UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07455
Virtus Opportunities Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800)243-1574
Date of fiscal year end: September 30
Date of reporting period: March 31, 2019
FormN-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 Rule30e-1 under the Investment Company Act of 1940 (17 CFR270.30e-1). The Commission may use the information provided on FormN-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by FormN-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in FormN-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
The Report to Shareholders is attached herewith.
Virtus Newfleet Bond Fund* |
Virtus Newfleet CA Tax-Exempt Bond Fund |
Virtus Newfleet High Yield Fund |
Virtus Newfleet Low Duration Income Fund* |
Virtus Newfleet Multi-Sector Intermediate Bond Fund |
Virtus Newfleet Senior Floating Rate Fund |
Virtus Newfleet Tax-Exempt Bond Fund |
Message to Shareholders | 1 | |
Disclosure of Fund Expenses | 2 | |
Key Investment Terms | 4 | |
Portfolio Holdings Summary Weightings | 5 | |
Fund | Schedule of Investments | |
Virtus Newfleet Bond Fund (“Newfleet Bond Fund”) | 7 | |
Virtus Newfleet CA Tax-Exempt Bond Fund (“Newfleet CA Tax-Exempt Bond Fund”) | 16 | |
Virtus Newfleet High Yield Fund (“Newfleet High Yield Fund”) | 17 | |
Virtus Newfleet Low Duration Income Fund (“Newfleet Low Duration Income Fund”) | 24 | |
Virtus Newfleet Multi-Sector Intermediate Bond Fund (“Newfleet Multi-Sector Intermediate Bond Fund”) | 36 | |
Virtus Newfleet Senior Floating Rate Fund (“Newfleet Senior Floating Rate Fund”) | 46 | |
Virtus Newfleet Tax-Exempt Bond Fund (“Newfleet Tax-Exempt Bond Fund”) | 54 | |
Statements of Assets and Liabilities | 59 | |
Statements of Operations | 63 | |
Statements of Changes in Net Assets | 65 | |
Financial Highlights | 69 | |
Notes to Financial Statements | 75 | |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 88 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,037.90 | 0.84 % | $ 4.27 | ||||
Class C | 1,000.00 | 1,034.50 | 1.59 | 8.06 | ||||
Class I | 1,000.00 | 1,039.80 | 0.59 | 3.00 | ||||
Class R6 | 1,000.00 | 1,039.50 | 0.47 | 2.39 | ||||
Newfleet CA Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,023.70 | 0.85 | 4.29 | ||||
Class I | 1,000.00 | 1,024.90 | 0.60 | 3.03 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,011.70 | 0.99 | 4.97 | ||||
Class C | 1,000.00 | 1,005.10 | 1.74 | 8.70 | ||||
Class I | 1,000.00 | 1,013.00 | 0.74 | 3.71 | ||||
Class R6 | 1,000.00 | 1,013.20 | 0.68 | 3.41 | ||||
Newfleet Low Duration Income Fund | ||||||||
Class A | 1,000.00 | 1,023.00 | 0.75 | 3.78 | ||||
Class C | 1,000.00 | 1,018.20 | 1.50 | 7.55 | ||||
Class I | 1,000.00 | 1,023.30 | 0.50 | 2.52 | ||||
Class R6** | 1,000.00 | 1,021.90 | 0.43 | 1.21 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 1,023.00 | 0.98 | 4.94 | ||||
Class C | 1,000.00 | 1,019.00 | 1.73 | 8.71 | ||||
Class I | 1,000.00 | 1,023.60 | 0.73 | 3.68 | ||||
Class R6 | 1,000.00 | 1,024.60 | 0.59 | 2.98 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 996.80 | 1.15 | 5.73 | ||||
Class C | 1,000.00 | 993.10 | 1.91 | 9.49 | ||||
Class I | 1,000.00 | 998.00 | 0.90 | 4.48 | ||||
Class R6 | 1,000.00 | 998.70 | 0.77 | 3.84 | ||||
Newfleet Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,040.00 | 0.85 | 4.32 | ||||
Class C | 1,000.00 | 1,035.10 | 1.60 | 8.12 | ||||
Class I | 1,000.00 | 1,041.20 | 0.60 | 3.05 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
** | December 20, 2018, is the date the Class started accruing expenses. Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (102) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Newfleet Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,020.74 | 0.84 % | $ 4.23 | ||||
Class C | 1,000.00 | 1,017.00 | 1.59 | 8.00 | ||||
Class I | 1,000.00 | 1,021.99 | 0.59 | 2.97 | ||||
Class R6 | 1,000.00 | 1,022.59 | 0.47 | 2.37 | ||||
Newfleet CA Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.69 | 0.85 | 4.28 | ||||
Class I | 1,000.00 | 1,021.94 | 0.60 | 3.02 | ||||
Newfleet High Yield Fund | ||||||||
Class A | 1,000.00 | 1,020.00 | 0.99 | 4.99 | ||||
Class C | 1,000.00 | 1,016.26 | 1.74 | 8.75 | ||||
Class I | 1,000.00 | 1,021.24 | 0.74 | 3.73 | ||||
Class R6 | 1,000.00 | 1,021.54 | 0.68 | 3.43 | ||||
Newfleet Low Duration Income Fund | ||||||||
Class A | 1,000.00 | 1,021.19 | 0.75 | 3.78 | ||||
Class C | 1,000.00 | 1,017.45 | 1.50 | 7.54 | ||||
Class I | 1,000.00 | 1,022.44 | 0.50 | 2.52 | ||||
Class R6 | 1,000.00 | 1,022.79 | 0.43 | 2.17 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.04 | 0.98 | 4.94 | ||||
Class C | 1,000.00 | 1,016.31 | 1.73 | 8.70 | ||||
Class I | 1,000.00 | 1,021.29 | 0.73 | 3.68 | ||||
Class R6 | 1,000.00 | 1,021.99 | 0.59 | 2.97 | ||||
Newfleet Senior Floating Rate Fund | ||||||||
Class A | 1,000.00 | 1,019.20 | 1.15 | 5.79 | ||||
Class C | 1,000.00 | 1,015.41 | 1.91 | 9.60 | ||||
Class I | 1,000.00 | 1,020.44 | 0.90 | 4.53 | ||||
Class R6 | 1,000.00 | 1,021.09 | 0.77 | 3.88 | ||||
Newfleet Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.69 | 0.85 | 4.28 | ||||
Class C | 1,000.00 | 1,016.95 | 1.60 | 8.05 | ||||
Class I | 1,000.00 | 1,021.94 | 0.60 | 3.02 |
* | 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 (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Corporate Bonds And Notes | 44% | |
Financials | 18% | |
Health Care | 4 | |
Materials | 4 | |
All other Corporate Bonds And Notes | 18 | |
Mortgage-Backed Securities | 20 | |
U.S. Government Securities | 11 | |
Asset-Backed Securities | 10 | |
Leveraged Loans | 6 | |
Municipal Bonds | 3 | |
Preferred Stocks | 2 | |
