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 811-06161
Virtus Investment Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9683
(Address of principal executive offices) (Zip code)
Jennifer Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-243-1574
Date of fiscal year end: June 30
Date of reporting period: June 30, 2023
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus Emerging Markets Opportunities Fund |
Virtus Income & Growth Fund |
Virtus KAR Global Small-Cap Fund |
Virtus KAR Health Sciences Fund |
Virtus NFJ Dividend Value Fund |
Virtus NFJ International Value Fund |
Virtus NFJ Large-Cap Value Fund |
Virtus NFJ Mid-Cap Value Fund |
Virtus NFJ Small-Cap Value Fund |
Virtus Silvant Focused Growth Fund |
Virtus Silvant Mid-Cap Growth Fund |
Virtus Small-Cap Fund |
Virtus Zevenbergen Technology Fund |
1 | ||
2 | ||
6 | ||
Fund | Fund Summary | Schedule of Investments |
9 | 53 | |
13 | 55 | |
17 | 65 | |
21 | 66 | |
24 | 67 | |
27 | 69 | |
30 | 71 | |
33 | 73 | |
36 | 75 | |
39 | 77 | |
42 | 78 | |
45 | 80 | |
49 | 83 | |
85 | ||
93 | ||
97 | ||
102 | ||
114 | ||
135 | ||
136 | ||
137 | ||
138 |
President, Virtus Investment Trust
August 2023
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Emerging Markets Opportunities Fund | ||||||||
Class A | $ 1,000.00 | $ 1,106.50 | 1.29 % | $ 6.74 | ||||
Class C | 1,000.00 | 1,102.10 | 2.04 | 10.63 | ||||
Class P | 1,000.00 | 1,107.80 | 1.04 | 5.44 | ||||
Institutional Class | 1,000.00 | 1,108.40 | 0.94 | 4.91 | ||||
Class R6 | 1,000.00 | 1,108.60 | 0.89 | 4.65 | ||||
Income & Growth Fund | ||||||||
Class A | 1,000.00 | 1,109.90 | 1.13 | 5.91 | ||||
Class C | 1,000.00 | 1,105.70 | 1.88 | 9.82 | ||||
Class P | 1,000.00 | 1,111.10 | 0.88 | 4.61 | ||||
Institutional Class | 1,000.00 | 1,111.60 | 0.89 | 4.66 | ||||
KAR Global Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,116.20 | 1.63 | 8.55 | ||||
Class C | 1,000.00 | 1,112.10 | 2.38 | 12.46 | ||||
Class P | 1,000.00 | 1,117.50 | 1.38 | 7.25 | ||||
Institutional Class | 1,000.00 | 1,117.90 | 1.28 | 6.72 | ||||
KAR Health Sciences Fund | ||||||||
Class A | 1,000.00 | 1,014.80 | 1.39 | 6.94 | ||||
Class C | 1,000.00 | 1,011.00 | 2.14 | 10.67 | ||||
Class P | 1,000.00 | 1,016.90 | 1.03 | 5.15 | ||||
Institutional Class | 1,000.00 | 1,016.50 | 1.11 | 5.55 | ||||
NFJ Dividend Value Fund | ||||||||
Class A | 1,000.00 | 1,067.60 | 1.07 | 5.49 | ||||
Class C | 1,000.00 | 1,064.10 | 1.76 | 9.01 | ||||
Class P | 1,000.00 | 1,069.50 | 0.76 | 3.90 | ||||
Institutional Class | 1,000.00 | 1,069.90 | 0.70 | 3.59 | ||||
Class R6 | 1,000.00 | 1,069.60 | 0.66 | 3.39 | ||||
Administrative Class | 1,000.00 | 1,079.50 | 0.95 | 4.90 | ||||
NFJ International Value Fund | ||||||||
Class A | 1,000.00 | 1,091.00 | 1.30 | 6.74 | ||||
Class C | 1,000.00 | 1,086.90 | 2.05 | 10.61 | ||||
Class P | 1,000.00 | 1,092.60 | 1.07 | 5.55 | ||||
Institutional Class | 1,000.00 | 1,092.60 | 0.95 | 4.93 | ||||
Class R6 | 1,000.00 | 1,093.00 | 0.90 | 4.67 | ||||
Administrative Class | 1,000.00 | 1,111.70 | 1.20 | 6.28 |
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
NFJ Large-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,083.90 | 1.01% | $ 5.22 | ||||
Class C | 1,000.00 | 1,080.00 | 1.80 | 9.28 | ||||
Class P | 1,000.00 | 1,085.40 | 0.74 | 3.83 | ||||
Institutional Class | 1,000.00 | 1,085.40 | 0.76 | 3.93 | ||||
Class R6 | 1,000.00 | 1,086.90 | 0.52 | 2.69 | ||||
Administrative Class | 1,000.00 | 1,084.70 | 0.99 | 5.12 | ||||
NFJ Mid-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,094.80 | 1.00 | 5.19 | ||||
Class C | 1,000.00 | 1,090.40 | 1.75 | 9.07 | ||||
Class P | 1,000.00 | 1,096.40 | 0.75 | 3.90 | ||||
Institutional Class | 1,000.00 | 1,096.60 | 0.65 | 3.38 | ||||
Class R6 | 1,000.00 | 1,096.80 | 0.60 | 3.12 | ||||
Administrative Class | 1,000.00 | 1,095.10 | 0.90 | 4.68 | ||||
NFJ Small-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,101.20 | 1.18 | 6.15 | ||||
Class C | 1,000.00 | 1,096.90 | 1.92 | 9.98 | ||||
Class P | 1,000.00 | 1,103.20 | 0.90 | 4.69 | ||||
Institutional Class | 1,000.00 | 1,103.00 | 0.83 | 4.33 | ||||
Class R6 | 1,000.00 | 1,103.50 | 0.77 | 4.02 | ||||
Administrative Class | 1,000.00 | 1,138.30 | 1.08 | 5.73 | ||||
Silvant Focused Growth Fund | ||||||||
Class A | 1,000.00 | 1,387.80 | 0.94 | 5.57 | ||||
Class C | 1,000.00 | 1,382.90 | 1.70 | 10.04 | ||||
Class P | 1,000.00 | 1,389.50 | 0.67 | 3.97 | ||||
Institutional Class | 1,000.00 | 1,389.60 | 0.66 | 3.91 | ||||
Class R6 | 1,000.00 | 1,390.10 | 0.61 | 3.61 | ||||
Administrative Class | 1,000.00 | 1,388.10 | 0.91 | 5.39 | ||||
Silvant Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,167.80 | 0.99 | 5.32 | ||||
Class C | 1,000.00 | 1,157.40 | 1.76 | 9.41 | ||||
Class P | 1,000.00 | 1,168.40 | 0.70 | 3.76 | ||||
Institutional Class | 1,000.00 | 1,168.80 | 0.75 | 4.03 | ||||
Administrative Class | 1,000.00 | 1,172.10 | 1.03 | 5.55 | ||||
Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,085.20 | 1.16 | 6.00 | ||||
Class C | 1,000.00 | 1,081.10 | 1.92 | 9.91 | ||||
Class P | 1,000.00 | 1,086.30 | 0.92 | 4.76 | ||||
Institutional Class | 1,000.00 | 1,087.20 | 0.81 | 4.19 | ||||
Class R6 | 1,000.00 | 1,087.20 | 0.76 | 3.93 | ||||
Zevenbergen Technology Fund | ||||||||
Class A | 1,000.00 | 1,484.50 | 1.42 | 8.75 | ||||
Class C | 1,000.00 | 1,479.10 | 2.14 | 13.15 | ||||
Class P | 1,000.00 | 1,486.80 | 1.10 | 6.78 | ||||
Institutional Class | 1,000.00 | 1,486.40 | 1.15 | 7.09 | ||||
Administrative Class | 1,000.00 | 1,484.20 | 1.47 | 9.05 |
* | 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 (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Emerging Markets Opportunities Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.40 | 1.29 % | $ 6.46 | ||||
Class C | 1,000.00 | 1,014.68 | 2.04 | 10.19 | ||||
Class P | 1,000.00 | 1,019.64 | 1.04 | 5.21 | ||||
Institutional Class | 1,000.00 | 1,020.13 | 0.94 | 4.71 | ||||
Class R6 | 1,000.00 | 1,020.38 | 0.89 | 4.46 | ||||
Income & Growth Fund | ||||||||
Class A | 1,000.00 | 1,019.19 | 1.13 | 5.66 | ||||
Class C | 1,000.00 | 1,015.47 | 1.88 | 9.39 | ||||
Class P | 1,000.00 | 1,020.43 | 0.88 | 4.41 | ||||
Institutional Class | 1,000.00 | 1,020.38 | 0.89 | 4.46 | ||||
KAR Global Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,016.71 | 1.63 | 8.15 | ||||
Class C | 1,000.00 | 1,012.99 | 2.38 | 11.88 | ||||
Class P | 1,000.00 | 1,017.95 | 1.38 | 6.90 | ||||
Institutional Class | 1,000.00 | 1,018.45 | 1.28 | 6.41 | ||||
KAR Health Sciences Fund | ||||||||
Class A | 1,000.00 | 1,017.90 | 1.39 | 6.95 | ||||
Class C | 1,000.00 | 1,014.18 | 2.14 | 10.69 | ||||
Class P | 1,000.00 | 1,019.69 | 1.03 | 5.16 | ||||
Institutional Class | 1,000.00 | 1,019.29 | 1.11 | 5.56 | ||||
NFJ Dividend Value Fund | ||||||||
Class A | 1,000.00 | 1,019.49 | 1.07 | 5.36 | ||||
Class C | 1,000.00 | 1,016.07 | 1.76 | 8.80 | ||||
Class P | 1,000.00 | 1,021.03 | 0.76 | 3.81 | ||||
Institutional Class | 1,000.00 | 1,021.32 | 0.70 | 3.51 | ||||
Class R6 | 1,000.00 | 1,021.52 | 0.66 | 3.31 | ||||
Administrative Class | 1,000.00 | 1,020.08 | 0.95 | 4.76 | ||||
NFJ International Value Fund | ||||||||
Class A | 1,000.00 | 1,018.35 | 1.30 | 6.51 | ||||
Class C | 1,000.00 | 1,014.63 | 2.05 | 10.24 | ||||
Class P | 1,000.00 | 1,019.49 | 1.07 | 5.36 | ||||
Institutional Class | 1,000.00 | 1,020.08 | 0.95 | 4.76 | ||||
Class R6 | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||
Administrative Class | 1,000.00 | 1,018.84 | 1.20 | 6.01 | ||||
NFJ Large-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.79 | 1.01 | 5.06 | ||||
Class C | 1,000.00 | 1,015.87 | 1.80 | 9.00 | ||||
Class P | 1,000.00 | 1,021.12 | 0.74 | 3.71 | ||||
Institutional Class | 1,000.00 | 1,021.03 | 0.76 | 3.81 | ||||
Class R6 | 1,000.00 | 1,022.22 | 0.52 | 2.61 | ||||
Administrative Class | 1,000.00 | 1,019.89 | 0.99 | 4.96 | ||||
NFJ Mid-Cap Value Fund | ||||||||
Class A | 1,000.00 | 1,019.84 | 1.00 | 5.01 | ||||
Class C | 1,000.00 | 1,016.12 | 1.75 | 8.75 | ||||
Class P | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||
Institutional Class | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||
Class R6 | 1,000.00 | 1,021.82 | 0.60 | 3.01 | ||||
Administrative Class | 1,000.00 | 1,020.33 | 0.90 | 4.51 |
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
NFJ Small-Cap Value Fund | ||||||||
Class A | $1,000.00 | $1,018.94 | 1.18% | $ 5.91 | ||||
Class C | 1,000.00 | 1,015.27 | 1.92 | 9.59 | ||||
Class P | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||
Institutional Class | 1,000.00 | 1,020.68 | 0.83 | 4.16 | ||||
Class R6 | 1,000.00 | 1,020.98 | 0.77 | 3.86 | ||||
Administrative Class | 1,000.00 | 1,019.44 | 1.08 | 5.41 | ||||
Silvant Focused Growth Fund | ||||||||
Class A | 1,000.00 | 1,020.13 | 0.94 | 4.71 | ||||
Class C | 1,000.00 | 1,016.36 | 1.70 | 8.50 | ||||
Class P | 1,000.00 | 1,021.47 | 0.67 | 3.36 | ||||
Institutional Class | 1,000.00 | 1,021.52 | 0.66 | 3.31 | ||||
Class R6 | 1,000.00 | 1,021.77 | 0.61 | 3.06 | ||||
Administrative Class | 1,000.00 | 1,020.28 | 0.91 | 4.56 | ||||
Silvant Mid-Cap Growth Fund | ||||||||
Class A | 1,000.00 | 1,019.89 | 0.99 | 4.96 | ||||
Class C | 1,000.00 | 1,016.07 | 1.76 | 8.80 | ||||
Class P | 1,000.00 | 1,021.32 | 0.70 | 3.51 | ||||
Institutional Class | 1,000.00 | 1,021.08 | 0.75 | 3.76 | ||||
Administrative Class | 1,000.00 | 1,019.69 | 1.03 | 5.16 | ||||
Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,019.04 | 1.16 | 5.81 | ||||
Class C | 1,000.00 | 1,015.27 | 1.92 | 9.59 | ||||
Class P | 1,000.00 | 1,020.23 | 0.92 | 4.61 | ||||
Institutional Class | 1,000.00 | 1,020.78 | 0.81 | 4.06 | ||||
Class R6 | 1,000.00 | 1,021.03 | 0.76 | 3.81 | ||||
Zevenbergen Technology Fund | ||||||||
Class A | 1,000.00 | 1,017.75 | 1.42 | 7.10 | ||||
Class C | 1,000.00 | 1,014.18 | 2.14 | 10.69 | ||||
Class P | 1,000.00 | 1,019.34 | 1.10 | 5.51 | ||||
Institutional Class | 1,000.00 | 1,019.09 | 1.15 | 5.76 | ||||
Administrative Class | 1,000.00 | 1,017.50 | 1.47 | 7.35 |
* | 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 (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
June 30, 2023
June 30, 2023
Ticker Symbols: | |
Class A : AOTAX | |
Class C: AOTCX | |
Class P: AEMPX | |
Institutional Class: AOTIX | |
Class R6: AEMOX |
Virtus Investment Advisers, Inc.
■ | The Fund is diversified and has an investment objective of seeking to maximize long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 4.22%†, Class C shares at NAV returned 3.41%†, Class P shares at NAV returned 4.49%†, Institutional Class shares at NAV returned 4.59%†, and Class R6 shares at NAV returned 4.62%†. For the same period, the MSCI Emerging Markets Index (net), the Fund’s style-specific benchmark appropriate for comparison, returned 1.75%. |
Banks | 19% |
Technology Hardware, Storage & Peripherals | 12 |
Semiconductors & Semiconductor Equipment | 10 |
Oil, Gas & Consumable Fuels | 5 |
Hotels, Restaurants & Leisure | 5 |
Metals & Mining | 4 |
Industrial Conglomerates | 4 |
Construction & Engineering | 4 |
Interactive Media & Services | 4 |
Tobacco | 4 |
Other | 29 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 4.22 % 3 | 1.27 % | 3.08 % | — % | — | |
Class A shares at POP4,5 | -1.52 | 0.13 | 2.50 | — | — | |
Class C shares at NAV2 and with CDSC4 | 3.41 3 | 0.51 | 2.31 | — | — | |
Class P shares at NAV2 | 4.49 3 | 1.52 | 3.34 | — | — | |
Institutional Class shares at NAV2 | 4.59 3 | 1.63 | 3.45 | — | — | |
Class R6 shares at NAV2 | 4.62 3 | 1.66 | — | 5.91 | 12/14/15 | |
MSCI Emerging Markets Index (net) | 1.75 | 0.93 | 2.95 | 5.89 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.45%, Net 1.29%; Class C shares: Gross 2.21%, Net 2.04%; Class P shares: Gross 1.18%, Net 1.04%; Institutional Class shares: Gross 1.19%, Net 0.94%; Class R6 shares: Gross 1.07%, Net 0.89%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : AZNAX | |
Class C: AZNCX | |
Class P: AIGPX | |
Institutional Class: AZNIX |
Voya Investment Management Co., LLC
■ | The Fund is diversified and has an investment objective of seeking total return comprised of current income, current gains and capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 12.65%, Class C shares at NAV returned 11.83%, Class P shares at NAV returned 12.94%, and Institutional Class shares at NAV returned 12.96%. For the same period, the S&P 500® Index, the Fund’s style-specific benchmark appropriate for comparison, returned 19.59% and Bloomberg U.S. Aggregate Bond Index, a broad-based index, returned -0.94%. |
Common Stocks | 38% | |
Software | 5% | |
Interactive Media & Services | 3 | |
Semiconductors & Semiconductor Equipment | 3 | |
All other Common Stocks | 27 | |
Corporate Bonds and Notes | 32 | |
Media | 4 | |
Oil, Gas & Consumable Fuels | 3 | |
Telecommunications | 2 | |
All other Corporate Bonds and Notes | 23 | |
Convertible Bonds and Notes | 24 | |
Internet | 5 | |
Software | 5 | |
Commercial Services | 2 | |
All other Convertible Bonds and Notes | 12 | |
Convertible Preferred Stocks | 2 | |
Equity-Linked Warrants | 2 | |
Short-Term Investment | 1 | |
Equity-Linked Notes | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 12.65 % | 6.40% | 7.10% | |
Class A shares at POP3,4 | 6.46 | 5.20 | 6.50 | |
Class C shares at NAV2 and with CDSC4 | 11.83 | 5.61 | 6.30 | |
Class P shares at NAV2 | 12.94 | 6.66 | 7.36 | |
Institutional Class shares at NAV2 | 12.96 | 6.71 | 7.44 | |
Bloomberg U.S. Aggregate Bond Index | -0.94 | 0.77 | 1.52 | |
S&P 500® Index | 19.59 | 12.31 | 12.86 | |
Fund Expense Ratios5: Class A shares: 1.13%; Class C shares: 1.88%; Class P shares: 0.90%; Institutional Class shares: 0.89%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : RGSAX | |
Class C: RGSCX | |
Class P: ARSPX | |
Institutional Class: DGSCX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 14.31%, Class C shares at NAV returned 13.49%, Class P shares at NAV returned 14.58%, and Institutional Class shares at NAV returned 14.71%. For the same period, the MSCI AC World Small-Cap Index (net), the Fund’s style-specific benchmark appropriate for comparison, returned 13.02%. |
Industrials | 32% |
Financials | 26 |
Communication Services | 19 |
Information Technology | 11 |
Consumer Discretionary | 4 |
Materials | 3 |
Health Care | 2 |
Other | 3 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 14.31 % | 3.85% | 6.95% | |
Class A shares at POP3,4 | 8.02 | 2.68 | 6.35 | |
Class C shares at NAV2 and with CDSC4 | 13.49 | 3.07 | 6.15 | |
Class P shares at NAV2 | 14.58 | 4.11 | 7.22 | |
Institutional Class shares at NAV2 | 14.71 | 4.19 | 7.31 | |
MSCI All Country World Small-Cap Index (net)5 | 13.02 | 4.53 | 7.62 | |
MSCI World Small-Cap Index (net)5 | 12.94 | 4.44 | 7.95 | |
Fund Expense Ratios6: Class A shares: Gross 1.55%, Net 1.55%; Class C shares: Gross 2.32%, Net 2.32%; Class P shares: Gross 1.29%, Net 1.29%; Institutional Class shares: Gross 1.29%, Net 1.28%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The Fund changed its primary benchmark during the year to the MSCI All Country World Small-Cap Index (net) replacing the Fund’s previous primary benchmark, MSCI World Small-Cap Index (net). This change is being made to more closely match the Fund’s primary benchmark to its new principal investment strategy. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : RAGHX | |
Class C: RCGHX | |
Class P: AAAEX | |
Institutional Class: HLHIX |
Kayne Anderson Rudnick Investment Management, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 2.45%, Class C shares at NAV returned 1.66%, Class P shares at NAV returned 2.83%, and Institutional Class shares at NAV returned 2.75%. For the same period, the MSCI World Health Care Index (net), the Fund’s style-specific benchmark appropriate for comparison, returned 6.30%. |
Healthcare Equipment & Supplies | 30% |
Pharmaceuticals | 22 |
Life Sciences Tools & Services | 21 |
Healthcare Providers & Services | 14 |
Biotechnology | 13 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 2.45 % | 10.05 % | 11.68 % | —% | — | |
Class A shares at POP3,4 | -3.19 | 8.82 | 11.05 | — | — | |
Class C shares at NAV2 and with CDSC4 | 1.66 | 9.24 | 10.85 | — | — | |
Class P shares at NAV2 | 2.83 | — | — | 8.12 | 7/13/20 | |
Institutional Class shares at NAV2 | 2.75 | 10.40 | — | 8.86 | 12/22/14 | |
MSCI World Health Care Index (net) | 6.30 | 10.04 | 10.33 | — 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.37%, Net 1.37%; Class C shares: Gross 2.13%, Net 2.13%; Class P shares: Gross 1.04%, Net 1.04%; Institutional Class shares: Gross 1.13%, Net 1.12%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index returned 8.16% for the inception date of Class P shares and 7.90% for the inception date of Institutional Class shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : PNEAX | |
Class C: PNECX | |
Class P: ADJPX | |
Institutional Class: NFJEX | |
Class R6: ANDVX | |
Administrative Class: ANDAX |
NFJ Investment Group, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term growth of capital and income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 7.62%, Class C shares at NAV returned 6.86%, Class P shares at NAV returned 7.95%, Institutional Class shares at NAV returned 8.01%, Class R6 shares at NAV returned 8.05%, and Administrative Class shares at NAV returned 8.90%. For the same period, the Russell 1000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 11.54%. |
Financials | 27% |
Health Care | 14 |
Industrials | 14 |
Real Estate | 12 |
Information Technology | 9 |
Materials | 7 |
Consumer Discretionary | 6 |
Other | 11 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 7.62 % | 5.63 % | 7.04 % | — % | — | |
Class A shares at POP3,4 | 1.70 | 4.45 | 6.44 | — | — | |
Class C shares at NAV2 and with CDSC4 | 6.86 | 4.86 | 6.25 | — | — | |
Class P shares at NAV2 | 7.95 | 5.90 | 7.32 | — | — | |
Institutional Class shares at NAV2 | 8.01 | 5.98 | 7.41 | — | — | |
Class R6 shares at NAV2 | 8.05 | 6.04 | — | 6.63 | 12/19/13 | |
Administrative Class shares at NAV2 | 8.90 | 5.94 | 7.25 | — | ||
Russell 1000® Value Index | 11.54 | 8.11 | 9.22 | 8.39 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.01%, Net 1.01%; Class C shares: Gross 1.72%, Net 1.72%; Class P shares: Gross 0.72%, Net 0.72%; Institutional Class shares: Gross 0.75%, Net 0.70%; Class R6 shares: Gross 0.63%, Net 0.63%; Administrative Class shares: Gross 0.98%, Net 0.95%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : AFJAX | |
Class C: AFJCX | |
Class P: AFVPX | |
Institutional Class: ANJIX | |
Class R6: ANAVX | |
Administrative Class: AIVAX |
NFJ Investment Group, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term growth of capital and income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 9.68%, Class C shares at NAV returned 8.86%, Class P shares at NAV returned 9.92%, Institutional Class shares at NAV returned 10.06%, Class R6 shares at NAV returned 10.08%, and Administration Class shares at NAV returned 11.74%†. For the same period, the MSCI AC World ex USA Index (net), the Fund’s style-specific benchmark appropriate for comparison, returned 12.72% and MSCI AC World ex USA Value Index (net), a broad-based index, returned 12.19%. |
Financials | 26% |
Information Technology | 17 |
Industrials | 16 |
Consumer Discretionary | 12 |
Health Care | 8 |
Real Estate | 6 |
Energy | 4 |
Other | 11 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 9.68 % | 2.64 % | 1.30 % | —% | — | |
Class A shares at POP3,4 | 3.65 | 1.49 | 0.73 | — | — | |
Class C shares at NAV2 and with CDSC4 | 8.86 | 1.90 | 0.55 | — | — | |
Class P shares at NAV2 | 9.92 | 2.92 | 1.56 | — | — | |
Institutional Class shares at NAV2 | 10.06 | 10.06 | 3.00 | — | — | |
Class R6 shares at NAV2 | 10.08 | 3.05 | — | 0.81 | 12/19/13 | |
Administrative Class shares at NAV2 | 11.74 5 | 3.13 | 1.59 | — | — | |
MSCI All Country World ex USA Index (net) | 12.72 | 3.52 | 4.75 | 3.73 6 | — | |
MSCI All Country World ex USA Value Index (net) | 12.19 | 2.65 | 3.70 | 2.51 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.32%, Net 1.30%; Class C shares: Gross 2.02%, Net 2.02%; Class P shares: Gross 1.01%, Net 1.01%; Institutional Class shares: Gross 0.97%, Net 0.95%; Class R6 shares: Gross 0.92%, Net 0.90%; Administrative Class shares: Gross 1.50%, Net 1.20%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : PNBAX | |
Class C: PNBCX | |
Class P: ALCPX | |
Institutional Class: ANVIX | |
Class R6: VAAGX | |
Administrative Class: ALNFX |
NFJ Investment Group, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term growth of capital and income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 8.27%, Class C shares at NAV returned 7.42%, Class P shares at NAV returned 8.53%, Institutional Class shares at NAV returned 8.50%, and Administrative Class shares at NAV returned 8.38%, and Class R6 shares at NAV returned 8.75%. For the same period, the Russell 1000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 11.54%. |
Financials | 22% |
Industrials | 13 |
Health Care | 13 |
Information Technology | 12 |
Real Estate | 10 |
Consumer Discretionary | 9 |
Communication Services | 7 |
Other | 14 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 8.27 % | 6.38 % | 8.22 % | —% | — | |
Class A shares at POP3,4 | 2.32 | 5.19 | 7.61 | — | — | |
Class C shares at NAV2 and with CDSC4 | 7.42 | 5.57 | 7.41 | — | — | |
Class P shares at NAV2 | 8.53 | 6.66 | 8.50 | — | — | |
Institutional Class shares at NAV2 | 8.50 | 6.71 | 8.58 | — | — | |
Class R6 shares at NAV2 | 8.75 | — | — | -3.03 | 10/29/21 | |
Administrative Class shares at NAV2 | 8.38 | 6.47 | 8.33 | — | — | |
Russell 1000® Value Index | 11.54 | 8.11 | 9.22 | -0.19 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.00%, Net 1.00%; Class C shares: Gross 1.76%, Net 1.76%; Class P shares: Gross 0.75%, Net 0.75%; Institutional Class shares: Gross 0.74%, Net 0.74%; Class R6 shares: Gross 0.78%, Net 0.65%; Administrative Class shares: Gross 0.90%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : PQNAX | |
Class C: PQNCX | |
Class P: ANRPX | |
Institutional Class: PRNIX | |
Class R6: ANPRX | |
Administrative Class: PRAAX |
NFJ Investment Group, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term growth of capital and income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 11.10%, Class C shares at NAV returned 10.23%, Class P shares at NAV returned 11.38%† , Institutional Class shares at NAV returned 11.48%, Class R6 shares at NAV returned 11.55%, and Administrative Class shares at NAV returned 11.20%. For the same period, the Russell Midcap® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 10.50%. |
Financials | 24% |
Real Estate | 13 |
Health Care | 12 |
Consumer Discretionary | 11 |
Industrials | 11 |
Materials | 8 |
Information Technology | 7 |
Other | 14 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 11.10 % | 6.37 % | 9.09 % | —% | — | |
Class A shares at POP3,4 | 4.99 | 5.17 | 8.48 | — | — | |
Class C shares at NAV2 and with CDSC4 | 10.23 | 5.56 | 8.28 | — | — | |
Class P shares at NAV2 | 11.38 5 | 6.64 | 9.37 | — | — | |
Institutional Class shares at NAV2 | 11.48 | 6.74 | 9.48 | — | — | |
Class R6 shares at NAV2 | 11.55 | 6.80 | — | 5.29 | 12/18/17 | |
Administrative Class shares at NAV2 | 11.20 | 6.47 | 9.21 | — | — | |
Russell Midcap® Value Index | 10.50 | 6.84 | 9.03 | 6.15 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.09%, Net 1.00%; Class C shares: Gross 1.82%, Net 1.75%; Class P shares: Gross 0.82%, Net 0.75%; Institutional Class shares: Gross 0.80%, Net 0.65%; Class R6 shares: Gross 0.72%, Net 0.60%; Administrative Class shares: Gross 1.05%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : PCVAX | |
Class C: PCVCX | |
Class P: ASVPX | |
Institutional Class: PSVIX | |
Class R6: ANFVX | |
Administrative Class: PVADX |
NFJ Investment Group, LLC
■ | The Fund is diversified and has an investment objective of seeking long-term growth of capital and income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 10.64%, Class C shares at NAV returned 9.76%, Class P shares at NAV returned 10.85%, Institutional Class shares at NAV returned 10.93%, Class R6 shares at NAV returned 10.98%, and Administration Class shares at NAV returned 14.38%. For the same period, the Russell 2000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned 6.01%. |
Financials | 30% |
Industrials | 16 |
Consumer Discretionary | 12 |
Information Technology | 9 |
Materials | 8 |
Health Care | 7 |
Real Estate | 7 |
Other | 11 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 10.64 % | 1.82 % | 4.89 % | — % | — | |
Class A shares at POP3,4 | 4.55 | 0.68 | 4.29 | — | — | |
Class C shares at NAV2 and with CDSC4 | 9.76 | 1.07 | 4.10 | — | — | |
Class P shares at NAV2 | 10.85 | 2.09 | 5.15 | — | — | |
Institutional Class shares at NAV2 | 10.93 | 2.17 | 5.26 | — | — | |
Class R6 shares at NAV2 | 10.98 | 2.23 | — | 4.15 | 12/19/13 | |
Administrative Class shares at NAV2 | 14.38 | 2.59 | 5.36 | — | ||
Russell 2000® Value Index | 6.01 | 3.54 | 7.29 | 6.19 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.20%, Net 1.17%; Class C shares: Gross 1.95%, Net 1.92%; Class P shares: Gross 0.89%, Net 0.89%; Institutional Class shares: Gross 0.87%, Net 0.82%; Class R6 shares: Gross 0.79%, Net 0.77%; Administrative Class shares: Gross 1.09%, Net 1.07%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : PGWAX | |
Class C: PGWCX | |
Class P: AOGPX | |
Institutional Class: PGFIX | |
Class R6: AFGFX | |
Administrative Class: PGFAX |
Silvant Capital Management LLC
■ | The Fund is non-diversified and has an investment objective of seeking long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 32.32%, Class C shares at NAV returned 31.31%, Class P shares at NAV returned 32.68%†, Institutional Class shares at NAV returned 32.70%, Class R6 shares at NAV returned 32.76%, and Administrative Class shares at NAV returned 32.34%. For the same period, the Russell 1000® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned 27.11%. |
Information Technology | 45% |
Health Care | 15 |
Consumer Discretionary | 13 |
Communication Services | 11 |
Industrials | 7 |
Financials | 4 |
Materials | 2 |
Short-Term Investment | 3 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 32.32 % | 14.04 % | 15.28 % | —% | — | |
Class A shares at POP3,4 | 25.04 | 12.76 | 14.63 | — | — | |
Class C shares at NAV2 and with CDSC5 | 31.31 | 13.17 | 14.41 | — | — | |
Class P shares at NAV2 | 32.68 5 | 14.31 | 15.56 | — | — | |
Institutional Class shares at NAV2 | 32.70 | 14.39 | 15.66 | — | — | |
Class R6 shares at NAV2 | 32.76 | 14.44 | — | 14.98 | 12/14/15 | |
Administrative Class shares at NAV2 | 32.34 | 14.10 | 15.37 | — | — | |
Russell 1000® Growth Index | 27.11 | 15.14 | 15.74 | 15.92 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 0.93%, Net 0.93%; Class C shares: Gross 1.70%, Net 1.70%; Class P shares: Gross 0.71%, Net 0.71%; Institutional Class shares: Gross 0.70%, Net 0.67%; Class R6 shares: Gross 0.62%, Net 0.62%; Administrative Class shares: Gross 0.96%, Net 0.92%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
6 | The since inception index return is from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : RMDAX | |
Class C: RMDCX | |
Class P: ARMPX | |
Institutional Class: DRMCX | |
Administrative Class: DRMAX |
Silvant Capital Management LLC
■ | The Fund is diversified and has an investment objective of seeking long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 22.84%, Class C shares at NAV returned 21.28%, Class P shares at NAV returned 22.89%, Institutional Class shares at NAV returned 22.85%, and Administrative Class at NAV returned 23.05%. For the same period, the Russell Midcap® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned 23.13%. |
Information Technology | 28% |
Health Care | 21 |
Industrials | 20 |
Consumer Discretionary | 17 |
Financials | 7 |
Communication Services | 4 |
Energy | 2 |
Other | 1 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 22.84 % | 11.33% | 11.74% | |
Class A shares at POP3,4 | 16.08 | 10.08 | 11.11 | |
Class C shares at NAV2 and with CDSC4 | 21.28 | 10.37 | 10.87 | |
Class P shares at NAV2 | 22.89 | 11.53 | 12.03 | |
Institutional Class shares at NAV2 | 22.85 | 11.62 | 12.08 | |
Administrative Class shares at NAV2 | 23.05 | 11.38 | 11.82 | |
Russell Midcap® Growth Index | 23.13 | 9.71 | 11.53 | |
Fund Expense Ratios5: Class A shares: Gross 1.05%, Net 1.05%; Class C shares: Gross 1.81%, Net 1.81%; Class P shares: Gross 0.84%, Net 0.84%; Institutional Class shares: Gross 0.83%, Net 0.83%; Administrative Class shares: Gross 1.12%, Net 1.11%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : AZBAX | |
Class C: AZBCX | |
Class P: AZBPX | |
Institutional Class: AZBIX | |
Class R6: ASCFX |
Virtus Investment Advisers, Inc.
