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 811-07705
Virtus Asset Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
100 Pearl Street
Hartford , CT 06103-4506
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: December 31
Date of reporting period: December 31, 2017
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. |
The Report to Shareholders is attached herewith.
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img6bba1d4a1.gif)
Virtus Seix Core Bond Fund |
Virtus Seix Corporate Bond Fund |
Virtus Seix Floating Rate High Income Fund |
Virtus Seix Georgia Tax-Exempt Bond Fund |
Virtus Seix High Grade Municipal Bond Fund |
Virtus Seix High Income Fund |
Virtus Seix High Yield Fund |
Virtus Seix Investment Grade Tax-Exempt Bond Fund |
Virtus Seix Limited Duration Fund* |
Virtus Seix North Carolina Tax-Exempt Bond Fund |
Virtus Seix Short-Term Bond Fund |
Virtus Seix Short-Term Municipal Bond Fund |
Virtus Seix Total Return Bond Fund |
Virtus Seix U.S. Government Securities Ultra-Short Bond Fund |
Virtus Seix U.S. Mortgage Fund |
Virtus Seix Ultra-Short Bond Fund |
Virtus Seix Virginia Intermediate Municipal Bond Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img318d008a2.gif)
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 5 |
Fund Summaries | 8 |
Virtus Seix Core Bond Fund (“Seix Core Bond Fund”) | 8 |
Virtus Seix Corporate Bond Fund (“Seix Corporate Bond Fund”) | 11 |
Virtus Seix Floating Rate High Income Fund (“Seix Floating Rate High Income Fund”) | 14 |
Virtus Seix Georgia Tax-Exempt Bond Fund (“Seix Georgia Tax-Exempt Bond Fund”) | 17 |
Virtus Seix High Grade Municipal Bond Fund (“Seix High Grade Municipal Bond Fund”) | 20 |
Virtus Seix High Income Fund (“Seix High Income Fund”) | 23 |
Virtus Seix High Yield Fund (“Seix High Yield Fund”) | 26 |
Virtus Seix Investment Grade Tax-Exempt Bond Fund (“Seix Investment Grade Tax-Exempt Bond Fund”) | 29 |
Virtus Seix Limited Duration Fund (“Seix Limited Duration Fund”) | 32 |
Virtus Seix North Carolina Tax-Exempt Bond Fund (“Seix North Carolina Tax-Exempt Bond Fund”) | 35 |
Virtus Seix Short-Term Bond Fund (“Seix Short-Term Bond Fund”) | 38 |
Virtus Seix Short-Term Municipal Bond Fund (“Seix Short-Term Municipal Bond Fund”) | 41 |
Virtus Seix Total Return Bond Fund (“Seix Total Return Bond Fund”) | 44 |
Virtus Seix U.S. Government Securities Ultra-Short Bond Fund (“Seix U.S. Government Securities Ultra-Short Bond Fund”) | 47 |
Virtus Seix U.S. Mortgage Fund (“Seix U.S. Mortgage Fund”) | 50 |
Virtus Seix Ultra-Short Bond Fund (“Seix Ultra-Short Bond Fund”) | 53 |
Virtus Seix Virginia Intermediate Municipal Bond Fund (“Seix Virginia Intermediate Municipal Bond Fund”) | 56 |
Schedules of Investments | 59 |
Seix Core Bond Fund | 59 |
Seix Corporate Bond Fund | 63 |
Seix Floating Rate High Income Fund | 66 |
Seix Georgia Tax-Exempt Bond Fund | 80 |
Seix High Grade Municipal Bond Fund | 82 |
Seix High Income Fund | 85 |
Seix High Yield Fund | 92 |
Seix Investment Grade Tax-Exempt Bond Fund | 98 |
Seix Limited Duration Fund | 102 |
Seix North Carolina Tax-Exempt Bond Fund | 103 |
Seix Short-Term Bond Fund | 105 |
Seix Short-Term Municipal Bond Fund | 107 |
Seix Total Return Bond Fund | 109 |
Seix U.S. Government Securities Ultra-Short Bond Fund | 114 |
Seix U.S. Mortgage Fund | 118 |
Seix Ultra-Short Bond Fund | 121 |
Seix Virginia Intermediate Municipal Bond Fund | 124 |
Statements of Assets and Liabilities | 126 |
Statements of Operations | 136 |
Statements of Changes in Net Assets | 145 |
Financial Highlights | 154 |
Notes to Financial Statements | 163 |
Report of Independent Registered Public Accounting Firm | 190 |
Tax Information Notice | 191 |
Fund Management Tables | 192 |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img18eb0be23.jpg)
President, Virtus Mutual Funds
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img76c6c8f24.gif)
Beginning Account Value 07/01/17 | Ending Account value 12/31/17 | Expenses Paid During Period | Expense Ratio During Period* | ||||
Seix Core Bond Fund | |||||||
Class A | $1,000.00 | $1,007.70 | $3.24 | 0.64% | |||
Class I | 1,000.00 | 1,008.50 | 2.53 | 0.50 | |||
Class R | 1,000.00 | 1,006.40 | 4.60 | 0.91 | |||
Class R6** | 1,000.00 | 1,009.20 | 1.82 | 0.36 | |||
Seix Corporate Bond Fund | |||||||
Class A | 1,000.00 | 1,024.30 | 4.85 | 0.95 | |||
Class C | 1,000.00 | 1,021.00 | 8.20 | 1.61 | |||
Class I | 1,000.00 | 1,026.80 | 3.58 | 0.70 | |||
Seix Floating Rate High Income Fund | |||||||
Class A | 1,000.00 | 1,019.00 | 4.78 | 0.94 | |||
Class C | 1,000.00 | 1,016.00 | 7.72 | 1.52 | |||
Class I | 1,000.00 | 1,020.60 | 3.16 | 0.62 | |||
Class R6** | 1,000.00 | 1,022.30 | 2.65 | 0.52 | |||
Seix Georgia Tax-Exempt Bond Fund | |||||||
Class A | 1,000.00 | 1,018.50 | 3.82 | 0.75 | |||
Class I | 1,000.00 | 1,019.10 | 3.31 | 0.65 | |||
Seix High Grade Municipal Bond Fund | |||||||
Class A | 1,000.00 | 1,021.10 | 4.08 | 0.80 | |||
Class I | 1,000.00 | 1,021.90 | 3.31 | 0.65 | |||
Seix High Income Fund | |||||||
Class A | 1,000.00 | 1,036.20 | 5.34 | 1.04 | |||
Class I | 1,000.00 | 1,037.40 | 4.11 | 0.80 | |||
Class R | 1,000.00 | 1,036.80 | 6.26 | 1.22 | |||
Class R6** | 1,000.00 | 1,038.30 | 3.29 | 0.64 | |||
Seix High Yield Fund | |||||||
Class A | 1,000.00 | 1,028.80 | 4.19 | 0.82 | |||
Class I | 1,000.00 | 1,028.60 | 3.27 | 0.64 | |||
Class R | 1,000.00 | 1,027.70 | 5.32 | 1.04 | |||
Class R6** | 1,000.00 | 1,030.30 | 2.71 | 0.53 | |||
Seix Investment Grade Tax-Exempt Bond Fund | |||||||
Class A | 1,000.00 | 1,012.70 | 4.06 | 0.80 | |||
Class I | 1,000.00 | 1,012.60 | 3.30 | 0.65 | |||
Seix Limited Duration Fund | |||||||
Class I | 1,000.00 | 1,007.60 | 1.77 | 0.35 | |||
Seix North Carolina Tax-Exempt Bond Fund | |||||||
Class A | 1,000.00 | 1,015.90 | 4.06 | 0.80 | |||
Class I | 1,000.00 | 1,017.70 | 3.31 | 0.65 | |||
Seix Short-Term Bond Fund | |||||||
Class A | 1,000.00 | 1,000.50 | 4.03 | 0.80 | |||
Class C | 1,000.00 | 995.40 | 8.00 | 1.59 | |||
Class I | 1,000.00 | 1,000.40 | 3.03 | 0.60 |
Beginning Account Value 07/01/17 | Ending Account value 12/31/17 | Expenses Paid During Period | Expense Ratio During Period* | ||||
Seix Short-Term Municipal Bond Fund | |||||||
Class A | $1,000.00 | $1,000.20 | $3.28 | 0.65% | |||
Class I | 1,000.00 | 1,001.10 | 2.42 | 0.48 | |||
Seix Total Return Bond Fund | |||||||
Class A | 1,000.00 | 1,001.60 | 3.53 | 0.70 | |||
Class I | 1,000.00 | 1,002.60 | 2.32 | 0.46 | |||
Class R | 1,000.00 | 1,000.30 | 4.74 | 0.94 | |||
Class R6** | 1,000.00 | 1,003.30 | 1.57 | 0.31 | |||
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||
Class I | 1,000.00 | 1,006.10 | 2.07 | 0.41 | |||
Class R6 | 1,000.00 | 1,006.90 | 1.32 | 0.26 | |||
Seix U.S. Mortgage Fund | |||||||
Class A | 1,000.00 | 1,006.40 | 4.55 | 0.90 | |||
Class C | 1,000.00 | 1,002.60 | 8.28 | 1.64 | |||
Class I | 1,000.00 | 1,007.40 | 3.54 | 0.70 | |||
Seix Ultra-Short Bond Fund | |||||||
Class I | 1,000.00 | 1,008.60 | 2.03 | 0.40 | |||
Seix Virginia Intermediate Municipal Bond Fund | |||||||
Class A | 1,000.00 | 1,011.50 | 4.01 | 0.79 | |||
Class I | 1,000.00 | 1,012.20 | 3.30 | 0.65 |
* | Expenses are equal to the 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 (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
Beginning Account Value 07/01/17 | Ending Account value 12/31/17 | Expenses Paid During Period | Expense Ratio During Period* | ||||
Seix Core Bond Fund | |||||||
Class A | $1,000.00 | $1,021.98 | $3.26 | 0.64% | |||
Class I | 1,000.00 | 1,022.69 | 2.55 | 0.50 | |||
Class R | 1,000.00 | 1,020.62 | 4.63 | 0.91 | |||
Class R6** | 1,000.00 | 1,023.39 | 1.84 | 0.36 | |||
Seix Corporate Bond Fund | |||||||
Class A | 1,000.00 | 1,020.42 | 4.84 | 0.95 | |||
Class C | 1,000.00 | 1,017.09 | 8.19 | 1.61 | |||
Class I | 1,000.00 | 1,021.68 | 3.57 | 0.70 | |||
Seix Floating Rate High Income Fund | |||||||
Class A | 1,000.00 | 1,020.47 | 4.79 | 0.94 | |||
Class C | 1,000.00 | 1,017.54 | 7.73 | 1.52 | |||
Class I | 1,000.00 | 1,022.08 | 3.16 | 0.62 | |||
Class R6** | 1,000.00 | 1,022.58 | 2.65 | 0.52 | |||
Seix Georgia Tax-Exempt Bond Fund | |||||||
Class A | 1,000.00 | 1,021.43 | 3.82 | 0.75 | |||
Class I | 1,000.00 | 1,021.93 | 3.31 | 0.65 |
Beginning Account Value 07/01/17 | Ending Account value 12/31/17 | Expenses Paid During Period | Expense Ratio During Period* | ||||
Seix High Grade Municipal Bond Fund | |||||||
Class A | $1,000.00 | $1,021.17 | $4.08 | 0.80% | |||
Class I | 1,000.00 | 1,021.93 | 3.31 | 0.65 | |||
Seix High Income Fund | |||||||
Class A | 1,000.00 | 1,019.96 | 5.30 | 1.04 | |||
Class I | 1,000.00 | 1,021.17 | 4.08 | 0.80 | |||
Class R | 1,000.00 | 1,019.06 | 6.21 | 1.22 | |||
Class R6** | 1,000.00 | 1,021.98 | 3.26 | 0.64 | |||
Seix High Yield Fund | |||||||
Class A | 1,000.00 | 1,021.07 | 4.18 | 0.82 | |||
Class I | 1,000.00 | 1,021.98 | 3.26 | 0.64 | |||
Class R | 1,000.00 | 1,019.96 | 5.30 | 1.04 | |||
Class R6** | 1,000.00 | 1,022.53 | 2.70 | 0.53 | |||
Seix Investment Grade Tax-Exempt Bond Fund | |||||||
Class A | 1,000.00 | 1,021.17 | 4.08 | 0.80 | |||
Class I | 1,000.00 | 1,021.93 | 3.31 | 0.65 | |||
Seix Limited Duration Fund | |||||||
Class I | 1,000.00 | 1,023.44 | 1.79 | 0.35 | |||
Seix North Carolina Tax-Exempt Bond Fund | |||||||
Class A | 1,000.00 | 1,021.17 | 4.08 | 0.80 | |||
Class I | 1,000.00 | 1,021.93 | 3.31 | 0.65 | |||
Seix Short-Term Bond Fund | |||||||
Class A | 1,000.00 | 1,021.17 | 4.08 | 0.80 | |||
Class C | 1,000.00 | 1,017.19 | 8.08 | 1.59 | |||
Class I | 1,000.00 | 1,022.18 | 3.06 | 0.60 | |||
Seix Short-Term Municipal Bond Fund | |||||||
Class A | 1,000.00 | 1,021.93 | 3.31 | 0.65 | |||
Class I | 1,000.00 | 1,022.79 | 2.45 | 0.48 | |||
Seix Total Return Bond Fund | |||||||
Class A | 1,000.00 | 1,021.68 | 3.57 | 0.70 | |||
Class I | 1,000.00 | 1,022.89 | 2.35 | 0.46 | |||
Class R | 1,000.00 | 1,020.47 | 4.79 | 0.94 | |||
Class R6** | 1,000.00 | 1,023.64 | 1.58 | 0.31 | |||
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||
Class I | 1,000.00 | 1,023.14 | 2.09 | 0.41 | |||
Class R6 | 1,000.00 | 1,023.90 | 1.33 | 0.26 | |||
Seix U.S. Mortgage Fund | |||||||
Class A | 1,000.00 | 1,020.67 | 4.58 | 0.90 | |||
Class C | 1,000.00 | 1,016.94 | 8.34 | 1.64 | |||
Class I | 1,000.00 | 1,021.68 | 3.57 | 0.70 | |||
Seix Ultra-Short Bond Fund | |||||||
Class I | 1,000.00 | 1,023.19 | 2.04 | 0.40 | |||
Seix Virginia Intermediate Municipal Bond Fund | |||||||
Class A | 1,000.00 | 1,021.22 | 4.02 | 0.79 | |||
Class I | 1,000.00 | 1,021.93 | 3.31 | 0.65 |
* | Expenses are equal to the 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 (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
Ticker Symbols: | |
Class A: STGIX | |
Class I: STIGX | |
Class R: SCIGX | |
Class R6: STGZX |
† See footnote 3 on page 10.
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | Within the primary investment grade spread sectors, corporate credit was the best performer, with 3.46% of excess return versus a duration-equivalent U.S. Treasury bond. Residential mortgage-backed securities (MBS) offered a more muted 0.52% of excess return. |
• | Among the secondary spread sectors, commercial MBS and asset-backed securities (ABS) delivered 1.58% and 0.92% of excess return, each versus a duration-equivalent U.S. Treasury bond, respectively. |
• | Asset allocation to the primary spread sectors – corporate credit and residential MBS – was the largest drag on performance. The Fund was underweight exposure relative to the Bloomberg Barclays U.S. Aggregate Bond Index for a majority of the nine-month period, given that spreads were trading at or near the richest levels seen this cycle. |
• | An allocation to U.S. Treasury inflation-protected securities (TIPS) early in the fiscal period was also a modest drag on relative performance, as benign inflation data drove TIPS to underperform in the first half of the reporting period. |
• | Security selection within the corporate credit sector was a contributor to relative performance, as the Fund’s credit holdings outperformed the credit sleeve of the benchmark. |
• | Asset allocation to the secondary spread sectors – commercial MBS and ABS – were also contributors to the Fund’s relative performance, as the sectors offered positive excess return and the Fund was modestly overweight each sector over the course of the fiscal period. |
U.S. Government Securities | 47% | |
Mortgage-Backed Securities | 27 | |
Agency | 22% | |
Non-Agency | 5 | |
Corporate Bonds And Notes | 18 | |
Financials | 6 | |
Energy | 4 | |
Information Technology | 2 | |
All other Corporate Bonds And Notes | 6 | |
Asset-Backed Securities | 5 | |
Credit Card | 4 | |
All other Asset-Backed Securities | 1 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2,3 | 2.91 % | 1.73% | 4.04% | — % | — | |||||||
Class A Shares at POP4,5 | (0.95) | 0.96 | 3.64 | — | — | |||||||
Class I Shares at NAV2 | 3.05 | 1.93 | 4.30 | — | — | |||||||
Class R Shares at NAV2 | 2.62 | 1.52 | — | 3.03 | 7/31/09 | |||||||
Class R6 Shares at NAV2 | 3.20 | — | — | 2.32 | 8/3/15 | |||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 3.54 | 2.10 | 4.01 | — 6 | — | |||||||
Fund Expense Ratios7: A Shares: Gross 0.81%, Net 0.65%; C Shares: Gross 0.67%, Net 0.51%; I Shares: Gross 1.06%, Net 0.92%; R6 Shares: Gross 0.51%, Net 0.37%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principals 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 charges 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 index returned 3.71% for Class R shares and 2.44% for Class R6, respectively, since inception. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img240cc3935.jpg)
Ticker Symbols: | |
Class A: SAINX | |
Class C: STIFX | |
Class I: STICX |
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | Higher-volatility corporate credit outperformed during the fiscal period, with Baa-rated bonds providing 4.19% of excess return versus a duration-equivalent U.S. Treasury bond, while single-A issues provided 2.09% of excess return. Corporate bonds with longer maturities also outperformed, with long U.S. corporates delivering 5.47% of excess return above a Treasury bond with a similar duration, compared with 2.56% for intermediate-term corporates. |
• | There was little differentiation among investment grade industrial, financial and utility sector performance for the period, as they generated 3.49%, 3.43% and 3.48% of excess return versus a duration-equivalent U.S. Treasury bond, respectively. However, long financial institutions’ credits provided 6.44% of excess return when compared with a Treasury bond with a similar duration, outperforming similarly dated long industrials (5.47%) and long utilities (4.63%). |
• | The primary drivers of the Fund’s outperformance were both asset allocation and security selection. |
• | Within asset allocation, positions in out-of-index emerging market credits, as well as overweight positioning in the metals sector (principally through gold mining credits) and refining sector were the largest contributors. |
• | Security selection within the banking sector was a large contributor to outperformance, while security selection within the refining sector was also a notable contributor. |
• | An underweight position in corporate bonds with maturities in the 20-year area detracted from relative performance. |
• | An underweight position in the independent energy sector, as well as security selection in oilfield services and wireline credits, also detracted from relative performance. |
Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
Corporate Bonds And Notes | 95% | |
Financials | 34% | |
Energy | 24 | |
Information Technology | 9 | |
Consumer Discretionary | 7 | |
Real Estate | 5 | |
Industrials | 4 | |
Health Care | 4 | |
All other Corporate Bonds And Notes | 8 | |
Money Market Mutual Fund | 3 | |
Foreign Government Security | 2 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 6.29% | 3.31% | 5.04% | |||||
Class A Shares at POP3,4 | 2.30 | 2.52 | 4.64 | |||||
Class C Shares at NAV and with CDSC2,4 | 5.59 | 2.62 | 4.32 | |||||
Class I Shares at NAV2 | 6.69 | 3.63 | 5.36 | |||||
Bloomberg Barclays U.S. Corporate Investment Grade Bond Index | 6.42 | 3.48 | 5.65 | |||||
Fund Expense Ratios5: A Shares: Gross 1.19%, Net 0.96%; C Shares: Gross 1.91%, Net 1.66%; I Shares: Gross 1.05%, Net 0.71%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img5a5a5d7e6.jpg)
Ticker Symbols: | |
Class A: SFRAX | |
Class C: SFRCX | |
Class I: SAMBX | |
Class R6: SFRZX |
Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
Leveraged Loans | 87% | |
Healthcare | 8% | |
Cable/Wireless Video | 8 | |
Information Technology | 7 | |
Gaming/Leisure | 7 | |
Service | 6 | |
Financial | 6 | |
Diversified Media | 5 | |
All other Leveraged Loans | 40 | |
Money Market Mutual Fund | 9 | |
Corporate Bonds And Notes | 3 | |
Common Stocks | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 3.43% | 3.57% | 4.04% | — % | — | |||||||
Class A Shares at POP3,4 | 0.59 | 2.99 | 3.75 | — | — | |||||||
Class C Shares at NAV and with CDSC2,4 | 2.82 | 2.95 | 3.40 | — | — | |||||||
Class I Shares at NAV2 | 3.87 | 3.88 | 4.36 | — | — | |||||||
Class R6 Shares at NAV2 | 3.97 | — | — | 4.68 | 2/1/15 | |||||||
Credit Suisse Leveraged Loan Index | 4.25 | 4.33 | 4.57 | 4.54 | — | |||||||
Fund Expense Ratios5: A Shares: Gross 1.02%, Net 0.95%; C Shares: Gross 1.65%, Net 1.53%; I Shares: Gross 0.75%, Net 0.63%; R6 Shares: Gross 0.64%, Net 0.53%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194imgf92379097.jpg)
Ticker Symbols: | |
Class A: SGTEX | |
Class I: SGATX |
Municipal Bonds | 97% | |
General Revenue | 33% | |
Pre-Refunded | 19 | |
Healthcare Revenue | 12 | |
Water & Sewer Revenue | 11 | |
Transportation Revenue | 8 | |
Tax Allocation Revenue | 6 | |
General Obligation | 6 | |
All other Municipal Bonds | 2 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 4.42% | 2.55% | 3.73% | |||||
Class A Shares at POP3,4 | 1.55 | 1.98 | 3.44 | |||||
Class I Shares at NAV2 | 4.43 | 2.67 | 3.87 | |||||
Bloomberg Barclays U.S. Municipal Bond Index | 5.45 | 3.02 | 4.46 | |||||
Fund Expense Ratios5: A Shares: Gross 0.90%, Net 0.76%; I Shares: Gross 0.84%, Net 0.66%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194imga9f4f1288.jpg)
Ticker Symbols: | |
Class A: SFLTX | |
Class I: SCFTX |
Municipal Bonds | 98% |
Money Market Mutual Fund | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 5.39% | 3.46% | 4.87% | |||||
Class A Shares at POP3,4 | 2.49 | 2.88 | 4.58 | |||||
Class I Shares at NAV2 | 5.46 | 3.61 | 5.02 | |||||
Bloomberg Barclays U.S. Municipal Bond Index | 5.45 | 3.02 | 4.46 | |||||
Fund Expense Ratios5: A Shares: Gross 0.98%, Net 0.84%; I Shares: Gross 0.88%, Net 0.69%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img715f2eff9.jpg)
Ticker Symbols: | |
Class A: SAHIX | |
Class I: STHTX | |
Class R: STHIX | |
Class R6: STHZX |
• | The Bloomberg Barclays U.S. Corporate High Yield Bond Index registered a relatively healthy return of 4.68% for the nine months ended December 31, 2017. |
• | Many positive factors came together during the year to provide ballast for high yield debt. |
• | The U.S. economy continued to post steady, moderately positive growth. |
• | Energy, currently the largest high yield industry by market value, profited from strengthening oil prices as supply and demand approached balance. |
• | Despite the Federal Reserve (the Fed) having announced increases in the target federal funds rate, equity markets and most other risk assets continued to benefit from interest rates that were still low by historic standards. |
• | While gross high yield issuance for the full year 2017 was $320 billion, compared with $286 billion for 2016, supply was manageable with issuance excluding refinancing activity measuring $120 billion, the smallest amount since 2011’s $110 billion. |
• | The Fund’s return for Class I shares for the nine months ended December 31, 2017, was 5.53%, 0.85% ahead of the benchmark. |
• | Contributors to relative outperformance included: |
• | Partially offsetting the positive factors were: |
Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
Corporate Bonds And Notes | 91% | |
Energy | 17% | |
Consumer Discretionary | 16 | |
Financials | 15 | |
Industrials | 10 | |
Health Care | 7 | |
Telecommunication Services | 6 | |
Real Estate | 5 | |
All other Corporate Bonds And Notes | 15 | |
Leveraged Loans | 5 | |
Money Market Mutual Fund | 3 | |
Common Stocks | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 7.37% | 5.04% | 7.45% | — % | — | |||||||
Class A Shares at POP3,4 | 3.34 | 4.24 | 7.04 | — | — | |||||||
Class I Shares at NAV2 | 7.61 | 5.28 | 7.72 | — | — | |||||||
Class R Shares at NAV2 | 7.33 | 4.85 | — | 8.84 | 7/31/09 | |||||||
Class R6 Shares at NAV2 | 7.78 | — | — | 4.51 | 8/1/14 | |||||||
Bloomberg Barclays U.S. Corporate High Yield Bond Index | 7.50 | 5.78 | 8.03 | — 5 | — | |||||||
Fund Expense Ratios6: A Shares: Gross 1.16%, Net 1.05%; I Shares: Gross 0.99%, Net 0.82%; R Shares: Gross 1.38%, Net 1.24%; R6 Shares: Gross 0.81%, Net 0.66%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 index returned 9.33% for Class R Shares and 5.25% for Class R6 Shares, respectively, since inception. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194imgcdbf1b9b10.jpg)
Ticker Symbols: | |
Class A: HYPSX | |
Class I: SAMHX | |
Class R: HYLSX | |
Class R6: HYIZX |
• | The ICE BofAML U.S. High Yield BB-B Constrained Index registered a relatively healthy return of 4.59% for the nine months ended December 31, 2017. |
• | Many positive factors came together during the year to provide ballast for high yield debt. |
• | The U.S. economy continued to post steady, moderately positive growth. |
• | Energy, currently the largest high yield industry by market value, profited from strengthening oil prices as supply and demand approached balance. |
• | Despite the Federal Reserve (the Fed) having announced increases in the target federal funds rate, equity markets and most other risk assets continued to benefit from interest rates that were still low by historic standards. |
• | While gross high yield issuance for the full year 2017 was $320 billion, compared with $286 billion for 2016, supply was manageable with issuance excluding refinancing activity measuring $120 billion, the smallest amount since 2011’s $110 billion. |
• | The Fund’s return for Class I shares for the nine months ended December 31, 2017, was 4.64%, 0.05% ahead of the benchmark. |
• | Contributors to relative outperformance included: |
• | Partially offsetting the positive factors were: |
Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
Corporate Bonds And Notes | 92% | |
Consumer Discretionary | 17% | |
Energy | 15 | |
Financials | 13 | |
Industrials | 11 | |
Telecommunication Services | 9 | |
Information Technology | 6 | |
Health Care | 5 | |
All other Corporate Bonds And Notes | 16 | |
Leveraged Loans | 5 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 6.84% | 4.35% | 6.14% | — % | — | |||||||
Class A Shares at POP3,4 | 2.83 | 3.55 | 5.74 | — | — | |||||||
Class I Shares at NAV2 | 6.99 | 4.55 | 6.32 | — | — | |||||||
Class R Shares at NAV2 | 6.57 | 4.12 | — | 7.13 | 7/31/09 | |||||||
Class R6 Shares at NAV2 | 7.11 | — | — | 8.02 | 8/1/16 | |||||||
ICE BofAML U.S. High Yield BB-B Constrained Index | 6.98 | 5.59 | 7.33 | — 5 | — | |||||||
Fund Expense Ratios6: A Shares: Gross 0.99%, Net 0.83%; I Shares: Gross 0.81%, Net 0.65%; R Shares: Gross 1.18%, Net 1.05%; R6 Shares: Gross 0.68%, Net 0.54%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 index returned 8.67% for Class R Shares and 7.75% for Class R6 Shares, respectively, since inception. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img6e9c5c2b11.jpg)
Ticker Symbols: | |
Class A: SISIX | |
Class I: STTBX |
Municipal Bonds | 97% |
Money Market Mutual Fund | 3 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 3.65% | 2.19% | 3.97% | |||||
Class A Shares at POP3,4 | 0.80 | 1.62 | 3.68 | |||||
Class I Shares at NAV2 | 3.81 | 2.33 | 4.20 | |||||
Bloomberg Barclays U.S. Municipal Bond 1-15 Year Blend (1-17) Index | 4.33 | 2.46 | 3.99 | |||||
Fund Expense Ratios5: A Shares: Gross 1.03%, Net 0.82%; I Shares: Gross 0.85%, Net 0.67%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194imgf025dfd812.jpg)
Ticker Symbols: | |
Class I: SAMLX |
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | As a result of the Fed rate hikes, three-month Treasury bill rates increased 0.88% to 1.38%, six-month Treasury rates increased 0.92% to 1.53%, and one-month London Interbank Offered Rate (LIBOR) increased 0.79% to 1.56%. |
• | The primary driver of the Fund’s outperformance was the allocation to floating rate securities, given the rising short rate environment and the cash-equivalent nature of the strategy. |
• | Certain agency adjustable-rate mortgage (ARM) exposure was also a relative detractor due to the ability of the securities to be called, which has the effect of limiting price appreciation. |
Mortgage-Backed Securities | 88% | |
Asset-Backed Securities | 9 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class I Shares at NAV2 | 1.37% | 0.52% | 0.69% | |||||
ICE BofAML U.S. 3-Month Treasury Bill Index | 0.86 | 0.27 | 0.39 | |||||
Fund Expense Ratios3: I Shares: Gross 0.55%, Net 0.36%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img6dadf27413.jpg)
Ticker Symbols: | |
Class A: SNCIX | |
Class I: CNCFX |
Municipal Bonds | 97% | |
General Revenue | 24% | |
Transportation Revenue | 18 | |
Pre-Refunded | 12 | |
Healthcare Revenue | 12 | |
General Obligation | 10 | |
Electric Revenue | 10 | |
Water & Sewer Revenue | 6 | |
All other Municipal Bonds | 5 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 4.16% | 2.34% | 3.70% | |||||
Class A Shares at POP3,4 | 1.29 | 1.77 | 3.41 | |||||
Class I Shares at NAV2 | 4.31 | 2.50 | 3.86 | |||||
Bloomberg Barclays U.S. Municipal Bond Index | 5.45 | 3.02 | 4.46 | |||||
Fund Expense Ratios5: A Shares: Gross 0.99%, Net 0.82%; I Shares: Gross 0.94%, Net 0.77%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img0d52954a14.jpg)
Ticker Symbols: | |
Class A: STSBX | |
Class C: SCBSX | |
Class I: SSBTX |
† See footnote 5 on page 40.
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | Within the primary investment grade spread sectors, corporate credit was the best performer, with 3.46% of excess return versus a duration-equivalent U.S. Treasury bond. Residential mortgage-backed securities (MBS) offered a more muted 0.52% of excess return. |
• | Among the secondary spread sectors, commercial MBS and asset-backed securities (ABS) delivered 1.58% and 0.92% of excess return, each versus a duration-equivalent U.S. Treasury bond, respectively. |
• | Asset allocation to the securitized spread sectors – residential and commercial mortgage-backed securities (MBS) and asset-backed securities (ABS) – was the primary contributor to the Fund’s relative performance, as these sectors are out of index and offered positive excess return versus a duration-equivalent U.S. Treasury bond. The Fund was consistently invested in these securitized sectors over the course of the fiscal nine months. |
• | Asset allocation to the corporate credit sector was also a primary contributor to relative performance, as the Fund was overweight exposure relative to the Bloomberg Barclays 1-3 Year U.S. Government/Credit Index for a majority of the fiscal period. |
• | Security selection within the corporate credit sector was a drag on relative performance, as the Fund’s credit holdings underperformed the credit sleeve of the benchmark. |
• | Given tight spreads, residential MBS exposure was a drag on performance relative to the performance of the other securitized sector exposure in the Fund. |
Corporate Bonds And Notes | 46% | |
Financials | 21% | |
Consumer Discretionary | 7 | |
Information Technology | 7 | |
Utilities | 4 | |
Materials | 3 | |
Consumer Staples | 3 | |
Industrials | 1 | |
U.S. Government Securities | 26 | |
Mortgage-Backed Securities | 25 | |
Asset-Backed Securities | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 0.56 % | 0.44 % | 1.62% | |||||
Class A Shares at POP3,4 | (1.70) | (0.01) | 1.39 | |||||
Class C Shares at NAV and with CDSC2,4,5 | (0.23) | (0.16) | 0.92 | |||||
Class I Shares at NAV2 | 0.56 | 0.62 | 1.82 | |||||
Bloomberg Barclays 1-3 Year Government/Credit Bond Index | 0.84 | 0.84 | 1.85 | |||||
Fund Expense Ratios6: A Shares: Gross 0.93%, Net 0.80%; C Shares: Gross 1.70%, Net 1.57%; I Shares: Gross 0.82%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “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 charges 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 principals required in the annual report and semiannual report. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194imgf111f92915.jpg)
Ticker Symbols: | |
Class A: SMMAX | |
Class I: CMDTX |
Municipal Bonds | 96% |
Money Market Mutual Fund | 4 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 1.23 % | 0.55% | 2.71% | |||||
Class A Shares at POP3,4 | (1.05) | 0.09 | 2.47 | |||||
Class I Shares at NAV2 | 1.25 | 0.70 | 2.83 | |||||
Bloomberg Barclays Municipal Bond 1-5 Year Index | 1.61 | 1.07 | 2.32 | |||||
Fund Expense Ratios5: A Shares: Gross 0.92%, Net 0.67%; I Shares: Gross 0.84%, Net 0.50%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img04b5061816.jpg)
Ticker Symbols: | |
Class A: CBPSX | |
Class I: SAMFX | |
Class R: SCBLX | |
Class R6: SAMZX |
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | Within the primary investment grade spread sectors, corporate credit was the best performer with 3.46% of excess return versus a duration-equivalent U.S. Treasury bond. Residential mortgage-backed securities (MBS) offered a more muted 0.52% of excess return. |
• | Among the secondary spread sectors, commercial MBS and asset-backed securities (ABS) delivered 1.58% and 0.92% of excess return, each versus a duration-equivalent U.S. Treasury bond, respectively. |
• | The primary driver of the Fund’s underperformance was a short position in the high yield (HY) market, which was expressed through credit default swaps that anticipated HY underperformance due to elevated valuations. |
• | Asset allocation to the primary spread sectors – corporate credit and residential MBS – were also drags on performance. The Fund was underweight exposure relative to the Bloomberg Barclays U.S. Aggregate Bond Index for a majority of the nine-month period, given that spreads were trading at or near the richest levels seen this cycle. |
• | An allocation to U.S. Treasury inflation-protected securities (TIPS) early in the fiscal period was also a modest drag on relative performance, as benign inflation data drove TIPS to underperform in the first half of the reporting period. |
• | Security selection within the corporate credit sector was a contributor to relative performance, as the Fund’s credit holdings outperformed the credit sleeve of the benchmark. |
• | Global strategies contributed modestly to relative performance through out-of-index allocations in several emerging markets. |
• | Asset allocation to the secondary spread sectors – commercial MBS and ABS – were also contributors to the Fund’s relative performance, as the sectors offered positive excess return and the Fund was modestly overweight each sector over the course of the fiscal period. |
Securities: There is a greater level of credit risk and price volatility involved with high yield securities than investment grade securities.
U.S. Government Securities | 41% | |
Mortgage-Backed Securities | 28 | |
Agency | 23% | |
Non-Agency | 5 | |
Corporate Bonds And Notes | 18 | |
Financials | 6 | |
Energy | 4 | |
All other Corporate Bonds And Notes | 8 | |
Asset-Backed Securities | 5 | |
Credit Card | 4 | |
All other Asset-Backed Securities | 1 | |
Foreign Government Securities | 5 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 2.42 % | 1.54% | 4.13% | — % | — | |||||||
Class A Shares at POP3,4 | (1.42) | 0.77 | 3.73 | — | — | |||||||
Class I Shares at NAV2 | 2.67 | 1.81 | 4.43 | — | — | |||||||
Class R Shares at NAV2 | 2.13 | 1.21 | — | 3.53 | 2/13/09 | |||||||
Class R6 Shares at NAV2 | 2.83 | — | — | 2.33 | 8/1/14 | |||||||
Bloomberg Barclays U.S. Aggregate Bond Index | 3.54 | 2.10 | 4.01 | — 5 | — | |||||||
Fund Expense Ratios6: A Shares: Gross 0.88%, Net 0.71%; I Shares: Gross 0.61%, Net 0.47%; R Shares: Gross 1.17%, Net 1.07%; R6 Shares: Gross 0.46%, Net 0.32%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 index returned 3.99% for Class R Shares and 2.55% for Class R6 Shares, respectively, since inception. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img1f35fddd17.jpg)
Ticker Symbols: | |
Class I: SIGVX | |
Class R6: SIGZX |
† See footnote 3 on page 49.
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | As a result of the Fed rate hikes, three-month Treasury bill rates increased 0.88% to 1.38%, six-month Treasury rates increased 0.92% to 1.53%, and one-month London Interbank Offered Rate (LIBOR) increased 0.79% to 1.56%. |
• | The primary driver of the Fund’s outperformance was keeping interest rate risk near the low end of the range for the fiscal nine-month period. An allocation to floating rate securities also contributed positively, given the rising short rate environment. |
• | A secondary driver of outperformance was the Fund’s allocation to floating rate agency commercial mortgage-backed securities. |
• | The allocation to post-reset agency adjustable-rate mortgage (ARM) securities, while near historic lows for the Fund, was a detractor from performance as prepayments came in higher than expectations. |
• | Other agency ARM exposure was also a relative detractor due to the ability of the securities to be called, which has the effect of limiting price appreciation. |
Mortgage-Backed Securities | 91% | |
Agency | 91% | |
U.S. Government Securities | 5 | |
Money Market Mutual Fund | 3 | |
Asset-Backed Security | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class I Shares at NAV2,3 | 1.30% | 0.57% | 1.64% | — % | — | |||||||
Class R6 Shares at NAV2 | 1.46 | — | — | 1.29 | 8/1/16 | |||||||
Bloomberg Barclays 3-6 Month U.S. Treasury Bill Index | 0.85 | 0.33 | 0.55 | 0.73 | — | |||||||
Fund Expense Ratios4: I Shares: Gross 0.56%, Net 0.42%; R6 Shares: Gross 0.40%, Net 0.27%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principals required in the annual report and semiannual report. |
4 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img6084b9cd18.jpg)
Ticker Symbols: | |
Class A: SLTMX | |
Class C: SCLFX | |
Class I: SLMTX |
† See footnote 3 on page 52.
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | Within mortgage-backed securities (MBS), Federal National Mortgage Association (FNMA, or Fannie Mae) and Federal Home Loan Mortgage Corporation (FHLMC, or Freddie Mac) securities outperformed Government National Mortgage Association (GNMA, or Ginnie Mae) securities. |
• | The primary driver of the Fund’s underperformance was an underweight position in 30-year 3.0% and 3.5% coupon MBS throughout the fiscal period. These securities continued to benefit from Fed balance sheet reinvestment. |
• | The secondary driver of the underperformance was a 4% overweight to GNMA later in the fiscal period. |
• | The primary positive contributor to performance was a general underweight to GNMA securities, which underperformed FNMA and FHLMC securities. |
• | The Fund’s allocation to commercial MBS was also a positive contributor to performance, as that sub-sector significantly outperformed residential MBS. The excess return of commercial MBS versus a duration-equivalent U.S. Treasury bond was 1.58%, while it was 0.52% for residential MBS. |
Mortgage-Backed Securities | 95% | |
Agency | 91% | |
Non-Agency | 4 | |
Money Market Mutual Fund | 3 | |
U.S. Government Security | 2 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2,3 | 2.16 % | 1.69% | 3.50% | |||||
Class A Shares at POP4,5 | (0.13) | 1.23 | 3.26 | |||||
Class C Shares at NAV and with CDSC2,3,5 | 1.43 | 0.92 | 2.69 | |||||
Class I Shares at NAV2,3 | 2.28 | 1.89 | 3.70 | |||||
Bloomberg Barclays U.S. Mortgage Backed Securities Index | 2.47 | 2.04 | 3.84 | |||||
Fund Expense Ratios6: A Shares: Gross 1.18%, Net 0.91%; C Shares: Gross 1.93%, Net 1.66%; I Shares: Gross 1.09%, Net 0.71%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principals required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% 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 charges 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 expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img23e8f4c719.jpg)
Ticker Symbols: | |
Class I: SISSX |
• | Amid a continued easing of financial conditions and benign inflation data, the Federal Reserve (the Fed) hiked interest rates three times, matching the forecast implied in its Summary of Economic Projections from December 2016. This put upward pressure on short- to intermediate-term U.S. Treasury yields relative to longer-term yields. |
• | While the early consensus called for U.S. dollar strength, the currency found itself under pressure for most of the year, and the general international value of the U.S. Dollar Index® (DXY) declined just under 10% in 2017. Despite such weakness, foreign investors continued to invest in the U.S. market as it remained the high yielder among developed markets globally. |
• | Global central bank liquidity continued to expand at a double-digit pace despite Fed rate hikes and the commencement of a balance sheet reduction strategy in the fourth quarter of 2017. This further fueled a reach for yield by investors globally. |
• | Anchored longer-term interest rates, in tandem with the well-telegraphed and measured Fed tightening cycle, allowed volatility across both bond and equity markets to probe record lows. This created a backdrop for risk assets to outperform fairly consistently throughout the fiscal nine-month period. |
• | As a result of the Fed rate hikes, three-month Treasury bill rates increased 0.88% to 1.38%, six-month Treasury rates increased 0.92% to 1.53%, and one-month London Interbank Offered Rate (LIBOR) increased 0.79% to 1.56%. |
• | The primary driver of the Fund’s outperformance was keeping interest rate risk near the low end of the range for the fiscal nine-month period. An allocation to floating rate securities also contributed positively, given the rising short rate environment. |
• | A secondary driver of outperformance was the Fund’s consistent allocation to the spread sectors – corporate credit and securitized assets – as spreads generally tightened during the period. |
• | Corporate financial exposure was a detractor from performance, as it was the weakest performer among the spread sectors. |
• | Certain agency adjustable-rate mortgage (ARM) exposure was also a relative detractor due to the ability of the securities to be called, which has the effect of limiting price appreciation. |
Corporate Bonds And Notes | 47% | |
Financials | 14% | |
Consumer Discretionary | 9 | |
Consumer Staples | 5 | |
Information Technology | 4 | |
Health Care | 4 | |
Energy | 3 | |
Materials | 3 | |
Industrials | 3 | |
Utilities | 2 | |
Mortgage-Backed Securities | 39 | |
Agency | 30 | |
Non-Agency | 9 | |
Asset-Backed Securities | 11 | |
Credit Card | 6 | |
Automobiles | 3 | |
Equipment | 2 | |
Money Market Mutual Fund | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class I Shares at NAV2 | 1.62% | 0.92% | 1.55% | |||||
Bloomberg Barclays 3-6 Month U.S. Treasury Bill Index | 0.85 | 0.33 | 0.55 | |||||
Fund Expense Ratios3: I Shares: Gross 0.60%, Net 0.42%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img144ea37320.jpg)
Ticker Symbols: | |
Class A: CVIAX | |
Class I: CRVTX |
Municipal Bonds | 94% | |
General Revenue | 37% | |
Water & Sewer Revenue | 14 | |
Healthcare Revenue | 11 | |
Transportation Revenue | 10 | |
Lease Revenue | 9 | |
General Obligation | 8 | |
Pre-Refunded | 5 | |
Money Market Mutual Fund | 6 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 3.86% | 2.04% | 3.44% | |||||
Class A Shares at POP3,4 | 1.01 | 1.47 | 3.15 | |||||
Class I Shares at NAV2 | 4.00 | 2.17 | 3.58 | |||||
Bloomberg Barclays U.S. Municipal Bond 1-15 Year Blend (1-17) Index | 4.33 | 2.46 | 3.99 | |||||
Fund Expense Ratios5: A Shares: Gross 0.95%, Net 0.80%; I Shares: Gross 0.87%, Net 0.66%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194img420b0f6221.jpg)
Par Value | Value | ||
U.S. Government Securities—46.9% | |||
U.S. Treasury Bond 2.750%, 8/15/47 | $14,729 | $ 14,731 | |
U.S. Treasury Note | |||
0.750%, 8/15/19 | 13,866 | 13,619 | |
1.375%, 4/30/20 | 14,581 | 14,399 | |
2.000%, 5/31/21 | 14,794 | 14,768 | |
1.875%, 1/31/22 | 7,315 | 7,238 | |
1.875%, 7/31/22 | 6,716 | 6,624 | |
2.250%, 11/15/27 | 23,118 | 22,785 | |
Total U.S. Government Securities (Identified Cost $94,552) | 94,164 | ||
Mortgage-Backed Securities—27.7% | |||
Agency—21.9% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A95085 4.000%, 11/1/40 | 257 | 270 | |
Pool #A95796 4.000%, 12/1/40 | 92 | 97 | |
Pool #A95822 4.000%, 12/1/40 | 445 | 470 | |
Pool #C04123 4.000%, 7/1/42 | 756 | 797 | |
Pool #G01779 5.000%, 4/1/35 | 100 | 108 | |
Pool #G01837 5.000%, 7/1/35 | 44 | 48 | |
Pool #G01838 5.000%, 7/1/35 | 21 | 23 | |
Pool #G05326 5.000%, 2/1/38 | 93 | 101 | |
Pool #G05606 4.500%, 7/1/39 | 1,207 | 1,288 | |
Pool #G06061 4.000%, 10/1/40 | 310 | 328 | |
Pool #G08347 4.500%, 6/1/39 | 106 | 113 | |
Pool #G08353 4.500%, 7/1/39 | 137 | 146 | |
Pool #G08372 4.500%, 11/1/39 | 406 | 434 | |
Pool #G60019 4.500%, 3/1/44 | 1,430 | 1,525 | |
Pool #G60126 4.500%, 11/1/41 | 39 | 42 | |
Pool #G60589 4.000%, 2/1/45 | 1,337 | 1,399 | |
Pool #G60661 4.000%, 7/1/46 | 2,848 | 2,980 | |
Pool #Q13801 3.000%, 12/1/42 | 189 | 190 | |
Pool #Q31645 4.000%, 2/1/45 | 111 | 117 | |
Pool #Q35611 4.000%, 9/1/45 | 1,038 | 1,090 | |
Pool #Q37163 3.500%, 11/1/45 | 574 | 593 | |
Pool #Q38473 4.000%, 1/1/46 | 702 | 734 | |
Pool #Q40123 3.500%, 4/1/46 | 568 | 587 |
Par Value | Value | ||
Agency—continued | |||
Pool #Q40124 3.500%, 4/1/46 | $ 707 | $ 731 | |
Pool #V81992 4.000%, 10/1/45 | 1,313 | 1,374 | |
Federal National Mortgage Association | |||
Pool #AL0215 4.500%, 4/1/41 | 621 | 666 | |
Pool #AL6223 4.500%, 8/1/44 | 656 | 699 | |
Pool #AL7497 3.500%, 9/1/40 | 2,008 | 2,074 | |
Pool #AL9127 4.000%, 10/1/44 | 1,545 | 1,630 | |
Pool #AP7874 3.500%, 10/1/42 | 174 | 179 | |
Pool #AS6515 4.000%, 1/1/46 | 1,048 | 1,097 | |
Pool #AS9571 3.500%, 5/1/42 | 2,017 | 2,083 | |
Pool #AV3452 4.000%, 2/1/44 | 533 | 559 | |
Pool #AW8154 3.500%, 1/1/42 | 1,022 | 1,057 | |
Pool #AY2685 4.500%, 1/1/45 | 84 | 89 | |
Pool #AZ0572 3.000%, 6/1/42 | 414 | 417 | |
Pool #AZ9213 4.000%, 10/1/45 | 1,137 | 1,197 | |
Pool #BA6414 3.000%, 12/1/41 | 201 | 202 | |
Pool #BC2470 3.500%, 2/1/46 | 467 | 484 | |
Pool #BE5050 4.000%, 9/1/45 | 926 | 970 | |
Pool #MA0639 4.000%, 2/1/41 | 186 | 195 | |
Pool #MA2341 4.500%, 6/1/45 | 47 | 50 | |
Government National Mortgage Association | |||
Pool #783653 5.000%, 8/15/40 | 112 | 121 | |
Pool #AM0226 4.000%, 5/15/45 | 770 | 804 | |
Pool #AM8631 4.000%, 7/15/45 | 499 | 521 | |
Pool #AN5745 4.000%, 7/15/45 | 580 | 606 | |
Pool #AN5766 4.000%, 7/15/45 | 252 | 263 | |
Pool #AV6530 4.000%, 8/20/46 | 248 | 259 | |
Pool #MA4072 5.000%, 11/20/46 | 321 | 344 | |
Pool #MA4779 4.000%, 10/20/47 | 2,312 | 2,422 | |
Pool #MA4838 4.000%, 11/20/47 | 5,466 | 5,730 |
Par Value | Value | ||
Agency—continued | |||
Pool #MA4901 4.000%, 12/20/47 | $ 3,532 | $ 3,703 | |
44,006 | |||
Non-Agency—5.8% | |||
Caesars Palace Las Vegas Trust 2017-VICI, B 144A 3.835%, 10/15/34(1) | 565 | 579 | |
FREMF Mortgage Trust | |||
2012-K21, B 144A 3.938%, 7/25/45(1)(2) | 585 | 611 | |
2013-K25, B 144A 3.619%, 11/25/45(1)(2) | 740 | 755 | |
2013-K713, B 144A 3.165%, 4/25/46(1)(2) | 480 | 482 | |
2016-K52, B 144A 3.922%, 1/25/49(1)(2) | 485 | 497 | |
GS Mortgage Securities Trust | |||
2010-C1, A2 144A 4.592%, 8/10/43(1) | 1,011 | 1,054 | |
2012-ALOH, A 144A 3.551%, 4/10/34(1) | 905 | 933 | |
2012-BWTR, A 144A 2.954%, 11/5/34(1) | 815 | 812 | |
2012-BWTR, B 144A 3.255%, 11/5/34(1) | 1,195 | 1,204 | |
MAD Mortgage Trust 2017-330M, A 144A 3.294%, 8/15/34(1)(2) | 485 | 488 | |
Morgan Stanley Capital I Trust | |||
2014-150E, A 144A 3.912%, 9/9/32(1) | 280 | 294 | |
2014-CPT, A 144A 3.350%, 7/13/29(1) | 770 | 788 | |
2014-CPT, AM 144A 3.402%, 7/13/29(1)(2) | 615 | 626 | |
VNDO Mortgage Trust 2013-PENN, B 144A 3.947%, 12/13/29(1)(2) | 1,125 | 1,156 | |
WFRBS Commercial Mortgage Trust | |||
2012-C10, AS 3.241%, 12/15/45 | 600 | 601 | |
2012-C6, AS 3.835%, 4/15/45 | 638 | 660 | |
11,540 | |||
Total Mortgage-Backed Securities (Identified Cost $55,566) | 55,546 | ||
Asset-Backed Securities—5.1% | |||
Automobiles—0.5% | |||
Ford Credit Auto Owner Trust 2014-2, A 144A 2.310%, 4/15/26(1) | 1,060 | 1,062 | |
Credit Card—3.8% | |||
Cabela’s Credit Card Master Note Trust 2014-2, A (1 month LIBOR + 0.450%) 1.927%, 7/15/22(2) | 845 | 848 | |
Capital One Multi-Asset Execution Trust | |||
2005-B3, B3 (3 month LIBOR + 0.550%) 1.909%, 5/15/28(2) | 396 | 389 | |
2017-A5, A5 (1 month LIBOR + 0.580%) 2.057%, 7/15/27(2) | 1,330 | 1,340 |
Par Value | Value | ||
Credit Card—continued | |||
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 2.242%, 5/14/29(2) | $ 1,405 | $ 1,418 | |
Discover Card Execution Note Trust 2017-A5, A5 (1 month LIBOR + 0.600%) 2.077%, 12/15/26(2) | 1,830 | 1,850 | |
Master Credit Card Trust II 2017-1A, A 144A 2.260%, 7/21/21(1) | 960 | 960 | |
World Financial Network Credit Card Master Trust 2017-C, A 2.310%, 8/15/24 | 795 | 792 | |
7,597 | |||
Other—0.8% | |||
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(1) | 698 | 717 | |
Taco Bell Funding LLC 2016-1A, A2II 144A 4.377%, 5/25/46(1) | 173 | 178 | |
Verizon Owner Trust 2017-1A, A 144A 2.060%, 9/20/21(1) | 760 | 758 | |
1,653 | |||
Total Asset-Backed Securities (Identified Cost $10,233) | 10,312 | ||
Corporate Bonds And Notes—18.6% | |||
Consumer Discretionary—0.4% | |||
General Motors Co. 5.200%, 4/1/45 | 835 | 881 | |
Consumer Staples—1.2% | |||
BAT Capital Corp. 144A 4.540%, 8/15/47(1) | 690 | 726 | |
Japan Tobacco, Inc. 144A 2.100%, 7/23/18(1) | 1,187 | 1,188 | |
Molson Coors Brewing Co. 4.200%, 7/15/46 | 391 | 398 | |
2,312 | |||
Energy—3.5% | |||
Andeavor Logistics LP 4.250%, 12/1/27 | 210 | 212 | |
Baker Hughes a GE Co. LLC 144A 4.080%, 12/15/47(1) | 668 | 679 | |
Boardwalk Pipelines LP 4.450%, 7/15/27 | 247 | 251 | |
Energy Transfer LP 5.300%, 4/15/47 | 590 | 586 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 891 | 991 | |
Nabors Industries, Inc. 5.500%, 1/15/23 | 601 | 581 | |
Sabine Pass Liquefaction LLC 4.200%, 3/15/28 | 894 | 904 | |
Schlumberger Holdings Corp. | |||
144A 3.000%, 12/21/20(1) | 454 | 460 | |
144A 4.000%, 12/21/25(1) | 757 | 795 | |
Schlumberger Investment SA 144A 3.300%, 9/14/21(1) | 285 | 292 |
Par Value | Value | ||
Energy—continued | |||
Shell International Finance BV 1.750%, 9/12/21 | $ 402 | $ 392 | |
TechnipFMC plc 144A 3.450%, 10/1/22(1) | 127 | 127 | |
Transcanada Trust 5.300%, 3/15/77(2) | 117 | 121 | |
Woodside Finance Ltd. 144A 4.600%, 5/10/21(1) | 550 | 576 | |
6,967 | |||
Financials—6.4% | |||
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 696 | 682 | |
Bank of America Corp. | |||
3.124%, 1/20/23(2) | 1,112 | 1,128 | |
3.593%, 7/21/28(2) | 522 | 530 | |
Barclays plc 4.337%, 1/10/28 | 495 | 512 | |
BNP Paribas SA 144A 3.500%, 11/16/27(1) | 912 | 907 | |
Citigroup, Inc. 3.887%, 1/10/28(2) | 618 | 640 | |
Credit Suisse Group AG 144A 4.282%, 1/9/28(1) | 730 | 761 | |
Fifth Third Bank 2.200%, 10/30/20 | 326 | 324 | |
JPMorgan Chase & Co. 3.540%, 5/1/28(2) | 613 | 623 | |
Lazard Group LLC 3.750%, 2/13/25 | 868 | 885 | |
Morgan Stanley | |||
3.591%, 7/22/28(2) | 467 | 471 | |
4.375%, 1/22/47 | 535 | 586 | |
Nationwide Financial Services, Inc. 144A 5.375%, 3/25/21(1) | 556 | 599 | |
Northwestern Mutual Life Insurance Co. (The) 144A 3.850%, 9/30/47(1) | 150 | 152 | |
PNC Bank NA 2.150%, 4/29/21 | 715 | 709 | |
Royal Bank of Scotland Group plc 3.875%, 9/12/23 | 1,099 | 1,117 | |
SMBC Aviation Capital Finance DAC 144A 3.000%, 7/15/22(1) | 638 | 632 | |
UBS AG 144A 2.450%, 12/1/20(1) | 425 | 424 | |
US Bank NA 2.050%, 10/23/20 | 374 | 371 | |
Wells Fargo & Co. 3.069%, 1/24/23 | 894 | 901 | |
12,954 | |||
Health Care—0.8% | |||
Eli Lilly & Co. 3.950%, 5/15/47 | 450 | 483 | |
Howard Hughes Medical Institute 3.500%, 9/1/23 | 334 | 350 | |
Medtronic, Inc. | |||
3.500%, 3/15/25 | 146 | 151 | |
4.625%, 3/15/45 | 355 | 413 |
Par Value | Value | ||
Health Care—continued | |||
Novartis Securities Investment Ltd. 5.125%, 2/10/19 | $ 215 | $ 222 | |
1,619 | |||
Industrials—1.3% | |||
ERAC USA Finance LLC 144A 5.250%, 10/1/20(1) | 283 | 302 | |
Johnson Controls International plc 4.500%, 2/15/47 | 463 | 508 | |
L3 Technologies, Inc. 3.850%, 12/15/26 | 264 | 271 | |
Rockwell Collins, Inc. 3.500%, 3/15/27 | 874 | 890 | |
United Airlines Pass-Through-Trust 2016-1, A 3.450%, 7/7/28 | 294 | 298 | |
Xylem, Inc. 3.250%, 11/1/26 | 257 | 256 | |
2,525 | |||
Information Technology—2.0% | |||
Apple, Inc. 3.000%, 6/20/27 | 324 | 323 | |
Arrow Electronics, Inc. 3.875%, 1/12/28 | 280 | 279 | |
NVIDIA Corp. 3.200%, 9/16/26 | 377 | 378 | |
Oracle Corp. 2.650%, 7/15/26 | 1,137 | 1,108 | |
TSMC Global Ltd. 144A 1.625%, 4/3/18(1) | 1,673 | 1,670 | |
VMware, Inc. 3.900%, 8/21/27 | 324 | 327 | |
4,085 | |||
Materials—1.0% | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 752 | 937 | |
Newmont Mining Corp. 6.250%, 10/1/39 | 851 | 1,088 | |
2,025 | |||
Real Estate—0.7% | |||
Boston Properties LP 3.650%, 2/1/26 | 319 | 324 | |
Digital Realty Trust LP | |||
3.950%, 7/1/22 | 627 | 655 | |
4.750%, 10/1/25 | 362 | 393 | |
1,372 | |||
Telecommunication Services—1.0% | |||
AT&T, Inc. | |||
2.375%, 11/27/18 | 532 | 534 | |
4.350%, 6/15/45 | 1,247 | 1,149 |
Par Value | Value | ||
Telecommunication Services—continued | |||
Verizon Communications, Inc. 5.012%, 4/15/49 | $ 303 | $ 318 | |
2,001 | |||
Utilities—0.3% | |||
Duke Energy Corp. 3.750%, 9/1/46 | 617 | 610 | |
Total Corporate Bonds And Notes (Identified Cost $35,928) | 37,351 | ||
Total Long-Term Investments—98.3% (Identified Cost $196,279) | 197,373 |
Shares | ||
Short-Term Investment—2.5% | ||
Money Market Mutual Fund—2.5% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(3) | 5,044,056 | 5,044 |
Total Short-Term Investment (Identified Cost $5,044) | 5,044 | |
TOTAL INVESTMENTS—100.8% (Identified Cost $201,323) | $202,417 | |
Other assets and liabilities, net—(0.8)% | (1,523) | |
NET ASSETS—100.0% | $200,894 |
Abbreviation: | |
LIBOR | London Interbank Offered 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 December 31, 2017, these securities amounted to a value of $24,926 or 12.4% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 94% |
United Kingdom | 1 |
Taiwan | 1 |
Australia | 1 |
Japan | 1 |
Switzerland | 1 |
Ireland | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 10,312 | $ — | $ 10,312 | $— | |||
Corporate Bonds And Notes | 37,351 | — | 37,351 | — | |||
Mortgage-Backed Securities | 55,546 | — | 55,546 | — | |||
U.S. Government Securities | 94,164 | — | 94,164 | — | |||
Short-Term Investment | 5,044 | 5,044 | — | — | |||
Total Investments | $202,417 | $5,044 | $197,373 | $— |
Par Value | Value | ||
Foreign Government Security—2.6% | |||
Argentine Republic 7.500%, 4/22/26 | $355 | $ 402 | |
Total Foreign Government Security (Identified Cost $384) | 402 | ||
Corporate Bonds And Notes—96.3% | |||
Consumer Discretionary—6.5% | |||
General Motors Co. 5.200%, 4/1/45 | 197 | 208 | |
Hasbro, Inc. 3.500%, 9/15/27 | 320 | 313 | |
Home Depot, Inc. (The) 2.625%, 6/1/22 | 185 | 186 | |
Newell Brands, Inc. 4.200%, 4/1/26 | 280 | 292 | |
999 | |||
Consumer Staples—1.4% | |||
BAT Capital Corp. 144A 4.540%, 8/15/47(1) | 197 | 207 | |
Energy—24.3% | |||
Andeavor Logistics LP 4.250%, 12/1/27 | 232 | 234 | |
Baker Hughes a GE Co. LLC 144A 4.080%, 12/15/47(1) | 199 | 202 | |
Boardwalk Pipelines LP 4.450%, 7/15/27 | 97 | 99 | |
BP Capital Markets plc 2.112%, 9/16/21 | 470 | 464 | |
Chevron Corp. 1.686%, 2/28/19 | 80 | 80 | |
Energy Transfer LP 5.300%, 4/15/47 | 169 | 168 | |
Ensco plc | |||
4.500%, 10/1/24 | 161 | 135 | |
5.200%, 3/15/25 | 116 | 99 | |
5.750%, 10/1/44 | 116 | 79 | |
Exxon Mobil Corp. 1.912%, 3/6/20 | 80 | 79 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 266 | 296 | |
Nabors Industries, Inc. 5.500%, 1/15/23 | 220 | 213 | |
Sabine Pass Liquefaction LLC 4.200%, 3/15/28 | 258 | 261 | |
Schlumberger Holdings Corp. | |||
144A 3.000%, 12/21/20(1) | 162 | 164 | |
144A 4.000%, 12/21/25(1) | 257 | 270 | |
Shell International Finance BV | |||
2.000%, 11/15/18 | 190 | 190 | |
1.750%, 9/12/21 | 123 | 120 | |
2.500%, 9/12/26 | 245 | 237 | |
TechnipFMC plc 144A 3.450%, 10/1/22(1) | 55 | 55 |
Par Value | Value | ||
Energy—continued | |||
Transcanada Trust 5.300%, 3/15/77 | $252 | $ 260 | |
3,705 | |||
Financials—34.3% | |||
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 209 | 205 | |
Bank of America Corp. | |||
3.124%, 1/20/23 | 374 | 379 | |
3.593%, 7/21/28 | 226 | 230 | |
Barclays plc 4.337%, 1/10/28 | 200 | 207 | |
BNP Paribas SA 144A 3.500%, 11/16/27(1) | 270 | 269 | |
Citigroup, Inc. 3.887%, 1/10/28 | 239 | 247 | |
Credit Suisse Group AG 144A 4.282%, 1/9/28(1) | 252 | 263 | |
Jefferies Group LLC 4.850%, 1/15/27 | 306 | 325 | |
John Deere Capital Corp. 1.950%, 3/4/19 | 80 | 80 | |
JPMorgan Chase & Co. 3.540%, 5/1/28 | 300 | 305 | |
Lazard Group LLC | |||
4.250%, 11/14/20 | 234 | 244 | |
3.750%, 2/13/25 | 296 | 302 | |
Manufacturers & Traders Trust Co. 3.400%, 8/17/27 | 250 | 253 | |
Morgan Stanley | |||
2.625%, 11/17/21 | 190 | 189 | |
3.591%, 7/22/28 | 123 | 124 | |
4.375%, 1/22/47 | 153 | 167 | |
Northwestern Mutual Life Insurance Co. (The) 144A 3.850%, 9/30/47(1) | 216 | 219 | |
PNC Bank NA 2.150%, 4/29/21 | 250 | 248 | |
Royal Bank of Scotland Group plc 3.875%, 9/12/23 | 200 | 203 | |
SMBC Aviation Capital Finance DAC 144A 3.000%, 7/15/22(1) | 227 | 225 | |
UBS AG 144A 2.450%, 12/1/20(1) | 200 | 199 | |
Wells Fargo & Co. 3.069%, 1/24/23 | 351 | 353 | |
5,236 | |||
Health Care—3.6% | |||
Eli Lilly & Co. 3.950%, 5/15/47 | 136 | 146 | |
Medtronic, Inc. | |||
3.500%, 3/15/25 | 63 | 65 | |
4.625%, 3/15/45 | 107 | 125 | |
Roche Holdings, Inc. 144A 2.250%, 9/30/19(1) | 216 | 216 | |
552 | |||
Industrials—4.1% | |||
Johnson Controls International plc 4.500%, 2/15/47 | 149 | 164 |
Par Value | Value | ||
Industrials—continued | |||
L3 Technologies, Inc. 3.850%, 12/15/26 | $ 97 | $ 100 | |
Rockwell Collins, Inc. 3.500%, 3/15/27 | 249 | 253 | |
United Airlines Pass-Through-Trust 2016-1, A 3.450%, 7/7/28 | 110 | 111 | |
628 | |||
Information Technology—9.1% | |||
Apple, Inc. 3.000%, 6/20/27 | 380 | 378 | |
Arrow Electronics, Inc. 3.875%, 1/12/28 | 93 | 93 | |
Intel Corp. 2.450%, 7/29/20 | 80 | 81 | |
Microsoft Corp. 1.100%, 8/8/19 | 80 | 79 | |
NVIDIA Corp. 3.200%, 9/16/26 | 118 | 118 | |
TSMC Global Ltd. 144A 1.625%, 4/3/18(1) | 200 | 200 | |
VMware, Inc. | |||
2.300%, 8/21/20 | 335 | 333 | |
3.900%, 8/21/27 | 112 | 113 | |
1,395 | |||
Materials—2.3% | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 160 | 200 | |
Newmont Mining Corp. 6.250%, 10/1/39 | 119 | 152 | |
352 | |||
Real Estate—5.3% | |||
American Campus Communities Operating Partnership LP 3.625%, 11/15/27 | 326 | 322 | |
Digital Realty Trust LP | |||
3.950%, 7/1/22 | 220 | 230 | |
4.750%, 10/1/25 | 101 | 110 | |
Simon Property Group LP 3.375%, 12/1/27 | 145 | 146 | |
808 | |||
Telecommunication Services—3.0% | |||
AT&T, Inc. 4.350%, 6/15/45 | 381 | 351 | |
Verizon Communications, Inc. 5.012%, 4/15/49 | 96 | 101 | |
452 | |||
Utilities—2.4% | |||
Duke Energy Corp. 3.750%, 9/1/46 | 167 | 165 |
Par Value | Value | ||
Utilities—continued | |||
FirstEnergy Transmission LLC 144A 5.450%, 7/15/44(1) | $166 | $ 197 | |
362 | |||
Total Corporate Bonds And Notes (Identified Cost $14,373) | 14,696 | ||
Total Long-Term Investments—98.9% (Identified Cost $14,757) | 15,098 |
Shares | ||
Short-Term Investment—2.8% | ||
Money Market Mutual Fund—2.8% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(2) | 431,414 | 431 |
Total Short-Term Investment (Identified Cost $431) | 431 | |
TOTAL INVESTMENTS—101.7% (Identified Cost $15,188) | $15,529 | |
Other assets and liabilities, net—(1.7)% | (266) | |
NET ASSETS—100.0% | $15,263 |
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 December 31, 2017, these securities amounted to a value of $2,891 or 18.9% of net assets. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 74% |
United Kingdom | 8 |
Netherlands | 4 |
Switzerland | 3 |
Argentina | 3 |
Ireland | 2 |
France | 2 |
Other | 4 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Corporate Bonds And Notes | $14,696 | $ — | $14,696 | $— | |||
Foreign Government Security | 402 | — | 402 | — | |||
Short-Term Investment | 431 | 431 | — | — | |||
Total Investments | $15,529 | $431 | $15,098 | $— |
Par Value | Value | ||
Asset-Backed Securities—0.1% | |||
Collateralized Loan Obligations—0.1% | |||
Neuberger Berman CLO XIV Ltd. 2013-14A, ER (3 month LIBOR + 6.450%) 144A 7.828%, 1/28/30(1)(2) | $ 3,000 | $ 3,032 | |
Trinitas CLO VII Ltd. | |||
2017-7A, D (3 month LIBOR + 3.500%) 144A 5.198%, 1/25/31(1)(2)(3) | 1,000 | 1,000 | |
2017-7A, E (3 month LIBOR + 6.280%) 144A 7.978%, 1/25/31(1)(2)(3) | 3,000 | 2,910 | |
6,942 | |||
Total Asset-Backed Securities (Identified Cost $6,814) | 6,942 | ||
Corporate Bonds And Notes—3.7% | |||
Consumer Discretionary—0.2% | |||
CCO Holdings LLC 144A 5.125%, 5/1/27(1)(4) | 1,000 | 985 | |
Intelsat Jackson Holdings SA 7.250%, 10/15/20(4) | 2,300 | 2,162 | |
Lions Gate Entertainment Corp. 144A 5.875%, 11/1/24(1)(4) | 1,650 | 1,743 | |
MGM Resorts International 7.750%, 3/15/22 | 5,019 | 5,722 | |
Motors Liquidation Co. Escrow | |||
7.200%, 2/15/40(5)(6) | 10,000 | — | |
8.375%, 2/15/40(5)(6) | 10,000 | — | |
Weight Watchers International, Inc. 144A 8.625%, 12/1/25(1) | 1,300 | 1,358 | |
11,970 | |||
Consumer Staples—0.2% | |||
Rite Aid Corp. 144A 6.125%, 4/1/23(1) | 3,000 | 2,707 | |
US Foods, Inc. 144A 5.875%, 6/15/24(1) | 8,000 | 8,400 | |
11,107 | |||
Energy—0.6% | |||
Glenn Pool Oil 4.150%, 2/15/40(3) | 36,828 | 35,539 | |
Financials—0.5% | |||
Ally Financial, Inc. 7.500%, 9/15/20(4) | 6,000 | 6,645 | |
CSC Holdings LLC 144A 10.125%, 1/15/23(1) | 2,000 | 2,253 | |
Nationstar Mortgage LLC 7.875%, 10/1/20 | 5,517 | 5,634 | |
Navient Corp. 8.000%, 3/25/20(4) | 10,000 | 10,812 | |
VICI Properties 1 LLC 8.000%, 10/15/23(4) | 3,565 | 3,983 |
Par Value | Value | ||
Financials—continued | |||
Walter Investment Management Corp. 7.875%, 12/15/21(6) | $ 4,000 | $ 2,420 | |
31,747 | |||
Health Care—0.2% | |||
HCA Healthcare, Inc. 6.250%, 2/15/21(4) | 5,000 | 5,300 | |
Valeant Pharmaceuticals International, Inc. 144A 7.500%, 7/15/21(1)(4) | 5,000 | 5,094 | |
10,394 | |||
Industrials—0.6% | |||
Bombardier, Inc. 144A 7.750%, 3/15/20(1) | 7,000 | 7,525 | |
Engility Corp. 8.875%, 9/1/24 | 22,000 | 23,513 | |
Harland Clarke Holdings Corp. 144A 8.375%, 8/15/22(1) | 5,000 | 5,192 | |
36,230 | |||
Information Technology—0.2% | |||
Alliance Data Systems Corp. 144A 5.875%, 11/1/21(1)(4) | 5,000 | 5,125 | |
Dell International LLC 144A 7.125%, 6/15/24(1) | 8,000 | 8,759 | |
Western Digital Corp. 10.500%, 4/1/24(4) | 1,000 | 1,159 | |
15,043 | |||
Materials—0.1% | |||
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(1) | 5,000 | 5,355 | |
Real Estate—0.5% | |||
iStar, Inc. | |||
5.000%, 7/1/19 | 5,000 | 5,025 | |
4.625%, 9/15/20 | 600 | 609 | |
6.500%, 7/1/21 | 1,400 | 1,454 | |
6.000%, 4/1/22 | 10,000 | 10,350 | |
Realogy Group LLC 144A 5.250%, 12/1/21(1)(4) | 5,000 | 5,188 | |
Starwood Property Trust, Inc. 5.000%, 12/15/21(4) | 5,250 | 5,447 | |
28,073 | |||
Telecommunication Services—0.4% | |||
Altice Luxembourg SA 144A 7.625%, 2/15/25(1) | 6,000 | 5,745 | |
Cequel Communications Holdings I LLC 144A 7.750%, 7/15/25(1) | 7,000 | 7,490 | |
Trilogy International Partners LLC 144A 8.875%, 5/1/22(1) | 10,000 | 10,250 | |
23,485 | |||
Utilities—0.2% | |||
Talen Energy Supply LLC | |||
6.500%, 6/1/25 | 5,000 | 4,063 | |
144A 9.500%, 7/15/22(1)(4) | 5,000 | 5,125 |
Par Value | Value | ||
Utilities—continued | |||
144A 10.500%, 1/15/26(1) | $ 3,500 | $ 3,464 | |
12,652 | |||
Total Corporate Bonds And Notes (Identified Cost $219,494) | 221,595 | ||
Leveraged Loans(2)—90.6% | |||
Aerospace—2.3% | |||
Aerojet Rocketdyne Holdings, Inc. (1 month LIBOR + 2.250%) 3.819%, 6/17/21 | 8,481 | 8,397 | |
Air Canada (3 month LIBOR + 2.250%) 3.745%, 10/6/23 | 12,843 | 12,902 | |
AM General LLC Second Lien (1 month LIBOR + 11.750%) 13.100%, 1/20/24 | 7,000 | 7,297 | |
American Airlines, Inc. | |||
2017 (1 month LIBOR + 2.000%) 3.432%, 10/11/21 | 5,657 | 5,660 | |
2017, Tranche B (1 month LIBOR + 2.000%) 3.477%, 1/15/26 | 3,465 | 3,459 | |
Engility Corp. | |||
Tranche B-1 (1 month LIBOR + 2.750%) 4.319%, 8/12/20 | 13,588 | 13,665 | |
Tranche B-2 (1 month LIBOR + 3.250%) 5.785%, 8/14/23 | 15,620 | 15,757 | |
MB Aerospace Holdings II Corp. (3 month LIBOR + 3.500%) 0.000%, 12/13/24(7) | 2,075 | 2,075 | |
Sequa Mezzanine Holdings LLC | |||
First Lien (3 month LIBOR + 5.000%) 6.549%, 12/7/24 | 8,277 | 8,323 | |
Second Lien (3 month LIBOR + 9.000%) 10.374%, 4/28/22(4) | 2,090 | 2,108 | |
StandardAero Aviation Holdings, Inc. (1 month LIBOR + 3.750%) 5.320%, 7/7/22 | 24,215 | 24,376 | |
Transdigm, Inc. | |||
Tranche E (1 month LIBOR + 2.750%) 4.319%, 5/16/22 | 12,469 | 12,499 | |
Tranche F (1 month LIBOR + 2.750%) 0.000%, 6/9/23(7) | 8,998 | 9,009 | |
Tranche G (1 month LIBOR + 3.000%) 4.662%, 8/22/24 | 3,326 | 3,340 | |
WP CPP Holdings LLC Tranche B-3, First Lien (3 month LIBOR + 3.500%) 4.880%, 12/28/19 | 8,097 | 8,082 | |
136,949 | |||
Broadcasting—1.6% | |||
CBS Radio, Inc. Tranche B-1 (3 month LIBOR + 2.750%) 4.172%, 11/18/24 | 12,053 | 12,108 | |
Mission Broadcasting, Inc. Tranche B-2 (1 month LIBOR + 2.500%) 3.861%, 1/17/24 | 606 | 607 | |
Nexstar Broadcasting, Inc. Tranche B-2 (1 month LIBOR + 2.500%) 3.861%, 1/17/24(4) | 4,799 | 4,809 | |
Quincy Newspapers, Inc. Tranche B (3 month PRIME + 2.250%) 5.785%, 11/2/22 | 4,225 | 4,236 |
Par Value | Value | ||
Broadcasting—continued | |||
Sinclair Television Group, Inc. (3 month LIBOR + 2.500%) 0.000%, 12/12/24(7) | $ 11,895 | $ 11,873 | |
Tribune Media Co. | |||
Tranche B (1 month LIBOR + 3.000%) 4.569%, 12/27/20 | 1,037 | 1,038 | |
Tranche C (1 month LIBOR + 3.000%) 4.569%, 1/27/24 | 12,932 | 12,940 | |
Univision Communications, Inc. 2017 (1 month LIBOR + 2.750%) 4.319%, 3/15/24 | 46,940 | 46,757 | |
94,368 | |||
Cable/Wireless Video—8.1% | |||
Altice US Finance I Corp. 2017 (1 month LIBOR + 2.250%) 3.819%, 7/28/25 | 23,162 | 23,051 | |
Cable One, Inc. Tranche B-1 (3 month LIBOR + 2.250%) 3.950%, 5/1/24 | 2,492 | 2,499 | |
Charter Communications Operating, LLC Tranche B (3 month LIBOR + 2.000%) 0.000%, 4/30/25(7) | 63,655 | 63,678 | |
Cogeco Communications (USA) II LP Tranche B (3 month LIBOR + 2.375%) 0.000%, 8/9/24(7) | 22,085 | 22,023 | |
Coral US Co-Borrower LLC Tranche B-3 (1 month LIBOR + 3.500%) 5.069%, 1/31/25 | 39,340 | 39,358 | |
CSC Holdings LLC 2017 (1 month LIBOR + 2.250%) 3.741%, 7/17/25(4) | 15,572 | 15,498 | |
Intelsat Jackson Holdings SA Tranche B-2 (3 month LIBOR + 2.750%) 4.212%, 6/30/19(4) | 22,636 | 22,561 | |
Liberty Cablevision of Puerto Rico | |||
Second Lien (3 month LIBOR + 6.750%) 8.109%, 7/7/23 | 5,140 | 4,678 | |
Tranche B, First Lien (3 month LIBOR + 3.500%) 4.859%, 1/7/22 | 19,931 | 19,283 | |
MCC Iowa LLC Tranche M (weekly LIBOR + 2.000%) 3.490%, 1/15/25 | 4,992 | 4,997 | |
Mediacom Illinois LLC Tranche K (weekly LIBOR + 2.250%) 3.740%, 2/15/24 | 12,684 | 12,724 | |
Quebecor Media, Inc. Tranche B-1 (3 month LIBOR + 2.250%) 3.666%, 8/17/20(4) | 23,591 | 23,620 | |
Radiate Holdco LLC | |||
(1 month LIBOR + 3.000%) 0.000%, 2/1/24(7) | 24,277 | 24,073 | |