Other (includes short-term investment) | 4 | |
Total | 100% |
Short-Term Investment | 100% |
Total | 100% |
Corporate Bonds And Notes | 79% | |
Consumer Discretionary | 13% | |
Communication Services | 11 | |
Health Care | 11 | |
All other Corporate Bonds And Notes | 44 | |
Leveraged Loans | 12 | |
Securities Lending Collateral | 3 | |
Foreign Government Securities | 2 | |
Other (includes short-term investment) | 4 | |
Total | 100% |
Mortgage-Backed Securities | 35% | |
Asset-Backed Securities | 31 | |
Corporate Bonds And Notes | 22 | |
Financials | 8% | |
Health Care | 2 | |
Consumer Staples | 2 | |
All other Corporate Bonds And Notes | 10 | |
U.S. Government Securities | 5 | |
Leveraged Loans | 3 | |
Other (includes short-term investment and securities lending collateral) | 4 | |
Total | 100% |
Corporate Bonds And Notes | 43% | |
Financials | 10% | |
Energy | 7 | |
Materials | 4 | |
All other Corporate Bonds And Notes | 22 | |
Mortgage-Backed Securities | 17 | |
Leveraged Loans | 14 | |
Foreign Government Securities | 8 | |
Asset-Backed Securities | 8 | |
U.S. Government Securities | 4 | |
Preferred Stocks | 3 | |
Other (includes securities lending collateral) | 3 | |
Total | 100% |
Leveraged Loans | 96% | |
Service | 11% | |
Healthcare | 11 | |
Gaming / Leisure | 7 | |
Information Technology | 6 | |
Media / Telecom - Cable/Wireless Video | 5 | |
Manufacturing | 5 | |
Housing | 5 | |
All other Leveraged Loans | 46 | |
Corporate Bonds And Notes | 3 | |
Other (includes short-term investment) | 1 | |
Total | 100% |
Texas | 13% |
Florida | 12 |
Illinois | 10 |
Colorado | 7 |
New Jersey | 6 |
Pennsylvania | 5 |
Arizona | 5 |
Other (includes short-term investment) | 42 |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—10.7% | |||
U.S. Treasury Bond | |||
2.500%, 2/15/46 | $2,405 | $2,267 | |
3.000%, 8/15/48 | 3,575 | 3,709 | |
U.S. Treasury Note | |||
2.250%, 3/31/21 | 1,115 | 1,115 | |
2.875%, 8/15/28 | 945 | 983 | |
Total U.S. Government Securities (Identified Cost $7,777) | 8,074 | ||
Municipal Bonds—3.2% | |||
California—1.3% | |||
State of California, Build America Bonds Taxable 7.600%, 11/1/40 | 520 | 807 | |
University of California, Series B-A, Taxable 4.428%, 5/15/48 | 140 | 147 | |
954 | |||
Georgia—0.3% | |||
Rockdale County Water & Sewerage Authority Revenue Taxable 3.060%, 7/1/24 | 255 | 256 | |
Idaho—0.2% | |||
Idaho Health Facilities Authority Saint Luke’s Health System Revenue Taxable 5.020%, 3/1/48 | 170 | 183 | |
New York—1.0% | |||
New York City Transitional Finance Authority Future Tax Secured Revenue Series A-3 5.000%, 8/1/40 | 610 | 715 | |
Virginia—0.4% | |||
City of Bristol, General Obligation Taxable 4.210%, 1/1/42 | 285 | 288 | |
Total Municipal Bonds (Identified Cost $2,368) | 2,396 | ||
Foreign Government Securities—2.0% | |||
Argentine Republic 4.625%, 1/11/23 | 385 | 315 | |
Dominican Republic | |||
144A 5.950%, 1/25/27(1) | 100 | 105 | |
144A 6.000%, 7/19/28(1) | 150 | 157 | |
Republic of Indonesia 144A 8.500%, 10/12/35(1) | 245 | 349 | |
Republic of Saudi 144A 4.375%, 4/16/29(1) | 200 | 208 |
Par Value | Value | ||
Republic of Turkey 4.875%, 10/9/26 | $200 | $173 | |
Sultanate of Oman 144A 5.375%, 3/8/27(1) | 200 | 186 | |
Total Foreign Government Securities (Identified Cost $1,514) | 1,493 | ||
Mortgage-Backed Securities—19.8% | |||
Agency—1.0% | |||
Federal National Mortgage Association | |||
Pool #812352 5.000%, 4/1/20 | 8 | 8 | |
Pool #886416 5.000%, 8/1/21 | 1 | 1 | |
Pool #323702 6.000%, 5/1/29 | 16 | 18 | |
Pool #535371 6.500%, 5/1/30 | 1 | 1 | |
Pool #590108 7.000%, 7/1/31 | 6 | 6 | |
Pool #880117 5.500%, 4/1/36 | 25 | 27 | |
Pool #938574 5.500%, 9/1/36 | 96 | 106 | |
Pool #909092 6.000%, 9/1/37 | 14 | 15 | |
Pool #909220 6.000%, 8/1/38 | 122 | 134 | |
Pool #986067 6.000%, 8/1/38 | 9 | 10 | |
Pool #AA7001 5.000%, 6/1/39 | 376 | 406 | |
Government National Mortgage Association Pool #443000 6.500%, 9/15/28 | 20 | 23 | |
755 | |||
Non-Agency—18.8% | |||
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(1) | 195 | 203 | |
2015-SFR1, A 144A 3.467%, 4/17/52(1) | 209 | 211 | |
2015-SFR2, C 144A 4.691%, 10/17/52(1) | 125 | 131 | |
Angel Oak Mortgage Trust I LLC | |||
2018-1, A1 144A 3.258%, 4/27/48(1)(2) | 94 | 94 | |
2018-2, A1 144A 3.674%, 7/27/48(1)(2) | 409 | 411 | |
2019-1, A1 144A 3.920%, 11/25/48(1)(2) | 246 | 248 | |
2019-2, A1 144A 3.628%, 3/25/49(1)(2) | 320 | 320 | |
Arroyo Mortgage Trust |
Par Value | Value | ||
Non-Agency—continued | |||
2018-1, A1 144A 3.763%, 4/25/48(1)(2) | $366 | $370 | |
2019-1, A1 144A 3.805%, 1/25/49(1)(2) | 162 | 163 | |
Aventura Mall Trust 2013-AVM, C 144A 3.743%, 12/5/32(1)(2) | 325 | 329 | |
Banc of America Funding Trust | |||
2004-B, 2A1 4.943%, 11/20/34(2) | 29 | 30 | |
2005-1, 1A1 5.500%, 2/25/35 | 62 | 62 | |
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35 | 45 | 45 | |
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.939%, 7/25/35(2) | 152 | 156 | |
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust 2004-6, 1A2 4.202%, 5/25/34(2) | 151 | 151 | |
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(1) | 160 | 165 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(1)(2) | 100 | 102 | |
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(1)(2) | 100 | 103 | |
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(1)(2) | 130 | 130 | |
BX Trust 2018-MCSF, A (1 month LIBOR + 0.577%) 144A 3.060%, 4/15/35(1)(2) | 161 | 158 | |
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(1) | 120 | 123 | |
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.404%, 12/15/36(1)(2) | 200 | 199 | |
Cold Storage Trust 2017-ICE3, A (1 month LIBOR + 1.000%) 144A 3.484%, 4/15/36(1)(2) | 125 | 125 | |