■ | The Fund is diversified and has an investment objective of seeking long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 14.90%†, Class C shares at NAV returned 14.06%, Class P shares at NAV returned 15.16%†, Institutional Class shares at NAV returned 15.32%, and Class R6 at NAV returned 15.38%. For the same period, the Russell 2000® Index, the Fund’s style-specific benchmark appropriate for comparison, returned 12.31%. |
Biotechnology | 8% |
Software | 7 |
Trading Companies & Distributors | 6 |
Healthcare Equipment & Supplies | 6 |
Electronic Equipment, Instruments & Components | 5 |
Hotels, Restaurants & Leisure | 5 |
Semiconductors & Semiconductor Equipment | 5 |
Pharmaceuticals | 4 |
Insurance | 4 |
Metals & Mining | 4 |
Other | 46 |
Total | 100% |
1 Year | 5 Years | Since inception | Inception date | ||
Class A shares at NAV2 | 14.90 % 3 | 5.11 % | 8.78 % | 7/1/13 | |
Class A shares at POP4,5 | 8.58 | 3.93 | 8.16 | 7/1/13 | |
Class C shares at NAV2 and with CDSC4 | 14.06 | 4.32 | 7.96 | 7/1/13 | |
Class P shares at NAV2 | 15.16 3 | 5.37 | 9.05 | 7/1/13 | |
Institutional Class shares at NAV2 | 15.32 | 5.48 | 9.16 | 7/1/13 | |
Class R6 shares at NAV2 | 15.38 | — | 4.55 | 8/22/18 | |
Russell 2000® Index | 12.31 | 4.21 | — 6 | — | |
Fund Expense Ratios7: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 2.02%, Net 1.99%; Class P shares: Gross 0.99%, Net 0.99%; Institutional Class shares: Gross 0.99%, Net 0.89%; Class R6 shares: Gross 0.91%, Net 0.84%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
5 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
6 | The since inception index returned 8.12% from the inception date of Class A shares, Class C shares, Class P shares, and Institutional Class shares and 3.30% from the inception date of Class R6 shares. |
7 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A : RAGTX | |
Class C: RCGTX | |
Class P: ARTPX | |
Institutional Class: DRGTX | |
Administrative Class: DGTAX |
Zevenbergen Capital Investments LLC
■ | The Fund is non-diversified and has an investment objective of seeking long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended June 30, 2023, the Fund’s Class A shares at NAV returned 32.14%, Class C shares at NAV returned 31.15%, Class P shares at NAV returned 32.52%, Institutional Class shares at NAV returned 32.48%, and Administrative Class shares at NAV returned 32.07%. For the same period, the S&P North American Technology Sector Index, the Fund’s style-specific benchmark appropriate for comparison, returned 33.71% and Nasdaq Composite® Index, a broad-based index, returned 26.14%. |
Software | 25% |
Semiconductors & Semiconductor Equipment | 21 |
Interactive Media & Services | 12 |
Broadline Retail | 11 |
Technology Hardware, Storage & Peripherals | 8 |
IT Services | 6 |
Automobiles | 5 |
Media | 3 |
Financial Services | 2 |
Ground Transportation | 2 |
Other | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | 32.14 % | 13.44% | 17.54% | |
Class A shares at POP3,4 | 24.87 | 12.16 | 16.87 | |
Class C shares at NAV2 and with CDSC4 | 31.15 | 12.59 | 16.66 | |
Class P shares at NAV2 | 32.52 | 13.74 | 17.84 | |
Institutional Class shares at NAV2 | 32.48 | 13.79 | 17.92 | |
Administrative Class shares at NAV2 | 32.07 | 13.48 | 17.61 | |
Nasdaq Composite® Index | 26.14 | 13.93 | 16.21 | |
S&P North American Technology Index | 33.71 | 16.31 | 19.43 | |
Fund Expense Ratios5: Class A shares: Gross 1.42%, Net 1.42%; Class C shares: Gross 2.16%, Net 2.16%; Class P shares: Gross 1.17%, Net 1.17%; Institutional Class shares: Gross 1.16%, Net 1.16%; Administrative Class shares: Gross 1.71%, Net 1.47%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective October 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through October 31, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
June 30, 2023
Shares | Value | ||
Preferred Stock—1.5% | |||
Brazil—1.5% | |||
Gerdau S.A., 13.100% | 361,815 | $ 1,894 | |
Total Preferred Stock (Identified Cost $1,647) | 1,894 | ||
Common Stocks—94.3% | |||
Bermuda—2.4% | |||
Jardine Matheson Holdings Ltd. | 41,200 | 2,089 | |
Kunlun Energy Co., Ltd. | 1,234,000 | 972 | |
3,061 | |||
Brazil—6.9% | |||
Ambev S.A. | 389,100 | 1,253 | |
Banco do Brasil S.A. | 148,200 | 1,532 | |
CPFL Energia S.A. | 447,700 | 3,202 | |
Klabin S.A. | 346,500 | 1,580 | |
Vale S.A. | 98,100 | 1,318 | |
8,885 | |||
Cayman Islands—2.9% | |||
iQIYI, Inc. ADR(1) | 440,683 | 2,353 | |
Vipshop Holdings Ltd. ADR(1) | 85,538 | 1,412 | |
3,765 | |||
China—22.4% | |||
Alibaba Group Holding Ltd.(1) | 115,900 | 1,206 | |
Bank of Jiangsu Co., Ltd. Class A(1) | 1,855,400 | 1,881 | |
BYD Co., Ltd. Class H | 25,500 | 818 | |
China Construction Bank Corp. Class H | 1,920,000 | 1,243 | |
China Energy Engineering Corp., Ltd. Class A | 3,352,500 | 1,081 | |
China Railway Group Ltd. Class A | 911,200 | 953 | |
China Railway Signal & Communication Corp., Ltd. Class A | 981,064 | 784 | |
China State Construction Engineering Corp., Ltd. Class A | 1,698,300 | 1,343 | |
ENN Natural Gas Co., Ltd. Class A | 856,600 | 2,240 | |
Industrial & Commercial Bank of China Ltd. Class H | 1,445,000 | 772 | |
Lenovo Group Ltd. | 704,000 | 738 | |
NetEase, Inc. | 49,100 | 951 | |
People’s Insurance Co. Group of China Ltd. (The) Class H | 3,722,000 | 1,352 | |
PetroChina Co., Ltd. Class H | 7,056,000 | 4,899 | |
Postal Savings Bank of China Co., Ltd. Class H | 1,927,000 | 1,188 |
Shares | Value | ||
China—continued | |||
Sinopharm Group Co., Ltd. Class H | 463,600 | $ 1,451 | |
Tencent Holdings Ltd. | 106,900 | 4,533 | |
Yum China Holdings, Inc. | 22,090 | 1,248 | |
28,681 | |||
Hong Kong—0.7% | |||
CSPC Pharmaceutical Group Ltd. | 974,000 | 848 | |
Hungary—1.3% | |||
OTP Bank Nyrt | 46,055 | 1,636 | |
India—14.0% | |||
Axis Bank Ltd. | 83,220 | 1,004 | |
Britannia Industries Ltd. | 22,897 | 1,404 | |
GAIL India Ltd. | 489,305 | 628 | |
HDFC Bank Ltd. | 45,633 | 947 | |
ICICI Bank Ltd. Sponsored ADR | 63,194 | 1,458 | |
ITC Ltd. | 814,758 | 4,493 | |
Oil & Natural Gas Corp., Ltd. | 686,269 | 1,343 | |
Power Finance Corp., Ltd. | 726,480 | 1,917 | |
State Bank of India | 373,385 | 2,615 | |
Tata Consultancy Services Ltd. | 13,400 | 541 | |
Vedanta Ltd. | 469,035 | 1,598 | |
17,948 | |||
Indonesia—2.7% | |||
Astra International Tbk PT | 2,511,500 | 1,139 | |
Bank Central Asia Tbk PT | 1,316,400 | 808 | |
Bank Mandiri Persero Tbk PT | 4,247,700 | 1,478 | |
3,425 | |||
Mexico—6.2% | |||
America Movil SAB de C.V.(1) | 1,739,000 | 1,888 | |
Coca-Cola Femsa SAB de C.V. | 144,380 | 1,206 | |
Grupo Aeroportuario del Pacifico SAB de C.V. Class B | 120,100 | 2,161 | |
Grupo Financiero Banorte SAB de C.V. Class O | 240,600 | 1,979 | |
Kimberly-Clark de Mexico SAB de C.V. Class A | 312,200 | 697 | |
7,931 | |||
Poland—0.7% | |||
Powszechna Kasa Oszczednosci Bank Polski S.A. | 107,993 | 960 | |
Russia—0.0% | |||
Gazprom PJSC(1)(2)(3) | 1,323,341 | 1 |
Shares | Value | ||
Russia—continued | |||
LUKOIL PJSC Sponsored ADR(1)(2)(3) | 55,455 | $ — (4) | |
1 | |||
Saudi Arabia—0.6% | |||
Leejam Sports Co. JSC | 23,108 | 795 | |
South Africa—1.4% | |||
Absa Group Ltd. | 120,992 | 1,079 | |
Sibanye Stillwater Ltd. ADR | 105,613 | 659 | |
1,738 | |||
South Korea—10.3% | |||
GS Engineering & Construction Corp. | 133,028 | 1,895 | |
Hana Financial Group, Inc. | 22,746 | 679 | |
Hanwha Aerospace Co., Ltd. | 15,471 | 1,498 | |
Kia Corp. | 41,793 | 2,815 | |
Samsung C&T Corp. | 11,503 | 926 | |
Samsung Electronics Co., Ltd. | 96,531 | 5,315 | |
13,128 | |||
Taiwan—17.2% | |||
Asustek Computer, Inc. | 71,000 | 719 | |
Compal Electronics, Inc. | 1,703,000 | 1,602 | |
CTBC Financial Holding Co., Ltd. | 1,198,000 | 958 | |
Gigabyte Technology Co., Ltd. | 329,000 | 2,580 | |
Hon Hai Precision Industry Co., Ltd. | 268,000 | 974 | |
Micro-Star International Co., Ltd. | 581,000 | 3,304 | |
Novatek Microelectronics Corp. | 273,000 | 3,748 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 439,000 | 8,110 | |
21,995 | |||
Thailand—0.4% | |||
Tipco Asphalt PCL Foreign Shares | 1,076,700 | 568 | |
Turkey—1.0% | |||
KOC Holding AS | 319,361 | 1,273 | |
United Arab Emirates—0.4% | |||
Emirates NBD Bank PJSC | 134,956 | 546 |
Shares | Value | ||
United States—2.8% | |||
Starbucks Corp. | 35,620 | $ 3,528 | |
Total Common Stocks (Identified Cost $109,368) | 120,712 | ||
Total Long-Term Investments—95.8% (Identified Cost $111,015) | 122,606 | ||
TOTAL INVESTMENTS—95.8% (Identified Cost $111,015) | $122,606 | ||
Other assets and liabilities, net—4.2% | 5,353 | ||
NET ASSETS—100.0% | $127,959 |
Abbreviations: | |
ADR | American Depositary Receipt |
JSC | Joint Stock Company |
PJSC | Public Joint Stock Company |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(3) | The Fund is unable to trade and repatriate proceeds due to U.S. sanctions related to the Russia/Ukraine war. |
(4) | Amount is less than $500 (not in thousands). |
Country Weightings (Unaudited)† | |
China | 23% |
Taiwan | 18 |
India | 15 |
South Korea | 11 |
Brazil | 9 |
Mexico | 6 |
Cayman Islands | 3 |
Other | 15 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Equity Securities: | |||||||
Common Stocks | $120,712 | $33,763 | $86,948 | $ 1 | |||
Preferred Stock | 1,894 | 1,894 | — | — | |||
Total Investments | $122,606 | $35,657 | $86,948 | $ 1 |
June 30, 2023
Par Value | Value | ||
Convertible Bonds and Notes—24.1% | |||
Auto Manufacturers—0.4% | |||
Ford Motor Co. 0.000%, 3/15/26 | $ 6,700 | $ 7,340 | |
Lucid Group, Inc. 144A 1.250%, 12/15/26(1) | 17,880 | 11,425 | |
18,765 | |||
Banks—0.5% | |||
BofA Finance LLC 0.600%, 5/25/27 | 22,120 | 25,547 | |
Biotechnology—1.3% | |||
Alnylam Pharmaceuticals, Inc. 144A 1.000%, 9/15/27(1) | 12,410 | 11,837 | |
BioMarin Pharmaceutical, Inc. | |||
0.599%, 8/1/24 | 3,550 | 3,487 | |
1.250%, 5/15/27 | 8,620 | 8,666 | |
Bridgebio Pharma, Inc. 2.250%, 2/1/29 | 12,175 | 7,474 | |
Guardant Health, Inc. 0.000%, 11/15/27 | 10,085 | 7,210 | |
Halozyme Therapeutics, Inc. 0.250%, 3/1/27 | 19,055 | 15,826 | |
Insmed, Inc. 0.750%, 6/1/28 | 4,225 | 3,544 | |
Livongo Health, Inc. 0.875%, 6/1/25 | 6,900 | 6,235 | |
Sarepta Therapeutics, Inc. 144A 1.250%, 9/15/27(1) | 1,830 | 1,980 | |
66,259 | |||
Commercial Services—1.5% | |||
Affirm Holdings, Inc. 0.000%, 11/15/26 | 17,000 | 12,548 | |
Block, Inc. | |||
0.125%, 3/1/25 | 5,735 | 5,405 | |
0.000%, 5/1/26 | 25,765 | 21,282 | |
0.250%, 11/1/27 | 2,860 | 2,193 | |
Chegg, Inc. 0.125%, 3/15/25 | 9,215 | 8,119 | |
Euronet Worldwide, Inc. 0.750%, 3/15/49 | 7,110 | 6,901 | |
Shift4 Payments, Inc. | |||
0.000%, 12/15/25 | 5,025 | 5,457 | |
0.500%, 8/1/27 | 16,220 | 14,306 | |
76,211 | |||
Computers—0.7% | |||
Lumentum Holdings, Inc. | |||
0.500%, 12/15/26 | 14,475 | 12,772 | |
0.500%, 6/15/28 | 17,745 | 13,954 | |
Zscaler, Inc. 0.125%, 7/1/25 | 10,055 | 11,719 | |
38,445 | |||
Par Value | Value | ||
Electric Utilities—0.3% | |||
Southern Co. (The) 144A 3.875%, 12/15/25(1) | $ 17,910 | $ 17,865 | |
Energy-Alternate Sources—0.7% | |||
Enphase Energy, Inc. | |||
0.000%, 3/1/26 | 10,400 | 9,771 | |
0.000%, 3/1/28 | 4,290 | 4,033 | |
SolarEdge Technologies, Inc. 0.000%, 9/15/25 | 4,665 | 5,533 | |
Sunnova Energy International, Inc. 144A 2.625%, 2/15/28(1) | 18,640 | 15,166 | |
34,503 | |||
Entertainment—0.6% | |||
DraftKings Holdings, Inc. 0.000%, 3/15/28 | 17,990 | 13,421 | |
Live Nation Entertainment, Inc. 2.000%, 2/15/25 | 5,555 | 5,897 | |
Vail Resorts, Inc. 0.000%, 1/1/26 | 10,560 | 9,431 | |
28,749 | |||
Financial Services—1.3% | |||
Coinbase Global, Inc. 0.500%, 6/1/26 | 21,960 | 16,502 | |
JPMorgan Chase Financial Co., LLC 0.500%, 6/15/27 | 21,000 | 25,368 | |
SoFi Technologies, Inc. 144A 0.000%, 10/15/26(1) | 21,245 | 16,401 | |
Upstart Holdings, Inc. 0.250%, 8/15/26 | 12,330 | 8,415 | |
66,686 | |||
Health Care REITs—0.5% | |||
Welltower OP LLC 144A 2.750%, 5/15/28(1) | 23,235 | 23,409 | |
Healthcare-Products—1.1% | |||
Envista Holdings Corp. 2.375%, 6/1/25 | 5,275 | 8,837 | |
Exact Sciences Corp. | |||
0.375%, 3/15/27 | 8,110 | 8,713 | |
0.375%, 3/1/28 | 20,895 | 21,379 | |
Novocure Ltd. 0.000%, 11/1/25 | 8,475 | 7,289 | |
Omnicell, Inc. 0.250%, 9/15/25 | 7,965 | 8,057 | |
54,275 | |||
Healthcare-Services—0.2% | |||
Teladoc Health, Inc. 1.250%, 6/1/27 | 11,000 | 8,745 | |
Hotel & Resort REITs—0.2% | |||
Pebblebrook Hotel Trust 1.750%, 12/15/26 | 12,180 | 10,282 |
Par Value | Value | ||
Internet—5.0% | |||
Etsy, Inc. | |||
0.125%, 9/1/27 | $ 4,955 | $ 4,130 | |
0.250%, 6/15/28 | 24,535 | 18,892 | |
Expedia Group, Inc. 0.000%, 2/15/26 | 23,335 | 20,390 | |
Match Group Financeco 2, Inc. 144A 0.875%, 6/15/26(1) | 10,295 | 9,226 | |
Match Group Financeco 3, Inc. 144A 2.000%, 1/15/30(1) | 6,620 | 5,941 | |
Okta, Inc. | |||
0.125%, 9/1/25 | 2,000 | 1,808 | |
0.375%, 6/15/26 | 3,405 | 2,906 | |
Opendoor Technologies, Inc. 144A 0.250%, 8/15/26(1) | 7,375 | 5,070 | |
Palo Alto Networks, Inc. 0.375%, 6/1/25 | 14,840 | 38,191 | |
Sea Ltd. 0.250%, 9/15/26 | 24,825 | 19,922 | |
Shopify, Inc. 0.125%, 11/1/25 | 13,000 | 11,778 | |
Snap, Inc. | |||
0.750%, 8/1/26 | 7,500 | 6,919 | |
0.000%, 5/1/27 | 7,755 | 5,739 | |
0.125%, 3/1/28 | 30,440 | 21,567 | |
Spotify U.S.A., Inc. 0.000%, 3/15/26 | 18,205 | 15,465 | |
Uber Technologies, Inc. 0.000%, 12/15/25 | 20,775 | 18,947 | |
Wayfair, Inc. 0.625%, 10/1/25 | 18,685 | 15,903 | |
Wix.com Ltd. 0.000%, 8/15/25 | 12,510 | 10,884 | |
Zillow Group, Inc. | |||
2.750%, 5/15/25 | 13,715 | 14,387 | |
1.375%, 9/1/26 | 5,500 | 6,916 | |
254,981 | |||
Leisure Time—0.5% | |||
NCL Corp., Ltd. 1.125%, 2/15/27 | 25,520 | 23,518 | |
Machinery-Diversified—0.2% | |||
Middleby Corp. (The) 1.000%, 9/1/25 | 10,440 | 12,961 | |
Media—1.1% | |||
DISH Network Corp. | |||
0.000%, 12/15/25 | 14,730 | 7,789 | |
3.375%, 8/15/26 | 7,890 | 4,004 | |
Liberty Broadband Corp. 144A 3.125%, 3/31/53(1) | 15,365 | 14,989 | |
Liberty Media Corp. | |||
1.375%, 10/15/23 | 7,310 | 8,454 | |
144A 0.500%, 12/1/50(1) | 19,030 | 21,087 | |
56,323 | |||
Par Value | Value | ||
Mining—0.2% | |||
MP Materials Corp. 144A 0.250%, 4/1/26(1) | $ 12,250 | $ 10,852 | |
Miscellaneous Manufacturing—0.4% | |||
Axon Enterprise, Inc. 144A 0.500%, 12/15/27(1) | 19,995 | 21,285 | |
Passenger Airlines—0.3% | |||
Southwest Airlines Co. 1.250%, 5/1/25 | 15,740 | 18,046 | |
Personal Care Product—0.1% | |||
Beauty Health Co. (The) 144A 1.250%, 10/1/26(1) | 8,140 | 6,385 | |
Pharmaceuticals—1.2% | |||
Clovis Oncology, Inc. 1.250%, 5/1/25(2) | 4,440 | 511 | |
Dexcom, Inc. | |||
0.250%, 11/15/25 | 25,070 | 26,762 | |
144A 0.375%, 5/15/28(1) | 9,155 | 9,333 | |
Jazz Investments I Ltd. 2.000%, 6/15/26 | 23,155 | 23,531 | |
60,137 | |||
Retail—0.2% | |||
Burlington Stores, Inc. 2.250%, 4/15/25 | 8,845 | 9,149 | |
Semiconductors—1.1% | |||
Microchip Technology, Inc. 0.125%, 11/15/24 | 22,135 | 25,040 | |
ON Semiconductor Corp. 144A 0.500%, 3/1/29(1) | 15,465 | 17,465 | |
Wolfspeed, Inc. 0.250%, 2/15/28 | 18,530 | 14,194 | |
56,699 | |||
Software—4.5% | |||
Akamai Technologies, Inc. | |||
0.125%, 5/1/25 | 12,050 | 12,856 | |
0.375%, 9/1/27 | 7,975 | 7,702 | |
Bentley Systems, Inc. | |||
0.125%, 1/15/26 | 775 | 797 | |
0.375%, 7/1/27 | 19,350 | 17,473 | |
BILL Holdings, Inc. 0.000%, 4/1/27 | 18,870 | 15,474 | |
BlackLine, Inc. 0.000%, 3/15/26 | 7,290 | 6,169 | |
Cloudflare, Inc. 0.000%, 8/15/26 | 15,450 | 13,109 | |
Confluent, Inc. 0.000%, 1/15/27 | 16,890 | 14,023 | |
Datadog, Inc. 0.125%, 6/15/25 | 8,930 | 11,082 | |
DigitalOcean Holdings, Inc. 0.000%, 12/1/26 | 17,485 | 13,657 | |
MicroStrategy, Inc. | |||
0.750%, 12/15/25 | 3,370 | 3,644 |
Par Value | Value | ||
Software—continued | |||
0.000%, 2/15/27 | $ 12,620 | $ 8,343 | |
MongoDB, Inc. 0.250%, 1/15/26 | 7,780 | 15,475 | |
Nutanix, Inc. 0.250%, 10/1/27 | 9,495 | 8,029 | |
RingCentral, Inc. 0.000%, 3/1/25 | 16,565 | 15,232 | |
Splunk, Inc. | |||
1.125%, 9/15/25 | 25,000 | 25,000 | |
1.125%, 6/15/27 | 6,025 | 5,197 | |
Tyler Technologies, Inc. 0.250%, 3/15/26 | 14,910 | 15,357 | |
Unity Software, Inc. 0.000%, 11/15/26 | 28,435 | 22,705 | |
231,324 | |||
Total Convertible Bonds and Notes (Identified Cost $1,428,818) | 1,231,401 | ||
Corporate Bonds and Notes—31.2% | |||
Advertising—0.2% | |||
Clear Channel Outdoor Holdings, Inc. | |||
144A 7.750%, 4/15/28(1) | 5,410 | 4,247 | |
144A 7.500%, 6/1/29(1) | 7,810 | 5,779 | |
10,026 | |||
Aerospace & Defense—0.4% | |||
Bombardier, Inc. 144A 7.500%, 2/1/29(1) | 13,020 | 12,868 | |
Spirit AeroSystems, Inc. 144A 9.375%, 11/30/29(1) | 900 | 963 | |
Triumph Group, Inc. 144A 9.000%, 3/15/28(1) | 8,445 | 8,623 | |
22,454 | |||
Auto Manufacturers—0.8% | |||
Ford Motor Co. | |||
9.625%, 4/22/30 | 2,075 | 2,414 | |
7.450%, 7/16/31 | 9,690 | 10,325 | |
6.100%, 8/19/32 | 13,425 | 13,011 | |
Ford Motor Credit Co. LLC | |||
5.113%, 5/3/29 | 2,245 | 2,082 | |
4.000%, 11/13/30 | 14,895 | 12,729 | |
40,561 | |||
Automobile Components—0.4% | |||
Goodyear Tire & Rubber Co. (The) 5.250%, 7/15/31 | 21,515 | 18,691 | |
Automotive Parts & Equipment—0.6% | |||
American Axle & Manufacturing, Inc. | |||
6.500%, 4/1/27 | 6,070 | 5,758 | |
5.000%, 10/1/29 | 7,700 | 6,419 |
Par Value | Value | ||
Automotive Parts & Equipment—continued | |||
Clarios Global LP | |||
144A 8.500%, 5/15/27(1) | $ 11,525 | $ 11,544 | |
144A 6.750%, 5/15/28(1) | 6,170 | 6,148 | |
29,869 | |||
Building Materials—0.7% | |||
Builders FirstSource, Inc. | |||
144A 4.250%, 2/1/32(1) | 10,405 | 9,054 | |
144A 6.375%, 6/15/32(1) | 8,065 | 8,012 | |
Griffon Corp. 5.750%, 3/1/28 | 9,175 | 8,578 | |
Summit Materials LLC 144A 5.250%, 1/15/29(1) | 11,970 | 11,309 | |
36,953 | |||
Chemicals—0.7% | |||
Chemours Co. (The) | |||
144A 5.750%, 11/15/28(1) | 6,355 | 5,839 | |
144A 4.625%, 11/15/29(1) | 13,120 | 11,088 | |
Tronox, Inc. 144A 4.625%, 3/15/29(1) | 10,895 | 9,054 | |
WR Grace Holdings LLC 144A 5.625%, 8/15/29(1) | 11,740 | 9,619 | |
35,600 | |||
Commercial Services—1.5% | |||
ADT Security Corp. (The) 144A 4.125%, 8/1/29(1) | 15,625 | 13,496 | |
Avis Budget Car Rental LLC | |||
144A 5.750%, 7/15/27(1) | 6,905 | 6,625 | |
144A 5.375%, 3/1/29(1) | 5,680 | 5,268 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 5,540 | 4,338 | |
Herc Holdings, Inc. 144A 5.500%, 7/15/27(1) | 10,975 | 10,516 | |
Hertz Corp. (The) 144A 5.000%, 12/1/29(1) | 13,315 | 11,007 | |
Monitronics International Escrow 9.125%, 4/1/20(3) | 6,450 | — | |
NESCO Holdings II, Inc. 144A 5.500%, 4/15/29(1) | 12,150 | 10,874 | |
United Rentals North America, Inc. 5.250%, 1/15/30 | 11,630 | 11,101 | |
Williams Scotsman International, Inc. 144A 6.125%, 6/15/25(1) | 3,246 | 3,222 | |
76,447 | |||
Par Value | Value | ||
Computers—0.8% | |||
McAfee Corp. 144A 7.375%, 2/15/30(1) | $ 11,960 | $ 10,400 | |
NCR Corp. | |||
144A 5.125%, 4/15/29(1) | 6,625 | 5,865 | |
144A 6.125%, 9/1/29(1) | 5,440 | 5,445 | |
Seagate HDD Cayman 144A 8.500%, 7/15/31(1) | 7,320 | 7,676 | |
Western Digital Corp. 4.750%, 2/15/26 | 10,985 | 10,463 | |
39,849 | |||
Containers & Packaging—0.9% | |||
Berry Global, Inc. 144A 5.625%, 7/15/27(1) | 13,090 | 12,812 | |
Mauser Packaging Solutions Holding Co. 144A 7.875%, 8/15/26(1) | 10,755 | 10,685 | |
Owens-Brockway Glass Container, Inc. 144A 7.250%, 5/15/31(1) | 6,225 | 6,303 | |
Sealed Air Corp. 144A 5.000%, 4/15/29(1) | 2,300 | 2,140 | |
Trivium Packaging Finance B.V. 144A 8.500%, 8/15/27(1) | 12,770 | 12,292 | |
44,232 | |||
Diversified REITS—0.7% | |||
Iron Mountain Information Management Services, Inc. 144A 5.000%, 7/15/32(1) | 7,535 | 6,504 | |
Iron Mountain, Inc. | |||
144A 7.000%, 2/15/29(1) | 13,125 | 13,147 | |
144A 5.250%, 7/15/30(1) | 10,050 | 9,056 | |
SBA Communications Corp. 3.125%, 2/1/29 | 11,135 | 9,439 | |
38,146 | |||
Electronic Equipment, Instruments & Components—0.2% | |||
WESCO Distribution, Inc. 144A 7.250%, 6/15/28(1) | 11,220 | 11,445 | |
Electronics—0.3% | |||
Coherent Corp. 144A 5.000%, 12/15/29(1) | 11,315 | 10,213 | |
Sensata Technologies B.V. 144A 5.875%, 9/1/30(1) | 2,895 | 2,815 | |
13,028 | |||
Par Value | Value | ||
Engineering & Construction—0.1% | |||
AECOM 5.125%, 3/15/27 | $ 4,625 | $ 4,475 | |
Entertainment—1.5% | |||
AMC Entertainment Holdings, Inc. 144A 7.500%, 2/15/29(1) | 3,600 | 2,531 | |
Caesars Entertainment, Inc. | |||
144A 8.125%, 7/1/27(1) | 11,990 | 12,271 | |
144A 7.000%, 2/15/30(1) | 5,000 | 5,021 | |
CDI Escrow Issuer, Inc. 144A 5.750%, 4/1/30(1) | 10,035 | 9,341 | |
International Game Technology plc | |||
144A 4.125%, 4/15/26(1) | 7,305 | 6,937 | |
144A 6.250%, 1/15/27(1) | 3,200 | 3,188 | |
Lions Gate Capital Holdings LLC 144A 5.500%, 4/15/29(1) | 10,975 | 7,948 | |
Live Nation Entertainment, Inc. | |||
144A 6.500%, 5/15/27(1) | 2,065 | 2,076 | |
144A 4.750%, 10/15/27(1) | 14,410 | 13,437 | |
Scientific Games International, Inc. 144A 8.625%, 7/1/25(1) | 2,750 | 2,809 | |
SeaWorld Parks & Entertainment, Inc. 144A 5.250%, 8/15/29(1) | 13,460 | 12,048 | |
77,607 | |||
Environmental Services—0.3% | |||
GFL Environmental, Inc. 144A 4.750%, 6/15/29(1) | 14,905 | 13,617 | |
Equity Real Estate Investment Trusts (REITs)—0.2% | |||
Brookfield Property REIT, Inc. 144A 4.500%, 4/1/27(1) | 9,205 | 7,752 | |
Financial Services—1.3% | |||
Nationstar Mortgage Holdings, Inc. | |||
144A 5.500%, 8/15/28(1) | 13,230 | 11,589 | |
144A 5.750%, 11/15/31(1) | 8,870 | 7,286 | |
Navient Corp. | |||
6.750%, 6/15/26 | 10,725 | 10,341 | |
5.000%, 3/15/27 | 12,315 | 11,017 | |
4.875%, 3/15/28 | 7,065 | 6,050 | |
9.375%, 7/25/30 | 1,000 | 995 | |
OneMain Finance Corp. | |||
6.625%, 1/15/28 | 9,655 | 9,107 | |
9.000%, 1/15/29 | 1,850 | 1,866 | |
5.375%, 11/15/29 | 7,480 | 6,359 |
Par Value | Value | ||
Financial Services—continued | |||
PRA Group, Inc. 144A 8.375%, 2/1/28(1) | $ 3,755 | $ 3,403 | |
68,013 | |||
Food & Beverage—0.9% | |||
Kraft Heinz Foods Co. 5.000%, 7/15/35 | 8,175 | 8,053 | |
Performance Food Group, Inc. | |||
144A 5.500%, 10/15/27(1) | 7,630 | 7,352 | |
144A 4.250%, 8/1/29(1) | 10,125 | 9,014 | |
Post Holdings, Inc. | |||
144A 5.500%, 12/15/29(1) | 3,660 | 3,377 | |
144A 4.500%, 9/15/31(1) | 9,420 | 8,045 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 6,935 | 5,557 | |
US Foods, Inc. 144A 4.750%, 2/15/29(1) | 5,350 | 4,898 | |
46,296 | |||
Food Service—0.2% | |||
Aramark Services, Inc. 144A 5.000%, 2/1/28(1) | 8,355 | 7,875 | |
Healthcare-Products—0.3% | |||
Medline Borrower LP 144A 5.250%, 10/1/29(1) | 18,020 | 15,636 | |
Healthcare-Services—1.1% | |||
Centene Corp. 4.625%, 12/15/29 | 2,490 | 2,292 | |
Community Health Systems, Inc. | |||
144A 5.625%, 3/15/27(1) | 6,495 | 5,724 | |
144A 6.875%, 4/15/29(1) | 9,715 | 6,067 | |
Select Medical Corp. 144A 6.250%, 8/15/26(1) | 11,245 | 11,052 | |
Tenet Healthcare Corp. 6.125%, 10/1/28 | 34,410 | 33,126 | |
58,261 | |||
Home Builders—0.2% | |||
Taylor Morrison Communities, Inc. 144A 5.750%, 1/15/28(1) | 7,925 | 7,663 | |
Hotel & Resort REITs—0.6% | |||
Park Intermediate Holdings LLC | |||
144A 5.875%, 10/1/28(1) | 8,830 | 8,101 | |
144A 4.875%, 5/15/29(1) | 9,060 | 7,808 | |
Service Properties Trust | |||
4.500%, 3/15/25 | 5,185 | 4,898 | |
7.500%, 9/15/25 | 5,355 | 5,259 |
Par Value | Value | ||
Hotel & Resort REITs—continued | |||
4.375%, 2/15/30 | $ 5,355 | $ 4,005 | |
30,071 | |||
Household Products/Wares—0.1% | |||
Spectrum Brands, Inc. 144A 3.875%, 3/15/31(1) | 8,430 | 6,913 | |
Housewares—0.0% | |||
Newell Brands, Inc. 6.625%, 9/15/29 | 1,165 | 1,117 | |
Internet—0.5% | |||
Gen Digital, Inc. 144A 7.125%, 9/30/30(1) | 5,500 | 5,509 | |
Uber Technologies, Inc. | |||
144A 8.000%, 11/1/26(1) | 4,925 | 5,019 | |
144A 7.500%, 9/15/27(1) | 13,190 | 13,492 | |
144A 6.250%, 1/15/28(1) | 2,410 | 2,398 | |
26,418 | |||
Investment Companies—0.3% | |||
Compass Group Diversified Holdings LLC | |||
144A 5.250%, 4/15/29(1) | 14,195 | 12,442 | |
144A 5.000%, 1/15/32(1) | 3,650 | 2,946 | |
15,388 | |||
Iron & Steel—0.2% | |||
Cleveland-Cliffs, Inc. 144A 6.750%, 3/15/26(1) | 4,870 | 4,921 | |
United States Steel Corp. 6.875%, 3/1/29 | 7,210 | 7,132 | |
12,053 | |||
Leisure Time—1.1% | |||
Carnival Corp. | |||
144A 10.500%, 2/1/26(1) | 7,675 | 8,068 | |
144A 5.750%, 3/1/27(1) | 8,455 | 7,784 | |
144A 6.000%, 5/1/29(1) | 10,775 | 9,620 | |
144A 10.500%, 6/1/30(1) | 5,405 | 5,734 | |
NCL Corp., Ltd. | |||
144A 5.875%, 3/15/26(1) | 12,550 | 11,741 | |
144A 7.750%, 2/15/29(1) | 2,280 | 2,166 | |
Royal Caribbean Cruises Ltd. | |||
144A 11.500%, 6/1/25(1) | 1,407 | 1,493 | |
144A 5.375%, 7/15/27(1) | 6,590 | 6,162 | |
144A 5.500%, 4/1/28(1) | 6,100 | 5,688 | |
58,456 | |||
Lodging—0.6% | |||
Boyd Gaming Corp. 144A 4.750%, 6/15/31(1) | 6,045 | 5,400 | |
Hilton Domestic Operating Co., Inc. 144A 4.000%, 5/1/31(1) | 9,890 | 8,589 |
Par Value | Value | ||
Lodging—continued | |||
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | $ 8,230 | $ 7,304 | |
MGM Resorts International 4.750%, 10/15/28 | 7,595 | 6,896 | |
28,189 | |||
Machinery-Construction & Mining—0.1% | |||
Terex Corp. 144A 5.000%, 5/15/29(1) | 7,100 | 6,601 | |
Machinery-Diversified—0.2% | |||
Chart Industries, Inc. 144A 7.500%, 1/1/30(1) | 9,100 | 9,284 | |
Media—3.6% | |||
CCO Holdings LLC | |||
4.500%, 5/1/32 | 6,375 | 5,090 | |
144A 5.375%, 6/1/29(1) | 14,405 | 13,023 | |
144A 6.375%, 9/1/29(1) | 12,135 | 11,433 | |
144A 7.375%, 3/1/31(1) | 2,400 | 2,339 | |
CSC Holdings LLC | |||
144A 7.500%, 4/1/28(1) | 14,490 | 8,259 | |
144A 5.750%, 1/15/30(1) | 3,000 | 1,416 | |
DirecTV Financing LLC 144A 5.875%, 8/15/27(1) | 15,910 | 14,409 | |
DISH DBS Corp. | |||
7.375%, 7/1/28 | 21,985 | 11,762 | |
144A 5.750%, 12/1/28(1) | 9,505 | 7,070 | |
DISH Network Corp. 144A 11.750%, 11/15/27(1) | 4,500 | 4,392 | |
Gray Escrow II, Inc. 144A 5.375%, 11/15/31(1) | 14,095 | 9,342 | |
Gray Television, Inc. | |||
144A 7.000%, 5/15/27(1) | 8,470 | 7,226 | |
144A 4.750%, 10/15/30(1) | 2,325 | 1,577 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 11,905 | 7,931 | |
Nexstar Media, Inc. | |||
144A 5.625%, 7/15/27(1) | 13,405 | 12,495 | |
144A 4.750%, 11/1/28(1) | 5,800 | 5,032 | |
Scripps Escrow II, Inc. 144A 5.375%, 1/15/31(1) | 13,495 | 9,511 | |
Sirius XM Radio, Inc. | |||
144A 4.000%, 7/15/28(1) | 9,960 | 8,654 | |
144A 4.125%, 7/1/30(1) | 9,665 | 7,892 | |
TEGNA, Inc. 5.000%, 9/15/29 | 10,150 | 8,757 | |
Virgin Media Finance plc 144A 5.000%, 7/15/30(1) | 8,345 | 6,643 | |
Virgin Media Secured Finance plc | |||
144A 5.500%, 5/15/29(1) | 12,100 | 10,945 |
Par Value | Value | ||
Media—continued | |||
144A 4.500%, 8/15/30(1) | $ 9,225 | $ 7,733 | |
182,931 | |||
Mining—0.3% | |||
FMG Resources August 2006 Pty Ltd. 144A 4.375%, 4/1/31(1) | 4,130 | 3,526 | |
Hudbay Minerals, Inc. | |||
144A 4.500%, 4/1/26(1) | 9,720 | 9,051 | |
144A 6.125%, 4/1/29(1) | 5,375 | 4,949 | |
17,526 | |||
Oil, Gas & Consumable Fuels—2.4% | |||
Callon Petroleum Co. | |||
144A 8.000%, 8/1/28(1) | 13,490 | 13,340 | |
144A 7.500%, 6/15/30(1) | 7,640 | 7,211 | |
CITGO Petroleum Corp. 144A 6.375%, 6/15/26(1) | 6,385 | 6,145 | |
Civitas Resources, Inc. 144A 8.750%, 7/1/31(1) | 11,905 | 12,069 | |
CNX Resources Corp. 144A 7.375%, 1/15/31(1) | 4,510 | 4,388 | |
Cobalt International Energy, Inc. 7.750%, 12/1/23(2)(3) | 9,216 | — (4) | |
Comstock Resources, Inc. | |||
144A 6.750%, 3/1/29(1) | 8,700 | 7,960 | |
144A 5.875%, 1/15/30(1) | 6,595 | 5,726 | |
Mesquite Energy, Inc. 0.000%, 1/15/23(3) | 6,240 | 94 | |
Northern Oil & Gas, Inc. 144A 8.750%, 6/15/31(1) | 6,295 | 6,185 | |
Occidental Petroleum Corp. | |||
8.875%, 7/15/30 | 6,600 | 7,586 | |
6.625%, 9/1/30 | 1,610 | 1,673 | |
SM Energy Co. | |||
6.625%, 1/15/27 | 7,980 | 7,751 | |
6.500%, 7/15/28 | 7,075 | 6,792 | |
Southwestern Energy Co. | |||
5.375%, 3/15/30 | 12,115 | 11,306 | |
4.750%, 2/1/32 | 4,720 | 4,160 | |
USA Compression Partners LP 6.875%, 9/1/27 | 12,545 | 11,979 | |
Weatherford International Ltd. 144A 8.625%, 4/30/30(1) | 8,565 | 8,695 | |
123,060 | |||
Paper & Forest Products—0.2% | |||
Mercer International, Inc. 5.125%, 2/1/29 | 10,985 | 8,549 |
Par Value | Value | ||
Passenger Airlines—0.4% | |||
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | $ 3,875 | $ 4,249 | |
144A 5.750%, 4/20/29(1) | 14,125 | 13,715 | |
17,964 | |||
Personal Care Product—0.2% | |||
Coty, Inc. 144A 6.500%, 4/15/26(1) | 11,185 | 11,089 | |
Pharmaceuticals—0.9% | |||
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1) | 32,710 | 17,906 | |
Jazz Securities DAC 144A 4.375%, 1/15/29(1) | 11,825 | 10,550 | |
Organon & Co. 144A 5.125%, 4/30/31(1) | 16,695 | 13,774 | |
Prestige Brands, Inc. 144A 5.125%, 1/15/28(1) | 5,645 | 5,359 | |
47,589 | |||
Pipelines—0.9% | |||
Antero Midstream Partners LP 144A 5.375%, 6/15/29(1) | 8,185 | 7,605 | |
Crestwood Midstream Partners LP 144A 6.000%, 2/1/29(1) | 11,805 | 11,023 | |
EQM Midstream Partners LP 144A 6.500%, 7/1/27(1) | 4,470 | 4,409 | |
NGL Energy Operating LLC 144A 7.500%, 2/1/26(1) | 13,315 | 13,114 | |
NuStar Logistics LP 6.375%, 10/1/30 | 9,135 | 8,715 | |
44,866 | |||
Real Estate—0.2% | |||
Kennedy-Wilson, Inc. 5.000%, 3/1/31 | 12,550 | 9,392 | |
Retail—1.1% | |||
Asbury Automotive Group, Inc. | |||
4.750%, 3/1/30 | 6,155 | 5,469 | |
144A 5.000%, 2/15/32(1) | 4,280 | 3,727 | |
Bath & Body Works, Inc. 144A 6.625%, 10/1/30(1) | 14,795 | 14,283 | |
Macy’s Retail Holdings LLC | |||
144A 5.875%, 3/15/30(1) | 4,510 | 4,019 | |
144A 6.125%, 3/15/32(1) | 6,250 | 5,468 | |
Mariposa Borrower, Inc. Escrow 8.000%, 10/15/23(3) | 6,810 | 2,202 |
Par Value | Value | ||
Retail—continued | |||
New Red Finance, Inc. 144A 4.000%, 10/15/30(1) | $ 12,185 | $ 10,428 | |
Yum! Brands, Inc. 4.625%, 1/31/32 | 9,655 | 8,722 | |
54,318 | |||
Semiconductors—0.1% | |||
Amkor Technology, Inc. 144A 6.625%, 9/15/27(1) | 3,650 | 3,657 | |
Software—0.7% | |||
Alteryx, Inc. 144A 8.750%, 3/15/28(1) | 6,870 | 6,748 | |
Clarivate Science Holdings Corp. 144A 4.875%, 7/1/29(1) | 10,575 | 9,381 | |
Consensus Cloud Solutions, Inc. | |||
144A 6.000%, 10/15/26(1) | 3,065 | 2,782 | |
144A 6.500%, 10/15/28(1) | 6,765 | 5,784 | |
SS&C Technologies, Inc. 144A 5.500%, 9/30/27(1) | 10,885 | 10,421 | |
35,116 | |||
Telecommunications—1.8% | |||
CommScope Technologies LLC 144A 5.000%, 3/15/27(1) | 10,105 | 7,034 | |
CommScope, Inc. 144A 6.000%, 3/1/26(1) | 2,000 | 1,864 | |
Frontier Communications Holdings LLC | |||
144A 5.000%, 5/1/28(1) | 10,165 | 8,771 | |
144A 6.000%, 1/15/30(1) | 12,310 | 9,055 | |
144A 8.750%, 5/15/30(1) | 2,420 | 2,365 | |
Hughes Satellite Systems Corp. 6.625%, 8/1/26 | 13,080 | 12,230 | |
Lumen Technologies, Inc. | |||
144A 5.125%, 12/15/26(1) | 9,205 | 6,379 | |
144A 5.375%, 6/15/29(1) | 23,075 | 11,557 | |
Sprint LLC | |||
7.125%, 6/15/24 | 6,860 | 6,921 | |
7.625%, 3/1/26 | 7,435 | 7,723 | |
T-Mobile USA, Inc. | |||
4.750%, 2/1/28 | 450 | 437 | |
3.375%, 4/15/29 | 8,250 | �� 7,450 | |
3.500%, 4/15/31 | 14,160 | 12,495 |
Par Value | Value | ||
Telecommunications—continued | |||
Windstream Services LLC 144A 6.375%, 8/1/23(1)(2)(3) | $ 7,464 | $ — | |
94,281 | |||
Transportation—0.4% | |||
Fortress Transportation & Infrastructure Investors LLC | |||
144A 9.750%, 8/1/27(1) | 8,420 | 8,696 | |
144A 5.500%, 5/1/28(1) | 7,450 | 6,817 | |
XPO, Inc. 144A 7.125%, 6/1/31(1) | 5,365 | 5,406 | |
20,919 | |||
Total Corporate Bonds and Notes (Identified Cost $1,844,539) | 1,590,243 |
Shares | ||
Convertible Preferred Stocks—2.4% | ||
Banks—1.3% | ||
Bank of America Corp. Series L, 7.250% | 21,900 | 25,663 |
Wells Fargo & Co. Series L, 7.500% | 35,490 | 40,884 |
66,547 | ||
Capital Markets—0.5% | ||
KKR & Co., Inc. Series C, 6.000% | 360,205 | 23,810 |
Electric Utilities—0.5% | ||
NextEra Energy, Inc., 6.219% | 543,655 | 26,656 |
Professional Services—0.1% | ||
Clarivate plc Series A, 5.250% | 140,520 | 5,768 |
Total Convertible Preferred Stocks (Identified Cost $147,123) | 122,781 | |
Preferred Stock—0.1% | ||
Entertainment—0.1% | ||
LiveStyle, Inc. Series B (3)(5)(6) | 27,523 | 2,227 |
Total Preferred Stock (Identified Cost $2,698) | 2,227 | |
Shares | Value | ||
Common Stocks—37.1% | |||
Aerospace & Defense—0.6% | |||
Raytheon Technologies Corp. | 294,315 | $ 28,831 | |
Air Freight & Logistics—0.6% | |||
FedEx Corp. | 123,255 | 30,555 | |
Automobile Components—0.3% | |||
Aptiv plc(5) | 164,330 | 16,777 | |
Automobiles—1.5% | |||
Tesla, Inc.(5) | 287,883 | 75,359 | |
Banks—1.3% | |||
CCF Holdings LLC (3)(5) | 7,416,755 | 4,969 | |
CCF Holdings LLC Class M(3)(5) | 1,759,917 | 1,179 | |
JPMorgan Chase & Co.(7) | 211,475 | 30,757 | |
Wells Fargo & Co. | 665,555 | 28,406 | |
65,311 | |||
Biotechnology—0.4% | |||
AbbVie, Inc. | 140,382 | 18,914 | |
Broadline Retail—1.5% | |||
Amazon.com, Inc.(5)(7) | 578,270 | 75,383 | |
Capital Markets—1.0% | |||
CME Group, Inc. Class A | 91,265 | 16,911 | |
Moody’s Corp. | 100,300 | 34,876 | |
51,787 | |||
Chemicals—0.9% | |||
DuPont de Nemours, Inc. | 405,835 | 28,993 | |
Sherwin-Williams Co. (The) | 62,925 | 16,708 | |
45,701 | |||
Commercial Services & Supplies—0.3% | |||
Waste Management, Inc. | 85,270 | 14,788 | |
