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
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
(a) The Report to Shareholders is attached herewith.
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Virtus Seix Core Bond Fund |
Virtus Seix Corporate Bond Fund |
Virtus Seix Floating Rate High Income 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 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 |
1 | ||
2 | ||
5 | ||
Fund | Fund Summary | Schedule of Investments |
9 | 46 | |
12 | 50 | |
15 | 53 | |
18 | 69 | |
21 | 71 | |
23 | 77 | |
25 | 83 | |
28 | 87 | |
31 | 90 | |
34 | 92 | |
37 | 97 | |
40 | 102 | |
43 | 104 | |
107 | ||
112 | ||
117 | ||
124 | ||
132 | ||
150 | ||
151 | ||
152 | ||
157 |
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President, Virtus Funds
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Core Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 999.60 | 0.64 % | $ 3.23 | ||||
Class I | 1,000.00 | 1,000.30 | 0.50 | 2.52 | ||||
Class R6 | 1,000.00 | 1,001.00 | 0.36 | 1.82 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1,000.00 | 999.30 | 0.95 | 4.79 | ||||
Class C | 1,000.00 | 995.80 | 1.65 | 8.30 | ||||
Class I | 1,000.00 | 1,000.60 | 0.70 | 3.53 | ||||
Class R6 | 1,000.00 | 1,001.90 | 0.43 | 2.17 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | 1,000.00 | 1,015.00 | 0.94 | 4.77 | ||||
Class C | 1,000.00 | 1,013.20 | 1.54 | 7.81 | ||||
Class I | 1,000.00 | 1,016.60 | 0.64 | 3.25 | ||||
Class R6 | 1,000.00 | 1,017.10 | 0.54 | 2.75 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,001.10 | 0.73 | 3.68 | ||||
Class I | 1,000.00 | 1,001.90 | 0.58 | 2.93 | ||||
Seix High Income Fund | ||||||||
Class A | 1,000.00 | 1,012.60 | 0.93 | 4.72 | ||||
Class I | 1,000.00 | 1,013.80 | 0.68 | 3.45 | ||||
Class R6 | 1,000.00 | 1,014.30 | 0.59 | 3.00 | ||||
Seix High Yield Fund | ||||||||
Class A | 1,000.00 | 1,010.90 | 0.82 | 4.16 | ||||
Class I | 1,000.00 | 1,012.00 | 0.64 | 3.25 | ||||
Class R6 | 1,000.00 | 1,012.60 | 0.53 | 2.69 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 999.80 | 0.70 | 3.53 | ||||
Class I | 1,000.00 | 1,000.50 | 0.55 | 2.77 | ||||
Seix Short-Term Bond Fund | ||||||||
Class A | 1,000.00 | 992.40 | 0.80 | 4.02 | ||||
Class C | 1,000.00 | 991.00 | 1.08 | 5.42 | ||||
Class I | 1,000.00 | 993.30 | 0.60 | 3.01 | ||||
Seix Short-Term Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 997.90 | 0.54 | 2.72 | ||||
Class I | 1,000.00 | 998.80 | 0.37 | 1.86 |
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Total Return Bond Fund | ||||||||
Class A | $1,000.00 | $1,000.80 | 0.70% | $3.53 | ||||
Class I | 1,000.00 | 1,002.80 | 0.46 | 2.32 | ||||
Class R6 | 1,000.00 | 1,002.60 | 0.31 | 1.56 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 998.00 | 0.69 | 3.47 | ||||
Class I | 1,000.00 | 998.40 | 0.41 | 2.07 | ||||
Class R6 | 1,000.00 | 999.20 | 0.26 | 1.31 | ||||
Seix U.S. Mortgage Fund | ||||||||
Class A | 1,000.00 | 992.20 | 0.90 | 4.52 | ||||
Class C | 1,000.00 | 989.30 | 1.65 | 8.27 | ||||
Class I | 1,000.00 | 992.30 | 0.70 | 3.52 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 996.60 | 0.65 | 3.27 | ||||
Class I | 1,000.00 | 997.90 | 0.40 | 2.01 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Core Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,021.98 | 0.64 % | $ 3.26 | ||||
Class I | 1,000.00 | 1,022.68 | 0.50 | 2.55 | ||||
Class R6 | 1,000.00 | 1,023.39 | 0.36 | 1.84 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.42 | 0.95 | 4.84 | ||||
Class C | 1,000.00 | 1,016.89 | 1.65 | 8.39 | ||||
Class I | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||
Class R6 | 1,000.00 | 1,023.04 | 0.43 | 2.19 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | 1,000.00 | 1,020.47 | 0.94 | 4.79 | ||||
Class C | 1,000.00 | 1,017.44 | 1.54 | 7.83 | ||||
Class I | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||
Class R6 | 1,000.00 | 1,022.48 | 0.54 | 2.75 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.53 | 0.73 | 3.72 | ||||
Class I | 1,000.00 | 1,022.28 | 0.58 | 2.96 |
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix High Income Fund | ||||||||
Class A | $1,000.00 | $1,020.52 | 0.93% | $4.74 | ||||
Class I | 1,000.00 | 1,021.78 | 0.68 | 3.47 | ||||
Class R6 | 1,000.00 | 1,022.23 | 0.59 | 3.01 | ||||
Seix High Yield Fund | ||||||||
Class A | 1,000.00 | 1,021.07 | 0.82 | 4.18 | ||||
Class I | 1,000.00 | 1,021.98 | 0.64 | 3.26 | ||||
Class R6 | 1,000.00 | 1,022.53 | 0.53 | 2.70 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||
Class I | 1,000.00 | 1,022.43 | 0.55 | 2.80 | ||||
Seix Short-Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.17 | 0.80 | 4.08 | ||||
Class C | 1,000.00 | 1,019.76 | 1.08 | 5.50 | ||||
Class I | 1,000.00 | 1,022.18 | 0.60 | 3.06 | ||||
Seix Short-Term Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,022.48 | 0.54 | 2.75 | ||||
Class I | 1,000.00 | 1,023.34 | 0.37 | 1.89 | ||||
Seix Total Return Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||
Class I | 1,000.00 | 1,022.89 | 0.46 | 2.35 | ||||
Class R6 | 1,000.00 | 1,023.64 | 0.31 | 1.58 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.73 | 0.69 | 3.52 | ||||
Class I | 1,000.00 | 1,023.14 | 0.41 | 2.09 | ||||
Class R6 | 1,000.00 | 1,023.89 | 0.26 | 1.33 | ||||
Seix U.S. Mortgage Fund | ||||||||
Class A | 1,000.00 | 1,020.67 | 0.90 | 4.58 | ||||
Class C | 1,000.00 | 1,016.89 | 1.65 | 8.39 | ||||
Class I | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.93 | 0.65 | 3.31 | ||||
Class I | 1,000.00 | 1,023.19 | 0.40 | 2.04 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Ticker Symbols: | |
Class A: STGIX | |
Class I: STIGX | |
Class R6: STGZX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -1.43%, Class I shares at NAV returned -1.38%, and Class R6 shares at NAV returned -1.24%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -1.54%. |
U.S. Government Securities | 46% | |
Corporate Bonds and Notes | 25 | |
Financials | 9% | |
Energy | 3 | |
Industrials | 2 | |
Utilities | 2 | |
Communication Services | 2 | |
Materials | 2 | |
Health Care | 2 | |
All other Corporate Bonds and Notes | 3 | |
Mortgage-Backed Securities | 22 | |
Agency | 16 | |
Non-Agency | 6 | |
Asset-Backed Securities | 6 | |
Other | 4 | |
Credit Card | 2 | |
Short-Term Investment | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | -1.43 % | 3.44 % | 2.63 % | — % | — | |||||||
Class A shares at POP3,4 | -5.13 | 2.65 | 2.24 | — | — | |||||||
Class I shares at NAV2 | -1.38 | 3.58 | 2.83 | — | — | |||||||
Class R6 shares at NAV2 | -1.24 | 3.72 | — | 3.27 | 8/3/15 | |||||||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.90 | 3.14 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 0.89%, Net 0.64%; Class I shares: Gross 0.59%, Net 0.50%; Class R6 shares: Gross 0.49%, 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479imgad854b554.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SAINX | |
Class C: STIFX | |
Class I: STICX | |
Class R6: VRSBX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -1.90%, Class C shares at NAV returned -2.50%, Class I shares at NAV returned -1.67%, and Class R6 shares at NAV returned -1.31%. For the same period, the Bloomberg U.S. Corporate Investment Grade Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -1.04%. |
Corporate Bonds and Notes | 99% | |
Financials | 34% | |
Energy | 14 | |
Consumer Discretionary | 11 | |
Utilities | 8 | |
Communication Services | 8 | |
Industrials | 6 | |
Materials | 6 | |
All other Corporate Bonds and Notes | 12 | |
Short-Term Investment | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | -1.90 % | 5.76 % | 4.67 % | — % | — | |||||||
Class A shares at POP3,4 | -5.58 | 4.96 | 4.27 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | -2.50 | 5.02 | 3.94 | — | — | |||||||
Class I shares at NAV2 | -1.67 | 6.02 | 4.94 | — | — | |||||||
Class R6 shares at NAV2 | -1.31 | — | — | 2.82 | 10/20/20 | |||||||
Bloomberg U.S. Corporate Investment Grade Bond Index | -1.04 | 5.26 | 4.70 | 1.48 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.04%, Net 0.96%; Class C shares: Gross 1.78%, Net 1.66%; Class I shares: Gross 0.81%, Net 0.71%; Class R6: Gross 0.72%, Net 0.44%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img5e255ad45.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SFRAX | |
Class C: SFRCX | |
Class I: SAMBX | |
Class R6: SFRZX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of attempting to provide a high level of current income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 5.14%, Class C shares at NAV returned 4.65%, Class I shares at NAV returned 5.47%, and Class R6 shares at NAV returned 5.57%. For the same period, the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark appropriate for comparison, returned 5.40%. |
Leveraged Loans | 88% | |
Information Technology | 15% | |
Service | 10 | |
Health Care | 8 | |
Financial | 6 | |
Chemicals | 4 | |
Media / Telecom - Telecommunications | 4 | |
Media / Telecom - Diversified Media | 4 | |
All other Leveraged Loans | 37 | |
Corporate Bonds and Notes | 3 | |
Common Stocks | 1 | |
Other (includes short-term investment) | 8 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 5.14 % | 2.93 % | 3.78 % | — % | — | |||||||
Class A shares at POP3,4 | 2.25 | 2.36 | 3.49 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 4.65 | 2.36 | 3.17 | — | — | |||||||
Class I shares at NAV2 | 5.47 | 3.28 | 4.08 | — | — | |||||||
Class R6 shares at NAV2 | 5.57 | 3.38 | — | 3.84 | 2/1/15 | |||||||
Credit Suisse Leveraged Loan Index | 5.40 | 4.32 | 4.83 | 4.42 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 0.94%, Net 0.94%; Class C shares: Gross 1.66%, Net 1.52%; Class I shares: Gross 0.73%, Net 0.62%; Class R6 shares: Gross 0.61%, Net 0.52%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img276d10c46.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SFLTX | |
Class I: SCFTX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 0.35% and Class I shares at NAV returned 0.50%. For the same period, the Bloomberg U.S. Municipal Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned 1.52%. |
Municipal Bonds | 96% |
Short-Term Investment | 4 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | 0.35 % | 4.09% | 4.11% | |||||
Class A shares at POP3,4 | -2.41 | 3.51 | 3.82 | |||||
Class I shares at NAV2 | 0.50 | 4.25 | 4.27 | |||||
Bloomberg U.S. Municipal Bond Index | 1.52 | 4.17 | 3.72 | |||||
Fund Expense Ratios5: Class A shares: Gross 0.98%, Net 0.76%; Class I shares: Gross 0.89%, Net 0.61%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img53c8f05f7.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | ��CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SAHIX | |
Class I: STHTX | |
Class R6: STHZX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking high current income and, secondarily, total return (comprised of capital appreciation and income). There is no guarantee that the Fund will meet its objective(s). |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 4.52%, Class I shares at NAV returned 4.78%, and Class R6 shares at NAV returned 4.87%. For the same period, the Bloomberg U.S. Corporate High Yield Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned 5.28%. |
Corporate Bonds and Notes | 91% | |
Consumer Discretionary | 21% | |
Financials | 19 | |
Energy | 18 | |
Communication Services | 11 | |
Industrials | 7 | |
Health Care | 5 | |
Consumer Staples | 3 | |
All other Corporate Bonds and Notes | 7 | |
Short-Term Investment | 4 | |
Leveraged Loans | 3 | |
Other (includes securities lending collateral) | 2 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 4.52 % | 5.40 % | 6.12 % | — % | — | |||||||
Class A shares at POP3,4 | 0.60 | 4.60 | 5.71 | — | — | |||||||
Class I shares at NAV2 | 4.78 | 5.65 | 6.35 | — | — | |||||||
Class R6 shares at NAV2 | 4.87 | 5.78 | — | 4.93 | 8/1/14 | |||||||
Bloomberg U.S. Corporate High Yield Bond Index | 5.28 | 6.30 | 6.83 | 5.64 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.16%, Net 0.93%; Class I shares: Gross 0.92%, Net 0.68%; Class R6 shares: Gross 0.77%, Net 0.59%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img4d69a2d98.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: HYPSX | |
Class I: SAMHX | |
Class R6: HYIZX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking high income and, secondarily, capital appreciation. There is no guarantee that the Fund will meet its objective(s). |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 3.69%, Class I shares at NAV returned 3.88%, and Class R6 shares at NAV returned 4.00%. For the same period, the ICE BofA U.S. High Yield BB-B Constrained Index, the Fund’s style-specific benchmark appropriate for comparison, returned 4.60%. |
Corporate Bonds and Notes | 91% | |
Consumer Discretionary | 18% | |
Financials | 16 | |
Energy | 16 | |
Communication Services | 15 | |
Industrials | 8 | |
Health Care | 5 | |
Real Estate | 3 | |
All other Corporate Bonds and Notes | 10 | |
Short-Term Investment | 4 | |
Leveraged Loans | 3 | |
Other (includes securities lending collateral) | 2 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 3.69 % | 6.07 % | 5.98 % | — % | — | |||||||
Class A shares at POP3,4 | -0.20 | 5.26 | 5.57 | — | — | |||||||
Class I shares at NAV2 | 3.88 | 6.28 | 6.20 | — | — | |||||||
Class R6 shares at NAV2 | 4.00 | 6.37 | — | 6.65 | 8/1/16 | |||||||
ICE BofA U.S. High Yield BB-B Constrained Index | 4.60 | 6.04 | 6.54 | 6.30 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.04%, Net 0.82%; Class I shares: Gross 0.76%, Net 0.64%; Class R6 shares: Gross 0.67%, 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479imga53d41ba9.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SISIX | |
Class I: STTBX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize high total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -0.04% and Class I shares at NAV returned 0.11%. For the same period, the Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index, the Fund’s style-specific benchmark appropriate for comparison, returned 0.86%. |
Municipal Bonds | 89% |
Short-Term Investment | 11 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | -0.04 % | 3.23% | 2.88% | |||||
Class A shares at POP3,4 | -2.79 | 2.66 | 2.60 | |||||
Class I shares at NAV2 | 0.11 | 3.41 | 3.06 | |||||
Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index | 0.86 | 3.57 | 3.05 | |||||
Fund Expense Ratios5: Class A shares: Gross 1.03%, Net 0.69%; Class I shares: Gross 0.84%, 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479imgbaccaff510.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: STSBX | |
Class C: SCBSX | |
Class I: SSBTX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -0.97%, Class C shares at NAV returned -1.29%, and Class I shares at NAV returned -0.87%. For the same period, the Bloomberg 1-3 Year U.S. Government/Credit Index, the Fund’s style-specific benchmark appropriate for comparison, returned -0.47%. |
U.S. Government Securities | 59% | |
Corporate Bonds and Notes | 25 | |
Financials | 8% | |
Industrials | 6 | |
Energy | 4 | |
All other Corporate Bonds and Notes | 7 | |
Mortgage-Backed Securities | 11 | |
Asset-Backed Securities | 4 | |
Short-Term Investment | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | -0.97 % | 1.40% | 1.10% | |||||
Class A shares at POP3,4 | -3.19 | 0.94 | 0.87 | |||||
Class C shares at NAV2 and with CDSC4 | -1.29 | 0.76 | 0.48 | |||||
Class I shares at NAV2 | -0.87 | 1.58 | 1.31 | |||||
Bloomberg 1-3 Year U.S. Government/Credit Index | -0.47 | 1.85 | 1.39 | |||||
Fund Expense Ratios5: Class A shares: Gross 1.27%, Net 0.80%; Class C shares: Gross 2.10%, Net 1.57%; Class I shares: Gross 1.16%, Net 0.60%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img520d29d111.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SMMAX | |
Class I: CMDTX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -0.48% and Class I shares at NAV returned -0.31%. For the same period, the Bloomberg Municipal Bond 1-5 Year Index, the Fund’s style-specific benchmark appropriate for comparison, returned 0.36%. |
Municipal Bonds | 95% |
Short-Term Investment | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | -0.48 % | 1.64% | 1.26% | |||||
Class A shares at POP3,4 | -2.72 | 1.18 | 1.03 | |||||
Class I shares at NAV2 | -0.31 | 1.80 | 1.43 | |||||
Bloomberg Municipal Bond 1-5 Year Index | 0.36 | 2.04 | 1.56 | |||||
Fund Expense Ratios5: Class A shares: Gross 1.28%, Net 0.57%; Class I shares: Gross 1.18%, Net 0.40%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img01c4cf1012.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: CBPSX | |
Class I: SAMFX | |
Class R6: SAMZX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -1.47%, Class I shares at NAV returned -1.23%, and Class R6 shares at NAV returned -1.08%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -1.54%. |
U.S. Government Securities | 47% | |
Corporate Bonds and Notes | 25 | |
Financials | 9% | |
Energy | 3 | |
Consumer Discretionary | 3 | |
Industrials | 2 | |
Communication Services | 2 | |
Utilities | 2 | |
Materials | 2 | |
All other Corporate Bonds and Notes | 2 | |
Mortgage-Backed Securities | 21 | |
Agency | 16 | |
Non-Agency | 5 | |
Asset-Backed Securities | 5 | |
Other | 3 | |
Credit Card | 2 | |
Short-Term Investment | 2 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | -1.47 % | 3.51 % | 2.74 % | — % | — | |||||||
Class A shares at POP3,4 | -5.17 | 2.72 | 2.35 | — | — | |||||||
Class I shares at NAV2 | -1.23 | 3.77 | 3.01 | — | — | |||||||
Class R6 shares at NAV2 | -1.08 | 3.91 | — | 3.32 | 8/1/14 | |||||||
Bloomberg U.S. Aggregate Bond Index | -1.54 | 3.57 | 2.90 | 3.10 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 0.87%, Net 0.70%; Class I shares: Gross 0.57%, Net 0.46%; Class R6 shares: Gross 0.46%, Net 0.31%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img69f2915513.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SSAGX | |
Class I: SIGVX | |
Class R6: SIGZX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize current income consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -0.29%, Class I shares at NAV returned -0.13%, and Class R6 shares at NAV returned 0.12%. For the same period, the Bloomberg 3-6 Month U.S. Treasury Bill Index, the Fund’s style-specific benchmark appropriate for comparison, returned 0.06%. |
Mortgage-Backed Securities | 92% | |
Agency | 92% | |
Short-Term Investment | 8 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | -0.29 % | — % | — % | 1.04 % | 7/24/18 | |||||||
Class I shares at NAV2 | -0.13 | 1.30 | 0.96 | — | — | |||||||
Class R6 shares at NAV2 | 0.12 | 1.47 | — | 1.42 | 8/1/16 | |||||||
Bloomberg 3-6 Month U.S. Treasury Bill Index | 0.06 | 1.22 | 0.70 | — 3 | — | |||||||
Fund Expense Ratios4: Class A shares: Gross 0.67%, Net 0.67%; Class I shares: Gross 0.50%, Net 0.42%; Class R6 shares: Gross 0.39%, 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479imgc9c0245614.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | The index return is 1.25% since inception of Class A shares and 1.16% since inception of Class R6 shares. |
4 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SLTMX | |
Class C: SCLFX | |
Class I: SLMTX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -1.68%, Class C shares at NAV returned -2.40%, and Class I shares at NAV returned -1.57%. For the same period, the Bloomberg U.S. Mortgage Backed Securities Index, the Fund’s style-specific benchmark appropriate for comparison, returned -1.04%. |
Mortgage-Backed Securities | 86% | |
Agency | 86% | |
Short-Term Investment | 9 | |
U.S. Government Security | 5 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | -1.68 % | 1.84% | 1.81% | |||||
Class A shares at POP3,4 | -3.89 | 1.37 | 1.57 | |||||
Class C shares at NAV2 and with CDSC4 | -2.40 | 1.07 | 1.03 | |||||
Class I shares at NAV2 | -1.57 | 2.00 | 2.00 | |||||
Bloomberg U.S. Mortgage Backed Securities Index | -1.04 | 2.50 | 2.28 | |||||
Fund Expense Ratios5: Class A shares: Gross 1.82%, Net 0.91; Class C shares: Gross 2.06%, Net 1.66%; Class I shares: Gross 1.14%, 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. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img04cf125d15.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.25% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SASSX | |
Class I: SISSX |
Seix Investment Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to maximize current income consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 0.02% and Class I shares at NAV returned 0.27%. For the same period, the Bloomberg 3-6 Month U.S. Treasury Bill Index, the Fund’s style-specific benchmark appropriate for comparison, returned 0.06%. |
Corporate Bonds and Notes | 49% | |
Financials | 21% | |
Energy | 9 | |
Industrials | 5 | |
Utilities | 4 | |
Communication Services | 3 | |
Consumer Discretionary | 3 | |
Consumer Staples | 2 | |
All other Corporate Bonds and Notes | 2 | |
Mortgage-Backed Securities | 25 | |
Non-Agency | 18 | |
Agency | 7 | |
Asset-Backed Securities | 18 | |
Other | 6 | |
Student Loan | 5 | |
Credit Card | 4 | |
Automobiles | 3 | |
Short-Term Investment | 8 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 0.02 % | — % | — % | 1.22 % | 7/24/18 | |||||||
Class I shares at NAV2 | 0.27 | 1.54 | 1.28 | — | — | |||||||
Bloomberg 3-6 Month U.S. Treasury Bill Index | 0.06 | 1.22 | 0.70 | 1.25 3 | — | |||||||
Fund Expense Ratios4: Class A shares: Gross 0.85%, Net 0.66%; Class I shares: Gross 0.63%, Net 0.41%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479imgb9278b2616.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | The since inception index return is from the inception date of Class A shares. |
4 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Par Value | Value | ||
U.S. Government Securities—46.0% | |||
U.S. Treasury Bonds 2.000%, 8/15/51 | $ 8,918 | $ 9,091 | |
U.S. Treasury Notes | |||
1.750%, 5/31/22 | 5,945 | 5,984 | |
1.375%, 6/30/23 | 14,053 | 14,220 | |
0.125%, 12/15/23 | 1,255 | 1,241 | |
0.375%, 7/15/24 | 423 | 418 | |
0.500%, 3/31/25 | 1,475 | 1,450 | |
0.250%, 9/30/25 | 6,035 | 5,844 | |
0.875%, 6/30/26 | 2,007 | 1,975 | |
1.375%, 11/15/31 | 9,217 | 9,100 | |
Total U.S. Government Securities (Identified Cost $49,587) | 49,323 | ||
Mortgage-Backed Securities—22.3% | |||
Agency—15.8% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #G60019 4.500%, 3/1/44 | �� 157 | 173 | |
Pool #Q35611 4.000%, 9/1/45 | 346 | 374 | |
Pool #V81992 4.000%, 10/1/45 | 212 | 230 | |
Pool #Q42921 3.500%, 9/1/46 | 480 | 511 | |
Pool #Q52135 3.500%, 11/1/47 | 677 | 720 | |
Pool #ZM5226 3.500%, 12/1/47 | 437 | 469 | |
Pool #Q53881 4.500%, 1/1/48 | 296 | 323 | |
Pool #Q61680 4.000%, 2/1/49 | 334 | 361 | |
Pool #QA3079 3.500%, 10/1/49 | 221 | 236 | |
Pool #QA4766 3.500%, 11/1/49 | 444 | 475 | |
Pool #SD0164 3.500%, 12/1/49 | 381 | 407 | |
Pool #QA9935 3.000%, 6/1/50 | 187 | 194 | |
Pool #QC2300 3.000%, 5/1/51 | 256 | 268 | |
Pool #QC2692 3.000%, 6/1/51 | 287 | 300 | |
Pool #QC2749 3.000%, 6/1/51 | 418 | 434 | |
Pool #QC2869 3.000%, 6/1/51 | 608 | 637 | |
Pool #QC4721 3.000%, 7/1/51 | 709 | 743 | |
Pool #QC5404 3.500%, 8/1/51 | 99 | 106 | |
Pool #QC6249 3.500%, 9/1/51 | 313 | 333 | |
Federal National Mortgage Association | |||
Pool #FM1039 3.500%, 4/1/39 | 471 | 499 | |
Pool #MA2341 4.500%, 6/1/45 | 14 | 15 |
Par Value | Value | ||
Agency—continued | |||
Pool #BE5050 4.000%, 9/1/45 | $ 382 | $ 420 | |
Pool #BA4799 4.000%, 2/1/46 | 141 | 154 | |
Pool #BJ8599 3.500%, 4/1/48 | 76 | 80 | |
Pool #BK6111 4.000%, 7/1/48 | 459 | 491 | |
Pool #BN4542 4.500%, 2/1/49 | 87 | 93 | |
Pool #BO1345 3.500%, 8/1/49 | 315 | 335 | |
Pool #BO3024 3.500%, 10/1/49 | 219 | 236 | |
Pool #BO5325 3.000%, 11/1/49 | 141 | 146 | |
Pool #BO4386 3.500%, 11/1/49 | 231 | 245 | |
Pool #CA5122 3.000%, 2/1/50 | 491 | 513 | |
Pool #FM3181 4.000%, 4/1/50 | 141 | 154 | |
Pool #BP5431 3.000%, 6/1/50 | 100 | 104 | |
Pool #BP5432 3.000%, 6/1/50 | 299 | 313 | |
Pool #BR9135 3.000%, 5/1/51 | 400 | 417 | |
Pool #FM7290 3.000%, 5/1/51 | 723 | 756 | |
Pool #BT0907 3.000%, 6/1/51 | 227 | 237 | |
Pool #BT1809 3.000%, 6/1/51 | 1,148 | 1,195 | |
Pool #BT2849 3.000%, 6/1/51 | 530 | 555 | |
Pool #BT3321 3.000%, 6/1/51 | 280 | 291 | |
Pool #CB0867 3.500%, 6/1/51 | 82 | 87 | |
Pool #FM7984 3.500%, 6/1/51 | 772 | 815 | |
Pool #BT5686 3.000%, 7/1/51 | 491 | 514 | |
Pool #FM9098 3.000%, 10/1/51 | 1,000 | 1,046 | |
17,005 | |||
Non-Agency—6.5% | |||
BB-UBS Trust | |||
2012-SHOW, A 144A 3.430%, 11/5/36(1) | 200 | 207 | |
2012-SHOW, B 144A 3.882%, 11/5/36(1) | 605 | 624 | |
BWAY Mortgage Trust 2013-1515, A2 144A 3.454%, 3/10/33(1) | 100 | 105 | |
Century Plaza Towers 2019-CPT, B 144A 2.997%, 11/13/39(1)(2) | 635 | 655 | |
CF Hippolyta LLC | |||
2020-1, A1 144A 1.690%, 7/15/60(1) | 336 | 333 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-1, B1 144A 2.280%, 7/15/60(1) | $ 249 | $ 248 | |
Goldman Sachs Mortgage Securities Corp. II | |||
2005-ROCK, A 144A 5.366%, 5/3/32(1) | 435 | 484 | |
2012-BWTR, A 144A 2.954%, 11/5/34(1) | 695 | 702 | |
Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A 1.030%, 7/15/25(1)(2) | 166 | 166 | |
JPMBB Commercial Mortgage Securities Trust 2013-C15, A4 4.096%, 11/15/45 | 445 | 461 | |
MAD Mortgage Trust 2017-330M, A 144A 3.188%, 8/15/34(1)(2) | 260 | 263 | |
Morgan Stanley Capital I Trust 2014-150E, A 144A 3.912%, 9/9/32(1) | 670 | 701 | |
One Bryant Park Trust 2019-OBP, A 144A 2.516%, 9/15/54(1) | 360 | 364 | |
SLG Office Trust 2021-OVA, A 144A 2.585%, 7/15/41(1) | 585 | 599 | |
Wells Fargo Commercial Mortgage Trust | |||
2013-BTC, A 144A 3.544%, 4/16/35(1) | 190 | 194 | |
2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.260%, 2/15/40(1)(2) | 332 | 332 | |
WFRBS Commercial Mortgage Trust 2012-C10, AS 3.241%, 12/15/45 | 505 | 511 | |
6,949 | |||
Total Mortgage-Backed Securities (Identified Cost $23,649) | 23,954 | ||
Asset-Backed Securities—6.0% | |||
Credit Card—2.2% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 0.674%, 5/15/28(2) | 1,075 | 1,068 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 0.879%, 5/14/29(2) | 1,305 | 1,326 | |
2,394 | |||
Other—3.8% | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 257 | 262 | |
DB Master Finance LLC 2021-1A, A23 144A 2.791%, 11/20/51(1) | 485 | 484 | |
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(1) | 357 | 369 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 680 | 714 | |
New Economy Assets Phase 1 Sponsor LLC 2021-1, A1 144A 1.910%, 10/20/61(1)(3) | 375 | 368 | |
Stack Infrastructure Issuer LLC 2021-1A, A2 144A 1.877%, 3/26/46(1) | 440 | 432 |
Par Value | Value | ||
Other—continued | |||
Taco Bell Funding LLC 2021-1A, A23 144A 2.542%, 8/25/51(1) | $ 375 | $ 366 | |
Vantage Data Centers LLC 2020-2A, A2 144A 1.992%, 9/15/45(1) | 675 | 662 | |
Wendy’s Funding LLC 2018-1A, A2II 144A 3.884%, 3/15/48(1) | 360 | 374 | |
4,031 | |||
Total Asset-Backed Securities (Identified Cost $6,380) | 6,425 | ||
Corporate Bonds and Notes—24.5% | |||
Communication Services—1.8% | |||
AT&T, Inc. | |||
2.250%, 2/1/32 | 325 | 314 | |
3.300%, 2/1/52 | 266 | 261 | |
3.500%, 9/15/53 | 494 | 498 | |
Verizon Communications, Inc. 3.400%, 3/22/41 | 178 | 186 | |
ViacomCBS, Inc. | |||
4.200%, 5/19/32 | 261 | 295 | |
4.950%, 5/19/50 | 261 | 333 | |
1,887 | |||
Consumer Discretionary—1.4% | |||
Hyatt Hotels Corp. 1.800%, 10/1/24 | 203 | 203 | |
Kohl’s Corp. 3.375%, 5/1/31(4) | 341 | 347 | |
Lear Corp. 3.550%, 1/15/52 | 201 | 199 | |
Marriott International, Inc. Series GG 3.500%, 10/15/32 | 402 | 421 | |
Tapestry, Inc. 3.050%, 3/15/32 | 301 | 303 | |
1,473 | |||
Consumer Staples—0.9% | |||
Coca-Cola Co. (The) 1.000%, 3/15/28 | 539 | 518 | |
Mars, Inc. 144A 2.450%, 7/16/50(1) | 436 | 407 | |
925 | |||
Energy—2.8% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 151 | 165 | |
Continental Resources, Inc. 144A 2.875%, 4/1/32(1) | 379 | 371 | |
Enterprise Products Operating LLC 4.200%, 1/31/50 | 264 | 296 | |
HollyFrontier Corp. 4.500%, 10/1/30 | 492 | 530 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 762 | 724 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 633 | 661 |
Par Value | Value | ||
Energy—continued | |||
Williams Cos., Inc. (The) 3.500%, 10/15/51 | $ 260 | $ 262 | |
3,009 | |||
Financials—9.1% | |||
AerCap Ireland Capital DAC | |||
3.300%, 1/30/32 | 229 | 233 | |
3.850%, 10/29/41 | 226 | 235 | |
Avolon Holdings Funding Ltd. | |||
144A 2.125%, 2/21/26(1) | 649 | 637 | |
144A 4.250%, 4/15/26(1) | 272 | 288 | |
Bank of America Corp. | |||
2.087%, 6/14/29 | 296 | 294 | |
2.572%, 10/20/32 | 412 | 414 | |
Chubb INA Holdings, Inc. 1.375%, 9/15/30 | 522 | 492 | |
Daimler Trucks Finance North America LLC 144A 2.500%, 12/14/31(1) | 332 | 332 | |
General Motors Financial Co., Inc. | |||
2.750%, 6/20/25 | 673 | 695 | |
3.600%, 6/21/30 | 576 | 614 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 707 | 693 | |
Hartford Financial Services Group, Inc. (The) 2.800%, 8/19/29 | 296 | 307 | |
JPMorgan Chase & Co. | |||
3.207%, 4/1/23 | 318 | 320 | |
0.824%, 6/1/25 | 412 | 407 | |
1.578%, 4/22/27 | 158 | 156 | |
Morgan Stanley | |||
0.791%, 1/22/25 | 472 | 467 | |
1.593%, 5/4/27 | 657 | 651 | |
Newcrest Finance Pty Ltd. 144A 4.200%, 5/13/50(1) | 261 | 296 | |
Old Republic International Corp. 3.850%, 6/11/51 | 271 | 291 | |
State Street Corp. 2.200%, 3/3/31 | 484 | 480 | |
U.S. Bancorp 3.700% (5) | 346 | 346 | |
United Airlines Pass-Through-Trust 2020-1, A 5.875%, 10/15/27 | 593 | 650 | |
US Bank NA 2.050%, 1/21/25 | 500 | 511 | |
9,809 | |||
Health Care—1.4% | |||
AbbVie, Inc. 4.250%, 11/21/49 | 460 | 553 | |
Anthem, Inc. 1.500%, 3/15/26 | 680 | 679 | |
Bristol-Myers Squibb Co. 4.250%, 10/26/49 | 112 | 139 | |
CommonSpirit Health 4.187%, 10/1/49 | 161 | 187 | |
1,558 | |||
Par Value | Value | ||
Industrials—2.1% | |||
Boeing Co. (The) | |||
3.625%, 2/1/31 | $ 604 | $ 644 | |
5.805%, 5/1/50 | 752 | 1,018 | |
Canadian Pacific Railway Co. 3.100%, 12/2/51 | 311 | 320 | |
Honeywell International, Inc. 1.100%, 3/1/27 | 329 | 320 | |
2,302 | |||
Information Technology—1.3% | |||
Dell International LLC 144A 3.450%, 12/15/51(1) | 449 | 431 | |
HP, Inc. 144A 2.650%, 6/17/31(1) | 438 | 432 | |
Micron Technology, Inc. 3.477%, 11/1/51 | 264 | 270 | |
Western Digital Corp. 2.850%, 2/1/29 | 310 | 313 | |
1,446 | |||
Materials—1.6% | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 481 | 654 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 194 | 205 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 417 | 411 | |
6.250%, 10/1/39 | 313 | 437 | |
1,707 | |||
Real Estate—0.3% | |||
Tanger Properties LP 2.750%, 9/1/31 | 296 | 287 | |
Utilities—1.8% | |||
Boardwalk Pipelines LP 3.400%, 2/15/31 | 188 | 194 | |
Consolidated Edison Co. of New York, Inc. 3.950%, 4/1/50 | 246 | 281 | |
Dominion Energy, Inc. Series C 3.375%, 4/1/30 | 415 | 441 | |
Pacific Gas and Electric Co. 2.500%, 2/1/31 | 313 | 298 | |
Southern Co. (The) Series A 3.700%, 4/30/30 | 619 | 673 | |
1,887 | |||
Total Corporate Bonds and Notes (Identified Cost $25,131) | 26,290 | ||
Total Long-Term Investments—98.8% (Identified Cost $104,747) | 105,992 | ||
Shares | Value | ||
Short-Term Investment—1.4% | |||
Money Market Mutual Fund—1.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6) | 1,442,046 | $ 1,442 | |
Total Short-Term Investment (Identified Cost $1,442) | 1,442 | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6)(7) | 349,991 | 350 | |
Total Securities Lending Collateral (Identified Cost $350) | 350 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $106,539) | $107,784 | ||
Other assets and liabilities, net—(0.5)% | (526) | ||
NET ASSETS—100.0% | $107,258 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
NA | National Association |
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, 2021, these securities amounted to a value of $13,202 or 12.3% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2021. 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 security is on loan. |
(5) | No contractual maturity date. |
(6) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(7) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 6,425 | $ — | $ 6,057 | $368 | |||
Corporate Bonds and Notes | 26,290 | — | 26,290 | — | |||
Mortgage-Backed Securities | 23,954 | — | 23,954 | — | |||
U.S. Government Securities | 49,323 | — | 49,323 | — | |||
Securities Lending Collateral | 350 | 350 | — | — | |||
Money Market Mutual Fund | 1,442 | 1,442 | — | — | |||
Total Investments | $107,784 | $1,792 | $105,624 | $368 |
Par Value | Value | ||
Corporate Bonds and Notes—97.8% | |||
Communication Services—8.2% | |||
AT&T, Inc. | |||
2.250%, 2/1/32 | $ 817 | $ 790 | |
3.500%, 9/15/53 | 1,296 | 1,308 | |
Verizon Communications, Inc. 4.125%, 3/16/27 | 1,132 | 1,258 | |
ViacomCBS, Inc. | |||
4.200%, 5/19/32 | 744 | 839 | |
4.950%, 5/19/50 | 766 | 976 | |
5,171 | |||
Consumer Discretionary—10.9% | |||
Carnival Corp. 144A 9.875%, 8/1/27(1) | 1,366 | 1,561 | |
Ford Motor Co. 3.250%, 2/12/32 | 1,235 | 1,265 | |
Hyatt Hotels Corp. 1.800%, 10/1/24 | 693 | 693 | |
Lear Corp. 3.550%, 1/15/52 | 1,500 | 1,484 | |
Marriott International, Inc. Series GG 3.500%, 10/15/32 | 1,158 | 1,213 | |
Tapestry, Inc. 3.050%, 3/15/32 | 621 | 625 | |
6,841 | |||
Consumer Staples—2.4% | |||
Mars, Inc. 144A 2.450%, 7/16/50(1) | 1,645 | 1,536 | |
Energy—14.0% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 941 | 1,030 | |
Continental Resources, Inc. 144A 2.875%, 4/1/32(1) | 780 | 763 | |
Enterprise Products Operating LLC 4.200%, 1/31/50 | 676 | 758 | |
HollyFrontier Corp. 4.500%, 10/1/30 | 1,368 | 1,473 | |
Petroleos Mexicanos 144A 6.700%, 2/16/32(1) | 853 | 862 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 1,910 | 1,814 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 1,312 | 1,370 | |
Williams Cos., Inc. (The) 3.500%, 10/15/51 | 730 | 737 | |
8,807 | |||
Financials—34.0% | |||
AerCap Ireland Capital DAC | |||
3.300%, 1/30/32 | 448 | 456 | |
3.850%, 10/29/41 | 463 | 482 | |
Avolon Holdings Funding Ltd. 144A 2.125%, 2/21/26(1) | 617 | 606 | |
Bank of America Corp. 2.572%, 10/20/32 | 1,163 | 1,169 | |
Daimler Trucks Finance North America LLC | |||
144A 1.625%, 12/13/24(1) | 500 | 504 |
Par Value | Value | ||
Financials—continued | |||
144A 2.500%, 12/14/31(1) | $ 733 | $ 733 | |
Ford Motor Credit Co. LLC 3.375%, 11/13/25 | 900 | 935 | |
General Motors Financial Co., Inc. | |||
2.750%, 6/20/25 | 1,148 | 1,185 | |
3.600%, 6/21/30 | 758 | 808 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 1,480 | 1,450 | |
Hyundai Capital America 144A 2.000%, 6/15/28(1) | 1,112 | 1,084 | |
JPMorgan Chase & Co. 1.578%, 4/22/27 | 679 | 671 | |
Morgan Stanley | |||
0.791%, 1/22/25 | 1,380 | 1,366 | |
1.593%, 5/4/27 | 1,348 | 1,335 | |
Newcrest Finance Pty Ltd. 144A 4.200%, 5/13/50(1) | 1,336 | 1,513 | |
Old Republic International Corp. 3.850%, 6/11/51 | 1,422 | 1,529 | |
OneMain Finance Corp. 4.000%, 9/15/30 | 853 | 839 | |
Pricoa Global Funding I 144A 1.200%, 9/1/26(1) | 653 | 639 | |
State Street Corp. 2.200%, 3/3/31 | 849 | 842 | |
SVB Financial Group Series D 4.250% (2) | 457 | 463 | |
U.S. Bancorp 3.700% (2) | 832 | 832 | |
United Airlines Pass-Through-Trust | |||
2020-1, A 5.875%, 10/15/27 | 1,061 | 1,163 | |
2020-1, B 4.875%, 1/15/26 | 741 | 771 | |
21,375 | |||
Health Care—1.0% | |||
Anthem, Inc. 1.500%, 3/15/26 | 621 | 620 | |
Industrials—5.7% | |||
Boeing Co. (The) | |||
3.625%, 2/1/31 | 946 | 1,009 | |
5.805%, 5/1/50 | 793 | 1,074 | |
Canadian Pacific Railway Co. 3.100%, 12/2/51 | 725 | 745 | |
Honeywell International, Inc. 1.100%, 3/1/27 | 764 | 742 | |
3,570 | |||
Information Technology—5.0% | |||
Dell International LLC 144A 3.450%, 12/15/51(1) | 1,063 | 1,020 | |
HP, Inc. 144A 2.650%, 6/17/31(1) | 781 | 770 | |
Micron Technology, Inc. 3.477%, 11/1/51 | 634 | 649 |
Par Value | Value | ||
Information Technology—continued | |||
Western Digital Corp. 2.850%, 2/1/29 | $ 700 | $ 707 | |
3,146 | |||
Materials—5.7% | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 500 | 680 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 1,115 | 1,180 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 1,052 | 1,037 | |
6.250%, 10/1/39 | 471 | 657 | |
3,554 | |||
Real Estate—2.6% | |||
Tanger Properties LP 2.750%, 9/1/31 | 1,647 | 1,599 | |
Utilities—8.3% | |||
Boardwalk Pipelines LP 3.400%, 2/15/31 | 887 | 916 | |
Consolidated Edison Co. of New York, Inc. 3.950%, 4/1/50 | 648 | 740 | |
Dominion Energy, Inc. Series C 3.375%, 4/1/30 | 1,472 | 1,562 | |
Pacific Gas and Electric Co. 2.500%, 2/1/31 | 1,071 | 1,020 | |
Southern Co. (The) 2.950%, 7/1/23 | 945 | 968 | |
5,206 | |||
Total Corporate Bonds and Notes (Identified Cost $59,943) | 61,425 | ||
Total Long-Term Investments—97.8% (Identified Cost $59,943) | 61,425 | ||
Shares | ||
Short-Term Investment—1.5% | ||
Money Market Mutual Fund—1.5% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 919,081 | 919 |
Total Short-Term Investment (Identified Cost $919) | 919 | |
TOTAL INVESTMENTS—99.3% (Identified Cost $60,862) | $62,344 | |
Other assets and liabilities, net—0.7% | 463 | |
NET ASSETS—100.0% | $62,807 |
Abbreviations: | |
CDX.NA.HY | Credit Default Swap North American High Yield |
LLC | Limited Liability Company |
LP | Limited Partnership |
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, 2021, these securities amounted to a value of $11,591 or 18.5% of net assets. |
(2) | No contractual maturity date. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Counterparties: | |
ICE | Intercontinental Exchange |
Country Weightings (Unaudited)† | |
United States | 89% |
Australia | 4 |
Panama | 3 |
Ireland | 1 |
Mexico | 1 |
Canada | 1 |
Cayman Islands | 1 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Centrally cleared credit default swap - buy protection(1) outstanding as of December 31, 2021 were as follows: | |||||||||||||
Reference Entity | Payment Frequency | Counterparty | Fixed Rate | Expiration Date | Notional Amount(2) | Value | Premiums Paid (Received) | Unrealized Appreciation | Unrealized (Depreciation) | ||||
CDX.NA.HY.37 | Quarterly | ICE | 5.000% | 12/20/26 | $(4,250) | $ (398) | $ (388) | $ — | $ (10) | ||||
Total | $ (398) | $ (388) | $— | $ (10) |
Footnote Legend: | |
(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, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Corporate Bonds and Notes | $61,425 | $ — | $61,425 | ||
Money Market Mutual Fund | 919 | 919 | — | ||
Total Assets | 62,344 | 919 | 61,425 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Centrally Cleared Credit Default Swap | (398) | — | (398) | ||
Total Liabilities | (398) | — | (398) | ||
Total Investments | $61,946 | $919 | $61,027 |
Par Value | Value | ||
Corporate Bonds and Notes—3.5% | |||
Communication Services—0.7% | |||
Allen Media LLC 144A 10.500%, 2/15/28(1) | $ 2,000 | $ 2,087 | |
Audacy Capital Corp. 144A 6.500%, 5/1/27(1) | 1,215 | 1,202 | |
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1) | 1,500 | 750 | |
DISH DBS Corp. 7.375%, 7/1/28 | 3,000 | 3,037 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 2,000 | 1,988 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 4,900 | 5,166 | |
Skillz, Inc. 144A 10.250%, 12/15/26(1) | 1,000 | 991 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 2,000 | 1,983 | |
17,204 | |||
Consumer Discretionary—0.6% | |||
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 4,437 | 4,614 | |
QVC, Inc. 4.750%, 2/15/27 | 3,000 | 3,085 | |
Signal Parent, Inc. 144A 6.125%, 4/1/29(1) | 3,000 | 2,663 | |
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | 3,000 | 3,212 | |
13,574 | |||
Financials—0.5% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 1,800 | 1,757 | |
Iliad Holding SASU 144A 6.500%, 10/15/26(1) | 3,000 | 3,152 | |
MPH Acquisition Holdings LLC 144A 5.750%, 11/1/28(1) | 4,826 | 4,590 | |
New Residential Investment Corp. 144A 6.250%, 10/15/25(1) | 2,000 | 2,009 | |
Rocket Mortgage LLC 144A 3.875%, 3/1/31(1) | 1,000 | 1,015 | |
Summit Midstream Holdings LLC 144A 8.500%, 10/15/26(1) | 750 | 781 | |
13,304 | |||
Health Care—0.5% | |||
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 6,002 | 5,761 | |
Encompass Health Corp. 4.500%, 2/1/28 | 3,000 | 3,086 | |
Tenet Healthcare Corp. 144A 6.125%, 10/1/28(1) | 4,000 | 4,225 | |
13,072 | |||
Industrials—0.3% | |||
Griffon Corp. 5.750%, 3/1/28 | 2,000 | 2,077 | |
Icahn Enterprises LP 4.375%, 2/1/29 | 2,000 | 1,950 |
Par Value | Value | ||
Industrials—continued | |||
TMS International Corp. 144A 6.250%, 4/15/29(1) | $ 3,420 | $ 3,403 | |
7,430 | |||
Information Technology—0.7% | |||
Alliance Data Systems Corp. 144A 4.750%, 12/15/24(1) | 2,000 | 2,041 | |
ams AG 144A 7.000%, 7/31/25(1) | 3,000 | 3,181 | |
Austin BidCo, Inc. 144A 7.125%, 12/15/28(1) | 1,950 | 2,013 | |
Dell International LLC 8.100%, 7/15/36 | 1,620 | 2,465 | |
NCR Corp. 144A 5.125%, 4/15/29(1) | 3,000 | 3,106 | |
Sensata Technologies B.V. 144A 4.000%, 4/15/29(1) | 3,000 | 3,064 | |
15,870 | |||
Materials—0.1% | |||
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 2,500 | 2,615 | |
Real Estate—0.1% | |||
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 2,000 | 2,005 | |
Total Corporate Bonds and Notes (Identified Cost $85,277) | 85,074 | ||
Leveraged Loans—93.0% | |||
Aerospace—3.7% | |||
American Airlines, Inc. | |||
2017, Tranche B (3 month LIBOR + 2.000%) 2.110%, 12/15/23(2) | 10,327 | 10,092 | |
Tranche B-1 (3 month LIBOR + 4.750%) 5.500%, 4/20/28(2) | 10,295 | 10,650 | |
Brown Group Holding LLC Tranche B (3 month LIBOR + 2.750%) 3.000%, 6/7/28(2) | 5,254 | 5,241 | |
Cobham Ultra US Co. Borrower LLC (3 month LIBOR + 4.000%) 0.000%, 11/17/28(2)(3) | 4,215 | 4,198 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 4.750%, 10/20/27(2) | 9,008 | 9,515 | |
Ducommun, Inc. Tranche B (1 month LIBOR + 4.000%) 4.104%, 11/21/25(2) | 7,390 | 7,316 | |
Dynasty Acquisition Co., Inc. | |||
2020, Tranche B-1 (3 month LIBOR + 3.500%) 3.724%, 4/6/26(2) | 4,474 | 4,347 | |
2020, Tranche B-2 (3 month LIBOR + 3.500%) 3.724%, 4/6/26(2) | 2,406 | 2,337 | |
KKR Apple Bidco LLC (1 month LIBOR + 3.000%) 3.500%, 9/22/28(2) | 3,380 | 3,366 | |
MB Aerospace Holdings II Corp. First Lien (3 month LIBOR + 3.500%) 4.500%, 1/22/25(2) | 3,590 | 3,339 |
Par Value | Value | ||
Aerospace—continued | |||
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(2) | $ 9,605 | $ 10,115 | |
Spirit AeroSystems, Inc. Tranche B (3 month LIBOR + 3.750%) 4.250%, 1/15/25(2) | 3,869 | 3,869 | |
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%) 2.354%, 5/30/25(2) | 5,438 | 5,359 | |
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%) 4.500%, 4/21/28(2) | 5,657 | 5,665 | |
WP CPP Holdings LLC First Lien (3 month LIBOR + 3.750%) 4.750%, 4/30/25(2) | 4,554 | 4,353 | |
89,762 | |||
Chemicals—4.5% | |||
Alpha 3 B.V. (1 month LIBOR + 2.500%) 3.000%, 3/18/28(2) | 6,920 | 6,903 | |
ARC Falcon I, Inc. | |||
(1 month LIBOR + 3.750%) 4.250%, 9/30/28(2) | 3,927 | 3,918 | |
Second Lien (3 month LIBOR + 7.000%) 7.500%, 9/30/29(2) | 5,000 | 4,925 | |
Aruba Investments Holdings LLC First Lien (6 month LIBOR + 4.000%) 4.750%, 11/24/27(2) | 2,645 | 2,645 | |
Ascend Performance Materials Operations LLC 2021 (3 month LIBOR + 4.750%) 5.500%, 8/27/26(2) | 2,830 | 2,843 | |
ASP Chromaflo Intermediate Holdings, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.500%) 4.500%, 11/20/23(2) | 764 | 762 | |
Tranche B-2, First Lien (1 month LIBOR + 3.500%) 4.500%, 11/20/23(2) | 1,080 | 1,077 | |
Blue Tree Holdings, Inc. (3 month LIBOR + 2.500%) 2.720%, 3/4/28(2) | 7,161 | 7,098 | |
Consolidated Energy Finance S.A. (6 month LIBOR + 2.500%) 2.657%, 5/7/25(2) | 8,850 | 8,706 | |
Ecovyst Catalyst Technologies LLC (3 month LIBOR + 2.750%) 3.250%, 6/9/28(2) | 3,303 | 3,298 | |
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%) 3.500%, 12/31/27(2) | 4,445 | 4,435 | |
Herens Holdco S.a.r.l. Tranche B (6 month LIBOR + 4.000%) 4.750%, 7/3/28(2) | 3,509 | 3,504 | |
Ineos U.S. Finance LLC | |||
2024 (3 month LIBOR + 2.000%) 2.090%, 4/1/24(2) | 1,985 | 1,973 | |
2028 (3 month LIBOR + 2.500%) 0.000%, 11/8/28(2)(3) | 6,220 | 6,184 | |
Ineos U.S. Petrochem LLC 2026, Tranche B (1 month LIBOR + 2.750%) 3.250%, 1/29/26(2) | 1,995 | 1,988 | |
Kraton Corp. (3 month LIBOR + 3.250%) 0.000%, 11/18/28(2)(3) | 3,035 | 3,029 |
Par Value | Value | ||
Chemicals—continued | |||
LSF11 AS Holdco LLC Tranche B (3 month LIBOR + 3.750%) 4.250%, 10/15/28(2) | $ 2,850 | $ 2,845 | |
Luxembourg Investment Co. 428 Sarl 0.000%, 10/22/28(3) | 3,775 | 3,756 | |
Manchester Acquisition Sub LLC (3 month Term SOFR + 5.750%) 6.500%, 11/16/26(2) | 3,790 | 3,657 | |
Meridian Adhesives Group, Inc. (6 month LIBOR + 4.000%) 4.750%, 7/24/28(2) | 3,805 | 3,786 | |
Minerals Technologies, Inc. Tranche B-1 (1 month LIBOR + 2.250%) 3.000%, 2/14/24(2) | 5,741 | 5,741 | |
Momentive Performance Materials, Inc. First Lien (3 month LIBOR + 3.250%) 3.350%, 5/15/24(2) | 3,467 | 3,461 | |
Oxea Corp. Tranche B-2 (3 month LIBOR + 3.250%) 3.438%, 10/14/24(2) | 1,994 | 1,976 | |
Sparta U.S. Holdco LLC First Lien (3 month LIBOR + 3.500%) 4.250%, 8/2/28(2) | 2,305 | 2,306 | |
Starfruit Finco B.V. (1 month LIBOR + 3.000%) 3.102%, 10/1/25(2) | 3,767 | 3,750 | |
Trinseo Materials Operating SCA 2021 (1 month LIBOR + 2.500%) 2.590%, 5/3/28(2) | 3,418 | 3,392 | |
Vantage Specialty Chemicals, Inc. | |||
First Lien (3 month LIBOR + 3.500%) 4.500%, 10/28/24(2) | 3,345 | 3,277 | |
Second Lien (3 month LIBOR + 8.250%) 9.250%, 10/27/25(2) | 7,470 | 7,252 | |
108,487 | |||
Consumer Durables—1.0% | |||
Fender Musical Instruments Corp. (3 month Term SOFR + 4.000%) 4.500%, 11/16/28(2) | 3,030 | 3,026 | |
Madison Safety & Flow LLC | |||
