | 87,546 | 11,129 | |
Booking Holdings, Inc. (United States)(1) | 1,038 | 3,201 | |
Flutter Entertainment plc (Ireland)(1) | 42,986 | 7,040 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 3,919 | 2,968 | |
NIKE, Inc. Class B (United States) | 19,087 | 1,825 | |
Yum China Holdings, Inc. (China) | 67,226 | 3,746 | |
29,909 | |||
Consumer Staples—16.6% | |||
Coca-Cola Co. (The) (United States) | 200,445 | 11,221 | |
Kobe Bussan Co., Ltd. (Japan) | 110,490 | 2,592 | |
L’Oreal S.A. (France) | 9,680 | 4,024 | |
Mondelez International, Inc. Class A (United States) | 112,592 | 7,814 | |
Nestle S.A. Registered Shares (Switzerland) | 103,667 | 11,749 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 1,676,277 | 6,327 | |
43,727 | |||
Financials—17.8% | |||
CME Group, Inc. Class A (United States) | 52,968 | 10,605 | |
HDFC Bank Ltd. (India) | 609,947 | 11,211 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 51,925 | 1,940 | |
London Stock Exchange Group plc (United Kingdom) | 86,033 | 8,643 | |
Mastercard, Inc. Class A (United States) | 23,005 | 9,108 | |
Visa, Inc. Class A (United States) | 22,784 | 5,241 | |
46,748 | |||
Health Care—19.8% | |||
Abbott Laboratories (United States) | 73,649 | 7,133 | |
Alcon, Inc. (Switzerland) | 69,450 | 5,383 | |
Becton Dickinson & Co. (United States) | 27,528 | 7,117 |
Shares | Value | ||
Health Care—continued | |||
Boston Scientific Corp. (United States)(1) | 139,075 | $ 7,343 | |
EssilorLuxottica S.A. (France) | 37,215 | 6,498 | |
Hoya Corp. (Japan) | 33,958 | 3,482 | |
Intuitive Surgical, Inc. (United States)(1) | 2,446 | 715 | |
Thermo Fisher Scientific, Inc. (United States) | 7,865 | 3,981 | |
UnitedHealth Group, Inc. (United States) | 20,897 | 10,536 | |
52,188 | |||
Industrials—10.0% | |||
Ashtead Group plc (United Kingdom) | 104,219 | 6,360 | |
RB Global, Inc. (Canada) | 10,620 | 664 | |
RELX plc (United Kingdom) | 328,875 | 11,135 | |
Rentokil Initial plc (United Kingdom) | 1,099,097 | 8,183 | |
26,342 | |||
Information Technology—16.3% | |||
Adobe, Inc. (United States)(1) | 7,236 | 3,690 | |
Constellation Software, Inc. (Canada) | 3,277 | 6,765 | |
Microsoft Corp. (United States) | 46,244 | 14,602 | |
ServiceNow, Inc. (United States)(1) | 6,441 | 3,600 | |
Synopsys, Inc. (United States)(1) | 6,856 | 3,147 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 67,963 | 5,906 | |
Tata Consultancy Services Ltd. (India) | 119,392 | 5,073 | |
42,783 | |||
Materials—4.5% | |||
Air Liquide S.A. (France) | 23,587 | 3,986 | |
Sherwin-Williams Co. (The) (United States) | 10,272 | 2,620 | |
Vulcan Materials Co. (United States) | 25,364 | 5,124 | |
11,730 | |||
Total Common Stocks (Identified Cost $183,810) | 259,593 | ||
Shares | Value | ||
Warrant—0.0% | |||
Information Technology—0.0% | |||
Constellation Software, Inc. (Canada), 03/31/40(1)(2) | 3,277 | $ — | |
Total Warrant (Identified Cost $—) | — | ||
Total Long-Term Investments—98.7% (Identified Cost $183,810) | 259,593 | ||
TOTAL INVESTMENTS—98.7% (Identified Cost $183,810) | $259,593 | ||
Other assets and liabilities, net—1.3% | 3,339 | ||
NET ASSETS—100.0% | $262,932 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
Country Weightings (Unaudited)† | |
United States | 52% |
United Kingdom | 13 |
France | 7 |
Switzerland | 7 |
India | 6 |
Canada | 3 |
Ireland | 3 |
Other | 9 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $259,593 | $259,593 | $— | ||
Warrant | — | — | — (1) | ||
Total Investments | $259,593 | $259,593 | $— (1) |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
September 30, 2023
Shares | Value | ||
Common Stocks—97.6% | |||
Communication Services—3.3% | |||
Infrastrutture Wireless Italiane SpA (Italy) | 17,340 | $ 207 | |
Consumer Discretionary—16.3% | |||
Amadeus IT Group S.A. (Spain) | 2,734 | 166 | |
Booking Holdings, Inc. (United States)(1) | 38 | 117 | |
Cie Financiere Richemont S.A. Registered Shares (Switzerland) | 1,044 | 128 | |
Ferrari N.V. (Italy) | 668 | 197 | |
Flutter Entertainment plc (Ireland)(1) | 1,245 | 204 | |
Hermes International SCA (France) | 34 | 62 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 197 | 149 | |
1,023 | |||
Consumer Staples—14.9% | |||
Diageo plc (United Kingdom) | 4,532 | 168 | |
Heineken N.V. (Netherlands) | 1,932 | 170 | |
L’Oreal S.A. (France) | 346 | 144 | |
Nestle S.A. Registered Shares (Switzerland) | 2,931 | 332 | |
Pernod Ricard S.A. (France) | 732 | 122 | |
936 | |||
Financials—10.9% | |||
Edenred SE (France) | 3,448 | 216 | |
London Stock Exchange Group plc (United Kingdom) | 3,240 | 326 | |
UBS Group AG Registered Shares (Switzerland) | 5,690 | 141 | |
683 | |||
Shares | Value | ||
Health Care—10.0% | |||
Alcon, Inc. (Switzerland) | 4,107 | $ 318 | |
Amplifon SpA (Italy) | 3,304 | 98 | |
EssilorLuxottica S.A. (France) | 1,228 | 215 | |
631 | |||
Industrials—29.3% | |||
Ashtead Group plc (United Kingdom) | 2,768 | 169 | |
Epiroc AB Class A (Sweden) | 5,998 | 114 | |
Experian plc (Ireland) | 5,357 | 176 | |
IMCD N.V. (Netherlands) | 499 | 64 | |
RELX plc (United Kingdom) | 10,574 | 358 | |
Rentokil Initial plc (United Kingdom) | 40,591 | 302 | |
Spirax-Sarco Engineering plc (United Kingdom) | 670 | 78 | |
Vinci S.A. (France) | 2,496 | 277 | |
Wolters Kluwer N.V. (Netherlands) | 2,499 | 303 | |
1,841 | |||
Information Technology—7.0% | |||
Accenture plc Class A (United States) | 641 | 197 | |
ASML Holding N.V. (Netherlands) | 230 | 136 | |
Halma plc (United Kingdom) | 4,537 | 107 | |
440 | |||
Materials—4.4% | |||
Air Liquide S.A. (France) | 1,127 | 191 | |
Sika AG Registered Shares (Switzerland) | 347 | 88 | |
279 | |||
Shares | Value | ||
Utilities—1.5% | |||
EDP - Energias de Portugal S.A. (Portugal) | 22,373 | $ 93 | |
Total Common Stocks (Identified Cost $4,752) | 6,133 | ||
Total Long-Term Investments—97.6% (Identified Cost $4,752) | 6,133 | ||
TOTAL INVESTMENTS—97.6% (Identified Cost $4,752) | $6,133 | ||
Other assets and liabilities, net—2.4% | 150 | ||
NET ASSETS—100.0% | $6,283 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United Kingdom | 25% |
France | 22 |
Switzerland | 16 |
Netherlands | 11 |
Italy | 8 |
Ireland | 6 |
United States | 5 |
Other | 7 |
Total | 100% |
† % of total investments as of September 30, 2023. |
Notes to Financial Statements):
Total Value at September 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $6,133 | $6,133 | |
Total Investments | $6,133 | $6,133 |
September 30, 2023
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) | $ 63,186 | $ 304,415 | $ 23,008 | $ 5,267 | |||
Investment in affiliates at value(2) | — | — | — | 12,916 | |||
Foreign currency at value(3) | 11 | 23 | — (a) | — | |||
Cash | 626 | 2,477 | 658 | — | |||
Receivables | |||||||
Investment securities sold | 317 | — | — | — | |||
Fund shares sold | 11 | 375 | — (a) | — | |||
Dividends | 131 | 1,252 | 103 | 7 | |||
Receivable from adviser | — | — | — | 11 | |||
Tax reclaims | 65 | 277 | 44 | — | |||
Prepaid Trustees’ retainer | 1 | 6 | — (a) | — (a) | |||
Prepaid expenses | 16 | 22 | 15 | 21 | |||
Other assets | 9 | 41 | 3 | 2 | |||
Total assets | 64,373 | 308,888 | 23,831 | 18,224 | |||
Liabilities | |||||||
Due to custodian | — | — | — | 23 | |||
Payables | |||||||
Fund shares repurchased | 71 | 382 | — (a) | 16 | |||
Investment securities purchased | 321 | 497 | — | 7 | |||
Investment advisory fees | 35 | 171 | 8 | — | |||
Distribution and service fees | 7 | 7 | — (a) | 3 | |||
Administration and accounting fees | 6 | 27 | 3 | 2 | |||
Transfer agent and sub-transfer agent fees and expenses | 14 | 110 | 6 | 6 | |||
Professional fees | 31 | 33 | 31 | 18 | |||
Trustee deferred compensation plan | 9 | 41 | 3 | 2 | |||
Interest expense and/or commitment fees | — (a) | 2 | — (a) | — (a) | |||
Other accrued expenses | 5 | 19 | 4 | 1 | |||
Total liabilities | 499 | 1,289 | 55 | 78 | |||
Net Assets | $ 63,874 | $ 307,599 | $ 23,776 | $ 18,146 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 67,132 | $ 348,428 | $ 32,726 | $ 37,724 | |||
Accumulated earnings (loss) | (3,258) | (40,829) | (8,950) | (19,578) | |||
Net Assets | $ 63,874 | $ 307,599 | $ 23,776 | $ 18,146 | |||
Net Assets: | |||||||
Class A | $ 24,716 | $ 17,965 | $ 1,719 | $ 10,323 | |||
Class C | $ 2,221 | $ 3,588 | $ 60 | $ 358 | |||
Class I | $ 28,472 | $ 206,071 | $ 21,997 | $ 6,304 | |||
Class R6 | $ 8,465 | $ 79,975 | $ — | $ 1,161 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 1,998,425 | 609,385 | 300,179 | 829,765 | |||
Class C | 179,757 | 129,909 | 10,676 | 28,670 | |||
Class I | 2,301,343 | 7,208,771 | 3,824,447 | 506,861 | |||
Class R6 | 683,138 | 2,788,329 | — | 93,442 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 12.37 | $ 29.48 | $ 5.73 | $ 12.44 | |||
Class C | $ 12.36 | $ 27.62 | $ 5.63 | $ 12.48 | |||
Class I | $ 12.37 | $ 28.59 | $ 5.75 | $ 12.44 | |||
Class R6 | $ 12.39 | $ 28.68 | $ — | $ 12.42 |
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 | $ 13.09 | $ 31.20 | $ 6.06 | $ 13.16 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 67,480 | $ 312,629 | $ 25,092 | $ 3,887 | |||
(2) Investment in affiliates at cost | $ — | $ — | $ — | $ 9,511 | |||
(3) Foreign currency at cost | $ 11 | $ 26 | $ —(a) | $ — |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Duff & Phelps Real Estate Securities Fund | KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 349,329 | $ 2,614 | $ 239,586 | $ 830,671 | |||
Investment in affiliates at value(2) | — | — | 15,205 | 106,725 | |||
Foreign currency at value(3) | — | — | — (a) | 96 | |||
Cash | 5,838 | 66 | 8,435 | 5,363 | |||
Receivables | |||||||
Investment securities sold | — | — (a) | 195 | 10 | |||
Fund shares sold | 733 | — | 250 | 923 | |||
Dividends and interest | 1,257 | 3 | 362 | 2,279 | |||
Receivable from adviser | — | 8 | — | — | |||
Tax reclaims | — | — | 52 | 1,984 | |||
Prepaid Trustees’ retainer | 7 | — (a) | 5 | 20 | |||
Prepaid expenses | 29 | 9 | 19 | 38 | |||
Other assets | 47 | — (a) | 34 | 123 | |||
Total assets | 357,240 | 2,700 | 264,143 | 948,232 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 568 | — | 167 | 878 | |||
Investment securities purchased | 177 | — (a) | 62 | — | |||
Foreign capital gains tax | — | — | 837 | — | |||
Investment advisory fees | 217 | — | 260 | 798 | |||
Distribution and service fees | 23 | — (a) | 9 | 24 | |||
Administration and accounting fees | 31 | 1 | 23 | 82 | |||
Transfer agent and sub-transfer agent fees and expenses | 99 | — (a) | 57 | 202 | |||
Professional fees | 32 | 22 | 51 | 152 | |||
Trustee deferred compensation plan | 47 | — (a) | 34 | 123 | |||
Interest expense and/or commitment fees | 1 | — (a) | — (a) | 2 | |||
Other accrued expenses | 19 | 2 | 24 | 74 | |||
Total liabilities | 1,214 | 25 | 1,524 | 2,335 | |||
Net Assets | $ 356,026 | $ 2,675 | $ 262,619 | $ 945,897 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 249,780 | $ 3,387 | $ 287,709 | $ 1,355,087 | |||
Accumulated earnings (loss) | 106,246 | (712) | (25,090) | (409,190) | |||
Net Assets | $ 356,026 | $ 2,675 | $ 262,619 | $ 945,897 | |||
Net Assets: | |||||||
Class A | $ 94,402 | $ 98 | $ 29,963 | $ 41,974 | |||
Class C | $ 3,196 | $ 76 | $ 3,803 | $ 17,814 | |||
Class I | $ 159,616 | $ 143 | $ 227,178 | $ 809,503 | |||
Class R6 | $ 98,812 | $ 2,358 | $ 1,675 | $ 76,606 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 5,310,535 | 12,771 | 2,283,894 | 2,635,186 | |||
Class C | 179,882 | 10,000 | 296,013 | 1,151,791 | |||
Class I | 9,019,092 | 18,595 | 17,167,443 | 50,473,063 | |||
Class R6 | 5,554,383 | 306,399 | 126,544 | 4,765,102 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 17.78 | $ 7.67 | $ 13.12 | $ 15.93 | |||
Class C | $ 17.77 | $ 7.61 | $ 12.85 | $ 15.47 | |||
Class I | $ 17.70 | $ 7.67 | $ 13.23 | $ 16.04 | |||
Class R6 | $ 17.79 | $ 7.70 | $ 13.23 | $ 16.08 |
Duff & Phelps Real Estate Securities Fund | KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 18.81 | $ 8.12 | $ 13.88 | $ 16.86 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 271,530 | $ 2,919 | $ 241,730 | $ 903,183 | |||
(2) Investment in affiliates at cost | $ — | $ — | $ 18,953 | $ 111,614 | |||
(3) Foreign currency at cost | $ — | $ — | $ — | $ 96 |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 1,151,425 | $ 620,968 | $ 259,593 | $ 6,133 | |||
Foreign currency at value(2) | 254 | 3,993 | — | — (a) | |||
Cash | 7,241 | 21,161 | 5,900 | 183 | |||
Receivables | |||||||
Investment securities sold | 5,231 | 355 | 2,426 | — | |||
Fund shares sold | 464 | 422 | 62 | — | |||
Dividends | 1,613 | 491 | 178 | 3 | |||
Receivable from adviser | — | — | — | 6 | |||
Tax reclaims | 620 | 1,317 | 349 | 20 | |||
Foreign capital gains tax refund | — | 130 | — | — | |||
Prepaid Trustees’ retainer | 29 | 13 | 5 | — (a) | |||
Prepaid expenses | 23 | 39 | 27 | 5 | |||