Communications Equipment—0.3% | |||
Cisco Systems, Inc. | 299,340 | 15,488 | |
Consumer Finance—0.5% | |||
Capital One Financial Corp.(7) | 216,470 | 23,675 | |
Erickson, Inc.(3)(5) | 10,866 | 335 | |
24,010 | |||
Consumer Staples Distribution & Retail—0.7% | |||
Costco Wholesale Corp.(7) | 57,075 | 30,728 | |
Target Corp. | 54,415 | 7,177 | |
37,905 | |||
Electric Utilities—0.9% | |||
Exelon Corp. | 1,109,750 | 45,211 |
Shares | Value | ||
Electrical Equipment—0.2% | |||
Generac Holdings, Inc.(5) | 49,720 | $ 7,415 | |
Plug Power, Inc.(5) | 437,288 | 4,543 | |
11,958 | |||
Energy Equipment & Services—0.5% | |||
Schlumberger N.V.(7) | 524,555 | 25,766 | |
Entertainment—0.0% | |||
LiveStyle, Inc. (3)(5)(6) | 202,319 | — | |
Financial Services—1.1% | |||
Mastercard, Inc. Class A(7) | 145,015 | 57,034 | |
Ground Transportation—1.0% | |||
Uber Technologies, Inc.(5)(7) | 341,745 | 14,753 | |
Union Pacific Corp. | 188,945 | 38,662 | |
53,415 | |||
Healthcare Equipment & Supplies—1.5% | |||
Abbott Laboratories | 129,765 | 14,147 | |
Align Technology, Inc.(5)(7) | 51,770 | 18,308 | |
Boston Scientific Corp.(5) | 459,150 | 24,835 | |
Intuitive Surgical, Inc.(5)(7) | 58,805 | 20,108 | |
77,398 | |||
Healthcare Providers & Services—0.5% | |||
UnitedHealth Group, Inc.(7) | 50,490 | 24,268 | |
Hotels, Restaurants & Leisure—1.1% | |||
Chipotle Mexican Grill, Inc. Class A(5) | 4,760 | 10,182 | |
Las Vegas Sands Corp.(5)(7) | 423,715 | 24,575 | |
Starbucks Corp.(7) | 146,670 | 14,529 | |
Trip.com Group Ltd. ADR(5)(7) | 251,540 | 8,804 | |
58,090 | |||
Insurance—0.2% | |||
Aon plc Class A | 26,310 | 9,082 | |
Interactive Media & Services—3.1% | |||
Alphabet, Inc. Class A(5)(7) | 870,900 | 104,247 | |
Alphabet, Inc. Class C(5)(7) | 78,505 | 9,497 | |
Meta Platforms, Inc. Class A(5)(7) | 148,095 | 42,500 | |
156,244 | |||
IT Services—0.7% | |||
Accenture plc Class A(7) | 94,550 | 29,176 | |
EPAM Systems, Inc.(5) | 20,020 | 4,500 | |
GTT Communications, Inc.(5) | 8,647 | 115 | |
33,791 | |||
Life Sciences Tools & Services—1.8% | |||
Avantor, Inc.(5) | 280,592 | 5,763 | |
Danaher Corp. | 118,914 | 28,540 |
Shares | Value | ||
Life Sciences Tools & Services—continued | |||
IQVIA Holdings, Inc.(5) | 118,460 | $ 26,626 | |
Thermo Fisher Scientific, Inc. | 61,680 | 32,182 | |
93,111 | |||
Machinery—0.4% | |||
Deere & Co.(7) | 32,880 | 13,323 | |
Stanley Black & Decker, Inc. | 82,623 | 7,742 | |
21,065 | |||
Media—0.0% | |||
Postmedia Network Canada Corp.(3)(5) | 1,018,823 | 764 | |
Oil, Gas & Consumable Fuels—0.8% | |||
ConocoPhillips | 218,150 | 22,603 | |
Devon Energy Corp. | 426,520 | 20,618 | |
Riviera Resources, Inc.(3)(5) | 25,527 | — | |
43,221 | |||
Pharmaceuticals—1.1% | |||
Elanco Animal Health, Inc.(5) | 358,695 | 3,609 | |
Eli Lilly & Co.(7) | 40,495 | 18,991 | |
Zoetis, Inc. Class A | 197,145 | 33,950 | |
56,550 | |||
Semiconductors & Semiconductor Equipment—2.8% | |||
Advanced Micro Devices, Inc.(5)(7) | 115,460 | 13,152 | |
Lam Research Corp.(7) | 41,920 | 26,949 | |
Marvell Technology, Inc.(7) | 376,990 | 22,536 | |
Micron Technology, Inc.(7) | 389,325 | 24,570 | |
NVIDIA Corp. | 98,400 | 41,625 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR(7) | 146,300 | 14,765 | |
143,597 | |||
Software—4.7% | |||
Adobe, Inc. (5)(7) | 76,670 | 37,491 | |
Atlassian Corp. Class A(5) | 55,805 | 9,365 | |
Crowdstrike Holdings, Inc. Class A(5) | 123,360 | 18,118 | |
Intuit, Inc.(7) | 48,695 | 22,311 | |
Microsoft Corp. | 224,701 | 76,520 | |
Salesforce, Inc.(5)(7) | 135,155 | 28,553 | |
ServiceNow, Inc.(5)(7) | 81,780 | 45,958 | |
Workday, Inc. Class A(5) | 4,974 | 1,123 | |
239,439 | |||
Specialized REITs—0.4% | |||
American Tower Corp. | 113,300 | 21,973 | |
Specialty Retail—1.9% | |||
AutoZone, Inc.(5)(7) | 10,955 | 27,315 |
Shares | Value | ||
Specialty Retail—continued | |||
Chewy, Inc. Class A(5) | 245,667 | $ 9,697 | |
Home Depot, Inc. (The)(7) | 100,200 | 31,126 | |
TJX Cos., Inc. (The) | 322,270 | 27,325 | |
95,463 | |||
Technology Hardware, Storage & Peripherals—2.0% | |||
Apple, Inc.(7) | 514,960 | 99,887 | |
Textiles, Apparel & Luxury Goods—0.5% | |||
NIKE, Inc. Class B | 239,095 | 26,389 | |
Quiksilver, Inc.(3)(5) | 2 | — (4) | |
26,389 | |||
Total Common Stocks (Identified Cost $2,145,882) | 1,894,525 | ||
Warrants—0.0% | |||
Banks—0.0% | |||
CCF Holdings LLC, 4/1/24(3)(5) | 2,911,361 | 1,165 | |
IT Services—0.0% | |||
GTT Communications, Inc., 12/30/27(3)(5) | 27,745 | — (4) | |
Media—0.0% | |||
Tenerity, Inc., 4/1/24(3)(5)(6) | 7,203 | — | |
Oil, Gas & Consumable Fuels—0.0% | |||
Nabors Industries Ltd., 6/11/26(5) | 2,910 | 33 | |
Total Warrants (Identified Cost $1,422) | 1,198 | ||
Equity-Linked Notes—1.0% | |||
Banks—0.6% | |||
JPMorgan Chase Bank N.A. 144A(1)(3) | 29,500 | 29,500 | |
Financial Services—0.4% | |||
Goldman Sachs Finance Corp. | 22,280,000 | 20,884 | |
Total Equity-Linked Notes (Identified Cost $52,337) | 50,384 | ||
Equity-Linked Warrants—2.1% | |||
Financial Services—2.1% | |||
Barclays Bank plc 144A(1)(3) | 43,120 | 37,002 | |
Merrill Lynch International & Co. CV(3) | 129,820 | 36,801 |
Shares | Value | ||
Financial Services—continued | |||
Merrill Lynch International & Co. CV Series 0001(3) | 252,920 | $ 32,235 | |
106,038 | |||
Total Equity-Linked Warrants (Identified Cost $106,003) | 106,038 | ||
Total Long-Term Investments—98.0% (Identified Cost $5,728,822) | 4,998,797 | ||
Short-Term Investment—1.1% | |||
Money Market Mutual Fund—1.1% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%)(8) | 56,146,482 | 56,146 | |
Total Short-Term Investment (Identified Cost $56,146) | 56,146 | ||
TOTAL INVESTMENTS, BEFORE WRITTEN OPTIONS—99.1% (Identified Cost $5,784,968) | 5,054,943 |
Written Options—(0.0)% | ||
(See open written options schedule) | ||
Total Written Options (Premiums Received $1,566) | (1,828) | |
TOTAL INVESTMENTS, NET OF WRITTEN OPTIONS—99.1% (Identified Cost $5,783,402) | $5,053,115 | |
Other assets and liabilities, net—0.9% | 47,865 | |
NET ASSETS—100.0% | $5,100,980 |
Abbreviations: | |
ADR | American Depositary Receipt |
DAC | Designated Activity Company |
EV | Enterprise Value |
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 June 30, 2023, these securities amounted to a value of $1,467,277 or 28.8% of net assets. |
(2) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(3) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(4) | Amount is less than $500 (not in thousands). |
(5) | Non-income producing. |
(6) | All or a portion of the security is restricted. |
(7) | All or a portion of the security is segregated as collateral for written options. The value of securities segregated as collateral is $503,401. |
(8) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 91% |
United Kingdom | 2 |
Bermuda | 2 |
Curaçao | 2 |
Canada | 1 |
Panama | 1 |
Cayman Islands | 1 |
Total | 100% |
† % of total investments, net of written options, as of June 30, 2023. |
Open written options contracts as of June 30, 2023 were as follows: | |||||
Description of Options | Number of Contracts | Contract Notional Amount | Strike Price(1) | Expiration Date | Value |
Call Options(2) | |||||
Accenture plc | (660) | $(22,770) | $ 345.00 | 07/21/23 | $ (3) |
Adobe, Inc. | (383) | (21,065) | 550.00 | 07/21/23 | (33) |
Advanced Micro Devices, Inc. | (577) | (7,501) | 130.00 | 07/21/23 | (36) |
Align Technology, Inc. | (130) | (4,810) | 370.00 | 07/21/23 | (62) |
Alphabet, Inc. | (4,355) | (60,970) | 140.00 | 07/21/23 | (35) |
Alphabet, Inc. | (785) | (10,598) | 135.00 | 07/21/23 | (12) |
Amazon.com, Inc. | (1,570) | (23,550) | 150.00 | 07/21/23 | (22) |
Apple, Inc. | (2,575) | (51,500) | 200.00 | 07/21/23 | (227) |
AutoZone, Inc. | (51) | (13,821) | 2,710.00 | 07/21/23 | (7) |
Capital One Financial Corp. | (1,080) | (13,500) | 125.00 | 07/21/23 | (18) |
Costco Wholesale Corp. | (400) | (22,200) | 555.00 | 07/21/23 | (60) |
Deere & Co. | (230) | (10,120) | 440.00 | 07/21/23 | (12) |
Eli Lilly & Co. | (404) | (19,796) | 490.00 | 07/21/23 | (93) |
Home Depot, Inc. (The) | (501) | (17,034) | 340.00 | 07/21/23 | (6) |
Intuit, Inc. | (243) | (12,636) | 520.00 | 07/21/23 | (12) |
Intuitive Surgical, Inc. | (147) | (5,292) | 360.00 | 07/21/23 | (49) |
JPMorgan Chase & Co. | (1,060) | (16,165) | 152.50 | 07/21/23 | (58) |
Lam Research Corp. | (295) | (20,797) | 705.00 | 07/21/23 | (103) |
Las Vegas Sands Corp. | (2,120) | (14,310) | 67.50 | 07/21/23 | (15) |
Marvell Technology, Inc. | (1,885) | (12,818) | 68.00 | 07/21/23 | (41) |
Mastercard, Inc. | (1,378) | (54,431) | 395.00 | 07/21/23 | (668) |
Meta Platforms, Inc. | (370) | (12,025) | 325.00 | 07/21/23 | (19) |
Micron Technology, Inc. | (1,315) | (10,126) | 77.00 | 07/21/23 | (4) |
Salesforce, Inc. | (676) | (15,548) | 230.00 | 07/21/23 | (34) |
Schlumberger N.V. | (1,311) | (7,211) | 55.00 | 07/21/23 | (30) |
ServiceNow, Inc. | (575) | (35,937) | 625.00 | 07/21/23 | (81) |
Starbucks Corp. | (1,027) | (11,297) | 110.00 | 07/21/23 | (5) |
Taiwan Semiconductor Manufacturing Co. Ltd. | (1,025) | (11,992) | 117.00 | 07/21/23 | (22) |
Trip.com Group Ltd. | (1,258) | (5,032) | 40.00 | 07/21/23 | (6) |
Uber Technologies, Inc. | (840) | (3,780) | 45.00 | 07/21/23 | (53) |
UnitedHealth Group, Inc. | (50) | (2,650) | 530.00 | 07/21/23 | (2) |
Total Written Options | $(1,828) |
Footnote Legend: | |
(1) Strike price not reported in thousands. | |
(2) Exchange-traded options. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Corporate Bonds and Notes | $1,590,243 | $ — | $1,587,947 | $ 2,296(1) | |||
Convertible Bonds and Notes | 1,231,401 | — | 1,231,401 | — | |||
Equity Securities: | |||||||
Common Stocks | 1,894,525 | 1,887,163 | 115 | 7,247 (1) | |||
Convertible Preferred Stocks | 122,781 | 122,781 | — | — | |||
Warrants | 1,198 | 33 | — | 1,165 (1) | |||
Preferred Stock | 2,227 | — | — | 2,227 | |||
Equity-Linked Notes | 50,384 | — | 20,884 | 29,500 | |||
Equity-Linked Warrants | 106,038 | — | — | 106,038 | |||
Money Market Mutual Fund | 56,146 | 56,146 | — | — | |||
Total Assets | 5,054,943 | 2,066,123 | 2,840,347 | 148,473 | |||
Liabilities: | |||||||
Other Financial Instruments: | |||||||
Written Options | (1,828) | (1,761) | (67) | — | |||
Total Investments, Net of Written Options | $5,053,115 | $2,064,362 | $2,840,280 | $148,473 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Corporate Bonds And Notes | Common Stocks | Preferred Stocks | Warrants | Equity-Linked Notes | Equity-Linked Warrants | |||||||
Investments in Securities | |||||||||||||
Balance as of June 30, 2022: | $ 11,751 | $ 2,162(a) | $ 3,651(a) | $ 5,618(a) | $ 320(a) | $ — | $ — | ||||||
Net realized gain (loss) | (9,478) | — | (1,535) | (7,944) | 1 | — | — | ||||||
Net change in unrealized appreciation (depreciation)(b) | 14,037 | 163 | 5,558 | 7,437 | 844 | — | 35 | ||||||
Purchases | 139,812 | 4,309 | — | — | — (c) | 29,500 | 106,003 | ||||||
Sales (d) | (7,649) | (4,338) | (427) | (2,884) | — | — | — | ||||||
Balance as of June 30, 2023 | $ 148,473 | $ 2,296(a) | $ 7,247(a) | $ 2,227 | $ 1,165 (a) | $ 29,500 | $ 106,038 |
Investments in Securities – Assets | Ending Balance at June 30, 2023 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
LiveStyle, Inc. Series B | $ 2,227 | Discounted cash flows liquidation approach | Discount rate | 23.94% (23.37%-24.25%) | ||||
Common Stocks: | ||||||||
CCF Holdings LLC | $ 4,969 | Market and Company Comparables | EV Multiples | 1.12x (0.60x - 1.94x) | ||||
5.39x (4.17x - 7.05x) | ||||||||
0.52x (0.13x - 0.88x) | ||||||||
Illiquidity Discount | 25% | |||||||
CCF Holdings LLC Class M | $ 1,179 | Market and Company Comparables | EV Multiples | 1.12x (0.60x - 1.94x) | ||||
5.39x (4.17x - 7.05x) | ||||||||
0.52x (0.13x - 0.88x) | ||||||||
Illiquidity Discount | 25% | |||||||
Erickson, Inc. | $ 335 | Market and Company Comparables | EV Multiples | 1.19x (0.66x - 3.09x) | ||||
12.96x (10.89x - 14.92x) | ||||||||
1.06x (0.51x - 1.86x) | ||||||||
M&A Transaction Multiples | 0.96x (0.41x - 1.96x) | |||||||
Illiquidity Discount | 20% | |||||||
LiveStyle, Inc. | $ — (1) | Discounted cash flows liquidation approach | Discount rate | 23.94% (23.37%-24.25%) | ||||
Postmedia Network Canada Corp. | $ 764 | Market and Company Comparables | EV Multiples | 1.23x (0.48x - 2.61x) | ||||
9.01x (2.80x - 18.73x) | ||||||||
Illiquidity Discount | 10% | |||||||
Quiksilver, Inc. | $ — (2) | Market and Company Comparables | EV Multiples | 0.65x (0.26x - 1.09x) | ||||
0.82x (0.45x - 1.67x) | ||||||||
Illiquidity Discount | 20% | |||||||
Warrants: | ||||||||
CCF Holdings LLC | $ 1,165 | Market and Company Comparables | EV Multiples | 1.12x (0.60x - 1.94x) | ||||
5.39x (4.17x - 7.05x) | ||||||||
0.52x (0.13x - 0.88x) | ||||||||
Illiquidity Discount | 25% | |||||||
Black-Scholes Model | Volatility | 47.76% | ||||||
(1) Includes internally fair valued securities currently priced at zero ($0). | ||||||||
(2) Amount is less than $500 (not in thousands). |
June 30, 2023
Shares | Value | ||
Common Stocks—99.3% | |||
Brazil—5.8% | |||
Tegma Gestao Logistica S.A. | 717,824 | $ 3,291 | |
Canada—3.0% | |||
CAE, Inc.(1) | 47,882 | 1,072 | |
Pason Systems, Inc. | 74,884 | 649 | |
1,721 | |||
China—2.7% | |||
Haitian International Holdings Ltd. | 660,947 | 1,550 | |
Finland—2.1% | |||
Enento Group Oyj(1) | 51,762 | 1,189 | |
France—1.8% | |||
Alten S.A. | 6,404 | 1,008 | |
Germany—1.2% | |||
New Work SE | 5,190 | 700 | |
Israel—0.5% | |||
Max Stock Ltd. | 141,348 | 291 | |
Italy—1.6% | |||
Gruppo MutuiOnline SpA(1) | 26,115 | 879 | |
Japan—6.3% | |||
MarkLines Co., Ltd. | 89,744 | 1,608 | |
Meitec Corp. | 54,977 | 949 | |
Mercari, Inc.(1) | 44,378 | 1,044 | |
3,601 | |||
Malaysia—1.8% | |||
Heineken Malaysia Bhd | 178,815 | 1,000 | |
Mexico—2.7% | |||
Corp. Moctezuma SAB de C.V. | 436,121 | 1,541 |
Shares | Value | ||
Norway—2.6% | |||
Bouvet ASA | 246,239 | $ 1,489 | |
Poland—2.1% | |||
Grupa Pracuj S.A. | 85,244 | 1,178 | |
Singapore—2.4% | |||
Haw Par Corp., Ltd. | 193,217 | 1,337 | |
South Korea—1.2% | |||
S-1 Corp. | 16,427 | 667 | |
Sweden—1.0% | |||
BTS Group AB Class B | 24,479 | 578 | |
United Kingdom—20.2% | |||
AJ Bell plc | 317,093 | 1,293 | |
Auto Trader Group plc | 327,459 | 2,539 | |
Baltic Classifieds Group plc | 1,253,596 | 2,929 | |
FDM Group Holdings plc | 196,277 | 1,398 | |
Mortgage Advice Bureau Holdings Ltd. | 98,946 | 741 | |
Rightmove plc | 386,271 | 2,567 | |
11,467 | |||
United States—40.3% | |||
Artisan Partners Asset Management, Inc. Class A | 18,892 | 743 | |
First Hawaiian, Inc. | 45,106 | 812 | |
Fox Factory Holding Corp.(1) | 10,292 | 1,117 | |
FTI Consulting, Inc.(1) | 13,844 | 2,633 | |
Landstar System, Inc. | 11,108 | 2,139 | |
MediaAlpha, Inc. Class A(1) | 31,564 | 325 | |
Moelis & Co. Class A | 39,857 | 1,807 | |
Morningstar, Inc. | 3,215 | 630 | |
nCino, Inc.(1) | 44,176 | 1,331 | |
NVE Corp. | 9,725 | 948 | |
Primerica, Inc. | 16,894 | 3,341 | |
Ryan Specialty Holdings, Inc. Class A(1) | 94,176 | 4,228 |
Shares | Value | ||
United States—continued | |||
Simpson Manufacturing Co., Inc. | 20,112 | $ 2,785 | |
22,839 | |||
Total Common Stocks (Identified Cost $51,539) | 56,326 | ||
Total Long-Term Investments—99.3% (Identified Cost $51,539) | 56,326 | ||
TOTAL INVESTMENTS—99.3% (Identified Cost $51,539) | $56,326 | ||
Other assets and liabilities, net—0.7% | 408 | ||
NET ASSETS—100.0% | $56,734 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 41% |
United Kingdom | 20 |
Japan | 6 |
Brazil | 6 |
Canada | 3 |
China | 3 |
Mexico | 3 |
Other | 18 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $56,326 | $48,171 | $8,155 | ||
Total Investments | $56,326 | $48,171 | $8,155 |
June 30, 2023
Shares | Value | ||
Common Stocks—99.6% | |||
Biotechnology—12.8% | |||
AbbVie, Inc. | 45,547 | $ 6,136 | |
Amgen, Inc. | 10,011 | 2,223 | |
Moderna, Inc.(1) | 24,902 | 3,026 | |
Regeneron Pharmaceuticals, Inc.(1) | 4,295 | 3,086 | |
Vertex Pharmaceuticals, Inc.(1) | 14,854 | 5,227 | |
19,698 | |||
Healthcare Equipment & Supplies—30.3% | |||
Align Technology, Inc.(1) | 11,836 | 4,186 | |
Cooper Cos., Inc. (The) | 18,640 | 7,147 | |
Edwards Lifesciences Corp.(1) | 48,636 | 4,588 | |
IDEXX Laboratories, Inc.(1) | 15,882 | 7,976 | |
Insulet Corp.(1) | 13,051 | 3,763 | |
Intuitive Surgical, Inc.(1) | 10,623 | 3,633 | |
Silk Road Medical, Inc.(1) | 96,332 | 3,130 | |
STAAR Surgical Co.(1) | 76,640 | 4,029 | |
STERIS plc | 15,313 | 3,445 | |
Teleflex, Inc. | 18,879 | 4,569 | |
46,466 | |||
Shares | Value | ||
Healthcare Providers & Services—14.3% | |||
HealthEquity, Inc.(1) | 52,512 | $ 3,316 | |
McKesson Corp. | 14,371 | 6,141 | |
U.S. Physical Therapy, Inc. | 47,686 | 5,788 | |
UnitedHealth Group, Inc. | 13,911 | 6,686 | |
21,931 | |||
Life Sciences Tools & Services—20.5% | |||
Azenta, Inc.(1) | 86,174 | 4,023 | |
Charles River Laboratories International, Inc.(1) | 15,379 | 3,234 | |
Danaher Corp. | 24,801 | 5,952 | |
Mettler-Toledo International, Inc.(1) | 4,346 | 5,700 | |
Thermo Fisher Scientific, Inc. | 10,241 | 5,343 | |
West Pharmaceutical Services, Inc. | 18,597 | 7,113 | |
31,365 | |||
Pharmaceuticals—21.7% | |||
Bristol-Myers Squibb Co. | 68,093 | 4,354 | |
Eli Lilly & Co. | 23,803 | 11,163 | |
Merck & Co., Inc. | 55,990 | 6,461 | |
Pfizer, Inc. | 131,642 | 4,829 |
Shares | Value | ||
Pharmaceuticals—continued | |||
Zoetis, Inc. Class A | 37,261 | $ 6,417 | |
33,224 | |||
Total Common Stocks (Identified Cost $144,691) | 152,684 | ||
Total Long-Term Investments—99.6% (Identified Cost $144,691) | 152,684 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $144,691) | $152,684 | ||
Other assets and liabilities, net—0.4% | 636 | ||
NET ASSETS—100.0% | $153,320 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $152,684 | $152,684 | |
Total Investments | $152,684 | $152,684 |
June 30, 2023
Shares | Value | ||
Common Stocks—96.7% | |||
Communication Services—3.3% | |||
Comcast Corp. Class A | 352,376 | $ 14,641 | |
Electronic Arts, Inc. | 52,346 | 6,789 | |
21,430 | |||
Consumer Discretionary—6.2% | |||
Best Buy Co., Inc. | 76,672 | 6,283 | |
Home Depot, Inc. (The) | 64,713 | 20,103 | |
Ross Stores, Inc. | 82,246 | 9,222 | |
Wendy’s Co. (The) | 202,842 | 4,412 | |
40,020 | |||
Consumer Staples—1.3% | |||
Tyson Foods, Inc. Class A | 162,838 | 8,311 | |
Energy—4.8% | |||
EOG Resources, Inc. | 56,639 | 6,482 | |
ONEOK, Inc. | 92,873 | 5,732 | |
Ovintiv, Inc. | 174,261 | 6,634 | |
Phillips 66 | 60,767 | 5,796 | |
Pioneer Natural Resources Co. | 31,807 | 6,590 | |
31,234 | |||
Financials—25.6% | |||
Bank of America Corp. | 903,789 | 25,930 | |
BlackRock, Inc. Class A | 12,502 | 8,641 | |
Blackstone Mortgage Trust, Inc. Class A | 268,613 | 5,590 | |
Blackstone, Inc. | 58,270 | 5,417 | |
Capital One Financial Corp. | 68,187 | 7,458 | |
Citigroup, Inc. | 193,027 | 8,887 | |
Fidelity National Financial, Inc. | 187,362 | 6,745 | |
Global Payments, Inc. | 54,794 | 5,398 | |
Intercontinental Exchange, Inc. | 65,754 | 7,435 | |
Jack Henry & Associates, Inc. | 41,625 | 6,965 | |
JPMorgan Chase & Co. | 47,185 | 6,863 | |
Mastercard, Inc. Class A | 24,457 | 9,619 | |
MetLife, Inc. | 119,283 | 6,743 |
Shares | Value | ||
Financials—continued | |||
Morgan Stanley | 142,241 | $ 12,147 | |
MSCI, Inc. Class A | 26,680 | 12,521 | |
PNC Financial Services Group, Inc. (The) | 109,540 | 13,796 | |
U.S. Bancorp | 487,653 | 16,112 | |
166,267 | |||
Health Care—13.4% | |||
Abbott Laboratories | 114,346 | 12,466 | |
Agilent Technologies, Inc. | 107,720 | 12,953 | |
Baxter International, Inc. | 209,887 | 9,563 | |
Medtronic plc | 77,642 | 6,840 | |
Teleflex, Inc. | 53,805 | 13,023 | |
Thermo Fisher Scientific, Inc. | 30,525 | 15,926 | |
Zoetis, Inc. Class A | 93,320 | 16,071 | |
86,842 | |||
Industrials—13.0% | |||
Cummins, Inc. | 22,339 | 5,477 | |
FedEx Corp. | 27,751 | 6,879 | |
Genpact Ltd. | 167,907 | 6,308 | |
L3Harris Technologies, Inc. | 32,919 | 6,445 | |
Paycom Software, Inc. | 63,345 | 20,349 | |
Stanley Black & Decker, Inc. | 135,965 | 12,741 | |
TransUnion | 168,699 | 13,214 | |
Union Pacific Corp. | 63,643 | 13,023 | |
84,436 | |||
Information Technology—8.7% | |||
Accenture plc Class A | 19,443 | 6,000 | |
Apple, Inc. | 28,358 | 5,501 | |
Cisco Systems, Inc. | 115,671 | 5,985 | |
Intuit, Inc. | 54,945 | 25,175 | |
Microsoft Corp. | 23,068 | 7,855 | |
QUALCOMM, Inc. | 51,797 | 6,166 | |
56,682 | |||
Materials—6.6% | |||
Ball Corp. | 174,644 | 10,166 | |
Celanese Corp. Class A | 176,069 | 20,389 |
Shares | Value | ||
Materials—continued | |||
LyondellBasell Industries N.V. Class A | 70,286 | $ 6,454 | |
Pan American Silver Corp. | 373,896 | 5,452 | |
42,461 | |||
Real Estate—11.9% | |||
Alexandria Real Estate Equities, Inc. | 210,841 | 23,928 | |
American Tower Corp. | 31,585 | 6,126 | |
Digital Realty Trust, Inc. | 65,587 | 7,468 | |
Invitation Homes, Inc. | 215,152 | 7,401 | |
Rexford Industrial Realty, Inc. | 247,850 | 12,943 | |
SBA Communications Corp. Class A | 57,228 | 13,263 | |
Sun Communities, Inc. | 48,251 | 6,295 | |
77,424 | |||
Utilities—1.9% | |||
American Water Works Co., Inc. | 41,072 | 5,863 | |
Eversource Energy | 89,596 | 6,354 | |
12,217 | |||
Total Common Stocks (Identified Cost $586,822) | 627,324 | ||
Total Long-Term Investments—96.7% (Identified Cost $586,822) | 627,324 | ||
TOTAL INVESTMENTS—96.7% (Identified Cost $586,822) | $627,324 | ||
Other assets and liabilities, net—3.3% | 21,485 | ||
NET ASSETS—100.0% | $648,809 |
Abbreviation: | |
MSCI | Morgan Stanley Capital International |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $627,324 | $627,324 | |
Total Investments | $627,324 | $627,324 |
June 30, 2023
Shares | Value | ||
Common Stocks—96.3% | |||
Austria—1.0% | |||
Erste Group Bank AG | 28,298 | $ 991 | |
Belgium—2.0% | |||
KBC Group N.V. | 13,989 | 976 | |
Umicore S.A. | 33,437 | 933 | |
1,909 | |||
Canada—3.4% | |||
Cogeco Communications, Inc. | 29,175 | 1,557 | |
Pan American Silver Corp. | 45,110 | 657 | |
RB Global, Inc. | 18,237 | 1,094 | |
3,308 | |||
China—20.3% | |||
Alibaba Group Holding Ltd.(1) | 231,900 | 2,414 | |
ANTA Sports Products Ltd. | 59,400 | 610 | |
China Merchants Bank Co., Ltd. Class A | 771,000 | 3,486 | |
Contemporary Amperex Technology Co., Ltd. Class A | 27,900 | 882 | |
ENN Energy Holdings Ltd. | 183,700 | 2,298 | |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A | 222,600 | 869 | |
JD.com, Inc. Class A | 152,900 | 2,608 | |
Li Ning Co., Ltd. | 167,500 | 904 | |
Luxshare Precision Industry Co., Ltd. Class A | 497,375 | 2,232 | |
NetEase, Inc. | 19,000 | 368 | |
Ping An Bank Co., Ltd. Class A | 519,755 | 806 | |
Ping An Insurance Group Co. of China Ltd. Class A | 96,400 | 616 | |
Shenzhou International Group Holdings Ltd. | 76,800 | 738 | |
Tencent Holdings Ltd. | 20,600 | 873 | |
19,704 | |||
Finland—2.7% | |||
Kesko Oyj Class B | 32,641 | 614 | |
Neste Oyj | 31,213 | 1,201 | |
Valmet Oyj | 27,539 | 766 | |
2,581 | |||
France—10.2% | |||
BioMerieux | 36,236 | 3,801 | |
BNP Paribas S.A. | 14,909 | 939 | |
Dassault Systemes SE | 35,535 | 1,575 | |
Kering S.A. | 1,508 | 832 | |
Sartorius Stedim Biotech | 3,530 | 881 | |
Teleperformance | 11,166 | 1,870 | |
9,898 | |||
Germany—5.9% | |||
BASF SE | 16,855 | 818 |
Shares | Value | ||
Germany—continued | |||
Carl Zeiss Meditec AG | 8,450 | $ 913 | |
Puma SE | 19,641 | 1,181 | |
Sartorius AG | 3,474 | 978 | |
Vonovia SE | 94,204 | 1,840 | |
5,730 | |||
Hong Kong—2.9% | |||
Techtronic Industries Co., Ltd. | 261,500 | 2,860 | |
India—0.7% | |||
HDFC Bank Ltd. ADR | 10,299 | 718 | |
Ireland—0.9% | |||
Kingspan Group plc | 12,916 | 858 | |
Israel—9.8% | |||
Bank Hapoalim BM | 174,384 | 1,429 | |
Bank Leumi Le-Israel BM | 196,315 | 1,461 | |
Israel Discount Bank Ltd. Class A | 302,232 | 1,501 | |
Mizrahi Tefahot Bank Ltd. | 45,244 | 1,505 | |
Nice Ltd.(1) | 17,790 | 3,633 | |
9,529 | |||
Italy—1.9% | |||
Amplifon SpA | 19,349 | 709 | |
FinecoBank Banca Fineco SpA | 87,057 | 1,170 | |
1,879 | |||
Japan—4.8% | |||
MISUMI Group, Inc. | 36,300 | 731 | |
MonotaRO Co., Ltd. | 257,100 | 3,283 | |
Sony Group Corp. | 7,600 | 686 | |
4,700 | |||
Luxembourg—1.2% | |||
Globant S.A.(1) | 6,261 | 1,125 | |
Netherlands—7.8% | |||
ASML Holding N.V. | 5,100 | 3,690 | |
Euronext N.V. | 28,219 | 1,918 | |
IMCD N.V. | 6,777 | 974 | |
NN Group N.V. | 26,744 | 990 | |
7,572 | |||
Saudi Arabia—0.9% | |||
Saudi Arabian Oil Co. | 105,055 | 903 | |
South Africa—1.4% | |||
Capitec Bank Holdings Ltd. | 16,048 | 1,337 | |
Spain—0.6% | |||
Industria de Diseno Textil S.A. | 14,150 | 548 | |
Sweden—0.9% | |||
Evolution AB | 6,595 | 835 |
Shares | Value | ||
Switzerland—3.9% | |||
Partners Group Holding AG | 4,003 | $ 3,764 | |
Taiwan—1.0% | |||
Taiwan Semiconductor Manufacturing Co., Ltd. | 53,000 | 979 | |
United Kingdom—5.2% | |||
London Stock Exchange Group plc | 6,893 | 733 | |
Rio Tinto plc | 15,388 | 974 | |
Segro plc | 373,407 | 3,399 | |
5,106 | |||
United States—6.9% | |||
Adobe, Inc. (1) | 1,984 | 970 | |
Allegion plc | 8,785 | 1,054 | |
Enphase Energy, Inc.(1) | 5,660 | 948 | |
Fabrinet (1) | 7,462 | 969 | |
Ovintiv, Inc. | 53,899 | 2,052 | |
Stanley Black & Decker, Inc. | 7,506 | 704 | |
6,697 | |||
Total Common Stocks (Identified Cost $95,657) | 93,531 | ||
Total Long-Term Investments—96.3% (Identified Cost $95,657) | 93,531 | ||
TOTAL INVESTMENTS—96.3% (Identified Cost $95,657) | $93,531 | ||
Other assets and liabilities, net—3.7% | 3,593 | ||
NET ASSETS—100.0% | $97,124 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
China | 21% |
France | 11 |
Israel | 10 |
Netherlands | 8 |
United States | 7 |
Germany | 6 |
United Kingdom | 5 |
Other | 32 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $93,531 | $65,288 | $28,243 | ||
Total Investments | $93,531 | $65,288 | $28,243 |
June 30, 2023
Shares | Value | ||
Common Stocks—97.5% | |||
Communication Services—6.8% | |||
Alphabet, Inc. Class A(1) | 10,664 | $ 1,276 | |
Cable One, Inc. | 4,319 | 2,838 | |
Comcast Corp. Class A | 136,210 | 5,660 | |
Meta Platforms, Inc. Class A(1) | 10,229 | 2,935 | |
Take-Two Interactive Software, Inc.(1) | 20,547 | 3,024 | |
Walt Disney Co. (The)(1) | 39,434 | 3,521 | |
19,254 | |||
Consumer Discretionary—8.4% | |||
Best Buy Co., Inc. | 43,822 | 3,591 | |
Domino’s Pizza, Inc. | 3,679 | 1,240 | |
Home Depot, Inc. (The) | 17,779 | 5,523 | |
Pool Corp. | 12,623 | 4,729 | |
Puma SE Unsponsored ADR | 503,624 | 3,002 | |
Ross Stores, Inc. | 21,430 | 2,403 | |
TopBuild Corp.(1) | 11,441 | 3,043 | |
23,531 | |||
Consumer Staples—0.9% | |||
Tyson Foods, Inc. Class A | 50,524 | 2,579 | |
Energy—5.0% | |||
EOG Resources, Inc. | 26,673 | 3,053 | |
ONEOK, Inc. | 28,797 | 1,777 | |
Ovintiv, Inc. | 72,029 | 2,742 | |
Phillips 66 | 22,248 | 2,122 | |
Pioneer Natural Resources Co. | 21,113 | 4,374 | |
14,068 | |||
Financials—21.6% | |||
Bank of America Corp. | 237,722 | 6,820 | |
BlackRock, Inc. Class A | 3,586 | 2,478 | |
Capital One Financial Corp. | 28,321 | 3,098 | |
Citigroup, Inc. | 66,442 | 3,059 | |
CME Group, Inc. Class A | 14,015 | 2,597 | |
Fidelity National Financial, Inc. | 37,836 | 1,362 | |
First American Financial Corp. | 25,945 | 1,479 | |
Fiserv, Inc.(1) | 11,504 | 1,451 | |
Global Payments, Inc. | 23,697 | 2,335 | |
Goldman Sachs Group, Inc. (The) | 8,332 | 2,687 | |
Intercontinental Exchange, Inc. | 26,059 | 2,947 | |
Jack Henry & Associates, Inc. | 17,311 | 2,897 | |
JPMorgan Chase & Co. | 39,320 | 5,719 | |
Morgan Stanley | 47,037 | 4,017 | |
PNC Financial Services Group, Inc. (The) | 45,402 | 5,718 |
Shares | Value | ||
Financials—continued | |||
T. Rowe Price Group, Inc. | 22,861 | $ 2,561 | |
Truist Financial Corp. | 177,984 | 5,402 | |
U.S. Bancorp | 128,510 | 4,246 | |
60,873 | |||
Health Care—12.7% | |||
Abbott Laboratories | 24,614 | 2,683 | |
Agilent Technologies, Inc. | 41,290 | 4,965 | |
Amgen, Inc. | 6,829 | 1,516 | |
Baxter International, Inc. | 90,615 | 4,129 | |
Bristol-Myers Squibb Co. | 29,054 | 1,858 | |
Edwards Lifesciences Corp.(1) | 15,534 | 1,465 | |
Medtronic plc | 31,342 | 2,761 | |
Teleflex, Inc. | 15,740 | 3,810 | |
Thermo Fisher Scientific, Inc. | 7,141 | 3,726 | |
Veeva Systems, Inc. Class A(1) | 15,638 | 3,092 | |
Zoetis, Inc. Class A | 32,918 | 5,669 | |
35,674 | |||
Industrials—12.9% | |||
Carrier Global Corp. | 30,426 | 1,512 | |
Cummins, Inc. | 10,626 | 2,605 | |
Emerson Electric Co. | 14,983 | 1,354 | |
FedEx Corp. | 12,283 | 3,045 | |
Honeywell International, Inc. | 13,506 | 2,803 | |
Leidos Holdings, Inc. | 27,882 | 2,467 | |
Lennox International, Inc. | 4,972 | 1,621 | |
Paycom Software, Inc. | 12,814 | 4,116 | |
Paylocity Holding Corp.(1) | 14,214 | 2,623 | |
Stanley Black & Decker, Inc. | 68,181 | 6,389 | |
TransUnion | 72,841 | 5,706 | |
Union Pacific Corp. | 10,033 | 2,053 | |
36,294 | |||
Information Technology—11.9% | |||
Adobe, Inc. (1) | 11,002 | 5,380 | |
Apple, Inc. | 13,860 | 2,688 | |
Cisco Systems, Inc. | 50,291 | 2,602 | |
Globant S.A.(1) | 15,762 | 2,833 | |
Intel Corp. | 59,510 | 1,990 | |
Intuit, Inc. | 11,832 | 5,421 | |
Microsoft Corp. | 14,822 | 5,047 | |
QUALCOMM, Inc. | 20,923 | 2,491 | |
Salesforce, Inc.(1) | 6,331 | 1,338 | |
ServiceNow, Inc.(1) | 2,331 | 1,310 | |
Teledyne Technologies, Inc.(1) | 5,803 | 2,386 | |
33,486 | |||
Materials—6.7% | |||
Avery Dennison Corp. | 9,017 | 1,549 |
Shares | Value | ||
Materials—continued | |||
Ball Corp. | 64,134 | $ 3,733 | |
Celanese Corp. Class A | 72,085 | 8,348 | |
LyondellBasell Industries N.V. Class A | 29,138 | 2,676 | |
Pan American Silver Corp. | 166,742 | 2,431 | |
18,737 | |||
Real Estate—9.3% | |||
Alexandria Real Estate Equities, Inc. | 63,613 | 7,220 | |
American Tower Corp. | 17,836 | 3,459 | |
Digital Realty Trust, Inc. | 13,989 | 1,593 | |
Invitation Homes, Inc. | 83,030 | 2,856 | |
Medical Properties Trust, Inc. | 305,000 | 2,824 | |
Rexford Industrial Realty, Inc. | 53,091 | 2,772 | |
SBA Communications Corp. Class A | 18,384 | 4,261 | |
Sun Communities, Inc. | 9,803 | 1,279 | |
26,264 | |||
Utilities—1.3% | |||
American Water Works Co., Inc. | 16,143 | 2,304 | |
Eversource Energy | 19,468 | 1,381 | |
3,685 | |||
Total Common Stocks (Identified Cost $256,971) | 274,445 | ||
Total Long-Term Investments—97.5% (Identified Cost $256,971) | 274,445 | ||
TOTAL INVESTMENTS—97.5% (Identified Cost $256,971) | $274,445 | ||
Other assets and liabilities, net—2.5% | 7,011 | ||
NET ASSETS—100.0% | $281,456 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $274,445 | $274,445 | |
Total Investments | $274,445 | $274,445 |
June 30, 2023
Shares | Value | ||
Common Stocks—99.0% | |||
Communication Services—4.1% | |||
Cogeco Communications, Inc. | 379,969 | $ 20,276 | |
Electronic Arts, Inc. | 68,015 | 8,822 | |
Sirius XM Holdings, Inc. | 2,355,482 | 10,670 | |
39,768 | |||
Consumer Discretionary—11.3% | |||
Best Buy Co., Inc. | 121,921 | 9,992 | |
Domino’s Pizza, Inc. | 31,073 | 10,471 | |
Fox Factory Holding Corp.(1) | 80,196 | 8,702 | |
Helen of Troy Ltd.(1) | 89,130 | 9,628 | |
JD.com, Inc. ADR | 388,448 | 13,258 | |
Lowe’s Cos., Inc. | 40,843 | 9,218 | |
Lululemon Athletica, Inc.(1) | 24,759 | 9,371 | |
Pool Corp. | 25,943 | 9,719 | |
Puma SE Unsponsored ADR | 1,639,711 | 9,773 | |
Whirlpool Corp. | 66,411 | 9,881 | |
Winnebago Industries, Inc. | 141,674 | 9,448 | |
109,461 | |||
Consumer Staples—1.9% | |||
Tyson Foods, Inc. Class A | 358,700 | 18,308 | |
Energy—3.0% | |||
HF Sinclair Corp. | 216,723 | 9,668 | |
Ovintiv, Inc. | 522,201 | 19,880 | |
29,548 | |||
Financials—23.9% | |||
Annaly Capital Management, Inc. | 466,928 | 9,343 | |
Capital One Financial Corp. | 166,203 | 18,178 | |
Citigroup, Inc. | 202,714 | 9,333 | |
Citizens Financial Group, Inc. | 533,698 | 13,919 | |
Commerce Bancshares, Inc. | 167,259 | 8,145 | |
Erste Group Bank AG Sponsored ADR | 533,824 | 9,330 | |
Fidelity National Financial, Inc. | 271,885 | 9,788 | |
First Financial Bankshares, Inc. | 326,125 | 9,291 | |
Global Payments, Inc. | 90,958 | 8,961 | |
Hamilton Lane, Inc. Class A | 120,965 | 9,675 | |
Jack Henry & Associates, Inc. | 59,213 | 9,908 | |
Lakeland Financial Corp. | 179,184 | 8,694 | |
MarketAxess Holdings, Inc. | 35,060 | 9,165 | |
MSCI, Inc. Class A | 30,107 | 14,129 | |
NN Group N.V. Unsponsored ADR | 507,956 | 9,382 | |
PayPal Holdings, Inc.(1) | 147,305 | 9,830 | |
PNC Financial Services Group, Inc. (The) | 148,687 | 18,727 | |
T. Rowe Price Group, Inc. | 85,293 | 9,555 | |
Truist Financial Corp. | 583,931 | 17,722 |
Shares | Value | ||
Financials—continued | |||
U.S. Bancorp | 572,507 | $ 18,916 | |
231,991 | |||
Health Care—11.7% | |||
Agilent Technologies, Inc. | 81,703 | 9,825 | |
Bio-Rad Laboratories, Inc. Class A(1) | 21,961 | 8,326 | |
Bio-Techne Corp. | 110,829 | 9,047 | |
Charles River Laboratories International, Inc.(1) | 42,586 | 8,954 | |
Edwards Lifesciences Corp.(1) | 103,991 | 9,809 | |
IQVIA Holdings, Inc.(1) | 65,028 | 14,616 | |
Teleflex, Inc. | 67,603 | 16,362 | |