(3 month LIBOR + 5.750%) 5.750%, 1/1/30(3)(4)(8) | 10,000 | 10,000 | |
Telenet Financing USD LLC (1 month LIBOR + 2.500%) 3.918%, 3/2/26 | 4,580 | 4,592 | |
Unitymedia Finance LLC Tranche B, First Lien (3 month LIBOR + 2.250%) 0.000%, 1/20/26(7) | 7,130 | 7,110 | |
UnityMedia Hessen Gmbh Tranche B (1 month LIBOR + 2.250%) 3.727%, 9/30/25 | 20,550 | 20,558 | |
UPC Financing Partnership (1 month LIBOR + 2.500%) 3.977%, 1/15/26 | 20,970 | 20,953 |
Par Value | Value | ||
Cable/Wireless Video—continued | |||
Virgin Media Bristol LLC (1 month LIBOR + 2.500%) 3.977%, 1/15/26 | $ 37,345 | $ 37,322 | |
WideOpenWest Finance LLC Tranche B (1 month LIBOR + 3.250%) 4.751%, 8/18/23 | 29,699 | 29,393 | |
Ziggo Secured Finance Partnership Tranche E (1 month LIBOR + 2.500%) 3.977%, 4/15/25 | 79,360 | 78,666 | |
486,637 | |||
Chemicals—4.1% | |||
Albaugh LLC 2017 (3 month LIBOR + 3.500%) 0.000%, 12/6/24(7) | 3,745 | 3,775 | |
Alpha US Bidco, Inc. Tranche B-1 (3 month LIBOR + 3.000%) 4.693%, 1/31/24 | 4,239 | 4,262 | |
Ashland LLC Tranche B (1 month LIBOR + 2.000%) 3.571%, 5/17/24 | 1,667 | 1,674 | |
Axalta Coating Systems US Holdings, Inc. Tranche B-2 (3 month LIBOR + 2.000%) 3.693%, 6/1/24 | 1,806 | 1,812 | |
Emerald Performance Materials LLC | |||
First Lien (1 month LIBOR + 3.500%) 5.069%, 8/2/21 | 1,139 | 1,147 | |
Second Lien (1 month LIBOR + 7.750%) 9.319%, 8/1/22 | 22,196 | 22,134 | |
Ferro Corp. (1 month LIBOR + 2.500%) 4.069%, 2/14/24 | 8,451 | 8,493 | |
Gemini HDPE LLC (3 month LIBOR + 3.000%) 4.380%, 8/7/24 | 15,249 | 15,259 | |
HB Fuller Co. (1 month LIBOR + 2.250%) 0.000%, 10/20/24(7) | 19,421 | 19,473 | |
Ineos Styrolution US Holding LLC 2024 (3 month LIBOR + 2.000%) 3.693%, 3/29/24 | 11,769 | 11,791 | |
Ineos US Finance LLC 2024 (1 month LIBOR + 2.000%) 3.569%, 3/31/24 | 63,285 | 63,285 | |
Kraton Polymers LLC (1 month LIBOR + 3.000%) 4.569%, 1/6/22 | 1,818 | 1,835 | |
MacDermid Incorporated Tranche B-6 (1 month LIBOR + 3.000%) 4.569%, 6/7/23 | 5,485 | 5,511 | |
Macdermid, Inc. Tranche B-7 (1 month LIBOR + 2.500%) 4.069%, 6/8/20 | 4,974 | 5,003 | |
Minerals Technologies, Inc. | |||
Tranche B-1 (3 month PRIME + 1.250%) 4.470%, 2/14/24 | 7,103 | 7,157 | |
Tranche B-2 4.750%, 5/7/21(9) | 16,808 | 17,018 | |
New Arclin US Holding Corp. First Lien (3 month LIBOR + 4.250%) 5.943%, 2/14/24 | 1,786 | 1,799 | |
Oxea Corp. Tranche B-2 (3 month LIBOR + 3.500%) 4.875%, 10/11/24 | 6,295 | 6,293 | |
Trinseo Materials Operating SCA Tranche B (1 month LIBOR + 2.500%) 4.069%, 9/6/24 | 9,130 | 9,198 | |
Tronox Finance LLC | |||
First Lien (3 month LIBOR + 3.000%) 0.000%, 9/23/24(7) | 10,517 | 10,577 |
Par Value | Value | ||
Chemicals—continued | |||
First Lien (3 month LIBOR + 3.000%) 0.000%, 9/23/24(7) | $ 4,558 | $ 4,584 | |
Univar USA, Inc. Tranche B-3 (1 month LIBOR + 2.500%) 0.000%, 7/1/24(7) | 5,829 | 5,848 | |
Vantage Specialty Chemicals, Inc. | |||
First Lien (3 month LIBOR + 4.000%) 5.371%, 10/25/24 | 6,420 | 6,457 | |
Second Lien (3 month LIBOR + 8.250%) 9.621%, 10/20/25 | 4,050 | 3,969 | |
Venator Materials LLC (3 month LIBOR + 3.000%) 4.380%, 8/8/24 | 5,840 | 5,884 | |
244,238 | |||
Consumer Durables—0.2% | |||
American Bath Group LLC (3 month LIBOR + 5.250%) 6.943%, 9/30/23 | 10,308 | 10,381 | |
WKI Holding Co., Inc. (3 month LIBOR + 4.000%) 5.377%, 4/25/24 | 4,995 | 5,014 | |
15,395 | |||
Consumer Nondurables—0.6% | |||
Alphabet Holding Co., Inc. First Lien (1 month LIBOR + 3.500%) 5.069%, 9/26/24 | 4,603 | 4,448 | |
Eastman Kodak Co. (1 month LIBOR + 6.250%) 7.819%, 9/3/19 | 9,006 | 7,700 | |
Hercules Achievement, Inc. First Lien (1 month LIBOR + 3.500%) 5.069%, 12/9/24 | 8,740 | 8,784 | |
Parfums Holding Co., Inc. First Lien (3 month LIBOR + 4.750%) 6.443%, 6/28/24 | 3,746 | 3,773 | |
Prestige Brands, Inc. Tranche B-4 (1 month LIBOR + 2.750%) 4.319%, 1/26/24 | 9,386 | 9,441 | |
Recess Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 5.254%, 9/18/24 | 2,210 | 2,218 | |
36,364 | |||
Diversified Media—5.5% | |||
A-L Parent LLC First Lien (1 month LIBOR + 3.250%) 4.820%, 12/1/23 | 2,490 | 2,505 | |
ALM Media LLC Tranche B, First Lien (3 month LIBOR + 4.500%) 6.193%, 7/31/20(3) | 4,911 | 4,174 | |
Alpha Topco Ltd. (1 month LIBOR + 3.000%) 4.569%, 2/1/24 | 5,575 | 5,602 | |
AP NMT Acquisition BV Tranche B, First Lien (3 month LIBOR + 5.750%) 7.085%, 8/13/21 | 17,690 | 17,549 | |
Creative Artists Agency LLC (1 month LIBOR + 3.500%) 4.977%, 2/15/24 | 11,578 | 11,632 | |
Deluxe Entertainment Services Group, Inc. (3 month LIBOR + 5.500%) 0.000%, 2/28/20(7) | 20,055 | 19,604 | |
DHX Media Ltd. (1 month LIBOR + 3.750%) 5.319%, 12/29/23(3) | 5,826 | 5,833 |
Par Value | Value | ||
Diversified Media—continued | |||
Donnelley Financial Solutions, Inc. 2017 (1 month LIBOR + 3.000%) 4.552%, 9/29/23(4) | $ 2,217 | $ 2,227 | |
Gannett Co., Inc. (1 month LIBOR + 2.000%) 3.560%, 6/29/20(3)(8) | 5,000 | 4,800 | |
Harland Clarke Holdings Corp. 2017 (3 month LIBOR + 4.750%) 6.443%, 11/3/23 | 118,022 | 118,415 | |
Lions Gate Entertainment Corp. | |||
Tranche A (1 month LIBOR + 2.000%) 3.569%, 12/8/21 | 14,250 | 14,250 | |
Tranche B-1 (1 month LIBOR + 2.250%) 3.819%, 12/8/23 | 13,732 | 13,736 | |
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 5.569%, 5/4/22(4) | 5,733 | 5,714 | |
Merrill Communications LLC (3 month LIBOR + 5.250%) 6.630%, 6/1/22(4) | 11,005 | 11,060 | |
Micro Holding Corp. | |||
(3 month LIBOR + 3.750%) 5.338%, 9/13/24 | 13,397 | 13,428 | |
Tranche B, Second Lien (3 month LIBOR + 7.500%) 9.088%, 8/15/25 | 1,695 | 1,697 | |
Nielsen Finance LLC (VNU) Tranche B-4 (1 month LIBOR + 2.000%) 3.432%, 10/4/23 | 6,033 | 6,056 | |
Rovi Solutions Corp. Tranche B (3 month LIBOR + 2.500%) 4.070%, 7/2/21 | 9,215 | 9,257 | |
William Morris Endeavor Entertainment LLC | |||
Second Lien (3 month LIBOR + 7.250%) 8.630%, 5/6/22 | 16,943 | 16,943 | |
Tranche B (3 month LIBOR + 3.250%) 4.640%, 5/6/21 | 44,272 | 44,449 | |
328,931 | |||
Energy—5.0% | |||
Alon USA Partners LP Tranche B (1 month LIBOR + 8.000%) 9.569%, 11/26/18 | 17,469 | 17,513 | |
Azure Midstream Energy LLC (1 month LIBOR + 6.500%) 8.069%, 11/15/18 | 14,875 | 13,425 | |
BCP Raptor LLC (3 month LIBOR + 4.250%) 5.729%, 6/24/24 | 12,895 | 12,936 | |
California Resources Corp. | |||
(1 month LIBOR + 10.375%) 11.876%, 12/31/22(4) | 8,790 | 9,636 | |
(1 month LIBOR + 4.750%) 6.241%, 12/31/22 | 5,840 | 5,811 | |
Chesapeake Energy Corp. Tranche A (3 month LIBOR + 7.500%) 8.954%, 8/23/21(4) | 23,745 | 25,241 | |
Chief Exploration & Development LLC Second Lien (2 month LIBOR + 6.500%) 7.959%, 5/16/21 | 15,090 | 14,813 | |
Citgo Holding, Inc. (3 month LIBOR + 8.500%) 0.000%, 5/12/18(7) | 28,768 | 29,020 | |
Crestwood Holdings LLC Tranche B-1 (3 month LIBOR + 8.000%) 9.436%, 6/19/19(4) | 14,122 | 14,116 |
Par Value | Value | ||
Energy—continued | |||
EMG Utica LLC (3 month LIBOR + 3.750%) 5.518%, 3/27/20 | $ 18,770 | $ 18,864 | |
Energy Transfer Equity LP (1 month LIBOR + 2.000%) 3.501%, 2/2/24 | 26,609 | 26,489 | |
FTS International, Inc. (1 month LIBOR + 4.750%) 0.000%, 4/16/21(7) | 27,398 | 26,685 | |
Gavilan Resources LLC Second Lien (1 month LIBOR + 6.000%) 7.460%, 3/1/24(4) | 15,190 | 15,025 | |
Hi-Crush Partners LP (3 month LIBOR + 4.000%) 0.000%, 12/16/24(7) | 11,650 | 11,621 | |
KCA Deutag Alpha Ltd. (3 month LIBOR + 5.750%) 7.196%, 5/15/20 | 13,479 | 13,154 | |
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 4.819%, 10/30/24 | 2,795 | 2,798 | |
Osum Production Corp (3 month LIBOR + 5.500%) 0.000%, 7/31/20(7) | 2,556 | 2,147 | |
Philadelphia Energy Solutions Refining & Marketing LLC (3 month PRIME + 4.000%) 8.500%, 4/4/18 | 11,734 | 8,742 | |
Riverstone Utopia Member LLC (2 month LIBOR + 4.250%) 5.611%, 10/17/24 | 3,775 | 3,832 | |
Sheridan Investment Partners II LP (3 month LIBOR + 3.500%) 4.980%, 12/16/20 | 6,130 | 5,292 | |
Sheridan Production Partners II-A LP (3 month LIBOR + 3.500%) 4.980%, 12/16/20 | 853 | 736 | |
Sheridan Production Partners II-M LP (3 month LIBOR + 3.500%) 4.980%, 12/16/20 | 318 | 275 | |
Traverse Midstream Partners LLC (3 month LIBOR + 4.000%) 5.850%, 9/27/24 | 12,985 | 13,154 | |
Ultra Resources, Inc. (3 month LIBOR + 3.000%) 4.413%, 4/12/24(4) | 6,765 | 6,750 | |
298,075 | |||
Financial—6.0% | |||
AltiSource Solutions S.a.r.l Tranche B (1 month LIBOR + 3.500%) 5.069%, 12/9/20 | 9,605 | 9,401 | |
AmWINS Group, Inc. First Lien (1 month LIBOR + 2.750%) 4.250%, 1/25/24 | 1,980 | 1,986 | |
Aretec Group, Inc. | |||
Second Lien (3 month LIBOR + 5.500%) 6.500%, 5/24/21 | 20,387 | 20,375 | |
Tranche B-1 (1 month LIBOR + 4.250%) 5.819%, 11/23/20 | 7,370 | 7,370 | |
ASP MCS Acquisition Corp. (1 month LIBOR + 4.750%) 6.251%, 5/20/24 | 6,661 | 6,678 | |
Asurion LLC | |||
Tranche B-2, Second Lien (1 month LIBOR + 6.000%) 7.569%, 8/4/25 | 48,755 | 50,050 | |
Tranche B-4 (1 month LIBOR + 2.750%) 4.319%, 8/4/22 | 43,701 | 43,899 | |
Tranche B-5 (1 month LIBOR + 3.000%) 4.569%, 11/3/23 | 32,065 | 32,205 |
Par Value | Value | ||
Financial—continued | |||
Avolon TLB Borrower 1 (US) LLC Tranche B2 (1 month LIBOR + 2.250%) 0.000%, 3/20/22(7) | $ 5,787 | $ 5,740 | |
BCP Renaissance Parent LLC (3 month LIBOR + 4.000%) 5.380%, 10/31/24 | 5,030 | 5,088 | |
Deerfield Holdings Corp. (3 month LIBOR + 3.250%) 0.000%, 12/4/24(7) | 4,765 | 4,771 | |
EVO Payments International LLC First Lien (1 month LIBOR + 5.000%) 0.000%, 12/22/23(7) | 5,000 | 5,033 | |
Finco I LLC (1 month LIBOR + 2.750%) 4.319%, 12/27/22 | 13,095 | 13,229 | |
Freedom Mortgage Corp. (3 month LIBOR + 5.500%) 6.956%, 2/23/22 | 11,364 | 11,507 | |
Greenhill & Co., Inc. First Lien (2 month LIBOR + 3.750%) 5.224%, 10/12/22 | 2,935 | 2,942 | |
I-Logic Technologies Bidco Ltd. (3 month LIBOR + 4.000%) 0.000%, 12/20/24(7) | 3,560 | 3,542 | |
iStar, Inc. Tranche B (1 month LIBOR + 3.000%) 4.451%, 10/1/21 | 18,098 | 18,234 | |
Jane Street Group LLC (3 month LIBOR + 4.500%) 5.880%, 8/25/22 | 4,143 | 4,192 | |
Jefferies Finance LLC (3 month LIBOR + 3.000%) 4.438%, 8/2/24(4) | 2,390 | 2,393 | |
LPL Holdings, Inc. Tranche B (6 month LIBOR + 2.250%) 3.810%, 9/21/24 | 2,918 | 2,927 | |
Ocwen Loan Servicing LLC (1 month LIBOR + 5.000%) 6.460%, 12/7/20(4) | 13,981 | 14,003 | |
Russell Investments US Institutional Holdco, Inc. (3 month LIBOR + 4.250%) 5.943%, 6/1/23 | 8,979 | 9,026 | |
Tempo Acquisition LLC (1 month LIBOR + 3.000%) 0.000%, 5/1/24(7) | 22,472 | 22,379 | |
USI, Inc. Tranche B (3 month LIBOR + 3.000%) 4.693%, 5/16/24 | 5,666 | 5,654 | |
VFH Parent LLC | |||
(3 month LIBOR + 3.750%) 5.135%, 12/30/21 | 9,970 | 10,045 | |
Tranche B (3 month LIBOR + 3.250%) 0.000%, 12/30/21(7) | 7,135 | 7,188 | |
Victory Capital Operating LLC Tranche B-1 (1 month LIBOR + 5.250%) 6.819%, 11/1/21 | 9,720 | 9,829 | |
Walter Investment Management Corp. Tranche B (1 month LIBOR + 3.750%) 5.319%, 12/18/20(10) | 30,040 | 28,651 | |
358,337 | |||
Food And Drug—0.7% | |||
Albertson’s LLC | |||
2017-1, Tranche B-4 (1 month LIBOR + 2.750%) 4.319%, 8/25/21 | 6,853 | 6,711 | |
2017-1, Tranche B-5 (3 month LIBOR + 3.000%) 4.675%, 12/21/22 | 1,768 | 1,731 | |
2017-1, Tranche B-6 (3 month LIBOR + 3.000%) 4.462%, 6/22/23 | 21,326 | 20,864 |
Par Value | Value | ||
Food And Drug—continued | |||
Rite Aid Corp. Tranche 1, Second Lien (weekly LIBOR + 4.750%) 6.240%, 8/21/20 | $ 6,649 | $ 6,668 | |
Supervalu, Inc. | |||
(1 month LIBOR + 3.500%) 3.035%, 6/8/24(8) | 2,419 | 2,361 | |
(1 month LIBOR + 3.500%) 5.069%, 6/8/24 | 4,032 | 3,936 | |
42,271 | |||
Food/Tobacco—2.3% | |||
Amplify Snack Brands, Inc. (1 month LIBOR + 5.500%) 6.880%, 9/2/23 | 7,557 | 7,568 | |
Aramark Services, Inc. Tranche B-1 (1 month LIBOR + 2.000%) 3.569%, 3/7/25 | 5,555 | 5,581 | |
BC Unlimited Liability Co. Tranche B-3 (1 month LIBOR + 2.250%) 3.881%, 2/16/24 | 58,018 | 57,987 | |
Blue Buffalo Pet Products, Inc. (1 month LIBOR + 2.000%) 3.569%, 5/27/24 | 2,488 | 2,497 | |
JBS USA LUX SA (3 month LIBOR + 2.500%) 4.100%, 10/30/22 | 23,497 | 23,069 | |
Milk Specialties Co (3 month LIBOR + 4.000%) 5.693%, 8/16/23 | 10,443 | 10,521 | |
NPC International, Inc. | |||
First Lien (1 month LIBOR + 3.500%) 5.052%, 4/19/24 | 3,527 | 3,554 | |
Second Lien (1 month LIBOR + 7.500%) 9.052%, 4/18/25 | 1,265 | 1,290 | |
Post Holdings, Inc. Tranche A (1 month LIBOR + 2.250%) 3.820%, 5/24/24 | 17,467 | 17,520 | |
US Foods, Inc. (1 month LIBOR + 2.500%) 4.069%, 6/27/23 | 10,299 | 10,350 | |
139,937 | |||
Forest Product/Containers—1.5% | |||
Anchor Glass Container Corp. | |||
2017 (1 month LIBOR + 2.750%) 4.250%, 12/7/23 | 5,378 | 5,376 | |
Second Lien (1 month LIBOR + 7.750%) 9.182%, 12/7/24 | 2,595 | 2,617 | |
Berry Global, Inc. Tranche O (3 month LIBOR + 2.000%) 3.406%, 2/8/20 | 6,678 | 6,702 | |
Bway Holding Co. (3 month LIBOR + 3.250%) 4.599%, 4/3/24 | 18,731 | 18,798 | |
Caraustar Industries, Inc. (3 month LIBOR + 5.500%) 7.193%, 3/14/22 | 13,625 | 13,656 | |
Flex Acquisition Co., Inc. (3 month LIBOR + 3.000%) 4.335%, 12/29/23 | 2,468 | 2,478 | |
Plastipak Packaging, Inc. Tranche B (3 month LIBOR + 2.750%) 4.450%, 10/14/24 | 1,676 | 1,685 | |
ProAmpac PG Borrower LLC First Lien (3 month LIBOR + 4.000%) 5.373%, 8/4/23 | 9,319 | 9,387 | |
Reynolds Group Holdings, Inc. (1 month LIBOR + 2.750%) 4.319%, 2/6/23 | 11,310 | 11,356 |
Par Value | Value | ||
Forest Product/Containers—continued | |||
Signode Industrial Group US, Inc. Tranche B (1 month LIBOR + 2.750%) 4.360%, 5/3/21 | $ 15,690 | $ 15,700 | |
87,755 | |||
Gaming/Leisure—7.4% | |||
Amaya Gaming Group, Inc. Tranche B3 (3 month LIBOR + 3.500%) 5.193%, 8/1/21 | 16,695 | 16,778 | |
Aristocrat Technologies, Inc. 2017 (3 month LIBOR + 2.000%) 0.000%, 10/19/24(7) | 14,590 | 14,608 | |
Belmond Interfin Ltd. (1 month LIBOR + 2.750%) 4.319%, 7/3/24 | 8,741 | 8,745 | |
Bombardier Recreational Products, Inc. Tranche B-1 (2 month LIBOR + 2.500%) 3.930%, 6/30/23(4) | 1,680 | 1,686 | |
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.500%) 3.975%, 9/15/23 | 5,963 | 5,993 | |
Caesars Entertainment Operating Co. LLC Tranche B (1 month LIBOR + 2.500%) 4.069%, 10/7/24(4) | 5,850 | 5,853 | |
Caesars Resort Collection LLC Tranche B (3 month LIBOR + 2.750%) 0.000%, 10/2/24(7) | 24,905 | 25,003 | |
Casablanca US Holdings, Inc. First Lien (3 month LIBOR + 4.750%) 6.130%, 3/29/24 | 6,367 | 6,359 | |
CityCenter Holdings LLC Tranche B (1 month LIBOR + 2.500%) 4.069%, 4/18/24 | 3,323 | 3,337 | |
ClubCorp Holdings, Inc. Tranche B, First Lien (3 month LIBOR + 3.250%) 4.943%, 9/18/24(4) | 2,874 | 2,884 | |
Diamond Resorts International, Inc. 2017 (1 month LIBOR + 4.500%) 5.850%, 9/1/23 | 24,530 | 24,691 | |
Eldorado Resorts, Inc. (1 month LIBOR + 2.250%) 3.750%, 4/17/24 | 7,832 | 7,832 | |
ESH Hospitality, Inc. (1 month LIBOR + 2.250%) 3.819%, 8/30/23 | 11,407 | 11,430 | |
Everi Payments, Inc. Tranche B (3 month LIBOR + 3.500%) 4.914%, 5/9/24 | 20,592 | 20,772 | |
Four Seasons Hotels Ltd. (1 month LIBOR + 2.500%) 4.069%, 11/30/23 | 12,415 | 12,479 | |
Gateway Casinos & Entertainment Ltd. Tranche B-1 (3 month LIBOR + 3.750%) 5.443%, 2/22/23 | 2,552 | 2,572 | |
GLP Capital LP Tranche A-1 (3 month LIBOR + 1.500%) 2.960%, 4/29/21(4) | 53,656 | 53,321 | |
Golden Entertainment, Inc. Tranche B, First Lien (1 month LIBOR + 3.000%) 4.510%, 10/20/24 | 5,455 | 5,460 | |
Golden Nugget, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 10/4/23(7) | 1,166 | 1,174 | |
Greektown Holdings LLC (1 month LIBOR + 2.750%) 4.319%, 4/25/24 | 11,059 | 11,036 |
Par Value | Value | ||
Gaming/Leisure—continued | |||
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 2.000%) 3.552%, 10/25/23 | $ 80,808 | $ 81,181 | |
La Quinta Intermediate Holdings LLC (3 month LIBOR + 2.750%) 4.109%, 4/14/21 | 9,406 | 9,431 | |
Las Vegas Sands LLC Tranche B (1 month LIBOR + 2.000%) 3.569%, 3/29/24 | 20,719 | 20,820 | |
MGM Growth Properties Operating Partnership LP Tranche B (1 month LIBOR + 2.250%) 3.819%, 4/25/23 | 11,035 | 11,072 | |
MGM Resorts International Tranche A (1 month LIBOR + 2.250%) 3.819%, 4/25/21 | 7,803 | 7,809 | |
Mohegan Tribal Gaming Authority Tranche B (1 month LIBOR + 4.000%) 6.535%, 10/13/23 | 10,497 | 10,577 | |
Penn National Gaming, Inc. Tranche B (1 month LIBOR + 2.500%) 4.069%, 1/19/24 | 2,436 | 2,444 | |
Playa Resorts Holding B.V. (3 month LIBOR + 3.250%) 4.620%, 4/29/24 | 7,806 | 7,837 | |
Recess Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 3.750%, 9/18/24(8) | 299 | 300 | |
Scientific Games International, Inc. Tranche B-4 (1 month LIBOR + 3.250%) 4.746%, 8/14/24 | 7,950 | 8,010 | |
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 4.060%, 6/8/23 | 6,736 | 6,744 | |
UFC Holdings LLC First Lien (1 month LIBOR + 3.250%) 4.810%, 8/18/23(4) | 4,965 | 4,987 | |
VICI Properties 1 LLC Tranche B (3 month LIBOR + 2.250%) 0.000%, 12/13/24(7) | 29,950 | 29,950 | |
443,175 | |||
Healthcare—8.3% | |||
Ardent Legacy Acquisitions, Inc. (1 month LIBOR + 5.500%) 7.069%, 8/4/21 | 13,070 | 13,045 | |
Centene Corp. (3 month LIBOR + 3.500%) 3.500%, 9/13/18(3)(8) | 43,285 | 43,285 | |
Change Healthcare Holdings LLC (1 month LIBOR + 2.750%) 4.319%, 3/1/24 | 56,334 | 56,412 | |
Community Health Systems, Inc. | |||
2019, Tranche G (3 month LIBOR + 2.750%) 4.229%, 12/31/19 | 24,532 | 23,726 | |
2021, Tranche H (3 month LIBOR + 3.000%) 0.000%, 1/27/21(7) | 38,377 | 36,573 | |
Convatec, Inc. Tranche B (3 month LIBOR + 2.250%) 3.943%, 10/25/23 | 6,755 | 6,769 | |
CPI Holdco LLC First Lien (3 month LIBOR + 3.500%) 5.193%, 10/31/22 | 3,141 | 3,165 | |
Diplomat Pharmacy, Inc. Tranche B (3 month LIBOR + 4.500%) 0.000%, 12/13/24(7) | 1,685 | 1,693 |
Par Value | Value | ||
Healthcare—continued | |||
Endo Luxembourg Finance Co. I S.a.r.l. (1 month LIBOR + 4.250%) 5.875%, 4/29/24 | $ 1,648 | $ 1,657 | |
Envision Healthcare Corp. (1 month LIBOR + 3.000%) 4.570%, 12/1/23 | 5,176 | 5,187 | |
Explorer Holdings, Inc. (3 month LIBOR + 3.750%) 5.130%, 5/2/23 | 5,198 | 5,237 | |
Greatbatch Ltd. | |||
Tranche A (1 month LIBOR + 3.250%) 4.820%, 10/27/21 | 4,538 | 4,532 | |
Tranche B (1 month LIBOR + 3.250%) 4.660%, 10/27/22 | 16,705 | 16,822 | |
Grifols Worldwide Operations USA, Inc. Tranche B (weekly LIBOR + 2.250%) 3.739%, 1/31/25 | 34,812 | 34,865 | |
Halyard Health, Inc. (1 month LIBOR + 2.750%) 4.319%, 12/22/23 | 7,910 | 7,920 | |
HCA, Inc. Tranche B-8 (1 month LIBOR + 2.250%) 3.819%, 2/15/24 | 28,138 | 28,300 | |
Healogics, Inc. First Lien (3 month LIBOR + 4.250%) 5.750%, 7/1/21 | 3,536 | 3,070 | |
INC Research Holdings, Inc. Tranche B (1 month LIBOR + 2.250%) 3.819%, 8/1/24 | 8,932 | 8,938 | |
Inc. Research Holdings, Inc. Tranche A (1 month LIBOR + 1.750%) 3.319%, 8/1/22 | 12,585 | 12,595 | |
Indivior Finance LLC 2017 (3 month LIBOR + 4.500%) 0.000%, 12/14/22(7) | 17,385 | 17,429 | |
Innoviva, Inc. (3 month LIBOR + 4.500%) 5.936%, 8/18/22 | 5,923 | 5,953 | |
Kindred Healthcare, Inc. 2016 (3 month LIBOR + 3.500%) 4.875%, 4/9/21(4) | 4,312 | 4,322 | |
Lannett Co., Inc. Tranche A (1 month LIBOR + 4.750%) 6.319%, 11/25/20 | 26,340 | 26,208 | |
MPH Acquisition Holdings LLC Tranche B (3 month LIBOR + 3.000%) 4.693%, 6/7/23 | 18,835 | 18,861 | |
Parexel International Corp. (1 month LIBOR + 3.000%) 4.569%, 9/27/24 | 5,436 | 5,458 | |
PharMerica Corp. | |||
(3 month LIBOR + 1.403%) 9.153%, 9/26/25 | 1,695 | 1,697 | |
First Lien (3 month LIBOR + 3.500%) 4.903%, 9/26/24 | 2,100 | 2,109 | |
Quintiles IMS Incorporated Tranche B-2 (3 month LIBOR + 2.000%) 3.693%, 1/17/25 | 5,018 | 5,035 | |
Quintiles IMS, Inc. Tranche B-1 (3 month LIBOR + 2.000%) 3.693%, 3/7/24 | 4,209 | 4,224 | |
RPI Finance Trust | |||
Tranche A-3 (3 month LIBOR + 1.750%) 3.263%, 10/14/21 | 10,955 | 10,955 | |
Tranche B-6 (3 month LIBOR + 2.000%) 3.693%, 3/27/23 | 33,585 | 33,716 | |
Surgery Center Holdings, Inc. (1 month LIBOR + 3.250%) 4.820%, 9/2/24 | 8,349 | 8,252 | |
Team Health Holdings, Inc. (1 month LIBOR + 2.750%) 4.319%, 2/6/24 | 11,711 | 11,396 |
Par Value | Value | ||
Healthcare—continued | |||
Valeant Pharmaceuticals International, Inc. Tranche B (1 month LIBOR + 3.500%) 4.940%, 4/1/22 | $ 28,865 | $ 29,255 | |
498,661 | |||
Housing—2.2% | |||
American Builders & Contractors Supply Co., Inc. Tranche B-1 (1 month LIBOR + 2.500%) 4.069%, 10/31/23 | 14,315 | 14,366 | |
Beacon Roofing Supply, Inc. (3 month LIBOR + 2.250%) 0.000%, 10/11/24(7) | 3,355 | 3,362 | |
Canam Steel Corp. (1 month LIBOR + 5.500%) 0.000%, 7/1/24(7) | 10,283 | 10,334 | |
Capital Automotive LP | |||
2017, Tranche B-2 (1 month LIBOR + 2.500%) 4.070%, 3/25/24 | 18,901 | 18,943 | |
Tranche B, Second Lien (1 month LIBOR + 6.000%) 7.570%, 3/24/25 | 38,654 | 39,621 | |
DTZ U.S. Borrower LLC 2015-1, First Lien (3 month LIBOR + 3.250%) 4.767%, 11/4/21 | 28,479 | 28,083 | |
HD Supply Waterworks Ltd. (weekly LIBOR + 3.000%) 4.455%, 8/1/24(4) | 2,055 | 2,069 | |
Quikrete Holdings, Inc. First Lien (1 month LIBOR + 2.750%) 4.319%, 11/15/23 | 4,606 | 4,611 | |
Realogy Group LLC 2022 (1 month LIBOR + 2.250%) 3.819%, 7/20/22 | 8,338 | 8,354 | |
129,743 | |||
Information Technology—7.8% | |||
Almonde, Inc. | |||
First Lien (3 month LIBOR + 3.500%) 4.979%, 6/13/24 | 10,010 | 10,034 | |
Second Lien (3 month LIBOR + 7.250%) 8.729%, 6/13/25 | 4,230 | 4,231 | |
Aricent Technologies | |||
First Lien (1 month LIBOR + 4.500%) 5.972%, 4/14/21 | 6,217 | 6,231 | |
Second Lien (1 month LIBOR + 8.500%) 9.972%, 4/14/22 | 3,165 | 3,182 | |
ARRIS Group, Inc. (1 month LIBOR + 2.250%) 3.819%, 5/28/21 | 8,735 | 8,748 | |
Autodata, Inc. First Lien (3 month LIBOR + 3.250%) 4.824%, 12/12/24 | 3,965 | 3,965 | |
Avaya, Inc. (1 month LIBOR + 4.750%) 6.227%, 11/8/24 | 7,930 | 7,795 | |
Blackboard, Inc. Tranche B4 (3 month LIBOR + 5.000%) 6.354%, 6/30/21(4) | 8,178 | 8,088 | |
Cavium, Inc. Tranche B-1 (1 month LIBOR + 2.250%) 3.819%, 8/16/22 | 5,753 | 5,760 | |
Cologix Holdings, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 4.456%, 3/20/24(4) | 3,141 | 3,140 | |
Second Lien (1 month LIBOR + 7.000%) 8.552%, 3/20/25(4) | 800 | 804 | |
Compuware Corp. Tranche B-3 (3 month LIBOR + 4.250%) 5.630%, 12/15/21(4) | 4,613 | 4,636 | |
CSRA, Inc. Tranche B (3 month LIBOR + 2.000%) 3.693%, 11/30/23 | 8,127 | 8,155 |
Par Value | Value | ||
Information Technology—continued | |||
Cypress Intermediate Holdings III, Inc. First Lien (1 month LIBOR + 3.000%) 4.570%, 4/29/24 | $ 6,642 | $ 6,648 | |
Dell International LLC | |||
Tranche A-3 (1 month LIBOR + 1.500%) 3.070%, 12/31/18 | 13,844 | 13,838 | |
Tranche B (1 month LIBOR + 2.000%) 3.570%, 9/7/23 | 40,238 | 40,206 | |
DigiCert Holdings, Inc. | |||
First Lien (3 month LIBOR + 4.750%) 6.130%, 10/31/24 | 3,350 | 3,391 | |
Second Lien (3 month LIBOR + 8.000%) 0.000%, 10/31/25(7) | 4,240 | 4,259 | |
EAB Global, Inc. First Lien (1 month LIBOR + 3.750%) 5.241%, 11/17/24 | 6,705 | 6,739 | |
ECI Macola First Lien (3 month LIBOR + 4.250%) 5.943%, 9/27/24 | 3,347 | 3,372 | |
EIG Investors Corp. (3 month LIBOR + 4.000%) 5.462%, 2/9/23 | 6,411 | 6,447 | |
Gartner, Inc. | |||
2017, Tranche B (1 month LIBOR + 2.000%) 3.569%, 4/5/24 | 5,503 | 5,517 | |
Tranche A (1 month LIBOR + 2.000%) 3.569%, 3/21/22 | 5,717 | 5,732 | |
Ginsberg Merger Sub, Inc. First Lien (3 month LIBOR + 4.500%) 0.000%, 12/19/24(7) | 5,345 | 5,292 | |
GlobalLogic Holdings, Inc. (3 month LIBOR + 4.500%) 6.193%, 6/20/22 | 4,605 | 4,640 | |
Help Systems Holdings, Inc. (3 month LIBOR + 4.500%) 6.193%, 10/8/21 | 2,967 | 2,975 | |
Inovalon Holdings, Inc. (1 month LIBOR + 1.250%) 2.819%, 9/19/19 | 27,596 | 27,320 | |
Internap Corp. (1 month LIBOR + 7.000%) 8.410%, 4/6/22 | 3,323 | 3,352 | |
IPC Corp. Tranche B-1, First Lien (3 month LIBOR + 4.500%) 5.880%, 8/6/21 | 9,129 | 8,923 | |
Ivanti Software, Inc. First Lien (1 month LIBOR + 4.250%) 5.820%, 1/22/24 | 4,748 | 4,506 | |
Leidos Innovations Corp. Tranche B (1 month LIBOR + 2.000%) 3.625%, 8/16/23 | 6,282 | 6,333 | |
Lionbridge Technologies, Inc. First Lien (1 month LIBOR + 5.500%) 0.000%, 2/6/24(7) | 4,965 | 4,950 | |
MA Financeco LLC Tranche B-3 (1 month LIBOR + 2.750%) 4.319%, 6/21/24 | 2,264 | 2,264 | |
MaxLinear, Inc. Tranche B (3 month LIBOR + 2.500%) 3.977%, 5/12/24 | 3,842 | 3,857 | |
McAfee LLC First Lien (1 month LIBOR + 4.500%) 0.000%, 9/30/24(7) | 15,897 | 15,835 | |
Mitchell International, Inc. | |||
First Lien (3 month LIBOR + 3.250%) 0.000%, 11/29/24(7) | 415 | 415 | |
First Lien (3 month LIBOR + 3.250%) 4.943%, 11/29/24 | 5,150 | 5,145 | |
Second Lien (3 month LIBOR + 7.250%) 8.943%, 11/20/25 | 1,605 | 1,615 | |
Paysafe Group plc (3 month LIBOR + 3.500%) 0.000%, 12/2/24(7) | 7,915 | 7,905 |
Par Value | Value | ||
Information Technology—continued | |||
Peak 10 Holding Corp. | |||
First Lien (3 month LIBOR + 3.500%) 5.193%, 8/1/24 | $ 8,768 | $ 8,754 | |
Second Lien (3 month LIBOR + 7.250%) 8.627%, 8/1/25 | 1,620 | 1,626 | |
Presidio, Inc. First Lien (3 month LIBOR + 3.250%) 5.668%, 2/2/22 | 9,683 | 9,703 | |
Project Leopard Holdings, Inc. (3 month LIBOR + 5.500%) 7.193%, 7/7/23 | 2,798 | 2,814 | |
Quest Software US Holdings, Inc. First Lien (3 month LIBOR + 5.500%) 6.919%, 10/31/22 | 2,444 | 2,481 | |
Rackspace Hosting, Inc. 2017, Tranche B (3 month LIBOR + 3.000%) 4.353%, 11/3/23 | 10,716 | 10,704 | |
RP Crown Parent LLC Tranche B (1 month LIBOR + 3.000%) 4.569%, 10/12/23 | 2,876 | 2,887 | |
Sahara Parent, Inc. First Lien (3 month LIBOR + 5.000%) 6.693%, 8/16/24 | 3,342 | 3,258 | |
Salient CRGT, Inc. (1 month LIBOR + 5.750%) 0.000%, 2/28/22(7) | 9,287 | 9,333 | |
SCS Holdings I, Inc. Tranche B, First Lien (1 month LIBOR + 4.250%) 5.819%, 10/30/22 | 7,836 | 7,865 | |
Seattle Escrow Borrower LLC (1 month LIBOR + 2.750%) 4.319%, 6/21/24 | 15,286 | 15,286 | |
Semiconductor Components Industries LLC (3 month LIBOR + 1.750%) 3.085%, 1/2/18(4) | 18,926 | 18,910 | |
SolarWinds Holdings, Inc. (1 month LIBOR + 3.500%) 5.069%, 2/3/23 | 2,955 | 2,964 | |
Solera LLC (1 month LIBOR + 3.250%) 4.818%, 3/3/23 | 17,691 | 17,795 | |
Southern Graphics, Inc. | |||
First Lien (3 month LIBOR + 3.500%) 0.000%, 11/22/22(7) | 817 | 820 | |
First Lien (3 month LIBOR + 3.500%). 0.000%, 11/22/22(7) | 5,058 | 5,075 | |
SS&C European Holdings 2017, Tranche B-2 (1 month LIBOR + 2.250%) 3.819%, 7/8/22 | 51 | 52 | |
SS&C Technologies, Inc. 2017, Tranche B-1 (1 month LIBOR + 2.250%) 3.819%, 7/8/22 | 2,724 | 2,742 | |
Symantec Corp. | |||
Tranche A-2 (3 month LIBOR + 1.500%) 2.938%, 8/1/19(4) | 7,946 | 7,930 | |
Tranche A-3 (1 month LIBOR + 1.500%) 2.950%, 8/1/19 | 6,562 | 6,534 | |
Tranche A-5 (1 month LIBOR + 1.750%) 3.200%, 8/1/21 | 6,435 | 6,416 | |
TierPoint, LLC First Lien (1 month LIBOR + 3.750%) 5.319%, 5/6/24 | 3,328 | 3,301 | |
TTM Technologies, Inc. Tranche B (1 month LIBOR + 2.500%) 4.069%, 9/30/24 | 3,342 | 3,340 | |
Vertiv Group Corp. Tranche B (1 month LIBOR + 4.000%) 0.000%, 11/30/23(7) | 13,503 | 13,481 |
Par Value | Value | ||
Information Technology—continued | |||
VF Holding Corp. Tranche B-1 (1 month LIBOR + 3.250%) 4.819%, 6/30/23 | $ 11,833 | $ 11,915 | |
Western Digital Corp. | |||
Tranche A (1 month LIBOR + 1.750%) 3.319%, 4/29/21 | 2,925 | 2,932 | |
Tranche B-3 (1 month LIBOR + 2.000%) 3.569%, 4/29/23 | 9,969 | 10,001 | |
465,164 | |||
Manufacturing—1.8% | |||
Big River Steel LLC (3 month LIBOR + 5.000%) 6.693%, 8/15/23 | 9,147 | 9,216 | |
Brand Energy & Infrastructure Services, Inc. (3 month LIBOR + 4.250%) 5.620%, 6/21/24 | 7,492 | 7,517 | |
Bright Bidco BV First Lien (1 month LIBOR + 4.500%) 6.131%, 7/1/24 | 12,358 | 12,430 | |
Columbus McKinnon Corp. (3 month LIBOR + 3.000%) 4.693%, 1/31/24 | 3,742 | 3,766 | |
Dynacast International LLC Tranche B-1, First Lien (3 month LIBOR + 3.250%) 4.943%, 1/28/22 | 8,578 | 8,610 | |
Encapsys LLC First Lien (1 month LIBOR + 3.250%) 4.819%, 10/25/24 | 4,005 | 4,017 | |
EXC Holdings III Corp. | |||
First Lien (6 month LIBOR + 3.500%) 5.161%, 11/15/24 | 1,665 | 1,676 | |
Second Lien (3 month LIBOR + 7.500%) 9.161%, 11/15/25 | 1,260 | 1,267 | |
Gates Global LLC Tranche B-2 (3 month LIBOR + 3.000%) 4.693%, 4/1/24 | 16,900 | 16,981 | |
Keurig Green Mountain, Inc. Tranche A (weekly LIBOR + 1.500%) 0.000%, 3/3/21(7) | 17,534 | 17,485 | |
Milacron LLC Tranche B (3 month LIBOR + 2.750%) 4.209%, 9/28/23 | 3,500 | 3,501 | |
TecoStar Holdings, Inc. 2017 (3 month PRIME + 2.500%) 5.941%, 5/1/24 | 4,990 | 5,034 | |
Unifrax I LLC | |||
2017 (3 month LIBOR + 3.500%) 4.953%, 4/4/24 | 6,229 | 6,291 | |
Second Lien (3 month LIBOR + 7.500%) 9.193%, 11/3/25 | 4,230 | 4,283 | |
Utex Industries, Inc. First Lien (3 month LIBOR + 4.000%) 0.000%, 5/21/21(7) | 3,268 | 3,197 | |
105,271 | |||
Metals/Minerals—1.9% | |||
Atkore International, Inc. First Lien (3 month LIBOR + 3.000%) 4.700%, 12/22/23 | 17,488 | 17,576 | |
Atlas Iron Ltd. (3 month LIBOR + 7.330%) 8.680%, 5/6/21 | 2,645 | 2,367 | |
Blackhawk Mining LLC First Lien (3 month LIBOR + 9.500%) 10.890%, 2/17/22(4) | 18,459 | 15,764 |
Par Value | Value | ||
Metals/Minerals—continued | |||
Consol Energy, Inc. Tranche B (3 month LIBOR + 6.000%) 7.470%, 10/31/22 | $ 5,030 | $ 5,084 | |
Contura Energy, Inc. (2 month LIBOR + 5.000%) 6.630%, 3/18/24 | 10,686 | 10,526 | |
Coronado Coal LLC (3 month LIBOR + 7.000%) 8.333%, 6/6/23 | 4,102 | 4,123 | |
Fairmount Santrol, Inc. (3 month LIBOR + 6.000%) 7.693%, 11/1/22 | 11,915 | 12,037 | |
Foresight Energy LLC (3 month LIBOR + 5.750%) 7.443%, 3/28/22 | 9,424 | 8,823 | |
Global Brass and Copper, Inc. (3 month LIBOR + 3.250%) 4.750%, 7/18/23 | 3,698 | 3,726 | |
Peabody Energy Corp. 2017 (3 month LIBOR + 3.500%) 5.069%, 3/31/22 | 5,446 | 5,515 | |
TMS International Corp. Tranche B1 (1 month LIBOR + 3.000%) 4.472%, 8/14/24 | 5,797 | 5,805 | |
US Silica Co. | |||
(3 month LIBOR + 3.000%) 4.750%, 7/23/20 | 8,703 | 8,703 | |
(3 month LIBOR + 3.500%) 5.250%, 7/23/20 | 9,262 | 9,270 | |
Zekelman Industries, Inc. (3 month LIBOR + 2.750%) 4.073%, 6/14/21 | 7,321 | 7,350 | |
116,669 | |||
Retail—3.5% | |||
Ascena Retail Group, Inc. Tranche B (1 month LIBOR + 4.500%) 6.125%, 8/19/22 | 8,543 | 7,044 | |
ASHCO LLC (1 month LIBOR + 5.000%) 6.569%, 9/25/24 | 17,955 | 17,888 | |
Belk, Inc. (3 month LIBOR + 4.750%) 6.099%, 12/12/22 | 8,159 | 6,669 | |
CWGS Group LLC (3 month LIBOR + 3.000%) 4.278%, 11/8/23 | 15,358 | 15,443 | |
Dollar Tree, Inc. Tranche B-2 4.250%, 7/6/22(9) | 42,790 | 43,058 | |
Hudsons Bay Co. Tranche B (3 month LIBOR + 3.250%) 4.718%, 9/30/22 | 26,730 | 26,079 | |
J. Crew Group, Inc. (1 month LIBOR + 3.220%) 4.808%, 3/5/21 | 18,904 | 11,286 | |
JC Penney Corp., Inc. (3 month LIBOR + 4.250%) 5.729%, 6/23/23(4) | 16,823 | 15,687 | |
Men’s Wearhouse, Inc., The | |||
Tranche B (1 month LIBOR + 3.500%) 4.917%, 6/18/21 | 2,699 | 2,697 | |
Tranche B-1 5.000%, 6/18/21(3)(9) | 8,333 | 8,250 | |
PetSmart, Inc. Tranche B-2 (1 month LIBOR + 3.000%) 0.000%, 3/11/22(7) | 4,989 | 3,977 | |
Toys R Us Property Co. I LLC (1 month LIBOR + 5.000%) 6.569%, 8/21/19 | 31,980 | 28,896 | |
Toys R Us-Delaware, Inc. | |||
Tranche B (3 month PRIME + 7.750%) 12.250%, 4/24/20(6) | 19,691 | 9,596 | |
Tranche B-3 (3 month PRIME + 2.750%) 7.250%, 5/25/18(6) | 1,734 | 555 |
Par Value | Value | ||
Retail—continued | |||
Tranche B-4 (1 month LIBOR + 8.750%) 6.160%, 1/18/19(8) | $ 14,100 | $ 14,389 | |
211,514 | |||
Service—6.5% | |||
American Teleconferencing Services Ltd. (3 month LIBOR + 6.500%) 7.855%, 12/8/21 | 2,291 | 2,248 | |
Ascend Learning LLC (1 month LIBOR + 3.000%) 4.569%, 7/12/24 | 4,170 | 4,190 | |
Capri Acquisitions BidCo Ltd. (3 month LIBOR + 3.250%) 4.627%, 11/1/24 | 4,195 | 4,190 | |
Conduent Business Services LLC Tranche B (1 month LIBOR + 3.000%) 4.569%, 12/7/23 | 9,368 | 9,426 | |
CSC SW Holdco, Inc. Tranche B-1 (2 month LIBOR + 3.750%) 5.147%, 11/14/22 | 5,398 | 5,435 | |
Diebold Nixdorf Incorporated Tranche B (1 month LIBOR + 2.750%) 4.188%, 11/6/23 | 1,343 | 1,341 | |
Engineered Machinery Holdings, Inc. | |||
First Lien (1 month LIBOR + 3.250%) 4.763%, 7/25/24 | 275 | 275 | |
First Lien (3 month LIBOR + 3.250%) 4.943%, 7/19/24 | 2,115 | 2,115 | |
Evertec Group LLC 2018 (1 month LIBOR + 2.250%) 3.682%, 4/17/18 | 973 | 943 | |
Exela Intermediate LLC Tranche B, First Lien (3 month LIBOR + 7.500%) 8.857%, 6/30/23 | 7,279 | 7,052 | |
First Data Corp. | |||
2020, Tranche A (1 month LIBOR + 1.750%) 0.000%, 6/2/20(4)(7) | 15,669 | 15,665 | |
2022 (1 month LIBOR + 2.250%) 3.802%, 7/8/22 | 54,775 | 54,805 | |
2024A (1 month LIBOR + 2.250%) 3.802%, 4/26/24 | 40,402 | 40,409 | |
FleetCor Technologies Operating Co. LLC Tranche B-3 (1 month LIBOR + 2.000%) 3.569%, 8/2/24 | 8,354 | 8,378 | |
GFL Environmental, Inc. (3 month LIBOR + 2.750%) 4.443%, 9/29/23 | 4,098 | 4,110 | |
Global Payments, Inc. (1 month LIBOR + 1.750%) 3.319%, 7/31/20 | 13,289 | 13,289 | |
Hoya Midco LLC First Lien (1 month LIBOR + 4.000%) 0.000%, 6/30/24(7) | 4,569 | 4,565 | |
Inmar, Inc. First Lien (2 month LIBOR + 3.500%) 4.917%, 5/1/24(4) | 6,657 | 6,667 | |
Iqor US, Inc. Tranche B, First Lien (3 month LIBOR + 5.000%) 6.335%, 4/1/21 | 28,356 | 28,126 | |
KUEHG Corp. Second Lien (3 month LIBOR + 8.250%) 9.583%, 8/15/25 | 1,695 | 1,704 | |
Laureate Education, Inc. 2024 (1 month LIBOR + 4.500%) 6.069%, 4/26/24(4) | 7,057 | 7,110 | |
NAB Holdings LLC (1 month LIBOR + 3.250%) 4.819%, 7/1/24 | 1,667 | 1,670 |
Par Value | Value | ||
Service—continued | |||
Prime Security Services Borrower LLC 2016-2, Tranche B-1, First Lien (1 month LIBOR + 2.750%) 4.319%, 5/2/22 | $ 9,114 | $ 9,175 | |
Red Ventures LLC | |||
First Lien (1 month LIBOR + 4.000%) 5.569%, 11/8/24 | 23,436 | 23,395 | |
Second Lien (1 month LIBOR + 8.000%) 9.569%, 11/8/25 | 3,690 | 3,679 | |
Sedgwick Claims Management Services, Inc. | |||
First Lien (1 month LIBOR + 2.750%) 4.319%, 3/1/21 | 22,754 | 22,732 | |
Second Lien (1 month LIBOR + 5.750%) 7.319%, 2/28/22 | 13,075 | 13,124 | |
Second Lien (3 month LIBOR + 5.750%) 7.229%, 2/28/22(4) | 3,440 | 3,457 | |
Tranche B, First Lien (3 month LIBOR + 2.750%) 0.000%, 2/28/21(7) | 4,165 | 4,152 | |
SGS Cayman LP (3 month LIBOR + 5.375%) 7.068%, 4/23/21 | 4,508 | 4,317 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 4.250%) 5.707%, 7/6/22(4) | 2,512 | 2,537 | |
Sutherland Global Services, Inc. (3 month LIBOR + 5.375%) 7.068%, 4/23/21 | 19,368 | 18,545 | |
TKC Holdings, Inc. | |||
First Lien (2 month LIBOR + 4.250%) 5.673%, 2/1/23 | 5,151 | 5,185 | |
Second Lien (2 month LIBOR + 8.000%) 0.000%, 2/1/24(7) | 2,110 | 2,115 | |
Trans Union LLC 2017, Tranche B-3 (1 month LIBOR + 2.000%) 3.569%, 4/7/23 | 6,445 | 6,467 | |
Travelport Finance (Luxembourg) Sarl Tranche D (3 month LIBOR + 2.750%) 0.000%, 9/2/21(7) | 9,954 | 9,948 | |
USIC Holdings, Inc. (3 month LIBOR + 3.500%) 5.004%, 12/8/23 | 2,915 | 2,930 | |
Vantiv LLC | |||
Tranche B1, First Lien (3 month LIBOR + 2.000%) 0.000%, 8/7/24(7) | 2,205 | 2,214 | |
Tranche B4 (1 month LIBOR + 2.000%) 3.477%, 8/9/24 | 7,020 | 7,052 | |
Ventia Deco LLC 2017, Tranche B (3 month LIBOR + 3.500%) 5.193%, 5/20/22 | 2,902 | 2,931 | |
Weight Watchers International, Inc. (1 month LIBOR + 4.750%) 6.230%, 11/29/24 | 18,455 | 18,532 | |
Wrangler Buyer Corp. (1 month LIBOR + 3.000%) 4.569%, 9/27/24 | 2,935 | 2,952 | |
389,152 | |||
Telecommunications—4.6% | |||
Altice Financing SA | |||
2017 (3 month LIBOR + 2.750%) 4.109%, 7/15/25(4) | 11,348 | 11,101 | |
2017 (3 month LIBOR + 2.750%) 4.112%, 1/31/26 | 13,210 | 12,919 | |
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 4.319%, 1/31/25 | 55,200 | 53,182 |
Par Value | Value | ||
Telecommunications—continued | |||
Colorado Buyer, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 4.380%, 5/1/24 | $ 3,149 | $ 3,167 | |
Second Lien (3 month LIBOR + 7.250%) 8.630%, 5/1/25 | 2,400 | 2,421 | |
ConvergeOne Holdings Corp. (3 month LIBOR + 4.750%) 6.450%, 6/20/24 | 4,990 | 4,994 | |
Hargray Communications Group, Inc. (1 month LIBOR + 3.000%) 4.569%, 5/16/24 | 3,154 | 3,159 | |
Level 3 Financing, Inc. 2024, Tranche B (3 month LIBOR + 2.250%) 3.696%, 2/22/24 | 78,145 | 78,145 | |
Neustar, Inc. | |||
Second Lien (3 month LIBOR + 8.000%) 9.397%, 8/8/25 | 2,750 | 2,775 | |
Tranche B2, First Lien (3 month LIBOR + 3.750%) 5.147%, 8/8/24(4) | 6,958 | 7,013 | |
New LightSquared LLC | |||
(3 month LIBOR + 8.750%) 10.265%, 6/15/20(4) | 10,885 | 10,083 | |
Second Lien (3 month LIBOR + 12.500%) 13.820%, 12/7/20 | 11,482 | 6,939 | |
Numericable U.S. LLC | |||
(3 month LIBOR + 2.750%) 4.130%, 7/31/25 | 35,074 | 33,443 | |
(3 month LIBOR + 3.000%) 4.349%, 1/31/26 | 25,165 | 24,198 | |
West Corp. Tranche B, First Lien (1 month LIBOR + 4.000%) 5.350%, 10/10/24 | 10,543 | 10,564 | |
Zayo Group LLC 2017, Tranche B-2 (1 month LIBOR + 2.250%) 3.802%, 1/19/24(4) | 9,199 | 9,227 | |
273,330 | |||
Transportation—2.7% | |||
American Axle & Manufacturing, Inc. Tranche B (1 month LIBOR + 2.250%) 3.715%, 4/6/24 | 19,804 | 19,866 | |
CH Hold Corp. First Lien (1 month LIBOR + 3.000%) 4.569%, 2/1/24 | 7,586 | 7,629 | |
Commercial Barge Line Co. (1 month LIBOR + 8.750%) 10.319%, 11/12/20 | 7,966 | 4,544 | |
Daseke Companies, Inc. (1 month LIBOR + 5.000%) 0.000%, 2/27/24(7) | 7,289 | 7,285 | |
Deck Chassis, Inc. Second Lien (3 month LIBOR + 6.000%) 0.000%, 6/15/23(7) | 1,685 | 1,710 | |
Federal-Mogul Corp. Tranche C (1 month LIBOR + 3.750%) 5.275%, 4/15/21 | 31,516 | 31,735 | |
HGIM Corp. | |||
Tranche A (3 month PRIME + 3.250%) 7.750%, 6/18/18(6) | 12,471 | 4,926 | |
Tranche B (3 month LIBOR + 3.500%) 7.750%, 6/18/20(6) | 12,465 | 4,924 | |
International Seaways Operating Corp. (1 month LIBOR + 5.500%) 6.850%, 6/22/22 | 5,406 | 5,399 |
Par Value | Value | ||
Transportation—continued | |||
K & N Parent, Inc. | |||
(3 month LIBOR + 4.750%) 6.209%, 10/20/23 | $ 2,470 | $ 2,452 | |
Second Lien (1 month LIBOR + 8.750%) 10.319%, 10/21/24 | 1,710 | 1,667 | |
Navios Maritime Midstream Partners LP (3 month LIBOR + 4.500%) 6.130%, 6/18/20 | 5,077 | 5,039 | |
Navios Maritime Partners LP (3 month LIBOR + 5.000%) 6.540%, 9/14/20 | 13,677 | 13,629 | |
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 4.900%, 11/6/24 | 7,180 | 7,200 | |
OSG Bulk Ships, Inc. (3 month LIBOR + 4.250%) 5.650%, 8/5/19 | 8,565 | 8,244 | |
Sage Automotive Interiors, Inc. (1 month LIBOR + 5.000%) 6.569%, 11/8/22 | 2,471 | 2,487 | |
Superior Industries International, Inc. (1 month LIBOR + 4.500%) 6.052%, 5/22/24 | 9,391 | 9,461 | |
Tower Automotive Holdings USA LLC (1 month LIBOR + 2.750%) 4.188%, 3/7/24 | 14,282 | 14,318 | |
Wabash National Corp. Tranche B-4 (1 month LIBOR + 2.250%) 3.750%, 3/18/22 | 11,447 | 11,476 | |
163,991 | |||
Utility—4.8% | |||
AES Corp. (3 month LIBOR + 2.000%) 3.454%, 5/24/22 | 14,560 | 14,584 | |
APLP Holdings Ltd. Partnership (1 month LIBOR + 3.500%) 5.069%, 4/13/23 | 3,897 | 3,945 | |
Bronco Midstream Funding LLC (3 month LIBOR + 4.000%) 5.436%, 8/17/20(4) | 19,066 | 19,281 | |
Calpine Construction Finance Co. LP Tranche B (1 month LIBOR + 2.500%) 4.069%, 1/15/25 | 5,905 | 5,898 | |
Calpine Corp. | |||
(3 month LIBOR + 2.500%) 3.840%, 11/17/24 | 5,931 | 5,919 | |
(3 month LIBOR + 2.5000%) 2.500%, 11/17/24 | 5,955 | 5,947 | |
2016 (3 month LIBOR + 2.500%) 4.043%, 5/31/23 | 5,181 | 5,175 | |
2017 (1 month LIBOR + 1.750%) 3.320%, 12/31/19 | 2,114 | 2,113 | |
Dynegy, Inc. Tranche C-2 (1 month LIBOR + 2.750%) 4.251%, 2/7/24 | 23,335 | 23,433 | |
Eastern Power LLC Tranche B (1 month LIBOR + 3.750%) 5.319%, 10/2/23 | 14,666 | 14,789 | |
Empire Generating Co. LLC | |||
Tranche B (3 month LIBOR + 4.250%) 5.630%, 3/15/21 | 20,296 | 16,744 | |
Tranche C (3 month LIBOR + 4.250%) 5.630%, 3/15/21(4) | 2,006 | 1,655 |
Par Value | Value | ||
Utility—continued | |||
Energy Future Intermediate Holding Co. LLC (1 month LIBOR + 3.000%) 4.546%, 6/30/18 | $ 17,490 | $ 17,527 | |
Helix Gen Funding LLC (3 month LIBOR + 3.750%) 5.443%, 6/3/24 | 3,075 | 3,082 | |
Lonestar Generation LLC (1 month LIBOR + 4.250%) 5.819%, 2/22/21 | 3,465 | 3,417 | |
Longview Power LLC Tranche B (3 month LIBOR + 6.000%) 0.000%, 4/13/21(7) | 7,955 | 5,415 | |
MRP Generation Holdings LLC (3 month LIBOR + 7.000%) 8.693%, 10/18/22 | 17,724 | 16,306 | |
NRG Energy, Inc. (3 month LIBOR + 2.250%) 3.943%, 6/30/23 | 43,384 | 43,394 | |
PowerTeam Services LLC First Lien (3 month LIBOR + 3.250%) 4.943%, 5/6/20 | 11,121 | 11,128 | |
Summit Midstream Partners Holdings LLC (1 month LIBOR + 6.000%) 7.569%, 5/13/22 | 15,290 | 15,533 | |
Talen Energy Supply LLC | |||
(1 month LIBOR + 4.000%) 5.569%, 4/13/24 | 12,124 | 12,197 | |
Tranche B-1 (1 month LIBOR + 4.000%) 5.569%, 7/17/23 | 5,931 | 5,967 | |
Vistra Operations Co. LLC | |||
(3 month LIBOR + 2.750%) 3.996%, 8/4/23 | 24,291 | 24,413 | |
2016 (3 month LIBOR + 2.750%) 2.356%, 12/14/23 | 6,242 | 6,284 | |
Tranche C (1 month LIBOR + 2.500%) 3.834%, 8/4/23 | 4,305 | 4,326 | |
288,472 | |||
Wireless Communications—1.2% | |||
Sprint Communications, Inc. (1 month LIBOR + 2.500%) 4.125%, 2/2/24 | 72,730 | 72,676 | |
Total Leveraged Loans (Identified Cost $5,464,424) | 5,427,075 |
Shares | ||
Preferred Stock—0.0% | ||
Financials—0.0% | ||
GMAC Capital Trust I Series 2, 7.201%(2) | 34,000 | 882 |
Total Preferred Stock (Identified Cost $850) | 882 | |
Common Stocks—0.8% | ||
Consumer Discretionary—0.2% | ||
Caesars Entertainment Corp.(4)(11) | 947,421 | 11,985 |
Energy—0.2% | ||
Linn Energy, Inc.(4)(11) | 140,363 | 5,650 |
SandRidge Energy, Inc.(4)(11) | 16,109 | 339 |
Shares | Value | ||
Energy—continued | |||
Templar Energy LLC(3)(4)(11) | 1,378,328 | $ 2,894 | |
8,883 | |||
Financials—0.1% | |||
Aretec Group, Inc.(3)(4)(11) | 104,182 | 3,751 | |
Information Technology—0.3% | |||
Avaya Holdings Corp.(4)(11) | 1,099,711 | 19,300 | |
Total Common Stocks (Identified Cost $84,267) | 43,919 | ||
Right—0.0% | |||
Utilities—0.0% | |||
Texas Competitive Electric Holdings Co. LLC(3)(11) | 410,667 | 370 | |
Total Right (Identified Cost $555) | 370 | ||
Total Long-Term Investments—95.2% (Identified Cost $5,776,404) | 5,700,783 | ||
Short-Term Investment—9.1% | |||
Money Market Mutual Fund—9.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(4)(12) | 545,542,204 | 545,542 | |
Total Short-Term Investment (Identified Cost $545,542) | 545,542 | ||
TOTAL INVESTMENTS—104.3% (Identified Cost $6,321,946) | $6,246,325 | ||
Other assets and liabilities, net—(4.3)% | (256,886) | ||
NET ASSETS—100.0% | $5,989,439 |
Abbreviation: | |
LIBOR | London Interbank Offered 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 December 31, 2017, these securities amounted to a value of $98,700 or 1.6% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(4) | All or a portion of the security is segregated as collateral for a delayed delivery transaction. |
(5) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(6) | Security in default, no interest payments are being received during the bankruptcy proceedings. |
(7) | This loan will settle after December 31, 2017, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(8) | Represents unfunded portion of security and commitment fee earned on this portion. |
(9) | Security is fixed rate. |
(10) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(11) | Non-income producing security. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 90% |
Canada | 4 |
Luxembourg | 2 |
Cayman Islands | 1 |
Netherlands | 1 |
France | 1 |
Puerto Rico | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 6,942 | $ — | $ 3,032 | $ 3,910 | |||
Corporate Bonds And Notes | 221,595 | — | 186,056 | 35,539 | |||
Leveraged Loans | 5,427,075 | — | 5,350,733 | 76,342 | |||
Equity Securities: | |||||||
Common Stocks | 43,919 | 37,274 | — | 6,645 | |||
Preferred Stock | 882 | 882 | — | — | |||
Right | 370 | — | — | 370 | |||
Short-Term Investment | 545,542 | 545,542 | — | — | |||
Total Investments | $6,246,325 | $583,698 | $5,539,821 | $122,806 |
Total | Asset-Backed Securities | Corporate Bonds And Notes | Leveraged Loans | Common Stocks | Right | ||||||
Investments in Securities | |||||||||||
Balance as of March 31, 2017: | $ 44,142 | $ — | $ 44,142 | $ — | $ — | $ — | |||||
Accrued discount/(premium) | 71 | 2 | 43 | 26 | — | — | |||||
Realized gain (loss) | 20 | — | 20 | — | — | — | |||||
Change in unrealized appreciation (depreciation)(c) | 442 | (2) | 296 | 148 | — | — | |||||
Purchases | 67,019 | 3,910 | (650) | 63,759 | — | — | |||||
Sales (b) | (8,327) | — | (8,312) | (15) | — | — | |||||
Transfers into Level 3(a) | 19,439 | — | — | 12,424 | 6,645 | 370 | |||||
Transfers from Level 3(a) | — | — | — | — | — | — | |||||
Balance as of December 31, 2017 | $122,806 | $3,910 | $35,539 (d) | $76,342 | $6,645 | $370 |
Par Value | Value | ||
Municipal Bonds(1)—95.3% | |||
Georgia—87.0% | |||
General Obligation—5.6% | |||
State of Georgia 4.000%, 2/1/35 | $2,000 | $ 2,215 | |
Gwinnett County School District 5.000%, 2/1/35 | 1,500 | 1,786 | |
County of Forsyth 5.000%, 3/1/29 | 750 | 944 | |
4,945 | |||
General Revenue—29.9% | |||
Athens Housing Authority, UGA Real Estate Foundation, Inc. East Campus Housing Phase II LLC Project, 5.000%, 6/15/31 | 1,000 | 1,190 | |
Atlanta Development Authority | |||
5.000%, 7/1/34 | 1,000 | 1,169 | |
5.250%, 7/1/40 | 2,500 | 2,954 | |
Fulton County Development Authority, | |||
Georgia Tech Facilities, 5.000%, 5/1/39 | 2,145 | 2,430 | |
Robert Woodruff Arts Center, Inc., 5.000%, 3/15/36 | 2,000 | 2,293 | |
Robert Woodruff Arts Center, Inc., 5.250%, 3/15/24 | 1,145 | 1,193 | |
Tech Foundation Campus Recreation Center and Tech Square Project, 5.000%, 11/1/30 | 2,000 | 2,455 | |
Gwinnett County Development Authority | |||
Gwinnett College Student Housing Project, 5.000%, 7/1/30 | 2,230 | 2,676 | |
Gwinnett College Student Center Project, 5.000%, 7/1/33 | 500 | 592 | |
Private Colleges & Universities Authority, | |||
Savannah College of Art and Design Project, 5.000%, 4/1/30 | 1,000 | 1,115 | |
Savannah College of Art and Design Project, 5.000%, 4/1/44 | 3,500 | 3,819 | |
Emory University, 5.000%, 10/1/38 | 4,000 | 4,764 | |
26,650 | |||
Healthcare Revenue—11.6% | |||
Athens-Clarke County Unified Government Development Authority, Catholic Health East, 6.250%, 11/15/32 | 1,305 | 1,386 | |
Carroll City-County Hospital Authority, Tanner Medical Center, Inc., (Country Guaranteed Insured) 5.000%, 7/1/41 | 3,000 | 3,444 | |
DeKalb Private Hospital Authority, Children’s Healthcare of Atlanta, Inc., 5.000%, 11/15/29 | 2,000 | 2,132 | |
Greene County Development Authority Catholic Health East, 5.000%, 11/15/37 | 2,955 | 3,335 | |
10,297 |
Par Value | Value | ||
Georgia—continued | |||
Pre-Refunded—18.2% | |||
Athens-Clarke County Unified Government Development Authority, University of Georgia Athletic Association Project, (Pre-refunded 7/1/21 @ 100) 5.250%, 7/1/27 | $2,885 | $ 3,216 | |
Athens-Clarke County | |||
(Pre-refunded 1/1/19 @ 100) 5.625%, 1/1/33 | 3,000 | 3,123 | |
(Pre-refunded 1/1/19 @ 100) 5.500%, 1/1/38 | 4,000 | 4,159 | |
Clarke County Hospital Authority Athens Regional Medical Center, (Country Guaranteed Insured) (Pre-refunded 1/1/22 @ 100) 5.000%, 1/1/32 | 1,180 | 1,326 | |
Metropolitan Atlanta Rapid Transit Authority Third Indenture, (Pre-refunded 7/1/22 @ 100) 5.000%, 7/1/30 | 1,465 | 1,665 | |
Thomasville Hospital Authority, (Pre-refunded 11/2/20 @ 100) 5.375%, 11/1/40 | 2,510 | 2,757 | |
16,246 | |||
Tax Allocation Revenue—6.3% | |||
City of Atlanta, | |||
Eastside Project, 5.000%, 1/1/28 | 850 | 1,000 | |
Eastside Project, 5.000%, 1/1/30 | 250 | 291 | |
Beltline Project, 5.000%, 1/1/28 | 855 | 1,015 | |
Beltline Project, 5.000%, 1/1/30 | 1,055 | 1,239 | |
Beltline Project, 5.000%, 1/1/31 | 1,500 | 1,754 | |
Atlantic Station Project, 5.000%, 12/1/24 | 300 | 350 | |
5,649 | |||
Transportation Revenue—4.1% | |||
City of Atlanta Department of Aviation, | |||
5.000%, 1/1/42 | 2,235 | 2,496 | |
5.000%, 1/1/32 | 1,000 | 1,167 | |
3,663 | |||
Water & Sewer Revenue—11.3% | |||
City of Atlanta, 5.000%, 11/1/40 | 4,000 | 4,657 | |
Athens-Clarke County 5.000%, 1/1/24 | 1,250 | 1,473 | |
Henry County Water & Sewerage Authority (AMBAC Insured) 6.150%, 2/1/20 | 2,100 | 2,213 |
Par Value | Value | ||
Georgia—continued | |||
Water & Sewer Revenue—continued | |||
Board of Water Light & Sinking Fund Commissioners of the City of Dalton 5.000%, 3/1/30 | $1,400 | $ 1,686 | |
10,029 | |||
77,479 | |||
North Carolina—2.1% | |||
General Revenue—2.1% | |||
North Carolina Capital Facilities Finance Agency, High Point University, 5.000%, 5/1/32 | 1,700 | 1,833 | |
South Carolina—2.3% | |||
Electric Revenue—2.3% | |||
South Carolina Public Service Authority 5.750%, 12/1/43 | 1,800 | 2,086 | |
Virginia—3.9% | |||
Healthcare Revenue—0.5% | |||
Virginia Commonwealth University Health System Authority 5.000%, 7/1/33 | 385 | 458 | |
Transportation Revenue—3.4% | |||
Virginia Small Business Financing Authority, Senior Lien, 5.000%, 7/1/34 | 2,805 | 3,036 | |
3,494 | |||
Total Municipal Bonds (Identified Cost $81,370) | 84,892 | ||
Total Long-Term Investments—95.3% (Identified Cost $81,370) | 84,892 |
Shares | Value | ||
Short-Term Investment—3.0% | |||
Money Market Mutual Fund—3.0% | |||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.270%) (2) | 2,725,623 | $ 2,726 | |
Total Short-Term Investment (Identified Cost $2,726) | 2,726 | ||
TOTAL INVESTMENTS—98.3% (Identified Cost $84,096) | $87,618 | ||
Other assets and liabilities, net—1.7% | 1,492 | ||
NET ASSETS—100.0% | $89,110 |
Abbreviation: | |
AMBAC | American Municipal Bond Assurance Corp. |
Footnote Legend: | |
(1) | At December 31, 2017, 8.0% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Municipal Bonds | $84,892 | $ — | $84,892 | $— | |||
Short-Term Investment | 2,726 | 2,726 | — | — | |||
Total Investments | $87,618 | $2,726 | $84,892 | $— |
Par Value | Value | ||
Municipal Bonds(1)—97.1% | |||
Alabama—5.3% | |||
Birmingham Alabama Special Care Facilities Financing Authority, Childrens Hospital Revenue, (AGC Insured) (Pre-refunded 6/1/19 @ 100), 6.000%, 6/1/39 | $2,000 | $ 2,123 | |
County of Jefferson, Sales Tax Revenue, 5.000%, 9/15/33 | 1,000 | 1,167 | |
Jefferson County Revenue, 5.000%, 9/15/35 | 1,000 | 1,160 | |
4,450 | |||
Alaska—2.6% | |||
Matanuska-Susitna of Borough Revenue, | |||
(AGC Insured) (Pre-refunded 9/1/19 @ 100), 6.000%, 9/1/28 | 1,270 | 1,361 | |
(AGC Insured) (Pre-refunded 9/1/19 @ 100), 6.000%, 9/1/28 | 730 | 783 | |
2,144 | |||
California—19.2% | |||
California Infrastructure & Economic Development Bank, Academy Motion Picture Arts Revenue, 5.000%, 11/1/34 | 1,000 | 1,151 | |
California Municipal Finance Authority, Bowles Hall Foundation Revenue, 5.000%, 6/1/50 | 1,750 | 1,920 | |
California State of, | |||
General Obligation, 5.000%, 9/1/19 | 1,500 | 1,584 | |
General Obligation, 5.000%, 8/1/24 | 2,500 | 2,982 | |
General Obligation, 5.000%, 9/1/30 | 1,000 | 1,113 | |
General Obligation, 6.500%, 4/1/33 | 2,000 | 2,125 | |
Chabot-Las Positas Community College District, General Obligation, 4.000%, 8/1/47 | 1,500 | 1,624 | |
Los Angeles Community College District, General Obligation, 4.000%, 8/1/39 | 1,195 | 1,305 | |
Los Angeles Department of Airports, Los Angeles International Airport Revenue, 5.000%, 5/15/35 | 1,000 | 1,176 | |
San Diego Redevelopment Agency Successor Agency, | |||
5.000%, 9/1/28 | 500 | 602 | |
5.000%, 9/1/29 | 405 | 485 | |
16,067 | |||
Colorado—3.2% | |||
Colorado Educational & Cultural Facilities Authority, University of Denver Project Revenue, 5.000%, 3/1/43 | 1,000 | 1,171 |
Par Value | Value | ||
Colorado—continued | |||
University of Colorado Revenue, 4.000%, 6/1/36 | $1,355 | $ 1,496 | |
2,667 | |||
Connecticut—1.0% | |||
Connecticut State Health & Educational Facility Authority, Sacred Heart University Revenue, 5.000%, 7/1/42 | 750 | 874 | |
District of Columbia—2.6% | |||
Columbia District Revenue, 5.500%, 12/1/30 | 2,000 | 2,145 | |
Florida—1.4% | |||
Orlando City Revenue, (Pre-refunded 5/1/24 @ 100), 5.250%, 11/1/32 | 1,000 | 1,201 | |
Georgia—1.7% | |||
Fulton County Development Authority, Georgia Tech Athletic Association Revenue, 5.750%, 10/1/36 | 1,250 | 1,391 | |
Idaho—4.5% | |||
Idaho Health Facilities Authority Revenue, | |||
6.750%, 11/1/37 | 2,500 | 2,606 | |
5.000%, 12/1/42 | 1,000 | 1,167 | |
3,773 | |||
Illinois—7.5% | |||
Chicago O’Hare International Airport Revenue, | |||
5.000%, 1/1/33 | 1,100 | 1,246 | |
5.000%, 1/1/33 | 3,500 | 4,020 | |
University of Illinois Revenue, (Pre-refunded 4/1/19 @ 100), 5.750%, 4/1/38 | 1,000 | 1,052 | |
6,318 | |||
Indiana—4.4% | |||
Indiana Finance Authority Revenue, 5.000%, 6/1/32 | 3,000 | 3,672 | |
Louisiana—1.1% | |||
Jefferson Sales Tax District Revenue, (AGM Insured), 5.000%, 12/1/42 | 775 | 920 | |
Maine—3.2% | |||
Maine Turnpike Authority Revenue (Pre-refunded 7/1/19 @ 100), 6.000%, 7/1/38 | 2,500 | 2,663 | |
Maryland—5.9% | |||
Maryland Health & Higher Educational Facilities Authority, | |||
Lifebridge Health Revenue, 4.000%, 7/1/35 | 300 | 321 | |
Lifebridge Health Revenue, 4.000%, 7/1/36 | 1,060 | 1,129 |
Par Value | Value | ||
Maryland—continued | |||
Lifebridge Health Revenue, 5.000%, 7/1/44 | $3,050 | $ 3,537 | |
4,987 | |||
Massachusetts—1.3% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, 4.000%, 6/1/35 | 1,000 | 1,104 | |
Missouri—3.5% | |||
Metropolitan St Louis Sewer District Revenue, 5.000%, 5/1/36 | 2,500 | 2,951 | |
New Jersey—2.8% | |||
New Jersey Turnpike Authority, Toll Highway Revenue, 5.000%, 1/1/37 | 2,000 | 2,383 | |
New York—5.4% | |||
Long Island Power Authority Revenue, 5.000%, 9/1/47 | 1,500 | 1,760 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.000%, 11/1/29 | 1,000 | 1,224 | |
New York State Dormitory Authority, Sales Tax Revenue, 5.000%, 3/15/33 | 1,250 | 1,505 | |
4,489 | |||
North Carolina—3.8% | |||
City of Charlotte Water & Sewer System Revenue, 1.310%, 7/1/36 | 3,210 | 3,210 | |
Oklahoma—1.2% | |||
Oklahoma Turnpike Authority Revenue, | |||
4.000%, 1/1/42 | 100 | 109 | |
5.000%, 1/1/47 | 750 | 887 | |
996 | |||
Oregon—7.9% | |||
Oregon State Facilities Authority, Reed College Project Revenue, 5.000%, 7/1/47 | 1,000 | 1,192 | |
Port of Portland Airport Revenue, | |||
5.000%, 7/1/42 | 1,000 | 1,158 | |
5.000%, 7/1/47 | 1,000 | 1,173 | |
Washington Multnomah & Yamhill Country School District, General Obligation (SCH BD GTY Insured), 5.000%, 6/15/27 | 2,500 | 3,128 | |
6,651 | |||
Pennsylvania—3.6% | |||
Pennsylvania Turnpike Commission, | |||
Toll Highway Revenue, 5.000%, 12/1/34 | 1,490 | 1,749 |
Par Value | Value | ||
Pennsylvania—continued | |||
Toll Highway Revenue, 6.375%, 12/1/38 | $1,000 | $ 1,277 | |
3,026 | |||
Texas—2.0% | |||
Arlington Higher Education Finance Corp, Life School Revenue (PSF-GTD Insured), 5.000%, 8/15/39 | 1,000 | 1,137 | |
Harris County Cultural Education Facilities Finance Corp. Teco Project Revenue, 4.000%, 11/15/36 | 500 | 534 | |
1,671 | |||
Washington—2.0% | |||
City of Seattle Municipal Light & Power Revenue, (BHAC Insured) (Pre-refunded 4/1/19 @ 100), 5.750%, 4/1/29 | 1,635 | 1,720 | |
Total Municipal Bonds (Identified Cost $79,025) | 81,473 | ||
Total Long-Term Investments—97.1% (Identified Cost $79,025) | 81,473 |
Shares | ||
Short-Term Investment—2.4% | ||
Money Market Mutual Fund—2.4% | ||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.270%)(2) | 1,986,649 | 1,987 |
Total Short-Term Investment (Identified Cost $1,987) | 1,987 | |
TOTAL INVESTMENTS—99.5% (Identified Cost $81,012) | $83,460 | |
Other assets and liabilities, net—0.5% | 399 | |
NET ASSETS—100.0% | $83,859 |
Abbreviations: | |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
BHAC | Berkshire Hathaway Assurance Corp. |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
Footnote Legend: | |
(1) | At December 31, 2017, 13.4% 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) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Municipal Bonds | $81,473 | $ — | $81,473 | $— | |||
Short-Term Investment | 1,987 | 1,987 | — | — | |||
Total Investments | $83,460 | $1,987 | $81,473 | $— |
Par Value | Value | ||
Corporate Bonds And Notes—90.9% | |||
Consumer Discretionary—16.0% | |||
American Axle & Manufacturing, Inc. | |||
144A 6.250%, 4/1/25(1) | $ 719 | $ 757 | |
144A 6.500%, 4/1/27(1) | 1,729 | 1,830 | |
CalAtlantic Group, Inc. | |||
5.875%, 11/15/24 | 1,650 | 1,834 | |
5.000%, 6/15/27 | 925 | 960 | |
CCO Holdings LLC | |||
5.750%, 9/1/23 | 505 | 518 | |
144A 5.750%, 2/15/26(1) | 1,405 | 1,459 | |
144A 5.125%, 5/1/27(1) | 2,405 | 2,369 | |
Century Communities, Inc. | |||
6.875%, 5/15/22 | 2,180 | 2,289 | |
5.875%, 7/15/25 | 1,593 | 1,601 | |
Cequel Communications Holdings I LLC 144A 6.375%, 9/15/20(1) | 224 | 227 | |
Clear Channel Worldwide Holdings, Inc. | |||
7.625%, 3/15/20 | 550 | 539 | |
6.500%, 11/15/22 | 975 | 991 | |
DISH DBS Corp. | |||
7.875%, 9/1/19 | 1,160 | 1,241 | |
7.750%, 7/1/26 | 800 | 841 | |
Downstream Development Authority of the Quapaw Tribe of Oklahoma 144A 10.500%, 7/1/19(1) | 885 | 867 | |
DriveTime Automotive Group, Inc. 144A 8.000%, 6/1/21(1) | 1,290 | 1,290 | |
Eldorado Resorts, Inc. 6.000%, 4/1/25 | 1,460 | 1,526 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1) | 1,340 | 1,434 | |
Golden Nugget, Inc. 144A 6.750%, 10/15/24(1) | 1,090 | 1,109 | |
Hilton Grand Vacations Borrower LLC 144A 6.125%, 12/1/24(1) | 820 | 896 | |
Intelsat Jackson Holdings SA 7.250%, 10/15/20 | 740 | 696 | |
KFC Holding Co. 144A 4.750%, 6/1/27(1) | 391 | 400 | |
L Brands, Inc. | |||
6.875%, 11/1/35 | 570 | 576 | |
6.750%, 7/1/36 | 625 | 625 | |
Lee Enterprises, Inc. 144A 9.500%, 3/15/22(1) | 435 | 450 | |
Lions Gate Entertainment Corp. 144A 5.875%, 11/1/24(1) | 1,405 | 1,484 | |
Lithia Motors, Inc. 144A 5.250%, 8/1/25(1) | 895 | 933 | |
Matthews International Corp. 144A 5.250%, 12/1/25(1) | 865 | 874 | |
MGM Resorts International | |||
7.750%, 3/15/22 | 3,305 | 3,768 | |
6.000%, 3/15/23 | 1,655 | 1,787 | |
Mohegan Gaming & Entertainment 144A 7.875%, 10/15/24(1) | 1,265 | 1,297 | |
Motors Liquidation Co. Escrow | |||
7.200%, 2/15/40(2)(3) | 17,182 | — | |
8.375%, 2/15/40(2)(3) | 36,800 | — | |
Murphy Oil USA, Inc. 5.625%, 5/1/27 | 379 | 398 | |
New Home Co., Inc. (The) 7.250%, 4/1/22 | 1,075 | 1,126 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
New Red Finance, Inc. 144A 5.000%, 10/15/25(1) | $ 3,279 | $ 3,304 | |
Penske Automotive Group, Inc. 5.375%, 12/1/24 | 1,310 | 1,330 | |
PetSmart, Inc. | |||
144A 7.125%, 3/15/23(1) | 560 | 332 | |
144A 5.875%, 6/1/25(1) | 1,465 | 1,124 | |
PulteGroup, Inc. 5.500%, 3/1/26 | 695 | 756 | |
Sears Holdings Corp. 8.000%, 12/15/19 | 2,901 | 1,476 | |
Service Corp. International/US 4.625%, 12/15/27 | 905 | 918 | |
SFR Group SA | |||
144A 6.000%, 5/15/22(1) | 600 | 607 | |
144A 7.375%, 5/1/26(1) | 2,650 | 2,729 | |
Shea Homes LP 144A 5.875%, 4/1/23(1) | 1,665 | 1,727 | |
Taylor Morrison Communities, Inc. 144A 5.250%, 4/15/21(1) | 935 | 954 | |
Telenet Finance Luxembourg Notes Sarl 144A 5.500%, 3/1/28(1) | 1,000 | 997 | |
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23(1) | 474 | 508 | |
TRI Pointe Group, Inc. | |||
4.875%, 7/1/21 | 2,441 | 2,532 | |
5.875%, 6/15/24 | 2,075 | 2,215 | |
5.250%, 6/1/27 | 1,850 | 1,897 | |
Univision Communications, Inc. 144A 6.750%, 9/15/22(1) | 463 | 481 | |
Viacom, Inc. 6.250%, 2/28/57 | 1,565 | 1,528 | |
Weight Watchers International, Inc. 144A 8.625%, 12/1/25(1) | 1,490 | 1,557 | |
WMG Acquisition Corp. 144A 5.625%, 4/15/22(1) | 1,600 | 1,648 | |
Ziggo Bond Finance BV 144A 5.875%, 1/15/25(1) | 1,350 | 1,330 | |
Ziggo Secured Finance BV 144A 5.500%, 1/15/27(1) | 1,090 | 1,089 | |
70,031 | |||
Consumer Staples—3.8% | |||
Albertsons Cos. LLC 6.625%, 6/15/24 | 910 | 869 | |
JBS USA LUX SA 144A 8.250%, 2/1/20(1) | 1,815 | 1,821 | |
New Albertson’s, Inc. 7.450%, 8/1/29 | 1,540 | 1,344 | |
Pilgrim’s Pride Corp. | |||
144A 5.750%, 3/15/25(1) | 2,870 | 2,956 | |
144A 5.875%, 9/30/27(1) | 445 | 458 | |
Post Holdings, Inc. | |||
144A 5.500%, 3/1/25(1) | 457 | 473 | |
144A 8.000%, 7/15/25(1) | 2,070 | 2,329 | |
144A 5.750%, 3/1/27(1) | 571 | 581 | |
Rite Aid Corp. | |||
6.750%, 6/15/21 | 1,165 | 1,159 | |
144A 6.125%, 4/1/23(1) | 2,550 | 2,301 |
Par Value | Value | ||
Consumer Staples—continued | |||
US Foods, Inc. 144A 5.875%, 6/15/24(1) | $ 2,116 | $ 2,222 | |
16,513 | |||
Energy—17.0% | |||
Antero Resources Corp. | |||
5.625%, 6/1/23 | 200 | 208 | |
5.000%, 3/1/25 | 1,020 | 1,040 | |
California Resources Corp. 144A 8.000%, 12/15/22(1) | 2,504 | 2,066 | |
Centennial Resource Production LLC 144A 5.375%, 1/15/26(1) | 1,315 | 1,340 | |
Cheniere Corpus Christi Holdings LLC | |||
7.000%, 6/30/24 | 2,110 | 2,401 | |
5.125%, 6/30/27 | 1,328 | 1,374 | |
Chesapeake Energy Corp. | |||
144A 8.000%, 12/15/22(1) | 2,581 | 2,784 | |
144A 8.000%, 1/15/25(1) | 1,180 | 1,190 | |
144A 8.000%, 6/15/27(1) | 1,405 | 1,349 | |
CNX Resources Corp. 8.000%, 4/1/23 | 3,415 | 3,661 | |
CONSOL Energy, Inc. 144A 11.000%, 11/15/25(1) | 1,680 | 1,764 | |
Crestwood Midstream Partners LP 5.750%, 4/1/25 | 1,166 | 1,204 | |
Denbury Resources, Inc. 144A 9.000%, 5/15/21(1) | 875 | 894 | |
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25 | 945 | 992 | |
Diamondback Energy, Inc. | |||
4.750%, 11/1/24 | 998 | 1,002 | |
5.375%, 5/31/25 | 2,083 | 2,143 | |
Eclipse Resources Corp. 8.875%, 7/15/23 | 1,680 | 1,724 | |
Endeavor Energy Resources LP | |||
144A 5.500%, 1/30/26(1) | 675 | 687 | |
144A 5.750%, 1/30/28(1) | 665 | 683 | |
Ensco plc | |||
8.000%, 1/31/24 | 2,858 | 2,865 | |
5.750%, 10/1/44 | 2,065 | 1,414 | |
FTS International, Inc. (3 month LIBOR + 7.500%) 144A 9.088%, 6/15/20(1)(4) | 1,160 | 1,183 | |
Hornbeck Offshore Services, Inc. | |||
5.875%, 4/1/20 | 2,302 | 1,537 | |
5.000%, 3/1/21 | 1,960 | 1,029 | |
MEG Energy Corp. | |||
144A 7.000%, 3/31/24(1) | 2,830 | 2,388 | |
144A 6.500%, 1/15/25(1) | 1,795 | 1,773 | |
Murphy Oil Corp. 5.750%, 8/15/25 | 1,870 | 1,912 | |
Nabors Industries, Inc. 5.500%, 1/15/23 | 1,569 | 1,518 | |
NGPL PipeCo LLC 144A 4.375%, 8/15/22(1) | 196 | 199 | |
Parsley Energy LLC 144A 5.625%, 10/15/27(1) | 950 | 971 | |
Petrobras Global Finance BV | |||
8.375%, 5/23/21 | 1,990 | 2,270 | |
7.375%, 1/17/27 | 800 | 881 | |
Precision Drilling Corp. | |||
6.500%, 12/15/21 | 844 | 860 | |
7.750%, 12/15/23 | 800 | 840 |
Par Value | Value | ||
Energy—continued | |||
144A 7.125%, 1/15/26(1) | $ 356 | $ 363 | |
Pride International LLC 7.875%, 8/15/40 | 1,400 | 1,185 | |
Range Resources Corp. | |||
5.750%, 6/1/21 | 2,819 | 2,925 | |
5.875%, 7/1/22 | 630 | 643 | |
Rockies Express Pipeline LLC | |||
144A 6.850%, 7/15/18(1) | 1,241 | 1,263 | |
144A 6.000%, 1/15/19(1) | 2,635 | 2,707 | |
144A 5.625%, 4/15/20(1) | 390 | 408 | |
Rowan Cos, Inc. | |||
4.875%, 6/1/22 | 2,504 | 2,360 | |
4.750%, 1/15/24 | 1,210 | 1,065 | |
5.850%, 1/15/44 | 1,410 | 1,100 | |
SandRidge Energy, Inc. 8.125%, 1/15/19(2)(3) | 1,935 | — | |
SESI LLC | |||
7.125%, 12/15/21 | 1,160 | 1,189 | |
144A 7.750%, 9/15/24(1) | 1,925 | 2,045 | |
Seven Generations Energy Ltd. 144A 6.750%, 5/1/23(1) | 1,161 | 1,234 | |
Southwestern Energy Co. 7.500%, 4/1/26 | 1,850 | 1,966 | |
Tallgrass Energy Partners LP | |||
144A 5.500%, 9/15/24(1) | 585 | 600 | |
144A 5.500%, 1/15/28(1) | 930 | 941 | |
Transocean, Inc. | |||
7.500%, 4/15/31 | 905 | 805 | |
6.800%, 3/15/38 | 1,025 | 826 | |
Whiting Petroleum Corp. 144A 6.625%, 1/15/26(1) | 900 | 918 | |
74,689 | |||
Financials—14.7% | |||
Ally Financial, Inc. | |||
5.750%, 11/20/25 | 1,045 | 1,139 | |
8.000%, 11/1/31 | 450 | 585 | |
CRC Escrow Issuer LLC 144A 5.250%, 10/15/25(1) | 1,785 | 1,803 | |
CSC Holdings LLC | |||
144A 10.125%, 1/15/23(1) | 1,200 | 1,352 | |
144A 10.875%, 10/15/25(1) | 2,605 | 3,093 | |
Deck Chassis Acquisition, Inc. 144A 10.000%, 6/15/23(1) | 1,423 | 1,583 | |
Delphi Technologies plc 144A 5.000%, 10/1/25(1) | 465 | 471 | |
Diamond Resorts International, Inc. 144A 10.750%, 9/1/24(1) | 1,055 | 1,130 | |
Hilcorp Energy I LP 144A 5.750%, 10/1/25(1) | 3,515 | 3,594 | |
Jefferies Finance LLC 144A 7.375%, 4/1/20(1) | 2,050 | 2,109 | |
KCA Deutag UK Finance plc | |||
144A 7.250%, 5/15/21(1) | 555 | 538 | |
144A 9.875%, 4/1/22(1) | 1,960 | 2,078 | |
Ladder Capital Finance Holdings LLLP 144A 5.250%, 10/1/25(1) | 1,220 | 1,214 | |
MGIC Investment Corp. 5.750%, 8/15/23 | 1,640 | 1,794 | |
Nationstar Mortgage LLC | |||
6.500%, 8/1/18 | 5,200 | 5,209 | |
9.625%, 5/1/19 | 1,025 | 1,054 |
Par Value | Value | ||
Financials—continued | |||
7.875%, 10/1/20 | $ 3,890 | $ 3,973 | |
6.500%, 7/1/21 | 1,806 | 1,831 | |
6.500%, 6/1/22 | 827 | 835 | |