Other assets | 166 | 84 | 34 | 1 | |||
Total assets | 1,167,066 | 648,973 | 268,574 | 6,351 | |||
Liabilities | |||||||
Due to custodian | — | — | — (a) | — | |||
Payables | |||||||
Fund shares repurchased | 3,821 | 393 | 243 | 29 | |||
Investment securities purchased | 2,964 | 10,904 | 4,996 | — | |||
Foreign capital gains tax | 972 | — | 17 | — | |||
Investment advisory fees | 956 | 492 | 196 | — | |||
Distribution and service fees | 47 | 34 | 26 | 1 | |||
Administration and accounting fees | 108 | 56 | 24 | 1 | |||
Transfer agent and sub-transfer agent fees and expenses | 390 | 136 | 44 | 2 | |||
Professional fees | 101 | 58 | 40 | 31 | |||
Trustee deferred compensation plan | 166 | 84 | 34 | 1 | |||
Interest expense and/or commitment fees | 3 | 1 | 1 | — (a) | |||
Other accrued expenses | 170 | 44 | 21 | 3 | |||
Total liabilities | 9,698 | 12,202 | 5,642 | 68 | |||
Net Assets | $ 1,157,368 | $ 636,771 | $ 262,932 | $ 6,283 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par value | $ — | $ 26 | $ — | $ — | |||
Capital paid in on shares of beneficial interest | 1,623,171 | 495,755 | 184,250 | 5,294 | |||
Accumulated earnings (loss) | (465,803) | 140,990 | 78,682 | 989 | |||
Net Assets | $ 1,157,368 | $ 636,771 | $ 262,932 | $ 6,283 | |||
Net Assets: | |||||||
Class A | $ 152,257 | $ 136,675 | $ 92,451 | $ 2,300 | |||
Class C | $ 17,208 | $ 5,396 | $ 6,842 | $ 162 | |||
Class I | $ 942,601 | $ 457,233 | $ 84,092 | $ 3,821 | |||
Class R6 | $ 45,302 | $ 37,467 | $ 79,547 | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 21,755,012 | 5,639,218 | 6,296,567 | 221,042 | |||
Class C | 2,611,567 | 238,903 | 632,578 | 16,530 | |||
Class I | 127,896,105 | 18,718,752 | 5,662,986 | 365,084 | |||
Class R6 | 6,090,631 | 1,528,311 | 5,307,126 | — |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 7.00 | $ 24.24 | $ 14.68 | $ 10.41 | |||
Class C | $ 6.59 | $ 22.59 | $ 10.82 | $ 9.80 | |||
Class I | $ 7.37 | $ 24.43 | $ 14.85 | $ 10.47 | |||
Class R6 | $ 7.44 | $ 24.52 | $ 14.99 | $ — | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 7.41 | $ 25.65 | $ 15.53 | $ 11.02 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 1,130,159 | $ 482,123 | $ 183,810 | $ 4,752 | |||
(2) Foreign currency at cost | $ 295 | $ 4,060 | $ — | $ —(a) |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
YEAR ENDED September 30, 2023
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||
Investment Income | |||||||
Dividends | $ 2,651 | $ 12,095 | $ 1,045 | $ 146 | |||
Dividends from affiliates | — | — | — | 253 | |||
Foreign taxes withheld | (138) | (444) | (92) | — | |||
Total investment income | 2,513 | 11,651 | 953 | 399 | |||
Expenses | |||||||
Investment advisory fees | 507 | 2,988 | 257 | — (1) | |||
Distribution and service fees, Class A | 74 | 52 | 5 | 29 | |||
Distribution and service fees, Class C | 31 | 44 | 1 | 6 | |||
Administration and accounting fees | 87 | 365 | 34 | 29 | |||
Transfer agent fees and expenses | 36 | 154 | 12 | 11 | |||
Sub-transfer agent fees and expenses, Class A | 30 | 383 | 2 | 12 | |||
Sub-transfer agent fees and expenses, Class C | 4 | 4 | — (2) | 1 | |||
Sub-transfer agent fees and expenses, Class I | 38 | 279 | 25 | 11 | |||
Custodian fees | 2 | 3 | 1 | — (2) | |||
Printing fees and expenses | 8 | 24 | 4 | 6 | |||
Professional fees | 27 | 6 | 29 | 17 | |||
Interest expense and/or commitment fees | 1 | 8 | — (2) | — (2) | |||
Registration fees | 45 | 70 | 28 | 45 | |||
Trustees’ fees and expenses | 6 | 29 | 2 | 2 | |||
Miscellaneous expenses | 13 | 39 | 16 | 6 | |||
Total expenses | 909 | 4,448 | 416 | 175 | |||
Less net expenses reimbursed and/or waived by investment adviser(3) | (9) | (542) | (90) | (68) | |||
Less low balance account fees | — (2) | — (2) | — | — (2) | |||
Net expenses | 900 | 3,906 | 326 | 107 | |||
Net investment income (loss) | 1,613 | 7,745 | 627 | 292 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | 1,381 | (34,510) | (2,649) | 468 | |||
Investment in affiliates | — | — | — | 114 | |||
Foreign currency transactions | 5 | (53) | (11) | — | |||
Capital gains received from investments in affiliates | — | — | — | 428 | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (3,696) | 37,910 | 3,463 | (85) | |||
Investment in affiliates | — | — | — | (72) | |||
Foreign currency transactions | 6 | 33 | 5 | — | |||
Net realized and unrealized gain (loss) on investments | (2,304) | 3,380 | 808 | 853 | |||
Net increase (decrease) in net assets resulting from operations | $ (691) | $ 11,125 | $ 1,435 | $1,145 |
(1) | The Adviser does not charge an advisory fee. |
(2) | Amount is less than $500 (not in thousands). |
(3) | See Note 3D in Notes to Financial Statements. |
Duff & Phelps Real Estate Securities Fund | KAR Developing Markets Fund | KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||
Investment Income | |||||||
Dividends | $ 12,492 | $ 86 | $ 6,919 | $ 25,211 | |||
Dividends from affiliates | — | — | 1,605 | 4,317 | |||
Foreign taxes withheld | — | (7) | (942) | (3,231) | |||
Total investment income | 12,492 | 79 | 7,582 | 26,297 | |||
Expenses | |||||||
Investment advisory fees | 2,931 | 27 | 3,071 | 9,466 | |||
Distribution and service fees, Class A | 265 | — (1) | 77 | 115 | |||
Distribution and service fees, Class C | 39 | 1 | 35 | 194 | |||
Administration and accounting fees | 405 | 11 | 268 | 1,078 | |||
Transfer agent fees and expenses | 178 | 1 | 110 | 452 | |||
Sub-transfer agent fees and expenses, Class A | 156 | — (1) | 36 | 48 | |||
Sub-transfer agent fees and expenses, Class C | 4 | — | 3 | 22 | |||
Sub-transfer agent fees and expenses, Class I | 285 | — (1) | 212 | 1,032 | |||
Custodian fees | 1 | 1 | 14 | 18 | |||
Printing fees and expenses | 33 | 2 | 24 | 79 | |||
Professional fees | 12 | 27 | 31 | 66 | |||
Interest expense and/or commitment fees | 4 | — (1) | 2 | 64 | |||
Registration fees | 84 | 26 | 60 | 100 | |||
Trustees’ fees and expenses | 32 | 1 | 19 | 88 | |||
Miscellaneous expenses | 33 | 11 | 27 | 60 | |||
Total expenses | 4,462 | 108 | 3,989 | 12,882 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (175) | (74) | (42) | (77) | |||
Less low balance account fees | — (1) | — | — | — | |||
Net expenses | 4,287 | 34 | 3,947 | 12,805 | |||
Net investment income (loss) | 8,205 | 45 | 3,635 | 13,492 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | 33,738 | (159) | (10,003) | (108,854) | |||
Investment in affiliates | — | — | (231) | (6,001) | |||
Foreign currency transactions | — | (1) | (130) | (198) | |||
Foreign capital gains tax | — | — | (55) | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (38,013) | 478 | 45,953 | 324,469 | |||
Investment in affiliates | — | — | (317) | 36,394 | |||
Foreign currency transactions | — | — (1) | 5 | 98 | |||
Foreign capital gains tax | — | — | (837) | — | |||
Net realized and unrealized gain (loss) on investments | (4,275) | 318 | 34,385 | 245,908 | |||
Net increase (decrease) in net assets resulting from operations | $ 3,930 | $ 363 | $ 38,020 | $ 259,400 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 3D 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 | $ 43,164 | $ 10,503 | $ 4,149 | $ 134 | |||
Securities lending, net of fees | 2 | 5 | 2 | — (1) | |||
Foreign taxes withheld | (4,837) | (1,000) | (272) | (15) | |||
Total investment income | 38,329 | 9,508 | 3,879 | 119 | |||
Expenses | |||||||
Investment advisory fees | 16,450 | 5,751 | 2,255 | 58 | |||
Distribution and service fees, Class A | 444 | 363 | 238 | 6 | |||
Distribution and service fees, Class C | 242 | 65 | 80 | 2 | |||
Administration and accounting fees | 1,685 | 668 | 250 | 15 | |||
Transfer agent fees and expenses | 736 | 318 | 133 | 4 | |||
Sub-transfer agent fees and expenses, Class A | 329 | 144 | 68 | 3 | |||
Sub-transfer agent fees and expenses, Class C | 30 | 6 | 7 | — (1) | |||
Sub-transfer agent fees and expenses, Class I | 1,289 | 410 | 90 | 4 | |||
Custodian fees | 116 | 8 | 7 | 2 | |||
Printing fees and expenses | 54 | 46 | 19 | 3 | |||
Professional fees | 63 | 18 | 29 | 31 | |||
Interest expense and/or commitment fees | 30 | 5 | 11 | — (1) | |||
Registration fees | 77 | 72 | 67 | 23 | |||
Trustees’ fees and expenses | 140 | 53 | 21 | 1 | |||
Miscellaneous expenses | 12 | 63 | 36 | 11 | |||
Total expenses | 21,697 | 7,990 | 3,311 | 163 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (259) | (316) | (215) | (79) | |||
Less low balance account fees | — (1) | (1) | (2) | — | |||
Net expenses | 21,438 | 7,673 | 3,094 | 84 | |||
Net investment income (loss) | 16,891 | 1,835 | 785 | 35 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (182,890) | 18,954 | 15,824 | 11 | |||
Foreign currency transactions | (1,091) | (198) | (97) | (1) | |||
Foreign capital gains tax | (2,551) | (168) | (110) | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | 186,712 | 93,798 | 32,357 | 1,047 | |||
Foreign currency transactions | 115 | 105 | 20 | 1 | |||
Foreign capital gains tax | (382) | (220) | (17) | — | |||
Net realized and unrealized gain (loss) on investments | (87) | 112,271 | 47,977 | 1,058 | |||
Net increase (decrease) in net assets resulting from operations | $ 16,804 | $114,106 | $48,762 | $1,093 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 3D in Notes to Financial Statements. |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,613 | $ 1,116 | $ 7,745 | $ 7,361 | |||
Net realized gain (loss) | 1,386 | 7,775 | (34,563) | (2,038) | |||
Net change in unrealized appreciation (depreciation) | (3,690) | (14,545) | 37,943 | (124,677) | |||
Increase (decrease) in net assets resulting from operations | (691) | (5,654) | 11,125 | (119,354) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (3,249) | (1,936) | (132) | (814) | |||
Class C | (337) | (273) | — | (132) | |||
Class I | (3,941) | (2,497) | (2,017) | (12,094) | |||
Class R6 | (1,080) | (682) | (1,101) | (3,450) | |||
Total dividends and distributions to shareholders | (8,607) | (5,388) | (3,250) | (16,490) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (1,045) | 1,679 | (3,655) | 1,543 | |||
Class C | (1,009) | (1,501) | (1,207) | 918 | |||
Class I | (2,152) | (132) | (69,564) | 25,272 | |||
Class R6 | 12 | 917 | 3,665 | 11,094 | |||
Increase (decrease) in net assets from capital transactions | (4,194) | 963 | (70,761) | 38,827 | |||
Net increase (decrease) in net assets | (13,492) | (10,079) | (62,886) | (97,017) | |||
Net Assets | |||||||
Beginning of period | 77,366 | 87,445 | 370,485 | 467,502 | |||
End of Period | $ 63,874 | $ 77,366 | $ 307,599 | $ 370,485 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 627 | $ 689 | $ 292 | $ 244 | |||
Net realized gain (loss) | (2,660) | 572 | 1,010 | 317 | |||
Net change in unrealized appreciation (depreciation) | 3,468 | (12,123) | (157) | (1,563) | |||
Increase (decrease) in net assets resulting from operations | 1,435 | (10,862) | 1,145 | (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 5): | |||||||
Class A | (489) | (473) | (1,345) | (910) | |||
Class C | (44) | (108) | (491) | 460 | |||
Class I | (568) | 949 | (3,699) | 497 | |||
Class R6 | — | — | 1,094 | 100 | |||
Increase (decrease) in net assets from capital transactions | (1,101) | 368 | (4,441) | 147 | |||
Net increase (decrease) in net assets | 334 | (11,064) | (3,536) | (1,037) | |||
Net Assets | |||||||
Beginning of period | 23,442 | 34,506 | 21,682 | 22,719 | |||
End of Period | $ 23,776 | $ 23,442 | $ 18,146 | $ 21,682 |
Duff & Phelps Real Estate Securities Fund | KAR Developing Markets Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 8,205 | $ 5,054 | $ 45 | $ 23 | |||
Net realized gain (loss) | 33,738 | 37,592 | (160) | (272) | |||
Net change in unrealized appreciation (depreciation) | (38,013) | (118,834) | 478 | (674) | |||
Increase (decrease) in net assets resulting from operations | 3,930 | (76,188) | 363 | (923) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (11,213) | (6,201) | (1) | (—) (1) | |||
Class C | (390) | (231) | — | (—) (1) | |||
Class I | (18,652) | (11,149) | (1) | (1) | |||
Class R6 | (11,535) | (7,479) | (26) | (15) | |||
Total dividends and distributions to shareholders | (41,790) | (25,060) | (28) | (16) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (2,346) | (9,319) | 2 | 19 | |||
Class C | (624) | (919) | — | — | |||
Class I | (8,891) | 518 | 49 | 16 | |||
Class R6 | 12,218 | (31,411) | (132) | 433 | |||
Increase (decrease) in net assets from capital transactions | 357 | (41,131) | (81) | 468 | |||
Net increase (decrease) in net assets | (37,503) | (142,379) | 254 | (471) | |||
Net Assets | |||||||
Beginning of period | 393,529 | 535,908 | 2,421 | 2,892 | |||
End of Period | $ 356,026 | $ 393,529 | $ 2,675 | $ 2,421 |
(1) | Amount is less than $500 (not in thousands). |
KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 3,635 | $ 1,844 | $ 13,492 | $ 16,884 | |||
Net realized gain (loss) | (10,419) | (5,045) | (115,053) | (158,578) | |||
Net change in unrealized appreciation (depreciation) | 44,804 | (115,998) | 360,961 | (1,084,164) | |||
Increase (decrease) in net assets resulting from operations | 38,020 | (119,199) | 259,400 | (1,225,858) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (4,302) | — | (7,342) | |||
Class C | — | (175) | — | (2,873) | |||
Class I | — | (27,544) | — | (211,939) | |||
Class R6 | — | (99) | — | (22,516) | |||
Total dividends and distributions to shareholders | — | (32,120) | — | (244,670) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (6,379) | (6,203) | (11,929) | (10,312) | |||
Class C | 1,757 | 18 | (5,143) | (3,254) | |||
Class I | (1,689) | (34,298) | (342,246) | (484,904) | |||
Class R6 | 392 | 380 | (23,664) | (67,539) | |||
Increase (decrease) in net assets from capital transactions | (5,919) | (40,103) | (382,982) | (566,009) | |||
Net increase (decrease) in net assets | 32,101 | (191,422) | (123,582) | (2,036,537) | |||
Net Assets | |||||||
Beginning of period | 230,518 | 421,940 | 1,069,479 | 3,106,016 | |||
End of Period | $ 262,619 | $ 230,518 | $ 945,897 | $ 1,069,479 |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 16,891 | $ 13,585 | $ 1,835 | $ (1,998) | |||
Net realized gain (loss) | (186,532) | (112,762) | 18,588 | 13,830 | |||
Net change in unrealized appreciation (depreciation) | 186,445 | (724,063) | 93,683 | (270,395) | |||
Increase (decrease) in net assets resulting from operations | 16,804 | (823,240) | 114,106 | (258,563) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | (66,729) | (70) | (40,624) | |||
Class C | — | (13,137) | (4) | (3,281) | |||
Class I | — | (656,363) | (221) | (156,089) | |||
Class R6 | — | (30,881) | (24) | (12,796) | |||
Total dividends and distributions to shareholders | — | (767,110) | (319) | (212,790) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (41,226) | (26,317) | (19,637) | 20,737 | |||
Class C | (14,475) | (13,973) | (2,517) | (4,652) | |||
Class I | (643,258) | (1,199,214) | (61,880) | (22,026) | |||
Class R6 | (57,081) | (37,502) | (21,484) | 13,208 | |||
Increase (decrease) in net assets from capital transactions | (756,040) | (1,277,006) | (105,518) | 7,267 | |||
Net increase (decrease) in net assets | (739,236) | (2,867,356) | 8,269 | (464,086) | |||
Net Assets | |||||||
Beginning of period | 1,896,604 | 4,763,960 | 628,502 | 1,092,588 | |||
End of Period | $ 1,157,368 | $ 1,896,604 | $ 636,771 | $ 628,502 |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 785 | $ (538) | $ 35 | $ 1 | |||
Net realized gain (loss) | 15,617 | 23,074 | 10 | (301) | |||
Net change in unrealized appreciation (depreciation) | 32,360 | (103,468) | 1,048 | (2,358) | |||
Increase (decrease) in net assets resulting from operations | 48,762 | (80,932) | 1,093 | (2,658) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (9,087) | (22,330) | — | (114) | |||
Class C | (1,060) | (3,698) | — | (15) | |||
Class I | (7,961) | (26,621) | — | (283) | |||
Class R6 | (6,263) | (15,811) | — | — | |||
Total dividends and distributions to shareholders | (24,371) | (68,460) | — | (412) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (2,570) | 6,881 | (88) | 97 | |||
Class C | (2,001) | (4,445) | (88) | (66) | |||
Class I | (22,834) | (24,753) | (796) | (599) | |||
Class R6 | 17,836 | 1,948 | — | — | |||
Increase (decrease) in net assets from capital transactions | (9,569) | (20,369) | (972) | (568) | |||
Net increase (decrease) in net assets | 14,822 | (169,761) | 121 | (3,638) | |||
Net Assets | |||||||
Beginning of period | 248,110 | 417,871 | 6,162 | 9,800 | |||
End of Period | $ 262,932 | $ 248,110 | $ 6,283 | $ 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 9/30/23 | $14.16 | 0.27 | — | (0.46) | (0.19) | (0.30) | (1.30) | (1.60) | — | (1.79) | $12.37 | (2.40) % | $ 24,716 | 1.29 % | 1.29 % | 1.93 % | 26 % | |
10/1/21 to 9/30/22 | 16.17 | 0.18 | — | (1.20) | (1.02) | (0.15) | (0.84) | (0.99) | — | (2.01) | 14.16 | (7.07) | 29,344 | 1.27 (6) | 1.27 | 1.12 | 37 | |
10/1/20 to 9/30/21 | 14.54 | 0.14 | — | 1.84 | 1.98 | (0.17) | (0.18) | (0.35) | — | 1.63 | 16.17 | 13.75 | 31,857 | 1.28 | 1.28 | 0.86 | 28 | |
10/1/19 to 9/30/20 | 16.26 | 0.20 | — | (1.17) | (0.97) | (0.23) | (0.52) | (0.75) | — | (1.72) | 14.54 | (6.11) | 30,172 | 1.27 | 1.27 | 1.35 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.25 | — | 2.38 | 2.63 | (0.27) | (0.55) | (0.82) | — | 1.81 | 16.26 | 19.13 | 37,533 | 1.26 | 1.26 | 1.69 | 30 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $14.14 | 0.16 | — | (0.46) | (0.30) | (0.18) | (1.30) | (1.48) | — | (1.78) | $12.36 | (3.17) % | $ 2,221 | 2.07 % | 2.07 % | 1.11 % | 26 % | |
10/1/21 to 9/30/22 | 16.14 | 0.05 | — | (1.20) | (1.15) | (0.01) | (0.84) | (0.85) | — | (2.00) | 14.14 | (7.78) | 3,544 | 2.04 (6) | 2.04 | 0.32 | 37 | |
10/1/20 to 9/30/21 | 14.50 | 0.02 | — | 1.84 | 1.86 | (0.04) | (0.18) | (0.22) | — | 1.64 | 16.14 | 12.92 | 5,525 | 2.02 | 2.02 | 0.11 | 28 | |
10/1/19 to 9/30/20 | 16.20 | 0.09 | — | (1.16) | (1.07) | (0.11) | (0.52) | (0.63) | — | (1.70) | 14.50 | (6.83) | 9,833 | 2.03 | 2.03 | 0.59 | 31 | |
10/1/18 to 9/30/19 | 14.39 | 0.14 | — | 2.37 | 2.51 | (0.15) | (0.55) | (0.70) | — | 1.81 | 16.20 | 18.32 | 15,046 | 2.01 | 2.01 | 0.97 | 30 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $14.16 | 0.31 | — | (0.47) | (0.16) | (0.33) | (1.30) | (1.63) | — | (1.79) | $12.37 | (2.17) % | $ 28,472 | 1.04 % | 1.04 % | 2.19 % | 26 % | |
10/1/21 to 9/30/22 | 16.17 | 0.22 | — | (1.21) | (0.99) | (0.18) | (0.84) | (1.02) | — | (2.01) | 14.16 | (6.84) | 34,847 | 1.03 (6) | 1.03 | 1.36 | 37 | |
10/1/20 to 9/30/21 | 14.54 | 0.18 | — | 1.85 | 2.03 | (0.22) | (0.18) | (0.40) | — | 1.63 | 16.17 | 14.07 | 39,955 | 1.01 | 1.01 | 1.15 | 28 | |
10/1/19 to 9/30/20 | 16.27 | 0.24 | — | (1.19) | (0.95) | (0.26) | (0.52) | (0.78) | — | (1.73) | 14.54 | (5.94) | 33,326 | 1.04 | 1.04 | 1.61 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.29 | — | 2.39 | 2.68 | (0.31) | (0.55) | (0.86) | — | 1.82 | 16.27 | 19.50 | 50,089 | 1.02 | 1.02 | 1.94 | 30 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $14.18 | 0.34 | — | (0.47) | (0.13) | (0.36) | (1.30) | (1.66) | — | (1.79) | $12.39 | (1.96) % | $ 8,465 | 0.84 % | 0.94 % | 2.39 % | 26 % | |
10/1/21 to 9/30/22 | 16.20 | 0.25 | — | (1.22) | (0.97) | (0.21) | (0.84) | (1.05) | — | (2.02) | 14.18 | (6.74) | 9,631 | 0.87 (6) | 0.93 | 1.53 | 37 | |
10/1/20 to 9/30/21 | 14.55 | 0.21 | — | 1.85 | 2.06 | (0.23) | (0.18) | (0.41) | — | 1.65 | 16.20 | 14.30 | 10,108 | 0.85 | 0.92 | 1.31 | 28 | |
10/1/19 to 9/30/20 | 16.27 | 0.26 | — | (1.18) | (0.92) | (0.28) | (0.52) | (0.80) | — | (1.72) | 14.55 | (5.75) | 8,614 | 0.85 | 0.94 | 1.74 | 31 | |
10/1/18 to 9/30/19 | 14.45 | 0.30 | — | 2.39 | 2.69 | (0.32) | (0.55) | (0.87) | — | 1.82 | 16.27 | 19.60 | 9,436 | 0.91 (7) | 0.93 | 2.02 | 30 | |
Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $29.09 | 0.60 | — | (0.02) | 0.58 | (0.19) | — | (0.19) | — | 0.39 | $29.48 | 1.97 % | $ 17,965 | 1.39 % | 3.14 % | 1.93 % | 29 % | |
10/1/21 to 9/30/22 | 39.17 | 0.47 | — | (9.38) | (8.91) | (0.47) | (0.70) | (1.17) | — | (10.08) | 29.09 | (23.66) | 21,145 | 1.41 (6) | 2.51 | 1.23 | 17 | |
10/1/20 to 9/30/21 | 29.50 | 0.41 | — | 9.26 | 9.67 | — | — | — | — | 9.67 | 39.17 | 32.78 | 27,127 | 1.40 | 2.65 | 1.14 | 17 | |
10/1/19 to 9/30/20 | 34.82 | 0.41 | — | (3.66) | (3.25) | (1.29) | (0.78) | (2.07) | — | (5.32) | 29.50 | (10.01) | 18,740 | 1.40 | 2.59 | 1.34 | 32 | |
10/1/18 to 9/30/19 | 30.30 | 0.51 | — | 4.46 | 4.97 | (0.44) | (0.01) | (0.45) | — | 4.52 | 34.82 | 16.72 | 21,612 | 1.40 | 2.61 | 1.63 | 31 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $27.28 | 0.34 | — | — | 0.34 | — | — | — | — | 0.34 | $27.62 | 1.25 % | $ 3,588 | 2.14 % | 2.17 % | 1.15 % | 29 % | |
10/1/21 to 9/30/22 | 36.81 | 0.20 | — | (8.86) | (8.66) | (0.17) | (0.70) | (0.87) | — | (9.53) | 27.28 | (24.25) | 4,671 | 2.16 (6)(8)(9) | 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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Global Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $28.19 | 0.65 | — | — | 0.65 | (0.25) | — | (0.25) | — | 0.40 | $28.59 | 2.26 % | $ 206,071 | 1.14 % | 1.16 % | 2.15 % | 29 % | |
10/1/21 to 9/30/22 | 38.04 | 0.55 | — | (9.09) | (8.54) | (0.61) | (0.70) | (1.31) | — | (9.85) | 28.19 | (23.48) | 269,095 | 1.16 (6)(8)(9) | 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 (8)(9) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $28.37 | 0.76 | — | (0.04) | 0.72 | (0.41) | — | (0.41) | — | 0.31 | $28.68 | 2.50 % | $ 79,975 | 0.88 % | 1.05 % | 2.49 % | 29 % | |
10/1/21 to 9/30/22 | 38.26 | 0.64 | — | (9.13) | (8.49) | (0.70) | (0.70) | (1.40) | — | (9.89) | 28.37 | (23.27) | 75,574 | 0.91 (6) | 1.05 | 1.74 | 17 | |
10/1/20 to 9/30/21 | 28.86 | 0.61 | — | 9.00 | 9.61 | (0.21) | — | (0.21) | — | 9.40 | 38.26 | 33.46 | 90,781 | 0.89 | 1.04 | 1.73 | 17 | |
10/1/19 to 9/30/20 | 34.41 | 0.65 | — | (3.64) | (2.99) | (1.78) | (0.78) | (2.56) | — | (5.55) | 28.86 | (9.52) | 54,992 | 0.89 | 1.09 | 2.29 | 32 | |
10/1/18 to 9/30/19 | 30.37 | 0.54 | — | 4.47 | 5.01 | (0.96) | (0.01) | (0.97) | — | 4.04 | 34.41 | 17.23 | 2,893 | 0.94 (7) | 1.08 | 1.75 | 31 | |
Duff & Phelps International Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 5.43 | 0.13 | — | 0.17 | 0.30 | — | — | — | — | 0.30 | $ 5.73 | 5.52 % | $ 1,719 | 1.49 % | 1.85 % | 2.14 % | 48 % | |
10/1/21 to 9/30/22 | 8.11 | 0.14 | — | (2.70) | (2.56) | (0.12) | — | (0.12) | — | (2.68) | 5.43 | (32.02) | 2,086 | 1.51 (6) | 1.73 | 1.90 | 24 | |
10/1/20 to 9/30/21 | 6.79 | 0.14 | — | 1.18 | 1.32 | — | — | — | — | 1.32 | 8.11 | 19.44 | 3,612 | 1.50 | 1.75 | 1.69 | 71 | |
10/1/19 to 9/30/20 | 7.96 | 0.09 | — | (0.63) | (0.54) | (0.63) | — | (0.63) | — | (1.17) | 6.79 | (7.72) | 1,843 | 1.50 | 1.75 | 1.32 | 34 | |
10/1/18 to 9/30/19 | 7.41 | 0.14 | — | 0.68 | 0.82 | (0.27) | — | (0.27) | — | 0.55 | 7.96 | 11.65 | 2,318 | 1.50 | 1.71 | 1.87 | 34 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 5.38 | 0.08 | — | 0.17 | 0.25 | — | — | — | — | 0.25 | $ 5.63 | 4.65 % | $ 60 | 2.24 % | 2.78 % | 1.35 % | 48 % | |
10/1/21 to 9/30/22 | 7.98 | 0.09 | — | (2.69) | (2.60) | — | — | — | — | (2.60) | 5.38 | (32.58) | 98 | 2.26 (6) | 2.56 | 1.22 | 24 | |
10/1/20 to 9/30/21 | 6.73 | 0.06 | — | 1.19 | 1.25 | — | — | — | — | 1.25 | 7.98 | 18.57 | 273 | 2.25 | 2.57 | 0.74 | 71 | |
10/1/19 to 9/30/20 | 7.92 | 0.04 | — | (0.63) | (0.59) | (0.60) | — | (0.60) | — | (1.19) | 6.73 | (8.37) | 526 | 2.25 | 2.50 | 0.61 | 34 | |
10/1/18 to 9/30/19 | 7.38 | 0.08 | — | 0.68 | 0.76 | (0.22) | — | (0.22) | — | 0.54 | 7.92 | 10.84 | 736 | 2.25 | 2.44 | 1.06 | 34 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 5.44 | 0.15 | — | 0.16 | 0.31 | — | — | — | — | 0.31 | $ 5.75 | 5.70 % | $ 21,997 | 1.24 % | 1.59 % | 2.46 % | 48 % | |
10/1/21 to 9/30/22 | 8.11 | 0.17 | — | (2.71) | (2.54) | (0.13) | — | (0.13) | — | (2.67) | 5.44 | (31.81) | 21,258 | 1.26 (6) | 1.51 | 2.23 | 24 | |
10/1/20 to 9/30/21 | 6.78 | 0.15 | — | 1.18 | 1.33 | — | — | — | — | 1.33 | 8.11 | 19.62 | 30,621 | 1.25 | 1.51 | 1.89 | 71 | |
10/1/19 to 9/30/20 | 7.93 | 0.11 | — | (0.62) | (0.51) | (0.64) | — | (0.64) | — | (1.15) | 6.78 | (7.37) | 25,530 | 1.25 | 1.49 | 1.50 | 34 | |
10/1/18 to 9/30/19 | 7.40 | 0.16 | — | 0.67 | 0.83 | (0.30) | — | (0.30) | — | 0.53 | 7.93 | 11.84 | 51,060 | 1.25 | 1.44 | 2.10 | 34 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Real Asset Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.00 | 0.16 | 0.26 | 0.16 | 0.58 | (0.14) | — | (0.14) | — | 0.44 | $12.44 | 4.77 % | $ 10,323 | 0.60 % (7) | 0.92 % | 1.28 % | 10 % | |
10/1/21 to 9/30/22 | 12.55 | 0.13 | 0.02 | (0.60) | (0.45) | (0.10) | — | (0.10) | — | (0.55) | 12.00 | (3.64) | 11,226 | 0.81 (6) | 0.81 | 0.99 | 17 | |
10/1/20 to 9/30/21 | 10.10 | 0.02 | 0.03 | 2.47 | 2.52 | (0.07) | — | (0.07) | — | 2.45 | 12.55 | 25.10 | 12,674 | 0.85 (6) | 0.85 | 0.19 | 14 | |
10/1/19 to 9/30/20 | 11.38 | 0.27 | 0.26 | (1.46) | (0.93) | (0.35) | — | (0.35) | — | (1.28) | 10.10 | (8.50) | 11,964 | 1.05 (6) | 1.05 | 2.57 | 75 | |
10/1/18 to 9/30/19 | 11.63 | 0.14 | 0.16 | (0.31) | (0.01) | (0.24) | — | (0.24) | — | (0.25) | 11.38 | 0.18 | 15,897 | 0.76 | 0.76 | 1.25 | 13 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.03 | 0.16 | 0.27 | 0.05 | 0.48 | (0.03) | — | (0.03) | — | 0.45 | $12.48 | 3.95 % | $ 358 | 1.36 % (7) | 1.72 % | 1.24 % | 10 % | |
10/1/21 to 9/30/22 | 12.64 | (0.11) | 0.02 | (0.45) | (0.54) | (0.07) | — | (0.07) | — | (0.61) | 12.03 | (4.28) | 812 | 1.57 (6) | 1.57 | (0.82) | 17 | |