Veeva Systems, Inc. Class A(1) | 89,893 | 17,775 | |
Waters Corp.(1) | 37,645 | 10,034 | |
Zoetis, Inc. Class A | 50,981 | 8,779 | |
113,527 | |||
Industrials—10.9% | |||
Allegion plc | 80,395 | 9,649 | |
Carrier Global Corp. | 193,861 | 9,637 | |
Genpact Ltd. | 251,442 | 9,447 | |
MonotaRO Co., Ltd. Unsponsored ADR | 637,093 | 8,110 | |
Paycom Software, Inc. | 58,309 | 18,731 | |
Paylocity Holding Corp.(1) | 101,357 | 18,703 | |
Stanley Black & Decker, Inc. | 103,182 | 9,669 | |
Toro Co. (The) | 78,953 | 8,026 | |
TransUnion | 184,028 | 14,415 | |
106,387 | |||
Information Technology—6.5% | |||
Enphase Energy, Inc.(1) | 54,629 | 9,149 | |
Globant S.A.(1) | 51,901 | 9,328 | |
Keysight Technologies, Inc.(1) | 57,960 | 9,705 | |
Nice Ltd. Sponsored ADR(1) | 83,836 | 17,312 | |
Skyworks Solutions, Inc. | 80,773 | 8,941 | |
Teledyne Technologies, Inc.(1) | 22,149 | 9,106 | |
63,541 | |||
Materials—8.0% | |||
Ball Corp. | 164,488 | 9,575 | |
BASF SE Sponsored ADR | 718,430 | 8,707 | |
Celanese Corp. Class A | 168,005 | 19,455 | |
Eastman Chemical Co. | 114,384 | 9,576 | |
Kaiser Aluminum Corp. | 149,154 | 10,685 | |
Tronox Holdings plc | 783,444 | 9,958 | |
Westrock Co. | 331,126 | 9,626 | |
77,582 | |||
Real Estate—13.3% | |||
Alexandria Real Estate Equities, Inc. | 157,880 | 17,918 |
Shares | Value | ||
Real Estate—continued | |||
Crown Castle, Inc. | 119,166 | $ 13,578 | |
Digital Realty Trust, Inc. | 129,180 | 14,710 | |
Douglas Emmett, Inc. | 622,037 | 7,819 | |
Equity Residential | 143,637 | 9,476 | |
Essex Property Trust, Inc. | 41,363 | 9,691 | |
Invitation Homes, Inc. | 275,070 | 9,462 | |
National Storage Affiliates Trust | 244,689 | 8,523 | |
Rexford Industrial Realty, Inc. | 244,640 | 12,775 | |
Sun Communities, Inc. | 69,731 | 9,097 | |
Vonovia SE Unsponsored ADR | 1,680,784 | 16,337 | |
129,386 | |||
Utilities—4.4% | |||
Enel SpA Unsponsored ADR | 1,447,198 | 9,682 | |
ENN Energy Holdings Ltd. Unsponsored ADR | 185,779 | 9,313 | |
Eversource Energy | 204,145 | 14,478 | |
UGI Corp. | 354,653 | 9,565 | |
43,038 | |||
Total Common Stocks (Identified Cost $953,862) | 962,537 | ||
Total Long-Term Investments—99.0% (Identified Cost $953,862) | 962,537 | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $953,862) | $962,537 | ||
Other assets and liabilities, net—1.0% | 9,997 | ||
NET ASSETS—100.0% | $972,534 |
Abbreviations: | |
ADR | American Depositary Receipt |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 81% |
Germany | 4 |
Canada | 3 |
Bermuda | 2 |
Israel | 2 |
China | 1 |
United Kingdom | 1 |
Other | 6 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $962,537 | $962,537 | |
Total Investments | $962,537 | $962,537 |
June 30, 2023
Shares | Value | ||
Common Stocks—98.8% | |||
Communication Services—2.2% | |||
Cogeco Communications, Inc. | 151,781 | $ 8,099 | |
Consumer Discretionary—11.6% | |||
Acushnet Holdings Corp. | 68,237 | 3,731 | |
Fox Factory Holding Corp.(1) | 39,818 | 4,321 | |
Helen of Troy Ltd.(1) | 32,898 | 3,554 | |
La-Z-Boy, Inc. | 137,110 | 3,927 | |
Leslie’s, Inc.(1) | 171,001 | 1,606 | |
Malibu Boats, Inc. Class A(1) | 65,757 | 3,857 | |
TopBuild Corp.(1) | 14,171 | 3,770 | |
Wendy’s Co. (The) | 171,872 | 3,738 | |
Whirlpool Corp. | 28,040 | 4,172 | |
Winnebago Industries, Inc. | 55,689 | 3,714 | |
Wolverine World Wide, Inc. | 215,934 | 3,172 | |
YETI Holdings, Inc.(1) | 93,931 | 3,648 | |
43,210 | |||
Consumer Staples—2.9% | |||
Energizer Holdings, Inc. | 100,730 | 3,383 | |
Herbalife Ltd.(1) | 152,666 | 2,021 | |
Nomad Foods Ltd.(1) | 120,406 | 2,109 | |
WD-40 Co. | 18,260 | 3,445 | |
10,958 | |||
Energy—4.0% | |||
Helmerich & Payne, Inc. | 78,995 | 2,801 | |
HF Sinclair Corp. | 83,909 | 3,743 | |
Matador Resources Co. | 80,159 | 4,194 | |
Ovintiv, Inc. | 108,280 | 4,122 | |
14,860 | |||
Financials—29.8% | |||
Apollo Commercial Real Estate Finance, Inc. | 307,976 | 3,486 | |
Arbor Realty Trust, Inc. | 238,827 | 3,539 | |
Bank of Hawaii Corp. | 73,854 | 3,045 | |
Blackstone Mortgage Trust, Inc. Class A | 209,119 | 4,352 | |
Brighthouse Financial, Inc.(1) | 87,405 | 4,139 | |
Cadence Bank | 180,018 | 3,536 | |
Columbia Banking System, Inc. | 175,798 | 3,565 | |
Commerce Bancshares, Inc. | 87,178 | 4,246 | |
Community Bank System, Inc. | 114,208 | 5,354 | |
Compass Diversified Holdings | 68,246 | 1,480 | |
Enterprise Financial Services Corp. | 67,559 | 2,642 | |
Essent Group Ltd. | 79,543 | 3,723 | |
First Financial Bankshares, Inc. | 199,768 | 5,691 |
Shares | Value | ||
Financials—continued | |||
First Interstate BancSystem, Inc. Class A | 160,407 | $ 3,824 | |
Glacier Bancorp, Inc. | 117,242 | 3,654 | |
Hamilton Lane, Inc. Class A | 52,800 | 4,223 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 148,884 | 3,722 | |
Houlihan Lokey, Inc. Class A | 39,305 | 3,864 | |
Lakeland Financial Corp. | 73,281 | 3,556 | |
MarketAxess Holdings, Inc. | 20,719 | 5,416 | |
Nicolet Bankshares, Inc. | 54,851 | 3,725 | |
Old National Bancorp | 260,742 | 3,635 | |
Pathward Financial, Inc. | 78,066 | 3,619 | |
Sandy Spring Bancorp, Inc. | 160,023 | 3,629 | |
SouthState Corp. | 55,657 | 3,662 | |
Stifel Financial Corp. | 61,370 | 3,662 | |
UMB Financial Corp. | 63,645 | 3,876 | |
Valley National Bancorp | 485,878 | 3,766 | |
Walker & Dunlop, Inc. | 54,054 | 4,275 | |
110,906 | |||
Health Care—7.5% | |||
Addus HomeCare Corp.(1) | 42,630 | 3,952 | |
Bio-Rad Laboratories, Inc. Class A(1) | 8,071 | 3,060 | |
Bio-Techne Corp. | 45,638 | 3,725 | |
Globus Medical, Inc. Class A(1) | 99,975 | 5,953 | |
Medpace Holdings, Inc.(1) | 15,555 | 3,736 | |
Teleflex, Inc. | 15,099 | 3,654 | |
Waters Corp.(1) | 13,943 | 3,716 | |
27,796 | |||
Industrials—15.5% | |||
Allegion plc | 34,736 | 4,169 | |
Armstrong World Industries, Inc. | 50,578 | 3,715 | |
ASGN, Inc.(1) | 54,699 | 4,137 | |
Douglas Dynamics, Inc. | 99,550 | 2,975 | |
Exponent, Inc. | 38,091 | 3,555 | |
Genpact Ltd. | 98,722 | 3,709 | |
Gorman-Rupp Co. (The) | 139,240 | 4,014 | |
ManpowerGroup, Inc. | 45,236 | 3,592 | |
MSA Safety, Inc. | 17,126 | 2,979 | |
Oshkosh Corp. | 47,140 | 4,082 | |
Paylocity Holding Corp.(1) | 28,947 | 5,342 | |
Stanley Black & Decker, Inc. | 39,641 | 3,715 | |
Tetra Tech, Inc. | 23,226 | 3,803 | |
Toro Co. (The) | 39,213 | 3,986 | |
Watts Water Technologies, Inc. Class A | 20,669 | 3,797 | |
57,570 | |||
Information Technology—8.6% | |||
Cirrus Logic, Inc.(1) | 24,742 | 2,004 |
Shares | Value | ||
Information Technology—continued | |||
Diodes, Inc.(1) | 37,343 | $ 3,454 | |
ePlus, Inc.(1) | 38,466 | 2,166 | |
Fabrinet (1) | 28,951 | 3,760 | |
Globant S.A.(1) | 19,753 | 3,550 | |
MKS Instruments, Inc. | 34,641 | 3,745 | |
RingCentral, Inc. Class A(1) | 116,973 | 3,828 | |
Sapiens International Corp. N.V. | 223,005 | 5,932 | |
SPS Commerce, Inc.(1) | 19,660 | 3,776 | |
32,215 | |||
Materials—7.8% | |||
Cia Siderurgica Nacional S.A. Sponsored ADR | 1,394,989 | 3,613 | |
Kaiser Aluminum Corp. | 103,577 | 7,420 | |
Kronos Worldwide, Inc. | 407,581 | 3,558 | |
Quaker Chemical Corp. | 17,109 | 3,335 | |
Sealed Air Corp. | 94,422 | 3,777 | |
Stepan Co. | 39,115 | 3,738 | |
Tronox Holdings plc | 293,895 | 3,735 | |
29,176 | |||
Real Estate—6.9% | |||
Douglas Emmett, Inc. | 237,052 | 2,980 | |
Equity LifeStyle Properties, Inc. | 81,847 | 5,475 | |
Jones Lang LaSalle, Inc.(1) | 25,243 | 3,933 | |
National Storage Affiliates Trust | 107,764 | 3,753 | |
STAG Industrial, Inc. | 110,565 | 3,967 | |
Terreno Realty Corp. | 94,876 | 5,702 | |
25,810 | |||
Utilities—2.0% | |||
American States Water Co. | 43,795 | 3,810 | |
UGI Corp. | 136,939 | 3,693 | |
7,503 | |||
Total Common Stocks (Identified Cost $354,824) | 368,103 | ||
Total Long-Term Investments—98.8% (Identified Cost $354,824) | 368,103 | ||
TOTAL INVESTMENTS—98.8% (Identified Cost $354,824) | $368,103 | ||
Other assets and liabilities, net—1.2% | 4,358 | ||
NET ASSETS—100.0% | $372,461 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 89% |
Bermuda | 3 |
Canada | 2 |
Israel | 2 |
United Kingdom | 1 |
Brazil | 1 |
Luxembourg | 1 |
Other | 1 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $368,103 | $368,103 | |
Total Investments | $368,103 | $368,103 |
June 30, 2023
Shares | Value | ||
Common Stocks—97.2% | |||
Communication Services—11.3% | |||
Alphabet, Inc. Class A(1) | 293,293 | $ 35,107 | |
Alphabet, Inc. Class C(1) | 263,547 | 31,881 | |
Meta Platforms, Inc. Class A(1) | 167,053 | 47,941 | |
114,929 | |||
Consumer Discretionary—13.0% | |||
Amazon.com, Inc.(1) | 542,456 | 70,714 | |
Las Vegas Sands Corp.(1) | 307,683 | 17,846 | |
Royal Caribbean Cruises Ltd.(1) | 235,480 | 24,429 | |
Tesla, Inc.(1) | 73,565 | 19,257 | |
132,246 | |||
Financials—4.4% | |||
Visa, Inc. Class A | 191,256 | 45,419 | |
Health Care—15.1% | |||
Dexcom, Inc.(1) | 156,854 | 20,157 | |
Edwards Lifesciences Corp.(1) | 292,837 | 27,623 | |
Eli Lilly & Co. | 104,775 | 49,138 | |
Intuitive Surgical, Inc.(1) | 67,054 | 22,929 | |
UnitedHealth Group, Inc. | 70,475 | 33,873 | |
153,720 | |||
Shares | Value | ||
Industrials—6.7% | |||
Boeing Co. (The)(1) | 103,296 | $ 21,812 | |
Fair Isaac Corp.(1) | 34,915 | 28,254 | |
Honeywell International, Inc. | 87,740 | 18,206 | |
68,272 | |||
Information Technology—44.7% | |||
Apple, Inc. | 747,754 | 145,042 | |
Applied Materials, Inc. | 126,297 | 18,255 | |
ASML Holding N.V. Registered Shares | 14,275 | 10,346 | |
Autodesk, Inc.(1) | 84,511 | 17,292 | |
Microsoft Corp. | 404,078 | 137,604 | |
NVIDIA Corp. | 216,735 | 91,683 | |
Salesforce, Inc.(1) | 105,288 | 22,243 | |
Workday, Inc. Class A(1) | 55,730 | 12,589 | |
455,054 | |||
Materials—2.0% | |||
Vulcan Materials Co. | 89,122 | 20,092 | |
Total Common Stocks (Identified Cost $477,391) | 989,732 | ||
Total Long-Term Investments—97.2% (Identified Cost $477,391) | 989,732 | ||
Shares | Value | ||
Short-Term Investment—2.6% | |||
Money Market Mutual Fund—2.6% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 4.988%)(2) | 26,501,727 | $ 26,502 | |
Total Short-Term Investment (Identified Cost $26,502) | 26,502 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $503,893) | $1,016,234 | ||
Other assets and liabilities, net—0.2% | 1,851 | ||
NET ASSETS—100.0% | $1,018,085 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $ 989,732 | $ 989,732 | |
Money Market Mutual Fund | 26,502 | 26,502 | |
Total Investments | $1,016,234 | $1,016,234 |
June 30, 2023
Shares | Value | ||
Common Stocks—99.4% | |||
Communication Services—4.0% | |||
Spotify Technology S.A.(1) | 24,004 | $ 3,854 | |
Trade Desk, Inc. (The) Class A(1) | 109,676 | 8,469 | |
12,323 | |||
Consumer Discretionary—16.5% | |||
Domino’s Pizza, Inc. | 5,961 | 2,009 | |
DR Horton, Inc. | 41,701 | 5,075 | |
DraftKings, Inc. Class A(1) | 48,067 | 1,277 | |
Etsy, Inc.(1) | 32,415 | 2,743 | |
Expedia Group, Inc.(1) | 51,466 | 5,630 | |
Five Below, Inc.(1) | 12,011 | 2,361 | |
Global-e Online Ltd.(1) | 33,208 | 1,359 | |
Lululemon Athletica, Inc.(1) | 9,928 | 3,758 | |
O’Reilly Automotive, Inc.(1) | 4,820 | 4,604 | |
Pool Corp. | 11,586 | 4,341 | |
Royal Caribbean Cruises Ltd.(1) | 47,918 | 4,971 | |
Tractor Supply Co. | 20,563 | 4,546 | |
Ulta Beauty, Inc.(1) | 7,041 | 3,313 | |
Wingstop, Inc. | 15,629 | 3,128 | |
Wynn Resorts Ltd. | 12,103 | 1,278 | |
50,393 | |||
Energy—2.4% | |||
Diamondback Energy, Inc. | 23,081 | 3,032 | |
Valero Energy Corp. | 37,346 | 4,381 | |
7,413 | |||
Financials—6.5% | |||
Apollo Global Management, Inc. | 56,041 | 4,304 | |
Gallagher (Arthur J.) & Co. | 31,548 | 6,927 | |
LPL Financial Holdings, Inc. | 10,224 | 2,223 | |
MSCI, Inc. Class A | 13,603 | 6,384 | |
19,838 | |||
Health Care—21.1% | |||
Alnylam Pharmaceuticals, Inc.(1) | 13,661 | 2,595 | |
AmerisourceBergen Corp. | 50,854 | 9,786 | |
Boston Scientific Corp.(1) | 77,512 | 4,193 | |
Cooper Cos., Inc. (The) | 9,363 | 3,590 | |
Dexcom, Inc.(1) | 73,993 | 9,509 | |
IDEXX Laboratories, Inc.(1) | 15,529 | 7,799 |
Shares | Value | ||
Health Care—continued | |||
Inspire Medical Systems, Inc.(1) | 7,000 | $ 2,272 | |
Insulet Corp.(1) | 13,223 | 3,813 | |
Mettler-Toledo International, Inc.(1) | 1,918 | 2,516 | |
Neurocrine Biosciences, Inc.(1) | 18,294 | 1,725 | |
Sarepta Therapeutics, Inc.(1) | 15,838 | 1,814 | |
Teleflex, Inc. | 6,489 | 1,570 | |
Tenet Healthcare Corp.(1) | 62,943 | 5,122 | |
Veeva Systems, Inc. Class A(1) | 10,373 | 2,051 | |
West Pharmaceutical Services, Inc. | 10,893 | 4,166 | |
Zimmer Biomet Holdings, Inc. | 12,378 | 1,802 | |
64,323 | |||
Industrials—19.5% | |||
AMETEK, Inc. | 38,637 | 6,254 | |
Chart Industries, Inc.(1) | 18,068 | 2,887 | |
Ferguson plc | 44,998 | 7,079 | |
Hexcel Corp. | 108,232 | 8,228 | |
Paycom Software, Inc. | 14,323 | 4,601 | |
Quanta Services, Inc. | 53,750 | 10,559 | |
Rockwell Automation, Inc. | 17,346 | 5,715 | |
United Rentals, Inc. | 9,883 | 4,402 | |
Vertiv Holdings Co. Class A | 39,762 | 985 | |
Westinghouse Air Brake Technologies Corp. | 82,220 | 9,017 | |
59,727 | |||
Information Technology—27.6% | |||
Analog Devices, Inc. | 30,940 | 6,028 | |
ANSYS, Inc.(1) | 8,083 | 2,670 | |
Atlassian Corp. Class A(1) | 6,074 | 1,019 | |
Belden, Inc. | 19,607 | 1,875 | |
Bentley Systems, Inc. Class B | 34,084 | 1,848 | |
Datadog, Inc. Class A(1) | 48,311 | 4,753 | |
DoubleVerify Holdings, Inc.(1) | 46,068 | 1,793 | |
Enphase Energy, Inc.(1) | 14,525 | 2,433 | |
Entegris, Inc. | 47,834 | 5,301 | |
Five9, Inc.(1) | 22,332 | 1,841 | |
HubSpot, Inc.(1) | 7,593 | 4,040 | |
Keysight Technologies, Inc.(1) | 38,036 | 6,369 | |
Lam Research Corp. | 9,945 | 6,393 | |
Lattice Semiconductor Corp.(1) | 39,294 | 3,775 | |
Marvell Technology, Inc. | 63,016 | 3,767 |
Shares | Value | ||
Information Technology—continued | |||
Monolithic Power Systems, Inc. | 12,814 | $ 6,923 | |
Palo Alto Networks, Inc.(1) | 42,574 | 10,878 | |
TE Connectivity Ltd. | 48,403 | 6,784 | |
Zscaler, Inc.(1) | 38,969 | 5,701 | |
84,191 | |||
Materials—0.3% | |||
Albemarle Corp. | 3,855 | 860 | |
Real Estate—1.5% | |||
Terreno Realty Corp. | 51,056 | 3,069 | |
Zillow Group, Inc. Class A(1) | 31,509 | 1,550 | |
4,619 | |||
Total Common Stocks (Identified Cost $241,807) | 303,687 | ||
Total Long-Term Investments—99.4% (Identified Cost $241,807) | 303,687 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $241,807) | $303,687 | ||
Other assets and liabilities, net—0.6% | 1,784 | ||
NET ASSETS—100.0% | $305,471 |
Abbreviation: | |
MSCI | Morgan Stanley Capital International |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 93% |
Jersey | 2 |
Switzerland | 2 |
Luxembourg | 1 |
Canada | 1 |
Israel | 1 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $303,687 | $303,687 | |
Total Investments | $303,687 | $303,687 |
June 30, 2023
Shares | Value | ||
Common Stocks—97.2% | |||
Aerospace & Defense—0.3% | |||
HEICO Corp. | 1,788 | $ 316 | |
Automobile Components—0.3% | |||
LCI Industries | 2,004 | 253 | |
Banks—1.9% | |||
Byline Bancorp, Inc. | 18,180 | 329 | |
Carter Bankshares, Inc.(1) | 26,472 | 392 | |
Cathay General Bancorp | 14,116 | 454 | |
Central Pacific Financial Corp. | 18,476 | 290 | |
Preferred Bank | 7,638 | 420 | |
1,885 | |||
Beverages—1.7% | |||
Coca-Cola Consolidated, Inc. | 2,720 | 1,730 | |
Biotechnology—7.8% | |||
ADMA Biologics, Inc.(1) | 60,433 | 223 | |
Alkermes plc(1) | 51,343 | 1,607 | |
Anika Therapeutics, Inc.(1) | 45,579 | 1,184 | |
Arrowhead Pharmaceuticals, Inc.(1) | 5,433 | 194 | |
Avid Bioservices, Inc.(1) | 60,469 | 845 | |
Beam Therapeutics, Inc.(1) | 3,049 | 97 | |
Blueprint Medicines Corp.(1) | 1,947 | 123 | |
Catalyst Pharmaceuticals, Inc.(1) | 6,713 | 90 | |
Cytokinetics, Inc.(1) | 7,944 | 259 | |
Eagle Pharmaceuticals, Inc.(1) | 21,865 | 425 | |
Halozyme Therapeutics, Inc.(1) | 8,579 | 309 | |
Intercept Pharmaceuticals, Inc.(1) | 9,297 | 103 | |
Ironwood Pharmaceuticals, Inc. Class A(1) | 21,173 | 225 | |
Keros Therapeutics, Inc.(1) | 2,953 | 119 | |
Natera, Inc.(1) | 10,758 | 524 | |
Sutro Biopharma, Inc.(1) | 28,274 | 131 | |
Twist Bioscience Corp.(1) | 11,744 | 240 | |
Vaxcyte, Inc.(1) | 3,178 | 159 | |
VectivBio Holding AG(1) | 12,566 | 212 | |
Veracyte, Inc.(1) | 12,864 | 328 | |
Vericel Corp.(1) | 4,760 | 179 | |
Xencor, Inc.(1) | 7,596 | 190 | |
7,766 | |||
Capital Markets—1.6% | |||
Federated Hermes, Inc. Class B | 7,549 | 271 | |
Goldman Sachs BDC, Inc.(2) | 33,506 | 464 | |
Golub Capital BDC, Inc. | 31,186 | 421 | |
Hercules Capital, Inc.(2) | 12,197 | 180 | |
Main Street Capital Corp.(2) | 5,094 | 204 | |
1,540 | |||
Chemicals—0.3% | |||
HB Fuller Co. | 4,496 | 321 | |
Commercial Services & Supplies—0.7% | |||
Tetra Tech, Inc. | 4,086 | 669 |
Shares | Value | ||
Construction & Engineering—1.2% | |||
Comfort Systems USA, Inc. | 3,773 | $ 619 | |
EMCOR Group, Inc. | 2,974 | 550 | |
1,169 | |||
Consumer Staples Distribution & Retail—1.3% | |||
BJ’s Wholesale Club Holdings, Inc.(1) | 5,220 | 329 | |
Casey’s General Stores, Inc. | 1,967 | 480 | |
Ingles Markets, Inc. Class A | 2,699 | 223 | |
Weis Markets, Inc. | 4,022 | 258 | |
1,290 | |||
Containers & Packaging—2.5% | |||
Graphic Packaging Holding Co. | 34,278 | 824 | |
O-I Glass, Inc.(1) | 48,391 | 1,032 | |
Silgan Holdings, Inc. | 12,889 | 604 | |
2,460 | |||
Diversified Consumer Services—1.5% | |||
2U, Inc.(1) | 36,000 | 145 | |
Bright Horizons Family Solutions, Inc.(1) | 2,413 | 223 | |
Carriage Services, Inc. Class A | 3,684 | 120 | |
Grand Canyon Education, Inc.(1) | 3,396 | 350 | |
Perdoceo Education Corp.(1) | 25,404 | 312 | |
Vitru Ltd.(1) | 17,829 | 286 | |
1,436 | |||
Diversified REIT—0.3% | |||
Armada Hoffler Properties, Inc. | 28,864 | 337 | |
Diversified Telecommunication Services—0.2% | |||
Cogent Communications Holdings, Inc. | 2,682 | 180 | |
Electric Utilities—1.9% | |||
ALLETE, Inc. | 7,596 | 440 | |
Hawaiian Electric Industries, Inc. | 7,684 | 278 | |
IDACORP, Inc. | 5,005 | 514 | |
Otter Tail Corp. | 8,490 | 670 | |
1,902 | |||
Electrical Equipment—2.9% | |||
Atkore, Inc.(1) | 10,969 | 1,711 | |
Thermon Group Holdings, Inc.(1) | 45,151 | 1,201 | |
2,912 | |||
Electronic Equipment, Instruments & Components—4.9% | |||
Belden, Inc. | 19,544 | 1,869 | |
CTS Corp. | 5,061 | 216 | |
Fabrinet (1) | 3,616 | 470 | |
Novanta, Inc.(1) | 927 | 171 |
Shares | Value | ||
Electronic Equipment, Instruments & Components—continued | |||
OSI Systems, Inc.(1) | 1,796 | $ 211 | |
Sanmina Corp.(1) | 23,988 | 1,446 | |
Vishay Intertechnology, Inc. | 17,183 | 505 | |
4,888 | |||
Energy Equipment & Services—1.8% | |||
ProPetro Holding Corp.(1) | 90,810 | 748 | |
RPC, Inc. | 18,365 | 131 | |
Select Water Solutions, Inc. Class A | 27,132 | 220 | |
U.S. Silica Holdings, Inc.(1) | 54,662 | 663 | |
1,762 | |||
Entertainment—1.2% | |||
Liberty Media Corp-Liberty Formula One Class A(1) | 8,722 | 590 | |
Madison Square Garden Sports Corp. | 2,592 | 487 | |
Sciplay Corp. Class A(1) | 6,390 | 126 | |
1,203 | |||
Financial Services—0.3% | |||
I3 Verticals, Inc. Class A(1) | 15,177 | 347 | |
Food Products—3.3% | |||
Cal-Maine Foods, Inc. | 4,407 | 198 | |
Flowers Foods, Inc. | 19,748 | 491 | |
Hostess Brands, Inc. Class A(1) | 25,736 | 652 | |
J & J Snack Foods Corp. | 3,218 | 510 | |
John B Sanfilippo & Son, Inc. | 5,968 | 700 | |
Lancaster Colony Corp. | 2,950 | 593 | |
Tootsie Roll Industries, Inc. | 3,407 | 121 | |
3,265 | |||
Gas Utilities—0.6% | |||
ONE Gas, Inc. | 7,707 | 592 | |
Ground Transportation—1.5% | |||
Ryder System, Inc. | 13,608 | 1,154 | |
Saia, Inc.(1) | 892 | 305 | |
1,459 | |||
Healthcare Equipment & Supplies—5.6% | |||
Axonics, Inc.(1) | 2,371 | 120 | |
Establishment Labs Holdings, Inc.(1)(2) | 2,529 | 174 | |
Globus Medical, Inc. Class A(1) | 4,022 | 239 | |
Haemonetics Corp.(1) | 13,662 | 1,163 | |
Inari Medical, Inc.(1) | 5,598 | 325 | |
Inspire Medical Systems, Inc.(1) | 1,803 | 585 | |
Merit Medical Systems, Inc.(1) | 12,739 | 1,066 | |
Nevro Corp.(1) | 12,500 | 318 | |
Penumbra, Inc.(1) | 2,212 | 761 |
Shares | Value | ||
Healthcare Equipment & Supplies—continued | |||
Shockwave Medical, Inc.(1) | 2,752 | $ 785 | |
5,536 | |||
Healthcare Providers & Services—1.6% | |||
Chemed Corp. | 895 | 485 | |
Encompass Health Corp. | 3,901 | 264 | |
Ensign Group, Inc. (The) | 2,110 | 201 | |
Tenet Healthcare Corp.(1) | 7,910 | 644 | |
1,594 | |||
Healthcare Technology—1.1% | |||
HealthStream, Inc. | 5,015 | 123 | |
NextGen Healthcare, Inc.(1) | 61,929 | 1,005 | |
1,128 | |||
Hotels, Restaurants & Leisure—4.7% | |||
Arcos Dorados Holdings, Inc. Class A | 73,348 | 752 | |
Boyd Gaming Corp. | 15,966 | 1,107 | |
Dave & Buster’s Entertainment, Inc.(1) | 3,833 | 171 | |
Everi Holdings, Inc.(1) | 23,156 | 335 | |
Hilton Grand Vacations, Inc.(1) | 17,467 | 794 | |
PlayAGS, Inc.(1) | 25,567 | 144 | |
Red Rock Resorts, Inc. Class A | 29,057 | 1,359 | |
4,662 | |||
Independent Power and Renewable Electricity Producers—0.4% | |||
TransAlta Corp. | 37,205 | 348 | |
Insurance—4.0% | |||
AMERISAFE, Inc. | 5,898 | 315 | |
Donegal Group, Inc. Class A | 22,965 | 331 | |
Employers Holdings, Inc. | 5,988 | 224 | |
Enstar Group Ltd.(1) | 1,074 | 262 | |
Genworth Financial, Inc. Class A(1) | 135,376 | 677 | |
RLI Corp. | 3,933 | 537 | |
Safety Insurance Group, Inc. | 6,345 | 455 | |
Unum Group | 24,327 | 1,160 | |
3,961 | |||
Interactive Media & Services—0.1% | |||
Travelzoo (1) | 9,076 | 72 | |
Leisure Products—0.4% | |||
Acushnet Holdings Corp. | 6,970 | 381 | |
Life Sciences Tools & Services—0.8% | |||
Medpace Holdings, Inc.(1) | 895 | 215 |
Shares | Value | ||
Life Sciences Tools & Services—continued | |||
West Pharmaceutical Services, Inc. | 1,383 | $ 529 | |
744 | |||
Machinery—1.4% | |||
Franklin Electric Co., Inc. | 5,236 | 539 | |
Terex Corp. | 5,439 | 325 | |
Wabash National Corp. | 19,488 | 500 | |
1,364 | |||
Metals & Mining—3.9% | |||
Commercial Metals Co. | 28,487 | 1,500 | |
Ryerson Holding Corp. | 20,985 | 910 | |
United States Steel Corp. | 16,530 | 414 | |
Warrior Met Coal, Inc. | 25,334 | 987 | |
3,811 | |||
Mortgage Real Estate Investment Trusts (REITs)—0.3% | |||
Invesco Mortgage Capital, Inc. | 24,085 | 276 | |
Multi-Utilities—0.7% | |||
Avista Corp. | 12,779 | 502 | |
Unitil Corp. | 4,737 | 240 | |
742 | |||
Oil, Gas & Consumable Fuels—2.9% | |||
Baytex Energy Corp.(1) | 87,520 | 285 | |
Gulfport Energy Corp.(1) | 10,569 | 1,111 | |
Magnolia Oil & Gas Corp. Class A | 27,306 | 571 | |
Plains GP Holdings LP Class A(1) | 63,597 | 943 | |
2,910 | |||
Paper & Forest Products—0.6% | |||
UFP Industries, Inc. | 6,467 | 628 | |
Pharmaceuticals—4.2% | |||
Amneal Pharmaceuticals, Inc.(1) | 44,480 | 138 | |
Amphastar Pharmaceuticals, Inc.(1) | 6,109 | 351 | |
Innoviva, Inc.(1) | 32,458 | 413 | |
Perrigo Co. plc | 13,064 | 444 | |
Phibro Animal Health Corp. Class A | 16,544 | 227 | |
Prestige Consumer Healthcare, Inc.(1) | 29,515 | 1,754 | |
Supernus Pharmaceuticals, Inc.(1) | 29,148 | 876 | |
4,203 | |||
Professional Services—2.7% | |||
Barrett Business Services, Inc. | 14,207 | 1,239 |
Shares | Value | ||
Professional Services—continued | |||
ExlService Holdings, Inc.(1) | 4,653 | $ 703 | |
Kforce, Inc. | 7,238 | 454 | |
Science Applications International Corp. | 2,430 | 273 | |
2,669 | |||
Real Estate Management & Development—0.4% | |||
Redfin Corp.(1) | 28,585 | 355 | |
Semiconductors & Semiconductor Equipment—4.7% | |||
Axcelis Technologies, Inc.(1) | 12,856 | 2,357 | |
Diodes, Inc.(1) | 3,885 | 359 | |
MACOM Technology Solutions Holdings, Inc.(1) | 2,703 | 177 | |
Rambus, Inc.(1) | 18,125 | 1,163 | |
Tower Semiconductor Ltd.(1) | 15,419 | 579 | |
4,635 | |||
Software—6.3% | |||
Agilysys, Inc.(1) | 3,102 | 213 | |
BlackLine, Inc.(1) | 13,747 | 740 | |
Box, Inc. Class A(1) | 23,784 | 699 | |
CommVault Systems, Inc.(1) | 3,886 | 282 | |
Everbridge, Inc.(1) | 5,470 | 147 | |
Intapp, Inc.(1) | 30,954 | 1,297 | |
Manhattan Associates, Inc.(1) | 3,998 | 799 | |
New Relic, Inc.(1) | 2,866 | 188 | |
Pegasystems, Inc. | 3,836 | 189 | |
Progress Software Corp. | 11,330 | 658 | |
RADCOM Ltd.(1) | 21,604 | 205 | |
Smartsheet, Inc. Class A(1) | 5,694 | 218 | |
Zeta Global Holdings Corp. Class A(1) | 75,677 | 646 | |
6,281 | |||
Specialty Retail—1.2% | |||
Asbury Automotive Group, Inc.(1) | 2,604 | 626 | |
Dick’s Sporting Goods, Inc. | 4,181 | 553 | |
1,179 | |||
Technology Hardware, Storage & Peripherals—0.1% | |||
Pure Storage, Inc. Class A(1) | 3,685 | 136 | |
Textiles, Apparel & Luxury Goods—0.8% | |||
Oxford Industries, Inc. | 7,611 | 749 | |
Trading Companies & Distributors—6.3% | |||
Applied Industrial Technologies, Inc. | 14,236 | 2,062 | |
Boise Cascade Co. | 12,761 | 1,153 | |
GMS, Inc.(1) | 14,469 | 1,001 |
Shares | Value | ||
Trading Companies & Distributors—continued | |||
Rush Enterprises, Inc. Class A | 20,194 | $ 1,227 | |
WESCO International, Inc. | 4,179 | 748 | |
6,191 | |||
Water Utilities—2.0% | |||
American States Water Co. | 6,703 | 583 | |
Consolidated Water Co., Ltd. | 36,114 | 875 | |
SJW Group | 6,970 | 489 | |
1,947 | |||
Total Common Stocks (Identified Cost $82,615) | 96,184 | ||
Master Limited Partnerships and Related Companies—0.4% | |||
Downstream/Other—0.4% | |||
Global Partners LP | 6,045 | 186 |
Shares | Value | ||
Downstream/Other—continued | |||
Sunoco LP | 4,380 | $ 191 | |
377 | |||
Total Master Limited Partnerships and Related Companies (Identified Cost $297) | 377 | ||
Total Long-Term Investments—97.6% (Identified Cost $82,912) | 96,561 | ||
Securities Lending Collateral—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.997%)(3)(4) | 913,126 | 913 | |
Total Securities Lending Collateral (Identified Cost $913) | 913 | ||
TOTAL INVESTMENTS—98.5% (Identified Cost $83,825) | $97,474 | ||
Other assets and liabilities, net—1.5% | 1,454 | ||
NET ASSETS—100.0% | $98,928 |
Abbreviations: | |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
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 States | 94% |
Ireland | 2 |
Cayman Islands | 1 |
Virgin Islands (British) | 1 |
Canada | 1 |
Israel | 1 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $96,184 | $96,184 | |
Master Limited Partnerships and Related Companies | 377 | 377 | |
Securities Lending Collateral | 913 | 913 | |
Total Investments | $97,474 | $97,474 |
June 30, 2023
Shares | Value | ||
Common Stocks—99.8% | |||
Aerospace & Defense—0.8% | |||
Axon Enterprise, Inc.(1) | 50,000 | $ 9,756 | |
Automobiles—5.1% | |||
Tesla, Inc.(1) | 250,000 | 65,442 | |
Broadline Retail—10.7% | |||
Amazon.com, Inc.(1) | 830,000 | 108,199 | |
Global-e Online Ltd.(1) | 250,000 | 10,235 | |
MercadoLibre, Inc.(1) | 17,000 | 20,138 | |
138,572 | |||
Capital Markets—0.3% | |||
Broadridge Financial Solutions, Inc. | 19,500 | 3,230 | |
Communications Equipment—1.2% | |||
Arista Networks, Inc.(1) | 49,300 | 7,989 | |
Cisco Systems, Inc. | 140,000 | 7,244 | |
15,233 | |||
Electrical Equipment—0.3% | |||
Shoals Technologies Group, Inc. Class A(1) | 150,000 | 3,834 | |
Electronic Equipment, Instruments & Components—1.6% | |||
Amphenol Corp. Class A | 150,000 | 12,743 | |
CDW Corp. | 40,000 | 7,340 | |
20,083 | |||
Financial Services—2.3% | |||
Block, Inc. Class A(1) | 10,000 | 666 | |
Mastercard, Inc. Class A | 30,000 | 11,799 | |
Visa, Inc. Class A | 75,000 | 17,811 | |
30,276 | |||
Ground Transportation—1.8% | |||
Uber Technologies, Inc.(1) | 550,000 | 23,744 | |
Hotels, Restaurants & Leisure—0.8% | |||
Airbnb, Inc. Class A(1) | 20,000 | 2,563 | |
Booking Holdings, Inc.(1) | 3,000 | 8,101 | |
10,664 | |||
Interactive Media & Services—12.4% | |||
Alphabet, Inc. Class C(1) | 850,000 | 102,824 |
Shares | Value | ||
Interactive Media & Services—continued | |||
Meta Platforms, Inc. Class A(1) | 200,000 | $ 57,396 | |
160,220 | |||
IT Services—5.8% | |||
MongoDB, Inc. Class A(1) | 65,000 | 26,714 | |
Shopify, Inc. Class A(1) | 450,000 | 29,070 | |
Snowflake, Inc. Class A(1) | 110,000 | 19,358 | |
75,142 | |||
Media—2.5% | |||
Trade Desk, Inc. (The) Class A(1) | 425,000 | 32,818 | |
Professional Services—0.2% | |||
Paycom Software, Inc. | 5,000 | 1,606 | |
Paylocity Holding Corp.(1) | 5,000 | 923 | |
2,529 | |||
Real Estate Management & Development—0.2% | |||
DigitalBridge Group, Inc. | 213,000 | 3,133 | |
Semiconductors & Semiconductor Equipment—21.5% | |||
Advanced Micro Devices, Inc.(1) | 325,000 | 37,021 | |
Applied Materials, Inc. | 67,000 | 9,684 | |
ASML Holding N.V. Registered Shares | 19,000 | 13,770 | |
Enphase Energy, Inc.(1) | 75,000 | 12,561 | |
First Solar, Inc.(1) | 55,000 | 10,455 | |
Impinj, Inc.(1) | 30,000 | 2,690 | |
KLA Corp. | 20,000 | 9,700 | |
Micron Technology, Inc. | 250,000 | 15,778 | |
Monolithic Power Systems, Inc. | 38,100 | 20,583 | |
NVIDIA Corp. | 215,000 | 90,949 | |
NXP Semiconductors N.V. | 91,000 | 18,626 | |
ON Semiconductor Corp.(1) | 375,000 | 35,467 | |
277,284 | |||
Software—24.5% | |||
Adobe, Inc. (1) | 65,000 | 31,784 | |
BILL Holdings, Inc.(1) | 15,000 | 1,753 | |
Cadence Design Systems, Inc.(1) | 50,000 | 11,726 |
Shares | Value | ||
Software—continued | |||
Crowdstrike Holdings, Inc. Class A(1) | 85,000 | $ 12,484 | |
Datadog, Inc. Class A(1) | 35,000 | 3,443 | |
DoubleVerify Holdings, Inc.(1) | 250,000 | 9,730 | |
Fortinet, Inc.(1) | 250,000 | 18,898 | |
HubSpot, Inc.(1) | 7,000 | 3,725 | |
Intuit, Inc. | 18,000 | 8,247 | |
Microsoft Corp. | 325,000 | 110,676 | |
Oracle Corp. | 200,000 | 23,818 | |
Palo Alto Networks, Inc.(1) | 170,000 | 43,437 | |
ServiceNow, Inc.(1) | 52,000 | 29,222 | |
Zscaler, Inc.(1) | 50,000 | 7,315 | |
316,258 | |||
Technology Hardware, Storage & Peripherals—7.8% | |||
Apple, Inc. | 520,000 | 100,864 | |
Total Common Stocks (Identified Cost $778,440) | 1,289,082 | ||
Total Long-Term Investments—99.8% (Identified Cost $778,440) | 1,289,082 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $778,440) | $1,289,082 | ||
Other assets and liabilities, net—0.2% | 3,156 | ||
NET ASSETS—100.0% | $1,292,238 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 95% |
Netherlands | 2 |
Uruguay | 2 |
Israel | 1 |
Total | 100% |
† % of total investments as of June 30, 2023. |
Total Value at June 30, 2023 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,289,082 | $1,289,082 | |
Total Investments | $1,289,082 | $1,289,082 |
June 30, 2023
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 122,606 | $ 5,054,943 | $ 56,326 | $ 152,684 | |||
Foreign currency at value(2) | 772 | — | 68 | — | |||
Cash | 5,776 | 80,264 | 264 | 488 | |||
Cash pledged as collateral for written options | — | 915 | — | — | |||
Receivables | |||||||
Investment securities sold | 1,604 | 12,650 | — | 3,081 | |||
Fund shares sold | 11 | 4,858 | 16 | 5 | |||
Dividends and interest | 791 | 34,105 | 63 | 59 | |||
Tax reclaims | 50 | — | 131 | 323 | |||
Prepaid Trustees’ retainer | 3 | 100 | 1 | 3 | |||
Prepaid expenses | 30 | 5 | 20 | 22 | |||
Other assets | 69 | 726 | 51 | 46 | |||
Total assets | 131,712 | 5,188,566 | 56,940 | 156,711 | |||
Liabilities | |||||||
Written options at value(3) | — | 1,828 | — | — | |||
Payables | |||||||
Fund shares repurchased | 111 | 5,193 | 60 | 46 | |||
Investment securities purchased | 3,050 | 74,479 | — | 3,081 | |||
Foreign capital gains tax | 375 | — | — | — | |||
Investment advisory fees | 55 | 2,704 | 24 | 98 | |||
Distribution and service fees | 5 | 1,180 | 7 | 30 | |||
Administration and accounting fees | 11 | 423 | 5 | 13 | |||
Transfer agent and sub-transfer agent fees and expenses | 30 | 828 | 14 | 30 | |||
Professional fees | 36 | 45 | 30 | 35 | |||
Trustee deferred compensation plan | 69 | 726 | 51 | 46 | |||
Interest expense and/or commitment fees | — (a) | 10 | — | — (a) | |||
Other accrued expenses | 11 | 170 | 15 | 12 | |||
Total liabilities | 3,753 | 87,586 | 206 | 3,391 | |||
Net Assets | $ 127,959 | $ 5,100,980 | $ 56,734 | $ 153,320 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 140,443 | $ 5,859,091 | $ 52,438 | $ 151,338 | |||
Accumulated earnings (loss) | (12,484) | (758,111) | 4,296 | 1,982 | |||
Net Assets | $ 127,959 | $ 5,100,980 | $ 56,734 | $ 153,320 | |||
Net Assets: | |||||||
Class A | $ 19,339 | $ 1,955,600 | $ 32,690 | $ 138,726 | |||
Class C | $ 735 | $ 954,260 | $ 529 | $ 2,820 | |||
Class P | $ 5,292 | $ 1,072,972 | $ 1,764 | $ 1,179 | |||
Institutional Class | $ 70,273 | $ 1,118,148 | $ 21,751 | $ 10,595 | |||
Class R6 | $ 32,320 | $ — | $ — | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 700,263 | 184,631,129 | 1,040,400 | 4,948,752 | |||
Class C | 26,530 | 102,159,498 | 23,500 | 170,830 | |||
Class P | 196,724 | 97,695,377 | 49,204 | 40,768 | |||
Institutional Class | 2,536,588 | 100,450,549 | 594,466 | 366,034 | |||
Class R6 | 1,182,197 | — | — | — |
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 27.62 | $ 10.59 | $ 31.42 | $ 28.03 | |||
Class C | $ 27.72 | $ 9.34 | $ 22.52 | $ 16.51 | |||
Class P | $ 26.90 | $ 10.98 | $ 35.85 | $ 28.93 | |||
Institutional Class | $ 27.70 | $ 11.13 | $ 36.59 | $ 28.95 | |||