Navient Corp. | |||
8.450%, 6/15/18 | 1,805 | 1,851 | |
5.500%, 1/15/19 | 875 | 890 | |
8.000%, 3/25/20 | 2,545 | 2,752 | |
Ocwen Loan Servicing LLC 144A 8.375%, 11/15/22(1) | 4,845 | 4,966 | |
OneMain Financial Holdings LLC 144A 7.250%, 12/15/21(1) | 1,625 | 1,689 | |
Provident Funding Associates LP 144A 6.375%, 6/15/25(1) | 404 | 424 | |
Quicken Loans, Inc. | |||
144A 5.750%, 5/1/25(1) | 3,745 | 3,876 | |
144A 5.250%, 1/15/28(1) | 860 | 849 | |
Silversea Cruise Finance Ltd. 144A 7.250%, 2/1/25(1) | 1,340 | 1,444 | |
Surgery Center Holdings, Inc. 144A 6.750%, 7/1/25(1) | 1,565 | 1,479 | |
Team Health Holdings, Inc. 144A 6.375%, 2/1/25(1) | 1,005 | 897 | |
TRU Taj LLC 144A 12.000%, 8/15/21(1)(3) | 1,565 | 1,448 | |
VFH Parent LLC 144A 6.750%, 6/15/22(1) | 1,300 | 1,368 | |
Viking Cruises Ltd. 144A 5.875%, 9/15/27(1) | 880 | 895 | |
Walter Investment Management Corp. 7.875%, 12/15/21(3) | 4,350 | 2,632 | |
West Corp. 144A 8.500%, 10/15/25(1) | 1,465 | 1,447 | |
64,292 | |||
Health Care—7.4% | |||
Centene Corp. 5.625%, 2/15/21 | 2,530 | 2,600 | |
DaVita, Inc. | |||
5.750%, 8/15/22 | 1,405 | 1,445 | |
5.000%, 5/1/25 | 3,865 | 3,864 | |
Endo Finance LLC 144A 7.250%, 1/15/22(1) | 960 | 830 | |
Envision Healthcare Corp. 5.625%, 7/15/22 | 1,135 | 1,146 | |
Greatbatch Ltd. 144A 9.125%, 11/1/23(1) | 1,872 | 2,031 | |
HCA Healthcare, Inc. 6.250%, 2/15/21 | 1,465 | 1,553 | |
HCA, Inc. | |||
6.500%, 2/15/20 | 1,115 | 1,182 | |
5.250%, 6/15/26 | 895 | 949 | |
7.500%, 11/6/33 | 420 | 470 | |
7.500%, 11/15/95 | 455 | 465 | |
Hologic, Inc. 144A 4.375%, 10/15/25(1) | 1,420 | 1,441 | |
inVentiv Group Holdings, Inc. 144A 7.500%, 10/1/24(1) | 576 | 622 | |
Kindred Healthcare, Inc. | |||
8.000%, 1/15/20 | 1,935 | 2,097 | |
8.750%, 1/15/23 | 440 | 466 | |
Teleflex, Inc. 5.250%, 6/15/24 | 1,263 | 1,317 |
Par Value | Value | ||
Health Care—continued | |||
Valeant Pharmaceuticals International, Inc. | |||
144A 7.500%, 7/15/21(1) | $ 3,870 | $ 3,943 | |
144A 6.125%, 4/15/25(1) | 2,470 | 2,260 | |
144A 9.000%, 12/15/25(1) | 1,450 | 1,511 | |
WellCare Health Plans, Inc. 5.250%, 4/1/25 | 2,245 | 2,369 | |
32,561 | |||
Industrials—10.3% | |||
AECOM 5.125%, 3/15/27 | 1,653 | 1,684 | |
Air Canada Pass-Through-Trust | |||
2013-1, C 144A 6.625%, 5/15/18(1) | 875 | 889 | |
2015-1, C 144A 5.000%, 3/15/20(1) | 543 | 555 | |
Allison Transmission, Inc. 144A 5.000%, 10/1/24(1) | 1,985 | 2,047 | |
AmeriGas Partners LP 5.750%, 5/20/27 | 1,605 | 1,621 | |
Bombardier, Inc. | |||
144A 7.750%, 3/15/20(1) | 585 | 629 | |
144A 8.750%, 12/1/21(1) | 1,475 | 1,622 | |
144A 7.500%, 3/15/25(1) | 2,205 | 2,221 | |
Donnelley Financial Solutions, Inc. 8.250%, 10/15/24 | 1,100 | 1,177 | |
Engility Corp. 8.875%, 9/1/24 | 1,645 | 1,758 | |
Gartner, Inc. 144A 5.125%, 4/1/25(1) | 775 | 810 | |
GFL Environmental, Inc. 144A 9.875%, 2/1/21(1) | 1,685 | 1,775 | |
Global Ship Lease, Inc. 144A 9.875%, 11/15/22(1) | 730 | 755 | |
Grinding Media, Inc. 144A 7.375%, 12/15/23(1) | 1,094 | 1,175 | |
Harland Clarke Holdings Corp. | |||
144A 6.875%, 3/1/20(1) | 1,680 | 1,714 | |
144A 8.375%, 8/15/22(1) | 3,985 | 4,138 | |
HC2 Holdings, Inc. 144A 11.000%, 12/1/19(1) | 1,125 | 1,143 | |
Herc Rentals, Inc. 144A 7.500%, 6/1/22(1) | 1,236 | 1,332 | |
Jack Ohio Finance LLC 144A 10.250%, 11/15/22(1) | 1,207 | 1,319 | |
KAR Auction Services, Inc. 144A 5.125%, 6/1/25(1) | 1,555 | 1,594 | |
Laureate Education, Inc. 144A 8.250%, 5/1/25(1) | 1,133 | 1,201 | |
Navistar International Corp. 144A 6.625%, 11/1/25(1) | 885 | 923 | |
Plastipak Holdings, Inc. 144A 6.250%, 10/15/25(1) | 1,098 | 1,128 | |
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23(1) | 1,015 | 1,127 | |
Ritchie Bros Auctioneers, Inc. 144A 5.375%, 1/15/25(1) | 850 | 878 | |
United Airlines, Inc. Pass-Through-Trust 2014-1, B 4.750%, 4/11/22 | 2,428 | 2,512 | |
Univar USA, Inc. 144A 6.750%, 7/15/23(1) | 1,505 | 1,573 |
Par Value | Value | ||
Industrials—continued | |||
US Airways, Inc. Pass-Through-Trust 2012-2, B 6.750%, 6/3/21 | $ 2,644 | $ 2,871 | |
Wabash National Corp. 144A 5.500%, 10/1/25(1) | 1,440 | 1,451 | |
WESCO Distribution, Inc. 5.375%, 6/15/24 | 1,275 | 1,310 | |
44,932 | |||
Information Technology—4.5% | |||
Alliance Data Systems Corp. | |||
144A 5.875%, 11/1/21(1) | 4,690 | 4,807 | |
144A 5.375%, 8/1/22(1) | 1,610 | 1,622 | |
Conduent Finance, Inc. 144A 10.500%, 12/15/24(1) | 1,118 | 1,312 | |
Dell International LLC 144A 7.125%, 6/15/24(1) | 1,475 | 1,615 | |
Dell, Inc. 6.500%, 4/15/38 | 867 | 882 | |
First Data Corp. | |||
144A 5.375%, 8/15/23(1) | 1,620 | 1,686 | |
144A 7.000%, 12/1/23(1) | 1,205 | 1,274 | |
Nuance Communications, Inc. 5.625%, 12/15/26 | 1,176 | 1,225 | |
Quintiles IMS, Inc. 144A 5.000%, 10/15/26(1) | 1,390 | 1,425 | |
Western Digital Corp. 10.500%, 4/1/24 | 3,400 | 3,940 | |
19,788 | |||
Materials—3.6% | |||
Axalta Coating Systems LLC 144A 4.875%, 8/15/24(1) | 2,380 | 2,499 | |
Big River Steel LLC 144A 7.250%, 9/1/25(1) | 875 | 925 | |
Blue Cube Spinco, Inc. 9.750%, 10/15/23 | 1,778 | 2,098 | |
Chemours Co. (The) 7.000%, 5/15/25 | 2,295 | 2,490 | |
Enviva Partners LP 8.500%, 11/1/21 | 500 | 533 | |
Imperial Metals Corp. 144A 7.000%, 3/15/19(1) | 2,353 | 2,212 | |
Kaiser Aluminum Corp. 5.875%, 5/15/24 | 1,469 | 1,561 | |
Summit Materials LLC 8.500%, 4/15/22 | 1,845 | 2,043 | |
TMS International Corp. 144A 7.250%, 8/15/25(1) | 843 | 881 | |
Valvoline, Inc. 5.500%, 7/15/24 | 322 | 342 | |
15,584 | |||
Real Estate—4.9% | |||
Howard Hughes Corp. (The) 144A 5.375%, 3/15/25(1) | 3,832 | 3,928 | |
iStar, Inc. | |||
4.625%, 9/15/20 | 2,670 | 2,710 | |
6.500%, 7/1/21 | 3,353 | 3,483 | |
6.000%, 4/1/22 | 1,848 | 1,913 | |
MPT Operating Partnership LP 5.000%, 10/15/27 | 1,485 | 1,513 |
Par Value | Value | ||
Real Estate—continued | |||
Sabra Health Care LP 5.125%, 8/15/26 | $ 1,675 | $ 1,698 | |
SBA Communications Corp. | |||
4.875%, 9/1/24 | 920 | 945 | |
144A 4.000%, 10/1/22(1) | 1,786 | 1,788 | |
Starwood Property Trust, Inc. 5.000%, 12/15/21 | 3,488 | 3,619 | |
21,597 | |||
Telecommunication Services—6.4% | |||
Altice Financing SA 144A 6.625%, 2/15/23(1) | 995 | 1,042 | |
Altice Luxembourg SA | |||
144A 7.750%, 5/15/22(1) | 2,875 | 2,817 | |
144A 7.625%, 2/15/25(1) | 955 | 914 | |
CB Escrow Corp. 144A 8.000%, 10/15/25(1) | 1,155 | 1,172 | |
CenturyLink, Inc. | |||
5.625%, 4/1/20 | 470 | 474 | |
6.750%, 12/1/23 | 1,855 | 1,818 | |
7.500%, 4/1/24 | 675 | 673 | |
Cequel Communications Holdings I LLC 144A 7.750%, 7/15/25(1) | 440 | 471 | |
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(1) | 3,830 | 3,801 | |
Cogent Communications Finance, Inc. 144A 5.625%, 4/15/21(1) | 745 | 752 | |
Cogent Communications Group, Inc. 144A 5.375%, 3/1/22(1) | 520 | 546 | |
Intelsat Jackson Holdings SA | |||
144A 9.500%, 9/30/22(1) | 410 | 473 | |
144A 9.750%, 7/15/25(1) | 1,025 | 987 | |
Level 3 Financing, Inc. 5.375%, 5/1/25 | 1,145 | 1,144 | |
Level 3 Parent LLC 5.750%, 12/1/22 | 415 | 417 | |
Sprint Capital Corp. 6.875%, 11/15/28 | 2,135 | 2,148 | |
Sprint Communications, Inc. 11.500%, 11/15/21 | 2,060 | 2,487 | |
Sprint Corp. 7.875%, 9/15/23 | 1,830 | 1,949 | |
Trilogy International Partners LLC 144A 8.875%, 5/1/22(1) | 1,304 | 1,337 | |
UPC Holding BV 144A 5.500%, 1/15/28(1) | 2,725 | 2,650 | |
28,072 | |||
Utilities—2.3% | |||
Calpine Corp. 144A 5.250%, 6/1/26(1) | 725 | 711 | |
Foresight Energy LLC 144A 11.500%, 4/1/23(1) | 2,405 | 1,966 | |
NRG Energy, Inc. | |||
6.250%, 7/15/22 | 570 | 593 | |
7.250%, 5/15/26 | 1,900 | 2,069 | |
144A 5.750%, 1/15/28(1) | 520 | 525 | |
NRG Yield Operating LLC 5.000%, 9/15/26 | 1,620 | 1,644 | |
Talen Energy Supply LLC | |||
144A 9.500%, 7/15/22(1) | 1,420 | 1,455 |
Par Value | Value | ||
Utilities—continued | |||
144A 10.500%, 1/15/26(1) | $ 1,270 | $ 1,257 | |
10,220 | |||
Total Corporate Bonds And Notes (Identified Cost $388,464) | 398,279 | ||
Leveraged Loans(4)—4.6% | |||
Cable/Wireless Video—0.2% | |||
Liberty Cablevision of Puerto Rico Tranche B, First Lien (3 month LIBOR + 3.500%) 4.859%, 1/7/22 | 1,005 | 972 | |
Energy—0.7% | |||
California Resources Corp. (1 month LIBOR + 10.375%) 11.876%, 12/31/22 | 1,430 | 1,568 | |
Chesapeake Energy Corp. Tranche A (3 month LIBOR + 7.500%) 8.954%, 8/23/21 | 1,180 | 1,254 | |
2,822 | |||
Financial—1.8% | |||
AltiSource Solutions S.a.r.l Tranche B (1 month LIBOR + 3.500%) 5.069%, 12/9/20 | 2,338 | 2,288 | |
Freedom Mortgage Corp. (3 month LIBOR + 5.500%) 6.956%, 2/23/22 | 1,028 | 1,042 | |
Ocwen Loan Servicing LLC (1 month LIBOR + 5.000%) 6.460%, 12/7/20 | 1,169 | 1,171 | |
USI, Inc. Tranche B (3 month LIBOR + 3.000%) 4.693%, 5/16/24 | 1,312 | 1,309 | |
Walter Investment Management Corp. Tranche B (1 month LIBOR + 3.750%) 5.319%, 12/18/20(5) | 2,047 | 1,952 | |
7,762 | |||
Food/Tobacco—0.3% | |||
JBS USA LUX SA (3 month LIBOR + 2.500%) 4.100%, 10/30/22 | 1,389 | 1,364 | |
Gaming/Leisure—0.2% | |||
Eldorado Resorts, Inc. (1 month LIBOR + 2.250%) 3.750%, 4/17/24 | 881 | 881 | |
Healthcare—0.3% | |||
Centene Corp. (3 month LIBOR + 3.500%) 3.500%, 9/13/18(6)(7) | 1,245 | 1,245 | |
Metals/Minerals—0.2% | |||
Foresight Energy LLC (3 month LIBOR + 5.750%) 7.443%, 3/28/22 | 1,131 | 1,059 | |
Retail—0.5% | |||
Sears Roebuck Acceptance Corp. | |||
2016 (1 month LIBOR + 7.500%) 8.892%, 7/20/20 | 164 | 164 |
Par Value | Value | ||
Retail—continued | |||
2017 (3 month LIBOR + 4.500%) 6.069%, 1/20/19 | $ 2,134 | $ 2,145 | |
2,309 | |||
Service—0.1% | |||
Laureate Education, Inc. 2024 (1 month LIBOR + 4.500%) 6.069%, 4/26/24 | 432 | 435 | |
Telecommunications—0.3% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 4.319%, 1/31/25 | 1,335 | 1,286 | |
Total Leveraged Loans (Identified Cost $19,935) | 20,135 |
Shares | ||
Preferred Stock—0.2% | ||
Financials—0.2% | ||
GMAC Capital Trust I Series 2, 7.201%(4) | 42,810 | 1,111 |
Total Preferred Stock (Identified Cost $1,071) | 1,111 | |
Common Stocks—1.5% | ||
Consumer Discretionary—0.5% | ||
General Motors Co. | 46,732 | 1,916 |
Energy—1.0% | ||
Linn Energy, Inc.(8) | 83,395 | 3,357 |
SandRidge Energy, Inc.(8) | 39,265 | 827 |
Templar Energy LLC(6)(8) | 159,460 | 335 |
4,519 | ||
Total Common Stocks (Identified Cost $9,588) | 6,435 | |
Warrants—0.0% | ||
Energy—0.0% | ||
SandRidge Energy, Inc.(8) | 3,760 | 7 |
SandRidge Energy, Inc.(8) | 1,583 | 2 |
9 | ||
Total Warrants (Identified Cost $0) | 9 | |
Total Long-Term Investments—97.2% (Identified Cost $419,058) | 425,969 |
Shares | Value | ||
Short-Term Investment—2.5% | |||
Money Market Mutual Fund—2.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(9)(10) | 11,163,254 | $ 11,163 | |
Total Short-Term Investment (Identified Cost $11,163) | 11,163 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $430,221) | $437,132 | ||
Other assets and liabilities, net—0.3% | 1,183 | ||
NET ASSETS—100.0% | $438,315 |
Abbreviation: | |
LIBOR | London Interbank Offered 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 December 31, 2017, these securities amounted to a value of $212,188 or 48.4% of net assets. |
(2) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(3) | Security in default, no interest payments are being received during the bankruptcy proceedings. |
(4) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(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) | Represents unfunded portion of security and commitment fee earned on this portion. |
(8) | Non-income producing security. |
(9) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(10) | All or a portion of the security is segregated as collateral for a delayed delivery transaction. |
Country Weightings (Unaudited)† | |
United States | 84% |
Canada | 7 |
Luxembourg | 3 |
Netherlands | 2 |
United Kingdom | 2 |
France | 1 |
Cayman Islands | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Corporate Bonds And Notes | $398,279 | $ — | $398,279 | $ — | |||
Leveraged Loans | 20,135 | — | 18,890 | 1,245 | |||
Equity Securities: | |||||||
Common Stocks | 6,435 | 6,100 | — | 335 | |||
Preferred Stock | 1,111 | 1,111 | — | — | |||
Warrants | 9 | 9 | — | — | |||
Short-Term Investment | 11,163 | 11,163 | — | — | |||
Total Investments | $437,132 | $18,383 | $417,169 | $1,580 |
Par Value | Value | ||
Corporate Bonds And Notes—91.1% | |||
Consumer Discretionary—16.8% | |||
American Axle & Manufacturing, Inc. | |||
144A 6.250%, 4/1/25(1) | $ 705 | $ 742 | |
144A 6.500%, 4/1/27(1) | 1,745 | 1,848 | |
CalAtlantic Group, Inc. | |||
5.875%, 11/15/24 | 1,391 | 1,546 | |
5.000%, 6/15/27 | 910 | 944 | |
CCO Holdings LLC | |||
5.750%, 9/1/23 | 2,485 | 2,547 | |
144A 5.750%, 2/15/26(1) | 2,635 | 2,737 | |
144A 5.125%, 5/1/27(1) | 2,640 | 2,600 | |
Century Communities, Inc. | |||
6.875%, 5/15/22 | 1,820 | 1,911 | |
5.875%, 7/15/25 | 1,570 | 1,578 | |
Clear Channel Worldwide Holdings, Inc. 6.500%, 11/15/22 | 1,350 | 1,372 | |
DISH DBS Corp. | |||
7.875%, 9/1/19 | 2,320 | 2,482 | |
7.750%, 7/1/26 | 810 | 852 | |
Dollar Tree Inc. 5.750%, 3/1/23 | 1,525 | 1,597 | |
DriveTime Automotive Group, Inc. 144A 8.000%, 6/1/21(1) | 1,275 | 1,275 | |
Eldorado Resorts, Inc. 6.000%, 4/1/25 | 1,350 | 1,411 | |
Hilton Grand Vacations Borrower LLC 144A 6.125%, 12/1/24(1) | 825 | 901 | |
Hilton Worldwide Finance LLC 4.625%, 4/1/25 | 778 | 799 | |
KFC Holding Co. 144A 4.750%, 6/1/27(1) | 378 | 387 | |
L Brands, Inc. | |||
6.875%, 11/1/35 | 545 | 550 | |
6.750%, 7/1/36 | 530 | 530 | |
Lamar Media Corp. 5.750%, 2/1/26 | 980 | 1,046 | |
Lee Enterprises, Inc. 144A 9.500%, 3/15/22(1) | 437 | 452 | |
Lions Gate Entertainment Corp. 144A 5.875%, 11/1/24(1) | 1,490 | 1,574 | |
Lithia Motors, Inc. 144A 5.250%, 8/1/25(1) | 896 | 934 | |
Matthews International Corp. 144A 5.250%, 12/1/25(1) | 860 | 869 | |
MGM Resorts International | |||
7.750%, 3/15/22 | 3,215 | 3,665 | |
6.000%, 3/15/23 | 1,615 | 1,744 | |
Murphy Oil USA, Inc. 5.625%, 5/1/27 | 370 | 389 | |
New Home Co., Inc. (The) 7.250%, 4/1/22 | 1,060 | 1,110 | |
New Red Finance, Inc. 144A 5.000%, 10/15/25(1) | 6,170 | 6,216 | |
Penske Automotive Group, Inc. 5.375%, 12/1/24 | 1,290 | 1,309 | |
PetSmart, Inc. 144A 5.875%, 6/1/25(1) | 1,105 | 848 | |
PulteGroup, Inc. | |||
4.250%, 3/1/21 | 1,527 | 1,573 | |
5.500%, 3/1/26 | 1,920 | 2,088 | |
7.875%, 6/15/32 | 400 | 502 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Quebecor Media, Inc. 5.750%, 1/15/23 | $ 463 | $ 491 | |
Service Corp. International/US 4.625%, 12/15/27 | 905 | 918 | |
SFR Group SA 144A 7.375%, 5/1/26(1) | 2,100 | 2,163 | |
Shea Homes LP | |||
144A 5.875%, 4/1/23(1) | 1,755 | 1,821 | |
144A 6.125%, 4/1/25(1) | 1,755 | 1,825 | |
Six Flags Entertainment Corp. 144A 5.500%, 4/15/27(1) | 960 | 994 | |
Taylor Morrison Communities, Inc. 144A 5.250%, 4/15/21(1) | 820 | 836 | |
Telenet Finance Luxembourg Notes Sarl 144A 5.500%, 3/1/28(1) | 1,200 | 1,197 | |
TI Group Automotive Systems LLC 144A 8.750%, 7/15/23(1) | 505 | 542 | |
TRI Pointe Group, Inc. | |||
4.875%, 7/1/21 | 2,260 | 2,345 | |
5.875%, 6/15/24 | 2,010 | 2,146 | |
5.250%, 6/1/27 | 1,825 | 1,872 | |
Univision Communications, Inc. 144A 6.750%, 9/15/22(1) | 483 | 502 | |
Viacom, Inc. 6.250%, 2/28/57 | 1,535 | 1,499 | |
WMG Acquisition Corp. | |||
144A 5.625%, 4/15/22(1) | 1,408 | 1,450 | |
144A 5.000%, 8/1/23(1) | 600 | 621 | |
Ziggo Bond Finance BV 144A 5.875%, 1/15/25(1) | 815 | 803 | |
Ziggo Secured Finance BV 144A 5.500%, 1/15/27(1) | 1,105 | 1,104 | |
76,057 | |||
Consumer Staples—4.4% | |||
Albertsons Cos. LLC 6.625%, 6/15/24 | 925 | 883 | |
JBS USA LUX SA | |||
144A 8.250%, 2/1/20(1) | 2,115 | 2,121 | |
144A 5.750%, 6/15/25(1) | 1,745 | 1,680 | |
New Albertson’s, Inc. 7.450%, 8/1/29 | 1,536 | 1,340 | |
Pilgrim’s Pride Corp. | |||
144A 5.750%, 3/15/25(1) | 2,785 | 2,869 | |
144A 5.875%, 9/30/27(1) | 440 | 453 | |
Post Holdings, Inc. | |||
144A 5.500%, 3/1/25(1) | 380 | 393 | |
144A 8.000%, 7/15/25(1) | 2,045 | 2,301 | |
144A 5.000%, 8/15/26(1) | 1,565 | 1,540 | |
144A 5.750%, 3/1/27(1) | 474 | 482 | |
Rite Aid Corp. | |||
6.750%, 6/15/21 | 1,155 | 1,149 | |
144A 6.125%, 4/1/23(1) | 2,490 | 2,247 | |
US Foods, Inc. 144A 5.875%, 6/15/24(1) | 2,550 | 2,678 | |
20,136 | |||
Energy—15.0% | |||
Antero Resources Corp. | |||
5.375%, 11/1/21 | 600 | 615 | |
5.625%, 6/1/23 | 190 | 198 |
Par Value | Value | ||
Energy—continued | |||
5.000%, 3/1/25 | $1,105 | $ 1,127 | |
Centennial Resource Production LLC 144A 5.375%, 1/15/26(1) | 1,330 | 1,355 | |
Cheniere Corpus Christi Holdings LLC | |||
7.000%, 6/30/24 | 1,075 | 1,224 | |
5.125%, 6/30/27 | 1,315 | 1,360 | |
Chesapeake Energy Corp. 144A 8.000%, 12/15/22(1) | 3,705 | 3,997 | |
CNX Resources Corp. 8.000%, 4/1/23 | 3,015 | 3,232 | |
Crestwood Midstream Partners LP 5.750%, 4/1/25 | 1,300 | 1,342 | |
Denbury Resources, Inc. 144A 9.000%, 5/15/21(1) | 895 | 914 | |
Diamond Offshore Drilling, Inc. 7.875%, 8/15/25 | 945 | 992 | |
Diamondback Energy, Inc. | |||
4.750%, 11/1/24 | 1,045 | 1,049 | |
5.375%, 5/31/25 | 2,018 | 2,076 | |
Endeavor Energy Resources LP | |||
144A 5.500%, 1/30/26(1) | 675 | 687 | |
144A 5.750%, 1/30/28(1) | 660 | 678 | |
Ensco plc | |||
8.000%, 1/31/24 | 2,760 | 2,767 | |
5.750%, 10/1/44 | 2,017 | 1,382 | |
FTS International, Inc. (3 month LIBOR + 7.500%) 144A 9.088%, 6/15/20(1)(2) | 1,176 | 1,200 | |
MEG Energy Corp. | |||
144A 7.000%, 3/31/24(1) | 2,890 | 2,438 | |
144A 6.500%, 1/15/25(1) | 1,801 | 1,779 | |
Murphy Oil Corp. | |||
6.875%, 8/15/24 | 1,285 | 1,372 | |
5.750%, 8/15/25 | 1,885 | 1,927 | |
Nabors Industries, Inc. 5.500%, 1/15/23 | 1,540 | 1,490 | |
NGPL PipeCo LLC 144A 4.375%, 8/15/22(1) | 196 | 199 | |
Oasis Petroleum Inc. 7.250%, 2/1/19 | 1,925 | 1,925 | |
Oceaneering International, Inc. 4.650%, 11/15/24 | 520 | 506 | |
Parsley Energy LLC 144A 5.625%, 10/15/27(1) | 930 | 951 | |
Petrobras Global Finance BV | |||
8.375%, 5/23/21 | 2,000 | 2,281 | |
7.375%, 1/17/27 | 810 | 892 | |
Precision Drilling Corp. | |||
7.750%, 12/15/23 | 805 | 845 | |
144A 7.125%, 1/15/26(1) | 348 | 355 | |
Pride International LLC 7.875%, 8/15/40 | 1,370 | 1,159 | |
Range Resources Corp. | |||
5.750%, 6/1/21 | 2,535 | 2,630 | |
5.875%, 7/1/22 | 630 | 643 | |
Rockies Express Pipeline LLC | |||
144A 6.850%, 7/15/18(1) | 1,105 | 1,124 | |
144A 6.000%, 1/15/19(1) | 2,650 | 2,723 | |
144A 5.625%, 4/15/20(1) | 730 | 765 | |
Rowan Cos, Inc. | |||
4.875%, 6/1/22 | 2,420 | 2,281 | |
4.750%, 1/15/24 | 1,705 | 1,500 | |
5.850%, 1/15/44 | 1,330 | 1,037 |
Par Value | Value | ||
Energy—continued | |||
RSP Permian, Inc. 6.625%, 10/1/22 | $1,055 | $ 1,106 | |
SESI LLC | |||
7.125%, 12/15/21 | 1,110 | 1,138 | |
144A 7.750%, 9/15/24(1) | 1,940 | 2,061 | |
Seven Generations Energy Ltd. 144A 6.750%, 5/1/23(1) | 1,158 | 1,230 | |
Southwestern Energy Co. 7.500%, 4/1/26 | 1,160 | 1,233 | |
Tallgrass Energy Partners LP | |||
144A 5.500%, 9/15/24(1) | 579 | 594 | |
144A 5.500%, 1/15/28(1) | 900 | 911 | |
Transocean, Inc. | |||
7.500%, 4/15/31 | 870 | 774 | |
6.800%, 3/15/38 | 995 | 802 | |
Whiting Petroleum Corp. 144A 6.625%, 1/15/26(1) | 915 | 933 | |
67,799 | |||
Financials—12.8% | |||
Ally Financial, Inc. | |||
8.000%, 3/15/20 | 2,268 | 2,500 | |
5.750%, 11/20/25 | 1,095 | 1,194 | |
8.000%, 11/1/31 | 470 | 611 | |
CRC Escrow Issuer LLC 144A 5.250%, 10/15/25(1) | 1,820 | 1,839 | |
CSC Holdings LLC | |||
144A 10.125%, 1/15/23(1) | 1,150 | 1,295 | |
144A 10.875%, 10/15/25(1) | 2,732 | 3,244 | |
Deck Chassis Acquisition, Inc. 144A 10.000%, 6/15/23(1) | 1,400 | 1,558 | |
Delphi Technologies plc 144A 5.000%, 10/1/25(1) | 455 | 461 | |
Diamond Resorts International, Inc. 144A 7.750%, 9/1/23(1) | 965 | 1,047 | |
Hilcorp Energy I LP 144A 5.750%, 10/1/25(1) | 3,450 | 3,528 | |
Icahn Enterprises LP 6.000%, 8/1/20 | 2,525 | 2,597 | |
Jefferies Finance LLC | |||
144A 7.375%, 4/1/20(1) | 2,015 | 2,073 | |
144A 7.250%, 8/15/24(1) | 760 | 780 | |
Ladder Capital Finance Holdings LLLP 144A 5.250%, 10/1/25(1) | 1,195 | 1,189 | |
MGIC Investment Corp. 5.750%, 8/15/23 | 1,730 | 1,892 | |
Nationstar Mortgage LLC | |||
6.500%, 8/1/18 | 4,980 | 4,988 | |
9.625%, 5/1/19 | 955 | 982 | |
7.875%, 10/1/20 | 2,055 | 2,099 | |
6.500%, 7/1/21 | 4,350 | 4,410 | |
6.500%, 6/1/22 | 773 | 781 | |
Navient Corp. | |||
8.450%, 6/15/18 | 1,900 | 1,948 | |
5.500%, 1/15/19 | 735 | 748 | |
8.000%, 3/25/20 | 2,810 | 3,038 | |
Ocwen Loan Servicing LLC 144A 8.375%, 11/15/22(1) | 1,490 | 1,527 | |
OneMain Financial Holdings LLC 144A 7.250%, 12/15/21(1) | 1,540 | 1,600 | |
Provident Funding Associates LP 144A 6.375%, 6/15/25(1) | 408 | 428 |
Par Value | Value | ||
Financials—continued | |||
Quicken Loans, Inc. | |||
144A 5.750%, 5/1/25(1) | $3,505 | $ 3,628 | |
144A 5.250%, 1/15/28(1) | 865 | 854 | |
Radian Group Inc. 7.000%, 3/15/21 | 982 | 1,101 | |
Silversea Cruise Finance Ltd. 144A 7.250%, 2/1/25(1) | 1,227 | 1,322 | |
Springleaf Finance Corp. 8.250%, 12/15/20 | 600 | 660 | |
VFH Parent LLC 144A 6.750%, 6/15/22(1) | 1,100 | 1,158 | |
Viking Cruises Ltd. 144A 5.875%, 9/15/27(1) | 860 | 875 | |
57,955 | |||
Health Care—5.3% | |||
Centene Corp. | |||
5.625%, 2/15/21 | 2,500 | 2,569 | |
6.125%, 2/15/24 | 590 | 624 | |
DaVita, Inc. | |||
5.750%, 8/15/22 | 2,310 | 2,376 | |
5.000%, 5/1/25 | 2,175 | 2,174 | |
Envision Healthcare Corp. 5.625%, 7/15/22 | 1,140 | 1,151 | |
HCA Healthcare, Inc. 6.250%, 2/15/21 | 1,128 | 1,196 | |
HCA, Inc. | |||
5.250%, 6/15/26 | 875 | 927 | |
7.500%, 11/6/33 | 400 | 448 | |
7.500%, 11/15/95 | 455 | 465 | |
Hologic, Inc. | |||
144A 5.250%, 7/15/22(1) | 1,050 | 1,087 | |
144A 4.375%, 10/15/25(1) | 1,405 | 1,426 | |
Kindred Healthcare, Inc. 8.000%, 1/15/20 | 1,880 | 2,037 | |
MEDNAX, Inc. 144A 5.250%, 12/1/23(1) | 1,045 | 1,063 | |
Quintiles IMS, Inc. 144A 4.875%, 5/15/23(1) | 1,660 | 1,710 | |
Teleflex, Inc. 5.250%, 6/15/24 | 1,569 | 1,636 | |
Valeant Pharmaceuticals International, Inc. 144A 7.000%, 3/15/24(1) | 900 | 963 | |
WellCare Health Plans, Inc. 5.250%, 4/1/25 | 2,065 | 2,179 | |
24,031 | |||
Industrials—10.9% | |||
AECOM 5.125%, 3/15/27 | 1,835 | 1,869 | |
Air Canada Pass-Through-Trust | |||
2013-1, C 144A 6.625%, 5/15/18(1) | 790 | 803 | |
2015-1, C 144A 5.000%, 3/15/20(1) | 490 | 501 | |
Allison Transmission, Inc. 144A 5.000%, 10/1/24(1) | 2,295 | 2,367 | |
American Airlines Group Inc. Pass-Through-Trust Series 2013-2, Class B 144A 5.600%, 7/15/20(1) | 2,904 | 3,001 |
Par Value | Value | ||
Industrials—continued | |||
Bombardier, Inc. | |||
144A 7.750%, 3/15/20(1) | $ 490 | $ 527 | |
144A 8.750%, 12/1/21(1) | 1,350 | 1,485 | |
144A 7.500%, 3/15/25(1) | 2,130 | 2,146 | |
Donnelley Financial Solutions, Inc. 8.250%, 10/15/24 | 1,105 | 1,182 | |
Gartner, Inc. 144A 5.125%, 4/1/25(1) | 1,300 | 1,358 | |
GFL Environmental, Inc. 144A 9.875%, 2/1/21(1) | 1,759 | 1,854 | |
Global Ship Lease, Inc. 144A 9.875%, 11/15/22(1) | 785 | 811 | |
Grinding Media, Inc. 144A 7.375%, 12/15/23(1) | 1,082 | 1,162 | |
Harland Clarke Holdings Corp. | |||
144A 6.875%, 3/1/20(1) | 4,085 | 4,167 | |
144A 8.375%, 8/15/22(1) | 3,560 | 3,697 | |
Herc Rentals, Inc. 144A 7.500%, 6/1/22(1) | 1,004 | 1,082 | |
ILFC E-Capital Trust I 144A 4.370%, 12/21/65(1)(2) | 2,390 | 2,330 | |
Jack Ohio Finance LLC 144A 6.750%, 11/15/21(1) | 1,070 | 1,126 | |
KAR Auction Services, Inc. 144A 5.125%, 6/1/25(1) | 1,540 | 1,578 | |
Plastipak Holdings, Inc. 144A 6.250%, 10/15/25(1) | 1,125 | 1,156 | |
Prime Security Services Borrower LLC 144A 9.250%, 5/15/23(1) | 1,073 | 1,191 | |
Ritchie Bros Auctioneers, Inc. 144A 5.375%, 1/15/25(1) | 860 | 888 | |
Sensata Technologies BV 144A 5.000%, 10/1/25(1) | 470 | 497 | |
Sensata Technologies UK Financing Co. plc 144A 6.250%, 2/15/26(1) | 475 | 517 | |
United Airlines, Inc. Pass-Through-Trust 2014-1, B 4.750%, 4/11/22 | 2,634 | 2,724 | |
Univar USA, Inc. 144A 6.750%, 7/15/23(1) | 1,250 | 1,306 | |
US Airways, Inc. Pass-Through-Trust 2012-2, B 6.750%, 6/3/21 | 2,379 | 2,584 | |
Wabash National Corp. 144A 5.500%, 10/1/25(1) | 1,390 | 1,400 | |
WESCO Distribution, Inc. 5.375%, 6/15/24 | 1,295 | 1,331 | |
West Corp. 144A 4.750%, 7/15/21(1) | 2,845 | 2,881 | |
49,521 | |||
Information Technology—5.5% | |||
Alliance Data Systems Corp. | |||
144A 5.875%, 11/1/21(1) | 3,120 | 3,198 | |
144A 5.375%, 8/1/22(1) | 3,145 | 3,169 | |
CDW LLC 5.000%, 9/1/25 | 955 | 988 | |
CommScope Technologies LLC 144A 6.000%, 6/15/25(1) | 1,665 | 1,769 | |
Conduent Finance, Inc. 144A 10.500%, 12/15/24(1) | 1,106 | 1,298 | |
Dell International LLC 144A 7.125%, 6/15/24(1) | 1,455 | 1,593 |
Par Value | Value | ||
Information Technology—continued | |||
Dell, Inc. 6.500%, 4/15/38 | $ 890 | $ 906 | |
First Data Corp. | |||
144A 5.375%, 8/15/23(1) | 2,640 | 2,748 | |
144A 7.000%, 12/1/23(1) | 1,460 | 1,544 | |
Match Group, Inc. 6.375%, 6/1/24 | 960 | 1,040 | |
Nuance Communications, Inc. 5.625%, 12/15/26 | 1,175 | 1,224 | |
Quintiles IMS, Inc. 144A 5.000%, 10/15/26(1) | 2,015 | 2,065 | |
Western Digital Corp. 10.500%, 4/1/24 | 2,780 | 3,221 | |
24,763 | |||
Materials—5.2% | |||
Axalta Coating Systems LLC 144A 4.875%, 8/15/24(1) | 2,275 | 2,389 | |
Big River Steel LLC 144A 7.250%, 9/1/25(1) | 885 | 936 | |
Blue Cube Spinco, Inc. 9.750%, 10/15/23 | 1,910 | 2,254 | |
Chemours Co. (The) 7.000%, 5/15/25 | 2,270 | 2,463 | |
Enviva Partners LP 8.500%, 11/1/21 | 520 | 554 | |
GCP Applied Technologies, Inc. 144A 9.500%, 2/1/23(1) | 1,005 | 1,115 | |
Imperial Metals Corp. 144A 7.000%, 3/15/19(1) | 1,539 | 1,447 | |
Kaiser Aluminum Corp. 5.875%, 5/15/24 | 1,665 | 1,769 | |
Novelis Corp. 144A 6.250%, 8/15/24(1) | 1,470 | 1,540 | |
Reynolds Group Issuer, Inc. 144A 5.125%, 7/15/23(1) | 2,053 | 2,125 | |
Steel Dynamics, Inc. 5.125%, 10/1/21 | 1,010 | 1,035 | |
Summit Materials LLC 8.500%, 4/15/22 | 1,865 | 2,065 | |
TMS International Corp. 144A 7.250%, 8/15/25(1) | 855 | 893 | |
Trinseo Materials Operating SCA 144A 5.375%, 9/1/25(1) | 930 | 963 | |
USG Corp. 144A 5.500%, 3/1/25(1) | 640 | 680 | |
Valvoline, Inc. 5.500%, 7/15/24 | 1,107 | 1,176 | |
23,404 | |||
Real Estate—4.6% | |||
Equinix, Inc. 5.875%, 1/15/26 | 1,500 | 1,611 | |
Howard Hughes Corp. (The) 144A 5.375%, 3/15/25(1) | 3,755 | 3,849 | |
iStar, Inc. | |||
4.625%, 9/15/20 | 2,622 | 2,661 | |
6.500%, 7/1/21 | 2,290 | 2,379 | |
6.000%, 4/1/22 | 1,070 | 1,107 | |
MPT Operating Partnership LP 5.000%, 10/15/27 | 1,435 | 1,462 |
Par Value | Value | ||
Real Estate—continued | |||
Sabra Health Care LP 5.125%, 8/15/26 | $1,445 | $ 1,465 | |
SBA Communications Corp. | |||
4.875%, 9/1/24 | 905 | 930 | |
144A 4.000%, 10/1/22(1) | 1,745 | 1,747 | |
Starwood Property Trust, Inc. 5.000%, 12/15/21 | 3,510 | 3,642 | |
20,853 | |||
Telecommunication Services—8.5% | |||
Altice Financing SA 144A 6.625%, 2/15/23(1) | 1,090 | 1,141 | |
Altice Luxembourg SA | |||
144A 7.750%, 5/15/22(1) | 2,055 | 2,014 | |
144A 7.625%, 2/15/25(1) | 465 | 445 | |
CB Escrow Corp. 144A 8.000%, 10/15/25(1) | 2,330 | 2,365 | |
CenturyLink, Inc. | |||
5.625%, 4/1/20 | 470 | 473 | |
6.750%, 12/1/23 | 1,850 | 1,813 | |
7.500%, 4/1/24 | 475 | 474 | |
Cequel Communications Holdings I LLC 144A 7.750%, 7/15/25(1) | 450 | 481 | |
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(1) | 3,395 | 3,370 | |
Cogent Communications Group, Inc. 144A 5.375%, 3/1/22(1) | 1,055 | 1,108 | |
CSC Holdings LLC 144A 6.625%, 10/15/25(1) | 1,125 | 1,218 | |
Intelsat Jackson Holdings SA | |||
144A 9.500%, 9/30/22(1) | 1,265 | 1,458 | |
144A 8.000%, 2/15/24(1) | 1,290 | 1,358 | |
Level 3 Financing, Inc. | |||
6.125%, 1/15/21 | 5,500 | 5,589 | |
5.375%, 8/15/22 | 1,330 | 1,347 | |
5.125%, 5/1/23 | 620 | 622 | |
5.375%, 5/1/25 | 1,695 | 1,693 | |
Level 3 Parent LLC 5.750%, 12/1/22 | 425 | 427 | |
Sprint Capital Corp. 6.875%, 11/15/28 | 2,075 | 2,088 | |
Sprint Communications, Inc. 11.500%, 11/15/21 | 2,035 | 2,457 | |
Sprint Corp. 7.875%, 9/15/23 | 1,860 | 1,981 | |
Trilogy International Partners LLC 144A 8.875%, 5/1/22(1) | 1,315 | 1,348 | |
UPC Holding BV 144A 5.500%, 1/15/28(1) | 1,875 | 1,823 | |
Videotron Ltd. 144A 5.375%, 6/15/24(1) | 463 | 499 | |
Zayo Group LLC | |||
6.375%, 5/15/25 | 495 | 523 | |
144A 5.750%, 1/15/27(1) | 500 | 510 | |
38,625 | |||
Utilities—2.1% | |||
Calpine Corp. | |||
5.750%, 1/15/25 | 900 | 856 | |
144A 5.250%, 6/1/26(1) | 725 | 711 |
Par Value | Value | ||
Utilities—continued | |||
NRG Energy, Inc. | |||
6.250%, 7/15/22 | $ 605 | $ 629 | |
7.250%, 5/15/26 | 1,885 | 2,053 | |
144A 5.750%, 1/15/28(1) | 520 | 525 | |
NRG Yield Operating LLC | |||
5.375%, 8/15/24 | 685 | 709 | |
5.000%, 9/15/26 | 1,350 | 1,370 | |
Talen Energy Supply LLC | |||
144A 9.500%, 7/15/22(1) | 1,395 | 1,430 | |
144A 10.500%, 1/15/26(1) | 1,280 | 1,267 | |
9,550 | |||
Total Corporate Bonds And Notes (Identified Cost $400,994) | 412,694 | ||
Leveraged Loans(2)—4.8% | |||
Cable/Wireless Video—0.2% | |||
Liberty Cablevision of Puerto Rico Tranche B, First Lien (3 month LIBOR + 3.500%) 4.859%, 1/7/22 | 1,025 | 992 | |
Chemicals—0.1% | |||
Kraton Polymers LLC (1 month LIBOR + 3.000%) 4.569%, 1/6/22 | 402 | 406 | |
Energy—0.3% | |||
California Resources Corp. (1 month LIBOR + 10.375%) 11.876%, 12/31/22 | 1,195 | 1,310 | |
Financial—1.7% | |||
AltiSource Solutions S.a.r.l Tranche B (1 month LIBOR + 3.500%) 5.069%, 12/9/20 | 2,317 | 2,268 | |
Freedom Mortgage Corp. (3 month LIBOR + 5.500%) 6.956%, 2/23/22 | 863 | 874 | |
Ocwen Loan Servicing LLC (1 month LIBOR + 5.000%) 6.460%, 12/7/20 | 1,169 | 1,171 | |
USI, Inc. Tranche B (3 month LIBOR + 3.000%) 4.693%, 5/16/24 | 1,267 | 1,264 | |
Walter Investment Management Corp. Tranche B (1 month LIBOR + 3.750%) 5.319%, 12/18/20(3) | 2,431 | 2,318 | |
7,895 | |||
Food/Tobacco—0.4% | |||
JBS USA LUX SA (3 month LIBOR + 2.500%) 4.100%, 10/30/22 | 1,712 | 1,681 | |
Gaming/Leisure—0.2% | |||
Eldorado Resorts, Inc. (1 month LIBOR + 2.250%) 3.750%, 4/17/24 | 868 | 868 | |
Healthcare—0.3% | |||
Centene Corp. (3 month LIBOR + 3.500%) 3.500%, 9/13/18(4)(5) | 1,280 | 1,280 | |
Metals/Minerals—0.5% | |||
Foresight Energy LLC (3 month LIBOR + 5.750%) 7.443%, 3/28/22 | 2,183 | 2,044 |
Par Value | Value | ||
Retail—0.4% | |||
Sears Roebuck Acceptance Corp. | |||
2016 (1 month LIBOR + 7.500%) 8.892%, 7/20/20 | $ 171 | $ 172 | |
2017 (3 month LIBOR + 4.500%) 6.069%, 1/20/19 | 1,799 | 1,807 | |
1,979 | |||
Service—0.4% | |||
Conduent Business Services LLC Tranche B (1 month LIBOR + 3.000%) 4.569%, 12/7/23 | 1,588 | 1,598 | |
Laureate Education, Inc. 2024 (1 month LIBOR + 4.500%) 6.069%, 4/26/24 | 422 | 425 | |
2,023 | |||
Telecommunications—0.3% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 4.319%, 1/31/25 | 1,315 | 1,267 | |
Total Leveraged Loans (Identified Cost $21,654) | 21,745 |
Shares | ||
Common Stock—0.1% | ||
Energy—0.1% | ||
Templar Energy LLC(4)(6) | 134,055 | 281 |
Total Common Stock (Identified Cost $4,781) | 281 | |
Total Long-Term Investments—96.0% (Identified Cost $427,429) | 434,720 | |
Short-Term Investment—2.8% | ||
Money Market Mutual Fund—2.8% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(7)(8) | 12,779,752 | 12,780 |
Total Short-Term Investment (Identified Cost $12,780) | 12,780 | |
TOTAL INVESTMENTS—98.8% (Identified Cost $440,209) | $447,500 | |
Other assets and liabilities, net—1.2% | 5,662 | |
NET ASSETS—100.0% | $453,162 |
Abbreviation: | |
LIBOR | London Interbank Offered 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 December 31, 2017, these securities amounted to a value of $209,524 or 46.2% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(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) | Represents unfunded portion of security and commitment fee earned on this portion. |
(6) | Non-income producing security. |
(7) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(8) | All or a portion of the security is segregated as collateral for a delayed delivery transaction. |
Country Weightings (Unaudited)† | |
United States | 87% |
Canada | 6 |
Luxembourg | 3 |
Netherlands | 2 |
United Kingdom | 1 |
France | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Corporate Bonds And Notes | $412,694 | $ — | $412,694 | $ — | |||
Leveraged Loans | 21,745 | — | 20,465 | 1,280 | |||
Equity Securities: | |||||||
Common Stock | 281 | — | — | 281 | |||
Short-Term Investment | 12,780 | 12,780 | — | — | |||
Total Investments | $447,500 | $12,780 | $433,159 | $1,561 |
Par Value | Value | ||
Municipal Bonds(1)—97.1% | |||
Alabama—3.8% | |||
Birmingham Alabama Special Care Facilities Financing Authority, Childrens Hospital Revenue, (AGC Insured) (Pre-refunded 6/1/19 @ 100), 6.000%, 6/1/39 | $ 9,000 | $ 9,554 | |
County of Jefferson, Sales Tax Revenue, | |||
5.000%, 9/15/31 | 3,585 | 4,234 | |
5.000%, 9/15/32 | 2,000 | 2,344 | |
5.000%, 9/15/33 | 1,500 | 1,750 | |
17,882 | |||
Alaska—9.2% | |||
Matanuska-Susitna of Borough Revenue, | |||
(AGC Insured) (Pre-refunded 9/1/19 @ 100), 5.500%, 9/1/23 | 18,000 | 19,146 | |
(AGC Insured) (Pre-refunded 9/1/19 @ 100), 6.000%, 9/1/28 | 9,850 | 10,557 | |
(AGC Insured) (Pre-refunded 9/1/19 @ 100), 6.000%, 9/1/28 | 5,650 | 6,056 | |
(AGC Insured) (Pre-refunded 9/1/19 @ 100), 6.000%, 9/1/32 | 7,250 | 7,771 | |
43,530 | |||
California—21.0% | |||
California Infrastructure & Economic Development Bank Revenue, 5.000%, 11/1/35 | 2,000 | 2,296 | |
California Infrastructure & Economic Development Bank Revenue, Mandatory Put 4/1/2020 1.556%, 4/1/38(2) | 3,825 | 3,822 | |
California State of, | |||
General Obligation, 5.000%, 9/1/19 | 3,500 | 3,697 | |
General Obligation, 5.000%, 8/1/24 | 7,500 | 8,946 | |
General Obligation, 6.500%, 4/1/33 | 24,500 | 26,026 | |
City of Los Angeles Department of Airports Revenue, | |||
5.000%, 5/15/26 | 2,500 | 3,005 | |
5.000%, 5/15/30 | 740 | 879 | |
5.000%, 5/15/32 | 1,250 | 1,477 | |
5.000%, 5/15/33 | 1,255 | 1,481 | |
5.000%, 5/15/34 | 1,000 | 1,178 | |
City of Los Angeles Wastewater System Revenue, | |||
(Pre-refunded 6/1/19 @ 100), 5.750%, 6/1/34 | 2,775 | 2,937 | |
(Pre-refunded 6/1/19 @ 100), 5.750%, 6/1/34 | 2,225 | 2,355 | |
County of Santa Clara, General Obligation, 4.000%, 8/1/34 | 5,300 | 5,897 | |
East Bay Municipal Utility District Water System Revenue, 5.000%, 6/1/33 | 3,940 | 4,851 | |
Los Angeles Community College District, | |||
2008 Election General Obligation, 4.000%, 8/1/33 | 1,000 | 1,116 | |
2008 Election General Obligation, 4.000%, 8/1/34 | 1,000 | 1,113 | |
2008 Election General Obligation, 4.000%, 8/1/35 | 3,000 | 3,317 |
Par Value | Value | ||
California—continued | |||
General Obligation, 4.000%, 8/1/39 | $ 3,000 | $ 3,277 | |
Los Angeles Department of Water Revenue, | |||
5.000%, 7/1/34 | 2,645 | 3,157 | |
5.000%, 7/1/36 | 2,000 | 2,379 | |
San Francisco City & County Airport Comm-San Francisco International Airport Revenue, | |||
(AGM Insured) (Pre-refunded 5/1/18 @ 100), 5.750%, 5/1/24 | 1,870 | 1,895 | |
(AGM Insured) (Pre-refunded 5/1/18 @ 100), 5.750%, 5/1/24 | 840 | 851 | |
University of California Revenue, | |||
(Pre-refunded 5/15/19 @ 100), 5.750%, 5/15/27 | 3,000 | 3,173 | |
(Pre-refunded 5/15/19 @ 100), 5.750%, 5/15/28 | 10,000 | 10,577 | |
99,702 | |||
Colorado—2.9% | |||
Regional Transportation District, Sales Tax Revenue, 5.000%, 11/1/34 | 1,500 | 1,823 | |
University of Colorado Revenue, | |||
5.000%, 6/1/31 | 1,000 | 1,222 | |
4.000%, 6/1/34 | 5,000 | 5,529 | |
4.000%, 6/1/35 | 2,500 | 2,762 | |
4.000%, 6/1/36 | 2,000 | 2,208 | |
13,544 | |||
Connecticut—0.3% | |||
Connecticut State Health & Educational Facilities Authority Revenue, 5.000%, 7/1/36 | 1,230 | 1,443 | |
District of Columbia—1.8% | |||
Columbia District Revenue, 5.500%, 12/1/30 | 8,000 | 8,580 | |
Florida—3.2% | |||
County of Miami-Dade Water & Sewer System Revenue, | |||
5.000%, 10/1/31 | 4,000 | 4,740 | |
5.000%, 10/1/32 | 6,100 | 7,205 | |
5.000%, 10/1/33 | 2,650 | 3,122 | |
15,067 | |||
Hawaii—1.6% | |||
State of Hawaii, | |||
General Obligation, (Pre-refunded 11/1/22 @ 100), 5.000%, 11/1/29 | 60 | 69 | |
General Obligation, (Pre-refunded 11/1/22 @ 100), 5.000%, 11/1/29 | 160 | 183 | |
General Obligation, (Pre-refunded 11/1/22 @ 100), 5.000%, 11/1/29 | 6,530 | 7,495 | |
7,747 | |||
Idaho—0.3% | |||
Ada & Boise Counties Independent School District Boise City, General Obligation, 5.000%, 8/1/33 | 1,000 | 1,218 |
Par Value | Value | ||
Illinois—7.5% | |||
Chicago O’Hare International Airport Revenue, | |||
4.000%, 1/1/27 | $ 2,730 | $ 2,866 | |
5.000%, 1/1/33 | 2,000 | 2,265 | |
5.000%, 1/1/33 | 6,580 | 7,557 | |
5.000%, 1/1/33 | 1,550 | 1,804 | |
5.000%, 1/1/34 | 2,000 | 2,358 | |
5.000%, 1/1/34 | 1,000 | 1,160 | |
5.000%, 1/1/38 | 5,000 | 5,861 | |
5.000%, 1/1/38 | 2,000 | 2,305 | |
Illinois State Toll Highway Authority, | |||
Toll Highway Revenue, 5.000%, 1/1/35 | 1,600 | 1,896 | |
Toll Highway Revenue, 5.000%, 1/1/36 | 1,800 | 2,129 | |
Sales Tax Securitization Corp. | |||
Sales Tax Revenue, 5.000%, 1/1/25 | 1,700 | 2,013 | |
Sales Tax Revenue, 5.000%, 1/1/30 | 1,000 | 1,223 | |
University of Illinois Revenue, (Pre-refunded 4/1/19 @ 100), 5.750%, 4/1/38 | 2,000 | 2,105 | |
35,542 | |||
Kentucky—0.2% | |||
Kentucky Economic Development Finance Authority Revenue, (AGM Insured) 5.000%, 12/1/47 | 1,000 | 1,073 | |
Louisiana—1.1% | |||
Jefferson Sales Tax District, | |||
Sales Tax Revenue, (AGM Insured) 5.000%, 12/1/31 | 1,500 | 1,797 | |
Sales Tax Revenue, (AGM Insured) 5.000%, 12/1/33 | 2,000 | 2,380 | |
New Orleans Aviation Board Revenue, 5.000%, 1/1/35 | 760 | 886 | |
5,063 | |||
Maryland—3.1% | |||
County of Montgomery General Obligation, 5.000%, 11/1/27 | 5,000 | 5,992 | |
Maryland Health & Higher Educational Facilities Authority, Lifebridge Health Revenue, 5.000%, 7/1/44 | 1,850 | 2,145 | |
State of Maryland, General Obligation, (Pre-refunded 8/1/22 @ 100), 5.000%, 8/1/25 | 5,920 | 6,726 | |
14,863 | |||
Massachusetts—3.3% | |||
Commonwealth of Massachusetts Transportation Fund Revenue, | |||
4.000%, 6/1/34 | 3,125 | 3,459 | |
4.000%, 6/1/35 | 2,140 | 2,363 | |
Massachusetts School Building Authority Revenue, 5.000%, 8/15/36 | 5,000 | 5,919 |
Par Value | Value | ||
Massachusetts—continued | |||
Massachusetts State College Building Authority Revenue, (ST INTERCEPT Insured) 5.000%, 5/1/34 | $ 3,545 | $ 4,139 | |
15,880 | |||
Michigan—2.2% | |||
Michigan Finance Authority Revenue, | |||
5.000%, 7/1/21 | 7,000 | 7,156 | |
4.000%, 12/1/36 | 1,000 | 1,057 | |
5.000%, 12/1/37 | 1,000 | 1,178 | |
4.000%, 12/1/40 | 1,000 | 1,046 | |
10,437 | |||
Missouri—0.6% | |||
Metropolitan St. Louis Sewer District Revenue, | |||
5.000%, 5/1/35 | 1,500 | 1,772 | |
5.000%, 5/1/42 | 1,000 | 1,203 | |
2,975 | |||
New Jersey—6.4% | |||
New Jersey Turnpike Authority, | |||
Toll Highway Revenue, 5.000%, 1/1/30 | 1,250 | 1,527 | |
Toll Highway Revenue, 5.000%, 1/1/31 | 7,120 | 8,630 | |
Toll Highway Revenue, 5.000%, 1/1/31 | 5,000 | 6,060 | |
Toll Highway Revenue, 5.000%, 1/1/32 | 3,000 | 3,621 | |
Toll Highway Revenue, 5.000%, 1/1/33 | 3,500 | 4,211 | |
Toll Highway Revenue, 5.000%, 1/1/33 | 1,000 | 1,203 | |
Toll Highway Revenue, 5.000%, 1/1/34 | 1,500 | 1,732 | |
Toll Highway Revenue, 5.000%, 1/1/37 | 3,000 | 3,575 | |
30,559 | |||
New York—11.7% | |||
New York City Transitional Finance Authority Building Aid Revenue, (State AID Withholding Insured) 6.000%, 7/15/38 | 7,500 | 7,681 | |
New York City Transitional Finance Authority Future Tax Secured Revenue, 5.000%, 11/1/29 | 12,905 | 15,802 | |
New York City Water & Sewer System Revenue, | |||
5.000%, 6/15/31 | 1,250 | 1,522 | |
5.750%, 6/15/40 | 11,800 | 12,027 | |
New York State Dormitory Authority, | |||
Sales Tax Revenue, 5.000%, 3/15/28 | 2,500 | 2,961 | |
Sales Tax Revenue, 5.000%, 3/15/32 | 5,500 | 6,419 | |
Sales Tax Revenue, 5.000%, 3/15/33 | 2,800 | 3,372 |
Par Value | Value | ||
New York—continued | |||
Sales Tax Revenue, 5.000%, 3/15/35 | $ 5,000 | $ 5,932 | |
55,716 | |||
North Carolina—0.8% | |||
University of North Carolina at Charlotte, | |||
Revenue, 4.000%, 10/1/33 | 500 | 552 | |
Revenue, 4.000%, 10/1/36 | 1,250 | 1,369 | |
Revenue, 4.000%, 10/1/40 | 1,500 | 1,633 | |
3,554 | |||
Oregon—2.9% | |||
County of Multnomah General Obligation, 5.000%, 6/1/29 | 4,710 | 5,853 | |
Oregon State Facilities Authority, Reed College Project Revenue, 5.000%, 7/1/47 | 1,000 | 1,191 | |
Port of Portland Airport Revenue, | |||
5.000%, 7/1/26 | 750 | 901 | |
5.000%, 7/1/30 | 1,000 | 1,188 | |
5.000%, 7/1/33 | 1,000 | 1,174 | |
5.000%, 7/1/34 | 1,000 | 1,170 | |
5.000%, 7/1/35 | 1,000 | 1,168 | |
Washington County School District No 1 West Union, General Obligation, (SCH BD GTY Insured) 5.000%, 6/15/31 | 1,000 | 1,221 | |
13,866 | |||
Pennsylvania—6.5% | |||
City of Philadelphia PA Airport Revenue, | |||
5.000%, 7/1/22 | 1,765 | 1,984 | |
5.000%, 7/1/23 | 2,000 | 2,292 | |
5.000%, 7/1/27 | 1,000 | 1,207 | |
5.000%, 7/1/42 | 1,000 | 1,157 | |
5.000%, 7/1/47 | 1,000 | 1,153 | |
Pennsylvania Economic Development Financing Authority Revenue, 5.000%, 7/1/21 | 5,955 | 6,012 | |
Pennsylvania Turnpike Commission, | |||
Toll Highway Revenue, 5.000%, 12/1/32 | 1,000 | 1,182 | |
Toll Highway Revenue, 5.000%, 12/1/34 | 1,000 | 1,174 | |
Toll Highway Revenue, 6.375%, 12/1/38 | 4,000 | 5,106 | |
University of Pittsburgh-of the Commonwealth System of Higher Education | |||
(Pre-refunded 3/15/19 @ 100), 5.500%, 9/15/23 | 6,750 | 7,069 | |
(Pre-refunded 3/15/19 @ 100), 5.500%, 9/15/24 | 2,500 | 2,618 | |
30,954 | |||
Texas—1.7% | |||
Austin Convention Enterprises , Inc. | |||
Revenue, 5.000%, 1/1/25 | 1,100 | 1,296 |
Par Value | Value | ||
Texas—continued | |||
Revenue, 5.000%, 1/1/26 | $ 1,350 | $ 1,605 | |
City of Sugar Land, | |||
General Obligation, 4.000%, 2/15/37 | 750 | 816 | |
General Obligation, 4.000%, 2/15/38 | 750 | 815 | |
Harris County Cultural Education Facilities Finance Corp. | |||
Revenue, 5.000%, 11/15/30 | 450 | 543 | |
Revenue, 5.000%, 11/15/31 | 750 | 901 | |
Revenue, 4.000%, 11/15/32 | 1,000 | 1,080 | |
Revenue, 4.000%, 11/15/34 | 1,100 | 1,180 | |
8,236 | |||
Virginia—0.7% | |||
Hampton Roads Sanitation District Revenue, | |||
5.000%, 10/1/34 | 2,000 | 2,422 | |
4.000%, 10/1/38 | 1,000 | 1,093 | |
3,515 | |||
Washington—2.9% | |||
Energy Northwest Revenue, | |||
5.000%, 7/1/24 | 3,035 | 3,087 | |
(Pre-refunded 7/1/18 @ 100), 5.000%, 7/1/24 | 965 | 982 | |
State of Washington, General Obligation, (Pre-refunded 8/1/21 @ 100), 5.000%, 8/1/24 | 8,880 | 9,844 | |
13,913 | |||
Wisconsin—1.4% | |||
Public Finance Authority Revenue, | |||
5.000%, 9/30/37 | 500 | 575 | |
5.000%, 9/30/49 | 1,000 | 1,139 | |
State of Wisconsin, | |||
General Obligation, 5.000%, 11/1/30 | 2,000 | 2,455 | |
General Obligation, 5.000%, 11/1/33 | 1,000 | 1,214 | |
General Obligation, 4.000%, 11/1/34 | 1,000 | 1,094 | |
6,477 | |||
Total Municipal Bonds (Identified Cost $451,041) | 461,336 | ||
Total Long-Term Investments—97.1% (Identified Cost $451,041) | 461,336 |
Shares | Value | ||
Short-Term Investment—2.8% | |||
Money Market Mutual Fund—2.8% | |||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.270%)(3) | 13,296,690 | $ 13,297 | |
Total Short-Term Investment (Identified Cost $13,297) | 13,297 | ||
TOTAL INVESTMENTS—99.9% (Identified Cost $464,338) | $474,633 | ||
Other assets and liabilities, net—0.1% | 401 | ||
NET ASSETS—100.0% | $475,034 |
Abbreviations: | |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
SCH BD GTY | School Bond Guaranty |
Footnote Legend: | |
(1) | At December 31, 2017, 15.6% 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 December 31, 2017. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Municipal Bonds | $461,336 | $ — | $461,336 | $— | |||
Short-Term Investment | 13,297 | 13,297 | — | — | |||
Total Investments | $474,633 | $13,297 | $461,336 | $— |
Par Value | Value | ||
Mortgage-Backed Securities—88.3% | |||
Agency—88.3% | |||
Federal Home Loan Mortgage Corporation 3066, FG (1 month LIBOR + 0.200%) 1.677%, 3/15/24(1) | $558 | $ 559 | |
Federal Home Loan Mortgage Corporation Multifamily Structured Pass-Through Certificates KS02, A (1 month LIBOR + 0.380%) 1.752%, 8/25/23(1) | 395 | 396 | |
Federal National Mortgage Association | |||
2012-M11, FA (1 month LIBOR + 0.500%) 1.738%, 8/25/19(1) | 76 | 76 | |
2016-M9, FA (1 month LIBOR + 0.590%) 1.828%, 9/25/23(1) | 386 | 387 | |
Pool #AM7028 (1 month LIBOR + 0.240%) 1.611%, 10/1/19(1) | 595 | 595 | |
Pool #AN3539 (1 month LIBOR + 0.470%) 1.713%, 11/1/21(1) | 225 | 225 | |
Federal National Mortgage Association REMIC 2004-79, FM (1 month LIBOR + 0.300%) 1.852%, 11/25/24(1) | 420 | 422 | |
FMPRE Multifamily Aggregation Risk Transfer Trust 2017-KT01, A (1 month LIBOR + 0.320%) 1.855%, 2/25/20(1) | 640 | 642 | |
NCUA Guaranteed Notes Trust | |||
2010-R1, 1A (1 month LIBOR + 0.450%) 1.779%, 10/7/20(1) | 983 | 985 | |
2010-R3, 1A (1 month LIBOR + 0.560%) 1.963%, 12/8/20(1) | 496 | 498 | |
2010-R3, 2A (1 month LIBOR + 0.560%) 1.963%, 12/8/20(1) | 559 | 562 | |
2011-R1, 1A (1 month LIBOR + 0.450%) 1.779%, 1/8/20(1) | 229 | 230 | |
2011-R3, 1A (1 month LIBOR + 0.400%) 1.729%, 3/11/20(1) | 417 | 417 | |
5,994 | |||
Total Mortgage-Backed Securities (Identified Cost $5,982) | 5,994 | ||
Asset-Backed Securities—9.1% | |||
Credit Card—4.1% | |||
Capital One Multi-Asset Execution Trust 2004-B3, B3 (1 month LIBOR + 0.730%) 2.207%, 1/18/22(1) | 275 | 277 |
Par Value | Value | ||
Student Loan—5.0% | |||
NCUA Guaranteed Notes Trust 2010-A1, A (1 month LIBOR + 0.350%) 1.757%, 12/7/20(1) | $341 | $ 341 | |
Total Asset-Backed Securities (Identified Cost $618) | 618 | ||
Total Long-Term Investments—97.4% (Identified Cost $6,600) | 6,612 |
Shares | ||
Short-Term Investment—2.9% | ||
Money Market Mutual Fund—2.9% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(2) | 194,432 | 194 |
Total Short-Term Investment (Identified Cost $194) | 194 | |
TOTAL INVESTMENTS—100.3% (Identified Cost $6,794) | $6,806 | |
Other assets and liabilities, net—(0.3)% | (17) | |
NET ASSETS—100.0% | $6,789 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 618 | $ — | $ 618 | $— | |||
Mortgage-Backed Securities | 5,994 | — | 5,994 | — | |||
Short-Term Investment | 194 | 194 | — | — | |||
Total Investments | $6,806 | $194 | $6,612 | $— |
Par Value | Value | ||
Municipal Bonds(1)—94.9% | |||
Guam—5.0% | |||
Electric Revenue—5.0% | |||
Guam Power Authority, Power Improvements (AGM Insured) 5.000%, 10/1/44 | $1,000 | $ 1,103 | |
North Carolina—82.4% | |||
Electric Revenue—1.3% | |||
North Carolina Municipal Power Agency, 5.000%, 1/1/30 | 290 | 299 | |
General Obligation—10.2% | |||
County of Mecklenburg 5.000%, 9/1/24 | 1,000 | 1,201 | |
County of Wake, School Improvements 4.000%, 2/1/27 | 1,000 | 1,086 | |
2,287 | |||
General Revenue—23.4% | |||
North Carolina Capital Facilities Finance Agency, | |||
University of High Point 5.250%, 3/1/33 | 1,000 | 1,080 | |
University of Wake Forest 5.000%, 1/1/33 | 1,000 | 1,191 | |
County of Pitt, Advance Refunding 5.000%, 4/1/28 | 1,000 | 1,192 | |
University of North Carolina at Charlotte, University & College Improvements 5.000%, 4/1/45 | 1,000 | 1,159 | |
County of Wake, Advance Refunding 5.000%, 12/1/35 | 500 | 598 | |
5,220 | |||
Healthcare Revenue—10.7% | |||
Charlotte-Mecklenburg Hospital Authority 4.000%, 1/15/45 | 1,000 | 1,054 | |
North Carolina Medical Care Commission 5.000%, 10/1/35 | 1,125 | 1,341 | |
2,395 | |||
Lease Revenue—5.0% | |||
County of Cabarrus, Public Improvements 4.000%, 6/1/33 | 1,000 | 1,106 | |
Pre-Refunded—11.5% | |||
County of Forsyth (Pre-refunded 2/1/19 @ 100), 5.000%, 2/1/22 | 750 | 778 | |
North Carolina Municipal Power Agency, (Pre-refunded 1/1/19 @ 100), 5.000%, 1/1/30 | 710 | 735 | |
North Carolina Medical Care Commission (Pre-refunded 12/1/18 @ 100), 6.250%, 12/1/33 | 1,000 | 1,043 | |
2,556 | |||
Transportation Revenue—14.0% | |||
City of Charlotte, Charlotte Douglas International Airport 5.000%, 7/1/26 | 1,000 | 1,190 |
Par Value | Value | ||
North Carolina—continued | |||
Transportation Revenue—continued | |||
North Carolina State Ports Authority, Senior Lien 5.250%, 2/1/40 | $1,000 | $ 1,058 | |
North Carolina Turnpike Authority, Senior Lien 5.000%, 1/1/32 | 750 | 875 | |
3,123 | |||
Water & Sewer Revenue—6.3% | |||
Buncombe County Metropolitan Sewerage District 5.000%, 7/1/39 | 1,000 | 1,143 | |
Town of Cary Combined Utility Systems 4.000%, 12/1/42 | 250 | 274 | |
1,417 | |||
18,403 | |||
South Carolina—3.6% | |||
Electric Revenue—3.6% | |||
South Carolina Public Service Authority 5.750%, 12/1/43 | 700 | 811 | |
Virginia—3.9% | |||
Healthcare Revenue—0.5% | |||
Virginia Commonwealth University Health System Authority 5.000%, 7/1/33 | 100 | 119 | |
Transportation Revenue—3.4% | |||
Virginia Small Business Financing Authority, Senior Lien, 5.000%, 7/1/34 | 695 | 752 | |
871 | |||
Total Municipal Bonds (Identified Cost $20,502) | 21,188 | ||
Total Long-Term Investments—94.9% (Identified Cost $20,502) | 21,188 |
Shares | ||
Short-Term Investment—3.0% | ||
Money Market Mutual Fund—3.0% | ||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.270%) (2) | 680,843 | 681 |
Total Short-Term Investment (Identified Cost $681) | 681 | |
TOTAL INVESTMENTS—97.9% (Identified Cost $21,183) | $21,869 | |
Other assets and liabilities, net—2.1% | 458 | |
NET ASSETS—100.0% | $22,327 |
Abbreviation: | |
AGM | Assured Guaranty Municipal Corp. |
Footnote Legend: | |
(1) | At December 31, 2017, 5.0% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Municipal Bonds | $21,188 | $ — | $21,188 | $— | |||
Short-Term Investment | 681 | 681 | — | — | |||
Total Investments | $21,869 | $681 | $21,188 | $— |
Par Value | Value | ||
U.S. Government Securities—26.3% | |||
U.S. Treasury Note | |||
1.375%, 2/29/20 | $ 160 | $ 158 | |
1.625%, 6/30/20 | 544 | 540 | |
1.375%, 10/31/20 | 2,329 | 2,291 | |
Total U.S. Government Securities (Identified Cost $3,003) | 2,989 | ||
Mortgage-Backed Securities—24.5% | |||
Agency—18.4% | |||
Federal Home Loan Mortgage Corporation Multifamily Structured Pass-Through Certificates K712, A2 1.869%, 11/25/19 | 236 | 235 | |
Federal Home Loan Mortgage Corporation REMIC | |||
3762, AV 4.000%, 10/15/23 | 486 | 506 | |
3769, QJ 3.500%, 11/15/39 | 335 | 342 | |
3786, EB 4.000%, 8/15/35 | 128 | 130 | |
Federal National Mortgage Association | |||
Pool #AM2314 1.680%, 1/1/20 | 244 | 241 | |
Pool #MA1104 2.500%, 7/1/22 | 632 | 635 | |
2,089 | |||
Non-Agency—6.1% | |||
FREMF Mortgage Trust 2014-K503, B 144A 3.002%, 10/25/47(1)(2) | 291 | 291 | |
Morgan Stanley Capital I Trust 2012-C4, A3 2.991%, 3/15/45 | 140 | 142 | |
OBP Depositor LLC Trust 2010-OBP, A 144A 4.646%, 7/15/45(1) | 140 | 146 | |
WFRBS Commercial Mortgage Trust 2013-C11, A3 2.695%, 3/15/45 | 118 | 118 | |
697 | |||
Total Mortgage-Backed Securities (Identified Cost $2,804) | 2,786 | ||
Asset-Backed Securities—2.7% | |||
Automobiles—1.8% | |||
Nissan Master Owner Trust Receivables 2016-A, A2 1.540%, 6/15/21 | 210 | 208 | |
Credit Card—0.9% | |||
World Financial Network Credit Card Master Trust 2017-C, A 2.310%, 8/15/24 | 100 | 100 | |
Total Asset-Backed Securities (Identified Cost $310) | 308 | ||
Corporate Bonds And Notes—45.7% | |||
Consumer Discretionary—7.0% | |||
BMW US Capital LLC 144A 1.500%, 4/11/19(1) | 111 | 110 | |
Daimler Finance North America LLC 144A 1.500%, 7/5/19(1) | 180 | 178 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
General Motors Financial Co., Inc. 2.400%, 5/9/19 | $ 256 | $ 256 | |
Newell Brands, Inc. 2.600%, 3/29/19 | 132 | 132 | |
Wal-Mart Stores, Inc. 1.750%, 10/9/19 | 119 | 119 | |
795 | |||
Consumer Staples—3.1% | |||
BAT Capital Corp. 144A 2.297%, 8/14/20(1) | 93 | 92 | |
Molson Coors Brewing Co. 1.450%, 7/15/19 | 266 | 263 | |
355 | |||
Energy—0.4% | |||
Spectra Energy Partners LP 2.950%, 9/25/18 | 49 | 49 | |
Financials—20.6% | |||
Air Lease Corp. 3.375%, 1/15/19 | 102 | 103 | |
Bank of America Corp. 2.600%, 1/15/19 | 185 | 186 | |
Bank of Montreal 2.100%, 12/12/19 | 171 | 170 | |
Capital One Financial Corp. 2.500%, 5/12/20 | 148 | 148 | |
Citibank NA 2.100%, 6/12/20 | 330 | 328 | |
Ford Motor Credit Co., LLC 2.375%, 3/12/19 | 330 | 330 | |
Goldman Sachs Group, Inc. (The) 5.950%, 1/18/18 | 245 | 245 | |
Morgan Stanley 2.375%, 7/23/19 | 185 | 185 | |
Shell International Finance BV 1.375%, 9/12/19 | 173 | 171 | |
UBS Group 144A 2.200%, 6/8/20(1) | 296 | 294 | |
Wells Fargo & Co. 2.150%, 1/30/20 | 185 | 185 | |
2,345 | |||
Industrials—0.7% | |||
Lockheed Martin Corp. 1.850%, 11/23/18 | 83 | 83 | |
Information Technology—6.5% | |||
Dell International LLC 144A 3.480%, 6/1/19(1) | 200 | 202 | |
Fortive Corp. 1.800%, 6/15/19 | 150 | 149 | |
TSMC Global Ltd. 144A 1.625%, 4/3/18(1) | 200 | 200 |
Par Value | Value | ||
Information Technology—continued | |||
VMware, Inc. 2.300%, 8/21/20 | $ 188 | $ 187 | |
738 | |||
Materials—3.2% | |||
Chevron Phillips Chemical Co. LLC 144A 1.700%, 5/1/18(1) | 188 | 188 | |
Sherwin-Williams Co. (The) 2.250%, 5/15/20 | 175 | 174 | |
362 | |||
Utilities—4.2% | |||
Dominion Energy, Inc. 2.579%, 7/1/20 | 185 | 185 | |
Emera US Finance LP 2.150%, 6/15/19 | 296 | 295 | |
480 | |||
Total Corporate Bonds And Notes (Identified Cost $5,224) | 5,207 | ||
Total Long-Term Investments—99.2% (Identified Cost $11,341) | 11,290 |
Shares | ||
Short-Term Investment—0.3% | ||
Money Market Mutual Fund—0.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(3) | 35,852 | 36 |
Total Short-Term Investment (Identified Cost $36) | 36 | |
TOTAL INVESTMENTS—99.5% (Identified Cost $11,377) | $11,326 | |
Other assets and liabilities, net—0.5% | 59 | |
NET ASSETS—100.0% | $11,385 |
Abbreviation: | |
REMIC | Real Estate Mortgage Investment Conduit |
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 December 31, 2017, these securities amounted to a value of $1,701 or 14.9% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 93% |
Switzerland | 3 |
Taiwan | 2 |
Netherlands | 1 |
Canada | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 308 | $— | $ 308 | $— | |||
Corporate Bonds And Notes | 5,207 | — | 5,207 | — | |||
Mortgage-Backed Securities | 2,786 | — | 2,786 | — | |||
U.S. Government Securities | 2,989 | — | 2,989 | — | |||
Short-Term Investment | 36 | 36 | — | — | |||
Total Investments | $11,326 | $36 | $11,290 | $— |
Par Value | Value | ||
Municipal Bonds(1)—94.8% | |||
Alabama—7.7% | |||
Baldwin County Board of Education Revenue, 5.000%, 6/1/19 | $1,250 | $ 1,309 | |
County of Jefferson Revenue, 4.000%, 9/15/18 | 1,205 | 1,225 | |
2,534 | |||
California—6.2% | |||
California Infrastructure & Economic Development Bank Revenue, Mandatory Put 4/1/2020 1.556%, 4/1/38(2) | 1,250 | 1,249 | |
California Municipal Finance Authority, Bowles Hall Foundation Revenue, 4.000%, 6/1/21 | 200 | 211 | |
State of California, General Obligation, 5.000%, 11/1/24 | 500 | 599 | |
2,059 | |||
Colorado—4.0% | |||
State of Colorado General Fund Revenue, 5.000%, 6/27/18 | 1,300 | 1,322 | |
District of Columbia—3.1% | |||
District of Columbia Water & Sewer Authority Revenue, (Pre-refunded 10/1/18 @ 100) 6.000%, 10/1/35 | 1,000 | 1,033 | |
Florida—1.7% | |||
Orlando City, Senior Lien Revenue, (AGM Insured) 5.000%, 11/1/22 | 500 | 568 | |
Georgia—4.2% | |||
Clarke County Board of Education, General Obligation, (State Aid Withholding Insured) 5.000%, 9/1/21 | 1,240 | 1,385 | |
Idaho—3.1% | |||
State of Idaho, General Obligation, 4.000%, 6/29/18 | 1,000 | 1,013 | |
Illinois—9.8% | |||
Chicago O’Hare International Airport Revenue, 5.000%, 1/1/19 | 1,500 | 1,552 | |
Chicago O’Hare International Airport, Passenger Facilities Charge Revenue, 5.000%, 1/1/25 | 1,020 | 1,128 | |
Sales Tax Securitization Corp., Sales Tax Revenue, 5.000%, 1/1/23 | 500 | 570 | |
3,250 | |||
Maryland—1.6% | |||
Maryland State Transportation Authority Revenue, 5.000%, 7/1/23 | 500 | 509 | |
Missouri—3.8% | |||
Missouri State Board of Public Buildings Revenue, 4.000%, 4/1/18 | 1,235 | 1,243 |
Par Value | Value | ||
New Jersey—7.6% | |||
New Jersey Transportation Trust Fund Authority, Federal Highway Reimbursement Revenue, 5.000%, 6/15/19 | $1,000 | $ 1,037 | |
New Jersey Turnpike Authority Revenue, 5.000%, 1/1/25 | 1,250 | 1,485 | |
2,522 | |||
North Carolina—2.3% | |||
North Carolina Medical Care Commission, Mission Health System Revenue, 5.000%, 10/1/18 | 745 | 765 | |
Oregon—1.4% | |||
Washington County School District No 1 West Union, General Obligation, (SCH BD GTY Insured) 5.000%, 6/15/23 | 400 | 466 | |
Pennsylvania—4.7% | |||
Delaware River Port Authority Revenue, 5.000%, 1/1/28 | 500 | 531 | |
Philadelphia Gas Works Co., Revenue, 5.000%, 10/1/18 | 1,000 | 1,026 | |
1,557 | |||
Rhode Island—6.6% | |||
State of Rhode Island, General Obligation, 5.000%, 8/1/18 | 2,150 | 2,193 | |
Texas—17.5% | |||
Austin Convention Enterprises, Inc., Convention Center Hotel Revenue, 5.000%, 1/1/22 | 300 | 335 | |
Austin Independent School District, General Obligation, (Pre-refunded 8/1/18 @ 100) 5.000%, 8/1/33 | 1,000 | 1,020 | |
Mansfield Independent School District, General Obligation, Mandatory Put 8/2/21 (PSF-GTD Insured) 2.500%, 8/1/42(2) | 1,000 | 1,034 | |
New Hope Cultural Education Facilities Finance Corp., Revenue, (AGM Insured) 4.000%, 4/1/18 | 200 | 201 | |
North Texas Tollway Authority Revenue, | |||
5.000%, 1/1/25 | 1,400 | 1,605 | |
5.000%, 1/1/26 | 500 | 574 | |
State of Texas Revenue, 4.000%, 8/30/18 | 1,000 | 1,016 | |
5,785 | |||
Virginia—3.5% | |||
Virginia Commonwealth Transportation Board Revenue, 5.000%, 5/15/23 | 1,000 | 1,160 | |
Washington—6.0% | |||
Energy Northwest Electric Revenue, 5.000%, 7/1/26 | 750 | 850 |
Par Value | Value | ||
Washington—continued | |||
Port of Seattle, General Obligation, 5.250%, 12/1/20 | $1,030 | $ 1,134 | |
1,984 | |||
Total Municipal Bonds (Identified Cost $31,423) | 31,348 | ||
Total Long-Term Investments—94.8% (Identified Cost $31,423) | 31,348 |
Shares | ||
Short-Term Investment—4.0% | ||
Money Market Mutual Fund—4.0% | ||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.270%)(3) | 1,321,823 | 1,322 |
Total Short-Term Investment (Identified Cost $1,322) | 1,322 | |
TOTAL INVESTMENTS—98.8% (Identified Cost $32,745) | $32,670 | |
Other assets and liabilities, net—1.2% | 384 | |
NET ASSETS—100.0% | $33,054 |
Abbreviations: | |
AGM | Assured Guaranty Municipal Corp. |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
Footnote Legend: | |
(1) | At December 31, 2017, 11.2% 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 December 31, 2017. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Municipal Bonds | $31,348 | $ — | $31,348 | $— | |||
Short-Term Investment | 1,322 | 1,322 | — | — | |||
Total Investments | $32,670 | $1,322 | $31,348 | $— |
Par Value | Value | ||
U.S. Government Securities—40.8% | |||
U.S. Treasury Bond 2.750%, 8/15/47 | $ 62,641 | $ 62,649 | |
U.S. Treasury Note | |||
0.750%, 8/15/19 | 528 | 518 | |
1.375%, 4/30/20(1) | 87,136 | 86,047 | |
2.000%, 5/31/21 | 35,652 | 35,588 | |
1.875%, 1/31/22(2) | 83,823 | 82,946 | |
1.875%, 7/31/22 | 8,080 | 7,970 | |
2.250%, 11/15/27 | 81,152 | 79,982 | |
Total U.S. Government Securities (Identified Cost $357,402) | 355,700 | ||
Foreign Government Securities—5.1% | |||
Argentine Republic | |||
22.750%, 3/5/18 | 183,838 ARS | 10,527 | |
21.200%, 9/19/18 | 188,131 ARS | 10,429 | |
7.500%, 4/22/26 | 20,760 | 23,483 | |
Total Foreign Government Securities (Identified Cost $44,462) | 44,439 | ||
Mortgage-Backed Securities—28.2% | |||
Agency—23.3% | |||
Federal Home Loan Mortgage Corporation | |||
K021, X1 1.465%, 6/25/22(3) | 74,343 | 4,005 | |
K027, X1 0.798%, 1/25/23(3) | 81,782 | 2,673 | |
Pool #A95796 4.000%, 12/1/40 | 826 | 868 | |
Pool #A95822 4.000%, 12/1/40 | 2,169 | 2,294 | |
Pool #C04123 4.000%, 7/1/42 | 3,070 | 3,237 | |
Pool #G01779 5.000%, 4/1/35 | 218 | 237 | |
Pool #G01837 5.000%, 7/1/35 | 665 | 722 | |
Pool #G01838 5.000%, 7/1/35 | 188 | 204 | |
Pool #G05326 5.000%, 2/1/38 | 863 | 937 | |
Pool #G05606 4.500%, 7/1/39 | 5,037 | 5,377 | |
Pool #G06061 4.000%, 10/1/40 | 2,116 | 2,235 | |
Pool #G07491 4.500%, 3/1/42 | 36 | 38 | |
Pool #G08347 4.500%, 6/1/39 | 1,769 | 1,888 | |
Pool #G08353 4.500%, 7/1/39 | 2,242 | 2,392 | |
Pool #G08372 4.500%, 11/1/39 | 1,322 | 1,411 | |
Pool #G60019 4.500%, 3/1/44 | 5,196 | 5,542 | |
Pool #G60126 4.500%, 11/1/41 | 292 | 311 | |
Pool #G60589 4.000%, 2/1/45 | 4,595 | 4,808 |
Par Value | Value | ||
Agency—continued | |||
Pool #G60661 4.000%, 7/1/46 | $ 12,497 | $ 13,074 | |
Pool #Q08306 3.500%, 5/1/42 | 411 | 425 | |
Pool #Q13801 3.000%, 12/1/42 | 768 | 772 | |
Pool #Q31645 4.000%, 2/1/45 | 3,849 | 4,038 | |
Pool #Q35611 4.000%, 9/1/45 | 4,431 | 4,655 | |
Pool #Q37163 3.500%, 11/1/45 | 2,377 | 2,457 | |
Pool #Q40123 3.500%, 4/1/46 | 2,336 | 2,416 | |
Pool #Q40124 3.500%, 4/1/46 | 2,916 | 3,013 | |
Pool #V81992 4.000%, 10/1/45 | 6,566 | 6,869 | |
Federal National Mortgage Association | |||
Pool #932441 4.000%, 1/1/40 | 4,706 | 4,949 | |
Pool #AL0215 4.500%, 4/1/41 | 3,156 | 3,384 | |
Pool #AL6223 4.500%, 8/1/44 | 446 | 475 | |
Pool #AL7497 3.500%, 9/1/40 | 5,403 | 5,582 | |
Pool #AL9127 4.000%, 10/1/44 | 9,700 | 10,234 | |
Pool #AP7874 3.500%, 10/1/42 | 1,560 | 1,611 | |
Pool #AS6515 4.000%, 1/1/46 | 4,284 | 4,484 | |
Pool #AS9571 3.500%, 5/1/42 | 8,672 | 8,957 | |
Pool #AV3452 4.000%, 2/1/44 | 3,285 | 3,441 | |
Pool #AW8154 3.500%, 1/1/42 | 5,031 | 5,200 | |
Pool #AY2685 4.500%, 1/1/45 | 477 | 510 | |
Pool #AZ0572 3.000%, 6/1/42 | 1,657 | 1,666 | |
Pool #AZ9213 4.000%, 10/1/45 | 4,553 | 4,791 | |
Pool #BA6414 3.000%, 12/1/41 | 903 | 909 | |
Pool #BC2470 3.500%, 2/1/46 | 1,924 | 1,995 | |
Pool #BD9394 3.500%, 6/1/45 | 105 | 108 | |
Pool #BE5050 4.000%, 9/1/45 | 4,260 | 4,462 | |
Pool #MA3026 3.500%, 6/1/47 | 636 | 654 | |
Government National Mortgage Association | |||
Pool #783653 5.000%, 8/15/40 | 446 | 483 | |
Pool #AM0226 4.000%, 5/15/45 | 975 | 1,018 | |
Pool #AM8631 4.000%, 7/15/45 | 1,875 | 1,957 |
Par Value | Value | ||
Agency—continued | |||
Pool #AN5745 4.000%, 7/15/45 | $ 2,166 | $ 2,264 | |
Pool #AN5766 4.000%, 7/15/45 | 944 | 986 | |
Pool #AN6811 4.000%, 7/15/45 | 867 | 905 | |
Pool #AV6530 4.000%, 8/20/46 | 1,003 | 1,048 | |
Pool #MA2681 5.000%, 3/20/45 | 1,220 | 1,317 | |
Pool #MA4072 5.000%, 11/20/46 | 1,387 | 1,487 | |
Pool #MA4779 4.000%, 10/20/47 | 9,933 | 10,404 | |
Pool #MA4838 4.000%, 11/20/47 | 23,148 | 24,268 | |
Pool #MA4901 4.000%, 12/20/47 | 15,602 | 16,357 | |
202,804 | |||
Non-Agency—4.9% | |||
Caesars Palace Las Vegas Trust 2017-VICI, B 144A 3.835%, 10/15/34(4) | 2,525 | 2,588 | |
FREMF Mortgage Trust | |||
2012-K21, B 144A 3.938%, 7/25/45(3)(4) | 2,465 | 2,573 | |
2013-K25, B 144A 3.619%, 11/25/45(3)(4) | 2,980 | 3,039 | |
2013-K713, B 144A 3.165%, 4/25/46(3)(4) | 1,925 | 1,935 | |
2016-K52, B 144A 3.922%, 1/25/49(3)(4) | 2,080 | 2,133 | |
GS Mortgage Securities Trust | |||
2010-C1, A2 144A 4.592%, 8/10/43(4) | 3,822 | 3,984 | |
2012-ALOH, A 144A 3.551%, 4/10/34(4) | 3,960 | 4,083 | |
2012-BWTR, A 144A 2.954%, 11/5/34(4) | 3,510 | 3,497 | |
2012-BWTR, B 144A 3.255%, 11/5/34(4) | 2,890 | 2,912 | |
MAD Mortgage Trust 2017-330M, A 144A 3.294%, 8/15/34(3)(4) | 2,040 | 2,052 | |
Morgan Stanley Capital I Trust | |||
2014-150E, A 144A 3.912%, 9/9/32(4) | 1,175 | 1,233 | |
2014-CPT, A 144A 3.350%, 7/13/29(4) | 2,285 | 2,337 | |
2014-CPT, AM 144A 3.402%, 7/13/29(3)(4) | 2,530 | 2,577 | |
VNDO Mortgage Trust 2013-PENN, A 144A 3.808%, 12/13/29(4) | 5,275 | 5,437 | |
WFRBS Commercial Mortgage Trust 2012-C10, AS 3.241%, 12/15/45 | 2,510 | 2,514 | |
42,894 | |||
Total Mortgage-Backed Securities (Identified Cost $245,445) | 245,698 |
Par Value | Value | ||
Asset-Backed Securities—5.2% | |||
Automobiles—0.5% | |||
Ford Credit Auto Owner Trust 2014-2, A 144A 2.310%, 4/15/26(4) | $ 4,485 | $ 4,492 | |
Credit Card—3.8% | |||
Cabela’s Credit Card Master Note Trust 2014-2, A (1 month LIBOR + 0.450%) 1.927%, 7/15/22(3) | 3,700 | 3,713 | |
Capital One Multi-Asset Execution Trust | |||
2005-B3, B3 (3 month LIBOR + 0.550%) 1.909%, 5/15/28(3) | 1,827 | 1,797 | |
2017-A5, A5 (1 month LIBOR + 0.580%) 2.057%, 7/15/27(3) | 5,820 | 5,865 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 2.242%, 5/14/29(3) | 6,330 | 6,389 | |
Discover Card Execution Note Trust 2017-A5, A5 (1 month LIBOR + 0.600%) 2.077%, 12/15/26(3) | 7,815 | 7,901 | |
Master Credit Card Trust II 2017-1A, A 144A 2.260%, 7/21/21(4) | 4,140 | 4,139 | |
World Financial Network Credit Card Master Trust 2017-C, A 2.310%, 8/15/24 | 3,540 | 3,525 | |
33,329 | |||
Other—0.9% | |||