10/1/20 to 9/30/21 | 10.19 | (0.04) | 0.03 | 2.46 | 2.45 | — | — | — | — | 2.45 | 12.64 | 24.04 | 435 | 1.68 (6) | 1.68 | (0.33) | 14 | |
10/1/19 to 9/30/20 | 11.32 | 0.31 | 0.26 | (1.60) | (1.03) | (0.10) | — | (0.10) | — | (1.13) | 10.19 | (9.17) | 604 | 1.74 (6) | 1.74 | 2.85 | 75 | |
10/1/18 to 9/30/19 | 11.50 | 0.27 | 0.16 | (0.52) | (0.09) | (0.09) | — | (0.09) | — | (0.18) | 11.32 | (0.65) | 2,126 | 1.50 | 1.50 | 2.44 | 13 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.00 | 0.21 | 0.26 | 0.13 | 0.60 | (0.16) | — | (0.16) | — | 0.44 | $12.44 | 4.96 % | $ 6,304 | 0.36 % (7) | 0.68 % | 1.62 % | 10 % | |
10/1/21 to 9/30/22 | 12.52 | 0.15 | 0.02 | (0.58) | (0.41) | (0.11) | — | (0.11) | — | (0.52) | 12.00 | (3.35) | 9,553 | 0.57 (6) | 0.57 | 1.12 | 17 | |
10/1/20 to 9/30/21 | 10.07 | 0.05 | 0.03 | 2.47 | 2.55 | (0.10) | — | (0.10) | — | 2.45 | 12.52 | 25.47 | 9,610 | 0.60 (6) | 0.60 | 0.46 | 14 | |
10/1/19 to 9/30/20 | 11.35 | 0.48 | 0.26 | (1.64) | (0.90) | (0.38) | — | (0.38) | — | (1.28) | 10.07 | (8.32) | 8,759 | 0.72 (6) | 0.72 | 4.52 | 75 | |
10/1/18 to 9/30/19 | 11.62 | 0.25 | 0.16 | (0.39) | 0.02 | (0.29) | — | (0.29) | — | (0.27) | 11.35 | 0.44 | 21,018 | 0.51 | 0.51 | 2.26 | 13 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.02 | 0.16 | 0.26 | 0.20 | 0.62 | (0.22) | — | (0.22) | — | 0.40 | $12.42 | 5.13 % | $ 1,161 | 0.20 % | 0.56 % | 1.24 % | 10 % | |
1/31/22 (10) to 9/30/22 | 13.22 | (0.14) | 0.02 | (1.08) | (1.20) | — | — | — | — | (1.20) | 12.02 | (9.08) | 91 | 0.22 (6) | 0.54 | (1.57) | 17 | |
Duff & Phelps Real Estate Securities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.83 | 0.36 | — | (0.26) | 0.10 | (0.33) | (1.82) | (2.15) | — | (2.05) | $17.78 | 0.14 % | $ 94,402 | 1.35 % | 1.35 % | 1.85 % | 29 % | |
10/1/21 to 9/30/22 | 24.94 | 0.18 | — | (4.16) | (3.98) | (0.24) | (0.89) | (1.13) | — | (5.11) | 19.83 | (17.05) | 107,081 | 1.34 (6) | 1.34 | 0.73 | 14 | |
10/1/20 to 9/30/21 | 18.82 | 0.22 | — | 7.10 | 7.32 | (0.46) | (0.74) | (1.20) | — | 6.12 | 24.94 | 40.33 | 143,841 | 1.36 | 1.36 | 0.98 | 14 | |
10/1/19 to 9/30/20 | 26.33 | 0.26 | — | (3.23) | (2.97) | (0.33) | (4.21) | (4.54) | — | (7.51) | 18.82 | (12.99) | 209,309 | 1.35 | 1.35 | 1.25 | 40 | |
10/1/18 to 9/30/19 | 26.76 | 0.37 | — | 3.34 | 3.71 | (0.42) | (3.72) | (4.14) | — | (0.43) | 26.33 | 17.33 | 175,112 | 1.38 | 1.38 | 1.50 | 30 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.81 | 0.21 | — | (0.25) | (0.04) | (0.18) | (1.82) | (2.00) | — | (2.04) | $17.77 | (0.59) % | $ 3,196 | 2.07 % | 2.07 % | 1.09 % | 29 % | |
10/1/21 to 9/30/22 | 24.90 | (0.01) | — | (4.13) | (4.14) | (0.06) | (0.89) | (0.95) | — | (5.09) | 19.81 | (17.64) | 4,181 | 2.06 (6) | 2.06 | (0.03) | 14 | |
10/1/20 to 9/30/21 | 18.79 | 0.10 | — | 7.04 | 7.14 | (0.29) | (0.74) | (1.03) | — | 6.11 | 24.90 | 39.32 | 6,244 | 2.08 | 2.08 | 0.43 | 14 | |
10/1/19 to 9/30/20 | 26.26 | 0.08 | — | (3.18) | (3.10) | (0.16) | (4.21) | (4.37) | — | (7.47) | 18.79 | (13.65) | 7,280 | 2.11 | 2.11 | 0.38 | 40 | |
10/1/18 to 9/30/19 | 26.69 | 0.19 | — | 3.32 | 3.51 | (0.22) | (3.72) | (3.94) | — | (0.43) | 26.26 | 16.49 | 12,325 | 2.09 | 2.09 | 0.78 | 30 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.76 | 0.40 | — | (0.27) | 0.13 | (0.37) | (1.82) | (2.19) | — | (2.06) | $17.70 | 0.33 % | $ 159,616 | 1.11 % | 1.11 % | 2.07 % | 29 % | |
10/1/21 to 9/30/22 | 24.85 | 0.25 | — | (4.14) | (3.89) | (0.31) | (0.89) | (1.20) | — | (5.09) | 19.76 | (16.80) | 184,709 | 1.09 (6) | 1.09 | 0.98 | 14 | |
10/1/20 to 9/30/21 | 18.76 | 0.20 | — | 7.16 | 7.36 | (0.53) | (0.74) | (1.27) | — | 6.09 | 24.85 | 40.73 | 234,084 | 1.09 | 1.09 | 0.92 | 14 | |
10/1/19 to 9/30/20 | 26.28 | 0.30 | — | (3.23) | (2.93) | (0.38) | (4.21) | (4.59) | — | (7.52) | 18.76 | (12.80) | 272,248 | 1.10 | 1.10 | 1.43 | 40 | |
10/1/18 to 9/30/19 | 26.71 | 0.44 | — | 3.34 | 3.78 | (0.49) | (3.72) | (4.21) | — | (0.43) | 26.28 | 17.73 | 373,801 | 1.09 | 1.09 | 1.81 | 30 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) | ||
Duff & Phelps Real Estate Securities Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.85 | 0.47 | — | (0.27) | 0.20 | (0.44) | (1.82) | (2.26) | — | (2.06) | $17.79 | 0.68 % | $ 98,812 | 0.78 % | 0.95 % | 2.43 % | 29 % | |
10/1/21 to 9/30/22 | 24.96 | 0.31 | — | (4.16) | (3.85) | (0.37) | (0.89) | (1.26) | — | (5.11) | 19.85 | (16.57) | 97,558 | 0.80 (6) | 0.95 | 1.21 | 14 | |
10/1/20 to 9/30/21 | 18.81 | 0.20 | — | 7.26 | 7.46 | (0.57) | (0.74) | (1.31) | — | 6.15 | 24.96 | 41.15 | 151,739 | 0.79 | 0.94 | 0.89 | 14 | |
10/1/19 to 9/30/20 | 26.30 | 0.37 | — | (3.24) | (2.87) | (0.41) | (4.21) | (4.62) | — | (7.49) | 18.81 | (12.52) | 43,705 | 0.79 | 0.96 | 1.80 | 40 | |
10/1/18 to 9/30/19 | 26.72 | 0.51 | — | 3.32 | 3.83 | (0.53) | (3.72) | (4.25) | — | (0.42) | 26.30 | 17.94 | 38,915 | 0.87 (7) | 0.95 | 2.11 | 30 | |
KAR Developing Markets Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.75 | 0.11 | — | 0.87 | 0.98 | (0.06) | — | (0.06) | — | 0.92 | $ 7.67 | 14.56 % | $ 98 | 1.52 % (7) | 4.24 % | 1.38 % | 27 % | |
10/1/21 to 9/30/22 | 9.63 | 0.04 | — | (2.87) | (2.83) | (0.01) | (0.04) | (0.05) | — | (2.88) | 6.75 | (29.56) | 85 | 1.56 (6) | 4.83 | 0.53 | 16 | |
6/22/21 (10) to 9/30/21 | 10.00 | — (11) | — | (0.37) | (0.37) | — | — | — | — | (0.37) | 9.63 | (3.70) | 96 | 1.55 | 12.33 | 0.01 | 5 (12) | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.69 | 0.05 | — | 0.87 | 0.92 | — | — | — | — | 0.92 | $ 7.61 | 13.75 % | $ 76 | 2.27 % (7) | 4.95 % | 0.63 % | 27 % | |
10/1/21 to 9/30/22 | 9.61 | (0.02) | — | (2.86) | (2.88) | — | (0.04) | (0.04) | — | (2.92) | 6.69 | (30.11) | 67 | 2.31 (6) | 5.56 | (0.25) | 16 | |
6/22/21 (10) 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 (12) | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.77 | 0.13 | — | 0.87 | 1.00 | (0.10) | — | (0.10) | — | 0.90 | $ 7.67 | 14.76 % | $ 143 | 1.26 % (7) | 4.00 % | 1.68 % | 27 % | |
10/1/21 to 9/30/22 | 9.64 | 0.07 | — | (2.88) | (2.81) | (0.02) | (0.04) | (0.06) | — | (2.87) | 6.77 | (29.38) | 80 | 1.31 (6) | 4.53 | 0.78 | 16 | |
6/22/21 (10) 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 (12) | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.77 | 0.13 | — | 0.88 | 1.01 | (0.08) | — | (0.08) | — | 0.93 | $ 7.70 | 14.97 % | $ 2,358 | 1.21 % (7) | 3.92 % | 1.67 % | 27 % | |
10/1/21 to 9/30/22 | 9.64 | 0.07 | — | (2.88) | (2.81) | (0.02) | (0.04) | (0.06) | — | (2.87) | 6.77 | (29.37) | 2,189 | 1.23 (6) | 4.53 | 0.89 | 16 | |
6/22/21 (10) 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 (12) | |
KAR Emerging Markets Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $11.24 | 0.15 | — | 1.73 | 1.88 | — | — | — | — | 1.88 | $13.12 | 16.73 % | $ 29,963 | 1.78 % | 1.79 % | 1.17 % | 17 % | |
10/1/21 to 9/30/22 | 17.61 | 0.05 | — | (5.10) | (5.05) | (0.33) | (0.99) | (1.32) | — | (6.37) | 11.24 | (30.74) | 31,637 | 1.81 (6)(7)(8)(9) | 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 (8)(9) | 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 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $11.09 | 0.07 | — | 1.69 | 1.76 | — | — | — | — | 1.76 | $12.85 | 15.87 % | $ 3,803 | 2.52 % | 2.51 % | 0.52 % | 17 % | |
10/1/21 to 9/30/22 | 17.41 | (0.05) | — | (5.06) | (5.11) | (0.22) | (0.99) | (1.21) | — | (6.32) | 11.09 | (31.27) | 1,589 | 2.56 (6)(7) | 2.62 | (0.34) | 24 | |
10/1/20 to 9/30/21 | 14.80 | (0.14) | — | 2.85 | 2.71 | (0.10) | — | (0.10) | — | 2.61 | 17.41 | 18.33 | 2,540 | 2.60 (8)(9) | 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 |
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 (Continued) | ||||||||||||||||||
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $11.31 | 0.19 | — | 1.73 | 1.92 | — | — | — | — | 1.92 | $13.23 | 16.98 % | $ 227,178 | 1.49 % | 1.51 % | 1.47 % | 17 % | |
10/1/21 to 9/30/22 | 17.72 | 0.09 | — | (5.12) | (5.03) | (0.39) | (0.99) | (1.38) | — | (6.41) | 11.31 | (30.49) | 196,191 | 1.51 (6)(7) | 1.55 | 0.61 | 24 | |
10/1/20 to 9/30/21 | 15.01 | 0.05 | — | 2.86 | 2.91 | (0.20) | — | (0.20) | — | 2.71 | 17.72 | 19.49 | 360,774 | 1.55 (8)(9) | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $11.30 | 0.20 | — | 1.73 | 1.93 | — | — | — | — | 1.93 | $13.23 | 17.08 % | $ 1,675 | 1.39 % | 1.42 % | 1.58 % | 17 % | |
10/1/21 to 9/30/22 | 17.74 | 0.13 | — | (5.14) | (5.01) | (0.44) | (0.99) | (1.43) | — | (6.44) | 11.30 | (30.43) | 1,101 | 1.41 (6)(7) | 1.45 | 0.96 | 24 | |
10/1/20 to 9/30/21 | 15.01 | 0.13 | — | 2.82 | 2.95 | (0.22) | — | (0.22) | — | 2.73 | 17.74 | 19.71 | 1,223 | 1.41 (8)(9) | 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 (10) to 9/30/19 | 12.36 | 0.03 | — | (0.23) | (0.20) | — | — | — | — | (0.20) | 12.16 | (1.62) | 98 | 1.51 (6) | 1.62 | 1.44 | 44 (12) | |
KAR International Small-Mid Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.53 | 0.16 | — | 3.24 | 3.40 | — | — | — | — | 3.40 | $15.93 | 27.13 % | $ 41,974 | 1.45 % | 1.45 % | 1.04 % | 16 % | |
10/1/21 to 9/30/22 | 24.72 | 0.11 | — | (10.47) | (10.36) | (0.44) | (1.39) | (1.83) | — | (12.19) | 12.53 | (45.16) | 42,670 | 1.44 (6)(8) | 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) | — (11) | 5.57 | 24.72 | 30.29 (13) | 100,353 | 1.53 (7)(8) | 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 (8) | 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) | — (11) | (0.20) | 16.95 | (0.05) (13) | 70,958 | 1.55 (8) | 1.55 | 2.66 | 30 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.26 | 0.05 | — | 3.16 | 3.21 | — | — | — | — | 3.21 | $15.47 | 26.18 % | $ 17,814 | 2.20 % | 2.21 % | 0.30 % | 16 % | |
10/1/21 to 9/30/22 | 24.23 | (0.03) | — | (10.28) | (10.31) | (0.27) | (1.39) | (1.66) | — | (11.97) | 12.26 | (45.57) | 18,430 | 2.20 (6)(8) | 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) | — (11) | 5.45 | 24.23 | 29.43 (13) | 42,388 | 2.25 (7) | 2.25 | (0.55) | 23 | |
10/1/19 to 9/30/20 | 16.64 | (0.11) | — | 2.45 | 2.34 | (0.20) | — | (0.20) | — | 2.14 | 18.78 | 14.07 | 33,524 | 2.27 (8) | 2.27 | (0.65) | 48 | |
10/1/18 to 9/30/19 | 16.89 | 0.32 | — | (0.46) | (0.14) | — | (0.11) | (0.11) | — (11) | (0.25) | 16.64 | (0.78) (13) | 37,210 | 2.29 (8) | 2.29 | 1.93 | 30 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.58 | 0.21 | — | 3.25 | 3.46 | — | — | — | — | 3.46 | $16.04 | 27.50 % | $ 809,503 | 1.20 % | 1.20 % | 1.31 % | 16 % | |
10/1/21 to 9/30/22 | 24.86 | 0.15 | — | (10.51) | (10.36) | (0.53) | (1.39) | (1.92) | — | (12.28) | 12.58 | (45.04) | 927,917 | 1.19 (6)(8) | 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) | — (11) | 5.61 | 24.86 | 30.69 (13) | 2,685,996 | 1.24 (7)(8) | 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 (8) | 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) | — (11) | (0.21) | 17.03 | 0.18 (13) | 1,372,552 | 1.30 (8) | 1.30 | 2.96 | 30 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $12.60 | 0.22 | — | 3.26 | 3.48 | — | — | — | — | 3.48 | $16.08 | 27.62 % | $ 76,606 | 1.09 % | 1.09 % | 1.38 % | 16 % | |
10/1/21 to 9/30/22 | 24.89 | 0.17 | — | (10.52) | (10.35) | (0.55) | (1.39) | (1.94) | — | (12.29) | 12.60 | (44.97) | 80,462 | 1.09 (6)(8) | 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) | — (11) | 5.62 | 24.89 | 30.82 (13) | 277,279 | 1.15 (7)(8) | 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 (8) | 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) | — (11) | (0.21) | 17.05 | 0.24 (13) | 40,866 | 1.19 (8) | 1.19 | 2.60 | 30 |
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 | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.05 | 0.05 | — | (0.10) | (0.05) | — | — | — | — | (0.05) | $ 7.00 | (0.71) % | $ 152,257 | 1.58 % | 1.59 % | 0.72 % | 52 % | |
10/1/21 to 9/30/22 | 11.91 | 0.02 | — | (2.55) | (2.53) | (0.10) | (2.23) | (2.33) | — | (4.86) | 7.05 | (26.30) | 193,151 | 1.58 (6) | 1.58 | 0.18 | 54 | |
10/1/20 to 9/30/21 | 11.01 | (0.04) | — | 0.99 | 0.95 | (0.05) | — | (0.05) | — | 0.90 | 11.91 | 8.58 | 362,477 | 1.54 | 1.54 | (0.33) | 67 | |
10/1/19 to 9/30/20 | 10.65 | 0.01 | — | 0.55 | 0.56 | (0.16) | (0.04) | (0.20) | — | 0.36 | 11.01 | 5.22 | 369,053 | 1.57 | 1.57 | 0.07 | 55 | |
10/1/18 to 9/30/19 | 10.44 | 0.12 | — | 0.42 | 0.54 | (0.06) | (0.27) | (0.33) | — | 0.21 | 10.65 | 5.64 | 479,456 | 1.57 | 1.57 | 1.20 | 30 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 6.68 | — (11) | — | (0.09) | (0.09) | — | — | — | — | (0.09) | $ 6.59 | (1.35) % | $ 17,208 | 2.27 % | 2.28 % | (0.03) % | 52 % | |
10/1/21 to 9/30/22 | 11.46 | (0.05) | — | (2.42) | (2.47) | (0.08) | (2.23) | (2.31) | — | (4.78) | 6.68 | (26.85) | 31,378 | 2.28 (6) | 2.28 | (0.55) | 54 | |
10/1/20 to 9/30/21 | 10.62 | (0.13) | — | 0.97 | 0.84 | — | — | — | — | 0.84 | 11.46 | 7.91 | 72,832 | 2.22 | 2.22 | (1.06) | 67 | |