Class R6 | $ 27.34 | $ — | $ — | $ — | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 29.23 | $ 11.21 | $ 33.25 | $ 29.66 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 111,015 | $ 5,784,968 | $ 51,539 | $ 144,691 | |||
(2) Foreign currency at cost | $ 768 | $ — | $ 68 | $ — | |||
(3) Written options premiums received | $ — | $ 1,566 | $ — | $ — |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
NFJ Dividend Value Fund | NFJ International Value Fund | NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 627,324 | $ 93,531 | $ 274,445 | $ 962,537 | |||
Foreign currency at value(2) | — | 36 | — | — | |||
Cash | 3,594 | 2,694 | 7,428 | 4,379 | |||
Receivables | |||||||
Investment securities sold | 17,663 | 1,992 | 2,063 | 20,153 | |||
Fund shares sold | 107 | 8 | 319 | 355 | |||
Dividends and interest | 1,135 | 86 | 417 | 2,138 | |||
Tax reclaims | 7 | 482 | 44 | 169 | |||
Prepaid Trustees’ retainer | 13 | 2 | 5 | 19 | |||
Prepaid expenses | 37 | 30 | 36 | 41 | |||
Other assets | 1,486 | 318 | 187 | 312 | |||
Total assets | 651,366 | 99,179 | 284,944 | 990,103 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 486 | 228 | 175 | 1,127 | |||
Investment securities purchased | — | 1,384 | 2,855 | 15,291 | |||
Investment advisory fees | 232 | 28 | 104 | 326 | |||
Distribution and service fees | 81 | 11 | 32 | 120 | |||
Administration and accounting fees | 54 | 9 | 24 | 80 | |||
Transfer agent and sub-transfer agent fees and expenses | 150 | 27 | 59 | 224 | |||
Professional fees | 32 | 34 | 31 | 34 | |||
Trustee deferred compensation plan | 1,486 | 318 | 187 | 312 | |||
Interest expense and/or commitment fees | 1 | — (a) | — (a) | 2 | |||
Other accrued expenses | 35 | 16 | 21 | 53 | |||
Total liabilities | 2,557 | 2,055 | 3,488 | 17,569 | |||
Net Assets | $ 648,809 | $ 97,124 | $ 281,456 | $ 972,534 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 583,556 | $ 534,958 | $ 257,518 | $ 948,915 | |||
Accumulated earnings (loss) | 65,253 | (437,834) | 23,938 | 23,619 | |||
Net Assets | $ 648,809 | $ 97,124 | $ 281,456 | $ 972,534 | |||
Net Assets: | |||||||
Class A | $ 333,660 | $ 48,363 | $ 151,469 | $ 476,789 | |||
Class C | $ 8,040 | $ 1,126 | $ 2,041 | $ 19,749 | |||
Class P | $ 129,853 | $ 14,861 | $ 14,461 | $ 81,136 | |||
Institutional Class | $ 75,806 | $ 28,557 | $ 110,871 | $ 282,625 | |||
Class R6 | $ 68,554 | $ 2,756 | $ 2,172 | $ 78,020 | |||
Administrative Class | $ 32,896 | $ 1,461 | $ 442 | $ 34,215 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 32,271,950 | 2,522,160 | 5,784,906 | 18,852,666 | |||
Class C | 752,707 | 60,008 | 76,786 | 1,090,929 | |||
Class P | 12,387,054 | 769,297 | 545,011 | 4,693,826 | |||
Institutional Class | 7,244,749 | 1,477,316 | 4,261,855 | 10,036,047 | |||
Class R6 | 6,597,025 | 142,712 | 83,583 | 2,776,648 | |||
Administrative Class | 3,032,191 | 74,380 | 16,524 | 1,286,224 |
NFJ Dividend Value Fund | NFJ International Value Fund | NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 10.34 | $ 19.18 | $ 26.18 | $ 25.29 | |||
Class C | $ 10.68 | $ 18.76 | $ 26.58 | $ 18.10 | |||
Class P | $ 10.48 | $ 19.32 | $ 26.53 | $ 17.29 | |||
Institutional Class | $ 10.46 | $ 19.33 | $ 26.01 | $ 28.16 | |||
Class R6 | $ 10.39 | $ 19.31 | $ 25.99 | $ 28.10 | |||
Administrative Class | $ 10.85 | $ 19.64 | $ 26.75 | $ 26.60 | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 10.94 | $ 20.30 | $ 27.70 | $ 26.76 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 586,822 | $ 95,657 | $ 256,971 | $ 953,862 | |||
(2) Foreign currency at cost | $ — | $ 36 | $ — | $ — |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 368,103 | $ 1,016,234 | $ 303,687 | $ 97,474 | |||
Cash | 2,379 | 20,083 | 598 | 1,904 | |||
Receivables | |||||||
Investment securities sold | 16,455 | 31,211 | 8,251 | 2,368 | |||
Fund shares sold | 38 | 244 | 26 | 58 | |||
Dividends and interest | 633 | 97 | 98 | 49 | |||
Tax reclaims | 11 | — | — | 1 | |||
Prepaid Trustees’ retainer | 7 | 18 | 6 | 2 | |||
Prepaid expenses | 42 | 36 | 26 | 30 | |||
Other assets | 1,231 | 259 | 71 | 16 | |||
Total assets | 388,899 | 1,068,182 | 312,763 | 101,902 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 458 | 1,706 | 171 | 49 | |||
Investment securities purchased | 14,303 | 47,383 | 6,744 | 1,872 | |||
Collateral on securities loaned | — | — | — | 913 | |||
Investment advisory fees | 183 | 374 | 114 | 37 | |||
Distribution and service fees | 51 | 145 | 52 | 15 | |||
Administration and accounting fees | 31 | 84 | 25 | 9 | |||
Transfer agent and sub-transfer agent fees and expenses | 128 | 58 | 58 | 21 | |||
Professional fees | 31 | 36 | 30 | 30 | |||
Trustee deferred compensation plan | 1,231 | 259 | 71 | 16 | |||
Interest expense and/or commitment fees | 1 | 2 | 1 | — (a) | |||
Other accrued expenses | 21 | 50 | 26 | 12 | |||
Total liabilities | 16,438 | 50,097 | 7,292 | 2,974 | |||
Net Assets | $ 372,461 | $ 1,018,085 | $ 305,471 | $ 98,928 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 347,357 | $ 485,848 | $ 261,737 | $ 84,183 | |||
Accumulated earnings (loss) | 25,104 | 532,237 | 43,734 | 14,745 | |||
Net Assets | $ 372,461 | $ 1,018,085 | $ 305,471 | $ 98,928 | |||
Net Assets: | |||||||
Class A | $ 225,530 | $ 625,184 | $ 242,677 | $ 62,610 | |||
Class C | $ 1,062 | $ 22,534 | $ 5,204 | $ 3,415 | |||
Class P | $ 24,940 | $ 45,858 | $ 6,421 | $ 7,089 | |||
Institutional Class | $ 52,013 | $ 151,338 | $ 50,028 | $ 20,456 | |||
Class R6 | $ 46,194 | $ 165,550 | $ — | $ 5,358 | |||
Administrative Class | $ 22,722 | $ 7,621 | $ 1,141 | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 19,021,877 | 10,222,057 | 68,448,174 | 2,996,183 | |||
Class C | 106,624 | 875,120 | 2,277,922 | 176,588 | |||
Class P | 1,702,810 | 1,225,559 | 1,423,295 | 331,071 | |||
Institutional Class | 3,494,548 | 2,804,563 | 10,942,584 | 948,921 | |||
Class R6 | 3,140,794 | 3,052,455 | — | 248,534 | |||
Administrative Class | 1,853,273 | 162,524 | 288,375 | — |
NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 11.86 | $ 61.16 | $ 3.55 | $ 20.90 | |||
Class C | $ 9.96 | $ 25.75 | $ 2.28 | $ 19.34 | |||
Class P | $ 14.65 | $ 37.42 | $ 4.51 | $ 21.41 | |||
Institutional Class | $ 14.88 | $ 53.96 | $ 4.57 | $ 21.56 | |||
Class R6 | $ 14.71 | $ 54.24 | $ — | $ 21.56 | |||
Administrative Class | $ 12.26 | $ 46.89 | $ 3.95 | $ — | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 12.55 | $ 64.72 | $ 3.76 | $ 22.12 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 354,824 | $ 503,893 | $ 241,807 | $ 83,825 | |||
(2) Market value of securities on loan | $ — | $ — | $ — | $ 888 |
(a) | Amount is less than $500 (not in thousands). |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Zevenbergen Technology Fund | |
Assets | |
Investment in securities at value(1) | $ 1,289,082 |
Cash | 3,784 |
Due from broker for options contracts | 11 |
Receivables | |
Fund shares sold | 1,007 |
Dividends and interest | 218 |
Tax reclaims | 108 |
Prepaid Trustees’ retainer | 23 |
Prepaid expenses | 29 |
Other assets | 395 |
Total assets | 1,294,657 |
Liabilities | |
Payables | |
Fund shares repurchased | 459 |
Investment advisory fees | 954 |
Distribution and service fees | 128 |
Administration and accounting fees | 109 |
Transfer agent and sub-transfer agent fees and expenses | 268 |
Professional fees | 38 |
Trustee deferred compensation plan | 395 |
Interest expense and/or commitment fees | 2 |
Other accrued expenses | 66 |
Total liabilities | 2,419 |
Net Assets | $ 1,292,238 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $ 1,066,771 |
Accumulated earnings (loss) | 225,467 |
Net Assets | $ 1,292,238 |
Net Assets: | |
Class A | $ 538,324 |
Class C | $ 23,633 |
Class P | $ 51,800 |
Institutional Class | $ 670,734 |
Administrative Class | $ 7,747 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 12,928,746 |
Class C | 2,568,213 |
Class P | 910,864 |
Institutional Class | 11,226,746 |
Administrative Class | 155,898 |
Net Asset Value and Redemption Price Per Share:* | |
Class A | $ 41.64 |
Class C | $ 9.20 |
Class P | $ 56.87 |
Institutional Class | $ 59.74 |
Administrative Class | $ 49.69 |
Zevenbergen Technology Fund | |
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |
Class A | $ 44.06 |
Maximum Sales Charge - Class A | 5.50% |
(1) Investment in securities at cost | $ 778,440 |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
YEAR ENDED June 30, 2023
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | NFJ Dividend Value Fund | |||||
Investment Income | |||||||||
Dividends | $ 5,986 | $ 41,021 | $1,453 | $1,620 | $18,679 | ||||
Interest | — | 123,470 | — | — | — | ||||
Securities lending, net of fees | — | — | — (1) | — | — | ||||
Foreign taxes withheld | (715) | (13) | (97) | — (1) | (40) | ||||
Total investment income | 5,271 | 164,478 | 1,356 | 1,620 | 18,639 | ||||
Expenses | |||||||||
Investment advisory fees | 1,035 | 34,011 | 522 | 1,311 | 3,123 | ||||
Distribution and service fees, Class A | 48 | 4,870 | 79 | 359 | 869 | ||||
Distribution and service fees, Class C | 7 | 10,162 | 10 | 31 | 103 | ||||
Distribution and service fees, Administrative Class | — | — | — | — | 84 | ||||
Administration and accounting fees | 132 | 5,320 | 66 | 174 | 712 | ||||
Transfer agent fees and expenses | 55 | 2,221 | 27 | 77 | 309 | ||||
Sub-transfer agent fees and expenses, Class A | 22 | 1,323 | 32 | 136 | 440 | ||||
Sub-transfer agent fees and expenses, Class C | 1 | 715 | 1 | 3 | 7 | ||||
Sub-transfer agent fees and expenses, Class P | 5 | 823 | 2 | — | 113 | ||||
Sub-transfer agent fees and expenses, Institutional Class | 86 | 981 | 23 | 16 | 67 | ||||
Sub-transfer agent fees and expenses, Administrative Class | — | — | — | — | 23 | ||||
State and Local Taxes | — | 42 | — | — | — | ||||
Custodian fees | 10 | 13 | 5 | 4 | 4 | ||||
Printing fees and expenses | 10 | 263 | 7 | 13 | 52 | ||||
Professional fees | 49 | 114 | 38 | 36 | 227 | ||||
Interest expense and/or commitment fees | 23 | 36 | 2 | 1 | 11 | ||||
Registration fees | 65 | 160 | 60 | 58 | 91 | ||||
Trustees’ fees and expenses | 10 | 392 | 4 | 12 | 53 | ||||
Miscellaneous expenses | 27 | 372 | 24 | 23 | 47 | ||||
Total expenses | 1,585 | 61,818 | 902 | 2,254 | 6,335 | ||||
Less net expenses reimbursed and/or waived by investment adviser and/or administrator(2) | (352) | — | (38) | (3) | (57) | ||||
Less low balance account fees | — (1) | — (1) | — (1) | — (1) | — (1) | ||||
Plus net expenses recaptured(2) | — | 2 | — | — | — | ||||
Net expenses | 1,233 | 61,820 | 864 | 2,251 | 6,278 | ||||
Net investment income (loss) | 4,038 | 102,658 | 492 | (631) | 12,361 | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | (10,349) | 123,716 | (321) | 653 | 46,514 | ||||
Investment in affiliates | — | (7,943) | — | — | — | ||||
Foreign currency transactions | (181) | — | (22) | — (1) | — | ||||
Foreign capital gains tax | (27) | — | — | — | — | ||||
Written options | — | 9,113 | — | — | — | ||||
Net increase from payment by affiliate(3) | — | — | 108 | 28 | — | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 12,357 | 378,670 | 7,476 | 3,614 | (8,351) | ||||
Investment in affiliates | — | 7,908 | — | — | — | ||||
Foreign currency transactions | 40 | — | 7 | — (1) | — | ||||
Foreign capital gains tax | (375) | — | — | — | — | ||||
Written options | — | (255) | — | — | — | ||||
Net realized and unrealized gain (loss) on investments | 1,465 | 511,209 | 7,248 | 4,295 | 38,163 |
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | KAR Health Sciences Fund | NFJ Dividend Value Fund | |||||
Net increase (decrease) in net assets resulting from operations | $ 5,503 | $613,867 | $7,740 | $3,664 | $50,524 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 4D in Notes to Financial Statements. |
(3) | See Note 4G in Notes to Financial Statements. |
NFJ International Value Fund | NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | |||||
Investment Income | |||||||||
Dividends | $ 3,451 | $ 6,218 | $ 22,710 | $ 8,834 | $ 5,193 | ||||
Foreign taxes withheld | (351) | (4) | (630) | (133) | (7) | ||||
Total investment income | 3,100 | 6,214 | 22,080 | 8,701 | 5,186 | ||||
Expenses | |||||||||
Investment advisory fees | 594 | 1,218 | 5,791 | 2,301 | 3,955 | ||||
Distribution and service fees, Class A | 121 | 382 | 1,217 | 575 | 1,337 | ||||
Distribution and service fees, Class C | 14 | 24 | 250 | 13 | 217 | ||||
Distribution and service fees, Administrative Class | 4 | 1 | 86 | 63 | 16 | ||||
Administration and accounting fees | 108 | 282 | 1,076 | 397 | 901 | ||||
Transfer agent fees and expenses | 48 | 127 | 479 | 173 | 399 | ||||
Sub-transfer agent fees and expenses, Class A | 67 | 141 | 581 | 336 | 391 | ||||
Sub-transfer agent fees and expenses, Class C | 1 | 2 | 21 | 1 | 15 | ||||
Sub-transfer agent fees and expenses, Class P | 14 | 13 | 75 | 14 | 27 | ||||
Sub-transfer agent fees and expenses, Institutional Class | 14 | 102 | 254 | 47 | 84 | ||||
Sub-transfer agent fees and expenses, Administrative Class | 1 | — (1) | 39 | — | 6 | ||||
State and Local Taxes | — | — | — | 9 | — | ||||
Custodian fees | 9 | 4 | 6 | 5 | 5 | ||||
Printing fees and expenses | 14 | 20 | 69 | 30 | 39 | ||||
Professional fees | 104 | 36 | 44 | 36 | 41 | ||||
Interest expense and/or commitment fees | 2 | 5 | 13 | 3 | 7 | ||||
Registration fees | 69 | 64 | 99 | 89 | 100 | ||||
Trustees’ fees and expenses | 7 | 20 | 81 | 29 | 65 | ||||
Miscellaneous expenses | 18 | 32 | 213 | 116 | 81 | ||||
Total expenses | 1,209 | 2,473 | 10,394 | 4,237 | 7,686 | ||||
Less net expenses reimbursed and/or waived by investment adviser and/or administrator(2) | (65) | — | (1,423) | (211) | (59) | ||||
Less low balance account fees | — (1) | — (1) | — (1) | — (1) | (1) | ||||
Net expenses | 1,144 | 2,473 | 8,971 | 4,026 | 7,626 | ||||
Net investment income (loss) | 1,956 | 3,741 | 13,109 | 4,675 | (2,440) | ||||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||||
Net realized gain (loss) from: | |||||||||
Investments | (5,634) | 10,131 | 88,974 | 33,626 | 71,120 | ||||
Foreign currency transactions | (84) | — | (6) | (2) | — | ||||
Net increase from payment by affiliate(3) | — | — | — | — | 69 | ||||
Net change in unrealized appreciation (depreciation) on: | |||||||||
Investments | 12,937 | 7,065 | 6,331 | (992) | 181,075 | ||||
Foreign currency transactions | 27 | — | — | — (1) | — | ||||
Net realized and unrealized gain (loss) on investments | 7,246 | 17,196 | 95,299 | 32,632 | 252,264 | ||||
Net increase (decrease) in net assets resulting from operations | $ 9,202 | $20,937 | $108,408 | $37,307 | $249,824 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 4D in Notes to Financial Statements. |
(3) | See Note 4G in Notes to Financial Statements. |
Silvant Mid-Cap Growth Fund | Small-Cap Fund | Zevenbergen Technology Fund | |||
Investment Income | |||||
Dividends | $ 1,988 | $ 1,626 | $ 4,649 | ||
Securities lending, net of fees | — | 4 | — | ||
Foreign taxes withheld | — | (1) | (84) | ||
Total investment income | 1,988 | 1,629 | 4,565 | ||
Expenses | |||||
Investment advisory fees | 1,368 | 668 | 10,597 | ||
Distribution and service fees, Class A | 576 | 162 | 1,146 | ||
Distribution and service fees, Class C | 57 | 34 | 224 | ||
Distribution and service fees, Administrative Class | 3 | — | 15 | ||
Administration and accounting fees | 303 | 121 | 1,205 | ||
Transfer agent fees and expenses | 142 | 53 | 531 | ||
Sub-transfer agent fees and expenses, Class A | 146 | 52 | 463 | ||
Sub-transfer agent fees and expenses, Class C | 4 | 3 | 19 | ||
Sub-transfer agent fees and expenses, Class P | 4 | 7 | 31 | ||
Sub-transfer agent fees and expenses, Institutional Class | 43 | 23 | 582 | ||
Sub-transfer agent fees and expenses, Administrative Class | 1 | — | — (1) | ||
State and Local Taxes | — | — | 4 | ||
Custodian fees | 4 | 4 | 3 | ||
Printing fees and expenses | 18 | 9 | 59 | ||
Professional fees | 31 | 30 | 50 | ||
Interest expense and/or commitment fees | 2 | 2 | 21 | ||
Registration fees | 77 | 65 | 111 | ||
Trustees’ fees and expenses | 22 | 9 | 89 | ||
Miscellaneous expenses | 44 | 22 | 118 | ||
Total expenses | 2,845 | 1,264 | 15,268 | ||
Less net expenses reimbursed and/or waived by investment adviser and/or administrator(2) | — (1) | (80) | — | ||
Less low balance account fees | (1) | — (1) | (1) | ||
Plus net expenses recaptured(2) | — | — | 7 | ||
Net expenses | 2,844 | 1,184 | 15,274 | ||
Net investment income (loss) | (856) | 445 | (10,709) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (6,050) | 1,423 | (53,828) | ||
Foreign currency transactions | — | — | 248 | ||
Net increase from payment by affiliate(3) | — | 15 | 110 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 66,756 | 13,616 | 387,959 | ||
Foreign currency transactions | — | — | (326) | ||
Net realized and unrealized gain (loss) on investments | 60,706 | 15,054 | 334,163 | ||
Net increase (decrease) in net assets resulting from operations | $59,850 | $15,499 | $323,454 |
(1) | Amount is less than $500 (not in thousands). |
(2) | See Note 4D in Notes to Financial Statements. |
(3) | See Note 4G in Notes to Financial Statements. |
Emerging Markets Opportunities Fund | Income & Growth Fund | KAR Global Small-Cap Fund | |||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||||||
Net investment income (loss) | $ 4,038 | $ 6,435 | $ 102,658 | $ 84,377 | $ 492 | $ 46 | |||||
Net realized gain (loss) | (10,557) | (6,735) | 124,886 | 215,059 | (343) | 2,854 | |||||
Net increase from payment by affiliate(1) | — | — | — | — | 108 | — | |||||
Net change in unrealized appreciation (depreciation) | 12,022 | (79,770) | 386,323 | (1,544,524) | 7,483 | (25,133) | |||||
Increase (decrease) in net assets resulting from operations | 5,503 | (80,070) | 613,867 | (1,245,088) | 7,740 | (22,233) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income and Net Realized Gains: | |||||||||||
Class A | (603) | (397) | (93,901) | (159,641) | (913) | (12,359) | |||||
Class C | (14) | — | (52,772) | (95,276) | (37) | (853) | |||||
Class P | (158) | (163) | (50,458) | (109,170) | (47) | (726) | |||||
Institutional Class | (2,098) | (4,023) | (55,127) | (97,525) | (611) | (8,802) | |||||
Class R6 | (977) | (727) | — | — | — | — | |||||
Return of Capital: | |||||||||||
Class A | — | — | (64,672) | — | — | — | |||||
Class C | — | — | (33,734) | — | — | — | |||||
Class P | — | — | (35,576) | — | — | — | |||||
Institutional Class | — | — | (39,718) | — | — | — | |||||
Total dividends and distributions to shareholders | (3,850) | (5,310) | (425,958) | (461,612) | (1,608) | (22,740) | |||||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||||||
Class A | (1,145) | (4,768) | (79,920) | 153,524 | (2,817) | 5,131 | |||||
Class C | (36) | (622) | (167,901) | (17,195) | (976) | (478) | |||||
Class P | (1,295) | 1,288 | (146,112) | (272,790) | (497) | (84) | |||||
Institutional Class | (3,260) | (71,138) | (166,021) | 307,064 | (6,314) | 2,972 | |||||
Class R6 | 2,346 | 9,813 | — | — | — | — | |||||
Increase (decrease) in net assets from capital transactions | (3,390) | (65,427) | (559,954) | 170,603 | (10,604) | 7,541 | |||||
Net increase (decrease) in net assets | (1,737) | (150,807) | (372,045) | (1,536,097) | (4,472) | (37,432) | |||||
Net Assets | |||||||||||
Beginning of period | 129,696 | 280,503 | 5,473,025 | 7,009,122 | 61,206 | 98,638 | |||||
End of Period | $ 127,959 | $ 129,696 | $ 5,100,980 | $ 5,473,025 | $ 56,734 | $ 61,206 |
(1) | See Note 4G in Notes to Financial Statements. |
KAR Health Sciences Fund | NFJ Dividend Value Fund | NFJ International Value Fund | |||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||||||
Net investment income (loss) | $ (631) | $ (130) | $ 12,361 | $ 12,959 | $ 1,956 | $ 2,858 | |||||
Net realized gain (loss) | 653 | 21,774 | 46,514 | 127,450 | (5,718) | 9,900 | |||||
Net increase from payment by affiliate(1) | 28 | — | — | — | — | — | |||||
Net change in unrealized appreciation (depreciation) | 3,614 | (28,282) | (8,351) | (166,182) | 12,964 | (42,809) | |||||
Increase (decrease) in net assets resulting from operations | 3,664 | (6,638) | 50,524 | (25,773) | 9,202 | (30,051) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income and Net Realized Gains: | |||||||||||
Class A | (12,697) | (32,177) | (55,380) | (27,364) | (900) | (1,231) | |||||
Class C | (448) | (981) | (1,450) | (907) | (17) | (39) | |||||
Class P | (117) | (179) | (22,898) | (12,521) | (313) | (513) | |||||
Institutional Class | (1,278) | (4,284) | (13,896) | (7,072) | (601) | (1,021) | |||||
Class R6 | — | — | (12,691) | (5,785) | (63) | (61) | |||||
Administrative Class | — | — | (5,187) | (2,231) | (27) | (30) | |||||
Total dividends and distributions to shareholders | (14,540) | (37,621) | (111,502) | (55,880) | (1,921) | (2,895) | |||||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||||||
Class A | (1,137) | 17,203 | (1,515) | (15,519) | (5,551) | (7,951) | |||||
Class C | (254) | 866 | (3,619) | (5,103) | (672) | (1,244) | |||||
Class P | (875) | 1,666 | (10,554) | (40,573) | (3,436) | (4,145) | |||||
Institutional Class | (11,812) | 7,461 | (8,732) | (21,044) | (11,758) | 879 | |||||
Class R6 | — | — | 2,923 | (1,837) | (1,012) | 1,570 | |||||
Administrative Class | — | — | 2,127 | 3,460 | (198) | 656 | |||||
Increase (decrease) in net assets from capital transactions | (14,078) | 27,196 | (19,370) | (80,616) | (22,627) | (10,235) | |||||
Net increase (decrease) in net assets | (24,954) | (17,063) | (80,348) | (162,269) | (15,346) | (43,181) | |||||
Net Assets | |||||||||||
Beginning of period | 178,274 | 195,337 | 729,157 | 891,426 | 112,470 | 155,651 | |||||
End of Period | $ 153,320 | $ 178,274 | $ 648,809 | $ 729,157 | $ 97,124 | $ 112,470 |
(1) | See Note 4G in Notes to Financial Statements. |
NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | NFJ Small-Cap Value Fund | |||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||||||
Net investment income (loss) | $ 3,741 | $ 2,695 | $ 13,109 | $ 11,695 | $ 4,675 | $ 4,083 | |||||
Net realized gain (loss) | 10,131 | 46,181 | 88,968 | 214,751 | 33,624 | 59,882 | |||||
Net change in unrealized appreciation (depreciation) | 7,065 | (67,038) | 6,331 | (299,346) | (992) | (113,054) | |||||
Increase (decrease) in net assets resulting from operations | 20,937 | (18,162) | 108,408 | (72,900) | 37,307 | (49,089) | |||||
Dividends and Distributions to Shareholders | |||||||||||
Net Investment Income and Net Realized Gains: | |||||||||||
Class A | (25,815) | (11,330) | (108,865) | (66,580) | (36,541) | (25,065) | |||||
Class C | (385) | (192) | (7,318) | (5,140) | (234) | (140) | |||||
Class P | (2,613) | (1,169) | (26,361) | (30,390) | (1,799) | (1,457) | |||||
Institutional Class | (13,823) | (7,866) | (70,315) | (51,577) | (7,210) | (5,349) | |||||
Class R6 | (14) | (6) | (18,071) | (8,923) | (6,852) | (5,537) | |||||
Administrative Class | (75) | (32) | (7,470) | (4,770) | (3,845) | (3,012) | |||||
Total dividends and distributions to shareholders | (42,725) | (20,595) | (238,400) | (167,380) | (56,481) | (40,560) | |||||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||||||
Class A | 6,301 | (4,142) | 39,926 | 1,124 | 2,427 | (33,996) | |||||
Class C | (517) | (905) | (3,725) | (3,666) | (151) | 53 | |||||
Class P | 663 | (3,215) | (725) | (104,458) | 10,944 | (6,610) | |||||
Institutional Class | 3,787 | (945) | (63,039) | (4,658) | (4,955) | (23,666) | |||||
Class R6 | 2,034 | 100 | (579) | 16,625 | (14,450) | (13,538) | |||||
Administrative Class | 22 | 1 | 3,552 | (7,987) | (5,656) | (1,513) | |||||
Increase (decrease) in net assets from capital transactions | 12,290 | (9,106) | (24,590) | (103,020) | (11,841) | (79,270) | |||||
Net increase (decrease) in net assets | (9,498) | (47,863) | (154,582) | (343,300) | (31,015) | (168,919) | |||||
Net Assets | |||||||||||
Beginning of period | 290,954 | 338,817 | 1,127,116 | 1,470,416 | 403,476 | 572,395 | |||||
End of Period | $ 281,456 | $ 290,954 | $ 972,534 | $ 1,127,116 | $ 372,461 | $ 403,476 |
Silvant Focused Growth Fund | Silvant Mid-Cap Growth Fund | ||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (2,440) | $ (4,902) | $ (856) | $ (2,046) | |||
Net realized gain (loss) | 71,120 | 73,379 | (6,050) | 9,567 | |||
Net increase from payment by affiliate(1) | 69 | — | — | — | |||
Net change in unrealized appreciation (depreciation) | 181,075 | (390,971) | 66,756 | (158,309) | |||
Increase (decrease) in net assets resulting from operations | 249,824 | (322,494) | 59,850 | (150,788) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (28,856) | (141,631) | — | (98,558) | |||
Class C | (2,554) | (12,875) | — | (4,311) | |||
Class P | (3,163) | (23,010) | — | (4,010) | |||
Institutional Class | (7,589) | (40,132) | — | (17,067) | |||
Class R6 | (9,912) | (36,559) | — | — | |||
Administrative Class | (426) | (1,643) | — | (664) | |||
Total dividends and distributions to shareholders | (52,500) | (255,850) | — | (124,610) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (38,279) | 6,578 | (28,356) | 61,552 | |||
Class C | (4,990) | (2,532) | (2,274) | (948) | |||
Class P | (7,098) | (18,166) | (1,047) | (16,368) | |||
Institutional Class | (2,897) | 4,628 | (7,781) | 27,608 | |||
Class R6 | (37,061) | 67,282 | — | — | |||
Administrative Class | 411 | 2,780 | (782) | 387 | |||
Increase (decrease) in net assets from capital transactions | (89,914) | 60,570 | (40,240) | 72,231 | |||
Net increase (decrease) in net assets | 107,410 | (517,774) | 19,610 | (203,167) | |||
Net Assets | |||||||
Beginning of period | 910,675 | 1,428,449 | 285,861 | 489,028 | |||
End of Period | $ 1,018,085 | $ 910,675 | $ 305,471 | $ 285,861 |
(1) | See Note 4G in Notes to Financial Statements. |
Small-Cap Fund | Zevenbergen Technology Fund | ||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 445 | $ 626 | $ (10,709) | $ (19,368) | |||
Net realized gain (loss) | 1,423 | 6,855 | (53,580) | 62,991 | |||
Net increase from payment by affiliate(1) | 15 | — | 110 | — | |||
Net change in unrealized appreciation (depreciation) | 13,616 | (43,808) | 387,633 | (698,576) | |||
Increase (decrease) in net assets resulting from operations | 15,499 | (36,327) | 323,454 | (654,953) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (3,120) | (10,641) | (82,847) | (225,190) | |||
Class C | (156) | (633) | (10,677) | (25,330) | |||
Class P | (380) | (3,156) | (5,489) | (29,704) | |||
Institutional Class | (1,170) | (6,896) | (84,604) | (306,251) | |||
Class R6 | (241) | (1,124) | — | — | |||
Administrative Class | — | — | (953) | (4,115) | |||
Total dividends and distributions to shareholders | (5,067) | (22,450) | (184,570) | (590,590) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (7,723) | 4,473 | 14,750 | 120,881 | |||
Class C | (278) | 44 | 2,714 | 11,085 | |||
Class P | (7,029) | (8,470) | (4,837) | (90,576) | |||
Institutional Class | (29,008) | 29,872 | (190,054) | 73,175 | |||
Class R6 | (2,703) | 1,739 | — | — | |||
Administrative Class | — | — | 770 | (73,817) | |||
Increase (decrease) in net assets from capital transactions | (46,741) | 27,658 | (176,657) | 40,748 | |||
Net increase (decrease) in net assets | (36,309) | (31,119) | (37,773) | (1,204,795) | |||
Net Assets | |||||||
Beginning of period | 135,237 | 166,356 | 1,330,011 | 2,534,806 | |||
End of Period | $ 98,928 | $ 135,237 | $ 1,292,238 | $ 1,330,011 |
(1) | See Note 4G in Notes to Financial Statements. |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
Emerging Markets Opportunities Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 27.39 | 0.79 | 0.27 | 1.06 | (0.83) | — | — | (0.83) | — | 0.23 | $ 27.62 | 4.18 % | $ 19,339 | 1.31 % (6) | 1.54 % | 3.01 % | 109 % | |
7/1/21 to 6/30/22 | 37.61 | 0.75 | (10.52) | (9.77) | (0.45) | — | — | (0.45) | — | (10.22) | 27.39 | (26.17) | 20,341 | 1.29 | 1.45 | 2.28 | 112 | |
7/1/20 to 6/30/21 | 25.88 | 0.33 | 11.71 | 12.04 | (0.31) | — | — | (0.31) | — | 11.73 | 37.61 | 46.70 | 33,740 | 1.28 (7) | 1.57 | 0.98 | 80 | |
7/1/19 to 6/30/20 | 27.06 | 0.46 | (1.08) | (0.62) | (0.56) | — | — | (0.56) | — | (1.18) | 25.88 | (2.45) | 32,514 | 1.28 | 1.63 | 1.75 | 83 | |
7/1/18 to 6/30/19 | 28.53 | 0.56 | (1.55) | (0.99) | (0.48) | — | — | (0.48) | — | (1.47) | 27.06 | (3.29) | 48,388 | 1.26 | 1.61 | 2.08 | 101 | |
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 27.42 | 0.60 | 0.27 | 0.87 | (0.57) | — | — | (0.57) | — | 0.30 | $ 27.72 | 3.37 % | $ 735 | 2.06 % (6) | 2.33 % | 2.27 % | 109 % | |
7/1/21 to 6/30/22 | 37.41 | 0.53 | (10.52) | (9.99) | — | — | — | — | — | (9.99) | 27.42 | (26.70) | 770 | 2.04 | 2.21 | 1.61 | 112 | |
7/1/20 to 6/30/21 | 25.69 | 0.07 | 11.65 | 11.72 | — (8) | — | — | — | — | 11.72 | 37.41 | 45.62 | 1,713 | 2.03 (7) | 2.30 | 0.22 | 80 | |
7/1/19 to 6/30/20 | 26.81 | 0.28 | (1.10) | (0.82) | (0.30) | — | — | (0.30) | — | (1.12) | 25.69 | (3.16) | 2,022 | 2.03 | 2.38 | 1.08 | 83 | |
7/1/18 to 6/30/19 | 28.05 | 0.31 | (1.45) | (1.14) | (0.10) | — | — | (0.10) | — | (1.24) | 26.81 | (4.05) | 3,675 | 2.01 | 2.36 | 1.15 | 101 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 26.65 | 0.86 | 0.23 | 1.09 | (0.84) | — | — | (0.84) | — | 0.25 | $ 26.90 | 4.41 % | $ 5,292 | 1.06 % (6) | 1.25 % | 3.37 % | 109 % | |
7/1/21 to 6/30/22 | 36.71 | 0.79 | (10.24) | (9.45) | (0.61) | — | — | (0.61) | — | (10.06) | 26.65 | (26.00) | 6,578 | 1.04 | 1.18 | 2.48 | 112 | |
7/1/20 to 6/30/21 | 25.30 | 0.33 | 11.53 | 11.86 | (0.45) | — | — | (0.45) | — | 11.41 | 36.71 | 47.12 | 7,945 | 1.02 (7) | 1.32 | 1.05 | 80 | |
7/1/19 to 6/30/20 | 26.46 | 0.53 | (1.06) | (0.53) | (0.63) | — | — | (0.63) | — | (1.16) | 25.30 | (2.19) | 12,814 | 1.03 | 1.38 | 2.07 | 83 | |
7/1/18 to 6/30/19 | 28.02 | 0.55 | (1.47) | (0.92) | (0.64) | — | — | (0.64) | — | (1.56) | 26.46 | (3.05) | 20,454 | 1.01 | 1.36 | 2.08 | 101 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 27.33 | 0.88 | 0.28 | 1.16 | (0.79) | — | — | (0.79) | — | 0.37 | $ 27.70 | 4.52 % | $ 70,273 | 0.96 % (6) | 1.28 % | 3.36 % | 109 % | |
7/1/21 to 6/30/22 | 37.62 | 0.78 | (10.43) | (9.65) | (0.64) | — | — | (0.64) | — | (10.29) | 27.33 | (25.92) | 72,307 | 0.94 | 1.19 | 2.37 | 112 | |
7/1/20 to 6/30/21 | 25.91 | 0.48 | 11.70 | 12.18 | (0.47) | — | — | (0.47) | — | 11.71 | 37.62 | 47.27 | 206,383 | 0.93 (7) | 1.26 | 1.43 | 80 | |
7/1/19 to 6/30/20 | 27.10 | 0.54 | (1.06) | (0.52) | (0.67) | — | — | (0.67) | — | (1.19) | 25.91 | (2.11) | 186,595 | 0.93 | 1.28 | 2.05 | 83 | |
7/1/18 to 6/30/19 | 28.72 | 0.54 | (1.47) | (0.93) | (0.69) | — | — | (0.69) | — | (1.62) | 27.10 | (2.97) | 282,196 | 0.91 | 1.26 | 2.03 | 101 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 27.15 | 0.90 | 0.25 | 1.15 | (0.96) | — | — | (0.96) | — | 0.19 | $ 27.34 | 4.58 % | $ 32,320 | 0.91 % (6) | 1.16 % | 3.44 % | 109 % | |
7/1/21 to 6/30/22 | 37.40 | 0.86 | (10.43) | (9.57) | (0.68) | — | — | (0.68) | — | (10.25) | 27.15 | (25.89) | 29,700 | 0.89 | 1.08 | 2.64 | 112 | |
7/1/20 to 6/30/21 | 25.78 | 0.49 | 11.64 | 12.13 | (0.51) | — | — | (0.51) | — | 11.62 | 37.40 | 47.34 | 30,722 | 0.88 (7) | 1.18 | 1.47 | 80 | |
7/1/19 to 6/30/20 | 26.96 | 0.54 | (1.03) | (0.49) | (0.69) | — | — | (0.69) | — | (1.18) | 25.78 | (2.04) | 19,582 | 0.88 | 1.23 | 2.10 | 83 | |
7/1/18 to 6/30/19 | 28.57 | 0.57 | (1.48) | (0.91) | (0.70) | — | — | (0.70) | — | (1.61) | 26.96 | (2.93) | 23,647 | 0.86 | 1.21 | 2.13 | 101 | |
Income & Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 10.20 | 0.21 | 1.02 | 1.23 | (0.24) | (0.34) | (0.26) | (0.84) | — | 0.39 | $ 10.59 | 12.65 % | $1,955,600 | 1.14 % (9) | 1.14 % | 2.00 % | 42 % | |
7/1/21 to 6/30/22 | 13.26 | 0.16 | (2.38) | (2.22) | (0.19) | — | (0.65) | (0.84) | — | (3.06) | 10.20 | (17.65) | 1,963,340 | 1.14 (9) | 1.14 | 1.28 | 70 | |
7/1/20 to 6/30/21 | 10.89 | 0.14 | 3.07 | 3.21 | (0.19) | — | (0.65) | (0.84) | — | 2.37 | 13.26 | 30.29 | 2,403,182 | 1.19 (7)(9) | 1.22 | 1.11 | 83 | |
7/1/19 to 6/30/20 | 11.01 | 0.18 | 0.54 | 0.72 | (0.21) | — | (0.63) | (0.84) | — | (0.12) | 10.89 | 6.98 | 1,631,126 | 1.28 | 1.29 | 1.65 | 93 | |
7/1/18 to 6/30/19 | 11.34 | 0.20 | 0.38 | 0.58 | (0.25)��� | — | (0.66) | (0.91) | — | (0.33) | 11.01 (10) | 5.45 (10) | 1,458,642 | 1.28 | 1.29 | 1.84 | 66 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
Income & Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 9.10 | 0.11 | 0.92 | 1.03 | (0.19) | (0.30) | (0.30) | (0.79) | — | 0.24 | $ 9.34 | 11.83 % | $ 954,260 | 1.89 % (9) | 1.89 % | 1.25 % | 42 % | |
7/1/21 to 6/30/22 | 11.94 | 0.06 | (2.14) | (2.08) | (0.11) | — | (0.65) | (0.76) | — | (2.84) | 9.10 | (18.31) | 1,096,937 | 1.90 (9) | 1.90 | 0.51 | 70 | |
7/1/20 to 6/30/21 | 9.89 | 0.04 | 2.78 | 2.82 | (0.12) | — | (0.65) | (0.77) | — | 2.05 | 11.94 | 29.31 | 1,467,948 | 1.95 (7)(9) | 1.98 | 0.36 | 83 | |
7/1/19 to 6/30/20 | 10.07 | 0.09 | 0.50 | 0.59 | (0.14) | — | (0.63) | (0.77) | — | (0.18) | 9.89 | 6.31 | 1,215,780 | 2.03 | 2.04 | 0.90 | 93 | |