(3 month LIBOR + 3.750%) 0.000%, 12/14/28(2)(3) | 2,200 | 2,198 | |
Second Lien (3 month LIBOR + 6.750%) 0.000%, 12/14/29(2)(3) | 845 | 845 | |
Plantronics, Inc. Tranche B (1 month LIBOR + 2.500%) 2.604%, 7/2/25(2) | 3,365 | 3,286 | |
Restoration Hardware, Inc. Tranche B (3 month LIBOR + 2.500%) 3.000%, 10/20/28(2) | 5,085 | 5,070 | |
Specialty Building Products Holdings LLC First Lien (3 month LIBOR + 4.000%) 4.500%, 10/15/28(2) | 2,515 | 2,507 | |
Weber-Stephen Products LLC Tranche B (1 month LIBOR + 3.250%) 4.000%, 10/30/27(2) | 2,876 | 2,878 | |
White Cap Buyer LLC (1 month LIBOR + 4.000%) 4.500%, 10/19/27(2) | 4,520 | 4,521 | |
24,331 | |||
Par Value | Value | ||
Consumer Non-Durables—1.5% | |||
ABG Intermediate Holdings 2 LLC | |||
2021 (3 month LIBOR + 3.250%) 4.000%, 9/27/24(2) | $ 5,847 | $ 5,820 | |
Second Lien (3 month Term SOFR + 6.150%) 6.650%, 12/20/29(2) | 1,690 | 1,690 | |
Tranche B (3 month LIBOR + 3.500%) 0.000%, 12/10/28(2)(3) | 380 | 379 | |
Tranche B-1 (3 month LIBOR + 3.500%) 0.000%, 1/1/30(2)(3) | 60 | 59 | |
Tranche B-3 (3 month LIBOR + 3.500%) 0.000%, 12/8/28(2)(3) | 60 | 59 | |
Albion Acquisitions Ltd. Tranche B (3 month LIBOR + 5.250%) 0.000%, 7/31/26(2)(3) | 5,045 | 5,045 | |
Conair Holdings LLC First Lien (3 month LIBOR + 3.750%) 4.250%, 5/17/28(2) | 7,287 | 7,283 | |
Coty, Inc. Tranche B (3 month LIBOR + 2.250%) 2.353%, 4/7/25(2) | 4,711 | 4,646 | |
Diamond BC B.V. Tranche B (3 month LIBOR + 3.000%) 3.500%, 9/29/28(2) | 3,510 | 3,494 | |
Energizer Holdings, Inc. (1 month LIBOR + 2.250%) 2.750%, 12/22/27(2) | 2,680 | 2,669 | |
LABL, Inc. (3 month LIBOR + 5.000%) 0.000%, 10/30/28(2)(3) | 3,110 | 3,102 | |
New Trojan Parent, Inc. First Lien (3 month LIBOR + 3.250%) 3.750%, 1/6/28(2) | 2,383 | 2,372 | |
36,618 | |||
Energy—2.0% | |||
AL NGPL Holdings LLC (3 month LIBOR + 3.750%) 4.750%, 4/14/28(2) | 3,282 | 3,298 | |
BCP Raptor II LLC (3 month LIBOR + 4.750%) 4.854%, 11/3/25(2) | 6,917 | 6,882 | |
BCP Raptor LLC (3 month LIBOR + 4.250%) 5.250%, 6/24/24(2) | 7,768 | 7,750 | |
BCP Renaissance Parent LLC (2 month LIBOR + 3.500%) 4.500%, 10/31/24(2) | 5,204 | 5,189 | |
Blackbrush Oil & Gas LP PIK Interest Capitalization (3 month LIBOR + 5.000%) 6.000%, 9/3/25(2)(4) | 4,804 | 4,804 | |
ChampionX Holding, Inc. (3 month LIBOR + 5.000%) 0.000%, 6/3/27(2)(3) | 6,933 | 7,017 | |
Keane Group Holdings LLC (1 month LIBOR + 4.500%) 5.500%, 5/25/25(2) | 2,992 | 2,962 | |
Medallion Midland Acquisition LP (1 month LIBOR + 3.750%) 4.500%, 10/18/28(2) | 1,995 | 1,984 | |
Southwestern Energy Co. (3 month LIBOR + 2.500%) 0.000%, 6/22/27(2)(3) | 3,800 | 3,803 | |
Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%) 5.250%, 9/27/24(2) | 3,750 | 3,729 | |
47,418 | |||
Par Value | Value | ||
Financial—6.7% | |||
Acrisure LLC | |||
2020, Tranche B (3 month LIBOR + 3.500%) 3.724%, 2/15/27(2) | $ 5,833 | $ 5,761 | |
2021 (3 month LIBOR + 4.250%) 4.750%, 2/15/27(2) | 695 | 694 | |
AltiSource Solutions S.a.r.l. Tranche B (3 month LIBOR + 4.000%) 5.000%, 4/3/24(2) | 3,632 | 3,323 | |
Aretec Group, Inc. First Lien (1 month LIBOR + 4.250%) 4.354%, 10/1/25(2) | 12,648 | 12,643 | |
Armor Holdco, Inc. (3 month LIBOR + 4.500%) 5.000%, 10/29/28(2) | 3,780 | 3,786 | |
Ascensus Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 0.000%, 8/2/28(2)(3) | 1,000 | 995 | |
Asurion LLC | |||
Tranche B-3, Second Lien (1 month LIBOR + 5.250%) 5.354%, 1/31/28(2) | 5,700 | 5,714 | |
Tranche B-4 (1 month LIBOR + 5.250%) 5.354%, 1/20/29(2) | 12,795 | 12,734 | |
Tranche B-8 (1 month LIBOR + 3.250%) 3.354%, 12/23/26(2) | 25,032 | 24,844 | |
Tranche B-9 (1 month LIBOR + 3.250%) 3.354%, 7/31/27(2) | 3,722 | 3,696 | |
Castlelake Aviation One Designated Activity Co. (3 month LIBOR + 2.750%) 3.250%, 10/22/26(2) | 2,758 | 2,743 | |
Citadel Securities LP 2021 (3 month LIBOR + 2.500%) 2.604%, 2/2/28(2) | 7,428 | 7,376 | |
Claros Mortgage Trust, Inc. Tranche B-1 (3 month Term SOFR + 4.500%) 5.000%, 8/9/26(2) | 1,500 | 1,504 | |
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%) 0.000%, 6/30/22(2)(5) | 4,204 | 820 | |
DRW Holdings LLC First Lien (1 month LIBOR + 3.750%) 3.854%, 3/1/28(2) | 7,385 | 7,357 | |
First Eagle Holdings, Inc. 2018, Tranche B (3 month LIBOR + 2.500%) 2.724%, 2/1/27(2) | 3,855 | 3,813 | |
HighTower Holding LLC (3 month LIBOR + 4.000%) 4.750%, 4/21/28(2) | 3,651 | 3,642 | |
Hudson River Trading LLC (1 month LIBOR + 3.000%) 3.104%, 3/20/28(2) | 2,159 | 2,141 | |
Jane Street Group LLC (1 month LIBOR + 2.750%) 2.854%, 1/26/28(2) | 9,791 | 9,707 | |
Mariner Wealth Advisors LLC | |||
(3 month LIBOR + 3.250%) 3.750%, 8/18/28(2) | 146 | 145 | |
(3 month LIBOR + 3.250%) 3.750%, 8/18/28(2) | 2,551 | 2,535 | |
Mitchell International, Inc. First Lien (1 month LIBOR + 3.750%) 4.250%, 10/16/28(2) | 5,865 | 5,825 | |
Nexus Buyer LLC | |||
(1 month LIBOR + 3.750%) 3.854%, 11/9/26(2) | 3,453 | 3,434 |
Par Value | Value | ||
Financial—continued | |||
Second Lien (1 month LIBOR + 6.250%) 6.750%, 11/5/29(2) | $ 1,500 | $ 1,498 | |
OneDigital Borrower LLC 2021, Tranche B (3 month Term SOFR + 4.250%) 4.750%, 11/16/27(2) | 3,725 | 3,712 | |
Orion Advisor Solutions, Inc. (3 month LIBOR + 3.750%) 4.500%, 9/24/27(2) | 6,143 | 6,149 | |
Pre-Paid Legal Services, Inc. (3 month LIBOR + 3.750%) 0.000%, 12/7/28(2)(3) | 3,000 | 2,980 | |
Russell Investments U.S. Institutional Holdco, Inc. 2025 (6 month LIBOR + 3.500%) 4.500%, 5/30/25(2) | 6,570 | 6,563 | |
Setanta Aircraft Leasing DAC (3 month LIBOR + 2.000%) 2.140%, 11/5/28(2) | 2,940 | 2,936 | |
Superannuation and Investments U.S. LLC (1 month LIBOR + 3.750%) 3.854%, 10/31/28(2) | 4,220 | 4,213 | |
VFH Parent LLC (1 month LIBOR + 3.000%) 3.102%, 3/1/26(2) | 5,309 | 5,292 | |
Walker & Dunlop, Inc. (1 month SOFR + 2.250%) 2.750%, 10/15/28(2) | 2,765 | 2,758 | |
Zebra Buyer LLC (3 month LIBOR + 3.250%) 3.750%, 11/1/28(2) | 1,535 | 1,538 | |
162,871 | |||
Food / Tobacco—2.4% | |||
CHG PPC Parent LLC (1 month LIBOR + 3.000%) 3.500%, 12/8/28(2) | 3,795 | 3,776 | |
Evergreen AcqCo 1 LP (3 month LIBOR + 5.500%) 6.250%, 4/26/28(2) | 4,459 | 4,429 | |
Flynn Restaurant Group LP 2021 (1 month LIBOR + 4.250%) 4.750%, 12/4/28(2) | 4,230 | 4,173 | |
IRB Holding Corp. | |||
(3 month LIBOR + 3.250%) 4.250%, 12/15/27(2) | 4,208 | 4,203 | |
Tranche B (3 month LIBOR + 2.750%) 0.000%, 2/5/25(2)(3) | 1,995 | 1,990 | |
MIC Glen LLC | |||
(3 month LIBOR + 3.500%) 4.000%, 7/21/28(2) | 2,495 | 2,476 | |
Second Lien (3 month LIBOR + 6.750%) 7.250%, 6/18/29(2) | 830 | 831 | |
Milk Specialties Co. 2021 (3 month LIBOR + 4.000%) 5.000%, 8/15/25(2) | 4,139 | 4,138 | |
Primary Products Finance LLC (3 month LIBOR + 4.000%) 0.000%, 10/25/28(2)(3) | 3,360 | 3,360 | |
Quirch Foods Holdings LLC 2021 (1 month LIBOR + 4.500%) 5.500%, 10/27/27(2) | 5,534 | 5,548 | |
Sycamore Buyer LLC Tranche B (3 month LIBOR + 2.250%) 0.000%, 9/24/28(2)(3) | 5,025 | 4,994 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 4.000%, 3/31/28(2) | 5,686 | 5,619 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Whole Earth Brands, Inc. (3 month LIBOR + 4.500%) 5.500%, 2/2/28(2) | $ 6,962 | $ 6,910 | |
Woof Holdings, Inc. | |||
First Lien (3 month LIBOR + 3.750%) 4.500%, 12/21/27(2) | 4,625 | 4,625 | |
Second Lien (3 month LIBOR + 7.250%) 8.000%, 12/21/28(2) | 500 | 503 | |
57,575 | |||
Food and Drug—0.1% | |||
United Natural Foods, Inc. First Lien (1 month LIBOR + 3.250%) 3.350%, 10/22/25(2)(6) | 2,625 | 2,623 | |
Forest Prod / Containers—2.6% | |||
Anchor Packaging LLC (1 month LIBOR + 4.000%) 4.104%, 7/18/26(2) | 2,769 | 2,735 | |
Berlin Packaging LLC | |||
Tranche B-4 (3 month LIBOR + 3.250%) 3.750%, 3/11/28(2) | 4,824 | 4,780 | |
Tranche B-5 (1 month LIBOR + 3.750%) 4.250%, 3/13/28(2) | 1,197 | 1,195 | |
Domtar Corp. | |||
(1 month LIBOR + 5.500%) 6.250%, 11/30/28(2) | 3,865 | 3,813 | |
(3 month LIBOR + 5.250%) 0.000%, 11/30/28(2)(3) | 1,840 | 1,816 | |
Geon Performance Solutions LLC (3 month LIBOR + 4.750%) 5.500%, 8/18/28(2) | 3,741 | 3,768 | |
Graham Packaging Co., Inc. (1 month LIBOR + 3.000%) 3.750%, 8/4/27(2) | 8,542 | 8,511 | |
Klockner Pentaplast of America, Inc. Tranche B (6 month LIBOR + 4.750%) 5.250%, 2/12/26(2) | 2,779 | 2,698 | |
Mar Bidco S.a.r.l. Tranche B (3 month LIBOR + 4.250%) 4.750%, 7/7/28(2) | 3,573 | 3,568 | |
Pregis Topco LLC (1 month LIBOR + 4.000%) 4.500%, 7/31/26(2) | 6,334 | 6,295 | |
Proampac PG Borrower LLC 2020-1 (3 month LIBOR + 3.750%) 4.500%, 11/3/25(2) | 2,195 | 2,195 | |
Schweitzer-Mauduit International, Inc. Tranche B (1 month LIBOR + 3.750%) 4.500%, 2/9/28(2) | 5,370 | 5,336 | |
Spa Holdings 3 Oy Tranche B (3 month LIBOR + 4.000%) 4.750%, 2/4/28(2) | 2,814 | 2,814 | |
Sylvamo Corp. Tranche B (1 month LIBOR + 4.500%) 5.000%, 8/18/28(2) | 3,722 | 3,736 | |
TricorBraun, Inc. (3 month LIBOR + 3.250%) 3.750%, 3/3/28(2) | 6,708 | 6,654 | |
Trident TPI Holdings, Inc. | |||
Tranche B-3 (3 month LIBOR + 4.000%) 4.500%, 9/15/28(2) | 116 | 116 |
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Tranche B-3 (3 month LIBOR + 4.000%) 4.500%, 9/15/28(2) | $ 2,040 | $ 2,036 | |
62,066 | |||
Gaming / Leisure—3.3% | |||
Ballys Corp. Tranche B (6 month LIBOR + 3.250%) 3.750%, 10/2/28(2) | 3,165 | 3,164 | |
Caesars Resort Collection LLC | |||
Tranche B (1 month LIBOR + 2.750%) 2.840%, 12/23/24(2) | 7,954 | 7,905 | |
Tranche B-1 (1 month LIBOR + 3.500%) 3.604%, 7/21/25(2) | 11,751 | 11,748 | |
Carnival Corp. 2021, Tranche B (3 month LIBOR + 3.250%) 4.000%, 10/18/28(2) | 3,185 | 3,153 | |
Enterprise Development Authority Tranche B (1 month LIBOR + 4.250%) 5.000%, 2/28/28(2) | 1,935 | 1,931 | |
Everi Holdings, Inc. Tranche B (1 month LIBOR + 2.500%) 3.000%, 8/3/28(2) | 3,157 | 3,149 | |
Golden Nugget, Inc. First Lien (1 month LIBOR + 2.500%) 3.250%, 10/4/23(2) | 5,835 | 5,794 | |
GVC Holdings Gibraltar Ltd. Tranche B (3 month LIBOR + 2.500%) 3.000%, 3/29/27(2) | 3,301 | 3,289 | |
Herschend Entertainment Co. LLC (3 month LIBOR + 3.750%) 4.250%, 8/27/28(2) | 1,661 | 1,656 | |
Hilton Grand Vacations Borrower LLC (1 month LIBOR + 3.000%) 3.500%, 8/2/28(2) | 3,371 | 3,374 | |
Jack Ohio Finance LLC (1 month LIBOR + 4.750%) 5.500%, 10/4/28(2) | 2,515 | 2,507 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 3.750%, 4/29/24(2) | 3,921 | 3,811 | |
Playtika Holding Corp. Tranche B-1 (1 month LIBOR + 2.750%) 2.854%, 3/13/28(2) | 7,392 | 7,352 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 2.854%, 8/14/24(2) | 4,314 | 4,296 | |
Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%) 2.382% - 2.474%, 7/21/26(2) | 6,908 | 6,878 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 2.500%, 2/8/27(2) | 6,285 | 6,226 | |
UFC Holdings LLC Tranche B-3 (6 month LIBOR + 2.750%) 3.500%, 4/29/26(2) | 2,935 | 2,919 | |
79,152 | |||
Health Care—8.8% | |||
ADMI Corp. | |||
(1 month LIBOR + 3.500%) 4.000%, 12/23/27(2) | 2,693 | 2,686 |
Par Value | Value | ||
Health Care—continued | |||
(2 month LIBOR + 3.125%) 3.875%, 12/23/27(2) | $ 1,995 | $ 1,981 | |
Agiliti Health, Inc. (3 month LIBOR + 2.750%) 3.500%, 1/4/26(2) | 4,106 | 4,086 | |
AHP Health Partners, Inc. (1 month LIBOR + 3.500%) 4.000%, 8/24/28(2) | 8,578 | 8,573 | |
Amneal Pharmaceuticals LLC (3 month LIBOR + 3.500%) 3.625%, 5/4/25(2) | 7,479 | 7,395 | |
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%) 5.500%, 10/6/27(2) | 3,797 | 3,806 | |
AthenaHealth, Inc. Tranche B-1 (3 month LIBOR + 4.250%) 4.400%, 2/11/26(2) | 6,278 | 6,271 | |
Avantor Funding, Inc. Tranche B-5 (1 month LIBOR + 2.250%) 2.750%, 11/8/27(2) | 2,769 | 2,765 | |
Cano Health LLC (3 month LIBOR + 4.500%) 5.250%, 11/23/27(2) | 4,525 | 4,518 | |
Catalent Pharma Solutions, Inc. Tranche B-3 (1 month LIBOR + 2.000%) 2.500%, 2/22/28(2) | 1,990 | 1,990 | |
Change Healthcare Holdings LLC (1 month LIBOR + 2.500%) 3.500%, 3/1/24 | 9,373 | 9,363 | |
CHG Healthcare Services, Inc. First Lien (3 month LIBOR + 3.500%) 4.000%, 9/29/28(2) | 3,132 | 3,129 | |
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 3.854%, 10/10/25(2) | 6,263 | 5,021 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 4.750%, 10/1/27(2) | 5,668 | 5,676 | |
Greatbatch Ltd. Tranche B (3 month LIBOR + 2.500%) 3.000%, 9/2/28(2) | 5,655 | 5,641 | |
ICON Luxembourg S.a.r.l. (3 month LIBOR + 2.250%) 2.750%, 7/3/28(2) | 6,388 | 6,386 | |
ICU Medical, Inc. Tranche B (3 month SOFR + 2.500%) 0.000%, 12/14/28(2)(3) | 3,045 | 3,047 | |
ImageFirst Holdings LLC (2 month LIBOR + 4.500%) 5.250%, 4/27/28(2) | 2,368 | 2,359 | |
Insulet Corp. Tranche B (1 month LIBOR + 3.250%) 3.750%, 4/28/28(2) | 5,529 | 5,525 | |
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 3.852%, 11/16/25(2) | 10,994 | 10,973 | |
LSCS Holdings, Inc. (3 month LIBOR + 4.500%) 0.000%, 11/23/28(2)(3) | 3,175 | 3,173 | |
Mamba Purchaser, Inc. (3 month LIBOR + 3.750%) 4.250%, 10/16/28(2) | 2,510 | 2,506 | |
MedAssets Software Intermediate Holdings, Inc. | |||
(6 month LIBOR + 4.000%) 4.500%, 11/18/28(2) | 3,175 | 3,172 | |
Second Lien (3 month LIBOR + 7.000%) 0.000%, 11/19/29(2)(3) | 2,115 | 2,105 |
Par Value | Value | ||
Health Care—continued | |||
Medical Solutions Holdings, Inc. (6 month LIBOR + 3.500%) 4.000%, 11/1/28(2) | $ 2,642 | $ 2,636 | |
Medline Borrower LP 2021 (1 month LIBOR + 3.250%) 3.750%, 10/23/28(2) | 9,280 | 9,276 | |
Medrisk, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.500%, 5/10/28(2) | 4,908 | 4,899 | |
Midwest Physician Administrative Services LLC First Lien (3 month LIBOR + 3.250%) 4.000%, 3/12/28(2) | 5,026 | 4,990 | |
MPH Acquisition Holdings LLC (1 month LIBOR + 3.250%) 4.250%, 9/1/28(2) | 6,415 | 6,251 | |
National Mentor Holdings, Inc. | |||
First Lien (1 month LIBOR + 3.750%) 4.500%, 3/2/28(2) | 4,497 | 4,443 | |
Tranche C, First Lien (3 month LIBOR + 3.750%) 4.500%, 3/2/28(2) | 134 | 133 | |
Onex TSG Intermediate Corp. (3 month LIBOR + 4.750%) 5.500%, 2/28/28(2) | 2,915 | 2,909 | |
Option Care Health, Inc. Tranche B (1 month LIBOR + 2.750%) 3.250%, 10/27/28(2) | 3,000 | 2,993 | |
Organon & Co. (6 month LIBOR + 3.000%) 3.500%, 6/2/28(2) | 4,787 | 4,788 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.750%) 4.500%, 11/30/27(2) | 7,103 | 7,097 | |
PetIQ, Inc. First Lien (3 month LIBOR + 4.250%) 4.750%, 4/13/28(2) | 4,688 | 4,653 | |
Phoenix Newco, Inc. First Lien (3 month LIBOR + 3.500%) 4.500%, 11/15/28(2) | 3,750 | 3,748 | |
Pluto Acquisition I, Inc. 2021, First Lien (3 month LIBOR + 4.000%) 4.175%, 6/22/26(2) | 3,303 | 3,286 | |
PRA Health Sciences, Inc. (3 month LIBOR + 2.250%) 2.500%, 7/3/28(2) | 1,592 | 1,591 | |
RBP Global Holdings Ltd. (3 month LIBOR + 5.250%) 6.000%, 6/30/26(2) | 3,890 | 3,852 | |
RXB Holdings, Inc. (3 month LIBOR + 4.500%) 5.250%, 12/20/27(2) | 5,387 | 5,387 | |
SCP Eye Care Services LLC (6 month LIBOR + 4.500%) 5.250%, 3/16/28(2) | 2,752 | 2,754 | |
Signify Health LLC (3 month LIBOR + 3.250%) 3.750%, 6/22/28(2) | 3,027 | 3,013 | |
Sterigenics-Nordion Holdings LLC (3 month LIBOR + 2.750%) 3.250%, 12/11/26(2) | 4,125 | 4,106 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 4.500%, 8/31/26(2) | 5,561 | 5,554 | |
Team Health Holdings, Inc. (1 month LIBOR + 2.750%) 3.750%, 2/6/24(2) | 6,992 | 6,665 |
Par Value | Value | ||
Health Care—continued | |||
WP CityMD Bidco LLC (3 month LIBOR + 3.250%) 3.750%, 12/22/28(2) | $ 5,060 | $ 5,053 | |
212,224 | |||
Housing—3.5% | |||
84 Lumber Co. Tranche B-1 (1 month LIBOR + 3.000%) 3.750%, 11/13/26(2) | 4,455 | 4,455 | |
ACProducts Holdings, Inc. (6 month LIBOR + 4.250%) 4.750%, 5/17/28(2) | 5,423 | 5,341 | |
Brookfield Property REIT, Inc. Tranche B (1 month LIBOR + 2.500%) 2.604%, 8/27/25(2) | 12,826 | 12,628 | |
Core & Main LP Tranche B-1 (1 month LIBOR + 2.500%) 2.602%, 7/27/28(2) | 6,830 | 6,782 | |
CP Iris Holdco I, Inc. First Lien (1 month LIBOR + 3.750%) 4.250%, 10/2/28(2) | 2,929 | 2,922 | |
Cushman & Wakefield U.S. Borrower LLC (1 month LIBOR + 2.750%) 2.840%, 8/21/25(2) | 11,095 | 11,009 | |
Empire Today LLC 0.000%, 4/3/28 | 3,139 | 3,084 | |
Foundation Building Materials, Inc. First Lien (3 month LIBOR + 3.250%) 3.750%, 1/31/28(2) | 5,457 | 5,415 | |
Hunter Fan Co. (3 month LIBOR + 5.000%) 5.750%, 5/8/28(2) | 3,357 | 3,357 | |
Installed Building Products, Inc. (3 month PRIME + 3.250%) 6.500%, 12/8/28(2) | 3,000 | 3,000 | |
LBM Acquisition LLC First Lien (3 month LIBOR + 3.750%) 4.500%, 12/17/27(2) | 6,347 | 6,284 | |
Osmose Utilities Services, Inc. First Lien (1 month LIBOR + 3.250%) 3.750%, 6/23/28(2) | 5,167 | 5,133 | |
Quikrete Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.000%) 0.000%, 6/11/28(2)(3) | 3,610 | 3,600 | |
Snap One Holdings Corp. (1 month LIBOR + 4.500%) 5.000%, 11/23/28(2) | 6,350 | 6,310 | |
Standard Industries, Inc. Tranche B-2 (3 month LIBOR + 2.500%) 3.000%, 9/22/28(2) | 3,204 | 3,206 | |
VC GB Holdings I Corp. | |||
First Lien (3 month LIBOR + 3.500%) 4.000%, 7/21/28(2) | 1,665 | 1,650 | |
Second Lien (3 month LIBOR + 6.750%) 7.250%, 7/23/29(2) | 1,250 | 1,237 | |
85,413 | |||
Information Technology—15.3% | |||
Allegro MicroSystems, Inc. (3 month LIBOR + 3.750%) 4.250%, 9/30/27(2) | 374 | 373 |
Par Value | Value | ||
Information Technology—continued | |||
Altar Bidco, Inc. | |||
(3 month LIBOR + 3.350%) 0.000%, 11/17/28(2)(3) | $ 3,795 | $ 3,781 | |
Tranche 2 (3 month LIBOR + 0.000%) 0.000%, 11/16/29(2)(3) | 2,950 | 2,954 | |
Apttus Corporation (3 month LIBOR + 4.250%) 5.000%, 5/8/28(2) | 3,102 | 3,105 | |
AQA Acquisition Holding, Inc. First Lien (3 month LIBOR + 4.250%) 4.750%, 3/3/28(2) | 3,895 | 3,892 | |
ASP T3 Acquisition Co. LLC First Lien (3 month LIBOR + 4.250%) 4.750%, 10/8/28(2) | 3,770 | 3,742 | |
Astra Acquisition Corp. Tranche B (1 month LIBOR + 5.250%) 5.750%, 10/25/28(2) | 6,505 | 6,370 | |
Atlas Purchaser, Inc. | |||
First Lien (3 month LIBOR + 5.250%) 6.000%, 5/8/28(2) | 4,931 | 4,832 | |
Second Lien (3 month LIBOR + 9.000%) 9.750%, 5/7/29(2) | 825 | 811 | |
Avaya, Inc. Tranche B-1 (3 month LIBOR + 4.250%) 4.360%, 12/15/27(2) | 7,148 | 7,162 | |
Barracuda Networks, Inc. First Lien (3 month LIBOR + 3.750%) 4.500%, 2/12/25(2) | 4,062 | 4,072 | |
Brave Parent Holdings, Inc. (1 month LIBOR + 4.000%) 4.104%, 4/18/25(2) | 4,184 | 4,172 | |
Brooks Automation, Inc. Tranche B (3 month LIBOR + 2.500%) 2.630%, 10/4/24(2) | 2,229 | 2,221 | |
Castle U.S. Holding Corp. | |||
(3 month LIBOR + 3.750%) 3.974%, 1/29/27(2) | 797 | 788 | |
Tranche B-2 (3 month LIBOR + 4.000%) 4.750%, 1/29/27(2) | 3,975 | 3,960 | |
CCC Intelligent Solutions, Inc. (3 month LIBOR + 2.500%) 3.000%, 9/21/28(2) | 3,935 | 3,929 | |
Cloudera, Inc. | |||
(1 month LIBOR + 3.750%) 4.250%, 10/8/28(2) | 3,750 | 3,736 | |
Second Lien (1 month LIBOR + 6.000%) 6.500%, 10/8/29(2) | 2,000 | 1,995 | |
ConnectWise LLC (3 month LIBOR + 3.500%) 4.000%, 9/29/28(2) | 5,445 | 5,427 | |
ConvergeOne Holdings, Inc. First Lien (1 month LIBOR + 5.000%) 5.104%, 1/4/26(2) | 6,744 | 6,593 | |
CoreLogic, Inc. First Lien (1 month LIBOR + 3.500%) 4.000%, 6/2/28(2) | 7,172 | 7,158 | |
Cornerstone OnDemand, Inc. (3 month LIBOR + 3.750%) 4.250%, 10/16/28(2) | 3,770 | 3,755 | |
Creation Technologies, Inc. (3 month LIBOR + 5.500%) 6.000%, 10/5/28(2) | 3,550 | 3,515 | |
DCert Buyer, Inc. | |||
First Lien (1 month LIBOR + 4.000%) 4.104%, 10/16/26(2) | 2,070 | 2,065 |
Par Value | Value | ||
Information Technology—continued | |||
Second Lien (1 month LIBOR + 7.000%) 7.104%, 2/19/29(2) | $ 3,625 | $ 3,625 | |
Digi International, Inc. 0.000%, 11/1/28 | 3,805 | 3,762 | |
E2Open LLC (3 month LIBOR + 3.500%) 4.000%, 2/4/28(2) | 4,505 | 4,505 | |
Endurance International Group Holdings, Inc. (3 month LIBOR + 3.500%) 4.250%, 2/10/28(2) | 5,815 | 5,760 | |
Ensono LP First Lien (6 month LIBOR + 4.000%) 4.750%, 5/26/28(2) | 3,586 | 3,577 | |
EP Purchaser LLC (3 month LIBOR + 3.500%) 0.000%, 11/6/28(2)(3) | 3,695 | 3,694 | |
Gigamon, Inc. First Lien (3 month LIBOR + 3.750%) 4.500%, 12/27/24(2) | 6,960 | 6,956 | |
Greeneden U.S. Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 4.750%, 12/1/27(2) | 5,240 | 5,256 | |
IDERA, Inc. First Lien (6 month LIBOR + 3.750%) 4.500%, 3/2/28(2) | 3,917 | 3,911 | |
Ivanti Software, Inc. | |||
(3 month LIBOR + 4.000%) 4.750%, 12/1/27(2) | 2,660 | 2,644 | |
Tranche B, First Lien (3 month LIBOR + 4.250%) 5.250%, 12/1/27(2) | 3,075 | 3,076 | |
LI Group Holdings, Inc. 2021 (3 month LIBOR + 3.750%) 4.500%, 3/11/28(2) | 3,168 | 3,169 | |
LogMeIn, Inc. First Lien (3 month LIBOR + 4.750%) 4.839%, 8/31/27(2) | 8,758 | 8,701 | |
MA Financeco LLC | |||
Tranche B-3 (1 month LIBOR + 2.750%) 2.854%, 6/21/24(2) | 911 | 902 | |
Tranche B-4 (3 month LIBOR + 4.250%) 5.250%, 6/5/25(2) | 6,636 | 6,723 | |
Magenta Buyer LLC | |||
First Lien (3 month LIBOR + 5.000%) 5.750%, 7/27/28(2) | 6,653 | 6,630 | |
Second Lien (3 month LIBOR + 8.250%) 9.000%, 7/27/29(2) | 2,540 | 2,517 | |
Magnite, Inc. (3 month LIBOR + 5.000%) 5.750%, 4/28/28(2) | 4,208 | 4,177 | |
Mavenir Systems, Inc. (3 month LIBOR + 4.750%) 5.250%, 8/18/28(2) | 7,500 | 7,478 | |
Maverick Bidco, Inc. First Lien (2 month LIBOR + 3.750%) 4.500%, 5/18/28(2) | 2,885 | 2,882 | |
MaxLinear, Inc. Tranche B (1 month LIBOR + 2.250%) 2.750%, 6/23/28(2) | 5,745 | 5,716 | |
McAfee LLC Tranche B (1 month LIBOR + 3.750%) 3.852%, 9/30/24(2) | 6,250 | 6,254 | |
MeridianLink, Inc. (3 month LIBOR + 3.000%) 3.500%, 11/10/28(2) | 4,540 | 4,532 | |
Mermaid Bidco, Inc. Tranche B-2 (3 month LIBOR + 3.750%) 4.500%, 12/22/27(2) | 6,058 | 6,058 | |
MKS Instruments, Inc. | |||
Tranche B (3 month LIBOR + 2.250%) 0.000%, 10/20/28(2)(3) | 12,061 | 12,027 | |
Tranche B-6 (1 month LIBOR + 1.750%) 1.840%, 2/2/26(2) | 1,953 | 1,947 |
Par Value | Value | ||
Information Technology—continued | |||
Motus Operations LLC (3 month LIBOR + 4.000%) 4.500%, 11/3/28(2) | $ 3,250 | $ 3,240 | |
N-able International Holdings II LLC (3 month LIBOR + 3.000%) 3.500%, 7/19/28(2) | 2,259 | 2,247 | |
Oceankey U.S. II Corp. (1 month LIBOR + 3.500%) 4.000%, 12/15/28(2) | 2,110 | 2,099 | |
Orchid Finco LLC (3 month LIBOR + 4.250%) 0.000%, 11/13/28(2)(3) | 4,700 | 4,465 | |
Ping Identity Corp. (1 month LIBOR + 3.750%) 4.250%, 11/22/28(2) | 3,795 | 3,795 | |
Planview Parent, Inc. First Lien (3 month LIBOR + 4.000%) 4.750%, 12/17/27(2) | 3,524 | 3,523 | |
Polaris Newco LLC First Lien (3 month LIBOR + 4.000%) 4.500%, 6/2/28(2) | 3,840 | 3,837 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 4.000%, 3/10/28(2) | 6,613 | 6,602 | |
Proofpoint, Inc. (3 month LIBOR + 3.250%) 3.750%, 8/31/28(2) | 4,240 | 4,219 | |
Quest Software U.S. Holdings, Inc. First Lien (3 month LIBOR + 4.250%) 4.379%, 5/16/25(2) | 2,673 | 2,668 | |
Rackspace Technology Global, Inc. Tranche B (3 month LIBOR + 2.750%) 3.500%, 2/15/28(2) | 7,692 | 7,628 | |
RealPage, Inc. First Lien (1 month LIBOR + 3.250%) 3.750%, 4/24/28(2) | 6,544 | 6,520 | |
Red Planet Borrower LLC First Lien (3 month LIBOR + 3.750%) 4.250%, 10/2/28(2) | 4,259 | 4,232 | |
Redstone Holdco 2 LP | |||
First Lien (3 month LIBOR + 4.750%) 5.500%, 4/27/28(2) | 2,993 | 2,851 | |
Second Lien (3 month LIBOR + 7.750%) 8.500%, 4/27/29(2) | 2,340 | 2,149 | |
Renaissance Holding Corp. First Lien (1 month LIBOR + 3.250%) 3.340% - 3.354%, 5/30/25(2) | 4,565 | 4,517 | |
Seattle Escrow Borrower LLC (1 month LIBOR + 2.750%) 2.854%, 6/21/24(2) | 6,151 | 6,093 | |
Sitel Worldwide Corp. (3 month LIBOR + 3.750%) 4.250%, 8/28/28(2) | 6,698 | 6,691 | |
Skillsoft Finance II, Inc. (3 month LIBOR + 4.750%) 5.500%, 7/14/28(2) | 2,080 | 2,083 | |
SolarWinds Holdings, Inc. 2018 (1 month LIBOR + 2.750%) 2.854%, 2/5/24(2) | 6,631 | 6,529 | |
Sovos Compliance LLC (1 month LIBOR + 4.500%) 5.000%, 8/11/28(2) | 2,136 | 2,140 | |
Surf Holdings S.a.r.l First Lien (3 month LIBOR + 3.500%) 3.690%, 3/5/27(2) | 5,630 | 5,580 | |
Symplr Software, Inc. First Lien (3 month LIBOR + 4.500%) 5.250%, 12/22/27(2) | 2,695 | 2,695 | |
Synaptics, Inc. (3 month LIBOR + 2.250%) 0.000%, 12/2/28(2)(3) | 2,678 | 2,672 |
Par Value | Value | ||
Information Technology—continued | |||
Taboola, Inc. Tranche B (3 month LIBOR + 4.000%) 4.500%, 9/1/28(2) | $ 4,374 | $ 4,330 | |
Tenable, Inc. (3 month LIBOR + 2.750%) 3.250%, 7/7/28(2) | 2,665 | 2,652 | |
TIBCO Software, Inc. Tranche B-3 (1 month LIBOR + 3.750%) 3.860%, 6/30/26(2) | 843 | 836 | |
Turing Midco LLC (1 month LIBOR + 3.000%) 3.500%, 3/24/28(2) | 2,199 | 2,193 | |
UKG, Inc. | |||
2021, Second Lien (1 month LIBOR + 5.250%) 5.750%, 5/3/27(2) | 675 | 676 | |
2021-2, First Lien (1 month LIBOR + 3.250%) 3.750%, 5/4/26(2) | 14,401 | 14,315 | |
Ultimate Software Group, Inc. (The) First Lien (3 month LIBOR + 3.750%) 0.000%, 5/4/26(2)(3) | 2,992 | 2,981 | |
Ultra Clean Holdings, Inc. Tranche B (1 month LIBOR + 3.750%) 3.840%, 8/27/25(2) | 8,188 | 8,191 | |
Valkyr Purchaser LLC (3 month LIBOR + 4.000%) 4.750%, 11/5/27(2) | 4,203 | 4,192 | |
Virtusa Corp. Tranche B (1 month LIBOR + 3.750%) 4.500%, 2/11/28(2) | 5,046 | 5,058 | |
Voyage Australia Pty Ltd. First Lien (3 month LIBOR + 3.500%) 4.000%, 7/20/28(2) | 2,643 | 2,641 | |
Xperi Holding Corp. Tranche B (1 month LIBOR + 3.500%) 3.604%, 6/8/28(2) | 6,464 | 6,446 | |
370,473 | |||
Manufacturing—3.2% | |||
Ali Group SRL Tranche B (3 month LIBOR + 2.500%) 0.000%, 10/13/28(2)(3) | 3,770 | 3,744 | |
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 4.250%, 10/8/27(2) | 3,564 | 3,562 | |
Alltech, Inc. Tranche B (1 month LIBOR + 4.000%) 4.500%, 10/13/28(2) | 2,935 | 2,935 | |
American Trailer World Corp. First Lien (1 month LIBOR + 3.750%) 4.500%, 3/3/28(2) | 5,443 | 5,416 | |
Apex Group Treasury LLC (3 month LIBOR + 3.750%) 4.250%, 7/27/28(2) | 3,776 | 3,766 | |
Bright Bidco B.V. 2018, Tranche B (3 month LIBOR + 3.500%) 4.500%, 6/30/24(2) | 4,092 | 3,146 | |
Canada Goose, Inc. 2021 (3 month LIBOR + 3.500%) 4.250%, 10/7/27(2) | 4,027 | 4,029 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%) 3.250%, 3/31/27(2) | 3,581 | 3,572 | |
Granite U.S. Holdings Corp. Tranche B (3 month LIBOR + 4.000%) 4.132%, 9/30/26(2) | 2,265 | 2,263 | |
Grinding Media, Inc. 0.000%, 10/12/28 | 3,560 | 3,551 |
Par Value | Value | ||
Manufacturing—continued | |||
Hyperion Materials & Technologies, Inc. (3 month LIBOR + 4.500%) 5.000%, 8/30/28(2) | $ 2,320 | $ 2,321 | |
II-VI, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 12/8/28(2)(3) | 4,645 | 4,633 | |
Madison IAQ LLC (6 month LIBOR + 3.250%) 3.750%, 6/21/28(2) | 3,782 | 3,776 | |
Ozark Holdings LLC 2020 (1 month LIBOR + 3.750%) 4.250%, 12/16/27(2) | 2,854 | 2,849 | |
Pelican Products, Inc. (3 month LIBOR + 4.500%) 0.000%, 11/16/28(2)(3) | 4,125 | 4,104 | |
Plaskolite PPC Intermediate II LLC 2021-1 (6 month LIBOR + 4.000%) 4.750%, 12/15/25(2) | 2,412 | 2,381 | |
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%) 3.104%, 10/1/25(2) | 7,619 | 7,496 | |
Truck Hero, Inc. (1 month LIBOR + 3.250%) 4.000%, 1/31/28(2) | 3,426 | 3,404 | |
VM Consolidated, Inc. (3 month LIBOR + 3.250%) 3.417%, 3/24/28(2) | 5,226 | 5,208 | |
WireCo WorldGroup, Inc. (6 month LIBOR + 4.250%) 4.750%, 11/13/28(2) | 3,445 | 3,439 | |
Zurn LLC Tranche B (1 month LIBOR + 2.250%) 2.750%, 9/15/28(2) | 2,505 | 2,504 | |
78,099 | |||
Media / Telecom - Broadcasting—1.4% | |||
Diamond Sports Group LLC (1 month LIBOR + 3.250%) 3.360%, 8/24/26(2) | 2,607 | 1,201 | |
Gogo Intermediate Holdings LLC (3 month LIBOR + 3.750%) 4.500%, 4/30/28(2) | 2,622 | 2,620 | |
Gray Television, Inc. Tranche C (3 month LIBOR + 2.500%) 2.599%, 1/2/26(2) | 6,986 | 6,925 | |
Hubbard Radio LLC (1 month LIBOR + 4.250%) 5.250%, 3/28/25(2) | 2,292 | 2,298 | |
iHeartCommunications, Inc. (3 month LIBOR + 3.25%) 3.750%, 5/1/26(2)(6) | 2,468 | 2,466 | |
LCPR Loan Financing LLC 2021 (3 month LIBOR + 3.750%) 3.860%, 10/16/28(2) | 5,325 | 5,345 | |
Terrier Media Buyer, Inc. 2021, Tranche B (1 month LIBOR + 3.500%) 3.604%, 12/17/26(2) | 4,987 | 4,961 | |
Univision Communications, Inc. 2021 (1 month LIBOR + 3.250%) 4.000%, 3/15/26(2) | 7,234 | 7,241 | |
33,057 | |||
Media / Telecom - Cable/Wireless Video—4.0% | |||
Atlantic Broadband Finance LLC Tranche B (1 month LIBOR + 2.500%) 3.000%, 9/1/28(2) | 7,213 | 7,175 |
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—continued | |||
Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%) 1.850%, 2/1/27(2) | $ 6,556 | $ 6,489 | |
Coral-U.S. Co-Borrower LLC Tranche B-5 (3 month LIBOR + 2.250%) 2.339%, 1/31/28(2) | 5,705 | 5,629 | |
CSC Holdings LLC | |||
2017 (3 month LIBOR + 2.250%) 2.340%, 7/17/25(2) | 7,701 | 7,576 | |
2019 (3 month LIBOR + 2.500%) 2.610%, 4/15/27(2) | 3,186 | 3,143 | |
DIRECTV Financing LLC (3 month LIBOR + 5.000%) 5.750%, 8/2/27(2) | 10,655 | 10,658 | |
Intelsat Jackson Holdings S.A. Tranche B-3 (3 month PRIME + 4.750%) 8.000%, 11/27/23(2)(7) | 16,345 | 16,297 | |
Radiate Holdco LLC (1 month LIBOR + 3.250%) 4.000%, 9/25/26(2) | 7,838 | 7,806 | |
Telenet Financing USD LLC Tranche AR (3 month LIBOR + 2.000%) 2.110%, 4/28/28(2) | 9,935 | 9,748 | |
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%) 2.610%, 1/31/28(2) | 11,730 | 11,615 | |
WideOpenWest Finance LLC Tranche B (1 month LIBOR + 3.000%) 3.500%, 12/8/28(2) | 2,955 | 2,950 | |
Ziggo Financing Partnership Tranche I (3 month LIBOR + 2.500%) 2.610%, 4/28/28(2) | 6,740 | 6,661 | |
95,747 | |||
Media / Telecom - Diversified Media—4.1% | |||
Allen Media LLC Tranche B (3 month LIBOR + 5.500%) 5.632%, 2/10/27(2) | 5,368 | 5,357 | |
Alpha Topco Ltd. 2018, Tranche B-3 (1 month LIBOR + 2.500%) 3.500%, 2/1/24(2) | 5,527 | 5,518 | |
Applovin Corp. | |||
(1 month LIBOR + 3.000%) 3.500%, 10/25/28(2) | 2,514 | 2,507 | |
(1 month LIBOR + 3.250%) 3.354%, 8/15/25(2) | 3,859 | 3,847 | |
Arches Buyer, Inc. (1 month LIBOR + 3.250%) 3.750%, 12/6/27(2) | 2,673 | 2,651 | |
Constant Contact, Inc. First Lien (3 month LIBOR + 4.000%) 4.750%, 2/10/28(2) | 4,651 | 4,645 | |
Deluxe Entertainment Services Group, Inc., PIK Interest Capitalization Second Lien (3 month LIBOR + 8.500%) 9.500%, 9/25/24(2)(5)(6)(8) | 4,259 | — | |
Digital Media Solutions LLC (1 month LIBOR + 5.000%) 5.750%, 5/25/26(2) | 2,801 | 2,773 | |
E.W. Scripps Co. (The) Tranche B-2 (1 month LIBOR + 2.563%) 3.313%, 5/1/26(2) | 3,615 | 3,605 |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
Electronics For Imaging, Inc. First Lien (1 month LIBOR + 5.000%) 5.104%, 7/23/26(2) | $ 4,992 | $ 4,868 | |
Lions Gate Capital Holdings LLC Tranche B (1 month LIBOR + 2.250%) 2.354%, 3/24/25(2) | 11,095 | 10,989 | |
McGraw-Hill Education, Inc. (1 month LIBOR + 4.750%) 5.250%, 7/28/28(2) | 5,421 | 5,391 | |
MH Sub I LLC | |||
2020 (3 month LIBOR + 3.750%) 4.750%, 9/13/24(2) | 4,196 | 4,201 | |
First Lien (1 month LIBOR + 3.500%) 3.604%, 9/13/24(2) | 9,385 | 9,331 | |
Second Lien (1 month LIBOR + 6.250%) 6.352%, 2/23/29(2) | 2,565 | 2,577 | |
Nielsen Consumer, Inc. Tranche B-1 (1 month LIBOR + 3.750%) 3.854%, 3/6/28(2) | 3,976 | 3,969 | |
RR Donnelley & Sons Co. Tranche B (1 month LIBOR + 5.000%) 5.104%, 1/15/24(2) | 2,387 | 2,372 | |
Trader Interactive LLC (6 month LIBOR + 4.000%) 4.500%, 7/28/28(2) | 2,500 | 2,487 | |
Vericast Corp. 2021 (3 month LIBOR + 7.750%) 8.750%, 6/16/26(2) | 5,085 | 4,601 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 2.850% - 2.860%, 5/18/25(2) | 16,985 | 16,598 | |
98,287 | |||
Media / Telecom - Telecommunications—4.4% | |||
Altice Financing S.A. | |||
2017 (3 month LIBOR + 2.750%) 2.874%, 7/15/25(2) | 6,611 | 6,521 | |
2017 (3 month LIBOR + 2.750%) 2.874%, 1/31/26(2) | 13,071 | 12,915 | |
AP Core Holdings II LLC Tranche B-2 (1 month LIBOR + 5.500%) 6.250%, 9/1/27(2) | 7,800 | 7,807 | |
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 2.354%, 3/15/27(2) | 7,458 | 7,367 | |
Cincinnati Bell, Inc. Tranche B-2 (3 month Term SOFR + 3.250%) 3.750%, 11/17/28(2) | 3,375 | 3,371 | |
Connect U.S. Finco LLC (1 month LIBOR + 3.500%) 4.500%, 12/11/26(2) | 8,479 | 8,474 | |
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 4.250%, 10/2/27(2) | 2,499 | 2,493 | |
Frontier Communications Co. Tranche B (3 month LIBOR + 3.750%) 4.500%, 5/1/28(2) | 3,723 | 3,716 | |
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 1.854%, 3/1/27(2) | 5,845 | 5,765 | |
MetroNet Systems Holdings LLC 2021, First Lien (1 month LIBOR + 3.750%) 4.500%, 6/2/28(2) | 4,629 | 4,625 |
Par Value | Value | ||
Media / Telecom - Telecommunications—continued | |||
Numericable U.S. LLC | |||
Tranche B-12 (3 month LIBOR + 3.688%) 3.811%, 1/31/26(2) | $ 14,153 | $ 14,015 | |
Tranche B-13 (2 month LIBOR + 4.000%) 4.118%, 8/14/26(2) | 16,698 | 16,597 | |
Xplornet Communications, Inc. (1 month LIBOR + 4.000%) 4.500%, 10/2/28(2) | 4,179 | 4,171 | |
Zacapa LLC (3 month LIBOR + 4.500%) 4.724%, 7/2/25(2) | 7,932 | 7,928 | |
105,765 | |||
Media / Telecom - Wireless Communications—0.9% | |||
CCI Buyer, Inc. First Lien (3 month LIBOR + 3.750%) 4.500%, 12/17/27(2) | 6,253 | 6,253 | |
Commscope, Inc. (1 month LIBOR + 3.250%) 3.354%, 4/6/26(2) | 2,528 | 2,493 | |
Crown Subsea Communications Holding, Inc. (1 month LIBOR + 4.750%) 5.500%, 4/27/27(2) | 3,366 | 3,377 | |
Iridium Satellite LLC Tranche B-2 (1 month LIBOR + 2.500%) 3.250%, 11/4/26(2) | 2,519 | 2,517 | |
Orbcomm, Inc. (1 month LIBOR + 4.250%) 5.000%, 6/19/28(2) | 3,292 | 3,286 | |
Venga Finance Sarl (1 month LIBOR + 5.50%) 0.000%, 11/5/28(2)(3) | 4,750 | 4,646 | |
22,572 | |||
Metals / Minerals—0.7% | |||
AMG Advanced Metallurgical Group NV (3 month LIBOR + 3.500%) 4.000%, 11/30/28(2) | 2,705 | 2,678 | |
Atkore International, Inc. (3 month LIBOR + 2.000%) 2.500%, 5/26/28(2) | 3,422 | 3,416 | |
Consol Energy, Inc. Tranche B (1 month LIBOR + 4.500%) 4.600%, 9/27/24(2) | 5,492 | 5,325 | |
Oxbow Carbon LLC Tranche B, First Lien (1 month LIBOR + 4.250%) 5.000%, 10/17/25(2) | 3,656 | 3,654 | |
TMS International Corp. Tranche B-3 (3 month LIBOR + 2.750%) 3.750%, 8/14/24(2) | 2,709 | 2,709 | |
17,782 | |||
Retail—2.7% | |||
Academy Ltd. (1 month LIBOR + 3.750%) 4.500%, 11/5/27(2) | 5,526 | 5,533 | |
Ascena Retail Group, Inc. Tranche B (3 month LIBOR + 0.750%) 0.750% - 1.500%, 8/21/22(2)(5) | 2,496 | 9 | |
Belk, Inc. First Lien (3 month LIBOR + 7.500%) 8.500%, 7/31/25(2) | 4,375 | 4,351 | |
Belk, Inc., PIK Interest Capitalization Second Lien 0.000%, 7/31/25(9) | 7,216 | 5,256 | |
Birkenstock U.S. Bidco, Inc. Tranche B (6 month LIBOR + 3.250%) 3.750%, 4/28/28(2) | 4,094 | 4,079 |
Par Value | Value | ||
Retail—continued | |||
CNT Holdings I Corp. First Lien (3 month LIBOR + 3.500%) 4.250%, 11/8/27(2) | $ 2,378 | $ 2,378 | |
CWGS Group LLC Tranche B (1 month LIBOR + 2.500%) 3.250%, 6/3/28(2) | 6,454 | 6,397 | |
DEI Sales Inc First Lien (1 month LIBOR + 5.500%) 6.250%, 4/28/28(2) | 4,148 | 4,137 | |
Great Outdoors Group LLC Tranche B-2 (3 month LIBOR + 3.750%) 4.500%, 3/6/28(2) | 4,710 | 4,711 | |
J.C. Penney Corp., Inc. Tranche B (3 month LIBOR + 5.25%) 0.000%, 6/23/23(2)(3)(5)(6) | 3,733 | 4 | |
Jo-Ann Stores LLC Tranche B-1 (3 month LIBOR + 4.750%) 5.500%, 7/7/28(2) | 4,383 | 4,331 | |
Petco Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28(2) | 6,451 | 6,437 | |
PetsMart LLC Tranche B-9 (3 month LIBOR + 3.750%) 4.500%, 2/11/28(2) | 4,778 | 4,781 | |
Rent-A-Center, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 3.750%, 2/17/28(2) | 5,686 | 5,669 | |
Rising Tide Holdings, Inc. | |||
First Lien (1 month LIBOR + 4.750%) 5.500%, 6/1/28(2) | 2,060 | 2,052 | |
Second Lien (1 month LIBOR + 8.250%) 9.000%, 6/1/29(2) | 1,655 | 1,626 | |
Tory Burch LLC Tranche B (1 month LIBOR + 3.000%) 3.500%, 4/16/28(2) | 2,801 | 2,794 | |
64,545 | |||
Service—10.1% | |||
Adtalem Global Education, Inc. Tranche B (3 month LIBOR + 4.500%) 5.250%, 8/12/28(2) | 10,605 | 10,620 | |
All-Star Bidco AB (1 month LIBOR + 4.500%) 0.000%, 11/16/28(2)(3) | 1,690 | 1,692 | |
American Public Education, Inc. (3 month LIBOR + 5.500%) 6.250%, 3/29/27(2) | 3,170 | 3,130 | |
American Residential Services LLC First Lien (3 month LIBOR + 3.500%) 4.250%, 10/15/27(2) | 2,168 | 2,165 | |
APX Group, Inc. (1 month LIBOR + 3.500%) 4.000%, 7/10/28(2) | 8,060 | 8,037 | |
Ascend Learning LLC | |||
(1 month LIBOR + 3.500%) 4.000%, 12/11/28(2) | 3,920 | 3,911 | |
(1 month LIBOR + 5.750%) 6.250%, 11/16/29(2) | 2,110 | 2,114 | |
ASP Dream Acquisition Co. LLC Tranche B (3 month LIBOR + 4.250%) 5.000%, 11/22/28(2) | 4,225 | 4,204 | |
Belfor Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 3.840%, 4/6/26(2) | 4,466 | 4,466 |
Par Value | Value | ||
Service—continued | |||
Camelot U.S. Acquisition I Co. (1 month LIBOR + 3.000%) 4.000%, 10/30/26(2) | $ 5,059 | $ 5,051 | |
Conduent Business Services LLC Tranche B (3 month LIBOR + 4.250%) 4.750%, 10/16/28(2) | 3,520 | 3,513 | |
Conservice Midco LLC First Lien (3 month LIBOR + 4.250%) 4.474%, 5/13/27(2) | 3,506 | 3,496 | |
DG Investment Intermediate Holdings 2, Inc. First Lien (1 month LIBOR + 3.500%) 0.000%, 3/31/28(2)(3) | 3,236 | 3,232 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 3.352%, 2/6/26(2) | 3,208 | 3,193 | |
EAB Global, Inc. (3 month LIBOR + 3.500%) 4.000%, 8/16/28(2) | 2,500 | 2,484 | |
Employbridge Holding Co. Tranche B (3 month LIBOR + 4.750%) 5.500%, 7/19/28(2) | 5,985 | 5,928 | |
EverCommerce Solutions, Inc. (1 month LIBOR + 3.000%) 3.500%, 7/6/28(2) | 5,122 | 5,101 | |
First Student Bidco, Inc. | |||
Tranche B (3 month LIBOR + 3.000%) 3.500%, 7/13/28(2) | 4,722 | 4,700 | |
Tranche C (3 month LIBOR + 3.000%) 3.500%, 7/21/28(2) | 1,743 | 1,735 | |
Foundational Education Group, Inc. | |||
(6 month LIBOR + 4.250%) 4.750%, 8/31/28(2) | 2,962 | 2,962 | |
(6 month LIBOR + 6.500%) 7.000%, 8/19/29(2) | 830 | 826 | |
GFL Environmental, Inc. 2020 (3 month LIBOR + 3.000%) 3.500%, 5/30/25(2) | 3,165 | 3,172 | |
GI Consilio Parent LLC First Lien (3 month LIBOR + 4.000%) 4.500%, 4/30/28(2) | 4,733 | 4,700 | |
Gopher Resource LLC (1 month LIBOR + 3.250%) 4.250%, 3/6/25(2) | 4,081 | 3,809 | |
Grab Holdings, Inc. (6 month LIBOR + 4.500%) 5.500%, 1/29/26(2) | 4,367 | 4,372 | |
Harsco Corp. (1 month LIBOR + 2.250%) 2.750%, 3/10/28(2) | 5,005 | 4,978 | |
Holding Socotec Tranche B (3 month LIBOR + 4.250%) 5.000%, 6/30/28(2) | 3,305 | 3,293 | |
Inmar, Inc. First Lien (3 month LIBOR + 4.000%) 5.000%, 5/1/24(2) | 3,863 | 3,855 | |
Instructure Holdings, Inc. Tranche B (1 month LIBOR + 2.750%) 3.250%, 10/30/28(2) | 2,935 | 2,920 | |
Lakeland Tours LLC PIK Interest Capitalization First Lien 13.250%, 9/25/27(8) | 91 | 61 | |
Lakeshore Learning Materials (3 month LIBOR + 3.500%) 4.000%, 9/29/28(2) | 2,510 | 2,499 | |
Maximus, Inc. Tranche B (3 month LIBOR + 2.000%) 2.500%, 5/28/28(2) | 2,557 | 2,549 |
Par Value | Value | ||
Service—continued | |||
MHI Holdings LLC First Lien (1 month LIBOR + 5.000%) 5.104%, 9/21/26(2) | $ 6,091 | $ 6,089 | |
Michael Baker International LLC (1 month LIBOR + 5.000%) 5.750%, 12/1/28(2) | 2,730 | 2,744 | |
Mister Car Wash Holdings, Inc. First Lien (3 month LIBOR + 3.000%) 0.000%, 5/14/26(2)(3) | 1,690 | 1,679 | |
NAB Holdings LLC Tranche B-2 (3 month LIBOR + 3.000%) 3.500%, 11/23/28(2) | 3,035 | 3,016 | |
National Intergovernmental Purchasing Alliance Co. First Lien (3 month LIBOR + 3.500%) 3.632%, 5/23/25(2) | 2,904 | 2,883 | |
Nuvei Technologies Corp. (1 month LIBOR + 2.500%) 3.000%, 9/29/25(2) | 2,811 | 2,755 | |
Oravel Stays Singapore Pte Ltd (3 month LIBOR + 8.250%) 9.000%, 6/23/26(2) | 1,656 | 1,718 | |
PAE, Inc. First Lien (1 month LIBOR + 4.500%) 5.250%, 10/19/27(2) | 5,202 | 5,204 | |
Paysafe Holdings U.S. Corp. Tranche B-1 (1 month LIBOR + 2.750%) 3.250%, 6/28/28(2) | 5,687 | 5,515 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.500%, 2/1/28(2) | 11,270 | 11,266 | |
Pitney Bowes, Inc. Tranche B (1 month LIBOR + 4.000%) 4.110%, 3/17/28(2) | 2,923 | 2,921 | |
PODS LLC (1 month LIBOR + 3.000%) 3.750%, 3/31/28(2) | 3,146 | 3,133 | |
Prime Security Services Borrower LLC 2021, Tranche B-1 (1 month LIBOR + 2.750%) 3.500%, 9/23/26(2) | 5,530 | 5,521 | |
Priority Holdings LLC (3 month LIBOR + 5.750%) 6.750%, 4/27/27(2) | 5,532 | 5,422 | |
Red Ventures LLC | |||
Tranche B-2 (1 month LIBOR + 2.500%) 2.604%, 11/8/24(2) | 1,530 | 1,518 | |
Tranche B-3, First Lien (1 month LIBOR + 3.500%) 4.250%, 11/8/24(2) | 2,554 | 2,549 | |
Refficiency Holdings LLC 2021 (1 month LIBOR + 3.250%) 4.000%, 12/16/27(2) | 3,987 | 3,979 | |
Shutterfly LLC 2021, Tranche B, First Lien (3 month LIBOR + 5.000%) 5.750%, 9/25/26(2) | 3,302 | 3,260 | |
Signal Parent, Inc. (1 month LIBOR + 3.500%) 4.250%, 4/3/28(2) | 4,318 | 4,189 | |
Spin Holdco, Inc. (3 month LIBOR + 4.000%) 4.750%, 3/6/28(2) | 3,518 | 3,527 | |
St. George’s University Scholastic Services LLC | |||
(3 month LIBOR + 3.250%) 3.350%, 7/17/25(2) | 2,470 | 2,458 | |
Tranche B (3 month LIBOR + 3.250%) 0.000%, 6/29/28(2)(3) | 3,120 | 3,104 | |
Summer BC Bidco B LLC Tranche B-2 (3 month LIBOR + 4.500%) 5.250%, 12/4/26(2) | 3,940 | 3,934 |
Par Value | Value | ||
Service—continued | |||
Titan U.S. Finco LLC (3 month LIBOR + 4.000%) 4.500%, 10/18/28(2) | $ 2,983 | $ 2,971 | |
Trans Union LLC 2021, Tranche B-6 (3 month LIBOR + 2.250%) 0.000%, 12/1/28(2)(3) | 3,710 | 3,698 | |
TRC Cos., Inc. (1 month LIBOR + 4.250%) 0.000%, 12/9/28(2)(3) | 3,260 | 3,241 | |
TTF Holdings LLC (1 month LIBOR + 4.000%) 5.000%, 3/31/28(2) | 4,451 | 4,451 | |
United Talent Agency LLC Tranche B (3 month LIBOR + 4.000%) 4.750%, 1/20/28(2) | 2,953 | 2,938 | |
UST Global, Inc. (1 month LIBOR + 3.750%) 4.250%, 11/2/28(2) | 4,200 | 4,179 | |
Webhelp US LLC Tranche B (3 month LIBOR + 4.000%) 0.000%, 8/4/28(2)(3) | 4,578 | 4,556 | |
Weld North Education LLC 2021 (3 month LIBOR + 3.750%) 4.250%, 12/21/27(2) | 2,970 | 2,968 | |
WIN Waste Innovations Holdings, Inc. (3 month LIBOR + 2.750%) 3.250%, 3/24/28(2) | 3,898 | 3,887 | |
Zoominfo LLC (1 month LIBOR + 3.000%) 3.104%, 2/2/26(2) | 4,486 | 4,492 | |
244,533 | |||
Transportation - Automotive—2.4% | |||
Adient U.S. LLC Tranche B-1 (3 month LIBOR + 3.500%) 3.590%, 4/10/28(2) | 5,751 | 5,745 | |
Autokiniton US Holdings, Inc. Tranche B (6 month LIBOR + 4.500%) 5.000%, 4/6/28(2) | 8,627 | 8,634 | |
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 3.354%, 4/30/26(2) | 2,621 | 2,604 | |
DexKo Global, Inc. | |||
(3 month LIBOR + 3.750%) 4.250%, 10/4/28(2) | 478 | 476 | |
First Lien (3 month LIBOR + 3.750%) 4.250%, 10/4/28(2) | 3,868 | 3,849 | |
Driven Holdings LLC (12 month LIBOR + 3.000%) 3.517%, 11/17/28(2) | 4,130 | 4,120 | |
ENC Parent Corp. (3 month LIBOR + 4.250%) 5.000%, 8/21/28(2) | 3,605 | 3,582 | |
ILPEA Parent, Inc. (3 month LIBOR + 4.500%) 5.250%, 6/22/28(2) | 3,318 | 3,301 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 4.250%) 5.000%, 10/28/27(2) | 3,372 | 3,364 | |
RC Buyer, Inc. | |||
First Lien (3 month LIBOR + 3.500%) 4.250%, 7/28/28(2) | 2,494 | 2,486 | |
Second Lien (3 month LIBOR + 6.500%) 7.250%, 7/30/29(2) | 1,250 | 1,247 | |
RVR Dealership Holdings LLC (3 month LIBOR + 4.000%) 4.750%, 2/8/28(2) | 4,965 | 4,950 |
Par Value | Value | ||
Transportation - Automotive—continued | |||
Superior Industries International, Inc. (1 month LIBOR + 4.000%) 4.104%, 5/22/24(2) | $ 7,319 | $ 7,282 | |
TI Group Automotive Systems LLC 2021, Tranche B (3 month LIBOR + 3.250%) 3.750%, 12/16/26(2) | 2,196 | 2,189 | |
Wheel Pros, Inc. First Lien (3 month LIBOR + 4.500%) 5.250%, 5/11/28(2) | 3,852 | 3,842 | |
57,671 | |||
Transportation - Land Transportation—1.4% | |||
Daseke Cos., Inc. (3 month LIBOR + 4.000%) 4.750%, 3/9/28(2) | 7,940 | 7,920 | |
Echo Global Logistics, Inc. (3 month LIBOR + 3.750%) 4.250%, 11/3/28(2) | 2,730 | 2,716 | |
LaserShip, Inc. | |||
First Lien (6 month LIBOR + 4.500%) 5.250%, 5/8/28(2) | 7,646 | 7,646 | |
Second Lien (3 month LIBOR + 7.500%) 8.250%, 4/30/29(2) | 3,135 | 3,149 | |
Pilot Travel Centers LLC Tranche B (1 month LIBOR + 2.000%) 2.090%, 8/4/28(2) | 6,619 | 6,574 | |
Savage Enterprises LLC Tranche B (3 month LIBOR + 3.250%) 3.750%, 9/15/28(2) | 5,027 | 5,017 | |
33,022 | |||
Transportation - Shipping—0.3% | |||
Carriage Purchaser, Inc. Tranche B (1 month LIBOR + 4.250%) 5.000%, 10/2/28(2) | 4,738 | 4,738 | |
WWEX Uni Topco Holdings LLC | |||
First Lien (3 month LIBOR + 4.250%) 5.000%, 7/26/28(2) | 1,920 | 1,924 | |
Second Lien (6 month LIBOR + 7.000%) 7.750%, 7/26/29(2) | 400 | 400 | |
7,062 | |||
Utility—2.0% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 3.250%, 8/1/25(2) | 9,565 | 9,484 | |
Calpine Corp. Tranche B-10 (1 month LIBOR + 2.000%) 2.104%, 8/12/26(2) | 1,564 | 1,543 | |
Centuri Group, Inc. (3 month LIBOR + 2.500%) 3.000%, 8/27/28(2) | 4,605 | 4,594 | |
Clean Harbors, Inc. 2021 (1 month LIBOR + 2.000%) 2.104%, 10/8/28(2) | 2,300 | 2,296 | |
Covanta Holding Corp. | |||
Tranche B (3 month LIBOR + 2.500%) 0.000%, 11/17/28(2)(3) | 2,326 | 2,327 | |
Tranche C (3 month LIBOR + 2.500%) 0.000%, 11/30/28(2)(3) | 174 | 174 |
Par Value | Value | ||
Utility—continued | |||
Eastern Power LLC Tranche B (3 month LIBOR + 3.750%) 4.750%, 10/2/25(2) | $ 8,248 | $ 6,344 | |
Generation Bridge Acquisition LLC | |||
Tranche B (3 month PRIME + 5.000%) 5.750%, 12/1/28(2) | 2,689 | 2,696 | |
Tranche C (3 month PRIME + 5.000%) 5.750%, 12/1/28(2) | 56 | 56 | |
Granite Generation LLC (1 month LIBOR + 3.750%) 4.750%, 11/9/26(2) | 6,935 | 6,826 | |
Invenergy Thermal Operating I LLC (1 month LIBOR + 3.000%) 3.104%, 8/28/25(2) | 3,513 | 3,461 | |
Longview Power LLC 0.000%, 7/30/25 | 1,525 | 1,525 | |
PG&E Corp. Tranche B (3 month LIBOR + 3.000%) 3.500%, 6/23/25(2) | 2,509 | 2,478 | |
Talen Energy Supply LLC (1 month LIBOR + 3.750%) 3.854%, 7/8/26(2) | 4,898 | 4,330 | |
48,134 | |||
Total Leveraged Loans (Identified Cost $2,256,664) | 2,245,289 | ||
Shares | ||
Preferred Stock—0.3% | ||
Energy—0.3% | ||
Blackbrush Oil & Gas PIK, 0.000%(6)(8) | 14,242 | 6,165 |
Total Preferred Stock (Identified Cost $4,137) | 6,165 | |
Common Stocks—0.6% | ||
Communication Services—0.0% | ||
Desg Holdings, Inc.(6) | 475,758 | — |
Consumer Discretionary—0.0% | ||
Belk, Inc.(6) | 1,562 | 30 |
Earnout Trust Certificates(6) | 2,376 | 29 |
JCPenney Propco(6) | 17,816 | 410 |
Wayne Services Legacy, Inc. (6) | 2,073 | — |