10/1/19 to 9/30/20 | 10.27 | (0.06) | — | 0.52 | 0.46 | (0.07) | (0.04) | (0.11) | — | 0.35 | 10.62 | 4.49 | 99,139 | 2.25 | 2.25 | (0.61) | 55 | |
10/1/18 to 9/30/19 | 10.08 | 0.04 | — | 0.42 | 0.46 | — | (0.27) | (0.27) | — | 0.19 | 10.27 | 4.93 | 135,668 | 2.25 | 2.25 | 0.41 | 30 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.40 | 0.08 | — | (0.11) | (0.03) | — | — | — | — | (0.03) | $ 7.37 | (0.41) % | $ 942,601 | 1.24 % | 1.25 % | 1.04 % | 52 % | |
10/1/21 to 9/30/22 | 12.35 | 0.04 | — | (2.65) | (2.61) | (0.11) | (2.23) | (2.34) | — | (4.95) | 7.40 | (26.00) | 1,572,456 | 1.24 (6) | 1.24 | 0.46 | 54 | |
10/1/20 to 9/30/21 | 11.41 | — (11) | — | 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 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 7.45 | 0.10 | — | (0.11) | (0.01) | — | — | — | — | (0.01) | $ 7.44 | (0.13) % | $ 45,302 | 0.97 % | 1.16 % | 1.30 % | 52 % | |
10/1/21 to 9/30/22 | 12.40 | 0.07 | — | (2.67) | (2.60) | (0.12) | (2.23) | (2.35) | — | (4.95) | 7.45 | (25.82) | 99,619 | 1.00 (6) | 1.16 | 0.74 | 54 | |
10/1/20 to 9/30/21 | 11.44 | 0.03 | — | 1.03 | 1.06 | (0.10) | — | (0.10) | — | 0.96 | 12.40 | 9.21 | 204,006 | 0.98 | 1.13 | 0.23 | 67 | |
10/1/19 to 9/30/20 | 11.04 | 0.06 | — | 0.59 | 0.65 | (0.21) | (0.04) | (0.25) | — | 0.40 | 11.44 | 5.86 | 200,523 | 0.98 | 1.15 | 0.59 | 55 | |
10/1/18 to 9/30/19 | 10.82 | 0.19 | — | 0.42 | 0.61 | (0.12) | (0.27) | (0.39) | — | 0.22 | 11.04 | 6.11 | 119,946 | 1.03 (7) | 1.13 | 1.80 | 30 | |
Vontobel Foreign Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.49 | 0.01 | — | 3.75 | 3.76 | — | (0.01) | (0.01) | — | 3.75 | $24.24 | 18.36 % | $ 136,675 | 1.38 % | 1.40 % | 0.02 % | 55 % | |
10/1/21 to 9/30/22 | 34.97 | (0.12) | — | (7.42) | (7.54) | — | (6.94) | (6.94) | — | (14.48) | 20.49 | (27.20) | 132,361 | 1.40 (6)(8)(9) | 1.40 | (0.46) | 57 | |
10/1/20 to 9/30/21 | 31.75 | (0.15) | — | 5.63 | 5.48 | — | (2.26) | (2.26) | — | 3.22 | 34.97 | 17.95 | 204,395 | 1.39 | 1.40 | (0.43) | 81 | |
10/1/19 to 9/30/20 | 30.44 | (0.10) | — | 3.64 | 3.54 | (0.09) | (2.14) | (2.23) | — | 1.31 | 31.75 | 12.02 | 176,146 | 1.39 | 1.43 | (0.35) | 63 | |
10/1/18 to 9/30/19 | 34.62 | 0.11 | — | 1.25 | 1.36 | (0.15) | (5.39) | (5.54) | — | (4.18) | 30.44 | 7.08 | 186,206 | 1.40 (7) | 1.44 | 0.38 | 64 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $19.22 | (0.15) | — | 3.53 | 3.38 | — | (0.01) | (0.01) | — | 3.37 | $22.59 | 17.60 % | $ 5,396 | 2.04 % | 2.14 % | (0.66) % | 55 % | |
10/1/21 to 9/30/22 | 33.41 | (0.30) | — | (6.95) | (7.25) | — | (6.94) | (6.94) | — | (14.19) | 19.22 | (27.68) | 6,744 | 2.06 (6) | 2.14 | (1.18) | 57 | |
10/1/20 to 9/30/21 | 30.62 | (0.37) | — | 5.42 | 5.05 | — | (2.26) | (2.26) | — | 2.79 | 33.41 | 17.16 | 18,014 | 2.05 | 2.12 | (1.17) | 81 | |
10/1/19 to 9/30/20 | 29.54 | (0.29) | — | 3.51 | 3.22 | — | (2.14) | (2.14) | — | 1.08 | 30.62 | 11.26 | 30,294 | 2.05 | 2.12 | (1.01) | 63 | |
10/1/18 to 9/30/19 | 33.83 | (0.10) | — | 1.23 | 1.13 | (0.03) | (5.39) | (5.42) | — | (4.29) | 29.54 | 6.40 | 41,638 | 2.07 (7) | 2.13 | (0.34) | 64 |
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 I | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.58 | 0.08 | — | 3.78 | 3.86 | — | (0.01) | (0.01) | — | 3.85 | $24.43 | 18.77 % | $ 457,233 | 1.06 % | 1.12 % | 0.34 % | 55 % | |
10/1/21 to 9/30/22 | 35.00 | (0.04) | — | (7.44) | (7.48) | — | (6.94) | (6.94) | — | (14.42) | 20.58 | (26.97) | 440,340 | 1.08 (6) | 1.14 | (0.16) | 57 | |
10/1/20 to 9/30/21 | 31.74 | (0.04) | — | 5.62 | 5.58 | (0.06) | (2.26) | (2.32) | — | 3.26 | 35.00 | 18.32 | 803,474 | 1.07 | 1.11 | (0.12) | 81 | |
10/1/19 to 9/30/20 | 30.43 | — (11) | — | 3.63 | 3.63 | (0.18) | (2.14) | (2.32) | — | 1.31 | 31.74 | 12.37 | 784,711 | 1.07 | 1.13 | (0.02) | 63 | |
10/1/18 to 9/30/19 | 34.70 | 0.20 | — | 1.24 | 1.44 | (0.32) | (5.39) | (5.71) | — | (4.27) | 30.43 | 7.43 | 761,809 | 1.08 (7) | 1.13 | 0.68 | 64 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $20.63 | 0.11 | — | 3.79 | 3.90 | — | (0.01) | (0.01) | — | 3.89 | $24.52 | 18.91 % | $ 37,467 | 0.94 % | 1.04 % | 0.46 % | 55 % | |
10/1/21 to 9/30/22 | 35.03 | — (11) | — | (7.46) | (7.46) | — | (6.94) | (6.94) | — | (14.40) | 20.63 | (26.88) | 49,057 | 0.97 (6) | 1.06 | — (14) | 57 | |
10/1/20 to 9/30/21 | 31.76 | (0.01) | — | 5.63 | 5.62 | (0.09) | (2.26) | (2.35) | — | 3.27 | 35.03 | 18.44 | 66,705 | 0.95 | 1.03 | (0.03) | 81 | |
10/1/19 to 9/30/20 | 30.44 | 0.03 | — | 3.64 | 3.67 | (0.21) | (2.14) | (2.35) | — | 1.32 | 31.76 | 12.49 | 84,764 | 0.95 | 1.04 | 0.11 | 63 | |
10/1/18 to 9/30/19 | 34.72 | 0.29 | — | 1.18 | 1.47 | (0.36) | (5.39) | (5.75) | — | (4.28) | 30.44 | 7.57 | 69,198 | 0.96 (7) | 1.04 | 0.97 | 64 | |
Vontobel Global Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.53 | 0.02 | — | 2.59 | 2.61 | — | (1.46) | (1.46) | — | 1.15 | $14.68 | 20.16 % | $ 92,451 | 1.36 % | 1.40 % | 0.11 % | 43 % | |
10/1/21 to 9/30/22 | 21.43 | (0.06) | — | (4.06) | (4.12) | (0.28) | (3.50) | (3.78) | — | (7.90) | 13.53 | (24.10) | 87,009 | 1.37 (6) | 1.40 | (0.32) | 33 | |
10/1/20 to 9/30/21 | 18.63 | (0.09) | — | 3.31 | 3.22 | — | (0.42) | (0.42) | — | 2.80 | 21.43 | 17.47 | 130,814 | 1.36 | 1.39 | (0.43) | 49 | |
10/1/19 to 9/30/20 | 16.37 | (0.05) | — | 2.65 | 2.60 | — | (0.34) | (0.34) | — | 2.26 | 18.63 | 16.03 | 111,264 | 1.36 | 1.41 | (0.28) | 48 | |
10/1/18 to 9/30/19 | 17.02 | 0.02 | — | 0.97 | 0.99 | — (11) | (1.64) | (1.64) | — | (0.65) | 16.37 | 7.62 | 99,951 | 1.37 (7) | 1.40 | 0.11 | 35 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $10.38 | (0.07) | — | 1.97 | 1.90 | — | (1.46) | (1.46) | — | 0.44 | $10.82 | 19.36 % | $ 6,842 | 2.11 % | 2.16 % | (0.67) % | 43 % | |
10/1/21 to 9/30/22 | 17.37 | (0.15) | — | (3.09) | (3.24) | (0.25) | (3.50) | (3.75) | — | (6.99) | 10.38 | (24.71) | 8,393 | 2.12 (6) | 2.15 | (1.10) | 33 | |
10/1/20 to 9/30/21 | 15.28 | (0.20) | — | 2.71 | 2.51 | — | (0.42) | (0.42) | — | 2.09 | 17.37 | 16.64 | 19,745 | 2.11 | 2.13 | (1.21) | 49 | |
10/1/19 to 9/30/20 | 13.58 | (0.14) | — | 2.18 | 2.04 | — | (0.34) | (0.34) | — | 1.70 | 15.28 | 15.19 | 25,626 | 2.11 | 2.13 | (1.03) | 48 | |
10/1/18 to 9/30/19 | 14.51 | (0.08) | — | 0.79 | 0.71 | — | (1.64) | (1.64) | — | (0.93) | 13.58 | 6.89 | 28,147 | 2.12 (7) | 2.16 | (0.64) | 35 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.63 | 0.05 | — | 2.63 | 2.68 | — | (1.46) | (1.46) | — | 1.22 | $14.85 | 20.55 % | $ 84,092 | 1.09 % | 1.16 % | 0.36 % | 43 % | |
10/1/21 to 9/30/22 | 21.53 | (0.01) | — | (4.10) | (4.11) | (0.29) | (3.50) | (3.79) | — | (7.90) | 13.63 | (23.93) | 96,319 | 1.10 (6) | 1.16 | (0.07) | 33 | |
10/1/20 to 9/30/21 | 18.67 | (0.03) | — | 3.31 | 3.28 | — | (0.42) | (0.42) | — | 2.86 | 21.53 | 17.76 | 178,017 | 1.09 | 1.13 | (0.16) | 49 | |
10/1/19 to 9/30/20 | 16.39 | — (11) | — | 2.66 | 2.66 | (0.04) | (0.34) | (0.38) | — | 2.28 | 18.67 | 16.41 | 153,902 | 1.09 | 1.17 | (0.02) | 48 | |
10/1/18 to 9/30/19 | 17.02 | 0.06 | — | 0.99 | 1.05 | (0.04) | (1.64) | (1.68) | — | (0.63) | 16.39 | 7.98 | 124,340 | 1.10 (7) | 1.17 | 0.41 | 35 | |
Class R6 | ||||||||||||||||||
10/1/22 to 9/30/23 | $13.72 | 0.09 | — | 2.64 | 2.73 | — | (1.46) | (1.46) | — | 1.27 | $14.99 | 20.81 % | $ 79,547 | 0.90 % | 1.06 % | 0.58 % | 43 % | |
10/1/21 to 9/30/22 | 21.63 | 0.02 | — | (4.12) | (4.10) | (0.31) | (3.50) | (3.81) | — | (7.91) | 13.72 | (23.80) | 56,389 | 0.91 (6) | 1.07 | 0.11 | 33 | |
10/1/20 to 9/30/21 | 18.72 | — (11) | — | 3.33 | 3.33 | — | (0.42) | (0.42) | — | 2.91 | 21.63 | 17.98 | 89,295 | 0.90 | 1.05 | 0.02 | 49 | |
10/1/19 to 9/30/20 | 16.42 | 0.03 | — | 2.66 | 2.69 | (0.05) | (0.34) | (0.39) | — | 2.30 | 18.72 | 16.59 | 89,980 | 0.90 | 1.08 | 0.18 | 48 | |
10/1/18 to 9/30/19 | 17.03 | 0.13 | — | 0.94 | 1.07 | (0.04) | (1.64) | (1.68) | — | (0.61) | 16.42 | 8.19 | 65,704 | 0.90 (7) | 1.08 | 0.80 | 35 |
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 9/30/23 | $ 8.86 | 0.05 | — | 1.50 | 1.55 | — | — | — | — | 1.55 | $10.41 | 17.49 % | $ 2,300 | 1.36 % (7) | 2.54 % | 0.42 % | 39 % | |
10/1/21 to 9/30/22 | 13.04 | (0.01) | — | (3.63) | (3.64) | (0.02) | (0.52) | (0.54) | — | (4.18) | 8.86 | (29.21) | 2,023 | 1.41 (6) | 2.19 | (0.12) | 29 | |
10/1/20 to 9/30/21 | 11.24 | (0.01) | — | 2.36 | 2.35 | — | (0.55) | (0.55) | — | 1.80 | 13.04 | 21.44 | 2,853 | 1.41 (7) | 2.34 | (0.11) | 33 | |
10/1/19 to 9/30/20 | 11.55 | (0.02) | — | 1.09 | 1.07 | (0.06) | (1.32) | (1.38) | — | (0.31) | 11.24 | 9.82 | 1,486 | 1.45 | 3.58 | (0.19) | 51 | |
10/1/18 to 9/30/19 | 15.62 | 0.07 | — | (0.38) | (0.31) | (0.14) | (3.62) | (3.76) | — | (4.07) | 11.55 | 2.14 | 1,378 | 1.45 | 2.99 | 0.62 | 16 | |
Class C | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.41 | (0.03) | — | 1.42 | 1.39 | — | — | — | — | 1.39 | $ 9.80 | 16.53 % | $ 162 | 2.12 % (7) | 3.23 % | (0.35) % | 39 % | |
10/1/21 to 9/30/22 | 12.47 | (0.10) | — | (3.44) | (3.54) | — | (0.52) | (0.52) | — | (4.06) | 8.41 | (29.72) | 207 | 2.16 (6) | 2.86 | (0.89) | 29 | |
10/1/20 to 9/30/21 | 10.85 | (0.11) | — | 2.28 | 2.17 | — | (0.55) | (0.55) | — | 1.62 | 12.47 | 20.52 | 386 | 2.16 (7) | 3.06 | (0.95) | 33 | |
10/1/19 to 9/30/20 | 11.21 | (0.09) | — | 1.05 | 0.96 | — | (1.32) | (1.32) | — | (0.36) | 10.85 | 9.01 | 430 | 2.20 | 4.31 | (0.91) | 51 | |
10/1/18 to 9/30/19 | 15.22 | (0.04) | — | (0.35) | (0.39) | — | (3.62) | (3.62) | — | (4.01) | 11.21 | 1.34 | 579 | 2.20 | 3.73 | (0.32) | 16 | |
Class I | ||||||||||||||||||
10/1/22 to 9/30/23 | $ 8.89 | 0.07 | — | 1.51 | 1.58 | — | — | — | — | 1.58 | $10.47 | 17.77 % | $ 3,821 | 1.11 % (7) | 2.25 % | 0.63 % | 39 % | |
10/1/21 to 9/30/22 | 13.06 | 0.01 | — | (3.62) | (3.61) | (0.04) | (0.52) | (0.56) | — | (4.17) | 8.89 | (29.00) | 3,932 | 1.16 (6) | 1.92 | 0.12 | 29 | |
10/1/20 to 9/30/21 | 11.23 | 0.01 | — | 2.37 | 2.38 | — | (0.55) | (0.55) | — | 1.83 | 13.06 | 21.74 | 6,561 | 1.16 (7) | 2.05 | 0.12 | 33 | |
10/1/19 to 9/30/20 | 11.55 | 0.01 | — | 1.09 | 1.10 | (0.10) | (1.32) | (1.42) | — | (0.32) | 11.23 | 10.06 | 2,562 | 1.20 | 3.31 | 0.12 | 51 | |
10/1/18 to 9/30/19 | 15.65 | 0.12 | — | (0.41) | (0.29) | (0.19) | (3.62) | (3.81) | — | (4.10) | 11.55 | 2.36 | 2,280 | 1.20 | 2.72 | 1.00 | 16 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Net expense ratio includes extraordinary proxy expenses. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | The share class is currently under its expense limitation. |
(9) | See 3D in the Notes to Financial statements for information on recapture of expenses previously reimbursed and/or waived. |
(10) | Inception date. |
(11) | Amount is less than $0.005 per share. |
(12) | Portfolio turnover is representative of the Fund for the entire period. |
(13) | Payment from affiliate had no impact on total return. |
(14) | Amount is less than 0.005%. |
NOTES TO FINANCIAL STATEMENTS
September 30, 2023
NOTES TO FINANCIAL STATEMENTS (Continued)
A. | Security Valuation |
The Funds’ Board of Trustees (the “Board”) has designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. 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. |
NOTES TO FINANCIAL STATEMENTS (Continued)
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. | 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. | |
As of September 30, 2023, none of the Funds were lending under the agreement with BNYM. |
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 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: |
NOTES TO FINANCIAL STATEMENTS (Continued)
First $1 Billion | $1+ Billion | ||
KAR Developing Markets Fund | 1.00 % | 0.95 % | |
KAR Emerging Markets Small-Cap Fund | 1.20 | 1.15 | |
Vontobel Emerging Markets Opportunities Fund | 1.00 | 0.95 | |
Vontobel Greater European Opportunities Fund | 0.85 | 0.80 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
Duff & Phelps Global Infrastructure Fund | 0.65 % | 0.60 % | 0.55 % | ||
Duff & Phelps Global Real Estate Securities Fund | 0.85 | 0.80 | 0.75 | ||
Duff & Phelps International Real Estate Securities Fund | 1.00 | 0.95 | 0.90 | ||
Duff & Phelps Real Estate Securities Fund | 0.75 | 0.70 | 0.65 | ||
Vontobel Global Opportunities Fund | 0.85 | 0.80 | 0.75 |
First $2 Billion | $2+ Billion through $4 Billion | $4+ Billion | |||
Vontobel Foreign Opportunities Fund | 0.85 % | 0.80 % | 0.75 % |
First $3 Billion | $3+ Billion | ||
KAR International Small-Mid Cap Fund | 0.90 % | 0.85 % |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the applicable Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Duff & Phelps Global Infrastructure Fund | DPIM(1) | |
Duff & Phelps Global Real Estate Securities Fund | DPIM(1) | |
Duff & Phelps International Real Estate Securities Fund | DPIM(1) | |
Duff & Phelps Real Asset Fund | DPIM(1) | |
Duff & Phelps Real Estate Securities Fund | DPIM(1) | |
