VIRTUS Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
($ reported in thousands)
Shares | Value | ||
Common Stocks—96.3% | |||
Aerospace & Defense—0.4% | |||
AerSale Corp.(1) | 5,620 | $ 104 | |
HEICO Corp. | 1,849 | 266 | |
370 | |||
Air Freight & Logistics—0.9% | |||
Hub Group, Inc. Class A(1) | 13,733 | 947 | |
Auto Components—0.2% | |||
LCI Industries | 2,082 | 211 | |
Banks—9.4% | |||
American National Bankshares, Inc. | 3,852 | 123 | |
Banc of California, Inc. | 25,957 | 415 | |
Bancorp, Inc. (The)(1) | 4,228 | 93 | |
Byline Bancorp, Inc. | 26,599 | 539 | |
Carter Bankshares, Inc.(1) | 27,541 | 443 | |
Cathay General Bancorp | 32,561 | 1,252 | |
Central Pacific Financial Corp. | 10,365 | 215 | |
Citizens Financial Group, Inc. | 9,998 | 344 | |
ConnectOne Bancorp, Inc. | 4,319 | 100 | |
First Financial Bankshares, Inc. | 7,155 | 299 | |
First Foundation, Inc. | 3,740 | 68 | |
Glacier Bancorp, Inc. | 5,504 | 270 | |
Hancock Whitney Corp. | 16,051 | 735 | |
Hanmi Financial Corp. | 5,112 | 121 | |
Hope Bancorp, Inc. | 44,392 | 561 | |
Independent Bank Corp. | 846 | 63 | |
MidWestOne Financial Group, Inc. | 4,322 | 118 | |
Northrim BanCorp, Inc. | 3,383 | 141 | |
PCB Bancorp | 8,422 | 152 | |
Peapack-Gladstone Financial Corp. | 4,171 | 140 | |
Preferred Bank | 9,585 | 625 | |
Premier Financial Corp. | 2,158 | 56 | |
QCR Holdings, Inc. | 2,787 | 142 | |
Sandy Spring Bancorp, Inc. | 7,980 | 281 | |
SouthState Corp. | 4,678 | 370 | |
United Bankshares, Inc. | 6,299 | 225 | |
Valley National Bancorp | 26,966 | 291 | |
Washington Federal, Inc. | 53,574 | 1,606 | |
9,788 | |||
Beverages—1.1% | |||
Coca-Cola Consolidated, Inc. | 2,832 | 1,166 | |
Biotechnology—6.6% | |||
Alkermes plc(1) | 15,315 | 342 | |
Arrowhead Pharmaceuticals, Inc.(1) | 5,645 | 187 | |
AVEO Pharmaceuticals, Inc.(1) | 12,674 | 104 | |
Avid Bioservices, Inc.(1) | 64,320 | 1,230 | |
BioCryst Pharmaceuticals, Inc.(1) | 41,708 | 526 |
Shares | Value | ||
Biotechnology—continued | |||
Blueprint Medicines Corp.(1) | 8,007 | $ 528 | |
Cytokinetics, Inc.(1) | 14,581 | 706 | |
Design Therapeutics, Inc.(1) | 14,400 | 241 | |
Dynavax Technologies Corp.(1) | 10,147 | 106 | |
Eagle Pharmaceuticals, Inc.(1) | 7,452 | 197 | |
Fate Therapeutics, Inc.(1) | 5,137 | 115 | |
Halozyme Therapeutics, Inc.(1) | 8,126 | 321 | |
Horizon Therapeutics plc(1) | 3,697 | 229 | |
Insmed, Inc.(1) | 20,392 | 439 | |
Intellia Therapeutics, Inc.(1) | 3,452 | 193 | |
Intercept Pharmaceuticals, Inc.(1) | 8,362 | 117 | |
IVERIC bio, Inc.(1) | 13,840 | 248 | |
Keros Therapeutics, Inc.(1) | 8,113 | 305 | |
Monte Rosa Therapeutics, Inc.(1) | 12,638 | 103 | |
Natera, Inc.(1) | 9,090 | 398 | |
SpringWorks Therapeutics, Inc.(1) | 2,752 | 79 | |
Xencor, Inc.(1) | 7,857 | 204 | |
6,918 | |||
Building Products—0.5% | |||
CSW Industrials, Inc. | 564 | 68 | |
UFP Industries, Inc. | 6,183 | 446 | |
514 | |||
Capital Markets—2.7% | |||
AllianceBernstein Holding LP | 15,364 | 539 | |
Barings BDC, Inc. | 23,017 | 190 | |
Crescent Capital BDC, Inc. | 16,455 | 247 | |
Federated Hermes, Inc. Class B | 6,342 | 210 | |
Freedom Holding Corp. N.V.(1) | 4,252 | 209 | |
Golub Capital BDC, Inc. | 32,260 | 400 | |
Hercules Capital, Inc. | 19,319 | 224 | |