469 | ||
Energy—0.3% | ||
Blackbrush Oil & Gas(6) | 437,150 | — |
FTS International, Inc. Class A(10) | 186,928 | 4,907 |
Summit Midstream Partners LP(10) | 108,293 | 2,404 |
Sunshine Oil & Gas, Inc.(6) | 120,539 | 60 |
7,371 | ||
Financials—0.2% | ||
TRU Topco Units(6) | 1,866 | 5,652 |
Information Technology—0.0% | ||
Internap Holding LLC(6) | 681,392 | 102 |
Shares | Value | ||
Real Estate—0.0% | |||
Hill Street Properties(6) | 85,002 | $ 432 | |
Utilities—0.1% | |||
Longview Intermediate Holdings LLC(6) | 350,306 | 963 | |
Total Common Stocks (Identified Cost $18,230) | 14,989 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(6)(10) | 410,667 | 542 | |
Total Rights (Identified Cost $554) | 542 | ||
Warrant—0.0% | |||
Real Estate—0.0% | |||
Hill Street Properties(10) | 144,733 | — | |
Total Warrant (Identified Cost $1) | — | ||
Par Value | ||
Convertible Bonds and Notes—0.2% | ||
Communication Services—0.2% | ||
Liberty Interactive LLC 4.000%, 11/15/29 | $ 8,000 | 6,000 |
Total Convertible Bonds and Notes (Identified Cost $6,450) | 6,000 | |
Total Long-Term Investments—97.6% (Identified Cost $2,371,313) | 2,358,059 | |
Shares | ||
Short-Term Investment—8.0% | ||
Money Market Mutual Fund—8.0% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(11) | 192,455,599 | 192,456 |
Total Short-Term Investment (Identified Cost $192,456) | 192,456 | |
TOTAL INVESTMENTS—105.6% (Identified Cost $2,563,769) | $2,550,515 | |
Other assets and liabilities, net—(5.6)% | (135,768) | |
NET ASSETS—100.0% | $2,414,747 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, these securities amounted to a value of $64,208 or 2.7% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | This loan will settle after December 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(4) | 75% of the income received was in cash and 25% was in PIK. |
(5) | Security in default; no 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) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(8) | 100% of the income received was in PIK. |
(9) | 38% of the income received was in cash and 62% was in PIK. |
(10) | Non-income producing. |
(11) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 92% |
Luxembourg | 3 |
France | 2 |
Netherlands | 1 |
Canada | 1 |
United Kingdom | 1 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Arc Falcon I, Inc., (3 month LIBOR + 1.000%) 3.750%, 9/30/28 | $ 573 | $ 570 | $ 571 | $ 1 | ||||
CP Iris Holdco I, Inc., (3 month LIBOR + 2.750%) 0.000%, 10/02/28(1) | 586 | 586 | 584 | (2) | ||||
Dexko Global, Inc., (3 month LIBOR + 3.750%) 3.750%, 10/04/28 | 259 | 259 | 258 | (1) | ||||
ENC Parent Corp., (1 month LIBOR + 3.250%) 4.250%, 8/21/28 | 321 | 319 | 319 | — (2) | ||||
ImageFirst Holdings LLC, (3 month LIBOR + 4.500%) 4.500%, 4/27/28 | 92 | 91 | 91 | — (2) | ||||
LendingTree, Inc., (3 month LIBOR + 3.000%) 4.000%, 9/15/28 | 1,500 | 1,486 | 1,497 | 11 | ||||
Mariner Wealth Advisors LLC, (3 month LIBOR + 3.250%) 3.250%, 8/18/28 | 219 | 217 | 218 | 1 | ||||
Medical Solutions Holdings, Inc., (4 month LIBOR + 2.500%) 3.500%, 11/01/28 | 503 | 500 | 502 | 2 | ||||
National Mentor Holdings, Inc., (3 month LIBOR + 3.750%) 3.750%, 3/02/28 | 198 | 198 | 196 | (2) | ||||
Refficiency Holdings LLC, (4 month LIBOR + 2.750%) 3.250%, 12/16/27 | 774 | 776 | 773 | (3) | ||||
SCP Eye Care Services LLC, (3 month LIBOR + 4.500%) 4.500%, 3/16/28 | 479 | 479 | 479 | — (2) | ||||
Sovos Compliance LLC, (3 month LIBOR + 3.500%) 4.500%, 8/11/28 | 369 | 369 | 370 | 1 | ||||
Trident TPI Holdings, Inc., (3 month LIBOR + 3.000%) 4.000%, 9/15/28 | 173 | 173 | 173 | — (2) | ||||
U.S. Silica Co., (1 month LIBOR + 3.000%) 4.000%, 5/01/23 | 2,250 | 2,193 | 2,125 | (68) | ||||
Total | $8,296 | $8,216 | $8,156 | $ (60) |
(1) | This loan will settle after December 31, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(2) | Amount is less than $500. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $ 85,074 | $ — | $ 85,074 | $ — | |||
Leveraged Loans | 2,245,289 | — | 2,240,196 | 5,093 (1) | |||
Convertible Bonds and Notes | 6,000 | — | 6,000 | — | |||
Equity Securities: | |||||||
Rights | 542 | — | — | 542 | |||
Common Stocks | 14,989 | 7,311 | — | 7,678 (1) | |||
Warrant | — | — | — | — | |||
Preferred Stock | 6,165 | — | — | 6,165 | |||
Money Market Mutual Fund | 192,456 | 192,456 | — | — | |||
Total Investments | $2,550,515 | $199,767 | $2,331,270 | $19,478 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Corporate Bonds and Notes | Leveraged Loans | Common Stocks | Preferred Stocks | Rights | ||||||
Investments in Securities | |||||||||||
Balance as of December 31, 2020: | $ 27,579 | $ 3,992(a) | $ 11,962 (a) | $ 9,502(a) | $ 2,123 (a) | $ — | |||||
Accrued discount/(premium) | 40 | 5 | 35 | — | — | — | |||||
Realized gain (loss) | (51,030) | 13 | 139 | (51,124) | (58) | — | |||||
Change in unrealized appreciation (depreciation)(b) | 55,185 | 426 | 273 | 50,386 | 4,100 | — | |||||
Purchases | 8,505 | — | 203 | 8,302 | — (e) | — | |||||
Sales (c) | (19,498) | (4,436) | (5,674) | (9,388) | — | — | |||||
Transfers into Level 3(d) | 5,635 | — | 5,093 | — | — | 542 | |||||
Transfers from Level 3(d) | (6,938) | — | (6,938) (f) | — | — | — | |||||
Balance as of December 31, 2021 | $ 19,478 | $ — | $ 5,093(a) | $ 7,678(a) | $ 6,165 | $ 542 |
Investments in Securities – Assets | Ending Balance at December 31, 2021 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
Blackbrush Oil & Gas | $6,165 | Market and Company Comparables | EV Multiples | 4.73x (2.95x - 6.34x) | ||||
Illiquidity Discount | �� | 15% | ||||||
Common Stocks: | ||||||||
Blackbrush Oil & Gas | $ — | Market and Company Comparables | EV Multiples | 4.73x (2.95x - 6.34x) | ||||
Illiquidity Discount | 15% | |||||||
TRU Topco | $5,652 | Market and Company Comparables | EV Multiples | 7.06x (3.32x - 13.15x) | ||||
8.58x (5.39x - 13.76x) | ||||||||
Precedent Transaction Multiples | 9.50x (7.56x - 12.27x) | |||||||
Illiquidity Discount | 20% |
Par Value | Value | ||
Municipal Bonds(1)—97.4% | |||
Alabama—4.1% | |||
Jefferson County, | |||
Sales Tax Revenue 5.000%, 9/15/33 | $ 1,000 | $ 1,202 | |
Sales Tax Revenue 5.000%, 9/15/35 | 1,000 | 1,202 | |
2,404 | |||
Arizona—1.6% | |||
Salt River Project Agricultural Improvement & Power District Revenue 5.000%, 1/1/28 | 750 | 934 | |
California—14.5% | |||
California Infrastructure & Economic Development Bank Revenue 5.000%, 10/1/48 | 2,000 | 2,473 | |
California State Public Works Board 5.000%, 8/1/35 | 1,000 | 1,310 | |
California, State of, General Obligation 5.000%, 12/1/28 | 1,600 | 2,044 | |
San Diego County Regional Transportation Commission Revenue 5.000%, 4/1/41 | 300 | 393 | |
San Diego Redevelopment Agency Successor Agency | |||
Sales Tax Revenue 5.000%, 9/1/28 | 500 | 577 | |
Sales Tax Revenue 5.000%, 9/1/29 | 405 | 467 | |
San Mateo Foster, City of, Public Financing Authority Revenue | |||
4.000%, 5/1/45 | 500 | 583 | |
4.000%, 5/1/48 | 500 | 581 | |
8,428 | |||
Colorado—6.1% | |||
E-470 Public Highway Authority | |||
Toll Highway Revenue 5.000%, 9/1/35 | 800 | 1,031 | |
Toll Highway Revenue 5.000%, 9/1/36 | 1,000 | 1,286 | |
Regional Transportation District, Sales Tax Revenue 5.000%, 1/15/28 | 1,000 | 1,218 | |
3,535 | |||
Connecticut—5.4% | |||
Connecticut, State of, | |||
Sales Tax Revenue 5.000%, 10/1/27 | 985 | 1,216 | |
Sales Tax Revenue 5.000%, 5/1/37 | 1,500 | 1,924 | |
3,140 | |||
District of Columbia—2.1% | |||
District of Columbia, General Obligation 5.000%, 6/1/31 | 1,000 | 1,203 |
Par Value | Value | ||
Florida—2.1% | |||
Collier County, Water-Sewer District Revenue 5.000%, 7/1/33 | $ 1,000 | $ 1,190 | |
Georgia—2.4% | |||
Private Colleges & Universities Authority 4.000%, 4/1/44 | 1,200 | 1,405 | |
Idaho—1.6% | |||
Idaho Housing & Finance Association | |||
4.000%, 7/15/38 | 250 | 301 | |
4.000%, 7/15/39 | 500 | 599 | |
900 | |||
Illinois—4.1% | |||
Chicago O’Hare International Airport Revenue, Senior Lien 4.000%, 1/1/35 | 1,000 | 1,186 | |
Illinois Finance Authority Revenue 5.000%, 7/1/28 | 1,000 | 1,206 | |
2,392 | |||
Maryland—8.1% | |||
Maryland, State of, General Obligation 5.000%, 3/15/31 | 1,500 | 1,868 | |
Washington Suburban Sanitary Commission Revenue (CNTY GTD Insured) 5.000%, 6/15/30 | 2,320 | 2,833 | |
4,701 | |||
Massachusetts—1.3% | |||
Massachusetts Water Resources Authority Sales Tax Revenue 5.000%, 8/1/41 | 550 | 727 | |
Minnesota—2.0% | |||
Minnesota, State of, General Obligation, Series 2015-A 5.000%, 8/1/29 | 1,000 | 1,159 | |
Mississippi—1.0% | |||
Mississippi, State of, General Obligation 4.000%, 10/1/37 | 500 | 592 | |
New York—2.9% | |||
New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue 5.000%, 2/1/28 | 1,000 | 1,094 | |
New York Liberty Development Corp. 4.000%, 2/15/43 | 500 | 584 | |
1,678 | |||
Oregon—2.0% | |||
Portland, Port of, Airport Revenue 5.000%, 7/1/47 | 1,000 | 1,184 | |
Tennessee—4.3% | |||
Chattanooga Health Educational & Housing Facility Board 5.000%, 8/1/30 | 1,010 | 1,285 |
Par Value | Value | ||
Tennessee—continued | |||
Tennessee, State of, General Obligation 5.000%, 9/1/30 | $ 1,000 | $ 1,232 | |
2,517 | |||
Texas—14.3% | |||
Fort Worth, City of, Water & Sewer System Revenue 5.000%, 2/15/30 | 1,000 | 1,241 | |
North Texas Municipal Water District Water System Revenue 5.000%, 9/1/32 | 750 | 941 | |
Texas Water Development Board Implementation Revenue 5.000%, 10/15/31 | 5,000 | 6,148 | |
8,330 | |||
Washington—14.4% | |||
Energy Northwest Revenue | |||
5.000%, 7/1/33 | 2,000 | 2,434 | |
5.000%, 7/1/34 | 2,000 | 2,288 | |
Washington Health Care Facilities Authority 5.000%, 8/1/44 | 940 | 1,154 | |
Washington, State of, General Obligation 5.000%, 8/1/29 | 2,000 | 2,456 | |
8,332 | |||
Wisconsin—3.1% | |||
City of Milwaukee General Obligation 5.000%, 4/1/27 | 1,505 | 1,822 | |
Total Municipal Bonds (Identified Cost $54,087) | 56,573 | ||
Total Long-Term Investments—97.4% (Identified Cost $54,087) | 56,573 | ||
Shares | Value | ||
Short-Term Investment—3.7% | |||
Money Market Mutual Fund—3.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 2,155,195 | $ 2,155 | |
Total Short-Term Investment (Identified Cost $2,155) | 2,155 | ||
TOTAL INVESTMENTS—101.1% (Identified Cost $56,242) | $58,728 | ||
Other assets and liabilities, net—(1.1)% | (659) | ||
NET ASSETS—100.0% | $58,069 |
Abbreviation: | |
CNTY GTD | County Guarantee Program |
Footnote Legend: | |
(1) | At December 31, 2021, 4.8% 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, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $56,573 | $ — | $56,573 | ||
Money Market Mutual Fund | 2,155 | 2,155 | — | ||
Total Investments | $58,728 | $2,155 | $56,573 |
Par Value | Value | ||
Corporate Bonds and Notes—92.0% | |||
Communication Services—11.1% | |||
Allen Media LLC 144A 10.500%, 2/15/28(1) | $ 332 | $ 346 | |
Altice France S.A. 144A 8.125%, 2/1/27(1) | 820 | 876 | |
ANGI Group LLC 144A 3.875%, 8/15/28(1) | 1,105 | 1,080 | |
Audacy Capital Corp. 144A 6.500%, 5/1/27(1) | 560 | 554 | |
Cablevision Lightpath LLC 144A 5.625%, 9/15/28(1) | 1,095 | 1,080 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 1,040 | 1,102 | |
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1) | 2,015 | 1,008 | |
Directv Financing LLC 144A 5.875%, 8/15/27(1) | 761 | 779 | |
DISH DBS Corp. | |||
7.750%, 7/1/26 | 1,470 | 1,551 | |
7.375%, 7/1/28 | 516 | 522 | |
144A 5.250%, 12/1/26(1) | 500 | 508 | |
Frontier Communications Holdings LLC | |||
144A 5.000%, 5/1/28(1) | 1,060 | 1,092 | |
144A 6.750%, 5/1/29(1) | 595 | 619 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 1,410 | 1,401 | |
Live Nation Entertainment, Inc. | |||
144A 5.625%, 3/15/26(1) | 1,405 | 1,451 | |
144A 4.750%, 10/15/27(1) | 190 | 195 | |
Lumen Technologies, Inc. 144A 5.375%, 6/15/29(1) | 1,125 | 1,125 | |
Northwest Fiber LLC 144A 4.750%, 4/30/27(1) | 549 | 544 | |
Playtika Holding Corp. 144A 4.250%, 3/15/29(1) | 546 | 535 | |
Scripps Escrow II, Inc. 144A 5.375%, 1/15/31(1) | 560 | 569 | |
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(1) | 1,135 | 1,101 | |
Skillz, Inc. 144A 10.250%, 12/15/26(1) | 465 | 461 | |
Spanish Broadcasting System, Inc. 144A 9.750%, 3/1/26(1) | 700 | 720 | |
TEGNA, Inc. 5.000%, 9/15/29 | 535 | 547 | |
Terrier Media Buyer, Inc. 144A 8.875%, 12/15/27(1) | 1,015 | 1,097 | |
Uniti Group LP | |||
144A 4.750%, 4/15/28(1) | 580 | 575 | |
144A 6.500%, 2/15/29(1) | 1,150 | 1,146 | |
144A 6.000%, 1/15/30(1) | 557 | 536 | |
23,120 | |||
Consumer Discretionary—21.3% | |||
Adtalem Global Education, Inc. 144A 5.500%, 3/1/28(1) | 1,714 | 1,675 | |
Asbury Automotive Group, Inc. | |||
144A 4.625%, 11/15/29(1) | 100 | 102 | |
144A 5.000%, 2/15/32(1) | 100 | 104 | |
Ashton Woods USA LLC 144A 4.625%, 4/1/30(1) | 1,110 | 1,091 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
At Home Group, Inc. 144A 4.875%, 7/15/28(1) | $ 370 | $ 364 | |
Bath & Body Works, Inc. | |||
6.950%, 3/1/33 | 480 | 562 | |
6.750%, 7/1/36 | 560 | 692 | |
Bed Bath & Beyond, Inc. 5.165%, 8/1/44 | 940 | 781 | |
Bloomin’ Brands, Inc. 144A 5.125%, 4/15/29(1) | 1,085 | 1,102 | |
Carnival Corp. 144A 9.875%, 8/1/27(1) | 1,855 | 2,120 | |
Carvana Co. | |||
144A 5.625%, 10/1/25(1) | 1,120 | 1,120 | |
144A 5.500%, 4/15/27(1) | 900 | 891 | |
Cedar Fair LP 5.250%, 7/15/29 | 965 | 989 | |
FirstCash, Inc. | |||
144A 4.625%, 9/1/28(1) | 509 | 509 | |
144A 5.625%, 1/1/30(1) | 406 | 414 | |
Foot Locker, Inc. 144A 4.000%, 10/1/29(1)(2) | 500 | 501 | |
Golden Nugget, Inc. 144A 6.750%, 10/15/24(1) | 1,135 | 1,135 | |
Guitar Center, Inc. 144A 8.500%, 1/15/26(1)(2) | 625 | 671 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 660 | 676 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 1,515 | 1,576 | |
Kontoor Brands, Inc. 144A 4.125%, 11/15/29(1) | 400 | 400 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 1,096 | 1,101 | |
LGI Homes, Inc. 144A 4.000%, 7/15/29(1) | 413 | 411 | |
Liberty Interactive LLC 8.250%, 2/1/30 | 1,970 | 2,157 | |
Macy’s Retail Holdings LLC 5.125%, 1/15/42 | 190 | 181 | |
Marriott Ownership Resorts, Inc. | |||
4.750%, 1/15/28 | 1,975 | 2,005 | |
144A 4.500%, 6/15/29(1) | 445 | 448 | |
Michaels Cos., Inc. (The) 144A 7.875%, 5/1/29(1) | 515 | 507 | |
New Home Co., Inc. (The) 144A 7.250%, 10/15/25(1) | 1,520 | 1,550 | |
Nordstrom, Inc. 5.000%, 1/15/44(2) | 327 | 305 | |
Patrick Industries, Inc. | |||
144A 7.500%, 10/15/27(1) | 510 | 543 | |
144A 4.750%, 5/1/29(1) | 615 | 612 | |
Penn National Gaming, Inc. 144A 4.125%, 7/1/29(1) | 525 | 509 | |
Prime Security Services Borrower LLC 144A 5.750%, 4/15/26(1) | 1,627 | 1,747 | |
QVC, Inc. 5.450%, 8/15/34 | 2,180 | 2,158 | |
Rent-A-Center, Inc. 144A 6.375%, 2/15/29(1) | 1,665 | 1,736 | |
RHP Hotel Properties LP 4.750%, 10/15/27 | 950 | 969 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Royal Caribbean Cruises Ltd. | |||
144A 10.875%, 6/1/23(1) | $ 960 | $ 1,049 | |
144A 5.500%, 8/31/26(1) | 501 | 509 | |
SeaWorld Parks & Entertainment, Inc. 144A 5.250%, 8/15/29(1) | 530 | 540 | |
Shea Homes LP | |||
144A 4.750%, 2/15/28(1) | 1,140 | 1,166 | |
144A 4.750%, 4/1/29(1) | 1,075 | 1,095 | |
Signal Parent, Inc. 144A 6.125%, 4/1/29(1) | 1,715 | 1,522 | |
Sonic Automotive, Inc. | |||
144A 4.625%, 11/15/29(1) | 531 | 536 | |
144A 4.875%, 11/15/31(1) | 526 | 531 | |
Station Casinos LLC 144A 4.625%, 12/1/31(1) | 100 | 101 | |
Thor Industries, Inc. 144A 4.000%, 10/15/29(1) | 245 | 242 | |
Travel + Leisure Co. | |||
144A 6.625%, 7/31/26(1) | 600 | 665 | |
144A 4.625%, 3/1/30(1) | 555 | 558 | |
Victoria’s Secret & Co. 144A 4.625%, 7/15/29(1) | 831 | 850 | |
VOC Escrow Ltd. 144A 5.000%, 2/15/28(1) | 540 | 535 | |
44,313 | |||
Consumer Staples—2.5% | |||
Performance Food Group, Inc. 144A 4.250%, 8/1/29(1) | 540 | 536 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 850 | 837 | |
Triton Water Holdings, Inc. 144A 6.250%, 4/1/29(1) | 200 | 192 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 1,170 | 1,173 | |
Vector Group Ltd. | |||
144A 10.500%, 11/1/26(1) | 1,195 | 1,238 | |
144A 5.750%, 2/1/29(1) | 1,162 | 1,131 | |
5,107 | |||
Energy—18.0% | |||
Antero Midstream Partners LP 144A 7.875%, 5/15/26(1) | 438 | 483 | |
Antero Resources Corp. | |||
144A 8.375%, 7/15/26(1) | 327 | 372 | |
144A 7.625%, 2/1/29(1) | 823 | 913 | |
Ascent Resources Utica Holdings LLC | |||
144A 7.000%, 11/1/26(1) | 755 | 765 | |
144A 8.250%, 12/31/28(1) | 1,255 | 1,308 | |
California Resources Corp. 144A 7.125%, 2/1/26(1) | 1,420 | 1,475 | |
Callon Petroleum Co. | |||
6.375%, 7/1/26 | 555 | 527 | |
144A 9.000%, 4/1/25(1) | 205 | 221 | |
144A 8.000%, 8/1/28(1)(2) | 475 | 480 | |
ChampionX Corp. 6.375%, 5/1/26 | 363 | 377 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 1,465 | 1,542 |
Par Value | Value | ||
Energy—continued | |||
Civitas Resources, Inc. 144A 5.000%, 10/15/26(1) | $ 454 | $ 458 | |
Comstock Resources, Inc. | |||
144A 7.500%, 5/15/25(1) | 560 | 577 | |
144A 5.875%, 1/15/30(1) | 131 | 134 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 550 | 562 | |
144A 5.000%, 5/1/29(1) | 538 | 558 | |
Delek Logistics Partners LP 144A 7.125%, 6/1/28(1) | 175 | 182 | |
Ensign Drilling, Inc. 144A 9.250%, 4/15/24(1)(2) | 995 | 958 | |
EQM Midstream Partners LP 6.500%, 7/15/48 | 445 | 541 | |
EQT Corp. 7.500%, 2/1/30 | 778 | 1,000 | |
Harbour Energy plc 144A 5.500%, 10/15/26(1) | 725 | 720 | |
Hilcorp Energy I LP | |||
144A 6.250%, 11/1/28(1) | 1,455 | 1,530 | |
144A 6.000%, 2/1/31(1) | 906 | 935 | |
Laredo Petroleum, Inc. 144A 7.750%, 7/31/29(1)(2) | 210 | 205 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 2,130 | 2,183 | |
Nabors Industries, Inc. | |||
5.750%, 2/1/25 | 230 | 213 | |
144A 9.000%, 2/1/25(1) | 1,031 | 1,062 | |
144A 7.375%, 5/15/27(1) | 310 | 321 | |
New Fortress Energy, Inc. | |||
144A 6.750%, 9/15/25(1) | 2,255 | 2,278 | |
144A 6.500%, 9/30/26(1) | 1,085 | 1,077 | |
Occidental Petroleum Corp. | |||
5.875%, 9/1/25 | 595 | 656 | |
7.500%, 5/1/31 | 190 | 250 | |
7.875%, 9/15/31 | 185 | 247 | |
6.450%, 9/15/36 | 1,463 | 1,865 | |
6.600%, 3/15/46 | 470 | 610 | |
Oceaneering International, Inc. 6.000%, 2/1/28 | 640 | 628 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 470 | 477 | |
PDC Energy, Inc. 5.750%, 5/15/26 | 540 | 558 | |
Petroleos Mexicanos 144A 6.700%, 2/16/32(1) | 689 | 696 | |
Precision Drilling Corp. 144A 6.875%, 1/15/29(1) | 340 | 347 | |
Range Resources Corp. 8.250%, 1/15/29 | 165 | 184 | |
Rockies Express Pipeline LLC | |||
144A 4.950%, 7/15/29(1) | 1,050 | 1,118 | |
144A 7.500%, 7/15/38(1) | 665 | 751 | |
SM Energy Co. | |||
6.625%, 1/15/27 | 390 | 402 | |
6.500%, 7/15/28 | 581 | 601 | |
Southwestern Energy Co. 4.750%, 2/1/32 | 447 | 471 | |
Tallgrass Energy Partners LP 144A 7.500%, 10/1/25(1) | 825 | 893 | |
Talos Production, Inc. 12.000%, 1/15/26 | 398 | 417 |
Par Value | Value | ||
Energy—continued | |||
Transocean Phoenix 2 Ltd. 144A 7.750%, 10/15/24(1) | $ 428 | $ 432 | |
Transocean Proteus Ltd. 144A 6.250%, 12/1/24(1) | 705 | 694 | |
Weatherford International Ltd. 144A 8.625%, 4/30/30(1) | 645 | 670 | |
Western Midstream Operating LP 6.500%, 2/1/50 | 475 | 562 | |
37,486 | |||
Financials—19.6% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 750 | 732 | |
Altice France Holding S.A. 144A 10.500%, 5/15/27(1) | 1,155 | 1,242 | |
Aretec Escrow Issuer, Inc. 144A 7.500%, 4/1/29(1) | 530 | 542 | |
AssuredPartners, Inc. 144A 7.000%, 8/15/25(1) | 1,380 | 1,390 | |
Castlelake Aviation Finance DAC 144A 5.000%, 4/15/27(1)(2) | 555 | 551 | |
Cimpress plc 144A 7.000%, 6/15/26(1) | 2,727 | 2,833 | |
Compass Group Diversified Holdings LLC | |||
144A 5.250%, 4/15/29(1) | 601 | 630 | |
144A 5.000%, 1/15/32(1) | 105 | 108 | |
Domtar Corp. 144A 6.750%, 10/1/28(1) | 300 | 308 | |
Enact Holdings, Inc. 144A 6.500%, 8/15/25(1) | 835 | 912 | |
Freedom Mortgage Corp. | |||
144A 8.125%, 11/15/24(1) | 325 | 329 | |
144A 8.250%, 4/15/25(1) | 176 | 180 | |
144A 7.625%, 5/1/26(1) | 1,595 | 1,629 | |
144A 6.625%, 1/15/27(1) | 340 | 332 | |
Frontier Communications Holdings LLC 144A 6.000%, 1/15/30(1) | 210 | 211 | |
Gray Escrow II, Inc. 144A 5.375%, 11/15/31(1) | 205 | 211 | |
GTCR AP Finance, Inc. 144A 8.000%, 5/15/27(1) | 535 | 555 | |
GYP Holdings III Corp. 144A 4.625%, 5/1/29(1) | 606 | 608 | |
Hightower Holding LLC 144A 6.750%, 4/15/29(1) | 1,059 | 1,085 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 4.875%, 7/1/31(1) | 456 | 456 | |
Holdco LLC LSF11-15 144A 6.625%, 10/15/29(1) | 130 | 128 | |
Icahn Enterprises LP 5.250%, 5/15/27 | 1,300 | 1,337 | |
Iliad Holding SASU | |||
144A 6.500%, 10/15/26(1) | 515 | 541 | |
144A 7.000%, 10/15/28(1) | 515 | 542 | |
Jefferies Finance LLC 144A 5.000%, 8/15/28(1) | 440 | 451 | |
LD Holdings Group LLC 144A 6.125%, 4/1/28(1) | 2,810 | 2,648 | |
Markel Corp. 6.000% (3) | 215 | 236 |
Par Value | Value | ||
Financials—continued | |||
Midcap Financial Issuer Trust | |||
144A 6.500%, 5/1/28(1) | $ 560 | $ 584 | |
144A 5.625%, 1/15/30(1) | 555 | 556 | |
MPH Acquisition Holdings LLC | |||
144A 5.500%, 9/1/28(1) | 305 | 309 | |
144A 5.750%, 11/1/28(1)(2) | 781 | 743 | |
Nationstar Mortgage Holdings, Inc. 144A 6.000%, 1/15/27(1) | 1,900 | 1,979 | |
New Residential Investment Corp. 144A 6.250%, 10/15/25(1) | 2,420 | 2,431 | |
NFP Corp. 144A 6.875%, 8/15/28(1) | 1,090 | 1,093 | |
Park River Holdings, Inc. 144A 6.750%, 8/1/29(1) | 575 | 563 | |
PennyMac Financial Services, Inc. | |||
144A 5.375%, 10/15/25(1) | 644 | 662 | |
144A 4.250%, 2/15/29(1) | 965 | 928 | |
144A 5.750%, 9/15/31(1) | 105 | 106 | |
Petrobras Global Finance B.V. 5.500%, 6/10/51 | 415 | 385 | |
PRA Group, Inc. | |||
144A 7.375%, 9/1/25(1) | 515 | 547 | |
144A 5.000%, 10/1/29(1) | 627 | 629 | |
Ritchie Bros Holdings, Inc. 144A 4.750%, 12/15/31(1) | 239 | 249 | |
SCIL IV LLC 144A 5.375%, 11/1/26(1) | 510 | 523 | |
Summit Midstream Holdings LLC 144A 8.500%, 10/15/26(1) | 485 | 505 | |
Transocean Pontus Ltd. 144A 6.125%, 8/1/25(1) | 502 | 491 | |
United Wholesale Mortgage LLC | |||
144A 5.500%, 11/15/25(1) | 770 | 784 | |
144A 5.750%, 6/15/27(1) | 440 | 441 | |
144A 5.500%, 4/15/29(1) | 2,220 | 2,178 | |
Victors Merger Corp. 144A 6.375%, 5/15/29(1) | 900 | 846 | |
Viking Cruises Ltd. 144A 6.250%, 5/15/25(1) | 1,250 | 1,238 | |
Vmed O2 UK Financing I plc 144A 4.750%, 7/15/31(1) | 1,135 | 1,149 | |
40,646 | |||
Health Care—4.6% | |||
Community Health Systems, Inc. 144A 8.000%, 3/15/26(1) | 520 | 547 | |
DaVita, Inc. 144A 4.625%, 6/1/30(1) | 775 | 793 | |
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 1,525 | 1,464 | |
HealthEquity, Inc. 144A 4.500%, 10/1/29(1) | 775 | 767 | |
Owens & Minor, Inc. 144A 4.500%, 3/31/29(1) | 895 | 917 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 1,464 | 1,496 | |
Tenet Healthcare Corp. | |||
6.875%, 11/15/31 | 516 | 589 | |
144A 6.125%, 10/1/28(1) | 1,445 | 1,526 | |
144A 4.375%, 1/15/30(1) | 365 | 370 |
Par Value | Value | ||
Health Care—continued | |||
Teva Pharmaceutical Finance Netherlands III B.V. 7.125%, 1/31/25 | $ 655 | $ 701 | |
Varex Imaging Corp. 144A 7.875%, 10/15/27(1) | 437 | 486 | |
9,656 | |||
Industrials—7.3% | |||
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | 710 | 876 | |
144A 5.500%, 4/20/26(1) | 1,750 | 1,820 | |
APi Escrow Corp. 144A 4.750%, 10/15/29(1) | 242 | 247 | |
APi Group DE, Inc. 144A 4.125%, 7/15/29(1) | 602 | 605 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 395 | 393 | |
Danaos Corp. 144A 8.500%, 3/1/28(1) | 435 | 476 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 570 | 596 | |
Foundation Building Materials, Inc. 144A 6.000%, 3/1/29(1) | 1,037 | 1,019 | |
Hertz Corp. (The) | |||
144A 4.625%, 12/1/26(1) | 430 | 433 | |
144A 5.000%, 12/1/29(1) | 440 | 440 | |
Manitowoc Co., Inc. (The) 144A 9.000%, 4/1/26(1) | 565 | 595 | |
Park River Holdings, Inc. 144A 5.625%, 2/1/29(1) | 1,120 | 1,069 | |
Roller Bearing Co. of America, Inc. 144A 4.375%, 10/15/29(1) | 255 | 260 | |
Rolls-Royce plc 144A 5.750%, 10/15/27(1) | 520 | 575 | |
Seaspan Corp. 144A 5.500%, 8/1/29(1) | 560 | 566 | |
Spirit AeroSystems, Inc. 4.600%, 6/15/28(2) | 205 | 205 | |
Spirit Loyalty Cayman Ltd. 144A 8.000%, 9/20/25(1) | 362 | 400 | |
Terex Corp. 144A 5.000%, 5/15/29(1) | 520 | 534 | |
TMS International Corp. 144A 6.250%, 4/15/29(1) | 1,070 | 1,065 | |
TransDigm UK Holdings plc 6.875%, 5/15/26 | 1,140 | 1,191 | |
US Acute Care Solutions LLC 144A 6.375%, 3/1/26(1) | 1,200 | 1,257 | |
Wabash National Corp. 144A 4.500%, 10/15/28(1) | 560 | 566 | |
15,188 | |||
Information Technology—2.3% | |||
Elastic N.V. 144A 4.125%, 7/15/29(1) | 530 | 524 | |
Fair Isaac Corp. 144A 4.000%, 6/15/28(1) | 102 | 105 | |
II-VI, Inc. 144A 5.000%, 12/15/29(1) | 250 | 255 | |
NCR Corp. | |||
144A 5.000%, 10/1/28(1) | 1,138 | 1,172 |
Par Value | Value | ||
Information Technology—continued | |||
144A 5.125%, 4/15/29(1) | $ 1,135 | $ 1,175 | |
Plantronics, Inc. 144A 4.750%, 3/1/29(1)(2) | 460 | 439 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 590 | 605 | |
Seagate HDD Cayman 5.750%, 12/1/34(2) | 466 | 537 | |
4,812 | |||
Materials—2.0% | |||
Allegheny Ludlum LLC 6.950%, 12/15/25 | 323 | 353 | |
Cleveland-Cliffs, Inc. 6.250%, 10/1/40 | 357 | 386 | |
Graham Packaging Co., Inc. 144A 7.125%, 8/15/28(1) | 520 | 538 | |
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 1,920 | 2,009 | |
Sylvamo Corp. 144A 7.000%, 9/1/29(1) | 405 | 423 | |
Trinseo Materials Operating SCA 144A 5.125%, 4/1/29(1) | 110 | 112 | |
Warrior Met Coal, Inc. 144A 7.875%, 12/1/28(1) | 241 | 247 | |
4,068 | |||
Real Estate—2.5% | |||
American Finance Trust, Inc. 144A 4.500%, 9/30/28(1) | 500 | 504 | |
Brookfield Property REIT, Inc. | |||
144A 5.750%, 5/15/26(1) | 1,662 | 1,720 | |
144A 4.500%, 4/1/27(1) | 2,065 | 2,026 | |
Realogy Group LLC 144A 9.375%, 4/1/27(1) | 265 | 286 | |
XHR LP 144A 4.875%, 6/1/29(1) | 552 | 562 | |
5,098 | |||
Utilities—0.8% | |||
DCP Midstream Operating LP 144A 6.450%, 11/3/36(1) | 150 | 196 | |
Leeward Renewable Energy Operations LLC 144A 4.250%, 7/1/29(1) | 450 | 454 | |
PG&E Corp. | |||
5.000%, 7/1/28 | 590 | 621 | |
5.250%, 7/1/30 | 343 | 360 | |
1,631 | |||
Total Corporate Bonds and Notes (Identified Cost $188,587) | 191,125 | ||
Leveraged Loans—2.7% | |||
Aerospace—1.1% | |||
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(4) | 2,200 | 2,317 |
Par Value | Value | ||
Energy—0.7% | |||
BCP Raptor II LLC (3 month LIBOR + 4.750%) 4.854%, 11/3/25(4) | $ 755 | $ 751 | |
BCP Raptor LLC (3 month LIBOR + 4.250%) 5.250%, 6/24/24(4) | 754 | 752 | |
1,503 | |||
Financial—0.1% | |||
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%) 8.250%, 6/30/22(4)(5) | 289 | 56 | |
Information Technology—0.3% | |||
SolarWinds Holdings, Inc. 2018 (1 month LIBOR + 2.750%) 2.854%, 2/5/24(4) | 597 | 588 | |
Utility—0.5% | |||
PG&E Corp. Tranche B (3 month LIBOR + 3.000%) 3.500%, 6/23/25(4) | 1,082 | 1,069 | |
Total Leveraged Loans (Identified Cost $5,668) | 5,533 | ||
Shares | ||
Preferred Stock—0.0% | ||
Consumer Discretionary—0.0% | ||
Qurate Retail, Inc., 8.000% | 500 | 52 |
Total Preferred Stock (Identified Cost $51) | 52 | |
Common Stocks—0.0% | ||
Energy—0.0% | ||
SandRidge Energy, Inc.(6) | 159 | 2 |
Total Common Stocks (Identified Cost $1) | 2 | |
Warrants—0.0% | ||
Energy—0.0% | ||
SandRidge Energy, Inc.(6) | 3,898 | — (7) |
SandRidge Energy, Inc.(6) | 1,641 | — (7) |
— (7) | ||
Total Warrants (Identified Cost $—) | — (7) | |
Par Value | ||
Convertible Bonds and Notes—0.4% | ||
Communication Services—0.4% | ||
DISH Network Corp. 3.375%, 8/15/26 | $ 585 | 553 |
Par Value | Value | ||
Communication Services—continued | |||
Twitter, Inc. 144A 0.000%, 3/15/26(1) | $ 385 | $ 345 | |
898 | |||
Total Convertible Bonds and Notes (Identified Cost $911) | 898 | ||
Total Long-Term Investments—95.1% (Identified Cost $195,218) | 197,610 | ||
Shares | ||
Short-Term Investment—3.7% | ||
Money Market Mutual Fund—3.7% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(8) | 7,750,680 | 7,751 |
Total Short-Term Investment (Identified Cost $7,751) | 7,751 | |
Securities Lending Collateral—1.9% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(8)(9) | 4,026,650 | 4,027 |
Total Securities Lending Collateral (Identified Cost $4,027) | 4,027 | |
TOTAL INVESTMENTS—100.7% (Identified Cost $206,996) | $209,388 | |
Other assets and liabilities, net—(0.7)% | (1,503) | |
NET ASSETS—100.0% | $207,885 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
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, 2021, these securities amounted to a value of $160,564 or 77.2% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(4) | Variable rate security. Rate disclosed is as of December 31, 2021. 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; no interest payments are being received during the bankruptcy proceedings. |
(6) | Non-income producing. |
(7) | Amount is less than $500. |
(8) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(9) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 88% |
Netherlands | 2 |
United Kingdom | 2 |
Cayman Islands | 1 |
Bermuda | 1 |
Panama | 1 |
Luxembourg | 1 |
Other | 4 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Corporate Bonds and Notes | $191,125 | $ — | $191,125 | ||
Leveraged Loans | 5,533 | — | 5,533 | ||
Convertible Bonds and Notes | 898 | — | 898 | ||
Equity Securities: | |||||
Common Stocks | 2 | 2 | — | ||
Warrants | — (1) | — (1) | — | ||
Preferred Stock | 52 | 52 | — | ||
Securities Lending Collateral | 4,027 | 4,027 | — | ||
Money Market Mutual Fund | 7,751 | 7,751 | — | ||
Total Investments | $209,388 | $11,832 | $197,556 |
(1) | Amount is less than $500. |
Par Value | Value | ||
Corporate Bonds and Notes—89.8% | |||
Communication Services—14.7% | |||
Altice France S.A. 144A 8.125%, 2/1/27(1) | $ 1,535 | $ 1,641 | |
ANGI Group LLC 144A 3.875%, 8/15/28(1) | 3,220 | 3,148 | |
Audacy Capital Corp. 144A 6.500%, 5/1/27(1) | 1,090 | 1,078 | |
Cable One, Inc. 144A 4.000%, 11/15/30(1) | 3,051 | 2,990 | |
Cablevision Lightpath LLC 144A 5.625%, 9/15/28(1) | 2,040 | 2,011 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 2,255 | 2,390 | |
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1) | 2,307 | 1,153 | |
Directv Financing LLC 144A 5.875%, 8/15/27(1) | 1,683 | 1,723 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 2,584 | 2,654 | |
7.750%, 7/1/26 | 2,926 | 3,087 | |
7.375%, 7/1/28 | 1,025 | 1,038 | |
144A 5.250%, 12/1/26(1) | 1,100 | 1,117 | |
Frontier Communications Holdings LLC 144A 5.000%, 5/1/28(1) | 2,185 | 2,251 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 4,583 | 4,554 | |
iHeartCommunications, Inc. 144A 5.250%, 8/15/27(1) | 2,153 | 2,239 | |
LCPR Senior Secured Financing DAC 144A 6.750%, 10/15/27(1) | 2,633 | 2,765 | |
Live Nation Entertainment, Inc. | |||
144A 5.625%, 3/15/26(1) | 2,755 | 2,845 | |
144A 4.750%, 10/15/27(1) | 425 | 437 | |
144A 3.750%, 1/15/28(1) | 1,090 | 1,082 | |
Lumen Technologies, Inc. | |||
6.750%, 12/1/23 | 1,850 | 1,998 | |
144A 5.375%, 6/15/29(1) | 2,238 | 2,238 | |
Nexstar Media, Inc. 144A 4.750%, 11/1/28(1) | 3,899 | 3,972 | |
Northwest Fiber LLC 144A 4.750%, 4/30/27(1) | 1,220 | 1,208 | |
Playtika Holding Corp. 144A 4.250%, 3/15/29(1) | 4,840 | 4,743 | |
Sinclair Television Group, Inc. | |||
144A 5.125%, 2/15/27(1) | 2,180 | 2,115 | |
144A 4.125%, 12/1/30(1) | 2,315 | 2,193 | |
Skillz, Inc. 144A 10.250%, 12/15/26(1) | 1,030 | 1,020 | |
Spanish Broadcasting System, Inc. 144A 9.750%, 3/1/26(1) | 830 | 854 | |
TEGNA, Inc. | |||
4.625%, 3/15/28 | 3,575 | 3,614 | |
5.000%, 9/15/29 | 435 | 445 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 1,950 | 1,934 | |
Univision Communications, Inc. 144A 9.500%, 5/1/25(1) | 1,985 | 2,121 | |
68,658 | |||
Par Value | Value | ||
Consumer Discretionary—17.8% | |||
Adtalem Global Education, Inc. 144A 5.500%, 3/1/28(1) | $ 5,141 | $ 5,025 | |
Asbury Automotive Group, Inc. | |||
144A 4.625%, 11/15/29(1) | 220 | 224 | |
144A 5.000%, 2/15/32(1) | 220 | 228 | |
Ashton Woods USA LLC 144A 4.625%, 4/1/30(1) | 2,469 | 2,426 | |
At Home Group, Inc. 144A 4.875%, 7/15/28(1) | 827 | 815 | |
Bath & Body Works, Inc. | |||
6.950%, 3/1/33 | 963 | 1,127 | |
6.750%, 7/1/36 | 705 | 871 | |
Bed Bath & Beyond, Inc. 5.165%, 8/1/44 | 2,075 | 1,724 | |
Bloomin’ Brands, Inc. 144A 5.125%, 4/15/29(1) | 2,165 | 2,199 | |
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(1) | 1,025 | 1,076 | |
Carnival Corp. 144A 9.875%, 8/1/27(1) | 4,247 | 4,853 | |
Crocs, Inc. 144A 4.250%, 3/15/29(1) | 2,345 | 2,316 | |
FirstCash, Inc. | |||
144A 4.625%, 9/1/28(1) | 1,177 | 1,176 | |
144A 5.625%, 1/1/30(1) | 894 | 911 | |
Foot Locker, Inc. 144A 4.000%, 10/1/29(1)(2) | 1,110 | 1,112 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 1,349 | 1,383 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 2,525 | 2,626 | |
Kontoor Brands, Inc. 144A 4.125%, 11/15/29(1) | 881 | 881 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 1,952 | 1,962 | |
LGI Homes, Inc. 144A 4.000%, 7/15/29(1) | 918 | 914 | |
Liberty Interactive LLC 8.250%, 2/1/30 | 3,570 | 3,909 | |
Macy’s Retail Holdings LLC 5.125%, 1/15/42 | 421 | 402 | |
Marriott Ownership Resorts, Inc. | |||
4.750%, 1/15/28 | 4,366 | 4,431 | |
144A 4.500%, 6/15/29(1) | 920 | 926 | |
MGM Resorts International 7.750%, 3/15/22 | 355 | 359 | |
New Home Co., Inc. (The) 144A 7.250%, 10/15/25(1) | 2,778 | 2,834 | |
Nordstrom, Inc. 5.000%, 1/15/44 | 720 | 671 | |
Patrick Industries, Inc. | |||
144A 7.500%, 10/15/27(1) | 1,045 | 1,113 | |
144A 4.750%, 5/1/29(1) | 1,354 | 1,347 | |
Penn National Gaming, Inc. 144A 4.125%, 7/1/29(1) | 1,118 | 1,084 | |
Prime Security Services Borrower LLC 144A 5.750%, 4/15/26(1) | 1,765 | 1,895 | |
QVC, Inc. 5.450%, 8/15/34 | 4,824 | 4,776 | |
Rent-A-Center, Inc. 144A 6.375%, 2/15/29(1) | 2,956 | 3,082 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
RHP Hotel Properties LP 4.750%, 10/15/27 | $ 1,737 | $ 1,772 | |
Royal Caribbean Cruises Ltd. | |||
144A 10.875%, 6/1/23(1) | 1,520 | 1,661 | |
144A 5.500%, 8/31/26(1) | 1,115 | 1,134 | |
Shea Homes LP | |||
144A 4.750%, 2/15/28(1) | 2,039 | 2,085 | |
144A 4.750%, 4/1/29(1) | 1,635 | 1,666 | |
Sonic Automotive, Inc. | |||
144A 4.625%, 11/15/29(1) | 1,162 | 1,173 | |
144A 4.875%, 11/15/31(1) | 1,142 | 1,153 | |
Station Casinos LLC 144A 4.625%, 12/1/31(1) | 225 | 227 | |
Tempur Sealy International, Inc. 144A 3.875%, 10/15/31(1) | 442 | 443 | |
Thor Industries, Inc. 144A 4.000%, 10/15/29(1) | 549 | 543 | |
Travel + Leisure Co. | |||
144A 6.625%, 7/31/26(1) | 1,236 | 1,370 | |
144A 4.625%, 3/1/30(1) | 1,008 | 1,013 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 1,030 | 1,121 | |
Victoria’s Secret & Co. 144A 4.625%, 7/15/29(1) | 1,770 | 1,810 | |
VOC Escrow Ltd. 144A 5.000%, 2/15/28(1) | 1,200 | 1,188 | |
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | 1,795 | 1,922 | |
Wolverine World Wide, Inc. 144A 4.000%, 8/15/29(1) | 2,540 | 2,470 | |
83,429 | |||
Consumer Staples—2.2% | |||
Performance Food Group, Inc. 144A 4.250%, 8/1/29(1) | 1,200 | 1,190 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 1,605 | 1,581 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 2,610 | 2,617 | |
Vector Group Ltd. 144A 5.750%, 2/1/29(1) | 4,881 | 4,749 | |
10,137 | |||
Energy—15.7% | |||
Antero Midstream Partners LP 144A 7.875%, 5/15/26(1) | 840 | 926 | |
Antero Resources Corp. | |||
144A 8.375%, 7/15/26(1) | 777 | 885 | |
144A 7.625%, 2/1/29(1) | 1,678 | 1,863 | |
Ascent Resources Utica Holdings LLC 144A 7.000%, 11/1/26(1) | 4,611 | 4,674 | |
California Resources Corp. 144A 7.125%, 2/1/26(1) | 1,665 | 1,730 | |
ChampionX Corp. 6.375%, 5/1/26 | 390 | 406 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 4,615 | 4,857 | |
Civitas Resources, Inc. 144A 5.000%, 10/15/26(1) | 999 | 1,009 |
Par Value | Value | ||
Energy—continued | |||
Comstock Resources, Inc. | |||
144A 7.500%, 5/15/25(1) | $ 935 | $ 964 | |
144A 5.875%, 1/15/30(1) | 262 | 269 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 1,058 | 1,082 | |
144A 5.000%, 5/1/29(1) | 1,032 | 1,071 | |
Delek Logistics Partners LP 144A 7.125%, 6/1/28(1) | 340 | 354 | |
EQM Midstream Partners LP 6.500%, 7/15/48 | 850 | 1,033 | |
EQT Corp. 7.500%, 2/1/30 | 1,695 | 2,178 | |
Harbour Energy plc 144A 5.500%, 10/15/26(1) | 1,610 | 1,598 | |
Hilcorp Energy I LP | |||
144A 6.250%, 11/1/28(1) | 3,300 | 3,469 | |
144A 6.000%, 2/1/31(1) | 1,820 | 1,879 | |
Laredo Petroleum, Inc. 144A 7.750%, 7/31/29(1) | 470 | 458 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 4,722 | 4,840 | |
Nabors Industries, Inc. | |||
144A 9.000%, 2/1/25(1) | 2,294 | 2,363 | |
144A 7.375%, 5/15/27(1) | 681 | 705 | |
New Fortress Energy, Inc. | |||
144A 6.750%, 9/15/25(1) | 5,046 | 5,096 | |
144A 6.500%, 9/30/26(1) | 2,260 | 2,243 | |
Occidental Petroleum Corp. | |||
5.875%, 9/1/25 | 1,320 | 1,455 | |
5.500%, 12/1/25 | 1,160 | 1,287 | |
5.550%, 3/15/26 | 1,330 | 1,481 | |
7.500%, 5/1/31 | 350 | 460 | |
7.875%, 9/15/31 | 332 | 443 | |
6.450%, 9/15/36 | 3,993 | 5,091 | |
6.600%, 3/15/46 | 1,030 | 1,336 | |
Oceaneering International, Inc. 4.650%, 11/15/24 | 1,229 | 1,234 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 915 | 928 | |
PDC Energy, Inc. 5.750%, 5/15/26 | 1,046 | 1,081 | |
Petroleos Mexicanos 144A 6.700%, 2/16/32(1) | 1,245 | 1,257 | |
Precision Drilling Corp. 144A 6.875%, 1/15/29(1) | 674 | 687 | |
Range Resources Corp. 8.250%, 1/15/29 | 365 | 407 | |
Rockies Express Pipeline LLC | |||
144A 4.950%, 7/15/29(1) | 1,665 | 1,773 | |
144A 7.500%, 7/15/38(1) | 1,478 | 1,668 | |
SM Energy Co. | |||
6.625%, 1/15/27 | 855 | 881 | |
6.500%, 7/15/28 | 1,285 | 1,330 | |
Southwestern Energy Co. 4.750%, 2/1/32 | 993 | 1,046 | |
Tallgrass Energy Partners LP 144A 7.500%, 10/1/25(1) | 405 | 438 | |
Talos Production, Inc. 12.000%, 1/15/26 | 665 | 697 | |
Transocean Phoenix 2 Ltd. 144A 7.750%, 10/15/24(1) | 577 | 583 |
Par Value | Value | ||
Energy—continued | |||
Transocean Proteus Ltd. 144A 6.250%, 12/1/24(1) | $ 658 | $ 648 | |
Welltec International ApS 144A 8.250%, 10/15/26(1) | 220 | 228 | |
Western Midstream Operating LP 6.500%, 2/1/50 | 1,070 | 1,265 | |
73,656 | |||
Financials—16.0% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 4,450 | 4,343 | |
Ardagh Packaging Finance plc 144A 5.250%, 4/30/25(1) | 1,530 | 1,580 | |
Castlelake Aviation Finance DAC 144A 5.000%, 4/15/27(1) | 1,225 | 1,216 | |
Cimpress plc 144A 7.000%, 6/15/26(1) | 5,130 | 5,329 | |
Compass Group Diversified Holdings LLC | |||
144A 5.250%, 4/15/29(1) | 1,315 | 1,377 | |
144A 5.000%, 1/15/32(1) | 235 | 241 | |
Domtar Corp. 144A 6.750%, 10/1/28(1) | 660 | 677 | |
Enact Holdings, Inc. 144A 6.500%, 8/15/25(1) | 1,478 | 1,615 | |
Freedom Mortgage Corp. | |||
144A 8.125%, 11/15/24(1) | 715 | 724 | |
144A 8.250%, 4/15/25(1) | 310 | 317 | |
144A 7.625%, 5/1/26(1) | 3,976 | 4,061 | |
144A 6.625%, 1/15/27(1) | 680 | 665 | |
Gray Escrow II, Inc. 144A 5.375%, 11/15/31(1) | 464 | 477 | |
GYP Holdings III Corp. 144A 4.625%, 5/1/29(1) | 1,329 | 1,332 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 4.875%, 7/1/31(1) | 930 | 930 | |
Icahn Enterprises LP 5.250%, 5/15/27 | 2,690 | 2,766 | |
ILFC E-Capital Trust I (3 month LIBOR + 1.550%) 144A 3.370%, 12/21/65(1)(3) | 1,390 | 1,147 | |
Iliad Holding SASU | |||
144A 6.500%, 10/15/26(1) | 1,135 | 1,193 | |
144A 7.000%, 10/15/28(1) | 1,135 | 1,194 | |
Jefferies Finance LLC 144A 5.000%, 8/15/28(1) | 895 | 917 | |
LCPR Senior Secured Financing DAC 144A 5.125%, 7/15/29(1) | 1,035 | 1,040 | |
LD Holdings Group LLC 144A 6.125%, 4/1/28(1) | 5,738 | 5,408 | |
Markel Corp. 6.000% (4) | 1,000 | 1,096 | |
MGIC Investment Corp. 5.250%, 8/15/28 | 2,123 | 2,229 | |
Midcap Financial Issuer Trust | |||
144A 6.500%, 5/1/28(1) | 1,080 | 1,126 | |
144A 5.625%, 1/15/30(1) | 1,115 | 1,118 | |
MPH Acquisition Holdings LLC 144A 5.500%, 9/1/28(1) | 629 | 638 | |
Nationstar Mortgage Holdings, Inc. 144A 6.000%, 1/15/27(1) | 2,964 | 3,088 |
Par Value | Value | ||
Financials—continued | |||
New Residential Investment Corp. 144A 6.250%, 10/15/25(1) | $ 5,333 | $ 5,357 | |
PennyMac Financial Services, Inc. | |||
144A 5.375%, 10/15/25(1) | 1,151 | 1,183 | |
144A 4.250%, 2/15/29(1) | 1,803 | 1,733 | |
144A 5.750%, 9/15/31(1) | 230 | 232 | |
Petrobras Global Finance B.V. 5.500%, 6/10/51 | 820 | 761 | |
PRA Group, Inc. | |||
144A 7.375%, 9/1/25(1) | 1,140 | 1,211 | |
144A 5.000%, 10/1/29(1) | 1,340 | 1,343 | |
Ritchie Bros Holdings, Inc. 144A 4.750%, 12/15/31(1) | 526 | 549 | |
Rocket Mortgage LLC 144A 3.875%, 3/1/31(1) | 1,120 | 1,137 | |
SCIL IV LLC 144A 5.375%, 11/1/26(1) | 1,140 | 1,170 | |
Summit Midstream Holdings LLC 144A 8.500%, 10/15/26(1) | 1,078 | 1,123 | |
Toll Brothers Finance Corp. 4.350%, 2/15/28 | 1,010 | 1,106 | |
Transocean Pontus Ltd. 144A 6.125%, 8/1/25(1) | 745 | 728 | |
United Wholesale Mortgage LLC | |||
144A 5.500%, 11/15/25(1) | 1,520 | 1,548 | |
144A 5.750%, 6/15/27(1) | 971 | 973 | |
144A 5.500%, 4/15/29(1) | 4,598 | 4,512 | |
Vmed O2 UK Financing I plc 144A 4.750%, 7/15/31(1) | 2,325 | 2,354 | |
74,864 | |||
Health Care—5.2% | |||
Community Health Systems, Inc. 144A 8.000%, 3/15/26(1) | 1,010 | 1,062 | |
DaVita, Inc. | |||
144A 4.625%, 6/1/30(1) | 2,320 | 2,375 | |
144A 3.750%, 2/15/31(1) | 3,755 | 3,659 | |
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 4,028 | 3,866 | |
HealthEquity, Inc. 144A 4.500%, 10/1/29(1) | 1,715 | 1,698 | |
Owens & Minor, Inc. 144A 4.500%, 3/31/29(1) | 1,590 | 1,630 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 1,801 | 1,840 | |
Tenet Healthcare Corp. | |||
144A 6.125%, 10/1/28(1) | 3,235 | 3,417 | |
144A 4.375%, 1/15/30(1) | 810 | 820 | |
144A 7.500%, 4/1/25(1) | 2,075 | 2,184 | |
Teva Pharmaceutical Finance Netherlands III B.V. 7.125%, 1/31/25 | 1,160 | 1,241 | |
Varex Imaging Corp. 144A 7.875%, 10/15/27(1) | 684 | 760 | |
24,552 | |||
Industrials—7.3% | |||
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | 1,965 | 2,424 | |
144A 5.500%, 4/20/26(1) | 3,293 | 3,424 |
Par Value | Value | ||
Industrials—continued | |||
APi Escrow Corp. 144A 4.750%, 10/15/29(1) | $ 540 | $ 551 | |
APi Group DE, Inc. 144A 4.125%, 7/15/29(1) | 1,225 | 1,231 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 880 | 876 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 144A 6.000%, 2/1/26(1) | 1,848 | 1,922 | |
Danaos Corp. 144A 8.500%, 3/1/28(1) | 775 | 849 | |
Delta Air Lines, Inc. 7.375%, 1/15/26 | 2,269 | 2,671 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 1,110 | 1,160 | |
Hertz Corp. (The) | |||
144A 4.625%, 12/1/26(1) | 920 | 926 | |
144A 5.000%, 12/1/29(1) | 930 | 931 | |
Manitowoc Co., Inc. (The) 144A 9.000%, 4/1/26(1) | 1,090 | 1,147 | |
Roller Bearing Co. of America, Inc. 144A 4.375%, 10/15/29(1) | 535 | 546 | |
Rolls-Royce plc 144A 5.750%, 10/15/27(1) | 940 | 1,039 | |
Seaspan Corp. 144A 5.500%, 8/1/29(1) | 1,145 | 1,156 | |
Spirit Loyalty Cayman Ltd. 144A 8.000%, 9/20/25(1) | 594 | 656 | |
Terex Corp. 144A 5.000%, 5/15/29(1) | 1,080 | 1,110 | |
TMS International Corp. 144A 6.250%, 4/15/29(1) | 2,356 | 2,344 | |
TransDigm, Inc. 5.500%, 11/15/27 | 825 | 850 | |
Uber Technologies, Inc. 144A 8.000%, 11/1/26(1) | 3,015 | 3,211 | |
Univar Solutions USA, Inc. 144A 5.125%, 12/1/27(1) | 1,284 | 1,340 | |
US Acute Care Solutions LLC 144A 6.375%, 3/1/26(1) | 2,355 | 2,467 | |
Wabash National Corp. 144A 4.500%, 10/15/28(1) | 1,235 | 1,247 | |
34,078 | |||
Information Technology—3.2% | |||
Elastic N.V. 144A 4.125%, 7/15/29(1) | 2,403 | 2,377 | |
Fair Isaac Corp. 144A 4.000%, 6/15/28(1) | 222 | 228 | |
II-VI, Inc. 144A 5.000%, 12/15/29(1) | 553 | 565 | |
LD Holdings Group LLC 144A 6.500%, 11/1/25(1) | 1,090 | 1,075 | |
NCR Corp. | |||
144A 5.000%, 10/1/28(1) | 2,009 | 2,069 | |
144A 5.125%, 4/15/29(1) | 4,655 | 4,819 | |
Open Text Corp. 144A 3.875%, 12/1/29(1) | 290 | 294 | |
Plantronics, Inc. 144A 4.750%, 3/1/29(1)(2) | 1,020 | 973 |
Par Value | Value | ||
Information Technology—continued | |||
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | $ 1,504 | $ 1,542 | |
Seagate HDD Cayman 5.750%, 12/1/34(2) | 1,039 | 1,197 | |
15,139 | |||
Materials—2.8% | |||
Allegheny Ludlum LLC 6.950%, 12/15/25 | 633 | 692 | |
Cleveland-Cliffs, Inc. 6.250%, 10/1/40(2) | 794 | 858 | |
HB Fuller Co. 4.250%, 10/15/28 | 1,105 | 1,138 | |
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 4,585 | 4,797 | |
Sealed Air Corp. 144A 5.500%, 9/15/25(1) | 1,988 | 2,199 | |
Summit Materials LLC 144A 6.500%, 3/15/27(1) | 660 | 685 | |
Sylvamo Corp. 144A 7.000%, 9/1/29(1) | 840 | 878 | |
TriMas Corp. 144A 4.125%, 4/15/29(1) | 1,215 | 1,218 | |
Trinseo Materials Operating SCA 144A 5.125%, 4/1/29(1) | 207 | 211 | |
Warrior Met Coal, Inc. 144A 7.875%, 12/1/28(1) | 539 | 552 | |
13,228 | |||
Real Estate—3.3% | |||
American Finance Trust, Inc. 144A 4.500%, 9/30/28(1) | 1,100 | 1,108 | |
Brookfield Property REIT, Inc. | |||
144A 5.750%, 5/15/26(1) | 3,777 | 3,909 | |
144A 4.500%, 4/1/27(1) | 4,565 | 4,479 | |
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 3,608 | 3,617 | |
Howard Hughes Corp. (The) 144A 4.125%, 2/1/29(1) | 827 | 838 | |
Realogy Group LLC 144A 9.375%, 4/1/27(1) | 529 | 571 | |
XHR LP 144A 4.875%, 6/1/29(1) | 1,098 | 1,117 | |
15,639 | |||
Utilities—1.6% | |||
DCP Midstream Operating LP | |||
5.375%, 7/15/25 | 3,860 | 4,217 | |
144A 6.450%, 11/3/36(1) | 306 | 401 | |
Leeward Renewable Energy Operations LLC 144A 4.250%, 7/1/29(1) | 905 | 914 | |
PG&E Corp. | |||
5.000%, 7/1/28 | 1,210 | 1,273 |
Par Value | Value | ||
Utilities—continued | |||
5.250%, 7/1/30 | $ 703 | $ 737 | |
7,542 | |||
Total Corporate Bonds and Notes (Identified Cost $417,125) | 420,922 | ||
Leveraged Loans—3.2% | |||
Aerospace—1.3% | |||
American Airlines, Inc. Tranche B-1 (3 month LIBOR + 4.750%) 5.500%, 4/20/28(3) | 1,100 | 1,138 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 4.750%, 10/20/27(3) | 1,000 | 1,056 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(3) | 3,789 | 3,991 | |