KAR Developing Markets Fund | KAR(2) | |
KAR Emerging Markets Small-Cap Fund | KAR(2) | |
KAR International Small-Mid Cap Fund | KAR(2) | |
Vontobel Emerging Markets Opportunities Fund | Vontobel(3) | |
Vontobel Foreign Opportunities Fund | Vontobel(3) | |
Vontobel Global Opportunities Fund | Vontobel(3) | |
Vontobel Greater European Opportunities Fund | Vontobel(3) |
(1) | Duff & Phelps Investment Management Co. (“DPIM”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(3) | Vontobel Asset Management, Inc. (“Vontobel”). |
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. |
NOTES TO FINANCIAL STATEMENTS (Continued)
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 | ||||
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%. |
renewal expenses on credit or redemption facilities), interest, brokerage commissions, expenses incurred in connection with any merger or
reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any.
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 year ending September 30: |
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class R6 | $ 6 | $ 7 | $ 9 | $ 22 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 296 | 303 | 366 | 965 | ||||
Class C | 2 | — (1) | 2 | 4 | ||||
Class I | 34 | 58 | 45 | 137 | ||||
Class R6 | 100 | 137 | 131 | 368 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 7 | 7 | 7 | 21 | ||||
Class C | 1 | 1 | — (1) | 2 | ||||
Class I | 72 | 69 | 83 | 224 | ||||
Duff & Phelps Real Asset Fund | ||||||||
Class A | — | — | 37 | 37 | ||||
Class C | — | — | 2 | 2 | ||||
Class I | — | — | 27 | 27 | ||||
Class R6 | — | — (1) | 2 | 2 | ||||
Duff & Phelps Real Estate Securities Fund | ||||||||
Class R6 | 193 | 204 | 175 | 572 | ||||
KAR Developing Markets Fund | ||||||||
Class A | 3 | 3 | 3 | 9 | ||||
Class C | 3 | 3 | 2 | 8 | ||||
Class I | 3 | 3 | 4 | 10 | ||||
Class R6 | 80 | 81 | 65 | 226 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | $ — | $ — | $ 2 | $ 2 | ||||
Class C | — | — (1) | 1 | 1 | ||||
Class I | — | 106 | 50 | 156 | ||||
Class R6 | — | — (1) | — (1) | — (1) | ||||
KAR International Small-Mid Cap Fund | ||||||||
Class A | — | — | 1 | 1 | ||||
Class C | — | — | 2 | 2 | ||||
Class I | — | — | 74 | 74 | ||||
Vontobel Emerging Markets Opportunities Fund | ||||||||
Class A | — | — | 12 | 12 | ||||
Class C | — | — | 2 | 2 | ||||
Class I | — | — | 92 | 92 | ||||
Class R6 | 343 | 226 | 153 | 722 | ||||
Vontobel Foreign Opportunities Fund | ||||||||
Class A | 19 | 8 | 27 | 54 | ||||
Class C | 18 | 10 | 6 | 34 | ||||
Class I | 330 | 376 | 321 | 1,027 | ||||
Class R6 | 62 | 60 | 46 | 168 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 38 | 29 | 44 | 111 | ||||
Class C | 6 | 4 | 4 | 14 | ||||
Class I | 78 | 71 | 67 | 216 | ||||
Class R6 | 136 | 117 | 109 | 362 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 20 | 20 | 29 | 69 | ||||
Class C | 4 | 2 | 2 | 8 | ||||
Class I | 50 | 42 | 48 | 140 |
(1) | Amount is less than $500 (not in thousands). |
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
Duff & Phelps Global Real Estate Securities Fund | $— | $— (1) | $ 2 | $— | $ 2 | |||||
KAR Emerging Markets Small-Cap Fund | 2 | 1 | 8 | — | 11 | |||||
Vontobel Foreign Opportunities Fund | 8 | — (1) | 76 | — (1) | 84 | |||||
Vontobel Global Opportunities Fund | 4 | 1 | 4 | — | 9 |
(1) | Amount is less than $500 (not in thousands). |
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 year ended September 30, 2023, it retained net commissions of $19 for Class A shares and CDSC of $7 and $2 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. |
NOTES TO FINANCIAL STATEMENTS (Continued)
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 year ended September 30, 2023, the Funds incurred administration fees totaling $4,540 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 year ended September 30, 2023, the Funds incurred transfer agent fees totaling $2,033 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Affiliated Shareholders |
At September 30, 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 | $ 77 | |
Class C | 10,000 | 76 | |
Class I | 10,000 | 77 | |
Class R6 | 305,906 | 2,355 |
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 year ended September 30, 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 year ended September 30, 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—71.2% | |||||||||||||||||
Equity Funds—65.7% | |||||||||||||||||
Virtus Duff & Phelps Global Infrastructure Fund Class R6 | $ 4,782 | $553 | $ 370 | $ (39) | $(569) | $ 4,357 | 351,614 | $125 | $428 | ||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund Class R6 | 4,517 | 65 | 470 | (118) | 199 | 4,193 | 146,209 | 65 | — | ||||||||
Virtus Duff & Phelps Select MLP and Energy Fund Class I | 3,771 | 115 | 1,046 | 262 | 273 | 3,375 | 285,778 | (12) (4) | — | ||||||||
Fixed Income Fund—5.5% | |||||||||||||||||
Virtus Newfleet Senior Floating Rate Fund Class R6 | 1,113 | 169 | 325 | 9 | 25 | 991 | 114,104 | 75 | — | ||||||||
Total | $14,183 | $902 | $2,211 | $ 114 | $ (72) | $12,916 | $253 | $428 |
NOTES TO FINANCIAL STATEMENTS (Continued)
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—5.8% | |||||||||||||||||
Tegma Gestao Logistica S.A.(5) | $14,162 | $— | $4,080 | $(141) | $ 162 | $ — | — | $1,063 | $— | ||||||||
Union Auction PCL | 8,843 | — | 374 | (90) | 1,093 | 9,472 | 33,162,000 | 542 | — | ||||||||
Vasta Platform Ltd.(6) | 7,305 | — | — | — | (1,572) | 5,733 | 1,391,515 | — | — | ||||||||
Total | $30,310 | $— | $4,454 | $(231) | $ (317) | $15,205 | $1,605 | $— |
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—11.3% | |||||||||||||||||
Baltic Classifieds Group plc | $ 51,417 | $— | $ 7,301 | $(2,728) | $ 29,090 | $ 70,478 | 29,622,573 | $ 813 | $— | ||||||||
Bouvet ASA(5) | 32,964 | — | 11,131 | 5,450 | (18,040) | — | — | 1,340 | — | ||||||||
Brockhaus Technologies AG(6) | 11,694 | — | 4,641 | (2,806) | 8,686 | 12,933 | 568,948 | — | — | ||||||||
Max Stock Ltd.(5) | 12,788 | — | 5,747 | (6,437) | 18,478 | — | — | 827 | — | ||||||||
Mortgage Advice Bureau Holdings Ltd. | 28,962 | — | 4,348 | 520 | (1,820) | 23,314 | 3,565,010 | 1,337 | — | ||||||||
Total | $137,825 | $— | $33,168 | $(6,001) | $ 36,394 | $106,725 | $4,317 | $— |
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 September 30, 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) | Includes return of capital dividend reclassification in the amount of $(115), relating to a prior year dividend which exceeded the aggregate of dividend income earned during the current year. |
(5) | Issuer is not an affiliated investment of the Fund at September 30, 2023. |
(6) | 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 September 30, 2023. |
NOTES TO FINANCIAL STATEMENTS (Continued)
Purchases | Sales | ||
Duff & Phelps Global Infrastructure Fund | $ 20,281 | $ 31,780 | |
Duff & Phelps Global Real Estate Securities Fund | 99,419 | 162,932 | |
Duff & Phelps International Real Estate Securities Fund | 12,046 | 12,499 | |
Duff & Phelps Real Asset Fund | 2,079 | 5,810 | |
Duff & Phelps Real Estate Securities Fund | 112,461 | 145,899 | |
KAR Developing Markets Fund | 694 | 703 | |
KAR Emerging Markets Small-Cap Fund | 41,653 | 54,383 | |
KAR International Small-Mid Cap Fund | 160,156 | 526,530 | |
Vontobel Emerging Markets Opportunities Fund | 855,178 | 1,589,891 | |
Vontobel Foreign Opportunities Fund | 353,222 | 443,768 | |
Vontobel Global Opportunities Fund | 112,619 | 142,715 | |
Vontobel Greater European Opportunities Fund | 2,548 | 3,350 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 101 | $ 1,440 | 235 | $ 3,873 | 144 | $ 4,484 | 210 | $ 8,141 | |||||||
Reinvestment of distributions | 220 | 3,038 | 113 | 1,828 | 3 | 101 | 15 | 653 | |||||||
Shares repurchased and cross class conversions | (395) | (5,523) | (245) | (4,022) | (265) | (8,240) | (191) | (7,251) | |||||||
Net Increase / (Decrease) | (74) | $ (1,045) | 103 | $ 1,679 | (118) | $ (3,655) | 34 | $ 1,543 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 5 | $ 71 | 31 | $ 511 | 19 | $ 553 | 79 | $ 2,924 | |||||||
Reinvestment of distributions | 24 | 337 | 16 | 269 | — | — | 4 | 132 | |||||||
Shares repurchased and cross class conversions | (100) | (1,417) | (139) | (2,281) | (60) | (1,760) | (62) | (2,138) | |||||||
Net Increase / (Decrease) | (71) | $ (1,009) | (92) | $ (1,501) | (41) | $ (1,207) | 21 | $ 918 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 355 | $ 5,052 | 429 | $ 7,026 | 2,353 | $ 71,017 | 3,749 | $ 137,771 | |||||||
Reinvestment of distributions | 283 | 3,900 | 153 | 2,472 | 68 | 2,014 | 298 | 11,968 | |||||||
Shares repurchased and cross class conversions | (798) | (11,104) | (592) | (9,630) | (4,758) | (142,595) | (3,546) | (124,467) | |||||||
Net Increase / (Decrease) | (160) | $ (2,152) | (10) | $ (132) | (2,337) | $ (69,564) | 501 | $ 25,272 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 62 | $ 869 | 106 | $ 1,756 | 437 | $ 13,299 | 458 | $ 16,994 | |||||||
Reinvestment of distributions | 78 | 1,080 | 42 | 675 | 36 | 1,091 | 85 | 3,414 | |||||||
Shares repurchased and cross class conversions | (136) | (1,937) | (93) | (1,514) | (349) | (10,725) | (252) | (9,314) | |||||||
Net Increase / (Decrease) | 4 | $ 12 | 55 | $ 917 | 124 | $ 3,665 | 291 | $ 11,094 |
Duff & Phelps International Real Estate Securities Fund | Duff & Phelps Real Asset Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 13 | $ 75 | 18 | $ 140 | 31 | $ 393 | 133 | $ 1,849 | |||||||
Reinvestment of distributions | — | — | 7 | 52 | 9 | 113 | 6 | 84 | |||||||
Shares repurchased and cross class conversions | (97) | (564) | (86) | (665) | (145) | (1,851) | (214) | (2,843) | |||||||
Net Increase / (Decrease) | (84) | $ (489) | (61) | $ (473) | (105) | $ (1,345) | (75) | $ (910) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — (1) | $ 2 | 2 | $ 14 | 9 | $ 114 | 76 | $ 1,037 | |||||||
Reinvestment of distributions | — | — | — | — | — (1) | 1 | — (1) | 3 | |||||||
Shares repurchased and cross class conversions | (8) | (46) | (18) | (122) | (48) | (606) | (43) | (580) | |||||||
Net Increase / (Decrease) | (8) | $ (44) | (16) | $ (108) | (39) | $ (491) | 33 | $ 460 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 613 | $ 3,671 | 669 | $ 4,921 | 52 | $ 676 | 386 | $ 5,218 | |||||||
Reinvestment of distributions | — | — | 65 | 516 | 9 | 110 | 6 | 83 | |||||||
Shares repurchased and cross class conversions | (698) | (4,239) | (598) | (4,488) | (351) | (4,485) | (363) | (4,804) | |||||||
Net Increase / (Decrease) | (85) | $ (568) | 136 | $ 949 | (290) | $ (3,699) | 29 | $ 497 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 87 | $ 1,111 | 8 | $ 100 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (1) | (17) | — | — | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | 86 | $ 1,094 | 8 | $ 100 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Duff & Phelps Real Estate Securities Fund | KAR Developing Markets Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 547 | $ 10,587 | 864 | $ 22,100 | — (1) | $ 2 | 3 | $ 19 | |||||||
Reinvestment of distributions | 583 | 10,848 | 228 | 6,019 | — (1) | — (2) | — | — | |||||||
Shares repurchased and cross class conversions | (1,218) | (23,781) | (1,461) | (37,438) | — | — | — | — | |||||||
Net Increase / (Decrease) | (88) | $ (2,346) | (369) | $ (9,319) | — (1) | $ 2 | 3 | $ 19 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 22 | $ 437 | 43 | $ 1,092 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 21 | 390 | 8 | 229 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (74) | (1,451) | (91) | (2,240) | — | — | — | — | |||||||
Net Increase / (Decrease) | (31) | $ (624) | (40) | $ (919) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,253 | $ 43,360 | 2,943 | $ 73,762 | 7 | $ 50 | 2 | $ 16 | |||||||
Reinvestment of distributions | 983 | 18,212 | 420 | 10,979 | — (1) | 1 | — (1) | — (2) | |||||||
Shares repurchased and cross class conversions | (3,567) | (70,463) | (3,434) | (84,223) | (—) (1) | (2) | — | — | |||||||
Net Increase / (Decrease) | (331) | $ (8,891) | (71) | $ 518 | 7 | $ 49 | 2 | $ 16 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,614 | $ 31,718 | 1,723 | $ 43,154 | 1 | $ 4 | 53 | $ 433 | |||||||
Reinvestment of distributions | 618 | 11,509 | 283 | 7,461 | 1 | 4 | — | — | |||||||
Shares repurchased and cross class conversions | (1,591) | (31,009) | (3,171) | (82,026) | (19) | (140) | — | — | |||||||
Net Increase / (Decrease) | 641 | $ 12,218 | (1,165) | $ (31,411) | (17) | $ (132) | 53 | $ 433 |
KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 869 | $ 10,974 | 1,023 | $ 14,093 | 479 | $ 7,538 | 841 | $ 15,750 | |||||||
Shares issued-merger (See Note 12) | — | — | — | — | — | — | 24 | 607 | |||||||