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A 4.634%, 12/17/33(1)(2) | 122 | 122 |
Par Value | Value | ||
Non-Agency—continued | |||
COLT Mortgage Loan Trust Funding LLC | |||
2017-1, A3 144A 3.074%, 5/27/47(1)(2) | $29 | $29 | |
2018-1, A1 144A 2.930%, 2/25/48(1)(2) | 68 | 68 | |
2019-1, A1 144A 3.705%, 3/25/49(1)(2) | 243 | 244 | |
CoreVest American Finance Trust 2018-2, A 144A 4.026%, 11/15/52(1) | 121 | 125 | |
Ellington Financial Mortgage Trust 2018-1, A1FX 144A 4.140%, 10/25/58(1)(2) | 183 | 184 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(2) | 82 | 82 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(2) | 71 | 71 | |
2018-2, A41 144A 4.500%, 10/25/58(1)(2) | 86 | 88 | |
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A 4.617%, 6/25/34(2) | 103 | 105 | |
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(2) | 45 | 46 | |
Homeward Opportunities Fund I Trust | |||
2018-2, A1 144A 3.985%, 11/25/58(1)(2) | 460 | 466 | |
2019-1, A1 144A 3.454%, 1/25/59(1)(2) | 225 | 225 | |
JPMorgan Chase (WaMu) Mortgage Pass-Through Certificates 2003-S11, 3A5 5.950%, 11/25/33 | 81 | 81 | |
JPMorgan Chase Commercial Mortgage Securities Trust 2014-C22, A4 3.801%, 9/15/47 | 195 | 203 | |
JPMorgan Chase Mortgage Trust | |||
2016-SH1, M2 144A 3.750%, 4/25/45(1)(2) | 102 | 104 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(2) | 138 | 141 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(2) | 113 | 111 | |
2017-5, A1 144A 3.175%, 10/26/48(1)(2) | 254 | 253 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2) | 195 | 196 |
Par Value | Value | ||
Non-Agency—continued | |||
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(1)(2) | $55 | $56 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.717%, 4/25/55(1)(2) | 100 | 100 | |
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(1)(2) | 440 | 438 | |
Morgan Stanley - Bank of America (Merrill Lynch) Trust | |||
2013-C13, AS 4.266%, 11/15/46 | 360 | 377 | |
2015-C22, AS 3.561%, 4/15/48 | 310 | 314 | |
New Residential Mortgage Loan Trust | |||
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.236%, 1/25/48(1)(2) | 85 | 84 | |
2014-1A, A 144A 3.750%, 1/25/54(1)(2) | 146 | 147 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(2) | 112 | 113 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(2) | 91 | 91 | |
2016-4A, B1A 144A 4.500%, 11/25/56(1)(2) | 164 | 171 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(2) | 249 | 254 | |
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.210%, 3/25/35(2) | 112 | 112 | |
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(1)(2) | 60 | 60 | |
OBX Trust | |||
2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(2) | 151 | 153 | |
2019-INV1, A3 144A 4.500%, 11/25/48(1)(2) | 189 | 193 | |
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(1) | 150 | 154 | |
Progress Residential Trust 2018-SFR2, B 144A 3.841%, 8/17/35(1) | 100 | 101 | |
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(1)(2) | 260 | 262 | |
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35 | 104 | 106 | |
Residential Mortgage Loan Trust 2019-1, A1 144A 3.936%, 10/25/58(1)(2) | 97 | 97 |
Par Value | Value | ||
Non-Agency—continued | |||
Sequoia Mortgage Trust 2013-8, B1 3.528%, 6/25/43(2) | $101 | $101 | |
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 4/25/49(1)(2) | 150 | 150 | |
Towd Point Mortgage Trust | |||
2015-1, A2 144A 3.250%, 10/25/53(1)(2) | 150 | 150 | |
2016-1, A1B 144A 2.750%, 2/25/55(1)(2) | 84 | 84 | |
2015-5, A2 144A 3.500%, 5/25/55(1)(2) | 220 | 221 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(2) | 100 | 100 | |
2019-1, A1 144A 3.750%, 3/25/58(1)(2) | 318 | 323 | |
2018-4, A1 144A 3.000%, 6/25/58(1)(2) | 156 | 154 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(2) | 94 | 94 | |
2015-2, 1M1 144A 3.250%, 11/25/60(1)(2) | 165 | 164 | |
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(1) | 100 | 99 | |
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(1)(2) | 109 | 109 | |
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(1)(2) | 144 | 144 | |
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(1)(2) | 139 | 139 | |
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(1)(2) | 188 | 188 | |
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A 4.115%, 9/25/48(1)(2) | 91 | 91 | |
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48(1)(2) | 79 | 80 | |
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(1)(2) | 225 | 227 | |
Verus Securitization Trust | |||
2017-2A, A1 144A 2.485%, 7/25/47(1)(2) | 114 | 113 | |
2018-1, A1 144A 2.929%, 2/25/48(1)(2) | 82 | 82 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-2, A1 144A 3.677%, 6/1/58(1)(2) | $137 | $138 | |
2018-3, A1 144A 4.108%, 10/25/58(1)(2) | 149 | 151 | |
2019-1, A1 144A 3.836%, 2/25/59(1)(2) | 242 | 244 | |
2019-INV1, A1 144A 3.402%, 12/25/59(1)(2) | 150 | 150 | |
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50 | 300 | 303 | |
14,155 | |||
Total Mortgage-Backed Securities (Identified Cost $14,778) | 14,910 | ||
Asset-Backed Securities—10.0% | |||
Automobiles—6.0% | |||
ACC Trust | |||
2018-1, A 144A 3.700%, 12/21/20(1) | 70 | 70 | |
2018-1, B 144A 4.820%, 5/20/21(1) | 165 | 166 | |
2019-1, A 144A 3.750%, 5/20/22(1) | 193 | 194 | |
American Credit Acceptance Receivables Trust 2018-4, C 144A 3.970%, 1/13/25(1) | 195 | 198 | |
Avis Budget Rental Car Funding LLC (AESOP) 2016-1A, A 144A 2.990%, 6/20/22(1) | 200 | 200 | |
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(1) | 185 | 183 | |
CarMax Auto Owner Trust 2015-2, C 2.390%, 3/15/21 | 235 | 235 | |