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(4) | 2,993 | 3,070 | |
Taco Bell Funding LLC 2016-1A, A2II 144A 4.377%, 5/25/46(4) | 765 | 789 | |
Verizon Owner Trust 2017-1A, A 144A 2.060%, 9/20/21(4) | 3,340 | 3,332 | |
7,191 | |||
Total Asset-Backed Securities (Identified Cost $44,667) | 45,012 | ||
Corporate Bonds And Notes—18.2% | |||
Consumer Discretionary—0.5% | |||
General Motors Co. 5.200%, 4/1/45 | 3,783 | 3,994 | |
Consumer Staples—0.7% | |||
BAT Capital Corp. 144A 4.540%, 8/15/47(4) | 2,787 | 2,932 | |
Japan Tobacco, Inc. 144A 2.100%, 7/23/18(4) | 1,852 | 1,854 | |
Molson Coors Brewing Co. 4.200%, 7/15/46 | 1,546 | 1,574 | |
6,360 | |||
Energy—3.7% | |||
Andeavor Logistics LP 4.250%, 12/1/27 | 863 | 870 | |
Baker Hughes a GE Co. LLC 144A 4.080%, 12/15/47(4) | 2,687 | 2,730 | |
Boardwalk Pipelines LP 4.450%, 7/15/27 | 1,007 | 1,024 |
Par Value | Value | ||
Energy—continued | |||
Energy Transfer LP 5.300%, 4/15/47 | $ 2,413 | $ 2,396 | |
Ensco plc | |||
4.500%, 10/1/24 | 1,048 | 880 | |
5.200%, 3/15/25 | 2,521 | 2,143 | |
5.750%, 10/1/44 | 1,580 | 1,082 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 3,496 | 3,889 | |
Nabors Industries, Inc. 5.500%, 1/15/23 | 2,597 | 2,513 | |
Sabine Pass Liquefaction LLC 4.200%, 3/15/28 | 3,694 | 3,736 | |
Schlumberger Holdings Corp. | |||
144A 3.000%, 12/21/20(4) | 1,726 | 1,748 | |
144A 4.000%, 12/21/25(4) | 3,054 | 3,209 | |
Schlumberger Investment SA 144A 3.300%, 9/14/21(4) | 1,309 | 1,341 | |
Shell International Finance BV 1.750%, 9/12/21 | 1,606 | 1,567 | |
TechnipFMC plc 144A 3.450%, 10/1/22(4) | 508 | 507 | |
Transcanada Trust 5.300%, 3/15/77 | 473 | 488 | |
Woodside Finance Ltd. 144A 4.600%, 5/10/21(4) | 2,086 | 2,184 | |
32,307 | |||
Financials—6.5% | |||
Aviation Capital Group LLC 144A 3.500%, 11/1/27(4) | 2,904 | 2,845 | |
Bank of America Corp. | |||
3.124%, 1/20/23 | 5,000 | 5,071 | |
3.593%, 7/21/28 | 4,842 | 4,920 | |
Barclays plc 4.337%, 1/10/28 | 1,851 | 1,915 | |
BNP Paribas SA 144A 3.500%, 11/16/27(4) | 3,696 | 3,678 | |
Citigroup, Inc. 3.887%, 1/10/28 | 2,147 | 2,222 | |
Credit Suisse Group AG | |||
144A 3.574%, 1/9/23(4) | 1,383 | 1,406 | |
144A 4.282%, 1/9/28(4) | 2,778 | 2,896 | |
Fifth Third Bank 2.200%, 10/30/20 | 1,428 | 1,419 | |
JPMorgan Chase & Co. 3.540%, 5/1/28 | 2,482 | 2,524 | |
Lazard Group LLC 3.750%, 2/13/25 | 3,554 | 3,624 | |
Manufacturers & Traders Trust Co. 3.400%, 8/17/27 | 1,750 | 1,770 | |
Morgan Stanley | |||
2.625%, 11/17/21 | 1,501 | 1,494 | |
3.591%, 7/22/28 | 1,915 | 1,932 | |
4.375%, 1/22/47 | 2,185 | 2,393 | |
Nationwide Financial Services, Inc. 144A 5.375%, 3/25/21(4) | 1,746 | 1,881 | |
Northwestern Mutual Life Insurance Co. (The) 144A 3.850%, 9/30/47(4) | 330 | 334 | |
PNC Bank NA 2.150%, 4/29/21 | 1,221 | 1,210 | |
Regions Bank 2.250%, 9/14/18 | 845 | 846 |
Par Value | Value | ||
Financials—continued | |||
Royal Bank of Scotland Group plc 3.875%, 9/12/23 | $ 3,188 | $ 3,242 | |
SMBC Aviation Capital Finance DAC 144A 3.000%, 7/15/22(4) | 2,761 | 2,734 | |
UBS AG 144A 2.450%, 12/1/20(4) | 1,980 | 1,974 | |
US Bank NA 2.050%, 10/23/20 | 1,636 | 1,624 | |
Wells Fargo & Co. 3.069%, 1/24/23 | 3,013 | 3,035 | |
56,989 | |||
Health Care—0.8% | |||
Eli Lilly & Co. 3.950%, 5/15/47 | 1,844 | 1,978 | |
Howard Hughes Medical Institute 3.500%, 9/1/23 | 1,426 | 1,494 | |
Medtronic, Inc. | |||
3.500%, 3/15/25 | 557 | 578 | |
4.625%, 3/15/45 | 1,416 | 1,648 | |
Novartis Securities Investment Ltd. 5.125%, 2/10/19 | 765 | 790 | |
6,488 | |||
Industrials—1.3% | |||
ERAC USA Finance LLC 144A 5.250%, 10/1/20(4) | 1,149 | 1,226 | |
General Electric Co. 2.700%, 10/9/22 | 1,118 | 1,116 | |
Johnson Controls International plc 4.500%, 2/15/47 | 1,928 | 2,116 | |
L3 Technologies, Inc. 3.850%, 12/15/26 | 1,106 | 1,137 | |
Rockwell Collins, Inc. 3.500%, 3/15/27 | 3,583 | 3,647 | |
United Airlines Pass-Through-Trust 2016-1, A 3.450%, 7/7/28 | 1,220 | 1,237 | |
Xylem, Inc. 3.250%, 11/1/26 | 1,076 | 1,070 | |
11,549 | |||
Information Technology—1.5% | |||
Apple, Inc. 3.000%, 6/20/27 | 1,315 | 1,309 | |
Arrow Electronics, Inc. 3.875%, 1/12/28 | 1,126 | 1,122 | |
NVIDIA Corp. 3.200%, 9/16/26 | 1,522 | 1,526 | |
Oracle Corp. 2.650%, 7/15/26 | 4,473 | 4,360 | |
TSMC Global Ltd. 144A 1.625%, 4/3/18(4) | 3,589 | 3,583 | |
VMware, Inc. 3.900%, 8/21/27 | 1,347 | 1,359 | |
13,259 | |||
Materials—1.0% | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 3,237 | 4,035 |
Par Value | Value | ||
Materials—continued | |||
Newmont Mining Corp. 6.250%, 10/1/39 | $ 3,435 | $ 4,389 | |
8,424 | |||
Real Estate—0.6% | |||
Boston Properties LP 3.650%, 2/1/26 | 1,283 | 1,303 | |
Digital Realty Trust LP | |||
3.950%, 7/1/22 | 2,468 | 2,578 | |
4.750%, 10/1/25 | 1,499 | 1,629 | |
5,510 | |||
Telecommunication Services—0.9% | |||
AT&T, Inc. | |||
2.375%, 11/27/18 | 1,854 | 1,860 | |
4.350%, 6/15/45 | 5,006 | 4,614 | |
Verizon Communications, Inc. 5.012%, 4/15/49 | 1,248 | 1,308 | |
7,782 | |||
Utilities—0.7% | |||
Duke Energy Corp. 3.750%, 9/1/46 | 2,420 | 2,391 | |
FirstEnergy Transmission LLC 144A 5.450%, 7/15/44(4) | 2,969 | 3,524 | |
5,915 | |||
Total Corporate Bonds And Notes (Identified Cost $152,072) | 158,577 | ||
Total Long-Term Investments—97.5% (Identified Cost $844,048) | 849,426 |
Shares | ||
Short-Term Investment—2.9% | ||
Money Market Mutual Fund—2.9% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(5) | 25,626,312 | 25,626 |
Total Short-Term Investment (Identified Cost $25,626) | 25,626 | |
TOTAL INVESTMENTS—100.4% (Identified Cost $869,674) | $875,052 | |
Other assets and liabilities, net—(0.4)% | (3,760) | |
NET ASSETS—100.0% | $871,292 |
Abbreviation: | |
LIBOR | London Interbank Offered Rate |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open swap contracts. |
(2) | All or a portion of the security is segregated as collateral for forward foreign currency exchange contracts. |
(3) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | 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 December 31, 2017, these securities amounted to a value of $98,788 or 11.3% of net assets. |
(5) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Counterparties: | |
JPM | JPMorgan Securities LLC |
Foreign Currencies: | |
ARS | Argentine pesos |
CNH | Chinese Yuan |
Country Weightings (Unaudited)† | |
United States | 90% |
Argentina | 5 |
United Kingdom | 1 |
Switzerland | 1 |
Australia | 1 |
Ireland | 1 |
Canada | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Forward foreign currency exchange contracts as of December 31, 2017 were as follows: | ||||||||
Currency Purchased | Value | Currency Sold | Value | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | |
CNH | 139,435 | USD | 20,230 | JPM | 01/17/18 | $1,155 | ||
USD | 19,500 | CNH | 139,435 | JPM | 01/17/18 | $(1,885) | ||
Total | $1,155 | $(1,885) |
Centrally Cleared credit default swaps - buy protection(1) outstanding as of December 31, 2017 were as follows: | ||||||||||
Reference Entity | Counterparty | Fixed Receive Rate | Expiration Date | Notional Amount(2) | Value | Premiums Received | Unrealized Appreciation (Depreciation) | |||
ICE - CDX.NA.HY.28 | JPM | 5.000% | 06/20/22 | (93,060) | USD | $(8,269) | $(5,604) | $(2,665) | ||
Total | $(8,269) | $(5,604) | $(2,665) |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 45,012 | $ — | $ 45,012 | $— | |||
Corporate Bonds And Notes | 158,577 | — | 158,577 | — | |||
Foreign Government Securities | 44,439 | — | 44,439 | — | |||
Mortgage-Backed Securities | 245,698 | — | 245,698 | — | |||
U.S. Government Securities | 355,700 | — | 355,700 | — | |||
Short-Term Investment | 25,626 | 25,626 | — | — | |||
Other Financial Instruments: | |||||||
Forward foreign currency exchange contract | 1,155 | — | 1,155 | — | |||
Liabilities: | |||||||
Other Financial Instruments: | |||||||
Forward foreign currency exchange contract | (1,885) | — | (1,885) | — | |||
Centrally Cleared Credit default swap | (2,665) | — | (2,665) | — | |||
Total Investments | $871,657 | $25,626 | $846,031 | $— |
Par Value | Value | ||
U.S. Government Securities—4.7% | |||
Federal Agricultural Mortgage Corp. (3 month LIBOR + 0.300%) 1.667%, 1/25/23(1)(2) | $ 3,000 | $ 3,003 | |
Federal Farm Credit Banks | |||
(1 month LIBOR + 0.550%) 2.102%, 1/26/27(1)(2) | 14,700 | 14,822 | |
(1 month LIBOR + 0.600%) 2.155%, 12/8/26(1)(2) | 4,700 | 4,761 | |
U.S. Treasury Note | |||
1.250%, 12/31/18 | 42,700 | 42,462 | |
(U.S. Treasury 3 month Bill Money Market Yield + 0.048%) 1.488%, 10/31/19(1)(2) | 900 | 900 | |
Total U.S. Government Securities (Identified Cost $65,772) | 65,948 | ||
Mortgage-Backed Securities—91.2% | |||
Agency—91.2% | |||
Federal Home Loan Mortgage Corporation | |||
KF28, A (1 month LIBOR + 0.360%) 1.732%, 1/25/24(2) | 24,288 | 24,322 | |
KP04, AG1 (1 month LIBOR + 0.220%) 1.463%, 7/25/20(2) | 38,000 | 38,000 | |
Pool #1Q1195 (12 month LIBOR + 1.610%) 3.360%, 5/1/37(2) | 7,739 | 8,083 | |
Pool #1Q1420 (12 month LIBOR + 1.855%) 3.625%, 9/1/39(2) | 10,839 | 11,392 | |
Pool #848736 (12 month LIBOR + 1.750%) 3.487%, 5/1/35(2) | 16,505 | 17,365 | |
Pool #848744 (12 month LIBOR + 1.789%) 3.556%, 5/1/34(2) | 11,133 | 11,745 | |
Pool #848747 (12 month LIBOR + 1.870%) 3.644%, 7/1/36(2) | 10,070 | 10,659 | |
Pool #848796 (12 month LIBOR + 1.812%) 3.567%, 5/1/37(2) | 17,521 | 18,470 | |
Federal Home Loan Mortgage Corporation Multifamily Structured Pass-Through Certificates | |||
K711, A2 1.730%, 7/25/19 | 700 | 696 | |
K712, A2 1.869%, 11/25/19 | 5,070 | 5,049 | |
KF15, A (1 month LIBOR + 0.670%) 2.042%, 2/25/23(2) | 9,493 | 9,535 | |
KF22, A (1 month LIBOR + 0.500%) 1.872%, 7/25/23(2) | 8,571 | 8,591 | |
KF32, A (1 month LIBOR + 0.370%) 1.742%, 5/25/24(2) | 4,799 | 4,809 | |
KLH3, A (1 month LIBOR + 0.700%) 2.072%, 11/25/22(2) | 9,371 | 9,416 | |
KLSF, A (1 month LIBOR + 0.330%) 1.702%, 11/25/21(2) | 6,259 | 6,259 | |
KS05, A (1 month LIBOR + 0.500%) 1.872%, 1/25/23(2) | 5,972 | 5,987 | |
KSKY, AT (1 month LIBOR + 0.440%) 1.683%, 8/25/27(1)(2) | 9,740 | 9,748 | |
Federal Home Loan Mortgage Corporation REMIC | |||
2781, FA (1 month LIBOR + 0.350%) 1.827%, 4/15/34(2) | 7,567 | 7,585 | |
2796, F (1 month LIBOR + 0.500%) 1.977%, 5/15/34(2) | 4,935 | 4,952 |
Par Value | Value | ||
Agency—continued | |||
2979, FG (1 month LIBOR + 0.380%) 1.857%, 5/15/35(2) | $ 3,109 | $ 3,124 | |
3117, FE (1 month LIBOR + 0.300%) 1.777%, 2/15/36(2) | 3,385 | 3,391 | |
3136, FA (1 month LIBOR + 0.550%) 2.027%, 4/15/36(2) | 14,667 | 14,779 | |
3261, FA (1 month LIBOR + 0.320%) 1.797%, 1/15/37(2) | 9,804 | 9,807 | |
3346, FA (1 month LIBOR + 0.230%) 1.707%, 2/15/19(2) | 199 | 199 | |
3418, FB (1 month LIBOR + 0.300%) 1.777%, 4/15/20(2) | 2,884 | 2,886 | |
3990, GF (1 month LIBOR + 0.400%) 1.877%, 3/15/41(2) | 9,144 | 9,154 | |
3994, JF (1 month LIBOR + 0.380%) 1.857%, 3/15/40(2) | 4,650 | 4,665 | |
3995, PF (1 month LIBOR + 0.450%) 1.927%, 5/15/39(2) | 8,429 | 8,457 | |
4057, CF (1 month LIBOR + 0.450%) 1.927%, 4/15/39(2) | 8,345 | 8,360 | |
4150, JF (1 month LIBOR + 0.300%) 1.777%, 6/15/41(2) | 5,399 | 5,408 | |
4203, PF (1 month LIBOR + 0.250%) 1.727%, 9/15/42(2) | 18,115 | 18,087 | |
4287, BF (1 month LIBOR + 0.250%) 1.727%, 2/15/33(2) | 4,054 | 4,052 | |
Federal National Mortgage Association | |||
3.470%, 6/1/18 | 3,589 | 3,583 | |
2011-M1, FA (1 month LIBOR + 0.450%) 2.002%, 6/25/21(2) | 24,856 | 24,878 | |
2014-M10, ASQ2 2.171%, 9/25/19(2) | 3,321 | 3,321 | |
2016-M13, FA (1 month LIBOR + 0.670%) 1.908%, 11/25/23(2) | 16,563 | 16,610 | |
2016-M8, FA (1 month LIBOR + 0.500%) 2.052%, 7/25/26(2) | 31,786 | 31,933 | |
2016-M9, FA (1 month LIBOR + 0.590%) 1.828%, 9/25/23(2) | 45,558 | 45,716 | |
2017-M11, FA (1 month LIBOR + 0.470%) 1.708%, 9/25/24(2) | 23,916 | 23,950 | |
2017-M2, FA (1 month LIBOR + 0.530%) 1.768%, 2/25/24(2) | 15,909 | 15,963 | |
Pool #463520 4.550%, 10/1/19 | 2,240 | 2,330 | |
Pool #463617 4.910%, 10/1/19 | 3,560 | 3,705 | |
Pool #AD0064 (6 month LIBOR + 1.556%) 3.056%, 1/1/35(2) | 4,869 | 5,050 | |
Pool #AE0544 (12 month LIBOR + 1.744%) 3.494%, 11/1/40(2) | 5,775 | 6,033 | |
Pool #AL0270 (12 month LIBOR + 1.618%) 3.364%, 8/1/38(2) | 7,531 | 7,872 | |
Pool #AL0323 (12 month LIBOR + 1.817%) 3.640%, 6/1/41(2) | 5,768 | 6,046 | |
Pool #AL0960 (12 month LIBOR + 1.697%) 3.443%, 7/1/37(2) | 9,756 | 10,255 | |
Pool #AL2202 (12 month LIBOR + 1.699%) 3.430%, 6/1/36(2) | 4,993 | 5,239 | |
Pool #AL6516 (12 month LIBOR + 1.749%) 3.480%, 4/1/40(2) | 8,864 | 9,271 | |
Pool #AL7812 (12 month LIBOR + 1.734%) 3.484%, 11/1/40(2) | 15,522 | 16,181 |
Par Value | Value | ||
Agency—continued | |||
Pool #AL8796 (12 month LIBOR + 1.813%) 3.581%, 9/1/41(2) | $19,841 | $ 20,768 | |
Pool #AL8872 (12 month LIBOR + 1.798%) 3.545%, 7/1/42(2) | 28,653 | 30,013 | |
Pool #AM2078 1.670%, 1/1/20 | 11,024 | 10,883 | |
Pool #AM2292 (1 month LIBOR + 0.350%) 1.593%, 1/1/23(2) | 8,015 | 8,015 | |
Pool #AM4510 (1 month LIBOR + 0.490%) 1.733%, 11/1/23(2) | 1,709 | 1,711 | |
Pool #AM4611 (1 month LIBOR + 0.460%) 1.832%, 11/1/23(2) | 4,624 | 4,626 | |
Pool #AM7028 (1 month LIBOR + 0.240%) 1.611%, 10/1/19(2) | 20,130 | 20,131 | |
Pool #AM7213 (1 month LIBOR + 0.650%) 2.022%, 8/1/22(2) | 4,534 | 4,535 | |
Pool #AM9651 (1 month LIBOR + 0.300%) 1.672%, 8/1/22(2) | 14,330 | 14,330 | |
Pool #AN1582 (1 month LIBOR + 0.440%) 1.812%, 9/1/23(2) | 14,525 | 14,511 | |
Pool #AN2256 (1 month LIBOR + 0.580%) 1.952%, 7/1/23(2) | 17,620 | 17,622 | |
Pool #AN2605 (1 month LIBOR + 0.460%) 1.832%, 8/1/23(2) | 10,000 | 9,988 | |
Pool #AN2868 (1 month LIBOR + 0.490%) 1.862%, 12/1/24(2) | 4,700 | 4,702 | |
Pool #AN3414 (1 month LIBOR + 0.600%) 1.972%, 1/1/23(2) | 11,766 | 11,765 | |
Pool #AN3539 (1 month LIBOR + 0.470%) 1.713%, 11/1/21(2) | 17,145 | 17,144 | |
Pool #AN3661 (1 month LIBOR + 0.580%) 1.952%, 11/1/26(2) | 3,000 | 3,012 | |
Pool #AN3845 (1 month LIBOR + 0.540%) 1.783%, 12/1/23(2) | 16,318 | 16,320 | |
Pool #AN4300 (1 month LIBOR + 0.560%) 1.803%, 1/1/24(2) | 14,487 | 14,489 | |
Pool #AN4364 (1 month LIBOR + 0.590%) 1.962%, 1/1/24(2) | 2,990 | 2,992 | |
Pool #AN5208 (1 month LIBOR + 0.390%) 1.762%, 3/1/22(2) | 4,739 | 4,739 | |
Pool #AN5986 (1 month LIBOR + 0.370%) 1.742%, 12/1/22(2) | 8,250 | 8,249 | |
Pool #AN6559 (1 month LIBOR + 0.450%) 1.822%, 4/1/25(2) | 1,900 | 1,910 | |
Pool #AN6591 (1 month LIBOR + 0.400%) 1.772%, 12/1/24(2) | 10,600 | 10,654 | |
Pool #BM1720 (12 month LIBOR + 1.604%) 2.723%, 9/1/47(2) | 10,434 | 10,545 | |
Federal National Mortgage Association REMIC | |||
2005-58, KF (1 month LIBOR + 0.500%) 2.052%, 7/25/35(2) | 7,509 | 7,524 | |
2006-113, NF (1 month LIBOR + 0.350%) 1.902%, 9/25/36(2) | 7,798 | 7,798 | |
2010-109, PF (1 month LIBOR + 0.400%) 1.952%, 10/25/40(2) | 3,515 | 3,530 | |
2010-137, WB 3.599%, 7/25/40 | 4,168 | 4,336 | |
2011-117, FP (1 month LIBOR + 0.400%) 1.952%, 8/25/40(2) | 6,788 | 6,817 | |
2012-60, WF (1 month LIBOR + 0.350%) 1.902%, 6/25/27(2) | 12,898 | 12,907 | |
2013-34, PF (1 month LIBOR + 0.350%) 1.902%, 8/25/42(2) | 12,011 | 12,038 |
Par Value | Value | ||
Agency—continued | |||
2013-62, FQ (1 month LIBOR + 0.250%) 1.802%, 9/25/32(2) | $10,751 | $ 10,734 | |
2016-32, FA (1 month LIBOR + 0.400%) 1.952%, 10/25/34(2) | 23,990 | 24,070 | |
2016-36, FB (1 month LIBOR + 0.500%) 2.052%, 3/25/43(2) | 10,865 | 10,863 | |
FMPRE Multifamily Aggregation Risk Transfer Trust 2017-KT01, A (1 month LIBOR + 0.320%) 1.855%, 2/25/20(2) | 10,000 | 10,025 | |
FRESB Mortgage Trust | |||
2015-SB3, A5 (1 month LIBOR + 2.012%) 2.012%, 8/25/42(2) | 10,332 | 10,249 | |
2015-SB6, A5 (1 month LIBOR + 2.270%) 2.270%, 9/25/35(2) | 7,010 | 6,959 | |
2015-SB9, A5 (1 month LIBOR + 0.700%) 2.535%, 11/25/35(2) | 40,125 | 40,025 | |
2016-SB11, A5 (1 month LIBOR + 2.500%) 144A 2.500%, 1/25/36(2)(3) | 1,377 | 1,374 | |
2016-SB16, A5H (1 month LIBOR + 2.130%) 2.130%, 5/25/36(2) | 4,737 | 4,666 | |
2016-SB18, A5H (1 month LIBOR + 0.700%) 2.110%, 5/25/36(2) | 4,306 | 4,240 | |
2016-SB20, A5H (1 month LIBOR + 2.140%) 2.140%, 7/25/36(2) | 12,500 | 12,288 | |
Government National Mortgage Association | |||
2003-57, FA (1 month LIBOR + 0.450%) 1.941%, 7/16/33(2) | 7,017 | 7,083 | |
2003-67, FP (1 month LIBOR + 0.900%) 2.401%, 8/20/33(2) | 5,622 | 5,743 | |
2004-106, F (1 month LIBOR + 0.250%) 1.741%, 12/16/34(2) | 6,828 | 6,821 | |
2004-95, F (1 month LIBOR + 0.300%) 1.801%, 11/20/34(2) | 5,303 | 5,310 | |
2005-41, FC (1 month LIBOR + 0.300%) 1.801%, 5/20/35(2) | 8,506 | 8,514 | |
2009-121, NF (1 month LIBOR + 0.500%) 2.001%, 2/20/37(2) | 14,001 | 14,152 | |
2010-157, QF (1 month LIBOR + 0.400%) 1.901%, 1/20/40(2) | 2,130 | 2,134 | |
2011-133, PF (1 month LIBOR + 0.400%) 1.901%, 12/20/35(2) | 5,840 | 5,873 | |
2011-145, FA (1 month LIBOR + 0.300%) 1.791%, 3/16/34(2) | 4,367 | 4,374 | |
2012-13, KF (1 month LIBOR + 0.300%) 1.801%, 7/20/38(2) | 3,536 | 3,545 | |
2016-H22, FJ (1 month LIBOR + 0.390%) 1.633%, 10/20/66(2) | 16,603 | 16,619 | |
2017-H13, FJ (1 month LIBOR + 0.200%) 1.443%, 5/20/67(2) | 25,349 | 25,342 | |
Pool #BD4157 (U.S. Treasury Yield Curve CMT 1 year + 1.500%) 2.500%, 11/20/47(2) | 16,059 | 16,147 | |
Pool #MA4342 (U.S. Treasury Yield Curve CMT 1 year + 1.500%) 2.500%, 3/20/47(2) | 3,560 | 3,593 | |
Pool #MA4473 (U.S. Treasury Yield Curve CMT 1 year + 1.500%) 2.500%, 5/20/47(2) | 3,291 | 3,311 | |
Pool #MA4532 (U.S. Treasury Yield Curve CMT 1 year + 1.500%) 2.500%, 6/20/47(2) | 4,592 | 4,620 |
Par Value | Value | ||
Agency—continued | |||
Pool #MA4673 (U.S. Treasury Yield Curve CMT 1 year + 1.500%) 2.500%, 8/20/47(2) | $ 1,122 | $ 1,128 | |
Pool #MA4800 (U.S. Treasury Yield Curve CMT 1 year + 1.500%) 2.500%, 10/20/47(2) | 3,571 | 3,591 | |
NCUA Guaranteed Notes Trust | |||
2010-R1, 1A (1 month LIBOR + 0.450%) 1.779%, 10/7/20(2) | 23,643 | 23,680 | |
2010-R2, 2A (1 month LIBOR + 0.470%) 1.873%, 11/5/20(2) | 28,194 | 28,299 | |
2010-R3, 1A (1 month LIBOR + 0.560%) 1.963%, 12/8/20(2) | 6,739 | 6,763 | |
2010-R3, 2A (1 month LIBOR + 0.560%) 1.963%, 12/8/20(2) | 1,934 | 1,945 | |
2011-R1, 1A (1 month LIBOR + 0.450%) 1.779%, 1/8/20(2) | 18,312 | 18,351 | |
2011-R2, 1A (1 month LIBOR + 0.400%) 1.803%, 2/6/20(2) | 30,641 | 30,745 | |
2011-R3, 1A (1 month LIBOR + 0.400%) 1.729%, 3/11/20(2) | 998 | 1,000 | |
Small Business Administration | |||
Pool #510032 (PRIME minus 2.650%) 1.600%, 6/25/34(2) | 6,628 | 6,587 | |
Pool #510076 (PRIME minus 2.650%) 1.600%, 5/25/27(2) | 9,646 | 9,595 | |
Pool #510083 (PRIME minus 2.650%) 1.600%, 9/25/27(2) | 2,039 | 2,029 | |
1,263,959 | |||
Total Mortgage-Backed Securities (Identified Cost $1,259,863) | 1,263,959 | ||
Asset-Backed Security—1.5% | |||
Student Loan—1.5% | |||
NCUA Guaranteed Notes Trust 2010-A1, A (1 month LIBOR + 0.350%) 1.757%, 12/7/20(2) | 20,902 | 20,914 | |
Total Asset-Backed Security (Identified Cost $20,907) | 20,914 | ||
Total Long-Term Investments—97.4% (Identified Cost $1,346,542) | 1,350,821 |
Shares | Value | ||
Short-Term Investment—3.1% | |||
Money Market Mutual Fund—3.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(1)(4) | 42,829,285 | $ 42,829 | |
Total Short-Term Investment (Identified Cost $42,829) | 42,829 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $1,389,371) | $1,393,650 | ||
Other assets and liabilities, net—(0.5)% | (7,536) | ||
NET ASSETS—100.0% | $1,386,114 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open futures contracts. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | 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 December 31, 2017, these securities amounted to a value of $1,374 or 0.1% of net assets. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Futures contracts as of December 31, 2017 were as follows: | ||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Unrealized Appreciation (Depreciation) |
U.S. Treasury 2 Year Note | March 2018 | (238) | $(50,958) | $104 |
U.S. Treasury 5 Year Note | March 2018 | (75) | (8,712) | 34 |
Total | $138 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Asset-Backed Security | $ 20,914 | $ — | $ 20,914 | $— | |||
Mortgage-Backed Securities | 1,263,959 | — | 1,263,959 | — | |||
U.S. Government Securities | 65,948 | — | 65,948 | — | |||
Short-Term Investment | 42,829 | 42,829 | — | — | |||
Other Financial Instruments: | |||||||
Futures contracts | 138 | 138 | — | — | |||
Total Investments | $1,393,788 | $42,967 | $1,350,821 | $— |
Par Value | Value | ||
U.S. Government Security—1.8% | |||
U.S. Treasury Note 2.250%, 11/15/27 | $ 465 | $ 458 | |
Total U.S. Government Security (Identified Cost $460) | 458 | ||
Mortgage-Backed Securities—94.3% | |||
Agency—90.2% | |||
Federal Home Loan Mortgage Corporation | |||
Pool #A85718 4.000%, 4/1/39 | 47 | 50 | |
Pool #A95085 4.000%, 11/1/40 | 506 | 531 | |
Pool #A95147 4.000%, 11/1/40 | 83 | 87 | |
Pool #A95796 4.000%, 12/1/40 | 62 | 65 | |
Pool #C01785 5.000%, 2/1/34 | 137 | 148 | |
Pool #C04123 4.000%, 7/1/42 | 287 | 302 | |
Pool #G01838 5.000%, 7/1/35 | 101 | 110 | |
Pool #G05477 4.500%, 5/1/39 | 162 | 175 | |
Pool #G05606 4.500%, 7/1/39 | 317 | 338 | |
Pool #G06061 4.000%, 10/1/40 | 105 | 111 | |
Pool #G07031 4.000%, 5/1/42 | 421 | 444 | |
Pool #G07491 4.500%, 3/1/42 | 231 | 246 | |
Pool #G08347 4.500%, 6/1/39 | 28 | 29 | |
Pool #G08372 4.500%, 11/1/39 | 137 | 146 | |
Pool #G60019 4.500%, 3/1/44 | 412 | 440 | |
Pool #G60589 4.000%, 2/1/45 | 407 | 426 | |
Pool #G60661 4.000%, 7/1/46 | 93 | 98 | |
Pool #Q06771 3.000%, 3/1/42 | 207 | 208 | |
Pool #Q08306 3.500%, 5/1/42 | 440 | 454 | |
Pool #Q09949 3.000%, 8/1/42 | 147 | 148 | |
Pool #Q10929 3.500%, 9/1/42 | 373 | 385 | |
Pool #Q11220 3.500%, 9/1/42 | 40 | 42 | |
Pool #Q11651 3.000%, 10/1/42 | 102 | 103 | |
Pool #Q13801 3.000%, 12/1/42 | 169 | 170 | |
Pool #Q26366 4.000%, 5/1/44 | 179 | 189 | |
Pool #Q31645 4.000%, 2/1/45 | 85 | 89 |
Par Value | Value | ||
Agency—continued | |||
Pool #Q38473 4.000%, 1/1/46 | $ 488 | $ 510 | |
Pool #Q40123 3.500%, 4/1/46 | 210 | 218 | |
Pool #Q40124 3.500%, 4/1/46 | 213 | 220 | |
Pool #V81283 4.000%, 7/1/44 | 348 | 364 | |
Pool #V81992 4.000%, 10/1/45 | 399 | 418 | |
Federal National Mortgage Association | |||
2013-M6, X1 2.152%, 2/25/43(1) | 2,879 | 147 | |
2017-M2, A2 2.784%, 2/25/27(1) | 220 | 219 | |
Pool #890381 3.500%, 10/1/41 | 265 | 274 | |
Pool #932441 4.000%, 1/1/40 | 194 | 204 | |
Pool #AB6401 3.000%, 10/1/37 | 265 | 266 | |
Pool #AB7768 3.000%, 2/1/38 | 392 | 394 | |
Pool #AI5868 4.500%, 7/1/41 | 231 | 248 | |
Pool #AI9101 3.500%, 4/1/42 | 398 | 411 | |
Pool #AJ9317 4.000%, 1/1/42 | 462 | 486 | |
Pool #AJ9327 3.500%, 1/1/42 | 116 | 120 | |
Pool #AK5151 3.000%, 3/1/42 | 227 | 228 | |
Pool #AL0215 4.500%, 4/1/41 | 123 | 132 | |
Pool #AL2891 3.500%, 12/1/42 | 668 | 692 | |
Pool #AL6223 4.500%, 8/1/44 | 484 | 516 | |
Pool #AL7497 3.500%, 9/1/40 | 668 | 690 | |
Pool #AL7570 4.000%, 7/1/42 | 142 | 150 | |
Pool #AL9127 4.000%, 10/1/44 | 146 | 154 | |
Pool #AO8632 3.500%, 7/1/42 | 1,052 | 1,087 | |
Pool #AP7874 3.500%, 10/1/42 | 176 | 182 | |
Pool #AS6620 3.500%, 2/1/46 | 640 | 659 | |
Pool #AS9571 3.500%, 5/1/42 | 346 | 357 | |
Pool #AV3452 4.000%, 2/1/44 | 162 | 170 | |
Pool #AW8154 3.500%, 1/1/42 | 576 | 596 | |
Pool #AY2685 4.500%, 1/1/45 | 57 | 61 | |
Pool #AY8851 4.000%, 8/1/45 | 255 | 266 | |
Pool #AZ0572 3.000%, 6/1/42 | 87 | 88 |
Par Value | Value | ||
Agency—continued | |||
Pool #AZ5755 3.500%, 9/1/45 | $ 573 | $ 592 | |
Pool #AZ9213 4.000%, 10/1/45 | 580 | 611 | |
Pool #BC2470 3.500%, 2/1/46 | 169 | 176 | |
Pool #BE5050 4.000%, 9/1/45 | 214 | 225 | |
Pool #MA0639 4.000%, 2/1/41 | 497 | 522 | |
Pool #MA2341 4.500%, 6/1/45 | 143 | 152 | |
Government National Mortgage Association | |||
Pool #AA5471 4.000%, 12/15/41 | 624 | 654 | |
Pool #AE8170 4.000%, 2/15/44 | 104 | 109 | |
Pool #AM0226 4.000%, 5/15/45 | 97 | 101 | |
Pool #AV6530 4.000%, 8/20/46 | 111 | 116 | |
Pool #MA2681 5.000%, 3/20/45 | 221 | 239 | |
Pool #MA4653 4.000%, 8/20/47 | 725 | 759 | |
Pool #MA4779 4.000%, 10/20/47 | 1,547 | 1,620 | |
Pool #MA4838 4.000%, 11/20/47 | 499 | 523 | |
Pool #MA4901 4.000%, 12/20/47 | 300 | 315 | |
22,775 | |||
Non-Agency—4.1% | |||
FREMF Mortgage Trust | |||
2012-K21, B 144A 3.938%, 7/25/45(1)(2) | 580 | 605 | |
2013-K25, B 144A 3.619%, 11/25/45(1)(2) | 122 | 125 | |
GS Mortgage Securities Trust | |||
2012-BWTR, A 144A 2.954%, 11/5/34(2) | 205 | 204 | |
2012-BWTR, B 144A 3.255%, 11/5/34(2) | 109 | 110 | |
1,044 | |||
Total Mortgage-Backed Securities (Identified Cost $23,819) | 23,819 | ||
Total Long-Term Investments—96.1% (Identified Cost $24,279) | 24,277 |
Shares | Value | ||
Short-Term Investment—3.6% | |||
Money Market Mutual Fund—3.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(3) | 890,861 | $ 891 | |
Total Short-Term Investment (Identified Cost $891) | 891 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $25,170) | $25,168 | ||
Other assets and liabilities, net—0.3% | 87 | ||
NET ASSETS—100.0% | $25,255 |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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. |
(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 December 31, 2017, these securities amounted to a value of $1,044 or 4.1% of net assets. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Mortgage-Backed Securities | $23,819 | $ — | $23,819 | $— | |||
U.S. Government Security | 458 | — | 458 | — | |||
Short-Term Investment | 891 | 891 | — | — | |||
Total Investments | $25,168 | $891 | $24,277 | $— |
Par Value | Value | ||
U.S. Government Security—0.1% | |||
U.S. Treasury Note (U.S. Treasury 3 month Bill Money Market Yield + 0.048%) 1.488%, 10/31/19(1)(2) | $ 100 | $ 100 | |
Total U.S. Government Security (Identified Cost $100) | 100 | ||
Mortgage-Backed Securities—38.6% | |||
Agency—29.9% | |||
Federal Home Loan Mortgage Corporation | |||
KF28, A (1 month LIBOR + 0.360%) 1.732%, 1/25/24(2) | 972 | 973 | |
KP04, AG1 (1 month LIBOR + 0.220%) 1.463%, 7/25/20(2) | 1,200 | 1,200 | |
Federal National Mortgage Association | |||
2016-M9, FA (1 month LIBOR + 0.590%) 1.828%, 9/25/23(2) | 309 | 310 | |
Pool #AM2292 (1 month LIBOR + 0.350%) 1.593%, 1/1/23(2) | 898 | 898 | |
Pool #AN1582 (1 month LIBOR + 0.440%) 1.812%, 9/1/23(2) | 1,000 | 999 | |
Pool #AN3414 (1 month LIBOR + 0.600%) 1.972%, 1/1/23(2) | 979 | 979 | |
Pool #AN3539 (1 month LIBOR + 0.470%) 1.713%, 11/1/21(2) | 979 | 978 | |
Pool #AN3845 (1 month LIBOR + 0.540%) 1.783%, 12/1/23(2) | 2,649 | 2,649 | |
Pool #AN4300 (1 month LIBOR + 0.560%) 1.803%, 1/1/24(2) | 3,030 | 3,030 | |
Pool #AN4364 (1 month LIBOR + 0.590%) 1.962%, 1/1/24(2) | 1,000 | 1,001 | |
Pool #AN5986 (1 month LIBOR + 0.370%) 1.742%, 12/1/22(2) | 1,000 | 1,000 | |
Federal National Mortgage Association REMIC 2007-57, FE (1 month LIBOR + 0.370%) 1.922%, 5/25/37(2) | 716 | 717 | |
FMPRE Multifamily Aggregation Risk Transfer Trust 2017-KT01, A (1 month LIBOR + 0.320%) 1.855%, 2/25/20(2) | 2,000 | 2,005 | |
FRESB Mortgage Trust | |||
2015-SB7, A5 (1 month LIBOR + 2.370%) 2.370%, 9/25/35(2) | 509 | 507 | |
2016-SB11, A5 (1 month LIBOR + 2.500%) 144A 2.500%, 1/25/36(2)(3) | 551 | 550 | |
17,796 | |||
Non-Agency—8.7% | |||
Chicago Skyscraper Trust 2017-SKY, A (1 month LIBOR + 0.800%) 144A 2.277%, 2/15/30(2)(3) | 1,000 | 1,002 | |
Cold Storage Trust 2017-ICE3, A (1 month LIBOR + 1.000%) 144A 2.477%, 4/15/36(2)(3) | 1,000 | 1,003 | |
Commercial Mortgage Trust 2013-CR13, A1 1.259%, 11/12/46 | 631 | 630 | |
FREMF Mortgage Trust | |||
2012-K710, B 144A 3.812%, 6/25/47(2)(3) | 945 | 960 | |
2013-K713, B 144A 3.165%, 4/25/46(2)(3) | 240 | 241 |
Par Value | Value | ||
Non-Agency—continued | |||
Morgan Stanley Bank of America Merrill Lynch Trust 2013-C12, A1 1.313%, 10/15/46 | $ 223 | $ 223 | |
WFRBS Commercial Mortgage Trust | |||
2012-C7, AFL (1 month LIBOR + 1.200%) 144A 2.677%, 6/15/45(2)(3) | 970 | 989 | |
2013-C11, A3 2.695%, 3/15/45 | 134 | 133 | |
5,181 | |||
Total Mortgage-Backed Securities (Identified Cost $22,974) | 22,977 | ||
Asset-Backed Securities—10.6% | |||
Automobiles—3.4% | |||
Hyundai Auto Receivables Trust 2014-A, B 1.730%, 8/15/19 | 585 | 585 | |
Mercedes-Benz Master Owner Trust 2017-BA, A (1 month LIBOR + 0.420%) 144A 1.897%, 5/16/22(2)(3) | 800 | 803 | |
Nissan Master Owner Trust Receivables 2015-A, A2 1.440%, 1/15/20 | 650 | 650 | |
2,038 | |||
Credit Card—5.5% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%) 1.909%, 5/15/28(2) | 1,253 | 1,232 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 2.242%, 5/14/29(2) | 1,000 | 1,009 | |
Discover Card Execution Note Trust 2017-A5, A5 (1 month LIBOR + 0.600%) 2.077%, 12/15/26(2) | 1,000 | 1,011 | |
3,252 | |||
Equipment—1.7% | |||
Volvo Financial Equipment Master Owner Trust 2017-A, A (1 month LIBOR + 0.500%) 144A 1.977%, 11/15/22(2)(3) | 1,000 | 1,003 | |
Total Asset-Backed Securities (Identified Cost $6,209) | 6,293 | ||
Corporate Bonds And Notes—47.0% | |||
Consumer Discretionary—9.4% | |||
BMW US Capital LLC 144A 1.500%, 4/11/19(3) | 671 | 666 | |
Daimler Finance North America LLC (3 month LIBOR + 0.860%) 144A 2.237%, 8/1/18(2)(3) | 1,314 | 1,319 | |
Ford Motor Credit Co., LLC 5.000%, 5/15/18 | 1,013 | 1,023 | |
General Motors Financial Co., Inc. 2.400%, 5/9/19 | 1,039 | 1,039 | |
Newell Brands, Inc. 2.600%, 3/29/19 | 1,028 | 1,032 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Wal-Mart Stores, Inc. 1.750%, 10/9/19 | $ 495 | $ 493 | |
5,572 | |||
Consumer Staples—4.6% | |||
BAT Capital Corp. 144A 2.297%, 8/14/20(3) | 623 | 619 | |
Church & Dwight Co., Inc. (3 month LIBOR + 0.150%) 1.517%, 1/25/19(2) | 450 | 450 | |
CVS Health Corp. 1.900%, 7/20/18 | 656 | 656 | |
Molson Coors Brewing Co. 1.450%, 7/15/19(1) | 1,050 | 1,037 | |
2,762 | |||
Energy—3.5% | |||
BP Capital Markets plc (3 month LIBOR + 0.630%) 2.305%, 9/26/18(2) | 1,168 | 1,172 | |
Chevron Corp. 1.686%, 2/28/19 | 897 | 895 | |
2,067 | |||
Financials—13.6% | |||
Bank of America Corp. 2.000%, 1/11/18(1) | 1,034 | 1,034 | |
Bank of Montreal 2.100%, 12/12/19(1) | 905 | 902 | |
Capital One Financial Corp. 2.500%, 5/12/20 | 679 | 678 | |
Citibank NA 2.100%, 6/12/20 | 790 | 785 | |
Credit Suisse New York (3 month LIBOR + 0.690%) 2.068%, 1/29/18(2) | 1,150 | 1,150 | |
Goldman Sachs Group, Inc. (The) 5.950%, 1/18/18 | 1,213 | 1,215 | |
Morgan Stanley 2.125%, 4/25/18(1) | 1,051 | 1,051 | |
UBS Group 144A 2.200%, 6/8/20(1)(3) | 708 | 704 | |
US Bank NA 2.050%, 10/23/20 | 599 | 595 | |
8,114 | |||
Health Care—3.7% | |||
Gilead Sciences, Inc. (3 month LIBOR + 0.220%) 1.845%, 3/20/19(2) | 1,000 | 1,001 | |
McKesson Corp. 2.284%, 3/15/19 | 214 | 214 | |
Thermo Fisher Scientific, Inc. 2.400%, 2/1/19 | 1,010 | 1,012 | |
2,227 | |||
Industrials—2.6% | |||
PACCAR Financial Corp. (3 month LIBOR + 0.600%) 2.108%, 12/6/18(1)(2) | 520 | 522 |
Par Value | Value | ||
Industrials—continued | |||
Siemens Financieringsmaatschappij N.V. 144A 2.200%, 3/16/20(3) | $1,019 | $ 1,018 | |
1,540 | |||
Information Technology—4.6% | |||
Dell International LLC 144A 3.480%, 6/1/19(3) | 1,019 | 1,032 | |
Fortive Corp. 1.800%, 6/15/19 | 1,052 | 1,044 | |
VMware, Inc. 2.300%, 8/21/20 | 650 | 646 | |
2,722 | |||
Materials—3.4% | |||
Chevron Phillips Chemical Co. LLC 144A 1.700%, 5/1/18(1)(3) | 1,233 | 1,232 | |
Sherwin-Williams Co. (The) 2.250%, 5/15/20(1) | 810 | 808 | |
2,040 | |||
Utilities—1.6% | |||
Emera US Finance LP 2.150%, 6/15/19(1) | 963 | 959 | |
Total Corporate Bonds And Notes (Identified Cost $28,036) | 28,003 | ||
Total Long-Term Investments—96.3% (Identified Cost $57,319) | 57,373 |
Shares | ||
Short-Term Investment—3.3% | ||
Money Market Mutual Fund—3.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(1)(4) | 1,958,123 | 1,958 |
Total Short-Term Investment (Identified Cost $1,958) | 1,958 | |
TOTAL INVESTMENTS—99.6% (Identified Cost $59,277) | $59,331 | |
Other assets and liabilities, net—0.4% | 217 | |
NET ASSETS—100.0% | $59,548 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open futures contracts. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2017. For leveraged loans, the rate shown may represent a weighted average interest rate. 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) | 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 December 31, 2017, these securities amounted to a value of $13,141 or 22.1% of net assets. |
(4) | Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available. |
Country Weightings (Unaudited)† | |
United States | 92% |
Switzerland | 3 |
United Kingdom | 2 |
Netherlands | 2 |
Canada | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Futures contracts as of December 31, 2017 were as follows: | ||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Unrealized Appreciation (Depreciation) |
U.S. Treasury 2 Year Note | March 2018 | (48) | $(10,277) | $21 |
Total | $21 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 6,293 | $ — | $ 6,293 | $— | |||
Corporate Bonds And Notes | 28,003 | — | 28,003 | — | |||
Mortgage-Backed Securities | 22,977 | — | 22,977 | — | |||
U.S. Government Security | 100 | — | 100 | — | |||
Short-Term Investment | 1,958 | 1,958 | — | — | |||
Other Financial Instruments: | |||||||
Futures contract | 21 | 21 | — | — | |||
Total Investments | $59,352 | $1,979 | $57,373 | $— |
Par Value | Value | ||
Municipal Bonds(1)—93.0% | |||
District of Columbia—5.6% | |||
Transportation Revenue—5.6% | |||
Metropolitan Washington Airports Authority, (BHAC Insured), 5.000%, 10/1/26 | $2,175 | $ 2,301 | |
Georgia—2.9% | |||
General Revenue—2.9% | |||
Private Colleges & Universities Authority, Savannah College of Art & Design Project, 5.000%, 4/1/23 | 1,065 | 1,202 | |
North Carolina—4.6% | |||
General Revenue—4.6% | |||
North Carolina Capital Facilities Finance Agency, High Point University, 5.000%, 5/1/32 | 1,740 | 1,876 | |
Virginia—79.9% | |||
General Obligation—7.6% | |||
City of Chesapeake, 5.000%, 8/1/23 | 1,000 | 1,173 | |
County of Isle Wight, | |||
(State Aid Withholding Insured), 5.000%, 7/1/35 | 750 | 870 | |
(State Aid Withholding Insured), 4.000%, 7/1/42 | 1,000 | 1,086 | |
3,129 | |||
General Revenue—29.2% | |||
Greater Richmond Convention Center Authority, | |||
5.000%, 6/15/28 | 875 | 1,037 | |
5.000%, 6/15/30 | 1,000 | 1,179 | |
5.000%, 6/15/32 | 1,000 | 1,170 | |
Northern Virginia Transportation Authority, 5.000%, 6/1/26 | 1,250 | 1,487 | |
Virginia College Building Authority, Washington & Lee University, 5.375%, 1/1/21 | 2,795 | 2,937 | |
Virginia Commonwealth Transportation Board, 4.000%, 5/15/31 | 1,000 | 1,109 | |
Virginia Public School Authority, (State Aid Withholding Insured), 5.000%, 8/1/27 | 1,560 | 1,802 | |
Virginia Resources Authority, 5.000%, 11/1/30 | 1,000 | 1,240 | |
11,961 | |||
Healthcare Revenue—11.1% | |||
Fairfax County Industrial Development Authority, Inova Health System Project, 5.000%, 5/15/27 | 500 | 570 | |
Hanover County Economic Development Authority, Regional Medical Care Project (NATL Insured), 6.375%, 8/15/18 | 935 | 962 |
Par Value | Value | ||
Virginia—continued | |||
Healthcare Revenue—continued | |||
Roanoke Economic Development Authority, Carilion Clinic Obligated Group, 5.000%, 7/1/27 | $1,000 | $ 1,117 | |
Virginia Commonwealth University Health System Authority 5.000%, 7/1/33 | 1,600 | 1,904 | |
4,553 | |||
Lease Revenue—9.1% | |||
Fairfax County Economic Development Authority, | |||
5.000%, 10/1/31 | 500 | 613 | |
5.000%, 10/1/34 | 1,000 | 1,209 | |
Loudoun County Economic Development Authority, Sycolin Road Project, 5.000%, 6/1/31 | 1,000 | 1,099 | |
Richmond Industrial Development Authority, (AMBAC Insured), 5.000%, 7/15/18 | 795 | 808 | |
3,729 | |||
Pre-Refunded—5.2% | |||
Virginia Commonwealth Transportation Board, (Pre-refunded 3/15/22 @ 100), 5.000%, 3/15/24 | 500 | 564 | |
Virginia Port Authority, (Pre-refunded 7/1/25 @ 100), 5.000%, 7/1/32 | 1,000 | 1,191 | |
Virginia Public Building Authority, (Pre-refunded 8/1/21 @ 100), 5.000%, 8/1/31 | 10 | 11 | |
Virginia Resources Authority, (Pre-refunded 11/1/22 @ 100), 5.000%, 11/1/28 | 330 | 379 | |
2,145 | |||
Transportation Revenue—4.0% | |||
Virginia Small Business Financing Authority, Senior Lien, 5.000%, 7/1/34 | 1,500 | 1,623 | |
Water & Sewer Revenue—13.7% | |||
Fairfax County Water Authority, 5.000%, 4/1/27 | 600 | 679 | |
Hampton Roads Sanitation District, 5.000%, 8/1/34 | 1,460 | 1,742 | |
Loudoun County Sanitation Authority, 4.000%, 1/1/28 | 1,000 | 1,095 | |
City of Norfolk, 5.250%, 11/1/44 | 1,750 | 2,085 | |
5,601 | |||
32,741 | |||
Total Municipal Bonds (Identified Cost $36,826) | 38,120 | ||
Total Long-Term Investments—93.0% (Identified Cost $36,826) | 38,120 |
Shares | Value | ||
Short-Term Investment—6.0% | |||
Money Market Mutual Fund—6.0% | |||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.270%) (2) | 2,432,935 | $ 2,433 | |
Total Short-Term Investment (Identified Cost $2,433) | 2,433 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $39,259) | $40,553 | ||
Other assets and liabilities, net—1.0% | 425 | ||
NET ASSETS—100.0% | $40,978 |
Abbreviations: | |
AMBAC | American Municipal Bond Assurance Corp. |
BHAC | Berkshire Hathaway Assurance Corp. |
NATL | National Public Finance Guarantee Corp. |
Footnote Legend: | |
(1) | At December 31, 2017, 19.3% 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) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Debt Securities: | |||||||
Municipal Bonds | $38,120 | $ — | $38,120 | $— | |||
Short-Term Investment | 2,433 | 2,433 | — | — | |||
Total Investments | $40,553 | $2,433 | $38,120 | $— |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | |||
Assets | |||||
Investments in securities at value | $ 202,417 | $ 15,529 | $ 6,246,325 | ||
Cash | — (1) | — | 24,699 | ||
Receivables | |||||
Investment securities sold | — | 116 | 48,686 | ||
Fund shares sold | 64 | — (1) | 14,916 | ||
Receivable from adviser | — | 6 | — | ||
Dividends and interest receivable | 1,022 | 157 | 20,218 | ||
Prepaid expenses | 26 | 26 | 168 | ||
Other assets | 5 | — (1) | 147 | ||
Total Assets | 203,534 | 15,834 | 6,355,159 | ||
Liabilities | |||||
Cash Overdraft | — | — (1) | — | ||
Payables | |||||
Fund shares repurchased | 605 | 97 | 14,042 | ||
Investment securities purchased | 1,857 | 432 | 343,226 | ||
Dividend distributions | 9 | 2 | 3,662 | ||
Investment advisory fees | 40 | — | 1,814 | ||
Distribution and service fees | 3 | 6 | 67 | ||
Administration fees | 19 | 1 | 561 | ||
Transfer and sub-transfer agent fees and expenses | 61 | 7 | 1,236 | ||
Printing expenses | 11 | 1 | 310 | ||
Trustees’ fees and expenses | — (1) | — (1) | 4 | ||
Professional fees | 23 | 24 | 15 | ||
Trustee deferred compensation plan | 5 | — (1) | 147 | ||
Other Accrued Expenses | 7 | 1 | 636 | ||
Total Liabilities | 2,640 | 571 | 365,720 | ||
Net Assets | 200,894 | 15,263 | 5,989,439 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 201,401 | $ 14,892 | $ 6,332,318 | ||
Accumulated undistributed net investment income (loss) | (6) | (1) | 1,377 | ||
Accumulated Net Realized Gain (Loss) from Investments | (1,595) | 31 | (268,635) | ||
Net Unrealized Appreciation (Depreciation) on Investments | 1,094 | 341 | (75,621) | ||
Net Assets | 200,894 | 15,263 | 5,989,439 | ||
Net Assets: | |||||
Class A | $ 8,433 | $ 363 | $ 113,611 | ||
Class C | $ — | $ 6,518 | $ 51,551 | ||
Class I | $ 186,029 | $ 8,382 | $ 4,546,547 | ||
Class R | $ 3,153 | $ — | $ — | ||
Class R6* | $ 3,279 | $ — | $ 1,277,730 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 793,633 | 41,424 | 13,054,777 | ||
Class C | — | 747,259 | 5,922,511 | ||
Class I | 17,500,448 | 960,634 | 522,506,536 | ||
Class R | 296,419 | — | — | ||
Class R6* | 308,421 | — | 146,766,164 |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | |||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 10.63 | $ 8.76 | $ 8.70 | ||
Class C | $ — | $ 8.72 | $ 8.70 | ||
Class I | $ 10.63 | $ 8.73 | $ 8.70 | ||
Class R | $ 10.64 | $ — | $ — | ||
Class R6* | $ 10.63 | $ — | $ 8.71 | ||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 11.04 | $ 9.10 | $ 8.95 | ||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.75% | ||
Investments in securities at cost | $ 201,323 | $ 15,188 | $ 6,321,946 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
Seix Georgia Tax-Exempt Bond Fund | Seix High Grade Municipal Bond Fund | Seix High Income Fund | |||
Assets | |||||
Investments in securities at value | $ 87,618 | $ 83,460 | $ 437,132 | ||
Cash | 337 | — | 602 | ||
Receivables | |||||
Investment securities sold | — | — | 1,066 | ||
Fund shares sold | 115 | 306 | 747 | ||
Dividends and interest receivable | 1,289 | 818 | 6,920 | ||
Prepaid expenses | 18 | 18 | 60 | ||
Other assets | 2 | 2 | 10 | ||
Total Assets | 89,379 | 84,604 | 446,537 | ||
Liabilities | |||||
Cash Overdraft | — | 240 | — | ||
Payables | |||||
Fund shares repurchased | 192 | 428 | 5,969 | ||
Investment securities purchased | — | — | 1,719 | ||
Investment advisory fees | 21 | 20 | 264 | ||
Distribution and service fees | — (1) | 1 | 12 | ||
Administration fees | 8 | 8 | 42 | ||
Transfer and sub-transfer agent fees and expenses | 18 | 15 | 140 | ||
Printing expenses | 4 | 4 | 24 | ||
Trustees’ fees and expenses | — (1) | — (1) | — (1) | ||
Professional fees | 23 | 24 | 24 | ||
Trustee deferred compensation plan | 2 | 2 | 11 | ||
Other Accrued Expenses | 1 | 3 | 17 | ||
Total Liabilities | 269 | 745 | 8,222 | ||
Net Assets | 89,110 | 83,859 | 438,315 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 85,208 | $ 81,018 | $ 513,197 | ||
Accumulated undistributed net investment income (loss) | 191 | (2) | (235) | ||
Accumulated Net Realized Gain (Loss) from Investments | 189 | 395 | (81,558) | ||
Net Unrealized Appreciation (Depreciation) on Investments | 3,522 | 2,448 | 6,911 | ||
Net Assets | 89,110 | 83,859 | 438,315 | ||
Net Assets: | |||||
Class A | $ 3,011 | $ 8,175 | $ 29,592 | ||
Class I | $ 86,099 | $ 75,684 | $ 390,665 | ||
Class R | $ — | $ — | $ 12,160 | ||
Class R6* | $ — | $ — | $ 5,898 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 284,448 | 684,828 | 4,530,546 | ||
Class I | 8,145,412 | 6,341,833 | 59,900,727 | ||
Class R | — | — | 1,863,093 | ||
Class R6* | — | — | 904,952 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 10.59 | $ 11.94 | $ 6.53 | ||
Class I | $ 10.57 | $ 11.93 | $ 6.52 | ||
Class R | $ — | $ — | $ 6.53 | ||
Class R6* | $ — | $ — | $ 6.52 |
Seix Georgia Tax-Exempt Bond Fund | Seix High Grade Municipal Bond Fund | Seix High Income Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 10.89 | $ 12.28 | $ 6.78 | ||
Maximum Sales Charge - Class A | 2.75% | 2.75% | 3.75% | ||
Investments in securities at cost | $ 84,096 | $ 81,012 | $ 430,221 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | Seix Limited Duration Fund | |||
Assets | |||||
Investments in securities at value | $ 447,500 | $ 474,633 | $ 6,806 | ||
Cash | 746 | — | — | ||
Receivables | |||||
Investment securities sold | 1,077 | 1,545 | — | ||
Fund shares sold | 44 | 819 | — | ||
Receivable from adviser | — | — | 9 | ||
Dividends and interest receivable | 7,022 | 5,075 | 6 | ||
Prepaid expenses | 40 | 22 | 3 | ||
Other assets | 11 | 12 | — (1) | ||
Total Assets | 456,440 | 482,106 | 6,824 | ||
Liabilities | |||||
Cash Overdraft | — | 3,318 | 1 | ||
Payables | |||||
Fund shares repurchased | 835 | 3,237 | — | ||
Investment securities purchased | 1,880 | — | — | ||
Dividend distributions | 163 | 84 | 8 | ||
Investment advisory fees | 181 | 193 | — | ||
Distribution and service fees | 1 | 2 | — | ||
Administration fees | 43 | 46 | 1 | ||
Transfer and sub-transfer agent fees and expenses | 99 | 117 | — (1) | ||
Printing expenses | 23 | 26 | — (1) | ||
Trustees’ fees and expenses | — (1) | — (1) | — (1) | ||
Professional fees | 27 | 23 | 24 | ||
Trustee deferred compensation plan | 11 | 12 | — (1) | ||
Other Accrued Expenses | 15 | 14 | 1 | ||
Total Liabilities | 3,278 | 7,072 | 35 | ||
Net Assets | 453,162 | 475,034 | 6,789 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 505,670 | $ 462,198 | $ 6,777 | ||
Accumulated undistributed net investment income (loss) | (12) | (13) | — (1) | ||
Accumulated Net Realized Gain (Loss) from Investments | (59,787) | 2,554 | — | ||
Net Unrealized Appreciation (Depreciation) on Investments | 7,291 | 10,295 | 12 | ||
Net Assets | 453,162 | 475,034 | 6,789 | ||
Net Assets: | |||||
Class A | $ 4,810 | $ 11,066 | $ — | ||
Class I | $ 403,198 | $ 463,968 | $ 6,789 | ||
Class R | $ 119 | $ — | $ — | ||
Class R6* | $ 45,035 | $ — | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 586,200 | 942,022 | — | ||
Class I | 47,935,611 | 39,545,082 | 688,725 | ||
Class R | 14,138 | — | — | ||
Class R6* | 5,351,315 | — | — | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 8.21 | $ 11.75 | $ — | ||
Class I | $ 8.41 | $ 11.73 | $ 9.86 | ||
Class R | $ 8.41 | $ — | $ — | ||
Class R6* | $ 8.42 | $ — | $ — |
Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | Seix Limited Duration Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 8.53 | $ 12.08 | $ — | ||
Maximum Sales Charge - Class A | 3.75% | 2.75% | —% | ||
Investments in securities at cost | $ 440,209 | $ 464,338 | $ 6,794 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
Seix North Carolina Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | |||
Assets | |||||
Investments in securities at value | $ 21,869 | $ 11,326 | $ 32,670 | ||
Receivables | |||||
Fund shares sold | 435 | 134 | 37 | ||
Receivable from adviser | 3 | 2 | — | ||
Dividends and interest receivable | 311 | 51 | 398 | ||
Prepaid expenses | 18 | 20 | 13 | ||
Other assets | 1 | — (1) | 1 | ||
Total Assets | 22,637 | 11,533 | 33,119 | ||
Liabilities | |||||
Cash Overdraft | — | — (1) | — | ||
Payables | |||||
Fund shares repurchased | 272 | 109 | 7 | ||
Dividend distributions | 3 | 1 | 19 | ||
Investment advisory fees | — | — | 1 | ||
Distribution and service fees | — (1) | 1 | — (1) | ||
Administration fees | 2 | 1 | 3 | ||
Transfer and sub-transfer agent fees and expenses | 6 | 8 | 5 | ||
Printing expenses | — | 1 | 2 | ||
Trustees’ fees and expenses | — (1) | — | — (1) | ||
Professional fees | 24 | 24 | 24 | ||
Trustee deferred compensation plan | 1 | — (1) | 1 | ||
Other Accrued Expenses | 2 | 3 | 3 | ||
Total Liabilities | 310 | 148 | 65 | ||
Net Assets | 22,327 | 11,385 | 33,054 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 21,642 | $ 11,598 | $ 33,127 | ||
Accumulated undistributed net investment income (loss) | (1) | (1) | (2) | ||
Accumulated Net Realized Gain (Loss) from Investments | — (1) | (161) | 4 | ||
Net Unrealized Appreciation (Depreciation) on Investments | 686 | (51) | (75) | ||
Net Assets | 22,327 | 11,385 | 33,054 | ||
Net Assets: | |||||
Class A | $ 1,436 | $ 2,210 | $ 1,765 | ||
Class C | $ — | $ 1,257 | $ — | ||
Class I | $ 20,891 | $ 7,918 | $ 31,289 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 142,254 | 223,280 | 178,169 | ||
Class C | — | 127,097 | — | ||
Class I | 2,064,815 | 802,692 | 3,156,544 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 10.09 | $ 9.90 | $ 9.91 | ||
Class C | $ — | $ 9.89 | $ — | ||
Class I | $ 10.12 | $ 9.86 | $ 9.91 | ||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 10.38 | $ 10.13 | $ 10.14 | ||
Maximum Sales Charge - Class A | 2.75% | 2.25% | 2.25% | ||
Investments in securities at cost | 21,183 | 11,377 | 32,745 |
(1) | Amount is less than $500. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
Assets | |||||
Investments in securities at value | $ 875,052 | $ 1,393,650 | $ 25,168 | ||
Foreign currency at value | 461 | — | — | ||
Cash | — (1) | — (1) | — (1) | ||
Unrealized appreciation on forward foreign currency exchange contracts | 1,155 | — | — | ||
Receivables | |||||
Investment securities sold | — | 2,576 | — | ||
Fund shares sold | 888 | 3,520 | 30 | ||
Receivable from adviser | — | — | 6 | ||
Dividends and interest receivable | 5,066 | 2,256 | 79 | ||
Prepaid expenses | 43 | 35 | 18 | ||
Other assets | 22 | 34 | 1 | ||
Total Assets | 882,687 | 1,402,071 | 25,302 | ||
Liabilities | |||||
Variation margin payable on swaps | 98 | — | — | ||
Variation margin payable on futures contracts | — | 22 | — | ||
Unrealized depreciation on forward foreign currency exchange contracts | 1,885 | — | — | ||
Payables | |||||
Fund shares repurchased | 760 | 2,069 | 6 | ||
Investment securities purchased | 8,031 | 12,631 | — | ||
Dividend distributions | — | 197 | — | ||
Investment advisory fees | 187 | 351 | — | ||
Distribution and service fees | 16 | — | 4 | ||
Administration fees | 82 | 131 | 2 | ||
Transfer and sub-transfer agent fees and expenses | 237 | 401 | 7 | ||
Printing expenses | 46 | 71 | 1 | ||
Trustees’ fees and expenses | 1 | 1 | — (1) | ||
Professional fees | 23 | 22 | 24 | ||
Trustee deferred compensation plan | 22 | 34 | 1 | ||
Other Accrued Expenses | 7 | 27 | 2 | ||
Total Liabilities | 11,395 | 15,957 | 47 | ||
Net Assets | 871,292 | 1,386,114 | 25,255 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 876,861 | $ 1,395,636 | $ 25,321 | ||
Accumulated undistributed net investment income (loss) | 2,090 | (36) | (1) | ||
Accumulated Net Realized Gain (Loss) from Investments, Futures, Swaps and Foreign Currency Transactions | (9,642) | (13,903) | (63) | ||
Net Unrealized Appreciation (Depreciation) on Investments, Futures, Swaps and Foreign Currencies | 1,983 | 4,417 | (2) | ||
Net Assets | 871,292 | 1,386,114 | 25,255 | ||
Net Assets: | |||||
Class A | $ 13,227 | $ — | $ 2,566 | ||
Class C | $ — | $ — | $ 3,722 | ||
Class I | $ 681,010 | $ 1,343,042 | $ 18,967 | ||
Class R | $ 31,959 | $ — | $ — | ||
Class R6* | $ 145,096 | $ 43,072 | $ — |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 1,228,354 | — | 231,439 | ||
Class C | — | — | 335,123 | ||
Class I | 65,374,237 | 134,104,995 | 1,707,587 | ||
Class R | 3,067,471 | — | — | ||
Class R6* | 13,925,823 | 4,294,739 | — | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 10.77 | $ — | $ 11.09 | ||
Class C | $ — | $ — | $ 11.11 | ||
Class I | $ 10.42 | $ 10.01 | $ 11.11 | ||
Class R | $ 10.42 | $ — | $ — | ||
Class R6* | $ 10.42 | $ 10.03 | $ — | ||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 11.19 | $ — | $ 11.35 | ||
Maximum Sales Charge - Class A | 3.75% | —% | 2.25% | ||
Investments in securities at cost | $ 869,674 | $ 1,389,371 | $ 25,170 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
Seix Ultra-Short Bond Fund | Seix Virginia Intermediate Municipal Bond Fund | ||
Assets | |||
Investments in securities at value | $ 59,331 | $ 40,553 | |
Cash | — (1) | 113 | |
Receivables | |||
Fund shares sold | 113 | — | |
Dividends and interest receivable | 189 | 484 | |
Prepaid expenses | 9 | 16 | |
Other assets | 1 | 1 | |
Total Assets | 59,643 | 41,167 | |
Liabilities | |||
Variation margin payable on futures contracts | 3 | — | |
Payables | |||
Fund shares repurchased | 28 | 36 | |
Dividend distributions | 7 | 105 | |
Investment advisory fees | 5 | 3 | |
Distribution and service fees | — | — | |
Administration fees | 6 | 4 | |
Transfer and sub-transfer agent fees and expenses | 13 | 11 | |
Printing expenses | 3 | 2 | |
Trustees’ fees and expenses | — (1) | — (1) | |
Professional fees | 24 | 24 | |
Trustee deferred compensation plan | 1 | 1 | |
Other Accrued Expenses | 5 | 3 | |
Total Liabilities | 95 | 189 | |
Net Assets | 59,548 | 40,978 | |
Net Assets Consist of | |||
Capital paid in on shares of beneficial interest | $ 59,947 | $ 39,396 | |
Accumulated undistributed net investment income (loss) | (2) | 19 | |
Accumulated Net Realized Gain (Loss) from Investments and Futures | (472) | 269 | |
Net Unrealized Appreciation (Depreciation) on Investments and Futures | 75 | 1,294 | |
Net Assets | 59,548 | 40,978 | |
Net Assets: | |||
Class A | $ — | $ 3,352 | |
Class I | $ 59,548 | $ 37,626 | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class A | — | 351,803 | |
Class I | 5,972,907 | 3,947,539 | |
Net Asset Value and Redemption Price Per Share: | |||
Class A | $ — | $ 9.53 | |
Class I | $ 9.97 | $ 9.53 | |
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||
Class A | $ — | $ 9.80 | |
Maximum Sales Charge - Class A | —% | 2.75% | |
Investments in securities at cost | 59,277 | 39,259 |
(1) | Amount is less than $500. |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 27 | $ — | $ 3 | $ — | |||
Interest | 3,829 | 5,054 | 498 | 712 | |||
Security lending, net of fees | — | 35 | 1 | 4 | |||
Total Investment Income | 3,856 | 5,089 | 502 | 716 | |||
Expenses | |||||||
Investment advisory fees | 405 | 612 | 55 | 78 | |||
Distribution and service fees, Class A | 20 | 26 | 1 | 2 | |||
Distribution and service fees, Class C | — | — | 53 | 80 | |||
Distribution and service fees, Class R | 12 | 17 | — | — | |||
Administration Fees | 121 | 24 | 10 | 2 | |||
Transfer agent fees and expenses | 59 | 54 | 8 | 14 | |||
Sub-transfer agent fees, Class A | 7 | 4 | — | — | |||
Sub-transfer agent fees, Class C | — | — | 3 | — | |||
Sub-transfer agent fees, Class I | 217 | 324 | 13 | 13 | |||
Sub-transfer agent fees, Class R | 2 | 2 | — | — | |||
Sub-Administration fees | 6 | 30 | — | 2 | |||
Custodian fees | 10 | 7 | 6 | 7 | |||
Printing fees and expenses | 16 | 15 | 3 | 2 | |||
Professional fees | 30 | 12 | 29 | 1 | |||
Registration fees | 39 | 59 | 29 | 41 | |||
Trustees’ fees and expenses | 11 | 14 | 1 | 1 | |||
Miscellaneous expenses | 17 | 38 | 2 | 10 | |||
Total Expenses | 972 | 1,238 | 213 | 253 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (130) | — | (57) | (41) | |||
Distribution fees reimbursed (Note 13) | (2) | — | (9) | — | |||
Net expenses | 840 | 1,238 | 147 | 212 | |||
Net Investment income (loss) | 3,016 | 3,851 | 355 | 504 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 1,535 | 1,154 | 309 | 493 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | 83 | (1,911) | 184 | 61 | |||
Net Realized and Unrealized Gain (Loss) on Investments | 1,618 | (757) | 493 | 554 | |||
Net increase (decrease) in net assets resulting from operations | $ 4,634 | $ 3,094 | $848 | $1,058 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix Floating Rate High Income Fund | Seix Georgia Tax-Exempt Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 3,432 | $ 1,103 | $ 18 | $ — | |||
Interest | 224,286 | 256,394 | 2,387 | 3,593 | |||
Total Investment Income | 227,718 | 257,497 | 2,405 | 3,593 | |||
Expenses | |||||||
Investment advisory fees | 18,829 | 19,502 | 344 | 543 | |||
Distribution and service fees, Class A | 245 | 444 | 3 | 5 | |||
Distribution and service fees, Class C | 412 | 554 | — | — | |||
Administration Fees | 3,465 | 470 | 51 | 11 | |||
Transfer agent fees and expenses | 2,120 | 1,756 | 24 | 19 | |||
Sub-transfer agent fees, Class A | 114 | 178 | 1 | — | |||
Sub-transfer agent fees, Class C | 11 | — | — | — | |||
Sub-transfer agent fees, Class I | 3,963 | 3,553 | 67 | 109 | |||
Sub-Administration fees | 170 | 565 | 2 | 14 | |||
Custodian fees | 788 | 769 | 6 | 6 | |||
Printing fees and expenses | 438 | 346 | 5 | 4 | |||
Professional fees | 74 | 257 | 29 | 5 | |||
Registration fees | 68 | 66 | 19 | 14 | |||
Trustees’ fees and expenses | 315 | 268 | 5 | 6 | |||
Miscellaneous expenses | 453 | 633 | 7 | 21 | |||
Total Expenses | 31,465 | 29,361 | 563 | 757 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (2,993) | — | (112) | (47) | |||
Distribution fees reimbursed (Note 13) | (33) | — | (—) (2) | — | |||
Net expenses | 28,439 | 29,361 | 451 | 710 | |||
Net Investment income (loss) | 199,279 | 228,136 | 1,954 | 2,883 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | (6,481) | (77,681) | 484 | 1,101 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (29,350) | 292,074 | 837 | (4,502) | |||
Net Realized and Unrealized Gain (Loss) on Investments | (35,831) | 214,393 | 1,321 | (3,401) | |||
Net increase (decrease) in net assets resulting from operations | $163,448 | $ 442,529 | $ 3,275 | $ (518) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix High Grade Municipal Bond Fund | Seix High Income Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 53 | $ — | $ 221 | $ 384 | |||
Interest | 2,007 | 2,951 | 24,781 | 40,666 | |||
Security lending, net of fees | — | — | 186 | 382 | |||
Total Investment Income | 2,060 | 2,951 | 25,188 | 41,432 | |||
Expenses | |||||||
Investment advisory fees | 322 | 531 | 2,054 | 3,252 | |||
Distribution and service fees, Class A | 12 | 21 | 78 | 155 | |||
Distribution and service fees, Class R | — | — | 51 | 75 | |||
Administration Fees | 48 | 11 | 277 | 59 | |||
Transfer agent fees and expenses | 26 | 31 | 137 | 131 | |||
Sub-transfer agent fees, Class A | 3 | 3 | 41 | 48 | |||
Sub-transfer agent fees, Class I | 47 | 74 | 491 | 846 | |||
Sub-transfer agent fees, Class R | — | — | 8 | 12 | |||
Sub-Administration fees | 2 | 13 | 13 | 73 | |||
Custodian fees | 6 | 8 | 16 | 20 | |||
Printing fees and expenses | 6 | 6 | 38 | 77 | |||
Professional fees | 28 | 5 | 33 | 31 | |||
Registration fees | 22 | 33 | 44 | 62 | |||
Trustees’ fees and expenses | 4 | 6 | 26 | 34 | |||
Miscellaneous expenses | 7 | 20 | 42 | 83 | |||
Total Expenses | 533 | 762 | 3,349 | 4,958 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (100) | (49) | (222) | (20) | |||
Distribution fees reimbursed (Note 13) | (1) | — | (8) | — | |||
Net expenses | 432 | 713 | 3,119 | 4,938 | |||
Net Investment income (loss) | 1,628 | 2,238 | 22,069 | 36,494 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 1,566 | 953 | 6,622 | (7,973) | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | 377 | (3,082) | (1,602) | 59,807 | |||
Net Realized and Unrealized Gain (Loss) on Investments | 1,943 | (2,129) | 5,020 | 51,834 | |||
Net increase (decrease) in net assets resulting from operations | $ 3,571 | $ 109 | $27,089 | $ 88,328 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 99 | $ — | $ 186 | $ — | |||
Interest | 22,124 | 34,574 | 12,814 | 18,338 | |||
Security lending, net of fees | 66 | 217 | — | — | |||
Total Investment Income | 22,289 | 34,791 | 13,000 | 18,338 | |||
Expenses | |||||||
Investment advisory fees | 1,662 | 2,476 | 1,980 | 3,074 | |||
Distribution and service fees, Class A | 9 | 14 | 30 | 68 | |||
Distribution and service fees, Class R | — | 1 | — | — | |||
Administration Fees | 272 | 55 | 296 | 61 | |||
Transfer agent fees and expenses | 126 | 126 | 148 | 145 | |||
Sub-transfer agent fees, Class A | 3 | 2 | 7 | 9 | |||
Sub-transfer agent fees, Class I | 393 | 552 | 401 | 712 | |||
Sub-Administration fees | 13 | 67 | 14 | 78 | |||
Custodian fees | 15 | 15 | 9 | 14 | |||
Printing fees and expenses | 32 | 36 | 29 | 29 | |||
Professional fees | 36 | 28 | 32 | 30 | |||
Registration fees | 47 | 60 | 24 | 35 | |||
Trustees’ fees and expenses | 26 | 32 | 27 | 37 | |||
Miscellaneous expenses | 41 | 78 | 37 | 81 | |||
Total Expenses | 2,675 | 3,542 | 3,034 | 4,373 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (304) | — | (426) | (291) | |||
Distribution fees reimbursed (Note 13) | (1) | — | (3) | — | |||
Net expenses | 2,370 | 3,542 | 2,605 | 4,082 | |||
Net Investment income (loss) | 19,919 | 31,249 | 10,395 | 14,256 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 4,533 | (428) | 9,320 | 925 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (1,589) | 37,924 | (4,953) | (18,455) | |||
Net Realized and Unrealized Gain (Loss) on Investments | 2,944 | 37,496 | 4,367 | (17,530) | |||
Net increase (decrease) in net assets resulting from operations | $22,863 | $ 68,745 | $14,762 | $ (3,274) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix Limited Duration Fund | Seix North Carolina Tax-Exempt Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 1 | $— | $ 11 | $ 2 | |||
Interest | 80 | 68 | 537 | 834 | |||
Total Investment Income | 81 | 68 | 548 | 836 | |||
Expenses | |||||||
Investment advisory fees | 5 | 7 | 86 | 146 | |||
Distribution and service fees, Class A | — | — | 2 | 3 | |||
Administration Fees | 4 | 1 | 13 | 3 | |||
Transfer agent fees and expenses | 2 | 1 | 7 | 10 | |||
Sub-transfer agent fees, Class I | — | — | 16 | 21 | |||
Sub-Administration fees | — | 1 | 1 | 4 | |||
Custodian fees | 4 | 5 | 4 | 5 | |||
Printing fees and expenses | 3 | 1 | 2 | 1 | |||
Professional fees | 28 | 6 | 29 | 1 | |||
Registration fees | 6 | 8 | 18 | 12 | |||
Trustees’ fees and expenses | — | — | 1 | 2 | |||
Miscellaneous expenses | 2 | — | 3 | 11 | |||
Total Expenses | 54 | 30 | 182 | 219 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (35) | (8) | (66) | (26) | |||
Distribution fees reimbursed (Note 13) | — | — | (—) (2) | — | |||
Net expenses | 19 | 22 | 116 | 193 | |||
Net Investment income (loss) | 62 | 46 | 432 | 643 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 8 | 8 | 338 | 325 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (1) | 2 | 16 | (1,112) | |||
Net Realized and Unrealized Gain (Loss) on Investments | 7 | 10 | 354 | (787) | |||
Net increase (decrease) in net assets resulting from operations | $ 69 | $56 | $786 | $ (144) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 3 | $ — | $ 18 | $ — | |||
Interest | 406 | 738 | 317 | 413 | |||
Total Investment Income | 409 | 738 | 335 | 413 | |||
Expenses | |||||||
Investment advisory fees | 98 | 215 | 87 | 118 | |||
Distribution and service fees, Class A | 3 | 4 | 2 | 6 | |||
Distribution and service fees, Class C | 9 | 16 | — | — | |||
Administration Fees | 16 | 5 | 19 | 3 | |||
Transfer agent fees and expenses | 8 | 9 | 12 | 13 | |||
Sub-transfer agent fees, Class A | 1 | 1 | 1 | 1 | |||
Sub-transfer agent fees, Class I | 30 | 59 | 17 | 28 | |||
Sub-Administration fees | — | 7 | 1 | 4 | |||
Custodian fees | 6 | 6 | 5 | 7 | |||
Printing fees and expenses | 2 | 3 | 3 | — | |||
Professional fees | 29 | 3 | 28 | 2 | |||
Registration fees | 33 | 42 | 23 | 31 | |||
Trustees’ fees and expenses | 2 | 3 | 2 | 2 | |||
Miscellaneous expenses | 3 | 14 | 2 | 12 | |||
Total Expenses | 240 | 387 | 202 | 227 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (78) | (48) | (80) | (57) | |||
Distribution fees reimbursed (Note 13) | (3) | — | (—) (2) | — | |||
Net expenses | 159 | 339 | 122 | 170 | |||
Net Investment income (loss) | 250 | 399 | 213 | 243 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 28 | (33) | 33 | 32 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (44) | (244) | (105) | (149) | |||
Net Realized and Unrealized Gain (Loss) on Investments | (16) | (277) | (72) | (117) | |||
Net increase (decrease) in net assets resulting from operations | $234 | $ 122 | $ 141 | $ 126 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 144 | $ — | $ 232 | $ — | |||
Interest | 18,376 | 25,481 | 16,501 | 17,078 | |||
Security lending, net of fees | 9 | 299 | — | — | |||
Foreign taxes withheld | (—) (2) | — | — | — | |||
Total Investment Income | 18,529 | 25,780 | 16,733 | 17,078 | |||
Expenses | |||||||
Investment advisory fees | 1,724 | 2,444 | 2,013 | 2,859 | |||
Distribution and service fees, Class A | 40 | 78 | — | — | |||
Distribution and service fees, Class R | 137 | 232 | — | — | |||
Administration Fees | 524 | 100 | 788 | 149 | |||
Transfer agent fees and expenses | 217 | 89 | 344 | 180 | |||
Sub-transfer agent fees, Class A | 34 | 41 | — | — | |||
Sub-transfer agent fees, Class I | 775 | 1,205 | 1,369 | 2,352 | |||
Sub-transfer agent fees, Class R | 29 | 115 | — | — | |||
Sub-Administration fees | 25 | 125 | 39 | 182 | |||
Custodian fees | 23 | 34 | 8 | 18 | |||
Printing fees and expenses | 59 | 81 | 98 | 113 | |||
Professional fees | 36 | 50 | 38 | 76 | |||
Registration fees | 42 | 56 | 34 | 35 | |||
Trustees’ fees and expenses | 49 | 59 | 72 | 87 | |||
Miscellaneous expenses | 73 | 134 | 99 | 192 | |||
Total Expenses | 3,787 | 4,843 | 4,902 | 6,243 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (454) | — | (596) | — | |||
Distribution fees reimbursed (Note 13) | (8) | — | — | — | |||
Net expenses | 3,325 | 4,843 | 4,306 | 6,243 | |||
Net Investment income (loss) | 15,204 | 20,937 | 12,427 | 10,835 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 7,413 | 4,586 | 1,087 | 9,087 | |||
Foreign Currency Translations | (1,938) | 853 | — | — | |||
Forward Currency Transactions | (420) | — | — | — | |||
Futures | — | — | 104 | 1,243 | |||
Swaps | (1,733) | (6,197) | — | — | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (895) | (5,666) | (1,420) | (6,947) | |||
Foreign Currency Translations | (33) | — | — | — | |||