Reinvestment of distributions | — | — | 277 | 4,301 | — | — | 323 | 7,192 | |||||||
Shares repurchased and cross class conversions | (1,399) | (17,353) | (1,745) | (24,597) | (1,250) | (19,467) | (1,842) | (33,861) | |||||||
Net Increase / (Decrease) | (530) | $ (6,379) | (445) | $ (6,203) | (771) | $ (11,929) | (654) | $ (10,312) |
NOTES TO FINANCIAL STATEMENTS (Continued)
KAR Emerging Markets Small-Cap Fund | KAR International Small-Mid Cap Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 211 | $ 2,478 | 34 | $ 488 | 46 | $ 708 | 62 | $ 1,230 | |||||||
Shares issued-merger (See Note 12) | — | — | — | — | — | — | 12 | 311 | |||||||
Reinvestment of distributions | — | — | 11 | 175 | — | — | 128 | 2,793 | |||||||
Shares repurchased and cross class conversions | (58) | (721) | (48) | (645) | (398) | (5,851) | (449) | (7,588) | |||||||
Net Increase / (Decrease) | 153 | $ 1,757 | (3) | $ 18 | (352) | $ (5,143) | (247) | $ (3,254) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 5,896 | $ 74,697 | 8,664 | $ 121,808 | 14,579 | $ 226,815 | 32,974 | $ 632,173 | |||||||
Shares issued-merger (See Note 12) | — | — | — | — | — | — | 1,501 | 38,692 | |||||||
Reinvestment of distributions | — | — | 1,765 | 27,465 | — | — | 8,896 | 198,465 | |||||||
Shares repurchased and cross class conversions | (6,080) | (76,386) | (13,435) | (183,571) | (37,854) | (569,061) | (77,670) | (1,354,234) | |||||||
Net Increase / (Decrease) | (184) | $ (1,689) | �� | (3,006) | $ (34,298) | (23,275) | $ (342,246) | (34,299) | $ (484,904) | ||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 32 | $ 439 | 28 | $ 372 | 1,046 | $ 16,133 | 2,374 | $ 46,184 | |||||||
Shares issued-merger (See Note 12) | — | — | — | — | — | — | 171 | 4,417 | |||||||
Reinvestment of distributions | — | — | 6 | 87 | — | — | 832 | 18,561 | |||||||
Shares repurchased and cross class conversions | (3) | (47) | (6) | (79) | (2,667) | (39,797) | (8,131) | (136,701) | |||||||
Net Increase / (Decrease) | 29 | $ 392 | 28 | $ 380 | (1,621) | $ (23,664) | (4,754) | $ (67,539) |
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 4,343 | $ 32,034 | 6,803 | $ 64,459 | 515 | $ 12,712 | 942 | $ 25,901 | |||||||
Reinvestment of distributions | — | — | 5,927 | 56,364 | 3 | 65 | 1,291 | 36,977 | |||||||
Shares repurchased and cross class conversions | (9,989) | (73,260) | (15,768) | (147,140) | (1,340) | (32,414) | (1,618) | (42,141) | |||||||
Net Increase / (Decrease) | (5,646) | $ (41,226) | (3,038) | $ (26,317) | (822) | $ (19,637) | 615 | $ 20,737 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 123 | $ 862 | 150 | $ 1,341 | 43 | $ 984 | 17 | $ 430 | |||||||
Reinvestment of distributions | — | — | 1,419 | 12,857 | — (1) | 4 | 117 | 3,149 | |||||||
Shares repurchased and cross class conversions | (2,207) | (15,337) | (3,229) | (28,171) | (155) | (3,505) | (322) | (8,231) | |||||||
Net Increase / (Decrease) | (2,084) | $ (14,475) | (1,660) | $ (13,973) | (112) | $ (2,517) | (188) | $ (4,652) |
NOTES TO FINANCIAL STATEMENTS (Continued)
Vontobel Emerging Markets Opportunities Fund | Vontobel Foreign Opportunities Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 46,301 | $ 362,681 | 71,371 | $ 682,721 | 3,905 | $ 95,871 | 5,863 | $ 155,649 | |||||||
Reinvestment of distributions | — | — | 58,424 | 581,318 | 9 | 205 | 5,212 | 149,581 | |||||||
Shares repurchased and cross class conversions | (130,971) | (1,005,939) | (251,117) | (2,463,253) | (6,590) | (157,956) | (12,635) | (327,256) | |||||||
Net Increase / (Decrease) | (84,670) | $ (643,258) | (121,322) | $ (1,199,214) | (2,676) | $ (61,880) | (1,560) | $ (22,026) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 3,652 | $ 27,923 | 4,120 | $ 39,018 | 185 | $ 4,593 | 606 | $ 15,854 | |||||||
Reinvestment of distributions | — | — | 2,328 | 23,279 | 1 | 23 | 399 | 11,478 | |||||||
Shares repurchased and cross class conversions | (10,936) | (85,004) | (9,520) | (99,799) | (1,036) | (26,100) | (531) | (14,124) | |||||||
Net Increase / (Decrease) | (7,284) | $ (57,081) | (3,072) | $ (37,502) | (850) | $ (21,484) | 474 | $ 13,208 |
Vontobel Global Opportunities Fund | Vontobel Greater European Opportunities Fund | ||||||||||||||
Year Ended September 30, 2023 | Year Ended September 30, 2022 | Year Ended September 30, 2023 | Year Ended September 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 208 | $ 2,997 | 384 | $ 6,809 | 61 | $ 661 | 60 | $ 688 | |||||||
Reinvestment of distributions | 614 | 8,320 | 1,077 | 20,114 | — | — | 9 | 114 | |||||||
Shares repurchased and cross class conversions | (959) | (13,887) | (1,132) | (20,042) | (68) | (749) | (59) | (705) | |||||||
Net Increase / (Decrease) | (137) | $ (2,570) | 329 | $ 6,881 | (7) | $ (88) | 10 | $ 97 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 25 | $ 268 | 56 | $ 760 | — (1) | $ 3 | — (1) | $ 3 | |||||||
Reinvestment of distributions | 104 | 1,046 | 246 | 3,551 | — | — | 1 | 15 | |||||||
Shares repurchased and cross class conversions | (305) | (3,315) | (630) | (8,756) | (8) | (91) | (8) | (84) | |||||||
Net Increase / (Decrease) | (176) | $ (2,001) | (328) | $ (4,445) | (8) | $ (88) | (7) | $ (66) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,831 | $ 41,285 | 1,794 | $ 29,502 | 38 | $ 415 | 43 | $ 495 | |||||||
Reinvestment of distributions | 568 | 7,763 | 1,363 | 25,593 | — | — | 21 | 275 | |||||||
Shares repurchased and cross class conversions | (4,803) | (71,882) | (4,358) | (79,848) | (115) | (1,211) | (124) | (1,369) | |||||||
Net Increase / (Decrease) | (1,404) | $ (22,834) | (1,201) | $ (24,753) | (77) | $ (796) | (60) | $ (599) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,426 | $ 21,607 | 327 | $ 5,964 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 454 | 6,261 | 824 | 15,552 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (682) | (10,032) | (1,169) | (19,568) | — | — | — | — | |||||||
Net Increase / (Decrease) | 1,198 | $ 17,836 | (18) | $ 1,948 | — | $ — | — | $ — |
NOTES TO FINANCIAL STATEMENTS (Continued)
(1) | Amount is less than 500 shares (not in thousands). |
(2) | Amount is less than $500 (not in thousands). |
% of Shares Outstanding | Number of Accounts | ||
Duff & Phelps Global Infrastructure Fund | 12 % | 1 | |
Duff & Phelps Global Real Estate Securities Fund | 39 | 2 | |
Duff & Phelps International Real Estate Securities Fund | 78 | 1 | |
Duff & Phelps Real Asset Fund | 17 | 1 | |
Duff & Phelps Real Estate Securities Fund | 12 | 1 | |
KAR Developing Markets Fund | 88 | 2 * | |
KAR Emerging Markets Small-Cap Fund | 67 | 4 | |
KAR International Small-Mid Cap Fund | 57 | 4 | |
Vontobel Emerging Markets Opportunities Fund | 38 | 1 | |
Vontobel Foreign Opportunities Fund | 28 | 1 | |
Vontobel Global Opportunities Fund | 34 | 2 | |
Vontobel Greater European Opportunities Fund | 57 | 2 |
* | Includes affiliated shareholder account(s). |
NOTES TO FINANCIAL STATEMENTS (Continued)
Sector | Percentage of Total Investments | ||
Duff & Phelps Global Infrastructure Fund | Utilities | 49% | |
Duff & Phelps Global Infrastructure Fund | Industrials | 27 | |
KAR Developing Markets Fund | Industrials | 27 | |
KAR Emerging Markets Small-Cap Fund | Industrials | 31 | |
KAR International Small-Mid Cap Fund | Communication Services | 28 | |
KAR International Small-Mid Cap Fund | Industrials | 25 | |
Vontobel Foreign Opportunities Fund | Industrials | 25 | |
Vontobel Greater European Opportunities Fund | Industrials | 30 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
Duff & Phelps Global Real Estate Securities Fund | $ 4 | $ 2,500 | 5.14% | 10 | ||||
Duff & Phelps Real Estate Securities Fund | 1 | 2,300 | 4.14 | 4 | ||||
KAR International Small-Mid Cap Fund | 57 | 10,921 | 5.49 | 34 | ||||
Vontobel Emerging Markets Opportunities Fund | 18 | 6,825 | 6.08 | 16 | ||||
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 | $ 67,715 | $ 3,308 | $ (7,837) | $ (4,529) | ||||
Duff & Phelps Global Real Estate Securities Fund | 314,223 | 37,035 | (46,843) | (9,808) | ||||
Duff & Phelps International Real Estate Securities Fund | 26,074 | 2,517 | (5,583) | (3,066) | ||||
Duff & Phelps Real Asset Fund | 23,148 | 4,955 | (9,920) | (4,965) | ||||
Duff & Phelps Real Estate Securities Fund | 275,201 | 100,880 | (26,752) | 74,128 | ||||
KAR Developing Markets Fund | 2,921 | 262 | (569) | (307) | ||||
KAR Emerging Markets Small-Cap Fund | 261,041 | 42,068 | (48,318) | (6,250) | ||||
KAR International Small-Mid Cap Fund | 1,016,236 | 152,380 | (231,220) | (78,840) | ||||
Vontobel Emerging Markets Opportunities Fund | 1,174,625 | 176,833 | (200,033) | (23,200) | ||||
Vontobel Foreign Opportunities Fund | 487,049 | 160,814 | (26,895) | 133,919 | ||||
Vontobel Global Opportunities Fund | 185,642 | 82,181 | (8,230) | 73,951 | ||||
Vontobel Greater European Opportunities Fund | 4,835 | 1,687 | (389) | 1,298 |
Fund | Short-Term | Long-Term | ||
Duff & Phelps Global Real Estate Securities Fund | $ 3,885 | $ 3,627 | ||
Duff & Phelps International Real Estate Securities Fund | 1,654 | 1,152 | ||
Duff & Phelps Real Asset Fund | 12,815 | 1,922 | ||
KAR Developing Markets Fund | 204 | 77 | ||
KAR Emerging Markets Small-Cap Fund | 7,676 | — | ||
KAR International Small-Mid Cap Fund | 185,278 | 70,346 | ||
Vontobel Emerging Markets Opportunities Fund | 209,667 | 69,744 | ||
Vontobel Greater European Opportunities Fund | 295 | — |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Post-October Capital Loss Deferred | Capital Loss Deferred | ||||
Duff & Phelps Global Infrastructure Fund | $ 141 | $ 1,142 | $ — | $ — | ||||
Duff & Phelps Global Real Estate Securities Fund | 6,494 | — | 29,944 | 7,512 | ||||
Duff & Phelps International Real Estate Securities Fund | 329 | — | 3,399 | 2,806 | ||||
Duff & Phelps Real Asset Fund | 126 | — | — | 14,737 | ||||
Duff & Phelps Real Estate Securities Fund | 756 | 31,410 | — | — | ||||
KAR Developing Markets Fund | 52 | — | 177 | 281 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Post-October Capital Loss Deferred | Capital Loss Deferred | ||||
KAR Emerging Markets Small-Cap Fund | $ — | $ — | $ 10,289 | $ 7,676 | ||||
KAR International Small-Mid Cap Fund | — | — | 74,378 | 255,624 | ||||
Vontobel Emerging Markets Opportunities Fund | — | — | 162,010 | 279,411 | ||||
Vontobel Foreign Opportunities Fund | 96 | 7,307 | — | — | ||||
Vontobel Global Opportunities Fund | — | 4,781 | — | — | ||||
Vontobel Greater European Opportunities Fund | 6 | — | 18 | 295 |
Ordinary Income | Long-Term Capital Gains | Total | |||
Duff & Phelps Global Infrastructure Fund | |||||
9/30/23 | $ 1,807 | $ 6,800 | $ 8,607 | ||
9/30/22 | 1,548 | 3,840 | 5,388 | ||
Duff & Phelps Global Real Estate Securities Fund | |||||
9/30/23 | 3,250 | — | 3,250 | ||
9/30/22 | 8,176 | 8,314 | 16,490 | ||
Duff & Phelps International Real Estate Securities Fund | |||||
9/30/22 | 570 | — | 570 | ||
Duff & Phelps Real Asset Fund | |||||
9/30/23 | 240 | — | 240 | ||
9/30/22 | 182 | — | 182 | ||
Duff & Phelps Real Estate Securities Fund | |||||
9/30/23 | 7,450 | 34,340 | 41,790 | ||
9/30/22 | 12,351 | 12,709 | 25,060 | ||
KAR Developing Markets Fund | |||||
9/30/23 | 28 | — | 28 | ||
9/30/22 | 16 | — | 16 | ||
KAR Emerging Markets Small-Cap Fund | |||||
9/30/22 | 21,603 | 10,517 | 32,120 | ||
KAR International Small-Mid Cap Fund | |||||
9/30/22 | 97,265 | 147,405 | 244,670 | ||
Vontobel Emerging Markets Opportunities Fund | |||||
9/30/22 | 243,800 | 523,310 | 767,110 | ||
Vontobel Foreign Opportunities Fund | |||||
9/30/23 | — | 319 | 319 | ||
9/30/22 | 40,481 | 172,309 | 212,790 | ||
Vontobel Global Opportunities Fund | |||||
9/30/23 | — | 24,371 | 24,371 | ||
9/30/22 | 14,780 | 53,680 | 68,460 | ||
Vontobel Greater European Opportunities Fund | |||||
9/30/22 | 128 | 284 | 412 |
NOTES TO FINANCIAL STATEMENTS (Continued)
Merged Fund | Shares Outstanding | Shares Converted | Merged Fund Net Asset Value of Converted Shares | |||
Class A Shares | 40,674 | 23,696 | $ 607 | |||
Class C Shares | 20,936 | 12,399 | 311 | |||
Class I Shares | 2,583,429 | 1,501,375 | 38,692 | |||
Class R6 Shares | 294,773 | 171,167 | 4,417 |
Merged Fund Net Assets | Merged Fund Unrealized Appreciation (Depreciation) | Acquiring Fund Net Assets | ||
$44,027 | $9,371 | $3,237,294 |
September 30, 2022 would have been as follows:
Net investment income (loss) | $16,838(a) |
Net realized and unrealized gain (loss) on investments | (1,241,150) (b) |
Net increase (decrease) in net assets resulting from operations | $(1,224,312) |
NOTES TO FINANCIAL STATEMENTS (Continued)