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24(1) | 225 | 226 | |
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1) | 105 | 104 | |
CPS Auto Receivables Trust 2017-D, B 144A 2.430%, 1/18/22(1) | 225 | 224 | |
Drive Auto Receivables Trust | |||
2015-DA, C 144A 3.380%, 11/15/21(1) | 6 | 6 |
Par Value | Value | ||
Automobiles—continued | |||
2017-2, C 2.750%, 9/15/23 | $185 | $184 | |
DT Auto Owner Trust | |||
2016-4A, C 144A 2.740%, 10/17/22(1) | 63 | 63 | |
2018-3A, C 144A 3.790%, 7/15/24(1) | 145 | 147 | |
Exeter Automobile Receivables Trust | |||
2015-2A, C 144A 3.900%, 3/15/21(1) | 146 | 147 | |
2018-3A, C 144A 3.710%, 6/15/23(1) | 205 | 207 | |
Flagship Credit Auto Trust | |||
2016-2, B 144A 3.840%, 9/15/22(1) | 145 | 146 | |
2017-3, C 144A 2.910%, 9/15/23(1) | 220 | 219 | |
Foursight Capital Automobile Receivables Trust 2017-1, B 144A 3.050%, 12/15/22(1) | 175 | 174 | |
GLS Auto Receivables Trust | |||
2017-1A, B 144A 2.980%, 12/15/21(1) | 220 | 220 | |
2018-3A, C 144A 4.180%, 7/15/24(1) | 240 | 244 | |
Hertz Vehicle Financing II LP 2019-1A, A 144A 3.710%, 3/25/23(1) | 160 | 162 | |
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(1) | 118 | 118 | |
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(1) | 185 | 184 | |
Prestige Auto Receivables Trust 2017-1A, C 144A 2.810%, 1/17/23(1) | 220 | 219 | |
Tesla Auto Lease Trust 2018-A, A 144A 2.320%, 12/20/19(1) | 64 | 64 | |
Westlake Automobile Receivables Trust 2017-2A, C 144A 2.590%, 12/15/22(1) | 220 | 219 | |
4,523 | |||
Other—3.7% | |||
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(1) | 147 | 145 |
Par Value | Value | ||
Other—continued | |||
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(1) | $135 | $139 | |
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(1) | 170 | 170 | |
CCG Receivables Trust 2018-1, A2 144A 2.500%, 6/16/25(1) | 419 | 418 | |
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(1) | 183 | 183 | |
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(1) | 170 | 169 | |
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(1) | 89 | 90 | |
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(1) | 36 | 36 | |
Foundation Finance Trust 2019-1A, A 144A 3.860%, 11/15/34(1) | 225 | 225 | |
MVW Owner Trust 2017-1A, A 144A 2.420%, 12/20/34(1) | 138 | 136 | |
OneMain Financial Issuance Trust 2018-1A, A 144A 3.300%, 3/14/29(1) | 180 | 181 | |
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1) | 250 | 251 | |
Prosper Marketplace Issuance Trust | |||
2017-2A, B 144A 3.480%, 9/15/23(1) | 124 | 123 | |
2018-1A, A 144A 3.110%, 6/17/24(1) | 50 | 50 | |
SoFi Consumer Loan Program LLC 2017-1, A 144A 3.280%, 1/26/26(1) | 72 | 72 | |
Stack Infrastructure Issuer LLC 2019-1A, A2 144A 4.540%, 2/25/44(1) | 190 | 194 | |
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(1) | 178 | 174 | |
2,756 | |||
Par Value | Value | ||
Student Loan—0.3% | |||
Laurel Road Prime Student Loan Trust 2017-B, A2FX 144A 2.770%, 8/25/42(1) | $195 | $194 | |
SoFi Professional Loan Program LLC 2015-A, A2 144A 2.420%, 3/25/30(1) | 30 | 29 | |
223 | |||
Total Asset-Backed Securities (Identified Cost $7,495) | 7,502 | ||
Corporate Bonds And Notes—43.8% | |||
Communication Services—2.5% | |||
AT&T, Inc. 4.100%, 2/15/28 | 419 | 424 | |
Charter Communications Operating LLC | |||
4.908%, 7/23/25 | 185 | 195 | |
5.050%, 3/30/29 | 220 | 232 | |
Comcast Corp. | |||
3.950%, 10/15/25 | 87 | 91 | |
4.150%, 10/15/28 | 42 | 44 | |
Discovery Communications LLC 3.950%, 3/20/28 | 250 | 243 | |
DISH DBS Corp. 5.875%, 7/15/22 | 95 | 92 | |
Frontier Communications Corp. 144A 8.500%, 4/1/26(1) | 70 | 65 | |
Meredith Corp. 6.875%, 2/1/26 | 90 | 95 | |
Sprint Spectrum Co., LLC 144A 4.738%, 3/20/25(1) | 200 | 202 | |
Verizon Communications, Inc. | |||
4.125%, 3/16/27 | 90 | 94 | |
(3 month LIBOR + 1.100%) 3.784%, 5/15/25(2) | 70 | 70 | |
1,847 | |||
Consumer Discretionary—2.5% | |||
Bunge Ltd. Finance Corp. 4.350%, 3/15/24 | 135 | 137 | |
CRH America, Inc. 144A 3.875%, 5/18/25(1) | 35 | 35 | |
Dollar Tree, Inc. 4.000%, 5/15/25 | 100 | 101 | |
Eldorado Resorts, Inc. 6.000%, 9/15/26 | 45 | 46 | |
frontdoor, Inc. 144A 6.750%, 8/15/26(1) | 85 | 87 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1) | $60 | $63 | |
General Motors Financial Co., Inc. 3.450%, 4/10/22 | 30 | 30 | |
GLP Capital LP 5.750%, 6/1/28 | 195 | 209 | |
Horton (D.R.), Inc. 4.750%, 2/15/23 | 220 | 229 | |
Lear Corp. 3.800%, 9/15/27 | 220 | 211 | |
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(1) | 5 | 5 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(1) | 25 | 25 | |
144A 5.750%, 4/15/26(1) | 10 | 10 | |
PulteGroup, Inc. 6.375%, 5/15/33 | 120 | 120 | |
QVC, Inc. 4.375%, 3/15/23 | 265 | 269 | |
Scientific Games International, Inc. 144A 8.250%, 3/15/26(1) | 70 | 71 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 100 | 100 | |
William Lyon Homes, Inc. 6.000%, 9/1/23 | 130 | 126 | |
1,874 | |||
Consumer Staples—2.0% | |||
Anheuser-Busch InBev Worldwide, Inc. | |||
4.000%, 4/13/28 | 180 | 183 | |
4.750%, 1/23/29 | 47 | 50 | |
Bacardi Ltd. 144A 4.700%, 5/15/28(1) | 170 | 170 | |
Conagra Brands, Inc. 4.300%, 5/1/24 | 240 | 249 | |
CVS Health Corp. | |||
2.875%, 6/1/26 | 255 | 242 | |
4.300%, 3/25/28 | 158 | 160 | |
Flowers Foods, Inc. 4.375%, 4/1/22 | 275 | 285 | |
Kraft Heinz Foods Co. (The) 3.000%, 6/1/26 | 180 | 168 | |
1,507 | |||
Energy—3.5% | |||
Andeavor Logistics LP 4.250%, 12/1/27 | 185 | 186 | |
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(1) | 70 | 72 |
Par Value | Value | ||
Energy—continued | |||
Energy Transfer Operating LP 4.200%, 4/15/27 | $185 | $186 | |