6,185 | |||
Energy—0.4% | |||
BCP Raptor II LLC (3 month LIBOR + 4.750%) 4.854%, 11/3/25(3) | 813 | 809 | |
BCP Raptor LLC (3 month LIBOR + 4.250%) 5.250%, 6/24/24(3) | 813 | 811 | |
1,620 | |||
Financial—0.0% | |||
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%) 8.250%, 6/30/22(3)(5) | 292 | 57 | |
Gaming / Leisure—0.4% | |||
Golden Nugget, Inc. First Lien (1 month LIBOR + 2.500%) 3.250%, 10/4/23(3) | 1,977 | 1,963 | |
Health Care—0.2% | |||
Cano Health LLC (3 month LIBOR + 4.500%) 5.250%, 11/23/27(3) | 769 | 768 | |
Information Technology—0.2% | |||
SolarWinds Holdings, Inc. 2018 (1 month LIBOR + 2.750%) 2.854%, 2/5/24(3) | 982 | 967 | |
Service—0.2% | |||
Signal Parent, Inc. (1 month LIBOR + 3.500%) 4.250%, 4/3/28(3) | 995 | 965 | |
Utility—0.5% | |||
PG&E Corp. Tranche B (3 month LIBOR + 3.000%) 3.500%, 6/23/25(3) | 2,415 | 2,386 | |
Total Leveraged Loans (Identified Cost $15,065) | 14,911 | ||
Shares | Value | ||
Preferred Stock—0.0% | |||
Consumer Discretionary—0.0% | |||
Qurate Retail, Inc., 8.000% | 957 | $ 99 | |
Total Preferred Stock (Identified Cost $98) | 99 | ||
Par Value | ||
Convertible Bonds and Notes—0.5% | ||
Communication Services—0.5% | ||
DISH Network Corp. 3.375%, 8/15/26 | $ 1,055 | 999 |
Liberty Interactive LLC 4.000%, 11/15/29 | 1,250 | 937 |
Twitter, Inc. 144A 0.000%, 3/15/26(1) | 745 | 667 |
2,603 | ||
Total Convertible Bonds and Notes (Identified Cost $2,689) | 2,603 | |
Total Long-Term Investments—93.5% (Identified Cost $434,977) | 438,535 | |
Shares | ||
Short-Term Investment—3.9% | ||
Money Market Mutual Fund—3.9% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6) | 17,997,419 | 17,997 |
Total Short-Term Investment (Identified Cost $17,997) | 17,997 | |
Securities Lending Collateral—0.7% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6)(7) | 3,370,007 | 3,370 |
Total Securities Lending Collateral (Identified Cost $3,370) | 3,370 | |
TOTAL INVESTMENTS—98.1% (Identified Cost $456,344) | $459,902 | |
Other assets and liabilities, net—1.9% | 9,031 | |
NET ASSETS—100.0% | $468,933 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
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, 2021, these securities amounted to a value of $340,719 or 72.7% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | Variable rate security. Rate disclosed is as of December 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(4) | No contractual maturity date. |
(5) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(6) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(7) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 90% |
Netherlands | 2 |
Ireland | 1 |
United Kingdom | 1 |
Panama | 1 |
Luxembourg | 1 |
France | 1 |
Other | 3 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Corporate Bonds and Notes | $420,922 | $ — | $420,922 | ||
Leveraged Loans | 14,911 | — | 14,911 | ||
Convertible Bonds and Notes | 2,603 | — | 2,603 | ||
Equity Securities: | |||||
Preferred Stock | 99 | 99 | — | ||
Securities Lending Collateral | 3,370 | 3,370 | — | ||
Money Market Mutual Fund | 17,997 | 17,997 | — | ||
Total Investments | $459,902 | $21,466 | $438,436 |
Par Value | Value | ||
Municipal Bonds(1)—99.8% | |||
Alabama—0.7% | |||
Jefferson County, Sales Tax Revenue 5.000%, 9/15/33 | $ 1,500 | $ 1,803 | |
Arizona—4.6% | |||
Salt River Project Agricultural Improvement & Power District Revenue | |||
5.000%, 1/1/26 | 500 | 588 | |
5.000%, 1/1/27 | 5,410 | 6,565 | |
5.000%, 1/1/28 | 1,000 | 1,246 | |
5.000%, 12/1/32 | 3,020 | 3,461 | |
11,860 | |||
California—13.5% | |||
California County Tobacco Securitization Agency Revenue | |||
5.000%, 6/1/24 | 100 | 111 | |
5.000%, 6/1/25 | 200 | 230 | |
5.000%, 6/1/27 | 100 | 122 | |
5.000%, 6/1/28 | 100 | 125 | |
California State Public Works Board | |||
5.000%, 2/1/27 | 3,000 | 3,641 | |
5.000%, 8/1/27 | 4,000 | 4,860 | |
5.000%, 8/1/31 | 3,000 | 3,975 | |
5.000%, 8/1/34 | 2,750 | 3,609 | |
5.000%, 8/1/35 | 1,500 | 1,965 | |
California, State of, | |||
General Obligation 5.000%, 9/1/27 | 1,250 | 1,546 | |
General Obligation 5.000%, 4/1/37 | 4,000 | 4,387 | |
City of Vernon CA Electric System Revenue | |||
5.000%, 8/1/39 | 450 | 565 | |
5.000%, 8/1/40 | 365 | 458 | |
5.000%, 8/1/41 | 400 | 501 | |
East Bay Municipal Utility District Water System Revenue 5.000%, 6/1/33 | 1,940 | 2,377 | |
University of California | |||
5.000%, 5/15/26 | 1,000 | 1,176 | |
5.000%, 5/15/27 | 2,000 | 2,419 | |
5.000%, 5/15/29 | 2,000 | 2,545 | |
34,612 | |||
Colorado—2.6% | |||
E-470 Public Highway Authority 5.000%, 9/1/40 | 1,500 | 1,667 | |
Pueblo County School District No. 70, | |||
General Obligation (State AID Withholding Insured) 4.000%, 12/1/27 | 1,000 | 1,186 | |
General Obligation (State AID Withholding Insured) 4.000%, 12/1/28 | 1,340 | 1,619 | |
Regional Transportation District | |||
Sales Tax Revenue 5.000%, 1/15/27 | 900 | 1,071 | |
Sales Tax Revenue 5.000%, 7/15/27 | 1,025 | 1,235 | |
6,778 | |||
Par Value | Value | ||
Connecticut—2.7% | |||
Connecticut State Health & Educational Facilities Authority Revenue 4.000%, 7/1/40 | $ 1,000 | $ 1,160 | |
Connecticut, State of, | |||
General Obligation 5.000%, 7/15/28 | 1,500 | 1,886 | |
General Obligation 4.000%, 1/15/38 | 3,250 | 3,950 | |
6,996 | |||
District of Columbia—1.3% | |||
District of Columbia, General Obligation 5.000%, 6/1/31 | 2,825 | 3,398 | |
Florida—0.6% | |||
Florida Municipal Power Agency Revenue | |||
3.000%, 10/1/32 | 750 | 826 | |
3.000%, 10/1/33 | 750 | 823 | |
1,649 | |||
Georgia—0.4% | |||
Atlanta, City of, Department of Aviation Revenue 5.000%, 1/1/28 | 1,000 | 1,092 | |
Hawaii—0.1% | |||
Hawaii, State of, | |||
General Obligation (Pre-Refunded 11/1/22 @ 100) 5.000%, 11/1/29 | 60 | 63 | |
General Obligation (Pre-Refunded 11/1/22 @ 100) 5.000%, 11/1/29 | 160 | 166 | |
229 | |||
Illinois—4.3% | |||
Chicago O’Hare International Airport Revenue, | |||
Senior Lien 5.000%, 1/1/26 | 2,300 | 2,672 | |
Senior Lien 5.000%, 1/1/29 | 1,595 | 2,009 | |
Senior Lien 5.000%, 1/1/30 | 1,500 | 1,928 | |
Senior Lien 4.000%, 1/1/35 | 1,000 | 1,186 | |
Illinois Finance Authority Revenue 5.000%, 7/1/28 | 2,605 | 3,143 | |
10,938 | |||
Indiana—2.6% | |||
Crown Point Multi School Building Corp. (State Intercept Insured) 5.000%, 1/15/28 | 3,475 | 4,287 | |
MSD of Wash Township School Building Corp. (State Intercept Insured) 5.000%, 1/15/28 | 2,000 | 2,460 | |
6,747 | |||
Maryland—5.3% | |||
Anne Arundel County, General Obligation 5.000%, 10/1/30 | 2,615 | 3,126 |
Par Value | Value | ||
Maryland—continued | |||
Maryland, State of, | |||
General Obligation 5.000%, 3/1/27 | $ 2,000 | $ 2,442 | |
General Obligation 5.000%, 3/15/31 | 3,500 | 4,359 | |
Washington Suburban Sanitary Commission Revenue (CNTY GTD Insured) 5.000%, 6/15/30 | 3,000 | 3,663 | |
13,590 | |||
Massachusetts—1.1% | |||
Massachusetts Water Resources Authority Revenue | |||
5.000%, 8/1/38 | 930 | 1,236 | |
5.000%, 8/1/39 | 1,120 | 1,485 | |
2,721 | |||
Minnesota—6.2% | |||
Edina Independent School District No. 273, General Obligation (SD CRED PROG Insured) 5.000%, 2/1/30 | 4,700 | 5,337 | |
Minnesota, State of, | |||
General Obligation, Series 2015-A 5.000%, 8/1/29 | 4,000 | 4,637 | |
General Obligation, Series 2016-A 5.000%, 8/1/29 | 5,000 | 5,974 | |
15,948 | |||
Mississippi—2.4% | |||
Mississippi, State of, | |||
General Obligation 5.000%, 10/1/36 | 3,000 | 3,761 | |
General Obligation 4.000%, 10/1/37 | 2,000 | 2,368 | |
6,129 | |||
New Jersey—1.2% | |||
New Jersey, State of, Sales Tax Revenue 5.000%, 6/1/29 | 1,250 | 1,587 | |
New Jersey Transportation Trust Fund Authority Revenue 5.000%, 6/15/25 | 1,200 | 1,374 | |
2,961 | |||
New York—7.9% | |||
Monroe County Industrial Development Corp. | |||
5.000%, 12/1/26 | 700 | 836 | |
5.000%, 12/1/27 | 1,200 | 1,469 | |
5.000%, 12/1/29 | 725 | 927 | |
5.000%, 12/1/30 | 500 | 652 | |
New York City Transitional Finance Authority Future Tax Secured Revenue 5.000%, 2/1/30 | 6,400 | 6,423 | |
New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue 5.000%, 2/1/28 | 4,000 | 4,376 | |
New York Liberty Development Corp. | |||
3.000%, 2/15/42 | 1,000 | 1,058 | |
4.000%, 2/15/43 | 1,500 | 1,751 |
Par Value | Value | ||
New York—continued | |||
New York State Dormitory Authority, Sales Tax Revenue 5.000%, 3/15/28 | $ 2,500 | $ 2,747 | |
20,239 | |||
North Carolina—1.0% | |||
County of Mecklenburg, General Obligation 5.000%, 3/1/28 | 2,000 | 2,512 | |
North Dakota—1.3% | |||
North Dakota Public Finance Authority Revenue 5.000%, 10/1/28 | 3,000 | 3,366 | |
Ohio—5.4% | |||
Ohio, State of, | |||
4.000%, 1/15/39 | 2,150 | 2,460 | |
General Obligation 5.000%, 2/1/29 | 1,000 | 1,281 | |
General Obligation 5.000%, 3/1/29 | 800 | 1,027 | |
General Obligation 5.000%, 6/15/32 | 7,735 | 9,070 | |
13,838 | |||
Oklahoma—0.4% | |||
Oklahoma Water Resources Board 5.000%, 4/1/28 | 850 | 1,065 | |
Oregon—2.3% | |||
Hillsboro School District No. 1J, General Obligation (SCH BD GTY Insured) 5.000%, 6/15/31 | 1,000 | 1,223 | |
Oregon Health & Science University 5.000%, 7/1/46 | 2,000 | 2,563 | |
Portland, Port of, Airport Revenue | |||
5.000%, 7/1/26 | 750 | 885 | |
5.000%, 7/1/30 | 1,000 | 1,185 | |
5,856 | |||
Pennsylvania—2.5% | |||
Lancaster County Hospital Authority Revenue 5.000%, 11/1/37 | 580 | 727 | |
Lancaster County Hospital Authority Revenue 5.000%, 11/1/40 | 1,100 | 1,372 | |
Pennsylvania Higher Educational Facilities Authority | |||
5.000%, 8/15/28 | 650 | 793 | |
5.000%, 8/15/29 | 600 | 746 | |
4.000%, 8/15/36 | 1,250 | 1,480 | |
4.000%, 8/15/40 | 1,180 | 1,385 | |
6,503 | |||
Tennessee—1.4% | |||
Tennessee, State of, General Obligation 5.000%, 9/1/30 | 3,005 | 3,703 | |
Texas—14.2% | |||
Austin, City of, General Obligation 5.000%, 9/1/28 | 1,150 | 1,459 |
Par Value | Value | ||
Texas—continued | |||
Brazosport Independent School District | |||
General Obligation (PSF-GTD Insured) 5.000%, 2/15/27 | $ 1,400 | $ 1,699 | |
General Obligation (PSF-GTD Insured) 5.000%, 2/15/28 | 1,080 | 1,344 | |
Central Texas Regional Mobility Authority Revenue | |||
5.000%, 1/1/27 | 1,075 | 1,248 | |
5.000%, 1/1/30 | 500 | 640 | |
5.000%, 1/1/31 | 500 | 653 | |
Senior Lien 5.000%, 1/1/29 | 500 | 628 | |
Senior Lien 5.000%, 1/1/30 | 1,300 | 1,665 | |
Comal Independent School District General Obligation (PSF-GTD Insured) 5.000%, 2/1/26 | 1,000 | 1,178 | |
Cypress-Fairbanks Independent School District | |||
General Obligation (PSF-GTD Insured) 5.000%, 2/15/27 | 1,500 | 1,820 | |
General Obligation (PSF-GTD Insured) 5.000%, 2/15/28 | 1,500 | 1,867 | |
Dallas, City of, Waterworks & Sewer System Revenue 5.000%, 10/1/31 | 6,845 | 8,212 | |
Eagle Mountain & Saginaw Independent School District, | |||
General Obligation (PSF-GTD Insured) 5.000%, 8/15/27 | 1,250 | 1,538 | |
General Obligation (PSF-GTD Insured) 5.000%, 8/15/28 | 1,000 | 1,261 | |
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Revenue 4.500%, 6/1/30 | 1,040 | 1,298 | |
North Texas Municipal Water District Water System Revenue 5.000%, 9/1/31 | 500 | 629 | |
Northwest Independent School District, General Obligation (PSF-GTD Insured) 5.000%, 2/15/27 | 2,600 | 2,971 | |
San Antonio, City of, Electric & Gas Systems Revenue 5.000%, 2/1/26 | 1,000 | 1,175 | |
Texas Water Development Board Revenue 5.000%, 4/15/26 | 900 | 1,068 | |
Texas, State of, General Obligation 5.000%, 8/1/27 | 2,540 | 2,835 | |
Wichita Falls Independent School District, General Obligation (PSF-GTD Insured) 4.000%, 2/1/29 | 1,000 | 1,205 | |
36,393 | |||
Virginia—2.7% | |||
County of Fairfax, General Obligation (State AID Withholding Insured) 5.000%, 10/1/28 | 1,000 | 1,273 | |
Virginia College Building Authority Revenue 5.000%, 2/1/29 | 4,750 | 5,557 | |
6,830 | |||
Washington—8.9% | |||
Energy Northwest Revenue | |||
5.000%, 7/1/33 | 1,570 | 1,910 |
Par Value | Value | ||
Washington—continued | |||
5.000%, 7/1/34 | $ 8,000 | $ 9,154 | |
University of Washington | |||
5.000%, 4/1/27 | 700 | 854 | |
5.000%, 4/1/28 | 2,000 | 2,504 | |
Washington, State of, | |||
General Obligation 5.000%, 8/1/29 | 2,045 | 2,511 | |
General Obligation 5.000%, 2/1/30 | 5,000 | 5,863 | |
22,796 | |||
Wisconsin—2.2% | |||
Public Finance Authority | |||
5.000%, 6/1/27 | 300 | 365 | |
5.000%, 6/1/28 | 500 | 624 | |
5.000%, 6/1/29 | 700 | 892 | |
5.000%, 6/1/30 | 1,000 | 1,300 | |
Wisconsin, State of, General Obligation 5.000%, 5/1/27 | 2,000 | 2,448 | |
5,629 | |||
Total Municipal Bonds (Identified Cost $248,814) | 256,181 | ||
Total Long-Term Investments—99.8% (Identified Cost $248,814) | 256,181 | ||
Shares | ||
Short-Term Investment—11.9% | ||
Money Market Mutual Fund—11.9% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 30,652,641 | 30,653 |
Total Short-Term Investment (Identified Cost $30,653) | 30,653 | |
TOTAL INVESTMENTS—111.7% (Identified Cost $279,467) | $286,834 | |
Other assets and liabilities, net—(11.7)% | (30,070) | |
NET ASSETS—100.0% | $256,764 |
Abbreviations: | |
CNTY GTD | County Guarantee Program |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
SD CRED PROG | State Credit Enhancement Program |
Footnote Legend: | |
(1) | At December 31, 2021, 12.5% 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, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $256,181 | $ — | $256,181 | ||
Money Market Mutual Fund | 30,653 | 30,653 | — | ||
Total Investments | $286,834 | $30,653 | $256,181 |
Par Value | Value | ||
U.S. Government Securities—61.1% | |||
U.S. Treasury Notes | |||
0.125%, 8/15/23 | $ 933 | $ 925 | |
0.125%, 12/15/23 | 1,642 | 1,623 | |
0.375%, 4/15/24 | 2,220 | 2,198 | |
0.375%, 8/15/24 | 2,320 | 2,289 | |
1.000%, 12/15/24 | 392 | 393 | |
Total U.S. Government Securities (Identified Cost $7,486) | 7,428 | ||
Mortgage-Backed Securities—11.4% | |||
Agency—5.5% | |||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates KJ27, A1 2.092%, 7/25/24 | 103 | 104 | |
Federal Home Loan Mortgage Corp. REMIC | |||
4309, B 3.000%, 8/15/39 | 15 | 15 | |
4612, HA 2.500%, 5/15/41 | 17 | 17 | |
Federal National Mortgage Association REMIC | |||
2014-74, AE 3.000%, 9/25/40 | 85 | 87 | |
2017-33, DA 3.500%, 7/25/43 | 31 | 31 | |
2018-76, NA 3.500%, 7/25/43 | 232 | 236 | |
Government National Mortgage Association II 2013-23, VU 2.500%, 11/20/42 | 174 | 178 | |
668 | |||
Non-Agency—5.9% | |||
BWAY Mortgage Trust 2013-1515, A1 144A 2.809%, 3/10/33(1) | 133 | 136 | |
COMM Mortgage Trust | |||
2013-WWP, D 144A 3.898%, 3/10/31(1) | 170 | 175 | |
2012-CR2, A3 144A 2.841%, 8/15/45(1) | 87 | 87 | |
2012-CR5, A3 2.540%, 12/10/45 | 71 | 72 | |
2013-CR7, A4 3.213%, 3/10/46 | 110 | 112 | |
FRESB Mortgage Trust 2016-SB17, A5H (1 month LIBOR + 0.700%) 0.794%, 5/25/36(2) | 29 | 29 | |
Goldman Sachs Mortgage Securities Corp. II 2012-BWTR, A 144A 2.954%, 11/5/34(1) | 100 | 101 | |
712 | |||
Total Mortgage-Backed Securities (Identified Cost $1,374) | 1,380 | ||
Asset-Backed Securities—4.7% | |||
Automobiles—1.0% | |||
Volkswagen Auto Loan Enhanced Trust 2021-1, A3 1.020%, 6/22/26 | 125 | 125 |
Par Value | Value | ||
Credit Card—1.8% | |||
CARDS II Trust 2021-1A, A 144A 0.602%, 4/15/27(1) | $ 150 | $ 148 | |
Discover Card Execution Note Trust 2019-A3, A 1.890%, 10/15/24 | 65 | 66 | |
214 | |||
Other—1.1% | |||
CenterPoint Energy Transition Bond Co. IV LLC 2012-1, A3 3.028%, 10/15/25 | 130 | 134 | |
Student Loan—0.8% | |||
SLM Student Loan Trust 2005-7, A4 (3 month LIBOR + 0.150%) 0.274%, 10/25/29(2) | 97 | 96 | |
Total Asset-Backed Securities (Identified Cost $571) | 569 | ||
Corporate Bonds and Notes—25.9% | |||
Communication Services—2.3% | |||
AT&T, Inc. 0.900%, 3/25/24 | 282 | 281 | |
Consumer Discretionary—1.2% | |||
Hyatt Hotels Corp. 1.800%, 10/1/24 | 84 | 84 | |
Ralph Lauren Corp. 1.700%, 6/15/22 | 61 | 61 | |
145 | |||
Consumer Staples—0.9% | |||
7-Eleven, Inc. 144A 0.800%, 2/10/24(1) | 107 | 106 | |
Energy—4.5% | |||
Continental Resources, Inc. 144A 2.268%, 11/15/26(1) | 126 | 125 | |
HollyFrontier Corp. 2.625%, 10/1/23 | 119 | 121 | |
Pioneer Natural Resources Co. 0.750%, 1/15/24 | 179 | 177 | |
Williams Cos., Inc. (The) 4.300%, 3/4/24 | 116 | 122 | |
545 | |||
Financials—7.6% | |||
AerCap Ireland Capital DAC 1.650%, 10/29/24 | 265 | 265 | |
Daimler Trucks Finance North America LLC 144A 1.625%, 12/13/24(1) | 195 | 196 | |
General Motors Financial Co., Inc. 1.700%, 8/18/23 | 125 | 126 | |
Goldman Sachs Group, Inc. (The) 0.657%, 9/10/24 | 205 | 203 |
Par Value | Value | ||
Financials—continued | |||
State Street Corp. 2.825%, 3/30/23 | $ 135 | $ 136 | |
926 | |||
Health Care—1.9% | |||
AbbVie, Inc. 2.300%, 11/21/22 | 117 | 119 | |
Bristol-Myers Squibb Co. 2.600%, 5/16/22 | 104 | 105 | |
224 | |||
Industrials—6.5% | |||
Boeing Co. (The) 4.508%, 5/1/23 | 378 | 395 | |
Canadian Pacific Railway Co. 1.350%, 12/2/24 | 232 | 232 | |
Park Aerospace Holdings Ltd. 144A 4.500%, 3/15/23(1) | 162 | 167 | |
794 | |||
Utilities—1.0% | |||
Pacific Gas and Electric Co. 1.750%, 6/16/22 | 123 | 123 | |
Total Corporate Bonds and Notes (Identified Cost $3,127) | 3,144 | ||
Total Long-Term Investments—103.1% (Identified Cost $12,558) | 12,521 | ||
Shares | ||
Short-Term Investment—0.6% | ||
Money Market Mutual Fund—0.6% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 76,775 | 77 |
Total Short-Term Investment (Identified Cost $77) | 77 | |
TOTAL INVESTMENTS—103.7% (Identified Cost $12,635) | $12,598 | |
Other assets and liabilities, net—(3.7)% | (452) | |
NET ASSETS—100.0% | $12,146 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
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, 2021, these securities amounted to a value of $1,241 or 10.2% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2021. 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% |
Canada | 3 |
Ireland | 2 |
Cayman Islands | 1 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $ 569 | $— | $ 569 | ||
Corporate Bonds and Notes | 3,144 | — | 3,144 | ||
Mortgage-Backed Securities | 1,380 | — | 1,380 | ||
U.S. Government Securities | 7,428 | — | 7,428 | ||
Money Market Mutual Fund | 77 | 77 | — | ||
Total Investments | $12,598 | $77 | $12,521 |
Par Value | Value | ||
Municipal Bonds(1)—94.0% | |||
Arizona—12.0% | |||
Arizona State University 0.100%, 7/1/34(2) | $ 350 | $ 350 | |
Salt River Project Agricultural Improvement & Power District Revenue 5.000%, 1/1/26 | 500 | 589 | |
939 | |||
California—7.1% | |||
California County Tobacco Securitization Agency Revenue 5.000%, 6/1/26 | 100 | 119 | |
California, State of, General Obligation 5.000%, 12/1/27 | 350 | 436 | |
555 | |||
Colorado—5.1% | |||
Colorado, City of, Springs Co. Utilities System Revenue 0.080%, 11/1/41(2) | 400 | 400 | |
Connecticut—5.2% | |||
Connecticut, State of, Special Tax Revenue 5.000%, 5/1/22 | 400 | 406 | |
Georgia—11.5% | |||
Atlanta, City of, Department of Aviation Revenue 5.000%, 1/1/28 | 250 | 273 | |
Forsyth County School District General Obligation 5.000%, 2/1/26 | 250 | 295 | |
Private Colleges & Universities Authority 5.000%, 4/1/27 | 275 | 333 | |
901 | |||
New Jersey—11.9% | |||
New Jersey, State of, General Obligation 5.000%, 6/1/26 | 500 | 591 | |
New Jersey Transportation Trust Fund Authority Revenue 5.000%, 6/15/25 | 300 | 344 | |
935 | |||
New York—7.4% | |||
Monroe County Industrial Development Corp. 5.000%, 12/1/26 | 300 | 358 | |
New York City Water & Sewer System Revenue 5.000%, 6/15/25 | 200 | 218 | |
576 | |||
North Carolina—4.5% | |||
Charlotte, City of, Water & Sewer System Revenue 0.100%, 7/1/36(2) | 350 | 350 | |
Texas—24.6% | |||
Carrollton-Farmers Branch Independent School District General Obligation (PSF-GTD Insured) 5.000%, 2/15/22 | 250 | 251 |
Par Value | Value | ||
Texas—continued | |||
Central Texas Regional Mobility Authority Revenue 5.000%, 1/1/27 | $ 175 | $ 203 | |
North Texas Tollway Authority, | |||
Toll Highway Revenue 5.000%, 1/1/25 | 625 | 654 | |
Toll Highway Revenue 5.000%, 1/1/26 | 500 | 523 | |
Texas Water Development Board Revenue 5.000%, 4/15/26 | 250 | 297 | |
1,928 | |||
Washington—4.7% | |||
University of Washington 5.000%, 4/1/27 | 300 | 366 | |
Total Municipal Bonds (Identified Cost $7,267) | 7,356 | ||
Total Long-Term Investments—94.0% (Identified Cost $7,267) | 7,356 | ||
Shares | ||
Short-Term Investment—5.3% | ||
Money Market Mutual Fund—5.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 417,310 | 417 |
Total Short-Term Investment (Identified Cost $417) | 417 | |
TOTAL INVESTMENTS—99.3% (Identified Cost $7,684) | $7,773 | |
Other assets and liabilities, net—0.7% | 52 | |
NET ASSETS—100.0% | $7,825 |
Abbreviation: | |
PSF-GTD | Permanent School Fund Guarantee Program |
Footnote Legend: | |
(1) | At December 31, 2021, 3.2% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $7,356 | $ — | $7,356 | ||
Money Market Mutual Fund | 417 | 417 | — | ||
Total Investments | $7,773 | $417 | $7,356 |
Par Value | Value | ||
U.S. Government Securities—47.5% | |||
U.S. Treasury Bonds 2.000%, 8/15/51 | $ 31,386 | $ 31,994 | |
U.S. Treasury Notes | |||
1.750%, 5/31/22(1) | 24,000 | 24,156 | |
1.375%, 6/30/23 | 45,330 | 45,868 | |
0.125%, 12/15/23 | 8,093 | 8,000 | |
0.375%, 7/15/24 | 2,926 | 2,890 | |
0.500%, 3/31/25 | 3,936 | 3,871 | |
0.250%, 9/30/25 | 27,027 | 26,172 | |
0.875%, 6/30/26 | 4,862 | 4,785 | |
1.375%, 11/15/31 | 32,578 | 32,166 | |
Total U.S. Government Securities (Identified Cost $180,875) | 179,902 | ||
Mortgage-Backed Securities—21.0% | |||
Agency—15.7% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #G60019 4.500%, 3/1/44 | 455 | 501 | |
Pool #Q35611 4.000%, 9/1/45 | 1,307 | 1,416 | |
Pool #V81992 4.000%, 10/1/45 | 811 | 881 | |
Pool #G60661 4.000%, 7/1/46 | 902 | 975 | |
Pool #Q42921 3.500%, 9/1/46 | 1,396 | 1,485 | |
Pool #ZM5226 3.500%, 12/1/47 | 1,120 | 1,200 | |
Pool #Q53881 4.500%, 1/1/48 | 1,185 | 1,295 | |
Pool #ZT0509 3.000%, 8/1/48 | 399 | 419 | |
Pool #Q61680 4.000%, 2/1/49 | 1,053 | 1,137 | |
Pool #QA3079 3.500%, 10/1/49 | 586 | 626 | |
Pool #QA4766 3.500%, 11/1/49 | 1,294 | 1,385 | |
Pool #SD0164 3.500%, 12/1/49 | 2,198 | 2,350 | |
Pool #QA8967 3.000%, 4/1/50 | 1,649 | 1,715 | |
Pool #QC2300 3.000%, 5/1/51 | 763 | 800 | |
Pool #QC2692 3.000%, 6/1/51 | 880 | 921 | |
Pool #QC2749 3.000%, 6/1/51 | 1,331 | 1,382 | |
Pool #QC2868 3.000%, 6/1/51 | 128 | 134 | |
Pool #QC2869 3.000%, 6/1/51 | 1,975 | 2,068 | |
Pool #QC2830 3.500%, 6/1/51 | 355 | 374 | |
Pool #QC4721 3.000%, 7/1/51 | 2,579 | 2,702 | |
Pool #QC5404 3.500%, 8/1/51 | 278 | 296 | |
Pool #QC6249 3.500%, 9/1/51 | 1,160 | 1,233 |
Par Value | Value | ||
Agency—continued | |||
Federal National Mortgage Association | |||
Pool #FM1039 3.500%, 4/1/39 | $ 1,096 | $ 1,163 | |
Pool #BE5050 4.000%, 9/1/45 | 1,760 | 1,932 | |
Pool #BN8510 3.500%, 5/1/49 | 344 | 363 | |
Pool #BO1345 3.500%, 8/1/49 | 1,521 | 1,619 | |
Pool #BO1351 4.000%, 8/1/49 | 710 | 763 | |
Pool #BO3024 3.500%, 10/1/49 | 1,107 | 1,192 | |
Pool #BO4386 3.500%, 11/1/49 | 1,440 | 1,522 | |
Pool #CA5122 3.000%, 2/1/50 | 1,569 | 1,640 | |
Pool #FM3181 4.000%, 4/1/50 | 322 | 352 | |
Pool #BP5432 3.000%, 6/1/50 | 768 | 803 | |
Pool #BR9135 3.000%, 5/1/51 | 1,204 | 1,255 | |
Pool #FM7290 3.000%, 5/1/51 | 2,194 | 2,296 | |
Pool #BT0907 3.000%, 6/1/51 | 713 | 744 | |
Pool #BT1809 3.000%, 6/1/51 | 3,674 | 3,824 | |
Pool #BT2849 3.000%, 6/1/51 | 1,685 | 1,762 | |
Pool #BT3321 3.000%, 6/1/51 | 879 | 917 | |
Pool #FM7539 3.000%, 6/1/51 | 1,946 | 2,038 | |
Pool #CB0867 3.500%, 6/1/51 | 1,526 | 1,620 | |
Pool #FM7984 3.500%, 6/1/51 | 2,600 | 2,744 | |
Pool #BT5686 3.000%, 7/1/51 | 1,809 | 1,890 | |
Pool #FM9098 3.000%, 10/1/51 | 3,674 | 3,842 | |
59,576 | |||
Non-Agency—5.3% | |||
BBCMS Trust 2021-C10, A5 2.492%, 7/15/54 | 1,500 | 1,530 | |
BB-UBS Trust | |||
2012-SHOW, A 144A 3.430%, 11/5/36(2) | 200 | 207 | |
2012-SHOW, B 144A 3.882%, 11/5/36(2) | 1,465 | 1,511 | |
BWAY Mortgage Trust 2013-1515, A2 144A 3.454%, 3/10/33(2) | 1,830 | 1,915 | |
Century Plaza Towers 2019-CPT, B 144A 2.997%, 11/13/39(2)(3) | 1,495 | 1,543 | |
CF Hippolyta LLC | |||
2020-1, A1 144A 1.690%, 7/15/60(2) | 948 | 940 |
Par Value | Value | ||
Non-Agency—continued | |||
2020-1, B1 144A 2.280%, 7/15/60(2) | $ 759 | $ 759 | |
Goldman Sachs Mortgage Securities Corp. II | |||
2005-ROCK, A 144A 5.366%, 5/3/32(2) | 1,586 | 1,766 | |
2012-BWTR, A 144A 2.954%, 11/5/34(2) | 575 | 580 | |
Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A 1.030%, 7/15/25(2)(3) | 499 | 498 | |
MAD Mortgage Trust 2017-330M, A 144A 3.188%, 8/15/34(2)(3) | 635 | 642 | |
Morgan Stanley Capital I Trust 2014-150E, A 144A 3.912%, 9/9/32(2) | 1,175 | 1,229 | |
One Bryant Park Trust 2019-OBP, A 144A 2.516%, 9/15/54(2) | 1,340 | 1,356 | |
SLG Office Trust 2021-OVA, A 144A 2.585%, 7/15/41(2) | 2,175 | 2,226 | |
Wells Fargo Commercial Mortgage Trust | |||
2013-BTC, A 144A 3.544%, 4/16/35(2) | 1,320 | 1,344 | |
2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.260%, 2/15/40(2)(3) | 768 | 769 | |
WFRBS Commercial Mortgage Trust 2012-C10, AS 3.241%, 12/15/45 | 1,080 | 1,093 | |
19,908 | |||
Total Mortgage-Backed Securities (Identified Cost $78,508) | 79,484 | ||
Asset-Backed Securities—4.7% | |||
Credit Card—1.5% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 0.674%, 5/15/28(3) | 3,024 | 3,003 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 0.879%, 5/14/29(3) | 2,710 | 2,753 | |
5,756 | |||
Other—3.2% | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(2) | 563 | 574 | |
DB Master Finance LLC 2021-1A, A23 144A 2.791%, 11/20/51(2) | 1,785 | 1,781 | |
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(2) | 982 | 1,015 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(2) | 1,975 | 2,073 | |
New Economy Assets Phase 1 Sponsor LLC 2021-1, A1 144A 1.910%, 10/20/61(2)(4) | 1,385 | 1,358 | |
Stack Infrastructure Issuer LLC 2021-1A, A2 144A 1.877%, 3/26/46(2) | 1,220 | 1,199 | |
Taco Bell Funding LLC 2021-1A, A23 144A 2.542%, 8/25/51(2) | 1,400 | 1,368 |
Par Value | Value | ||
Other—continued | |||
Vantage Data Centers LLC 2020-2A, A2 144A 1.992%, 9/15/45(2) | $ 1,425 | $ 1,398 | |
Wendy’s Funding LLC 2018-1A, A2II 144A 3.884%, 3/15/48(2) | 1,301 | 1,351 | |
12,117 | |||
Total Asset-Backed Securities (Identified Cost $17,758) | 17,873 | ||
Corporate Bonds and Notes—24.9% | |||
Communication Services—1.7% | |||
AT&T, Inc. | |||
2.250%, 2/1/32 | 967 | 934 | |
3.300%, 2/1/52 | 951 | 931 | |
3.500%, 9/15/53 | 1,810 | 1,826 | |
Verizon Communications, Inc. 3.400%, 3/22/41 | 657 | 688 | |
ViacomCBS, Inc. | |||
4.200%, 5/19/32 | 759 | 856 | |
4.950%, 5/19/50 | 934 | 1,191 | |
6,426 | |||
Consumer Discretionary—3.1% | |||
Carnival Corp. 144A 9.875%, 8/1/27(2) | 4,291 | 4,903 | |
Ford Motor Co. 3.250%, 2/12/32 | 1,769 | 1,812 | |
Hyatt Hotels Corp. 1.800%, 10/1/24 | 743 | 744 | |
Kohl’s Corp. 3.375%, 5/1/31(5) | 1,044 | 1,063 | |
Lear Corp. 3.550%, 1/15/52 | 839 | 830 | |
Marriott International, Inc. Series GG 3.500%, 10/15/32 | 1,161 | 1,216 | |
Tapestry, Inc. 3.050%, 3/15/32 | 1,041 | 1,047 | |
11,615 | |||
Energy—3.2% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 368 | 403 | |
Continental Resources, Inc. 144A 2.875%, 4/1/32(2) | 1,307 | 1,279 | |
Enterprise Products Operating LLC 4.200%, 1/31/50 | 923 | 1,035 | |
HollyFrontier Corp. 4.500%, 10/1/30 | 1,466 | 1,579 | |
Petroleos Mexicanos 144A 6.700%, 2/16/32(2) | 2,718 | 2,745 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 2,546 | 2,418 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 1,571 | 1,640 | |
Williams Cos., Inc. (The) 3.500%, 10/15/51 | 919 | 928 | |
12,027 | |||
Par Value | Value | ||
Financials—8.8% | |||
AerCap Ireland Capital DAC | |||
3.300%, 1/30/32 | $ 843 | $ 859 | |
3.850%, 10/29/41 | 834 | 869 | |
Avolon Holdings Funding Ltd. 144A 2.125%, 2/21/26(2) | 1,822 | 1,788 | |
Bank of America Corp. | |||
2.087%, 6/14/29 | 812 | 806 | |
2.572%, 10/20/32 | 1,355 | 1,362 | |
Chubb INA Holdings, Inc. 1.375%, 9/15/30 | 1,405 | 1,323 | |
Daimler Trucks Finance North America LLC 144A 2.500%, 12/14/31(2) | 876 | 876 | |
Ford Motor Credit Co. LLC | |||
2.900%, 2/16/28 | 1,255 | 1,258 | |
4.000%, 11/13/30 | 1,920 | 2,066 | |
General Motors Financial Co., Inc. | |||
2.750%, 6/20/25 | 1,995 | 2,059 | |
3.600%, 6/21/30 | 1,922 | 2,050 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 2,001 | 1,960 | |
Hartford Financial Services Group, Inc. (The) 2.800%, 8/19/29 | 869 | 901 | |
JPMorgan Chase & Co. | |||
3.207%, 4/1/23 | 1,100 | 1,107 | |
0.824%, 6/1/25 | 1,283 | 1,268 | |
Morgan Stanley | |||
0.791%, 1/22/25 | 644 | 637 | |
1.593%, 5/4/27 | 1,689 | 1,672 | |
Newcrest Finance Pty Ltd. 144A 4.200%, 5/13/50(2) | 934 | 1,058 | |
Old Republic International Corp. 3.850%, 6/11/51 | 1,063 | 1,143 | |
OneMain Finance Corp. 4.000%, 9/15/30 | 2,116 | 2,081 | |
State Street Corp. 2.200%, 3/3/31 | 1,696 | 1,681 | |
SVB Financial Group Series D 4.250% (6) | 500 | 507 | |
U.S. Bancorp 3.700% (6) | 1,171 | 1,171 | |
United Airlines Pass-Through-Trust | |||
2020-1, A 5.875%, 10/15/27 | 1,340 | 1,467 | |
2020-1, B 4.875%, 1/15/26 | 521 | 542 | |
US Bank NA 2.050%, 1/21/25 | 712 | 728 | |
33,239 | |||
Health Care—1.3% | |||
AbbVie, Inc. 4.250%, 11/21/49 | 1,645 | 1,978 | |
Anthem, Inc. 1.500%, 3/15/26 | 1,768 | 1,766 | |
Bristol-Myers Squibb Co. 4.250%, 10/26/49 | 416 | 514 | |
CommonSpirit Health 4.187%, 10/1/49 | 575 | 669 | |
4,927 | |||
Par Value | Value | ||
Industrials—2.1% | |||
Boeing Co. (The) | |||
3.625%, 2/1/31 | $ 2,015 | $ 2,149 | |
5.805%, 5/1/50 | 2,686 | 3,637 | |
Canadian Pacific Railway Co. 3.100%, 12/2/51 | 1,201 | 1,235 | |
Honeywell International, Inc. 1.100%, 3/1/27 | 1,096 | 1,065 | |
8,086 | |||
Information Technology—1.4% | |||
Dell International LLC 144A 3.450%, 12/15/51(2) | 1,721 | 1,652 | |
HP, Inc. 144A 2.650%, 6/17/31(2) | 1,363 | 1,344 | |
Micron Technology, Inc. 3.477%, 11/1/51 | 1,037 | 1,062 | |
Western Digital Corp. 2.850%, 2/1/29 | 1,090 | 1,100 | |
5,158 | |||
Materials—1.5% | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 1,747 | 2,377 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 693 | 734 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 1,254 | 1,236 | |
6.250%, 10/1/39 | 1,123 | 1,566 | |
5,913 | |||
Real Estate—0.2% | |||
Tanger Properties LP 2.750%, 9/1/31 | 987 | 958 | |
Utilities—1.6% | |||
Boardwalk Pipelines LP 3.400%, 2/15/31 | 625 | 645 | |
Consolidated Edison Co. of New York, Inc. 3.950%, 4/1/50 | 886 | 1,012 | |
Dominion Energy, Inc. Series C 3.375%, 4/1/30 | 1,245 | 1,321 | |
Pacific Gas and Electric Co. 2.500%, 2/1/31 | 948 | 903 | |
Southern Co. (The) Series A 3.700%, 4/30/30 | 2,065 | 2,246 | |
6,127 | |||
Total Corporate Bonds and Notes (Identified Cost $90,560) | 94,476 | ||
Total Long-Term Investments—98.1% (Identified Cost $367,701) | 371,735 | ||
Shares | Value | ||
Short-Term Investment—2.4% | |||
Money Market Mutual Fund—2.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(7) | 9,008,284 | $ 9,008 | |
Total Short-Term Investment (Identified Cost $9,008) | 9,008 | ||
Securities Lending Collateral—0.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(7)(8) | 100,510 | 101 | |
Total Securities Lending Collateral (Identified Cost $101) | 101 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $376,810) | $380,844 | ||
Other assets and liabilities, net—(0.5)% | (1,762) | ||
NET ASSETS—100.0% | $379,082 |
Abbreviations: | |
CDX.NA.HY | Credit Default Swap North American High Yield |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
NA | National Association |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open swap contracts. |
(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, 2021, these securities amounted to a value of $45,047 or 11.9% of net assets. |
(3) | Variable rate security. Rate disclosed is as of December 31, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(4) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(5) | All or a portion of security is on loan. |
(6) | No contractual maturity date. |
(7) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(8) | Represents security purchased with cash collateral received for securities on loan. |
Counterparties: | |
ICE | Intercontinental Exchange |
Centrally cleared credit default swap - buy protection(1) outstanding as of December 31, 2021 were as follows: | |||||||||||||
Reference Entity | Payment Frequency | Counterparty | Fixed Rate | Expiration Date | Notional Amount(2) | Value | Premiums Paid (Received) | Unrealized Appreciation | Unrealized (Depreciation) | ||||
CDX.NA.HY.37 | Quarterly | ICE | 5.000% | 12/20/26 | $(27,850) | $ (2,610) | $ (2,544) | $ — | $ (66) | ||||
Total | $ (2,610) | $ (2,544) | $— | $ (66) |
Footnote Legend: | |
(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, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $ 17,873 | $ — | $ 16,515 | $1,358 | |||
Corporate Bonds and Notes | 94,476 | — | 94,476 | — | |||
Mortgage-Backed Securities | 79,484 | — | 79,484 | — | |||
U.S. Government Securities | 179,902 | — | 179,902 | — | |||
Securities Lending Collateral | 101 | 101 | — | — | |||
Money Market Mutual Fund | 9,008 | 9,008 | — | — | |||
Total Assets | 380,844 | 9,109 | 370,377 | 1,358 | |||
Liabilities: | |||||||
Other Financial Instruments: | |||||||
Centrally Cleared Credit Default Swap | (2,610) | — | (2,610) | — | |||
Total Liabilities | (2,610) | — | (2,610) | — | |||
Total Investments | $378,234 | $9,109 | $367,767 | $1,358 |
Par Value | Value | ||
Mortgage-Backed Securities—90.4% | |||
Agency—90.4% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #G15762 3.000%, 1/1/31 | $ 1,852 | $ 1,955 | |
Pool #ZS7409 3.000%, 4/1/31 | 930 | 981 | |
Pool #ZK9061 3.000%, 11/1/32 | 117 | 123 | |
Pool #848744 (12 month LIBOR + 1.789%, Cap 9.141%, Floor 1.789%) 2.055%, 5/1/34(1) | 3,815 | 3,995 | |
Pool #848736 (12 month LIBOR + 1.750%, Cap 9.574%, Floor 1.750%) 2.033%, 5/1/35(1) | 6,409 | 6,716 | |
Pool #QN5762 2.500%, 4/1/36 | 11,144 | 11,566 | |
Pool #QN6202 2.500%, 5/1/36 | 5,398 | 5,603 | |
Pool #RC2051 2.500%, 5/1/36 | 6,666 | 6,930 | |
Pool #QN6441 3.000%, 5/1/36 | 1,098 | 1,154 | |
Pool #848747 (12 month LIBOR + 1.866%, Cap 10.006%, Floor 1.866%) 2.142%, 7/1/36(1) | 3,518 | 3,691 | |
Pool #RC2157 2.500%, 7/1/36 | 12,473 | 12,966 | |
Pool #SB8125 3.000%, 7/1/36 | 12,032 | 12,654 | |
Pool #SB8134 3.000%, 10/1/36 | 871 | 916 | |
Pool #1Q1195 (12 month LIBOR + 1.608%, Cap 10.168%, Floor 1.608%) 1.900%, 5/1/37(1) | 2,398 | 2,510 | |
Pool #848796 (12 month LIBOR + 1.822%, Cap 9.920%, Floor 1.822%) 2.131%, 5/1/37(1) | 6,697 | 7,043 | |
Pool #1Q1420 (12 month LIBOR + 1.822%, Cap 10.656%, Floor 1.822%) 2.079%, 9/1/39(1) | 2,212 | 2,330 | |
Pool #2B3257 (12 month LIBOR + 1.630%, Cap 8.038%, Floor 1.630%) 3.037%, 10/1/44(1) | 872 | 907 | |
Pool #1B6503 (12 month LIBOR + 1.605%, Cap 6.926%, Floor 1.605%) 1.925%, 1/1/51(1) | 2,779 | 2,838 | |
Pool #1B6504 (12 month LIBOR + 1.612%, Cap 7.266%, Floor 1.612%) 2.266%, 1/1/51(1) | 6,707 | 6,894 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | |||
KF29, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.360%) 0.454%, 2/25/24(1) | 3,994 | 4,003 | |
KF32, A (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 0.464%, 5/25/24(1) | 1,707 | 1,709 | |
KJ27, A1 2.092%, 7/25/24 | 1,277 | 1,291 | |
KF36, A (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%) 0.434%, 8/25/24(1) | 4,636 | 4,641 |
Par Value | Value | ||
Agency—continued | |||
KF34, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.370%) 0.454%, 8/25/24(1) | $ 2,059 | $ 2,064 | |
KL3W, AFLW (1 month LIBOR + 0.450%, Cap N/A, Floor 0.450%) 0.544%, 8/25/25(1) | 21,609 | 21,709 | |
KF55, A (1 month LIBOR + 0.510%, Cap N/A, Floor 0.510%) 0.604%, 11/25/25(1) | 5,324 | 5,350 | |
KF62, A (1 month LIBOR + 0.480%, Cap N/A, Floor 0.480%) 0.574%, 4/25/26(1) | 2,113 | 2,123 | |
KF74, AS (SOFR + 0.530%) 0.580%, 1/25/27(1) | 13,346 | 13,400 | |
KF81, AS (SOFR30A + 0.400%) 0.450%, 6/25/27(1) | 7,527 | 7,550 | |
KF79, AL (1 month LIBOR + 0.470%, Cap N/A, Floor 0.470%) 0.564%, 5/25/30(1) | 20,367 | 20,460 | |
KF79, AS (SOFR30A + 0.580%) 0.630%, 5/25/30(1) | 13,887 | 13,973 | |
KF82, AL (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 0.464%, 6/25/30(1) | 8,761 | 8,781 | |
KF82, AS (SOFR30A + 0.420%) 0.470%, 6/25/30(1) | 5,037 | 5,062 | |
KF80, AS (SOFR30A + 0.510%) 0.560%, 6/25/30(1) | 8,641 | 8,689 | |
Federal Home Loan Mortgage Corp. REMIC | |||
4224, KC 3.000%, 5/15/32 | 2,476 | 2,557 | |
2781, FA (1 month LIBOR + 0.350%, Cap 7.500%, Floor 0.350%) 0.460%, 4/15/34(1) | 3,497 | 3,485 | |
4879, DF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 0.510%, 8/15/34(1) | 5,441 | 5,507 | |
2980, FJ (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.410%, 11/15/34(1) | 6,368 | 6,411 | |
3107, FC (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.410%, 6/15/35(1) | 3,072 | 3,079 | |
4048, GF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.460%, 10/15/40(1) | 1,886 | 1,889 | |
3820, FA (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.460%, 3/15/41(1) | 7,480 | 7,544 | |
3990, GF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 0.510%, 3/15/41(1) | 3,202 | 3,215 | |
4547, A 3.000%, 12/15/41 | 647 | 654 | |
4571, GA 3.000%, 1/15/42 | 322 | 325 | |
4203, PF (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%) 0.360%, 9/15/42(1) | 6,304 | 6,289 | |
4136, EF (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%) 0.360%, 11/15/42(1) | 2,667 | 2,673 |
Par Value | Value | ||
Agency—continued | |||
Federal National Mortgage Association | |||
2016-M3, ASQ2 2.263%, 2/25/23 | $ 205 | $ 205 | |
2016-M9, FA (1 month LIBOR + 0.590%, Cap N/A, Floor 0.590%) 0.679%, 9/25/23(1) | 5,033 | 5,044 | |
Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%) 0.464%, 11/1/23(1) | 21,000 | 21,000 | |
2016-M13, FA (1 month LIBOR + 0.670%, Cap N/A, Floor 0.670%) 0.759%, 11/25/23(1) | 348 | 349 | |
Pool #AN4300 (1 month LIBOR + 0.560%, Cap 98.150%, Floor 0.560%) 0.654%, 1/1/24(1) | 13,457 | 13,459 | |
Pool #AN4364 (1 month LIBOR + 0.590%, Cap 98.130%, Floor 0.590%) 0.684%, 1/1/24(1) | 2,834 | 2,833 | |
2017-M2, FA (1 month LIBOR + 0.530%, Cap N/A, Floor 0.530%) 0.619%, 2/25/24(1) | 2,227 | 2,227 | |
2017-M11, FA (1 month LIBOR + 0.470%, Cap 6.000%, Floor 0.470%) 0.559%, 9/25/24(1) | 1,453 | 1,454 | |
2017-M13, FA (1 month LIBOR + 0.400%, Cap 6.000%, Floor 0.400%) 0.489%, 10/25/24(1) | 1,329 | 1,329 | |
2015-M14, FA (1 month LIBOR + 0.620%, Cap N/A, Floor 0.620%) 0.722%, 10/25/25(1) | 10,823 | 10,895 | |
2015-M6, FA (1 month LIBOR + 0.300%, Cap N/A, Floor 0.300%) 0.403%, 1/25/26(1) | 16,470 | 16,470 | |
Pool #BS0309 (SOFR30A + 0.380%, Cap 97.930%, Floor 0.380%) 0.430%, 10/1/28(1) | 7,750 | 7,749 | |
Pool #BL5697 (1 month LIBOR + 0.650%, Cap 98.860%, Floor 0.650%) 0.744%, 2/1/30(1) | 6,300 | 6,298 | |
Pool #BL7250 (1 month LIBOR + 0.590%, Cap 98.200%, Floor 0.590%) 0.684%, 6/1/30(1) | 18,960 | 18,953 | |
Pool #FM5348 3.000%, 12/1/30 | 3,851 | 4,049 | |
Pool #BS0549 (SOFR30A + 0.410%, Cap 98.400%, Floor 0.410%) 0.460%, 1/1/31(1) | 4,705 | 4,708 | |
Pool #BS0168 (SOFR30A + 0.420%, Cap 98.310%, Floor 0.420%) 0.470%, 1/1/31(1) | 31,100 | 31,097 | |
Pool #MA2820 2.500%, 11/1/31 | 603 | 616 | |
Pool #MA2979 2.500%, 4/1/32 | 709 | 724 | |
Pool #AD0064 (6 month LIBOR + 1.541%, Cap 10.948%, Floor 1.541%) 1.690%, 1/1/35(1) | 1,386 | 1,437 | |
Pool #FM2505 3.000%, 2/1/35 | 4,338 | 4,551 | |
Pool #FM2994 3.000%, 3/1/35 | 659 | 692 |
Par Value | Value | ||
Agency—continued | |||
Pool #BP5183 3.000%, 4/1/35 | $ 1,130 | $ 1,188 | |
Pool #CA6847 2.500%, 8/1/35 | 9,179 | 9,562 | |
Pool #FM4272 3.000%, 9/1/35 | 1,840 | 1,932 | |
Pool #BM6688 2.000%, 10/1/35 | 1,253 | 1,266 | |
Pool #FM4709 2.500%, 10/1/35 | 9,527 | 9,904 | |
Pool #BR5529 2.500%, 3/1/36 | 5,105 | 5,307 | |
Pool #AL2202 (12 month LIBOR + 1.704%, Cap 9.514%, Floor 1.704%) 2.016%, 6/1/36(1) | 1,600 | 1,677 | |
Pool #CB0747 2.500%, 6/1/36 | 20,400 | 21,172 | |
Pool #MA4362 3.000%, 6/1/36 | 4,235 | 4,465 | |
Pool #MA4385 3.000%, 7/1/36 | 1,936 | 2,036 | |
Pool #MA4405 3.000%, 8/1/36 | 2,576 | 2,710 | |
Pool #MA4420 3.000%, 9/1/36 | 7,207 | 7,593 | |
Pool #MA4518 3.000%, 1/1/37 | 11,335 | 11,921 | |
Pool #AL0960 (12 month LIBOR + 1.693%, Cap 9.779%, Floor 1.693%) 1.967%, 7/1/37(1) | 3,627 | 3,796 | |
Pool #AL3421 (U.S. Treasury Yield Curve CMT 1 year + 2.375%, Cap 10.750%, Floor 2.375%) 2.448%, 9/1/37(1) | 935 | 991 | |
Pool #AL0270 (12 month LIBOR + 1.646%, Cap 10.625%, Floor 1.646%) 1.934%, 8/1/38(1) | 1,041 | 1,092 | |
Pool #AL6516 (12 month LIBOR + 1.761%, Cap 8.688%, Floor 1.761%) 2.063%, 4/1/40(1) | 2,639 | 2,763 | |
Pool #AL7812 (12 month LIBOR + 1.730%, Cap 8.361%, Floor 1.730%) 1.978%, 11/1/40(1) | 3,851 | 4,027 | |
Pool #AE0544 (12 month LIBOR + 1.742%, Cap 8.083%, Floor 1.742%) 1.993%, 11/1/40(1) | 1,964 | 2,054 | |
Pool #AL7477 (12 month LIBOR + 1.796%, Cap 8.661%, Floor 1.796%) 2.046%, 12/1/40(1) | 1,964 | 2,059 | |
Pool #AL0323 (12 month LIBOR + 1.818%, Cap 8.294%, Floor 1.818%) 2.081%, 6/1/41(1) | 1,858 | 1,952 | |
Pool #AL8796 (12 month LIBOR + 1.825%, Cap 8.373%, Floor 1.825%) 2.093%, 9/1/41(1) | 5,435 | 5,707 | |
Pool #AL1886 (12 month LIBOR + 1.746%, Cap 8.429%, Floor 1.746%) 2.629%, 6/1/42(1) | 369 | 388 | |
Pool #AL8872 (12 month LIBOR + 1.801%, Cap 8.342%, Floor 1.801%) 2.080%, 7/1/42(1) | 7,553 | 7,922 |
Par Value | Value | ||
Agency—continued | |||
Pool #BM4557 (12 month LIBOR + 1.761%, Cap 7.907%, Floor 1.764%) 2.039%, 5/1/45(1) | $ 2,633 | $ 2,758 | |
Pool #BO7214 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%) 2.378%, 7/1/47(1) | 3,698 | 3,804 | |
Pool #BO6296 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%) 3.002%, 7/1/47(1) | 767 | 796 | |
Pool #BM1805 (12 month LIBOR + 1.604%, Cap 7.820%, Floor 1.604%) 2.820%, 9/1/47(1) | 7,177 | 7,435 | |
Pool #CA4499 (12 month LIBOR + 1.600%, Cap 7.673%, Floor 1.600%) 2.673%, 9/1/48(1) | 1,792 | 1,851 | |
Pool #BM4556 (12 month LIBOR + 1.597%, Cap 8.335%, Floor 1.597%) 3.334%, 10/1/48(1) | 4,737 | 4,923 | |
Pool #CA3138 (12 month LIBOR + 1.603%, Cap 8.669%, Floor 1.603%) 3.638%, 2/1/49(1) | 5,233 | 5,434 | |
Pool #BO7215 (U.S. Treasury Yield Curve CMT 1 year + 1.650%, Cap 8.160%, Floor 1.650%) 3.058%, 4/1/49(1) | 1,335 | 1,378 | |
Pool #BO7216 (U.S. Treasury Yield Curve CMT 1 year + 1.650%, Cap 7.739%, Floor 1.650%) 2.739%, 5/1/49(1) | 469 | 475 | |
Pool #BP5563 (12 month LIBOR + 1.600%, Cap 7.440%, Floor 1.600%) 2.441%, 4/1/50(1) | 2,488 | 2,562 | |
Pool #BM6378 (12 month LIBOR + 1.607%, Cap 7.496%, Floor 1.607%) 2.495%, 7/1/50(1) | 2,544 | 2,600 | |
Pool #BP1780 (SOFR30A + 2.350%, Cap 7.079%, Floor 2.350%) 2.094%, 6/1/51(1) | 2,536 | 2,581 | |
Pool #BT0206 (SOFR30A + 2.123%, Cap 6.880%, Floor 2.123%) 1.880%, 9/1/51(1) | 5,148 | 5,256 | |
Pool #BU2464 (SOFR30A + 2.100%, Cap 6.692%, Floor 2.100%) 1.692%, 10/1/51(1) | 4,681 | 4,748 | |
Federal National Mortgage Association REMIC | |||
2011-62, LF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 0.502%, 1/25/32(1) | 6,606 | 6,658 | |
2013-62, FQ (1 month LIBOR + 0.250%, Cap 7.000%, Floor 0.250%) 0.352%, 9/25/32(1) | 3,321 | �� | 3,351 |
2013-51, GB 1.500%, 10/25/32 | 1,269 | 1,274 | |
2018-92, AF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 0.502%, 5/25/33(1) | 6,428 | 6,483 | |
2005-17, FA (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.402%, 3/25/35(1) | 5,389 | 5,407 | |
2005-74, NA (1 month LIBOR + 0.420%, Cap 6.500%, Floor 0.420%) 0.522%, 5/25/35(1) | 9,573 | 9,636 |
Par Value | Value | ||
Agency—continued | |||
2005-58, KF (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 0.602%, 7/25/35(1) | $ 3,479 | $ 3,532 | |
2018-96, FC (1 month LIBOR + 0.450%, Cap 6.500%, Floor 0.450%) 0.552%, 10/25/35(1) | 6,678 | 6,736 | |
2006-31, FP (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.402%, 5/25/36(1) | 3,160 | 3,170 | |
2006-63, FD (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.552%, 7/25/36(1) | 3,840 | 3,886 | |
2006-113, NF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.452%, 9/25/36(1) | 2,657 | 2,667 | |
2007-106, FN (1 month LIBOR + 0.590%, Cap 7.000%, Floor 0.590%) 0.692%, 11/25/37(1) | 4,107 | 4,192 | |
2010-59, FC (1 month LIBOR + 1.000%, Cap 6.000%, Floor 1.000%) 1.102%, 1/25/40(1) | 3,308 | 3,384 | |
2010-137, WB 2.075%, 7/25/40(1) | 1,359 | 1,407 | |
2012-71, FP (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.452%, 3/25/41(1) | 1,957 | 1,961 | |
2016-2, LA 3.000%, 12/25/41 | 215 | 217 | |
2016-21, BA 3.000%, 3/25/42 | 2,079 | 2,100 | |
2013-34, PF (1 month LIBOR + 0.350%, Cap 6.500%, Floor 0.350%) 0.452%, 8/25/42(1) | 5,298 | 5,265 | |
2017-18, CA 3.000%, 1/25/43 | 234 | 236 | |
2017-33, DA 3.500%, 7/25/43 | 596 | 598 | |
2017-104, PA 3.000%, 2/25/46 | 5,675 | 5,770 | |
2019-13, FG (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 0.502%, 4/25/49(1) | 10,082 | 10,243 | |
Freddie Mac Non Gold Pool | |||
Pool #841075 (12 month LIBOR + 1.629%, Cap 8.285%, Floor 1.629%) 3.285%, 1/1/49(1) | 23,220 | 23,998 | |
Pool #841083 (12 month LIBOR + 1.640%, Cap 7.817%, Floor 1.640%) 2.817%, 5/1/49(1) | 17,731 | 18,343 | |
Pool #841057 (12 month LIBOR + 1.629%, Cap 8.326%, Floor 1.629%) 2.390%, 6/1/50(1) | 1,661 | 1,707 | |
FRESB Mortgage Trust | |||
2015-SB6, A5 (1 month LIBOR + 0.700%) 0.794%, 9/25/35(1) | 955 | 956 | |
2016-SB13, A5H (1 month LIBOR + 0.700%) 0.794%, 1/25/36(1) | 9,886 | 9,883 | |
2016-SB16, A5H (1 month LIBOR + 0.700%) 0.794%, 5/25/36(1) | 7,248 | 7,245 | |
2016-SB18, A5H (1 month LIBOR + 0.700%) 0.794%, 5/25/36(1) | 505 | 504 |
Par Value | Value | ||
Agency—continued | |||
2016-SB23, A5H (1 month LIBOR + 0.700%) 0.794%, 9/25/36(1) | $ 1,087 | $ 1,086 | |
2015-SB3, A5 (1 month LIBOR + 0.700%) 0.794%, 8/25/42(1) | 301 | 301 | |
2016-SB19, A5H (1 month LIBOR + 0.700%) 0.794%, 1/25/46(1) | 1,009 | 1,009 | |
Government National Mortgage Association | |||