Main Street Capital Corp. | 5,269 | 177 | |
PJT Partners, Inc. Class A | 8,680 | 580 | |
Raymond James Financial, Inc. | 556 | 55 | |
2,831 | |||
Chemicals—1.0% | |||
AdvanSix, Inc. | 3,852 | 124 | |
Balchem Corp. | 1,835 | 223 | |
HB Fuller Co. | 12,354 | 742 | |
1,089 | |||
Commercial Services & Supplies—0.5% | |||
Tetra Tech, Inc. | 3,793 | 487 | |
Communications Equipment—0.2% | |||
Digi International, Inc.(1) | 6,953 | 240 |
Shares | Value | ||
Construction & Engineering—1.1% | |||
Comfort Systems USA, Inc. | 3,171 | $ 309 | |
Construction Partners, Inc. Class A(1) | 2,819 | 74 | |
EMCOR Group, Inc. | 4,047 | 467 | |
MYR Group, Inc.(1) | 1,504 | 127 | |
NV5 Global, Inc.(1) | 906 | 112 | |
Sterling Infrastructure, Inc.(1) | 4,225 | 91 | |
1,180 | |||
Containers & Packaging—1.2% | |||
Graphic Packaging Holding Co. | 33,446 | 660 | |
Silgan Holdings, Inc. | 12,956 | 545 | |
1,205 | |||
Diversified Consumer Services—0.9% | |||
Bright Horizons Family Solutions, Inc.(1) | 2,496 | 144 | |
Carriage Services, Inc. Class A | 8,967 | 288 | |
Grand Canyon Education, Inc.(1) | 3,513 | 289 | |
Perdoceo Education Corp.(1) | 16,609 | 171 | |
892 | |||
Diversified Telecommunication Services—0.1% | |||
Cogent Communications Holdings, Inc. | 2,774 | 145 | |
Electric Utilities—2.9% | |||
ALLETE, Inc. | 7,857 | 393 | |
Hawaiian Electric Industries, Inc. | 13,403 | 465 | |
IDACORP, Inc. | 5,177 | 513 | |
Otter Tail Corp. | 8,782 | 540 | |
Portland General Electric Co. | 24,835 | 1,079 | |
2,990 | |||
Electrical Equipment—0.9% | |||
Atkore, Inc.(1) | 10,603 | 825 | |
LSI Industries, Inc. | 13,895 | 107 | |
932 | |||
Electronic Equipment, Instruments & Components—3.6% | |||
Belden, Inc. | 27,788 | 1,668 | |
CTS Corp. | 4,249 | 177 | |
Fabrinet(1) | 3,039 | 290 | |
Napco Security Technologies, Inc.(1) | 4,792 | 139 | |
Novanta, Inc.(1) | 793 | 92 | |
OSI Systems, Inc.(1) | 1,509 | 109 | |
Sanmina Corp.(1) | 28,477 | 1,312 | |
3,787 | |||
See Notes to Schedule of Investments
1
VIRTUS Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
($ reported in thousands)
Shares | Value | ||
Entertainment—1.0% | |||
Liberty Media Corp-Liberty Formula One Class A(1) | 10,179 | $ 535 | |
Madison Square Garden Sports Corp. Class A(1) | 2,681 | 366 | |
Marcus Corp. (The) | 7,516 | 104 | |
1,005 | |||
Equity Real Estate Investment—0.7% | |||
Armada Hoffler Properties, Inc. | 29,992 | 311 | |
Gladstone Commercial Corp. | 6,273 | 97 | |
Ryman Hospitality Properties, Inc. | 4,383 | 323 | |
731 | |||
Food & Staples Retailing—1.8% | |||
BJ’s Wholesale Club Holdings, Inc.(1) | 8,114 | 591 | |
Casey’s General Stores, Inc. | 2,034 | 412 | |
Grocery Outlet Holding Corp.(1) | 3,051 | 101 | |
Ingles Markets, Inc. Class A | 3,975 | 315 | |
PriceSmart, Inc. | 3,385 | 195 | |
Weis Markets, Inc. | 4,160 | 296 | |
1,910 | |||
Food Products—4.2% | |||
Calavo Growers, Inc. | 3,698 | 117 | |
Cal-Maine Foods, Inc. | 9,614 | 534 | |
Flowers Foods, Inc. | 54,250 | 1,339 | |
Hain Celestial Group, Inc. (The)(1) | 12,017 | 203 | |
Hostess Brands, Inc.(1) | 26,622 | 619 | |
J & J Snack Foods Corp. | 3,328 | 431 | |
John B Sanfilippo & Son, Inc. | 6,981 | 529 | |
Lancaster Colony Corp. | 3,051 | 459 | |