Forward Currency Transactions | 17 | 53 | — | — | |||
Futures | — | — | 227 | (43) | |||
Swaps | (2,679) | 13 | — | — | |||
Net Realized and Unrealized Gain (Loss) on Investments | (268) | (6,358) | (2) | 3,340 | |||
Net increase (decrease) in net assets resulting from operations | $14,936 | $14,579 | $12,425 | $14,175 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix U.S. Mortgage Fund | Seix Ultra-Short Bond Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 5 | $ — | $ 14 | $ — | |||
Interest | 420 | 454 | 935 | 1,483 | |||
Total Investment Income | 425 | 454 | 949 | 1,483 | |||
Expenses | |||||||
Investment advisory fees | 76 | 134 | 112 | 224 | |||
Distribution and service fees, Class A | 5 | 13 | — | — | |||
Distribution and service fees, Class C | 29 | 49 | — | — | |||
Administration Fees | 14 | 3 | 38 | 10 | |||
Transfer agent fees and expenses | 12 | 23 | 23 | 38 | |||
Sub-transfer agent fees, Class A | 11 | 5 | — | — | |||
Sub-transfer agent fees, Class C | 2 | — | — | — | |||
Sub-transfer agent fees, Class I | 20 | 34 | 48 | 60 | |||
Sub-Administration fees | 1 | 4 | 2 | 13 | |||
Custodian fees | 7 | 9 | 8 | 11 | |||
Printing fees and expenses | 3 | 3 | 3 | 7 | |||
Professional fees | 29 | 2 | 29 | 5 | |||
Registration fees | 30 | 43 | 16 | 21 | |||
Trustees’ fees and expenses | 1 | 2 | 4 | 6 | |||
Miscellaneous expenses | 3 | 14 | 6 | 17 | |||
Total Expenses | 243 | 338 | 289 | 412 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (70) | (43) | (74) | — | |||
Distribution fees reimbursed (Note 13) | (8) | — | — | — | |||
Net expenses | 165 | 295 | 215 | 412 | |||
Net Investment income (loss) | 260 | 159 | 734 | 1,071 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 46 | 390 | 125 | 282 | |||
Futures | — | — | 35 | 95 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | 62 | (560) | (98) | (9) | |||
Futures | — | — | 34 | (5) | |||
Net Realized and Unrealized Gain (Loss) on Investments | 108 | (170) | 96 | 363 | |||
Net increase (decrease) in net assets resulting from operations | $368 | $ (11) | $830 | $1,434 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix Virginia Intermediate Municipal Bond Fund | |||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||
Investment Income | |||
Dividends | $ 13 | $ 2 | |
Interest | 1,057 | 1,957 | |
Total Investment Income | 1,070 | 1,959 | |
Expenses | |||
Investment advisory fees | 175 | 320 | |
Distribution and service fees, Class A | 4 | 6 | |
Administration Fees | 26 | 6 | |
Transfer agent fees and expenses | 14 | 16 | |
Sub-transfer agent fees, Class A | 2 | 1 | |
Sub-transfer agent fees, Class I | 28 | 48 | |
Sub-Administration fees | 1 | 8 | |
Custodian fees | 5 | 6 | |
Printing fees and expenses | 3 | 3 | |
Professional fees | 29 | 3 | |
Registration fees | 20 | 18 | |
Trustees’ fees and expenses | 2 | 4 | |
Miscellaneous expenses | 4 | 15 | |
Total Expenses | 313 | 454 | |
Less expenses reimbursed, waived and/or recouped by investment adviser | (81) | (33) | |
Distribution fees reimbursed (Note 13) | (—) (2) | — | |
Net expenses | 232 | 421 | |
Net Investment income (loss) | 838 | 1,538 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net Realized Gain (Loss) from: | |||
Investments | 822 | 438 | |
Net Change in Unrealized Appreciation (Depreciation) on: | |||
Investments | (277) | (2,099) | |
Net Realized and Unrealized Gain (Loss) on Investments | 545 | (1,661) | |
Net increase (decrease) in net assets resulting from operations | $1,383 | $ (123) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 3,016 | $ 3,851 | $ 4,559 | $ 355 | $ 504 | $ 558 | |||||
Net realized gain (loss) | 1,535 | 1,154 | 2,205 | 309 | 493 | (323) | |||||
Net change in unrealized appreciation (depreciation) | 83 | (1,911) | (2,686) | 184 | 61 | (720) | |||||
Increase (decrease) in net assets resulting from operations | 4,634 | 3,094 | 4,078 | 848 | 1,058 | (485) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (116) | (179) | (166) | (9) | (15) | (15) | |||||
Class C | — | — | — | (89) | (162) | (160) | |||||
Class I | (2,512) | (4,357) | (4,785) | (210) | (327) | (355) | |||||
Class R | (30) | (50) | (54) | — | — | — | |||||
Class R6* | (35) | (19) | — | — | — | — | |||||
Net Realized Gains | |||||||||||
Class A | — | (195) | (65) | (7) | (5) | (11) | |||||
Class C | — | — | — | (123) | (70) | (194) | |||||
Class I | — | (4,195) | (1,673) | (162) | (91) | (208) | |||||
Class R | — | (64) | (28) | — | — | — | |||||
Class R6* | — | (23) | — | — | — | — | |||||
Tax Return on Capital | |||||||||||
Class A | (28) | — | — | — | — | (1) | |||||
Class C | — | — | — | — | — | (10) | |||||
Class I | (554) | — | — | — | — | (15) | |||||
Class R | (9) | — | — | — | — | — | |||||
Class R6 | (7) | — | — | — | — | — | |||||
Total Dividends and Distributions | (3,291) | (9,082) | (6,771) | (600) | (670) | (969) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (1,992) | 477 | 2,845 | (237) | 94 | (270) | |||||
Class C | — | — | — | (924) | (917) | (685) | |||||
Class I | (14,856) | (50,330) | 66,169 | (4,434) | 3,497 | (14,312) | |||||
Class R | 11 | (232) | 14 | — | — | — | |||||
Class R6* | 1,927 | 1,371 | 22 | — | — | — | |||||
Increase (decrease) in net assets from share transactions | (14,910) | (48,714) | 69,050 | (5,595) | 2,674 | (15,267) | |||||
Net increase (decrease) in net assets | (13,567) | (54,702) | 66,357 | (5,347) | 3,062 | (16,721) | |||||
Net Assets | |||||||||||
Beginning of period | 214,461 | 269,163 | 202,806 | 20,610 | 17,548 | 34,269 | |||||
End of Period | $200,894 | $214,461 | $269,163 | $15,263 | $20,610 | $ 17,548 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (6) | $ (329) | $ (329) | $ (1) | $ (40) | $ (40) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix Floating Rate High Income Fund | Seix Georgia Tax-Exempt Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 199,279 | $ 228,136 | $ 270,642 | $ 1,954 | $ 2,883 | $ 3,197 | |||||
Net realized gain (loss) | (6,481) | (77,681) | (165,631) | 484 | 1,101 | 1,670 | |||||
Net change in unrealized appreciation (depreciation) | (29,350) | 292,074 | (230,917) | 837 | (4,502) | (737) | |||||
Increase (decrease) in net assets resulting from operations | 163,448 | 442,529 | (125,906) | 3,275 | (518) | 4,130 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (3,895) | (6,541) | (6,595) | (65) | (92) | (86) | |||||
Class C | (1,399) | (2,132) | (2,273) | — | — | — | |||||
Class I | (147,478) | (158,634) | (206,044) | (1,889) | (2,790) | (3,111) | |||||
Class R6* | (46,287) | (56,471) | (52,282) | — | — | — | |||||
Net Realized Gains | |||||||||||
Class A | — | — | — | (17) | (48) | — | |||||
Class I | — | — | — | (469) | (1,369) | — | |||||
Total Dividends and Distributions | (199,059) | (223,778) | (267,194) | (2,440) | (4,299) | (3,197) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (21,471) | (14,713) | 5,102 | (524) | 44 | (45) | |||||
Class C | (5,113) | (953) | (5,418) | — | — | — | |||||
Class I | 114,302 | 1,265,091 | (2,717,615) | (6,488) | (11,252) | (25,094) | |||||
Class R6* | (22,358) | 124,773 | 1,204,366 | — | — | — | |||||
Increase (decrease) in net assets from share transactions | 65,360 | 1,374,198 | (1,513,565) | (7,012) | (11,208) | (25,139) | |||||
Net increase (decrease) in net assets | 29,749 | 1,592,949 | (1,906,665) | (6,177) | (16,025) | (24,206) | |||||
Net Assets | |||||||||||
Beginning of period | 5,959,690 | 4,366,741 | 6,273,406 | 95,287 | 111,312 | 135,518 | |||||
End of Period | $5,989,439 | $5,959,690 | $ 4,366,741 | $89,110 | $ 95,287 | $111,312 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ 1,377 | $ 1,483 | $ 4,096 | $ 191 | $ 191 | $ 190 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix High Grade Municipal Bond Fund | Seix High Income Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 1,628 | $ 2,238 | $ 2,518 | $ 22,069 | $ 36,494 | $ 47,032 | |||||
Net realized gain (loss) | 1,566 | 953 | 1,682 | 6,622 | (7,973) | (58,074) | |||||
Net change in unrealized appreciation (depreciation) | 377 | (3,082) | 197 | (1,602) | 59,807 | (38,220) | |||||
Increase (decrease) in net assets resulting from operations | 3,571 | 109 | 4,397 | 27,089 | 88,328 | (49,262) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (192) | (273) | (301) | (1,751) | (3,042) | (3,359) | |||||
Class I | (1,431) | (1,965) | (2,217) | (19,341) | (31,378) | (42,544) | |||||
Class R | — | — | — | (557) | (852) | (1,038) | |||||
Class R6* | — | — | — | (233) | (998) | (286) | |||||
Net Realized Gains | |||||||||||
Class A | (9) | (480) | (140) | — | — | — | |||||
Class I | (87) | (3,129) | (991) | — | — | — | |||||
Tax Return on Capital | |||||||||||
Class A | — | — | — | (15) | — | — | |||||
Class I | — | — | — | (165) | — | — | |||||
Class R | — | — | — | (5) | — | — | |||||
Class R6 | — | — | — | (2) | — | — | |||||
Total Dividends and Distributions | (1,719) | (5,847) | (3,649) | (22,069) | (36,270) | (47,227) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (4,341) | (951) | (2,557) | (33,956) | 15,620 | (14,775) | |||||
Class I | (4,657) | (16,105) | 3,349 | (70,658) | (135,559) | (120,464) | |||||
Class R | — | — | — | (2,673) | (1,159) | (4,169) | |||||
Class R6* | — | — | — | 1,727 | 1,977 | (1,500) | |||||
Increase (decrease) in net assets from share transactions | (8,998) | (17,056) | 792 | (105,560) | (119,121) | (140,908) | |||||
Net increase (decrease) in net assets | (7,146) | (22,794) | 1,540 | (100,540) | (67,063) | (237,397) | |||||
Net Assets | |||||||||||
Beginning of period | 91,005 | 113,799 | 112,259 | 538,855 | 605,918 | 843,315 | |||||
End of Period | $83,859 | $ 91,005 | $113,799 | $ 438,315 | $ 538,855 | $ 605,918 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (2) | $ (7) | $ (7) | $ (235) | $ (413) | $ (411) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 19,919 | $ 31,249 | $ 36,691 | $ 10,395 | $ 14,256 | $ 15,144 | |||||
Net realized gain (loss) | 4,533 | (428) | (43,330) | 9,320 | 925 | 5,970 | |||||
Net change in unrealized appreciation (depreciation) | (1,589) | 37,924 | (32,061) | (4,953) | (18,455) | (2,477) | |||||
Increase (decrease) in net assets resulting from operations | 22,863 | 68,745 | (38,700) | 14,762 | (3,274) | 18,637 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (165) | (303) | (433) | (285) | (488) | (592) | |||||
Class I | (16,760) | (29,771) | (36,916) | (9,894) | (13,769) | (14,552) | |||||
Class R | (4) | (15) | (34) | — | — | — | |||||
Class R6* | (1,714) | (961) | — | — | — | — | |||||
Net Realized Gains | |||||||||||
Class A | — | — | — | (6) | (492) | (294) | |||||
Class I | — | — | — | (212) | (12,950) | (7,130) | |||||
Tax Return on Capital | |||||||||||
Class A | (12) | — | — | — | — | — | |||||
Class I | (1,158) | — | — | — | — | — | |||||
Class R | (—) (2) | — | — | — | — | — | |||||
Class R6 | (116) | — | — | — | — | — | |||||
Total Dividends and Distributions | (19,929) | (31,050) | (37,383) | (10,397) | (27,699) | (22,568) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (1,432) | (1,687) | 249 | (9,409) | (3,515) | (4,395) | |||||
Class I | (82,553) | (76,498) | (96,736) | (59,987) | (79,743) | (24,669) | |||||
Class R | (12) | (470) | (141) | — | — | — | |||||
Class R6* | 2,106 | 41,837 | — | — | — | — | |||||
Increase (decrease) in net assets from share transactions | (81,891) | (36,818) | (96,628) | (69,396) | (83,258) | (29,064) | |||||
Net increase (decrease) in net assets | (78,957) | 877 | (172,711) | (65,031) | (114,231) | (32,995) | |||||
Net Assets | |||||||||||
Beginning of period | 532,119 | 531,242 | 703,953 | 540,065 | 654,296 | 687,291 | |||||
End of Period | $453,162 | $532,119 | $ 531,242 | $475,034 | $ 540,065 | $654,296 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (12) | $ (1,080) | $ (1,279) | $ (13) | $ (229) | $ (228) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix Limited Duration Fund | Seix North Carolina Tax-Exempt Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 62 | $ 46 | $ 20 | $ 432 | $ 644 | $ 770 | |||||
Net realized gain (loss) | 8 | 8 | (1) | 338 | 325 | 556 | |||||
Net change in unrealized appreciation (depreciation) | (1) | 2 | (3) | 16 | (1,112) | (369) | |||||
Increase (decrease) in net assets resulting from operations | 69 | 56 | 16 | 786 | (144) | 957 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | — | — | — | (32) | (41) | (13) | |||||
Class I | (62) | (44) | (17) | (354) | (603) | (757) | |||||
Net Realized Gains | |||||||||||
Class A | — | — | — | (12) | (56) | (3) | |||||
Class I | — | — | — | (158) | (601) | (160) | |||||
Total Dividends and Distributions | (62) | (44) | (17) | (556) | (1,301) | (933) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | — | — | — | (758) | 1,839 | (301) | |||||
Class I | 121 | — | — | (1,128) | (5,479) | (8,640) | |||||
Increase (decrease) in net assets from share transactions | 121 | — | — | (1,886) | (3,640) | (8,941) | |||||
Net increase (decrease) in net assets | 128 | 12 | (1) | (1,656) | (5,085) | (8,917) | |||||
Net Assets | |||||||||||
Beginning of period | 6,661 | 6,649 | 6,650 | 23,983 | 29,068 | 37,985 | |||||
End of Period | $6,789 | $6,661 | $6,649 | $22,327 | $23,983 | $29,068 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ —(2) | $ (1) | $ (1) | $ (1) | $ (47) | $ (57) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 250 | $ 399 | $ 298 | $ 213 | $ 243 | $ 166 | |||||
Net realized gain (loss) | 28 | (33) | 39 | 33 | 32 | — | |||||
Net change in unrealized appreciation (depreciation) | (44) | (244) | 41 | (105) | (149) | 20 | |||||
Increase (decrease) in net assets resulting from operations | 234 | 122 | 378 | 141 | 126 | 186 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (16) | (13) | (11) | (10) | (23) | (13) | |||||
Class C | (2) | (1) | — | — | — | — | |||||
Class I | (230) | (418) | (340) | (203) | (221) | (153) | |||||
Net Realized Gains | |||||||||||
Class A | — | — | — | (1) | (2) | (13) | |||||
Class I | — | — | — | (19) | (39) | (72) | |||||
Tax Return on Capital | |||||||||||
Class A | (2) | — | — | — | — | — | |||||
Class C | (1) | — | — | — | — | — | |||||
Class I | (21) | — | — | — | — | — | |||||
Total Dividends and Distributions | (272) | (432) | (351) | (233) | (285) | (251) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (87) | 215 | (213) | (41) | (5,514) | 3,495 | |||||
Class C | (47) | (422) | 11 | — | — | — | |||||
Class I | (44,085) | 2,565 | (966) | 4,667 | (5,346) | (6,424) | |||||
Increase (decrease) in net assets from share transactions | (44,219) | 2,358 | (1,168) | 4,626 | (10,860) | (2,929) | |||||
Net increase (decrease) in net assets | (44,257) | 2,048 | (1,141) | 4,534 | (11,019) | (2,994) | |||||
Net Assets | |||||||||||
Beginning of period | 55,642 | 53,594 | 54,735 | 28,520 | 39,539 | 42,533 | |||||
End of Period | $ 11,385 | $55,642 | $53,594 | $33,054 | $ 28,520 | $39,539 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (1) | $ (3) | $ (2) | $ (2) | $ (2) | $ (1) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 15,204 | $ 20,937 | $ 20,356 | $ 12,427 | $ 10,835 | $ 9,110 | |||||
Net realized gain (loss) | 3,322 | (758) | 7,592 | 1,191 | 10,330 | (566) | |||||
Net change in unrealized appreciation (depreciation) | (3,590) | (5,600) | (14,342) | (1,193) | (6,990) | (10,068) | |||||
Increase (decrease) in net assets resulting from operations | 14,936 | 14,579 | 13,606 | 12,425 | 14,175 | (1,524) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (186) | (603) | (636) | — | — | — | |||||
Class I | (7,704) | (18,605) | (19,336) | (11,911) | (14,555) | (12,422) | |||||
Class R | (229) | (723) | (770) | — | — | — | |||||
Class R6* | (1,379) | (1,826) | (1,476) | (549) | (71) | — | |||||
Net Realized Gains | |||||||||||
Class A | — | (429) | (35) | — | — | — | |||||
Class I | — | (12,509) | (1,023) | — | — | — | |||||
Class R | — | (705) | (56) | — | — | — | |||||
Class R6* | — | (1,679) | (72) | — | — | — | |||||
Tax Return on Capital | |||||||||||
Class A | (110) | — | — | — | — | — | |||||
Class I | (3,981) | — | — | (1,767) | — | — | |||||
Class R | (192) | — | — | — | — | — | |||||
Class R6 | (641) | — | — | (72) | — | — | |||||
Total Dividends and Distributions | (14,422) | (37,079) | (23,404) | (14,299) | (14,626) | (12,422) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (14,204) | (4,496) | (10,551) | — | — | — | |||||
Class I | (110,797) | (161,714) | 7,045 | (22,393) | (190,202) | (94,043) | |||||
Class R | (7,615) | (9,843) | (13,498) | — | — | — | |||||
Class R6* | 44,550 | 47,337 | (14,714) | 10,482 | 32,653 | — | |||||
Increase (decrease) in net assets from share transactions | (88,066) | (128,716) | (31,718) | (11,911) | (157,549) | (94,043) | |||||
Net increase (decrease) in net assets | (87,552) | (151,216) | (41,516) | (13,785) | (158,000) | (107,989) | |||||
Net Assets | |||||||||||
Beginning of period | 958,844 | 1,110,060 | 1,151,576 | 1,399,899 | 1,557,899 | 1,665,888 | |||||
End of Period | $ 871,292 | $ 958,844 | $1,110,060 | $1,386,114 | $1,399,899 | $1,557,899 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ 2,090 | $ (1,594) | $ (2,006) | $ (36) | $ (3) | $ (2) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix U.S. Mortgage Fund | Seix Ultra-Short Bond Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 260 | $ 159 | $ 215 | $ 734 | $ 1,071 | $ 871 | |||||
Net realized gain (loss) | 46 | 390 | 255 | 160 | 377 | (241) | |||||
Net change in unrealized appreciation (depreciation) | 62 | (560) | 182 | (64) | (14) | (225) | |||||
Increase (decrease) in net assets resulting from operations | 368 | (11) | 652 | 830 | 1,434 | 405 | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (30) | (100) | (89) | — | — | — | |||||
Class C | (15) | (41) | (40) | — | — | — | |||||
Class I | (200) | (391) | (292) | (740) | (1,126) | (925) | |||||
Net Realized Gains | |||||||||||
Class A | — | (24) | — | — | — | — | |||||
Class C | — | (15) | — | — | — | — | |||||
Class I | — | (63) | — | — | — | — | |||||
Tax Return on Capital | |||||||||||
Class A | (18) | — | — | — | — | — | |||||
Class C | (22) | — | — | — | — | — | |||||
Class I | (103) | — | — | — | — | — | |||||
Total Dividends and Distributions | (388) | (634) | (421) | (740) | (1,126) | (925) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (1,036) | (2,814) | 1,343 | — | — | — | |||||
Class C | (577) | (1,087) | 1,468 | — | — | — | |||||
Class I | 1,374 | (7,046) | 21,223 | (27,886) | (17,914) | (37,210) | |||||
Increase (decrease) in net assets from share transactions | (239) | (10,947) | 24,034 | (27,886) | (17,914) | (37,210) | |||||
Net increase (decrease) in net assets | (259) | (11,592) | 24,265 | (27,796) | (17,606) | (37,730) | |||||
Net Assets | |||||||||||
Beginning of period | 25,514 | 37,106 | 12,841 | 87,344 | 104,950 | 142,680 | |||||
End of Period | $25,255 | $ 25,514 | $37,106 | $ 59,548 | $ 87,344 | $104,950 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (1) | $ (16) | $ (16) | $ (2) | $ (2) | $ (2) |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Seix Virginia Intermediate Municipal Bond Fund | |||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||
Increase (decrease) in Net Assets resulting from Operations | |||||
Net investment income (loss) | $ 838 | $ 1,538 | $ 2,408 | ||
Net realized gain (loss) | 822 | 438 | 2,375 | ||
Net change in unrealized appreciation (depreciation) | (277) | (2,099) | (1,984) | ||
Increase (decrease) in net assets resulting from operations | 1,383 | (123) | 2,799 | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income | |||||
Class A | (63) | (94) | (108) | ||
Class I | (775) | (1,444) | (2,300) | ||
Net Realized Gains | |||||
Class A | (45) | (110) | (116) | ||
Class I | (514) | (1,669) | (1,946) | ||
Total Dividends and Distributions | (1,397) | (3,317) | (4,470) | ||
Change in Net Assets from Capital transactions | |||||
Class A | (265) | (532) | (706) | ||
Class I | (8,336) | (15,453) | (52,860) | ||
Increase (decrease) in net assets from share transactions | (8,601) | (15,985) | (53,566) | ||
Net increase (decrease) in net assets | (8,615) | (19,425) | (55,237) | ||
Net Assets | |||||
Beginning of period | 49,593 | 69,018 | 124,255 | ||
End of Period | $40,978 | $ 49,593 | $ 69,018 | ||
Accumulated undistributed net investment income (loss) at end of period | $ 19 | $ 19 | $ 19 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix Core Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.56 | 0.14 | 0.08 | 0.22 | (0.12) | (0.03) | — | (0.15) | 0.07 | 10.63 | 2.12 % | $ 8,433 | 0.65 % (7) | 0.79 % | 1.73 % | 130 % | |
4/1/16 to 3/31/17 | 10.86 | 0.16 | (0.06) | 0.10 | (0.19) | — | (0.21) | (0.40) | (0.30) | 10.56 | 0.90 (8) | 10,363 | 0.64 | 0.64 | 1.45 | 210 | |
4/1/15 to 3/31/16 | 11.04 | 0.18 | (0.07) | 0.11 | (0.20) | — | (0.09) | (0.29) | (0.18) | 10.86 | 1.01 | 10,170 | 0.65 | 0.65 | 1.65 | 232 | |
4/1/14 to 3/31/15 | 10.65 | 0.18 | 0.41 | 0.59 | (0.20) | — | — | (0.20) | 0.39 | 11.04 | 5.58 | 7,411 | 0.67 | 0.67 | 1.70 | 168 | |
4/1/13 to 3/31/14 | 11.16 | 0.15 | (0.23) | (0.08) | (0.19) | — | (0.24) | (0.43) | (0.51) | 10.65 | (0.66) | 9,848 | 0.71 | 0.71 | 1.38 | 208 | |
4/1/12 to 3/31/13 | 11.10 | 0.11 | 0.24 | 0.35 | (0.16) | — | (0.13) | (0.29) | 0.06 | 11.16 | 3.20 | 20,687 | 0.70 | 0.69 | 1.02 | 151 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.57 | 0.15 | 0.07 | 0.22 | (0.13) | (0.03) | — | (0.16) | 0.06 | 10.63 | 2.13 % | $ 186,029 | 0.51 % (7) | 0.58 % | 1.87 % | 130 % | |
4/1/16 to 3/31/17 | 10.86 | 0.17 | (0.04) | 0.13 | 0.21 | — | (0.21) | (0.42) | (0.29) | 10.57 | 1.15 | 199,622 | 0.49 | 0.49 | 1.58 | 210 | |
4/1/15 to 3/31/16 | 11.04 | 0.20 | 0.08 | 0.12 | (0.21) | — | (0.09) | (0.30) | (0.18) | 10.86 | 1.18 | 255,522 | 0.48 | 0.48 | 1.82 | 232 | |
4/1/14 to 3/31/15 | 10.65 | 0.21 | 0.40 | 0.61 | (0.22) | — | — | (0.22) | 0.39 | 11.04 | 5.80 | 191,905 | 0.45 | 0.45 | 1.90 | 168 | |
4/1/13 to 3/31/14 | 11.16 | 0.18 | (0.23) | (0.05) | (0.22) | — | (0.24) | (0.46) | (0.51) | 10.65 | (0.38) | 200,371 | 0.42 | 0.42 | 1.67 | 208 | |
4/1/12 to 3/31/13 | 11.10 | 0.15 | 0.24 | 0.39 | (0.20) | — | (0.13) | (0.33) | 0.06 | 11.16 | 3.53 | 370,455 | 0.38 | 0.38 | 1.33 | 151 | |
Class R | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.58 | 0.12 | 0.07 | 0.19 | (0.10) | (0.03) | — | (0.13) | 0.06 | 10.64 | 1.82 % | $ 3,153 | 0.92 % (7) | 1.05 % | 1.45 % | 130 % | |
4/1/16 to 3/31/17 | 10.87 | 0.13 | (0.05) | 0.08 | (0.16) | — | (0.21) | (0.37) | (0.29) | 10.58 | 0.73 | 3,124 | 0.91 | 0.91 | 1.18 | 210 | |
4/1/15 to 3/31/16 | 11.05 | 0.15 | (0.07) | 0.08 | (0.17) | — | (0.09) | (0.26) | (0.18) | 10.87 | 0.78 | 3,448 | 0.88 | 0.88 | 1.41 | 232 | |
4/1/14 to 3/31/15 | 10.66 | 0.16 | 0.41 | 0.57 | (0.18) | — | — | (0.18) | 0.39 | 11.05 | 5.37 | 3,490 | 0.85 | 0.85 | 1.51 | 168 | |
4/1/13 to 3/31/14 | 11.17 | 0.14 | (0.24) | (0.10) | (0.17) | — | (0.24) | (0.41) | (0.51) | 10.66 | (0.80) | 4,115 | 0.85 | 0.85 | 1.29 | 208 | |
4/1/12 to 3/31/13 | 11.10 | 0.10 | 0.24 | 0.34 | (0.14) | — | (0.13) | (0.27) | 0.07 | 11.17 | 3.15 | 5,135 | 0.84 | 0.84 | 0.87 | 151 | |
Class R6* | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.57 | 0.16 | 0.08 | 0.24 | (0.15) | (0.03) | — | (0.18) | 0.06 | 10.63 | 2.24 % | $ 3,279 | 0.36 % | 0.46 % | 1.96 % | 130 % | |
4/1/16 to 3/31/17 | 10.86 | 0.19 | (0.05) | 0.14 | (0.22) | — | (0.21) | (0.43) | (0.29) | 10.57 | 1.29 | 1,352 | 0.35 | 0.35 | 1.78 | 210 | |
8/3/15 to 3/31/16(9) | 10.77 | 0.14 | 0.13 | 0.27 | (0.15) | — | (0.03) | (0.18) | 0.09 | 10.86 | 2.51 | 22 | 0.34 | 0.34 | 2.00 | 232 | |
Seix Corporate Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.69 | 0.18 | 0.21 | 0.39 | (0.16) | — | (0.16) | (0.32) | 0.07 | 8.76 | 4.53 % | $ 363 | 0.95 % | 1.34 % | 2.68 % | 80 % | |
4/1/16 to 3/31/17 | 8.50 | 0.24 | 0.27 | 0.51 | (0.24) | — | (0.08) | (0.32) | 0.19 | 8.69 | 6.01 | 591 | 0.95 | 1.15 | 2.75 | 182 | |
4/1/15 to 3/31/16 | 8.99 | 0.23 | (0.29) | (0.06) | (0.22) | (0.01) | (0.20) | (0.43) | (0.49) | 8.50 | (0.52) | 500 | 0.95 | 1.11 | 2.68 | 84 | |
4/1/14 to 3/31/15 | 8.84 | 0.24 | 0.32 | 0.56 | (0.24) | — | (0.17) | (0.41) | 0.15 | 8.99 | 6.40 | 807 | 0.95 | 0.99 | 2.67 | 90 | |
4/1/13 to 3/31/14 | 9.35 | 0.25 | (0.21) | 0.04 | (0.26) | — | (0.29) | (0.55) | (0.51) | 8.84 | 0.52 | 783 | 0.92 | 0.93 | 2.76 | 143 | |
4/1/12 to 3/31/13 | 9.40 | 0.29 | 0.30 | 0.59 | (0.29) | — | (0.35) | (0.64) | (0.05) | 9.35 | 6.39 | 4,020 | 0.88 | 0.88 | 3.06 | 58 | |
Class C | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.65 | 0.13 | 0.21 | 0.34 | (0.11) | — | (0.16) | (0.27) | 0.07 | 8.72 | 4.02 % | $ 6,518 | 1.62 % | 2.10 % | 2.02 % | 80 % | |
4/1/16 to 3/31/17 | 8.46 | 0.18 | 0.27 | 0.45 | (0.18) | — | (0.08) | (0.26) | 0.19 | 8.65 | 5.29 | 7,369 | 1.65 | 1.82 | 2.03 | 182 | |
4/1/15 to 3/31/16 | 8.95 | 0.17 | (0.29) | (0.12) | (0.16) | (0.01) | (0.20) | (0.37) | (0.49) | 8.46 | (1.22) | 8,105 | 1.65 | 1.80 | 2.01 | 84 | |
4/1/14 to 3/31/15 | 8.80 | 0.18 | 0.32 | 0.50 | (0.18) | — | (0.17) | (0.35) | 0.15 | 8.95 | 5.69 | 9,289 | 1.64 | 1.67 | 1.97 | 90 | |
4/1/13 to 3/31/14 | 9.30 | 0.19 | (0.21) | (0.02) | (0.19) | — | (0.29) | (0.48) | (0.50) | 8.80 | (0.07) | 10,385 | 1.62 | 1.63 | 2.18 | 143 | |
4/1/12 to 3/31/13 | 9.35 | 0.23 | 0.30 | 0.53 | (0.23) | — | (0.35) | (0.58) | (0.05) | 9.30 | 5.67 | 15,558 | 1.57 | 1.58 | 2.39 | 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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix Corporate Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.65 | 0.19 | 0.23 | 0.42 | (0.18) | — | (0.16) | (0.34) | 0.08 | 8.73 | 4.86 % | $ 8,382 | 0.70 % | 1.18 % | 2.93 % | 80 % | |
4/1/16 to 3/31/17 | 8.46 | 0.26 | 0.27 | 0.53 | (0.26) | — | (0.08) | (0.34) | 0.19 | 8.65 | 6.29 | 12,651 | 0.70 | 0.93 | 2.99 | 182 | |
4/1/15 to 3/31/16 | 8.95 | 0.25 | (0.29) | (0.04) | (0.24) | (0.01) | (0.20) | (0.45) | (0.49) | 8.46 | (0.29) | 8,943 | 0.70 | 0.83 | 2.86 | 84 | |
4/1/14 to 3/31/15 | 8.80 | 0.26 | 0.32 | 0.58 | (0.26) | — | (0.17) | (0.43) | 0.15 | 8.95 | 6.73 | 24,172 | 0.66 | 0.69 | 2.95 | 90 | |
4/1/13 to 3/31/14 | 9.30 | 0.28 | (0.21) | 0.07 | (0.28) | — | (0.29) | (0.57) | (0.50) | 8.80 | 0.91 | 28,017 | 0.63 | 0.64 | 3.18 | 143 | |
4/1/12 to 3/31/13 | 9.35 | 0.32 | 0.30 | 0.62 | (0.32) | — | (0.35) | (0.67) | (0.05) | 9.30 | 6.71 | 51,828 | 0.60 | 0.61 | 3.36 | 58 | |
Seix Floating Rate High Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.75 | 0.26 | (0.05) | 0.21 | (0.26) | — | — | (0.26) | (0.05) | 8.70 | 2.47 % | $ 113,611 | 0.92 % | 0.93 % | 4.00 % | 55 % | |
4/1/16 to 3/31/17 | 8.33 | 0.39 | 0.41 | 0.80 | (0.38) | — | — | (0.38) | 0.42 | 8.75 | 9.78 | 135,833 | 0.94 | 0.94 | 4.51 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.38 | (0.54) | (0.16) | (0.37) | — | — | (0.37) | (0.53) | 8.33 | (1.79) | 143,325 | 0.92 | 0.92 | 4.42 | 33 | |
4/1/14 to 3/31/15 | 9.06 | 0.36 | (0.19) | 0.17 | (0.37) | — | — | (0.37) | (0.20) | 8.86 | 1.88 | 147,560 | 0.91 | 0.91 | 4.06 | 29 | |
4/1/13 to 3/31/14 | 9.06 | 0.35 | (0.01) | 0.34 | (0.34) | — | — | (0.34) | — | 9.06 | 3.86 | 212,336 | 0.89 | 0.89 | 3.82 | 47 | |
4/1/12 to 3/31/13 | 8.83 | 0.43 | 0.21 | 0.64 | (0.41) | — | — | (0.41) | 0.23 | 9.06 | 7.39 | 99,040 | 0.85 | 0.85 | 4.85 | 70 | |
Class C | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.76 | 0.22 | (0.06) | 0.16 | (0.22) | — | — | (0.22) | (0.06) | 8.70 | 1.89 % | $ 51,551 | 1.52 % | 1.60 % | 3.40 % | 55 % | |
4/1/16 to 3/31/17 | 8.33 | 0.34 | 0.42 | 0.76 | (0.33) | — | — | (0.33) | 0.43 | 8.76 | 9.28 | 56,981 | 1.52 | 1.52 | 3.94 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.33 | (0.54) | (0.21) | (0.32) | — | — | (0.32) | (0.53) | 8.33 | (2.37) | 55,203 | 1.51 | 1.51 | 3.82 | 33 | |
4/1/14 to 3/31/15 | 9.07 | 0.31 | (0.21) | 0.10 | (0.31) | — | — | (0.31) | (0.21) | 8.86 | 1.16 | 64,445 | 1.50 | 1.50 | 3.46 | 29 | |
4/1/13 to 3/31/14 | 9.06 | 0.29 | 0.01 | 0.30 | (0.29) | — | — | (0.29) | 0.01 | 9.07 | 3.33 | 83,149 | 1.51 | 1.51 | 3.21 | 47 | |
4/1/12 to 3/31/13 | 8.83 | 0.38 | 0.20 | 0.58 | (0.35) | — | — | (0.35) | 0.23 | 9.06 | 6.69 | 40,493 | 1.51 | 1.51 | 4.22 | 70 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.75 | 0.28 | (0.05) | 0.23 | (0.28) | — | — | (0.28) | (0.05) | 8.70 | 2.70 % | $4,546,547 | 0.62 % | 0.69 % | 4.29 % | 55 % | |
4/1/16 to 3/31/17 | 8.33 | 0.41 | 0.42 | 0.83 | (0.41) | — | — | (0.41) | 0.42 | 8.75 | 10.13 | 4,459,175 | 0.63 | 0.63 | 4.80 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.40 | (0.53) | (0.13) | (0.40) | — | — | (0.40) | (0.53) | 8.33 | (1.50) | 3,040,875 | 0.62 | 0.62 | 4.69 | 33 | |
4/1/14 to 3/31/15 | 9.06 | 0.39 | (0.20) | 0.19 | (0.39) | — | — | (0.39) | (0.20) | 8.86 | 2.17 | 6,048,771 | 0.61 | 0.61 | 4.34 | 29 | |
4/1/13 to 3/31/14 | 9.06 | 0.38 | (0.01) | 0.37 | (0.37) | — | — | (0.37) | — | 9.06 | 4.16 | 8,965,312 | 0.60 | 0.60 | 4.13 | 47 | |
4/1/12 to 3/31/13 | 8.83 | 0.46 | 0.20 | 0.66 | (0.43) | — | — | (0.43) | 0.23 | 9.06 | 7.67 | 5,780,847 | 0.60 | 0.60 | 5.13 | 70 | |
Class R6* | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.76 | 0.29 | (0.05) | 0.24 | (0.29) | — | — | (0.29) | (0.05) | 8.71 | 2.78 % | $1,277,730 | 0.52 % | 0.59 % | 4.39 % | 55 % | |
4/1/16 to 3/31/17 | 8.33 | 0.43 | 0.42 | 0.85 | (0.42) | — | — | (0.42) | 0.43 | 8.76 | 10.37 | 1,307,701 | 0.52 | 0.52 | 4.94 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.41 | (0.53) | (0.12) | (0.41) | — | — | (0.41) | (0.53) | 8.33 | (1.39) | 1,127,337 | 0.51 | 0.51 | 4.83 | 33 | |
2/1/15 to 3/31/15(10) | 8.74 | 0.07 | 0.12 | 0.19 | (0.07) | — | — | (0.07) | 0.12 | 8.86 | 2.15 | 12,629 | 0.47 | 0.47 | 5.08 | 29 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix Georgia Tax-Exempt Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.49 | 0.22 | 0.16 | 0.38 | (0.22) | — | (0.06) | (0.28) | 0.10 | 10.59 | 3.62 % | $ 3,011 | 0.76 % (7) | 0.92 % | 2.73 % | 23 % | |
4/1/16 to 3/31/17 | 10.98 | 0.28 | (0.35) | (0.07) | (0.28) | — | (0.14) | (0.42) | (0.49) | 10.49 | (0.66) | 3,504 | 0.75 | 0.75 | 2.56 | 46 | |
4/1/15 to 3/31/16 | 10.88 | 0.26 | 0.10 | 0.36 | (0.26) | — | — | (0.26) | 0.10 | 10.98 | 3.40 | 3,621 | 0.75 | 0.75 | 2.43 | 41 | |
4/1/14 to 3/31/15 | 10.44 | 0.27 | 0.44 | 0.71 | (0.27) | — | — | (0.27) | 0.44 | 10.88 | 6.89 | 3,637 | 0.73 | 0.73 | 2.55 | 55 | |
4/1/13 to 3/31/14 | 10.80 | 0.30 | (0.36) | (0.06) | (0.30) | — | — | (0.30) | (0.36) | 10.44 | (0.52) | 4,139 | 0.72 | 0.72 | 2.87 | 67 | |
4/1/12 to 3/31/13 | 10.57 | 0.32 | 0.23 | 0.55 | (0.32) | — | — | (0.32) | 0.23 | 10.80 | 5.27 | 4,566 | 0.74 | 0.74 | 2.99 | 50 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.48 | 0.23 | 0.15 | 0.38 | (0.23) | — | (0.06) | (0.29) | 0.09 | 10.57 | 3.61 % | $ 86,099 | 0.65 % | 0.81 % | 2.84 % | 23 % | |
4/1/16 to 3/31/17 | 10.96 | 0.29 | (0.34) | (0.05) | (0.29) | — | (0.14) | (0.43) | (0.48) | 10.48 | (0.47) | 91,782 | 0.65 | 0.70 | 2.66 | 46 | |
4/1/15 to 3/31/16 | 10.86 | 0.27 | 0.10 | 0.37 | (0.27) | — | — | (0.27) | 0.10 | 10.96 | 3.50 | 107,691 | 0.65 | 0.68 | 2.52 | 41 | |
4/1/14 to 3/31/15 | 10.42 | 0.28 | 0.44 | 0.72 | (0.28) | — | — | (0.28) | 0.44 | 10.86 | 7.00 | 131,881 | 0.64 | 0.64 | 2.63 | 55 | |
4/1/13 to 3/31/14 | 10.78 | 0.31 | (0.36) | (0.05) | (0.31) | — | — | (0.31) | (0.36) | 10.42 | (0.37) | 120,835 | 0.57 | 0.57 | 3.01 | 67 | |
4/1/12 to 3/31/13 | 10.55 | 0.34 | 0.23 | 0.57 | (0.34) | — | — | (0.34) | 0.23 | 10.78 | 5.44 | 148,153 | 0.59 | 0.59 | 3.15 | 50 | |
Seix High Grade Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.69 | 0.21 | 0.27 | 0.48 | (0.22) | — | (0.01) | (0.23) | 0.25 | 11.94 | 4.12 % | $ 8,175 | 0.80 % | 0.91 % | 2.39 % | 173 % | |
4/1/16 to 3/31/17 | 12.36 | 0.24 | (0.22) | 0.02 | (0.24) | — | (0.45) | (0.69) | (0.67) | 11.69 | 0.27 | 12,276 | 0.80 | 0.80 | 1.99 | 218 | |
4/1/15 to 3/31/16 | 12.29 | 0.25 | 0.19 | 0.44 | (0.25) | — | (0.12) | (0.37) | 0.07 | 12.36 | 3.70 | 13,996 | 0.79 | 0.79 | 2.07 | 171 | |
4/1/14 to 3/31/15 | 11.86 | 0.29 | 0.59 | 0.88 | (0.29) | — | (0.16) | (0.45) | 0.43 | 12.29 | 7.48 | 16,499 | 0.80 | 0.80 | 2.38 | 228 | |
4/1/13 to 3/31/14 | 12.11 | 0.32 | (0.20) | 0.12 | (0.32) | — | (0.05) | (0.37) | (0.25) | 11.86 | 1.16 | 8,967 | 0.80 | 0.82 | 2.75 | 227 | |
4/1/12 to 3/31/13 | 11.97 | 0.32 | 0.50 | 0.82 | (0.32) | — | (0.36) | (0.68) | 0.14 | 12.11 | 6.97 | 11,363 | 0.80 | 0.83 | 2.63 | 168 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.68 | 0.23 | 0.26 | 0.49 | (0.23) | — | (0.01) | (0.24) | 0.25 | 11.93 | 4.24 % | $ 75,684 | 0.65 % | 0.82 % | 2.55 % | 173 % | |
4/1/16 to 3/31/17 | 12.36 | 0.26 | (0.23) | 0.03 | (0.26) | — | (0.45) | (0.71) | (0.68) | 11.68 | 0.33 | 78,729 | 0.65 | 0.71 | 2.12 | 218 | |
4/1/15 to 3/31/16 | 12.29 | 0.27 | 0.19 | 0.46 | (0.27) | — | (0.12) | (0.39) | 0.07 | 12.36 | 3.85 | 99,803 | 0.65 | 0.69 | 2.21 | 171 | |
4/1/14 to 3/31/15 | 11.86 | 0.31 | 0.59 | 0.90 | (0.31) | — | (0.16) | (0.47) | 0.43 | 12.29 | 7.64 | 95,761 | 0.65 | 0.69 | 2.53 | 228 | |
4/1/13 to 3/31/14 | 12.10 | 0.34 | (0.19) | 0.15 | (0.34) | — | (0.05) | (0.39) | (0.24) | 11.86 | 1.40 | 47,737 | 0.65 | 0.68 | 2.90 | 227 | |
4/1/12 to 3/31/13 | 11.96 | 0.34 | 0.50 | 0.84 | (0.34) | — | (0.36) | (0.70) | 0.14 | 12.10 | 7.12 | 54,892 | 0.65 | 0.68 | 2.78 | 168 | |
Seix High Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 6.46 | 0.28 | 0.07 | 0.35 | (0.28) | — (11) | — | (0.28) | 0.07 | 6.53 | 5.52 % | $ 29,592 | 1.02 % | 1.10 % | 5.69 % | 45 % | |
4/1/16 to 3/31/17 | 5.92 | 0.38 | 0.53 | 0.91 | (0.37) | — | — | (0.37) | 0.54 | 6.46 | 15.69 | 63,104 | 1.04 | 1.04 | 5.92 | 95 | |
4/1/15 to 3/31/16 | 6.68 | 0.38 | (0.75) | (0.37) | (0.39) | — | — | (0.39) | (0.76) | 5.92 | (5.68) | 43,433 | 1.03 | 1.03 | 6.08 | 77 | |
4/1/14 to 3/31/15 | 7.27 | 0.38 | (0.38) | — | (0.38) | — | (0.21) | (0.59) | (0.59) | 6.68 | 0.26 | 65,121 | 0.99 | 0.99 | 5.34 | 86 | |
4/1/13 to 3/31/14 | 7.32 | 0.42 | 0.11 | 0.53 | (0.42) | — | (0.16) | (0.58) | (0.05) | 7.27 | 7.60 (8) | 157,360 | 0.97 | 0.97 | 5.82 | 110 | |
4/1/12 to 3/31/13 | 6.90 | 0.43 | 0.42 | 0.85 | (0.43) | — | — | (0.43) | 0.42 | 7.32 | 12.72 | 119,006 | 0.99 | 0.99 | 6.09 | 118 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix High Income Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 6.46 | 0.29 | 0.06 | 0.35 | (0.29) | — (11) | — | (0.29) | 0.06 | 6.52 | 5.53 % | $ 390,665 | 0.81 % (7) | 0.87 % | 5.93 % | 45 % | |
4/1/16 to 3/31/17 | 5.92 | 0.39 | 0.54 | 0.93 | (0.39) | — | — | (0.39) | 0.54 | 6.46 | 15.95 | 456,928 | 0.80 | 0.81 | 6.15 | 95 | |
4/1/15 to 3/31/16 | 6.67 | 0.40 | (0.75) | (0.35) | (0.40) | — | — | (0.40) | (0.75) | 5.92 | (5.31) | 546,793 | 0.79 | 0.79 | 6.34 | 77 | |
4/1/14 to 3/31/15 | 7.26 | 0.40 | (0.38) | 0.02 | (0.40) | — | (0.21) | (0.61) | (0.59) | 6.67 | 0.47 | 753,851 | 0.77 | 0.77 | 5.63 | 86 | |
4/1/13 to 3/31/14 | 7.32 | 0.43 | 0.11 | 0.54 | (0.44) | — | (0.16) | (0.60) | (0.06) | 7.26 | 7.68 | 783,072 | 0.77 | 0.77 | 6.00 | 110 | |
4/1/12 to 3/31/13 | 6.89 | 0.45 | 0.43 | 0.88 | (0.45) | — | — | (0.45) | 0.43 | 7.32 | 13.17 | 784,870 | 0.74 | 0.75 | 6.33 | 118 | |
Class R | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 6.46 | 0.27 | 0.07 | 0.34 | (0.27) | — (11) | — | (0.27) | 0.07 | 6.53 | 5.36 % | $ 12,160 | 1.23 % (7) | 1.30 % | 5.49 % | 45 % | |
4/1/16 to 3/31/17 | 5.92 | 0.360 | 0.54 | 0.90 | (0.36) | — | — | (0.36) | 0.54 | 6.46 | 15.47 | 14,699 | 1.22 | 1.22 | 5.73 | 95 | |
4/1/15 to 3/31/16 | 6.68 | 0.37 | (0.76) | (0.39) | (0.37) | — | — | (0.37) | (0.76) | 5.92 | (5.87) | 14,574 | 1.23 | 1.23 | 5.92 | 77 | |
4/1/14 to 3/31/15 | 7.27 | 0.37 | (0.38) | (0.01) | (0.37) | — | (0.21) | (0.58) | (0.59) | 6.68 | 0.05 | 20,887 | 1.21 | 1.21 | 5.20 | 86 | |
4/1/13 to 3/31/14 | 7.32 | 0.40 | 0.12 | 0.52 | (0.41) | — | (0.16) | (0.57) | (0.05) | 7.27 | 7.37 | 22,317 | 1.20 | 1.20 | 5.57 | 110 | |
4/1/12 to 3/31/13 | 6.89 | 0.41 | 0.43 | 0.84 | (0.41) | — | — | (0.41) | 0.43 | 7.32 | 12.61 | 23,956 | 1.23 | 1.23 | 5.85 | 118 | |
Class R6* | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 6.45 | 0.30 | 0.07 | 0.37 | (0.30) | — (11) | — | (0.30) | 0.07 | 6.52 | 5.82 % | $ 5,898 | 0.64 % | 0.73 % | 6.09 % | 45 % | |
4/1/16 to 3/31/17 | 5.92 | 0.40 | 0.53 | 0.93 | (0.40) | — | — | (0.40) | 0.53 | 6.45 | 15.96 | 4,125 | 0.64 | 0.64 | 6.26 | 95 | |
4/1/15 to 3/31/16 | 6.68 | 0.40 | (0.75) | (0.35) | (0.41) | — | — | (0.41) | (0.76) | 5.92 | (5.30) | 1,117 | 0.63 | 0.63 | 6.27 | 77 | |
8/1/14 to 3/31/15(12) | 7.22 | 0.28 | (0.33) | (0.05) | (0.28) | — | (0.21) | (0.49) | (0.54) | 6.68 | (0.51) | 3,455 | 0.63 | 0.63 | 5.99 | 86 | |
Seix High Yield Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.16 | 0.34 | 0.03 | 0.37 | (0.30) | (0.02) | — | (0.32) | 0.05 | 8.21 | 4.63 % | $ 4,810 | 0.83 % (7) | 0.97 % | 5.43 % | 41 % | |
4/1/16 to 3/31/17 | 7.61 | 0.44 | 0.55 | 0.99 | (0.44) | — | — | (0.44) | 0.55 | 8.16 | 13.20 | 6,214 | 0.82 | 0.82 | 5.51 | 87 | |
4/1/15 to 3/31/16 | 8.51 | 0.44 | (0.89) | (0.45) | (0.45) | — | — | (0.45) | (0.90) | 7.61 | (5.36) | 7,463 | 0.84 | 0.84 | 5.48 | 76 | |
4/1/14 to 3/31/15 | 9.72 | 0.51 | (0.43) | 0.08 | (0.50) | — | (0.79) | (1.29) | (1.21) | 8.51 | 1.24 | 8,110 | 0.87 | 0.87 | 5.31 | 72 | |
4/1/13 to 3/31/14 | 10.03 | 0.55 | 0.05 | 0.60 | (0.55) | — | (0.36) | (0.91) | (0.31) | 9.72 | 6.39 | 69,921 | 0.81 | 0.81 | 5.57 | 89 | |
4/1/12 to 3/31/13 | 9.47 | 0.59 | 0.56 | 1.15 | (0.59) | — | — | (0.59) | 0.56 | 10.03 | 12.56 | 72,703 | 0.79 | 0.79 | 6.09 | 79 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.37 | 0.34 | 0.04 | 0.38 | (0.32) | (0.02) | — | (0.34) | 0.04 | 8.41 | 4.64 % | $ 403,198 | 0.65 % (7) | 0.73 % | 5.38 % | 41 % | |
4/1/16 to 3/31/17 | 7.80 | 0.46 | 0.57 | 1.03 | (0.46) | — | — | (0.46) | 0.57 | 8.37 | 13.48 | 483,080 | 0.64 | 0.64 | 5.65 | 87 | |
4/1/15 to 3/31/16 | 8.73 | 0.47 | (0.92) | (0.45) | (0.48) | — | — | (0.48) | (0.93) | 7.80 | (5.23) | 523,206 | 0.61 | 0.61 | 5.71 | 76 | |
4/1/14 to 3/31/15 | 9.95 | 0.54 | (0.43) | 0.11 | (0.54) | — | (0.79) | (1.33) | (1.22) | 8.73 | 1.53 | 695,060 | 0.58 | 0.58 | 5.63 | 72 | |
4/1/13 to 3/31/14 | 10.26 | 0.58 | 0.06 | 0.64 | (0.59) | — | (0.36) | (0.95) | (0.31) | 9.95 | 6.65 | 1,211,146 | 0.55 | 0.55 | 5.79 | 89 | |
4/1/12 to 3/31/13 | 9.69 | 0.64 | 0.56 | 1.20 | (0.63) | — | — | (0.63) | 0.57 | 10.26 | 12.80 | 1,792,768 | 0.54 | 0.54 | 6.41 | 79 | |
Class R | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.36 | 0.30 | 0.07 | 0.37 | (0.30) | (0.02) | — | (0.32) | 0.05 | 8.41 | 4.45 % | $ 119 | 1.04 % | 1.20 % | 4.80 % | 41 % | |
4/1/16 to 3/31/17 | 7.80 | 0.43 | 0.56 | 0.99 | (0.43) | — | — | (0.43) | 0.56 | 8.36 | 12.90 | 130 | 1.04 | 1.04 | 5.32 | 87 | |
4/1/15 to 3/31/16 | 8.72 | 0.44 | (0.91) | (0.47) | (0.45) | — | — | (0.45) | (0.92) | 7.80 | (5.52) | 573 | 1.04 | 1.04 | 5.29 | 76 | |
4/1/14 to 3/31/15 | 9.94 | 0.49 | (0.42) | 0.07 | (0.50) | — | (0.79) | (1.29) | (1.22) | 8.72 | 1.05 | 782 | 1.04 | 1.04 | 5.18 | 72 | |
4/1/13 to 3/31/14 | 10.26 | 0.53 | 0.05 | 0.58 | (0.54) | — | (0.36) | (0.90) | (0.32) | 9.94 | 6.04 | 1,237 | 1.04 | 1.04 | 5.31 | 89 | |
4/1/12 to 3/31/13 | 9.68 | 0.59 | 0.57 | 1.16 | (0.58) | — | — | (0.58) | 0.58 | 10.26 | 12.36 | 2,385 | 1.03 | 1.03 | 5.92 | 79 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix High Yield Fund (Continued) | |||||||||||||||||
Class R6* | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.37 | 0.35 | 0.05 | 0.40 | (0.33) | (0.02) | — | (0.35) | 0.05 | 8.42 | 4.85 % | $ 45,035 | 0.54 % (7) | 0.62 % | 5.50 % | 41 % | |
8/1/16 to 3/31/17(13) | 8.17 | 0.33 | 0.18 | 0.51 | (0.31) | — | — | (0.31) | 0.20 | 8.37 | 6.34 (8) | 42,695 | 0.54 | 0.54 | 5.86 | 87 | |
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.65 | 0.22 | 0.10 | 0.32 | (0.22) | — | — | (0.22) | 0.10 | 11.75 | 2.76 % | $ 11,066 | 0.80 % | 0.96 % | 2.46 % | 130 % | |
4/1/16 to 3/31/17 | 12.24 | 0.26 | (0.32) | (0.06) | (0.26) | — | (0.27) | (0.53) | (0.59) | 11.65 | (0.48) | 20,281 | 0.80 | 0.92 | 2.16 | 138 | |
4/1/15 to 3/31/16 | 12.30 | 0.26 | 0.08 | 0.34 | (0.26) | — | (0.14) | (0.40) | (0.06) | 12.24 | 2.89 | 24,861 | 0.80 | 0.93 | 2.17 | 139 | |
4/1/14 to 3/31/15 | 12.14 | 0.29 | 0.32 | 0.61 | (0.29) | — | (0.16) | (0.45) | 0.16 | 12.30 | 5.09 | 29,439 | 0.80 | 0.91 | 2.37 | 144 | |
4/1/13 to 3/31/14 | 12.47 | 0.26 | (0.24) | 0.02 | (0.26) | — | (0.09) | (0.35) | (0.33) | 12.14 | 0.23 | 30,100 | 0.80 | 0.90 | 2.13 | 104 | |
4/1/12 to 3/31/13 | 12.50 | 0.23 | 0.36 | 0.59 | (0.23) | — | (0.39) | (0.62) | (0.03) | 12.47 | 4.75 | 36,958 | 0.82 | 0.87 | 1.78 | 151 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.64 | 0.23 | 0.09 | 0.32 | (0.23) | — | — | (0.23) | 0.09 | 11.73 | 2.79 % | $ 463,968 | 0.65 % | 0.76 % | 2.62 % | 130 % | |
4/1/16 to 3/31/17 | 12.22 | 0.28 | (0.31) | (0.03) | (0.28) | — | (0.27) | (0.55) | (0.58) | 11.64 | (0.24) | 519,784 | 0.65 | 0.70 | 2.30 | 138 | |
4/1/15 to 3/31/16 | 12.29 | 0.28 | 0.07 | 0.35 | (0.28) | — | (0.14) | (0.42) | (0.07) | 12.22 | 2.96 | 629,435 | 0.65 | 0.68 | 2.32 | 139 | |
4/1/14 to 3/31/15 | 12.13 | 0.31 | 0.32 | 0.63 | (0.31) | — | (0.16) | (0.47) | 0.16 | 12.29 | 5.25 | 657,851 | 0.65 | 0.68 | 2.53 | 144 | |
4/1/13 to 3/31/14 | 12.45 | 0.28 | (0.23) | 0.05 | (0.28) | — | (0.09) | (0.37) | (0.32) | 12.13 | 0.48 | 643,828 | 0.64 | 0.64 | 2.29 | 104 | |
4/1/12 to 3/31/13 | 12.49 | 0.25 | 0.35 | 0.60 | (0.25) | — | (0.39) | (0.64) | (0.04) | 12.45 | 4.87 | 982,171 | 0.62 | 0.63 | 1.98 | 151 | |
Seix Limited Duration Fund | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.85 | 0.09 | 0.01 | 0.10 | (0.09) | — | — | (0.09) | 0.01 | 9.86 | 1.03 % | $ 6,789 | 0.35 % | 1.04 % | 1.22 % | 53 % | |
4/1/16 to 3/31/17 | 9.83 | 0.07 | 0.01 | 0.08 | (0.06) | — | — | (0.06) | 0.02 | 9.85 | 0.86 | 6,661 | 0.34 (14) | 0.46 (14) | 0.68 | 89 | |
4/1/15 to 3/31/16 | 9.83 | 0.03 | — (11) | 0.03 | (0.03) | — | — | (0.03) | — | 9.83 | 0.26 | 6,649 | 0.35 | 0.47 | 0.29 | 50 | |
4/1/14 to 3/31/15 | 9.83 | 0.02 | — (11) | 0.02 | (0.02) | — | — | (0.02) | — | 9.83 | 0.18 | 6,650 | 0.34 | 0.46 | 0.21 | 45 | |
4/1/13 to 3/31/14 | 9.83 | 0.03 | (0.01) | 0.02 | (0.02) | — | — | (0.02) | — | 9.83 | 0.21 | 6,650 | 0.32 | 0.43 | 0.27 | 104 | |
4/1/12 to 3/31/13 | 9.76 | 0.05 | 0.06 | 0.11 | (0.04) | — | — | (0.04) | 0.07 | 9.83 | 1.08 | 9,357 | 0.30 | 0.33 | 0.50 | 56 | |
Seix North Carolina Tax-Exempt Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.00 | 0.18 | 0.15 | 0.33 | (0.16) | — | (0.08) | (0.24) | 0.09 | 10.09 | 3.30 % | $ 1,436 | 0.80 % | 1.10 % | 2.37 % | 29 % | |
4/1/16 to 3/31/17 | 10.50 | 0.21 | (0.28) | (0.07) | (0.21) | — | (0.22) | (0.43) | (0.50) | 10.00 | (0.59) | 2,170 | 0.80 | 0.82 | 2.02 | 61 | |
4/1/15 to 3/31/16 | 10.46 | 0.22 | 0.12 | 0.34 | (0.23) | — | (0.07) | (0.30) | 0.04 | 10.50 | 3.23 | 492 | 0.80 | 0.81 | 2.15 | 42 | |
4/1/14 to 3/31/15 | 10.04 | 0.23 | 0.42 | 0.65 | (0.23) | — | — | (0.23) | 0.42 | 10.46 | 6.56 | 795 | 0.79 | 0.79 | 2.27 | 51 | |
4/1/13 to 3/31/14 | 10.65 | 0.25 | (0.31) | (0.06) | (0.25) | — | (0.30) | (0.55) | (0.61) | 10.04 | (0.45) | 861 | 0.77 | 0.77 | 2.44 | 77 | |
4/1/12 to 3/31/13 | 10.45 | 0.28 | 0.20 | 0.48 | (0.28) | — | — | (0.28) | 0.20 | 10.65 | 4.63 | 910 | 0.77 | 0.77 | 2.60 | 79 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix North Carolina Tax-Exempt Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.02 | 0.19 | 0.16 | 0.35 | (0.17) | — | (0.08) | (0.25) | 0.10 | 10.12 | 3.51 % | $ 20,891 | 0.65 % | 1.04 % | 2.52 % | 29 % | |
4/1/16 to 3/31/17 | 10.53 | 0.23 | (0.29) | (0.06) | (0.23) | — | (0.22) | (0.45) | (0.51) | 10.02 | (0.53) | 21,813 | 0.65 | 0.74 | 2.22 | 61 | |
4/1/15 to 3/31/16 | 10.49 | 0.24 | 0.11 | 0.35 | (0.24) | — | (0.07) | (0.31) | 0.04 | 10.53 | 3.39 | 28,576 | 0.65 | 0.73 | 2.31 | 42 | |
4/1/14 to 3/31/15 | 10.06 | 0.25 | 0.43 | 0.68 | (0.25) | — | — | (0.25) | 0.43 | 10.49 | 6.80 | 37,190 | 0.65 | 0.69 | 2.40 | 51 | |
4/1/13 to 3/31/14 | 10.68 | 0.26 | (0.31) | (0.05) | (0.27) | — | (0.30) | (0.57) | (0.62) | 10.06 | (0.38) | 37,311 | 0.61 | 0.61 | 2.59 | 77 | |
4/1/12 to 3/31/13 | 10.47 | 0.30 | 0.21 | 0.51 | (0.30) | — | — | (0.30) | 0.21 | 10.68 | 4.88 | 50,991 | 0.62 | 0.62 | 2.79 | 79 | |
Seix Short-Term Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.95 | 0.07 | (0.04) | 0.03 | (0.07) | (0.01) | — | (0.08) | (0.05) | 9.90 | 0.27 % | $ 2,210 | 0.80 % | 1.26 % | 0.89 % | 145 % | |
4/1/16 to 3/31/17 | 10.01 | 0.06 | (0.06) | — | (0.06) | — | — | (0.06) | (0.06) | 9.95 | 0.03 | 2,308 | 0.80 | 0.80 | 0.58 | 129 | |
4/1/15 to 3/31/16 | 10.00 | 0.04 | 0.02 | 0.06 | (0.05) | — | — | (0.05) | 0.01 | 10.01 | 0.58 | 2,104 | 0.80 | 0.81 | 0.38 | 87 | |
4/1/14 to 3/31/15 | 9.98 | 0.04 | 0.02 | 0.06 | (0.04) | — | — | (0.04) | 0.02 | 10.00 | 0.63 | 2,316 | 0.80 | 0.81 | 0.37 | 199 | |
4/1/13 to 3/31/14 | 10.03 | 0.10 | (0.05) | 0.05 | (0.10) | — | — | (0.10) | (0.05) | 9.98 | 0.54 | 2,748 | 0.78 | 0.80 | 1.00 | 79 | |
4/1/12 to 3/31/13 | 10.02 | 0.13 | 0.01 | 0.14 | (0.13) | — | — | (0.13) | 0.01 | 10.03 | 1.40 | 2,069 | 0.73 | 0.74 | 1.27 | 128 | |
Class C | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.94 | 0.02 | (0.05) | (0.03) | (0.01) | (0.01) | — | (0.02) | (0.05) | 9.89 | (0.26) % | $ 1,257 | 1.48 % | 2.04 % | 0.21 % | 145 % | |
4/1/16 to 3/31/17 | 10.00 | — (11) | (0.06) | (0.06) | — | — | — | — | (0.06) | 9.94 | (0.57) (8) | 1,310 | 1.40 | 1.57 | (0.03) | 129 | |
4/1/15 to 3/31/16 | 10.00 | (0.01) | 0.01 | — | — (11) | — | — | — (11) | — | 10.00 | — | 1,742 | 1.29 | 1.58 | (0.10) | 87 | |
4/1/14 to 3/31/15 | 9.97 | (0.01) | 0.04 | 0.03 | — (11) | — | — | — (11) | 0.03 | 10.00 | 0.31 | 1,730 | 1.22 | 1.58 | (0.06) | 199 | |
4/1/13 to 3/31/14 | 10.02 | 0.02 | (0.04) | (0.02) | (0.03) | — | — | (0.03) | (0.05) | 9.97 | (0.24) | 1,899 | 1.56 | 1.56 | 0.23 | 79 | |
4/1/12 to 3/31/13 | 10.01 | 0.05 | 0.01 | 0.06 | (0.05) | — | — | (0.05) | 0.01 | 10.02 | 0.65 | 2,425 | 1.48 | 1.48 | 0.52 | 128 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.92 | 0.08 | (0.05) | 0.03 | (0.08) | (0.01) | — | (0.09) | (0.06) | 9.86 | 0.31 % | $ 7,918 | 0.60 % | 0.91 % | 1.05 % | 145 % | |
4/1/16 to 3/31/17 | 9.98 | 0.08 | (0.06) | 0.02 | (0.08) | — | — | (0.08) | (0.06) | 9.92 | 0.23 | 52,024 | 0.60 | 0.69 | 0.77 | 129 | |
4/1/15 to 3/31/16 | 9.98 | 0.06 | 0.01 | 0.07 | (0.07) | — | — | (0.07) | — | 9.98 | 0.68 | 49,749 | 0.60 | 0.68 | 0.58 | 87 | |
4/1/14 to 3/31/15 | 9.95 | 0.05 | 0.04 | 0.09 | (0.06) | — | — | (0.06) | 0.03 | 9.98 | 0.93 | 50,689 | 0.60 | 0.67 | 0.52 | 199 | |
4/1/13 to 3/31/14 | 10.00 | 0.12 | (0.05) | 0.07 | (0.12) | — | — | (0.12) | (0.05) | 9.95 | 0.75 | 38,400 | 0.58 | 0.58 | 1.22 | 79 | |
4/1/12 to 3/31/13 | 9.99 | 0.15 | 0.01 | 0.16 | (0.15) | — | — | (0.15) | 0.01 | 10.00 | 1.65 | 78,383 | 0.48 | 0.48 | 1.51 | 128 | |
Seix Short-Term Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.93 | 0.05 | (0.01) | 0.04 | (0.05) | — | (0.01) | (0.06) | (0.02) | 9.91 | 0.39 % | $ 1,765 | 0.65 % | 0.95 % | 0.70 % | 56 % | |
4/1/16 to 3/31/17 | 9.98 | 0.05 | (0.03) | 0.02 | (0.06) | — | (0.01) | (0.07) | (0.05) | 9.93 | 0.26 | 1,810 | 0.65 | 0.74 | 0.54 | 59 | |
4/1/15 to 3/31/16 | 10.00 | 0.02 | — (11) | 0.02 | (0.02) | — | (0.02) | (0.04) | (0.02) | 9.98 | 0.23 | 7,354 | 0.67 | 0.72 | 0.24 | 82 | |
4/1/14 to 3/31/15 | 9.99 | 0.03 | 0.08 | 0.11 | (0.03) | — | (0.07) | (0.10) | 0.01 | 10.00 | 1.06 | 3,863 | 0.70 | 0.75 | 0.26 | 148 | |
4/1/13 to 3/31/14 | 10.01 | 0.01 | 0.01 | 0.02 | (0.01) | — | (0.03) | (0.04) | (0.02) | 9.99 | 0.25 | 5,900 | 0.65 | 0.82 | 0.10 | 260 | |
4/1/12 to 3/31/13 | 10.73 | 0.04 | 0.26 | 0.30 | (0.04) | — | (0.98) | (1.02) | (0.72) | 10.01 | 2.86 | 3,694 | 0.73 | 1.04 | 0.39 | 199 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix Short-Term Municipal Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.93 | 0.07 | (0.01) | 0.06 | (0.07) | — | (0.01) | (0.08) | (0.02) | 9.91 | 0.52 % | $ 31,289 | 0.48 % | 0.81 % | 0.87 % | 56 % | |
4/1/16 to 3/31/17 | 9.98 | 0.08 | (0.04) | 0.04 | (0.08) | — | (0.01) | (0.09) | (0.05) | 9.93 | 0.40 | 26,710 | 0.48 | 0.66 | 0.75 | 59 | |
4/1/15 to 3/31/16 | 10.00 | 0.04 | — (11) | 0.04 | (0.04) | — | (0.02) | (0.06) | (0.02) | 9.98 | 0.41 | 32,184 | 0.51 | 0.62 | 0.41 | 82 | |
4/1/14 to 3/31/15 | 9.99 | 0.04 | 0.08 | 0.12 | (0.04) | — | (0.07) | (0.11) | 0.01 | 10.00 | 1.21 | 38,669 | 0.55 | 0.62 | 0.42 | 148 | |
4/1/13 to 3/31/14 | 10.01 | 0.02 | 0.01 | 0.03 | (0.02) | — | (0.03) | (0.05) | (0.02) | 9.99 | 0.37 | 30,852 | 0.54 | 0.71 | 0.21 | 260 | |
4/1/12 to 3/31/13 | 10.73 | 0.05 | 0.27 | 0.32 | (0.06) | — | (0.98) | (1.04) | (0.72) | 10.01 | 3.01 | 11,121 | 0.58 | 0.91 | 0.52 | 199 | |
Seix Total Return Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.77 | 0.15 | — | 0.15 | (0.09) | (0.06) | — | (0.15) | — | 10.77 | 1.37 % | $ 13,227 | 0.71 % (7) | 0.84 % | 1.86 % | 150 % | |
4/1/16 to 3/31/17 | 11.02 | 0.20 | (0.06) | 0.14 | (0.22) | — | (0.17) | (0.39) | (0.25) | 10.77 | 1.22 | 27,284 | 0.70 | 0.70 | 1.85 | 210 | |
4/1/15 to 3/31/16 | 11.11 | 0.17 | (0.06) | 0.11 | (0.19) | — | (0.01) | (0.20) | (0.09) | 11.02 | 1.02 | 32,366 | 0.71 | 0.71 | 1.55 | 181 | |
4/1/14 to 3/31/15 | 10.77 | 0.21 | 0.35 | 0.56 | (0.22) | — | — | (0.22) | 0.34 | 11.11 | 5.28 | 43,401 | 0.71 | 0.71 | 1.90 | 173 | |
4/1/13 to 3/31/14 | 11.15 | 0.20 | (0.28) | (0.08) | (0.20) | — | (0.10) | (0.30) | (0.38) | 10.77 | (0.70) | 41,134 | 0.70 | 0.70 | 1.82 | 217 | |
4/1/12 to 3/31/13 | 11.12 | 0.16 | 0.25 | 0.41 | (0.18) | — | (0.20) | (0.38) | 0.03 | 11.15 | 3.76 | 50,279 | 0.66 | 0.68 | 1.42 | 139 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.42 | 0.17 | (0.01) | 0.16 | (0.10) | (0.06) | — | (0.16) | — | 10.42 | 1.56 % | $ 681,010 | 0.46 % | 0.53 % | 2.15 % | 150 % | |
4/1/16 to 3/31/17 | 10.67 | 0.22 | (0.07) | 0.15 | (0.23) | — | (0.17) | (0.40) | (0.25) | 10.42 | 1.44 (8) | 790,997 | 0.46 | 0.46 | 2.10 | 210 | |
4/1/15 to 3/31/16 | 10.75 | 0.19 | (0.05) | 0.14 | (0.21) | — | (0.01) | (0.22) | (0.08) | 10.67 | 1.35 (8) | 971,159 | 0.45 | 0.45 | 1.82 | 181 | |
4/1/14 to 3/31/15 | 10.43 | 0.23 | 0.34 | 0.57 | (0.25) | — | — | (0.25) | 0.32 | 10.75 | 5.47 | 972,117 | 0.44 | 0.44 | 2.17 | 173 | |
4/1/13 to 3/31/14 | 10.79 | 0.22 | (0.26) | (0.04) | (0.22) | — | (0.10) | (0.32) | (0.36) | 10.43 | (0.31) | 1,022,101 | 0.41 | 0.41 | 2.12 | 217 | |
4/1/12 to 3/31/13 | 10.77 | 0.18 | 0.25 | 0.43 | (0.21) | — | (0.20) | (0.41) | 0.02 | 10.79 | 4.01 | 1,204,228 | 0.39 | 0.40 | 1.69 | 139 | |
Class R | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.42 | 0.13 | (0.01) | 0.12 | (0.06) | (0.06) | — | (0.12) | — | 10.42 | 1.18 % | $ 31,959 | 0.99 % | 1.00 % | 1.62 % | 150 % | |
4/1/16 to 3/31/17 | 10.67 | 0.16 | (0.07) | 0.09 | (0.17) | — | (0.17) | (0.34) | (0.25) | 10.42 | 0.83 | 39,541 | 1.06 | 1.06 | 1.48 | 210 | |
4/1/15 to 3/31/16 | 10.75 | 0.13 | (0.05) | 0.08 | (0.15) | — | (0.01) | (0.16) | (0.08) | 10.67 | 0.74 | 50,402 | 1.06 | 1.06 | 1.21 | 181 | |
4/1/14 to 3/31/15 | 10.43 | 0.17 | 0.33 | 0.50 | (0.18) | — | — | (0.18) | 0.32 | 10.75 | 4.83 | 64,539 | 1.05 | 1.06 | 1.56 | 173 | |
4/1/13 to 3/31/14 | 10.80 | 0.16 | (0.27) | (0.11) | (0.16) | — | (0.10) | (0.26) | (0.37) | 10.43 | (1.02) | 72,556 | 1.03 | 1.07 | 1.52 | 217 | |
4/1/12 to 3/31/13 | 10.78 | 0.12 | 0.25 | 0.37 | (0.15) | — | (0.20) | (0.35) | 0.02 | 10.80 | 3.34 | 72,697 | 0.96 | 1.05 | 1.11 | 139 | |
Class R6* | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.42 | 0.19 | (0.02) | 0.17 | (0.11) | (0.06) | — | (0.17) | — | 10.42 | 1.68 % | $ 145,096 | 0.31 % | 0.40 % | 2.38 % | 150 % | |
4/1/16 to 3/31/17 | 10.67 | 0.25 | (0.08) | 0.17 | (0.25) | — | (0.17) | (0.42) | (0.25) | 10.42 | 1.58 | 101,022 | 0.31 | 0.31 | 2.40 | 210 | |
4/1/15 to 3/31/16 | 10.75 | 0.21 | (0.06) | 0.15 | (0.22) | — | (0.01) | (0.23) | (0.08) | 10.67 | 1.49 | 56,133 | 0.31 | 0.31 | 1.95 | 181 | |
8/1/14 to 3/31/15(12) | 10.56 | 0.16 | 0.20 | 0.36 | (0.17) | — | — | (0.17) | 0.19 | 10.75 | 3.39 | 71,520 | 0.31 | 0.31 | 2.20 | 173 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.03 | 0.09 | (0.01) | 0.08 | (0.09) | (0.01) | — | (0.10) | (0.02) | 10.01 | 0.82 % | $1,343,042 | 0.41 % | 0.47 % | 1.17 % | 48 % | |
4/1/16 to 3/31/17 | 10.03 | 0.07 | 0.03 | 0.10 | (0.10) | — | — | (0.10) | — | 10.03 | 0.98 | 1,367,242 | 0.42 | 0.42 | 0.72 | 77 | |
4/1/15 to 3/31/16 | 10.12 | 0.06 | (0.07) | (0.01) | (0.08) | — | — | (0.08) | (0.09) | 10.03 | (0.11) | 1,557,899 | 0.41 | 0.41 | 0.57 | 52 | |
4/1/14 to 3/31/15 | 10.12 | 0.06 | 0.02 | 0.08 | (0.08) | — | — | (0.08) | — | 10.12 | 0.77 | 1,665,888 | 0.39 | 0.39 | 0.55 | 34 | |
4/1/13 to 3/31/14 | 10.17 | 0.03 | (0.02) | 0.01 | (0.06) | — | — | (0.06) | (0.05) | 10.12 | 0.13 | 1,993,215 | 0.38 | 0.38 | 0.31 | 36 | |
4/1/12 to 3/31/13 | 10.14 | 0.03 | 0.08 | 0.11 | (0.08) | — | — | (0.08) | 0.03 | 10.17 | 1.10 | 2,331,913 | 0.36 | 0.36 | 0.29 | 137 | |
Class R6* | |||||||||||||||||
4/1/17 to 12/31/17(6) | $10.04 | 0.10 | — (11) | 0.10 | (0.10) | (0.01) | — | (0.11) | (0.01) | 10.03 | 1.04 % | $ 43,072 | 0.26 % | 0.33 % | 1.32 % | 48 % | |
8/1/16 to 3/31/17(13) | 10.04 | 0.08 | — | 0.08 | (0.08) | — | — | (0.08) | — | 10.04 | 0.77 (8) | 32,657 | 0.26 | 0.26 | 1.12 | 77 | |
Seix U.S. Mortgage Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.10 | 0.12 | 0.04 | 0.16 | (0.11) | (0.06) | — | (0.17) | (0.01) | 11.09 | 1.45 % | $ 2,566 | 0.90 % | 1.59 % | 1.48 % | 89 % | |
4/1/16 to 3/31/17 | 11.31 | 0.05 | (0.04) | 0.01 | (0.18) | — | (0.04) | (0.22) | (0.21) | 11.10 | 0.04 (8) | 3,594 | 0.90 | 0.98 | 0.41 | 118 | |
4/1/15 to 3/31/16 | 11.29 | 0.08 | 0.11 | 0.19 | (0.17) | — | — | (0.17) | 0.02 | 11.31 | 1.72 | 6,560 | 0.90 | 1.10 | 0.76 | 223 | |
4/1/14 to 3/31/15 | 10.88 | 0.16 | 0.47 | 0.63 | (0.22) | — | — | (0.22) | 0.41 | 11.29 | 5.86 | 5,201 | 0.89 | 1.43 | 1.45 | 165 | |
4/1/13 to 3/31/14 | 11.14 | 0.11 | (0.18) | (0.07) | (0.19) | — | — | (0.19) | (0.26) | 10.88 | (0.58) | 1,721 | 0.86 | 1.27 | 1.02 | 236 | |
4/1/12 to 3/31/13 | 11.07 | 0.02 | 0.21 | 0.23 | (0.16) | — | — | (0.16) | 0.07 | 11.14 | 2.06 | 2,271 | 0.86 | 1.05 | 0.15 | 163 | |
Class C | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.11 | 0.05 | 0.06 | 0.11 | (0.05) | (0.06) | — | (0.11) | — | 11.11 | 0.99 % | $ 3,722 | 1.62 % | 1.98 % | 0.65 % | 89 % | |
4/1/16 to 3/31/17 | 11.33 | (0.03) | (0.06) | (0.09) | (0.09) | — | (0.04) | (0.13) | (0.22) | 11.11 | (0.79) (8) | 4,301 | 1.65 | 1.71 | 0.26 | 118 | |
4/1/15 to 3/31/16 | 11.32 | — (11) | 0.10 | 0.10 | (0.09) | — | — | (0.09) | 0.01 | 11.33 | 0.88 | 5,478 | 1.65 | 1.79 | 0.01 | 223 | |
4/1/14 to 3/31/15 | 10.90 | 0.09 | 0.47 | 0.56 | (0.14) | — | — | (0.14) | 0.42 | 11.32 | 5.15 | 3,989 | 1.65 | 2.15 | 0.79 | 165 | |
4/1/13 to 3/31/14 | 11.16 | 0.03 | (0.18) | (0.15) | (0.11) | — | — | (0.11) | (0.26) | 10.90 | (1.36) | 4,780 | 1.66 | 2.04 | 0.23 | 236 | |
4/1/12 to 3/31/13 | 11.09 | (0.07) | 0.21 | 0.14 | (0.07) | — | — | (0.07) | 0.07 | 11.16 | 1.25 | 6,039 | 1.66 | 1.84 | (0.65) | 163 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $11.12 | 0.13 | 0.05 | 0.18 | (0.13) | (0.06) | — | (0.19) | (0.01) | 11.11 | 1.60 % | $ 18,967 | 0.70 % | 1.08 % | 1.52 % | 89 % | |
4/1/16 to 3/31/17 | 11.33 | 0.07 | (0.04) | 0.03 | (0.20) | — | (0.04) | (0.24) | (0.21) | 11.12 | 0.24 (8) | 17,620 | 0.70 | 0.86 | 0.66 | 118 | |
4/1/15 to 3/31/16 | 11.32 | 0.12 | 0.09 | 0.21 | (0.20) | — | — | (0.20) | 0.01 | 11.33 | 1.84 | 25,068 | 0.70 | 0.86 | 1.03 | 223 | |
4/1/14 to 3/31/15 | 10.90 | 0.19 | 0.48 | 0.67 | (0.25) | — | — | (0.25) | 0.42 | 11.32 | 6.16 | 3,650 | 0.69 | 1.26 | 1.75 | 165 | |
4/1/13 to 3/31/14 | 11.16 | 0.12 | (0.16) | (0.04) | (0.22) | — | — | (0.22) | (0.26) | 10.90 | (0.38) | 3,692 | 0.66 | 1.10 | 1.08 | 236 | |
4/1/12 to 3/31/13 | 11.09 | 0.04 | 0.21 | 0.25 | (0.18) | — | — | (0.18) | 0.07 | 11.16 | 2.26 | 8,851 | 0.66 | 0.85 | 0.37 | 163 | |
Seix Ultra-Short Bond Fund | |||||||||||||||||
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.96 | 0.11 | 0.01 | 0.12 | (0.11) | — | — | (0.11) | 0.01 | 9.97 | 1.21 % | $ 59,548 | 0.42 % (7) | 0.56 % | 1.44 % | 53 % | |
4/1/16 to 3/31/17 | 9.93 | 0.10 | 0.04 | 0.14 | (0.11) | — | — | (0.11) | 0.03 | 9.96 | 1.41 | 87,344 | 0.40 | 0.40 | 1.05 | 142 | |
4/1/15 to 3/31/16 | 9.97 | 0.08 | (0.04) | 0.04 | (0.08) | — | — | (0.08) | (0.04) | 9.93 | 0.42 | 104,950 | 0.38 | 0.38 | 0.77 | 59 | |
4/1/14 to 3/31/15 | 9.98 | 0.06 | — (11) | 0.06 | (0.07) | — | — | (0.07) | (0.01) | 9.97 | 0.55 | 142,680 | 0.37 | 0.37 | 0.57 | 54 | |
4/1/13 to 3/31/14 | 9.98 | 0.07 | 0.01 | 0.08 | (0.08) | — | — | (0.08) | — | 9.98 | 0.76 | 122,053 | 0.35 | 0.35 | 0.65 | 134 | |
4/1/12 to 3/31/13 | 9.95 | 0.10 | 0.04 | 0.14 | (0.11) | — | — | (0.11) | 0.03 | 9.98 | 1.39 | 109,224 | 0.33 | 0.33 | 0.98 | 127 |
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 | Distributions from Tax Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Seix Virginia Intermediate Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.55 | 0.16 | 0.10 | 0.26 | (0.16) | — | (0.12) | (0.28) | (0.02) | 9.53 | 2.80 % | $ 3,352 | 0.79 % | 1.02 % | 2.26 % | 34 % | |
4/1/16 to 3/31/17 | 10.06 | 0.23 | (0.23) | — | (0.23) | — | (0.28) | (0.51) | (0.51) | 9.55 | (0.01) | 3,624 | 0.79 | 0.79 | 2.28 | 49 | |
4/1/15 to 3/31/16 | 10.23 | 0.23 | 0.09 | 0.32 | (0.23) | — | (0.26) | (0.49) | (0.17) | 10.06 | 3.29 | 4,365 | 0.76 | 0.76 | 2.29 | 48 | |
4/1/14 to 3/31/15 | 10.11 | 0.24 | 0.21 | 0.45 | (0.24) | — | (0.09) | (0.33) | 0.12 | 10.23 | 4.45 | 5,152 | 0.74 | 0.74 | 2.34 | 59 | |
4/1/13 to 3/31/14 | 10.53 | 0.27 | (0.32) | (0.05) | (0.27) | — | (0.10) | (0.37) | (0.42) | 10.11 | (0.35) | 7,668 | 0.73 | 0.73 | 2.67 | 65 | |
4/1/12 to 3/31/13 | 10.63 | 0.30 | 0.07 | 0.37 | (0.30) | — | (0.17) | (0.47) | (0.10) | 10.53 | 3.45 | 10,996 | 0.74 | 0.74 | 2.78 | 33 | |
Class I | |||||||||||||||||
4/1/17 to 12/31/17(6) | $ 9.55 | 0.17 | 0.11 | 0.28 | (0.18) | — | (0.12) | (0.30) | (0.02) | 9.53 | 2.91 % | $ 37,626 | 0.65 % | 0.88 % | 2.40 % | 34 % | |
4/1/16 to 3/31/17 | 10.06 | 0.24 | (0.23) | 0.01 | (0.24) | — | (0.28) | (0.52) | (0.51) | 9.55 | 0.13 | 45,969 | 0.65 | 0.70 | 2.41 | 49 | |
4/1/15 to 3/31/16 | 10.24 | 0.24 | 0.08 | 0.32 | (0.24) | — | (0.26) | (0.50) | (0.18) | 10.06 | 3.30 | 64,653 | 0.65 | 0.68 | 2.38 | 48 | |
4/1/14 to 3/31/15 | 10.12 | 0.25 | 0.21 | 0.46 | (0.25) | — | (0.09) | (0.34) | 0.12 | 10.24 | 4.54 | 119,103 | 0.65 | 0.65 | 2.42 | 59 | |
4/1/13 to 3/31/14 | 10.54 | 0.29 | (0.32) | (0.03) | (0.29) | — | (0.10) | (0.39) | (0.42) | 10.12 | (0.20) | 120,600 | 0.58 | 0.58 | 2.83 | 65 | |
4/1/12 to 3/31/13 | 10.63 | 0.31 | 0.08 | 0.39 | (0.31) | — | (0.17) | (0.48) | (0.09) | 10.54 | 3.70 | 144,889 | 0.59 | 0.59 | 2.93 | 33 |
Footnote Legend | |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Calculated using average shares outstanding. |
(2) | Total return excludes sales charge. Not annualized for periods less than one year. Sales charges where applicable are not reflected in the Total Return calculation. |
(3) | Annualized for periods less than one year. |
(4) | The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(5) | Not Annualized for periods less than one year. |
(6) | The Fund changed its fiscal period end to December 31 during the period. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the management’s discussion of Fund performance. |
(9) | Class R6 (formerly IS) commenced operations on August 3, 2015 for the predecessor fund (see Note 1). |
(10) | Class R6 (formerly IS) commenced operations on February 2, 2015 for the predecessor fund (see Note 1). |
(11) | Rounds to less than $0.005 per share or less than 0.01%, as applicable. |
(12) | Class R6 (formerly IS) commenced operations on August 1, 2014 for the predecessor fund (see Note 1). |
(13) | Class R6 (formerly IS) commenced operations on August 1, 2016 for the predecessor fund (see Note 1). |
(14) | Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.09%, 0.07%, and 0.07% of average net assets for the Class A, Class I and Class IS, respectively. |
Predecessor Fund | Fund | |
RidgeWorth Seix Core Bond Fund | Seix Core Bond Fund | |
RidgeWorth Seix Corporate Bond Fund | Seix Corporate Bond Fund | |
RidgeWorth Seix Floating Rate High Income Fund | Seix Floating Rate High Income Fund | |
RidgeWorth Seix Georgia Tax-Exempt Bond Fund | Seix Georgia Tax-Exempt Bond Fund | |
RidgeWorth Seix High Grade Municipal Bond Fund | Seix High Grade Municipal Bond Fund | |
RidgeWorth Seix High Income Fund | Seix High Income Fund | |
RidgeWorth Seix High Yield Fund | Seix High Yield Fund | |
RidgeWorth Seix Investment Grade Tax-Exempt Bond Fund | Seix Investment Grade Tax-Exempt Bond Fund | |
RidgeWorth Seix Limited Duration Fund | Seix Limited Duration Fund | |
RidgeWorth Seix North Carolina Tax-Exempt Bond Fund | Seix North Carolina Tax-Exempt Bond Fund | |
RidgeWorth Seix Short-Term Bond Fund | Seix Short-Term Bond Fund | |
RidgeWorth Seix Short-Term Municipal Bond Fund | Seix Short-Term Municipal Bond Fund | |
RidgeWorth Seix Total Return Bond Fund | Seix Total Return Bond Fund | |
RidgeWorth Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | |
RidgeWorth Seix U.S. Mortgage Fund | Seix U.S. Mortgage Fund | |
RidgeWorth Seix Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | |
RidgeWorth Seix Virginia Intermediate Municipal Bond Fund | Seix Virginia Intermediate Municipal Bond Fund |
A. | Security Valuation |
Security valuation procedures for each Fund, which include nightly price variance as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly. | |
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 between levels at the end of the reporting period. |
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sales of securities are determined on the identified cost basis. Dividend income is 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. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT and MLP investments 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 its 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 and MLP 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 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. As of December 31, 2017, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions). | |
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 that 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 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. 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. Such fluctuations are included with the net realized and unrealized gain or loss on investments. |
G. | Securities Traded on a To-Be-Announced Basis |
Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. | |
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 Fund 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 delayed delivery securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or delayed delivery basis begin earning interest on the settlement date. | |
I. | 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 loan agreement. 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 (London Interbank Offered Rate), 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. | |
As of December 31, 2017, the Funds had the following unfunded loan commitments: |
Unfunded Loan Commitment | |||||
Seix Floating | Seix | Seix | |||
Rate High Income | High Income | High Yield | |||
Borrower | Fund | Fund | Fund | ||
Centene Corp. | $43,285 | $1,245 | $1,280 | ||
Gannett Co., Inc. | 1,150 | — | — | ||
Radiate Holdco LLC | 10,000 | — | — | ||
Recess Holdings, Inc. | 300 | — | — | ||
Supervalu, Inc. | 2,361 | — | — | ||
Toys R Us-Delaware, Inc. | 14,389 | — | — |
J. | Securities Lending |
During the period, certain Funds were permitted to loan securities to qualified brokers through an agreement with State Street Bank and Trust Company (“State Street”), as a third party lending agent. Under the terms of the agreement, when doing so a Fund was required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral, consisting of cash and securities issued by the U.S. Government or its agencies, was adjusted daily in connection with changes in the market value of securities on loan. Cash collateral was invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker were recorded as income by a Fund net of fees and rebates charged by State Street 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. | |