• Termination of the subadvisory agreement with Vontobel Asset Management, Inc., with respect to Virtus Vontobel Emerging Markets Opportunities Fund; appointment of Sustainable Growth Advisers, LP, which is an indirect majority-owned subsidiary of Virtus, as that Fund’s new subadviser; and corresponding changes to that Fund’s name and investment strategy. The change in subadviser and name will take effect on or about December 27, 2024, and changes to the Fund’s investment strategy will be effective on or about January 26, 2024. Effective December 27, 2023, the Fund’s investment adviser, Virtus Investment Advisers, Inc., will implement the following new expense limitation arrangement to further limit the Fund’s expenses: Class A: 1.48%; Class C: 2.23%; Class I: 1.23%; and Class R6: 0.98%. See Note 3 for information about the Funds’ expense limitation arrangements.
• A Plan of Liquidation for Virtus Vontobel Greater European Opportunities Fund, pursuant to which that Fund will be liquidated on or about December 28, 2023.
• An Agreement and Plan of Reorganization, pursuant to which Virtus Vontobel Global Opportunities Fund (an “Acquired Fund”), a series of the Trust, will reorganize with and into Virtus SGA Global Growth Fund (an “Acquiring Fund”), a series of Virtus Equity Trust, on or about March 8, 2024. Effective upon consummation of the reorganization, the Acquiring Fund’s investment adviser, Virtus Investment Advisers, Inc., will implement the following new expense limitation arrangement to further limit the Fund’s expenses: Class A: 1.25%; Class C: 2.00%; Class I: 1.00%; and Class R6: 0.90%. See Note 3 for information about the Funds’ expense limitation arrangements.
• An Agreement and Plan of Reorganization, pursuant to which Virtus Vontobel Foreign Opportunities Fund (an “Acquired Fund”), a series of the Trust, will merge with and into Virtus SGA International Growth Fund (an “Acquiring Fund”), a series of Virtus Asset Trust, on or about March 8, 2024. Effective upon consummation of the reorganization, the Acquiring Fund’s investment adviser, Virtus Fund Advisers, LLC, will implement the following new expense limitation arrangement to further limit the Fund’s expenses: Class A: 1.30%; Class C: 2.05%; Class I: 1.05%; and Class R6: 0.95%. See Note 3 for information about the Funds’ expense limitation arrangements.
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604img6ddc3f4429.jpg)
Philadelphia, Pennsylvania
November 27, 2023
Fund | Qualified REIT Dividend Income % (non-corporate shareholders) | Qualified Dividend Income % (non-corporate shareholder) | Dividend Received Deduction % (corporate shareholders) | Long-Term Capital Gain Distributions ($) | ||||
Duff & Phelps Global Infrastructure Fund | — % | 100.00 % | 62.78 % | $ 1,150 | ||||
Duff & Phelps Global Real Estate Securities Fund | 58.51 | 36.59 | — | — | ||||
Duff & Phelps International Real Estate Securities Fund | — | 100.00 | — | — | ||||
Duff & Phelps Real Asset Fund | — | 89.99 | 39.76 | — | ||||
Duff & Phelps Real Estate Securities Fund | 90.94 | — | — | 31,693 | ||||
KAR Developing Markets Fund | — | 56.74 | — | — | ||||
KAR Emerging Markets Small-Cap Fund | — | — | — | — | ||||
KAR International Small-Mid Cap Fund | — | — | — | — | ||||
Vontobel Emerging Markets Opportunities Fund | — | — | — | — | ||||
Vontobel Foreign Opportunities Fund | — | 100.00 | 39.54 | 7,307 | ||||
Vontobel Global Opportunities Fund | — | — | — | 4,781 | ||||
Vontobel Greater European Opportunities Fund | — | 100.00 | — | — |
Foreign Source Income Recognized | Foreign Taxes Paid on Foreign Source Income | ||
Duff & Phelps International Real Estate Securities Fund | $ 1,018 | $ 92 | |
Duff & Phelps Real Asset Fund | 75 | 5 | |
KAR Developing Markets Fund | 78 | 7 | |
Vontobel Foreign Opportunities Fund | 8,988 | 1,113 | |
Vontobel Greater European Opportunities Fund | 123 | 15 |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2016 107 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since May 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II and Virtus Diversified Income & Convertible Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 104 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 104 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 104 Portfolios | President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 97 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2016 97 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 104 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (2011 to 2022) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin, Philip YOB: 1946 Served Since: 1999 107 Portfolios | Private investor since 2010. | Trustee and Chairman (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Chairman (since 2023) and Trustee (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Chairman (since 2023), Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (56 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2001 107 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since May 2023) and Advisory Board Member (January 2023 to May 2023), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (4 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (56 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 104 Portfolios | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2023) and Advisory Board Member (2022 to 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2023) and Advisory Board Member (2022 to 2023), Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Zino, Brian T. YOB: 1952 Served Since: 2020 104 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 110 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Director (since 2023), Stone Harbor Investment Funds plc (21 sub-funds) and Stone Harbor Global Funds plc (27 sub-funds); Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Director (since 2013), Virtus Global Funds, plc (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (56 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Director (since 2023), Stone Harbor Investment Funds plc and Stone Harbor Global Funds plc; Director (since 2019), Virtus Global Funds ICAV; Director (since 2013), Virtus Global Funds, plc; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Chisolm, Daphne YOB: 1969 | Vice President, Counsel and Assistant Secretary (since 2023) | Vice President and Senior Counsel (since 2023), Virtus Investment Partners, Inc.; Attorney at Law engaged in private practice as a solo practitioner (2018 to 2023); and various officer positions (since 2023) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Fromm Jennifer YOB: 1973 | Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Griswold, Heidi YOB: 1973 | Vice President (since 2016). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Hackett, Amy YOB: 1968 | Vice President and Assistant Treasurer (since 2013); Assistant Treasurer (2009 to 2013). | Vice President (since 2010) and Assistant Vice President (2007 to 2010), Fund Services, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc |
Krishnan, Suneeta YOB: 1965 | Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2009 to 2018). | Vice President (since 2017) and Assistant Treasurer (since 2007), Mutual Fund Administration, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Lowe, Benjamin YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Martin, David YOB: 1959 | Anti-Money Laundering Compliance Officer (since 2016). | Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
Rahman, Mahmood YOB: 1967 | Assistant Vice President (since 2021). | Vice President (since 2023), Tax Director (since 2020) and Assistant Vice President (2020 to 2023), Fund Administration, Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Suss, Amanda YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |
Statutory Prospectus applicable to the Fund and Statement of Additional Information (“SAI”),
each dated January 27, 2023, as supplemented
a series of Virtus Opportunities Trust
(Unaudited)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 |
Management Fees | 0.98% | 0.98% | 0.98% | 0.98% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None |
Other Expenses | 0.36% | 0.30% | 0.27% | 0.18% |
Total Annual Fund Operating Expenses | 1.59% | 2.28% | 1.25% | 1.16% |
Less: Fee Waiver and/or Expense Reimbursement(b) | (0.11)% | (0.05)% | (0.02)% | (0.18)% |
Total Annual Fund Operating Expenses After Expense Reimbursement(b) | 1.48% | 2.23% | 1.23% | 0.98% |
a series of Virtus Opportunities Trust (Continued)
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $692 | $1,014 | $1,359 | $2,328 |
Class C | Sold | $326 | $708 | $1,216 | $2,613 |
Held | $226 | $708 | $1,216 | $2,613 | |
Class I | Sold or Held | $125 | $395 | $684 | $1,510 |
Class R6 | Sold or Held | $100 | $351 | $622 | $1,395 |
Class A Shares | Class C Shares | Class I Shares | Class R6 Shares | |
Virtus SGA Emerging Markets Equity Fund* | 1.48% | 2.23% | 1.23% | 0.98% |
Virtus SGA Emerging Markets Equity Fund | SGA |
Virtus SGA Emerging Markets Equity Fund | 50% of net investment management fee |
a series of Virtus Opportunities Trust (Continued)
Virtus SGA Emerging Markets Equity Fund | Hrishikesh Gupta (since December 2023) Kishore Rao (since December 2023) Robert L. Rohn (since December 2023) |
a series of Virtus Opportunities Trust (Continued)
a series of Virtus Opportunities Trust (Continued)
a series of Virtus Opportunities Trust (Continued)
pertaining to the fund named above, each dated January 27, 2023, as supplemented
Statement of Additional Information for future reference.
pertaining to the fund named above, each dated January 27, 2023, as supplemented
Statement of Additional Information for future reference.
Statutory Prospectus and Statement of Additional Information (“SAI”) pertaining to the Fund,
each dated January 27, 2023, as supplemented
a series of Virtus Opportunities Trust (Continued)
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
![](https://capedge.com/proxy/N-CSR/0001193125-23-290480/g517604imgdcb8e75830.gif)
please contact us at 1-800-243-1574, or visit Virtus.com.
8637 | 11-23 |
Item 1. | Reports to Stockholders (cont.). |
(b) | Not applicable. |
Item 2. | Code of Ethics. |
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | There have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
Item 3. | Audit Committee Financial Expert. |
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. |
(a)(2) | The Registrant’s Board of Trustees has determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.” Each such individual is an “independent” trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
(a)(3) | Not applicable. |
Item 4. | Principal Accountant Fees and Services. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $488,653 for 2022 and $480,540 for 2023. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $34,978 for 2022 and $23,460 for 2023. Such audit-related fees include the out of pocket expenses. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $123,721 for 2022 and $72,663 for 2023. |
“Tax Fees” are those primarily associated with review of the Trust’s tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust’s financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund’s federal income returns.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2023. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Board of Trustees of Virtus Opportunities Trust (the “Fund”) has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The Audit Committee has determined that the Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) N/A
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $158,699 for 2022 and $96,123 for 2023. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. | Audit Committee of Listed Registrants. |
Disclosure not required for open-end management investment companies.
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. |
Disclosure not required for open-end management investment companies.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Disclosure not required for open-end management investment companies.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Disclosure not required for open-end management investment companies.
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. |
Disclosure not required for open-end management investment companies.
Item 13. | Exhibits. |
(a)(1) |
(a)(2) |
(a)(2)(1) | Not applicable. |
(a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. |
(b) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Virtus Opportunities Trust | ||||
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) | ||||
Date 12/6/23 |
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 12/6/23 | ||||
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, and Treasurer | ||||
(principal financial officer) | ||||
Date 12/5/23 |
* | Print the name and title of each signing officer under his or her signature. |