7/1/18 to 6/30/19 | 10.46 | 0.11 | 0.34 | 0.45 | (0.18) | — | (0.66) | (0.84) | — | (0.39) | 10.07 (10) | 4.60 (10) | 1,234,667 | 2.03 | 2.04 | 1.09 | 66 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 10.54 | 0.24 | 1.06 | 1.30 | (0.26) | (0.35) | (0.25) | (0.86) | — | 0.44 | $ 10.98 | 12.94 % | $1,072,972 | 0.90 % (9) | 0.90 % | 2.24 % | 42 % | |
7/1/21 to 6/30/22 | 13.67 | 0.19 | (2.46) | (2.27) | (0.21) | — | (0.65) | (0.86) | — | (3.13) | 10.54 | (17.47) | 1,176,186 | 0.91 (9) | 0.91 | 1.49 | 70 | |
7/1/20 to 6/30/21 | 11.20 | 0.17 | 3.17 | 3.34 | (0.22) | — | (0.65) | (0.87) | — | 2.47 | 13.67 | 30.61 | 1,822,852 | 0.95 (7)(9) | 0.98 | 1.35 | 83 | |
7/1/19 to 6/30/20 | 11.29 | 0.21 | 0.57 | 0.78 | (0.24) | — | (0.63) | (0.87) | — | (0.09) | 11.20 | 7.32 | 1,253,364 | 1.03 | 1.04 | 1.90 | 93 | |
7/1/18 to 6/30/19 | 11.61 | 0.23 | 0.38 | 0.61 | (0.27) | — | (0.66) | (0.93) | — | (0.32) | 11.29 (10) | 5.64 (10) | 1,122,083 | 1.03 | 1.04 | 2.09 | 66 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 10.67 | 0.24 | 1.08 | 1.32 | (0.26) | (0.36) | (0.24) | (0.86) | — | 0.46 | $ 11.13 | 12.96 % | $1,118,148 | 0.90 % (9) | 0.90 % | 2.24 % | 42 % | |
7/1/21 to 6/30/22 | 13.83 | 0.20 | (2.50) | (2.30) | (0.21) | — | (0.65) | (0.86) | — | (3.16) | 10.67 | (17.48) | 1,236,562 | 0.92 (9) | 0.92 | 1.51 | 70 | |
7/1/20 to 6/30/21 | 11.32 | 0.18 | 3.20 | 3.38 | (0.22) | — | (0.65) | (0.87) | — | 2.51 | 13.83 | 30.71 | 1,315,140 | 0.90 (7) | 0.93 | 1.40 | 83 | |
7/1/19 to 6/30/20 | 11.41 | 0.22 | 0.57 | 0.79 | (0.25) | — | (0.63) | (0.88) | — | (0.09) | 11.32 | 7.35 | 798,280 | 0.93 | 0.94 | 2.00 | 93 | |
7/1/18 to 6/30/19 | 11.72 | 0.25 | 0.38 | 0.63 | (0.28) | — | (0.66) | (0.94) | — | (0.31) | 11.41 (10) | 5.78 (10) | 702,741 | 0.93 | 0.94 | 2.19 | 66 | |
KAR Global Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 28.33 | 0.21 | 3.70 | 3.91 | — | — | (0.87) | (0.87) | 0.05 | 3.09 | $ 31.42 | 14.31 % (11) | $ 32,690 | 1.63 % | 1.66 % | 0.73 % | 129 % | |
7/1/21 to 6/30/22 | 52.31 | (0.02) | (10.43) | (10.45) | — | — | (13.53) | (13.53) | — | (23.98) | 28.33 | (26.07) | 32,248 | 1.56 (9)(12) | 1.55 | (0.04) | 90 | |
7/1/20 to 6/30/21 | 35.72 | (0.25) | 19.01 | 18.76 | — | — | (2.17) | (2.17) | — | 16.59 | 52.31 | 53.24 | 51,169 | 1.60 (9) | 1.60 | (0.54) | 106 | |
7/1/19 to 6/30/20 | 39.37 | (0.23) | (0.47) | (0.70) | — | — | (2.95) | (2.95) | — | (3.65) | 35.72 | (2.20) | 36,141 | 1.63 | 1.63 | (0.63) | 93 | |
7/1/18 to 6/30/19 | 51.40 | (0.14) | (3.88) | (4.02) | — | — | (8.01) | (8.01) | — | (12.03) | 39.37 | (4.64) | 46,947 | 1.62 | 1.62 | (0.34) | 85 | |
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 20.69 | (0.02) | 2.68 | 2.66 | — | — | (0.87) | (0.87) | 0.04 | 1.83 | $ 22.52 | 13.49 % (11) | $ 529 | 2.38 % | 2.43 % | (0.08) % | 129 % | |
7/1/21 to 6/30/22 | 42.24 | (0.29) | (7.73) | (8.02) | — | — | (13.53) | (13.53) | — | (21.55) | 20.69 | (26.64) | 1,438 | 2.32 (9) | 2.32 | (0.90) | 90 | |
7/1/20 to 6/30/21 | 29.36 | (0.50) | 15.55 | 15.05 | — | — | (2.17) | (2.17) | — | 12.88 | 42.24 | 52.11 | 3,374 | 2.35 (9) | 2.35 | (1.34) | 106 | |
7/1/19 to 6/30/20 | 33.10 | (0.42) | (0.37) | (0.79) | — | — | (2.95) | (2.95) | — | (3.74) | 29.36 | (2.92) | 4,120 | 2.38 | 2.38 | (1.39) | 93 | |
7/1/18 to 6/30/19 | 45.13 | (0.45) | (3.57) | (4.02) | — | — | (8.01) | (8.01) | — | (12.03) | 33.10 | (5.37) | 7,354 | 2.37 | 2.37 | (1.18) | 85 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 32.13 | 0.32 | 4.21 | 4.53 | — | — | (0.87) | (0.87) | 0.06 | 3.72 | $ 35.85 | 14.58 % (11) | $ 1,764 | 1.38 % | 1.39 % | 0.97 % | 129 % | |
7/1/21 to 6/30/22 | 57.32 | 0.09 | (11.75) | (11.66) | — | — | (13.53) | (13.53) | — | (25.19) | 32.13 | (25.87) | 2,067 | 1.30 (9) | 1.30 | 0.20 | 90 | |
7/1/20 to 6/30/21 | 38.89 | (0.19) | 20.79 | 20.60 | — | — | (2.17) | (2.17) | — | 18.43 | 57.32 | 53.64 | 3,609 | 1.35 (9) | 1.35 | (0.38) | 106 | |
7/1/19 to 6/30/20 | 42.51 | (0.18) | (0.49) | (0.67) | — | — | (2.95) | (2.95) | — | (3.62) | 38.89 | (1.96) | 4,444 | 1.37 | 1.37 | (0.44) | 93 | |
7/1/18 to 6/30/19 | 54.57 | (0.06) | (3.99) | (4.05) | — | — | (8.01) | (8.01) | — | (12.06) | 42.51 | (4.40) | 11,675 | 1.37 | 1.37 | (0.13) | 85 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
KAR Global Small-Cap Fund (Continued) | ||||||||||||||||||
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 32.74 | 0.35 | 4.31 | 4.66 | — | — | (0.87) | (0.87) | 0.06 | 3.85 | $ 36.59 | 14.71 % (11) | $ 21,751 | 1.28 % | 1.40 % | 1.04 % | 129 % | |
7/1/21 to 6/30/22 | 58.13 | 0.11 | (11.97) | (11.86) | — | — | (13.53) | (13.53) | — | (25.39) | 32.74 | (25.86) | 25,453 | 1.28 | 1.29 | 0.23 | 90 | |
7/1/20 to 6/30/21 | 39.39 | (0.10) | 21.01 | 20.91 | — | — | (2.17) | (2.17) | — | 18.74 | 58.13 | 53.75 | 40,486 | 1.27 (7) | 1.30 | (0.20) | 106 | |
7/1/19 to 6/30/20 | 42.97 | (0.13) | (0.50) | (0.63) | — | — | (2.95) | (2.95) | — | (3.58) | 39.39 | (1.84) | 29,849 | 1.27 | 1.27 | (0.32) | 93 | |
7/1/18 to 6/30/19 | 55.01 | 0.01 | (4.04) | (4.03) | — | — | (8.01) | (8.01) | — | (12.04) | 42.97 | (4.32) | 67,916 | 1.27 | 1.27 | 0.01 | 85 | |
KAR Health Sciences Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.94 | (0.11) | 0.83 | 0.72 | — | — | (2.63) | (2.63) | — (8) | (1.91) | $ 28.03 | 2.45 % (13) | $ 138,726 | 1.39 % (9) | 1.39 % | (0.40) % | 75 % | |
7/1/21 to 6/30/22 | 38.11 | (0.03) | (0.65) | (0.68) | — | — | (7.49) | (7.49) | — | (8.17) | 29.94 | (3.75) | 149,236 | 1.37 (9) | 1.37 | (0.08) | 114 | |
7/1/20 to 6/30/21 | 34.21 | (0.01) | 8.76 | 8.75 | (0.03) | — | (4.82) | (4.85) | — | 3.90 | 38.11 | 27.66 | 169,577 | 1.43 (9) | 1.43 | (0.04) | 102 | |
7/1/19 to 6/30/20 | 32.27 | 0.05 | 4.22 | 4.27 | (0.01) | — | (2.32) | (2.33) | — | 1.94 | 34.21 | 13.37 | 148,223 | 1.47 | 1.47 | 0.15 | 91 | |
7/1/18 to 6/30/19 | 33.27 | 0.02 | 3.57 | 3.59 | (0.31) | — | (4.28) | (4.59) | — | (1.00) | 32.27 | 13.14 | 147,068 | 1.47 | 1.47 | 0.06 | 102 | |
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 18.83 | (0.20) | 0.51 | 0.31 | — | — | (2.63) | (2.63) | — (8) | (2.32) | $ 16.51 | 1.66 % (13) | $ 2,820 | 2.14 % (9) | 2.14 % | (1.15) % | 75 % | |
7/1/21 to 6/30/22 | 26.74 | (0.19) | (0.23) | (0.42) | — | — | (7.49) | (7.49) | — | (7.91) | 18.83 | (4.47) | 3,469 | 2.13 (9) | 2.13 | (0.82) | 114 | |
7/1/20 to 6/30/21 | 25.44 | (0.21) | 6.33 | 6.12 | — (8) | — | (4.82) | (4.82) | — | 1.30 | 26.74 | 26.73 | 3,758 | 2.18 (9) | 2.18 | (0.80) | 102 | |
7/1/19 to 6/30/20 | 24.71 | (0.15) | 3.20 | 3.05 | — | — | (2.32) | (2.32) | — | 0.73 | 25.44 | 12.52 | 4,221 | 2.22 | 2.22 | (0.60) | 91 | |
7/1/18 to 6/30/19 | 26.43 | (0.19) | 2.75 | 2.56 | — | — | (4.28) | (4.28) | — | (1.72) | 24.71 | 12.34 | 4,131 | 2.22 | 2.22 | (0.75) | 102 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 30.71 | (0.01) | 0.86 | 0.85 | — | — | (2.63) | (2.63) | — (8) | (1.78) | $ 28.93 | 2.83 % (13) | $ 1,179 | 1.03 % (9) | 1.03 % | (0.05) % | 75 % | |
7/1/21 to 6/30/22 | 38.79 | 0.13 | (0.72) | (0.59) | — | — | (7.49) | (7.49) | — | (8.08) | 30.71 | (3.42) | 2,125 | 1.04 (9) | 1.04 | 0.39 | 114 | |
7/13/20 (14) to 6/30/21 | 35.14 | 0.09 | 8.62 | 8.71 | (0.24) | — | (4.82) | (5.06) | — | 3.65 | 38.79 | 26.91 | 880 | 1.13 (9) | 1.13 | 0.25 | 102 (15) | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 30.75 | (0.04) | 0.87 | 0.83 | — | — | (2.63) | (2.63) | — (8) | (1.80) | $ 28.95 | 2.75 % (13) | $ 10,595 | 1.12 % | 1.14 % | (0.14) % | 75 % | |
7/1/21 to 6/30/22 | 38.87 | 0.04 | (0.67) | (0.63) | — | — | (7.49) | (7.49) | — | (8.12) | 30.75 | (3.53) | 23,444 | 1.12 | 1.14 | 0.11 | 114 | |
7/1/20 to 6/30/21 | 34.85 | 0.10 | 8.94 | 9.04 | (0.20) | — | (4.82) | (5.02) | — | 4.02 | 38.87 | 28.07 | 21,122 | 1.12 | 1.14 | 0.28 | 102 | |
7/1/19 to 6/30/20 | 32.76 | 0.15 | 4.30 | 4.45 | (0.04) | — | (2.32) | (2.36) | — | 2.09 | 34.85 | 13.76 | 11,182 | 1.12 | 1.12 | 0.45 | 91 | |
7/1/18 to 6/30/19 | 33.69 | 0.13 | 3.63 | 3.76 | (0.41) | — | (4.28) | (4.69) | — | (0.93) | 32.76 | 13.54 | 4,290 | 1.12 | 1.12 | 0.39 | 102 | |
NFJ Dividend Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.44 | 0.18 | 0.56 | 0.74 | (0.19) | — | (1.65) | (1.84) | — | (1.10) | $ 10.34 | 7.62 % | $ 333,660 | 1.04 % (9) | 1.04 % | 1.64 % | 72 % | |
7/1/21 to 6/30/22 | 12.73 | 0.18 | (0.61) | (0.43) | (0.18) | — | (0.68) | (0.86) | — | (1.29) | 11.44 | (4.16) | 365,634 | 1.01 (9) | 1.01 | 1.40 | 65 | |
7/1/20 to 6/30/21 | 9.67 | 0.15 | 3.07 | 3.22 | (0.16) | — | — (8) | (0.16) | — | 3.06 | 12.73 | 33.47 | 422,719 | 1.02 (7)(9) | 1.06 | 1.36 | 67 | |
7/1/19 to 6/30/20 | 12.11 | 0.19 | (1.01) | (0.82) | (0.20) | — | (1.42) | (1.62) | — | (2.44) | 9.67 | (8.54) | 329,828 | 1.04 | 1.12 | 1.74 | 139 | |
7/1/18 to 6/30/19 | 14.76 | 0.26 | (0.05) | 0.21 | (0.26) | — | (2.60) | (2.86) | — | (2.65) | 12.11 | 4.39 | 453,255 | 1.01 | 1.11 | 1.97 | 52 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
NFJ Dividend Value Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.74 | 0.10 | 0.59 | 0.69 | (0.10) | — | (1.65) | (1.75) | — | (1.06) | $ 10.68 | 6.86 % | $ 8,040 | 1.75 % (9) | 1.75 % | 0.94 % | 72 % | |
7/1/21 to 6/30/22 | 13.04 | 0.09 | (0.64) | (0.55) | (0.07) | — | (0.68) | (0.75) | — | (1.30) | 11.74 | (4.91) | 12,496 | 1.72 (9) | 1.72 | 0.68 | 65 | |
7/1/20 to 6/30/21 | 9.88 | 0.07 | 3.14 | 3.21 | (0.05) | — | — (8) | (0.05) | — | 3.16 | 13.04 | 32.53 | 18,956 | 1.77 (7)(9) | 1.82 | 0.59 | 67 | |
7/1/19 to 6/30/20 | 12.32 | 0.11 | (1.02) | (0.91) | (0.11) | — | (1.42) | (1.53) | — | (2.44) | 9.88 | (9.17) | 38,900 | 1.79 | 1.87 | 0.98 | 139 | |
7/1/18 to 6/30/19 | 14.92 | 0.17 | (0.05) | 0.12 | (0.12) | — | (2.60) | (2.72) | — | (2.60) | 12.32 | 3.56 | 75,395 | 1.76 | 1.86 | 1.23 | 52 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.57 | 0.21 | 0.57 | 0.78 | (0.22) | — | (1.65) | (1.87) | — | (1.09) | $ 10.48 | 7.95 % | $ 129,853 | 0.74 % (9) | 0.74 % | 1.94 % | 72 % | |
7/1/21 to 6/30/22 | 12.87 | 0.22 | (0.63) | (0.41) | (0.21) | — | (0.68) | (0.89) | — | (1.30) | 11.57 | (3.93) | 153,578 | 0.72 (9) | 0.72 | 1.68 | 65 | |
7/1/20 to 6/30/21 | 9.77 | 0.18 | 3.10 | 3.28 | (0.18) | — | — (8) | (0.18) | — | 3.10 | 12.87 | 33.79 | 210,888 | 0.76 (7)(9) | 0.81 | 1.60 | 67 | |
7/1/19 to 6/30/20 | 12.21 | 0.23 | (1.02) | (0.79) | (0.23) | — | (1.42) | (1.65) | — | (2.44) | 9.77 | (8.23) | 221,250 | 0.79 | 0.87 | 1.98 | 139 | |
7/1/18 to 6/30/19 | 14.87 | 0.30 | (0.05) | 0.25 | (0.31) | — | (2.60) | (2.91) | — | (2.66) | 12.21 | 4.62 | 378,642 | 0.76 | 0.86 | 2.22 | 52 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.55 | 0.22 | 0.56 | 0.78 | (0.22) | — | (1.65) | (1.87) | — | (1.09) | $ 10.46 | 8.01 % | $ 75,806 | 0.70 % | 0.74 % | 1.98 % | 72 % | |
7/1/21 to 6/30/22 | 12.85 | 0.22 | (0.63) | (0.41) | (0.21) | — | (0.68) | (0.89) | — | (1.30) | 11.55 | (3.95) | 91,990 | 0.70 | 0.75 | 1.71 | 65 | |
7/1/20 to 6/30/21 | 9.75 | 0.19 | 3.10 | 3.29 | (0.19) | — | — (8) | (0.19) | — | 3.10 | 12.85 | 33.95 | 122,996 | 0.70 | 0.75 | 1.67 | 67 | |
7/1/19 to 6/30/20 | 12.20 | 0.24 | (1.03) | (0.79) | (0.24) | — | (1.42) | (1.66) | — | (2.45) | 9.75 | (8.24) | 117,755 | 0.69 | 0.77 | 2.07 | 139 | |
7/1/18 to 6/30/19 | 14.87 | 0.31 | (0.05) | 0.26 | (0.33) | — | (2.60) | (2.93) | — | (2.67) | 12.20 | 4.75 | 263,357 | 0.66 | 0.76 | 2.32 | 52 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.49 | 0.22 | 0.56 | 0.78 | (0.23) | — | (1.65) | (1.88) | — | (1.10) | $ 10.39 | 8.05 % | $ 68,554 | 0.65 % | 0.67 % | 2.04 % | 72 % | |
7/1/21 to 6/30/22 | 12.79 | 0.23 | (0.63) | (0.40) | (0.22) | — | (0.68) | (0.90) | — | (1.30) | 11.49 | (3.85) | 72,399 | 0.63 (9) | 0.63 | 1.78 | 65 | |
7/1/20 to 6/30/21 | 9.71 | 0.19 | 3.08 | 3.27 | (0.19) | — | — (8) | (0.19) | — | 3.08 | 12.79 | 33.98 | 82,578 | 0.64 (7) | 0.69 | 1.72 | 67 | |
7/1/19 to 6/30/20 | 12.15 | 0.24 | (1.02) | (0.78) | (0.24) | — | (1.42) | (1.66) | — | (2.44) | 9.71 | (8.12) | 60,490 | 0.64 | 0.72 | 2.15 | 139 | |
7/1/18 to 6/30/19 | 14.83 | 0.31 | (0.04) | 0.27 | (0.35) | — | (2.60) | (2.95) | — | (2.68) | 12.15 | 4.82 | 65,935 | 0.61 | 0.71 | 2.38 | 52 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.80 | 0.19 | 0.70 (16) | 0.89 | (0.19) | — | (1.65) | (1.84) | — | (0.95) | $ 10.85 | 8.90 % | $ 32,896 | 0.95 % | 0.98 % | 1.74 % | 72 % | |
7/1/21 to 6/30/22 | 13.12 | 0.19 | (0.64) | (0.45) | (0.19) | — | (0.68) | (0.87) | — | (1.32) | 11.80 | (4.20) | 33,060 | 0.95 | 0.99 | 1.46 | 65 | |
7/1/20 to 6/30/21 | 9.96 | 0.17 | 3.15 | 3.32 | (0.16) | — | — (8) | (0.16) | — | 3.16 | 13.12 | 33.55 | 33,289 | 0.94 (7) | 0.98 | 1.44 | 67 | |
7/1/19 to 6/30/20 | 12.41 | 0.21 | (1.03) | (0.82) | (0.21) | — | (1.42) | (1.63) | — | (2.45) | 9.96 | (8.33) | 25,794 | 0.94 | 1.02 | 1.84 | 139 | |
7/1/18 to 6/30/19 | 15.04 | 0.28 | (0.05) | 0.23 | (0.26) | — | (2.60) | (2.86) | — | (2.63) | 12.41 | 4.42 | 47,049 | 0.91 | 1.01 | 2.07 | 52 | |
NFJ International Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.83 | 0.33 | 1.36 | 1.69 | (0.34) | — | — | (0.34) | — | 1.35 | $ 19.18 | 9.68 % | $ 48,363 | 1.30 % | 1.38 % | 1.83 % | 104 % | |
7/1/21 to 6/30/22 | 22.93 | 0.40 | (5.10) | (4.70) | (0.40) | — | — | (0.40) | — | (5.10) | 17.83 | (20.78) | 50,307 | 1.30 | 1.33 | 1.90 | 66 | |
7/1/20 to 6/30/21 | 16.86 | 0.28 | 6.15 | 6.43 | (0.36) | — | — | (0.36) | — | 6.07 | 22.93 | 38.47 | 73,311 | 1.30 (7)(9) | 1.34 | 1.38 | 116 | |
7/1/19 to 6/30/20 | 18.47 | 0.36 | (1.58) | (1.22) | (0.39) | — | — | (0.39) | — | (1.61) | 16.86 | (6.66) | 55,297 | 1.30 | 1.37 | 2.06 | 91 | |
7/1/18 to 6/30/19 | 18.52 | 0.33 | (0.08) | 0.25 | (0.30) | — | — | (0.30) | — | (0.05) | 18.47 | 1.44 | 71,931 | 1.30 | 1.38 | 1.84 | 49 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
NFJ International Value Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.47 | 0.19 | 1.33 | 1.52 | (0.23) | — | — | (0.23) | — | 1.29 | $ 18.76 | 8.86 % | $ 1,126 | 2.05 % | 2.10 % | 1.06 % | 104 % | |
7/1/21 to 6/30/22 | 22.51 | 0.25 | (5.00) | (4.75) | (0.29) | — | — | (0.29) | — | (5.04) | 17.47 | (21.32) | 1,724 | 2.02 (9) | 2.02 | 1.21 | 66 | |
7/1/20 to 6/30/21 | 16.57 | 0.11 | 6.04 | 6.15 | (0.21) | — | — | (0.21) | — | 5.94 | 22.51 | 37.40 | 3,576 | 2.02 (9) | 2.07 | 0.56 | 116 | |
7/1/19 to 6/30/20 | 18.15 | 0.22 | (1.54) | (1.32) | (0.26) | — | — | (0.26) | — | (1.58) | 16.57 | (7.33) | 7,488 | 2.05 | 2.12 | 1.27 | 91 | |
7/1/18 to 6/30/19 | 18.20 | 0.17 | (0.04) | 0.13 | (0.18) | — | — | (0.18) | — | (0.05) | 18.15 | 0.76 | 13,926 | 2.05 | 2.13 | 0.98 | 49 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.96 | 0.38 | 1.36 | 1.74 | (0.38) | — | — | (0.38) | — | 1.36 | $ 19.32 | 9.92 % | $ 14,861 | 1.05 % | 1.07 % | 2.08 % | 104 % | |
7/1/21 to 6/30/22 | 23.09 | 0.47 | (5.13) | (4.66) | (0.47) | — | — | (0.47) | — | (5.13) | 17.96 | (20.52) | 17,205 | 1.01 (9) | 1.01 | 2.20 | 66 | |
7/1/20 to 6/30/21 | 16.96 | 0.34 | 6.19 | 6.53 | (0.40) | — | — | (0.40) | — | 6.13 | 23.09 | 38.86 | 26,708 | 1.03 (7)(9) | 1.07 | 1.65 | 116 | |
7/1/19 to 6/30/20 | 18.58 | 0.41 | (1.60) | (1.19) | (0.43) | — | — | (0.43) | — | (1.62) | 16.96 | (6.45) | 22,912 | 1.05 | 1.12 | 2.29 | 91 | |
7/1/18 to 6/30/19 | 18.61 | 0.35 | (0.04) | 0.31 | (0.34) | — | — | (0.34) | — | (0.03) | 18.58 | 1.76 | 38,655 | 1.05 | 1.13 | 1.93 | 49 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.96 | 0.40 | 1.36 | 1.76 | (0.39) | — | — | (0.39) | — | 1.37 | $ 19.33 | 10.06 % | $ 28,557 | 0.95 % | 1.02 % | 2.19 % | 104 % | |
7/1/21 to 6/30/22 | 23.11 | 0.48 | (5.14) | (4.66) | (0.49) | — | — | (0.49) | — | (5.15) | 17.96 | (20.52) | 38,243 | 0.95 | 0.98 | 2.25 | 66 | |
7/1/20 to 6/30/21 | 16.98 | 0.36 | 6.19 | 6.55 | (0.42) | — | — | (0.42) | — | 6.13 | 23.11 | 38.95 | 48,096 | 0.95 | 1.00 | 1.76 | 116 | |
7/1/19 to 6/30/20 | 18.60 | 0.43 | (1.60) | (1.17) | (0.45) | — | — | (0.45) | — | (1.62) | 16.98 | (6.33) | 37,009 | 0.95 | 1.02 | 2.41 | 91 | |
7/1/18 to 6/30/19 | 18.64 | 0.41 | (0.08) | 0.33 | (0.37) | — | — | (0.37) | — | (0.04) | 18.60 | 1.84 | 46,473 | 0.95 | 1.03 | 2.24 | 49 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.95 | 0.40 | 1.36 | 1.76 | (0.40) | — | — | (0.40) | — | 1.36 | $ 19.31 | 10.08 % | $ 2,756 | 0.90 % | 0.98 % | 2.21���% | 104 % | |
7/1/21 to 6/30/22 | 23.08 | 0.51 | (5.15) | (4.64) | (0.49) | — | — | (0.49) | — | (5.13) | 17.95 | (20.42) | 3,477 | 0.90 | 0.93 | 2.40 | 66 | |
7/1/20 to 6/30/21 | 16.97 | 0.41 | 6.13 | 6.54 | (0.43) | — | — | (0.43) | — | 6.11 | 23.08 | 38.97 | 2,741 | 0.90 | 0.95 | 1.96 | 116 | |
7/1/19 to 6/30/20 | 18.59 | 0.44 | (1.60) | (1.16) | (0.46) | — | — | (0.46) | — | (1.62) | 16.97 | (6.28) | 1,230 | 0.90 | 0.97 | 2.47 | 91 | |
7/1/18 to 6/30/19 | 18.63 | 0.37 | (0.04) | 0.33 | (0.37) | — | — | (0.37) | — | (0.04) | 18.59 | 1.88 | 1,277 | 0.90 | 0.98 | 2.07 | 49 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.94 | 0.35 | 1.70 (16) | 2.05 | (0.35) | — | — | (0.35) | — | 1.70 | $ 19.64 | 11.68 % | $ 1,461 | 1.20 % | 1.29 % | 1.94 % | 104 % | |
7/1/21 to 6/30/22 | 23.06 | 0.41 | (5.11) | (4.70) | (0.42) | — | — | (0.42) | — | (5.12) | 17.94 | (20.69) | 1,514 | 1.20 | 1.50 | 1.91 | 66 | |
7/1/20 to 6/30/21 | 16.92 | 0.11 | 6.35 | 6.46 | (0.32) | — | — | (0.32) | — | 6.14 | 23.06 | 38.57 | 1,219 | 1.20 | 1.28 | 0.57 | 116 | |
7/1/19 to 6/30/20 | 18.54 | 0.38 | (1.59) | (1.21) | (0.41) | — | — | (0.41) | — | (1.62) | 16.92 | (6.58) | 1,147 | 1.20 | 1.27 | 2.17 | 91 | |
7/1/18 to 6/30/19 | 18.56 | 0.29 | 0.01 | 0.30 | (0.32) | — | — | (0.32) | — | (0.02) | 18.54 | 1.68 | 1,436 | 1.20 | 1.28 | 1.60 | 49 | |
NFJ Large-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.16 | 0.35 | 1.60 | 1.95 | (0.34) | — | (4.59) | (4.93) | — | (2.98) | $ 26.18 | 8.27 % | $ 151,469 | 1.01 % (9) | 1.01 % | 1.29 % | 67 % | |
7/1/21 to 6/30/22 | 33.12 | 0.24 | (2.09) | (1.85) | (0.20) | — | (1.91) | (2.11) | — | (3.96) | 29.16 | (6.36) | 159,063 | 1.00 (9) | 1.00 | 0.71 | 45 | |
7/1/20 to 6/30/21 | 24.49 | 0.23 | 8.62 | 8.85 | (0.22) | — | — | (0.22) | — | 8.63 | 33.12 | 36.24 | 184,745 | 1.06 (9) | 1.06 | 0.79 | 69 | |
7/1/19 to 6/30/20 | 26.90 | 0.39 | (1.88) | (1.49) | (0.41) | — | (0.51) | (0.92) | — | (2.41) | 24.49 | (5.71) | 150,404 | 1.12 | 1.12 | 1.48 | 114 | |
7/1/18 to 6/30/19 | 26.14 | 0.41 | 0.79 | 1.20 | (0.39) | — | (0.05) | (0.44) | — | 0.76 | 26.90 | 4.67 | 178,311 | 1.12 | 1.12 | 1.57 | 68 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
NFJ Large-Cap Value Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.51 | 0.14 | 1.62 | 1.76 | (0.10) | — | (4.59) | (4.69) | — | (2.93) | $ 26.58 | 7.42 % | $ 2,041 | 1.79 % (9) | 1.79 % | 0.50 % | 67 % | |
7/1/21 to 6/30/22 | 33.54 | (0.02) | (2.09) | (2.11) | (0.01) | — | (1.91) | (1.92) | — | (4.03) | 29.51 | (7.05) | 2,775 | 1.76 (9) | 1.76 | (0.05) | 45 | |
7/1/20 to 6/30/21 | 24.82 | 0.02 | 8.73 | 8.75 | (0.03) | — | — | (0.03) | — | 8.72 | 33.54 | 35.24 | 4,056 | 1.81 (9) | 1.81 | 0.06 | 69 | |
7/1/19 to 6/30/20 | 27.23 | 0.19 | (1.88) | (1.69) | (0.21) | — | (0.51) | (0.72) | — | (2.41) | 24.82 | (6.41) | 7,854 | 1.87 | 1.87 | 0.73 | 114 | |
7/1/18 to 6/30/19 | 26.44 | 0.19 | 0.81 | 1.00 | (0.16) | — | (0.05) | (0.21) | — | 0.79 | 27.23 | 3.82 | 12,080 | 1.87 | 1.87 | 0.70 | 68 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.49 | 0.43 | 1.60 | 2.03 | (0.40) | — | (4.59) | (4.99) | — | (2.96) | $ 26.53 | 8.53 % | $ 14,461 | 0.75 % (9) | 0.75 % | 1.55 % | 67 % | |
7/1/21 to 6/30/22 | 33.46 | 0.32 | (2.11) | (1.79) | (0.27) | — | (1.91) | (2.18) | — | (3.97) | 29.49 | (6.10) | 15,206 | 0.75 (9) | 0.75 | 0.95 | 45 | |
7/1/20 to 6/30/21 | 24.73 | 0.30 | 8.71 | 9.01 | (0.28) | — | — | (0.28) | — | 8.73 | 33.46 | 36.60 | 20,413 | 0.81 (9) | 0.81 | 1.04 | 69 | |
7/1/19 to 6/30/20 | 27.16 | 0.46 | (1.90) | (1.44) | (0.48) | — | (0.51) | (0.99) | — | (2.43) | 24.73 | (5.49) | 15,384 | 0.87 | 0.87 | 1.73 | 114 | |
7/1/18 to 6/30/19 | 26.38 | 0.48 | 0.81 | 1.29 | (0.46) | — | (0.05) | (0.51) | — | 0.78 | 27.16 | 4.95 | 19,097 | 0.87 | 0.87 | 1.80 | 68 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.01 | 0.41 | 1.58 | 1.99 | (0.40) | — | (4.59) | (4.99) | — | (3.00) | $ 26.01 | 8.50 % | $ 110,871 | 0.77 % | 0.77 % | 1.52 % | 67 % | |
7/1/21 to 6/30/22 | 32.96 | 0.32 | (2.07) | (1.75) | (0.29) | — | (1.91) | (2.20) | — | (3.95) | 29.01 | (6.09) | 113,368 | 0.74 | 0.74 | 0.98 | 45 | |
7/1/20 to 6/30/21 | 24.37 | 0.31 | 8.58 | 8.89 | (0.30) | — | — | (0.30) | — | 8.59 | 32.96 | 36.66 | 129,083 | 0.75 (9) | 0.75 | 1.09 | 69 | |
7/1/19 to 6/30/20 | 26.77 | 0.48 | (1.87) | (1.39) | (0.50) | — | (0.51) | (1.01) | — | (2.40) | 24.37 | (5.36) | 92,001 | 0.77 | 0.77 | 1.81 | 114 | |
7/1/18 to 6/30/19 | 26.02 | 0.50 | 0.79 | 1.29 | (0.49) | — | (0.05) | (0.54) | — | 0.75 | 26.77 | 5.02 | 132,572 | 0.77 | 0.77 | 1.91 | 68 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 28.99 | 0.64 | 1.41 | 2.05 | (0.46) | — | (4.59) | (5.05) | — | (3.00) | $ 25.99 | 8.75 % | $ 2,172 | 0.57 % (9) | 0.57 % | 2.42 % | 67 % | |
10/29/21 (14) to 6/30/22 | 35.37 | 0.25 | (4.47) | (4.22) | (0.25) | — | (1.91) | (2.16) | — | (6.38) | 28.99 | (12.65) | 82 | 0.65 | 0.78 | 1.15 | 45 (15) | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.67 | 0.37 | 1.64 | 2.01 | (0.34) | — | (4.59) | (4.93) | — | (2.92) | $ 26.75 | 8.38 % | $ 442 | 0.97 % (9) | 0.97 % | 1.33 % | 67 % | |
7/1/21 to 6/30/22 | 33.66 | 0.27 | (2.13) | (1.86) | (0.22) | — | (1.91) | (2.13) | — | (3.99) | 29.67 | (6.28) | 460 | 0.93 (9)(12) | 0.91 | 0.79 | 45 | |
7/1/20 to 6/30/21 | 24.85 | 0.25 | 8.75 | 9.00 | (0.19) | — | — | (0.19) | — | 8.81 | 33.66 | 36.33 | 520 | 1.01 (7) | 1.02 | 0.89 | 69 | |
7/1/19 to 6/30/20 | 27.29 | 0.42 | (1.91) | (1.49) | (0.44) | — | (0.51) | (0.95) | — | (2.44) | 24.85 | (5.65) | 1,181 | 1.02 | 1.02 | 1.58 | 114 | |
7/1/18 to 6/30/19 | 26.51 | 0.45 | 0.80 | 1.25 | (0.42) | — | (0.05) | (0.47) | — | 0.78 | 27.29 | 4.77 | 1,381 | 1.02 | 1.02 | 1.66 | 68 | |
NFJ Mid-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 29.43 | 0.30 | 2.33 | 2.63 | (0.39) | — | (6.38) | (6.77) | — | (4.14) | $ 25.29 | 11.10 % | $ 476,789 | 1.00 % | 1.12 % | 1.11 % | 105 % | |
7/1/21 to 6/30/22 | 35.54 | 0.24 | (2.18) | (1.94) | (0.25) | — | (3.92) | (4.17) | — | (6.11) | 29.43 | (6.83) | 495,612 | 1.00 | 1.10 | 0.70 | 76 | |
7/1/20 to 6/30/21 | 25.72 | 0.30 | 9.83 | 10.13 | (0.26) | — | (0.05) | (0.31) | — | 9.82 | 35.54 | 39.60 | 596,144 | 1.00 | 1.16 | 0.98 | 96 | |
7/1/19 to 6/30/20 | 30.60 | 0.38 | (2.72) | (2.34) | (0.33) | — | (2.21) | (2.54) | — | (4.88) | 25.72 | (8.93) | 474,970 | 0.99 | 1.21 | 1.30 | 197 | |
7/1/18 to 6/30/19 | 30.06 | 0.44 | 0.54 | 0.98 | (0.31) | — | (0.13) | (0.44) | — | 0.54 | 30.60 | 3.46 | 595,707 | 0.99 | 1.21 | 1.48 | 81 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
NFJ Mid-Cap Value Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 22.96 | 0.06 | 1.70 | 1.76 | (0.24) | — | (6.38) | (6.62) | — | (4.86) | $ 18.10 | 10.23 % | $ 19,749 | 1.75 % | 1.83 % | 0.31 % | 105 % | |
7/1/21 to 6/30/22 | 28.63 | (0.01) | (1.65) | (1.66) | (0.09) | — | (3.92) | (4.01) | — | (5.67) | 22.96 | (7.48) | 28,379 | 1.75 | 1.82 | (0.05) | 76 | |
7/1/20 to 6/30/21 | 20.74 | 0.05 | 7.93 | 7.98 | (0.04) | — | (0.05) | (0.09) | — | 7.89 | 28.63 | 38.53 | 39,321 | 1.74 (7) | 1.90 | 0.21 | 96 | |
7/1/19 to 6/30/20 | 25.16 | 0.13 | (2.18) | (2.05) | (0.16) | — | (2.21) | (2.37) | — | (4.42) | 20.74 | (9.64) | 37,278 | 1.74 | 1.96 | 0.55 | 197 | |
7/1/18 to 6/30/19 | 24.62 | 0.13 | 0.54 | 0.67 | — | — | (0.13) | (0.13) | — | 0.54 | 25.16 | 2.73 | 48,176 | 1.74 | 1.96 | 0.54 | 81 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 22.26 | 0.26 | 1.63 | 1.89 | (0.48) | — | (6.38) | (6.86) | — | (4.97) | $ 17.29 | 11.43 % | $ 81,136 | 0.75 % | 0.84 % | 1.33 % | 105 % | |
7/1/21 to 6/30/22 | 27.90 | 0.24 | (1.58) | (1.34) | (0.38) | — | (3.92) | (4.30) | — | (5.64) | 22.26 | (6.60) | 99,992 | 0.75 | 0.83 | 0.90 | 76 | |
7/1/20 to 6/30/21 | 20.30 | 0.29 | 7.74 | 8.03 | (0.38) | — | (0.05) | (0.43) | — | 7.60 | 27.90 | 39.93 | 239,250 | 0.75 | 0.90 | 1.23 | 96 | |
7/1/19 to 6/30/20 | 24.68 | 0.36 | (2.10) | (1.74) | (0.43) | — | (2.21) | (2.64) | — | (4.38) | 20.30 | (8.72) | 211,729 | 0.74 | 0.96 | 1.57 | 197 | |
7/1/18 to 6/30/19 | 24.35 | 0.41 | 0.43 | 0.84 | (0.38) | — | (0.13) | (0.51) | — | 0.33 | 24.68 | 3.75 | 197,201 | 0.74 | 0.96 | 1.70 | 81 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 31.99 | 0.43 | 2.59 | 3.02 | (0.47) | — | (6.38) | (6.85) | — | (3.83) | $ 28.16 | 11.48 % | $ 282,625 | 0.65 % | 0.82 % | 1.43 % | 105 % | |
7/1/21 to 6/30/22 | 38.28 | 0.39 | (2.38) | (1.99) | (0.38) | — | (3.92) | (4.30) | — | (6.29) | 31.99 | (6.49) | 381,239 | 0.65 | 0.81 | 1.06 | 76 | |
7/1/20 to 6/30/21 | 27.70 | 0.44 | 10.59 | 11.03 | (0.40) | — | (0.05) | (0.45) | — | 10.58 | 38.28 | 40.11 | 460,452 | 0.65 | 0.84 | 1.33 | 96 | |
7/1/19 to 6/30/20 | 32.77 | 0.51 | (2.92) | (2.41) | (0.45) | — | (2.21) | (2.66) | — | (5.07) | 27.70 | (8.62) | 385,311 | 0.64 | 0.86 | 1.67 | 197 | |
7/1/18 to 6/30/19 | 32.15 | 0.58 | 0.57 | 1.15 | (0.40) | — | (0.13) | (0.53) | — | 0.62 | 32.77 | 3.83 | 406,173 | 0.64 | 0.86 | 1.82 | 81 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 31.97 | 0.44 | 2.59 | 3.03 | (0.52) | — | (6.38) | (6.90) | — | (3.87) | $ 28.10 | 11.55 % | $ 78,020 | 0.60 % | 0.74 % | 1.50 % | 105 % | |
7/1/21 to 6/30/22 | 38.24 | 0.41 | (2.38) | (1.97) | (0.38) | — | (3.92) | (4.30) | — | (6.27) | 31.97 | (6.45) | 87,682 | 0.60 | 0.72 | 1.12 | 76 | |
7/1/20 to 6/30/21 | 27.68 | 0.45 | 10.59 | 11.04 | (0.43) | — | (0.05) | (0.48) | — | 10.56 | 38.24 | 40.17 | 85,969 | 0.60 | 0.78 | 1.37 | 96 | |
7/1/19 to 6/30/20 | 32.75 | 0.56 | (2.95) | (2.39) | (0.47) | — | (2.21) | (2.68) | — | (5.07) | 27.68 | (8.57) | 66,260 | 0.59 | 0.81 | 1.86 | 197 | |
7/1/18 to 6/30/19 | 32.13 | 0.63 | 0.53 | 1.16 | (0.41) | — | (0.13) | (0.54) | — | 0.62 | 32.75 | 3.89 | 18,052 | 0.59 | 0.81 | 2.03 | 81 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 30.61 | 0.34 | 2.45 | 2.79 | (0.42) | — | (6.38) | (6.80) | — | (4.01) | $ 26.60 | 11.20 % | $ 34,215 | 0.90 % | 1.12 % | 1.22 % | 105 % | |
7/1/21 to 6/30/22 | 36.77 | 0.28 | (2.26) | (1.98) | (0.26) | — | (3.92) | (4.18) | — | (6.16) | 30.61 | (6.70) | 34,212 | 0.90 | 1.06 | 0.80 | 76 | |
7/1/20 to 6/30/21 | 26.59 | 0.34 | 10.17 | 10.51 | (0.28) | — | (0.05) | (0.33) | — | 10.18 | 36.77 | 39.73 | 49,280 | 0.90 | 1.08 | 1.06 | 96 | |
7/1/19 to 6/30/20 | 31.57 | 0.42 | (2.81) | (2.39) | (0.38) | — | (2.21) | (2.59) | — | (4.98) | 26.59 | (8.85) | 33,511 | 0.89 | 1.11 | 1.43 | 197 | |
7/1/18 to 6/30/19 | 31.00 | 0.48 | 0.56 | 1.04 | (0.34) | — | (0.13) | (0.47) | — | 0.57 | 31.57 | 3.60 | 27,405 | 0.89 | 1.11 | 1.58 | 81 | |
NFJ Small-Cap Value Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 12.80 | 0.13 | 1.03 | 1.16 | (0.14) | — | (1.96) | (2.10) | — | (0.94) | $ 11.86 | 10.64 % | $ 225,530 | 1.17 % | 1.23 % | 1.10 % | 79 % | |
7/1/21 to 6/30/22 | 15.67 | 0.10 | (1.66) | (1.56) | (0.17) | — | (1.14) | (1.31) | — | (2.87) | 12.80 | (11.08) | 236,990 | 1.17 | 1.21 | 0.68 | 52 | |
7/1/20 to 6/30/21 | 11.07 | 0.18 | 4.71 | 4.89 | (0.24) | — | (0.05) | (0.29) | — | 4.60 | 15.67 | 44.57 | 325,048 | 1.18 (7)(9) | 1.23 | 1.34 | 65 | |
7/1/19 to 6/30/20 | 14.53 | 0.18 | (2.28) | (2.10) | (0.06) | — | (1.30) | (1.36) | — | (3.46) | 11.07 | (16.62) | 267,845 | 1.17 | 1.27 | 1.37 | 126 | |
7/1/18 to 6/30/19 | 21.71 | 0.29 | (2.73) | (2.44) | (0.62) | — | (4.12) | (4.74) | — | (7.18) | 14.53 | (7.70) | 439,710 | 1.18 | 1.26 | 1.65 | 47 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
NFJ Small-Cap Value Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 11.10 | 0.04 | 0.85 | 0.89 | (0.07) | — | (1.96) | (2.03) | — | (1.14) | $ 9.96 | 9.76 % | $ 1,062 | 1.92 % | 1.97 % | 0.34 % | 79 % | |
7/1/21 to 6/30/22 | 13.78 | (0.01) | (1.43) | (1.44) | (0.10) | — | (1.14) | (1.24) | — | (2.68) | 11.10 | (11.72) | 1,347 | 1.92 | 1.95 | (0.06) | 52 | |
7/1/20 to 6/30/21 | 9.74 | 0.07 | 4.14 | 4.21 | (0.12) | — | (0.05) | (0.17) | — | 4.04 | 13.78 | 43.52 | 1,606 | 1.91 (9) | 1.97 | 0.60 | 65 | |
7/1/19 to 6/30/20 | 12.97 | 0.07 | (2.00) | (1.93) | — | — | (1.30) | (1.30) | — | (3.23) | 9.74 | (17.26) | 1,627 | 1.92 | 2.02 | 0.58 | 126 | |
7/1/18 to 6/30/19 | 19.30 | 0.16 | (2.41) | (2.25) | — | — | (4.08) (17) | (4.08) | — | (6.33) | 12.97 | (8.35) | 3,984 | 1.93 | 2.01 | 0.88 | 47 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 15.30 | 0.21 | 1.24 | 1.45 | (0.14) | — | (1.96) | (2.10) | — | (0.65) | $ 14.65 | 10.85 % | $ 24,940 | 0.91 % (9) | 0.91 % | 1.42 % | 79 % | |
7/1/21 to 6/30/22 | 18.42 | 0.17 | (1.97) | (1.80) | (0.18) | — | (1.14) | (1.32) | — | (3.12) | 15.30 | (10.73) | 14,358 | 0.89 (9) | 0.89 | 0.95 | 52 | |
7/1/20 to 6/30/21 | 12.97 | 0.25 | 5.52 | 5.77 | (0.27) | — | (0.05) | (0.32) | — | 5.45 | 18.42 | 44.88 | 24,149 | 0.91 (9) | 0.96 | 1.61 | 65 | |
7/1/19 to 6/30/20 | 16.79 | 0.25 | (2.68) | (2.43) | (0.09) | — | (1.30) | (1.39) | — | (3.82) | 12.97 | (16.39) | 21,354 | 0.92 | 1.02 | 1.62 | 126 | |
7/1/18 to 6/30/19 | 24.18 | 0.38 | (2.97) | (2.59) | (0.68) | — | (4.12) | (4.80) | — | (7.39) | 16.79 | (7.49) | 39,426 | 0.93 | 1.01 | 1.91 | 47 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 15.51 | 0.22 | 1.27 | 1.49 | (0.16) | — | (1.96) | (2.12) | — | (0.63) | $ 14.88 | 10.93 % | $ 52,013 | 0.82 % | 0.92 % | 1.44 % | 79 % | |
7/1/21 to 6/30/22 | 18.66 | 0.19 | (2.01) | (1.82) | (0.19) | — | (1.14) | (1.33) | — | (3.15) | 15.51 | (10.72) | 58,704 | 0.82 | 0.88 | 1.03 | 52 | |
7/1/20 to 6/30/21 | 13.13 | 0.27 | 5.59 | 5.86 | (0.28) | — | (0.05) | (0.33) | — | 5.53 | 18.66 | 45.07 | 94,847 | 0.82 | 0.89 | 1.69 | 65 | |
7/1/19 to 6/30/20 | 16.95 | 0.27 | (2.72) | (2.45) | (0.07) | — | (1.30) | (1.37) | — | (3.82) | 13.13 | (16.31) | 99,894 | 0.82 | 0.92 | 1.67 | 126 | |
7/1/18 to 6/30/19 | 24.34 | 0.41 | (3.00) | (2.59) | (0.68) | — | (4.12) | (4.80) | — | (7.39) | 16.95 | (7.42) | 288,309 | 0.83 | 0.91 | 1.98 | 47 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 15.35 | 0.22 | 1.26 | 1.48 | (0.16) | — | (1.96) | (2.12) | — | (0.64) | $ 14.71 | 10.98 % | $ 46,194 | 0.77 % | 0.83 % | 1.48 % | 79 % | |
7/1/21 to 6/30/22 | 18.49 | 0.19 | (1.97) | (1.78) | (0.22) | — | (1.14) | (1.36) | — | (3.14) | 15.35 | (10.63) | 62,552 | 0.77 | 0.79 | 1.07 | 52 | |
7/1/20 to 6/30/21 | 13.02 | 0.27 | 5.55 | 5.82 | (0.30) | — | (0.05) | (0.35) | — | 5.47 | 18.49 | 45.09 | 88,986 | 0.77 | 0.84 | 1.73 | 65 | |
7/1/19 to 6/30/20 | 16.85 | 0.27 | (2.68) | (2.41) | (0.12) | — | (1.30) | (1.42) | — | (3.83) | 13.02 | (16.25) | 88,885 | 0.77 | 0.87 | 1.76 | 126 | |
7/1/18 to 6/30/19 | 24.25 | 0.41 | (2.99) | (2.58) | (0.70) | — | (4.12) | (4.82) | — | (7.40) | 16.85 | (7.37) | 150,200 | 0.78 | 0.86 | 2.04 | 47 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 12.79 | 0.14 | 1.42 (16) | 1.56 | (0.13) | — | (1.96) | (2.09) | — | (0.53) | $ 12.26 | 14.38 % | $ 22,722 | 1.07 % | 1.08 % | 1.17 % | 79 % | |
7/1/21 to 6/30/22 | 15.66 | 0.12 | (1.65) | (1.53) | (0.20) | — | (1.14) | (1.34) | — | (2.87) | 12.79 | (10.95) | 29,525 | 1.07 | 1.09 | 0.78 | 52 | |
7/1/20 to 6/30/21 | 11.02 | 0.20 | 4.70 | 4.90 | (0.21) | — | (0.05) | (0.26) | — | 4.64 | 15.66 | 44.81 | 37,759 | 1.07 | 1.32 | 1.45 | 65 | |
7/1/19 to 6/30/20 | 14.48 | 0.19 | (2.27) | (2.08) | (0.08) | — | (1.30) | (1.38) | — | (3.46) | 11.02 | (16.58) | 34,323 | 1.07 | 1.17 | 1.39 | 126 | |
7/1/18 to 6/30/19 | 21.65 | 0.30 | (2.73) | (2.43) | (0.62) | — | (4.12) | (4.74) | — | (7.17) | 14.48 | (7.64) | 107,836 | 1.08 | 1.16 | 1.74 | 47 | |
Silvant Focused Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 49.11 | (0.19) | 15.07 | 14.88 | — | — | (2.83) | (2.83) | — (8) | 12.05 | $ 61.16 | 32.32 % (13) | $ 625,184 | 0.96 % (9) | 0.96 % | (0.37) % | 65 % | |
7/1/21 to 6/30/22 | 79.25 | (0.32) | (16.15) | (16.47) | — | — | (13.67) | (13.67) | — | (30.14) | 49.11 | (25.81) | 537,276 | 0.94 (9) | 0.94 | (0.45) | 22 | |
7/1/20 to 6/30/21 | 58.46 | (0.35) | 27.26 | 26.91 | — | — | (6.12) | (6.12) | — | 20.79 | 79.25 | 47.50 | 860,373 | 0.97 (7) | 1.04 | (0.50) | 50 | |
7/1/19 to 6/30/20 | 53.33 | (0.10) | 12.28 | 12.18 | — | — | (7.05) | (7.05) | — | 5.13 | 58.46 | 24.74 | 618,302 | 1.00 | 1.12 | (0.20) | 63 | |
7/1/18 to 6/30/19 | 56.83 | (0.08) | 2.48 | 2.40 | — | — | (5.90) | (5.90) | — | (3.50) | 53.33 | 6.79 | 577,106 | 1.00 | 1.12 | (0.15) | 50 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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 Focused Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 22.51 | (0.25) | 6.32 | 6.07 | — | — | (2.83) | (2.83) | — (8) | 3.24 | $ 25.75 | 31.31 % (13) | $ 22,534 | 1.72 % (9) | 1.72 % | (1.13) % | 65 % | |
7/1/21 to 6/30/22 | 43.67 | (0.43) | (7.06) | (7.49) | — | — | (13.67) | (13.67) | — | (21.16) | 22.51 | (26.37) | 24,361 | 1.70 (9) | 1.70 | (1.22) | 22 | |