Effective August 10, 2017, securities lending was suspended for the Funds. Effective October 23, 2017, the Bank of New York Mellon became custodian for the Funds and the agreement with State Street was terminated. There were no securities on loan as of December 31, 2017. |
A. | Futures Contracts |
A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the “initial margin” requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) on futures contracts. | |
During the fiscal period, the Seix Ultra Short Bond Fund and Seix U.S. Government Securities Ultra Short Bond Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks to each such Fund are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund’s success in using futures will be dependent upon the subadviser’s ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. | |
B. | Forward Foreign Currency Exchange Contracts |
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. | |
During the fiscal period, Seix Total Return Bond Fund entered into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, foreign currencies (foreign currency exchange rate risk). Forward foreign currency contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. | |
C. | Swaps |
Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The value of the swap is reflected on the Statements of Assets and Liabilities as “Swaps at value”. Swaps are marked-to-market daily and changes in value are recorded as “Net change in unrealized appreciation (depreciation) on swaps” in the Statements of Operations. | |
Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under “Swaps at value” in the Statements of Assets and Liabilities and are amortized over the term of the swap. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as “Net realized gain (loss) on swaps” in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. | |
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. | |
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. |
Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). | |
During the fiscal period, the Seix Total Return Bond Fund utilized both single name credit default swaps and credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index. | |
Interest rate swaps – Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. Certain Funds may enter into interest rate swaps to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate risk by economically hedging the value of the fixed rate bonds which may decrease when interest rates rise (interest rate risk). | |
During the fiscal period, Seix Total Return Bond Fund utilized interest rate swaps to gain exposure to interest rates or to hedge interest rate risk within its portfolio. | |
The following is a summary of derivative instruments categorized by primary risk exposure, presented in the financial statements as of December 31, 2017: |
Fair Values of Derivative Financial Instruments as of December 31, 2017(1) | |||||||||
Derivative Assets | |||||||||
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | |||||||
Primary Risk | Statement of Assets and Liabilities Location | Value | Value | Value | |||||
Foreign currency exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | $1,155 | $— | $— | |||||
Total | $1,155 | $— | $— |
Derivative Liabilities | |||||||||
Primary Risk | Statement of Assets and Liabilities Location | Value | Value | Value | |||||
Interest rate contracts | Variation margin payable on futures contracts | $ — | $22 | $ 3 | |||||
Foreign currency exchange contracts | Unrealized depreciation on forward foreign currency exchange contracts | 1,885 | — | — | |||||
Credit contracts | Variation margin payable on swaps | 98 | — | — | |||||
Total | $1,983 | $22 | $ 3 |
(1) | The variation margin shown in the Statements of Assets and Liabilities is the daily change in the unrealized appreciation (depreciation) for open futures and exchange traded swap contracts. The fair values reported in the Schedules of Investments represent the cumulative unrealized gain (loss) from the date the contract was opened until December 31, 2017. |
The Effect of Derivative Financial Instruments in the Statement of Operations Period Ended December 31, 2017 | ||||||||||
Net Realized Gain (Loss) From | ||||||||||
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||||||
Interest rate contracts: | ||||||||||
Futures contracts | $ — | $104 | $35 | |||||||
Swaps | (363) | — | — | |||||||
Foreign currency exchange contracts: | ||||||||||
Forward foreign currency transactions | (420) | — | — | |||||||
Credit contracts: | ||||||||||
Swaps | (1,370) | — | — | |||||||
Total | $(2,153) | $104 | $35 |
The Effect of Derivative Financial Instruments in the Statement of Operations Period Ended December 31, 2017 | ||||||||||
Net Change in Unrealized Appreciation/(Depreciation) on | ||||||||||
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||||||
Interest rate contracts: | ||||||||||
Futures | $ — | $227 | $34 | |||||||
Foreign currency exchange contracts: | ||||||||||
Forward foreign currency transactions | 17 | — | — | |||||||
Credit contracts: | ||||||||||
Swaps | (2,679) | — | — | |||||||
Total | $(2,662) | $227 | $34 |
Seix Total Return Bond Fund | |||||||
Credit Risk | Foreign Exchange Risk | Interest Rate Risk | Equity Risk | ||||
Average Number of Contracts, Notional Amounts or Shares | |||||||
Swap Contracts | $78,826 | $ — | $364,444 | $— | |||
Forward Contracts | — | 72,127 | — | — |
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||
Credit Risk | Foreign Exchange Risk | Interest Rate Risk | Equity Risk | ||||
Average Number of Contracts, Notional Amounts or Shares | |||||||
Future Contracts | — | — | — (1) | — |
(1) | Amount is less than 500. |
Seix Ultra-Short Bond Fund | |||||||
Credit Risk | Foreign Exchange Risk | Interest Rate Risk | Equity Risk | ||||
Average Number of Contracts, Notional Amounts or Shares | |||||||
Future Contracts | — | — | — (1) | — |
(1) | Amount is less than 500. |
D. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. | |
A Fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. | |
With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund. | |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. | |
E. | Collateral Requirements and Master Netting Agreements (“MNA”) |
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. | |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |
At December 31, 2017, the Funds’ derivative assets and liabilities (by type) are as follows: | |||||||||||||||||
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Derivative Financial Instruments: | |||||||||||||||||
Futures contracts | $ — | $ — | $— | $22 | $— | $ 3 | |||||||||||
Forward foreign currency exchange contracts | 1,155 | 1,885 | — | — | — | — | |||||||||||
Swaps | — | 98 | — | — | — | — | |||||||||||
Total derivative assets and liabilities in the Statement of Assets and Liabilities | $1,155 | $1,983 | $— | $22 | $— | $ 3 | |||||||||||
Derivatives not subject to a MNA or similar agreement | — | 98 | — | 22 | — | 3 | |||||||||||
Total assets and liabilities subject to a MNA | $1,155 | $1,885 | $— | $ — | $— | $— |
Seix Total Return Bond Fund | ||||||||||
Counterparty | Derivative Assets Subject to a MNA by Counterparty | Derivatives Available for Offset | Non-Cash Collateral Received | Cash Collateral Received | Net Amount of Derivative Assets | |||||
JPMorgan Securities LLC | $1,155 | $(1,155) | $— | $— | $— | |||||
Total | $1,155 | $(1,155) | $— | $— | $— |
Counterparty | Derivatives Liabilities Subject to a MNA by Counterparty | Derivatives Available for Offset | Non-cash Collateral Pledged | Cash Collateral Pledged | Net Amount of Derivative Liabilities(1) | |||||
JPMorgan Securities LLC | $1,885 | $(1,155) | $(730) | $— | $— | |||||
Total | $1,885 | $(1,155) | $(730) | $— | $— | |||||
(1) The value of the related collateral received (pledged) exceeded the value of the net position as of December 31, 2017. |
A. | Investment Adviser |
Virtus Fund Advisers, LLC (formerly, RidgeWorth Capital Management LLC) (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 based upon the following annual rates, which remained unchanged as a result of the RidgeWorth Reorganizations, as a percentage of the average daily net assets of each Fund: |
Seix Core Bond Fund | 0.25% |
Seix Corporate Bond Fund | 0.40 |
Seix Floating Rate High Income Fund | 0.45 |
Seix Georgia Tax-Exempt Bond Fund | 0.50 |
Seix High Grade Municipal Bond Fund | 0.50 |
Seix High Income Fund | 0.55 |
Seix High Yield Fund | 0.45 |
Seix Investment Grade Tax-Exempt Bond Fund | 0.50 |
Seix Limited Duration Fund | 0.10 |
Seix North Carolina Tax-Exempt Bond Fund | 0.50 |
Seix Short-Term Bond Fund | 0.40 |
Seix Short-Term Municipal Bond Fund | 0.35 |
Seix Total Return Bond Fund | 0.25 |
Seix U.S. Government Securities Ultra-Short Bond Fund | 0.20 |
Seix U.S. Mortgage Fund | 0.40 |
Seix Ultra-Short Bond Fund | 0.22 |
Seix Virginia Intermediate Municipal Bond Fund | 0.50 |
B. | Subadviser |
Seix Investment Advisors LLC is the subadviser to the Funds. The subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. | |
C. | Expense Limits and Fee Waivers |
The Adviser has contractually agreed to limit the annual total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, 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) of each Fund, so that such expenses do not exceed, on an annualized basis, the percentages of the applicable Fund’s average daily net asset values as listed below through July 31, 2019. |
Fund | Class A | Class C | Class I | Class R | Class R6* | |||||
Seix Core Bond Fund | 0.64% | N/A% | 0.50% | 0.91% | 0.36% | |||||
Seix Corporate Bond Fund | 0.95 | 1.65 | 0.70 | N/A | N/A | |||||
Seix Floating Rate High Income Fund | 0.94 | 1.52 | 0.62 | N/A | 0.52 | |||||
Seix Georgia Tax-Exempt Bond Fund | 0.75 | N/A | 0.65 | N/A | N/A | |||||
Seix High Grade Municipal Bond Fund | 0.80 | N/A | 0.65 | N/A | N/A | |||||
Seix High Income Fund | 1.03 | N/A | 0.80 | 1.22 | 0.64 | |||||
Seix High Yield Fund | 0.82 | N/A | 0.64 | 1.04 | 0.53 | |||||
Seix Investment Grade Tax-Exempt Bond Fund | 0.80 | N/A | 0.65 | N/A | N/A | |||||
Seix Limited Duration Fund | N/A | N/A | 0.35 | N/A | N/A | |||||
Seix North Carolina Tax-Exempt Bond Fund | 0.80 | N/A | 0.65 | N/A | N/A | |||||
Seix Short-Term Bond Fund | 0.80 | 1.57 | 0.60 | N/A | N/A | |||||
Seix Short-Term Municipal Bond Fund | 0.65 | N/A | 0.48 | N/A | N/A | |||||
Seix Total Return Bond Fund | 0.70 | N/A | 0.46 | 1.06 | 0.31 | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | N/A | N/A | 0.41 | N/A | 0.26 | |||||
Seix U.S. Mortgage Fund | 0.90 | 1.65 | 0.70 | N/A | N/A | |||||
Seix Ultra-Short Bond Fund | N/A | N/A | 0.40 | N/A | N/A | |||||
Seix Virginia Intermediate Municipal Bond Fund | 0.79 | N/A | 0.65 | N/A | N/A |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
Fund | Class A | Class C | Class I | Class R | Class R6* | |||||
Seix Core Bond Fund | 0.75 % | N/A % | 0.54 % | 1.05 % | 0.44 % | |||||
Seix Floating Rate High Income Fund | 1.00 | 1.60 | 0.72 | N/A | 0.60 | |||||
Seix Georgia Tax-Exempt Bond Fund | 0.80 | N/A | 0.65 | N/A | N/A | |||||
Seix High Income Fund | 1.10 | N/A | 0.85 | 1.50 | 0.70 | |||||
Seix High Yield Fund | 0.90 | N/A | 0.70 | 1.30 | 0.64 | |||||
Seix Short-Term Bond Fund | 0.80 | 1.58 | 0.60 | N/A | N/A | |||||
Seix Short-Term Municipal Bond Fund | 0.68 | N/A | 0.48 | N/A | N/A | |||||
Seix Total Return Bond Fund | 0.75 | N/A | 0.54 | 1.15 | 0.44 | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | N/A | N/A | 0.46 | N/A | 0.40 |
Fund | Class A | Class C | Class I | Class R | Class R6* | |||||
Seix Ultra-Short Bond Fund | N/A% | N/A% | 0.46% | N/A% | N/A% | |||||
Seix Virginia Intermediate Municipal Bond Fund | 0.80 | N/A | 0.65 | N/A | N/A |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements, within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expires | ||||||||
Fund | 2018 | 2019 | 2020 | Total | ||||
Seix Core Bond Fund | ||||||||
Class A | $ — | $ — | $ 10 | 10 | ||||
Class I | — | — | 115 | 115 | ||||
Class R | — | — | 3 | 3 | ||||
Class R6 | — | — | 2 | 2 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1 | 1 | 2 | 4 | ||||
Class C | 9 | 14 | 18 | 41 | ||||
Class I | 11 | 23 | 47 | 81 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | — | — | — | — | ||||
Class C | — | — | 15 | 15 | ||||
Class I | — | — | 2,269 | 2,269 | ||||
Class R6 | — | — | 709 | 709 | ||||
Seix Georgia Tax-Exempt Bond Fund | ||||||||
Class A | — | — | 4 | 4 | ||||
Class I | 21 | 48 | 120 | 189 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | — | — | 7 | 7 | ||||
Class I | 37 | 56 | 102 | 195 | ||||
Seix High Income Fund | ||||||||
Class A | — | — | 17 | 17 | ||||
Class I | — | 26 | 179 | 205 | ||||
Class R | — | — | 5 | 5 | ||||
Class R6 | — | — | 3 | 3 | ||||
Seix High Yield Fund | ||||||||
Class A | — | — | 4 | 4 | ||||
Class I | — | — | 263 | 263 | ||||
Class R | — | — | — (1) | — | ||||
Class R6 | — | — | 26 | 26 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 34 | 30 | 20 | 84 | ||||
Class I | 185 | 260 | 481 | 926 | ||||
Seix Limited Duration Fund | ||||||||
Class I | 9 | 8 | 38 | 55 | ||||
Seix North Carolina Tax-Exempt Bond Fund | ||||||||
Class A | — | 1 | 4 | 5 | ||||
Class I | 25 | 27 | 67 | 119 | ||||
Seix Short-Term Bond Fund | ||||||||
Class A | — | — (1) | 7 | 7 | ||||
Class C | — | — | 2 | 2 | ||||
Class I | 41 | 42 | 83 | 166 | ||||
Seix Short-Term Municipal Bond Fund | ||||||||
Class A | 1 | 4 | 5 | 10 | ||||
Class I | 38 | 54 | 90 | 182 |
Expires | ||||||||
Fund | 2018 | 2019 | 2020 | Total | ||||
Seix Total Return Bond Fund | ||||||||
Class A | $ — | $ — | $ 18 | 18 | ||||
Class I | — | — | 349 | 349 | ||||
Class R | — | — | — | — | ||||
Class R6* | — | — | 78 | 78 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class I | — | — | 560 | 560 | ||||
Class R6* | — | — | 29 | 29 | ||||
Seix U.S. Mortgage Fund | ||||||||
Class A | 18 | 6 | 16 | 40 | ||||
Class C | 10 | 2 | 5 | 17 | ||||
Class I | 20 | 33 | 64 | 117 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class I | — | — | 74 | 74 | ||||
Seix Virginia Intermediate Municipal Bond Fund | ||||||||
Class A | — | — | 6 | 6 | ||||
Class I | 26 | 29 | 81 | 136 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal period ended December 31, 2017, it retained net commissions of $7 for Class A shares and CDSC of $0 and $0 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 as follows: Class A shares 0.25% (0.15% for Seix Georgia Tax-Exempt Bond Fund, Seix High Grade Municipal Bond Fund, Seix North Carolina Tax-Exempt Bond Fund, Seix Short-Term Municipal Bond Fund and Seix Virginia Intermediate Municipal Bond Fund, and 0.20% for Seix Short-Term Bond Fund and Seix U.S. Mortgage Fund); Class C shares 1.00%; Class R shares 0.50%; Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. For the period July 17, 2017 through December 31, 2017, the Funds incurred administration fees totaling $6,929 which are included in the Statements of Operations within the line item “Administration fee.” For the period July 17, 2017 through December 31, 2017, the Funds incurred transfer agent fees totaling $3,243 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Funds. | |
G. | Affiliated Shareholders |
At December 31, 2017, Virtus and its affiliates, and the retirement plans of Virtus and its affiliates, held shares of certain Funds which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate Net Asset Value | ||
Seix Core Bond Fund | |||
Class R6* | 177,110 | $ 1,883 | |
Seix Floating Rate High Income Fund | |||
Class R6* | 637,506 | 5,553 | |
Seix Total Return Bond Fund | |||
Class R6* | 1,379,365 | 14,373 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | |||
Class R6* | 186,454 | 1,870 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statement of Assets and Liabilities at December 31, 2017. |
Purchases | Sales | ||
Seix Core Bond Fund | $ 31,429 | $ 47,436 | |
Seix Corporate Bond Fund | 10,615 | 13,654 | |
Seix Floating Rate High Income Fund | 3,301,363 | 3,213,997 | |
Seix Georgia Tax-Exempt Bond Fund | 20,296 | 28,070 | |
Seix High Grade Municipal Bond Fund | 135,697 | 139,086 | |
Seix High Income Fund | 215,865 | 311,100 | |
Seix High Yield Fund | 194,989 | 250,897 | |
Seix Investment Grade Tax-Exempt Bond Fund | 654,817 | 682,101 | |
Seix Limited Duration Fund | 1,595 | 2,677 | |
Seix North Carolina Tax-Exempt Bond Fund | 6,340 | 8,910 | |
Seix Short-Term Bond Fund | 16,987 | 35,712 | |
Seix Short-Term Municipal Bond Fund | 20,512 | 16,292 | |
Seix Total Return Bond Fund | 201,182 | 287,869 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 291,429 | 229,872 | |
Seix U.S. Mortgage Fund | 2,049 | 1,535 | |
Seix Ultra-Short Bond Fund | 25,476 | 49,902 | |
Seix Virginia Intermediate Municipal Bond Fund | 14,954 | 25,266 |
Purchases | Sales | ||
Seix Core Bond Fund | $ 241,861 | $ 236,133 | |
Seix Corporate Bond Fund | 3,305 | 4,738 | |
Seix Limited Duration Fund | 1,934 | 943 | |
Seix Short-Term Bond Fund | 32,513 | 57,113 | |
Seix Total Return Bond Fund | 1,158,953 | 1,184,611 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 364,393 | 419,401 | |
Seix U.S. Mortgage Fund | 19,562 | 20,018 | |
Seix Ultra-Short Bond Fund | 7,884 | 6,079 |
Seix Core Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 142 | $ 1,506 | 160 | $ 1,723 | 115 | $ 1,235 | |||||
Shares Issued-Merger | — | — | — | — | 312 | 3,363 | |||||
Reinvestment of distributions | 11 | 118 | 29 | 305 | 19 | 207 | |||||
Shares repurchased | (340) | (3,616) | (144) | (1,551) | (181) | (1,960) | |||||
Net Increase / (Decrease) | (187) | $ (1,992) | 45 | $ 477 | 265 | $ 2,845 |
Seix Core Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Sale of shares | 3,207 | $ 34,123 | 3,326 | $ 36,165 | 3,774 | $ 40,653 | |||||
Shares Issued-Merger | — | — | — | — | 18,121 | 195,103 | |||||
Reinvestment of distributions | 272 | 2,900 | 749 | 7,981 | 515 | 5,532 | |||||
Shares repurchased | (4,868) | (51,879) | (8,708) | (94,476) | (16,264) | (175,119) | |||||
Net Increase / (Decrease) | (1,389) | $ (14,856) | (4,633) | $ (50,330) | 6,146 | $ 66,169 | |||||
Class R | |||||||||||
Sale of shares | 31 | $ 331 | 27 | $ 293 | 63 | $ 682 | |||||
Shares Issued-Merger | — | — | — | — | 1 | 15 | |||||
Reinvestment of distributions | 3 | 35 | 10 | 107 | 7 | 77 | |||||
Shares repurchased | (33) | (355) | (59) | (632) | (70) | (760) | |||||
Net Increase / (Decrease) | 1 | $ 11 | (22) | $ (232) | 1 | $ 14 | |||||
Class R6* | |||||||||||
Sale of shares | 217 | $ 2,323 | 122 | $ 1,335 | 2 | $ 25 | |||||
Reinvestment of distributions | 4 | 42 | 4 | 42 | — | — | |||||
Shares repurchased | (41) | (438) | (1) | (6) | — | (3) | |||||
Net Increase / (Decrease) | 180 | $ 1,927 | 125 | $ 1,371 | 2 | $ 22 |
Seix Corporate Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 20 | $ 173 | 95 | $ 843 | 41 | $ 345 | |||||
Reinvestment of distributions | 2 | 13 | 2 | 13 | 3 | 22 | |||||
Shares repurchased | (49) | (423) | (87) | (762) | (74) | (637) | |||||
Net Increase / (Decrease) | (27) | $ (237) | 10 | $ 94 | (30) | $ (270) | |||||
Class C | |||||||||||
Sale of shares | 9 | $ 81 | 12 | $ 106 | 39 | $ 328 | |||||
Reinvestment of distributions | 24 | 210 | 26 | 223 | 43 | 356 | |||||
Shares repurchased | (138) | (1,215) | (144) | (1,246) | (162) | (1,369) | |||||
Net Increase / (Decrease) | (105) | $ (924) | (106) | $ (917) | (80) | $ (685) | |||||
Class I | |||||||||||
Sale of shares | 131 | $ 1,154 | 828 | $ 7,180 | 332 | $ 2,875 | |||||
Reinvestment of distributions | 42 | 366 | 47 | 409 | 66 | 560 | |||||
Shares repurchased | (674) | (5,954) | (469) | (4,092) | (2,043) | (17,747) | |||||
Net Increase / (Decrease) | (501) | $ (4,434) | 406 | $ 3,497 | (1,645) | $ (14,312) |
Seix Floating Rate High Income Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 3,509 | $ 30,655 | 7,680 | $ 66,617 | 8,170 | $ 70,528 | |||||
Reinvestment of distributions | 415 | 3,623 | 705 | 6,095 | 716 | 6,118 | |||||
Shares repurchased | (6,387) | (55,749) | (10,072) | (87,425) | (8,337) | (71,544) | |||||
Net Increase / (Decrease) | (2,463) | $ (21,471) | (1,687) | $ (14,713) | 549 | $ 5,102 | |||||
Class C | |||||||||||
Sale of shares | 738 | $ 6,434 | 1,370 | $ 11,881 | 1,196 | $ 10,336 | |||||
Reinvestment of distributions | 137 | 1,199 | 203 | 1,758 | 201 | 1,719 | |||||
Shares repurchased | (1,460) | (12,746) | (1,690) | (14,592) | (2,045) | (17,473) | |||||
Net Increase / (Decrease) | (585) | $ (5,113) | (117) | $ (953) | (648) | $ (5,418) | |||||
Class I | |||||||||||
Sale of shares | 138,184 | $ 1,206,418 | 289,064 | $ 2,509,599 | 170,340 | $ 1,471,672 | |||||
Reinvestment of distributions | 14,356 | 125,246 | 15,590 | 134,820 | 20,764 | 178,035 | |||||
Shares repurchased | (139,520) | (1,217,362) | (160,237) | (1,379,328) | (508,778) | (4,367,322) | |||||
Net Increase / (Decrease) | 13,020 | $ 114,302 | 144,417 | $ 1,265,091 | (317,674) | $ (2,717,615) | |||||
Class R6* | |||||||||||
Sale of shares | 47,124 | $ 411,562 | 84,999 | $ 737,727 | 224,293 | $ 1,966,663 | |||||
Reinvestment of distributions | 3,094 | 27,019 | 3,072 | 26,613 | 1,964 | 16,666 | |||||
Shares repurchased | (52,785) | (460,939) | (74,014) | (639,567) | (92,407) | (778,963) | |||||
Net Increase / (Decrease) | (2,567) | $ (22,358) | 14,057 | $ 124,773 | 133,850 | $ 1,204,366 |
Seix Georgia Tax-Exempt Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 5 | $ 50 | 14 | $ 147 | 18 | $ 191 | |||||
Reinvestment of distributions | 7 | 80 | 13 | 138 | 8 | 84 | |||||
Shares repurchased | (62) | (654) | (22) | (241) | (30) | (320) | |||||
Net Increase / (Decrease) | (50) | $ (524) | 5 | $ 44 | (4) | $ (45) | |||||
Class I | |||||||||||
Sale of shares | 588 | $ 6,223 | 1,619 | $ 17,390 | 2,113 | $ 22,740 | |||||
Reinvestment of distributions | 220 | 2,331 | 382 | 4,085 | 282 | 3,045 | |||||
Shares repurchased | (1,423) | (15,042) | (3,068) | (32,727) | (4,712) | (50,879) | |||||
Net Increase / (Decrease) | (615) | $ (6,488) | (1,067) | $ (11,252) | (2,317) | $ (25,094) |
Seix High Grade Municipal Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 82 | $ 973 | 203 | $ 2,544 | 191 | $ 2,332 | |||||
Reinvestment of distributions | 15 | 182 | 57 | 673 | 31 | 378 | |||||
Shares repurchased | (462) | (5,496) | (342) | (4,168) | (432) | (5,267) | |||||
Net Increase / (Decrease) | (365) | $ (4,341) | (82) | $ (951) | (210) | $ (2,557) |
Seix High Grade Municipal Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Sale of shares | 945 | $ 11,233 | 2,707 | $ 32,497 | 3,082 | $ 37,611 | |||||
Reinvestment of distributions | 110 | 1,304 | 355 | 4,179 | 189 | 2,310 | |||||
Shares repurchased | (1,451) | (17,194) | (4,399) | (52,781) | (2,990) | (36,572) | |||||
Net Increase / (Decrease) | (396) | $ (4,657) | (1,337) | $ (16,105) | 281 | $ 3,349 |
Seix High Income Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 1,524 | $ 9,892 | 9,702 | $ 61,422 | 4,031 | $ 25,895 | |||||
Reinvestment of distributions | 258 | 1,678 | 444 | 2,825 | 497 | 3,085 | |||||
Shares repurchased | (7,013) | (45,526) | (7,716) | (48,627) | (6,945) | (43,755) | |||||
Net Increase / (Decrease) | (5,231) | $ (33,956) | 2,430 | $ 15,620 | (2,417) | $ (14,775) | |||||
Class I | |||||||||||
Sale of shares | 17,529 | $ 113,774 | 36,932 | $ 233,696 | 53,888 | $ 337,896 | |||||
Reinvestment of distributions | 2,947 | 19,166 | 4,836 | 30,650 | 6,491 | 40,140 | |||||
Shares repurchased | (31,340) | (203,598) | (63,396) | (399,905) | (80,951) | (498,500) | |||||
Net Increase / (Decrease) | (10,864) | $ (70,658) | (21,628) | $ (135,559) | (20,572) | $ (120,464) | |||||
Class R | |||||||||||
Sale of shares | 119 | $ 774 | 422 | $ 2,687 | 359 | $ 2,220 | |||||
Reinvestment of distributions | 83 | 543 | 129 | 822 | 161 | 997 | |||||
Shares repurchased | (614) | (3,990) | (738) | (4,668) | (1,187) | (7,386) | |||||
Net Increase / (Decrease) | (412) | $ (2,673) | (187) | $ (1,159) | (667) | $ (4,169) | |||||
Class R6* | |||||||||||
Sale of shares | 571 | $ 3,709 | 3,829 | $ 23,657 | 679 | $ 4,521 | |||||
Reinvestment of distributions | 29 | 187 | 157 | 997 | 42 | 268 | |||||
Shares repurchased | (334) | (2,169) | (3,536) | (22,677) | (1,050) | (6,289) | |||||
Net Increase / (Decrease) | 266 | $ 1,727 | 450 | $ 1,977 | (329) | $ (1,500) |
Seix High Yield Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 407 | $ 3,348 | 584 | $ 4,707 | 1,827 | $ 14,701 | |||||
Reinvestment of distributions | 20 | 167 | 36 | 285 | 49 | 392 | |||||
Shares repurchased | (603) | (4,947) | (839) | (6,679) | (1,848) | (14,844) | |||||
Net Increase / (Decrease) | (176) | $ (1,432) | (219) | $ (1,687) | 28 | $ 249 | |||||
Class I | |||||||||||
Sale of shares | 7,644 | $ 64,282 | 26,285 | $ 215,421 | 41,766 | $ 344,971 | |||||
Reinvestment of distributions | 1,888 | 15,904 | 2,744 | 22,584 | 2,678 | 21,785 | |||||
Shares repurchased | (19,342) | (162,739) | (38,319) | (314,503) | (57,055) | (463,492) | |||||
Net Increase / (Decrease) | (9,810) | $ (82,553) | (9,290) | $ (76,498) | (12,611) | $ (96,736) |
Seix High Yield Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R | |||||||||||
Sale of shares | — (2) | $ — | — | $ — | 2 | $ 18 | |||||
Reinvestment of distributions | 1 | 5 | 2 | 14 | 4 | 34 | |||||
Shares repurchased | (2) | (17) | (60) | (484) | (23) | (193) | |||||
Net Increase / (Decrease) | (1) | $ (12) | (58) | $ (470) | (17) | $ (141) | |||||
Class R6* | |||||||||||
Sale of shares | 263 | $ 2,219 | 5,141 | $ 42,159 | — | $ — | |||||
Reinvestment of distributions | 158 | 1,329 | 78 | 649 | — | — | |||||
Shares repurchased | (171) | (1,442) | (118) | (971) | — | — | |||||
Net Increase / (Decrease) | 250 | $ 2,106 | 5,101 | $ 41,837 | — | $ — |
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 50 | $ 595 | 90 | $ 1,088 | 270 | $ 3,278 | |||||
Reinvestment of distributions | 20 | 239 | 70 | 826 | 62 | 749 | |||||
Shares repurchased | (869) | (10,243) | (451) | (5,429) | (693) | (8,422) | |||||
Net Increase / (Decrease) | (799) | $ (9,409) | (291) | $ (3,515) | (361) | $ (4,395) | |||||
Class I | |||||||||||
Sale of shares | 5,989 | $ 70,386 | 16,053 | $ 191,642 | 13,027 | $ 158,312 | |||||
Reinvestment of distributions | 764 | 8,968 | 2,015 | 23,781 | 1,590 | 19,300 | |||||
Shares repurchased | (11,870) | (139,341) | (24,907) | (295,166) | (16,652) | (202,281) | |||||
Net Increase / (Decrease) | (5,117) | $ (59,987) | (6,839) | $ (79,743) | (2,035) | $ (24,669) |
Seix Limited Duration Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Sale of shares | 14 | $ 135 | — | $ — | — | $ — | |||||
Reinvestment of distributions | — | 1 | — | — | — | — | |||||
Shares repurchased | (1) | (15) | — | — | — | — | |||||
Net Increase / (Decrease) | 13 | $ 121 | — | $ — | — | $ — |
Seix North Carolina Tax-Exempt Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 7 | $ 73 | 209 | $ 2,227 | 4 | $ 40 | |||||
Reinvestment of distributions | 2 | 17 | 7 | 67 | 1 | 15 | |||||
Shares repurchased | (84) | (848) | (46) | (455) | (34) | (356) | |||||
Net Increase / (Decrease) | (75) | $ (758) | 170 | $ 1,839 | (29) | $ (301) | |||||
Class I | |||||||||||
Sale of shares | 248 | $ 2,519 | 732 | $ 7,454 | 844 | $ 8,795 | |||||
Reinvestment of distributions | 47 | 478 | 114 | 1,156 | 23 | 236 | |||||
Shares repurchased | (406) | (4,125) | (1,384) | (14,089) | (1,697) | (17,671) | |||||
Net Increase / (Decrease) | (111) | $ (1,128) | (538) | $ (5,479) | (830) | $ (8,640) |
Seix Short-Term Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 9 | $ 84 | 48 | $ 481 | 39 | $ 390 | |||||
Reinvestment of distributions | 1 | 14 | 1 | 13 | 1 | 11 | |||||
Shares repurchased | (19) | (185) | (28) | (279) | (62) | (614) | |||||
Net Increase / (Decrease) | (9) | $ (87) | 21 | $ 215 | (22) | $ (213) | |||||
Class C | |||||||||||
Sale of shares | 23 | $ 229 | 9 | $ 87 | 34 | $ 339 | |||||
Reinvestment of distributions | — | 3 | — | — | — | — | |||||
Shares repurchased | (28) | (279) | (51) | (509) | (33) | (328) | |||||
Net Increase / (Decrease) | (5) | $ (47) | (42) | $ (422) | 1 | $ 11 | |||||
Class I | |||||||||||
Sale of shares | 808 | $ 8,019 | 1,738 | $ 17,312 | 2,020 | $ 20,070 | |||||
Reinvestment of distributions | 22 | 218 | 37 | 367 | 28 | 281 | |||||
Shares repurchased | (5,269) | (52,322) | (1,516) | (15,114) | (2,145) | (21,317) | |||||
Net Increase / (Decrease) | (4,439) | $ (44,085) | 259 | $ 2,565 | (97) | $ (966) |
Seix Short-Term Municipal Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 53 | $ 528 | 21 | $ 210 | 451 | $ 4,499 | |||||
Reinvestment of distributions | 1 | 10 | 2 | 18 | 2 | 20 | |||||
Shares repurchased | (58) | (579) | (578) | (5,742) | (103) | (1,024) | |||||
Net Increase / (Decrease) | (4) | $ (41) | (555) | $ (5,514) | 350 | $ 3,495 |
Seix Short-Term Municipal Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Sale of shares | 937 | $ 9,338 | 1,181 | $ 11,750 | 953 | $ 9,508 | |||||
Reinvestment of distributions | 12 | 116 | 12 | 114 | 7 | 73 | |||||
Shares repurchased | (481) | (4,787) | (1,728) | (17,210) | (1,603) | (16,005) | |||||
Net Increase / (Decrease) | 468 | $ 4,667 | (535) | $ (5,346) | (643) | $ (6,424) |
Seix Total Return Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 256 | $ 2,775 | 489 | $ 5,404 | 462 | $ 5,048 | |||||
Reinvestment of distributions | 22 | 235 | 80 | 869 | 55 | 602 | |||||
Shares repurchased | (1,583) | (17,214) | (972) | (10,769) | (1,488) | (16,201) | |||||
Net Increase / (Decrease) | (1,305) | $ (14,204) | (403) | $ (4,496) | (971) | $ (10,551) | |||||
Class I | |||||||||||
Sale of shares | 9,963 | $ 104,413 | 23,029 | $ 245,458 | 24,445 | $ 258,434 | |||||
Reinvestment of distributions | 1,113 | 11,666 | 2,937 | 30,888 | 1,896 | 20,024 | |||||
Shares repurchased | (21,632) | (226,876) | (41,093) | (438,060) | (25,707) | (271,413) | |||||
Net Increase / (Decrease) | (10,556) | $ (110,797) | (15,127) | $ (161,714) | 634 | $ 7,045 | |||||
Class R | |||||||||||
Sale of shares | 297 | $ 3,111 | 683 | $ 7,286 | 795 | $ 8,397 | |||||
Reinvestment of distributions | 40 | 423 | 136 | 1,422 | 78 | 819 | |||||
Shares repurchased | (1,065) | (11,149) | (1,749) | (18,551) | (2,150) | (22,714) | |||||
Net Increase / (Decrease) | (728) | $ (7,615) | (930) | $ (9,843) | (1,277) | $ (13,498) | |||||
Class R6* | |||||||||||
Sale of shares | 5,870 | $ 61,786 | 5,600 | $ 59,720 | 2,409 | $ 25,425 | |||||
Reinvestment of distributions | 180 | 1,889 | 318 | 3,323 | 141 | 1,491 | |||||
Shares repurchased | (1,820) | (19,125) | (1,484) | (15,706) | (3,939) | (41,630) | |||||
Net Increase / (Decrease) | 4,230 | $ 44,550 | 4,434 | $ 47,337 | (1,389) | $ (14,714) |
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Sale of shares | 35,471 | $ 355,547 | 50,879 | $ 510,268 | 69,731 | $ 702,624 | |||||
Reinvestment of distributions | 1,196 | 11,988 | 1,293 | 12,962 | 1,083 | 10,909 | |||||
Shares repurchased | (38,900) | (389,928) | (71,148) | (713,432) | (80,130) | (807,576) | |||||
Net Increase / (Decrease) | (2,233) | $ (22,393) | (18,976) | $ (190,202) | (9,316) | $ (94,043) |
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R6* | |||||||||||
Sale of shares | 5,174 | $ 51,935 | 4,059 | $ 40,750 | — | $ — | |||||
Reinvestment of distributions | 51 | 512 | 7 | 71 | — | — | |||||
Shares repurchased | (4,182) | (41,965) | (814) | (8,168) | — | — | |||||
Net Increase / (Decrease) | 1,043 | $ 10,482 | 3,252 | $ 32,653 | — | $ — |
Seix U.S. Mortgage Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 14 | $ 156 | 111 | $ 1,252 | 184 | $ 2,067 | |||||
Shares Issued-Merger | — | — | — | — | 49 | 551 | |||||
Reinvestment of distributions | 4 | 43 | 11 | 121 | 8 | 88 | |||||
Shares repurchased | (111) | (1,235) | (378) | (4,187) | (122) | (1,363) | |||||
Net Increase / (Decrease) | (93) | $ (1,036) | (256) | $ (2,814) | 119 | $ 1,343 | |||||
Class C | |||||||||||
Sale of shares | 2 | $ 27 | 6 | $ 63 | 72 | $ 809 | |||||
Shares Issued-Merger | — | — | — | — | 105 | 1,177 | |||||
Reinvestment of distributions | 4 | 38 | 5 | 55 | 4 | 40 | |||||
Shares repurchased | (58) | (642) | (107) | (1,205) | (50) | (558) | |||||
Net Increase / (Decrease) | (52) | $ (577) | (96) | $ (1,087) | 131 | $ 1,468 | |||||
Class I | |||||||||||
Sale of shares | 379 | $ 4,236 | 309 | $ 3,480 | 912 | $ 10,270 | |||||
Shares Issued-Merger | — | — | — | — | 1,506 | 16,906 | |||||
Reinvestment of distributions | 27 | 300 | 40 | 449 | 26 | 288 | |||||
Shares repurchased | (283) | (3,162) | (975) | (10,975) | (554) | (6,241) | |||||
Net Increase / (Decrease) | 123 | $ 1,374 | (626) | $ (7,046) | 1,890 | $ 21,223 |
Seix Ultra-Short Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class I | |||||||||||
Sale of shares | 1,464 | $ 14,594 | 8,013 | $ 79,739 | 3,877 | $ 38,499 | |||||
Reinvestment of distributions | 64 | 638 | 97 | 966 | 79 | 785 | |||||
Shares repurchased | (4,327) | (43,118) | (9,911) | (98,619) | (7,695) | (76,494) | |||||
Net Increase / (Decrease) | (2,799) | $ (27,886) | (1,801) | $ (17,914) | (3,739) | $ (37,210) |
Seix Virginia Intermediate Municipal Bond Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 30 | $ 284 | 39 | $ 383 | 16 | $ 161 | |||||
Reinvestment of distributions | 11 | 104 | 19 | 187 | 21 | 207 | |||||
Shares repurchased | (68) | (653) | (112) | (1,102) | (106) | (1,074) | |||||
Net Increase / (Decrease) | (27) | $ (265) | (54) | $ (532) | (69) | $ (706) | |||||
Class I | |||||||||||
Sale of shares | 532 | $ 5,124 | 1,488 | $ 14,610 | 1,119 | $ 11,308 | |||||
Reinvestment of distributions | 37 | 357 | 106 | 1,024 | 117 | 1,165 | |||||
Shares repurchased | (1,434) | (13,817) | (3,206) | (31,087) | (6,446) | (65,333) | |||||
Net Increase / (Decrease) | (865) | $ (8,336) | (1,612) | $ (15,453) | (5,210) | $ (52,860) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Shares are less than 500. |
% of Shares Outstanding | Number of Accounts | ||
Seix Core Bond Fund | 62% | 2 | |
Seix Corporate Bond Fund | 84 | 3 | |
Seix Floating Rate High Income Fund | 31 | 1 | |
Seix Georgia Tax-Exempt Bond Fund | 91 | 2 | |
Seix High Grade Municipal Bond Fund | 45 | 1 | |
Seix High Income Fund | 57 | 1 | |
Seix High Yield Fund | 49 | 1 | |
Seix Investment Grade Tax-Exempt Bond Fund | 71 | 2 | |
Seix Limited Duration Fund | 98 | 1 | |
Seix North Carolina Tax-Exempt Bond Fund | 83 | 2 | |
Seix Short-Term Bond Fund | 45 | 2 | |
Seix Short-Term Municipal Bond Fund | 40 | 2 | |
Seix Total Return Bond Fund | 47 | 2 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 56 | 1 | |
Seix U.S. Mortgage Fund | 68 | 2 | |
Seix Ultra-Short Bond Fund | 65 | 3 | |
Seix Virginia Intermediate Municipal Bond Fund | 68 | 3 |
Fund | Sector | Percentage of Total Investments | ||
Seix Corporate Bond Fund | Financials | 34% |
Fund | Aggregate Value | % of Fund’s net assets | ||
Seix Floating Rate High Income Fund | $81,516 | 1.4% | ||
Seix High Income Fund | 6,801 | 1.6 | ||
Seix High Yield Fund | 3,777 | 0.8 |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Seix High Income Fund | $— (1) | $1,373 | 2.48% | 1 | ||||
Seix High Yield Fund | — (1) | 1,602 | 2.46 | 1 | ||||
Seix Limited Duration Fund | — (1) | 249 | 2.30 | 4 |
Fund | Federal tax cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Seix Core Bond Fund | $ 201,552 | $ 1,816 | $ (951) | $ 865 | ||||
Seix Corporate Bond Fund | 15,190 | 403 | (64) | 339 | ||||
Seix Floating Rate High Income Fund | 6,323,325 | 45,668 | (122,668) | (77,000) | ||||
Seix Georgia Tax-Exempt Bond Fund | 84,096 | 3,571 | (49) | 3,522 | ||||
Seix High Grade Municipal Bond Fund | 81,012 | 2,511 | (63) | 2,448 | ||||
Seix High Income Fund | 431,228 | 16,878 | (10,974) | 5,904 | ||||
Seix High Yield Fund | 440,364 | 13,964 | (6,828) | 7,136 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | 464,339 | 10,639 | (345) | 10,294 | ||||
Seix Limited Duration Fund | 6,794 | 12 | — (1) | 12 | ||||
Seix North Carolina Tax-Exempt Bond Fund | 21,183 | 695 | (9) | 686 | ||||
Seix Short-Term Bond Fund | 11,379 | — | (53) | (53) | ||||
Seix Short-Term Municipal Bond Fund | 32,745 | 40 | (115) | (75) | ||||
Seix Total Return Bond Fund | 866,764 | 11,531 | (6,638) | 4,893 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | 1,389,509 | 5,765 | (1,486) | 4,279 | ||||
Seix U.S. Mortgage Fund | 25,171 | 103 | (106) | (3) | ||||
Seix Ultra-Short Bond Fund | 59,298 | 116 | (63) | 53 | ||||
Seix Virginia Intermediate Municipal Bond Fund | 39,259 | 1,330 | (36) | 1,294 |
(1) | Amount is less than $500. |
2018 | No Expiration | Total | |||||||||
Short - Term | Long-Term | Short - Term | Long-Term | Short - Term | Long-Term | ||||||
Seix Core Bond Fund | $ — | $— | $ 1,358 | $ — | $ 1,358 | $ — | |||||
Seix Floating Rate High Income Fund | — | — | 52,846 | 190,139 | 52,846 | 190,139 | |||||
Seix High Income Fund | — | — | 19,716 | 61,059 | 19,716 | 61,059 | |||||
Seix High Yield Fund | — | — | 16,531 | 43,101 | 16,531 | 43,101 | |||||
Seix Short-Term Bond Fund | — | — | 133 | — | 133 | — | |||||
Seix Total Return Bond Fund | — | — | 9,701 | — | 9,701 | — | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | 8,408 | — | 5,357 | — | 13,765 | — | |||||
Seix U.S. Mortgage Fund | — | — | 63 | — | 63 | — | |||||
Seix Ultra-Short Bond Fund | 451 | — | — | — | 451 | — |
Fund | ||
Seix Floating Rate High Income Fund | $ 18,416 | |
Seix High Income Fund | 6,705 | |
Seix High Yield Fund | 4,407 | |
Seix Limited Duration Fund | 8 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 1,418 | |
Seix Ultra-Short Bond Fund | 193 |
Late Year Ordinary Losses Deferred | Late Year Ordinary Losses Recognized | Capital Loss Deferred | Capital Loss Recognized | ||||
Seix Core Bond Fund | $ — | $— | $ 9 | $ 2,845 | |||
Seix Corporate Bond Fund | — | — | — | — (1) | |||
Seix Floating Rate High Income Fund | — | — | 25,499 | — | |||
Seix Georgia Tax-Exempt Bond Fund | — | — | — | 296 | |||
Seix High Grade Municipal Bond Fund | — | — | — | 1,075 | |||
Seix Investment Grade Tax-Exempt Bond Fund | — | — | — | 6,548 | |||
Seix North Carolina Tax-Exempt Bond Fund | — | — | — | 168 | |||
Seix Short-Term Bond Fund | — | — | 26 | 89 | |||
Seix Short-Term Municipal Bond Fund | — | — | — | 9 | |||
Seix Total Return Bond Fund | 398 | — | 339 | 14,587 | |||
Seix U.S. Mortgage Fund | — | — | — | 109 | |||
Seix Virginia Intermediate Municipal Bond Fund | — | — | — | 472 |
(1) | Amount is less than $500 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | |||
Seix Corporate Bond Fund | $ 28 | $ 5 | $ — | ||
Seix Floating Rate High Income Fund | 2,762 | — | — | ||
Seix Georgia Tax-Exempt Bond Fund | — | 188 | 193 | ||
Seix High Grade Municipal Bond Fund | 17 | 379 | — | ||
Seix Investment Grade Tax-Exempt Bond Fund | — | 2,554 | — | ||
Seix Short-Term Municipal Bond Fund | 2 | 1 | — | ||
Seix Virginia Intermediate Municipal Bond Fund | — | 268 | 20 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Seix Core Bond Fund | |||||||||
12/31/17 | $ 2,693 | $ — | $ — | $ 598 | $ 3,291 | ||||
3/31/17 | 7,693 | 1,389 | — | — | 9,082 | ||||
3/31/16 | 5,472 | 1,299 | — | — | 6,771 | ||||
Seix Corporate Bond Fund | |||||||||
12/31/17 | 362 | 238 | — | — | 600 | ||||
3/31/17 | 594 | 76 | — | — | 670 | ||||
3/31/16 | 671 | 272 | — | 26 | 969 | ||||
Seix Floating Rate High Income Fund | |||||||||
12/31/17 | 199,059 | — | — | — | 199,059 | ||||
3/31/17 | 223,778 | — | — | — | 223,778 | ||||
3/31/16 | 267,194 | — | — | — | 267,194 | ||||
Seix Georgia Tax-Exempt Bond Fund | |||||||||
12/31/17 | — (1) | 486 | 1,954 | — | 2,440 | ||||
3/31/17 | 73 | 1,344 | 2,882 | — | 4,299 | ||||
3/31/16 | — | — | 3,197 | — | 3,197 | ||||
Seix High Grade Municipal Bond Fund | |||||||||
12/31/17 | 5 | 91 | 1,623 | — | 1,719 | ||||
3/31/17 | 2,783 | 827 | 2,237 | — | 5,847 | ||||
3/31/16 | 1,029 | 102 | 2,518 | — | 3,649 | ||||
Seix High Income Fund | |||||||||
12/31/17 | 21,882 | — | — | 187 | 22,069 | ||||
3/31/17 | 36,270 | — | — | — | 36,270 | ||||
3/31/16 | 47,227 | — | — | — | 47,227 | ||||
Seix High Yield Fund | |||||||||
12/31/17 | 18,643 | — | — | 1,286 | 19,929 | ||||
3/31/17 | 31,050 | — | — | — | 31,050 | ||||
3/31/16 | 37,383 | — | — | — | 37,383 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||
12/31/17 | — | 218 | 10,179 | — | 10,397 | ||||
3/31/17 | 10,668 | 2,775 | 14,256 | — | 27,699 | ||||
3/31/16 | 2,968 | 4,456 | 15,144 | — | 22,568 | ||||
Seix Limited Duration Fund | |||||||||
12/31/17 | 62 | — | — | — | 62 | ||||
3/31/17 | 44 | — | — | — | 44 | ||||
3/31/16 | 17 | — | — | — | 17 | ||||
Seix North Carolina Tax-Exempt Bond Fund | |||||||||
12/31/17 | — (1) | 170 | 386 | — | 556 | ||||
3/31/17 | 17 | 640 | 644 | — | 1,301 | ||||
3/31/16 | — | 169 | 764 | — | 933 | ||||
Seix Short-Term Bond Fund | |||||||||
12/31/17 | 248 | — | — | 24 | 272 | ||||
3/31/17 | 432 | — | — | — | 432 | ||||
3/31/16 | 351 | — | — | — | 351 | ||||
Seix Short-Term Municipal Bond Fund | |||||||||
12/31/17 | 20 | — | 213 | — | 233 | ||||
3/31/17 | 41 | — | 244 | — | 285 | ||||
3/31/16 | 31 | 55 | 165 | — | 251 | ||||
Seix Total Return Bond Fund | |||||||||
12/31/17 | 9,498 | — | — | 4,924 | 14,422 | ||||
3/31/17 | 31,312 | 5,767 | — | — | 37,079 | ||||
3/31/16 | 22,219 | 1,185 | — | — | 23,404 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||
12/31/17 | $ 12,460 | $ — | $ — | $1,839 | $ 14,299 | ||||
3/31/17 | 14,626 | — | — | — | 14,626 | ||||
3/31/16 | 12,422 | — | — | — | 12,422 | ||||
Seix U.S. Mortgage Fund | |||||||||
12/31/17 | 245 | — | — | 143 | 388 | ||||
3/31/17 | 532 | 102 | — | — | 634 | ||||
3/31/16 | 421 | — | — | — | 421 | ||||
Seix Ultra-Short Bond Fund | |||||||||
12/31/17 | 740 | — | — | — | 740 | ||||
3/31/17 | 1,126 | — | — | — | 1,126 | ||||
3/31/16 | 925 | — | — | — | 925 | ||||
Seix Virginia Intermediate Municipal Bond Fund | |||||||||
12/31/17 | — | 559 | 838 | — | 1,397 | ||||
3/31/17 | 631 | 1,148 | 1,538 | — | 3,317 | ||||
3/31/16 | 118 | 1,944 | 2,408 | — | 4,470 |
(1) | Amount is less than $500. |
Capital Paid in on Shares of Beneficial Interest | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | |||
Seix Corporate Bond Fund | $ —(1) | $ (8) | $ 8 | ||
Seix Floating Rate High Income Fund | — (1) | (326) | 326 | ||
Seix High Income Fund | — (1) | (8) | 8 | ||
Seix High Yield Fund | — (1) | (208) | 208 | ||
Seix Limited Duration Fund | (810) | 1 | 809 | ||
Seix Short-Term Bond Fund | (1,102) | — | 1,102 | ||
Seix Short-Term Municipal Bond Fund | — (1) | — (1) | — | ||
Seix Total Return Bond Fund | — (1) | (2,022) | 2,022 | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | — (1) | — (1) | — (1) | ||
Seix Ultra-Short Bond Fund | (1,326) | 6 | 1,320 | ||
Seix Virginia Intermediate Municipal Bond Fund | — | — (1) | — (1) |
(1) | Amount is less than $500. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520194imga3c5fe3d22.jpg)
QDI | DRD | LTCG | |||
Seix Corporate Bond Fund | — % | — % | $ 243 | ||
Seix Georgia Tax-Exempt Bond Fund | — | — | 675 | ||
Seix High Grade Municipal Bond Fund | — | — | 470 | ||
Seix Investment Grade Tax-Exempt Bond Fund | — | — | 2,773 | ||
Seix North Carolina Tax-Exempt Bond Fund | — | — | 170 | ||
Seix Short-Term Municipal Bond Fund | — | — | 1 | ||
Seix Virginia Intermediate Municipal Bond Fund | — | — | 828 |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Complex | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Brown, Thomas J. YOB: 1945 Served Since: 2017 86 Portfolios | Retired. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2011), Virtus Variable Insurance Trust (9 portfolios); Director (since 2010), D’Youville Senior Care Center; and Director (since 2005), VALIC Company Funds (49 portfolios). |
Burke, Donald C. YOB: 1960 Served Since: 2017 90 Portfolios | Retired. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios), Virtus Variable Insurance Trust (9 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Director (since 2014) closed-end funds managed by Duff & Phelps Investment Management Co. (4 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). |
Gelfenbien, Roger A. YOB: 1943 Served Since: 2017 86 Portfolios | Retired. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2000), Virtus Variable Insurance Trust (9 portfolios); and Director (1999 to 2017), USAllianz Variable Insurance Product Trust (42 portfolios). |
Harris, Sidney E. YOB: 1949 Served Since: 2017 86 Portfolios | Professor and Dean Emeritus (since April 2015), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University; Trustee (since 2017), Virtus Mutual Fund Family (74 portfolios), Virtus Variable Insurance Trust (9 portfolios), and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2013), KIPP Metro Atlanta; Trustee (since 1999) Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Trustee (2012 to 2017), International University of the Grand Bassam; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2017 86 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm), Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Director (since 2013), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (9 portfolios). |
McClellan, Hassell H. YOB: 1945 Served Since: 2017 86 Portfolios | Retired (since 2013); and Professor (1984 to 2013), Wallace E. Carroll School of Management, Boston College. Chairperson of the Board (since 2017) and Trustee (since 2000), John Hancock Fund Complex (collectively, 227 portfolios); Trustee (since 2016), Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2015), Virtus Mutual Fund Family (74 portfolios); Director (since 2010), Barnes Group, Inc. (diversified global components manufacturer and logistical services company); and Trustee (since 2008), Virtus Variable Insurance Trust (9 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 86 Portfolios | Retired. Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President Global Finance Transformation (2007 to 2009); Vice President and Controller (1999 to 2007), The Coca-Cola Company. Trustee (since 2017), Virtus Mutual Fund Family (74 portfolios), Virtus Variable Insurance Trust (9 portfolios), and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2014), Total System Services, Inc.; and Trustee (2005 to 2017), RidgeWorth Funds. |
McLoughlin, Philip YOB: 1946 Served Since: 1989 94 Portfolios | Retired. Director and Chairman (since 2016), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Director and Chairman (since 2014) Duff & Phelps Select Energy MLP Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (3 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (9 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (4 funds); Director (since 1991) and Chairman (since 2010), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (74 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2002 90 Portfolios | Retired. Trustee (since 2016), Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (9 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (4 funds); and Trustee (since 2001), Virtus Mutual Fund Family (74 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Complex | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Oates, James M. YOB: 1946 Served Since: 2005 90 Portfolios | Managing Director (since 1994), Wydown Group (consulting firm). Director (since 2016), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Trustee (since 2016), Virtus Variable Insurance Trust (9 portfolios); Director (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Trustee (since 2013), Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2011), Virtus Global Multi-Sector Income Fund; Trustee (since 2005) and Chairman (2005 to 2017), John Hancock Fund Complex (227 portfolios); Director (2002 to 2014), New Hampshire Trust Company; Chairman (2000 to 2016), Emerson Investment Management, Inc.; Non-Executive Chairman (2000 to 2014), Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services); Chairman and Director (1999 to 2014), Connecticut River Bank; Director (since 1996), Stifel Financial; and Trustee (since 1987), Virtus Mutual Fund Family (74 portfolios). |
Segerson, Richard E. YOB: 1948 Served Since: 2005 86 Portfolios | Retired; and Managing Director (1998 to 2013), Northway Management Company. Trustee (since 2016), Virtus Alternative Solutions Trust (3 portfolios) and Virtus Variable Insurance Trust (9 portfolios); and Trustee (since 1983), Virtus Mutual Fund Family (74 portfolios). |
Name, Year of Birth, Year Elected and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Elected: 2006 92 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various senior officer positions with Virtus affiliates (since 2005). Chairman and Trustee (since 2015), Virtus ETF Trust II (2 funds); Director, President and Chief Executive Officer (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (3 portfolios); Director (since 2013), Virtus Global Funds, PLC (3 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (9 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 (74 portfolios); and Director, President and Chief Executive Officer (since 2006), Virtus Global Dividend & Income Fund Inc. and 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 |
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), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) with Virtus affiliates; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2004), Virtus Variable Insurance Trust; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2006), Virtus Mutual Fund Family; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2012 to 2013) and Treasurer and Chief Financial Officer (since 2010), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2011), Virtus Global Multi-Sector Income Fund; Executive Vice President (since 2016), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Vice President and Assistant Treasurer (since 2011), Duff & Phelps Global Utility Income Fund Inc.; Director (since 2013), Virtus Global Funds, PLC; and Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Carr, Kevin J. YOB: 1954 | Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (2017 to Present), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various senior officer positions (since 2005) with Virtus affiliates; Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005), Virtus Mutual Fund Family; Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013), and Assistant Secretary (2013 to 2014 and since 2017), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Senior Vice President (since 2017), Assistant Secretary (since 2013), Vice President, Chief Legal Officer, Counsel and Secretary (2010 to 2013), Virtus Variable Insurance Trust; Senior Vice President(2013 to 2014); Senior Vice President (2013 to 2014), Vice President (2011 to 2013), and Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (since 2015), Duff & Phelps Select Energy MLP Fund Inc.; Senior Vice President (since 2017) and Assistant Secretary (since 2013), Virtus Alternative Solutions Trust; Secretary (since 2015), ETFis Series Trust I; and Secretary (since 2015), Virtus ETF Trust II. |
Engberg, Nancy J. YOB: 1956 | Senior Vice President (since 2017), Vice President and Chief Compliance Officer (2011 to 2017), and Chief Compliance Officer (since 2011). | Senior Vice President (since 2017), Vice President (2008 to 2017) and Chief Compliance Officer (2008 to 2011 and since 2016), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2003) with Virtus affiliates; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Mutual Fund Family; Senior Vice President (since 2017), Vice President (2010 to 2017) and Chief Compliance Officer (since 2011), Virtus Variable Insurance Trust; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Global Multi-Sector Income Fund; Senior Vice President (since 2017), Vice President (2012 to 2017) and Chief Compliance Officer (since 2012), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2017) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (since 2017), Vice President (2014 to 2017) and Chief Compliance Officer (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Chief Compliance Officer (since 2015), ETFis Series Trust I; and Chief Compliance Officer (since 2015), Virtus ETF Trust II. |
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), Virtus Mutual Fund Family; President and Chief Executive Officer, RidgeWorth Funds (2007 to 2017); and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Waltman, Francis G. YOB: 1962 | Executive Vice President (since 2013), Senior Vice President (2008 to 2013). | Executive Vice President, Product Development (since 2009), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various senior officer positions (since 2006) with Virtus affiliates; Executive Vice President (since 2013), Senior Vice President (2008 to 2013), Virtus Mutual Fund Family; Executive Vice President (since 2013), Senior Vice President (2010 to 2013), Virtus Variable Insurance Trust; Executive Vice President (since 2013), Senior Vice President (2011 to 2013), Virtus Global Multi-Sector Income Fund; Executive Vice President (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Director (since 2013), Virtus Global Funds PLC; and Executive Vice President (since 2013), Virtus Alternative Solutions Trust. |
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/0001193125-18-077379/g520194img5488d9a423.gif)
please call your financial representative, contact us
at 1-800-243-1574, or visit Virtus.com.
8636 | 12-17 |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249imgcc07e9201.gif)
Virtus Ceredex Large-Cap Value Equity Fund |
Virtus Ceredex Mid-Cap Value Equity Fund |
Virtus Ceredex Small-Cap Value Equity Fund |
Virtus Silvant Large-Cap Growth Stock Fund |
Virtus Silvant Small-Cap Growth Stock Fund |
Virtus WCM International Equity Fund |
Virtus Zevenbergen Innovative Growth Stock Fund |
Virtus Conservative Allocation Strategy Fund |
Virtus Growth Allocation Strategy Fund |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img7641fce22.gif)
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 4 |
Fund Summaries | 6 |
Virtus Ceredex Large-Cap Value Equity Fund (“Ceredex Large-Cap Value Equity Fund”) | 6 |
Virtus Ceredex Mid-Cap Value Equity Fund (“Ceredex Mid-Cap Value Equity Fund”) | 9 |
Virtus Ceredex Small-Cap Value Equity Fund (“Ceredex Small-Cap Value Equity Fund”) | 12 |
Virtus Silvant Large-Cap Growth Stock Fund (“Silvant Large-Cap Growth Stock Fund”) | 15 |
Virtus Silvant Small-Cap Growth Stock Fund (“Silvant Small-Cap Growth Stock Fund”) | 18 |
Virtus WCM International Equity Fund (“WCM International Equity Fund”) | 21 |
Virtus Zevenbergen Innovative Growth Stock Fund (“Zevenbergen Innovative Growth Stock Fund”) | 24 |
Virtus Conservative Allocation Strategy Fund (“Conservative Allocation Strategy Fund”) | 27 |
Virtus Growth Allocation Strategy Fund (“Growth Allocation Strategy Fund”) | 29 |
Schedules of Investments | 31 |
Ceredex Large-Cap Value Equity Fund | 31 |
Ceredex Mid-Cap Value Equity Fund | 32 |
Ceredex Small-Cap Value Equity Fund | 34 |
Silvant Large-Cap Growth Stock Fund | 36 |
Silvant Small-Cap Growth Stock Fund | 37 |
WCM International Equity Fund | 39 |
Zevenbergen Innovative Growth Stock Fund | 40 |
Conservative Allocation Strategy Fund | 41 |
Growth Allocation Strategy Fund | 42 |
Statements of Assets and Liabilities | 43 |
Statements of Operations | 49 |
Statements of Changes in Net Assets | 54 |
Financial Highlights | 59 |
Notes to Financial Statements | 65 |
Report of Independent Registered Public Accounting Firm | 85 |
Tax Information Notice | 86 |
Fund Management Tables | 87 |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249imgdb421f8f3.jpg)
President, Virtus Mutual Funds
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img08f471ca4.gif)
Beginning Account Value 07/01/17 | Ending Account value 12/31/17 | Expenses Paid During Period | Expense Ratio During Period* | ||||
Ceredex Large-Cap Value Equity Fund | |||||||
Class A | $1,000.00 | $1,097.50 | $ 6.56 | 1.24% | |||
Class C | 1,000.00 | 1,094.50 | 9.08 | 1.72 | |||
Class I | 1,000.00 | 1,099.20 | 5.13 | 0.97 | |||
Class R6** | 1,000.00 | 1,100.40 | 3.81 | 0.72 | |||
Ceredex Mid-Cap Value Equity Fund | |||||||
Class A | 1,000.00 | 1,044.20 | 7.11 | 1.38 | |||
Class C | 1,000.00 | 1,041.80 | 9.21 | 1.79 | |||
Class I | 1,000.00 | 1,046.90 | 5.21 | 1.01 | |||
Class R6** | 1,000.00 | 1,048.20 | 4.08 | 0.79 | |||
Ceredex Small-Cap Value Equity Fund | |||||||
Class A | 1,000.00 | 1,113.90 | 7.78 | 1.46 | |||
Class C | 1,000.00 | 1,110.90 | 10.11 | 1.90 | |||
Class I | 1,000.00 | 1,115.10 | 6.45 | 1.21 | |||
Silvant Large-Cap Growth Stock Fund | |||||||
Class A | 1,000.00 | 1,131.70 | 6.66 | 1.24 | |||
Class C | 1,000.00 | 1,129.20 | 10.20 | 1.90 | |||
Class I | 1,000.00 | 1,134.60 | 5.22 | 0.97 | |||
Class R6** | 1,000.00 | 1,138.20 | 4.85 | 0.90 | |||
Silvant Small-Cap Growth Stock Fund | |||||||
Class A | 1,000.00 | 1,076.20 | 7.48 | 1.43 | |||
Class C | 1,000.00 | 1,075.90 | 10.88 | 2.08 | |||
Class I | 1,000.00 | 1,077.30 | 6.81 | 1.30 | |||
WCM International Equity Fund | |||||||
Class A | 1,000.00 | 1,096.70 | 7.50 | 1.42 | |||
Class I | 1,000.00 | 1,097.50 | 6.34 | 1.20 | |||
Class R6** | 1,000.00 | 1,098.50 | 5.82 | 1.10 | |||
Zevenbergen Innovative Growth Stock Fund | |||||||
Class A | 1,000.00 | 1,074.80 | 8.00 | 1.53 | |||
Class I | 1,000.00 | 1,075.90 | 6.91 | 1.32 | |||
Conservative Allocation Strategy Fund | |||||||
Class A | 1,000.00 | 1,040.80 | 3.09 | 0.60 | |||
Class C | 1,000.00 | 1,037.00 | 6.67 | 1.30 | |||
Class I | 1,000.00 | 1,042.40 | 1.54 | 0.30 | |||
Growth Allocation Strategy Fund | |||||||
Class A | 1,000.00 | 1,076.40 | 3.61 | 0.69 | |||
Class C | 1,000.00 | 1,073.10 | 6.79 | 1.30 | |||
Class I | 1,000.00 | 1,077.90 | 2.62 | 0.50 |
* | Expenses are equal to the 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 (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
Beginning Account Value 07/01/17 | Ending Account value 12/31/17 | Expenses Paid During Period | Expense Ratio During Period* | ||||
Ceredex Large-Cap Value Equity Fund | |||||||
Class A | $1,000.00 | $1,018.96 | $ 6.31 | 1.24% | |||
Class C | 1,000.00 | 1,016.54 | 8.74 | 1.72 | |||
Class I | 1,000.00 | 1,020.32 | 4.94 | 0.97 | |||
Class R6** | 1,000.00 | 1,021.58 | 3.67 | 0.72 | |||
Ceredex Mid-Cap Value Equity Fund | |||||||
Class A | 1,000.00 | 1,018.25 | 7.02 | 1.38 | |||
Class C | 1,000.00 | 1,016.18 | 9.10 | 1.79 | |||
Class I | 1,000.00 | 1,020.11 | 5.14 | 1.01 | |||
Class R6** | 1,000.00 | 1,021.22 | 4.02 | 0.79 | |||
Ceredex Small-Cap Value Equity Fund | |||||||
Class A | 1,000.00 | 1,017.85 | 7.43 | 1.46 | |||
Class C | 1,000.00 | 1,015.63 | 9.65 | 1.90 | |||
Class I | 1,000.00 | 1,019.11 | 6.16 | 1.21 | |||
Silvant Large-Cap Growth Stock Fund | |||||||
Class A | 1,000.00 | 1,018.96 | 6.31 | 1.24 | |||
Class C | 1,000.00 | 1,015.63 | 9.65 | 1.90 | |||
Class I | 1,000.00 | 1,020.32 | 4.94 | 0.97 | |||
Class R6** | 1,000.00 | 1,020.67 | 4.58 | 0.90 | |||
Silvant Small-Cap Growth Stock Fund | |||||||
Class A | 1,000.00 | 1,018.00 | 7.27 | 1.43 | |||
Class C | 1,000.00 | 1,014.72 | 10.56 | 2.08 | |||
Class I | 1,000.00 | 1,018.65 | 6.61 | 1.30 | |||
WCM International Equity Fund | |||||||
Class A | 1,000.00 | 1,018.05 | 7.22 | 1.42 | |||
Class I | 1,000.00 | 1,019.16 | 6.11 | 1.20 | |||
Class R6** | 1,000.00 | 1,019.66 | 5.60 | 1.10 | |||
Zevenbergen Innovative Growth Stock Fund | |||||||
Class A | 1,000.00 | 1,017.49 | 7.78 | 1.53 | |||
Class I | 1,000.00 | 1,018.55 | 6.72 | 1.32 | |||
Conservative Allocation Strategy Fund | |||||||
Class A | 1,000.00 | 1,022.18 | 3.06 | 0.60 | |||
Class C | 1,000.00 | 1,018.65 | 6.61 | 1.30 | |||
Class I | 1,000.00 | 1,023.69 | 1.53 | 0.30 | |||
Growth Allocation Strategy Fund | |||||||
Class A | 1,000.00 | 1,021.73 | 3.52 | 0.69 | |||
Class C | 1,000.00 | 1,018.65 | 6.61 | 1.30 | |||
Class I | 1,000.00 | 1,022.69 | 2.55 | 0.50 |
* | Expenses are equal to the 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 (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
Ticker Symbols: | |
Class A: SVIIX | |
Class C: SVIFX | |
Class I: STVTX | |
Class R6: STVZX |
• | Abbott was able to overcome negative investor sentiment that arose from completing two large deals. The company launched new products during the period to reinvigorate growth. |
• | Microsoft continued to execute its business plan, and growth at its Azure cloud computing platform outpaced investor expectations. This growth manifested itself in higher margins and earnings for the company. |
• | GE was downgraded by equity analysts due to concerns over the company’s dividend, along with a decline in profitability at its core power business that stemmed from overcapacity in gas turbines. |
• | Allergan underperformed after the company was unable to extend patent protection for its Restastis drug. Additionally, Allergan’s equity ownership stake in Teva Pharmaceuticals suffered a decline in value during the period, which negatively affected Allergan’s balance sheet. |
Financials | 21% |
Information Technology | 14 |
Industrials | 14 |
Energy | 13 |
Health Care | 10 |
Materials | 9 |
Consumer Staples | 8 |
Other (includes short-term investment) | 11 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 15.90% | 13.47% | 7.81% | — % | — | |||||||
Class A Shares at POP3,4 | 9.23 | 12.13 | 7.17 | — | — | |||||||
Class C Shares at NAV and with CDSC2,4 | 15.38 | 12.92 | 7.18 | — | — | |||||||
Class I Shares at NAV2 | 16.23 | 13.79 | 8.12 | — | — | |||||||
Class R6 Shares at NAV2 | 16.53 | — | — | 9.80 | 8/1/14 | |||||||
Russell 1000® Value Index | 13.66 | 14.04 | 7.10 | 9.69 | — | |||||||
Fund Expense Ratios5: A Shares: Gross 1.31%, Net 1.25%; C Shares: Gross 1.87%, Net 1.73%; I Shares: Gross 1.08%, Net 0.98%; R6 Shares: Gross 0.86%, Net 0.73%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img466ca2a85.jpg)
Ticker Symbols: | |
Class A: SAMVX | |
Class C: SMVFX | |
Class I: SMVTX | |
Class R6: SMVZX |
† See footnote 5 on page 11.
• | Regal outperformed as the company received a takeover offer from a U.K. theater operator. |
• | Progressive benefitted from adapting to reduced profitability trends better than its insurance industry peers. Additionally, the company was able to raise premiums in order to achieve higher margins and revenue growth. |
• | Mattel was downgraded by equity analysts due to deteriorating company fundamentals and the elimination of its dividend. |
• | SCANA underperformed as its shuttered VC Summer nuclear plant drew scrutiny from South Carolina legislators and federal regulators. The utility may be required to refund customers for the rates they paid for power from the nuclear plant. |
Financials | 16% |
Real Estate | 14 |
Industrials | 11 |
Energy | 11 |
Health Care | 11 |
Materials | 9 |
Utilities | 8 |
Other (includes short-term investment) | 20 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 11.23% | 12.60% | 9.43% | — % | — | |||||||
Class A Shares at POP3,4 | 4.83 | 11.27 | 8.79 | — | — | |||||||
Class C Shares at NAV and with CDSC2,4,5 | 10.81 | 12.17 | 8.85 | — | — | |||||||
Class I Shares at NAV2 | 11.68 | 12.94 | 9.76 | — | — | |||||||
Class R6 Shares at NAV2 | 11.98 | — | — | 9.26 | 8/1/14 | |||||||
Russell Midcap® Value Index | 13.34 | 14.68 | 9.10 | 9.89 | — | |||||||
Fund Expense Ratios6: A Shares: Gross 1.38%, Net 1.38%; C Shares: Gross 1.95%, Net 1.80%; I Shares: Gross 1.10%, Net 1.09%; R6 Shares: Gross 0.93%, Net 0.80%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 principals required in the annual report and semiannual report. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249imgf9c247d16.jpg)
Ticker Symbols: | |
Class A: SASVX | |
Class C: STCEX | |
Class I: SCETX |
† See footnote 5 on page 14.