S&W Seed Co.(1) | 73,285 | 53 | |
Tootsie Roll Industries, Inc. | 3,421 | 114 | |
4,398 | |||
Gas Utilities—0.4% | |||
ONE Gas, Inc. | 6,194 | 436 | |
Healthcare Equipment & Supplies—5.1% | |||
Axonics, Inc.(1) | 7,463 | 526 | |
CONMED Corp. | 818 | 66 | |
Cutera, Inc.(1) | 9,134 | 416 | |
Establishment Labs Holdings, Inc.(1) | 7,924 | 433 | |
Globus Medical, Inc. Class A(1) | 4,160 | 248 | |
Haemonetics Corp.(1) | 5,916 | 438 | |
Inari Medical, Inc.(1) | 5,440 | 395 | |
Lantheus Holdings, Inc.(1) | 1,879 | 132 |
Shares | Value | ||
Healthcare Equipment & Supplies—continued | |||
Meridian Bioscience, Inc.(1) | 11,893 | $ 375 | |
Merit Medical Systems, Inc.(1) | 12,181 | 688 | |
Omnicell, Inc.(1) | 3,422 | 298 | |
OrthoPediatrics Corp.(1) | 1,985 | 92 | |
Penumbra, Inc.(1) | 2,122 | 402 | |
Shockwave Medical, Inc.(1) | 2,674 | 743 | |
Surmodics, Inc.(1) | 2,009 | 61 | |
5,313 | |||
Healthcare Providers & Services—3.0% | |||
Alignment Healthcare, Inc.(1) | 105,222 | 1,246 | |
Chemed Corp. | 925 | 404 | |
Cross Country Healthcare, Inc.(1) | 10,552 | 299 | |
Encompass Health Corp. | 4,035 | 182 | |
Ensign Group, Inc. (The) | 1,772 | 141 | |
LHC Group, Inc.(1) | 933 | 153 | |
ModivCare, Inc.(1) | 801 | 80 | |
R1 RCM, Inc.(1) | 10,407 | 193 | |
Tenet Healthcare Corp.(1) | 8,219 | 424 | |
3,122 | |||
Healthcare Technology—1.1% | |||
Inspire Medical Systems, Inc.(1) | 1,752 | 311 | |
NextGen Healthcare, Inc.(1) | 50,103 | 887 | |
1,198 | |||
Hotels, Restaurants & Leisure—2.6% | |||
Boyd Gaming Corp. | 15,572 | 742 | |
Everi Holdings, Inc.(1) | 26,412 | 428 | |
Hilton Grand Vacations, Inc.(1) | 16,249 | 535 | |
Red Rock Resorts, Inc. Class A | 28,397 | 973 | |
2,678 | |||
Household Durables—0.2% | |||
La-Z-Boy, Inc. | 7,338 | 166 | |
Household Products—0.5% | |||
Central Garden & Pet Co. Class A(1) | 4,803 | 164 | |
WD-40 Co. | 2,222 | 391 | |
555 | |||
Insurance—2.7% | |||
AMERISAFE, Inc. | 6,101 | 285 | |
Donegal Group, Inc. Class A | 23,756 | 320 | |
Employers Holdings, Inc. | 6,194 | 214 | |
Enstar Group Ltd.(1) | 1,110 | 188 | |
Genworth Financial, Inc. Class A(1) | 182,055 | 637 |
Shares | Value | ||
Insurance—continued | |||
NI Holdings, Inc.(1) | 7,673 | $ 103 | |
RLI Corp. | 4,068 | 417 | |
Safety Insurance Group, Inc. | 6,563 | 535 | |
Stewart Information Services Corp. | 4,002 | 175 | |
2,874 | |||
IT Services—1.6% | |||
ExlService Holdings, Inc.(1) | 10,563 | 1,556 | |
Flywire Corp.(1) | 4,347 | 100 | |
Hackett Group, Inc. (The) | 3,101 | 55 | |
1,711 | |||
Leisure Products—0.3% | |||
Acushnet Holdings Corp. | 7,210 | 314 | |
Life Sciences Tools & Services—0.5% | |||
Medpace Holdings, Inc.(1) | 925 | 145 | |
West Pharmaceutical Services, Inc. | 1,430 | 352 | |
497 | |||
Machinery—0.6% | |||
Franklin Electric Co., Inc. | 4,383 | 358 | |
Terex Corp. | 10,228 | 304 | |
662 | |||
Media—0.5% | |||
Cable One, Inc. | 278 | 237 | |
Liberty Broadband Corp. Class A(1) | 3,790 | 283 | |
520 | |||
Metals & Mining—3.0% | |||
Alpha Metallurgical Resources, Inc. | 1,072 | 147 | |
Commercial Metals Co. | 38,685 | 1,372 | |
Ryerson Holding Corp. | 33,580 | 864 | |
Warrior Met Coal, Inc. | 26,324 | 749 | |
3,132 | |||
Multiline Retail—0.5% | |||