7/1/20 to 6/30/21 | 34.58 | (0.50) | 15.71 | 15.21 | — | — | (6.12) | (6.12) | — | 9.09 | 43.67 | 46.39 | 48,650 | 1.73 (9) | 1.79 | (1.25) | 50 | |
7/1/19 to 6/30/20 | 34.42 | (0.31) | 7.52 | 7.21 | — | — | (7.05) | (7.05) | — | 0.16 | 34.58 | 23.79 | 45,878 | 1.77 | 1.87 | (0.97) | 63 | |
7/1/18 to 6/30/19 | 39.41 | (0.36) | 1.27 | 0.91 | — | — | (5.90) | (5.90) | — | (4.99) | 34.42 | 5.93 | 48,706 | 1.77 | 1.87 | (0.93) | 50 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 31.10 | (0.04) | 9.19 | 9.15 | — | — | (2.83) | (2.83) | — (8) | 6.32 | $ 37.42 | 32.63 % (13) | $ 45,858 | 0.71 % (9) | 0.71 % | (0.12) % | 65 % | |
7/1/21 to 6/30/22 | 54.85 | (0.11) | (9.97) | (10.08) | — | — | (13.67) | (13.67) | — | (23.75) | 31.10 | (25.62) | 45,888 | 0.71 (9) | 0.71 | (0.23) | 22 | |
7/1/20 to 6/30/21 | 41.83 | (0.13) | 19.27 | 19.14 | — | — | (6.12) | (6.12) | — | 13.02 | 54.85 | 47.83 | 105,688 | 0.73 (9) | 0.80 | (0.26) | 50 | |
7/1/19 to 6/30/20 | 39.91 | 0.01 | 8.96 | 8.97 | — | — | (7.05) | (7.05) | — | 1.92 | 41.83 | 25.03 | 84,929 | 0.77 | 0.87 | 0.03 | 63 | |
7/1/18 to 6/30/19 | 44.18 | 0.03 | 1.60 | 1.63 | — | — | (5.90) | (5.90) | — | (4.27) | 39.91 | 7.01 | 91,265 | 0.77 | 0.87 | 0.09 | 50 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 43.55 | (0.04) | 13.28 | 13.24 | — | — | (2.83) | (2.83) | — (8) | 10.41 | $ 53.96 | 32.70 % (13) | $ 151,338 | 0.67 % | 0.70 % | (0.08) % | 65 % | |
7/1/21 to 6/30/22 | 71.58 | (0.12) | (14.24) | (14.36) | — | — | (13.67) | (13.67) | — | (28.03) | 43.55 | (25.61) | 127,274 | 0.67 | 0.70 | (0.19) | 22 | |
7/1/20 to 6/30/21 | 53.11 | (0.12) | 24.71 | 24.59 | — | — | (6.12) | (6.12) | — | 18.47 | 71.58 | 47.94 | 209,066 | 0.67 | 0.74 | (0.19) | 50 | |
7/1/19 to 6/30/20 | 48.89 | 0.06 | 11.21 | 11.27 | — | — | (7.05) | (7.05) | — | 4.22 | 53.11 | 25.15 | 165,726 | 0.67 | 0.77 | 0.13 | 63 | |
7/1/18 to 6/30/19 | 52.51 | 0.09 | 2.19 | 2.28 | — | — | (5.90) | (5.90) | — | (3.62) | 48.89 | 7.15 | 162,173 | 0.67 | 0.77 | 0.18 | 50 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 43.74 | (0.02) | 13.35 | 13.33 | — | — | (2.83) | (2.83) | — (8) | 10.50 | $ 54.24 | 32.76 % (13) | $ 165,550 | 0.62 % | 0.63 % | (0.04) % | 65 % | |
7/1/21 to 6/30/22 | 71.80 | (0.08) | (14.31) | (14.39) | — | — | (13.67) | (13.67) | — | (28.06) | 43.74 | (25.57) | 170,153 | 0.62 | 0.63 | (0.14) | 22 | |
7/1/20 to 6/30/21 | 53.23 | (0.10) | 24.79 | 24.69 | — | — | (6.12) | (6.12) | — | 18.57 | 71.80 | 48.02 | 198,031 | 0.62 | 0.68 | (0.15) | 50 | |
7/1/19 to 6/30/20 | 48.96 | 0.09 | 11.23 | 11.32 | — | — | (7.05) | (7.05) | — | 4.27 | 53.23 | 25.22 | 136,519 | 0.62 | 0.72 | 0.19 | 63 | |
7/1/18 to 6/30/19 | 52.56 | 0.11 | 2.19 | 2.30 | — | — | (5.90) | (5.90) | — | (3.60) | 48.96 | 7.18 | 134,485 | 0.62 | 0.72 | 0.23 | 50 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 38.32 | (0.13) | 11.53 | 11.40 | — | — | (2.83) | (2.83) | — (8) | 8.57 | $ 46.89 | 32.34 % (13) | $ 7,621 | 0.92 % | 0.97 % | (0.33) % | 65 % | |
7/1/21 to 6/30/22 | 64.69 | (0.24) | (12.46) | (12.70) | — | — | (13.67) | (13.67) | — | (26.37) | 38.32 | (25.79) | 5,723 | 0.92 | 0.97 | (0.44) | 22 | |
7/1/20 to 6/30/21 | 48.56 | (0.26) | 22.51 | 22.25 | — | — | (6.12) | (6.12) | — | 16.13 | 64.69 | 47.60 | 6,641 | 0.92 | 1.00 | (0.44) | 50 | |
7/1/19 to 6/30/20 | 45.36 | (0.05) | 10.30 | 10.25 | — | — | (7.05) | (7.05) | — | 3.20 | 48.56 | 24.84 | 4,518 | 0.92 | 1.02 | (0.11) | 63 | |
7/1/18 to 6/30/19 | 49.33 | (0.04) | 1.97 | 1.93 | — | — | (5.90) | (5.90) | — | (3.97) | 45.36 | 6.88 | 5,138 | 0.92 | 1.02 | (0.08) | 50 | |
Silvant Mid-Cap Growth Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 2.89 | (0.01) | 0.67 | 0.66 | — | — | — | — | — | 0.66 | $ 3.55 | 22.84 % | $ 242,677 | 1.00 % (9) | 1.01 % | (0.32) % | 34 % | |
7/1/21 to 6/30/22 | 5.94 | (0.02) | (1.44) | (1.46) | — | — | (1.59) | (1.59) | — | (3.05) | 2.89 | (33.42) | 223,611 | 0.98 (9) | 0.98 | (0.49) | 65 | |
7/1/20 to 6/30/21 | 4.30 | (0.04) | 2.26 | 2.22 | — | — | (0.58) | (0.58) | — (8) | 1.64 | 5.94 | 53.25 (13) | 376,649 | 1.06 (9) | 1.06 | (0.76) | 85 | |
7/1/19 to 6/30/20 | 3.75 | (0.02) | 0.75 | 0.73 | — | — | (0.18) | (0.18) | — | 0.55 | 4.30 | 20.15 | 263,361 | 1.14 | 1.14 | (0.66) | 53 | |
7/1/18 to 6/30/19 | 3.88 | (0.02) | 0.37 | 0.35 | — | — | (0.48) | (0.48) | — | (0.13) | 3.75 | 13.58 | 240,017 | 1.14 | 1.14 | (0.66) | 60 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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 Mid-Cap Growth Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 1.88 | (0.02) | 0.42 | 0.40 | — | — | — | — | — | 0.40 | $ 2.28 | 21.28 % | $ 5,204 | 1.78 % (9) | 1.78 % | (1.09) % | 34 % | |
7/1/21 to 6/30/22 | 4.45 | (0.04) | (0.94) | (0.98) | — | — | (1.59) | (1.59) | — | (2.57) | 1.88 | (33.91) | 6,350 | 1.74 (9) | 1.74 | (1.26) | 65 | |
7/1/20 to 6/30/21 | 3.35 | (0.06) | 1.74 | 1.68 | — | — | (0.58) | (0.58) | — (8) | 1.10 | 4.45 | 52.17 (13) | 15,282 | 1.82 (9) | 1.82 | (1.52) | 85 | |
7/1/19 to 6/30/20 | 2.98 | (0.04) | 0.59 | 0.55 | — | — | (0.18) | (0.18) | — | 0.37 | 3.35 | 19.29 | 15,495 | 1.89 | 1.89 | (1.41) | 53 | |
7/1/18 to 6/30/19 | 3.23 | (0.04) | 0.27 | 0.23 | — | — | (0.48) | (0.48) | — | (0.25) | 2.98 | 12.56 | 21,251 | 1.89 | 1.89 | (1.34) | 60 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 3.67 | — (8) | 0.84 | 0.84 | — | — | — | — | — | 0.84 | $ 4.51 | 22.89 % | $ 6,421 | 0.76 % (9) | 0.76 % | (0.08) % | 34 % | |
7/1/21 to 6/30/22 | 7.10 | (0.02) | (1.82) | (1.84) | — | — | (1.59) | (1.59) | — | (3.43) | 3.67 | (33.30) | 6,195 | 0.78 (9) | 0.78 | (0.34) | 65 | |
7/1/20 to 6/30/21 | 5.05 | (0.03) | 2.66 | 2.63 | — | — | (0.58) | (0.58) | — (8) | 2.05 | 7.10 | 53.49 (13) | 30,526 | 0.81 (9) | 0.81 | (0.50) | 85 | |
7/1/19 to 6/30/20 | 4.36 | (0.02) | 0.89 | 0.87 | — | — | (0.18) | (0.18) | — | 0.69 | 5.05 | 20.56 | 13,670 | 0.89 | 0.89 | (0.41) | 53 | |
7/1/18 to 6/30/19 | 4.41 | (0.02) | 0.45 | 0.43 | — | — | (0.48) | (0.48) | — | (0.05) | 4.36 | 13.79 | 11,617 | 0.89 | 0.89 | (0.39) | 60 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 3.72 | — (8) | 0.85 | 0.85 | — | — | — | — | — | 0.85 | $ 4.57 | 22.85 % | $ 50,028 | 0.77 % (9) | 0.77 % | (0.09) % | 34 % | |
7/1/21 to 6/30/22 | 7.18 | (0.01) | (1.86) | (1.87) | — | — | (1.59) | (1.59) | — | (3.46) | 3.72 | (33.33) | 47,978 | 0.76 (9) | 0.76 | (0.25) | 65 | |
7/1/20 to 6/30/21 | 5.09 | (0.03) | 2.70 | 2.67 | — | — | (0.58) | (0.58) | — (8) | 2.09 | 7.18 | 53.86 (13) | 63,690 | 0.78 (9) | 0.78 | (0.48) | 85 | |
7/1/19 to 6/30/20 | 4.39 | (0.01) | 0.89 | 0.88 | — | — | (0.18) | (0.18) | — | 0.70 | 5.09 | 20.64 | 54,793 | 0.79 | 0.79 | (0.31) | 53 | |
7/1/18 to 6/30/19 | 4.43 | (0.01) | 0.45 | 0.44 | — | — | (0.48) | (0.48) | — | (0.04) | 4.39 | 13.97 | 36,373 | 0.79 | 0.79 | (0.29) | 60 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 3.21 | (0.01) | 0.75 (16) | 0.74 | — | — | — | — | — | 0.74 | $ 3.95 | 23.05 % | $ 1,141 | 1.04 % (9) | 1.04 % | (0.34) % | 34 % | |
7/1/21 to 6/30/22 | 6.43 | (0.03) | (1.60) | (1.63) | — | — | (1.59) | (1.59) | — | (3.22) | 3.21 | (33.52) | 1,727 | 1.04 | 1.05 | (0.55) | 65 | |
7/1/20 to 6/30/21 | 4.62 | (0.04) | 2.43 | 2.39 | — | — | (0.58) | (0.58) | — (8) | 1.81 | 6.43 | 53.26 (13) | 2,881 | 0.99 (9) | 0.99 | (0.69) | 85 | |
7/1/19 to 6/30/20 | 4.01 | (0.02) | 0.81 | 0.79 | — | — | (0.18) | (0.18) | — | 0.61 | 4.62 | 20.34 | 1,748 | 1.04 | 1.04 | (0.56) | 53 | |
7/1/18 to 6/30/19 | 4.11 | (0.02) | 0.40 | 0.38 | — | — | (0.48) | (0.48) | — | (0.10) | 4.01 | 13.61 | 1,525 | 1.04 | 1.04 | (0.54) | 60 | |
Small-Cap Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 19.10 | 0.06 | 2.73 | 2.79 | (0.11) | — | (0.88) | (0.99) | — (8) | 1.80 | $ 20.90 | 14.96 % (13) | $ 62,610 | 1.17 % | 1.22 % | 0.29 % | 82 % | |
7/1/21 to 6/30/22 | 27.49 | 0.06 | (5.02) | (4.96) | (0.02) | — | (3.41) | (3.43) | — | (8.39) | 19.10 | (20.45) | 64,567 | 1.17 | 1.17 | 0.23 | 69 | |
7/1/20 to 6/30/21 | 17.55 | (0.04) | 10.00 | 9.96 | (0.02) | — | — | (0.02) | — | 9.94 | 27.49 | 56.80 | 87,605 | 1.17 | 1.23 | (0.17) | 88 | |
7/1/19 to 6/30/20 | 19.50 | 0.04 | (1.98) | (1.94) | (0.01) | — | — | (0.01) | — | (1.95) | 17.55 (10) | (9.95) (10) | 58,062 | 1.17 | 1.27 | 0.23 | 110 | |
7/1/18 to 6/30/19 | 21.61 | 0.07 | (0.53) | (0.46) | (0.02) | — | (1.63) | (1.65) | — | (2.11) | 19.50 | (0.62) | 66,269 | 1.18 | 1.27 | 0.35 | 78 | |
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 17.78 | (0.09) | 2.53 | 2.44 | — | — | (0.88) | (0.88) | — (8) | 1.56 | $ 19.34 | 14.06 % (13) | $ 3,415 | 1.92 % | 1.99 % | (0.46) % | 82 % | |
7/1/21 to 6/30/22 | 25.99 | (0.12) | (4.68) | (4.80) | — | — | (3.41) | (3.41) | — | (8.21) | 17.78 | (21.04) | 3,405 | 1.92 | 1.95 | (0.52) | 69 | |
7/1/20 to 6/30/21 | 16.70 | (0.20) | 9.49 | 9.29 | — (8) | — | — | — | — | 9.29 | 25.99 | 55.63 | 4,940 | 1.92 | 1.99 | (0.92) | 88 | |
7/1/19 to 6/30/20 | 18.68 | (0.09) | (1.89) | (1.98) | — | — | — | — | — | (1.98) | 16.70 (10) | (10.60) (10) | 4,251 | 1.92 | 2.02 | (0.53) | 110 | |
7/1/18 to 6/30/19 | 20.92 | (0.07) | (0.54) | (0.61) | — | — | (1.63) | (1.63) | — | (2.24) | 18.68 | (1.39) | 7,873 | 1.93 | 2.02 | (0.36) | 78 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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) | ||
Small-Cap Fund (Continued) | ||||||||||||||||||
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 19.42 | 0.11 | 2.78 | 2.89 | (0.02) | — | (0.88) | (0.90) | — (8) | 1.99 | $ 21.41 | 15.22 % (13) | $ 7,089 | 0.92 % | 0.96 % | 0.53 % | 82 % | |
7/1/21 to 6/30/22 | 27.82 | 0.10 | (5.07) | (4.97) | (0.02) | — | (3.41) | (3.43) | — | (8.40) | 19.42 | (20.24) | 13,287 | 0.92 (9)(12) | 0.92 | 0.41 | 69 | |
7/1/20 to 6/30/21 | 17.76 | 0.02 | 10.12 | 10.14 | (0.08) | — | — | (0.08) | — | 10.06 | 27.82 | 57.18 | 28,986 | 0.92 | 1.02 | 0.08 | 88 | |
7/1/19 to 6/30/20 | 19.74 | 0.08 | (1.99) | (1.91) | (0.07) | — | — | (0.07) | — | (1.98) | 17.76 (10) | (9.74) (10) | 16,747 | 0.92 | 1.02 | 0.44 | 110 | |
7/1/18 to 6/30/19 | 21.81 | 0.12 | (0.53) | (0.41) | (0.03) | — | (1.63) | (1.66) | — | (2.07) | 19.74 | (0.36) | 9,637 | 0.93 | 1.02 | 0.61 | 78 | |
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 19.58 | 0.14 | 2.79 | 2.93 | (0.07) | — | (0.88) | (0.95) | — (8) | 1.98 | $ 21.56 | 15.32 % (13) | $ 20,456 | 0.82 % | 0.95 % | 0.66 % | 82 % | |
7/1/21 to 6/30/22 | 28.07 | 0.15 | (5.13) | (4.98) | (0.10) | — | (3.41) | (3.51) | — | (8.49) | 19.58 | (20.14) | 46,605 | 0.82 | 0.92 | 0.62 | 69 | |
7/1/20 to 6/30/21 | 17.92 | 0.04 | 10.22 | 10.26 | (0.11) | — | — | (0.11) | — | 10.15 | 28.07 | 57.35 | 36,211 | 0.82 | 0.96 | 0.19 | 88 | |
7/1/19 to 6/30/20 | 19.90 | 0.09 | (1.99) | (1.90) | (0.08) | — | — | (0.08) | — | (1.98) | 17.92 (10) | (9.62) (10) | 22,028 | 0.82 | 0.92 | 0.49 | 110 | |
7/1/18 to 6/30/19 | 21.96 | 0.14 | (0.53) | (0.39) | (0.04) | — | (1.63) | (1.67) | — | (2.06) | 19.90 | (0.29) | 9,077 | 0.83 | 0.92 | 0.70 | 78 | |
Class R6 | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 19.63 | 0.14 | 2.80 | 2.94 | (0.13) | — | (0.88) | (1.01) | — (8) | 1.93 | $ 21.56 | 15.38 % (13) | $ 5,358 | 0.77 % | 0.88 % | 0.68 % | 82 % | |
7/1/21 to 6/30/22 | 28.10 | 0.16 | (5.14) | (4.98) | (0.08) | — | (3.41) | (3.49) | — | (8.47) | 19.63 | (20.10) | 7,373 | 0.77 | 0.84 | 0.64 | 69 | |
7/1/20 to 6/30/21 | 17.93 | 0.06 | 10.21 | 10.27 | (0.10) | — | — | (0.10) | — | 10.17 | 28.10 | 57.37 | 8,614 | 0.77 | 0.87 | 0.24 | 88 | |
7/1/19 to 6/30/20 | 19.90 | 0.14 | (2.03) | (1.89) | (0.08) | — | — | (0.08) | — | (1.97) | 17.93 (10) | (9.55) (10) | 9,114 | 0.77 | 0.87 | 0.71 | 110 | |
8/22/18 (14) to 6/30/19 | 23.16 | 0.13 | (1.71) | (1.58) | (0.05) | — | (1.63) | (1.68) | — | (3.26) | 19.90 | (5.42) | 17,792 | 0.77 | 0.87 | 0.76 | 78 (15) | |
Zevenbergen Technology Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 39.74 | (0.39) | 9.87 | 9.48 | — | — | (7.58) | (7.58) | — (8) | 1.90 | $ 41.64 | 32.14 % (13) | $ 538,324 | 1.44 % (9) | 1.44 % | (1.05) % | 55 % | |
7/1/21 to 6/30/22 | 81.59 | (0.68) | (17.72) | (18.40) | — | — | (23.45) | (23.45) | — | (41.85) | 39.74 | (32.06) | 475,065 | 1.42 (9) | 1.42 | (1.05) | 126 | |
7/1/20 to 6/30/21 | 68.06 | (0.88) | 30.38 | 29.50 | — | — | (15.97) | (15.97) | — | 13.53 | 81.59 | 45.06 | 812,373 | 1.49 (9) | 1.50 | (1.12) | 150 | |
7/1/19 to 6/30/20 | 63.92 | (0.68) | 16.01 | 15.33 | — | — | (11.19) | (11.19) | — | 4.14 | 68.06 (10) | 28.34 (10) | 664,833 | 1.57 | 1.57 | (1.12) | 212 | |
7/1/18 to 6/30/19 | 71.60 | (0.68) | 5.90 | 5.22 | — | — | (12.90) | (12.90) | — | (7.68) | 63.92 | 12.40 | 601,112 | 1.51 | 1.56 | (1.05) | 109 | |
Class C | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 15.27 | (0.18) | 1.69 | 1.51 | — | — | (7.58) | (7.58) | — (8) | (6.07) | $ 9.20 | 31.15 % (13) | $ 23,633 | 2.18 % (9) | 2.18 % | (1.79) % | 55 % | |
7/1/21 to 6/30/22 | 45.83 | (0.52) | (6.59) | (7.11) | — | — | (23.45) | (23.45) | — | (30.56) | 15.27 | (32.58) | 25,961 | 2.17 (9) | 2.17 | (1.80) | 126 | |
7/1/20 to 6/30/21 | 43.68 | (0.87) | 18.99 | 18.12 | — | — | (15.97) | (15.97) | — | 2.15 | 45.83 | 44.01 | 53,742 | 2.24 (9) | 2.25 | (1.88) | 150 | |
7/1/19 to 6/30/20 | 45.22 | (0.76) | 10.41 | 9.65 | — | — | (11.19) | (11.19) | — | (1.54) | 43.68 (10) | 27.37 (10) | 50,421 | 2.32 | 2.32 | (1.87) | 212 | |
7/1/18 to 6/30/19 | 55.32 | (0.92) | 3.72 | 2.80 | — | — | (12.90) | (12.90) | — | (10.10) | 45.22 | 11.57 | 48,842 | 2.23 | 2.31 | (1.78) | 109 | |
Class P | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 51.13 | (0.38) | 13.70 | 13.32 | — | — | (7.58) | (7.58) | — (8) | 5.74 | $ 56.87 | 32.52 % (13) | $ 51,800 | 1.16 % (9) | 1.16 % | (0.77) % | 55 % | |
7/1/21 to 6/30/22 | 98.14 | (0.71) | (22.85) | (23.56) | — | — | (23.45) | (23.45) | — | (47.01) | 51.13 | (31.89) | 50,775 | 1.17 (9) | 1.17 | (0.83) | 126 | |
7/1/20 to 6/30/21 | 79.28 | (0.81) | 35.64 | 34.83 | — | — | (15.97) | (15.97) | — | 18.86 | 98.14 | 45.44 | 194,925 | 1.24 (9) | 1.25 | (0.87) | 150 | |
7/1/19 to 6/30/20 | 72.49 | (0.60) | 18.58 | 17.98 | — | — | (11.19) | (11.19) | — | 6.79 | 79.28 (10) | 28.67 (10) | 154,810 | 1.32 | 1.32 | (0.87) | 212 | |
7/1/18 to 6/30/19 | 79.05 | (0.58) | 6.92 | 6.34 | — | — | (12.90) | (12.90) | — | (6.56) | 72.49 | 12.68 | 155,553 | 1.27 | 1.31 | (0.80) | 109 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payment from Affiliate | 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 Technology Fund (Continued) | ||||||||||||||||||
Institutional Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 53.31 | (0.41) | 14.42 | 14.01 | — | — | (7.58) | (7.58) | — (8) | 6.43 | $ 59.74 | 32.48 % (13) | $ 670,734 | 1.17 % (9) | 1.17 % | (0.78) % | 55 % | |
7/1/21 to 6/30/22 | 101.34 | (0.67) | (23.91) | (24.58) | — | — | (23.45) | (23.45) | — | (48.03) | 53.31 | (31.89) | 772,161 | 1.16 (9) | 1.16 | (0.79) | 126 | |
7/1/20 to 6/30/21 | 81.43 | (0.77) | 36.65 | 35.88 | — | — | (15.97) | (15.97) | — | 19.91 | 101.34 | 45.53 | 1,386,911 | 1.17 (9) | 1.18 | (0.80) | 150 | |
7/1/19 to 6/30/20 | 74.10 | (0.55) | 19.07 | 18.52 | — | — | (11.19) | (11.19) | — | 7.33 | 81.43 (10) | 28.78 (10) | 995,709 | 1.22 | 1.22 | (0.78) | 212 | |
7/1/18 to 6/30/19 | 80.40 | (0.52) | 7.12 | 6.60 | — | — | (12.90) | (12.90) | — | (6.30) | 74.10 | 12.81 | 800,061 | 1.16 | 1.21 | (0.69) | 109 | |
Administrative Class | ||||||||||||||||||
7/1/22 to 6/30/23 | $ 45.85 | (0.47) | 11.89 | 11.42 | — | — | (7.58) | (7.58) | — (8) | 3.84 | $ 49.69 | 32.07 % (13) | $ 7,747 | 1.47 % (12) | 1.37 % | (1.09) % | 55 % | |
7/1/21 to 6/30/22 | 90.62 | (0.85) | (20.47) | (21.32) | — | — | (23.45) | (23.45) | — | (44.77) | 45.85 | (32.09) | 6,049 | 1.47 | 1.72 | (1.10) | 126 | |
7/1/20 to 6/30/21 | 74.24 | (0.91) | 33.26 | 32.35 | — | — | (15.97) | (15.97) | — | 16.38 | 90.62 | 45.15 | 86,855 | 1.43 (9) | 1.44 | (1.05) | 150 | |
7/1/19 to 6/30/20 | 68.67 | (0.67) | 17.43 | 16.76 | — | — | (11.19) | (11.19) | — | 5.57 | 74.24 (10) | 28.46 (10) | 11,669 | 1.47 | 1.47 | (1.02) | 212 | |
7/1/18 to 6/30/19 | 75.76 | (0.67) | 6.48 | 5.81 | — | — | (12.90) | (12.90) | — | (7.09) | 68.67 | 12.52 | 11,688 | 1.40 | 1.46 | (0.95) | 109 |
Footnote Legend: | |
(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) | Ratio of total expenses excluding interest expense on borrowings for the year ended June 30, 2023 were 1.29% (Class A), 2.04% (Class C), 1.04% (Class P), 0.94% (Class I) and 0.89% (Class R6). |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | Amount is less than $0.005 per share. |
(9) | The share class is currently under its expense limitation. |
(10) | Payments from affiliates increased the end of period net asset value and total return by less than $0.01 and 0.01%, respectively. |
(11) | Total return would have been lower without the payment from affiliate. |
(12) | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(13) | Payment from affiliate had no impact on total return. |
(14) | Inception date. |
(15) | Portfolio turnover is representative of the Fund for the entire period. |
(16) | Includes reversal of previously accrued liabilities. |
(17) | The character of a portion of the distribution was redesignated from net investment income to net realized capital gain for the year ended June 30, 2019. The per share amount for Class C differs from other classes, as at the time the distribution was made, Class C had minimal distributable net investment income, therefore no redesignation for Class C was made. |
June 30, 2023
A. | Security Valuation |
The Trustees have designated the Investment Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940. Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. 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. |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. Conversion premium is not amortized. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT and MLP investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. A Fund may invest in MLPs that make distributions that are primarily attributable to return of capital. The actual amounts of income, return of capital, and capital gains are only determined by each REIT and MLP after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund and each such other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Convertible Securities |
Certain Funds may invest a portion of their assets in convertible securities. Although convertible securities derive part of their value from that of the securities into which they are convertible, they are not considered derivative financial instruments. However, certain of the Funds’ investments in convertible securities include features which render them sensitive to price changes in their underlying securities. The value of structured/synthetic convertible securities can be affected by interest rate changes and credit risks of the issuer. Such securities may be structured in ways that limit their potential for capital appreciation, and the entire value of the security may be at risk of loss depending on the performance of the underlying equity security. Consequently, the Funds are exposed to greater downside risk than traditional convertible securities, but typically still less than that of the underlying stock. | |
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an |
attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
J. | Warrants |
The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. | |
K. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
As of June 30, 2023, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
Small-Cap Fund | $ 888 | $ 888 | $ — |
(1) | Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | ||
Small-Cap Fund | Money Market Mutual Fund | $913 |
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 fiscal year (“the period”) ended June 30, 2023, none of the Funds entered into forward foreign currency exchange contracts. | |
B. | Options Contracts |
An options contract provides the purchaser with the right, but not the obligation, to buy (call option) or sell (put option) a financial instrument at an agreed upon price. Certain Funds may purchase or write both put and call options on portfolio securities. A Fund doing so is subject to equity price risk and/or foreign currency risk in the normal course of pursuing its investment objectives. | |
When a Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When a Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. Holdings of the Fund designated to cover outstanding written options are noted in the Schedules of Investments. Purchased options are reported as an asset within “Investment in securities at value” in the Statements of Assets and Liabilities. Written options are reported as a liability within “Written options at value.” Changes in value of the purchased option are included in “Net change in unrealized appreciation (depreciation) from investments” in the Statements of Operations. Changes in value of written options are included in “Net change in unrealized appreciation (depreciation) from written options” in the Statements of Operations. | |
If an option expires unexercised, the Fund realizes a gain or loss to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost basis of the purchase. The difference between the premium and the amount received or paid on effecting a closing purchase or sale transaction is also treated as a realized gain or loss. Gain or loss on purchased options is included in “Net realized gain (loss) on investments” in the Statements of Operations. Gain or loss on written options is presented separately as “Net realized gain (loss) from written options” in the Statements of Operations. | |
The risk in writing call options is that the Fund gives up the opportunity for profit if the market price/foreign currency rate of the referenced security/currency increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price/foreign currency rate of the referenced security/currency decreases and the option is exercised. The risk in buying options is that the Fund pays a premium whether or not the option is exercised. The use of such instruments may involve certain additional risks as a result of unanticipated movements in the market. Writers (sellers) of options are subject to unlimited risk of loss, as the seller will be obligated to deliver or take delivery of the security at a predetermined price which may, upon exercise of the option, be significantly different from the then-market value. | |
During the year ended June 30, 2023, the Income & Growth Fund invested in written covered call options contracts in an attempt to manage equity price risk and with the purpose of generating realized gains. |
The following is a summary of derivative instruments categorized by primary risk exposure, and location as presented in the Statements of Assets and Liabilities at June 30, 2023: |
Statement Line Description | Primary Risk | Income & Growth Fund | ||
Liability Derivatives | ||||
Written options at value | Equity contracts | $(1,828) | ||
Total Liabilities | $(1,828) |
Statement Line Description | Primary Risk | Income & Growth Fund | ||
Net Realized Gain (Loss) from | ||||
Written options | Equity contracts | $9,113 | ||
Total | $9,113 | |||
Net Change in Unrealized Appreciation (Depreciation) on | ||||
Written options | Equity contracts | $ (255) | ||
Total | $ (255) |
Income & Growth Fund | |
Written Options(1) | $1,457 |
(1) Average premium 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 table presents the Income & Growth Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of June 30, 2023: |
At June 30, 2023, the Fund’s derivative assets and liabilities (by type) are as follows: | |||||
Income & Growth Fund | |||||
Assets | Liabilities | ||||
Derivative Financial Instruments: | |||||
Written options | $— | $ 1,828 | |||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $— | $ 1,828 | |||
Derivatives not subject to a MNA or similar agreement | — | (1,828) | |||
Total assets and liabilities subject to a MNA | $— | $ — |
A. | Investment Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
Fund | Advisory Fee | |
Emerging Markets Opportunities Fund | 0.85% | |
Income & Growth Fund | 0.65 | |
KAR Global Small-Cap Fund | 0.90 | |
KAR Health Sciences Fund | 0.80 | |
NFJ Dividend Value Fund | 0.45 | |
NFJ International Value Fund | 0.60 | |
NFJ Large-Cap Value Fund | 0.45 | |
NFJ Mid-Cap Value Fund | 0.55 | |
NFJ Small-Cap Value Fund | 0.60 | |
Silvant Focused Growth Fund | 0.45 | |
Silvant Mid-Cap Growth Fund | 0.47 | |
Small-Cap Fund | 0.60 | |
Zevenbergen Technology Fund | 0.90 |
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 year is as follows: |
Fund | Subadviser (1) | |
Emerging Markets Opportunities Fund | N/A | |
Income & Growth Fund | Voya IM(2) | |
KAR Global Small-Cap Fund | KAR (3) | |
KAR Health Sciences Fund | KAR (3) | |
NFJ Dividend Value Fund | NFJ (4) | |
NFJ International Value Fund | NFJ (4) | |
NFJ Large-Cap Value Fund | NFJ (4) | |
NFJ Mid-Cap Value Fund | NFJ (4) | |
NFJ Small-Cap Value Fund | NFJ (4) | |
Silvant Focused Growth Fund | Silvant (5) | |
Silvant Mid-Cap Growth Fund | Silvant (5) | |
Small-Cap Fund | N/A | |
Zevenbergen Technology Fund | Zevenbergen (6) |
(1) | Effective July 25, 2022, Allianz Global Investors U.S. LLC (“AllianzGI U.S.”) was removed as subadviser to each of the Funds other than NFJ Dividend Value Fund, NFJ International Value Fund, NFJ Large-Cap Value Fund, NFJ Mid-Cap Value Fund and NFJ Small-Cap Value Fund. The Emerging Markets Opportunities Fund and Small-Cap Fund are managed directly by the Adviser. |
(2) | Effective July 25, 2022, Voya Investment Management Co. LLC (“Voya IM”) replaced AllianzGI U.S. as subadviser of the Fund. |
(3) | Effective July 25, 2022, Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus replaced AllianzGI U.S. as subadviser of the Fund. |
(4) | NFJ Investment Group, LLC (“NFJ”), an indirect, wholly-owned subsidiary of Virtus. |
(5) | Effective July 25, 2022, Silvant Capital Management LLC (“Silvant”), an indirect, wholly-owned subsidiary of Virtus, replaced AllianzGI U.S. as subadviser of the Fund. |
(6) | Effective July 25, 2022, Zevenbergen Capital Investments LLC (“Zevenbergen”), a minority-owned affiliate of Virtus, replaced AllianzGI U.S. as subadviser of the Fund. |
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 October 31, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class P | Institutional Class | Class R6 | Administrative Class | ||||||
Emerging Markets Opportunities Fund | 1.29% | 2.04% | 1.04 % | 0.94 % | 0.89% | N/A | ||||||
Income & Growth Fund | 1.28 | 2.03 | 1.03 | 0.93 | N/A | N/A | ||||||
KAR Global Small-Cap Fund | 1.63 | 2.38 | 1.38 | 1.28 | N/A | N/A | ||||||
KAR Health Sciences Fund | 1.47 | 2.22 | 1.22 | 1.12 | N/A | N/A | ||||||
NFJ Dividend Value Fund | 1.05 | 1.80 | 0.80 | 0.70 | 0.65 | 0.95 % | ||||||
NFJ International Value Fund | 1.30 | 2.05 | 1.05 | 0.95 | 0.90 | 1.20 | ||||||
NFJ Large-Cap Value Fund | 1.12 | 1.87 | 0.87 | 0.77 | 0.65 | 1.02 | ||||||
NFJ Mid-Cap Value Fund | 1.00 | 1.75 | 0.75 | 0.65 | 0.60 | 0.90 | ||||||
NFJ Small-Cap Value Fund | 1.17 | 1.92 | 0.92 | 0.82 | 0.77 | 1.07 | ||||||
Silvant Focused Growth Fund | 1.00 | 1.77 | 0.77 | 0.67 | 0.62 | 0.92 | ||||||
Silvant Mid-Cap Growth Fund | 1.14 | 1.89 | 0.89 | 0.79 | N/A | 1.04 | ||||||
Small-Cap Fund | 1.17 | 1.92 | 0.92 | 0.82 | 0.77 | N/A | ||||||
Zevenbergen Technology Fund | 1.57 | 2.32 | 1.32 | 1.22 | N/A | 1.47 |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to |
any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the year ending June 30: |
Expiration | ||||||||
Fund | 2024 | 2025 | 2026 | Total | ||||
Emerging Markets Opportunities Fund | ||||||||
Class A | $ 32 | $ 46 | $ 44 | $ 122 | ||||
Class C | 1 | 2 | 2 | 5 | ||||
Class P | 7 | 11 | 10 | 28 | ||||
Institutional Class | 235 | 494 | 226 | 955 | ||||
Class R6 | 31 | 62 | 70 | 163 | ||||
KAR Global Small-Cap Fund | ||||||||
Class A | — | — | 10 | 10 | ||||
Class C | — | — (1) | 1 | 1 | ||||
Class P | — | — | — (1) | — (1) | ||||
Institutional Class | 3 | 12 | 27 | 42 | ||||
KAR Health Sciences Fund | ||||||||
Institutional Class | — | 4 | 3 | 7 | ||||
NFJ Dividend Value Fund | ||||||||
Institutional Class | — | 64 | 36 | 100 | ||||
Class R6 | — | — | 11 | 11 | ||||
Administrative Class | — | 12 | 11 | 23 | ||||
NFJ International Value Fund | ||||||||
Class A | — | 14 | 37 | 51 | ||||
Class C | — | — | 1 | 1 | ||||
Class P | — | — | 3 | 3 | ||||
Institutional Class | 3 | 12 | 21 | 36 | ||||
Class R6 | — (1) | 1 | 2 | 3 | ||||
Administrative Class | — | 5 | 2 | 7 | ||||
NFJ Large-Cap Value Fund | ||||||||
Class R6 | — | — (1) | — (1) | — (1) | ||||
NFJ Mid-Cap Value Fund | ||||||||
Class A | 186 | 539 | 570 | 1,295 | ||||
Class C | 10 | 24 | 21 | 55 | ||||
Class P | 62 | 147 | 76 | 285 | ||||
Institutional Class | 298 | 681 | 563 | 1,542 | ||||
Class R6 | 51 | 102 | 119 | 272 | ||||
Administrative Class | 26 | 66 | 74 | 166 | ||||
NFJ Small-Cap Value Fund | ||||||||
Class A | — | 96 | 131 | 227 | ||||
Class C | — | — | 1 | 1 | ||||
Institutional Class | 16 | 40 | 51 | 107 | ||||
Class R6 | 10 | 15 | 30 | 55 | ||||
Administrative Class | 30 | 42 | 6 | 78 | ||||
Silvant Focused Growth Fund | ||||||||
Institutional Class | 13 | 59 | 45 | 117 | ||||
Class R6 | — | 10 | 19 | 29 | ||||
Administrative Class | 1 | 4 | 3 | 8 | ||||
Silvant Mid-Cap Growth Fund | ||||||||
Administrative Class | — | — | — (1) | — (1) | ||||
Small-Cap Fund | ||||||||
Class A | 2 | 6 | 31 | 39 | ||||
Class C | 1 | 1 | 2 | 4 | ||||
Class P | — (1) | 9 | 4 | 13 | ||||
Institutional Class | 28 | 46 | 37 | 111 | ||||
Class R6 | 4 | 6 | 6 | 16 | ||||
Zevenbergen Technology Fund | ||||||||
Administrative Class | — | 32 | — (1) | 32 |
(1) | Amount is less than $500 (not in thousands). |
Fund | Class A | Class C | Class P | Institutional Class | Class R6 | Administrative Class | Total | |||||||
Income & Growth Fund | $— | $— | $— | $— (1) | $— | $— | $— (1) | |||||||
KAR Global Small-Cap Fund | 1 | — | — (1) | — | — | — | 1 | |||||||
KAR Health Sciences Fund | — | — | — | 1 | — | — | 1 | |||||||
NFJ Dividend Value Fund | 1 | — | — | — | — (1) | — (1) | 1 | |||||||
NFJ International Value Fund | — | — (1) | — (1) | — | — | — (1) | — (1) | |||||||
NFJ Large-Cap Value Fund | — | — | — | 7 | — (1) | — | 7 | |||||||
NFJ Small-Cap Value Fund | 2 | — | 1 | — | — | 6 | 9 | |||||||
Silvant Focused Growth Fund | — (1) | — | — | 7 | 2 | — (1) | 9 | |||||||
Silvant Mid-Cap Growth Fund | — | — | — | — (1) | — | — (1) | — (1) | |||||||
Zevenbergen Technology Fund | — | — | — | — | — | 7 | 7 |
(1) | Amount is less than $500 (not in thousands). |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the year ended June 30, 2023, it retained net commissions of $514 for Class A shares and CDSC of $18 and $94 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. Administrative Class shares pay a 0.25% Administrative Distribution fee. Class P shares, Institutional Class shares, and Class R6 shares, are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Funds may be exchanged for shares of the same class of certain other Virtus Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the year ended June 30, 2023, the Funds incurred administration fees totaling $9,937 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the year ended June 30, 2023, the Funds incurred transfer agent fees totaling $4,449 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. | Payment from Affiliates |
During the year ended June 30, 2023, the former subadviser, AllianzGI U.S., reimbursed KAR Global Small-Cap Fund, KAR Health Sciences Fund, Silvant Focused Growth Fund, Small-Cap Fund and Zevenbergen Technology Fund for trading costs associated with subadviser changes. These amounts are included in “Net increase from payment by affiliates” in the Statements of Operations. With the exception of KAR Global Small-Cap Fund, there was no impact on the total return. | |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the year ended June 30, 2023, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
Outside of Rule 17a-7 transactions, other investments with affiliated issuers are separately reported in this Note. An affiliated issuer includes any company in which the Fund held 5% or more of a company’s outstanding voting shares at any point during the period, as well as other circumstances where an investment adviser or subadviser to the Fund is deemed to exercise, directly or indirectly, a certain level of control over the company. |
Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) on affiliated securities | Net change in unrealized appreciation (depreciation) on affiliated securities | Value, end of period | Shares | Dividend income | Distributions of realized gains | |||||||||
Income & Growth Fund | |||||||||||||||||