Helmerich & Payne, Inc. 144A 4.650%, 3/15/25(1) | 115 | 120 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 190 | 203 | |
Kinder Morgan Energy Partners LP 7.500%, 11/15/40 | 320 | 406 | |
MPLX LP 4.875%, 12/1/24 | 255 | 272 | |
NuStar Logistics LP 5.625%, 4/28/27 | 150 | 150 | |
Petroleos Mexicanos 6.500%, 1/23/29 | 110 | 109 | |
Sabine Pass Liquefaction LLC | |||
6.250%, 3/15/22 | 140 | 151 | |
4.200%, 3/15/28 | 175 | 177 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(3) | 200 | 225 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1) | 47 | 48 | |
USA Compression Partners LP 6.875%, 4/1/26 | 135 | 138 | |
Valero Energy Partners LP 4.500%, 3/15/28 | 175 | 181 | |
2,624 | |||
Financials—17.7% | |||
AerCap Ireland Capital DAC 3.950%, 2/1/22 | 200 | 203 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53(4) | 180 | 183 | |
Apollo Management Holdings LP 144A 4.000%, 5/30/24(1) | 190 | 190 | |
Ares Capital Corp. | |||
3.500%, 2/10/23 | 75 | 73 | |
4.250%, 3/1/25 | 145 | 142 | |
Ares Finance Co., LLC 144A 4.000%, 10/8/24(1) | 270 | 261 | |
Athene Holding Ltd. 4.125%, 1/12/28 | 175 | 168 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(1) | 195 | 185 | |
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(1) | 200 | 184 |
Par Value | Value | ||
Financials—continued | |||
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(1) | $300 | $293 | |
Banco Santander Chile 144A 3.875%, 9/20/22(1) | 215 | 219 | |
Bank of America Corp. | |||
3.004%, 12/20/23 | 255 | 254 | |
4.200%, 8/26/24 | 403 | 417 | |
(3 month LIBOR + 0.770%) 3.503%, 2/5/26(2) | 200 | 195 | |
Bank of Montreal 3.803%, 12/15/32 | 303 | 293 | |
Brighthouse Financial, Inc. 3.700%, 6/22/27 | 195 | 176 | |
BrightSphere Investment Group plc 4.800%, 7/27/26 | 200 | 196 | |
Brookfield Finance, Inc. 4.000%, 4/1/24 | 307 | 312 | |
Capital One Financial Corp. | |||
4.200%, 10/29/25 | 180 | 183 | |
3.750%, 7/28/26 | 200 | 195 | |
Citigroup, Inc. | |||
3.200%, 10/21/26 | 331 | 324 | |
(3 month LIBOR + 1.250%) 3.842%, 7/1/26(2) | 540 | 541 | |
Discover Bank 4.682%, 8/9/28 | 500 | 508 | |
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28 | 200 | 200 | |
FS KKR Capital Corp. | |||
4.250%, 1/15/20 | 165 | 165 | |
4.750%, 5/15/22 | 40 | 40 | |
Goldman Sachs Group, Inc. (The) 5.750%, 1/24/22 | 855 | 917 | |
Guanay Finance Ltd. 144A 6.000%, 12/15/20(1) | 156 | 158 | |
iStar, Inc. 5.250%, 9/15/22 | 65 | 64 | |
Jefferies Financial Group, Inc. 5.500%, 10/18/23 | 150 | 157 | |
Jefferies Group LLC | |||
6.875%, 4/15/21 | 22 | 24 | |
5.125%, 1/20/23 | 34 | 36 | |
4.850%, 1/15/27 | 100 | 101 | |
JPMorgan Chase & Co. 3.300%, 4/1/26 | 760 | 762 | |
Kazakhstan Temir Zholy Finance BV 144A 6.950%, 7/10/42(1) | 215 | 246 | |
Liberty Mutual Group, Inc. | |||
144A 4.250%, 6/15/23(1) | 55 | 57 | |
144A 4.569%, 2/1/29(1) | 190 | 198 |
Par Value | Value | ||
Financials—continued | |||
Morgan Stanley | |||
4.100%, 5/22/23 | $155 | $159 | |
3.125%, 7/27/26 | 365 | 356 | |
6.375%, 7/24/42 | 435 | 567 | |
Navient Corp. 6.750%, 6/25/25 | 135 | 134 | |
Prudential Financial, Inc. | |||
5.875%, 9/15/42 | 75 | 79 | |
5.625%, 6/15/43(4) | 160 | 166 | |
S&P Global, Inc. 4.000%, 6/15/25 | 195 | 205 | |
Santander Holdings USA, Inc. | |||
4.450%, 12/3/21 | 125 | 129 | |
3.700%, 3/28/22 | 149 | 151 | |
4.400%, 7/13/27 | 70 | 69 | |
SBA Tower Trust 144A 2.877%, 7/9/21(1) | 320 | 317 | |
Societe Generale S.A. 144A 4.750%, 11/24/25(1) | 200 | 205 | |
Springleaf Finance Corp. 6.875%, 3/15/25 | 100 | 103 | |
Synchrony Financial 3.950%, 12/1/27 | 170 | 161 | |
Synovus Financial Corp. 5.900%, 2/7/29 | 90 | 90 | |
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(1) | 160 | 165 | |
Toronto-Dominion Bank (The) 3.625%, 9/15/31 | 240 | 237 | |
Trinity Acquisition plc 4.400%, 3/15/26 | 80 | 83 | |
UBS AG 7.625%, 8/17/22 | 500 | 550 | |
Wells Fargo & Co. | |||
3.550%, 9/29/25 | 440 | 448 | |
Series S 5.900%,(5) | 140 | 143 | |
13,337 | |||
Health Care—3.7% | |||
AbbVie, Inc. | |||
2.850%, 5/14/23 | 135 | 134 | |
3.600%, 5/14/25 | 65 | 65 | |
3.200%, 5/14/26 | 110 | 107 | |
Allergan Funding SCS 3.450%, 3/15/22 | 275 | 278 | |
Bausch Health Cos., Inc. | |||
144A 6.500%, 3/15/22(1) | 10 | 10 | |
144A 7.000%, 3/15/24(1) | 15 | 16 | |
144A 5.500%, 11/1/25(1) | 65 | 66 | |
Becton Dickinson & Co. | |||
3.363%, 6/6/24 | 113 | 113 | |
3.700%, 6/6/27 | 125 | 125 |
Par Value | Value | ||
Health Care—continued | |||
(3 month LIBOR + 0.875%) 3.476%, 12/29/20(2) | $45 | $45 | |
Cardinal Health, Inc. | |||
3.200%, 3/15/23 | 130 | 129 | |
3.410%, 6/15/27 | 75 | 71 | |
Cigna Corp. | |||
144A 4.125%, 11/15/25(1) | 7 | 7 | |
144A 4.375%, 10/15/28(1) | 218 | 226 | |
HCA, Inc. 5.375%, 2/1/25 | 145 | 154 | |
Mylan NV 3.950%, 6/15/26 | 250 | 239 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 65 | 66 | |
Perrigo Finance Unlimited Co. 4.375%, 3/15/26 | 200 | 195 | |
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21 | 80 | 79 | |
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(1) | 110 | 115 | |
Takeda Pharmaceutical Co., Ltd. 144A 4.000%, 11/26/21(1) | 200 | 205 | |
Zimmer Biomet Holdings, Inc. | |||
3.550%, 4/1/25 | 140 | 138 | |
(3 month LIBOR + 0.750%) 3.375%, 3/19/21(2) | 220 | 219 | |
2,802 | |||
Industrials—1.5% | |||
CNH Industrial N.V. 4.500%, 8/15/23 | 228 | 236 | |
Navistar International Corp. 144A 6.625%, 11/1/25(1) | 65 | 66 | |
Oshkosh Corp. 4.600%, 5/15/28 | 226 | 230 | |
Owens Corning 3.400%, 8/15/26 | 200 | 189 | |
Penske Truck Leasing Co., LP 144A 4.125%, 8/1/23(1) | 170 | 175 | |
TransDigm, Inc. 6.375%, 6/15/26 | 65 | 64 |
Par Value | Value | ||
Industrials—continued | |||
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22 | $163 | $172 | |