Dillard’s, Inc. Class A | 778 | 212 | |
Macy’s, Inc. | 17,268 | 271 | |
483 | |||
Multi-Utilities—1.2% | |||
Avista Corp. | 13,219 | 490 | |
Black Hills Corp. | 7,303 | 495 | |
Unitil Corp. | 4,900 | 227 | |
1,212 | |||
Oil, Gas & Consumable Fuels—5.7% | |||
Civitas Resources, Inc. | 1,976 | 113 | |
Coterra Energy, Inc. | 26,049 | 680 | |
Enviva, Inc. | 1,572 | 94 |
See Notes to Schedule of Investments
2
VIRTUS Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
($ reported in thousands)
Shares | Value | ||
Oil, Gas & Consumable Fuels—continued | |||
Gulfport Energy Corp.(1) | 12,172 | $ 1,075 | |
Hess Midstream LP Class A | 16,326 | 417 | |
Magnolia Oil & Gas Corp. Class A | 71,275 | 1,412 | |
Nabors Industries Ltd.(1) | 1,078 | 109 | |
Ovintiv, Inc. | 29,967 | 1,379 | |
Ranger Oil Corp. Class A | 19,636 | 618 | |
Teekay Tankers Ltd. Class A(1) | 3,777 | 104 | |
6,001 | |||
Personal Products—0.2% | |||
USANA Health Sciences, Inc.(1) | 3,788 | 212 | |
Pharmaceuticals—2.2% | |||
Catalent, Inc.(1) | 3,207 | 232 | |
Collegium Pharmaceutical, Inc.(1) | 8,119 | 130 | |
Perrigo Co. plc | 10,977 | 391 | |
Prestige Consumer Healthcare, Inc.(1) | 30,622 | 1,526 | |
2,279 | |||
Professional Services—4.6% | |||
ASGN, Inc.(1) | 15,003 | 1,356 | |
Barrett Business Services, Inc. | 22,104 | 1,724 | |
CRA International, Inc. | 1,200 | 106 | |
Franklin Covey Co.(1) | 1,222 | 55 | |
Heidrick & Struggles International, Inc. | 13,379 | 348 | |
ICF International, Inc. | 1,370 | 149 | |
Kforce, Inc. | 10,651 | 625 | |
Science Applications International Corp. | 4,642 | 411 | |
4,774 | |||
Road & Rail—1.7% | |||
Ryder System, Inc. | 17,923 | 1,353 | |
Saia, Inc.(1) | 1,213 | 231 | |
Werner Enterprises, Inc. | 4,663 | 175 | |
1,759 | |||
Semiconductors & Semiconductor Equipment—3.9% | |||
Alpha & Omega Semiconductor Ltd.(1) | 3,007 | 92 | |
Axcelis Technologies, Inc.(1) | 20,356 | 1,233 | |
Diodes, Inc.(1) | 3,261 | 212 | |
Impinj, Inc.(1) | 1,410 | 113 | |
MACOM Technology Solutions Holdings, Inc.(1) | 18,532 | 960 |
Shares | Value | ||
Semiconductors & Semiconductor Equipment—continued | |||
Rambus, Inc.(1) | 59,760 | $ 1,519 | |
4,129 | |||
Software—2.7% | |||
Agilysys, Inc.(1) | 2,537 | 141 | |
Box, Inc. Class A(1) | 23,218 | 566 | |
CommVault Systems, Inc.(1) | 3,264 | 173 | |
Intapp, Inc.(1) | 28,570 | 533 | |
Manhattan Associates, Inc.(1) | 3,358 | 447 | |
New Relic, Inc.(1) | 2,425 | 139 | |
Progress Software Corp. | 9,512 | 405 | |
Smartsheet, Inc. Class A(1) | 3,637 | 125 | |
Tenable Holdings, Inc.(1) | 7,644 | 266 | |
2,795 | |||
Specialty Retail—1.4% | |||
Asbury Automotive Group, Inc.(1) | 3,418 | 517 | |
Dick’s Sporting Goods, Inc. | 8,736 | 914 | |
1,431 | |||
Technology Hardware, Storage & Peripherals—0.1% | |||
Avid Technology, Inc.(1) | 4,604 | 107 | |
Textiles, Apparel & Luxury Goods—0.8% | |||
Movado Group, Inc. | 3,383 | 96 | |
Oxford Industries, Inc. | 8,757 | 786 | |
882 | |||
Thrifts & Mortgage Finance—1.5% | |||
Capitol Federal Financial, Inc. | 55,091 | 457 | |
Home Bancorp, Inc. | 3,477 | 136 | |
Merchants Bancorp | 4,588 | 106 | |
PCSB Financial Corp. | 28,193 | 505 | |
Waterstone Financial, Inc. | 23,756 | 384 | |
1,588 | |||
Trading Companies & Distributors—3.9% | |||