Preferred Stocks—0.0% | |||||||||||||||||
LiveStyle, Inc. Series B (1) | $5,618 | $— | $2,884 | $ 57 | $ (92) | $— | — | $— | $— | ||||||||
LiveStyle, Inc. Series B (1) | — | — | — | (8,000) | 8,000 | — | — | — | — | ||||||||
5,618 | — | 2,884 | (7,943) | 7,908 | — | — | — | ||||||||||
Common Stocks—0.0% | |||||||||||||||||
LiveStyle, Inc.(1) | — (2) | — | — | — | — | — | — | — | — | ||||||||
Total | $5,618 | $— | $2,884 | $(7,943) | $7,908 | $— | $— | $— |
(1) | Issuer is not an affiliated investment of the Fund at June 30, 2023. |
(2) | Amount is less than $500 (not in thousands). |
I. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at June 30, 2023. | |
In calendar year 2018 and certain other periods prior to January 1, 2020, the Funds maintained a different deferred compensation plan pursuant to which each Trustee who was not affiliated with AllianzGI U.S. had the opportunity to elect not to receive all or a portion of his or her fees from the respective Fund on a current basis, but instead to receive in a subsequent period chosen by the Trustee an amount equal to the value of such compensation if such compensation had been invested in one or more series of Virtus Investment Trust (then known as Allianz Funds) and Virtus Strategy Trust (then known as Allianz Funds Multi-Strategy Trust) selected by such Trustee from and after the normal payment dates for such compensation. The deferred compensation program was closed to new deferrals effective January 1, 2020, and all Trustee fees earned with respect to service in calendar year 2020 were paid in cash, on a current basis. The Trustees do not currently receive any pension or retirement benefits from the Funds. | |
In addition to the Trustee fees deferred in the current period, the Funds still have obligations with respect to Trustee fees deferred in 2018 and in other periods prior to January 1, 2020, and will continue to have such obligations until all deferred Trustee fees are paid out pursuant to the terms of the applicable deferred compensation plan. |
Purchases | Sales | ||
Emerging Markets Opportunities Fund | $ 127,488 | $ 131,184 | |
Income & Growth Fund | 2,115,377 | 2,941,044 | |
KAR Global Small-Cap Fund | 73,020 | 83,176 | |
KAR Health Sciences Fund | 120,368 | 149,591 | |
NFJ Dividend Value Fund | 496,113 | 626,148 | |
NFJ International Value Fund | 99,690 | 123,071 | |
NFJ Large-Cap Value Fund | 179,244 | 206,689 | |
NFJ Mid-Cap Value Fund | 1,094,514 | 1,338,930 | |
NFJ Small-Cap Value Fund | 299,181 | 365,266 | |
Silvant Focused Growth Fund | 565,192 | 731,987 |
Purchases | Sales | ||
Silvant Mid-Cap Growth Fund | $ 97,364 | $ 135,259 | |
Small-Cap Fund | 89,745 | 142,274 | |
Zevenbergen Technology Fund | 632,386 | 869,080 |
Emerging Markets Opportunities Fund | Income & Growth Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 71 | $ 1,847 | 80 | $ 2,711 | 23,065 | $ 238,190 | 34,842 | $ 440,020 | |||||||
Reinvestment of distributions | 22 | 565 | 12 | 373 | 14,608 | 149,814 | 12,258 | 150,344 | |||||||
Shares repurchased | (135) | (3,557) | (246) | (7,852) | (45,554) | (467,924) | (35,815) | (436,840) | |||||||
Net Increase / (Decrease) | (42) | $ (1,145) | (154) | $ (4,768) | (7,881) | $ (79,920) | 11,285 | $ 153,524 | |||||||
Class C | |||||||||||||||
Shares sold | 7 | $ 190 | 1 | $ 47 | 6,854 | $ 62,789 | 18,782 | $ 216,138 | |||||||
Reinvestment of distributions | 1 | 14 | — | — | 9,118 | 82,970 | 8,276 | 91,065 | |||||||
Shares repurchased | (10) | (240) | (19) | (669) | (34,364) | (313,660) | (29,502) | (324,398) | |||||||
Net Increase / (Decrease) | (2) | $ (36) | (18) | $ (622) | (18,392) | $ (167,901) | (2,444) | $ (17,195) | |||||||
Class P | |||||||||||||||
Shares sold | 25 | $ 647 | 133 | $ 4,377 | 20,596 | $ 220,297 | 30,102 | $ 395,436 | |||||||
Reinvestment of distributions | 6 | 155 | 5 | 161 | 6,194 | 65,791 | 6,599 | 84,089 | |||||||
Shares repurchased | (81) | (2,097) | (108) | (3,250) | (40,677) | (432,200) | (58,458) | (752,315) | |||||||
Net Increase / (Decrease) | (50) | $ (1,295) | 30 | $ 1,288 | (13,887) | $ (146,112) | (21,757) | $ (272,790) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 573 | $ 14,746 | 2,120 | $ 71,408 | 19,389 | $ 209,296 | 48,591 | $ 653,466 | |||||||
Reinvestment of distributions | 83 | 2,086 | 102 | 3,324 | 8,808 | 94,717 | 7,616 | 97,397 | |||||||
Shares repurchased | (765) | (20,092) | (5,063) | (145,870) | (43,626) | (470,034) | (35,413) | (443,799) | |||||||
Net Increase / (Decrease) | (109) | $ (3,260) | (2,841) | $ (71,138) | (15,429) | $ (166,021) | 20,794 | $ 307,064 | |||||||
Class R6 | |||||||||||||||
Shares sold | 389 | $ 10,187 | 595 | $ 20,278 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 39 | 977 | 22 | 727 | — | — | — | — | |||||||
Shares repurchased | (340) | (8,818) | (345) | (11,192) | — | — | — | — | |||||||
Net Increase / (Decrease) | 88 | $ 2,346 | 272 | $ 9,813 | — | $ — | — | $ — |
KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 52 | $ 1,519 | 46 | $ 1,877 | 110 | $ 3,156 | 144 | $ 4,971 | |||||||
Reinvestment of distributions | 31 | 867 | 315 | 11,665 | 441 | 12,301 | 935 | 31,093 | |||||||
Shares repurchased | (181) | (5,203) | (201) | (8,411) | (586) | (16,594) | (544) | (18,861) | |||||||
Net Increase / (Decrease) | (98) | $ (2,817) | 160 | $ 5,131 | (35) | $ (1,137) | 535 | $ 17,203 |
KAR Global Small-Cap Fund | KAR Health Sciences Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C | |||||||||||||||
Shares sold | 4 | $ 88 | 3 | $ 103 | 29 | $ 503 | 43 | $ 938 | |||||||
Reinvestment of distributions | 2 | 37 | 31 | 847 | 27 | 447 | 47 | 981 | |||||||
Shares repurchased | (52) | (1,101) | (45) | (1,428) | (69) | (1,204) | (46) | (1,053) | |||||||
Net Increase / (Decrease) | (46) | $ (976) | (11) | $ (478) | (13) | $ (254) | 44 | $ 866 | |||||||
Class P | |||||||||||||||
Shares sold | 2 | $ 67 | 2 | $ 98 | 44 | $ 1,256 | 99 | $ 3,343 | |||||||
Reinvestment of distributions | 1 | 44 | 16 | 682 | 4 | 108 | 5 | 179 | |||||||
Shares repurchased | (19) | (608) | (17) | (864) | (76) | (2,239) | (58) | (1,856) | |||||||
Net Increase / (Decrease) | (16) | $ (497) | 1 | $ (84) | (28) | $ (875) | 46 | $ 1,666 | |||||||
Institutional Class | |||||||||||||||
Shares sold | 44 | $ 1,495 | 75 | $ 3,439 | 141 | $ 4,304 | 571 | $ 19,966 | |||||||
Reinvestment of distributions | 19 | 611 | 206 | 8,802 | 44 | 1,258 | 124 | 4,230 | |||||||
Shares repurchased | (246) | (8,420) | (200) | (9,269) | (581) | (17,374) | (476) | (16,735) | |||||||
Net Increase / (Decrease) | (183) | $ (6,314) | 81 | $ 2,972 | (396) | $ (11,812) | 219 | $ 7,461 |
NFJ Dividend Value Fund | NFJ International Value Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 2,486 | $ 26,004 | 3,288 | $ 42,101 | 213 | $ 3,796 | 277 | $ 5,858 | |||||||
Reinvestment of distributions | 5,148 | 50,100 | 1,902 | 24,662 | 50 | 856 | 54 | 1,168 | |||||||
Shares repurchased | (7,336) | (77,619) | (6,414) | (82,282) | (562) | (10,203) | (707) | (14,977) | |||||||
Net Increase / (Decrease) | 298 | $ (1,515) | (1,224) | $ (15,519) | (299) | $ (5,551) | (376) | $ (7,951) | |||||||
Class C | |||||||||||||||
Shares sold | 192 | $ 2,101 | 99 | $ 1,276 | 5 | $ 93 | 9 | $ 200 | |||||||
Reinvestment of distributions | 141 | 1,409 | 67 | 902 | 1 | 17 | 2 | 39 | |||||||
Shares repurchased | (645) | (7,129) | (556) | (7,281) | (45) | (782) | (71) | (1,483) | |||||||
Net Increase / (Decrease) | (312) | $ (3,619) | (390) | $ (5,103) | (39) | $ (672) | (60) | $ (1,244) | |||||||
Class P | |||||||||||||||
Shares sold | 1,647 | $ 17,224 | 1,060 | $ 13,724 | 40 | $ 719 | 44 | $ 982 | |||||||
Reinvestment of distributions | 1,771 | 17,476 | 737 | 9,666 | 11 | 191 | 16 | 347 | |||||||
Shares repurchased | (4,304) | (45,254) | (4,906) | (63,963) | (240) | (4,346) | (259) | (5,474) | |||||||
Net Increase / (Decrease) | (886) | $ (10,554) | (3,109) | $ (40,573) | (189) | $ (3,436) | (199) | $ (4,145) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 853 | $ 9,128 | 1,333 | $ 17,543 | 331 | $ 6,295 | 363 | $ 7,453 | |||||||
Reinvestment of distributions | 1,394 | 13,723 | 520 | 6,799 | 34 | 591 | 47 | 1,011 | |||||||
Shares repurchased | (2,965) | (31,583) | (3,460) | (45,386) | (1,016) | (18,644) | (363) | (7,585) | |||||||
Net Increase / (Decrease) | (718) | $ (8,732) | (1,607) | $ (21,044) | (651) | $ (11,758) | 47 | $ 879 | |||||||
Class R6 | |||||||||||||||
Shares sold | 1,457 | $ 16,193 | 916 | $ 11,974 | 96 | $ 1,686 | 108 | $ 2,266 | |||||||
Reinvestment of distributions | 1,296 | 12,691 | 445 | 5,785 | 4 | 63 | 3 | 61 | |||||||
Shares repurchased | (2,458) | (25,961) | (1,516) | (19,596) | (151) | (2,761) | (36) | (757) | |||||||
Net Increase / (Decrease) | 295 | $ 2,923 | (155) | $ (1,837) | (51) | $ (1,012) | 75 | $ 1,570 |
NFJ Dividend Value Fund | NFJ International Value Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Administrative Class | |||||||||||||||
Shares sold | 774 | $ 8,674 | 605 | $ 7,964 | 25 | $ 440 | 77 | $ 1,576 | |||||||
Reinvestment of distributions | 513 | 5,187 | 167 | 2,231 | 2 | 27 | 1 | 30 | |||||||
Shares repurchased | (1,056) | (11,734) | (509) | (6,735) | (37) | (665) | (47) | (950) | |||||||
Net Increase / (Decrease) | 231 | $ 2,127 | 263 | $ 3,460 | (10) | $ (198) | 31 | $ 656 |
NFJ Large-Cap Value Fund | NFJ Mid-Cap Value Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 228 | $ 6,088 | 243 | $ 8,002 | 1,242 | $ 31,993 | 844 | $ 28,415 | |||||||
Reinvestment of distributions | 978 | 23,626 | 308 | 10,293 | 4,199 | 97,163 | 1,757 | 58,654 | |||||||
Shares repurchased | (875) | (23,413) | (675) | (22,437) | (3,428) | (89,230) | (2,537) | (85,945) | |||||||
Net Increase / (Decrease) | 331 | $ 6,301 | (124) | $ (4,142) | 2,013 | $ 39,926 | 64 | $ 1,124 | |||||||
Class C | |||||||||||||||
Shares sold | 20 | $ 530 | 18 | $ 591 | 78 | $ 1,573 | 96 | $ 2,577 | |||||||
Reinvestment of distributions | 16 | 385 | 6 | 190 | 424 | 7,059 | 188 | 4,923 | |||||||
Shares repurchased | (53) | (1,432) | (51) | (1,686) | (647) | (12,357) | (421) | (11,166) | |||||||
Net Increase / (Decrease) | (17) | $ (517) | (27) | $ (905) | (145) | $ (3,725) | (137) | $ (3,666) | |||||||
Class P | |||||||||||||||
Shares sold | 66 | $ 1,811 | 163 | $ 5,404 | 1,871 | $ 32,867 | 1,203 | $ 31,462 | |||||||
Reinvestment of distributions | 100 | 2,437 | 32 | 1,094 | 1,244 | 19,660 | 995 | 25,098 | |||||||
Shares repurchased | (137) | (3,585) | (290) | (9,713) | (2,912) | (53,252) | (6,282) | (161,018) | |||||||
Net Increase / (Decrease) | 29 | $ 663 | (95) | $ (3,215) | 203 | $ (725) | (4,084) | $ (104,458) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 1,677 | $ 42,528 | 775 | $ 25,434 | 1,809 | $ 52,742 | 3,656 | $ 132,433 | |||||||
Reinvestment of distributions | 571 | 13,737 | 236 | 7,824 | 2,505 | 64,436 | 1,315 | 47,629 | |||||||
Shares repurchased | (1,895) | (52,478) | (1,019) | (34,203) | (6,196) | (180,217) | (5,083) | (184,720) | |||||||
Net Increase / (Decrease) | 353 | $ 3,787 | (8) | $ (945) | (1,882) | $ (63,039) | (112) | $ (4,658) | |||||||
Class R6 | |||||||||||||||
Shares sold | 81 | $ 2,042 | 3 | $ 100 | 471 | $ 14,414 | 820 | $ 29,076 | |||||||
Reinvestment of distributions | — (1) | — (2) | — | — | 704 | 18,071 | 247 | 8,923 | |||||||
Shares repurchased | (—) (1) | (8) | — | — | (1,141) | (33,064) | (573) | (21,374) | |||||||
Net Increase / (Decrease) | 81 | $ 2,034 | 3 | $ 100 | 34 | $ (579) | 494 | $ 16,625 | |||||||
Administrative Class | |||||||||||||||
Shares sold | — (1) | $ —(2) | — (1) | $ 19 | 230 | $ 6,365 | 144 | $ 5,141 | |||||||
Reinvestment of distributions | 3 | 75 | 1 | 32 | 307 | 7,470 | 138 | 4,770 | |||||||
Shares repurchased | (2) | (53) | (1) | (50) | (369) | (10,283) | (504) | (17,898) | |||||||
Net Increase / (Decrease) | 1 | $ 22 | — (1) | $ 1 | 168 | $ 3,552 | (222) | $ (7,987) |
NFJ Small-Cap Value Fund | Silvant Focused Growth Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 809 | $ 9,516 | 885 | $ 13,314 | 428 | $ 22,097 | 550 | $ 38,758 | |||||||
Reinvestment of distributions | 3,132 | 33,918 | 1,563 | 23,166 | 587 | 26,569 | 1,892 | 131,234 | |||||||
Shares repurchased | (3,427) | (41,007) | (4,689) | (70,476) | (1,732) | (86,945) | (2,360) | (163,414) | |||||||
Net Increase / (Decrease) | 514 | $ 2,427 | (2,241) | $ (33,996) | (717) | $ (38,279) | 82 | $ 6,578 | |||||||
Class C | |||||||||||||||
Shares sold | 19 | $ 205 | 18 | $ 228 | 104 | $ 2,365 | 108 | $ 3,603 | |||||||
Reinvestment of distributions | 25 | 233 | 11 | 139 | 132 | 2,528 | 393 | 12,557 | |||||||
Shares repurchased | (59) | (589) | (24) | (314) | (443) | (9,883) | (533) | (18,692) | |||||||
Net Increase / (Decrease) | (15) | $ (151) | 5 | $ 53 | (207) | $ (4,990) | (32) | $ (2,532) | |||||||
Class P | |||||||||||||||
Shares sold | 925 | $ 13,436 | 118 | $ 2,106 | 397 | $ 13,328 | 476 | $ 23,193 | |||||||
Reinvestment of distributions | 100 | 1,338 | 62 | 1,102 | 86 | 2,367 | 430 | 18,881 | |||||||
Shares repurchased | (261) | (3,830) | (553) | (9,818) | (733) | (22,793) | (1,357) | (60,240) | |||||||
Net Increase / (Decrease) | 764 | $ 10,944 | (373) | $ (6,610) | (250) | $ (7,098) | (451) | $ (18,166) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 204 | $ 3,050 | 500 | $ 8,993 | 731 | $ 34,358 | 824 | $ 54,682 | |||||||
Reinvestment of distributions | 518 | 7,030 | 289 | 5,167 | 168 | 6,711 | 585 | 35,936 | |||||||
Shares repurchased | (1,012) | (15,035) | (2,087) | (37,826) | (1,017) | (43,966) | (1,407) | (85,990) | |||||||
Net Increase / (Decrease) | (290) | $ (4,955) | (1,298) | $ (23,666) | (118) | $ (2,897) | 2 | $ 4,628 | |||||||
Class R6 | |||||||||||||||
Shares sold | 460 | $ 6,956 | 447 | $ 8,054 | 399 | $ 18,305 | 1,240 | $ 74,596 | |||||||
Reinvestment of distributions | 492 | 6,598 | 303 | 5,378 | 248 | 9,912 | 593 | 36,560 | |||||||
Shares repurchased | (1,888) | (28,004) | (1,486) | (26,970) | (1,485) | (65,278) | (701) | (43,874) | |||||||
Net Increase / (Decrease) | (936) | $ (14,450) | (736) | $ (13,538) | (838) | $ (37,061) | 1,132 | $ 67,282 | |||||||
Administrative Class | |||||||||||||||
Shares sold | 358 | $ 4,546 | 186 | $ 2,778 | 14 | $ 539 | 32 | $ 2,060 | |||||||
Reinvestment of distributions | 355 | 3,845 | 203 | 3,012 | 12 | 426 | 30 | 1,642 | |||||||
Shares repurchased | (1,168) | (14,047) | (492) | (7,303) | (13) | (554) | (16) | (922) | |||||||
Net Increase / (Decrease) | (455) | $ (5,656) | (103) | $ (1,513) | 13 | $ 411 | 46 | $ 2,780 |
Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold | 1,506 | $ 4,736 | 6,034 | $ 28,674 | 89 | $ 1,768 | 203 | $ 5,057 | |||||||
Reinvestment of distributions | — | — | 20,186 | 87,202 | 150 | 2,916 | 420 | 9,935 | |||||||
Shares repurchased | (10,469) | (33,092) | (12,167) | (54,324) | (622) | (12,407) | (430) | (10,519) | |||||||
Net Increase / (Decrease) | (8,963) | $ (28,356) | 14,053 | $ 61,552 | (383) | $ (7,723) | 193 | $ 4,473 | |||||||
Class C | |||||||||||||||
Shares sold | 60 | $ 124 | 312 | $ 913 | 8 | $ 157 | 20 | $ 482 | |||||||
Reinvestment of distributions | — | — | 1,506 | 4,248 | 9 | 156 | 29 | 633 | |||||||
Shares repurchased | (1,167) | (2,398) | (1,869) | (6,109) | (32) | (591) | (48) | (1,071) | |||||||
Net Increase / (Decrease) | (1,107) | $ (2,274) | (51) | $ (948) | (15) | $ (278) | 1 | $ 44 |
Silvant Mid-Cap Growth Fund | Small-Cap Fund | ||||||||||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class P | |||||||||||||||
Shares sold | 457 | $ 1,870 | 589 | $ 3,464 | 13 | $ 273 | 994 | $ 26,315 | |||||||
Reinvestment of distributions | — | — | 706 | 3,866 | 18 | 364 | 129 | 3,094 | |||||||
Shares repurchased | (723) | (2,917) | (3,904) | (23,698) | (384) | (7,666) | (1,481) | (37,879) | |||||||
Net Increase / (Decrease) | (266) | $ (1,047) | (2,609) | $ (16,368) | (353) | $ (7,029) | (358) | $ (8,470) | |||||||
Institutional Class | |||||||||||||||
Shares sold | 1,652 | $ 6,837 | 3,694 | $ 24,641 | 143 | $ 2,942 | 1,691 | $ 42,970 | |||||||
Reinvestment of distributions | — | — | 3,075 | 17,065 | 58 | 1,170 | 285 | 6,896 | |||||||
Shares repurchased | (3,620) | (14,618) | (2,734) | (14,098) | (1,633) | (33,120) | (885) | (19,994) | |||||||
Net Increase / (Decrease) | (1,968) | $ (7,781) | 4,035 | $ 27,608 | (1,432) | $ (29,008) | 1,091 | $ 29,872 | |||||||
Class R6 | |||||||||||||||
Shares sold | — | $ — | — | $ — | 45 | $ 913 | 95 | $ 2,395 | |||||||
Reinvestment of distributions | — | — | — | — | 12 | 242 | 46 | 1,124 | |||||||
Shares repurchased | — | — | — | — | (184) | (3,858) | (72) | (1,780) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (127) | $ (2,703) | 69 | $ 1,739 | |||||||
Administrative Class | |||||||||||||||
Shares sold | 29 | $ 101 | 27 | $ 126 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | — | — | 138 | 664 | — | — | — | — | |||||||
Shares repurchased | (279) | (883) | (74) | (403) | — | — | — | — | |||||||
Net Increase / (Decrease) | (250) | $ (782) | 91 | $ 387 | — | $ — | — | $ — |
Zevenbergen Technology Fund | |||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold | 790 | $ 28,066 | 812 | $ 49,880 | |||
Reinvestment of distributions | 2,693 | 78,172 | 3,585 | 212,887 | |||
Shares repurchased | (2,510) | (91,488) | (2,398) | (141,886) | |||
Net Increase / (Decrease) | 973 | $ 14,750 | 1,999 | $ 120,881 | |||
Class C | |||||||
Shares sold | 293 | $ 2,450 | 99 | $ 2,609 | |||
Reinvestment of distributions | 1,618 | 10,423 | 1,073 | 24,592 | |||
Shares repurchased | (1,043) | (10,159) | (645) | (16,116) | |||
Net Increase / (Decrease) | 868 | $ 2,714 | 527 | $ 11,085 | |||
Class P | |||||||
Shares sold | 339 | $ 16,785 | 155 | $ 12,532 | |||
Reinvestment of distributions | 119 | 4,718 | 339 | 25,889 | |||
Shares repurchased | (540) | (26,340) | (1,487) | (128,997) | |||
Net Increase / (Decrease) | (82) | $ (4,837) | (993) | $ (90,576) | |||
Institutional Class | |||||||
Shares sold | 1,856 | $ 95,486 | 2,725 | $ 235,136 | |||
Reinvestment of distributions | 2,005 | 83,404 | 3,770 | 299,998 | |||
Shares repurchased | (7,120) | (368,944) | (5,696) | (461,959) | |||
Net Increase / (Decrease) | (3,259) | $ (190,054) | 799 | $ 73,175 |
Zevenbergen Technology Fund | |||||||
Year Ended June 30, 2023 | Year Ended June 30, 2022 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Administrative Class | |||||||
Shares sold | 10 | $ 407 | 14 | $ 1,035 | |||
Reinvestment of distributions | 27 | 953 | 60 | 4,114 | |||
Shares repurchased | (13) | (590) | (900) | (78,966) | |||
Net Increase / (Decrease) | 24 | $ 770 | (826) | $ (73,817) |
(1) | Amount is less than 500 shares (not in thousands). |
(2) | Amount is less than $500 (not in thousands). |
% of Shares Outstanding | Number of Accounts* | ||
Emerging Markets Opportunities Fund | 57 % | 2 | |
KAR Global Small-Cap Fund | 46 | 3 | |
KAR Health Sciences Fund | 45 | 2 | |
NFJ International Value Fund | 14 | 1 | |
NFJ Large-Cap Value Fund | 23 | 1 | |
NFJ Small-Cap Value Fund | 20 | 1 | |
Silvant Focused Growth Fund | 11 | 1 | |
Silvant Mid-Cap Growth Fund | 12 | 1 | |
Small-Cap Fund | 12 | 1 | |
Zevenbergen Technology Fund | 24 | 2 |
* | None of the accounts are affiliated. |
Fund | Sector /Industry | Percentage of Total Investments | ||
KAR Global Small-Cap Fund | Industrials | 32% | ||
KAR Global Small-Cap Fund | Financials | 26 | ||
KAR Health Sciences Fund | Healthcare Equipment & Supplies | 30 | ||
NFJ Dividend Value Fund | Financials | 27 | ||
NFJ International Value Fund | Financials | 26 | ||
NFJ Small-Cap Value Fund | Financials | 30 | ||
Silvant Focused Growth Fund | Information Technology | 45 | ||
Silvant Mid-Cap Growth Fund | Information Technology | 28 | ||
Zevenbergen Technology Fund | Software | 25 |
Fund | Investment | Date of Acquisition | Cost | Value | Percentage of Net Assets | |||||
Income & Growth Fund | LiveStyle, Inc. | 12/1/2016 | $ — | $ — | 0.0% | |||||
LiveStyle, Inc. Series B | 3/1/2016 | 2,698 | 2,227 | 0.1 | ||||||
Tenerity, Inc. | 11/4/2015 | 1,422 | — | 0.0 |
Fund | Interest Incurred on Borrowing | Average Borrowing | Weighted Average Interest Rate | Days Outstanding | ||||
Emerging Markets Opportunities Fund | $ 8 | $2,709 | 2.88% | 35 | ||||
KAR Global Small-Cap Fund | 2 | 3,100 | 5.65 | 4 | ||||
KAR Health Sciences Fund | — (1) | 800 | 2.63 | 2 | ||||
NFJ Dividend Value Fund | 6 | 7,700 | 5.40 | 5 | ||||
NFJ International Value Fund | 2 | 5,500 | 3.38 | 3 | ||||
NFJ Large-Cap Value Fund | 3 | 6,725 | 4.15 | 4 | ||||
NFJ Mid-Cap Value Fund | 5 | 6,820 | 5.68 | 5 | ||||
Silvant Focused Growth Fund | 1 | 4,850 | 4.60 | 2 | ||||
Small-Cap Fund | 1 | 4,600 | 3.71 | 2 | ||||
Zevenbergen Technology Fund | 16 | 6,122 | 5.25 | 18 |
(1) | Amount is less than $500 (not in thousands). |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Emerging Markets Opportunities Fund | $ 112,763 | $ 22,488 | $ (12,645) | $ 9,843 | ||||
Income & Growth Fund | 5,810,510 | 74,372 | (829,939) | (755,567) | ||||
Income & Growth Fund (Written options) | (1,566) | 589 | (851) | (262) | ||||
KAR Global Small-Cap Fund | 51,610 | 7,882 | (3,166) | 4,716 | ||||
KAR Health Sciences Fund | 145,157 | 17,649 | (10,122) | 7,527 | ||||
NFJ Dividend Value Fund | 592,048 | 65,726 | (30,450) | 35,276 | ||||
NFJ International Value Fund | 97,255 | 7,106 | (10,830) | (3,724) | ||||
NFJ Large-Cap Value Fund | 258,428 | 32,301 | (16,284) | 16,017 | ||||
NFJ Mid-Cap Value Fund | 969,300 | 74,462 | (81,225) | (6,763) | ||||
NFJ Small-Cap Value Fund | 358,450 | 37,322 | (27,669) | 9,653 | ||||
Silvant Focused Growth Fund | 504,378 | 515,158 | (3,302) | 511,856 | ||||
Silvant Mid-Cap Growth Fund | 241,942 | 70,004 | (8,259) | 61,745 | ||||
Small-Cap Fund | 84,427 | 17,059 | (4,012) | 13,047 | ||||
Zevenbergen Technology Fund | 817,987 | 517,778 | (46,683) | 471,095 |
Fund | Short-Term | Long-Term | ||
Emerging Markets Opportunities Fund | $ 19,429 | $ — | ||
KAR Global Small-Cap Fund | 666 | — | ||
KAR Health Sciences Fund | 4,559 | — | ||
NFJ International Value Fund | 249,048 | 183,078 | ||
Silvant Mid-Cap Growth Fund | 8,707 | — | ||
Zevenbergen Technology Fund | 212,900 | — |
Fund | Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late Year Ordinary Losses Deferred | Post-October Capital Loss Deferred | Capital Loss Deferred | |||||
Emerging Markets Opportunities Fund | $ 2,017 | $ — | $ — | $ 4,436 | $ 19,429 | |||||
Income & Growth Fund | — | — | — | 1,557 | — | |||||
KAR Global Small-Cap Fund | 299 | — | — | — | 666 | |||||
KAR Health Sciences Fund | — | — | 263 | 675 | 4,559 | |||||
NFJ Dividend Value Fund | 361 | 31,104 | — | — | — | |||||
NFJ International Value Fund | 850 | — | — | 2,516 | 432,126 | |||||
NFJ Large-Cap Value Fund | 643 | 7,464 | — | — | — | |||||
NFJ Mid-Cap Value Fund | 18,381 | 12,315 | — | — | — | |||||
NFJ Small-Cap Value Fund | 4,972 | 11,710 | — | — | — | |||||
Silvant Focused Growth Fund | — | 21,750 | 1,103 | — | — | |||||
Silvant Mid-Cap Growth Fund | — | — | 443 | 8,789 | 8,707 | |||||
Small-Cap Fund | 188 | 1,540 | — | — | — | |||||
Zevenbergen Technology Fund | — | — | 5,066 | 27,256 | 212,900 |
Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | ||||
Emerging Markets Opportunities Fund | |||||||
6/30/23 | $ 3,850 | $ — | $ — | $ 3,850 | |||
6/30/22 | 5,310 | — | — | 5,310 | |||
Income & Growth Fund | |||||||
6/30/23 | 237,003 | 15,255 | 173,700 | 425,958 | |||
6/30/22 | 461,612 | — | — | 461,612 | |||
KAR Global Small-Cap Fund | |||||||
6/30/23 | 1 | 1,607 | — | 1,608 | |||
6/30/22 | 12,623 | 10,117 | — | 22,740 | |||
KAR Health Sciences Fund | |||||||
6/30/23 | — | 14,540 | — | 14,540 | |||
6/30/22 | 17,411 | 20,210 | — | 37,621 | |||
NFJ Dividend Value Fund | |||||||
6/30/23 | 20,452 | 91,050 | — | 111,502 | |||
6/30/22 | 17,960 | 37,920 | — | 55,880 | |||
NFJ International Value Fund | |||||||
6/30/23 | 1,921 | — | — | 1,921 | |||
6/30/22 | 2,895 | — | — | 2,895 |
Ordinary Income | Long-Term Capital Gains | Return of Capital | Total | ||||
NFJ Large-Cap Value Fund | |||||||
6/30/23 | $ 6,945 | $ 35,780 | $ — | $ 42,725 | |||
6/30/22 | 10,795 | 9,800 | — | 20,595 | |||
NFJ Mid-Cap Value Fund | |||||||
6/30/23 | 60,200 | 178,200 | — | 238,400 | |||
6/30/22 | 76,780 | 90,600 | — | 167,380 | |||
NFJ Small-Cap Value Fund | |||||||
6/30/23 | 8,131 | 48,350 | — | 56,481 | |||
6/30/22 | 16,430 | 24,130 | — | 40,560 | |||
Silvant Focused Growth Fund | |||||||
6/30/23 | — | 52,500 | — | 52,500 | |||
6/30/22 | 35,850 | 220,000 | — | 255,850 | |||
Silvant Mid-Cap Growth Fund | |||||||
6/30/22 | 27,480 | 97,130 | — | 124,610 | |||
Small-Cap Fund | |||||||
6/30/23 | 433 | 4,634 | — | 5,067 | |||
6/30/22 | 6,120 | 16,330 | — | 22,450 | |||
Zevenbergen Technology Fund | |||||||
6/30/23 | — | 184,570 | — | 184,570 | |||
6/30/22 | 300,890 | 289,700 | — | 590,590 |
Philadelphia, PA
August 23, 2023
Fund | Qualified Dividend Income % (non-corporate shareholder) | Dividend Received Deduction % (corporate shareholders) | Long-Term Capital Gain Distributions ($) | |||
Emerging Markets Opportunities Fund | 83.59 % | 1.63 % | $ — | |||
Income & Growth Fund | 16.24 | 14.96 | 15,255 | |||
KAR Global Small-Cap Fund | 100.00 | 100.00 | — | |||
KAR Health Sciences Fund | — | — | — | |||
NFJ Dividend Value Fund | 100.00 | 100.00 | 43,688 | |||
NFJ International Value Fund | 100.00 | 4.21 | — | |||
NFJ Large-Cap Value Fund | 100.00 | 100.00 | 10,762 | |||
NFJ Mid-Cap Value Fund | 58.88 | 51.20 | 67,683 | |||
NFJ Small-Cap Value Fund | 100.00 | 96.96 | 28,806 | |||
Silvant Focused Growth Fund | — | — | 41,620 | |||
Silvant Mid-Cap Growth Fund | — | — | — | |||
Small-Cap Fund | 100.00 | 100.00 | 1,540 | |||
Zevenbergen Technology Fund | — | — | — |
Foreign Source Income Recognized | Foreign Taxes Paid on Foreign Source Income | ||
Emerging Markets Opportunities Fund | $ 5,787 | $ 742 | |
KAR Global Small-Cap Fund | 1,011 | 97 | |
NFJ International Value Fund | 3,282 | 351 |
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: 2021 107 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since May 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II and Virtus Diversified Income & Convertible Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2019 104 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2014 104 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2006 104 Portfolios | President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (4 portfolios), Virtus Mutual Fund Family (56 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2021 97 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2021 97 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (56 portfolios) and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2021 104 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since May 2023) and Advisory Board Member (May 2023), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (56 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (4 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (2011 to 2022) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McLoughlin, Philip YOB: 1946 Served Since: 2021 107 Portfolios | Private investor since 2010. | Trustee and Chairman (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Chairman (since 2023) and Trustee (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Chairman (since 2023), Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (56 portfolios). |
McNamara, Geraldine M. YOB: 1951 Served Since: 2021 107 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since May 2023) and Advisory Board Member (January 2023 to May 2023), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (4 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (56 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2021 104 Portfolios | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since May 2023) and Advisory Board Member (2022 to May 2023), Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Zino, Brian T. YOB: 1952 Served Since: 2021 104 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (4 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (56 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2021 110 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (4 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (56 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2021). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President, Chief Financial Officer and Treasurer (since 2021). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Chisolm, Daphne YOB: 1969 | Vice President, Counsel and Assistant Secretary (since 2023). | Vice President and Senior Counsel (since 2023), Virtus Investment Partners, Inc.; Attorney at Law engaged in private practice as a solo practitioner (2018 to 2023); and various officer positions (since 2023) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Fromm, Jennifer YOB: 1973 | Vice President, Chief Legal Officer, Counsel and Secretary (since 2021). | Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Griswold, Heidi YOB: 1973 | Vice President (since 2021). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Hackett, Amy YOB: 1968 | Vice President and Assistant Treasurer (since 2021). | Vice President (since 2010) and Assistant Vice President (2007 to 2010), Fund Services, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Krishnan, Suneeta YOB: 1965 | Vice President and Assistant Treasurer (since 2021). | Vice President (since 2017) and Assistant Treasurer (since 2007), Mutual Fund Administration, Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Lowe, Benjamin YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Martin, David YOB: 1959 | Anti-Money Laundering Compliance Officer (since 2021). | Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
Rahman, Mahmood YOB: 1967 | Assistant Vice President (since 2021). | Vice President (since 2023), Tax Director (since 2020) and Assistant Vice President (2020 to 2023), Fund Administration, Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2021). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Suss, Amanda YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8074 | 08-23 |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | Other than certain non-substantive changes, there have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. Audit Committee Financial Expert.
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. |
(a)(2) | The Registrant’s Board of Trustees has determined that each of Donald C. Burke, Connie D. McDaniel and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.” Each such individual is an “independent” trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. |
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 $335,882 for 2023 and $327,690 for 2022. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $31,085 for 2023 and $37,836 for 2022. |
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 $43,164 for 2023 and $81,605 for 2022. |
“Tax Fees” are those primarily associated with review of the Trust’s tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust’s financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund’s federal income 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 $263,461 for 2023 and $0 for 2022. |
2023 fees are related to tax reclaim services.
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Board of Trustees of Virtus Investment Trust (the “Fund”) has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) N/A
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $337,710 for 2023 and $81,605 for 2022. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Disclosure not required for open-end management investment companies.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Disclosure not required for open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive officer and principal financial officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on an evaluation of those controls and procedures made as of a date within 90 days of the filing date of this report as required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Exchange Act. |
(b) | There has been no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Disclosure not required for open-end management investment companies.
Item 13. Exhibits.
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 Investment Trust
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President and Chief Executive Officer (principal executive officer) |
Date 8/31/2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President and Chief Executive Officer (principal executive officer) |
Date 8/31/2023
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, | ||||
Chief Financial Officer, and Treasurer | ||||
(principal financial officer) |
Date 8/31/2023
* | Print the name and title of each signing officer under his or her signature. |