• | Guess outperformed a very difficult retail environment as investors appreciated the international business segment, where conditions improved faster than domestic peers. |
• | American Eagle benefitted from evidence of an improved fundamental outlook plus expectations that tax reform would assist in lifting earnings. |
• | Chico’s was unable to post positive returns due to deterioration of market share and limited confidence in management’s ability to implement a cost-cutting strategy. |
• | AMC underperformed as investors became concerned about a worsening fundamental outlook and the high amount of leverage on the company’s balance sheet. |
Industrials | 31% |
Consumer Discretionary | 22 |
Financials | 12 |
Real Estate | 11 |
Consumer Staples | 10 |
Health Care | 6 |
Information Technology | 3 |
Other (includes short-term investment) | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 10.05% | 12.75% | 9.19% | |||||
Class A Shares at POP3,4 | 3.72 | 11.43 | 8.54 | |||||
Class C Shares at NAV and with CDSC2,4 | 9.62 | 12.32 | 8.66 | |||||
Class I Shares at NAV2,5 | 10.29 | 13.09 | 9.50 | |||||
Russell 2000® Value Index | 7.84 | 13.01 | 8.17 | |||||
Fund Expense Ratios6: A Shares: Gross 1.48%, Net 1.48%; C Shares: Gross 2.05%, Net 1.90%; I Shares: Gross 1.23%, Net 1.23%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 principals required in the annual report and semiannual report. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img37f6cbfa7.jpg)
Ticker Symbols: | |
Class A: STCIX | |
Class C: STCFX | |
Class I: STCAX | |
Class R6: STCZX |
Information Technology | 42% |
Consumer Discretionary | 16 |
Health Care | 12 |
Industrials | 12 |
Financials | 6 |
Consumer Staples | 5 |
Energy | 1 |
Other (includes short-term investment) | 6 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 26.87% | 14.01% | 7.83% | — % | — | |||||||
Class A Shares at POP3,4 | 19.57 | 12.67 | 7.19 | — | — | |||||||
Class C Shares at NAV and with CDSC2,4 | 26.35 | 13.29 | 7.11 | — | — | |||||||
Class I Shares at NAV2 | 27.32 | 14.29 | 8.12 | — | — | |||||||
Class R6 Shares at NAV2 | 27.67 | — | — | 10.71 | 8/1/14 | |||||||
Russell 1000® Growth Index | 30.21 | 17.33 | 10.00 | 14.66 | — | |||||||
Fund Expense Ratios5: A Shares: Gross 1.33%, Net 1.23%; C Shares: Gross 2.05%, Net 1.90%; I Shares: Gross 1.23%, Net 0.97%; R6 Shares: Gross 1.05%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img1e88170c8.jpg)
Ticker Symbols: | |
Class A: SCGIX | |
Class C: SSCFX | |
Class I: SSCTX |
Information Technology | 28% |
Health Care | 26 |
Industrials | 20 |
Consumer Discretionary | 11 |
Materials | 6 |
Financials | 5 |
Real Estate | 2 |
Other (includes short-term investment) | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 14.34% | 10.80% | 6.19% | |||||
Class A Shares at POP3,4 | 7.76 | 9.50 | 5.56 | |||||
Class C Shares at NAV and with CDSC2,4 | 13.84 | 10.12 | 5.50 | |||||
Class I Shares at NAV2 | 14.57 | 10.89 | 6.38 | |||||
Russell 2000® Growth Index | 22.17 | 15.21 | 9.19 | |||||
Fund Expense Ratios5: A Shares: Gross 1.53%, Net 1.42%; C Shares: Gross 2.26%, Net 2.08%; I Shares: Gross 1.44%, Net 1.30%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249imgabf827ac9.jpg)
Ticker Symbols: | |
Class A: SCIIX | |
Class I: STITX | |
Class R6: SCIZX |
Consumer Discretionary | 18% |
Information Technology | 18 |
Industrials | 13 |
Health Care | 12 |
Consumer Staples | 12 |
Financials | 12 |
Materials | 8 |
Other (includes short-term investment) | 7 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A Shares at NAV2 | 31.31% | 8.47% | 2.25% | — % | — | |||||||
Class A Shares at POP3,4 | 23.76 | 7.19 | 1.64 | — | — | |||||||
Class I Shares at NAV2,5 | 31.58 | 8.63 | 2.49 | — | — | |||||||
Class R6 Shares at NAV2 | 31.67 | — | — | 15.78 | 9/1/15 | |||||||
MSCI All Country World ex USA Index | 27.19 | 6.80 | 1.84 | 13.39 | — | |||||||
Fund Expense Ratios6: A Shares: Gross 1.59%, Net 1.43%; I Shares: Gross 1.31%, Net 1.21%; R6 Shares: Gross 1.26%, Net 1.11%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 principals required in the annual report and semiannual report. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img6bd9502510.jpg)
Ticker Symbols: | |
Class A: SAGAX | |
Class I: SCATX |
• | Shares of Exact Sciences led all contributors as the company saw revenue and test volumes exceed management guidance each quarter in the period, aided by widespread commercial insurance coverage and growing adoption by physicians. |
• | Adding to Fund performance, XPO Logistics realized synergies from recent acquisitions ahead of schedule, and investments in logistics continued to drive revenue growth. A late-year rumor of a takeover by Amazon or Home Depot added to share price gains. |
• | MercadoLibre saw investments in free shipping and loyalty programs garner market share gains. In addition, earlier stage adoption of e-commerce in Latin America has driven growth in the industry, aiding MercadoLibre’s share price. |
• | DexCom was the largest drag on Fund performance during the fiscal nine-month period. A competitor’s introduction of a low-priced glucose monitoring system, along with established reimbursement and anticipated access through the pharmacy channel, weighed on the share price. |
• | Mortgage automation software company Ellie Mae lagged on slower-than-expected gains in new enterprise clients and lower-than-projected loan growth. Refinancing activity declined beyond management’s reduced estimates, while tight housing supply further suppressed mortgage volumes. |
• | The largest beauty retailer in the U.S., Ulta Beauty struggled as its shares were pressured by general retail stock malaise and competitive dynamics highlighted by discounting of cosmetics in department stores. |
Information Technology | 39% |
Consumer Discretionary | 28 |
Health Care | 18 |
Industrials | 8 |
Financials | 7 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2 | 33.97% | 17.90% | 8.81% | |||||
Class A Shares at POP3,4 | 26.27 | 16.51 | 8.17 | |||||
Class I Shares at NAV2 | 34.29 | 18.09 | 9.07 | |||||
Russell 3000® Growth Index | 29.59 | 17.16 | 9.93 | |||||
Fund Expense Ratios5: A Shares: Gross 1.53%, Net 1.50%; I Shares: Gross 1.24%, Net 1.24%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249imgdbc8125a11.jpg)
Ticker Symbols: | |
Class A: SVCAX | |
Class C: SCCLX | |
Class I: SCCTX |
Fixed Income Funds | 63% |
Equity Funds | 35 |
Money Market Fund | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2,3 | 9.02% | 4.90% | 5.11% | |||||
Class A Shares at POP4,5 | 2.75 | 3.67 | 4.49 | |||||
Class C Shares at NAV and with CDSC2,5 | 8.23 | 4.18 | 4.38 | |||||
Class I Shares at NAV2 | 9.37 | 5.22 | 5.43 | |||||
Hybrid 30/70 Blend Index (30% of the S&P 500® Index, 70% of the Bloomberg Barclays U.S. Aggregate Bond Index) | 8.76 | 6.15 | 5.60 | |||||
S&P 500® Index | 21.83 | 15.79 | 8.50 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index | 3.54 | 2.10 | 4.01 | |||||
Fund Expense Ratios6: A Shares: Gross 1.27%, Net 1.02%; C Shares: Gross 1.98%, Net 1.72%; I Shares: Gross 1.07%, Net 0.72%; R6 Shares: Gross 1.27%, Net 1.02%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principals required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img06fe2a1f12.jpg)
Ticker Symbols: | |
Class A: SGIAX | |
Class C: SGILX | |
Class I: CLVGX |
Equity Funds | 74% |
Fixed Income Funds | 24 |
Money Market Fund | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A Shares at NAV2,3 | 15.79% | 9.02% | 5.61% | |||||
Class A Shares at POP4,5 | 9.13 | 7.74 | 4.99 | |||||
Class C Shares at NAV and with CDSC2,5 | 15.20 | 8.38 | 4.91 | |||||
Class I Shares at NAV2 | 16.05 | 9.24 | 5.86 | |||||
Hybrid 70/30 Blend Index (70% of the S&P® 500 Index, 30% of the Bloomberg Barclays U.S. Aggregate Bond Index) | 16.08 | 11.63 | 7.40 | |||||
S&P 500® Index | 21.83 | 15.79 | 8.50 | |||||
Bloomberg Barclays U.S. Aggregate Bond Index | 3.54 | 2.10 | 4.01 | |||||
Fund Expense Ratios6: A Shares: Gross 1.36%, Net 1.33%; C Shares: Gross 2.13%, Net 1.94%; I Shares: Gross 1.27%, Net 1.14%; R6 Shares: Gross 1.36%, Net 1.33%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. | |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principals required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.75% 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 charges 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 expense ratios of the Fund are set forth according to the prospectus for the Fund effective June 23, 2017, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlight tables in this report. See the Financial Highlights for more current expense ratios. Expenses reduced by a contractual fee waiver in effect through July 31, 2019. Gross Expense: Does not reflect the effect of the fee waiver. Expense ratios include fees and expenses associated with the underlying funds. |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249img0ad56bb513.jpg)
Shares | Value | ||
Common Stocks—99.4% | |||
Consumer Discretionary—2.1% | |||
Comcast Corp. Class A | 1,016,168 | $ 40,698 | |
Consumer Staples—8.2% | |||
Kraft Heinz Co. (The) | 441,047 | 34,296 | |
Mondelez International, Inc. Class A | 1,145,168 | 49,013 | |
Procter & Gamble Co. (The) | 869,226 | 79,865 | |
163,174 | |||
Energy—12.6% | |||
BP plc Sponsored ADR | 1,133,442 | 47,638 | |
Chevron Corp. | 474,509 | 59,404 | |
EOG Resources, Inc. | 300,488 | 32,426 | |
Royal Dutch Shell plc Class B Sponsored ADR | 839,746 | 57,346 | |
Schlumberger Ltd. | 771,850 | 52,015 | |
248,829 | |||
Financials—21.1% | |||
Aon plc | 143,762 | 19,264 | |
BlackRock, Inc. | 71,626 | 36,795 | |
Capital One Financial Corp. | 439,814 | 43,797 | |
Chubb Ltd. | 228,210 | 33,348 | |
Citigroup, Inc. | 793,581 | 59,050 | |
JPMorgan Chase & Co. | 564,158 | 60,331 | |
MetLife, Inc. | 784,870 | 39,683 | |
Synchrony Financial | 875,645 | 33,809 | |
U.S. Bancorp | 899,793 | 48,211 | |
Wells Fargo & Co. | 720,962 | 43,741 | |
418,029 | |||
Health Care—10.0% | |||
Abbott Laboratories | 1,246,280 | 71,125 | |
Allergan plc | 122,943 | 20,111 | |
Cigna Corp. | 154,145 | 31,305 | |
UnitedHealth Group, Inc. | 145,258 | 32,024 |
Shares | Value | ||
Health Care—continued | |||
Zimmer Biomet Holdings, Inc. | 362,763 | $ 43,775 | |
198,340 | |||
Industrials—13.7% | |||
Delta Air Lines, Inc. | 554,420 | 31,047 | |
FedEx Corp. | 90,614 | 22,612 | |
General Electric Co. | 1,175,111 | 20,506 | |
Honeywell International, Inc. | 386,068 | 59,207 | |
PACCAR, Inc. | 290,540 | 20,652 | |
Republic Services, Inc. | 476,607 | 32,223 | |
Union Pacific Corp. | 316,410 | 42,431 | |
United Technologies Corp. | 327,392 | 41,765 | |
270,443 | |||
Information Technology—13.8% | |||
Analog Devices, Inc. | 483,112 | 43,011 | |
Apple, Inc. | 292,273 | 49,461 | |
Microsoft Corp. | 682,254 | 58,360 | |
Oracle Corp. | 1,787,066 | 84,493 | |
Texas Instruments, Inc. | 356,166 | 37,198 | |
272,523 | |||
Materials—9.3% | |||
Air Products & Chemicals, Inc. | 248,862 | 40,833 | |
DowDuPont, Inc. | 828,127 | 58,979 | |
PPG Industries, Inc. | 177,760 | 20,766 | |
Praxair, Inc. | 132,949 | 20,565 | |
Vulcan Materials Co. | 329,807 | 42,337 | |
183,480 | |||
Real Estate—2.2% | |||
Crown Castle International Corp. | 389,876 | 43,280 | |
Telecommunication Services—2.0% | |||
Verizon Communications, Inc. | 749,977 | 39,696 | |
Utilities—4.4% | |||
Duke Energy Corp. | 501,818 | 42,208 |
Shares | Value | ||
Utilities—continued | |||
NextEra Energy, Inc. | 288,692 | $ 45,091 | |
87,299 | |||
Total Common Stocks (Identified Cost $1,456,623) | 1,965,791 | ||
Total Long-Term Investments—99.4% (Identified Cost $1,456,623) | 1,965,791 | ||
Short-Term Investment—0.6% | |||
Money Market Mutual Fund—0.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(1) | 11,604,005 | 11,604 | |
Total Short-Term Investment (Identified Cost $11,604) | 11,604 | ||
TOTAL INVESTMENTS—100.0% (Identified Cost $1,468,227) | $1,977,395 | ||
Other assets and liabilities, net—0.0% | 452 | ||
NET ASSETS—100.0% | $1,977,847 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 91% |
United Kingdom | 6 |
Switzerland | 2 |
Ireland | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $1,965,791 | $1,965,791 | $— | $— | |||
Short-Term Investment | 11,604 | 11,604 | — | — | |||
Total Investments | $1,977,395 | $1,977,395 | $— | $— |
Shares | Value | ||
Common Stocks—96.9% | |||
Consumer Discretionary—1.7% | |||
Interpublic Group of Cos., Inc. (The) | 1,725,000 | $ 34,776 | |
Regal Entertainment Group Class A | 650,000 | 14,957 | |
49,733 | |||
Consumer Staples—7.4% | |||
Conagra Brands, Inc. | 800,000 | 30,136 | |
Dr. Pepper Snapple Group, Inc. | 550,000 | 53,383 | |
Energizer Holdings, Inc. | 1,335,000 | 64,053 | |
Hormel Foods Corp. | 950,000 | 34,571 | |
Pinnacle Foods, Inc. | 600,000 | 35,682 | |
217,825 | |||
Energy—10.9% | |||
Anadarko Petroleum Corp. | 935,000 | 50,153 | |
Andeavor | 325,000 | 37,161 | |
Cabot Oil & Gas Corp. | 1,965,000 | 56,199 | |
Core Laboratories N.V. | 350,000 | 38,343 | |
Noble Energy, Inc. | 2,320,000 | 67,605 | |
Williams Cos., Inc. (The) | 2,350,000 | 71,651 | |
321,112 | |||
Financials—16.4% | |||
Affiliated Managers Group, Inc. | 240,000 | 49,260 | |
First Republic Bank | 1,035,000 | 89,672 | |
Hartford Financial Services Group, Inc. (The) | 1,020,000 | 57,406 | |
MB Financial, Inc. | 1,675,000 | 74,571 | |
PacWest Bancorp | 700,000 | 35,280 | |
Pinnacle Financial Partners, Inc. | 715,000 | 47,404 | |
Progressive Corp. (The) | 800,000 | 45,056 | |
Synchrony Financial | 1,150,000 | 44,402 | |
Willis Towers Watson plc | 270,000 | 40,686 | |
483,737 | |||
Health Care—10.7% | |||
AmerisourceBergen Corp. | 775,000 | 71,160 | |
Humana, Inc. | 355,000 | 88,065 | |
Perrigo Co. plc | 800,000 | 69,728 |
Shares | Value | ||
Health Care—continued | |||
Zimmer Biomet Holdings, Inc. | 725,000 | $ 87,486 | |
316,439 | |||
Industrials—11.1% | |||
Alaska Air Group, Inc. | 700,000 | 51,457 | |
Crane Co. | 275,400 | 24,571 | |
Hubbell, Inc. | 240,000 | 32,482 | |
Ingersoll-Rand plc | 345,000 | 30,770 | |
Macquarie Infrastructure Corp. | 1,175,000 | 75,435 | |
Republic Services, Inc. | 600,000 | 40,566 | |
Schneider National, Inc. | 1,335,000 | 38,128 | |
Xylem, Inc. | 475,000 | 32,395 | |
325,804 | |||
Information Technology—7.9% | |||
Analog Devices, Inc. | 750,000 | 66,772 | |
Cypress Semiconductor Corp. | 2,925,000 | 44,577 | |
Harris Corp. | 100,000 | 14,165 | |
MAXIMUS, Inc. | 425,000 | 30,422 | |
Motorola Solutions, Inc. | 850,000 | 76,789 | |
232,725 | |||
Materials—8.5% | |||
Air Products & Chemicals, Inc. | 185,000 | 30,355 | |
Martin Marietta Materials, Inc. | 480,000 | 106,099 | |
RPM International, Inc. | 1,040,000 | 54,517 | |
Sealed Air Corp. | 715,000 | 35,249 | |
Valvoline, Inc. | 900,000 | 22,554 | |
248,774 | |||
Real Estate—14.3% | |||
American Campus Communities, Inc. | 1,900,000 | 77,957 | |
American Homes 4 Rent Class A | 2,900,000 | 63,336 | |
Cousins Properties, Inc. | 5,000,000 | 46,250 | |
Medical Properties Trust, Inc. | 3,900,000 | 53,742 | |
National Retail Properties, Inc. | 1,150,000 | 49,599 | |
Retail Opportunity Investments Corp. | 2,950,000 | 58,852 |
Shares | Value | ||
Real Estate—continued | |||
Taubman Centers, Inc. | 650,000 | $ 42,530 | |
Weyerhaeuser Co. | 850,000 | 29,971 | |
422,237 | |||
Utilities—8.0% | |||
CMS Energy Corp. | 700,000 | 33,110 | |
FirstEnergy Corp. | 1,950,000 | 59,709 | |
Great Plains Energy, Inc. | 1,625,000 | 52,390 | |
PPL Corp. | 1,825,000 | 56,484 | |
Xcel Energy, Inc. | 700,000 | 33,677 | |
235,370 | |||
Total Common Stocks (Identified Cost $2,579,397) | 2,853,756 | ||
Total Long-Term Investments—96.9% (Identified Cost $2,579,397) | 2,853,756 | ||
Short-Term Investment—3.4% | |||
Money Market Mutual Fund—3.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(1) | 99,418,385 | 99,418 | |
Total Short-Term Investment (Identified Cost $99,418) | 99,418 | ||
TOTAL INVESTMENTS—100.3% (Identified Cost $2,678,815) | $2,953,174 | ||
Other assets and liabilities, net—(0.3)% | (7,460) | ||
NET ASSETS—100.0% | $2,945,714 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 94% |
Ireland | 5 |
Netherlands | 1 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $2,853,756 | $2,853,756 | $— | $— | |||
Short-Term Investment | 99,418 | 99,418 | — | — | |||
Total Investments | $2,953,174 | $2,953,174 | $— | $— |
Shares | Value | ||
Common Stocks—99.6% | |||
Consumer Discretionary—21.6% | |||
AMC Entertainment Holdings, Inc. Class A | 804,640 | $ 12,150 | |
American Eagle Outfitters, Inc. | 1,029,300 | 19,351 | |
Bloomin’ Brands, Inc. | 890,400 | 19,001 | |
Cheesecake Factory, Inc. (The) | 86,100 | 4,148 | |
Chico’s FAS, Inc. | 923,300 | 8,143 | |
DSW, Inc. Class A | 804,700 | 17,229 | |
Entravision Communications Corp. Class A | 1,126,800 | 8,057 | |
Guess?, Inc. | 953,854 | 16,101 | |
HSN, Inc. | 6,460 | 261 | |
Lithia Motors, Inc. Class A | 177,300 | 20,140 | |
Meredith Corp. | 36,890 | 2,437 | |
Papa John’s International, Inc. | 109,400 | 6,138 | |
Regal Entertainment Group Class A | 534,000 | 12,287 | |
Ruth’s Hospitality Group, Inc. | 18,570 | 402 | |
Scholastic Corp. | 131,590 | 5,278 | |
Sonic Automotive, Inc. Class A | 708,770 | 13,077 | |
Sonic Corp. | 374,196 | 10,283 | |
Tupperware Brands Corp. | 6,800 | 426 | |
174,909 | |||
Consumer Staples—9.8% | |||
B&G Foods, Inc. | 616,300 | 21,663 | |
Calavo Growers, Inc. | 111,700 | 9,428 | |
Energizer Holdings, Inc. | 719,300 | 34,512 | |
Inter Parfums, Inc. | 145,000 | 6,300 | |
J&J Snack Foods Corp. | 33,400 | 5,071 | |
PriceSmart, Inc. | 19,500 | 1,679 | |
Sanderson Farms, Inc. | 3,001 | 416 | |
79,069 | |||
Financials—11.9% | |||
Artisan Partners Asset Management, Inc. Class A | 80,700 | 3,187 | |
Banco Latinoamericano de Comercio Exterior SA Class E | 41,670 | 1,121 | |
Bank of Hawaii Corp. | 191,340 | 16,398 | |
Cohen & Steers, Inc. | 282,500 | 13,359 | |
Evercore, Inc. Class A | 285,920 | 25,733 | |
First Interstate BancSystem, Inc. Class A | 213,400 | 8,547 | |
Hanover Insurance Group, Inc. (The) | 123,082 | 13,303 | |
Horace Mann Educators Corp. | 292,700 | 12,908 | |
Oppenheimer Holdings, Inc. Class A | 8,010 | 215 |
Shares | Value | ||
Financials—continued | |||
TrustCo Bank Corp. NY | 143,750 | $ 1,322 | |
96,093 | |||
Health Care—5.5% | |||
Hill-Rom Holdings, Inc. | 384,430 | 32,404 | |
Phibro Animal Health Corp. Class A | 372,000 | 12,462 | |
44,866 | |||
Industrials—31.3% | |||
AAR Corp. | 221,370 | 8,698 | |
ABM Industries, Inc. | 33,627 | 1,268 | |
Advanced Drainage Systems, Inc. | 10,300 | 246 | |
Apogee Enterprises, Inc. | 268,200 | 12,265 | |
Covanta Holding Corp. | 1,321,800 | 22,338 | |
Cubic Corp. | 302,400 | 17,826 | |
EMCOR Group, Inc. | 71,640 | 5,856 | |
EnPro Industries, Inc. | 81,500 | 7,621 | |
Forward Air Corp. | 263,400 | 15,130 | |
Granite Construction, Inc. | 87,640 | 5,559 | |
Greenbrier Cos., Inc. (The) | 133,600 | 7,121 | |
Herman Miller, Inc. | 561,380 | 22,483 | |
Interface, Inc. | 82,861 | 2,084 | |
ITT, Inc. | 22,257 | 1,188 | |
Kelly Services, Inc. Class A | 615,710 | 16,790 | |
Kennametal, Inc. | 32,600 | 1,578 | |
Kforce, Inc. | 347,200 | 8,767 | |
Knoll, Inc. | 590,100 | 13,596 | |
Korn/Ferry International | 260,637 | 10,785 | |
Luxfer Holdings plc | 133,910 | 2,116 | |
Matthews International Corp. Class A | 38,240 | 2,019 | |
Mueller Water Products, Inc. Class A | 637,030 | 7,982 | |
Multi-Color Corp. | 88,600 | 6,632 | |
NN, Inc. | 51,200 | 1,413 | |
Ritchie Bros Auctioneers, Inc. | 304,900 | 9,126 | |
Sun Hydraulics Corp. | 124,020 | 8,023 | |
Tennant Co. | 40,380 | 2,934 | |
Tetra Tech, Inc. | 469,000 | 22,582 | |
Viad Corp. | 158,090 | 8,758 | |
252,784 | |||
Information Technology—3.4% | |||
Badger Meter, Inc. | 165,382 | 7,905 | |
Daktronics, Inc. | 506,450 | 4,624 | |
Plantronics, Inc. | 300,960 | 15,163 | |
27,692 | |||
Materials—2.4% | |||
Carpenter Technology Corp. | 154,200 | 7,863 |
Shares | Value | ||
Materials—continued | |||
Haynes International, Inc. | 70,030 | $ 2,245 | |
Hecla Mining Co. | 2,351,740 | 9,336 | |
19,444 | |||
Real Estate—11.6% | |||
Alexander & Baldwin, Inc. | 231,210 | 6,414 | |
DiamondRock Hospitality Co. | 546,000 | 6,164 | |
Education Realty Trust, Inc. | 485,700 | 16,961 | |
Monmouth Real Estate Investment Corp. | 48,450 | 862 | |
Outfront Media, Inc. | 671,495 | 15,579 | |
Retail Opportunity Investments Corp. | 470,793 | 9,392 | |
Tanger Factory Outlet Centers, Inc. | 960,900 | 25,473 | |
Taubman Centers, Inc. | 192,400 | 12,589 | |
93,434 | |||
Utilities—2.1% | |||
ALLETE, Inc. | 64,540 | 4,799 | |
California Water Service Group | 151,090 | 6,852 | |
NorthWestern Corp. | 89,800 | 5,361 | |
17,012 | |||
Total Common Stocks (Identified Cost $609,400) | 805,303 | ||
Total Long-Term Investments—99.6% (Identified Cost $609,400) | 805,303 | ||
Short-Term Investment—0.6% | |||
Money Market Mutual Fund—0.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(1) | 5,221,358 | 5,221 | |
Total Short-Term Investment (Identified Cost $5,221) | 5,221 | ||
TOTAL INVESTMENTS—100.2% (Identified Cost $614,621) | $810,524 | ||
Other assets and liabilities, net—(0.2)% | (1,735) | ||
NET ASSETS—100.0% | $808,789 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $805,303 | $805,303 | $— | $— | |||
Short-Term Investment | 5,221 | 5,221 | — | — | |||
Total Investments | $810,524 | $810,524 | $— | $— |
Shares | Value | ||
Common Stocks—99.8% | |||
Consumer Discretionary—16.2% | |||
Amazon.com, Inc.(1) | 6,067 | $ 7,095 | |
Comcast Corp. Class A | 59,486 | 2,382 | |
Horton (D.R.), Inc. | 36,290 | 1,853 | |
Las Vegas Sands Corp. | 27,395 | 1,904 | |
Netflix, Inc.(1) | 11,038 | 2,119 | |
Priceline Group, Inc. (The)(1) | 928 | 1,613 | |
Royal Caribbean Cruises Ltd. | 8,552 | 1,020 | |
Walt Disney Co. (The) | 21,016 | 2,260 | |
20,246 | |||
Consumer Staples—5.4% | |||
Blue Buffalo Pet Products, Inc.(1) | 38,969 | 1,278 | |
Colgate-Palmolive Co. | 18,073 | 1,364 | |
Costco Wholesale Corp. | 11,791 | 2,194 | |
Estee Lauder Cos, Inc. (The) Class A | 15,073 | 1,918 | |
6,754 | |||
Energy—1.5% | |||
Devon Energy Corp. | 14,604 | 605 | |
EOG Resources, Inc. | 12,033 | 1,298 | |
1,903 | |||
Financials—6.0% | |||
American Express Co. | 21,007 | 2,086 | |
Charles Schwab Corp. (The) | 42,485 | 2,183 | |
Goldman Sachs Group, Inc. (The) | 2,471 | 630 | |
Morgan Stanley | 32,042 | 1,681 | |
SunTrust Banks, Inc. | 14,601 | 943 | |
7,523 | |||
Health Care—12.9% | |||
Agilent Technologies, Inc. | 12,062 | 808 | |
Alexion Pharmaceuticals, Inc.(1) | 10,727 | 1,283 | |
Align Technology, Inc.(1) | 3,922 | 871 | |
Biogen, Inc.(1) | 6,536 | 2,082 | |
Bristol-Myers Squibb Co. | 30,816 | 1,888 |
Shares | Value | ||
Health Care—continued | |||
Edwards Lifesciences Corp.(1) | 15,959 | $ 1,799 | |
HCA Healthcare, Inc.(1) | 7,556 | 664 | |
Intuitive Surgical, Inc.(1) | 3,504 | 1,279 | |
Mettler-Toledo International, Inc.(1) | 2,046 | 1,267 | |
UnitedHealth Group, Inc. | 13,260 | 2,923 | |
Vertex Pharmaceuticals, Inc.(1) | 7,938 | 1,190 | |
16,054 | |||
Industrials—12.4% | |||
A.O. Smith Corp. | 23,501 | 1,440 | |
Cummins, Inc. | 10,869 | 1,920 | |
Deere & Co. | 11,744 | 1,838 | |
Emerson Electric Co. | 24,157 | 1,684 | |
Fortune Brands Home & Security, Inc. | 13,108 | 897 | |
Honeywell International, Inc. | 20,770 | 3,185 | |
IHS Markit Ltd.(1) | 18,999 | 858 | |
Knight-Swift Transportation Holdings, Inc. | 29,262 | 1,279 | |
Waste Management, Inc. | 11,197 | 966 | |
Xylem, Inc. | 21,682 | 1,479 | |
15,546 | |||
Information Technology—43.0% | |||
Adobe Systems, Inc.(1) | 14,365 | 2,517 | |
Alphabet, Inc. Class A(1) | 3,581 | 3,772 | |
Alphabet, Inc. Class C(1) | 3,684 | 3,855 | |
Analog Devices, Inc. | 17,451 | 1,554 | |
Apple, Inc. | 39,446 | 6,675 | |
Applied Materials, Inc. | 42,803 | 2,188 | |
Autodesk, Inc.(1) | 17,150 | 1,798 | |
Cognex Corp. | 12,304 | 752 | |
Corning, Inc. | 34,533 | 1,105 | |
Facebook, Inc. Class A(1) | 35,639 | 6,289 | |
Microchip Technology, Inc. | 18,386 | 1,616 | |
Microsoft Corp. | 94,330 | 8,069 | |
NVIDIA Corp. | 9,204 | 1,781 | |
salesforce.com, Inc.(1) | 18,905 | 1,933 | |
Splunk, Inc.(1) | 17,736 | 1,469 | |
Universal Display Corp. | 6,470 | 1,117 |
Shares | Value | ||
Information Technology—continued | |||
Visa, Inc. Class A | 53,017 | $ 6,045 | |
Workday, Inc. Class A(1) | 12,170 | 1,238 | |
53,773 | |||
Materials—1.1% | |||
Air Products & Chemicals, Inc. | 3,841 | 630 | |
Vulcan Materials Co. | 5,518 | 709 | |
1,339 | |||
Real Estate—1.3% | |||
Equinix, Inc. | 3,528 | 1,599 | |
Total Common Stocks (Identified Cost $68,480) | 124,737 | ||
Total Long-Term Investments—99.8% (Identified Cost $68,480) | 124,737 | ||
Short-Term Investment—3.6% | |||
Money Market Mutual Fund—3.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(2) | 4,525,328 | 4,525 | |
Total Short-Term Investment (Identified Cost $4,525) | 4,525 | ||
TOTAL INVESTMENTS—103.4% (Identified Cost $73,005) | $129,262 | ||
Other assets and liabilities, net—(3.4)% | (4,196) | ||
NET ASSETS—100.0% | $125,066 |
Footnote Legend: | |
(1) | Non-income producing security. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $124,737 | $124,737 | $— | $— | |||
Short-Term Investment | 4,525 | 4,525 | — | — | |||
Total Investments | $129,262 | $129,262 | $— | $— |
Shares | Value | ||
Common Stocks—99.8% | |||
Consumer Discretionary—10.6% | |||
Cable One, Inc. | 411 | $ 289 | |
Cheesecake Factory, Inc. (The) | 4,652 | 224 | |
Cracker Barrel Old Country Store, Inc. | 1,744 | 277 | |
Denny’s Corp.(1) | 26,148 | 346 | |
ILG, Inc. | 13,320 | 379 | |
iRobot Corp.(1) | 1,883 | 145 | |
Sinclair Broadcast Group, Inc. Class A | 7,148 | 271 | |
Texas Roadhouse, Inc. | 7,866 | 414 | |
TopBuild Corp.(1) | 4,435 | 336 | |
Winnebago Industries, Inc. | 8,341 | 464 | |
3,145 | |||
Consumer Staples—1.0% | |||
WD-40 Co. | 2,443 | 288 | |
Financials—5.2% | |||
Ameris Bancorp | 6,334 | 305 | |
AMERISAFE, Inc. | 3,639 | 224 | |
Employers Holdings, Inc. | 5,925 | 263 | |
First Financial Bankshares, Inc. | 5,921 | 267 | |
Home BancShares, Inc. | 21,685 | 504 | |
1,563 | |||
Health Care—25.9% | |||
AMN Healthcare Services, Inc.(1) | 5,001 | 246 | |
Array BioPharma, Inc.(1) | 33,041 | 423 | |
Avexis, Inc.(1) | 2,432 | 269 | |
Bio-Techne Corp. | 2,324 | 301 | |
Cantel Medical Corp. | 3,886 | 400 | |
Chemed Corp. | 1,605 | 390 | |
Clovis Oncology, Inc.(1) | 1,818 | 124 | |
CorVel Corp.(1) | 5,299 | 280 | |
Dermira, Inc.(1) | 7,327 | 204 | |
Encompass Health Corp.(1) | 8,279 | 409 | |
Foundation Medicine, Inc.(1) | 1,107 | 76 | |
HealthEquity, Inc.(1) | 4,871 | 227 | |
ICU Medical, Inc.(1) | 2,399 | 518 | |
Insulet Corp.(1) | 4,244 | 293 | |
Ironwood Pharmaceuticals, Inc.(1) | 18,544 | 278 | |
La Jolla Pharmaceutical Co.(1) | 6,418 | 207 | |
Loxo Oncology, Inc.(1) | 3,005 | 253 | |
Medidata Solutions, Inc.(1) | 3,093 | 196 | |
Merit Medical Systems, Inc.(1) | 3,695 | 160 | |
Neurocrine Biosciences, Inc.(1) | 4,074 | 316 | |
Penumbra, Inc.(1) | 2,786 | 262 |
Shares | Value | ||
Health Care—continued | |||
Portola Pharmaceuticals, Inc.(1) | 8,759 | $ 426 | |
PRA Health Sciences, Inc.(1) | 3,348 | 305 | |
Radius Health, Inc.(1) | 6,082 | 193 | |
Sarepta Therapeutics, Inc.(1) | 5,253 | 292 | |
Spark Therapeutics, Inc.(1) | 2,141 | 110 | |
Supernus Pharmaceuticals, Inc.(1) | 8,355 | 333 | |
Ultragenyx Pharmaceutical, Inc.(1) | 4,616 | 214 | |
7,705 | |||
Industrials—20.4% | |||
AAON, Inc. | 11,017 | 404 | |
Air Transport Services Group, Inc.(1) | 12,341 | 286 | |
Alamo Group, Inc. | 4,174 | 471 | |
Atlas Air Worldwide Holdings, Inc.(1) | 3,176 | 186 | |
Beacon Roofing Supply, Inc.(1) | 6,801 | 434 | |
BMC Stock Holdings, Inc.(1) | 8,133 | 206 | |
Brink’s Co. (The) | 1,853 | 146 | |
Dycom Industries, Inc.(1) | 5,343 | 595 | |
Forward Air Corp. | 5,474 | 314 | |
Franklin Electric Co., Inc. | 7,687 | 353 | |
Hexcel Corp. | 4,141 | 256 | |
Masonite International Corp.(1) | 2,214 | 164 | |
Mercury Systems, Inc.(1) | 10,626 | 546 | |
Multi-Color Corp. | 4,843 | 362 | |
On Assignment, Inc.(1) | 3,543 | 228 | |
Simpson Manufacturing Co., Inc. | 5,872 | 337 | |
Teledyne Technologies, Inc.(1) | 2,714 | 492 | |
Universal Forest Products, Inc. | 8,020 | 302 | |
6,082 | |||
Information Technology—28.6% | |||
Coherent, Inc.(1) | 1,400 | 395 | |
Fair Isaac Corp. | 2,851 | 437 | |
Five9, Inc.(1) | 7,273 | 181 | |
II-VI, Inc.(1) | 14,610 | 686 | |
Integrated Device Technology, Inc.(1) | 11,265 | 335 | |
InterXion Holding N.V.(1) | 11,760 | 693 | |
Littelfuse, Inc. | 2,854 | 565 | |
LogMeIn, Inc. | 2,334 | 267 | |
MaxLinear, Inc.(1) | 12,480 | 330 | |
MINDBODY, Inc. Class A(1) | 11,544 | 351 | |
MKS Instruments, Inc. | 4,310 | 407 | |
Monolithic Power Systems, Inc. | 3,243 | 364 | |
Oclaro, Inc.(1) | 35,856 | 242 | |
Paycom Software, Inc.(1) | 4,925 | 396 |
Shares | Value | ||
Information Technology—continued | |||
Pegasystems, Inc. | 7,228 | $ 341 | |
Power Integrations, Inc. | 3,958 | 291 | |
Proofpoint, Inc.(1) | 5,359 | 476 | |
Q2 Holdings, Inc.(1) | 13,711 | 505 | |
Rogers Corp.(1) | 3,459 | 560 | |
Versum Materials, Inc. | 10,320 | 391 | |
ViaSat, Inc.(1) | 4,169 | 312 | |
8,525 | |||
Materials—6.4% | |||
Balchem Corp. | 5,607 | 452 | |
HB Fuller Co. | 7,579 | 408 | |
Olin Corp. | 9,890 | 352 | |
Quaker Chemical Corp. | 2,518 | 380 | |
Stepan Co. | 4,135 | 326 | |
1,918 | |||
Real Estate—1.7% | |||
QTS Realty Trust, Inc. Class A | 9,409 | 510 | |
Total Common Stocks (Identified Cost $22,718) | 29,736 | ||
Total Long-Term Investments—99.8% (Identified Cost $22,718) | 29,736 | ||
Short-Term Investment—0.6% | |||
Money Market Mutual Fund—0.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(2) | 171,488 | 171 | |
Total Short-Term Investment (Identified Cost $171) | 171 | ||
TOTAL INVESTMENTS—100.4% (Identified Cost $22,889) | $29,907 | ||
Other assets and liabilities, net—(0.4)% | (111) | ||
NET ASSETS—100.0% | $29,796 |
Footnote Legend: | |
(1) | Non-income producing security. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $29,736 | $29,736 | $— | $— | |||
Short-Term Investment | 171 | 171 | — | — | |||
Total Investments | $29,907 | $29,907 | $— | $— |
Shares | Value | ||
Common Stocks—94.5% | |||
Australia—4.5% | |||
CSL Ltd. | 39,806 | $ 4,389 | |
Brazil—2.3% | |||
Raia Drogasil SA | 82,500 | 2,283 | |
Canada—5.9% | |||
Canadian Pacific Railway Ltd. | 20,592 | 3,763 | |
Dollarama, Inc. | 16,248 | 2,030 | |
5,793 | |||
Cayman Islands—3.3% | |||
Tencent Holdings Ltd. | 63,140 | 3,281 | |
Denmark—7.3% | |||
Chr Hansen Holding A/S | 31,246 | 2,931 | |
Coloplast A/S Class B | 18,861 | 1,500 | |
Novozymes A/S Class B | 47,976 | 2,741 | |
7,172 | |||
France—8.1% | |||
Essilor International Cie Generale d’Optique SA | 16,783 | 2,315 | |
Hermes International | 4,158 | 2,226 | |
LVMH Moet Hennessy Louis Vuitton SE | 11,484 | 3,382 | |
7,923 | |||
Germany—2.1% | |||
adidas AG | 10,127 | 2,031 | |
Hong Kong—3.5% | |||
AIA Group Ltd. | 408,600 | 3,486 | |
India—3.6% | |||
HDFC Bank Ltd. ADR | 34,524 | 3,510 | |
Ireland—8.3% | |||
Accenture plc Class A | 25,789 | 3,948 | |
ICON plc(1) | 20,793 | 2,332 | |
Ryanair Holdings plc Sponsored ADR(1) | 17,653 | 1,839 | |
8,119 | |||
Italy—1.9% | |||
Luxottica Group SpA | 29,775 | 1,827 |
Shares | Value | ||
Japan—6.3% | |||
Keyence Corp. | 7,300 | $ 4,090 | |
Sysmex Corp. | 26,540 | 2,089 | |
6,179 | |||
Jersey—3.5% | |||
Experian plc | 156,406 | 3,455 | |
Mexico—2.4% | |||
Wal-Mart de Mexico SAB de CV | 961,090 | 2,357 | |
Netherlands—7.1% | |||
Core Laboratories N.V. | 20,988 | 2,299 | |
Ferrari N.V. | 19,028 | 1,996 | |
Yandex N.V. Class A(1) | 80,384 | 2,633 | |
6,928 | |||
Spain—1.2% | |||
Industria de Diseno Textil SA | 32,891 | 1,146 | |
Sweden—3.0% | |||
Atlas Copco AB Class A | 69,225 | 2,989 | |
Switzerland—9.6% | |||
Chubb Ltd. | 26,226 | 3,833 | |
Nestle SA | 41,233 | 3,546 | |
Sika AG | 260 | 2,065 | |
9,444 | |||
Taiwan—3.5% | |||
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR | 87,257 | 3,460 | |
United Kingdom—7.1% | |||
Compass Group plc | 158,118 | 3,416 | |
Reckitt Benckiser Group plc | 38,360 | 3,583 | |
6,999 | |||
Total Common Stocks (Identified Cost $72,297) | 92,771 | ||
Total Long-Term Investments—94.5% (Identified Cost $72,297) | 92,771 |
Shares | Value | ||
Short-Term Investment—5.4% | |||
Money Market Mutual Fund—5.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%) (2) | 5,295,920 | $ 5,296 | |
Total Short-Term Investment (Identified Cost $5,296) | 5,296 | ||
TOTAL INVESTMENTS—99.9% (Identified Cost $77,593) | $98,067 | ||
Other assets and liabilities, net—0.1% | 121 | ||
NET ASSETS—100.0% | $98,188 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing security. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
Switzerland | 10% |
Ireland | 8 |
France | 8 |
Denmark | 7 |
United Kingdom | 7 |
Netherlands | 7 |
Japan | 6 |
Other | 47 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $92,771 | $92,771 | $— | $— | |||
Short-Term Investment | 5,296 | 5,296 | — | — | |||
Total Investments | $98,067 | $98,067 | $— | $— |
Shares | Value | ||
Common Stocks—99.9% | |||
Consumer Discretionary—28.4% | |||
Amazon.com, Inc.(1) | 1,300 | $ 1,520 | |
Lululemon Athletica, Inc.(1) | 4,500 | 354 | |
MercadoLibre, Inc. | 3,400 | 1,070 | |
Netflix, Inc.(1) | 7,800 | 1,497 | |
Shake Shack, Inc. Class A(1) | 9,500 | 410 | |
Tesla, Inc.(1) | 3,800 | 1,183 | |
Wayfair, Inc. Class A(1) | 6,500 | 522 | |
6,556 | |||
Financials—7.2% | |||
Charles Schwab Corp. (The) | 20,800 | 1,069 | |
First Republic Bank | 7,000 | 606 | |
1,675 | |||
Health Care—17.4% | |||
Celgene Corp.(1) | 6,700 | 699 | |
Exact Sciences Corp.(1) | 20,000 | 1,051 | |
Medidata Solutions, Inc.(1) | 6,000 | 380 | |
Nevro Corp.(1) | 6,900 | 476 | |
Portola Pharmaceuticals, Inc.(1) | 10,000 | 487 | |
Regeneron Pharmaceuticals, Inc.(1) | 600 | 226 | |
Teladoc, Inc.(1) | 20,500 | 714 | |
4,033 | |||
Industrials—7.9% | |||
BEST, Inc. ADR(1) | 26,700 | 240 | |
XPO Logistics, Inc.(1) | 17,200 | 1,575 | |
1,815 | |||
Information Technology—39.0% | |||
2U, Inc.(1) | 11,900 | 768 | |
Activision Blizzard, Inc. | 5,000 | 317 | |
Adobe Systems, Inc.(1) | 2,500 | 438 |
Shares | Value | ||
Information Technology—continued | |||
Alibaba Group Holding Ltd. Sponsored ADR(1) | 3,700 | $ 638 | |
CoStar Group, Inc.(1) | 1,000 | 297 | |
Facebook, Inc. Class A(1) | 6,500 | 1,147 | |
Inphi Corp.(1) | 9,800 | 359 | |
Monolithic Power Systems, Inc. | 6,825 | 767 | |
NVIDIA Corp. | 4,500 | 871 | |
PayPal Holdings, Inc.(1) | 7,000 | 515 | |
Proofpoint, Inc.(1) | 5,000 | 444 | |
ServiceNow, Inc.(1) | 3,500 | 456 | |
Shopify, Inc. Class A(1) | 11,700 | 1,182 | |
Zillow Group, Inc. Class C(1) | 20,000 | 818 | |
9,017 | |||
Total Common Stocks (Identified Cost $10,610) | 23,096 | ||
Total Long-Term Investments—99.9% (Identified Cost $10,610) | 23,096 | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%)(2) | 73,803 | 74 | |
Total Short-Term Investment (Identified Cost $74) | 74 | ||
TOTAL INVESTMENTS—100.2% (Identified Cost $10,684) | $23,170 | ||
Other assets and liabilities, net—(0.2)% | (56) | ||
NET ASSETS—100.0% | $23,114 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing security. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 91% |
Canada | 5 |
Cayman Islands | 4 |
Total Investments | 100% |
† % of total investments as of December 31, 2017 |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Common Stocks | $23,096 | $23,096 | $— | $— | |||
Short-Term Investment | 74 | 74 | — | — | |||
Total Investments | $23,170 | $23,170 | $— | $— |
Shares | Value | ||
Affiliated Mutual Funds(1)—99.8% | |||
Equity Funds—35.7% | |||
Virtus Ceredex Large-Cap Value Equity Fund - Class R6 | 68,828 | $ 1,130 | |
Virtus Ceredex Mid-Cap Value Equity Fund - Class R6 | 89,622 | 1,136 | |
Virtus Duff & Phelps Global Infrastructure Fund - Class I | 75,132 | 1,128 | |
Virtus Duff & Phelps Global Real Estate Securities Fund - Class R6 | 51,531 | 1,527 | |
Virtus KAR Capital Growth Fund - Class I | 66,706 | 1,118 | |
Virtus KAR International Small-Cap Fund - Class R6 | 69,122 | 1,145 | |
Virtus KAR Small-Cap Growth Fund - Class I | 40,421 | 1,121 | |
Virtus KAR Small-Cap Value Fund - Class R6 | 59,441 | 1,126 | |
Virtus Rampart Enhanced Core Equity Fund - Class I | 55,410 | 1,121 | |
Virtus Vontobel Emerging Markets Opportunities Fund - Class R6 | 94,308 | 1,138 |
Shares | Value | ||
Equity Funds—continued | |||
Virtus WCM International Equity Fund - Class R6 | 125,926 | $ 1,525 | |
13,215 | |||
Fixed Income Funds—64.1% | |||
Virtus Newfleet High Yield Fund - Class R6 | 446,350 | 1,879 | |
Virtus Newfleet Multi-Sector Intermediate Bond Fund - Class R6 | 727,412 | 7,558 | |
Virtus Seix Core Bond Fund - Class R6 | 177,090 | 1,882 | |
Virtus Seix Floating Rate High Income Fund - Class R6 | 345,825 | 3,012 | |
Virtus Seix Total Return Bond Fund - Class R6 | 725,138 | 7,556 | |
Virtus Seix U.S. Government Securities Ultra Short Bond Fund - Class R6 | 186,431 | 1,870 | |
23,757 | |||
Total Affiliated Mutual Funds (Identified Cost $35,340) | 36,972 | ||
Total Long-Term Investments—99.8% (Identified Cost $35,340) | 36,972 |
Shares | Value | ||
Short-Term Investment—1.6% | |||
Money Market Mutual Fund(1)—1.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%) | 582,633 | $ 583 | |
Total Short-Term Investment (Identified Cost $583) | 583 | ||
TOTAL INVESTMENTS—101.4% (Identified Cost $35,923) | $37,555 | ||
Other assets and liabilities, net—(1.4)% | (503) | ||
NET ASSETS—100.0% | $37,052 |
Footnote Legend: | |
(1) | Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Affiliated Mutual Funds | $36,972 | $36,972 | $— | $— | |||
Short-Term Investment | 583 | 583 | — | — | |||
Total Investments | $37,555 | $37,555 | $— | $— |
Shares | Value | ||
Affiliated Mutual Funds(1)—98.2% | |||
Equity Funds—74.2% | |||
Virtus Ceredex Large-Cap Value Equity Fund - Class R6 | 363,591 | $ 5,966 | |
Virtus Ceredex Mid-Cap Value Equity Fund - Class R6 | 404,165 | 5,121 | |
Virtus Duff & Phelps Global Infrastructure Fund - Class I | 226,418 | 3,399 | |
Virtus Duff & Phelps Global Real Estate Securities Fund - Class R6 | 203,550 | 6,033 | |
Virtus KAR Capital Growth Fund - Class I | 276,457 | 4,633 | |
Virtus KAR International Small-Cap Fund - Class R6 | 207,539 | 3,437 | |
Virtus KAR Small-Cap Growth Fund - Class I | 106,320 | 2,949 | |
Virtus KAR Small-Cap Value Fund - Class R6 | 224,077 | 4,246 | |
Virtus Rampart Enhanced Core Equity Fund - Class I | 334,733 | 6,772 | |
Virtus Vontobel Emerging Markets Opportunities Fund - Class R6 | 498,198 | 6,013 |
Shares | Value | ||
Equity Funds—continued | |||
Virtus Vontobel Foreign Opportunities Fund Class R6 | 193,174 | $ 6,856 | |
Virtus WCM International Equity Fund - Class R6 | 640,435 | 7,756 | |
63,181 | |||
Fixed Income Funds—24.0% | |||
Virtus Newfleet High Yield Fund - Class R6 | 604,132 | 2,544 | |
Virtus Newfleet Multi-Sector Intermediate Bond Fund - Class R6 | 821,091 | 8,531 | |
Virtus Seix Floating Rate High Income Fund - Class R6 | 291,507 | 2,539 | |
Virtus Seix Total Return Bond Fund - Class R6 | 654,164 | 6,816 | |
20,430 | |||
Total Affiliated Mutual Funds (Identified Cost $75,461) | 83,611 | ||
Total Long-Term Investments—98.2% (Identified Cost $75,461) | 83,611 |
Shares | Value | ||
Short-Term Investment—2.4% | |||
Money Market Mutual Fund(1)—2.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 1.190%) | 1,997,578 | $ 1,998 | |
Total Short-Term Investment (Identified Cost $1,998) | 1,998 | ||
TOTAL INVESTMENTS—100.6% (Identified Cost $77,459) | $85,609 | ||
Other assets and liabilities, net—(0.6)% | (492) | ||
NET ASSETS—100.0% | $85,117 |
Footnote Legend: | |
(1) | Shares of these funds are publicly offered, and the prospectus and annual reports of each are publicly available. |
Total Value at December 31, 2017 | Level 1 Quoted Prices | Level 2 Other Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Equity Securities: | |||||||
Affiliated Mutual Funds | $83,611 | $83,611 | $— | $— | |||
Short-Term Investment | 1,998 | 1,998 | — | — | |||
Total Investments | $85,609 | $85,609 | $— | $— |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | |||
Assets | |||||
Investments in securities at value | $ 1,977,395 | $ 2,953,174 | $ 810,524 | ||
Cash | — (1) | — (1) | — | ||
Receivables | |||||
Investment securities sold | 16,618 | — | — | ||
Fund shares sold | 1,054 | 14,907 | 306 | ||
Dividends and interest receivable | 2,064 | 5,396 | 4,920 | ||
Prepaid expenses | 50 | 71 | 32 | ||
Other assets | 49 | 72 | 20 | ||
Total Assets | 1,997,230 | 2,973,620 | 815,802 | ||
Liabilities | |||||
Cash Overdraft | — | — | — (1) | ||
Payables | |||||
Fund shares repurchased | 15,320 | 24,083 | 5,863 | ||
Investment securities purchased | 1,379 | — | — | ||
Investment advisory fees | 1,305 | 2,066 | 576 | ||
Distribution and service fees | 83 | 110 | 42 | ||
Administration fees | 187 | 276 | 76 | ||
Transfer and sub-transfer agent fees and expenses | 890 | 1,068 | 354 | ||
Printing expenses | 100 | 124 | 29 | ||
Trustees’ fees and expenses | 1 | 2 | 1 | ||
Professional fees | 18 | 17 | 20 | ||
Trustee deferred compensation plan | 49 | 72 | 20 | ||
Other Accrued Expenses | 51 | 88 | 32 | ||
Total Liabilities | 19,383 | 27,906 | 7,013 | ||
Net Assets | 1,977,847 | 2,945,714 | 808,789 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 1,461,966 | $ 2,637,142 | $ 614,639 | ||
Accumulated undistributed net investment income (loss) | 67 | 293 | (20) | ||
Accumulated Net Realized Gain (Loss) from Investments | 6,646 | 33,920 | (1,733) | ||
Net Unrealized Appreciation (Depreciation) on Investments | 509,168 | 274,359 | 195,903 | ||
Net Assets | 1,977,847 | 2,945,714 | 808,789 | ||
Net Assets: | |||||
Class A | $ 323,202 | $ 320,717 | $ 114,673 | ||
Class C | $ 17,744 | $ 48,877 | $ 20,658 | ||
Class I | $ 1,300,385 | $ 2,187,625 | $ 673,458 | ||
Class R6* | $ 336,516 | $ 388,495 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 19,953,183 | 25,650,580 | 9,948,828 | ||
Class C | 1,124,264 | 4,012,394 | 2,002,973 | ||
Class I | 79,549,528 | 172,827,353 | 56,238,616 | ||
Class R6* | 20,507,966 | 30,670,180 | — | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 16.20 | $ 12.50 | $ 11.53 | ||
Class C | $ 15.78 | $ 12.18 | $ 10.31 | ||
Class I | $ 16.35 | $ 12.66 | $ 11.98 | ||
Class R6* | $ 16.41 | $ 12.67 | $ — |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 17.19 | $ 13.26 | $ 12.23 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
Investments in securities at cost | $ 1,468,227 | $ 2,678,815 | $ 614,621 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | WCM International Equity Fund | |||
Assets | |||||
Investments in securities at value | $ 129,262 | $ 29,907 | $ 98,067 | ||
Cash | — (1) | — | — | ||
Receivables | |||||
Fund shares sold | 24 | 4 | 171 | ||
Dividends and interest receivable | 40 | 11 | 37 | ||
Tax reclaims | — | — | 108 | ||
Prepaid expenses | 25 | 27 | 24 | ||
Other assets | 3 | 1 | 2 | ||
Total Assets | 129,354 | 29,950 | 98,409 | ||
Liabilities | |||||
Cash Overdraft | — | — (1) | — | ||
Foreign currency at value | — | — | — (1) | ||
Payables | |||||
Fund shares repurchased | 294 | 91 | 70 | ||
Investment securities purchased | 3,797 | — | — | ||
Investment advisory fees | 61 | 20 | 72 | ||
Distribution and service fees | 45 | 5 | 4 | ||
Administration fees | 12 | 3 | 9 | ||
Transfer and sub-transfer agent fees and expenses | 41 | 9 | 17 | ||
Printing expenses | 7 | 2 | 5 | ||
Trustees’ fees and expenses | — (1) | — (1) | — (1) | ||
Professional fees | 21 | 20 | 22 | ||
Trustee deferred compensation plan | 3 | 1 | 2 | ||
Other Accrued Expenses | 7 | 3 | 20 | ||
Total Liabilities | 4,288 | 154 | 221 | ||
Net Assets | 125,066 | 29,796 | 98,188 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 56,286 | $ 21,692 | $ 77,658 | ||
Accumulated undistributed net investment income (loss) | (3) | (1) | 233 | ||
Accumulated Net Realized Gain (Loss) from Investments | 12,526 | 1,087 | (177) | ||
Net Unrealized Appreciation (Depreciation) on Investments | 56,257 | 7,018 | 20,474 | ||
Net Assets | 125,066 | 29,796 | 98,188 | ||
Net Assets: | |||||
Class A | $ 63,051 | $ 6,840 | $ 18,567 | ||
Class C | $ 36,930 | $ 4,319 | $ — | ||
Class I | $ 24,621 | $ 18,637 | $ 70,342 | ||
Class R6* | $ 464 | $ — | $ 9,279 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 11,478,694 | 987,776 | 1,560,400 | ||
Class C | 15,275,391 | 1,676,452 | — | ||
Class I | 3,269,703 | 2,121,619 | 5,817,769 | ||
Class R6* | 61,116 | — | 766,361 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 5.49 | $ 6.92 | $ 11.90 | ||
Class C | $ 2.42 | $ 2.58 | $ — | ||
Class I | $ 7.53 | $ 8.78 | $ 12.09 | ||
Class R6* | $ 7.59 | $ — | $ 12.11 |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | WCM International Equity Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 5.82 | $ 7.34 | $ 12.63 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
Investments in securities at cost | $ 73,005 | $ 22,889 | $ 77,593 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
Zevenbergen Innovative Growth Stock Fund | Conservative Allocation Strategy Fund | Growth Allocation Strategy Fund | |||
Assets | |||||
Investments in securities at value | $ 23,170 | $ 583 | $ 1,998 | ||
Investment in affiliated fund at value | — | 36,972 | 83,611 | ||
Receivables | |||||
Investment securities sold | 242 | — | — | ||
Fund shares sold | 8 | 27 | 18 | ||
Receivable from adviser | — | 3 | 45 | ||
Dividends and interest receivable | 2 | 71 | 70 | ||
Prepaid expenses | 14 | 26 | 27 | ||
Other assets | 1 | 1 | 2 | ||
Total Assets | 23,437 | 37,683 | 85,771 | ||
Liabilities | |||||
Cash Overdraft | 104 | — | — | ||
Payables | |||||
Fund shares repurchased | 1 | 510 | 467 | ||
Investment securities purchased | 171 | 70 | 69 | ||
Investment advisory fees | 9 | — | — | ||
Distribution and service fees | 1 | 14 | 13 | ||
Administration fees | 2 | 4 | 8 | ||
Transfer and sub-transfer agent fees and expenses | 10 | 10 | 58 | ||
Printing expenses | 1 | 2 | 6 | ||
Trustees’ fees and expenses | — (1) | — (1) | — (1) | ||
Professional fees | 20 | 15 | 20 | ||
Trustee deferred compensation plan | 1 | 1 | 2 | ||
Other Accrued Expenses | 3 | 5 | 11 | ||
Total Liabilities | 323 | 631 | 654 | ||
Net Assets | 23,114 | 37,052 | 85,117 | ||
Net Assets Consist of | |||||
Capital paid in on shares of beneficial interest | $ 9,202 | $ 35,133 | $ 74,595 | ||
Accumulated undistributed net investment income (loss) | (1) | (1) | 234 | ||
Accumulated Net Realized Gain (Loss) from Investments | 1,427 | 288 | 2,138 | ||
Net Unrealized Appreciation (Depreciation) on Investments | 12,486 | 1,632 | 8,150 | ||
Net Assets | 23,114 | 37,052 | 85,117 | ||
Net Assets: | |||||
Class A | $ 5,484 | $ 6,707 | $ 15,068 | ||
Class C | $ — | $ 14,294 | $ 11,099 | ||
Class I | $ 17,630 | $ 16,051 | $ 58,950 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 274,751 | 566,248 | 1,586,356 | ||
Class C | — | 1,221,267 | 1,207,228 | ||
Class I | 835,474 | 1,356,430 | 6,158,699 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $ 19.96 | $ 11.85 | $ 9.50 | ||
Class C | $ — | $ 11.70 | $ 9.19 | ||
Class I | $ 21.10 | $ 11.83 | $ 9.57 |
Zevenbergen Innovative Growth Stock Fund | Conservative Allocation Strategy Fund | Growth Allocation Strategy Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 21.18 | $ 12.57 | $ 10.08 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
Investments in securities at cost | $ 10,684 | $ 583 | $ 1,998 | ||
Affiliated Investments, at cost | — | 35,340 | 75,461 |
(1) | Amount is less than $500. |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 34,367 | $ 57,565 | $ 47,728 | $ 71,416 | |||
Security lending, net of fees | 1 | 28 | 873 | 554 | |||
Foreign taxes withheld | (5) | — | (77) | — | |||
Total Investment Income | 34,363 | 57,593 | 48,524 | 71,970 | |||
Expenses | |||||||
Investment advisory fees | 9,876 | 13,960 | 15,783 | 22,595 | |||
Distribution and service fees, Class A | 610 | 1,066 | 651 | 1,133 | |||
Distribution and service fees, Class C | 134 | 189 | 390 | 564 | |||
Administration Fees | 1,126 | 212 | 1,700 | 324 | |||
Transfer agent fees and expenses | 461 | 165 | 933 | 1,359 | |||
Sub-transfer agent fees, Class A | 627 | 1,221 | 708 | 1,353 | |||
Sub-transfer agent fees, Class C | 8 | — | 30 | — | |||
Sub-transfer agent fees, Class I | 2,545 | 5,527 | 3,343 | 7,405 | |||
Sub-Administration fees | 56 | 263 | 82 | 399 | |||
Custodian fees | 26 | 31 | 38 | 47 | |||
Printing fees and expenses | 87 | 128 | 210 | 363 | |||
Professional fees | 38 | 109 | 49 | 167 | |||
Registration fees | 49 | 58 | 51 | 111 | |||
Trustees’ fees and expenses | 103 | 122 | 156 | 187 | |||
Miscellaneous expenses | 140 | 264 | 208 | 408 | |||
Total Expenses | 15,886 | 23,315 | 24,332 | 36,415 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (1,036) | (2,179) | (76) | (244) | |||
Distribution fees reimbursed (Note 13) | (111) | — | (119) | — | |||
Net expenses | 14,739 | 21,136 | 24,137 | 36,171 | |||
Net Investment income (loss) | 19,624 | 36,457 | 24,387 | 35,799 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 156,109 | 198,054 | 318,771 | 416,382 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | 56,565 | 129,587 | (166,469) | 220,581 | |||
Net Realized and Unrealized Gain (Loss) on Investments | 212,674 | 327,641 | 152,302 | 636,963 | |||
Net increase (decrease) in net assets resulting from operations | $ 232,298 | $ 364,098 | $ 176,689 | $ 672,762 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Ceredex Small-Cap Value Equity Fund | Silvant Large-Cap Growth Stock Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 19,031 | $ 19,876 | $ 1,430 | $ 2,133 | |||
Security lending, net of fees | — | — | 3 | 59 | |||
Foreign taxes withheld | (8) | (43) | — | — | |||
Total Investment Income | 19,023 | 19,833 | 1,433 | 2,192 | |||
Expenses | |||||||
Investment advisory fees | 5,369 | 7,780 | 866 | 1,605 | |||
Distribution and service fees, Class A | 217 | 366 | 117 | 182 | |||
Distribution and service fees, Class C | 165 | 269 | 276 | 376 | |||
Administration Fees | 476 | 93 | 84 | 23 | |||
Transfer agent fees and expenses | 204 | 114 | 114 | 276 | |||
Sub-transfer agent fees, Class A | 235 | 426 | 116 | 20 | |||
Sub-transfer agent fees, Class C | 14 | — | 17 | — | |||
Sub-transfer agent fees, Class I | 1,335 | 2,654 | 109 | 353 | |||
Sub-Administration fees | 23 | 116 | 4 | 28 | |||
Custodian fees | 17 | 19 | 8 | 4 | |||
Printing fees and expenses | 48 | 83 | 12 | 18 | |||
Professional fees | 32 | 48 | 26 | 11 | |||
Registration fees | 36 | 51 | 40 | 54 | |||
Trustees’ fees and expenses | 45 | 54 | 9 | 13 | |||
Miscellaneous expenses | 61 | 122 | 14 | 38 | |||
Total Expenses | 8,277 | 12,195 | 1,812 | 3,001 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (19) | (3) | (207) | (292) | |||
Distribution fees reimbursed (Note 13) | (35) | — | (29) | — | |||
Net expenses | 8,223 | 12,192 | 1,576 | 2,709 | |||
Net Investment income (loss) | 10,800 | 7,641 | (143) | (517) | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 68,490 | 123,271 | 50,580 | 51,579 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (11,900) | 47,650 | (24,440) | (34,343) | |||
Net Realized and Unrealized Gain (Loss) on Investments | 56,590 | 170,921 | 26,140 | 17,236 | |||
Net increase (decrease) in net assets resulting from operations | $ 67,390 | $ 178,562 | $ 25,997 | $ 16,719 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Silvant Small-Cap Growth Stock Fund | WCM International Equity Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 172 | $ 358 | $ 1,166 | $ 972 | |||
Security lending, net of fees | 15 | 48 | 3 | 11 | |||
Foreign taxes withheld | — | — | (101) | (91) | |||
Total Investment Income | 187 | 406 | 1,068 | 892 | |||
Expenses | |||||||
Investment advisory fees | 221 | 402 | 562 | 515 | |||
Distribution and service fees, Class A | 13 | 21 | 31 | 27 | |||
Distribution and service fees, Class C | 33 | 47 | — | — | |||
Administration Fees | 19 | 5 | 51 | 6 | |||
Transfer agent fees and expenses | 15 | 23 | 32 | 35 | |||
Sub-transfer agent fees, Class A | 3 | 3 | 14 | 1 | |||
Sub-transfer agent fees, Class C | 2 | — | — | — | |||
Sub-transfer agent fees, Class I | 43 | 108 | 39 | 45 | |||
Sub-Administration fees | 1 | 6 | 3 | 8 | |||
Custodian fees | 6 | 4 | 37 | 19 | |||
Printing fees and expenses | 4 | 5 | 13 | 12 | |||
Professional fees | 25 | 2 | 34 | 9 | |||
Registration fees | 40 | 53 | 30 | 49 | |||
Trustees’ fees and expenses | 2 | 3 | 4 | 3 | |||
Miscellaneous expenses | 3 | 15 | 19 | 34 | |||
Total Expenses | 430 | 697 | 869 | 763 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (58) | (46) | (51) | (65) | |||
Distribution fees reimbursed (Note 13) | (3) | — | (2) | — | |||
Net expenses | 369 | 651 | 816 | 698 | |||
Net Investment income (loss) | (182) | (245) | 252 | 194 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 3,773 | 6,630 | 834 | (211) | |||
Foreign Currency Translations | — | — | (9) | — | |||
Forward Currency Transactions | — | — | — (2) | — | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | (231) | 2,168 | 13,346 | 5,750 | |||
Foreign Currency Translations | — | — | 4 | — | |||
Net Realized and Unrealized Gain (Loss) on Investments | 3,542 | 8,798 | 14,175 | 5,539 | |||
Net increase (decrease) in net assets resulting from operations | $ 3,360 | $ 8,553 | $ 14,427 | $ 5,733 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
(2) | Amount is less than $500. |
Zevenbergen Innovative Growth Stock Fund | Conservative Allocation Strategy Fund | ||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||||
Investment Income | |||||||
Dividends | $ 26 | $ 28 | $ 32 | $ 410 | |||
Dividends from affiliated funds | — | — | 655 | 642 | |||
Total Investment Income | 26 | 28 | 687 | 1,052 | |||
Expenses | |||||||
Investment advisory fees | 180 | 204 | 30 | 55 | |||
Distribution and service fees, Class A | 12 | 20 | 13 | 35 | |||
Distribution and service fees, Class C | — | — | 115 | 181 | |||
Administration Fees | 16 | 2 | 30 | 6 | |||
Transfer agent fees and expenses | 11 | 13 | 15 | 24 | |||
Sub-transfer agent fees, Class A | 6 | 6 | 4 | 7 | |||
Sub-transfer agent fees, Class C | — | — | 6 | — | |||
Sub-transfer agent fees, Class I | 37 | 48 | 15 | 29 | |||
Sub-Administration fees | 1 | 3 | 1 | 20 | |||
Custodian fees | 7 | 7 | 12 | 16 | |||
Printing fees and expenses | 4 | 3 | 4 | 7 | |||
Professional fees | 24 | 1 | 19 | 3 | |||
Registration fees | 23 | 31 | 28 | 42 | |||
Trustees’ fees and expenses | 2 | 1 | 2 | 3 | |||
Miscellaneous expenses | 4 | 13 | 4 | 14 | |||
Total Expenses | 327 | 352 | 298 | 442 | |||
Less expenses reimbursed, waived and/or recouped by investment adviser | (36) | (26) | (70) | (60) | |||
Distribution fees reimbursed (Note 13) | (2) | — | (9) | — | |||
Net expenses | 289 | 326 | 219 | 382 | |||
Net Investment income (loss) | (263) | (298) | 468 | 670 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net Realized Gain (Loss) from: | |||||||
Investments | 3,302 | 3,193 | 820 | 77 | |||
Affiliated Investments | — | — | 1,289 | — | |||
Capital Gain Received from Investments in Affiliated Investment Companies | — | — | 743 | 1,180 | |||
Net Change in Unrealized Appreciation (Depreciation) on: | |||||||
Investments | 1,372 | 1,488 | (538) | (42) | |||
Affiliated Investments | — | — | (470) | 942 | |||
Net Realized and Unrealized Gain (Loss) on Investments | 4,674 | 4,681 | 1,844 | 2,157 | |||
Net increase (decrease) in net assets resulting from operations | $ 4,411 | $ 4,383 | $ 2,312 | $ 2,827 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Growth Allocation Strategy Fund | |||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | ||
Investment Income | |||
Dividends | $ 76 | $ 227 | |
Dividends from affiliated funds | 858 | 360 | |
Total Investment Income | 934 | 587 | |
Expenses | |||
Investment advisory fees | 51 | 41 | |
Distribution and service fees, Class A | 22 | 19 | |
Distribution and service fees, Class C | 57 | 24 | |
Distribution and service fees, Class I | 1 | — | |
Administration Fees | 53 | 4 | |
Transfer agent fees and expenses | 25 | 13 | |
Sub-transfer agent fees, Class A | 11 | 1 | |
Sub-transfer agent fees, Class C | 5 | — | |
Sub-transfer agent fees, Class I | 118 | 119 | |
Sub-Administration fees | 2 | 20 | |
Custodian fees | 13 | 14 | |
Printing fees and expenses | 6 | 3 | |
Professional fees | 25 | 2 | |
Registration fees | 27 | 42 | |
Trustees’ fees and expenses | 4 | 2 | |
Miscellaneous expenses | 6 | 12 | |
Total Expenses | 426 | 316 | |
Less expenses reimbursed, waived and/or recouped by investment adviser | (100) | (78) | |
Distribution fees reimbursed (Note 13) | (7) | — | |
Net expenses | 319 | 238 | |
Net Investment income (loss) | 615 | 349 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net Realized Gain (Loss) from: | |||
Investments | 2,431 | 738 | |
Affiliated Investments | 7,670 | — | |
Capital Gain Received from Investments in Affiliated Investment Companies | 3,775 | 1,619 | |
Net Change in Unrealized Appreciation (Depreciation) on: | |||
Investments | (909) | 386 | |
Affiliated Investments | 2,149 | 1,065 | |
Net Realized and Unrealized Gain (Loss) on Investments | 15,116 | 3,808 | |
Net increase (decrease) in net assets resulting from operations | $ 15,731 | $ 4,157 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 19,624 | $ 36,457 | $ 29,744 | $ 24,387 | $ 35,799 | $ 43,782 | |||||
Net realized gain (loss) | 156,109 | 198,054 | 61,008 | 318,771 | 416,382 | 58,904 | |||||
Net change in unrealized appreciation (depreciation) | 56,565 | 129,587 | (146,177) | (166,469) | 220,581 | (309,127) | |||||
Increase (decrease) in net assets resulting from operations | 232,298 | 364,098 | (55,425) | 176,689 | 672,762 | (206,441) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (3,620) | (4,823) | (4,596) | (1,936) | (3,509) | (3,557) | |||||
Class C | (125) | (171) | (151) | (99) | (286) | (401) | |||||
Class I | (17,469) | (23,506) | (24,293) | (19,862) | (31,949) | (35,723) | |||||
Class R6* | (5,496) | (5,537) | (1,931) | (4,155) | (3,721) | (2,319) | |||||
Net Realized Gains | |||||||||||
Class A | (46,498) | (1,413) | (31,413) | (58,948) | (13,157) | (23,673) | |||||
Class C | (2,612) | (75) | (1,619) | (9,162) | (1,988) | (4,182) | |||||
Class I | (185,480) | (5,721) | (130,478) | (393,155) | (91,349) | (161,563) | |||||
Class R6* | (49,356) | (1,161) | (8,723) | (66,344) | (8,470) | (7,897) | |||||
Total Dividends and Distributions | (310,656) | (42,407) | (203,204) | (553,661) | (154,429) | (239,315) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | 1,064 | (81,052) | (50,326) | (6,422) | (87,956) | (138,958) | |||||
Class C | (79) | (3,284) | 289 | (139) | (17,440) | (13,913) | |||||
Class I | (81,764) | (229,798) | (290,150) | (248,008) | (416,649) | (457,847) | |||||
Class R6* | 28,012 | 6,109 | 246,664 | 144,459 | 64,349 | 175,505 | |||||
Increase (decrease) in net assets from share transactions | (52,767) | (308,025) | (93,523) | (110,110) | (457,696) | (435,213) | |||||
Net increase (decrease) in net assets | (131,125) | 13,666 | (352,152) | (487,082) | 60,637 | (880,970) | |||||
Net Assets | |||||||||||
Beginning of period | 2,108,972 | 2,095,306 | 2,447,458 | 3,432,796 | 3,372,159 | 4,253,129 | |||||
End of Period | $1,977,847 | $2,108,972 | $2,095,306 | $2,945,714 | $3,432,796 | $3,372,159 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ 67 | $ 8,368 | $ 5,948 | $ 293 | $ 2,004 | $ 10,555 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Ceredex Small-Cap Value Equity Fund | Silvant Large-Cap Growth Stock Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ 10,800 | $ 7,641 | $ 9,402 | $ (143) | $ (517) | $ (931) | |||||
Net realized gain (loss) | 68,490 | 123,271 | 160,397 | 50,580 | 51,579 | 12,551 | |||||
Net change in unrealized appreciation (depreciation) | (11,900) | 47,650 | (185,414) | (24,440) | (34,343) | (16,826) | |||||
Increase (decrease) in net assets resulting from operations | 67,390 | 178,562 | (15,615) | 25,997 | 16,719 | (5,206) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | (1,424) | (919) | (1,361) | — | — | — | |||||
Class C | (197) | (131) | (232) | — | — | — | |||||
Class I | (9,199) | (7,849) | (11,307) | — | — | — | |||||
Net Realized Gains | |||||||||||
Class A | (17,475) | (5,439) | (33,547) | (24,485) | (8,690) | (5,724) | |||||
Class C | (3,552) | (1,282) | (8,088) | (24,341) | (7,643) | (5,427) | |||||
Class I | (103,146) | (33,291) | (207,815) | (8,681) | (11,447) | (9,097) | |||||
Class R6* | — | — | — | (2,009) | (3,486) | (3,074) | |||||
Total Dividends and Distributions | (134,993) | (48,911) | (262,350) | (59,516) | (31,266) | (23,322) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | 846 | (14,300) | (3,434) | 16,370 | 2,917 | 3,065 | |||||
Class C | (1,722) | (6,505) | 2,673 | 19,256 | 1,175 | 10 | |||||
Class I | (57,002) | (143,477) | (67,088) | (66,828) | (13,861) | (5,197) | |||||
Class R6* | — | — | — | (24,152) | (11,595) | (12,335) | |||||
Increase (decrease) in net assets from share transactions | (57,878) | (164,282) | (67,849) | (55,354) | (21,364) | (14,457) | |||||
Net increase (decrease) in net assets | (125,481) | (34,631) | (345,814) | (88,873) | (35,911) | (42,985) | |||||
Net Assets | |||||||||||
Beginning of period | 934,270 | 968,901 | 1,314,715 | 213,939 | 249,850 | 292,835 | |||||
End of Period | $ 808,789 | $ 934,270 | $ 968,901 | $125,066 | $213,939 | $249,850 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (20) | $ — | $ 1,383 | $ (3) | $ (129) | $ (193) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Silvant Small-Cap Growth Stock Fund | WCM International Equity Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ (182) | $ (245) | $ (719) | $ 252 | $ 193 | $ 269 | |||||
Net realized gain (loss) | 3,773 | 6,630 | 23,215 | 825 | (210) | 2,972 | |||||
Net change in unrealized appreciation (depreciation) | (231) | 2,168 | (34,291) | 13,350 | 5,751 | (3,563) | |||||
Increase (decrease) in net assets resulting from operations | 3,360 | 8,553 | (11,795) | 14,427 | 5,734 | (322) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income | |||||||||||
Class A | — | — | — | (15) | (61) | (24) | |||||
Class I | — | — | — | (82) | (198) | (121) | |||||
Class R6* | — | — | — | (13) | (33) | — | |||||
Net Realized Gains | |||||||||||
Class A | (1,011) | (1,016) | (2,963) | — | (79) | (354) | |||||
Class C | (1,459) | (1,293) | (2,794) | — | — | — | |||||
Class I | (2,493) | (3,661) | (14,333) | — | (226) | (880) | |||||
Class R6* | — | (441) | (1,478) | — | (32) | (766) | |||||
Total Dividends and Distributions | (4,963) | (6,411) | (21,568) | (110) | (629) | (2,145) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | 144 | (77) | 1,067 | 1,737 | 9,517 | 97 | |||||
Class C | 594 | 563 | 1,902 | — | — | — | |||||
Class I | (9,959) | (11,756) | (66,291) | 8,947 | 18,634 | 11,230 | |||||
Class R6* | (300) | (1,218) | (793) | 1,393 | 194 | 6,339 | |||||
Increase (decrease) in net assets from share transactions | (9,521) | (12,488) | (64,115) | 12,077 | 28,345 | 17,666 | |||||
Net increase (decrease) in net assets | (11,124) | (10,346) | (97,478) | 26,394 | 33,450 | 15,199 | |||||
Net Assets | |||||||||||
Beginning of period | 40,920 | 51,266 | 148,744 | 71,794 | 38,344 | 23,145 | |||||
End of Period | $ 29,796 | $ 40,920 | $ 51,266 | $98,188 | $71,794 | $38,344 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (1) | $ (67) | $ (83) | $ 233 | $ 110 | $ 225 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Zevenbergen Innovative Growth Stock Fund | Conservative Allocation Strategy Fund | ||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | ||||||
Increase (decrease) in Net Assets resulting from Operations | |||||||||||
Net investment income (loss) | $ (263) | $ (298) | $ (419) | $ 468 | $ 670 | $ 853 | |||||
Net realized gain (loss) | 3,302 | 3,193 | 2,937 | 2,852 | 1,257 | 70 | |||||
Net change in unrealized appreciation (depreciation) | 1,372 | 1,488 | (4,841) | (1,008) | 900 | (2,320) | |||||
Increase (decrease) in net assets resulting from operations | 4,411 | 4,383 | (2,323) | 2,312 | 2,827 | (1,397) | |||||
Dividends and Distributions to Shareholders | �� | ||||||||||
Net Investment Income | |||||||||||
Class A | — | — | — | (136) | (170) | (204) | |||||
Class C | — | — | — | (199) | (231) | (158) | |||||
Class I | — | — | — | (391) | (492) | (572) | |||||
Net Realized Gains | |||||||||||
Class A | (584) | (971) | (702) | (488) | (36) | (349) | |||||
Class C | — | — | — | (1,151) | (72) | (480) | |||||
Class I | (1,867) | (2,005) | (1,394) | (1,312) | (85) | (800) | |||||
Total Dividends and Distributions | (2,451) | (2,976) | (2,096) | (3,677) | (1,086) | (2,563) | |||||
Change in Net Assets from Capital transactions | |||||||||||
Class A | (1,424) | (2,020) | (427) | (1,129) | (6,818) | (671) | |||||
Class C | — | — | — | (1,485) | (3,344) | 2,087 | |||||
Class I | (6,127) | 2,988 | (3,681) | (1,237) | (13,977) | 411 | |||||
Increase (decrease) in net assets from share transactions | (7,551) | 968 | (4,108) | (3,851) | (24,139) | 1,827 | |||||
Net increase (decrease) in net assets | (5,591) | 2,375 | (8,527) | (5,216) | (22,398) | (2,133) | |||||
Net Assets | |||||||||||
Beginning of period | 28,705 | 26,330 | 34,857 | 42,268 | 64,666 | 66,799 | |||||
End of Period | $23,114 | $28,705 | $26,330 | $37,052 | $ 42,268 | $64,666 | |||||
Accumulated undistributed net investment income (loss) at end of period | $ (1) | $ (78) | $ (79) | $ (1) | $ 114 | $ 125 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
Growth Allocation Strategy Fund | |||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||
Increase (decrease) in Net Assets resulting from Operations | |||||
Net investment income (loss) | $ 615 | $ 349 | $ 488 | ||
Net realized gain (loss) | 13,876 | 2,357 | 2,558 | ||
Net change in unrealized appreciation (depreciation) | 1,240 | 1,451 | (5,495) | ||
Increase (decrease) in net assets resulting from operations | 15,731 | 4,157 | (2,449) | ||
Dividends and Distributions to Shareholders | |||||
Net Investment Income | |||||
Class A | (183) | (62) | (67) | ||
Class C | (105) | (12) | (11) | ||
Class I | (720) | (399) | (479) | ||
Net Realized Gains | |||||
Class A | (2,103) | (358) | (545) | ||
Class C | (1,497) | (135) | (203) | ||
Class I | (8,598) | (1,922) | (3,233) | ||
Total Dividends and Distributions | (13,206) | (2,888) | (4,538) | ||
Change in Net Assets from Capital transactions | |||||
Class A | 8,759 | (1,641) | (635) | ||
Class C | 8,813 | (686) | (192) | ||
Class I | 24,642 | (6,626) | (9,409) | ||
Increase (decrease) in net assets from share transactions | 42,214 | (8,953) | (10,236) | ||
Net increase (decrease) in net assets | 44,739 | (7,684) | (17,223) | ||
Net Assets | |||||
Beginning of period | 40,378 | 48,062 | 65,285 | ||
End of Period | $ 85,117 | $40,378 | $ 48,062 | ||
Accumulated undistributed net investment income (loss) at end of period | $ 234 | $ 6 | $ 15 |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Ceredex Large-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $16.98 | 0.13 | 1.84 | 1.97 | (0.20) | (2.55) | (2.75) | (0.78) | 16.20 | 12.14 % | $ 323,202 | 1.24 % | 1.30 % | 1.04 % | 54 % | |
4/1/16 to 3/31/17 | 14.60 | 0.23 | 2.43 | 2.66 | (0.22) | (0.06) | (0.28) | 2.38 | 16.98 | 18.31 | 335,256 | 1.25 | 1.36 | 1.45 | 77 | |
4/1/15 to 3/31/16 | 16.48 | 0.17 | (0.56) | (0.39) | (0.19) | (1.30) | (1.49) | (1.88) | 14.60 | (2.46) | 362,805 | 1.27 | 1.37 | 1.09 | 66 | |
4/1/14 to 3/31/15 | 16.90 | 0.18 | 0.99 | 1.17 | (0.18) | (1.41) | (1.59) | (0.42) | 16.48 | 6.98 | 461,642 | 1.25 | 1.36 | 1.03 | 73 | |
4/1/13 to 3/31/14 | 15.67 | 0.19 | 3.27 | 3.46 | (0.19) | (2.04) | (2.23) | 1.23 | 16.90 | 22.60 | 379,768 | 1.19 | 1.37 | 1.13 | 81 | |
4/1/12 to 3/31/13 | 13.70 | 0.21 | 1.95 | 2.16 | (0.19) | — | (0.19) | 1.97 | 15.67 | 15.93 | 287,957 | 1.16 | 1.26 | 1.48 | 78 | |
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $16.59 | 0.08 | 1.78 | 1.86 | (0.12) | (2.55) | (2.67) | (0.81) | 15.78 | 11.76 % | $ 17,744 | 1.68 % | 1.86 % | 0.61 % | 54 % | |
4/1/16 to 3/31/17 | 14.28 | 0.15 | 2.37 | 2.52 | (0.15) | (0.06) | (0.21) | 2.31 | 16.59 | 17.70 | 18,590 | 1.72 | 1.72 | 0.98 | 77 | |
4/1/15 to 3/31/16 | 16.15 | 0.10 | (0.55) | (0.45) | (0.12) | (1.30) | (1.42) | (1.87) | 14.28 | (2.88) | 19,053 | 1.71 | 1.71 | 0.65 | 66 | |
4/1/14 to 3/31/15 | 16.59 | 0.10 | 0.97 | 1.07 | (0.10) | (1.41) | (1.51) | (0.44) | 16.15 | 6.50 | 21,207 | 1.71 | 1.71 | 0.57 | 73 | |
4/1/13 to 3/31/14 | 15.42 | 0.10 | 3.22 | 3.32 | (0.11) | (2.04) | (2.15) | 1.17 | 16.59 | 21.98 | 20,239 | 1.71 | 1.71 | 0.62 | 81 | |
4/1/12 to 3/31/13 | 13.50 | 0.12 | 1.92 | 2.04 | (0.12) | — | (0.12) | 1.92 | 15.42 | 15.25 | 16,394 | 1.75 | 1.75 | 0.89 | 78 | |
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $17.11 | 0.17 | 1.86 | 2.03 | (0.24) | (2.55) | (2.79) | (0.76) | 16.35 | 12.42 % | $1,300,385 | 0.97 % | 1.05 % | 1.31 % | 54 % | |
4/1/16 to 3/31/17 | 14.71 | 0.28 | 2.45 | 2.73 | (0.27) | (0.06) | (0.33) | 2.40 | 17.11 | 18.63 | 1,432,996 | 0.97 | 1.09 | 1.73 | 77 | |
4/1/15 to 3/31/16 | 16.60 | 0.22 | (0.57) | (0.35) | (0.24) | (1.30) | (1.54) | (1.89) | 14.71 | (2.19) | 1,440,587 | 0.97 | 1.09 | 1.40 | 66 | |
4/1/14 to 3/31/15 | 17.02 | 0.23 | 0.99 | 1.22 | (0.23) | (1.41) | (1.64) | (0.42) | 16.60 | 7.25 | 1,927,039 | 0.95 | 1.07 | 1.33 | 73 | |
4/1/13 to 3/31/14 | 15.76 | 0.24 | 3.29 | 3.53 | (0.23) | (2.04) | (2.27) | 1.26 | 17.02 | 22.94 | 1,799,158 | 0.91 | 1.06 | 1.42 | 81 | |
4/1/12 to 3/31/13 | 13.77 | 0.24 | 1.97 | 2.21 | (0.22) | — | (0.22) | 1.99 | 15.76 | 16.24 | 1,442,154 | 0.89 | 0.89 | 1.74 | 78 | |
Class R6* | ||||||||||||||||
4/1/17 to 12/31/17(6) | $17.18 | 0.21 | 1.85 | 2.06 | (0.28) | (2.55) | (2.83) | (0.77) | 16.41 | 12.60 % | $ 336,516 | 0.72 % | 0.80 % | 1.57 % | 54 % | |
4/1/16 to 3/31/17 | 14.77 | 0.32 | 2.46 | 2.78 | (0.31) | (0.06) | (0.37) | 2.41 | 17.18 | 18.92 | 322,129 | 0.72 | 0.72 | 1.98 | 77 | |
4/1/15 to 3/31/16 | 16.66 | 0.23 | (0.53) | (0.30) | (0.29) | (1.30) | (1.59) | (1.89) | 14.77 | (1.90) | 272,861 | 0.72 | 0.72 | 1.48 | 66 | |
8/1/14 to 3/31/15(7) | 17.54 | 0.19 | 0.54 | 0.73 | (0.20) | (1.41) | (1.61) | (0.88) | 16.66 | 4.26 | 37,570 | 0.71 | 0.71 | 1.65 | 73 | |
Ceredex Mid-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $14.33 | 0.08 | 0.69 | 0.77 | (0.08) | (2.52) | (2.60) | (1.83) | 12.50 | 5.87 % | $ 320,717 | 1.38 % | 1.37 % (8) | 0.75 % (8) | 82 % | |
4/1/16 to 3/31/17 | 12.22 | 0.11 | 2.63 | 2.74 | (0.13) | (0.50) | (0.63) | 2.11 | 14.33 | 22.69 | 369,102 | 1.39 | 1.45 | 0.81 | 108 | |
4/1/15 to 3/31/16 | 13.60 | 0.11 | (0.70) | (0.59) | (0.10) | (0.69) | (0.79) | (1.38) | 12.22 | (4.11) | 397,599 | 1.40 | 1.45 | 0.86 | 98 | |
4/1/14 to 3/31/15 | 13.96 | 0.09 | 0.92 | 1.01 | (0.08) | (1.29) | (1.37) | (0.36) | 13.60 | 7.45 | 590,327 | 1.38 | 1.41 | 0.64 | 94 | |
4/1/13 to 3/31/14 | 12.96 | 0.10 | 2.62 | 2.72 | (0.09) | (1.63) | (1.72) | 1.00 | 13.96 | 21.68 | 611,880 | 1.35 | 1.40 | 0.76 | 108 | |
4/1/12 to 3/31/13 | 10.99 | 0.13 | 1.98 | 2.11 | (0.11) | (0.03) | (0.14) | 1.97 | 12.96 | 19.43 | 490,381 | 1.34 | 1.38 | 1.17 | 123 | |
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $14.02 | 0.03 | 0.68 | 0.71 | (0.03) | (2.52) | (2.55) | (1.84) | 12.18 | 5.52 % | $ 48,877 | 1.80 % | 1.92 % | 0.33 % | 82 % | |
4/1/16 to 3/31/17 | 11.96 | 0.05 | 2.58 | 2.63 | (0.07) | (0.50) | (0.57) | 2.06 | 14.02 | 22.23 (9) | 55,580 | 1.80 | 1.80 | 0.39 | 108 | |
4/1/15 to 3/31/16 | 13.34 | 0.06 | (0.68) | (0.62) | (0.07) | (0.69) | (0.76) | (1.38) | 11.96 | (4.49) | 64,160 | 1.78 | 1.78 | 0.50 | 98 | |
4/1/14 to 3/31/15 | 13.72 | 0.04 | 0.90 | 0.94 | (0.03) | (1.29) | (1.32) | (0.38) | 13.34 | 7.06 | 87,115 | 1.75 | 1.75 | 0.28 | 94 | |
4/1/13 to 3/31/14 | 12.77 | 0.05 | 2.58 | 2.63 | (0.05) | (1.63) | (1.68) | 0.95 | 13.72 | 21.26 | 81,961 | 1.76 | 1.76 | 0.36 | 108 | |
4/1/12 to 3/31/13 | 10.85 | 0.07 | 1.95 | 2.02 | (0.07) | (0.03) | (0.10) | 1.92 | 12.77 | 18.75 | 53,893 | 1.86 | 1.86 | 0.65 | 123 |
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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Ceredex Mid-Cap Value Equity Fund (Continued) | ||||||||||||||||
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $14.48 | 0.12 | 0.70 | 0.82 | (0.12) | (2.52) | (2.64) | (1.82) | 12.66 | 6.21 % | $2,187,625 | 1.04 % | 1.04 % | 1.09 % | 82 % | |
4/1/16 to 3/31/17 | 12.34 | 0.15 | 2.66 | 2.81 | (0.17) | (0.50) | (0.67) | 2.14 | 14.48 | 23.08 | 2,716,560 | 1.08 | 1.08 | 1.12 | 108 | |
4/1/15 to 3/31/16 | 13.74 | 0.15 | (0.71) | (0.56) | (0.15) | (0.69) | (0.84) | (1.40) | 12.34 | (3.85) | 2,717,761 | 1.12 | 1.12 | 1.16 | 98 | |
4/1/14 to 3/31/15 | 14.09 | 0.13 | 0.93 | 1.06 | (0.12) | (1.29) | (1.41) | (0.35) | 13.74 | 7.76 | 3,552,288 | 1.10 | 1.10 | 0.92 | 94 | |
4/1/13 to 3/31/14 | 13.06 | 0.14 | 2.64 | 2.78 | (0.12) | (1.63) | (1.75) | 1.03 | 14.09 | 22.03 | 3,159,585 | 1.09 | 1.10 | 1.02 | 108 | |
4/1/12 to 3/31/13 | 11.07 | 0.16 | 2.00 | 2.16 | (0.14) | (0.03) | (0.17) | 1.99 | 13.06 | 19.73 | 2,168,210 | 1.08 | 1.08 | 1.44 | 123 | |
Class R6* | ||||||||||||||||
4/1/17 to 12/31/17(6) | $14.49 | 0.15 | 0.70 | 0.85 | (0.15) | (2.52) | (2.67) | (1.82) | 12.67 | 6.41 % | $ 388,495 | 0.80 % | 0.85 % | 1.37 % | 82 % | |