Applied Industrial Technologies, Inc. | 5,596 | 575 | |
Boise Cascade Co. | 16,776 | 997 | |
GMS, Inc.(1) | 15,034 | 602 | |
Rush Enterprises, Inc. Class A | 19,414 | 851 | |
WESCO International, Inc.(1) | 9,145 | 1,092 | |
4,117 | |||
Water Utilities—1.9% | |||
American States Water Co. | 6,933 | 541 | |
California Water Service Group | 10,076 | 531 |
Shares | Value | ||
Water Utilities—continued | |||
Consolidated Water Co., Ltd. | 35,302 | $ 543 | |
SJW Group | 7,210 | 415 | |
2,030 | |||
Total Common Stocks (Identified Cost $98,667) | 100,713 | ||
Master Limited Partnerships and Related Companies—0.2% | |||
Downstream/Other—0.2% | |||
Sunoco LP | 4,530 | 176 | |
Total Master Limited Partnerships and Related Companies (Identified Cost $113) | 176 | ||
Common Stocks & MLP Interests—0.8% | |||
Petroleum Transportation & Storage—0.8% | |||
Plains GP Holdings LP Class A(1) | 79,885 | 872 | |
Total Common Stocks & MLP Interests (Identified Cost $955) | 872 | ||
Total Long-Term Investments—97.3% (Identified Cost $99,735) | 101,761 | ||
Short-Term Investment—1.1% | |||
Money Market Mutual Fund—1.1% | |||
BlackRock Liquidity FedFund - Institutional Shares (seven-day effective yield 2.758%)(2) | 1,144,992 | 1,145 | |
Total Short-Term Investment (Identified Cost $1,145) | 1,145 | ||
TOTAL INVESTMENTS—98.4% (Identified Cost $100,880) | $102,906 | ||
Other assets and liabilities, net—1.6% | 1,631 | ||
NET ASSETS—100.0% | $104,537 |
Abbreviations: | |
LP | Limited Partnership |
MLP | Master Limited Partnership |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
See Notes to Schedule of Investments
3
VIRTUS Small-Cap Fund
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
($ reported in thousands)
The following table summarizes the value of the Fund’s investments as of September 30, 2022, based on the inputs used to value them (See Security Valuation Note 1 in the Notes to Schedule of Investments):
Total Value at September 30, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $100,713 | $100,713 | |
Common Stocks & MLP Interests | 872 | 872 | |
Master Limited Partnerships and Related Companies | 176 | 176 | |
Money Market Mutual Fund | 1,145 | 1,145 | |
Total Investments | $102,906 | $102,906 |
There were no securities valued using significant observable inputs (Level 2) or significant unobservable inputs (Level 3) at September 30, 2022.
There were no transfers into or out of Level 3 related to securities held at September 30, 2022.
See Notes to Schedule of Investments
4
VIRTUS Small-Cap Fund
NOTES TO SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
Note 1. Security Valuation
The Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.The Fund’s policy is to recognize transfers into or out of Level 3 at the end of the reporting period.
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Equity securities are valued at the official closing price (typically last sale) on the exchange on which the securities are primarily traded or, if no closing price is available, at the last bid price and are categorized as Level 1 in the hierarchy. Illiquid, restricted equity securities and illiquid private placements are internally fair valued by the Valuation Committee, and are generally categorized as Level 3 in the hierarchy.