2003-57, FA (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.558%, 7/16/33(1) | 2,934 | 2,951 | |
2003-67, FP (1 month LIBOR + 0.900%, Cap 8.000%, Floor 0.900%) 1.004%, 8/20/33(1) | 2,504 | 2,530 | |
2004-38, FA (1 month LIBOR + 0.400%, Cap 8.000%, Floor 0.400%) 0.508%, 5/16/34(1) | 3,746 | 3,761 | |
2009-88, FA (1 month LIBOR + 0.750%, Cap 7.000%, Floor 0.750%) 0.858%, 10/16/39(1) | 5,263 | 5,357 | |
2011-28, FG (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 0.604%, 12/20/40(1) | 7,603 | 7,659 | |
2017-95, PG 2.500%, 12/20/45 | 809 | 820 | |
2019-38, BA 2.500%, 8/20/48 | 8,940 | 9,038 | |
Government National Mortgage Association I | |||
Pool #AC3667 1.660%, 8/15/26 | 952 | 962 | |
Pool #778776 3.000%, 1/15/27 | 111 | 116 | |
Pool #AA8329 2.000%, 2/15/28 | 443 | 451 | |
Pool #AF1057 2.000%, 7/15/28 | 126 | 130 | |
Government National Mortgage Association II | |||
Pool #4954 3.000%, 2/20/26 | 127 | 133 | |
Pool #MA0299 2.500%, 8/20/27 | 524 | 539 | |
Pool #MA0908 2.500%, 4/20/28 | 278 | 287 | |
Pool #MA1132 2.000%, 7/20/28 | 6,701 | 6,813 | |
Pool #CC0194 3.000%, 2/20/36 | 2,141 | 2,202 | |
Small Business Administration | |||
Pool #510076 (PRIME minus 2.650%) 0.600%, 5/25/27(1) | 3,018 | 3,043 | |
Pool #510083 (PRIME minus 2.650%) 0.600%, 9/25/27(1) | 910 | 917 | |
Pool #510241 (PRIME minus 2.600%) 0.650%, 10/25/27(1) | 2,756 | 2,791 | |
Pool #510254 (PRIME minus 2.600%) 0.650%, 5/25/28(1) | 5,541 | 5,614 |
Par Value | Value | ||
Agency—continued | |||
Pool #510228 (PRIME minus 2.500%) 0.750%, 7/25/28(1) | $ 810 | $ 823 | |
Pool #510219 (PRIME minus 2.650%) 0.600%, 11/25/28(1) | 2,558 | 2,580 | |
Pool #510273 (PRIME minus 2.500%) 0.750%, 11/25/28(1) | 4,625 | 4,702 | |
Pool #510256 (PRIME minus 2.600%) 0.650%, 12/25/28(1) | 5,532 | 5,605 | |
Pool #510032 (PRIME minus 2.650%) 0.600%, 6/25/34(1) | 2,775 | 2,801 | |
Total Mortgage-Backed Securities (Identified Cost $793,413) | 798,259 | ||
Total Long-Term Investments—90.4% (Identified Cost $793,413) | 798,259 | ||
Shares | ||
Short-Term Investment—8.2% | ||
Money Market Mutual Fund—8.2% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 72,334,310 | 72,334 |
Total Short-Term Investment (Identified Cost $72,334) | 72,334 | |
TOTAL INVESTMENTS—98.6% (Identified Cost $865,747) | $870,593 | |
Other assets and liabilities, net—1.4% | 12,801 | |
NET ASSETS—100.0% | $883,394 |
Abbreviations: | |
CMT | Constant Maturity Treasury |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFR30A | Secured Overnight Financing Rate 30 Day Average |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of December 31, 2021. 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. |
Exchange-Traded Futures contracts as of December 31, 2021 were as follows: | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized (Depreciation) | |
2 Year U.S. Treasury Note Future | March 2022 | (44) | $ (9,600) | $ 9 | $ — | |
5 Year U.S. Treasury Note Future | March 2022 | (429) | (51,899) | — | (233) | |
Total | $ 9 | $ (233) |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Mortgage-Backed Securities | $798,259 | $ — | $798,259 | ||
Money Market Mutual Fund | 72,334 | 72,334 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 9 | 9 | — | ||
Total Assets | 870,602 | 72,343 | 798,259 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Futures Contracts | (233) | (233) | — | ||
Total Liabilities | (233) | (233) | — | ||
Total Investments | $870,369 | $72,110 | $798,259 |
Total | Asset- Backed Securities | ||
Investments in Securities | |||
Balance as of December 31, 2020: | $ 12,299 | $ 12,299 | |
Accrued discount/(premium) | (1) | (1) | |
Change in unrealized appreciation (depreciation) | (1) | (1) | |
Purchases | 185 | 185 | |
Transfers from Level 3 | (12,482) | (12,482) | |
Balance as of December 31, 2021 | $ — | $ — |
Par Value | Value | ||
U.S. Government Security—4.6% | |||
U.S. Treasury Notes 1.375%, 11/15/31 | $ 345 | $ 341 | |
Total U.S. Government Security (Identified Cost $339) | 341 | ||
Mortgage-Backed Securities—86.2% | |||
Agency—86.2% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #Q10929 3.500%, 9/1/42 | 129 | 139 | |
Pool #Q26366 4.000%, 5/1/44 | 71 | 78 | |
Pool #V81283 4.000%, 7/1/44 | 141 | 154 | |
Pool #G61157 3.500%, 10/1/44 | 90 | 96 | |
Pool #V81992 4.000%, 10/1/45 | 88 | 96 | |
Pool #Q40815 3.500%, 6/1/46 | 225 | 242 | |
Pool #ZA4786 3.000%, 12/1/46 | 128 | 135 | |
Pool #Q46110 3.500%, 2/1/47 | 132 | 142 | |
Pool #Q53881 4.500%, 1/1/48 | 154 | 169 | |
Pool #ZT0509 3.000%, 8/1/48 | 110 | 115 | |
Pool #QA5557 3.000%, 12/1/49 | 130 | 135 | |
Pool #QA8043 3.000%, 3/1/50 | 128 | 134 | |
Pool #QA8967 3.000%, 4/1/50 | 209 | 218 | |
Pool #QB9831 2.500%, 3/1/51 | 350 | 360 | |
Pool #QC2692 3.000%, 6/1/51 | 130 | 136 | |
Pool #QC2749 3.000%, 6/1/51 | 232 | 241 | |
Pool #QC4721 3.000%, 7/1/51 | 140 | 147 | |
Federal National Mortgage Association | |||
Pool #MA2164 3.500%, 2/1/35 | 92 | 99 | |
Pool #AL7497 3.500%, 9/1/40 | 186 | 199 | |
Pool #AL0215 4.500%, 4/1/41 | 67 | 75 | |
Pool #AO8632 3.500%, 7/1/42 | 205 | 221 | |
Pool #AP9633 2.500%, 10/1/42 | 278 | 287 | |
Pool #MA2341 4.500%, 6/1/45 | 42 | 46 | |
Pool #AY8851 4.000%, 8/1/45 | 73 | 79 | |
Pool #BE5050 4.000%, 9/1/45 | 89 | 97 |
Par Value | Value | ||
Agency—continued | |||
Pool #BA4799 4.000%, 2/1/46 | $ 163 | $ 178 | |
Pool #BE7155 3.500%, 2/1/47 | 288 | 309 | |
Pool #BM3564 3.000%, 7/1/47 | 170 | 178 | |
Pool #BH9277 3.500%, 2/1/48 | 213 | 226 | |
Pool #BO5325 3.000%, 11/1/49 | 101 | 105 | |
Pool #CA6053 3.000%, 6/1/50 | 129 | 135 | |
Pool #BQ7616 2.500%, 11/1/50 | 180 | 184 | |
Pool #FM7290 3.000%, 5/1/51 | 177 | 186 | |
Pool #BT1809 3.000%, 6/1/51 | 188 | 196 | |
Pool #BT2849 3.000%, 6/1/51 | 193 | 202 | |
Pool #FM7984 3.500%, 6/1/51 | 86 | 91 | |
Pool #BT9860 2.500%, 10/1/51 | 498 | 509 | |
Government National Mortgage Association I Pool #AE8170 4.000%, 2/15/44 | 38 | 42 | |
Total Mortgage-Backed Securities (Identified Cost $6,223) | 6,381 | ||
Total Long-Term Investments—90.8% (Identified Cost $6,562) | 6,722 | ||
Shares | ||
Short-Term Investment—8.8% | ||
Money Market Mutual Fund—8.8% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 656,393 | 656 |
Total Short-Term Investment (Identified Cost $656) | 656 | |
TOTAL INVESTMENTS—99.6% (Identified Cost $7,218) | $7,378 | |
Other assets and liabilities, net—0.4% | 26 | |
NET ASSETS—100.0% | $7,404 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Mortgage-Backed Securities | $6,381 | $ — | $6,381 | ||
U.S. Government Security | 341 | — | 341 | ||
Money Market Mutual Fund | 656 | 656 | — | ||
Total Investments | $7,378 | $656 | $6,722 |
Par Value | Value | ||
Mortgage-Backed Securities—25.9% | |||
Agency—7.1% | |||
Federal National Mortgage Association | |||
Pool #AM2292 (1 month LIBOR + 0.350%, Cap 97.760%, Floor 0.350%) 0.444%, 1/1/23(1) | $ 268 | $ 268 | |
Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%) 0.464%, 11/1/23(1) | 318 | 318 | |
Pool #AN4300 (1 month LIBOR + 0.560%, Cap 98.150%, Floor 0.560%) 0.654%, 1/1/24(1) | 708 | 708 | |
Pool #AN9445 3.480%, 7/1/25 | 393 | 392 | |
FRESB Mortgage Trust | |||
2015-SB7, A5 (1 month LIBOR + 0.700%) 0.794%, 9/25/35(1) | 205 | 203 | |
2016-SB16, A5H (1 month LIBOR + 0.700%) 0.794%, 5/25/36(1) | 316 | 316 | |
Small Business Administration Pool #510273 (PRIME minus 2.500%) 0.750%, 11/25/28(1) | 925 | 940 | |
3,145 | |||
Non-Agency—18.8% | |||
BWAY Mortgage Trust 2013-1515, A1 144A 2.809%, 3/10/33(2) | 1,095 | 1,121 | |
Citigroup Commercial Mortgage Trust 2018-TBR, B (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.260%, 12/15/36(1)(2) | 1,122 | 1,117 | |
Cold Storage Trust 2020-ICE5, A (1 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A 1.010%, 11/15/37(1)(2) | 983 | 982 | |
Hawaii Hotel Trust 2019-MAUI, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.260%, 5/15/38(1)(2) | 1,180 | 1,179 | |
KKR Industrial Portfolio Trust 2021-KDIP, A (1 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 144A 0.660%, 12/15/37(1)(2) | 302 | 300 | |
MAD Mortgage Trust 2017-330M, A 144A 3.188%, 8/15/34(1)(2) | 1,000 | 1,012 | |
MHC Commercial Mortgage Trust 2021-MHC, A (1 month LIBOR + 0.801%, Cap N/A, Floor 0.801%) 144A 0.911%, 4/15/38(1)(2) | 500 | 499 | |
STWD Trust 2021-FLWR, B (1 month LIBOR + 0.926%, Cap N/A, Floor 0.926%) 144A 1.036%, 7/15/36(1)(2) | 1,000 | 988 | |
Wells Fargo Commercial Mortgage Trust 2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.260%, 2/15/40(1)(2) | 1,073 | 1,073 | |
8,271 | |||
Total Mortgage-Backed Securities (Identified Cost $11,447) | 11,416 | ||
Par Value | Value | ||
Asset-Backed Securities—18.4% | |||
Automobiles—3.3% | |||
Canadian Pacer Auto Receivables Trust 2020-1A, B 144A 2.000%, 7/21/25(2) | $ 1,000 | $ 1,011 | |
Westlake Automobile Receivables Trust 2020-1A, B 144A 1.940%, 4/15/25(2) | 425 | 427 | |
1,438 | |||
Credit Card—4.2% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 0.674%, 5/15/28(1) | 750 | 745 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 0.879%, 5/14/29(1) | 1,100 | 1,117 | |
1,862 | |||
Other—5.7% | |||
Domino’s Pizza Master Issuer LLC 2018-1A, A2I 144A 4.116%, 7/25/48(2) | 485 | 496 | |
Verizon Owner Trust 2019-C, A1A 1.940%, 4/22/24 | 940 | 947 | |
Wendy’s Funding LLC 2018-1A, A2II 144A 3.884%, 3/15/48(2) | 1,033 | 1,072 | |
2,515 | |||
Student Loan—5.2% | |||
Goal Capital Funding Trust 2010-1, A (3 month LIBOR + 0.700%, Cap N/A, Floor 0.700%) 144A 0.880%, 8/25/48(1)(2) | 955 | 956 | |
SLM Student Loan Trust | |||
2005-4, A3 (3 month LIBOR + 0.120%) 0.244%, 1/25/27(1) | 508 | 506 | |
2005-7, A4 (3 month LIBOR + 0.150%) 0.274%, 10/25/29(1) | 832 | 829 | |
2,291 | |||
Total Asset-Backed Securities (Identified Cost $8,105) | 8,106 | ||
Corporate Bonds and Notes—49.5% | |||
Communication Services—3.1% | |||
AT&T, Inc. (SOFR + 0.640%) 0.690%, 3/25/24(1) | 1,347 | 1,347 | |
Consumer Discretionary—2.5% | |||
Eaton Corp. 2.750%, 11/2/22 | 494 | 503 | |
Hyatt Hotels Corp. 1.800%, 10/1/24 | 364 | 364 | |
Ralph Lauren Corp. 1.700%, 6/15/22 | 228 | 230 | |
1,097 | |||
Par Value | Value | ||
Consumer Staples—2.5% | |||
7-Eleven, Inc. 144A 0.800%, 2/10/24(2) | $ 1,090 | $ 1,078 | |
Energy—8.6% | |||
Continental Resources, Inc. 144A 2.268%, 11/15/26(2) | 566 | 562 | |
HollyFrontier Corp. 2.625%, 10/1/23 | 1,058 | 1,078 | |
Pioneer Natural Resources Co. 0.750%, 1/15/24 | 1,100 | 1,085 | |
Williams Cos., Inc. (The) 4.300%, 3/4/24 | 1,004 | 1,059 | |
3,784 | |||
Financials—21.7% | |||
AerCap Ireland Capital DAC 1.650%, 10/29/24 | 985 | 983 | |
Barclays plc 1.007%, 12/10/24 | 1,050 | 1,042 | |
Caterpillar Financial Services Corp. (SOFR + 0.270%) 0.320%, 9/13/24(1) | 1,000 | 1,002 | |
Credit Suisse AG (SOFR + 0.450%) 0.500%, 2/4/22(1) | 535 | 535 | |
Daimler Trucks Finance North America LLC 144A (SOFR + 0.750%) 0.800%, 12/13/24(1)(2) | 1,150 | 1,151 | |
General Motors Financial Co., Inc. 1.700%, 8/18/23 | 1,285 | 1,297 | |
Goldman Sachs Group, Inc. (The) (SOFR + 0.500%) 0.550%, 9/10/24(1) | 1,220 | 1,219 | |
Morgan Stanley 0.791%, 1/22/25 | 880 | 871 | |
United Airlines Pass-Through-Trust 2020-1, B 4.875%, 1/15/26 | 956 | 996 | |
Wells Fargo & Co. 1.654%, 6/2/24 | 457 | 461 | |
9,557 | |||
Industrials—5.4% | |||
Boeing Co. (The) 4.508%, 5/1/23 | 1,270 | 1,327 | |
Park Aerospace Holdings Ltd. 144A 4.500%, 3/15/23(2) | 1,034 | 1,067 | |
2,394 | |||
Information Technology—2.2% | |||
Skyworks Solutions, Inc. 0.900%, 6/1/23 | 973 | 968 | |
Utilities—3.5% | |||
Pacific Gas and Electric Co. 1.750%, 6/16/22 | 827 | 827 |
Par Value | Value | ||
Utilities—continued | |||
Southern Co. (The) 2.950%, 7/1/23 | $ 700 | $ 717 | |
1,544 | |||
Total Corporate Bonds and Notes (Identified Cost $21,775) | 21,769 | ||
Total Long-Term Investments—93.8% (Identified Cost $41,327) | 41,291 | ||
Shares | ||
Short-Term Investment—8.2% | ||
Money Market Mutual Fund—8.2% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 3,617,080 | 3,617 |
Total Short-Term Investment (Identified Cost $3,617) | 3,617 | |
TOTAL INVESTMENTS—102.0% (Identified Cost $44,944) | $44,908 | |
Other assets and liabilities, net—(2.0)% | (896) | |
NET ASSETS—100.0% | $44,012 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of December 31, 2021. 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, 2021, these securities amounted to a value of $16,091 or 36.6% of net assets. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 90% |
Cayman Islands | 3 |
United Kingdom | 2 |
Canada | 2 |
Ireland | 2 |
Switzerland | 1 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Exchange-Traded Futures contracts as of December 31, 2021 were as follows: | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized (Depreciation) | |
Short Contracts: | ||||||
2 Year U.S. Treasury Note Future | March 2022 | (16) | $(3,491) | $3 | $— | |
Total | $3 | $— |
Total Value at December 31, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $ 8,106 | $ — | $ 8,106 | ||
Corporate Bonds and Notes | 21,769 | — | 21,769 | ||
Mortgage-Backed Securities | 11,416 | — | 11,416 | ||
Money Market Mutual Fund | 3,617 | 3,617 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 3 | 3 | — | ||
Total Investments | $44,911 | $3,620 | $41,291 |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 107,784 | $ 62,344 | $ 2,550,515 | ||
Cash | 100 | 50 | 9,495 | ||
Cash pledged as collateral for cleared swaps | — | 204 | — | ||
Receivables | |||||
Investment securities sold | — | — | 56,810 | ||
Fund shares sold | 93 | 192 | 10,196 | ||
Dividends and interest | 351 | 473 | 6,810 | ||
Securities lending income | — (a) | — | — | ||
Prepaid expenses | 15 | 28 | 98 | ||
Other assets | 10 | 6 | 208 | ||
Total assets | 108,353 | 63,297 | 2,634,132 | ||
Liabilities | |||||
Due to broker | — | 3 | — | ||
Margin due to counterparty on cleared swaps | — | 4 | — | ||
Payables | |||||
Fund shares repurchased | 293 | 399 | 4,504 | ||
Investment securities purchased | 349 | — | 211,886 | ||
Collateral on securities loaned | 350 | — | — | ||
Dividend distributions | 9 | 7 | 952 | ||
Investment advisory fees | 3 | 12 | 649 | ||
Distribution and service fees | 2 | 2 | 21 | ||
Administration and accounting fees | 9 | 6 | 198 | ||
Transfer agent and sub-transfer agent fees and expenses | 33 | 16 | 579 | ||
Professional fees | 27 | 27 | 30 | ||
Trustee deferred compensation plan | 10 | 6 | 208 | ||
Interest expense and/or commitment fees | — (a) | — (a) | 141 | ||
Other accrued expenses | 10 | 8 | 157 | ||
Unrealized depreciation on unfunded loan commitments | — | — | 60 | ||
Total liabilities | 1,095 | 490 | 219,385 | ||
Net Assets | $ 107,258 | $ 62,807 | $ 2,414,747 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 105,799 | $ 60,856 | $ 3,148,514 | ||
Accumulated earnings (loss) | 1,459 | 1,951 | (733,767) | ||
Net Assets | $ 107,258 | $ 62,807 | $ 2,414,747 | ||
Net Assets: | |||||
Class A | $ 8,651 | $ 7,806 | $ 42,301 | ||
Class C | $ — | $ 819 | $ 14,303 | ||
Class I | $ 96,081 | $ 54,087 | $ 2,102,532 | ||
Class R6 | $ 2,526 | $ 95 | $ 255,611 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 772,422 | 836,472 | 5,137,856 | ||
Class C | — | 88,236 | 1,736,506 | ||
Class I | 8,576,042 | 5,825,270 | 255,327,028 | ||
Class R6 | 225,434 | 10,256 | 31,018,349 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 11.20 | $ 9.33 | $ 8.23 | ||
Class C | $ — | $ 9.29 | $ 8.24 | ||
Class I | $ 11.20 | $ 9.28 | $ 8.23 | ||
Class R6 | $ 11.20 | $ 9.28 | $ 8.24 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 11.64 | $ 9.69 | $ 8.46 | ||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.75% | ||
(1) Investment in securities at cost | $ 106,539 | $ 60,862 | $ 2,563,769 | ||
(2) Market value of securities on loan | $ 336 | $ — | $ — | ||
(3) Includes premiums paid (received) on swaps | $ — | $ (388) | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix High Grade Municipal Bond Fund | Seix High Income Fund | Seix High Yield Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 58,728 | $ 209,388 | $ 459,902 | ||
Cash | 100 | 114 | 5,459 | ||
Receivables | |||||
Investment securities sold | 3,264 | 75 | 3 | ||
Fund shares sold | — (a) | 64 | 898 | ||
Dividends and interest | 674 | 3,346 | 6,890 | ||
Securities lending income | — | 2 | 2 | ||
Prepaid expenses | 13 | 18 | 41 | ||
Other assets | 5 | 18 | 40 | ||
Total assets | 62,784 | 213,025 | 473,235 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 149 | 895 | 398 | ||
Investment securities purchased | 4,398 | — | — | ||
Collateral on securities loaned | — | 4,027 | 3,370 | ||
Dividend distributions | 98 | 4 | 155 | ||
Investment advisory fees | 14 | 58 | 149 | ||
Distribution and service fees | 1 | 4 | 4 | ||
Administration and accounting fees | 6 | 17 | 38 | ||
Transfer agent and sub-transfer agent fees and expenses | 14 | 73 | 92 | ||
Professional fees | 27 | 27 | 30 | ||
Trustee deferred compensation plan | 5 | 18 | 40 | ||
Interest expense and/or commitment fees | — (a) | 1 | 1 | ||
Other accrued expenses | 3 | 16 | 25 | ||
Total liabilities | 4,715 | 5,140 | 4,302 | ||
Net Assets | $ 58,069 | $ 207,885 | $ 468,933 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 55,481 | $ 300,057 | $ 510,730 | ||
Accumulated earnings (loss) | 2,588 | (92,172) | (41,797) | ||
Net Assets | $ 58,069 | $ 207,885 | $ 468,933 | ||
Net Assets: | |||||
Class A | $ 6,711 | $ 17,612 | $ 18,370 | ||
Class I | $ 51,358 | $ 179,018 | $ 430,620 | ||
Class R6 | $ — | $ 11,255 | $ 19,943 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 550,782 | 2,730,526 | 2,147,146 | ||
Class I | 4,215,712 | 27,793,228 | 49,068,840 | ||
Class R6 | — | 1,748,281 | 2,271,309 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 12.18 | $ 6.45 | $ 8.56 | ||
Class I | $ 12.18 | $ 6.44 | $ 8.78 | ||
Class R6 | $ — | $ 6.44 | $ 8.78 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 12.52 | $ 6.70 | $ 8.89 | ||
Maximum Sales Charge - Class A | 2.75% | 3.75% | 3.75% | ||
(1) Investment in securities at cost | $ 56,242 | $ 206,996 | $ 456,344 | ||
(2) Market value of securities on loan | $ — | $ 3,863 | $ 3,257 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | |||
Assets | |||||
Investment in securities at value(1) | $ 286,834 | $ 12,598 | $ 7,773 | ||
Cash | 1,000 | 50 | 50 | ||
Receivables | |||||
Investment securities sold | 6,203 | — | — | ||
Fund shares sold | 445 | — | — (a) | ||
Receivable from adviser | — | 2 | 5 | ||
Dividends and interest | 2,724 | 24 | 75 | ||
Prepaid expenses | 15 | 11 | 9 | ||
Other assets | 23 | 1 | 1 | ||
Total assets | 297,244 | 12,686 | 7,913 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 2,476 | 503 | 50 | ||
Investment securities purchased | 37,001 | — | — | ||
Dividend distributions | 773 | 1 | 6 | ||
Investment advisory fees | 58 | — | — | ||
Distribution and service fees | 2 | 2 | — (a) | ||
Administration and accounting fees | 22 | 2 | 1 | ||
Transfer agent and sub-transfer agent fees and expenses | 83 | 2 | 3 | ||
Professional fees | 27 | 27 | 26 | ||
Trustee deferred compensation plan | 23 | 1 | 1 | ||
Interest expense and/or commitment fees | 1 | — (a) | — (a) | ||
Other accrued expenses | 14 | 2 | 1 | ||
Total liabilities | 40,480 | 540 | 88 | ||
Net Assets | $ 256,764 | $ 12,146 | $ 7,825 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 249,154 | $ 12,173 | $ 7,738 | ||
Accumulated earnings (loss) | 7,610 | (27) | 87 | ||
Net Assets | $ 256,764 | $ 12,146 | $ 7,825 | ||
Net Assets: | |||||
Class A | $ 7,592 | $ 4,826 | $ 924 | ||
Class C | $ — | $ 1,058 | $ — | ||
Class I | $ 249,172 | $ 6,262 | $ 6,901 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 647,138 | 480,149 | 93,672 | ||
Class C | — | 105,279 | — | ||
Class I | 21,266,428 | 624,703 | 699,401 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 11.73 | $ 10.05 | $ 9.86 | ||
Class C | $ — | $ 10.05 | $ — | ||
Class I | $ 11.72 | $ 10.02 | $ 9.87 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 12.06 | $ 10.28 | $ 10.09 | ||
Maximum Sales Charge - Class A | 2.75% | 2.25% | 2.25% | ||
(1) Investment in securities at cost | $ 279,467 | $ 12,635 | $ 7,684 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 380,844 | $ 870,593 | $ 7,378 | ||
Cash | 1,000 | 1,000 | 50 | ||
Cash pledged as collateral for futures | — | 419 | — | ||
Due from broker | — | 3 | — | ||
Receivables | |||||
Investment securities sold | — | 3,071 | — | ||
Fund shares sold | 236 | 7,924 | — (a) | ||
Receivable from adviser | — | — | 8 | ||
Dividends and interest | 1,376 | 1,032 | 17 | ||
Securities lending income | — (a) | — | — | ||
Prepaid expenses | 31 | 54 | 12 | ||
Other assets | 34 | 77 | 1 | ||
Total assets | 383,521 | 884,173 | 7,466 | ||
Liabilities | |||||
Due to broker | 18 | — | — | ||
Margin due to counterparty on cleared swaps | 25 | — | — | ||
Variation margin payable on futures contracts | — | 32 | — | ||
Payables | |||||
Fund shares repurchased | 703 | 198 | 18 | ||
Investment securities purchased | 3,289 | — | — | ||
Collateral on securities loaned | 101 | — | — | ||
Dividend distributions | 25 | 36 | 3 | ||
Investment advisory fees | 55 | 52 | — | ||
Distribution and service fees | 3 | 3 | 1 | ||
Administration and accounting fees | 32 | 73 | 1 | ||
Transfer agent and sub-transfer agent fees and expenses | 97 | 233 | 9 | ||
Professional fees | 31 | 29 | 27 | ||
Trustee deferred compensation plan | 34 | 77 | 1 | ||
Interest expense and/or commitment fees | 1 | 3 | — (a) | ||
Other accrued expenses | 25 | 43 | 2 | ||
Total liabilities | 4,439 | 779 | 62 | ||
Net Assets | $ 379,082 | $ 883,394 | $ 7,404 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 372,642 | $ 883,526 | $ 7,173 | ||
Accumulated earnings (loss) | 6,440 | (132) | 231 | ||
Net Assets | $ 379,082 | $ 883,394 | $ 7,404 | ||
Net Assets: | |||||
Class A | $ 11,991 | $ 15,323 | $ 3,698 | ||
Class C | $ — | $ — | $ 147 | ||
Class I | $ 274,304 | $ 710,303 | $ 3,559 | ||
Class R6 | $ 92,787 | $ 157,768 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 1,030,812 | 1,531,341 | 338,146 | ||
Class C | — | — | 13,429 | ||
Class I | 24,391,698 | 70,996,955 | 325,013 | ||
Class R6 | 8,253,663 | 15,749,267 | — | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 11.63 | $ 10.01 | $ 10.94 | ||
Class C | $ — | $ — | $ 10.96 | ||
Class I | $ 11.25 | $ 10.00 | $ 10.95 | ||
Class R6 | $ 11.24 | $ 10.02 | $ — | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 12.08 | $ — | $ 11.19 | ||
Maximum Sales Charge - Class A | 3.75% | —% | 2.25% | ||
(1) Investment in securities at cost | $ 376,810 | $ 865,747 | $ 7,218 | ||
(2) Market value of securities on loan | $ 97 | $ — | $ — | ||
(3) Includes premiums paid (received) on swaps | $ (2,544) | $ — | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Ultra-Short Bond Fund | |
Assets | |
Investment in securities at value(1) | $ 44,908 |
Cash | 100 |
Due from broker | 1 |
Cash pledged as collateral for futures | 8 |
Receivables | |
Investment securities sold | 11 |
Fund shares sold | 457 |
Dividends and interest | 119 |
Prepaid expenses | 17 |
Other assets | 4 |
Total assets | 45,625 |
Liabilities | |
Variation margin payable on futures contracts | 1 |
Payables | |
Fund shares repurchased | 21 |
Investment securities purchased | 1,525 |
Investment advisory fees | 7 |
Distribution and service fees | 1 |
Administration and accounting fees | 4 |
Transfer agent and sub-transfer agent fees and expenses | 11 |
Professional fees | 26 |
Trustee deferred compensation plan | 4 |
Interest expense and/or commitment fees | — (a) |
Other accrued expenses | 13 |
Total liabilities | 1,613 |
Net Assets | $ 44,012 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $ 44,666 |
Accumulated earnings (loss) | (654) |
Net Assets | $ 44,012 |
Net Assets: | |
Class A | $ 5,049 |
Class I | $ 38,963 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 508,941 |
Class I | 3,929,896 |
Net Asset Value and Redemption Price Per Share:* | |
Class A | $ 9.92 |
Class I | $ 9.91 |
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |
Class A | $ — |
Maximum Sales Charge - Class A | —% |
(1) Investment in securities at cost | $ 44,944 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | |||
Investment Income | |||||
Dividends | $ 1 | $ 1 | $ 2,694 | ||
Interest | 1,913 | 3,186 | 88,350 | ||
Securities lending, net of fees | 4 | 3 | — | ||
Total investment income | 1,918 | 3,190 | 91,044 | ||
Expenses | |||||
Investment advisory fees | 333 | 461 | 8,922 | ||
Distribution and service fees, Class A | 24 | 22 | 98 | ||
Distribution and service fees, Class C | — | 12 | 169 | ||
Administration and accounting fees | 139 | 121 | 2,093 | ||
Transfer agent fees and expenses | 56 | 48 | 898 | ||
Sub-transfer agent fees and expenses, Class A | 13 | 10 | 32 | ||
Sub-transfer agent fees and expenses, Class C | — | 1 | 19 | ||
Sub-transfer agent fees and expenses, Class I | 144 | 118 | 2,133 | ||
Custodian fees | 2 | 1 | 5 | ||
Printing fees and expenses | 7 | 10 | 82 | ||
Professional fees | 29 | 32 | 67 | ||
Interest expense and/or commitment fees | 1 | 1 | 328 | ||
Registration fees | 43 | 63 | 132 | ||
Trustees’ fees and expenses | 8 | 6 | 103 | ||
Miscellaneous expenses | 24 | 20 | 472 | ||
Total expenses | 823 | 926 | 15,553 | ||
Less net expenses reimbursed and/or waived by investment adviser(1) | (145) | (85) | (1,864) | ||
Less low balance account fees | — | — (2) | — | ||
Net expenses | 678 | 841 | 13,689 | ||
Net investment income (loss) | 1,240 | 2,349 | 77,355 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 1,042 | 1,908 | (48,396) | ||
Swaps | — | (313) | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (5,260) | (6,005) | 79,545 | ||
Swaps | — | (10) | — | ||
Net realized and unrealized gain (loss) on investments | (4,218) | (4,420) | 31,149 | ||
Net increase (decrease) in net assets resulting from operations | $(2,978) | $(2,071) | $108,504 |
(1) | See Note 4D in Notes to Financial Statements. |
(2) | Amount is less than $500. |
Seix High Grade Municipal Bond Fund | Seix High Income Fund | Seix High Yield Fund | |||
Investment Income | |||||
Dividends | $ 3 | $ 4 | $ 10 | ||
Interest | 1,133 | 12,437 | 21,771 | ||
Securities lending, net of fees | — | 39 | 41 | ||
Total investment income | 1,136 | 12,480 | 21,822 | ||
Expenses | |||||
Investment advisory fees | 346 | 1,230 | 2,024 | ||
Distribution and service fees, Class A | 11 | 49 | 42 | ||
Administration and accounting fees | 76 | 228 | 450 | ||
Transfer agent fees and expenses | 29 | 93 | 185 | ||
Sub-transfer agent fees and expenses, Class A | 2 | 27 | 20 | ||
Sub-transfer agent fees and expenses, Class I | 60 | 269 | 375 | ||
Custodian fees | — (1) | 2 | 2 | ||
Printing fees and expenses | 4 | 13 | 19 | ||
Professional fees | 28 | 31 | 35 | ||
Interest expense and/or commitment fees | — (1) | 2 | 3 | ||
Registration fees | 30 | 44 | 80 | ||
Trustees’ fees and expenses | 4 | 12 | 22 | ||
Miscellaneous expenses | 6 | 31 | 54 | ||
Total expenses | 596 | 2,031 | 3,311 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (183) | (469) | (418) | ||
Net expenses | 413 | 1,562 | 2,893 | ||
Net investment income (loss) | 723 | 10,918 | 18,929 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 734 | 3,988 | 8,198 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (1,188) | (4,607) | (11,316) | ||
Net realized and unrealized gain (loss) on investments | (454) | (619) | (3,118) | ||
Net increase (decrease) in net assets resulting from operations | $ 269 | $10,299 | $ 15,811 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | |||
Investment Income | |||||
Dividends | $ 18 | $ —(1) | $ —(1) | ||
Interest | 3,574 | 148 | 86 | ||
Total investment income | 3,592 | 148 | 86 | ||
Expenses | |||||
Investment advisory fees | 1,398 | 54 | 36 | ||
Distribution and service fees, Class A | 21 | 11 | 2 | ||
Distribution and service fees, Class C | — | 14 | — | ||
Administration and accounting fees | 283 | 21 | 18 | ||
Transfer agent fees and expenses | 115 | 7 | 4 | ||
Sub-transfer agent fees and expenses, Class A | 5 | 2 | 1 | ||
Sub-transfer agent fees and expenses, Class C | — | 1 | — | ||
Sub-transfer agent fees and expenses, Class I | 317 | 6 | 13 | ||
Custodian fees | 1 | — (1) | — (1) | ||
Printing fees and expenses | 10 | 3 | 2 | ||
Professional fees | 37 | 27 | 27 | ||
Interest expense and/or commitment fees | 2 | — (1) | — (1) | ||
Registration fees | 39 | 33 | 25 | ||
Trustees’ fees and expenses | 15 | 1 | 1 | ||
Miscellaneous expenses | 18 | 6 | 3 | ||
Total expenses | 2,261 | 186 | 132 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (689) | (86) | (92) | ||
Net expenses | 1,572 | 100 | 40 | ||
Net investment income (loss) | 2,020 | 48 | 46 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 2,920 | 107 | 98 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (4,681) | (275) | (168) | ||
Net realized and unrealized gain (loss) on investments | (1,761) | (168) | (70) | ||
Net increase (decrease) in net assets resulting from operations | $ 259 | $(120) | $ (24) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
Investment Income | |||||
Dividends | $ 4 | $ 17 | $ —(1) | ||
Interest | 7,115 | 6,557 | 99 | ||
Securities lending, net of fees | 14 | — | 1 | ||
Total investment income | 7,133 | 6,574 | 100 | ||
Expenses | |||||
Investment advisory fees | 1,044 | 2,160 | 48 | ||
Distribution and service fees, Class A | 33 | 63 | 10 | ||
Distribution and service fees, Class C | — | — | 3 | ||
Administration and accounting fees | 418 | 1,106 | 19 | ||
Transfer agent fees and expenses | 173 | 460 | 5 | ||
Sub-transfer agent fees and expenses, Class A | 21 | 13 | 32 | ||
Sub-transfer agent fees and expenses, Class C | — | — | — (1) | ||
Sub-transfer agent fees and expenses, Class I | 337 | 1,286 | 10 | ||
Custodian fees | 2 | 5 | 1 | ||
Printing fees and expenses | 18 | 33 | 4 | ||
Professional fees | 35 | 40 | 27 | ||
Interest expense and/or commitment fees | 3 | 8 | — (1) | ||
Registration fees | 93 | 77 | 33 | ||
Trustees’ fees and expenses | 22 | 62 | 1 | ||
Miscellaneous expenses | 56 | 44 | 4 | ||
Total expenses | 2,255 | 5,357 | 197 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (479) | (878) | (101) | ||
Net expenses | 1,776 | 4,479 | 96 | ||
Net investment income (loss) | 5,357 | 2,095 | 4 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 5,399 | (437) | 275 | ||
Futures | — | 1,112 | — | ||
Swaps | (1,186) | — | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (14,902) | (2,908) | (460) | ||
Futures | — | (224) | — | ||
Swaps | (66) | — | — | ||
Net realized and unrealized gain (loss) on investments | (10,755) | (2,457) | (185) | ||
Net increase (decrease) in net assets resulting from operations | $ (5,398) | $ (362) | $(181) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Ultra-Short Bond Fund | |
Investment Income | |
Dividends | $ 1 |
Interest | 547 |
Securities lending, net of fees | — (1) |
Total investment income | 548 |
Expenses | |
Investment advisory fees | 106 |
Distribution and service fees, Class A | 11 |
Administration and accounting fees | 55 |
Transfer agent fees and expenses | 21 |
Sub-transfer agent fees and expenses, Class A | 2 |
Sub-transfer agent fees and expenses, Class I | 36 |
Custodian fees | — (1) |
Printing fees and expenses | 5 |
Professional fees | 27 |
Interest expense and/or commitment fees | — (1) |
Registration fees | 28 |
Trustees’ fees and expenses | 3 |
Miscellaneous expenses | 21 |
Total expenses | 315 |
Less net expenses reimbursed and/or waived by investment adviser(2) | (110) |
Net expenses | 205 |
Net investment income (loss) | 343 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 32 |
Futures | 10 |
Net change in unrealized appreciation (depreciation) on: | |
Investments | (311) |
Futures | 3 |
Net realized and unrealized gain (loss) on investments | (266) |
Net increase (decrease) in net assets resulting from operations | $ 77 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,240 | $ 1,364 | $ 2,349 | $ 1,696 | |||
Net realized gain (loss) | 1,042 | 4,202 | 1,595 | 3,853 | |||
Net change in unrealized appreciation (depreciation) | (5,260) | 5,015 | (6,015) | 5,572 | |||
Increase (decrease) in net assets resulting from operations | (2,978) | 10,581 | (2,071) | 11,121 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (124) | (327) | (321) | (447) | |||
Class C | — | — | (31) | (60) | |||
Class I | (1,672) | (5,327) | (3,357) | (5,456) | |||
Class R6 | (33) | (57) | (5) | (4) | |||
Total dividends and distributions to shareholders | (1,829) | (5,711) | (3,714) | (5,967) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,990) | 1,228 | (453) | 2,634 | |||
Class C | — | — | (466) | 633 | |||
Class I | (87,208) | 89,947 | (44,586) | 66,410 | |||
Class R6 | 1,040 | (606) | — | 100 | |||
Increase (decrease) in net assets from capital transactions | (88,158) | 90,569 | (45,505) | 69,777 | |||
Net increase (decrease) in net assets | (92,965) | 95,439 | (51,290) | 74,931 | |||
Net Assets | |||||||
Beginning of period | 200,223 | 104,784 | 114,097 | 39,166 | |||
End of Period | $ 107,258 | $ 200,223 | $ 62,807 | $ 114,097 |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 77,355 | $ 90,284 | $ 723 | $ 821 | |||
Net realized gain (loss) | (48,396) | (236,209) | 734 | 1,981 | |||
Net change in unrealized appreciation (depreciation) | 79,545 | 27,799 | (1,188) | 1,856 | |||
Increase (decrease) in net assets resulting from operations | 108,504 | (118,126) | 269 | 4,658 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,303) | (1,489) | (163) | (278) | |||
Class C | (458) | (902) | — | — | |||
Class I | (67,285) | (76,765) | (1,396) | (2,584) | |||
Class R6 | (7,586) | (12,298) | — | — | |||
Total dividends and distributions to shareholders | (76,632) | (91,454) | (1,559) | (2,862) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 6,442 | (10,319) | (762) | 535 | |||
Class C | (7,900) | (13,980) | — | — | |||
Class I | 547,342 | (1,004,745) | (21,509) | 19,100 | |||
Class R6 | 110,503 | (373,965) | — | — | |||
Increase (decrease) in net assets from capital transactions | 656,387 | (1,403,009) | (22,271) | 19,635 | |||
Net increase (decrease) in net assets | 688,259 | (1,612,589) | (23,561) | 21,431 | |||
Net Assets | |||||||
Beginning of period | 1,726,488 | 3,339,077 | 81,630 | 60,199 | |||
End of Period | $ 2,414,747 | $ 1,726,488 | $ 58,069 | $ 81,630 |
Seix High Income Fund | Seix High Yield Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 10,918 | $ 12,004 | $ 18,929 | $ 15,294 | |||
Net realized gain (loss) | 3,988 | (7,102) | 8,198 | 6,887 | |||
Net change in unrealized appreciation (depreciation) | (4,607) | 3,906 | (11,316) | 10,083 | |||
Increase (decrease) in net assets resulting from operations | 10,299 | 8,808 | 15,811 | 32,264 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (897) | (1,081) | (659) | (275) | |||
Class I | (9,380) | (10,159) | (17,309) | (14,542) | |||
Class R6 | (514) | (755) | (717) | (419) | |||
Total dividends and distributions to shareholders | (10,791) | (11,995) | (18,685) | (15,236) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (2,466) | (5,511) | 6,837 | 6,415 | |||
Class I | (24,112) | (30,506) | 71,216 | 54,159 | |||
Class R6 | 2,142 | (24,334) | 8,158 | 5,442 | |||
Increase (decrease) in net assets from capital transactions | (24,436) | (60,351) | 86,211 | 66,016 | |||
Net increase (decrease) in net assets | (24,928) | (63,538) | 83,337 | 83,044 | |||
Net Assets | |||||||
Beginning of period | 232,813 | 296,351 | 385,596 | 302,552 | |||
End of Period | $ 207,885 | $ 232,813 | $ 468,933 | $ 385,596 |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 2,020 | $ 2,936 | $ 48 | $ 124 | |||
Net realized gain (loss) | 2,920 | 7,902 | 107 | 235 | |||
Net change in unrealized appreciation (depreciation) | (4,681) | 5,316 | (275) | 154 | |||
Increase (decrease) in net assets resulting from operations | 259 | 16,154 | (120) | 513 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (171) | (291) | (47) | (48) | |||
Class C | — | — | (6) | (1) | |||
Class I | (6,002) | (9,962) | (69) | (74) | |||
Total dividends and distributions to shareholders | (6,173) | (10,253) | (122) | (123) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,135) | (546) | (1,354) | 3,790 | |||
Class C | — | — | (1,000) | 1,307 | |||
Class I | (33,788) | (12,363) | (972) | 2,039 | |||
Increase (decrease) in net assets from capital transactions | (34,923) | (12,909) | (3,326) | 7,136 | |||
Net increase (decrease) in net assets | (40,837) | (7,008) | (3,568) | 7,526 | |||
Net Assets | |||||||
Beginning of period | 297,601 | 304,609 | 15,714 | 8,188 | |||
End of Period | $ 256,764 | $ 297,601 | $ 12,146 | $ 15,714 |
Seix Short-Term Municipal Bond Fund | Seix Total Return Bond Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 46 | $ 84 | $ 5,357 | $ 5,104 | |||
Net realized gain (loss) | 98 | 224 | 4,213 | 14,104 | |||
Net change in unrealized appreciation (depreciation) | (168) | 110 | (14,968) | 15,763 | |||
Increase (decrease) in net assets resulting from operations | (24) | 418 | (5,398) | 34,971 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (29) | (23) | (139) | (391) | |||
Class I | (211) | (204) | (3,723) | (7,922) | |||
Class R6 | — | — | (1,687) | (2,773) | |||
Total dividends and distributions to shareholders | (240) | (227) | (5,549) | (11,086) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (517) | (81) | (575) | (13,879) | |||
Class I | (5,117) | 1,245 | (13,878) | 58,104 | |||
Class R6 | — | — | (27,249) | 57,411 | |||
Increase (decrease) in net assets from capital transactions | (5,634) | 1,164 | (41,702) | 101,636 | |||
Net increase (decrease) in net assets | (5,898) | 1,355 | (52,649) | 125,521 | |||
Net Assets | |||||||
Beginning of period | 13,723 | 12,368 | 431,731 | 306,210 | |||
End of Period | $ 7,825 | $ 13,723 | $ 379,082 | $ 431,731 |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 2,095 | $ 7,614 | $ 4 | $ 93 | |||
Net realized gain (loss) | 675 | (124) | 275 | 298 | |||
Net change in unrealized appreciation (depreciation) | (3,132) | 4,410 | (460) | 117 | |||
Increase (decrease) in net assets resulting from operations | (362) | 11,900 | (181) | 508 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (4) | (94) | (132) | (68) | |||
Class C | — | — | (4) | (1) | |||
Class I | (1,732) | (7,500) | (159) | (136) | |||
Class R6 | (318) | (313) | — | — | |||
Return of Capital: | |||||||
Class A | (2) | — | — | — | |||
Class I | (901) | — | — | — | |||
Class R6 | (166) | — | — | — | |||
Total dividends and distributions to shareholders | (3,123) | (7,907) | (295) | (205) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (17,659) | 19,270 | (2,485) | (374) | |||
Class C | — | — | (341) | 110 | |||
Class I | (377,023) | 221,890 | (6,165) | (4,684) | |||
Class R6 | 70,909 | 61,689 | — | — | |||
Increase (decrease) in net assets from capital transactions | (323,773) | 302,849 | (8,991) | (4,948) | |||
Net increase (decrease) in net assets | (327,258) | 306,842 | (9,467) | (4,645) | |||
Net Assets | |||||||
Beginning of period | 1,210,652 | 903,810 | 16,871 | 21,516 | |||
End of Period | $ 883,394 | $ 1,210,652 | $ 7,404 | $ 16,871 |
Seix Ultra-Short Bond Fund | |||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 343 | $ 594 | |
Net realized gain (loss) | 42 | (520) | |
Net change in unrealized appreciation (depreciation) | (308) | 186 | |
Increase (decrease) in net assets resulting from operations | 77 | 260 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (24) | (34) | |
Class I | (335) | (559) | |
Total dividends and distributions to shareholders | (359) | (593) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | 883 | 1,091 | |
Class I | (5,489) | (3,152) | |
Increase (decrease) in net assets from capital transactions | (4,606) | (2,061) | |
Net increase (decrease) in net assets | (4,888) | (2,394) | |
Net Assets | |||
Beginning of period | 48,900 | 51,294 | |
End of Period | $ 44,012 | $ 48,900 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Core Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $11.52 | 0.09 | (0.26) | (0.17) | (0.09) | — | (0.06) | (0.15) | (0.32) | $11.20 | (1.43) % | $ 8,651 | 0.64 % | 0.88 % | 0.82 % | 149 % | |
1/1/20 to 12/31/20 | 10.91 | 0.10 | 0.87 | 0.97 | (0.11) | — | (0.25) | (0.36) | 0.61 | 11.52 | 8.91 | 10,943 | 0.64 | 0.89 | 0.88 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.22 | 0.55 | 0.77 | (0.22) | — | — | (0.22) | 0.55 | 10.91 | 7.48 | 9,183 | 0.64 | 0.91 | 2.03 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.22 | (0.25) | (0.03) | (0.23) | (0.01) | — | (0.24) | (0.27) | 10.36 | (0.28) | 5,993 | 0.64 | 0.89 | 2.18 | 172 | |
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 | 10,363 | 0.64 | 0.64 | 1.45 | 210 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $11.53 | 0.11 | (0.27) | (0.16) | (0.11) | — | (0.06) | (0.17) | (0.33) | $11.20 | (1.38) % | $ 96,081 | 0.50 % | 0.60 % | 0.94 % | 149 % | |
1/1/20 to 12/31/20 | 10.91 | 0.10 | 0.89 | 0.99 | (0.12) | — | (0.25) | (0.37) | 0.62 | 11.53 | 9.15 | 187,741 | 0.50 | 0.59 | 0.90 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.24 | 0.54 | 0.78 | (0.23) | — | — | (0.23) | 0.55 | 10.91 | 7.63 | 93,576 | 0.50 | 0.64 | 2.21 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.24 | (0.26) | (0.02) | (0.24) | (0.01) | — | (0.25) | (0.27) | 10.36 | (0.14) | 136,247 | 0.50 | 0.62 | 2.31 | 172 | |
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 | |
Class R6* | |||||||||||||||||
1/1/21 to 12/31/21 | $11.53 | 0.13 | (0.27) | (0.14) | (0.13) | — | (0.06) | (0.19) | (0.33) | $11.20 | (1.24) % | $ 2,526 | 0.36 % | 0.48 % | 1.12 % | 149 % | |
1/1/20 to 12/31/20 | 10.91 | 0.14 | 0.87 | 1.01 | (0.14) | — | (0.25) | (0.39) | 0.62 | 11.53 | 9.31 | 1,539 | 0.36 | 0.49 | 1.21 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.23 | 0.57 | 0.80 | (0.25) | — | — | (0.25) | 0.55 | 10.91 | 7.78 | 2,025 | 0.36 | 0.50 | 2.12 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.25 | (0.26) | (0.01) | (0.25) | (0.01) | — | (0.26) | (0.27) | 10.36 | (0.02) | 114 | 0.36 | 0.48 | 2.40 | 172 | |
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 | |
Seix Corporate Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $ 9.89 | 0.18 | (0.37) | (0.19) | (0.16) | — | (0.21) | (0.37) | (0.56) | $ 9.33 | (1.90) % | $ 7,806 | 0.95 % | 1.04 % | 1.85 % | 164 % | |
1/1/20 to 12/31/20 | 8.95 | 0.20 | 1.34 | 1.54 | (0.24) | — | (0.36) | (0.60) | 0.94 | 9.89 | 17.44 | 8,765 | 0.95 | 1.03 | 2.07 | 135 | |
1/1/19 to 12/31/19 | 8.15 | 0.23 | 0.78 | 1.01 | (0.21) | — | — | (0.21) | 0.80 | 8.95 | 12.47 | 5,599 | 0.95 | 1.10 | 2.69 | 118 | |
1/1/18 to 12/31/18 | 8.76 | 0.26 | (0.60) | (0.34) | (0.25) | — | (0.02) | (0.27) | (0.61) | 8.15 | (3.90) | 345 | 0.95 | 1.35 | 3.08 | 299 | |
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 | |
Class C | |||||||||||||||||
1/1/21 to 12/31/21 | $ 9.84 | 0.11 | (0.36) | (0.25) | (0.09) | — | (0.21) | (0.30) | (0.55) | $ 9.29 | (2.50) % | $ 819 | 1.65 % | 1.76 % | 1.14 % | 164 % | |
1/1/20 to 12/31/20 | 8.91 | 0.13 | 1.33 | 1.46 | (0.17) | — | (0.36) | (0.53) | 0.93 | 9.84 | 16.57 | 1,365 | 1.65 | 1.78 | 1.34 | 135 | |
1/1/19 to 12/31/19 | 8.11 | 0.16 | 0.78 | 0.94 | (0.14) | — | — | (0.14) | 0.80 | 8.91 | 11.60 | 671 | 1.65 | 1.84 | 1.87 | 118 | |
1/1/18 to 12/31/18 | 8.72 | 0.20 | (0.60) | (0.40) | (0.19) | — | (0.02) | (0.21) | (0.61) | 8.11 | (4.61) | 5,459 | 1.65 | 2.12 | 2.37 | 299 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Corporate Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $ 9.84 | 0.20 | (0.37) | (0.17) | (0.18) | — | (0.21) | (0.39) | (0.56) | $ 9.28 | (1.67) % | $ 54,087 | 0.70 % | 0.77 % | 2.07 % | 164 % | |
1/1/20 to 12/31/20 | 8.90 | 0.22 | 1.35 | 1.57 | (0.27) | — | (0.36) | (0.63) | 0.94 | 9.84 | 17.82 | 103,866 | 0.70 | 0.80 | 2.26 | 135 | |
1/1/19 to 12/31/19 | 8.11 | 0.25 | 0.77 | 1.02 | (0.23) | — | — | (0.23) | 0.79 | 8.90 | 12.66 | 32,896 | 0.70 | 0.86 | 2.90 | 118 | |
1/1/18 to 12/31/18 | 8.73 | 0.27 | (0.60) | (0.33) | (0.27) | — | (0.02) | (0.29) | (0.62) | 8.11 | (3.81) | 35,244 | 0.70 | 1.03 | 3.33 | 299 | |
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 | |
Class R6 | |||||||||||||||||
1/1/21 to 12/31/21 | $ 9.83 | 0.23 | (0.36) | (0.13) | (0.21) | — | (0.21) | (0.42) | (0.55) | $ 9.28 | (1.31) % | $ 95 | 0.43 % | 0.70 % | 2.37 % | 164 % | |
10/20/20 (8) to 12/31/20 | 9.75 | 0.05 | 0.41 | 0.46 | (0.10) | — | (0.28) | (0.38) | 0.08 | 9.83 | 4.75 | 101 | 0.43 | 0.71 | 2.51 | 135 (9) | |
Seix Floating Rate High Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.09 | 0.28 | 0.13 | 0.41 | (0.27) | — | — | (0.27) | 0.14 | $ 8.23 | 5.14 % | $ 42,301 | 0.95 % (10)(11)(12) | 0.95 % | 3.35 % | 72 % | |
1/1/20 to 12/31/20 | 8.40 | 0.30 | (0.31) | (0.01) | (0.30) | — | — | (0.30) | (0.31) | 8.09 | 0.06 | 35,224 | 0.96 (12) | 0.96 | 3.76 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.41 | 0.11 | 0.52 | (0.42) | — | — | (0.42) | 0.10 | 8.40 | 6.30 | 47,938 | 0.95 (10)(12) | 0.93 | 4.79 | 17 | |
1/1/18 to 12/31/18 | 8.70 | 0.40 | (0.40) | — | (0.40) | — | — | (0.40) | (0.40) | 8.30 | (0.11) | 68,213 | 0.94 | 0.95 | 4.58 | 75 | |
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 | |
Class C | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.09 | 0.23 | 0.14 | 0.37 | (0.22) | — | — | (0.22) | 0.15 | $ 8.24 | 4.65 % | $ 14,303 | 1.54 % (12) | 1.73 % | 2.74 % | 72 % | |
1/1/20 to 12/31/20 | 8.40 | 0.25 | (0.31) | (0.06) | (0.25) | — | — | (0.25) | (0.31) | 8.09 | (0.52) | 21,841 | 1.54 (12) | 1.68 | 3.19 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.36 | 0.11 | 0.47 | (0.37) | — | — | (0.37) | 0.10 | 8.40 | 5.68 | 37,586 | 1.53 (12) | 1.65 | 4.21 | 17 | |