4/1/16 to 3/31/17 | 12.36 | 0.19 | 2.66 | 2.85 | (0.22) | (0.50) | (0.72) | 2.13 | 14.49 | 23.34 | 291,554 | 0.80 | 0.80 | 1.44 | 108 | |
4/1/15 to 3/31/16 | 13.76 | 0.21 | (0.72) | (0.51) | (0.20) | (0.69) | (0.89) | (1.40) | 12.36 | (3.45) | 192,640 | 0.80 | 0.80 | 1.68 | 98 | |
8/1/14 to 3/31/15(7) | 14.28 | 0.13 | 0.77 | 0.90 | (0.13) | (1.29) | (1.42) | (0.52) | 13.76 | 6.54 | 23,398 | 0.75 | 0.75 | 1.39 | 94 | |
�� | ||||||||||||||||
Ceredex Small-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $12.58 | 0.14 | 0.90 | 1.04 | (0.16) | (1.93) | (2.09) | (1.05) | 11.53 | 8.74 % | $ 114,673 | 1.47 % | 1.50 % | 1.52 % | 15 % | |
4/1/16 to 3/31/17 | 10.96 | 0.07 | 2.20 | 2.27 | (0.09) | (0.56) | (0.65) | 1.62 | 12.58 | 20.81 (9) | 123,495 | 1.55 | 1.55 | 0.58 | 29 | |
4/1/15 to 3/31/16 | 15.25 | 0.08 | (0.50) | (0.42) | (0.15) | (3.72) | (3.87) | (4.29) | 10.96 | (1.07) (9) | 121,367 | 1.55 | 1.55 | 0.62 | 36 | |
4/1/14 to 3/31/15 | 17.61 | 0.15 | 0.38 | 0.53 | (0.10) | (2.79) | (2.89) | (2.36) | 15.25 | 3.79 | 162,732 | 1.52 | 1.52 | 0.89 | 10 | |
4/1/13 to 3/31/14 | 15.19 | 0.12 | 3.05 | 3.17 | (0.11) | (0.64) | (0.75) | 2.42 | 17.61 | 20.96 | 195,098 | 1.50 | 1.50 | 0.73 | 37 | |
4/1/12 to 3/31/13 | 13.58 | 0.15 | 2.05 | 2.20 | (0.19) | (0.40) | (0.59) | 1.61 | 15.19 | 16.77 | 181,308 | 1.50 | 1.50 | 1.14 | 27 | |
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $11.46 | 0.09 | 0.80 | 0.89 | (0.11) | (1.93) | (2.04) | (1.15) | 10.31 | 8.28 % | $ 20,658 | 1.90 % | 2.07 % | 1.05 % | 15 % | |
4/1/16 to 3/31/17 | 10.04 | 0.02 | 2.02 | 2.04 | (0.06) | (0.56) | (0.62) | 1.42 | 11.46 | 20.35 | 24,529 | 1.90 | 1.90 | 0.22 | 29 | |
4/1/15 to 3/31/16 | 14.31 | 0.03 | (0.47) | (0.44) | (0.11) | (3.72) | (3.83) | (4.27) | 10.04 | (1.34) | 27,410 | 1.90 | 1.90 | 0.28 | 36 | |
4/1/14 to 3/31/15 | 16.71 | 0.08 | 0.36 | 0.44 | (0.05) | (2.79) | (2.84) | (2.40) | 14.31 | 3.42 | 33,793 | 1.88 | 1.88 | 0.54 | 10 | |
4/1/13 to 3/31/14 | 14.47 | 0.06 | 2.90 | 2.96 | (0.08) | (0.64) | (0.72) | 2.24 | 16.71 | 20.53 | 38,408 | 1.87 | 1.87 | 0.36 | 37 | |
4/1/12 to 3/31/13 | 12.98 | 0.08 | 1.95 | 2.03 | (0.14) | (0.40) | (0.54) | 1.49 | 14.47 | 16.17 | 36,015 | 1.99 | 1.99 | 0.65 | 27 | |
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $12.99 | 0.16 | 0.94 | 1.10 | (0.18) | (1.93) | (2.11) | (1.01) | 11.98 | 8.94 % | $ 673,458 | 1.22 % | 1.22 % | 1.72 % | 15 % | |
4/1/16 to 3/31/17 | 11.30 | 0.11 | 2.27 | 2.38 | (0.13) | (0.56) | (0.69) | 1.69 | 12.99 | 21.15 | 786,245 | 1.24 | 1.24 | 0.87 | 29 | |
4/1/15 to 3/31/16 | 15.59 | 0.13 | (0.50) | (0.37) | (0.20) | (3.72) | (3.92) | (4.29) | 11.30 | (0.64) | 820,124 | 1.21 | 1.21 | 0.93 | 36 | |
4/1/14 to 3/31/15 | 17.95 | 0.20 | 0.38 | 0.58 | (0.15) | (2.79) | (2.94) | (2.36) | 15.59 | 4.07 | 1,118,190 | 1.21 | 1.21 | 1.16 | 10 | |
4/1/13 to 3/31/14 | 15.45 | 0.17 | 3.11 | 3.28 | (0.14) | (0.64) | (0.78) | 2.50 | 17.95 | 21.34 | 1,528,174 | 1.22 | 1.22 | 1.01 | 37 | |
4/1/12 to 3/31/13 | 13.80 | 0.20 | 2.08 | 2.28 | (0.23) | (0.40) | (0.63) | 1.65 | 15.45 | 17.07 | 1,408,597 | 1.20 | 1.20 | 1.44 | 27 |
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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Silvant Large-Cap Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 7.20 | (0.01) | 1.21 | 1.20 | — | (2.91) | (2.91) | (1.71) | 5.49 | 17.88 % | $ 63,051 | 1.23 % | 1.46 % | (0.09) % | 14 % | |
4/1/16 to 3/31/17 | 7.81 | (0.02) | 0.57 | 0.55 | — | (1.16) | (1.16) | (0.61) | 7.20 | 7.83 | 60,900 | 1.23 | 1.24 | (0.27) | 42 | |
4/1/15 to 3/31/16 | 8.75 | (0.03) | (0.11) | (0.14) | — | (0.80) | (0.80) | (0.94) | 7.81 | (2.13) | 62,115 | 1.20 | 1.21 | (0.39) | 10 | |
4/1/14 to 3/31/15 | 8.35 | (0.02) | 1.20 | 1.18 | — | (0.78) | (0.78) | 0.40 | 8.75 | 14.83 | 65,953 | 1.18 | 1.19 | (0.26) | 13 | |
4/1/13 to 3/31/14 | 7.27 | (0.02) | 1.96 | 1.94 | — | (0.86) | (0.86) | 1.08 | 8.35 | 26.99 | 64,288 | 1.19 | 1.20 | (0.20) | 21 | |
4/1/12 to 3/31/13 | 11.96 | — (10) | 0.21 | 0.21 | — | (4.90) | (4.90) | (4.69) | 7.27 | 3.43 | 56,511 | 1.20 | 1.20 | (0.01) | 40 | |
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 4.62 | (0.03) | 0.74 | 0.71 | — | (2.91) | (2.91) | (2.20) | 2.42 | 17.32 % | $ 36,930 | 1.91 % | 2.02 % | (0.77) % | 14 % | |
4/1/16 to 3/31/17 | 5.45 | (0.05) | 0.38 | 0.33 | — | (1.16) | (1.16) | (0.83) | 4.62 | 7.16 | 36,141 | 1.90 | 1.90 | (0.95) | 42 | |
4/1/15 to 3/31/16 | 6.38 | (0.06) | (0.07) | (0.13) | — | (0.80) | (0.80) | (0.93) | 5.45 | (2.77) | 40,086 | 1.88 | 1.89 | (1.06) | 10 | |
4/1/14 to 3/31/15 | 6.32 | (0.06) | 0.90 | 0.84 | — | (0.78) | (0.78) | 0.06 | 6.38 | 14.20 | 46,678 | 1.86 | 1.87 | (0.90) | 13 | |
4/1/13 to 3/31/14 | 5.71 | (0.06) | 1.53 | 1.47 | — | (0.86) | (0.86) | 0.61 | 6.32 | 26.09 | 34,249 | 1.88 | 1.88 | (0.90) | 21 | |
4/1/12 to 3/31/13 | 10.52 | (0.06) | 0.15 | 0.09 | — | (4.90) | (4.90) | (4.81) | 5.71 | 2.69 | 31,625 | 1.89 | 1.89 | (0.70) | 40 | |
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.92 | 0.01 | 1.51 | 1.52 | — | (2.91) | (2.91) | (1.39) | 7.53 | 18.04 % | $ 24,621 | 0.97 % | 1.22 % | 0.22 % | 14 % | |
4/1/16 to 3/31/17 | 9.38 | — (10) | 0.70 | 0.70 | — | (1.16) | (1.16) | (0.46) | 8.92 | 8.14 | 92,638 | 0.97 | 1.26 | (0.02) | 42 | |
4/1/15 to 3/31/16 | 10.32 | (0.02) | (0.12) | (0.14) | — | (0.80) | (0.80) | (0.94) | 9.38 | (1.79) | 110,562 | 0.97 | 1.24 | (0.15) | 10 | |
4/1/14 to 3/31/15 | 9.70 | — | 1.40 | 1.40 | — | (0.78) | (0.78) | 0.62 | 10.32 | 15.03 | 127,236 | 0.94 | 1.17 | (0.04) | 13 | |
4/1/13 to 3/31/14 | 8.31 | 0.01 | 2.24 | 2.25 | — | (0.86) | (0.86) | 1.39 | 9.70 | 27.35 | 188,294 | 0.92 | 1.09 | 0.07 | 21 | |
4/1/12 to 3/31/13 | 12.95 | 0.03 | 0.24 | 0.27 | (0.01) | (4.90) | (4.91) | (4.64) | 8.31 | 3.64 | 167,887 | 0.94 | 0.94 | 0.23 | 40 | |
Class R6* | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.94 | 0.02 | 1.54 | 1.56 | — | (2.91) | (2.91) | (1.35) | 7.59 | 18.53 % | $ 464 | 0.91 % | 0.93 % | 0.28 % | 14 % | |
4/1/16 to 3/31/17 | 9.39 | 0.01 | 0.70 | 0.71 | — | (1.16) | (1.16) | (0.45) | 8.94 | 8.23 | 2,426 | 0.90 | 0.90 | 0.05 | 42 | |
4/1/15 to 3/31/16 | 10.33 | (0.01) | (0.13) | (0.14) | — | (0.80) | (0.80) | (0.94) | 9.39 | (1.80) | 37,087 | 0.88 | 0.89 | (0.06) | 10 | |
8/1/14 to 3/31/15(7) | 9.97 | 0.01 | 1.13 | 1.14 | — | (0.78) | (0.78) | 0.36 | 10.33 | 12.02 | 52,967 | 0.85 | 0.87 | 0.16 | 13 | |
Silvant Small-Cap Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 7.28 | (0.04) | 0.80 | 0.76 | — | (1.12) | (1.12) | (0.36) | 6.92 | 10.73 % | $ 6,840 | 1.42 % | 1.64 % | (0.70) % | 24 % | |
4/1/16 to 3/31/17 | 7.13 | (0.04) | 1.38 | 1.34 | — | (1.19) | (1.19) | 0.15 | 7.28 | 19.30 | 7,008 | 1.41 | 1.43 | (0.55) | 56 | |
4/1/15 to 3/31/16 | 13.23 | (0.08) | (1.35) | (1.43) | — | (4.67) | (4.67) | (6.10) | 7.13 | (13.38) | 6,856 | 1.37 | 1.37 | (0.76) | 73 | |
4/1/14 to 3/31/15 | 15.30 | (0.13) | 0.56 | 0.43 | — | (2.50) | (2.50) | (2.07) | 13.23 | 4.21 | 9,889 | 1.32 | 1.32 | (0.96) | 31 | |
4/1/13 to 3/31/14 | 14.46 | (0.15) | 3.90 | 3.75 | — | (2.91) | (2.91) | 0.84 | 15.30 | 25.92 | 10,880 | 1.29 | 1.29 | (0.94) | 90 | |
4/1/12 to 3/31/13 | 16.18 | (0.11) | 2.05 | 1.94 | — | (3.66) | (3.66) | (1.72) | 14.46 | 14.07 | 10,226 | 1.37 | 1.37 | (0.69) | 50 | |
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 3.37 | (0.03) | 0.36 | 0.33 | — | (1.12) | (1.12) | (0.79) | 2.58 | 10.46 % | $ 4,319 | 2.09 % | 2.39 % | (1.37) % | 24 % | |
4/1/16 to 3/31/17 | 3.88 | (0.05) | 0.73 | 0.68 | — | (1.19) | (1.19) | (0.51) | 3.37 | 18.39 | 4,758 | 2.08 | 2.09 | (1.21) | 56 | |
4/1/15 to 3/31/16 | 9.53 | (0.10) | (0.88) | (0.98) | — | (4.67) | (4.67) | (5.65) | 3.88 | (13.91) | 4,686 | 2.02 | 2.02 | (1.40) | 73 | |
4/1/14 to 3/31/15 | 11.82 | (0.17) | 0.38 | 0.21 | — | (2.50) | (2.50) | (2.29) | 9.53 | 3.55 | 6,397 | 1.96 | 1.96 | (1.60) | 31 | |
4/1/13 to 3/31/14 | 11.77 | (0.20) | 3.16 | 2.96 | — | (2.91) | (2.91) | 0.05 | 11.82 | 25.10 | 7,255 | 1.94 | 1.94 | (1.59) | 90 | |
4/1/12 to 3/31/13 | 13.91 | (0.18) | 1.70 | 1.52 | — | (3.66) | (3.66) | (2.14) | 11.77 | 13.30 | 6,757 | 2.05 | 2.05 | (1.39) | 50 |
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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Silvant Small-Cap Growth Stock Fund (Continued) | ||||||||||||||||
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $ 8.95 | (0.04) | 0.99 | 0.95 | — | (1.12) | (1.12) | (0.17) | 8.78 | 10.86 % | $ 18,637 | 1.30 % | 1.53 % | (0.58) % | 24 % | |
4/1/16 to 3/31/17 | 8.52 | (0.04) | 1.66 | 1.62 | — | (1.19) | (1.19) | 0.43 | 8.95 | 19.45 | 26,929 | 1.29 | 1.43 | (0.44) | 56 | |
4/1/15 to 3/31/16 | 14.83 | (0.10) | (1.54) | (1.64) | — | (4.67) | (4.67) | (6.31) | 8.52 | (13.36) (9) | 36,436 | 1.30 | 1.39 | (0.74) | 73 | |
4/1/14 to 3/31/15 | 16.82 | (0.14) | 0.65 | 0.51 | — | (2.50) | (2.50) | (1.99) | 14.83 | 4.31 (9) | 126,223 | 1.28 | 1.34 | (0.92) | 31 | |
4/1/13 to 3/31/14 | 15.66 | (0.16) | 4.23 | 4.07 | — | (2.91) | (2.91) | 1.16 | 16.82 | 25.98 | 170,409 | 1.26 | 1.31 | (0.91) | 90 | |
4/1/12 to 3/31/13 | 17.21 | (0.08) | 2.19 | 2.11 | — | (3.66) | (3.66) | (1.55) | 15.66 | 14.20 | 152,674 | 1.21 | 1.21 | (0.50) | 50 | |
WCM International Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $10.05 | 0.02 | 1.84 | 1.86 | (0.01) | — | (0.01) | 1.85 | 11.90 | 18.50 % | $ 18,567 | 1.43 % | 1.56 % | 0.20 % | 17 % | |
4/1/16 to 3/31/17 | 9.18 | 0.01 | 0.93 | 0.94 | (0.03) | (0.04) | (0.07) | 0.87 | 10.05 | 10.41 | 14,116 | 1.33 (11) | 1.43 (11) | 0.12 | 37 | |
4/1/15 to 3/31/16 | 10.34 | 0.09 | (0.27) | (0.18) | (0.06) | (0.92) | (0.98) | (1.16) | 9.18 | (1.77) | 3,756 | 1.51 | 1.77 | 0.89 | 114 | |
4/1/14 to 3/31/15 | 12.35 | 0.20 | (0.87) | (0.67) | (0.22) | (1.12) | (1.34) | (2.01) | 10.34 | (4.87) | 4,123 | 1.57 | 1.66 | 1.79 | 41 | |
4/1/13 to 3/31/14 | 11.51 | 0.20 | 2.00 | 2.20 | (1.14) | (0.22) | (1.36) | 0.84 | 12.35 | 19.72 | 4,802 | 1.47 | 1.47 | 1.66 | 43 | |
4/1/12 to 3/31/13 | 10.63 | 0.18 | 0.87 | 1.05 | (0.17) | — | (0.17) | 0.88 | 11.51 | 9.95 | 4,565 | 1.45 | 1.45 | 1.73 | 52 | |
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $10.19 | 0.04 | 1.87 | 1.91 | (0.01) | — | (0.01) | 1.90 | 12.09 | 18.79 % | $ 70,342 | 1.20 % | 1.27 % | 0.42 % | 17 % | |
4/1/16 to 3/31/17 | 9.30 | 0.03 | 0.94 | 0.97 | (0.04) | (0.04) | (0.08) | 0.89 | 10.19 | 10.54 (9) | 51,120 | 1.14 (11) | 1.24 (11) | 0.34 | 37 | |
4/1/15 to 3/31/16 | 10.45 | 0.13 | (0.29) | (0.16) | (0.07) | (0.92) | (0.99) | (1.15) | 9.30 | (1.59) | 28,756 | 1.30 | 1.67 | 1.28 | 114 | |
4/1/14 to 3/31/15 | 12.45 | 0.25 | (0.90) | (0.65) | (0.23) | (1.12) | (1.35) | (2.00) | 10.45 | (4.59) | 19,023 | 1.37 | 1.48 | 2.15 | 41 | |
4/1/13 to 3/31/14 | 11.64 | 0.55 | 1.65 | 2.20 | (1.17) | (0.22) | (1.39) | 0.81 | 12.45 | 19.52 | 26,932 | 1.20 | 1.20 | 4.55 (12) | 43 | |
4/1/12 to 3/31/13 | 10.74 | 0.22 | 0.89 | 1.11 | (0.21) | — | (0.21) | 0.90 | 11.64 | 10.38 | 272,552 | 1.12 | 1.12 | 2.02 | 52 | |
Class R6* | ||||||||||||||||
4/1/17 to 12/31/17(6) | $10.20 | 0.04 | 1.89 | 1.93 | (0.02) | — | (0.02) | 1.91 | 12.11 | 18.89 % | $ 9,279 | 1.10 % | 1.19 % | 0.42 % | 17 % | |
4/1/16 to 3/31/17 | 9.31 | 0.05 | 0.93 | 0.98 | (0.05) | (0.04) | (0.09) | 0.89 | 10.20 | 10.62 | 6,558 | 1.03 (11) | 1.14 (11) | 0.49 | 37 | |
9/1/15 to 3/31/16(13) | 9.85 | — (10) | 0.38 | 0.38 | — | (0.92) | (0.92) | (0.54) | 9.31 | 3.81 | 5,832 | 1.14 | 1.54 | 0.09 | 114 | |
Zevenbergen Innovative Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $18.56 | (0.21) | 3.74 | 3.53 | — | (2.13) | (2.13) | 1.40 | 19.96 | 19.18 % | $ 5,484 | 1.51 % | 1.66 % | (1.40) % | 50 % | |
4/1/16 to 3/31/17 | 18.37 | (0.26) | 3.67 | 3.41 | — | (3.22) | (3.22) | 0.19 | 18.56 | 20.42 | 6,375 | 1.50 | 1.55 | (1.39) | 64 | |
4/1/15 to 3/31/16 | 20.76 | (0.29) | (0.57) | (0.86) | — | (1.53) | (1.53) | (2.39) | 18.37 | (4.96) | 8,127 | 1.49 | 1.49 | (1.38) | 59 | |
4/1/14 to 3/31/15 | 20.53 | (0.28) | 1.17 | 0.89 | — | (0.66) | (0.66) | 0.23 | 20.76 | 4.47 | 10,535 | 1.45 | 1.45 | (1.34) | 42 | |
4/1/13 to 3/31/14 | 15.16 | (0.24) | 6.80 | 6.56 | — | (1.19) | (1.19) | 5.37 | 20.53 | 43.45 | 19,950 | 1.40 | 1.40 | (1.18) | 49 | |
4/1/12 to 3/31/13 | 15.54 | (0.18) | 0.42 | 0.24 | — | (0.62) | (0.62) | (0.38) | 15.16 | 1.63 | 3,580 | 1.49 | 1.53 | (1.24) | 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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Zevenbergen Innovative Growth Stock Fund (Continued) | ||||||||||||||||
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $19.49 | (0.19) | 3.93 | 3.74 | — | (2.13) | (2.13) | 1.61 | 21.10 | 19.34 % | $ 17,630 | 1.31 % | 1.50 % | (1.19) % | 50 % | |
4/1/16 to 3/31/17 | 19.11 | (0.23) | 3.83 | 3.60 | — | (3.22) | (3.22) | 0.38 | 19.49 | 20.63 | 22,330 | 1.30 | 1.44 | (1.18) | 64 | |
4/1/15 to 3/31/16 | 21.49 | (0.26) | (0.59) | (0.85) | — | (1.53) | (1.53) | (2.38) | 19.11 | (4.74) | 18,203 | 1.31 | 1.39 | (1.20) | 59 | |
4/1/14 to 3/31/15 | 21.20 | (0.26) | 1.21 | 0.95 | — | (0.66) | (0.66) | 0.29 | 21.49 | 4.61 | 24,321 | 1.31 | 1.34 | (1.20) | 42 | |
4/1/13 to 3/31/14 | 15.60 | (0.22) | 7.01 | 6.79 | — | (1.19) | (1.19) | 5.60 | 21.20 | 43.70 | 39,495 | 1.29 | 1.37 | (1.08) | 49 | |
4/1/12 to 3/31/13 | 15.94 | (0.14) | 0.42 | 0.28 | — | (0.62) | (0.62) | (0.34) | 15.60 | 1.84 | 15,840 | 1.20 | 1.21 | (0.98) | 24 | |
Conservative Allocation Strategy Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $12.35 | 0.16 | 0.60 | 0.76 | (0.27) | (0.99) | (1.26) | (0.50) | 11.85 | 6.20 % | $ 6,707 | 0.60 % | 0.82 % | 1.72 % | 73 % (14) | |
4/1/16 to 3/31/17 | 12.01 | 0.16 | 0.47 | 0.63 | (0.24) | (0.05) | (0.29) | 0.34 | 12.35 | 5.28 | 8,047 | 0.60 | 0.70 | 1.26 | 14 | |
4/1/15 to 3/31/16 | 12.75 | 0.16 | (0.41) | (0.25) | (0.18) | (0.31) | (0.49) | (0.74) | 12.01 | (1.98) | 14,462 | 0.60 | 0.67 | 1.33 | 40 | |
4/1/14 to 3/31/15 | 12.59 | 0.19 | 0.53 | 0.72 | (0.28) | (0.28) | (0.56) | 0.16 | 12.75 | 5.86 | 15,991 | 0.60 | 0.67 | 1.47 | 17 | |
4/1/13 to 3/31/14 | 12.53 | 0.20 | 0.67 | 0.87 | (0.29) | (0.52) | (0.81) | 0.06 | 12.59 | 7.14 | 15,271 | 0.60 | 0.66 | 1.57 | 24 | |
4/1/12 to 3/31/13 | 12.26 | 0.17 | 0.47 | 0.64 | (0.24) | (0.13) | (0.37) | 0.27 | 12.53 | 5.29 | 16,940 | 0.56 | 0.68 | 1.37 | 40 | |
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $12.19 | 0.09 | 0.58 | 0.67 | (0.17) | (0.99) | (1.16) | (0.49) | 11.70 | 5.57 % | $ 14,294 | 1.30 % | 1.54 % | 0.97 % | 73 % (14) | |
4/1/16 to 3/31/17 | 11.86 | 0.08 | 0.46 | 0.54 | (0.16) | (0.05) | (0.21) | 0.33 | 12.19 | 4.61 | 16,293 | 1.30 | 1.35 | 0.65 | 14 | |
4/1/15 to 3/31/16 | 12.61 | 0.08 | (0.42) | (0.34) | (0.10) | (0.31) | (0.41) | (0.75) | 11.86 | (2.71) | 19,136 | 1.30 | 1.32 | 0.65 | 40 | |
4/1/14 to 3/31/15 | 12.46 | 0.10 | 0.53 | 0.63 | (0.20) | (0.28) | (0.48) | 0.15 | 12.61 | 5.11 (9) | 18,201 | 1.30 | 1.33 | 0.76 | 17 | |
4/1/13 to 3/31/14 | 12.42 | 0.11 | 0.67 | 0.78 | (0.22) | (0.52) | (0.74) | 0.04 | 12.46 | 6.38 (9) | 17,110 | 1.30 | 1.32 | 0.89 | 24 | |
4/1/12 to 3/31/13 | 12.18 | 0.09 | 0.47 | 0.56 | (0.19) | (0.13) | (0.32) | 0.24 | 12.42 | 4.58 | 15,410 | 1.27 | 1.35 | 0.73 | 40 | |
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $12.34 | 0.20 | 0.58 | 0.78 | (0.30) | (0.99) | (1.29) | (0.51) | 11.83 | 6.35 % | $ 16,051 | 0.30 % | 0.61 % | 2.09 % | 73 % (14) | |
4/1/16 to 3/31/17 | 12.01 | 0.20 | 0.47 | 0.67 | (0.29) | (0.05) | (0.34) | 0.33 | 12.34 | 5.66 | 17,928 | 0.30 | 0.46 | 1.59 | 14 | |
4/1/15 to 3/31/16 | 12.76 | 0.20 | (0.42) | (0.22) | (0.22) | (0.31) | (0.53) | (0.75) | 12.01 | (1.73) | 31,067 | 0.30 | 0.44 | 1.65 | 40 | |
4/1/14 to 3/31/15 | 12.60 | 0.23 | 0.53 | 0.76 | (0.32) | (0.28) | (0.60) | 0.16 | 12.76 | 6.17 (9) | 32,606 | 0.30 | 0.45 | 1.77 | 17 | |
4/1/13 to 3/31/14 | 12.54 | 0.24 | 0.68 | 0.92 | (0.34) | (0.52) | (0.86) | 0.06 | 12.60 | 7.48 (9) | 28,894 | 0.30 | 0.38 | 1.88 | 24 | |
4/1/12 to 3/31/13 | 12.27 | 0.21 | 0.46 | 0.67 | (0.27) | (0.13) | (0.40) | 0.27 | 12.54 | 5.55 | 27,387 | 0.27 | 0.39 | 1.72 | 40 | |
Growth Allocation Strategy Fund | ||||||||||||||||
Class A | ||||||||||||||||
4/1/17 to 12/31/17(6) | $10.35 | 0.10 | 0.98 | 1.08 | (0.13) | (1.80) | (1.93) | (0.85) | 9.50 | 10.76 % | $ 15,068 | 0.69 % | 0.79 % | 1.28 % | 103 % (14) | |
4/1/16 to 3/31/17 | 10.07 | 0.07 | 0.97 | 1.04 | (0.11) | (0.65) | (0.76) | 0.28 | 10.35 | 10.66 | 5,813 | 0.69 | 0.69 | 0.72 | 20 | |
4/1/15 to 3/31/16 | 11.41 | 0.08 | (0.53) | (0.45) | (0.10) | (0.79) | (0.89) | (1.34) | 10.07 | (4.02) | 7,255 | 0.67 | 0.67 | 0.74 | 29 | |
4/1/14 to 3/31/15 | 11.33 | 0.07 | 0.75 | 0.82 | (0.22) | (0.52) | (0.74) | 0.08 | 11.41 | 7.38 | 8,801 | 0.68 | 0.68 | 0.63 | 23 | |
4/1/13 to 3/31/14 | 11.23 | 0.12 | 1.61 | 1.73 | (0.33) | (1.30) | (1.63) | 0.10 | 11.33 | 15.84 | 9,609 | 0.67 | 0.67 | 1.06 | 14 | |
4/1/12 to 3/31/13 | 10.61 | 0.09 | 0.66 | 0.75 | (0.13) | — | (0.13) | 0.62 | 11.23 | 7.16 | 8,975 | 0.61 | 0.64 | 0.84 | 20 |
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 | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) | Net Assets, End of Period (in thousands) | Ratio of Net expenses to Average Net Assets(3)(4) | Ratio of Gross Expenses to Average Net Assets(3)(4) | Ratio of Net Investment Income (Loss) to Average Net Assets(3) | Portfolio Turnover Rate(5) | ||
Growth Allocation Strategy Fund (Continued) | ||||||||||||||||
Class C | ||||||||||||||||
4/1/17 to 12/31/17(6) | $10.09 | 0.11 | 0.89 | 1.00 | (0.10) | (1.80) | (1.90) | (0.90) | 9.19 | 10.18 % | $ 11,099 | 1.30 % | 1.50 % | 1.46 % | 103 % (14) | |
4/1/16 to 3/31/17 | 9.84 | 0.01 | 0.95 | 0.96 | (0.06) | (0.65) | (0.71) | 0.25 | 10.09 | 10.00 | 2,003 | 1.30 | 1.37 | 0.07 | 20 | |
4/1/15 to 3/31/16 | 11.18 | 0.01 | (0.52) | (0.51) | (0.04) | (0.79) | (0.83) | (1.34) | 9.84 | (4.60) | 2,613 | 1.30 | 1.31 | 0.08 | 29 | |
4/1/14 to 3/31/15 | 11.13 | — (10) | 0.73 | 0.73 | (0.16) | (0.52) | (0.68) | 0.05 | 11.18 | 6.70 | 3,192 | 1.30 | 1.30 | — (10) | 23 | |
4/1/13 to 3/31/14 | 11.08 | 0.06 | 1.56 | 1.62 | (0.27) | (1.30) | (1.57) | 0.05 | 11.13 | 15.05 | 2,989 | 1.28 | 1.28 | 0.49 | 14 | |
4/1/12 to 3/31/13 | 10.48 | 0.02 | 0.66 | 0.68 | (0.08) | — | (0.08) | 0.60 | 11.08 | 6.55 | 2,602 | 1.25 | 1.28 | 0.22 | 20 | |
Class I | ||||||||||||||||
4/1/17 to 12/31/17(6) | $10.41 | 0.09 | 1.00 | 1.09 | (0.13) | (1.80) | (1.93) | (0.84) | 9.57 | 10.81 % | $ 58,950 | 0.50 % | 0.74 % | 1.15 % | 103 % (14) | |
4/1/16 to 3/31/17 | 10.13 | 0.10 | 0.96 | 1.06 | (0.13) | (0.65) | (0.78) | 0.28 | 10.41 | 10.83 | 32,562 | 0.50 | 0.74 | 0.92 | 20 | |
4/1/15 to 3/31/16 | 11.46 | 0.10 | (0.52) | (0.42) | (0.12) | (0.79) | (0.91) | (1.33) | 10.13 | (3.74) | 38,194 | 0.50 | 0.70 | 0.91 | 29 | |
4/1/14 to 3/31/15 | 11.38 | 0.09 | 0.75 | 0.84 | (0.24) | (0.52) | (0.76) | 0.08 | 11.46 | 7.54 | 53,293 | 0.50 | 0.69 | 0.78 | 23 | |
4/1/13 to 3/31/14 | 11.28 | 0.14 | 1.61 | 1.75 | (0.35) | (1.30) | (1.65) | 0.10 | 11.38 | 15.96 | 53,043 | 0.50 | 0.67 | 1.16 | 14 | |
4/1/12 to 3/31/13 | 10.64 | 0.11 | 0.68 | 0.79 | (0.15) | — | (0.15) | 0.64 | 11.28 | 7.52 | 55,222 | 0.40 | 0.55 | 1.04 | 20 |
Footnote Legend | |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Calculated using average shares outstanding. |
(2) | Total return excludes sales charge. Not annualized for periods less than one year. Sales charges where applicable are not reflected in the Total Return calculation. |
(3) | Annualized for periods less than one year. |
(4) | The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(5) | Not Annualized for periods less than one year. |
(6) | The Fund changed its fiscal period end to December 31 during the period. |
(7) | Class R6 (formerly IS) commenced operations on August 1, 2014 for the predecessor fund (see Note 1). |
(8) | The ratio excludes expenses waived/reimbursed net of amount recaptured. If expenses waived/reimbursed net of amount recaptured were included, the ratio would have been higher than the ratio shown. |
(9) | Generally accepted accounting principles require adjustments to be made to the net assets of the Fund at period end for financial reporting purposes, and as such, the net asset values for shareholder transactions and the returns based on those net asset values may differ from the net asset values and returns reported in the management’s discussion of Fund performance. |
(10) | Rounds to less than $0.005 per share or less than 0.01%, as applicable. |
(11) | Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.09%, 0.07%, and 0.07% of average net assets for the Class A, Class I and Class IS, respectively. |
(12) | The amount shown for the net investment income ratio does not represent the actual pro rata amount allocated to the share class due to large redemptions during the year |
(13) | Class R6 (formerly IS) commenced operations on September 1, 2015 for the predecessor fund (see Note 1). |
(14) | Portfolio Turnover Rate is due to a change in investment strategy during the year, resulting in a high volume of portfolio activity. |
Predecessor Fund | Fund | |
RidgeWorth Ceredex Large-Cap Value Equity Fund | Ceredex Large-Cap Value Equity Fund | |
RidgeWorth Ceredex Mid-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | |
RidgeWorth Ceredex Small-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | |
RidgeWorth Silvant Large-Cap Growth Stock Fund | Silvant Large-Cap Growth Stock Fund | |
RidgeWorth Silvant Small-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | |
RidgeWorth International Equity Fund | WCM International Equity Fund | |
RidgeWorth Innovative Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |
RidgeWorth Conservative Allocation Strategy | Conservative Allocation Strategy Fund | |
RidgeWorth Growth Allocation Strategy | Growth Allocation Strategy Fund | |
RidgeWorth Moderate Allocation Strategy | Growth Allocation Strategy Fund |
A. | Security Valuation |
Security valuation procedures for each Fund, which include nightly price variance as well as back-testing items such as bi-weekly unchanged price, monthly secondary source and transaction analysis, have been approved by the Board. All internally fair valued securities are approved by a valuation committee appointed by the Board (the “Valuation Committee”). The Valuation Committee is comprised of certain members of management as identified to the Board and convenes independently from portfolio management. All internally fair valued securities are updated daily and reviewed in detail by the Valuation Committee monthly unless changes occur within the period. The Valuation Committee reviews the validity of any model inputs and any changes to the model. Fair valuations are reviewed by the Board at least quarterly. | |
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 between levels at the end of the reporting period. |
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sales of securities are determined on the identified cost basis. Dividend income is 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. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the income included in distributions received from the REIT investments. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to capital gains. The actual amounts of income, return of capital, and capital gains are only determined by each domestic 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 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. As of December 31, 2017, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2014 forward (with limited exceptions). | |
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 that 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 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. 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. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Securities Lending |
During the period, certain Funds were permitted to loan securities to qualified brokers through an agreement with State Street Bank and Trust Company (“State Street”), as a third party lending agent. Under the terms of the agreement, when doing so a Fund was required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral, consisting of cash and securities issued by the U.S. Government or its agencies, was adjusted daily in connection with changes in the market value of securities on loan. Cash collateral was invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker were recorded as income by a Fund net of fees and rebates charged by State Street 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. | |
Effective August 10, 2017, securities lending was suspended for the Funds. Effective October 23, 2017, the Bank of New York Mellon became custodian for the Funds and the agreement with State Street was terminated. There were no securities on loan as of December 31, 2017. | |
H. | Master Limited Partnerships |
Certain Funds may invest in domestic master limited partnerships (“MLPs”). MLPs are publicly traded companies organized as limited partnerships or limited liability companies and treated as partnerships for federal income tax purposes. An investment in MLP units involves risks in addition to the risks associated with a similar investment in equity securities, such as common stock, of a corporation. As compared to common shareholders of a corporation, holders of MLP units have more limited control and limited rights to vote on matters affecting the partnership. Additional risks inherent to investments in MLP units include cash flow risk, tax risk, risk associated with a potential conflict of interest between unit holders and the MLP’s general partner, and capital markets risk. Moreover, the value of a Fund’s investment in MLPs depends largely on the MLPs being treated as partnerships for U.S. federal income tax purposes. If an MLP does not meet current legal requirements to maintain eligibility for partnership tax treatment, or if it is unable to do so because of tax law changes, it could be taxed as a corporation and there could be a material decrease in the value of its securities. Certain MLP securities may trade in lower volumes due to their smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity to enable the Fund to effect sales at an advantageous time or without a substantial drop in price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. | |
Distributions received from each Fund’s investments in MLPs may be comprised of both income and return of capital. Each Fund records investment income and return of capital based on estimates made at the time such distributions are received. Such estimates are based on historical information available from each MLP and other industry sources. These estimates may subsequently be revised based on information received from MLPs after their tax reporting periods are concluded. |
A. | Investment Adviser |
Virtus Fund Advisers, LLC (formerly, RidgeWorth Capital Management LLC) (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 based upon the following annual rates, which remained unchanged as a result of the RidgeWorth Reorganizations, as a percentage of the average daily net assets of each Fund: |
Ceredex Large-Cap Value Equity Fund | 0.70 |
Ceredex Mid-Cap Value Equity Fund | 0.75 |
Ceredex Small-Cap Value Equity Fund | 0.85 |
Silvant Large-Cap Growth Stock Fund | 0.70 |
Silvant Small-Cap Growth Stock Fund | 0.85 |
WCM International Equity Fund | 0.85 |
Zevenbergen Innovative Growth Stock Fund | 0.85 |
Conservative Allocation Strategy Fund | 0.10 |
Growth Allocation Strategy Fund | 0.10 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund (except the Conservative Allocation Strategy Fund and Growth Allocation Strategy Fund) for which they are paid a fee by the Adviser. The subadvisers and the Fund(s) they serve are as follows: |
Fund | Subadviser | |
Ceredex Large-Cap Value Equity Fund | Ceredex (1) | |
Ceredex Mid-Cap Value Equity Fund | Ceredex (1) | |
Ceredex Small-Cap Value Equity Fund | Ceredex (1) | |
Silvant Large-Cap Growth Stock Fund | Silvant (2) | |
Silvant Small-Cap Growth Stock Fund | Silvant (2) |
Fund | Subadviser | |
WCM International Equity Fund | WCM (3) | |
Zevenbergen Innovative Growth Stock Fund | Zevenbergen (4) | |
Conservative Allocation Strategy Fund | — | |
Growth Allocation Strategy Fund | — |
(1) | Ceredex Value Advisors LLC |
(2) | Silvant Capital Management LLC |
(3) | WCM Investment Management |
(4) | Zevenbergen Capital Investments LLC, a minority-owned affiliate of the Investment Adviser |
C. | Expense Limits and Fee Waivers |
The Adviser has contractually agreed to limit the annual total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, 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) of each Fund, so that such expenses do not exceed, on an annualized basis, the percentages of the applicable Fund’s average daily net asset values as listed below through July 31, 2019. |
Fund | Class A | Class C | Class I | Class R6* | ||||
Ceredex Large-Cap Value Equity Fund | 1.24% | 1.72% | 0.97% | 0.72% | ||||
Ceredex Mid-Cap Value Equity Fund | 1.38 | 1.79 | 1.08 | 0.79 | ||||
Ceredex Small-Cap Value Equity Fund | 1.55 | 1.90 | 1.24 | N/A | ||||
Silvant Large-Cap Growth Stock Fund | 1.23 | 1.90 | 0.97 | 0.90 | ||||
Silvant Small-Cap Growth Stock Fund | 1.42 | 2.08 | 1.30 | N/A** | ||||
WCM International Equity Fund | 1.42 | N/A | 1.20 | 1.10 | ||||
Zevenbergen Innovative Growth Stock Fund | 1.50 | N/A | 1.30 | N/A | ||||
Conservative Allocation Strategy Fund | 0.60 | 1.30 | 0.30 | N/A | ||||
Growth Allocation Strategy Fund | 0.69 | 1.30 | 0.50 | N/A |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
** | On September 18, 2017, Class IS shares were liquidated. |
Fund | Class A | Class C | Class I | Class R6* | ||||
Ceredex Large-Cap Value Equity Fund | 1.24 % | 1.90 % | 0.97 % | 0.85 % | ||||
Ceredex Mid-Cap Value Equity Fund | 1.38 | 1.95 | 1.15 | 0.95 | ||||
Ceredex Small-Cap Value Equity Fund | 1.55 | 2.15 | 1.30 | N/A | ||||
Silvant Large-Cap Growth Stock Fund | 1.23 | 1.95 | 0.97 | 0.95 | ||||
Silvant Small-Cap Growth Stock Fund | 1.50 | 2.15 | 1.30 | 1.10 | ||||
WCM International Equity Fund | 1.48 | N/A | 1.25 | 1.10 | ||||
Growth Allocation Strategy Fund | 0.70 | 1.30 | 0.50 | N/A |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements, within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expires | ||||||||
Fund | 2018 | 2019 | 2020 | Total | ||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 379 | $ 397 | $ 144 | 920 | ||||
Class C | — | — | 4 | 4 | ||||
Class I | 2,006 | 1,835 | 1,209 | 5,050 | ||||
Class R6* | — | — | 187 | 187 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 82 | 299 | — | 381 | ||||
Class C | — | — | 35 | 35 | ||||
Class I | — | — | — | — | ||||
Class R6* | — | — | 129 | 129 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | — | — | — | — | ||||
Class C | — | — | 21 | 21 | ||||
Class I | — | — | — | — | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 9 | 3 | 90 | 102 | ||||
Class C | 6 | — | 16 | 22 | ||||
Class I | 353 | 302 | 157 | 812 | ||||
Class R6* | 7 | — | 2 | 9 | ||||
Silvant Small-Cap Growth Stock Fund | ||||||||
Class A | — | 1 | 7 | 8 | ||||
Class C | — | 1 | 7 | 8 | ||||
Class I | 50 | 48 | 41 | 139 | ||||
WCM International Equity Fund | ||||||||
Class A | 7 | 10 | 17 | 34 | ||||
Class I | 25 | 77 | 43 | 145 | ||||
Class R6* | 11 | 13 | 7 | 31 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | — | 3 | 5 | 8 | ||||
Class I | 10 | 26 | 35 | 71 | ||||
Conservative Allocation Strategy Fund | ||||||||
Class A | 10 | 12 | 12 | 34 | ||||
Class C | 4 | 6 | 25 | 35 | ||||
Class I | 46 | 43 | 48 | 137 | ||||
Growth Allocation Strategy Fund | ||||||||
Class A | — | 1 | 6 | 7 | ||||
Class C | — (1) | 1 | 8 | 9 | ||||
Class I | 98 | 85 | 98 | 281 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the fiscal period ended December 31, 2017, it retained net commissions of $17 for Class A shares and CDSC of $0 and $0 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 as follows: Class A shares 0.25% and Class C shares 1.00%. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. For the period July 17, 2017 through December 31, 2017, the Funds incurred administration fees totaling $6,929 which are included in the Statements of Operations within the line item “Administration fee.” For the period July 17, 2017 through December 31, 2017, the Funds incurred transfer agent fees totaling $3,243 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Funds. | |
G. | Affiliated Shareholders |
At December 31, 2017, Virtus and its affiliates, and the retirement plans of Virtus and its affiliates, held shares of certain Funds which may be redeemed at any time, that aggregated to the following: |
Shares | Aggregate Net Asset Value | ||
Ceredex Large-Cap Value Equity Fund | |||
Class R6* | 432,419 | $7,096 | |
Ceredex Mid-Cap Value Equity Fund | |||
Class R6* | 493,787 | 6,256 | |
WCM International Equity Fund | |||
Class R6* | 766,361 | 9,281 |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
H. | Investments in Affiliates |
A summary of the Conservative Allocation Strategy Fund’s and Growth Allocation Strategy Fund’s total long-term and short-term purchases and sales of the affiliated underlying funds during the period ended December 31, 2017, is as follows: |
Underlying Funds | Value, beginning of period | Purchases at Cost(1) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Dividend Income | Distributions of Realized Gains | ||||||||
Conservative Allocation Strategy Fund | ||||||||||||||||
Ridgeworth Capital Innovations Global Resources and Infrastructure Fund - Class I+ | $ 152 | $ — | $ 143 | $ (4) | $ (5) | $ — | $ — | $ — | ||||||||
Virtus Ceredex Large-Cap Value Equity Fund - Class R6(2) | 3,906 | 214 | 3,024 | 923 | (889) | 1,130 | 18 | 166 | ||||||||
Virtus Ceredex Mid-Cap Value Equity Fund - Class R6(2) | 1,541 | 248 | 512 | 117 | (258) | 1,136 | 13 | 205 |
Underlying Funds | Value, beginning of period | Purchases at Cost(1) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Dividend Income | Distributions of Realized Gains | ||||||||
Conservative Allocation Strategy Fund | ||||||||||||||||
Virtus Ceredex Small-Cap Value Fund - Class R6(2) | $ 506 | $ — | $ 497 | $ 104 | $(113) | $ — | $ — | $ — | ||||||||
Virtus Duff & Phelps Global Infrastructure Fund - Class I | — | 1,277 | 160 | 2 | 9 | 1,128 | 23 | — | ||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund - Class R6 | — | 1,682 | 227 | 4 | 68 | 1,527 | 34 | — | ||||||||
Virtus KAR Capital Growth Fund - Class I | — | 1,122 | — | — | (4) | 1,118 | — | — | ||||||||
Virtus KAR International Small-Cap Fund - Class R6 | — | 1,247 | 160 | 3 | 55 | 1,145 | 19 | — | ||||||||
Virtus KAR Small-Cap Growth Fund - Class I | — | 1,183 | 228 | 16 | 150 | 1,121 | — | — | ||||||||
Virtus KAR Small-Cap Value Fund - Class R6 | — | 1,202 | 180 | 8 | 96 | 1,126 | 19 | — | ||||||||
Virtus Newfleet High Yield Fund - Class R6 | — | 2,100 | 200 | — | (21) | 1,879 | 53 | — | ||||||||
Virtus Newfleet Multi-Sector Intermediate Bond Fund - Class R6 | — | 8,347 | 784 | 1 | (6) | 7,558 | 158 | — | ||||||||
Virtus Rampart Enhanced Core Equity Fund - Class I | — | 1,256 | 177 | 7 | 35 | 1,121 | 21 | 51 | ||||||||
Virtus Seix Core Bond Fund - Class R6(2) | 8 | 2,063 | 180 | (1) | (8) | 1,882 | 19 | — | ||||||||
Virtus SEIX Corporate Bond Fund - Class R6(2) | 749 | 5 | 769 | 5 | 10 | — | 6 | — | ||||||||
Virtus Seix Floating Rate High Income Fund - Class R6(2) | 180 | 3,182 | 343 | — (3) | (7) | 3,012 | 62 | — | ||||||||
Virtus SEIX High Income Fund - Class R6(2) | 284 | 4 | 290 | 8 | (6) | — | 5 | — | ||||||||
Virtus SEIX High Yield Fund - Class R6(2) | 273 | 4 | 278 | 20 | (19) | — | 5 | — | ||||||||
Virtus Seix Total Return Bond Fund - Class R6(2) | 15,543 | 443 | 8,500 | (116) | 186 | 7,556 | 173 | — |
Underlying Funds | Value, beginning of period | Purchases at Cost(1) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Dividend Income | Distributions of Realized Gains | ||||||||
Conservative Allocation Strategy Fund | ||||||||||||||||
Virtus Seix U.S. Government Securities Ultra Short Bond Fund - Class R6(2) | $ 1,769 | $ 406 | $ 303 | $ (1) | $ (1) | $ 1,870 | $ 20 | $ — | ||||||||
Virtus Silvant Large-Cap Growth Fund - Class R6(2) | 4,751 | 129 | 5,002 | 164 | (42) | — | — | 321 | ||||||||
Virtus Silvant Small-Cap Growth Fund - Class IS(4) | 464 | — | 479 | 11 | 4 | — | — | — | ||||||||
Virtus Vontobel Emerging Markets Opportunities Fund - Class R6 | — | 1,188 | 120 | 3 | 67 | 1,138 | 5 | — | ||||||||
Virtus WCM International Equity Fund - Class R6 | 1,330 | 269 | 318 | 15 | 229 | 1,525 | 2 | — | ||||||||
Total | $31,456 | $27,571 | $22,874 | $1,289 | $(470) | $36,972 | $655 | $743 |
Underlying Funds | Value, beginning of period | Purchases at Cost(1) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Dividend Income | Distributions of Realized Gains | ||||||||
Growth Allocation Strategy Fund | ||||||||||||||||
Ridgeworth Capital Innovations Global Resources and Infrastructure Fund - Class I+ | $ 308 | $ — | $ 289 | $ (11) | $ (8) | $ — | $ — | $ — | ||||||||
Virtus Ceredex Large-Cap Value Equity Fund - Class R6(2) | 8,078 | 4,354 | 9,797 | 4,353 | (1,022) | 5,966 | 98 | 875 | ||||||||
Virtus Ceredex Mid-Cap Value Equity Fund - Class R6(2) | 3,139 | 2,731 | 1,535 | 572 | 214 | 5,121 | 55 | 834 | ||||||||
Virtus Ceredex Small-Cap Value Fund - Class R6(2) | 986 | 510 | 1,791 | 606 | (311) | — | — | — | ||||||||
Virtus Duff & Phelps Global Infrastructure Fund - Class I | — | 3,598 | 230 | 4 | 27 | 3,399 | 37 | 33 |
Underlying Funds | Value, beginning of period | Purchases at Cost(1) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Dividend Income | Distributions of Realized Gains | ||||||||
Growth Allocation Strategy Fund | ||||||||||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund - Class R6 | $ — | $ 6,304 | $ 565 | $ 15 | $ 279 | $ 6,033 | $120 | $ 11 | ||||||||
Virtus KAR Capital Growth Fund - Class I | — | 4,650 | — | — | (17) | 4,633 | — | — | ||||||||
Virtus KAR International Small-Cap Fund - Class R6 | — | 3,584 | 319 | 6 | 166 | 3,437 | 23 | 34 | ||||||||
Virtus KAR Small-Cap Growth Fund - Class I | — | 4,409 | 2,002 | 149 | 393 | 2,949 | — | — | ||||||||
Virtus KAR Small-Cap Value Fund - Class R6 | — | 4,481 | 625 | 27 | 363 | 4,246 | 5 | 68 | ||||||||
Virtus Newfleet High Yield Fund - Class R6 | — | 2,720 | 145 | (1) | (30) | 2,544 | 74 | — | ||||||||
Virtus Newfleet Multi-Sector Intermediate Bond Fund - Class R6 | — | 8,997 | 458 | — | (8) | 8,531 | 180 | — | ||||||||
Virtus Rampart Enhanced Core Equity Fund - Class I | — | 7,489 | 990 | 59 | 214 | 6,772 | 25 | 410 | ||||||||
Virtus Seix Core Bond Fund - Class R6(2) | 3 | 6 | 9 | — (3) | — | — | — (3) | — | ||||||||
Virtus SEIX Corporate Bond Fund - Class R6(2) | 251 | 573 | 833 | 5 | 4 | — | 3 | — | ||||||||
Virtus Seix Floating Rate High Income Fund - Class R6(2) | 60 | 2,616 | 155 | — | 18 | 2,539 | 52 | — | ||||||||
Virtus SEIX High Income Fund - Class R6(2) | 94 | 211 | 313 | 9 | (1) | — | 3 | — | ||||||||
Virtus SEIX High Yield Fund - Class R6(2) | 91 | 187 | 301 | 29 | (6) | — | 2 | — | ||||||||
Virtus Seix Total Return Bond Fund - Class R6(2) | 4,058 | 8,145 | 5,971 | 388 | 196 | 6,816 | 103 | — | ||||||||
Virtus Seix U.S. Government Securities Ultra Short Bond Fund Class R6(2) | 592 | 1,329 | 1,920 | (2) | 1 | — | 3 | — | ||||||||
Virtus Silvant Large-Cap Growth Fund - Class R6(2) | 9,796 | 7,901 | 18,851 | 1,337 | (183) | — | — | 1,510 |
Underlying Funds | Value, beginning of period | Purchases at Cost(1) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Dividend Income | Distributions of Realized Gains | ||||||||
Growth Allocation Strategy Fund | ||||||||||||||||
Virtus Silvant Small-Cap Growth Fund - Class IS(4) | $ 910 | $ 759 | $ 1,734 | $ 75 | $ (10) | $ — | $ — | $ — | ||||||||
Virtus Vontobel Emerging Markets Opportunities Fund - Class R6 | — | 5,906 | 200 | 3 | 304 | 6,013 | 23 | — | ||||||||
Virtus Vontobel Foreign Opportunities Fund Class R6 | — | 7,095 | 655 | 20 | 396 | 6,856 | 41 | — | ||||||||
Virtus WCM International Equity Fund - Class R6 | 2,710 | 4,706 | 857 | 27 | 1,170 | 7,756 | 11 | — | ||||||||
Total | $31,076 | $93,261 | $50,545 | $7,670 | $ 2,149 | $83,611 | $858 | $3,775 |
+ | Effective June 30, 2017, this fund reorganized into the Oak Ridge Global Resources & Infrastructure Fund. |
(1) | Includes reinvestment of distributions. |
(2) | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(3) | Amount is less than $500. |
(4) | On September 18, 2017, Class IS shares were liquidated. |
I. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statement of Assets and Liabilities at December 31, 2017. |
Purchases | Sales | ||
Ceredex Large-Cap Value Equity Fund | $1,072,962 | $1,416,706 | |
Ceredex Mid-Cap Value Equity Fund | 2,430,799 | 3,003,065 | |
Ceredex Small-Cap Value Equity Fund | 127,954 | 311,599 | |
Silvant Large-Cap Growth Stock Fund | 23,036 | 133,145 | |
Silvant Small-Cap Growth Stock Fund | 8,213 | 22,765 | |
WCM International Equity Fund | 22,106 | 14,096 | |
Zevenbergen Innovative Growth Stock Fund | 13,839 | 23,707 | |
Conservative Allocation Strategy Fund | 27,942 | 33,498 | |
Growth Allocation Strategy Fund | 68,203 | 73,288 |
Ceredex Large-Cap Value Equity Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 1,493 | $ 25,611 | 2,363 | $ 37,561 | 5,045 | $ 77,628 | |||||
Reinvestment of distributions | 2,925 | 47,789 | 364 | 5,996 | 2,345 | 34,587 | |||||
Shares repurchased | (4,213) | (72,336) | (7,828) | (124,609) | (10,555) | (162,541) | |||||
Net Increase / (Decrease) | 205 | $ 1,064 | (5,101) | $ (81,052) | (3,165) | $ (50,326) | |||||
Class C | |||||||||||
Sale of shares | 38 | $ 621 | 47 | $ 738 | 169 | $ 2,586 | |||||
Reinvestment of distributions | 160 | 2,550 | 14 | 223 | 104 | 1,507 | |||||
Shares repurchased | (195) | (3,250) | (275) | (4,245) | (252) | (3,804) | |||||
Net Increase / (Decrease) | 3 | $ (79) | (214) | $ (3,284) | 21 | $ 289 | |||||
Class I | |||||||||||
Sale of shares | 7,636 | $ 132,118 | 14,988 | $ 240,165 | 20,150 | $ 313,560 | |||||
Reinvestment of distributions | 12,215 | 201,266 | 1,747 | 28,989 | 10,337 | 153,510 | |||||
Shares repurchased | (24,033) | (415,148) | (30,907) | (498,952) | (48,666) | (757,220) | |||||
Net Increase / (Decrease) | (4,182) | $ (81,764) | (14,172) | $ (229,798) | (18,179) | $ (290,150) | |||||
Class R6* | |||||||||||
Sale of shares | 3,319 | $ 58,140 | 3,915 | $ 64,141 | 17,756 | $ 272,105 | |||||
Reinvestment of distributions | 3,179 | 52,635 | 398 | 6,630 | 696 | 10,358 | |||||
Shares repurchased | (4,742) | (82,763) | (4,038) | (64,662) | (2,231) | (35,799) | |||||
Net Increase / (Decrease) | 1,756 | $ 28,012 | 275 | $ 6,109 | 16,221 | $ 246,664 |
Ceredex Mid-Cap Value Equity Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 3,065 | $ 42,974 | 6,034 | $ 79,220 | 8,310 | $ 103,995 | |||||
Reinvestment of distributions | 4,658 | 59,495 | 1,198 | 16,295 | 2,240 | 26,628 | |||||
Shares repurchased | (7,831) | (108,891) | (14,007) | (183,471) | (21,427) | (269,581) | |||||
Net Increase / (Decrease) | (108) | $ (6,422) | (6,775) | $ (87,956) | (10,877) | $ (138,958) | |||||
Class C | |||||||||||
Sale of shares | 265 | $ 3,547 | 455 | $ 5,984 | 727 | $ 9,133 | |||||
Reinvestment of distributions | 646 | 8,031 | 138 | 1,839 | 320 | 3,723 | |||||
Shares repurchased | (864) | (11,717) | (1,992) | (25,263) | (2,215) | (26,769) | |||||
Net Increase / (Decrease) | 47 | $ (139) | (1,399) | $ (17,440) | (1,168) | $ (13,913) | |||||
Class I | |||||||||||
Sale of shares | 20,468 | $ 289,813 | 47,771 | $ 642,136 | 70,933 | $ 944,525 | |||||
Reinvestment of distributions | 30,598 | 395,261 | 8,628 | 118,378 | 15,470 | 185,643 | |||||
Shares repurchased | (65,834) | (933,082) | (88,993) | (1,177,163) | (124,772) | (1,588,015) | |||||
Net Increase / (Decrease) | (14,768) | $ (248,008) | (32,594) | $ (416,649) | (38,369) | $ (457,847) |
Ceredex Mid-Cap Value Equity Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R6* | |||||||||||
Sale of shares | 10,844 | $ 153,932 | 10,499 | $ 144,037 | 15,708 | $ 198,029 | |||||
Reinvestment of distributions | 5,102 | 65,951 | 827 | 11,348 | 732 | 8,789 | |||||
Shares repurchased | (5,394) | (75,424) | (6,799) | (91,036) | (2,550) | (31,313) | |||||
Net Increase / (Decrease) | 10,552 | $ 144,459 | 4,527 | $ 64,349 | 13,890 | $ 175,505 |
Ceredex Small-Cap Value Equity Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 542 | $ 6,609 | 1,682 | $ 20,262 | 1,419 | $ 18,087 | |||||
Reinvestment of distributions | 1,602 | 18,703 | 503 | 6,261 | 3,277 | 33,716 | |||||
Shares repurchased | (2,010) | (24,466) | (3,438) | (40,823) | (4,300) | (55,237) | |||||
Net Increase / (Decrease) | 134 | $ 846 | (1,253) | $ (14,300) | 396 | $ (3,434) | |||||
Class C | |||||||||||
Sale of shares | 15 | $ 160 | 35 | $ 392 | 125 | $ 1,457 | |||||
Reinvestment of distributions | 347 | 3,645 | 118 | 1,337 | 825 | 7,778 | |||||
Shares repurchased | (500) | (5,527) | (743) | (8,234) | (581) | (6,562) | |||||
Net Increase / (Decrease) | (138) | $ (1,722) | (590) | $ (6,505) | 369 | $ 2,673 | |||||
Class I | |||||||||||
Sale of shares | 4,527 | $ 57,251 | 16,019 | $ 199,169 | 9,039 | $ 119,892 | |||||
Reinvestment of distributions | 9,217 | 111,707 | 3,186 | 40,943 | 20,227 | 214,209 | |||||
Shares repurchased | (18,031) | (225,960) | (31,259) | (383,589) | (28,397) | (401,189) | |||||
Net Increase / (Decrease) | (4,287) | $ (57,002) | (12,054) | $ (143,477) | 869 | $ (67,088) |
Silvant Large-Cap Growth Stock Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 989 | $ 6,249 | 605 | $ 4,478 | 852 | $ 7,111 | |||||
Reinvestment of distributions | 3,445 | 20,319 | 1,101 | 7,512 | 636 | 5,250 | |||||
Shares repurchased | (1,409) | (10,198) | (1,204) | (9,073) | (1,077) | (9,296) | |||||
Net Increase / (Decrease) | 3,025 | $ 16,370 | 502 | $ 2,917 | 411 | $ 3,065 | |||||
Class C | |||||||||||
Sale of shares | 58 | $ 199 | 55 | $ 271 | 206 | $ 1,295 | |||||
Reinvestment of distributions | 8,685 | 24,203 | 1,727 | 7,564 | 923 | 5,319 | |||||
Shares repurchased | (1,296) | (5,146) | (1,312) | (6,660) | (1,093) | (6,604) | |||||
Net Increase / (Decrease) | 7,447 | $ 19,256 | 470 | $ 1,175 | 36 | $ 10 | |||||
Class I | |||||||||||
Sale of shares | 392 | $ 3,609 | 974 | $ 9,014 | 1,474 | $ 14,888 | |||||
Reinvestment of distributions | 1,063 | 8,443 | 1,340 | 11,295 | 900 | 8,902 | |||||
Shares repurchased | (8,576) | (78,880) | (3,716) | (34,170) | (2,909) | (28,987) | |||||
Net Increase / (Decrease) | (7,121) | $ (66,828) | (1,402) | $ (13,861) | (535) | $ (5,197) |
Silvant Large-Cap Growth Stock Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R6* | |||||||||||
Sale of shares | 24 | $ 222 | 59 | $ 541 | 221 | $ 2,193 | |||||
Reinvestment of distributions | 109 | 925 | 412 | 3,486 | 310 | 3,075 | |||||
Shares repurchased | (2,785) | (25,299) | (1,706) | (15,622) | (1,711) | (17,603) | |||||
Net Increase / (Decrease) | (2,652) | $ (24,152) | (1,235) | $ (11,595) | (1,180) | $ (12,335) |
Silvant Small-Cap Growth Stock Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 14 | $ 100 | 21 | $ 159 | 22 | $ 203 | |||||
Reinvestment of distributions | 141 | 994 | 141 | 992 | 376 | 2,890 | |||||
Shares repurchased | (130) | (950) | (162) | (1,228) | (183) | (2,026) | |||||
Net Increase / (Decrease) | 25 | $ 144 | — | $ (77) | 215 | $ 1,067 | |||||
Class C | |||||||||||
Sale of shares | 1 | $ 6 | 2 | $ 9 | 33 | $ 170 | |||||
Reinvestment of distributions | 528 | 1,455 | 394 | 1,287 | 660 | 2,764 | |||||
Shares repurchased | (264) | (867) | (194) | (733) | (155) | (1,032) | |||||
Net Increase / (Decrease) | 265 | $ 594 | 202 | $ 563 | 538 | $ 1,902 | |||||
Class I | |||||||||||
Sale of shares | 259 | $ 2,353 | 817 | $ 7,443 | 1,664 | $ 22,597 | |||||
Reinvestment of distributions | 278 | 2,459 | 416 | 3,603 | 1,478 | 13,582 | |||||
Shares repurchased | (1,423) | (14,771) | (2,503) | (22,802) | (7,378) | (102,470) | |||||
Net Increase / (Decrease) | (886) | $ (9,959) | (1,270) | $ (11,756) | (4,236) | $ (66,291) | |||||
Class R6* | |||||||||||
Sale of shares | 1 | $ 9 | 75 | $ 705 | 140 | $ 1,172 | |||||
Reinvestment of distributions | — | — | 50 | 439 | 160 | 1,478 | |||||
Shares repurchased | (247) | (309) | (263) | (2,362) | (336) | (3,443) | |||||
Net Increase / (Decrease) | (246) | $ (300) | (138) | $ (1,218) | (36) | $ (793) |
WCM International Equity Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 347 | $ 3,852 | 1,538 | $ 14,514 | 63 | $ 607 | |||||
Reinvestment of distributions | 1 | 14 | 15 | 138 | 40 | 369 | |||||
Shares repurchased | (193) | (2,129) | (557) | (5,135) | (92) | (879) | |||||
Net Increase / (Decrease) | 155 | $ 1,737 | 996 | $ 9,517 | 11 | $ 97 | |||||
Class I | |||||||||||
Sale of shares | 1,758 | $ 19,828 | 4,014 | $ 38,584 | 2,720 | $ 25,253 | |||||
Reinvestment of distributions | 7 | 79 | 40 | 366 | 103 | 966 | |||||
Shares repurchased | (961) | (10,960) | (2,131) | (20,316) | (1,552) | (14,989) | |||||
Net Increase / (Decrease) | 804 | $ 8,947 | 1,923 | $ 18,634 | 1,271 | $ 11,230 |
WCM International Equity Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class R6* | |||||||||||
Sale of shares | 250 | $ 2,815 | 265 | $ 2,584 | 1,003 | $ 9,776 | |||||
Reinvestment of distributions | 1 | 13 | 7 | 65 | 82 | 766 | |||||
Shares repurchased | (128) | (1,435) | (256) | (2,455) | (459) | (4,203) | |||||
Net Increase / (Decrease) | 123 | $ 1,393 | 16 | $ 194 | 626 | $ 6,339 |
Zevenbergen Innovative Growth Stock Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 71 | $ 1,470 | 63 | $ 1,151 | 491 | $ 10,889 | |||||
Reinvestment of distributions | 28 | 554 | 55 | 928 | 32 | 664 | |||||
Shares repurchased | (167) | (3,448) | (217) | (4,099) | (589) | (11,980) | |||||
Net Increase / (Decrease) | (68) | $ (1,424) | (99) | $ (2,020) | (66) | $ (427) | |||||
Class I | |||||||||||
Sale of shares | 525 | $ 11,528 | 736 | $ 14,008 | 548 | $ 11,931 | |||||
Reinvestment of distributions | 75 | 1,598 | 101 | 1,778 | 53 | 1,138 | |||||
Shares repurchased | (911) | (19,253) | (644) | (12,798) | (780) | (16,750) | |||||
Net Increase / (Decrease) | (311) | $ (6,127) | 193 | $ 2,988 | (179) | $ (3,681) |
Conservative Allocation Strategy Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 188 | $ 2,361 | 123 | $ 1,506 | 222 | $ 2,695 | |||||
Reinvestment of distributions | 51 | 616 | 17 | 200 | 46 | 546 | |||||
Shares repurchased | (325) | (4,106) | (693) | (8,524) | (318) | (3,912) | |||||
Net Increase / (Decrease) | (86) | $ (1,129) | (553) | $ (6,818) | (50) | $ (671) | |||||
Class C | |||||||||||
Sale of shares | 65 | $ 798 | 118 | $ 1,435 | 401 | $ 4,921 | |||||
Reinvestment of distributions | 107 | 1,276 | 23 | 277 | 48 | 567 | |||||
Shares repurchased | (288) | (3,559) | (418) | (5,056) | (280) | (3,401) | |||||
Net Increase / (Decrease) | (116) | $ (1,485) | (277) | $ (3,344) | 169 | $ 2,087 | |||||
Class I | |||||||||||
Sale of shares | 207 | $ 2,610 | 679 | $ 8,295 | 852 | $ 10,524 | |||||
Reinvestment of distributions | 137 | 1,649 | 43 | 511 | 89 | 1,062 | |||||
Shares repurchased | (441) | (5,496) | (1,855) | (22,783) | (911) | (11,175) | |||||
Net Increase / (Decrease) | (97) | $ (1,237) | (1,133) | $ (13,977) | 30 | $ 411 |
Growth Allocation Strategy Fund | |||||||||||
Fiscal Period Ended December 31, 2017(1) | Year Ended March 31, 2017 | Year Ended March 31, 2016 | |||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||
Class A | |||||||||||
Sale of shares | 35 | $ 382 | 9 | $ 88 | 52 | $ 527 | |||||
Shares Issued-Merger | 975 | 10,084 | — | — | — | — | |||||
Reinvestment of distributions | 239 | 2,276 | 42 | 419 | 60 | 611 | |||||
Shares repurchased | (224) | (3,983) | (209) | (2,148) | (164) | (1,773) | |||||
Net Increase / (Decrease) | 1,025 | $ 8,759 | (158) | $ (1,641) | (52) | $ (635) | |||||
Class C | |||||||||||
Sale of shares | 14 | $ 148 | 4 | $ 37 | 59 | $ 599 | |||||
Shares Issued-Merger | 945 | 9,499 | — | — | — | — | |||||
Reinvestment of distributions | 169 | 1,552 | 14 | 140 | 20 | 199 | |||||
Shares repurchased | (119) | (2,386) | (85) | (863) | (99) | (990) | |||||
Net Increase / (Decrease) | 1,009 | $ 8,813 | (67) | $ (686) | (20) | $ (192) | |||||
Class I | |||||||||||
Sale of shares | 562 | $ 6,023 | 729 | $ 7,586 | 827 | $ 9,049 | |||||
Shares Issued-Merger | 2,706 | 28,142 | — | — | — | — | |||||
Reinvestment of distributions | 967 | 9,310 | 232 | 2,314 | 362 | 3,701 | |||||
Shares repurchased | (1,204) | (18,833) | (1,604) | (16,526) | (2,067) | (22,159) | |||||
Net Increase / (Decrease) | 3,031 | $ 24,642 | (643) | $ (6,626) | (878) | $ (9,409) |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Period from April 1, 2017 to December 31, 2017. The Fund had a fiscal period end change from March 31 to December 31. |
% of Shares Outstanding | Number of Accounts | ||
Ceredex Large-Cap Value Equity Fund | 19% | 1 | |
Ceredex Mid-Cap Value Equity Fund | 43 | 2 | |
Ceredex Small-Cap Value Equity Fund | 46 | 3 | |
Silvant Large-Cap Growth Stock Fund | 59 | 2 | |
Silvant Small-Cap Growth Stock Fund | 49 | 2 | |
WCM International Equity Fund | 62 | 4 | |
Zevenbergen Innovative Growth Stock Fund | 24 | 2 | |
Conservative Allocation Strategy Fund | 12 | 1 | |
Growth Allocation Strategy Fund | 86 | 3 |
Fund | Sector | Percentage of Total Investments | ||
Ceredex Small-Cap Value Equity Fund | Industrials | 31% | ||
Silvant Large-Cap Growth Stock Fund | Information Technology | 42 | ||
Silvant Small-Cap Growth Stock Fund | Information Technology | 29 | ||
Silvant Small-Cap Growth Stock Fund | Health Care | 26 | ||
Zevenbergen Innovative Growth Stock Fund | Information Technology | 39 | ||
Zevenbergen Innovative Growth Stock Fund | Consumer Discretionary | 28 |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Ceredex Large-Cap Value Equity Fund | $ 2 | $18,686 | 2.27% | 2 | ||||
Ceredex Small-Cap Value Equity Fund | — (1) | 474 | 2.36 | 17 | ||||
Silvant Large-Cap Growth Stock Fund | — (1) | 274 | 2.38 | 3 | ||||
Silvant Small-Cap Growth Stock Fund | — (1) | 154 | 2.24 | 1 | ||||
Zevenbergen Innovative Growth Stock Fund | 3 | 1,559 | 2.45 | 24 |
Fund | Federal tax cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation | ||||
Ceredex Large-Cap Value Equity Fund | $1,477,974 | $511,719 | $ (12,298) | $499,421 | ||||
Ceredex Mid-Cap Value Equity Fund | 2,690,210 | 305,630 | (42,666) | 262,964 | ||||
Ceredex Small-Cap Value Equity Fund | 623,133 | 210,809 | (23,418) | 187,391 | ||||
Silvant Large-Cap Growth Stock Fund | 73,321 | 56,598 | (657) | 55,941 | ||||
Silvant Small-Cap Growth Stock Fund | 22,924 | 7,793 | (810) | 6,983 | ||||
WCM International Equity Fund | 77,771 | 20,822 | (526) | 20,296 | ||||
Zevenbergen Innovative Growth Stock Fund | 10,772 | 12,575 | (177) | 12,398 | ||||
Conservative Allocation Strategy Fund | 36,024 | 1,575 | (44) | 1,531 | ||||
Growth Allocation Strategy Fund | 77,556 | 8,107 | (54) | 8,053 |
Fund | ||
WCM International Equity Fund | $ 764 |
Late Year Ordinary Losses Deferred | Late Year Ordinary Losses Recognized | Capital Loss Deferred | Capital Loss Recognized | ||||
Ceredex Large-Cap Value Equity Fund | $— | $ — | $3,544 | $— | |||
Ceredex Mid-Cap Value Equity Fund | — | — | 6,313 | — | |||
Silvant Large-Cap Growth Stock Fund | — | 129 | — | — | |||
Silvant Small-Cap Growth Stock Fund | — | 67 | — | — | |||
Zevenbergen Innovative Growth Stock Fund | — | 78 | — | — |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | |||
Ceredex Large-Cap Value Equity Fund | $120 | $19,937 | $ — | ||
Ceredex Mid-Cap Value Equity Fund | 371 | 51,628 | — | ||
Ceredex Small-Cap Value Equity Fund | 814 | 5,966 | — | ||
Silvant Large-Cap Growth Stock Fund | 378 | 12,465 | — |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | |||
Silvant Small-Cap Growth Stock Fund | $141 | $ 981 | $— | ||
WCM International Equity Fund | 236 | — | — | ||
Zevenbergen Innovative Growth Stock Fund | 29 | 1,486 | — | ||
Conservative Allocation Strategy Fund | 18 | 370 | — | ||
Growth Allocation Strategy Fund | 414 | 2,057 | — |
Ordinary Income | Long-Term Capital Gains | Total | |||
Ceredex Large-Cap Value Equity Fund | |||||
12/31/17 | $ 58,969 | $251,687 | $310,656 | ||
3/31/17 | 34,037 | 8,370 | 42,407 | ||
3/31/16 | 30,971 | 172,233 | 203,204 | ||
Ceredex Mid-Cap Value Equity Fund | |||||
12/31/17 | 200,162 | 353,499 | 553,661 | ||
3/31/17 | 115,777 | 38,652 | 154,429 | ||
3/31/16 | 113,394 | 125,921 | 239,315 | ||
Ceredex Small-Cap Value Equity Fund | |||||
12/31/17 | 11,664 | 123,329 | 134,993 | ||
3/31/17 | 8,202 | 40,709 | 48,911 | ||
3/31/16 | 15,453 | 246,897 | 262,350 | ||
Silvant Large-Cap Growth Stock Fund | |||||
12/31/17 | 2,217 | 57,299 | 59,516 | ||
3/31/17 | — | 31,266 | 31,266 | ||
3/31/16 | — | 23,322 | 23,322 | ||
Silvant Small-Cap Growth Stock Fund | |||||
12/31/17 | 206 | 4,757 | 4,963 | ||
3/31/17 | — | 6,411 | 6,411 | ||
3/31/16 | — | 21,568 | 21,568 | ||
WCM International Equity Fund | |||||
12/31/17 | 110 | — | 110 | ||
3/31/17 | 292 | 337 | 629 | ||
3/31/16 | 145 | 2,000 | 2,145 | ||
Zevenbergen Innovative Growth Stock Fund | |||||
12/31/17 | — | 2,451 | 2,451 | ||
3/31/17 | — | 2,976 | 2,976 | ||
3/31/16 | — | 2,096 | 2,096 | ||
Conservative Allocation Strategy Fund | |||||
12/31/17 | 1,212 | 2,465 | 3,677 | ||
3/31/17 | 925 | 161 | 1,086 | ||
3/31/16 | 952 | 1,611 | 2,563 | ||
Growth Allocation Strategy Fund | |||||
12/31/17 | 2,303 | 10,903 | 13,206 | ||
3/31/17 | 518 | 2,370 | 2,888 | ||
3/31/16 | 689 | 3,849 | 4,538 |
Capital Paid in on Shares of Beneficial Interest | Undistributed Net Investment Income (Loss) | Accumulated Net Realized Gain (Loss) | |||
Ceredex Large-Cap Value Equity Fund | $ —(1) | $ (1,215) | $1,215 | ||
Ceredex Mid-Cap Value Equity Fund | — (1) | (46) | 46 | ||
Ceredex Small-Cap Value Equity Fund | — (1) | — | — (1) | ||
Silvant Large-Cap Growth Stock Fund | — | 269 | (269) | ||
Silvant Small-Cap Growth Stock Fund | — (1) | 248 | (248) | ||
WCM International Equity Fund | (1,007) | (19) | 1,026 | ||
Zevenbergen Innovative Growth Stock Fund | — (1) | 340 | (340) | ||
Conservative Allocation Strategy Fund | — (1) | 143 | (143) | ||
Growth Allocation Strategy Fund | 289 | 621 | (910) |
(1) | Amount is less than $500. |
Target Fund | Shares prior to Reorganization | Shares issued by the Acquiring Fund | Net Assets Prior to Reorganization | |||
RidgeWorth Growth Allocation Strategy | ||||||
Class A | 571,168 | 571,168 | $ 5,906 | |||
Class C | 197,855 | 197,855 | 1,988 | |||
Class I | 3,130,872 | 3,130,872 | 32,562 | |||
RidgeWorth Moderate Allocation Strategy | ||||||
Class A | 1,161,740 | 975,179 | 10,084 | |||
Class C | 1,104,256 | 945,384 | 9,499 | |||
Class I | 3,223,773 | 2,705,908 | 28,142 |
Net Investment Income (Loss) | $1,526 |
Net Realized and Unrealized Gains/Losses on Investments | $12,505 |
Net Increase/Decrease in Net Assets resulting from Operations | $14,032 |
![](https://capedge.com/proxy/N-CSR/0001193125-18-077379/g520249imgd6f428f214.jpg)
QDI | DRD | LTCG | |||
Ceredex Large-Cap Value Equity Fund | 60 % | 53 % | $ 271,624 | ||
Ceredex Mid-Cap Value Equity Fund | 100 | 100 | 405,127 | ||
Ceredex Small-Cap Value Equity Fund | 100 | 100 | 129,295 | ||
Silvant Large-Cap Growth Stock Fund | 51 | 50 | 69,764 | ||
Silvant Small-Cap Growth Stock Fund | 39 | 39 | 5,737 | ||
WCM International Equity Fund | 100 | — | — | ||
Zevenbergen Innovative Growth Stock Fund | 85 | 85 | 3,938 | ||
Conservative Allocation Strategy Fund | 13 | 7 | 2,835 | ||
Growth Allocation Strategy Fund | 21 | 12 | 12,961 |
Foreign Source Income Recognized | Foreign Taxes Paid on Foreign Source Income | ||
WCM International Equity Fund | $ 1,134 | $ 49 | |
Conservative Allocation Strategy Fund | 43 | 4 | |
Growth Allocation Strategy Fund | 167 | 17 |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Complex | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Brown, Thomas J. YOB: 1945 Served Since: 2017 86 Portfolios | Retired. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2011), Virtus Variable Insurance Trust (9 portfolios); Director (since 2010), D’Youville Senior Care Center; and Director (since 2005), VALIC Company Funds (49 portfolios). |
Burke, Donald C. YOB: 1960 Served Since: 2017 90 Portfolios | Retired. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios), Virtus Variable Insurance Trust (9 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Director (since 2014) closed-end funds managed by Duff & Phelps Investment Management Co. (4 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). |
Gelfenbien, Roger A. YOB: 1943 Served Since: 2017 86 Portfolios | Retired. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2000), Virtus Variable Insurance Trust (9 portfolios); and Director (1999 to 2017), USAllianz Variable Insurance Product Trust (42 portfolios). |
Harris, Sidney E. YOB: 1949 Served Since: 2017 86 Portfolios | Professor and Dean Emeritus (since April 2015), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University; Trustee (since 2017), Virtus Mutual Fund Family (74 portfolios), Virtus Variable Insurance Trust (9 portfolios), and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2013), KIPP Metro Atlanta; Trustee (since 1999) Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Trustee (2012 to 2017), International University of the Grand Bassam; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2017 86 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm), Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. Trustee (since 2016), Virtus Mutual Fund Family (74 portfolios) and Virtus Alternative Solutions Trust (3 portfolios); Director (since 2013), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (9 portfolios). |
McClellan, Hassell H. YOB: 1945 Served Since: 2017 86 Portfolios | Retired (since 2013); and Professor (1984 to 2013), Wallace E. Carroll School of Management, Boston College. Chairperson of the Board (since 2017) and Trustee (since 2000), John Hancock Fund Complex (collectively, 227 portfolios); Trustee (since 2016), Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2015), Virtus Mutual Fund Family (74 portfolios); Director (since 2010), Barnes Group, Inc. (diversified global components manufacturer and logistical services company); and Trustee (since 2008), Virtus Variable Insurance Trust (9 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 86 Portfolios | Retired. Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President Global Finance Transformation (2007 to 2009); Vice President and Controller (1999 to 2007), The Coca-Cola Company. Trustee (since 2017), Virtus Mutual Fund Family (74 portfolios), Virtus Variable Insurance Trust (9 portfolios), and Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2014), Total System Services, Inc.; and Trustee (2005 to 2017), RidgeWorth Funds. |
McLoughlin, Philip YOB: 1946 Served Since: 1989 94 Portfolios | Retired. Director and Chairman (since 2016), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Director and Chairman (since 2014) Duff & Phelps Select Energy MLP Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (3 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (9 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (4 funds); Director (since 1991) and Chairman (since 2010), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (74 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2002 90 Portfolios | Retired. Trustee (since 2016), Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (9 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (4 funds); and Trustee (since 2001), Virtus Mutual Fund Family (74 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Complex | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Oates, James M. YOB: 1946 Served Since: 2005 90 Portfolios | Managing Director (since 1994), Wydown Group (consulting firm). Director (since 2016), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Trustee (since 2016), Virtus Variable Insurance Trust (9 portfolios); Director (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Trustee (since 2013), Virtus Alternative Solutions Trust (3 portfolios); Trustee (since 2011), Virtus Global Multi-Sector Income Fund; Trustee (since 2005) and Chairman (2005 to 2017), John Hancock Fund Complex (227 portfolios); Director (2002 to 2014), New Hampshire Trust Company; Chairman (2000 to 2016), Emerson Investment Management, Inc.; Non-Executive Chairman (2000 to 2014), Hudson Castle Group, Inc. (formerly IBEX Capital Markets, Inc.) (financial services); Chairman and Director (1999 to 2014), Connecticut River Bank; Director (since 1996), Stifel Financial; and Trustee (since 1987), Virtus Mutual Fund Family (74 portfolios). |
Segerson, Richard E. YOB: 1948 Served Since: 2005 86 Portfolios | Retired; and Managing Director (1998 to 2013), Northway Management Company. Trustee (since 2016), Virtus Alternative Solutions Trust (3 portfolios) and Virtus Variable Insurance Trust (9 portfolios); and Trustee (since 1983), Virtus Mutual Fund Family (74 portfolios). |
Name, Year of Birth, Year Elected and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Elected: 2006 92 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various senior officer positions with Virtus affiliates (since 2005). Chairman and Trustee (since 2015), Virtus ETF Trust II (2 funds); Director, President and Chief Executive Officer (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (3 portfolios); Director (since 2013), Virtus Global Funds, PLC (3 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (9 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 (74 portfolios); and Director, President and Chief Executive Officer (since 2006), Virtus Global Dividend & Income Fund Inc. and 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 |
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), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) with Virtus affiliates; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2004), Virtus Variable Insurance Trust; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2006), Virtus Mutual Fund Family; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2012 to 2013) and Treasurer and Chief Financial Officer (since 2010), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), Vice President (2011 to 2013), Chief Financial Officer and Treasurer (since 2011), Virtus Global Multi-Sector Income Fund; Executive Vice President (since 2016), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Vice President and Assistant Treasurer (since 2011), Duff & Phelps Global Utility Income Fund Inc.; Director (since 2013), Virtus Global Funds, PLC; and Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Carr, Kevin J. YOB: 1954 | Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005). | Vice President and Senior Counsel (2017 to Present), Senior Vice President (2009 to 2017), Vice President, Counsel and Secretary (2008 to 2009), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various senior officer positions (since 2005) with Virtus affiliates; Senior Vice President (since 2013), Vice President (2005 to 2013), Chief Legal Officer, Counsel and Secretary (since 2005), Virtus Mutual Fund Family; Senior Vice President (2013 to 2014), Vice President (2012 to 2013), Secretary and Chief Legal Officer (2005 to 2013), and Assistant Secretary (2013 to 2014 and since 2017), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Senior Vice President (since 2017), Assistant Secretary (since 2013), Vice President, Chief Legal Officer, Counsel and Secretary (2010 to 2013), Virtus Variable Insurance Trust; Senior Vice President(2013 to 2014); Senior Vice President (2013 to 2014), Vice President (2011 to 2013), and Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (since 2015), Duff & Phelps Select Energy MLP Fund Inc.; Senior Vice President (since 2017) and Assistant Secretary (since 2013), Virtus Alternative Solutions Trust; Secretary (since 2015), ETFis Series Trust I; and Secretary (since 2015), Virtus ETF Trust II. |
Engberg, Nancy J. YOB: 1956 | Senior Vice President (since 2017), Vice President and Chief Compliance Officer (2011 to 2017), and Chief Compliance Officer (since 2011). | Senior Vice President (since 2017), Vice President (2008 to 2017) and Chief Compliance Officer (2008 to 2011 and since 2016), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2003) with Virtus affiliates; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Mutual Fund Family; Senior Vice President (since 2017), Vice President (2010 to 2017) and Chief Compliance Officer (since 2011), Virtus Variable Insurance Trust; Senior Vice President (since 2017), Vice President (2011 to 2017) and Chief Compliance Officer (since 2011), Virtus Global Multi-Sector Income Fund; Senior Vice President (since 2017), Vice President (2012 to 2017) and Chief Compliance Officer (since 2012), Virtus Total Return Fund Inc. and Virtus Global Dividend & Income Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2017) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (since 2017), Vice President (2014 to 2017) and Chief Compliance Officer (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Chief Compliance Officer (since 2015), ETFis Series Trust I; and Chief Compliance Officer (since 2015), Virtus ETF Trust II. |
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), Virtus Mutual Fund Family; President and Chief Executive Officer, RidgeWorth Funds (2007 to 2017); and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Waltman, Francis G. YOB: 1962 | Executive Vice President (since 2013), Senior Vice President (2008 to 2013). | Executive Vice President, Product Development (since 2009), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various senior officer positions (since 2006) with Virtus affiliates; Executive Vice President (since 2013), Senior Vice President (2008 to 2013), Virtus Mutual Fund Family; Executive Vice President (since 2013), Senior Vice President (2010 to 2013), Virtus Variable Insurance Trust; Executive Vice President (since 2013), Senior Vice President (2011 to 2013), Virtus Global Multi-Sector Income Fund; Executive Vice President (since 2014), Duff & Phelps Select Energy MLP Fund Inc.; Director (since 2013), Virtus Global Funds PLC; and Executive Vice President (since 2013), Virtus Alternative Solutions Trust. |
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
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please call your financial representative, contact us
at 1-800-243-1574, or visit Virtus.com.
8635 | 12-17 |
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) | Other than certain non-substantive changes, there have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. | Audit Committee Financial Expert. |
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. |
(a)(2) | The Registrant’s Board of Trustees has determined that each of Thomas J. Brown, Donald C. Burke and Richard E. Segerson 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 of Messrs. Brown, Burke and Segerson 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 $43,600 for the nine months ended December 31, 2017 and $461,415 for 2017. The fiscal year end was changed from March 31 to December 31 during the period. |
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 $15,025 for the nine months ended December 31, 2017 and $73,000 for 2017. The fiscal year end was changed from March 31 to December 31 during the period. Such audit-related fees include out of pocket expenses and other fees. |
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 $80,110 for the nine months ended December 31, 2017 and $223,690 for 2017. The fiscal year end was changed from March 31 to December 31 during the period. |
“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 tax 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 the nine months ended December 31, 2017 and $0 for 2017. The fiscal year end was changed from March 31 to December 31 during the period. |
(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 Virtus Asset Trust (the “Fund”) Board has adopted policies and procedures with regard to the pre-approval of services provided by PwC. 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 Mr. Thomas J. Brown, Chair of the Audit Committee, may provide pre-approval for such services that meet the above requirements in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of 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 $485,815 for the nine months ended December 31, 2017 and $166,140 for 2017. The fiscal year end was changed from March 31 to December 31 during the period. |
(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. |
Item 5. | Audit Committee of Listed Registrants. |
Not applicable.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Asset Trust |
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) |
Date | 3/09/2018 |
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 | 3/09/2018 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, | ||||
Chief Financial Officer and Treasurer | ||||
(principal financial officer) |
Date | 3/09/2018 |
* | Print the name and title of each signing officer under his or her signature. |