1,132 | |||
Information Technology—2.1% | |||
Broadcom Corp. | |||
3.000%, 1/15/22 | 80 | 80 | |
3.625%, 1/15/24 | 145 | 145 | |
Citrix Systems, Inc. 4.500%, 12/1/27 | 205 | 202 | |
CommScope Finance LLC 144A 8.250%, 3/1/27(1) | 40 | 41 | |
Dell International LLC | |||
144A 6.020%, 6/15/26(1) | 40 | 43 | |
144A 4.900%, 10/1/26(1) | 105 | 107 | |
144A 8.100%, 7/15/36(1) | 85 | 100 | |
Hewlett Packard Enterprise Co. 4.900%, 10/15/25 | 230 | 245 | |
Verisk Analytics, Inc. 4.000%, 6/15/25 | 190 | 198 | |
ViaSat, Inc. 144A 5.625%, 4/15/27(1) | 150 | 153 | |
VMware, Inc. | |||
2.950%, 8/21/22 | 94 | 93 | |
3.900%, 8/21/27 | 210 | 202 | |
1,609 | |||
Materials—3.6% | |||
ArcelorMittal 6.125%, 6/1/25 | 220 | 244 | |
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(1)(4) | 200 | 221 | |
CRH America Finance, Inc. 144A 3.400%, 5/9/27(1) | 200 | 192 | |
DowDuPont, Inc. 4.493%, 11/15/25 | 192 | 205 | |
Glencore Funding LLC 144A 4.000%, 3/27/27(1) | 260 | 252 | |
Greif, Inc. 144A 6.500%, 3/1/27(1) | 85 | 87 | |
Inversiones CMPC S.A. 144A 4.375%, 5/15/23(1) | 375 | 382 | |
NewMarket Corp. 4.100%, 12/15/22 | 288 | 296 | |
NOVA Chemicals Corp. 144A 4.875%, 6/1/24(1) | 65 | 64 |
Par Value | Value | ||
Materials—continued | |||
Nutrien Ltd. 4.200%, 4/1/29 | $160 | $165 | |
SABIC Capital II BV 144A 4.500%, 10/10/28(1) | 200 | 207 | |
Syngenta Finance N.V. 144A 4.441%, 4/24/23(1) | 200 | 204 | |
Vulcan Materials Co. 3.900%, 4/1/27 | 185 | 184 | |
2,703 | |||
Real Estate—3.0% | |||
Alexandria Real Estate Equities, Inc. 3.950%, 1/15/27 | 120 | 121 | |
Corporate Office Properties LP 3.600%, 5/15/23 | 265 | 262 | |
EPR Properties 4.750%, 12/15/26 | 245 | 252 | |
Healthcare Realty Trust, Inc. 3.875%, 5/1/25 | 125 | 125 | |
Healthcare Trust of America Holdings LP 3.750%, 7/1/27 | 190 | 186 | |
Hospitality Properties Trust 4.950%, 2/15/27 | 220 | 219 | |
Kilroy Realty LP 4.375%, 10/1/25 | 190 | 196 | |
LifeStorage LP | |||
3.500%, 7/1/26 | 195 | 188 | |
3.875%, 12/15/27 | 75 | 74 | |
MPT Operating Partnership LP 5.000%, 10/15/27 | 80 | 82 | |
Office Properties Income Trust 4.500%, 2/1/25 | 190 | 182 | |
Physicians Realty LP 3.950%, 1/15/28 | 200 | 193 | |
Retail Opportunity Investments Partnership LP 4.000%, 12/15/24 | 155 | 150 | |
2,230 | |||
Utilities—1.7% | |||
American Electric Power Co., Inc. Series I 3.650%, 12/1/21 | 77 | 79 | |
Duke Energy Corp. 2.650%, 9/1/26 | 205 | 195 | |
Exelon Corp. 3.497%, 6/1/22 | 255 | 258 |
Par Value | Value | ||
Utilities—continued | |||
FirstEnergy Transmission LLC 144A 4.350%, 1/15/25(1) | $210 | $219 | |
PSEG Power LLC 3.850%, 6/1/23 | 206 | 211 | |
Southern Power Co. 4.150%, 12/1/25 | 230 | 238 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(1) | 110 | 106 | |
1,306 | |||
Total Corporate Bonds And Notes (Identified Cost $32,505) | 32,971 | ||
Leveraged Loans(2)—5.6% | |||
Aerospace—0.1% | |||
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.250%, 12/6/25 | 20 | 20 | |
TransDigm, Inc. 2018, Tranche E (1 month LIBOR + 2.500%) 4.999%, 5/30/25 | 59 | 58 | |
78 | |||
Consumer Durables—0.1% | |||
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%) 6.500%, 9/29/24 | 95 | 94 | |
Consumer Non-Durables—0.2% | |||
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.496%, 5/15/23 | 133 | 124 | |
Energy—0.1% | |||
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 0.000%, 3/27/24(6) | 85 | 85 | |
Financial—0.2% | |||
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.249%, 10/1/25 | 185 | 179 |
Par Value | Value | ||
Food / Tobacco—0.3% | |||
Aramark Intermediate HoldCo Corp. Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 3/11/25 | $70 | $69 | |
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 5.249%, 3/31/25 | 69 | 68 | |
H-Food Holdings LLC | |||
(1 month LIBOR + 3.688%) 6.186%, 5/23/25 | 20 | 19 | |
2018, Tranche B-2 (1 month LIBOR + 4.000%) 6.499%, 5/23/25 | 80 | 79 | |
235 | |||
Gaming / Leisure—0.5% | |||
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 104 | 101 | |
Seminole Tribe of Florida 2018, Tranche B (1 month LIBOR + 1.750%) 4.249%, 7/8/24 | 118 | 118 | |
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 5.000%, 6/8/23 | 83 | 82 | |
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%) 4.249%, 5/30/25 | 105 | 103 | |
404 | |||
Healthcare—0.6% | |||
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 5.231%, 11/27/25 | 33 | 33 | |
(1 month LIBOR + 3.000%) 5.481%, 6/2/25 | 18 | 18 | |
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.656%, 6/7/23 | 120 | 119 | |
IQVIA, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 6/11/25 | 129 | 128 |
Par Value | Value | ||
Healthcare—continued | |||
Regionalcare Hospital Partners Holdings, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%) 6.982%, 11/16/25 | $140 | $138 | |
436 | |||
Housing—0.8% | |||
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%) 4.499%, 10/31/23 | 173 | 169 | |
Capital Automotive LP Tranche B-2 (1 month LIBOR + 2.500%) 5.000%, 3/25/24 | 162 | 160 | |
CPG International LLC (3 month LIBOR + 3.750%) 6.633%, 5/5/24 | 130 | 128 | |
Summit Materials LLC (1 month LIBOR + 2.000%) 4.499%, 11/21/24 | 144 | 141 | |
598 | |||
Information Technology—0.4% | |||
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.851%, 10/2/25 | 135 | 132 | |
Kronos, Inc. First Lien (3 month LIBOR + 3.000%) 5.736%, 11/1/23 | 103 | 102 | |
SS&C Technologies, Inc. | |||
Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 47 | 47 | |
Tranche B-4 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 34 | 33 | |
314 | |||
Manufacturing—0.2% | |||
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(6) | 130 | 130 | |