1/1/18 to 12/31/18 | 8.70 | 0.35 | (0.40) | (0.05) | (0.35) | — | — | (0.35) | (0.40) | 8.30 | (0.68) | 45,588 | 1.52 | 1.62 | 4.01 | 75 | |
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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.09 | 0.30 | 0.14 | 0.44 | (0.30) | — | — | (0.30) | 0.14 | $ 8.23 | 5.47 % | $2,102,532 | 0.64 % (12) | 0.73 % | 3.65 % | 72 % | |
1/1/20 to 12/31/20 | 8.40 | 0.32 | (0.30) | 0.02 | (0.33) | — | — | (0.33) | (0.31) | 8.09 | 0.38 | 1,526,917 | 0.64 (12) | 0.75 | 4.10 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.43 | 0.11 | 0.54 | (0.44) | — | — | (0.44) | 0.10 | 8.40 | 6.63 | 2,701,126 | 0.63 (12) | 0.72 | 5.13 | 17 | |
1/1/18 to 12/31/18 | 8.70 | 0.43 | (0.40) | 0.03 | (0.43) | — | — | (0.43) | (0.40) | 8.30 | 0.22 | 4,380,792 | 0.62 | 0.70 | 4.92 | 75 | |
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 | |
Class R6* | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.10 | 0.31 | 0.14 | 0.45 | (0.31) | — | — | (0.31) | 0.14 | $ 8.24 | 5.57 % | $ 255,611 | 0.54 % (12) | 0.62 % | 3.76 % | 72 % | |
1/1/20 to 12/31/20 | 8.40 | 0.34 | (0.31) | 0.03 | (0.33) | — | — | (0.33) | (0.30) | 8.10 | 0.61 | 142,506 | 0.54 (12) | 0.63 | 4.30 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.44 | 0.11 | 0.55 | (0.45) | — | — | (0.45) | 0.10 | 8.40 | 6.74 | 552,427 | 0.53 (12) | 0.61 | 5.21 | 17 | |
1/1/18 to 12/31/18 | 8.71 | 0.43 | (0.40) | 0.03 | (0.44) | — | — | (0.44) | (0.41) | 8.30 | 0.20 | 805,046 | 0.52 | 0.58 | 5.00 | 75 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix High Grade Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $12.42 | 0.11 | (0.07) | 0.04 | (0.11) | — | (0.17) | (0.28) | (0.24) | $12.18 | 0.35 % | $ 6,711 | 0.73 % | 0.94 % | 0.91 % | 48 % | |
1/1/20 to 12/31/20 | 12.05 | 0.13 | 0.69 | 0.82 | (0.13) | — | (0.32) | (0.45) | 0.37 | 12.42 | 6.85 | 7,626 | 0.75 (7) | 0.95 | 1.04 | 203 | |
1/1/19 to 12/31/19 | 11.62 | 0.21 | 0.67 | 0.88 | (0.21) | — | (0.24) | (0.45) | 0.43 | 12.05 | 7.67 | 6,893 | 0.75 | 0.98 | 1.78 | 233 | |
1/1/18 to 12/31/18 | 11.94 | 0.31 | (0.26) | 0.05 | (0.31) | — | (0.06) | (0.37) | (0.32) | 11.62 | 0.44 | 6,767 | 0.80 (7) | 0.95 | 2.63 | 130 | |
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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $12.42 | 0.13 | (0.07) | 0.06 | (0.13) | — | (0.17) | (0.30) | (0.24) | $12.18 | 0.50 % | $ 51,358 | 0.58 % | 0.85 % | 1.06 % | 48 % | |
1/1/20 to 12/31/20 | 12.05 | 0.15 | 0.69 | 0.84 | (0.15) | — | (0.32) | (0.47) | 0.37 | 12.42 | 7.01 | 74,004 | 0.60 (7) | 0.86 | 1.18 | 203 | |
1/1/19 to 12/31/19 | 11.62 | 0.23 | 0.67 | 0.90 | (0.23) | — | (0.24) | (0.47) | 0.43 | 12.05 | 7.83 | 53,306 | 0.60 | 0.89 | 1.91 | 233 | |
1/1/18 to 12/31/18 | 11.93 | 0.32 | (0.25) | 0.07 | (0.32) | — | (0.06) | (0.38) | (0.31) | 11.62 | 0.67 | 41,769 | 0.65 (7) | 0.85 | 2.77 | 130 | |
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 | |
Seix High Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $ 6.46 | 0.30 | (0.01) | 0.29 | (0.30) | — | — | (0.30) | (0.01) | $ 6.45 | 4.52 % | $ 17,612 | 0.93 % | 1.14 % | 4.65 % | 103 % | |
1/1/20 to 12/31/20 | 6.33 | 0.31 | 0.13 | 0.44 | (0.31) | — | — | (0.31) | 0.13 | 6.46 | 7.48 | 20,133 | 0.93 (7) | 1.16 | 5.14 | 201 | |
1/1/19 to 12/31/19 | 5.96 | 0.32 | 0.37 | 0.69 | (0.32) | — | — | (0.32) | 0.37 | 6.33 | 11.67 | 25,338 | 0.98 (7) | 1.13 | 5.03 | 113 | |
1/1/18 to 12/31/18 | 6.53 | 0.36 | (0.57) | (0.21) | (0.36) | — | — | (0.36) | (0.57) | 5.96 | (3.42) | 14,327 | 1.03 | 1.11 | 5.56 | 77 | |
4/1/17 to 12/31/17(6) | 6.46 | 0.28 | 0.07 | 0.35 | (0.28) | — (13) | — | (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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $ 6.45 | 0.32 | (0.02) | 0.30 | (0.31) | — | — | (0.31) | (0.01) | $ 6.44 | 4.78 % | $ 179,018 | 0.68 % | 0.89 % | 4.90 % | 103 % | |
1/1/20 to 12/31/20 | 6.33 | 0.32 | 0.13 | 0.45 | (0.33) | — | — | (0.33) | 0.12 | 6.45 | 7.58 | 203,543 | 0.68 (7) | 0.92 | 5.38 | 201 | |
1/1/19 to 12/31/19 | 5.95 | 0.33 | 0.38 | 0.71 | (0.33) | — | — | (0.33) | 0.38 | 6.33 | 12.12 | 234,101 | 0.74 (7) | 0.90 | 5.29 | 113 | |
1/1/18 to 12/31/18 | 6.52 | 0.37 | (0.57) | (0.20) | (0.37) | — | — | (0.37) | (0.57) | 5.95 | (3.20) | 264,435 | 0.80 | 0.88 | 5.87 | 77 | |
4/1/17 to 12/31/17(6) | 6.46 | 0.29 | 0.06 | 0.35 | (0.29) | — (13) | — | (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 | |
Class R6 | |||||||||||||||||
1/1/21 to 12/31/21 | $ 6.45 | 0.32 | (0.01) | 0.31 | (0.32) | — | — | (0.32) | (0.01) | $ 6.44 | 4.87 % | $ 11,255 | 0.59 % | 0.75 % | 4.98 % | 103 % | |
1/1/20 to 12/31/20 | 6.32 | 0.33 | 0.13 | 0.46 | (0.33) | — | — | (0.33) | 0.13 | 6.45 | 7.85 | 9,137 | 0.59 (7) | 0.77 | 5.39 | 201 | |
1/1/19 to 12/31/19 | 5.95 | 0.33 | 0.38 | 0.71 | (0.34) | — | — | (0.34) | 0.37 | 6.32 | 12.08 | 36,912 | 0.61 (7) | 0.76 | 5.30 | 113 | |
1/1/18 to 12/31/18 | 6.52 | 0.38 | (0.57) | (0.19) | (0.38) | — | — | (0.38) | (0.57) | 5.95 | (3.05) | 4,927 | 0.64 | 0.75 | 6.03 | 77 | |
4/1/17 to 12/31/17(6) | 6.45 | 0.30 | 0.07 | 0.37 | (0.30) | — (13) | — | (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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix High Yield Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.59 | 0.34 | (0.03) | 0.31 | (0.34) | — | — | (0.34) | (0.03) | $ 8.56 | 3.69 % | $ 18,370 | 0.82 % | 1.01 % | 4.01 % | 93 % | |
1/1/20 to 12/31/20 | 8.19 | 0.37 | 0.40 | 0.77 | (0.37) | — | — | (0.37) | 0.40 | 8.59 | 9.86 | 11,608 | 0.82 | 1.05 | 4.54 | 182 | |
1/1/19 to 12/31/19 | 7.62 | 0.38 | 0.57 | 0.95 | (0.38) | — | — | (0.38) | 0.57 | 8.19 | 12.64 | 4,623 | 0.82 | 1.04 | 4.70 | 98 | |
1/1/18 to 12/31/18 | 8.21 | 0.43 | (0.59) | (0.16) | (0.43) | — | — | (0.43) | (0.59) | 7.62 | (2.07) | 2,910 | 0.82 | 1.02 | 5.32 | 59 | |
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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.81 | 0.37 | (0.03) | 0.34 | (0.37) | — | — | (0.37) | (0.03) | $ 8.78 | 3.88 % | $ 430,620 | 0.64 % | 0.73 % | 4.21 % | 93 % | |
1/1/20 to 12/31/20 | 8.41 | 0.40 | 0.40 | 0.80 | (0.40) | — | — | (0.40) | 0.40 | 8.81 | 9.93 | 362,138 | 0.64 | 0.76 | 4.81 | 182 | |
1/1/19 to 12/31/19 | 7.82 | 0.41 | 0.58 | 0.99 | (0.40) | — | — | (0.40) | 0.59 | 8.41 | 12.91 | 292,284 | 0.64 | 0.77 | 4.93 | 98 | |
1/1/18 to 12/31/18 | 8.41 | 0.45 | (0.58) | (0.13) | (0.46) | — | — | (0.46) | (0.59) | 7.82 | (1.70) | 286,931 | 0.64 | 0.76 | 5.53 | 59 | |
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 | |
Class R6* | |||||||||||||||||
1/1/21 to 12/31/21 | $ 8.81 | 0.38 | (0.03) | 0.35 | (0.38) | — | — | (0.38) | (0.03) | $ 8.78 | 4.00 % | $ 19,943 | 0.53 % | 0.64 % | 4.32 % | 93 % | |
1/1/20 to 12/31/20 | 8.41 | 0.41 | 0.40 | 0.81 | (0.41) | — | — | (0.41) | 0.40 | 8.81 | 10.05 | 11,850 | 0.53 | 0.67 | 4.92 | 182 | |
1/1/19 to 12/31/19 | 7.82 | 0.40 | 0.60 | 1.00 | (0.41) | — | — | (0.41) | 0.59 | 8.41 | 13.03 | 5,645 | 0.53 | 0.67 | 4.89 | 98 | |
1/1/18 to 12/31/18 | 8.42 | 0.44 | (0.58) | (0.14) | (0.46) | — | — | (0.46) | (0.60) | 7.82 | (1.74) | 1,009 | 0.53 | 0.64 | 5.31 | 59 | |
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(14) | 8.17 | 0.33 | 0.18 | 0.51 | (0.31) | — | — | (0.31) | 0.20 | 8.37 | 6.34 | 42,695 | 0.54 | 0.54 | 5.86 | 87 | |
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $11.99 | 0.07 | (0.08) | (0.01) | (0.07) | — | (0.18) | (0.25) | (0.26) | $11.73 | (0.04) % | $ 7,592 | 0.71 % (7) | 1.01 % | 0.58 % | 95 % | |
1/1/20 to 12/31/20 | 11.72 | 0.10 | 0.57 | 0.67 | (0.10) | — | (0.30) | (0.40) | 0.27 | 11.99 | 5.73 | 8,902 | 0.73 (7) | 1.01 | 0.84 | 173 | |
1/1/19 to 12/31/19 | 11.45 | 0.19 | 0.55 | 0.74 | (0.19) | — | (0.28) | (0.47) | 0.27 | 11.72 | 6.54 | 9,329 | 0.75 (7) | 1.00 | 1.65 | 203 | |
1/1/18 to 12/31/18 | 11.75 | 0.28 | (0.23) | 0.05 | (0.28) | — | (0.07) | (0.35) | (0.30) | 11.45 | 0.45 | 9,999 | 0.80 (7) | 1.00 | 2.47 | 105 | |
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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $11.98 | 0.09 | (0.08) | 0.01 | (0.09) | — | (0.18) | (0.27) | (0.26) | $11.72 | 0.11 % | $ 249,172 | 0.56 % (7) | 0.80 % | 0.73 % | 95 % | |
1/1/20 to 12/31/20 | 11.70 | 0.12 | 0.58 | 0.70 | (0.12) | — | (0.30) | (0.42) | 0.28 | 11.98 | 5.98 | 288,699 | 0.58 (7) | 0.82 | 0.98 | 173 | |
1/1/19 to 12/31/19 | 11.43 | 0.21 | 0.55 | 0.76 | (0.21) | — | (0.28) | (0.49) | 0.27 | 11.70 | 6.71 | 295,280 | 0.60 (7) | 0.81 | 1.80 | 203 | |
1/1/18 to 12/31/18 | 11.73 | 0.30 | (0.23) | 0.07 | (0.30) | — | (0.07) | (0.37) | (0.30) | 11.43 | 0.60 | 307,001 | 0.65 (7) | 0.80 | 2.61 | 105 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Short-Term Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $10.24 | 0.03 | (0.13) | (0.10) | (0.03) | — | (0.06) | (0.09) | (0.19) | $10.05 | (0.97) % | $ 4,826 | 0.80 % | 1.37 % | 0.30 % | 110 % | |
1/1/20 to 12/31/20 | 9.96 | 0.07 | 0.29 | 0.36 | (0.08) | — | — | (0.08) | 0.28 | 10.24 | 3.59 | 6,280 | 0.80 | 1.27 | 0.66 | 171 | |
1/1/19 to 12/31/19 | 9.83 | 0.17 | 0.13 | 0.30 | (0.17) | — | — | (0.17) | 0.13 | 9.96 | 3.08 | 2,300 | 0.80 | 1.81 | 1.73 | 77 | |
1/1/18 to 12/31/18 | 9.90 | 0.14 | (0.06) | 0.08 | (0.14) | (0.01) | — | (0.15) | (0.07) | 9.83 | 0.81 | 2,028 | 0.80 | 1.68 | 1.43 | 93 | |
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 | |
Class C | |||||||||||||||||
1/1/21 to 12/31/21 | $10.24 | — (13) | (0.13) | (0.13) | — (13) | — | (0.06) | (0.06) | (0.19) | $10.05 | (1.29) % | $ 1,058 | 1.15 % | 2.22 % | (0.04) % | 110 % | |
1/1/20 to 12/31/20 | 9.96 | 0.01 | 0.28 | 0.29 | (0.01) | — | — | (0.01) | 0.28 | 10.24 | 2.96 | 2,082 | 1.39 | 2.10 | 0.08 | 171 | |
1/1/19 to 12/31/19 | 9.83 | 0.09 | 0.13 | 0.22 | (0.09) | — | — | (0.09) | 0.13 | 9.96 | 2.29 | 733 | 1.57 | 2.58 | 0.95 | 77 | |
1/1/18 to 12/31/18 | 9.89 | 0.07 | (0.06) | 0.01 | (0.06) | (0.01) | — | (0.07) | (0.06) | 9.83 | 0.14 | 1,461 | 1.57 | 2.48 | 0.66 | 93 | |
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 | — (13) | (0.06) | (0.06) | — | — | — | — | (0.06) | 9.94 | (0.57) | 1,310 | 1.40 | 1.57 | (0.03) | 129 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $10.22 | 0.05 | (0.14) | (0.09) | (0.05) | — | (0.06) | (0.11) | (0.20) | $10.02 | (0.87) % | $ 6,262 | 0.60 % | 1.21 % | 0.50 % | 110 % | |
1/1/20 to 12/31/20 | 9.93 | 0.09 | 0.30 | 0.39 | (0.10) | — | — | (0.10) | 0.29 | 10.22 | 3.91 | 7,352 | 0.60 | 1.16 | 0.88 | 171 | |
1/1/19 to 12/31/19 | 9.80 | 0.19 | 0.13 | 0.32 | (0.19) | — | — | (0.19) | 0.13 | 9.93 | 3.29 | 5,155 | 0.60 | 1.61 | 1.93 | 77 | |
1/1/18 to 12/31/18 | 9.86 | 0.16 | (0.05) | 0.11 | (0.16) | (0.01) | — | (0.17) | (0.06) | 9.80 | 1.11 | 5,719 | 0.60 | 1.43 | 1.62 | 93 | |
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 | |
Seix Short-Term Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $10.16 | 0.03 | (0.08) | (0.05) | (0.03) | — | (0.22) | (0.25) | (0.30) | $ 9.86 | (0.48) % | $ 924 | 0.54 % | 1.37 % | 0.30 % | 38 % | |
1/1/20 to 12/31/20 | 10.03 | 0.05 | 0.24 | 0.29 | (0.05) | — | (0.11) | (0.16) | 0.13 | 10.16 | 2.86 | 1,474 | 0.64 (7) | 1.25 | 0.49 | 125 | |
1/1/19 to 12/31/19 | 9.92 | 0.12 | 0.23 | 0.35 | (0.12) | — | (0.12) | (0.24) | 0.11 | 10.03 | 3.54 | 1,535 | 0.65 | 1.17 | 1.15 | 77 | |
1/1/18 to 12/31/18 | 9.91 | 0.09 | 0.02 | 0.11 | (0.10) | — | — (13) | (0.10) | 0.01 | 9.92 | 1.10 | 1,411 | 0.65 | 1.05 | 0.96 | 50 | |
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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $10.17 | 0.05 | (0.08) | (0.03) | (0.05) | — | (0.22) | (0.27) | (0.30) | $ 9.87 | (0.31) % | $ 6,901 | 0.37 % | 1.27 % | 0.47 % | 38 % | |
1/1/20 to 12/31/20 | 10.04 | 0.06 | 0.25 | 0.31 | (0.07) | — | (0.11) | (0.18) | 0.13 | 10.17 | 3.03 | 12,249 | 0.47 (7) | 1.15 | 0.64 | 125 | |
1/1/19 to 12/31/19 | 9.93 | 0.13 | 0.23 | 0.36 | (0.13) | — | (0.12) | (0.25) | 0.11 | 10.04 | 3.71 | 10,833 | 0.48 | 1.05 | 1.34 | 77 | |
1/1/18 to 12/31/18 | 9.91 | 0.11 | 0.02 | 0.13 | (0.11) | — | — (13) | (0.11) | 0.02 | 9.93 | 1.37 | 19,043 | 0.48 | 0.89 | 1.12 | 50 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Total Return Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $11.93 | 0.12 | (0.30) | (0.18) | (0.09) | — | (0.03) | (0.12) | (0.30) | $11.63 | (1.47) % | $ 11,991 | 0.70 % | 0.86 % | 1.01 % | 131 % | |
1/1/20 to 12/31/20 | 11.03 | 0.15 | 1.05 | 1.20 | (0.21) | — | (0.09) | (0.30) | 0.90 | 11.93 | 10.91 | 12,879 | 0.70 | 0.87 | 1.27 | 186 | |
1/1/19 to 12/31/19 | 10.52 | 0.22 | 0.48 | 0.70 | (0.13) | (0.06) | — | (0.19) | 0.51 | 11.03 | 6.69 | 24,861 | 0.70 | 0.94 | 2.04 | 190 | |
1/1/18 to 12/31/18 | 10.77 | 0.23 | (0.28) | (0.05) | (0.20) | — | — | (0.20) | (0.25) | 10.52 | (0.48) | 10,717 | 0.70 | 0.85 | 2.18 | 169 | |
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 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $11.54 | 0.14 | (0.28) | (0.14) | (0.12) | — | (0.03) | (0.15) | (0.29) | $11.25 | (1.23) % | $ 274,304 | 0.46 % | 0.56 % | 1.25 % | 131 % | |
1/1/20 to 12/31/20 | 10.68 | 0.16 | 1.03 | 1.19 | (0.24) | — | (0.09) | (0.33) | 0.86 | 11.54 | 11.12 | 295,811 | 0.46 | 0.57 | 1.38 | 186 | |
1/1/19 to 12/31/19 | 10.17 | 0.24 | 0.48 | 0.72 | (0.15) | (0.06) | — | (0.21) | 0.51 | 10.68 | 7.12 | 220,036 | 0.46 | 0.59 | 2.32 | 190 | |
1/1/18 to 12/31/18 | 10.42 | 0.24 | (0.28) | (0.04) | (0.21) | — | — | (0.21) | (0.25) | 10.17 | (0.32) | 335,999 | 0.46 | 0.55 | 2.39 | 169 | |
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 | 681,009 | 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 | 790,997 | 0.46 | 0.46 | 2.10 | 210 | |
Class R6* | |||||||||||||||||
1/1/21 to 12/31/21 | $11.53 | 0.16 | (0.28) | (0.12) | (0.14) | — | (0.03) | (0.17) | (0.29) | $11.24 | (1.08) % | $ 92,787 | 0.31 % | 0.45 % | 1.40 % | 131 % | |
1/1/20 to 12/31/20 | 10.67 | 0.17 | 1.03 | 1.20 | (0.25) | — | (0.09) | (0.34) | 0.86 | 11.53 | 11.30 | 123,041 | 0.31 | 0.46 | 1.53 | 186 | |
1/1/19 to 12/31/19 | 10.17 | 0.26 | 0.46 | 0.72 | (0.16) | (0.06) | — | (0.22) | 0.50 | 10.67 | 7.18 | 61,313 | 0.31 | 0.45 | 2.51 | 190 | |
1/1/18 to 12/31/18 | 10.42 | 0.26 | (0.28) | (0.02) | (0.23) | — | — | (0.23) | (0.25) | 10.17 | (0.17) | 70,626 | 0.31 | 0.44 | 2.55 | 169 | |
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 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $10.04 | (0.01) | (0.02) | (0.03) | — (13) | — (13) | — | — (13) | (0.03) | $10.01 | (0.29) % | $ 15,323 | 0.66 % | 0.67 % | (0.07) % | 52 % | |
1/1/20 to 12/31/20 | 10.00 | 0.04 | 0.06 | 0.10 | (0.06) | — | — | (0.06) | 0.04 | 10.04 | 0.99 | 33,092 | 0.66 | 0.66 | 0.41 | 54 | |
1/1/19 to 12/31/19 | 9.99 | 0.19 | 0.02 | 0.21 | (0.20) | — | — | (0.20) | 0.01 | 10.00 | 2.11 | 13,741 | 0.65 (11) | 0.65 | 1.91 | 63 | |
7/24/18 to 12/31/18(15) | 10.00 | 0.09 | (0.01) | 0.08 | (0.08) | (0.01) | — | (0.09) | (0.01) | 9.99 | 0.79 | 5,497 | 0.63 (11) | 0.63 | 2.10 | 28 (9) | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $10.04 | 0.02 | (0.03) | (0.01) | (0.02) | (0.01) | — | (0.03) | (0.04) | $10.00 | (0.13) % | $ 710,303 | 0.41 % | 0.49 % | 0.18 % | 52 % | |
1/1/20 to 12/31/20 | 10.00 | 0.08 | 0.04 | 0.12 | (0.08) | — | — | (0.08) | 0.04 | 10.04 | 1.25 | 1,090,217 | 0.41 | 0.49 | 0.76 | 54 | |
1/1/19 to 12/31/19 | 9.99 | 0.23 | — | 0.23 | (0.22) | — | — | (0.22) | 0.01 | 10.00 | 2.36 | 864,548 | 0.41 | 0.50 | 2.27 | 63 | |
1/1/18 to 12/31/18 | 10.01 | 0.19 | (0.01) | 0.18 | (0.19) | (0.01) | — | (0.20) | (0.02) | 9.99 | 1.83 | 1,232,473 | 0.41 | 0.50 | 1.89 | 28 | |
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 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix U.S. Government Securities Ultra-Short Bond Fund (Continued) | |||||||||||||||||
Class R6* | |||||||||||||||||
1/1/21 to 12/31/21 | $10.05 | 0.03 | (0.02) | 0.01 | (0.03) | (0.01) | — | (0.04) | (0.03) | $10.02 | 0.12 % | $ 157,768 | 0.26 % | 0.35 % | 0.32 % | 52 % | |
1/1/20 to 12/31/20 | 10.01 | 0.07 | 0.07 | 0.14 | (0.10) | — | — | (0.10) | 0.04 | 10.05 | 1.40 | 87,343 | 0.26 | 0.38 | 0.66 | 54 | |
1/1/19 to 12/31/19 | 10.00 | 0.24 | 0.01 | 0.25 | (0.24) | — | — | (0.24) | 0.01 | 10.01 | 2.51 | 25,521 | 0.26 | 0.37 | 2.39 | 63 | |
1/1/18 to 12/31/18 | 10.03 | 0.20 | (0.01) | 0.19 | (0.21) | (0.01) | — | (0.22) | (0.03) | 10.00 | 1.88 | 32,940 | 0.26 | 0.37 | 2.01 | 28 | |
4/1/17 to 12/31/17(6) | 10.04 | 0.10 | — (13) | 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(14) | 10.04 | 0.08 | — | 0.08 | (0.08) | — | — | (0.08) | — | 10.04 | 0.77 | 32,657 | 0.26 | 0.26 | 1.12 | 77 | |
Seix U.S. Mortgage Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $11.46 | — (13) | (0.19) | (0.19) | (0.08) | — | (0.25) | (0.33) | (0.52) | $10.94 | (1.68) % | $ 3,698 | 0.90 % | 2.03 % | (0.04) % | 87 % | |
1/1/20 to 12/31/20 | 11.28 | 0.04 | 0.25 | 0.29 | (0.11) | — | — | (0.11) | 0.18 | 11.46 | 2.60 | 6,395 | 0.90 | 1.81 | 0.39 | 53 | |
1/1/19 to 12/31/19 | 10.87 | 0.22 | 0.42 | 0.64 | (0.22) | (0.01) | — | (0.23) | 0.41 | 11.28 | 5.94 | 6,657 | 0.90 | 1.74 | 1.97 | 101 | |
1/1/18 to 12/31/18 | 11.09 | 0.20 | (0.17) | 0.03 | (0.20) | (0.05) | — | (0.25) | (0.22) | 10.87 | 0.31 | 3,727 | 0.90 | 2.01 | 1.88 | 129 | |
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 | 3,594 | 0.90 | 0.98 | 0.41 | 118 | |
Class C | |||||||||||||||||
1/1/21 to 12/31/21 | $11.48 | (0.10) | (0.17) | (0.27) | — (13) | — | (0.25) | (0.25) | (0.52) | $10.96 | (2.40) % | $ 147 | 1.65 % | 2.31 % | (0.84) % | 87 % | |
1/1/20 to 12/31/20 | 11.30 | (0.05) | 0.26 | 0.21 | (0.03) | — | — | (0.03) | 0.18 | 11.48 | 1.83 | 499 | 1.65 | 2.05 | (0.46) | 53 | |
1/1/19 to 12/31/19 | 10.89 | 0.14 | 0.41 | 0.55 | (0.13) | (0.01) | — | (0.14) | 0.41 | 11.30 | 5.09 | 383 | 1.65 | 1.99 | 1.29 | 101 | |
1/1/18 to 12/31/18 | 11.11 | 0.12 | (0.17) | (0.05) | (0.12) | (0.05) | — | (0.17) | (0.22) | 10.89 | (0.43) | 3,174 | 1.65 | 2.00 | 1.09 | 129 | |
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) | 4,301 | 1.65 | 1.71 | 0.26 | 118 | |
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $11.48 | 0.01 | (0.18) | (0.17) | (0.11) | — | (0.25) | (0.36) | (0.53) | $10.95 | (1.57) % | $ 3,559 | 0.70 % | 1.34 % | 0.12 % | 87 % | |
1/1/20 to 12/31/20 | 11.30 | 0.07 | 0.25 | 0.32 | (0.14) | — | — | (0.14) | 0.18 | 11.48 | 2.80 | 9,977 | 0.70 | 1.13 | 0.60 | 53 | |
1/1/19 to 12/31/19 | 10.89 | 0.24 | 0.42 | 0.66 | (0.24) | (0.01) | — | (0.25) | 0.41 | 11.30 | 6.13 | 14,476 | 0.70 | 1.10 | 2.19 | 101 | |
1/1/18 to 12/31/18 | 11.11 | 0.22 | (0.17) | 0.05 | (0.22) | (0.05) | — | (0.27) | (0.22) | 10.89 | 0.52 | 17,615 | 0.70 | 1.08 | 2.05 | 129 | |
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 | 17,620 | 0.70 | 0.86 | 0.66 | 118 | |
Seix Ultra-Short Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 12/31/21 | $ 9.97 | 0.05 | (0.05) | — | (0.05) | — | — | (0.05) | (0.05) | $ 9.92 | 0.02 % | $ 5,049 | 0.65 % | 0.86 % | 0.49 % | 89 % | |
1/1/20 to 12/31/20 | 9.96 | 0.10 | 0.01 | 0.11 | (0.10) | — | — | (0.10) | 0.01 | 9.97 | 1.13 | 4,189 | 0.65 | 0.84 | 1.03 | 101 | |
1/1/19 to 12/31/19 | 9.92 | 0.21 | 0.04 | 0.25 | (0.21) | — | — | (0.21) | 0.04 | 9.96 | 2.58 | 3,111 | 0.65 | 0.83 | 2.07 | 97 | |
7/24/18 to 12/31/18(15) | 9.97 | 0.11 | (0.06) | 0.05 | (0.10) | — | — | (0.10) | (0.05) | 9.92 | 0.48 | 1,698 | 0.65 | 0.84 | 2.46 | 112 (9) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Ultra-Short Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/21 to 12/31/21 | $ 9.96 | 0.07 | (0.04) | 0.03 | (0.08) | — | — | (0.08) | (0.05) | $ 9.91 | 0.27 % | $ 38,963 | 0.40 % | 0.63 % | 0.73 % | 89 % | |
1/1/20 to 12/31/20 | 9.95 | 0.13 | 0.01 | 0.14 | (0.13) | — | — | (0.13) | 0.01 | 9.96 | 1.39 | 44,711 | 0.40 | 0.62 | 1.29 | 101 | |
1/1/19 to 12/31/19 | 9.91 | 0.24 | 0.04 | 0.28 | (0.24) | — | — | (0.24) | 0.04 | 9.95 | 2.84 | 48,183 | 0.40 | 0.61 | 2.42 | 97 | |
1/1/18 to 12/31/18 | 9.97 | 0.22 | (0.06) | 0.16 | (0.22) | — | — | (0.22) | (0.06) | 9.91 | 1.61 | 60,041 | 0.40 | 0.62 | 2.21 | 112 | |
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 |
Footnote Legend: | |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | The Fund changed its fiscal year end to December 31 during the period. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Inception date. |
(9) | Portfolio turnover is representative of the Fund for the entire period. |
(10) | See Note 4D in Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(11) | The share class is currently under its expense limitation. |
(12) | Ratio of total expenses excluding interest expense on borrowings for the year ended December 31, 2021 were 0.93% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6) and the years ended December 31, 2020 and 2019 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6). |
(13) | Amount is less than $0.005 per share. |
(14) | Class R6 (formerly IS) commenced operations on August 1, 2016. |
(15) | Class A commenced operations on July 24, 2018. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income 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. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund 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. | Payment-In-Kind Securities |
Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | 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. | |
I. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
J. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a |
result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
K. | Securities Lending |
Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At December 31, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
Seix Core Bond Fund | $ 336 | $ 336 | $ — | |||
Seix High Income Fund | 3,863 | 3,863 | — | |||
Seix High Yield Fund | 3,257 | 3,257 | — | |||
Seix Total Return Bond Fund | 97 | 97 | — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Securities Lending Transactions | Overnight and Continuous | ||
Seix Core Bond Fund | Money Market Mutual Fund | $ 350 | ||
Seix High Income Fund | Money Market Mutual Fund | 4,027 | ||
Seix High Yield Fund | Money Market Mutual Fund | 3,370 | ||
Seix Total Return Bond Fund | Money Market Mutual Fund | 101 |
A. | 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 year ended December 31, 2021, the 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. | |
B. | 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. | |
Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as “Deposits with prime broker”. | |
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 year ended December 31, 2021, the Seix Corporate Bond Fund and 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. |
Primary Risk | Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||
Asset Derivatives | ||||||||
Interest rate contracts | Variation margin payable on futures contracts(1) | $ — | $ — | $ 9 | $ 3 | |||
Total | $ — | $ — | $ 9 | $ 3 | ||||
Liability Derivatives | ||||||||
Credit contracts | Swaps at value | $(398) | $(2,610) | $ — | $— | |||
Interest rate contracts | Variation margin payable on futures contracts(1) | — | — | (233) | — | |||
Total | $(398) | $(2,610) | $(233) | $— |
(1) | Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedules of Investments. Current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Primary Risk | Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||
Net Realized Gain (Loss) From | ||||||||
Credit contracts | Swaps | $ (313) | $ (1,186) | $ — | $ — | |||
Interest rate contracts | Futures | — | — | 1,112 | 10 | |||
Total | $ (313) | $ (1,186) | $1,112 | $10 | ||||
Net Change in Unrealized Appreciation/Depreciation on | ||||||||
Credit contracts | Swaps | $ (10) | $ (66) | $ — | $ — | |||
Interest rate contracts | Futures | — | — | (224) | 3 | |||
Total | $ (10) | $ (66) | $ (224) | $ 3 |
Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||
Futures Contracts - Short Positions(1) | $ — | $ — | $69 | $ 4 | |||
Credit Default Swap Agreements - Buy Protection(2) | 6,498 | 26,322 | — | — |
(1) Average unrealized for the period. |
(2) Notional amount. |
C. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. | |
A Fund’s risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. | |
With exchange traded 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. | |
D. | Collateral Requirements and Master Netting Agreements (“MNA”) |
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. | |
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. | |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. | |
The following tables present the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of December 31, 2021: |
At December 31, 2021, the Funds’ derivative assets and liabilities (by type) are as follows: | |||||||||||||||||||||||
Seix Corporate Bond Fund | 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 | Assets | Liabilities | ||||||||||||||||
Futures contracts | $— | $— | $— | $ — | $— | $ 32 | $— | $ 1 | |||||||||||||||
Swaps | — | 4 | — | 25 | — | — | — | — | |||||||||||||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $— | $ 4 | $— | $ 25 | $— | $ 32 | $— | $ 1 | |||||||||||||||
Derivatives not subject to a MNA or similar agreement | — | (4) | — | (25) | — | (32) | — | (1) | |||||||||||||||
Total assets and liabilities subject to a MNA | $— | $— | $— | $ — | $— | $ — | $— | $— |
A. | Investment Adviser |
Virtus Fund Advisers, 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’ subadviser. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
First $500 Million | |
Seix Core Bond Fund | 0.25 % |
Seix Corporate Bond Fund | 0.40 |
Seix Floating Rate High Income Fund | 0.45 |
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 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 |
B. | Subadviser |
Seix Investment Advisors LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, 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 Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2022 (except as noted). Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Seix Core Bond Fund | 0.64 % | N/A % | 0.50 % | 0.36 % | ||||
Seix Corporate Bond Fund | 0.95 | 1.65 | 0.70 | 0.43 | ||||
Seix Floating Rate High Income Fund | 0.94 (1) | 1.52 | 0.62 | 0.52 | ||||
Seix High Grade Municipal Bond Fund | 0.73 | N/A | 0.58 | N/A | ||||
Seix High Income Fund | 0.93 | N/A | 0.68 | 0.59 | ||||
Seix High Yield Fund | 0.82 | N/A | 0.64 | 0.53 | ||||
Seix Investment Grade Tax-Exempt Bond Fund(2) | 0.67 | N/A | 0.52 | N/A | ||||
Seix Short-Term Bond Fund | 0.80 | 1.57 | 0.60 | N/A | ||||
Seix Short-Term Municipal Bond Fund | 0.54 | N/A | 0.37 | N/A | ||||
Seix Total Return Bond Fund | 0.70 | N/A | 0.46 | 0.31 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | 0.66 | N/A | 0.41 | 0.26 | ||||
Seix U.S. Mortgage Fund | 0.90 | 1.65 | 0.70 | N/A | ||||
Seix Ultra-Short Bond Fund | 0.65 | N/A | 0.40 | N/A |
(1) | The share class is currently below its expense cap. |
(2) | Effective December 1, 2021 through April 30, 2023. For the period January 1, 2021 through November 30, 2021, the expense caps were as follows for Class A shares and Class I shares, respectively: 0.71% and 0.56%. |
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 December 31: |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
Seix Core Bond Fund | ||||||||
Class A | $ 17 | $ 26 | $ 23 | $ 66 | ||||
Class I | 174 | 126 | 120 | 420 | ||||
Class R6 | 1 | 3 | 2 | 6 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 8 | 5 | 8 | 21 | ||||
Class C | 2 | 1 | 1 | 4 | ||||
Class I | 61 | 68 | 76 | 205 | ||||
Class R6 | — | — (1) | — (1) | — (1) | ||||
Seix Floating Rate High Income Fund | ||||||||
Class C | 51 | 39 | 32 | 122 | ||||
Class I | 3,400 | 2,005 | 1,679 | 7,084 | ||||
Class R6 | 514 | 264 | 153 | 931 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 16 | 14 | 15 | 45 | ||||
Class I | 132 | 165 | 168 | 465 | ||||
Seix High Income Fund | ||||||||
Class A | 26 | 48 | 41 | 115 | ||||
Class I | 413 | 446 | 411 | 1,270 | ||||
Class R6 | 46 | 26 | 17 | 89 | ||||
Seix High Yield Fund | ||||||||
Class A | 8 | 14 | 31 | 53 | ||||
Class I | 391 | 351 | 369 | 1,111 | ||||
Class R6 | 2 | 11 | 18 | 31 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 25 | 25 | 25 | 75 | ||||
Class I | 672 | 696 | 664 | 2,032 |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
Seix Short-Term Bond Fund | ||||||||
Class A | $ 24 | $ 34 | $ 33 | $ 91 | ||||
Class C | 9 | 9 | 15 | 33 | ||||
Class I | 51 | 47 | 38 | 136 | ||||
Seix Short-Term Municipal Bond Fund | ||||||||
Class A | 8 | 10 | 10 | 28 | ||||
Class I | 78 | 82 | 82 | 242 | ||||
Seix Total Return Bond Fund | ||||||||
Class A | 26 | 31 | 21 | 78 | ||||
Class I | 362 | 314 | 295 | 971 | ||||
Class R6 | 92 | 105 | 163 | 360 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | — | — | 2 | 2 | ||||
Class I | 1,095 | 748 | 771 | 2,614 | ||||
Class R6 | 34 | 52 | 105 | 191 | ||||
Seix U.S. Mortgage Fund | ||||||||
Class A | 53 | 62 | 57 | 172 | ||||
Class C | 2 | 2 | 2 | 6 | ||||
Class I | 63 | 49 | 42 | 154 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 4 | 6 | 10 | 20 | ||||
Class I | 125 | 94 | 100 | 319 |
(1) | Amount is less than $500. |
Fund | Class A | Class R6 | Total | |||
Seix Corporate Bond Fund | $ — | $— (1) | $ — (1) | |||
Seix Floating Rate High Income Fund | 1 | — | 1 | |||
Seix U.S. Government Securities Ultra-Short Bond Fund | 14 | — | 14 |
(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 year (the “period”) ended December 31, 2021, it retained net commissions of $9 for Class A shares and CDSC of $—(1) and $4 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares (0.15% for Seix High Grade Municipal Bond Fund and Seix Short-Term Municipal Bond Fund, and 0.20% for Seix Short-Term Bond Fund and Seix U.S. Mortgage Fund), and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
(1) Amount is less than $500. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended December 31, 2021, the Funds incurred administration fees totaling $4,588 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended December 31, 2021, the Funds incurred transfer agent fees totaling $2,047 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or |
portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
For the period ended December 31, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at December 31, 2021. |
Purchases | Sales | ||
Seix Core Bond Fund | $ 25,781 | $ 58,133 | |
Seix Corporate Bond Fund | 163,274 | 208,071 | |
Seix Floating Rate High Income Fund | 2,141,257 | 1,499,018 | |
Seix High Grade Municipal Bond Fund | 31,589 | 53,314 | |
Seix High Income Fund | 224,627 | 253,360 | |
Seix High Yield Fund | 479,065 | 402,649 | |
Seix Investment Grade Tax-Exempt Bond Fund | 251,276 | 279,967 | |
Seix Short-Term Bond Fund | 4,004 | 6,695 | |
Seix Short-Term Municipal Bond Fund | 3,414 | 8,112 | |
Seix Total Return Bond Fund | 95,433 | 133,712 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | — | 11,038 | |
Seix Ultra-Short Bond Fund | 38,255 | 39,360 |
Purchases | Sales | ||
Seix Core Bond Fund | $161,260 | $173,919 | |
Seix Corporate Bond Fund | 26,146 | 26,279 | |
Seix Floating Rate High Income Fund | 7,033 | 7,107 | |
Seix Short-Term Bond Fund | 10,825 | 10,982 | |
Seix Total Return Bond Fund | 451,756 | 382,851 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 543,122 | 850,471 | |
Seix U.S. Mortgage Fund | 9,724 | 17,774 | |
Seix Ultra-Short Bond Fund | 1,774 | 3,833 |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 110 | $ 1,248 | 322 | $ 3,692 | 288 | $ 2,777 | 473 | $ 4,627 | |||||||
Reinvestment of distributions | 9 | 102 | 24 | 275 | 34 | 320 | 45 | 444 | |||||||
Shares repurchased and cross class conversions | (296) | (3,340) | (238) | (2,739) | (372) | (3,550) | (258) | (2,437) | |||||||
Net Increase / (Decrease) | (177) | $ (1,990) | 108 | $ 1,228 | (50) | $ (453) | 260 | $ 2,634 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 58 | $ 560 | 101 | $ 985 | |||||||
Reinvestment of distributions | — | — | — | — | 3 | 31 | 6 | 59 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (112) | (1,057) | (44) | (411) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (51) | $ (466) | 63 | $ 633 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 1,789 | $ 20,226 | 14,006 | $ 162,003 | 9,986 | $ 95,436 | 9,860 | $ 95,933 | |||||||
Reinvestment of distributions | 146 | 1,649 | 459 | 5,296 | 351 | 3,310 | 558 | 5,448 | |||||||
Shares repurchased and cross class conversions | (9,646) | (109,083) | (6,755) | (77,352) | (15,069) | (143,332) | (3,555) | (34,971) | |||||||
Net Increase / (Decrease) | (7,711) | $ (87,208) | 7,710 | $ 89,947 | (4,732) | $ (44,586) | 6,863 | $ 66,410 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 138 | $ 1,556 | 110 | $ 1,289 | — | $ — | 10 | $ 100 | |||||||
Reinvestment of distributions | 3 | 33 | 5 | 57 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (49) | (549) | (167) | (1,952) | — | — | — | — | |||||||
Net Increase / (Decrease) | 92 | $ 1,040 | (52) | $ (606) | — | $ — | 10 | $ 100 |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,698 | $ 13,960 | 1,026 | $ 8,156 | 175 | $ 2,172 | 129 | $ 1,612 | |||||||
Reinvestment of distributions | 127 | 1,044 | 157 | 1,229 | 13 | 161 | 22 | 276 | |||||||
Shares repurchased and cross class conversions | (1,042) | (8,562) | (2,536) | (19,704) | (251) | (3,095) | (109) | (1,353) | |||||||
Net Increase / (Decrease) | 783 | $ 6,442 | (1,353) | $ (10,319) | (63) | $ (762) | 42 | $ 535 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 305 | $ 2,506 | 188 | $ 1,495 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 53 | 433 | 104 | 818 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (1,320) | (10,839) | (2,066) | (16,293) | — | — | — | — | |||||||
Net Increase / (Decrease) | (962) | $ (7,900) | (1,774) | $ (13,980) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 128,443 | $ 1,056,101 | 77,421 | $ 609,210 | 751 | $ 9,281 | 2,544 | $ 31,489 | |||||||
Reinvestment of distributions | 7,214 | 59,343 | 8,551 | 67,165 | 95 | 1,169 | 178 | 2,203 | |||||||
Shares repurchased and cross class conversions | (69,063) | (568,102) | (218,814) | (1,681,120) | (2,590) | (31,959) | (1,187) | (14,592) | |||||||
Net Increase / (Decrease) | 66,594 | $ 547,342 | (132,842) | $ (1,004,745) | (1,744) | $ (21,509) | 1,535 | $ 19,100 |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 24,626 | $ 202,825 | 4,461 | $ 35,681 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 591 | 4,867 | 1,163 | 9,086 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (11,801) | (97,189) | (53,749) | (418,732) | — | — | — | — | |||||||
Net Increase / (Decrease) | 13,416 | $ 110,503 | (48,125) | $ (373,965) | — | $ — | — | $ — |
Seix High Income Fund | Seix High Yield Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,167 | $ 7,540 | 1,017 | $ 6,104 | 1,450 | $ 12,446 | 1,363 | $ 11,150 | |||||||
Reinvestment of distributions | 132 | 855 | 172 | 1,038 | 62 | 535 | 30 | 243 | |||||||
Shares repurchased and cross class conversions | (1,686) | (10,861) | (2,072) | (12,653) | (717) | (6,144) | (605) | (4,978) | |||||||
Net Increase / (Decrease) | (387) | $ (2,466) | (883) | $ (5,511) | 795 | $ 6,837 | 788 | $ 6,415 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 6,843 | $ 44,160 | 12,164 | $ 73,430 | 23,597 | $ 207,717 | 20,539 | $ 167,587 | |||||||
Reinvestment of distributions | 1,433 | 9,251 | 1,680 | 10,106 | 1,714 | 15,066 | 1,524 | 12,631 | |||||||
Shares repurchased and cross class conversions | (12,042) | (77,523) | (19,297) | (114,042) | (17,351) | (151,567) | (15,728) | (126,059) | |||||||
Net Increase / (Decrease) | (3,766) | $ (24,112) | (5,453) | $ (30,506) | 7,960 | $ 71,216 | 6,335 | $ 54,159 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 417 | $ 2,698 | 1,035 | $ 6,328 | 1,191 | $ 10,480 | 791 | $ 6,417 | |||||||
Reinvestment of distributions | 20 | 129 | 23 | 140 | 45 | 397 | 21 | 178 | |||||||
Shares repurchased and cross class conversions | (106) | (685) | (5,479) | (30,802) | (309) | (2,719) | (139) | (1,153) | |||||||
Net Increase / (Decrease) | 331 | $ 2,142 | (4,421) | $ (24,334) | 927 | $ 8,158 | 673 | $ 5,442 |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 20 | $ 241 | 56 | $ 672 | 100 | $ 1,023 | 1,265 | $ 12,808 | |||||||
Reinvestment of distributions | 13 | 159 | 22 | 267 | 5 | 46 | 5 | 46 | |||||||
Shares repurchased and cross class conversions | (128) | (1,535) | (132) | (1,485) | (238) | (2,423) | (888) | (9,064) | |||||||
Net Increase / (Decrease) | (95) | $ (1,135) | (54) | $ (546) | (133) | $ (1,354) | 382 | $ 3,790 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 16 | $ 162 | 260 | $ 2,639 | |||||||
Reinvestment of distributions | — | — | — | — | 1 | 6 | — (1) | 1 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (115) | (1,168) | (131) | (1,333) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (98) | $ (1,000) | 129 | $ 1,307 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 4,924 | $ 58,658 | 8,339 | $ 99,676 | 170 | $ 1,733 | 961 | $ 9,775 | |||||||
Reinvestment of distributions | 355 | 4,192 | 602 | 7,212 | 7 | 67 | 7 | 72 | |||||||
Shares repurchased and cross class conversions | (8,118) | (96,638) | (10,062) | (119,251) | (272) | (2,772) | (767) | (7,808) | |||||||
Net Increase / (Decrease) | (2,839) | $ (33,788) | (1,121) | $ (12,363) | (95) | $ (972) | 201 | $ 2,039 |
Seix Short-Term Municipal Bond Fund | Seix Total Return Bond Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 7 | $ 73 | 75 | $ 769 | 473 | $ 5,509 | 1,019 | $ 11,996 | |||||||
Reinvestment of distributions | 3 | 25 | 2 | 19 | 12 | 137 | 33 | 385 | |||||||
Shares repurchased and cross class conversions | (61) | (615) | (85) | (869) | (533) | (6,221) | (2,226) | (26,260) | |||||||
Net Increase / (Decrease) | (51) | $ (517) | (8) | $ (81) | (48) | $ (575) | (1,174) | $ (13,879) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 82 | $ 834 | 463 | $ 4,662 | 6,704 | $ 75,866 | 17,761 | $ 203,694 | |||||||
Reinvestment of distributions | 20 | 200 | 20 | 201 | 328 | 3,697 | 690 | 7,927 | |||||||
Shares repurchased and cross class conversions | (608) | (6,151) | (357) | (3,618) | (8,279) | (93,441) | (13,423) | (153,517) | |||||||
Net Increase / (Decrease) | (506) | $ (5,117) | 126 | $ 1,245 | (1,247) | $ (13,878) | 5,028 | $ 58,104 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 2,907 | $ 32,817 | 5,942 | $ 68,723 | |||||||
Reinvestment of distributions | — | — | — | — | 133 | 1,507 | 222 | 2,548 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (5,454) | (61,573) | (1,241) | (13,860) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (2,414) | $ (27,249) | 4,923 | $ 57,411 |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 2,551 | $ 25,605 | 3,052 | $ 30,577 | 36 | $ 413 | 100 | $ 1,139 | |||||||
Reinvestment of distributions | 1 | 6 | 9 | 93 | 11 | 127 | 5 | 62 | |||||||
Shares repurchased and cross class conversions | (4,317) | (43,270) | (1,138) | (11,400) | (267) | (3,025) | (137) | (1,575) | |||||||
Net Increase / (Decrease) | (1,765) | $ (17,659) | 1,923 | $ 19,270 | (220) | $ (2,485) | (32) | $ (374) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 8 | $ 94 | 28 | $ 325 | |||||||
Reinvestment of distributions | — | — | — | — | — (1) | 4 | — (1) | 1 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (38) | (439) | (19) | (216) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (30) | $ (341) | 9 | $ 110 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 34,295 | $ 343,991 | 101,190 | $ 1,013,220 | 53 | $ 607 | 584 | $ 6,747 | |||||||
Reinvestment of distributions | 239 | 2,394 | 625 | 6,261 | 14 | 153 | 12 | 134 | |||||||
Shares repurchased and cross class conversions | (72,159) | (723,408) | (79,686) | (797,591) | (611) | (6,925) | (1,007) | (11,565) | |||||||
Net Increase / (Decrease) | (37,625) | $ (377,023) | 22,129 | $ 221,890 | (544) | $ (6,165) | (411) | $ (4,684) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 18,051 | $ 181,257 | 13,175 | $ 132,299 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 9 | 95 | 12 | 117 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (11,001) | (110,443) | (7,046) | (70,727) | — | — | — | — | |||||||
Net Increase / (Decrease) | 7,059 | $ 70,909 | 6,141 | $ 61,689 | — | $ — | — | $ — |
Seix Ultra-Short Bond Fund | |||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 207 | $ 2,058 | 303 | $ 3,004 | |||
Reinvestment of distributions | 2 | 23 | 3 | 34 | |||
Shares repurchased and cross class conversions | (120) | (1,198) | (198) | (1,947) | |||
Net Increase / (Decrease) | 89 | $ 883 | 108 | $ 1,091 | |||
Class I | |||||||
Shares sold and cross class conversions | 2,691 | $ 26,826 | 3,071 | $ 30,457 | |||
Reinvestment of distributions | 33 | 320 | 51 | 503 | |||
Shares repurchased and cross class conversions | (3,282) | (32,635) | (3,476) | (34,112) | |||
Net Increase / (Decrease) | (558) | $ (5,489) | (354) | $ (3,152) |
(1) | Amount is less than 500 shares. |
% of Shares Outstanding | Number of Accounts* | ||
Seix Core Bond Fund | 66% | 3 | |
Seix Corporate Bond Fund | 54 | 3 | |
Seix Floating Rate High Income Fund | 50 | 3 | |
Seix High Grade Municipal Bond Fund | 52 | 3 | |
Seix High Income Fund | 43 | 1 | |
Seix High Yield Fund | 64 | 4 | |
Seix Investment Grade Tax-Exempt Bond Fund | 56 | 3 | |
Seix Short-Term Bond Fund | 36 | 1 | |
Seix Short-Term Municipal Bond Fund | 70 | 3 | |
Seix Total Return Bond Fund | 44 | 2 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 57 | 2 | |
Seix U.S. Mortgage Fund | 60 | 3 | |
Seix Ultra-Short Bond Fund | 56 | 3 |
* | None of the accounts are affiliated. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Seix Core Bond Fund | $ 106,609 | $ 1,900 | $ (725) | $ 1,175 | ||||
Seix Corporate Bond Fund | 60,889 | 1,852 | (407) | 1,445 | ||||
Seix Floating Rate High Income Fund | 2,561,743 | 21,621 | (32,849) | (11,228) | ||||
Seix High Grade Municipal Bond Fund | 56,240 | 2,504 | (16) | 2,488 | ||||
Seix High Income Fund | 206,931 | 4,885 | (2,428) | 2,457 | ||||
Seix High Yield Fund | 456,213 | 8,256 | (4,567) | 3,689 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | 279,462 | 7,554 | (182) | 7,372 | ||||
Seix Short-Term Bond Fund | 12,643 | 33 | (78) | (45) | ||||
Seix Short-Term Municipal Bond Fund | 7,684 | 90 | (1) | 89 | ||||
Seix Total Return Bond Fund | 377,008 | 6,295 | (2,525) | 3,770 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | $ 865,533 | $ 5,696 | $ (860) | $ 4,836 | ||||
Seix U.S. Mortgage Fund | 7,218 | 179 | (19) | 160 | ||||
Seix Ultra-Short Bond Fund | 44,951 | 134 | (174) | (40) |
Fund | Short-Term | Long-Term | ||
Seix Floating Rate High Income Fund | $148,802 | $572,943 | ||
Seix High Income Fund | 19,126 | 75,486 | ||
Seix High Yield Fund | 2,573 | 42,397 | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | 4,891 | — | ||
Seix Ultra-Short Bond Fund | 391 | 213 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Late Year Ordinary Losses Deferred | Post-October Capital Loss Deferred | Capital Loss Deferred | ||||||
Seix Core Bond Fund | $ — | $ 294 | $ — | $ — | $ — | $ — | |||||
Seix Corporate Bond Fund | — | 1,234 | — | 39 | 682 | — | |||||
Seix Floating Rate High Income Fund | 2,229 | — | — | — | 141 | 721,745 | |||||
Seix High Grade Municipal Bond Fund | — | 125 | 2 | — | 22 | — | |||||
Seix High Income Fund | 1 | — | — | — | — | 94,612 | |||||
Seix High Yield Fund | — | — | — | — | 476 | 44,970 | |||||
Seix Investment Grade Tax-Exempt Bond Fund | 142 | 119 | — | — | — | — | |||||
Seix Short-Term Bond Fund | — | 24 | — | — | 5 | — | |||||
Seix Total Return Bond Fund | — | 2,857 | — | 153 | — | — | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | — | — | — | — | — | 4,891 | |||||
Seix U.S. Mortgage Fund | — | 95 | — | — | 22 | — | |||||
Seix Ultra-Short Bond Fund | — | — | — | — | 4 | 604 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Seix Core Bond Fund | |||||||||
12/31/21 | $ 1,233 | $ 596 | $ — | $ — | $ 1,829 | ||||
12/31/20 | 5,272 | 439 | — | — | 5,711 | ||||
Seix Corporate Bond Fund | |||||||||
12/31/21 | 2,260 | 1,454 | — | — | 3,714 | ||||
12/31/20 | 4,666 | 1,301 | — | — | 5,967 | ||||
Seix Floating Rate High Income Fund | |||||||||
12/31/21 | 76,632 | — | — | — | 76,632 | ||||
12/31/20 | 91,454 | — | — | — | 91,454 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Seix High Grade Municipal Bond Fund | |||||||||
12/31/21 | $ 770 | $ 64 | $ 725 | $ — | $ 1,559 | ||||
12/31/20 | 1,557 | 484 | 821 | — | 2,862 | ||||
Seix High Income Fund | |||||||||
12/31/21 | 10,791 | — | — | — | 10,791 | ||||
12/31/20 | 11,995 | — | — | — | 11,995 | ||||
Seix High Yield Fund | |||||||||
12/31/21 | 18,685 | — | — | — | 18,685 | ||||
12/31/20 | 15,236 | — | — | — | 15,236 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||
12/31/21 | 2,560 | 1,575 | 2,038 | — | 6,173 | ||||
12/31/20 | 3,819 | 3,491 | 2,943 | — | 10,253 | ||||
Seix Short-Term Bond Fund | |||||||||
12/31/21 | 51 | 71 | — | — | 122 | ||||
12/31/20 | 123 | — | — | — | 123 | ||||
Seix Short-Term Municipal Bond Fund | |||||||||
12/31/21 | 89 | 104 | 47 | — | 240 | ||||
12/31/20 | 110 | 33 | 84 | — | 227 | ||||
Seix Total Return Bond Fund | |||||||||
12/31/21 | 4,414 | 1,135 | — | — | 5,549 | ||||
12/31/20 | 10,122 | 964 | — | — | 11,086 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||
12/31/21 | 2,054 | — | — | 1,068 | 3,122 | ||||
12/31/20 | 7,907 | — | — | — | 7,907 | ||||
Seix U.S. Mortgage Fund | |||||||||
12/31/21 | 92 | 203 | — | — | 295 | ||||
12/31/20 | 205 | — | — | — | 205 | ||||
Seix Ultra-Short Bond Fund | |||||||||
12/31/21 | 359 | — | — | — | 359 | ||||
12/31/20 | 593 | — | — | — | 593 |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img4deb777717.jpg)
began serving as auditor.