Certain non-U.S. securities may be fair valued in cases where closing prices are not readily available or are deemed not reflective of readily available market prices. For example, significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that non-U.S. markets close (where the security is principally traded) and the time that the Fund calculates its net asset value (“NAV”) at the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4 p.m. Eastern time) that may impact the value of securities traded in these non-U.S. markets. In such cases, the Fund fair values non-U.S. securities using an independent pricing service which considers the correlation of the trading patterns of the non-U.S. security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange-traded funds (“ETFs”), and certain indexes, as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy. Because the frequency of significant events is not predictable, fair valuation of certain non-U.S. common stocks may occur on a frequent basis.
Debt instruments, including convertible bonds, and restricted securities, are valued based on evaluated quotations received from independent pricing services or from dealers who make markets in such securities. For most bond types, the pricing service utilizes matrix pricing that considers one or more of the following factors: yield or price of bonds of comparable quality, coupon, maturity, current cash flows, type, activity of the underlying equities, and current day trade information, as well as dealer supplied prices. These valuations are generally categorized as Level 2 in the hierarchy. Structured debt instruments, such as mortgage-backed and asset-backed securities may also incorporate collateral analysis and utilize cash flow models for valuation and are generally categorized as Level 2 in the hierarchy. Pricing services do not provide pricing for all securities and therefore indicative bids from dealers are utilized which are based on pricing models used by market makers in the security and are generally categorized as Level 2 in the hierarchy. Debt instruments that are internally fair valued by the Valuation Committee are generally categorized as Level 3 in the hierarchy.
Listed derivatives, such as options, that are actively traded are valued at the last posted settlement price from the exchange where they are
principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency
contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency
contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are categorized as Level 2 in the hierarchy.
Investments in open-end mutual funds are valued at NAV. Investments in closed-end funds and ETFs are valued as of the close of regular trading on the NYSE each business day. Each is categorized as Level 1 in the hierarchy.
A summary of the inputs used to value the Fund’s net assets by each major security type is disclosed at the end of the Schedule of Investments for the Fund. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
For additional information about significant accounting policies, refer to the Fund’s most recent semi or annual report.
5