Media / Telecom - Cable/Wireless Video—0.2% | |||
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 4.734%, 1/15/26 | 150 | 145 | |
Media / Telecom - Diversified Media—0.2% | |||
Crown Finance US, Inc. (1 month LIBOR + 2.500%) 4.999%, 2/28/25 | 147 | 143 |
Par Value | Value | ||
Media / Telecom - Telecommunications—0.2% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 1/31/25 | $173 | $169 | |
Media / Telecom - Wireless Communications—0.1% | |||
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.500%, 4/11/25 | 79 | 78 | |
Retail—0.1% | |||
Bass Pro Group LLC (1 month LIBOR + 5.000%) 7.499%, 9/25/24 | 35 | 34 | |
Service—0.5% | |||
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.490%, 2/6/26 | 120 | 118 | |
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%) 5.499%, 11/8/24 | 119 | 118 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.749%, 12/31/25 | 5 | 5 | |
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.250%, 2/1/23 | 113 | 111 | |
352 | |||
Transportation - Automotive—0.3% | |||
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 6.000%, 11/6/24 | 94 | 93 | |
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%) 0.000%, 3/18/26(6) | 100 | 99 | |
192 | |||
Utility—0.5% | |||
Brookfield WEC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.249%, 8/1/25 | 100 | 100 | |
Calpine Construction Finance Co. LP Tranche B-9 (3 month LIBOR + 2.750%) 0.000%, 3/20/26(6) | 150 | 148 |
Par Value | Value | ||
Utility—continued | |||
Pacific Gas and Electric Co. | |||
(2 month LIBOR + 1.125%) 1.125%, 12/31/20(7) | $20 | $20 | |
(3 month LIBOR + 2.250%) 2.250%, 12/31/20(7) | 55 | 55 | |
Vistra Operations Co. LLC 2018 (1 month LIBOR + 2.000%) 4.486%, 12/31/25 | 79 | 78 | |
401 | |||
Total Leveraged Loans (Identified Cost $4,249) | 4,191 | ||
Shares | ||
Preferred Stocks—2.3% | ||
Financials—1.8% | ||
Bank of New York Mellon Corp. (The) Series E, 4.950% | 220(8) | 222 |
Huntington Bancshares, Inc. Series E, 5.700% | 124(8) | 121 |
JPMorgan Chase & Co. Series Z, 5.300% | 225(8) | 227 |
KeyCorp Series D, 5.000% | 140(8) | 137 |
M&T Bank Corp. Series F, 5.125% | 126(8) | 127 |
MetLife, Inc. Series D, 5.875% | 78(8) | 80 |
PNC Financial Services Group, Inc. (The) Series R, 4.850% | 215(8) | 212 |
PNC Financial Services Group, Inc. (The) Series S, 5.000% | 195(8) | 192 |
1,318 | ||
Shares | Value | ||
Industrials—0.5% | |||
General Electric Co. Series D, 5.000% | 426(8) | $397 | |
Total Preferred Stocks (Identified Cost $1,718) | 1,715 | ||
Affiliated Mutual Fund—0.8% | |||
Virtus Newfleet Credit Opportunities Fund Class R6(9) | 68,732 | 641 | |
Total Affiliated Mutual Fund (Identified Cost $687) | 641 | ||
Total Long-Term Investments—98.2% (Identified Cost $73,091) | 73,893 | ||
Short-Term Investment—0.9% | |||
Money Market Mutual Fund—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(9) | 671,906 | 672 | |
Total Short-Term Investment (Identified Cost $672) | 672 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $73,763) | $74,565 | ||
Other assets and liabilities, net—0.9% | 650 | ||
NET ASSETS—100.0% | $75,215 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $27,032 or 35.9% of net assets. |
(2) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(4) | Interest payments may be deferred. |
(5) | No contractual maturity date. |
(6) | This loan will settle after March 31, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(7) | Represents unfunded portion of security and commitment fee earned on this portion. |
(8) | Value shown as par value. |
(9) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 89% |
Canada | 2 |
Netherlands | 2 |
Chile | 1 |
Luxembourg | 1 |
Switzerland | 1 |
Ireland | 1 |
Other | 3 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $7,502 | $— | $7,502 | ||
Corporate Bonds And Notes | 32,971 | — | 32,971 | ||
Foreign Government Securities | 1,493 | — | 1,493 | ||
Leveraged Loans | 4,191 | — | 4,191 | ||
Mortgage-Backed Securities | 14,910 | — | 14,910 | ||
Municipal Bonds | 2,396 | — | 2,396 | ||
U.S. Government Securities | 8,074 | — | 8,074 | ||
Equity Securities: | |||||
Preferred Stocks | 1,715 | — | 1,715 | ||
Affiliated Mutual Fund | 641 | 641 | — | ||
Money Market Mutual Fund | 672 | 672 | — | ||
Total Investments | $74,565 | $1,313 | $73,252 |
Shares | Value | ||
Short-Term Investment—100.9% | |||
Money Market Mutual Fund—100.9% | |||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.372%)(1) | 18,513,502 | $18,514 | |
Total Short-Term Investment (Identified Cost $18,514) | 18,514 | ||
Value | ||
TOTAL INVESTMENTS—100.9% (Identified Cost $18,514) | $18,514 | |
Other assets and liabilities, net—(0.9)% | (171) | |
NET ASSETS—100.0% | $18,343 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Money Market Mutual Fund | $18,514 | $18,514 | |
Total Investments | $18,514 | $18,514 |
Par Value | Value | ||
Foreign Government Securities—1.5% | |||
Argentine Republic | |||
5.625%, 1/26/22 | $90 | $78 | |
4.625%, 1/11/23 | 250 | 205 | |
Republic of Egypt | |||
144A 7.500%, 1/31/27(1) | 200 | 209 | |
144A 7.600%, 3/1/29(1) | 200 | 205 | |
Republic of Pakistan 144A 8.250%, 9/30/25(1) | 200 | 214 | |
Total Foreign Government Securities (Identified Cost $907) | 911 | ||
Mortgage-Backed Securities—1.4% | |||
Non-Agency—1.4% | |||
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%) 144A 3.206%, 3/15/37(1)(2) | 650 | 644 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2) | 180 | 180 | |
824 | |||
Total Mortgage-Backed Securities (Identified Cost $830) | 824 | ||
Asset-Backed Securities—1.3% | |||
Automobiles—0.4% | |||
CarNow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(1) | 215 | 216 | |