Long-Term Capital Gain Distributions ($) | |
Seix Core Bond Fund | $ 889 |
Seix Corporate Bond Fund | 2,606 |
Seix High Grade Municipal Bond Fund | 188 |
Seix Investment Grade Tax-Exempt Bond Fund | 996 |
Seix Short-Term Bond Fund | 95 |
Seix Short-Term Municipal Bond Fund | 71 |
Seix Total Return Bond Fund | 3,992 |
Seix U.S. Mortgage Fund | 256 |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2017 98 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Harris, Sidney E. YOB: 1949 Served Since: 2017 95 Portfolios | Private Investor (since 2021); Professor and Dean Emeritus (2015 to 2021), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2017 95 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 95 Portfolios | Retired (since 2013). 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 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2019), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin, Philip YOB: 1946 Served Since: 1989 105 Portfolios | Private investor since 2010. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2021), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus AllianzGI Convertible & Income 2024 Target Term Fund and Virtus AllianzGI Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (55 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2002 98 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc. and Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (55 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 102 Portfolios | Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; Vice President, Strategy (2013 to 2017), Arizona State University; and Partner (since 2006), Global Infrastructure Partners. | Trustee (since 2022), Virtus AllianzGI Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income 2024 Target Term Fund, Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino, Brian T. YOB: 1952 Served Since: 2020 102 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2020), Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 107 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (55 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Cogan, Sarah E. YOB: 1956 Served Since: 2021 102 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2019), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; and Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios). |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2021 102 Portfolios | Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (since 2013), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (11 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Managed Accounts Trust (5 portfolios); and Trustee (since 2011), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2021 102 Portfolios | Owner/Operator (since 1998), Drummond Ranch; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus AllianzGI Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (11 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Moyer, William R. YOB: 1944 Served Since: 2020 95 Portfolios | Private investor (since 2004); and Financial and Operations Principal (2006 to 2017), Newcastle Distributors LLC (broker dealer). | Advisory Board Member (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Advisory Board Member (since 2020), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Advisory Board Member (since 2020) and Director (2016 to 2019), Virtus Total Return Fund Inc.; Director (2016 to 2019), the former Virtus Total Return Fund Inc.; Advisory Board Member (2020 to 2021) and Director (2014 to 2019), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Advisory Board Member (since 2020) and Trustee (2011 to 2019), Virtus Global Multi-Sector Income Fund; Advisory Board Member (since 2020) and Trustee (2013 to 2016), Virtus Alternative Solutions Trust (2 portfolios). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2016), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2017) and Vice President (2008 to 2016), Virtus Mutual Fund Family; Senior Vice President (since 2017) and Vice President (2010 to 2016), Virtus Variable Insurance Trust; Senior Vice President (since 2017) and Vice President (2013 to 2016), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021) and Vice President (2016 to 2017), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Senior Vice President (since 2017) and Vice President (2016 to 2017), Virtus Total Return Fund Inc. and Virtus Global Multi-Sector Income Fund; and Senior Vice President (2017 to 2019) and Vice President (2016 to 2017), the former Virtus Total Return Fund Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016), and various officer positions (since 2006), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Director (since 2019), Virtus Global Funds ICAV; 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 Chief Financial Officer and Treasurer (since 2010), Virtus Total Return Fund Inc.; Executive Vice President (2016 to 2019), Senior Vice President (2013 to 2016), Vice President (2012 to 2013), Chief Financial Officer and Treasurer (since 2010), the former Virtus Total Return 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 ( 2016 to 2021), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust; Director (since 2013), Virtus Global Funds, PLC; and Vice President and Assistant Treasurer (since 2011), Duff & Phelps Utility and Infrastructure 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 |
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), and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Assistant Secretary (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust and Virtus Strategy Trust; Assistant Secretary, (since 2021), Virtus AllianzGI Closed-End Funds; 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.; 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 2017 to 2019), the former Virtus Total Return 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), Vice President (2011 to 2013), and Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (2015 to 2021), Duff & Phelps Select MLP and Midstream Energy 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 (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), and various officer positions (since 2003), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Chief Compliance Officer (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; 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.; Senior Vice President (2017 to 2019), Vice President (2012 to 2017) and Chief Compliance Officer (2012 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2016) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021), Vice President (2014 to 2017) and Chief Compliance Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy 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 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (2018 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Senior Vice President (since 2018), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Senior Vice President (2018 to 2019), the former Virtus Total Return Fund Inc.; 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). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Executive Vice President, Product Management (since 2021), and Executive Vice President and Chief Operating Officer (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Mutual Fund Family, Virtus Investment Trust, Virtus Strategy Trust, Virtus AllianzGI Closed-End Funds, Virtus Global Multi-Sector Income Fund, Virtus Global Multi-Sector Income Fund, and Virtus Total Return Fund Inc.; Executive Vice President (May to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
and the Virtus Asset Trust Statutory Prospectus,
each dated April 28, 2021, as supplemented
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class I |
Management Fees | 0.50% | 0.50% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | None |
Other Expenses | 0.26% | 0.32% |
Acquired Fund Fees and Expenses | 0.02% | 0.02% |
Total Annual Fund Operating Expenses(b) | 1.03% | 0.84% |
Less: Fee Waiver and/or Expense Reimbursement(c) | (0.34)% | (0.30)% |
Total Annual Fund Operating Expenses After Expense Reimbursement(b)(c) | 0.69% | 0.54% |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $344 | $561 | $796 | $1,470 |
Class I | Sold or Held | $55 | $238 | $436 | $1,009 |
Class A Shares | Class C Shares | Class I Shares | Class R6 Shares | |
Virtus Seix Investment Grade Tax-Exempt Bond Fund* | 0.67% | N/A | 0.52% | N/A |
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g477479img2179f70f18.gif)
please contact us at 1-800-243-1574, or visit Virtus.com.
8636 | 02-22 |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335imgeefec8221.gif)
Virtus Ceredex Large-Cap Value Equity Fund* |
Virtus Ceredex Mid-Cap Value Equity Fund |
Virtus Ceredex Small-Cap Value Equity Fund* |
Virtus SGA International Growth Fund* |
Virtus Silvant Large-Cap Growth Stock Fund |
Virtus Silvant Small-Cap Growth Stock Fund |
Virtus Zevenbergen Innovative Growth Stock Fund |
1 | ||
2 | ||
4 | ||
Fund | Fund Summary | Schedule of Investments |
6 | 22 | |
8 | 23 | |
10 | 25 | |
13 | 27 | |
15 | 29 | |
17 | 31 | |
19 | 33 | |
35 | ||
38 | ||
40 | ||
44 | ||
50 | ||
61 | ||
62 | ||
63 | ||
67 |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335imgd2fda94d2.gif)
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President, Virtus Funds
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 1,000.00 | $ 1,085.00 | 1.24 % | $ 6.52 | ||||
Class C | 1,000.00 | 1,081.90 | 1.72 | 9.03 | ||||
Class I | 1,000.00 | 1,085.80 | 0.97 | 5.10 | ||||
Class R6 | 1,000.00 | 1,087.40 | 0.72 | 3.79 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,077.90 | 1.27 | 6.65 | ||||
Class C | 1,000.00 | 1,075.40 | 1.79 | 9.36 | ||||
Class I | 1,000.00 | 1,078.80 | 0.98 | 5.13 | ||||
Class R6 | 1,000.00 | 1,080.30 | 0.79 | 4.14 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,075.60 | 1.46 | 7.64 | ||||
Class C | 1,000.00 | 1,073.10 | 1.84 | 9.61 | ||||
Class I | 1,000.00 | 1,076.50 | 1.18 | 6.18 | ||||
Class R6 | 1,000.00 | 1,077.50 | 0.88 | 4.61 | ||||
SGA International Growth Fund | ||||||||
Class A | 1,000.00 | 1,004.90 | 1.32 | 6.67 | ||||
Class I | 1,000.00 | 1,005.60 | 1.07 | 5.41 | ||||
Class R6 | 1,000.00 | 1,006.50 | 0.95 | 4.80 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,090.70 | 1.23 | 6.48 | ||||
Class I | 1,000.00 | 1,091.60 | 0.97 | 5.11 | ||||
Class R6 | 1,000.00 | 1,092.20 | 0.90 | 4.75 | ||||
Silvant Small-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 951.20 | 1.27 | 6.25 | ||||
Class I | 1,000.00 | 951.50 | 1.15 | 5.66 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 1,000.00 | 901.20 | 1.25 | 5.99 | ||||
Class I | 1,000.00 | 902.30 | 1.00 | 4.79 | ||||
Class R6 | 1,000.00 | 902.70 | 0.90 | 4.32 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.95 | 1.24 % | $ 6.31 | ||||
Class C | 1,000.00 | 1,016.53 | 1.72 | 8.74 | ||||
Class I | 1,000.00 | 1,020.32 | 0.97 | 4.94 | ||||
Class R6 | 1,000.00 | 1,021.58 | 0.72 | 3.67 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,018.80 | 1.27 | 6.46 | ||||
Class C | 1,000.00 | 1,016.18 | 1.79 | 9.10 | ||||
Class I | 1,000.00 | 1,020.27 | 0.98 | 4.99 | ||||
Class R6 | 1,000.00 | 1,021.22 | 0.79 | 4.02 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,017.85 | 1.46 | 7.43 | ||||
Class C | 1,000.00 | 1,015.93 | 1.84 | 9.35 | ||||
Class I | 1,000.00 | 1,019.26 | 1.18 | 6.01 | ||||
Class R6 | 1,000.00 | 1,020.77 | 0.88 | 4.48 | ||||
SGA International Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.55 | 1.32 | 6.72 | ||||
Class I | 1,000.00 | 1,019.81 | 1.07 | 5.45 | ||||
Class R6 | 1,000.00 | 1,020.42 | 0.95 | 4.84 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,019.00 | 1.23 | 6.26 | ||||
Class I | 1,000.00 | 1,020.32 | 0.97 | 4.94 | ||||
Class R6 | 1,000.00 | 1,020.67 | 0.90 | 4.58 | ||||
Silvant Small-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.80 | 1.27 | 6.46 | ||||
Class I | 1,000.00 | 1,019.41 | 1.15 | 5.85 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.90 | 1.25 | 6.36 | ||||
Class I | 1,000.00 | 1,020.16 | 1.00 | 5.09 | ||||
Class R6 | 1,000.00 | 1,020.67 | 0.90 | 4.58 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
December 31, 2021
Ceredex Large-Cap Value Equity Fund | Ticker Symbols: Class A: SVIIX |
Fund Summary (Unaudited) | Class C: SVIFX |
Class I: STVTX | |
Class R6: STVZX | |
Ceredex Value Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to provide a high level of capital appreciation. As a secondary goal, the Fund also seeks to provide current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 25.24%, Class C shares at NAV returned 24.57%, Class I shares at NAV returned 25.48%, and Class R6 Shares at NAV returned 25.85%. For the same period, the Russell 1000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 25.16%. |
Industrials | 21% |
Financials | 21 |
Information Technology | 12 |
Materials | 12 |
Health Care | 9 |
Energy | 6 |
Consumer Discretionary | 4 |
Other (includes short-term investment) | 15 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 25.24 % | 11.87 % | 12.69 % | — % | — | |||||||
Class A shares at POP3,4 | 18.35 | 10.62 | 12.06 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 24.57 | 11.34 | 12.13 | — | — | |||||||
Class I shares at NAV2 | 25.48 | 12.17 | 12.99 | — | — | |||||||
Class R6 shares at NAV2 | 25.85 | 12.46 | — | 10.68 | 8/1/14 | |||||||
Russell 1000® Value Index | 25.16 | 11.16 | 12.97 | 10.14 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.27%, Net 1.24%; Class C shares: Gross 1.94%, Net 1.72%; Class I shares: Gross 1.03%, Net 0.97%; Class R6 shares: Gross 0.86%, Net 0.72%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335img6450fc6e4.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ceredex Mid-Cap Value Equity Fund | Ticker Symbols: Class A: SAMVX |
Fund Summary (Unaudited) | Class C: SMVFX |
Class I: SMVTX | |
Class R6: SMVZX | |
Ceredex Value Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 28.73 %, Class C shares at NAV returned 28.01%, Class I shares at NAV returned 28.99%, and Class R6 Shares at NAV returned 29.34%. For the same period, the Russell Midcap® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 28.34%. |
Industrials | 23% |
Financials | 18 |
Information Technology | 15 |
Materials | 8 |
Health Care | 8 |
Real Estate | 6 |
Consumer Discretionary | 6 |
Other (includes short-term investment) | 16 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 28.73 % | 11.45 % | 13.00 % | — % | — | |||||||
Class A shares at POP3,4 | 21.65 | 10.19 | 12.37 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 28.01 | 10.95 | 12.50 | — | — | |||||||
Class I shares at NAV2 | 28.99 | 11.79 | 13.34 | — | — | |||||||
Class R6 shares at NAV2 | 29.34 | 12.06 | — | 10.76 | 8/1/14 | |||||||
Russell Midcap® Value Index | 28.34 | 11.22 | 13.44 | 10.31 5 | — | |||||||
Fund Expense Ratios6: Class A shares: 1.30%; Class C shares: Gross 1.98%, Net 1.79%; Class I shares: 1.04%; Class R6 shares: Gross 0.87%, Net 0.79%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335img7d1a0f6e5.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ceredex Small-Cap Value Equity Fund | Ticker Symbols: Class A: SASVX |
Fund Summary (Unaudited) | Class C: STCEX |
Class I: SCETX | |
Class R6: VVERX | |
Ceredex Value Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 26.91%, Class C shares at NAV returned 26.42%, Class I shares at NAV returned 27.20%, and Class R6 shares at NAV returned 27.61%. For the same period, the Russell 2000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 28.27%. |
Financials | 26% |
Industrials | 20 |
Information Technology | 13 |
Materials | 10 |
Consumer Discretionary | 7 |
Health Care | 6 |
Consumer Staples | 6 |
Other (includes short-term investment) | 12 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 26.91 % | 7.53 % | 10.74 % | — % | — | |||||||
Class A shares at POP3,4 | 19.93 | 6.32 | 10.11 | — | — | |||||||
Class C shares at NAV2 and with CDSC4 | 26.42 | 7.09 | 10.28 | — | — | |||||||
Class I shares at NAV2 | 27.20 | 7.83 | 11.06 | — | — | |||||||
Class R6 shares at NAV 2 | 27.61 | — | — | 10.79 | 2/26/19 | |||||||
Russell 2000® Value Index | 28.27 | 9.07 | 12.03 | 13.11 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.48%, Net 1.46%; Class C shares: Gross 2.18%, Net 1.81%; Class I shares: Gross 1.21%, Net 1.15%; Class R6 shares: Gross 1.05%, Net 0.88%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335imgd8c368356.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
SGA International Growth Fund | Ticker Symbols: Class A: SCIIX |
Fund Summary (Unaudited) | Class I: STITX |
Class R6: SCIZX | |
Sustainable Growth Advisers, LP
■ | The Fund is diversified and has an investment objective of seeking to provide long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 8.36%, Class I shares at NAV returned 8.59%, and Class R6 Shares at NAV returned 8.74%. For the same period, the MSCI All Country World ex USA Index, the Fund’s style-specific benchmark appropriate for comparison, returned 7.82%. |
Health Care | 25% |
Consumer Staples | 21 |
Financials | 17 |
Information Technology | 16 |
Consumer Discretionary | 9 |
Materials | 6 |
Industrials | 3 |
Other (includes short-term investment and securities lending collateral) | 3 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 8.36 % | 15.61 % | 11.08 % | — % | — | |||||||
Class A shares at POP3,4 | 2.40 | 14.31 | 10.45 | — | — | |||||||
Class I shares at NAV2 | 8.59 | 15.88 | 11.30 | — | — | |||||||
Class R6 shares at NAV2 | 8.74 | 15.98 | — | 13.59 | 9/1/15 | |||||||
MSCI All Country World ex USA Index (net) | 7.82 | 9.61 | 7.28 | 8.40 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.58%, Net 1.33%; Class I shares: Gross 1.32%, Net 1.08%; Class R6 shares: Gross 1.22%, Net 0.96%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335imgfa35ee917.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Silvant Large-Cap Growth Stock Fund | Ticker Symbols: Class A: STCIX |
Fund Summary (Unaudited) | Class I: STCAX |
Class R6: STCZX | |
Silvant Capital Management LLC
■ | The Fund is diversified and has an investment objective of seeking to provide capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned 23.74%, Class I shares at NAV returned 23.97%, and Class R6 shares at NAV returned 24.08%. For the same period, the Russell 1000® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned 27.60%. |
Information Technology | 47% |
Communication Services | 14 |
Consumer Discretionary | 13 |
Health Care | 12 |
Industrials | 5 |
Consumer Staples | 4 |
Financials | 3 |
Other (includes short-term investment and securities lending collateral) | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | 23.74 % | 23.16 % | 17.40 % | — % | — | |||||||
Class A shares at POP3,4 | 16.93 | 21.78 | 16.74 | — | — | |||||||
Class I shares at NAV2 | 23.97 | 23.50 | 17.69 | — | — | |||||||
Class R6 shares at NAV2 | 24.08 | 23.61 | — | 16.97 | 8/1/14 | |||||||
Russell 1000® Growth Index | 27.60 | 25.32 | 19.79 | 19.65 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Gross 1.27%, Net 1.23%; Class I shares: Gross 1.09%, Net 0.97%; Class R6 shares: Gross 0.96%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335img97fe1b298.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Silvant Small-Cap Growth Stock Fund | Ticker Symbols: Class A: SCGIX |
Fund Summary (Unaudited) | Class I: SSCTX |
Silvant Capital Management LLC
■ | The Fund is diversified and has an investment objective of seeking to provide long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -4.32% and Class I shares at NAV returned -4.14%. For the same period, the Russell 2000® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned 2.83%. |
Information Technology | 26% |
Health Care | 25 |
Industrials | 17 |
Consumer Discretionary | 15 |
Financials | 7 |
Materials | 4 |
Real Estate | 2 |
Other (includes short-term investment and securities lending collateral) | 4 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||||||
Class A shares at NAV2 | -4.32 % | 14.02% | 12.44% | |||||
Class A shares at POP3,4 | -9.59 | 12.74 | 11.80 | |||||
Class I shares at NAV2 | -4.14 | 14.16 | 12.55 | |||||
Russell 2000® Growth Index | 2.83 | 14.53 | 14.14 | |||||
Fund Expense Ratios5: Class A shares: Gross 1.58%, Net 1.27%; Class I shares: Gross 1.42%, Net 1.15%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335imgea3ca0819.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Zevenbergen Innovative Growth Stock Fund | Ticker Symbols: Class A: SAGAX |
Fund Summary (Unaudited) | Class I: SCATX |
Class R6: VZGRX | |
Zevenbergen Capital Investments LLC
■ | The Fund is diversified and has an investment objective of seeking to provide long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2021, the Fund’s Class A shares at NAV returned -10.14%, Class I shares at NAV returned -9.93%, and Class R6 shares at NAV returned -9.82. For the same period, the Russell 3000® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned 25.85%. |
Information Technology | 44% |
Consumer Discretionary | 27 |
Health Care | 10 |
Communication Services | 9 |
Financials | 5 |
Industrials | 3 |
Real Estate | 2 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||||||||
Class A shares at NAV2 | -10.14 % | 31.92 % | 21.99 % | — % | — | |||||||
Class A shares at POP3,4 | -15.09 | 30.44 | 21.30 | — | — | |||||||
Class I shares at NAV2 | -9.93 | 32.24 | 22.26 | — | — | |||||||
Class R6 shares at NAV2 | -9.82 | — | — | 3.04 | 10/20/20 | |||||||
Russell 3000® Growth Index | 25.85 | 24.56 | 19.39 | 30.69 5 | — | |||||||
Fund Expense Ratios6: Class A shares: Net 1.33%, Gross 1.25%; Class I shares: Net 1.07%, Net 1.00%; Class R6 shares: Gross 1.03%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335img91dd070c10.jpg)
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2021, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2022. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
December 31, 2021
Shares | Value | ||
Common Stocks—99.3% | |||
Communication Services—2.4% | |||
Verizon Communications, Inc. | 580,516 | $ 30,164 | |
Consumer Discretionary—4.3% | |||
Advance Auto Parts, Inc. | 67,244 | 16,130 | |
BorgWarner, Inc. | 541,907 | 24,424 | |
Ralph Lauren Corp. | 106,655 | 12,677 | |
53,231 | |||
Consumer Staples—3.3% | |||
Coca-Cola Europacific Partners plc | 728,881 | 40,766 | |
Energy—5.7% | |||
Baker Hughes Co. | 2,058,091 | 49,517 | |
Marathon Petroleum Corp. | 334,768 | 21,422 | |
70,939 | |||
Financials—21.1% | |||
American Express Co. | 151,655 | 24,811 | |
Bank of America Corp. | 1,154,001 | 51,342 | |
Capital One Financial Corp. | 295,865 | 42,927 | |
Hartford Financial Services Group, Inc. (The) | 249,235 | 17,207 | |
Progressive Corp. (The) | 361,104 | 37,067 | |
Synchrony Financial | 910,076 | 42,219 | |
Willis Towers Watson plc | 190,687 | 45,286 | |
260,859 | |||
Health Care—8.8% | |||
DENTSPLY SIRONA, Inc. | 611,876 | 34,137 | |
Humana, Inc. | 106,994 | 49,630 | |
PerkinElmer, Inc. | 127,483 | 25,632 | |
109,399 | |||
Industrials—21.7% | |||
Booz Allen Hamilton Holding Corp. Class A | 411,465 | 34,888 | |
Fortive Corp. | 321,131 | 24,499 | |
General Electric Co. | 355,900 | 33,622 |
Shares | Value | ||
Industrials—continued | |||
Honeywell International, Inc. | 181,300 | $ 37,803 | |
Ingersoll Rand, Inc. | 552,068 | 34,156 | |
Parker-Hannifin Corp. | 113,148 | 35,995 | |
Stanley Black & Decker, Inc. | 164,683 | 31,063 | |
United Parcel Service, Inc. Class B | 78,800 | 16,890 | |
Vertiv Holdings Co. | 762,444 | 19,038 | |
267,954 | |||
Information Technology—12.5% | |||
Global Payments, Inc. | 330,445 | 44,669 | |
KLA Corp. | 59,371 | 25,536 | |
Motorola Solutions, Inc. | 107,320 | 29,159 | |
NXP Semiconductors N.V. | 128,395 | 29,246 | |
QUALCOMM, Inc. | 139,797 | 25,565 | |
154,175 | |||
Materials—12.3% | |||
Air Products & Chemicals, Inc. | 74,013 | 22,519 | |
Celanese Corp. | 128,772 | 21,642 | |
Crown Holdings, Inc. | 219,913 | 24,327 | |
FMC Corp. | 172,094 | 18,911 | |
PPG Industries, Inc. | 220,687 | 38,055 | |
Vulcan Materials Co. | 131,177 | 27,230 | |
152,684 | |||
Real Estate—3.6% | |||
Crown Castle International Corp. | 209,980 | 43,831 | |
Utilities—3.6% | |||
NextEra Energy, Inc. | 477,842 | 44,611 | |
Total Common Stocks (Identified Cost $998,159) | 1,228,613 | ||
Total Long-Term Investments—99.3% (Identified Cost $998,159) | 1,228,613 | ||
Shares | Value | ||
Short-Term Investment—3.1% | |||
Money Market Mutual Fund—3.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 39,188,791 | $ 39,189 | |
Total Short-Term Investment (Identified Cost $39,189) | 39,189 | ||
TOTAL INVESTMENTS—102.4% (Identified Cost $1,037,348) | $1,267,802 | ||
Other assets and liabilities, net—(2.4)% | (30,145) | ||
NET ASSETS—100.0% | $1,237,657 |
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% |
Ireland | 4 |
United Kingdom | 3 |
Netherlands | 2 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,228,613 | $1,228,613 | |
Money Market Mutual Fund | 39,189 | 39,189 | |
Total Investments | $1,267,802 | $1,267,802 |
December 31, 2021
Shares | Value | ||
Common Stocks—98.9% | |||
Consumer Discretionary—6.3% | |||
Columbia Sportswear Co. | 600,000 | $ 58,464 | |
Gentex Corp. | 3,150,000 | 109,778 | |
Wyndham Hotels & Resorts, Inc. | 725,000 | 64,996 | |
233,238 | |||
Consumer Staples—3.9% | |||
Coca-Cola Europacific Partners plc | 1,435,000 | 80,260 | |
Sysco Corp. | 800,000 | 62,840 | |
143,100 | |||
Energy—5.7% | |||
Baker Hughes Co. | 3,450,000 | 83,007 | |
Diamondback Energy, Inc. | 335,000 | 36,130 | |
Marathon Petroleum Corp. | 1,400,000 | 89,586 | |
208,723 | |||
Financials—18.0% | |||
Berkley (W.R.) Corp. | 650,000 | 53,554 | |
First Citizens BancShares, Inc. Class A | 90,000 | 74,686 | |
Hartford Financial Services Group, Inc. (The) | 1,150,000 | 79,396 | |
PacWest Bancorp | 1,450,000 | 65,496 | |
Progressive Corp. (The) | 850,000 | 87,252 | |
Reinsurance Group of America, Inc. | 310,000 | 33,942 | |
Signature Bank | 210,000 | 67,929 | |
Synchrony Financial | 1,750,000 | 81,182 | |
Willis Towers Watson plc | 515,000 | 122,307 | |
665,744 | |||
Health Care—7.5% | |||
Bruker Corp. | 815,000 | 68,387 | |
Cooper Cos., Inc. (The) | 115,000 | 48,178 | |
DENTSPLY SIRONA, Inc. | 1,350,000 | 75,316 | |
Humana, Inc. | 180,000 | 83,495 | |
275,376 | |||
Shares | Value | ||
Industrials—23.3% | |||
Booz Allen Hamilton Holding Corp. Class A | 825,000 | $ 69,952 | |
Canadian Pacific Railway Ltd. | 700,000 | 50,358 | |
Fortive Corp. | 970,000 | 74,001 | |
Hubbell, Inc. | 300,000 | 62,481 | |
Ingersoll Rand, Inc. | 1,150,000 | 71,151 | |
ITT, Inc. | 565,000 | 57,737 | |
Parker-Hannifin Corp. | 235,000 | 74,758 | |
Quanta Services, Inc. | 585,000 | 67,076 | |
Stanley Black & Decker, Inc. | 350,000 | 66,017 | |
Vertiv Holdings Co. | 5,100,000 | 127,347 | |
Woodward, Inc. | 865,000 | 94,683 | |
Zurn Water Solutions Corp. | 1,200,000 | 43,680 | |
859,241 | |||
Information Technology—14.7% | |||
Dolby Laboratories, Inc. Class A | 725,000 | 69,035 | |
Global Payments, Inc. | 950,000 | 128,421 | |
Marvell Technology, Inc. | 320,000 | 27,997 | |
MKS Instruments, Inc. | 625,000 | 108,856 | |
Motorola Solutions, Inc. | 270,000 | 73,359 | |
NXP Semiconductors N.V. | 375,000 | 85,417 | |
Teradyne, Inc. | 310,000 | 50,694 | |
543,779 | |||
Materials—7.6% | |||
Ashland Global Holdings, Inc. | 715,000 | 76,977 | |
Martin Marietta Materials, Inc. | 170,000 | 74,888 | |
PPG Industries, Inc. | 740,000 | 127,606 | |
279,471 | |||
Real Estate—6.4% | |||
American Homes 4 Rent Class A | 2,100,000 | 91,581 | |
Americold Realty Trust | 2,850,000 | 93,451 | |
SBA Communications, Corp. Class A | 135,000 | 52,518 | |
237,550 | |||
Shares | Value | ||
Utilities—5.5% | |||
Ameren Corp. | 765,000 | $ 68,093 | |
CenterPoint Energy, Inc. | 2,350,000 | 65,588 | |
Xcel Energy, Inc. | 1,000,000 | 67,700 | |
201,381 | |||
Total Common Stocks (Identified Cost $3,219,579) | 3,647,603 | ||
Total Long-Term Investments—98.9% (Identified Cost $3,219,579) | 3,647,603 | ||
Short-Term Investment—1.4% | |||
Money Market Mutual Fund—1.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 51,513,820 | 51,514 | |
Total Short-Term Investment (Identified Cost $51,514) | 51,514 | ||
TOTAL INVESTMENTS—100.3% (Identified Cost $3,271,093) | $3,699,117 | ||
Other assets and liabilities, net—(0.3)% | (9,318) | ||
NET ASSETS—100.0% | $3,689,799 |
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% |
Ireland | 3 |
Netherlands | 2 |
United Kingdom | 2 |
Canada | 2 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $3,647,603 | $3,647,603 | |
Money Market Mutual Fund | 51,514 | 51,514 | |
Total Investments | $3,699,117 | $3,699,117 |
December 31, 2021
Shares | Value | ||
Common Stocks—99.8% | |||
Communication Services—3.6% | |||
Cogent Communications Holdings, Inc. | 106,034 | $ 7,760 | |
Interpublic Group of Cos., Inc. (The) | 98,809 | 3,700 | |
Scholastic Corp. | 137,384 | 5,490 | |
16,950 | |||
Consumer Discretionary—7.4% | |||
Carter’s, Inc. | 73,339 | 7,423 | |
Gentex Corp. | 147,741 | 5,149 | |
Leggett & Platt, Inc. | 148,335 | 6,106 | |
Penske Automotive Group, Inc. | 31,990 | 3,430 | |
Steven Madden Ltd. | 57,716 | 2,682 | |
Tempur Sealy International, Inc. | 90,127 | 4,239 | |
Wyndham Hotels & Resorts, Inc. | 61,263 | 5,492 | |
34,521 | |||
Consumer Staples—6.1% | |||
Calavo Growers, Inc. | 129,432 | 5,488 | |
Casey’s General Stores, Inc. | 15,551 | 3,069 | |
Edgewell Personal Care Co. | 152,049 | 6,950 | |
Energizer Holdings, Inc. | 206,711 | 8,289 | |
PriceSmart, Inc. | 25,981 | 1,901 | |
Reynolds Consumer Products, Inc. | 81,977 | 2,574 | |
28,271 | |||
Energy—5.1% | |||
Ovintiv, Inc. | 522,394 | 17,605 | |
World Fuel Services Corp. | 221,941 | 5,875 | |
23,480 | |||
Financials—25.7% | |||
American Financial Group, Inc. | 33,842 | 4,647 | |
Ameris Bancorp | 86,556 | 4,300 | |
AMERISAFE, Inc. | 41,546 | 2,237 | |
Bank of Hawaii Corp. | 57,792 | 4,841 | |
Cathay General Bancorp | 134,402 | 5,778 | |
Evercore, Inc. Class A | 90,600 | 12,308 | |
First Citizens BancShares, Inc. Class A | 20,379 | 16,911 | |
First Hawaiian, Inc. | 236,934 | 6,475 | |
First Interstate BancSystem, Inc. Class A | 174,422 | 7,094 |
Shares | Value | ||
Financials—continued | |||
Horace Mann Educators Corp. | 112,126 | $ 4,339 | |
Jefferies Financial Group, Inc. | 298,407 | 11,578 | |
Kemper Corp. | 227,551 | 13,378 | |
Lazard, Ltd. Class A | 142,368 | 6,212 | |
SLM Corp. | 781,049 | 15,363 | |
SouthState Corp. | 8,397 | 673 | |
Zions Bancorp NA | 59,045 | 3,729 | |
119,863 | |||
Health Care—6.1% | |||
Bruker Corp. | 37,540 | 3,150 | |
Owens & Minor, Inc. | 354,953 | 15,440 | |
Patterson Cos., Inc. | 332,765 | 9,767 | |
28,357 | |||
Industrials—19.6% | |||
Air Lease Corp. Class A | 114,471 | 5,063 | |
Barnes Group, Inc. | 135,242 | 6,301 | |
EMCOR Group, Inc. | 102,656 | 13,077 | |
EnerSys | 114,728 | 9,070 | |
EnPro Industries, Inc. | 37,557 | 4,134 | |
ITT, Inc. | 44,483 | 4,546 | |
KBR, Inc. | 143,423 | 6,830 | |
ManpowerGroup, Inc. | 43,332 | 4,217 | |
MillerKnoll, Inc. | 181,582 | 7,116 | |
nVent Electric plc | 285,594 | 10,853 | |
Ritchie Bros. Auctioneers, Inc. | 16,395 | 1,004 | |
Stantec, Inc. | 266,501 | 14,991 | |
Tennant Co. | 23,533 | 1,907 | |
Vertiv Holdings Co. | 90,599 | 2,262 | |
91,371 | |||
Information Technology—12.9% | |||
Azenta, Inc. | 133,642 | 13,780 | |
Dolby Laboratories, Inc. Class A | 40,937 | 3,898 | |
Littelfuse, Inc. | 25,808 | 8,121 | |
MKS Instruments, Inc. | 58,158 | 10,129 | |
National Instruments Corp. | 147,855 | 6,457 | |
Power Integrations, Inc. | 188,493 | 17,509 | |
59,894 | |||
Materials—10.5% | |||
AptarGroup, Inc. | 127,513 | 15,618 | |
Ashland Global Holdings, Inc. | 113,846 | 12,257 | |
Minerals Technologies, Inc. | 79,573 | 5,821 | |
Pan American Silver Corp. | 50,163 | 1,252 |
Shares | Value | ||
Materials—continued | |||
RPM International, Inc. | 138,250 | $ 13,963 | |
48,911 | |||
Real Estate—2.8% | |||
Alexander & Baldwin, Inc. | 57,812 | 1,451 | |
Americold Realty Trust | 115,716 | 3,794 | |
Lamar Advertising Co. Class A | 27,036 | 3,279 | |
Physicians Realty Trust | 245,283 | 4,619 | |
13,143 | |||
Total Common Stocks (Identified Cost $347,969) | 464,761 | ||
Total Long-Term Investments—99.8% (Identified Cost $347,969) | 464,761 | ||
Short-Term Investment—0.5% | |||
Money Market Mutual Fund—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 2,291,227 | 2,291 | |
Total Short-Term Investment (Identified Cost $2,291) | 2,291 | ||
TOTAL INVESTMENTS—100.3% (Identified Cost $350,260) | $467,052 | ||
Other assets and liabilities, net—(0.3)% | (1,196) | ||
NET ASSETS—100.0% | $465,856 |
Abbreviation: | |
NA | National Association |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 95% |
Canada | 4 |
Bermuda | 1 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $464,761 | $464,761 | |
Money Market Mutual Fund | 2,291 | 2,291 | |
Total Investments | $467,052 | $467,052 |
December 31, 2021
Shares | Value | ||
Preferred Stock—2.3% | |||
Germany—2.3% | |||
Sartorius AG, 0.140% | 1,646 | $ 1,116 | |
Total Preferred Stock (Identified Cost $702) | 1,116 | ||
Common Stocks—97.5% | |||
Brazil—5.7% | |||
MercadoLibre, Inc.(1) | 1,071 | 1,444 | |
XP, Inc. Class A(1) | 45,875 | 1,319 | |
2,763 | |||
China—6.5% | |||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 1,393,914 | 1,739 | |
Yum China Holdings, Inc. | 28,381 | 1,415 | |
3,154 | |||
Denmark—3.6% | |||
Novo Nordisk A.S. Sponsored ADR | 15,792 | 1,769 | |
France—6.5% | |||
Dassault Systemes SE | 24,776 | 1,475 | |
L’Oreal S.A. | 3,602 | 1,710 | |
3,185 | |||
Germany—6.6% | |||
adidas AG | 4,825 | 1,391 | |
SAP SE Sponsored ADR | 12,859 | 1,802 | |
3,193 | |||
Hong Kong—4.7% | |||
AIA Group Ltd. | 226,790 | 2,286 | |
India—10.6% | |||
Asian Paints Ltd. | 23,928 | 1,089 | |
HDFC Bank Ltd. ADR | 29,267 | 1,904 | |
Infosys Ltd. Sponsored ADR | 65,997 | 1,670 | |
One 97 Communications Ltd.(1) | 27,444 | 493 | |
5,156 | |||
Ireland—6.1% | |||
ICON plc ADR(1) | 5,503 | 1,705 | |
Medtronic plc | 12,298 | 1,272 | |
2,977 | |||
Japan—5.3% | |||
Recruit Holdings Co., Ltd. | 23,739 | 1,439 |
Shares | Value | ||
Japan—continued | |||
Sysmex Corp. | 8,593 | $ 1,161 | |
2,600 | |||
Mexico—6.3% | |||
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 18,002 | 1,399 | |
Wal-Mart de Mexico SAB de C.V. | 447,075 | 1,664 | |
3,063 | |||
Netherlands—6.9% | |||
Adyen NV(1) | 523 | 1,377 | |
Heineken N.V. | 17,479 | 1,967 | |
3,344 | |||
Switzerland—9.8% | |||
Alcon, Inc.(2) | 19,545 | 1,703 | |
Nestle S.A. Registered Shares | 10,047 | 1,405 | |
Temenos AG Registered Shares | 12,152 | 1,681 | |
4,789 | |||
Thailand—2.5% | |||
CP ALL PCL | 692,047 | 1,222 | |
United Kingdom—12.3% | |||
Aon plc Class A | 8,035 | 2,415 | |
Diageo plc | 28,456 | 1,554 | |
Linde plc | 5,848 | 2,026 | |
5,995 | |||
United States—4.1% | |||
STERIS plc | 8,090 | 1,969 | |
Total Common Stocks (Identified Cost $35,169) | 47,465 | ||
Total Long-Term Investments—99.8% (Identified Cost $35,871) | 48,581 | ||
Short-Term Investment—0.1% | |||
Money Market Mutual Fund—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 19,108 | 19 | |
Total Short-Term Investment (Identified Cost $19) | 19 | ||
Shares | Value | ||
Securities Lending Collateral—3.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 1,722,378 | $ 1,722 | |
Total Securities Lending Collateral—3.5% (Identified Cost $1,722) | 1,722 | ||
TOTAL INVESTMENTS—103.4% (Identified Cost $37,612) | $50,322 | ||
Other assets and liabilities, net—(3.4)% | (1,642) | ||
NET ASSETS—100.0% | $48,680 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United Kingdom | 12% |
India | 10 |
Switzerland | 10 |
Germany | 9 |
United States | 7 |
Netherlands | 7 |
France | 6 |
Other | 39 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $47,465 | $47,465 | |
Preferred Stock | 1,116 | 1,116 | |
Securities Lending Collateral | 1,722 | 1,722 | |
Money Market Mutual Fund | 19 | 19 | |
Total Investments | $50,322 | $50,322 |
December 31, 2021
Shares | Value | ||
Common Stocks—100.0% | |||
Communication Services—14.0% | |||
Alphabet, Inc. Class A(1) | 2,029 | $ 5,878 | |
Alphabet, Inc. Class C(1) | 2,096 | 6,065 | |
Meta Platforms, Inc. Class A(1) | 16,170 | 5,439 | |
Netflix, Inc.(1) | 1,727 | 1,040 | |
Snap, Inc. Class A(1) | 8,865 | 417 | |
Walt Disney Co. (The)(1) | 3,810 | 590 | |
19,429 | |||
Consumer Discretionary—13.7% | |||
Amazon.com, Inc.(1) | 2,957 | 9,860 | |
Booking Holdings, Inc.(1) | 525 | 1,260 | |
Chipotle Mexican Grill, Inc. Class A(1) | 620 | 1,084 | |
DraftKings, Inc. Class A(1) | 26,900 | 739 | |
Las Vegas Sands Corp.(1) | 19,100 | 719 | |
O’Reilly Automotive, Inc.(1) | 3,467 | 2,448 | |
Royal Caribbean Cruises Ltd.(1) | 11,802 | 908 | |
TJX Cos., Inc. (The) | 26,231 | 1,991 | |
19,009 | |||
Consumer Staples—4.5% | |||
Colgate-Palmolive Co. | 6,474 | 552 | |
Costco Wholesale Corp. | 6,008 | 3,411 | |
Estee Lauder Cos., Inc. (The) Class A | 6,326 | 2,342 | |
6,305 | |||
Financials—2.6% | |||
American Express Co. | 7,241 | 1,185 | |
Coinbase Global, Inc. Class A(1) | 1,985 | 501 | |
Goldman Sachs Group, Inc. (The) | 1,893 | 724 | |
S&P Global, Inc. | 1,536 | 725 | |
Silvergate Capital Corp. Class A(1) | 3,625 | 537 | |
3,672 | |||
Health Care—11.9% | |||
Bristol-Myers Squibb Co. | 15,681 | 978 | |
Dexcom, Inc.(1) | 2,928 | 1,572 | |
Edwards Lifesciences Corp.(1) | 16,186 | 2,097 | |
Eli Lilly & Co. | 9,704 | 2,680 | |
Exact Sciences Corp.(1) | 7,973 | 620 | |
Insulet Corp.(1) | 1,776 | 473 | |
Intuitive Surgical, Inc.(1) | 4,344 | 1,561 | |
Mettler-Toledo International, Inc.(1) | 1,054 | 1,789 |
Shares | Value | ||
Health Care—continued | |||
Natera, Inc.(1) | 7,417 | $ 693 | |
Teladoc Health, Inc.(1) | 4,537 | 417 | |
Thermo Fisher Scientific, Inc. | 1,535 | 1,024 | |
UnitedHealth Group, Inc. | 5,390 | 2,706 | |
16,610 | |||
Industrials—4.9% | |||
Boeing Co. (The)(1) | 8,641 | 1,740 | |
Deere & Co. | 4,449 | 1,526 | |
Emerson Electric Co. | 7,069 | 657 | |
Fair Isaac Corp.(1) | 1,193 | 517 | |
Honeywell International, Inc. | 2,059 | 429 | |
IHS Markit Ltd. | 9,671 | 1,285 | |
Roper Technologies, Inc. | 1,276 | 628 | |
6,782 | |||
Information Technology—47.5% | |||
Apple, Inc. | 97,365 | 17,289 | |
Applied Materials, Inc. | 15,439 | 2,429 | |
Autodesk, Inc.(1) | 6,214 | 1,747 | |
Avalara, Inc.(1) | 5,246 | 677 | |
DocuSign, Inc.(1) | 2,546 | 388 | |
Five9, Inc.(1) | 4,064 | 558 | |
Mastercard, Inc. Class A | 7,268 | 2,612 | |
Microsoft Corp. | 50,092 | 16,847 | |
NVIDIA Corp. | 25,183 | 7,407 | |
Paycom Software, Inc.(1) | 2,053 | 852 | |
PayPal Holdings, Inc.(1) | 10,695 | 2,017 | |
QUALCOMM, Inc. | 16,784 | 3,069 | |
salesforce.com, Inc.(1) | 6,862 | 1,744 | |
SentinelOne, Inc. Class A(1)(2) | 15,483 | 782 | |
Twilio, Inc. Class A(1) | 3,430 | 903 | |
Universal Display Corp. | 3,463 | 572 | |
Visa, Inc. Class A | 20,783 | 4,504 | |
Workday, Inc. Class A(1) | 6,115 | 1,670 | |
66,067 | |||
Materials—0.9% | |||
Air Products & Chemicals, Inc. | 1,966 | 598 | |
Vulcan Materials Co. | 2,983 | 620 | |
1,218 | |||
Total Common Stocks (Identified Cost $46,153) | 139,092 | ||
Total Long-Term Investments—100.0% (Identified Cost $46,153) | 139,092 | ||
Shares | Value | ||
Short-Term Investment—0.1% | |||
Money Market Mutual Fund—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 131,038 | $ 131 | |
Total Short-Term Investment (Identified Cost $131) | 131 | ||
Securities Lending Collateral—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 772,326 | 772 | |
Total Securities Lending Collateral (Identified Cost $772) | 772 | ||
TOTAL INVESTMENTS—100.6% (Identified Cost $47,056) | $139,995 | ||
Other assets and liabilities, net—(0.6)% | (874) | ||
NET ASSETS—100.0% | $139,121 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $139,092 | $139,092 | |
Securities Lending Collateral | 772 | 772 | |
Money Market Mutual Fund | 131 | 131 | |
Total Investments | $139,995 | $139,995 |
December 31, 2021
Shares | Value | ||
Common Stocks—99.2% | |||
Communication Services—1.5% | |||
Magnite, Inc.(1) | 11,104 | $ 194 | |
WideOpenWest, Inc.(1) | 11,283 | 243 | |
437 | |||
Consumer Discretionary—15.3% | |||
Bally’s Corp.(1) | 4,880 | 186 | |
CarParts.com, Inc.(1) | 9,652 | 108 | |
Children’s Place, Inc. (The)(1) | 1,514 | 120 | |
Churchill Downs, Inc. | 1,950 | 470 | |
Dine Brands Global, Inc. | 3,794 | 288 | |
Five Below, Inc.(1) | 2,539 | 525 | |
Lithia Motors, Inc. | 1,121 | 333 | |
Monarch Casino & Resort, Inc.(1) | 6,113 | 452 | |
Papa John’s International, Inc. | 1,898 | 253 | |
Planet Fitness, Inc. Class A(1) | 3,152 | 285 | |
RH (1) | 621 | 333 | |
Texas Roadhouse, Inc. Class A | 4,948 | 442 | |
Wingstop, Inc. | 3,510 | 607 | |
4,402 | |||
Consumer Staples—1.5% | |||
WD-40 Co. | 1,747 | 427 | |
Financials—6.5% | |||
Ares Management Corp. Class A | 5,022 | 408 | |
Customers Bancorp, Inc.(1) | 6,031 | 395 | |
First Financial Bankshares, Inc. | 4,979 | 253 | |
Goosehead Insurance, Inc. Class A | 2,858 | 372 | |
NMI Holdings, Inc. Class A(1) | 6,141 | 134 | |
RLI Corp. | 2,856 | 320 | |
1,882 | |||
Health Care—25.4% | |||
Akero Therapeutics, Inc.(1) | 4,212 | 89 | |
Amicus Therapeutics, Inc.(1) | 15,191 | 175 | |
Arrowhead Pharmaceuticals, Inc.(1) | 2,807 | 186 | |
Bridgebio Pharma, Inc.(1)(2) | 2,581 | 43 | |
Cara Therapeutics, Inc.(1) | 9,092 | 111 | |
Chemed Corp. | 1,493 | 790 | |
Editas Medicine, Inc.(1) | 2,858 | 76 | |
Fate Therapeutics, Inc.(1) | 3,975 | 233 | |
Insmed, Inc.(1) | 7,341 | 200 | |
Inspire Medical Systems, Inc.(1) | 3,343 | 769 | |
Insulet Corp.(1) | 2,062 | 549 | |
LHC Group, Inc.(1) | 2,100 | 288 | |
Madrigal Pharmaceuticals, Inc.(1) | 1,213 | 103 | |
Natera, Inc.(1) | 8,920 | 833 | |
Nkarta, Inc.(1) | 3,423 | 52 | |
Novocure Ltd.(1) | 3,560 | 267 |
Shares | Value | ||
Health Care—continued | |||
Outset Medical, Inc.(1) | 3,597 | $ 166 | |
Penumbra, Inc.(1) | 1,072 | 308 | |
Phreesia, Inc.(1) | 9,613 | 400 | |
REGENXBIO, Inc.(1) | 3,732 | 122 | |
Sarepta Therapeutics, Inc.(1) | 4,028 | 363 | |
Tandem Diabetes Care, Inc.(1) | 6,011 | 905 | |
Ultragenyx Pharmaceutical, Inc.(1) | 3,362 | 283 | |
7,311 | |||
Industrials—17.1% | |||
Casella Waste Systems, Inc. Class A(1) | 9,413 | 804 | |
Chart Industries, Inc.(1) | 3,467 | 553 | |
Helios Technologies, Inc. | 725 | 76 | |
Herc Holdings, Inc. | 3,646 | 571 | |
IAA, Inc.(1) | 3,592 | 182 | |
MSA Safety, Inc. | 2,224 | 336 | |
Regal Rexnord Corp. | 1,835 | 312 | |
Saia, Inc.(1) | 2,690 | 906 | |
Simpson Manufacturing Co., Inc. | 4,264 | 593 | |
Timken Co. (The) | 3,421 | 237 | |
Vicor Corp.(1) | 1,407 | 179 | |
Zurn Water Solutions Corp. | 4,537 | 165 | |
4,914 | |||
Information Technology—26.5% | |||
Agilysys, Inc.(1) | 6,790 | 302 | |
Azenta, Inc. | 3,544 | 365 | |
Bill.com Holdings, Inc.(1) | 1,245 | 310 | |
Blackline, Inc.(1) | 2,820 | 292 | |
Coupa Software, Inc.(1) | 1,732 | 274 | |
DigitalOcean Holdings, Inc.(1) | 2,208 | 177 | |
Five9, Inc.(1) | 8,545 | 1,173 | |
FormFactor, Inc.(1) | 11,597 | 530 | |
KnowBe4, Inc. Class A(1) | 9,510 | 218 | |
Kulicke & Soffa Industries, Inc. | 2,497 | 151 | |
Lattice Semiconductor Corp.(1) | 4,400 | 339 | |
Onto Innovation, Inc.(1) | 2,487 | 252 | |
Power Integrations, Inc. | 985 | 92 | |
Q2 Holdings, Inc.(1) | 12,752 | 1,013 | |
SPS Commerce, Inc.(1) | 1,895 | 270 | |
Teledyne Technologies, Inc.(1) | 2,525 | 1,103 | |
Tenable Holdings, Inc.(1) | 7,164 | 395 | |
Varonis Systems, Inc.(1) | 7,154 | 349 | |
7,605 | |||
Materials—3.6% | |||
Balchem Corp. | 5,216 | 879 | |
Quaker Chemical Corp. | 635 | 147 | |
1,026 | |||
Shares | Value | ||
Real Estate—1.8% | |||
Essential Properties Realty Trust, Inc. | 11,069 | $ 319 | |
Gladstone Land Corp. | 2,300 | 78 | |
Tanger Factory Outlet Centers, Inc. | 5,945 | 115 | |
512 | |||
Total Common Stocks (Identified Cost $15,305) | 28,516 | ||
Total Long-Term Investments—99.2% (Identified Cost $15,305) | 28,516 | ||
Short-Term Investment—0.8% | |||
Money Market Mutual Fund—0.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 217,430 | 217 | |
Total Short-Term Investment (Identified Cost $217) | 217 | ||
Securities Lending Collateral—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 37,935 | 38 | |
Total Securities Lending Collateral (Identified Cost $38) | 38 | ||
TOTAL INVESTMENTS—100.1% (Identified Cost $15,560) | $28,771 | ||
Other assets and liabilities, net—(0.1)% | (32) | ||
NET ASSETS—100.0% | $28,739 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $28,516 | $28,516 | |
Securities Lending Collateral | 38 | 38 | |
Money Market Mutual Fund | 217 | 217 | |
Total Investments | $28,771 | $28,771 |
December 31, 2021
Shares | Value | ||
Common Stocks—100.9% | |||
Communication Services—9.2% | |||
fuboTV, Inc.(1) | 763,800 | $ 11,854 | |
Netflix, Inc.(1) | 58,275 | 35,107 | |
Sea Ltd. ADR(1) | 84,725 | 18,954 | |
Snap, Inc. Class A(1) | 752,300 | 35,381 | |
101,296 | |||
Consumer Discretionary—27.1% | |||
Airbnb, Inc. Class A(1) | 204,025 | 33,968 | |
Amazon.com, Inc.(1) | 13,185 | 43,963 | |
Chewy, Inc. Class A(1) | 274,400 | 16,182 | |
Global-e Online Ltd.(1) | 342,000 | 21,680 | |
MercadoLibre, Inc.(1) | 43,060 | 58,062 | |
Tesla, Inc.(1) | 119,150 | 125,915 | |
299,770 | |||
Financials—4.4% | |||
Coinbase Global, Inc. Class A(1) | 62,925 | 15,880 | |
Silvergate Capital Corp. Class A(1) | 224,250 | 33,234 | |
49,114 | |||
Health Care—10.2% | |||
Adaptive Biotechnologies Corp.(1) | 199,200 | 5,590 | |
Castle Biosciences, Inc.(1) | 120,450 | 5,164 | |
Exact Sciences Corp.(1) | 450,000 | 35,023 | |
GoodRx Holdings, Inc. Class A(1) | 386,000 | 12,614 | |
Seagen, Inc.(1) | 67,250 | 10,397 | |
Teladoc Health, Inc.(1) | 307,100 | 28,198 | |
Veeva Systems, Inc. Class A(1) | 64,375 | 16,446 | |
113,432 | |||
Industrials—3.3% | |||
Axon Enterprise, Inc.(1) | 35,400 | 5,558 | |
Uber Technologies, Inc.(1) | 740,000 | 31,028 | |
36,586 | |||
Information Technology—44.4% | |||
Bill.com Holdings, Inc.(1) | 60,525 | 15,080 | |
Block, Inc. Class A(1) | 168,300 | 27,182 | |
Crowdstrike Holdings, Inc. Class A(1) | 80,850 | 16,554 |
Shares | Value | ||
Information Technology—continued | |||
DoubleVerify Holdings, Inc.(1) | 163,850 | $ 5,453 | |
NVIDIA Corp. | 256,925 | 75,564 | |
Okta, Inc. Class A(1) | 185,750 | 41,639 | |
ServiceNow, Inc.(1) | 34,250 | 22,232 | |
Shopify, Inc. Class A(1) | 54,800 | 75,481 | |
Snowflake, Inc. Class A(1) | 115,100 | 38,990 | |
Sprout Social, Inc. Class A(1) | 313,450 | 28,427 | |
Trade Desk, Inc. (The) Class A(1) | 845,540 | 77,485 | |
Twilio, Inc. Class A(1) | 87,700 | 23,095 | |
Unity Software, Inc.(1) | 200,200 | 28,627 | |
Zoom Video Communications, Inc. Class A(1) | 85,725 | 15,766 | |
491,575 | |||
Real Estate—2.3% | |||
Zillow Group, Inc. Class C(1) | 400,000 | 25,540 | |
Total Common Stocks (Identified Cost $738,654) | 1,117,313 | ||
Total Long-Term Investments—100.9% (Identified Cost $738,654) | 1,117,313 | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 2,824,916 | 2,825 | |
Total Short-Term Investment (Identified Cost $2,825) | 2,825 | ||
TOTAL INVESTMENTS—101.2% (Identified Cost $741,479) | $1,120,138 | ||
Other assets and liabilities, net—(1.2)% | (13,167) | ||
NET ASSETS—100.0% | $1,106,971 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 84% |
Canada | 7 |
Argentina | 5 |
Israel | 2 |
Singapore | 2 |
Total | 100% |
† % of total investments as of December 31, 2021. |
Total Value at December 31, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,117,313 | $1,117,313 | |
Money Market Mutual Fund | 2,825 | 2,825 | |
Total Investments | $1,120,138 | $1,120,138 |
December 31, 2021
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 1,267,802 | $ 3,699,117 | $ 467,052 | $ 50,322 | |||
Cash | 1,000 | 2,000 | 100 | 52 | |||
Receivables | |||||||
Fund shares sold | 534 | 1,694 | 3,375 | 36 | |||
Dividends | 935 | 2,688 | 259 | 8 | |||
Tax reclaims | — | — | 15 | 107 | |||
Securities lending income | — | 7 | — | — (a) | |||
Prepaid expenses | 45 | 79 | 34 | 16 | |||
Other assets | 109 | 318 | 40 | 4 | |||
Total assets | 1,270,425 | 3,705,903 | 470,875 | 50,545 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 22,079 | 12,200 | 1,414 | 29 | |||
Investment securities purchased | 9,364 | — | 2,974 | — | |||
Foreign capital gains tax | — | — | — | 38 | |||
Collateral on securities loaned | — | — | — | 1,722 | |||
Investment advisory fees | 626 | 2,087 | 318 | 20 | |||
Distribution and service fees | 45 | 81 | 12 | 1 | |||
Administration and accounting fees | 103 | 301 | 38 | 5 | |||
Transfer agent and sub-transfer agent fees and expenses | 351 | 909 | 171 | 11 | |||
Professional fees | 26 | 43 | 27 | 30 | |||
Trustee deferred compensation plan | 109 | 318 | 40 | 4 | |||
Interest expense and/or commitment fees | 4 | 10 | 1 | — (a) | |||
Other accrued expenses | 61 | 155 | 24 | 5 | |||
Total liabilities | 32,768 | 16,104 | 5,019 | 1,865 | |||
Net Assets | $ 1,237,657 | $ 3,689,799 | $ 465,856 | $ 48,680 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 983,441 | $ 3,100,277 | $ 340,481 | $ 34,318 | |||
Accumulated earnings (loss) | 254,216 | 589,522 | 125,375 | 14,362 | |||
Net Assets | $ 1,237,657 | $ 3,689,799 | $ 465,856 | $ 48,680 | |||
Net Assets: | |||||||
Class A | $ 195,762 | $ 280,185 | $ 53,388 | $ 7,129 | |||
Class C | $ 3,294 | $ 26,690 | $ 987 | $ — | |||
Class I | $ 632,220 | $ 2,383,753 | $ 282,308 | $ 39,493 | |||
Class R6 | $ 406,381 | $ 999,171 | $ 129,173 | $ 2,058 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 15,616,725 | 21,327,653 | 5,406,212 | 682,416 | |||
Class C | 275,658 | 2,113,907 | 117,810 | — | |||
Class I | 49,421,972 | 177,695,248 | 26,939,319 | 3,657,477 | |||
Class R6 | 31,361,441 | 74,129,720 | 12,322,963 | 189,377 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 12.54 | $ 13.14 | $ 9.88 | $ 10.45 | |||
Class C | $ 11.95 | $ 12.63 | $ 8.38 | $ — | |||
Class I | $ 12.79 | $ 13.41 | $ 10.48 | $ 10.80 | |||
Class R6 | $ 12.96 | $ 13.48 | $ 10.48 | $ 10.87 |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 13.27 | $ 13.90 | $ 10.46 | $ 11.06 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 1,037,348 | $ 3,271,093 | $ 350,260 | $ 37,612 | |||
(2) Market value of securities on loan | $ — | $ — | $ — | $ 1,669 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 139,995 | $ 28,771 | $ 1,120,138 | ||
Cash | 100 | 50 | 200 | ||
Receivables | |||||
Investment securities sold | 1,780 | — | 8,703 | ||
Fund shares sold | 3 | 3 | 2,936 | ||
Dividends | 11 | 11 | — (a) | ||
Securities lending income | — (a) | — (a) | — | ||
Prepaid expenses | 14 | 9 | 63 | ||
Other assets | 12 | 3 | 101 | ||
Total assets | 141,915 | 28,847 | 1,132,141 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 79 | 14 | 24,009 | ||
Investment securities purchased | 1,753 | — | — | ||
Collateral on securities loaned | 772 | 38 | — | ||
Investment advisory fees | 79 | 11 | 567 | ||
Distribution and service fees | 26 | 3 | 59 | ||
Administration and accounting fees | 12 | 3 | 96 | ||
Transfer agent and sub-transfer agent fees and expenses | 27 | 9 | 246 | ||
Professional fees | 23 | 22 | 25 | ||
Trustee deferred compensation plan | 12 | 3 | 101 | ||
Interest expense and/or commitment fees | — (a) | — (a) | 6 | ||
Other accrued expenses | 11 | 5 | 61 | ||
Total liabilities | 2,794 | 108 | 25,170 | ||
Net Assets | $ 139,121 | $ 28,739 | $ 1,106,971 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 43,368 | $ 14,829 | $ 722,451 | ||
Accumulated earnings (loss) | 95,753 | 13,910 | 384,520 | ||
Net Assets | $ 139,121 | $ 28,739 | $ 1,106,971 | ||
Net Assets: | |||||
Class A | $ 123,191 | $ 12,233 | $ 266,661 | ||
Class I | $ 13,693 | $ 16,506 | $ 823,212 | ||
Class R6 | $ 2,237 | $ — | $ 17,098 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 17,310,202 | 1,613,318 | 4,756,252 | ||
Class I | 1,158,631 | 1,531,938 | 13,708,597 | ||
Class R6 | 186,715 | — | 284,401 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 7.12 | $ 7.58 | $ 56.07 | ||
Class I | $ 11.82 | $ 10.77 | $ 60.05 | ||
Class R6 | $ 11.98 | $ — | $ 60.12 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 7.53 | $ 8.02 | $ 59.33 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 47,056 | $ 15,560 | $ 741,479 | ||
(2) Market value of securities on loan | $ 729 | $ 42 | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
YEAR ENDED December 31, 2021
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||
Investment Income | |||||||
Dividends | $ 23,843 | $ 47,252 | $ 9,316 | $ 518 | |||
Securities lending, net of fees | 113 | 298 | — | 2 | |||
Foreign taxes withheld | (49) | (228) | (47) | (42) | |||
Total investment income | 23,907 | 47,322 | 9,269 | 478 | |||
Expenses | |||||||
Investment advisory fees | 8,961 | 24,523 | 4,265 | 439 | |||
Distribution and service fees, Class A | 503 | 718 | 142 | 18 | |||
Distribution and service fees, Class C | 39 | 283 | 14 | — | |||
Administration and accounting fees | 1,324 | 3,498 | 502 | 58 | |||
Transfer agent fees and expenses | 554 | 1,465 | 208 | 22 | |||
Sub-transfer agent fees and expenses, Class A | 303 | 500 | 102 | 8 | |||
Sub-transfer agent fees and expenses, Class C | 3 | 33 | 2 | — | |||
Sub-transfer agent fees and expenses, Class I | 1,068 | 3,307 | 559 | 44 | |||
Custodian fees | 3 | 8 | 2 | 1 | |||
Printing fees and expenses | 52 | 180 | 30 | 7 | |||
Professional fees | 36 | 61 | 29 | 35 | |||
Interest expense and/or commitment fees | 12 | 24 | 3 | — (1) | |||
Registration fees | 77 | 109 | 57 | 33 | |||
Trustees’ fees and expenses | 70 | 178 | 25 | 3 | |||
Miscellaneous expenses | 78 | 193 | 30 | 13 | |||
Total expenses | 13,083 | 35,080 | 5,970 | 681 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (774) | (618) | (240) | (112) | |||
Less low balance account fees | — (1) | — (1) | — (1) | — | |||
Net expenses | 12,309 | 34,462 | 5,730 | 569 | |||
Net investment income (loss) | 11,598 | 12,860 | 3,539 | (91) | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | 305,956 | 1,085,349 | 108,652 | 4,855 | |||
Foreign currency transactions | — | — | 1 | 4 | |||
Foreign capital gains tax | — | — | — | (8) | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (16,262) | (208,495) | 9,236 | (577) | |||
Foreign currency transactions | — | 1 | — (1) | (4) | |||
Foreign capital gains tax | — | — | — | 25 | |||
Net realized and unrealized gain (loss) on investments | 289,694 | 876,855 | 117,889 | 4,295 | |||
Net increase (decrease) in net assets resulting from operations | $301,292 | $ 889,715 | $121,428 | $4,204 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Investment Income | |||||
Dividends | $ 644 | $ 95 | $ 206 | ||
Securities lending, net of fees | 1 | 1 | — | ||
Total investment income | 645 | 96 | 206 | ||
Expenses | |||||
Investment advisory fees | 930 | 301 | 10,554 | ||
Distribution and service fees, Class A | 293 | 36 | 850 | ||
Administration and accounting fees | 138 | 43 | 1,366 | ||
Transfer agent fees and expenses | 58 | 17 | 575 | ||
Sub-transfer agent fees and expenses, Class A | 87 | 12 | 425 | ||
Sub-transfer agent fees and expenses, Class I | 22 | 38 | 1,153 | ||
Custodian fees | 1 | — (1) | 3 | ||
Printing fees and expenses | 9 | 5 | 81 | ||
Professional fees | 23 | 22 | 48 | ||
Interest expense and/or commitment fees | 1 | — (1) | 23 | ||
Registration fees | 32 | 23 | 201 | ||
Trustees’ fees and expenses | 7 | 2 | 74 | ||
Miscellaneous expenses | 18 | 11 | 92 | ||
Total expenses | 1,619 | 510 | 15,445 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (25) | (85) | (757) | ||
Less low balance account fees | — (1) | — (1) | — (1) | ||
Net expenses | 1,594 | 425 | 14,688 | ||
Net investment income (loss) | (949) | (329) | (14,482) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 12,346 | 4,381 | 21,324 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 16,724 | (5,258) | (188,001) | ||
Net realized and unrealized gain (loss) on investments | 29,070 | (877) | (166,677) | ||
Net increase (decrease) in net assets resulting from operations | $28,121 | $(1,206) | $(181,159) |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 11,598 | $ 14,646 | $ 12,860 | $ 28,571 | |||
Net realized gain (loss) | 305,956 | 29,245 | 1,085,349 | (340,054) | |||
Net change in unrealized appreciation (depreciation) | (16,262) | (14,612) | (208,494) | 206,586 | |||
Increase (decrease) in net assets resulting from operations | 301,292 | 29,279 | 889,715 | (104,897) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (49,310) | (10,415) | (44,227) | (8,109) | |||
Class C | (920) | (308) | (4,352) | (817) | |||
Class I | (156,088) | (33,878) | (375,197) | (56,746) | |||
Class R6 | (106,874) | (23,159) | (160,224) | (20,907) | |||
Total dividends and distributions to shareholders | (313,192) | (67,760) | (584,000) | (86,579) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 15,199 | (13,875) | (29,691) | (59,181) | |||
Class C | (1,117) | (526) | (7,555) | (10,647) | |||
Class I | 51,759 | (54,001) | 43,152 | (200,396) | |||
Class R6 | (112,205) | 117,594 | 155,700 | (13,964) | |||
Increase (decrease) in net assets from capital transactions | (46,364) | 49,192 | 161,606 | (284,188) | |||
Net increase (decrease) in net assets | (58,264) | 10,711 | 467,321 | (475,664) | |||
Net Assets | |||||||
Beginning of period | 1,295,921 | 1,285,210 | 3,222,478 | 3,698,142 | |||
End of Period | $ 1,237,657 | $ 1,295,921 | $ 3,689,799 | $ 3,222,478 |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 3,539 | $ 2,479 | $ (91) | $ (68) | |||
Net realized gain (loss) | 108,653 | (28,331) | 4,851 | 2,028 | |||
Net change in unrealized appreciation (depreciation) | 9,236 | 22,562 | (556) | 5,579 | |||
Increase (decrease) in net assets resulting from operations | 121,428 | (3,290) | 4,204 | 7,539 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (8,722) | (676) | (537) | (1,242) | |||
Class C | (182) | (36) | — | — | |||
Class I | (43,468) | (5,048) | (2,979) | (6,531) | |||
Class R6 | (19,930) | (887) | (142) | (119) | |||
Total dividends and distributions to shareholders | (72,302) | (6,647) | (3,658) | (7,892) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (6,357) | (13,082) | 157 | 456 | |||
Class C | (1,655) | (2,553) | — | — | |||
Class I | (87,916) | (109,636) | (1,271) | 5,075 | |||
Class R6 | 32,912 | 61,568 | 1,251 | 754 | |||
Increase (decrease) in net assets from capital transactions | (63,016) | (63,703) | 137 | 6,285 | |||
Net increase (decrease) in net assets | (13,890) | (73,640) | 683 | 5,932 | |||
Net Assets | |||||||
Beginning of period | 479,746 | 553,386 | 47,997 | 42,065 | |||
End of Period | $ 465,856 | $ 479,746 | $ 48,680 | $ 47,997 |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (949) | $ (509) | $ (329) | $ (229) | |||
Net realized gain (loss) | 12,346 | 16,501 | 4,381 | 497 | |||
Net change in unrealized appreciation (depreciation) | 16,724 | 18,957 | (5,258) | 10,184 | |||
Increase (decrease) in net assets resulting from operations | 28,121 | 34,949 | (1,206) | 10,452 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (14,298) | (11,918) | (1,953) | (279) | |||
Class I | (1,065) | (1,077) | (1,920) | (321) | |||
Class R6 | (103) | (22) | — | — | |||
Total dividends and distributions to shareholders | (15,466) | (13,017) | (3,873) | (600) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | 1,795 | (127) | (9) | (637) | |||
Class I | (3,487) | (4,051) | (4,322) | (979) | |||
Class R6 | 1,833 | 130 | — | — | |||
Increase (decrease) in net assets from capital transactions | 141 | (4,048) | (4,331) | (1,616) | |||
Net increase (decrease) in net assets | 12,796 | 17,884 | (9,410) | 8,236 | |||
Net Assets | |||||||
Beginning of period | 126,325 | 108,441 | 38,149 | 29,913 | |||
End of Period | $ 139,121 | $ 126,325 | $ 28,739 | $ 38,149 |
Zevenbergen Innovative Growth Stock Fund | |||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ (14,482) | $ (6,327) | |
Net realized gain (loss) | 21,324 | 3,286 | |
Net change in unrealized appreciation (depreciation) | (188,001) | 516,552 | |
Increase (decrease) in net assets resulting from operations | (181,159) | 513,511 | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | (26,232) | 163,432 | |
Class I | (76,685) | 559,458 | |
Class R6 | 17,755 | 100 | |
Increase (decrease) in net assets from capital transactions | (85,162) | 722,990 | |
Net increase (decrease) in net assets | (266,321) | 1,236,501 | |
Net Assets | |||
Beginning of period | 1,373,292 | 136,791 | |
End of Period | $ 1,106,971 | $ 1,373,292 |
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)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Large-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $13.29 | 0.08 | 3.15 | 3.23 | (0.10) | (3.88) | (3.98) | (0.75) | $12.54 | 25.24 % | $ 195,762 | 1.24 % (6)(7) | 1.24 % | 0.55 % | 159 % | |
1/1/20 to 12/31/20 | 13.70 | 0.13 | 0.21 | 0.34 | (0.14) | (0.61) | (0.75) | (0.41) | 13.29 | 3.47 | 185,257 | 1.24 | 1.27 | 1.07 | 193 | |
1/1/19 to 12/31/19 | 11.21 | 0.13 | 3.30 | 3.43 | (0.17) | (0.77) | (0.94) | 2.49 | 13.70 | 30.56 | 206,528 | 1.24 | 1.29 | 1.04 | 118 | |
1/1/18 to 12/31/18 | 16.20 | 0.18 | (1.81) | (1.63) | (0.24) | (3.12) | (3.36) | (4.99) | 11.21 | (10.63) | 223,853 | 1.24 | 1.27 | 1.16 | 128 | |
4/1/17 to 12/31/17(8) | 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 | |
Class C | ||||||||||||||||
1/1/21 to 12/31/21 | $12.82 | 0.01 | 3.02 | 3.03 | (0.02) | (3.88) | (3.90) | (0.87) | $11.95 | 24.57 % | $ 3,294 | 1.72 % | 1.92 % | 0.06 % | 159 % | |
1/1/20 to 12/31/20 | 13.26 | 0.07 | 0.19 | 0.26 | (0.09) | (0.61) | (0.70) | (0.44) | 12.82 | 2.98 | 4,486 | 1.72 | 1.94 | 0.61 | 193 | |
1/1/19 to 12/31/19 | 10.86 | 0.06 | 3.20 | 3.26 | (0.09) | (0.77) | (0.86) | 2.40 | 13.26 | 30.00 | 5,531 | 1.72 | 1.94 | 0.51 | 118 | |
1/1/18 to 12/31/18 | 15.78 | 0.11 | (1.77) | (1.66) | (0.14) | (3.12) | (3.26) | (4.92) | 10.86 | (11.09) | 14,625 | 1.72 | 1.92 | 0.69 | 128 | |
4/1/17 to 12/31/17(8) | 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 | |
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $13.50 | 0.12 | 3.20 | 3.32 | (0.15) | (3.88) | (4.03) | (0.71) | $12.79 | 25.48 % | $ 632,220 | 0.97 % | 1.00 % | 0.82 % | 159 % | |
1/1/20 to 12/31/20 | 13.88 | 0.16 | 0.22 | 0.38 | (0.15) | (0.61) | (0.76) | (0.38) | 13.50 | 3.76 | 594,834 | 0.97 | 1.03 | 1.33 | 193 | |
1/1/19 to 12/31/19 | 11.34 | 0.17 | 3.34 | 3.51 | (0.20) | (0.77) | (0.97) | 2.54 | 13.88 | 30.94 | 668,846 | 0.97 | 1.04 | 1.30 | 118 | |
1/1/18 to 12/31/18 | 16.35 | 0.23 | (1.84) | (1.61) | (0.28) | (3.12) | (3.40) | (5.01) | 11.34 | (10.39) | 799,262 | 0.97 | 1.02 | 1.43 | 128 | |
4/1/17 to 12/31/17(8) | 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 | |
Class R6* | ||||||||||||||||
1/1/21 to 12/31/21 | $13.61 | 0.16 | 3.23 | 3.39 | (0.16) | (3.88) | (4.04) | (0.65) | $12.96 | 25.85 % | $ 406,381 | 0.72 % | 0.83 % | 1.05 % | 159 % | |
1/1/20 to 12/31/20 | 13.96 | 0.19 | 0.23 | 0.42 | (0.16) | (0.61) | (0.77) | (0.35) | 13.61 | 4.03 | 511,344 | 0.72 | 0.86 | 1.57 | 193 | |
1/1/19 to 12/31/19 | 11.39 | 0.21 | 3.36 | 3.57 | (0.23) | (0.77) | (1.00) | 2.57 | 13.96 | 31.33 | 404,305 | 0.72 | 0.85 | 1.55 | 118 | |
1/1/18 to 12/31/18 | 16.41 | 0.27 | (1.85) | (1.58) | (0.32) | (3.12) | (3.44) | (5.02) | 11.39 | (10.22) | 272,596 | 0.72 | 0.83 | 1.69 | 128 | |
4/1/17 to 12/31/17(8) | 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 | |
Ceredex Mid-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $12.15 | 0.01 | 3.42 | 3.43 | — | (2.44) | (2.44) | 0.99 | $13.14 | 28.73 % | $ 280,185 | 1.28 % (7) | 1.28 % | 0.05 % | 157 % | |
1/1/20 to 12/31/20 | 12.69 | 0.07 | (0.31) | (0.24) | (0.09) | (0.21) | (0.30) | (0.54) | 12.15 | (1.52) | 282,186 | 1.31 (7) | 1.31 | 0.66 | 179 | |
1/1/19 to 12/31/19 | 10.11 | 0.09 | 3.21 | 3.30 | (0.10) | (0.62) | (0.72) | 2.58 | 12.69 | 32.63 | 362,322 | 1.34 (6)(7) | 1.30 | 0.73 | 121 | |
1/1/18 to 12/31/18 | 12.50 | 0.07 | (1.02) | (0.95) | (0.09) | (1.35) | (1.44) | (2.39) | 10.11 | (8.08) | 271,620 | 1.38 (6) | 1.31 | 0.55 | 109 | |
4/1/17 to 12/31/17(8) | 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 (9) | 0.75 (9) | 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 |
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)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Mid-Cap Value Equity Fund (Continued) | ||||||||||||||||
Class C | ||||||||||||||||
1/1/21 to 12/31/21 | $11.82 | (0.06) | 3.31 | 3.25 | — | (2.44) | (2.44) | 0.81 | $12.63 | 28.01 % | $ 26,690 | 1.79 % | 1.97 % | (0.46) % | 157 % | |
1/1/20 to 12/31/20 | 12.36 | 0.02 | (0.30) | (0.28) | (0.05) | (0.21) | (0.26) | (0.54) | 11.82 | (1.88) | 31,476 | 1.79 | 1.98 | 0.20 | 179 | |
1/1/19 to 12/31/19 | 9.84 | 0.03 | 3.13 | 3.16 | (0.02) | (0.62) | (0.64) | 2.52 | 12.36 | 32.08 | 45,867 | 1.79 | 1.95 | 0.26 | 121 | |
1/1/18 to 12/31/18 | 12.18 | 0.02 | (1.00) | (0.98) | (0.01) | (1.35) | (1.36) | (2.34) | 9.84 | (8.53) | 53,419 | 1.79 | 1.97 | 0.17 | 109 | |
4/1/17 to 12/31/17(8) | 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 | 55,580 | 1.80 | 1.80 | 0.39 | 108 | |
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $12.37 | 0.05 | 3.48 | 3.53 | (0.05) | (2.44) | (2.49) | 1.04 | $13.41 | 28.99 % | $2,383,753 | 1.00 % (7) | 1.00 % | 0.34 % | 157 % | |
1/1/20 to 12/31/20 | 12.89 | 0.10 | (0.31) | (0.21) | (0.10) | (0.21) | (0.31) | (0.52) | 12.37 | (1.20) | 2,135,663 | 1.04 (7) | 1.04 | 0.92 | 179 | |
1/1/19 to 12/31/19 | 10.25 | 0.13 | 3.26 | 3.39 | (0.13) | (0.62) | (0.75) | 2.64 | 12.89 | 33.08 | 2,469,800 | 1.04 (7) | 1.04 | 1.04 | 121 | |
1/1/18 to 12/31/18 | 12.66 | 0.12 | (1.05) | (0.93) | (0.13) | (1.35) | (1.48) | (2.41) | 10.25 | (7.83) | 1,775,643 | 1.01 (7) | 1.01 | 0.92 | 109 | |
4/1/17 to 12/31/17(8) | 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 | |
Class R6* | ||||||||||||||||
1/1/21 to 12/31/21 | $12.42 | 0.08 | 3.50 | 3.58 | (0.08) | (2.44) | (2.52) | 1.06 | $13.48 | 29.34 % | $ 999,171 | 0.79 % | 0.85 % | 0.54 % | 157 % | |
1/1/20 to 12/31/20 | 12.92 | 0.13 | (0.31) | (0.18) | (0.11) | (0.21) | (0.32) | (0.50) | 12.42 | (0.97) | 773,153 | 0.79 | 0.88 | 1.16 | 179 | |
1/1/19 to 12/31/19 | 10.27 | 0.16 | 3.26 | 3.42 | (0.15) | (0.62) | (0.77) | 2.65 | 12.92 | 33.31 | 820,153 | 0.79 | 0.87 | 1.28 | 121 | |
1/1/18 to 12/31/18 | 12.67 | 0.15 | (1.05) | (0.90) | (0.15) | (1.35) | (1.50) | (2.40) | 10.27 | (7.58) | 411,922 | 0.79 | 0.87 | 1.17 | 109 | |
4/1/17 to 12/31/17(8) | 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 | |
Ceredex Small-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $ 9.31 | 0.04 | 2.41 | 2.45 | (0.09) | (1.79) | (1.88) | 0.57 | $ 9.88 | 26.91 % | $ 53,388 | 1.45 % (10) | 1.46 % | 0.39 % | 69 % | |
1/1/20 to 12/31/20 | 9.38 | 0.02 | 0.02 | 0.04 | (0.03) | (0.08) | (0.11) | (0.07) | 9.31 | 0.62 | 54,984 | 1.48 (7) | 1.48 | 0.29 | 69 | |
1/1/19 to 12/31/19 | 8.45 | 0.09 | 1.37 | 1.46 | (0.14) | (0.39) | (0.53) | 0.93 | 9.38 | 17.21 | 70,847 | 1.47 (7) | 1.47 | 0.99 | 42 | |
1/1/18 to 12/31/18 | 11.53 | 0.08 | (1.51) | (1.43) | (0.15) | (1.50) | (1.65) | (3.08) | 8.45 | (12.70) | 69,223 | 1.46 (7) | 1.46 | 0.68 | 44 | |
4/1/17 to 12/31/17(8) | 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 | 123,495 | 1.55 | 1.55 | 0.58 | 29 | |
Class C | ||||||||||||||||
1/1/21 to 12/31/21 | $ 8.11 | 0.01 | 2.08 | 2.09 | (0.03) | (1.79) | (1.82) | 0.27 | $ 8.38 | 26.42 % | $ 987 | 1.84 % (10) | 2.20 % | 0.06 % | 69 % | |
1/1/20 to 12/31/20 | 8.19 | (0.01) | 0.01 | — | — | (0.08) | (0.08) | (0.08) | 8.11 | 0.23 | 2,410 | 1.90 (10) | 2.19 | (0.19) | 69 | |
1/1/19 to 12/31/19 | 7.41 | 0.05 | 1.19 | 1.24 | (0.07) | (0.39) | (0.46) | 0.78 | 8.19 | 16.66 | 5,457 | 1.90 | 2.14 | 0.61 | 42 | |
1/1/18 to 12/31/18 | 10.31 | 0.02 | (1.34) | (1.32) | (0.08) | (1.50) | (1.58) | (2.90) | 7.41 | (13.07) | 14,473 | 1.90 | 2.09 | 0.23 | 44 | |
4/1/17 to 12/31/17(8) | 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 |
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)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Small-Cap Value Equity Fund (Continued) | ||||||||||||||||
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $ 9.77 | 0.08 | 2.53 | 2.61 | (0.11) | (1.79) | (1.90) | 0.71 | $10.48 | 27.20 % | $ 282,308 | 1.18 % (10) | 1.20 % | 0.68 % | 69 % | |
1/1/20 to 12/31/20 | 9.83 | 0.04 | 0.03 | 0.07 | (0.05) | (0.08) | (0.13) | (0.06) | 9.77 | 0.91 | 332,391 | 1.21 (10) | 1.21 | 0.55 | 69 | |
1/1/19 to 12/31/19 | 8.83 | 0.13 | 1.42 | 1.55 | (0.16) | (0.39) | (0.55) | 1.00 | 9.83 | 17.58 | 460,284 | 1.20 (7) | 1.20 | 1.26 | 42 | |
1/1/18 to 12/31/18 | 11.98 | 0.12 | (1.58) | (1.46) | (0.19) | (1.50) | (1.69) | (3.15) | 8.83 | (12.50) | 474,591 | 1.18 (7) | 1.18 | 0.99 | 44 | |
4/1/17 to 12/31/17(8) | 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 | |
Class R6* | ||||||||||||||||
1/1/21 to 12/31/21 | $ 9.79 | 0.11 | 2.54 | 2.65 | (0.17) | (1.79) | (1.96) | 0.69 | $10.48 | 27.61 % | $ 129,173 | 0.88 % | 1.03 % | 0.94 % | 69 % | |
1/1/20 to 12/31/20 | 9.84 | 0.10 | — (11) | 0.10 | (0.07) | (0.08) | (0.15) | (0.05) | 9.79 | 1.19 | 89,961 | 0.88 | 1.05 | 1.19 | 69 | |
2/26/19 (12) to 12/31/19 | 10.04 | 0.15 | 0.22 | 0.37 | (0.18) | (0.39) | (0.57) | (0.20) | 9.84 | 3.69 | 16,798 | 0.88 | 1.04 | 1.83 | 42 (13) | |
SGA International Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $10.42 | (0.04) | 0.90 | 0.86 | — | (0.83) | (0.83) | 0.03 | $10.45 | 8.36 % | $ 7,129 | 1.32 % | 1.55 % | (0.39) % | 44 % | |
1/1/20 to 12/31/20 | 10.50 | (0.03) | 2.02 | 1.99 | — | (2.07) | (2.07) | (0.08) | 10.42 | 22.86 | 6,917 | 1.41 (10)(14) | 1.60 | (0.36) | 53 | |
1/1/19 to 12/31/19 | 10.95 | (0.02) | 2.92 | 2.90 | — | (3.35) | (3.35) | (0.45) | 10.50 | 28.28 | 6,376 | 1.46 (10)(14)(15) | 1.52 | (0.20) | 147 (16) | |
1/1/18 to 12/31/18 | 11.90 | — (11) | (0.94) | (0.94) | (0.01) | — | (0.01) | (0.95) | 10.95 | (7.90) | 22,233 | 1.42 | 1.44 | 0.03 | 37 | |
4/1/17 to 12/31/17(8) | 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 (17) | 1.43 (17) | 0.12 | 37 | |
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $10.72 | (0.02) | 0.93 | 0.91 | — | (0.83) | (0.83) | 0.08 | $10.80 | 8.59 % | $ 39,493 | 1.07 % | 1.29 % | (0.14) % | 44 % | |
1/1/20 to 12/31/20 | 10.71 | (0.01) | 2.09 | 2.08 | — | (2.07) | (2.07) | 0.01 | 10.72 | 23.28 | 40,249 | 1.16 (10)(14) | 1.35 | (0.13) | 53 | |
1/1/19 to 12/31/19 | 11.13 | — (11) | 2.97 | 2.97 | (0.04) | (3.35) | (3.39) | (0.42) | 10.71 | 28.49 | 35,641 | 1.25 (10)(14)(15) | 1.30 | 0.01 | 147 (16) | |
1/1/18 to 12/31/18 | 12.09 | 0.03 | (0.96) | (0.93) | (0.03) | — | (0.03) | (0.96) | 11.13 | (7.69) | 67,543 | 1.20 (6) | 1.19 | 0.28 | 37 | |
4/1/17 to 12/31/17(8) | 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 | 51,120 | 1.14 (17) | 1.24 (17) | 0.34 | 37 | |
Class R6* | ||||||||||||||||
1/1/21 to 12/31/21 | $10.77 | — (11) | 0.93 | 0.93 | — | (0.83) | (0.83) | 0.10 | $10.87 | 8.74 % | $ 2,058 | 0.95 % | 1.19 % | (0.03) % | 44 % | |
1/1/20 to 12/31/20 | 10.74 | — (11) | 2.10 | 2.10 | — | (2.07) | (2.07) | 0.03 | 10.77 | 23.41 | 831 | 1.07 (10)(14) | 1.25 | 0.05 | 53 | |
1/1/19 to 12/31/19 | 11.15 | — (11) | 2.99 | 2.99 | (0.05) | (3.35) | (3.40) | (0.41) | 10.74 | 28.59 | 48 | 1.16 (10)(14)(15) | 1.25 | (0.02) | 147 (16) | |
1/1/18 to 12/31/18(18) | 12.11 | 0.05 | (0.97) | (0.92) | (0.04) | — | (0.04) | (0.96) | 11.15 | (7.63) | 48 | 1.10 | 1.11 | 0.43 | 37 | |
4/1/17 to 12/31/17(8) | 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 (17) | 1.14 (17) | 0.49 | 37 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Silvant Large-Cap Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $ 6.50 | (0.05) | 1.55 | 1.50 | — | (0.88) | (0.88) | 0.62 | $ 7.12 | 23.74 % | $ 123,191 | 1.23 % | 1.24 % | (0.75) % | 5 % | |
1/1/20 to 12/31/20 | 5.37 | (0.03) | 1.91 | 1.88 | — | (0.75) | (0.75) | 1.13 | 6.50 | 35.90 | 110,884 | 1.23 | 1.27 | (0.49) | 13 | |
1/1/19 to 12/31/19 | 4.60 | (0.01) | 1.55 | 1.54 | — | (0.77) | (0.77) | 0.77 | 5.37 | 33.95 | 92,556 | 1.23 | 1.26 | (0.25) | 15 | |
1/1/18 to 12/31/18 | 5.49 | (0.02) | 0.03 | 0.01 | — | (0.90) | (0.90) | (0.89) | 4.60 | (0.83) | 45,779 | 1.23 | 1.60 | (0.29) | 11 | |
4/1/17 to 12/31/17(8) | 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 | |
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $10.28 | (0.05) | 2.47 | 2.42 | — | (0.88) | (0.88) | 1.54 | $11.82 | 23.97 % | $ 13,693 | 0.97 % | 1.06 % | (0.48) % | 5 % | |
1/1/20 to 12/31/20 | 8.12 | (0.02) | 2.93 | 2.91 | — | (0.75) | (0.75) | 2.16 | 10.28 | 36.43 | 15,093 | 0.97 | 1.09 | (0.23) | 13 | |
1/1/19 to 12/31/19 | 6.63 | — (11) | 2.26 | 2.26 | — | (0.77) | (0.77) | 1.49 | 8.12 | 34.41 | 15,720 | 0.97 | 1.12 | 0.01 | 15 | |
1/1/18 to 12/31/18 | 7.53 | — (11) | — (11) | — | — | (0.90) | (0.90) | (0.90) | 6.63 | (0.75) | 19,234 | 0.97 | 1.10 | (0.02) | 11 | |
4/1/17 to 12/31/17(8) | 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 | — (11) | 0.70 | 0.70 | — | (1.16) | (1.16) | (0.46) | 8.92 | 8.14 | 92,638 | 0.97 | 1.26 | (0.02) | 42 | |
Class R6* | ||||||||||||||||
1/1/21 to 12/31/21 | $10.40 | (0.05) | 2.51 | 2.46 | — | (0.88) | (0.88) | 1.58 | $11.98 | 24.08 % | $ 2,237 | 0.90 % | 0.91 % | (0.42) % | 5 % | |
1/1/20 to 12/31/20 | 8.21 | (0.01) | 2.95 | 2.94 | — | (0.75) | (0.75) | 2.19 | 10.40 | 36.39 | 348 | 0.90 | 0.96 | (0.16) | 13 | |
1/1/19 to 12/31/19 | 6.69 | 0.01 | 2.28 | 2.29 | — | (0.77) | (0.77) | 1.52 | 8.21 | 34.57 | 165 | 0.90 | 0.98 | 0.08 | 15 | |
1/1/18 to 12/31/18 | 7.59 | — (11) | — (11) | — | — | (0.90) | (0.90) | (0.90) | 6.69 | (0.73) | 110 | 0.90 | 0.95 | 0.03 | 11 | |
4/1/17 to 12/31/17(8) | 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 | |
Silvant Small-Cap Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $ 9.36 | (0.09) | (0.32) | (0.41) | — | (1.37) | (1.37) | (1.78) | $ 7.58 | (4.32) % | $ 12,233 | 1.27 % | 1.54 % | (1.00) % | 17 % | |
1/1/20 to 12/31/20 | 6.89 | (0.06) | 2.71 | 2.65 | — | (0.18) | (0.18) | 2.47 | 9.36 | 38.99 | 14,837 | 1.27 | 1.59 | (0.85) | 29 | |
1/1/19 to 12/31/19 | 5.68 | (0.05) | 2.09 | 2.04 | — | (0.83) | (0.83) | 1.21 | 6.89 | 35.81 | 11,694 | 1.27 | 1.64 | (0.76) | 32 | |
1/1/18 to 12/31/18 | 6.92 | (0.06) | (0.36) | (0.42) | — | (0.82) | (0.82) | (1.24) | 5.68 | (6.69) | 5,725 | 1.41 (10) | 1.68 | (0.88) | 36 | |
4/1/17 to 12/31/17(8) | 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 | |
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $12.67 | (0.11) | (0.42) | (0.53) | — | (1.37) | (1.37) | (1.90) | $10.77 | (4.14) % | $ 16,506 | 1.15 % | 1.37 % | (0.88) % | 17 % | |
1/1/20 to 12/31/20 | 9.27 | (0.07) | 3.65 | 3.58 | — | (0.18) | (0.18) | 3.40 | 12.67 | 39.01 | 23,312 | 1.15 | 1.42 | (0.73) | 29 | |
1/1/19 to 12/31/19 | 7.42 | (0.06) | 2.74 | 2.68 | — | (0.83) | (0.83) | 1.85 | 9.27 | 36.04 | 18,219 | 1.15 | 1.48 | (0.64) | 32 | |
1/1/18 to 12/31/18 | 8.78 | (0.07) | (0.47) | (0.54) | — | (0.82) | (0.82) | (1.36) | 7.42 | (6.64) | 14,513 | 1.29 (10) | 1.53 | (0.76) | 36 | |
4/1/17 to 12/31/17(8) | 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 |
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)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Zevenbergen Innovative Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 12/31/21 | $62.40 | (0.75) | (5.58) | (6.33) | — | — | — | (6.33) | $56.07 | (10.14) % | $ 266,661 | 1.25 % | 1.32 % | (1.24) % | 53 % | |
1/1/20 to 12/31/20 | 28.48 | (0.55) | 34.47 | 33.92 | — | — | — | 33.92 | 62.40 | 119.10 | 335,809 | 1.25 | 1.33 | (1.18) | 33 | |
1/1/19 to 12/31/19 | 20.83 | (0.32) | 7.97 | 7.65 | — | — | — | 7.65 | 28.48 | 36.73 | 46,655 | 1.26 (19) | 1.41 | (1.20) | 91 | |
1/1/18 to 12/31/18 | 19.96 | (0.33) | 2.57 | 2.24 | — | (1.37) | (1.37) | 0.87 | 20.83 | 10.80 | 24,902 | 1.48 (6)(10) | 1.47 | (1.35) | 103 | |
4/1/17 to 12/31/17(8) | 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 | |
Class I | ||||||||||||||||
1/1/21 to 12/31/21 | $66.67 | (0.64) | (5.98) | (6.62) | — | — | — | (6.62) | $60.05 | (9.93) % | $ 823,212 | 1.00 % | 1.05 % | (0.99) % | 53 % | |
1/1/20 to 12/31/20 | 30.35 | (0.47) | 36.79 | 36.32 | — | — | — | 36.32 | 66.67 | 119.67 | 1,037,368 | 1.00 | 1.07 | (0.93) | 33 | |
1/1/19 to 12/31/19 | 22.15 | (0.26) | 8.46 | 8.20 | — | — | — | 8.20 | 30.35 | 37.02 | 90,136 | 1.01 (19) | 1.15 | (0.94) | 91 | |
1/1/18 to 12/31/18 | 21.10 | (0.30) | 2.72 | 2.42 | — | (1.37) | (1.37) | 1.05 | 22.15 | 11.07 | 72,404 | 1.27 (6)(10) | 1.23 | (1.15) | 103 | |
4/1/17 to 12/31/17(8) | 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 | |
Class R6 | ||||||||||||||||
1/1/21 to 12/31/21 | $66.67 | (0.58) | (5.97) | (6.55) | — | — | — | (6.55) | $60.12 | (9.82) % | $ 17,098 | 0.90 % | 0.95 % | (0.90) % | 53 % | |
10/20/20 (12) to 12/31/20 | 58.00 | (0.10) | 8.77 | 8.67 | — | — | — | 8.67 | 66.67 | 14.95 | 115 | 0.90 | 1.03 | (0.83) | 33 (13) |
Footnote Legend: | |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(7) | The share class is currently under its expense limitation. |
(8) | The Fund changed its fiscal year end to December 31 during the period. |
(9) | 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. |
(10) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(11) | Amount is less than $0.005 per share. |
(12) | Inception date. |
(13) | Portfolio turnover is representative of the Fund for the entire period. |
(14) | Net expense ratio includes extraordinary proxy expenses. |
(15) | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2019 were 1.45% (Class A), 1.24% (Class I) and 1.15% (Class R6). |
(16) | The Fund’s portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Fund’s subadviser and associated repositioning. |
(17) | 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 R6 (formerly IS), respectively. |
(18) | From November 9 through November 13, 2018, the Fund’s Class R6 shares did not have any investors, though the net asset value continued to be calculated using another share class adjusted for class expenses. |
(19) | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2019 were 1.25% (Class A) and 1.00% (Class I). |
NOTES TO FINANCIAL STATEMENTS
December 31, 2021
ares subject to the applicable Fund’s determination of eligibility and may be subject to a $2,500,000 minimum initial investment requirement. In addition, without a minimum initial investment requirement, Class R6 shares are available to any Trustee of the Virtus Funds and trustees/directors of affiliated open- and closed-end funds, directors, officers and employees of Virtus and its affiliates, and a spouse or domestic partner, child or minor grandchild of any such qualifying individual (in each case either individually or jointly with other investors), provided in each case that those shares are held directly with the Transfer Agent or in an eligible account. Class R6 shares do not carry sales commissions or pay Rule 12b-1 fees. No compensation, administrative payments, sub-transfer agency payments or service payments are paid to brokers or other entities from Fund assets or the Funds’ distributor’s or an affiliate’s resources on sales of or investments in Class R6 shares.
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
NOTES TO FINANCIAL STATEMENTS (Continued)
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income 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 REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund 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. |
NOTES TO FINANCIAL STATEMENTS (Continued)
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 |
Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At December 31, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
SGA International Growth Fund | $ 1,669 | $ 1,669 | $ — | |||
Silvant Large-Cap Growth Stock Fund | 729 | 729 | — | |||
Silvant Small-Cap Growth Stock Fund | 42 | 38 | 4 |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Securities Lending Transactions | Overnight and continuous | ||
SGA International Growth Fund | Money Market Mutual Fund | $1,722 | ||
Silvant Large-Cap Growth Stock Fund | Money Market Mutual Fund | 772 | ||
Silvant Small-Cap Growth Stock Fund | Money Market Mutual Fund | 38 |
A. | Investment Adviser |
Virtus Fund Advisers, 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, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
First $500 Million | |
Ceredex Large-Cap Value Equity Fund | 0.70 % |
Ceredex Mid-Cap Value Equity Fund | 0.75 |
Ceredex Small-Cap Value Equity Fund | 0.85 |
First $500 Million | |
SGA International Growth Fund | 0.85% |
Silvant Large-Cap Growth Stock Fund | 0.70 |
Silvant Small-Cap Growth Stock Fund | 0.85 |
Zevenbergen Innovative Growth Stock Fund | 0.80 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Ceredex Large-Cap Value Equity Fund | Ceredex (1) | |
Ceredex Mid-Cap Value Equity Fund | Ceredex (1) | |
Ceredex Small-Cap Value Equity Fund | Ceredex (1) | |
SGA International Growth Fund | SGA (2) | |
Silvant Large-Cap Growth Stock Fund | Silvant (3) | |
Silvant Small-Cap Growth Stock Fund | Silvant (3) | |
Zevenbergen Innovative Growth Stock Fund | Zevenbergen (4) |
(1) | Ceredex Value Advisors LLC (“Ceredex”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP (“SGA”), an indirect, majority-owned subsidiary of Virtus. |
(3) | Silvant Capital Management LLC, an indirect, wholly-owned subsidiary of Virtus. |
(4) | Zevenbergen Capital Investments LLC, a minority-owned affiliate of the Adviser. |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2022 (except as noted). Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Ceredex Large-Cap Value Equity Fund | 1.24 % (1) | 1.72 % | 0.97 % | 0.72 % | ||||
Ceredex Mid-Cap Value Equity Fund | 1.38 (1) | 1.79 | 1.08 (1) | 0.79 | ||||
Ceredex Small-Cap Value Equity Fund(2) | 1.46 | 1.81 | 1.15 | 0.88 | ||||
SGA International Growth Fund | 1.32 | N/A | 1.07 | 0.95 | ||||
Silvant Large-Cap Growth Stock Fund | 1.23 | N/A | 0.97 | 0.90 | ||||
Silvant Small-Cap Growth Stock Fund | 1.27 | N/A | 1.15 | N/A | ||||
Zevenbergen Innovative Growth Stock Fund | 1.25 | N/A | 1.00 | 0.90 |
(1) | Each share class is currently below its expense cap. |
(2) | Effective December 1, 2021 through April 30, 2023. For the period January 1, 2021 through November 30, 2021, the expense caps were as follows for Class A shares, Class C shares, Class I shares, and Class R6 shares, respectively: 1.49%, 1.84%, 1.18%, and 0.88%. |
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 December 31: |
Expiration | ||||||||
Fund | 2022 | 2023 | 2024 | Total | ||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 85 | $ 75 | $ 22 | $ 182 | ||||
Class C | 11 | 11 | 8 | 30 | ||||
Class I | 503 | 350 | 205 | 1,058 | ||||
Class R6 | 441 | 492 | 570 | 1,503 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class C | 68 | 64 | 50 | 182 | ||||
Class R6 | 485 | 599 | 568 | 1,652 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | — | — | 4 | 4 | ||||
Class C | 17 | 9 | 5 | 31 | ||||
Class I | — | — | 63 | 63 | ||||
Class R6 | 6 | 58 | 170 | 234 | ||||
SGA International Growth Fund | ||||||||
Class A | 7 | 12 | 16 | 35 | ||||
Class I | 37 | 62 | 92 | 191 | ||||
Class R6 | — (1) | 1 | 4 | 5 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 74 | 40 | 15 | 129 | ||||
Class I | 27 | 18 | 13 | 58 | ||||
Class R6 | — (1) | — (1) | — (1) | — (1) | ||||
Silvant Small-Cap Growth Stock Fund | ||||||||
Class A | 40 | 37 | 39 | 116 | ||||
Class I | 58 | 48 | 46 | 152 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 72 | 124 | 226 | 422 | ||||
Class I | 180 | 323 | 526 | 1,029 | ||||
Class R6 | — | — (1) | 5 | 5 |
Fund | Class A | Class I | Class R6 | Total | ||||
Ceredex Large-Cap Value Equity Fund | $31 | $ — | $— | $ 31 | ||||
Ceredex Small-Cap Value Equity Fund | 1 | 10 | — | 11 | ||||
Silvant Large-Cap Growth Stock Fund | 3 | — | — (1) | 3 | ||||
Zevenbergen Innovative Growth Stock Fund | — | — | — (1) | — (1) |
(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 year (the “period”) ended December 31, 2021, it retained net commissions of $232 for Class A shares and CDSC of $16 and $1 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended December 31, 2021, the Funds incurred administration fees totaling $6,405 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the period ended December 31, 2021, the Funds incurred transfer agent fees totaling $2,857 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. |
G. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the period ended December 31, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at December 31, 2021. |
Purchases | Sales | ||
Ceredex Large-Cap Value Equity Fund | $2,060,802 | $2,390,997 | |
Ceredex Mid-Cap Value Equity Fund | 5,395,224 | 5,736,827 | |
Ceredex Small-Cap Value Equity Fund | 339,759 | 470,330 | |
SGA International Growth Fund | 22,028 | 24,390 | |
Silvant Large-Cap Growth Stock Fund | 6,786 | 22,819 | |
Silvant Small-Cap Growth Stock Fund | 6,007 | 13,815 | |
Zevenbergen Innovative Growth Stock Fund | 722,665 | 788,548 |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,868 | $ 27,010 | 4,108 | $ 46,998 | 3,240 | $ 44,612 | 7,983 | $ 81,172 | |||||||
Reinvestment of distributions | 3,652 | 45,383 | 840 | 9,511 | 3,159 | 40,494 | 743 | 7,634 | |||||||
Shares repurchased and cross class conversions | (3,838) | (57,194) | (6,090) | (70,384) | (8,288) | (114,797) | (14,070) | (147,987) | |||||||
Net Increase / (Decrease) | 1,682 | $ 15,199 | (1,142) | $ (13,875) | (1,889) | $ (29,691) | (5,344) | $ (59,181) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 49 | $ 709 | 159 | $ 2,019 | 232 | $ 3,142 | 297 | $ 3,013 | |||||||
Reinvestment of distributions | 51 | 609 | 18 | 196 | 326 | 4,020 | 74 | 730 | |||||||
Shares repurchased and cross class conversions | (175) | (2,435) | (245) | (2,741) | (1,108) | (14,717) | (1,417) | (14,390) | |||||||
Net Increase / (Decrease) | (75) | $ (1,117) | (68) | $ (526) | (550) | $ (7,555) | (1,046) | $ (10,647) |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 6,921 | $ 103,818 | 9,103 | $ 106,595 | 25,402 | $ 358,562 | 48,455 | $ 504,947 | |||||||
Reinvestment of distributions | 12,231 | 154,976 | 2,924 | 33,686 | 27,923 | 365,509 | 5,133 | 54,303 | |||||||
Shares repurchased and cross class conversions | (13,791) | (207,035) | (16,170) | (194,282) | (48,256) | (680,919) | (72,568) | (759,646) | |||||||
Net Increase / (Decrease) | 5,361 | $ 51,759 | (4,143) | $ (54,001) | 5,069 | $ 43,152 | (18,980) | $ (200,396) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 5,662 | $ 84,812 | 18,412 | $ 239,258 | 18,358 | $ 260,211 | 21,959 | $ 234,598 | |||||||
Reinvestment of distributions | 7,816 | 100,371 | 1,653 | 19,311 | 11,100 | 145,962 | 1,860 | 19,820 | |||||||
Shares repurchased and cross class conversions | (19,682) | (297,388) | (11,465) | (140,975) | (17,556) | (250,473) | (25,063) | (268,382) | |||||||
Net Increase / (Decrease) | (6,204) | $ (112,205) | 8,600 | $ 117,594 | 11,902 | $ 155,700 | (1,244) | $ (13,964) |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 799 | $ 8,558 | 880 | $ 6,026 | 93 | $ 1,003 | 108 | $ 1,057 | |||||||
Reinvestment of distributions | 899 | 8,681 | 89 | 675 | 51 | 529 | 137 | 1,224 | |||||||
Shares repurchased and cross class conversions | (2,198) | (23,596) | (2,619) | (19,783) | (125) | (1,375) | (189) | (1,825) | |||||||
Net Increase / (Decrease) | (500) | $ (6,357) | (1,650) | $ (13,082) | 19 | $ 157 | 56 | $ 456 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 44 | $ 412 | 48 | $ 344 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 22 | 179 | 6 | 36 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (245) | (2,246) | (423) | (2,933) | — | — | — | — | |||||||
Net Increase / (Decrease) | (179) | $ (1,655) | (369) | $ (2,553) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 4,824 | $ 54,661 | 8,930 | $ 70,968 | 1,573 | $ 17,728 | 1,893 | $ 19,586 | |||||||
Reinvestment of distributions | 4,224 | 43,226 | 616 | 5,008 | 274 | 2,943 | 703 | 6,461 | |||||||
Shares repurchased and cross class conversions | (16,130) | (185,803) | (22,368) | (185,612) | (1,944) | (21,942) | (2,169) | (20,972) | |||||||
Net Increase / (Decrease) | (7,082) | $ (87,916) | (12,822) | $ (109,636) | (97) | $ (1,271) | 427 | $ 5,075 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 4,393 | $ 49,969 | 8,456 | $ 69,852 | 99 | $ 1,113 | 61 | $ 648 | |||||||
Reinvestment of distributions | 1,845 | 18,895 | 95 | 841 | 13 | 138 | 12 | 110 | |||||||
Shares repurchased and cross class conversions | (3,099) | (35,952) | (1,073) | (9,125) | (—) (1) | (—) (2) | (1) | (4) | |||||||
Net Increase / (Decrease) | 3,139 | $ 32,912 | 7,478 | $ 61,568 | 112 | $ 1,251 | 72 | $ 754 |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | ||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 310 | $ 2,180 | 308 | $ 1,832 | 166 | $ 1,642 | 113 | $ 912 | |||||||
Reinvestment of distributions | 2,021 | 14,181 | 1,879 | 11,733 | 252 | 1,925 | 36 | 276 | |||||||
Shares repurchased and cross class conversions | (2,077) | (14,566) | (2,373) | (13,692) | (391) | (3,576) | (260) | (1,825) | |||||||
Net Increase / (Decrease) | 254 | $ 1,795 | (186) | $ (127) | 27 | $ (9) | (111) | $ (637) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 144 | $ 1,619 | 93 | $ 837 | 351 | $ 4,413 | 448 | $ 4,514 | |||||||
Reinvestment of distributions | 82 | 945 | 98 | 954 | 171 | 1,856 | 30 | 315 | |||||||
Shares repurchased and cross class conversions | (536) | (6,051) | (657) | (5,842) | (830) | (10,591) | (605) | (5,808) | |||||||
Net Increase / (Decrease) | (310) | $ (3,487) | (466) | $ (4,051) | (308) | $ (4,322) | (127) | $ (979) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 153 | $ 1,825 | 13 | $ 124 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 9 | 103 | 2 | 22 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (9) | (95) | (2) | (16) | — | — | — | — | |||||||
Net Increase / (Decrease) | 153 | $ 1,833 | 13 | $ 130 | — | $ — | — | $ — |
Zevenbergen Innovative Growth Stock Fund | |||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 2,905 | $ 184,959 | 6,234 | $ 271,684 | |||
Shares repurchased and cross class conversions | (3,530) | (211,191) | (2,490) | (108,252) | |||
Net Increase / (Decrease) | (625) | $ (26,232) | 3,744 | $ 163,432 | |||
Class I | |||||||
Shares sold and cross class conversions | 10,679 | $ 713,179 | 19,603 | $ 884,352 | |||
Shares repurchased and cross class conversions | (12,531) | (789,864) | (7,012) | (324,894) | |||
Net Increase / (Decrease) | (1,852) | $ (76,685) | 12,591 | $ 559,458 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 310 | $ 19,485 | 2 | $ 100 | |||
Shares repurchased and cross class conversions | (28) | (1,730) | — | — | |||
Net Increase / (Decrease) | 282 | $ 17,755 | 2 | $ 100 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts* | ||
Ceredex Large-Cap Value Equity Fund | 28% | 2 | |
Ceredex Mid-Cap Value Equity Fund | 39 | 2 | |
Ceredex Small-Cap Value Equity Fund | 41 | 2 | |
SGA International Growth Fund | 37 | 3 | |
Silvant Large-Cap Growth Stock Fund | 55 | 1 | |
Silvant Small-Cap Growth Stock Fund | 51 | 2 | |
Zevenbergen Innovative Growth Stock Fund | 25 | 2 |
* | None of the accounts are affiliated. |
Fund | Sector | Percentage of Total Investments | ||
Ceredex Small-Cap Value Equity Fund | Financials | 26% | ||
SGA International Growth Fund | Health Care | 25 | ||
Silvant Large-Cap Growth Stock Fund | Information Technology | 47 | ||
Silvant Small-Cap Growth Stock Fund | Information Technology | 26 | ||
Silvant Small-Cap Growth Stock Fund | Health Care | 25 | ||
Zevenbergen Innovative Growth Stock Fund | Information Technology | 44 | ||
Zevenbergen Innovative Growth Stock Fund | Consumer Discretionary | 27 |
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 | $ 3 | $69,000 | 1.35% | 1 | ||||
Zevenbergen Innovative Growth Stock Fund | 13 | 7,795 | 1.35 | 44 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Ceredex Large-Cap Value Equity Fund | $ 1,046,241 | $ 249,617 | $ (28,056) | $ 221,561 | ||||
Ceredex Mid-Cap Value Equity Fund | 3,272,513 | 489,067 | (62,463) | 426,604 | ||||
Ceredex Small-Cap Value Equity Fund | 351,928 | 123,733 | (8,609) | 115,124 | ||||
SGA International Growth Fund | 37,869 | 14,438 | (1,985) | 12,453 | ||||
Silvant Large-Cap Growth Stock Fund | 47,084 | 94,890 | (1,979) | 92,911 | ||||
Silvant Small-Cap Growth Stock Fund | 15,565 | 14,211 | (1,005) | 13,206 | ||||
Zevenbergen Innovative Growth Stock Fund | 750,601 | 439,284 | (69,747) | 369,537 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | ||
Ceredex Large-Cap Value Equity Fund | $15,465 | $ 17,300 | |
Ceredex Mid-Cap Value Equity Fund | 45,538 | 117,697 | |
Ceredex Small-Cap Value Equity Fund | 4,188 | 6,103 | |
SGA International Growth Fund | 421 | 1,527 | |
Silvant Large-Cap Growth Stock Fund | — | 2,854 | |
Silvant Small-Cap Growth Stock Fund | — | 707 | |
Zevenbergen Innovative Growth Stock Fund | — | 15,084 |
Ordinary Income | Long-Term Capital Gains | Total | |||
Ceredex Large-Cap Value Equity Fund | |||||
12/31/21 | $ 195,985 | $ 117,207 | $313,192 | ||
12/31/20 | 35,157 | 32,603 | 67,760 | ||
Ceredex Mid-Cap Value Equity Fund | |||||
12/31/21 | 334,000 | 250,000 | 584,000 | ||
12/31/20 | 70,150 | 16,429 | 86,579 | ||
Ceredex Small-Cap Value Equity Fund | |||||
12/31/21 | 43,902 | 28,400 | 72,302 | ||
12/31/20 | 2,502 | 4,145 | 6,647 | ||
SGA International Growth Fund | |||||
12/31/21 | 538 | 3,120 | 3,658 | ||
12/31/20 | 3,086 | 4,806 | 7,892 | ||
Silvant Large-Cap Growth Stock Fund | |||||
12/31/21 | — | 15,466 | 15,466 | ||
12/31/20 | — | 13,017 | 13,017 | ||
Silvant Small-Cap Growth Stock Fund | |||||
12/31/21 | — | 3,873 | 3,873 | ||
12/31/20 | — | 600 | 600 |
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335img2bb6fc8411.jpg)
began serving as auditor.
Qualified Dividend Income % (non-corporate shareholder) | Dividend Received Deduction % (corporate shareholders) | Long-Term Capital Gain Distributions ($) | |||
Ceredex Large-Cap Value Equity Fund | 11.48 % | 10.62 % | $ 105,860 | ||
Ceredex Mid-Cap Value Equity Fund | 14.24 | 13.42 | 367,697 | ||
Ceredex Small-Cap Value Equity Fund | 18.68 | 17.81 | 34,503 | ||
SGA International Growth Fund | 75.50 | — | 4,028 | ||
Silvant Large-Cap Growth Stock Fund | — | — | 11,858 | ||
Silvant Small-Cap Growth Stock Fund | — | — | 4,311 | ||
Zevenbergen Innovative Growth Stock Fund | — | — | 15,084 |
Foreign Source Income Recognized | Foreign Taxes Paid on Foreign Source Income | ||
SGA International Growth Fund | $ 515 | $ 50 |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2017 98 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Harris, Sidney E. YOB: 1949 Served Since: 2017 95 Portfolios | Private Investor (since 2021); Professor and Dean Emeritus (2015 to 2021), Professor (1997 to 2014), Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2017 95 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (since 2014), Counselors of Real Estate. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (55 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 95 Portfolios | Retired (since 2013). 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 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2019), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (55 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin, Philip YOB: 1946 Served Since: 1989 105 Portfolios | Private investor since 2010. | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2021), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus AllianzGI Convertible & Income 2024 Target Term Fund and Virtus AllianzGI Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (55 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2002 98 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc. and Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (55 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 102 Portfolios | Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; Vice President, Strategy (2013 to 2017), Arizona State University; and Partner (since 2006), Global Infrastructure Partners. | Trustee (since 2022), Virtus AllianzGI Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund, Virtus AllianzGI Convertible & Income 2024 Target Term Fund, Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino, Brian T. YOB: 1952 Served Since: 2020 102 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2020), Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 107 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus AllianzGI Closed-End Funds (7 portfolios); Chairman and Trustee (since 2015), Virtus ETF Trust II (5 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (55 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Cogan, Sarah E. YOB: 1956 Served Since: 2021 102 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Trustee (since 2019), Virtus AllianzGI Closed-End Funds (7 portfolios); Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Credit and Mortgage Income Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; and Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios). |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2021 102 Portfolios | Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (since 2013), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (11 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Opportunity Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Managed Accounts Trust (5 portfolios); and Trustee (since 2011), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2021 102 Portfolios | Owner/Operator (since 1998), Drummond Ranch; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (since 2021), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (55 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus AllianzGI Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus AllianzGI Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus AllianzGI Convertible & Income Fund, Virtus AllianzGI Convertible & Income Fund II, Virtus AllianzGI Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus AllianzGI Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (11 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Moyer, William R. YOB: 1944 Served Since: 2020 95 Portfolios | Private investor (since 2004); and Financial and Operations Principal (2006 to 2017), Newcastle Distributors LLC (broker dealer). | Advisory Board Member (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (11 portfolios); Advisory Board Member (since 2020), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (55 portfolios); Advisory Board Member (since 2020) and Director (2016 to 2019), Virtus Total Return Fund Inc.; Director (2016 to 2019), the former Virtus Total Return Fund Inc.; Advisory Board Member (2020 to 2021) and Director (2014 to 2019), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Advisory Board Member (since 2020) and Trustee (2011 to 2019), Virtus Global Multi-Sector Income Fund; Advisory Board Member (since 2020) and Trustee (2013 to 2016), Virtus Alternative Solutions Trust (2 portfolios). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2016), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (since 2017) and Vice President (2008 to 2016), Virtus Mutual Fund Family; Senior Vice President (since 2017) and Vice President (2010 to 2016), Virtus Variable Insurance Trust; Senior Vice President (since 2017) and Vice President (2013 to 2016), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021) and Vice President (2016 to 2017), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Senior Vice President (since 2017) and Vice President (2016 to 2017), Virtus Total Return Fund Inc. and Virtus Global Multi-Sector Income Fund; and Senior Vice President (2017 to 2019) and Vice President (2016 to 2017), the former Virtus Total Return Fund Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016), and various officer positions (since 2006), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President, Chief Financial Officer and Treasurer (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Director (since 2019), Virtus Global Funds ICAV; 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 Chief Financial Officer and Treasurer (since 2010), Virtus Total Return Fund Inc.; Executive Vice President (2016 to 2019), Senior Vice President (2013 to 2016), Vice President (2012 to 2013), Chief Financial Officer and Treasurer (since 2010), the former Virtus Total Return 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 ( 2016 to 2021), Senior Vice President (2014 to 2016), Chief Financial Officer and Treasurer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Executive Vice President (since 2016), Senior Vice President (2013 to 2016), and Chief Financial Officer and Treasurer (since 2013), Virtus Alternative Solutions Trust; Director (since 2013), Virtus Global Funds, PLC; and Vice President and Assistant Treasurer (since 2011), Duff & Phelps Utility and Infrastructure 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 |
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), and various officer positions (since 2005), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Assistant Secretary (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust and Virtus Strategy Trust; Assistant Secretary, (since 2021), Virtus AllianzGI Closed-End Funds; 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.; 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 2017 to 2019), the former Virtus Total Return 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), Vice President (2011 to 2013), and Assistant Secretary (since 2011), Virtus Global Multi-Sector Income Fund; Assistant Secretary (2015 to 2021), Duff & Phelps Select MLP and Midstream Energy 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 (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), and various officer positions (since 2003), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President and Chief Compliance Officer (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; 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.; Senior Vice President (2017 to 2019), Vice President (2012 to 2017) and Chief Compliance Officer (2012 to 2019), the former Virtus Total Return Fund Inc.; Senior Vice President (since 2017), Vice President (2013 to 2016) and Chief Compliance Officer (since 2013), Virtus Alternative Solutions Trust; Senior Vice President (2017 to 2021), Vice President (2014 to 2017) and Chief Compliance Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy 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 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Investment Trust, Virtus Strategy Trust and Virtus AllianzGI Closed-End Funds; Senior Vice President (2018 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; and Senior Vice President (since 2018), Virtus Global Multi-Sector Income Fund and Virtus Total Return Fund Inc.; Senior Vice President (2018 to 2019), the former Virtus Total Return Fund Inc.; 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). |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Executive Vice President, Product Management (since 2021), and Executive Vice President and Chief Operating Officer (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust, Virtus Mutual Fund Family, Virtus Investment Trust, Virtus Strategy Trust, Virtus AllianzGI Closed-End Funds, Virtus Global Multi-Sector Income Fund, Virtus Global Multi-Sector Income Fund, and Virtus Total Return Fund Inc.; Executive Vice President (May to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Statutory Prospectus, each dated April 28, 2021, as supplemented
Virtus Ceredex Large-Cap Value Equity Fund | Jennifer W. Graff, CFA (since November 2021) Mills Riddick, CFA (since 1995) |
a series of Virtus Asset Trust
(unaudited)
and the Virtus Asset Trust Statutory Prospectus,
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 |
Management Fees | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None |
Other Expenses | 0.38% | 0.33% | 0.36% | 0.20% |
Total Annual Fund Operating Expenses | 1.48% | 2.18% | 1.21% | 1.05% |
Less: Fee Waivers and/or Expense Reimbursements(b) | (0.02%) | (0.37%) | (0.06%) | (0.17%) |
Total Annual Fund Operating Expenses After Expense Reimbursement(b) | 1.46% | 1.81% | 1.15% | 0.88% |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $690 | $990 | $1,312 | $2,220 |
Class C | Sold | $284 | $647 | $1,136 | $2,485 |
Held | $184 | $647 | $1,136 | $2,485 | |
Class I | Sold or Held | $117 | $378 | $659 | $1,461 |
Class R6 | Sold or Held | $90 | $317 | $563 | $1,267 |
Class A Shares | Class C Shares | Class I Shares | Class R6 Shares | |
Ceredex Small-Cap Value Equity Fund* | 1.46% | 1.81% | 1.15% | 0.88% |
a series of Virtus Asset Trust
(unaudited)
Statutory Prospectus and the Statement of Additional Information (“SAI”),
each dated April 28, 2021, as supplemented
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
![](https://capedge.com/proxy/N-CSR/0001193125-22-068128/g248335img32c2fb1512.gif)
please contact us at 1-800-243-1574, or visit Virtus.com.
8635 | 02-22 |
(b) | Not applicable. |
Item 2. | Code of Ethics. |
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | Effective October 1, 2021, 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 was amended. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. | Audit Committee Financial Expert. |
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. | |
(a)(2) | The Registrant’s Board of Trustees had determined that each of Connie D. McDaniel, Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.” Each such individual is an “independent” trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. | |
(a)(3) | Not applicable. |
Item 4. | Principal Accountant Fees and Services. |
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $427,370 for 2021 and $400,523 for 2020. |
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 $29,193 for 2021 and $26,808 for 2020. Such audit-related fees include out of pocket expenses and system conversion 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 $58,949 for 2021 and $77,751 for 2020. |
“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 2021 and $0 for 2020. |
(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 the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved 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 $88,142 for 2021 and $104,559 for 2020. |
(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(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
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 3/7/22 |
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 3/7/22 | ||||
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, | ||||
Chief Financial Officer and Treasurer | ||||
(principal financial officer) | ||||
Date 3/7/22 |
* | Print the name and title of each signing officer under his or her signature. |