Other—0.9% | |||
SoFi Consumer Loan Program Trust 2018-3, A1 144A 3.200%, 8/25/27(1) | 390 | 391 | |
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(1) | 174 | 170 | |
561 | |||
Total Asset-Backed Securities (Identified Cost $773) | 777 | ||
Corporate Bonds And Notes—79.3% | |||
Communication Services—11.2% | |||
Altice France S.A. 144A 7.375%, 5/1/26(1) | 340 | 333 | |
Altice Luxembourg S.A. 144A 7.750%, 5/15/22(1) | 200 | 200 |
Par Value | Value | ||
Communication Services—continued | |||
Cablevision Systems Corp. 5.875%, 9/15/22 | $150 | $157 | |
CCO Holdings LLC 144A 5.125%, 5/1/27(1) | 350 | 352 | |
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(1) | 210 | 193 | |
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(1) | 545 | 578 | |
Consolidated Communications, Inc. 6.500%, 10/1/22 | 315 | 282 | |
CSC Holdings LLC | |||
144A 5.500%, 4/15/27(1) | 135 | 138 | |
144A 7.500%, 4/1/28(1) | 200 | 214 | |
DISH DBS Corp. | |||
5.875%, 7/15/22 | 95 | 92 | |
5.000%, 3/15/23 | 510 | 459 | |
7.750%, 7/1/26 | 160 | 139 | |
Frontier Communications Corp. | |||
8.500%, 4/15/20 | 396 | 387 | |
7.625%, 4/15/24(3) | 315 | 172 | |
144A 8.500%, 4/1/26(1) | 100 | 93 | |
iHeartCommunications, Inc. 9.000%, 12/15/19(4) | 290 | 206 | |
Level 3 Financing, Inc. | |||
5.375%, 1/15/24 | 245 | 250 | |
5.250%, 3/15/26 | 135 | 135 | |
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26(1) | 290 | 299 | |
Match Group, Inc. 144A 5.625%, 2/15/29(1) | 120 | 122 | |
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A 7.875%, 5/15/24(1) | 295 | 239 | |
Meredith Corp. 6.875%, 2/1/26 | 330 | 347 | |
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(1) | 200 | 192 | |
Sprint Corp. 7.875%, 9/15/23 | 390 | 409 | |
Telenet Finance Luxembourg Notes S.a.r.l. 144A 5.500%, 3/1/28(1) | 200 | 196 | |
T-Mobile USA, Inc. 0.000%, 1/15/24(5) | 275 | — | |
Univision Communications, Inc. 144A 5.125%, 5/15/23(1) | 135 | 128 | |
West Corp. 144A 8.500%, 10/15/25(1) | 145 | 125 | |
Zayo Group LLC | |||
6.000%, 4/1/23 | 180 | 182 |
Par Value | Value | ||
Communication Services—continued | |||
6.375%, 5/15/25 | $70 | $70 | |
6,689 | |||
Consumer Discretionary—13.2% | |||
American Greetings Corp. 144A 8.750%, 4/15/25(1) | 205 | 186 | |
Beazer Homes USA, Inc. | |||
6.750%, 3/15/25 | 95 | 90 | |
5.875%, 10/15/27 | 250 | 218 | |
Boyd Gaming Corp. | |||
6.375%, 4/1/26 | 255 | 264 | |
6.000%, 8/15/26 | 145 | 149 | |
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(1) | 325 | 314 | |
Diamond Resorts International, Inc. 144A 10.750%, 9/1/24(1)(3) | 250 | 236 | |
Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(1) | 115 | 119 | |
Eldorado Resorts, Inc. 6.000%, 9/15/26 | 180 | 183 | |
frontdoor, Inc. 144A 6.750%, 8/15/26(1) | 45 | 46 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(1) | 315 | 330 | |
GLP Capital LP | |||
5.250%, 6/1/25 | 235 | 246 | |
5.750%, 6/1/28 | 115 | 123 | |
Golden Nugget, Inc. | |||
144A 6.750%, 10/15/24(1) | 290 | 291 | |
144A 8.750%, 10/1/25(1) | 145 | 152 | |
Hilton Domestic Operating Co., Inc. 144A 5.125%, 5/1/26(1) | 335 | 340 | |
International Game Technology plc | |||
144A 6.250%, 2/15/22(1) | 200 | 208 | |
144A 6.250%, 1/15/27(1) | 200 | 205 | |
Lennar Corp. 5.250%, 6/1/26 | 265 | 273 | |
M/I Homes, Inc. 5.625%, 8/1/25 | 205 | 196 | |
MGM Growth Properties Operating Partnership LP | |||
5.625%, 5/1/24 | 65 | 68 | |
4.500%, 1/15/28 | 120 | 113 | |
144A 5.750%, 2/1/27(1) | 155 | 160 | |
MGM Resorts International 5.750%, 6/15/25 | 170 | 176 | |
Neiman Marcus Group Ltd. 144A 8.000%, 10/15/21(1) | 400 | 212 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Panther BF Aggregator 2 LP | |||
144A 6.250%, 5/15/26(1) | $15 | $15 | |
144A 8.500%, 5/15/27(1) | 255 | 256 | |
PetSmart, Inc. 144A 7.125%, 3/15/23(1) | 115 | 86 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(1) | 65 | 65 | |
144A 5.750%, 4/15/26(1) | 35 | 35 | |
PulteGroup, Inc. 5.500%, 3/1/26 | 200 | 206 | |
Scientific Games International, Inc. | |||
6.625%, 5/15/21 | 205 | 207 | |
144A 5.000%, 10/15/25(1) | 250 | 245 | |
144A 8.250%, 3/15/26(1) | 120 | 122 | |
ServiceMaster Co., LLC (The) 144A 5.125%, 11/15/24(1) | 180 | 181 | |
Sonic Automotive, Inc. 6.125%, 3/15/27 | 200 | 182 | |
Tenneco, Inc. 5.000%, 7/15/26 | 240 | 192 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 345 | 346 | |
Viking Cruises Ltd. 144A 5.875%, 9/15/27(1) | 285 | 277 | |
Vista Outdoor, Inc. 5.875%, 10/1/23 | 185 | 172 | |
Weekley Homes LLC 6.625%, 8/15/25 | 210 | 201 | |
William Lyon Homes, Inc. 6.000%, 9/1/23 | 200 | 193 | |
7,879 | |||
Consumer Staples—3.3% | |||
Albertson’s Cos. LLC | |||
5.750%, 3/15/25 | 195 | 185 | |
144A 7.500%, 3/15/26(1) | 45 | 46 | |
Chobani LLC 144A 7.500%, 4/15/25(1) | 130 | 116 | |
Cumberland Farms, Inc. 144A 6.750%, 5/1/25(1) | 315 | 328 | |
Dole Food Co., Inc. 144A 7.250%, 6/15/25(1) | 325 | 288 | |
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(1) | 245 | 211 | |
Matterhorn Merger Sub LLC 144A 8.500%, 6/1/26(1) | 180 | 156 | |
Post Holdings, Inc. | |||
144A 5.500%, 3/1/25(1) | 65 | 66 | |
144A 5.000%, 8/15/26(1) | 305 | 297 |
Par Value | Value | ||
Consumer Staples—continued | |||
Prestige Brands, Inc. 144A 6.375%, 3/1/24(1) | $255 | $259 | |
1,952 | |||
Energy—8.6% | |||
American Midstream Partners LP 144A 9.500%, 12/15/21(1) | 175 | 161 | |
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(1) | 165 | 167 | |
California Resources Corp. | |||
6.000%, 11/15/24 | 16 | 11 | |
144A 8.000%, 12/15/22(1)(3) | 204 | 160 | |
Callon Petroleum Co. 6.125%, 10/1/24 | 142 | 142 | |
Cheniere Corpus Christi Holdings LLC 5.875%, 3/31/25 | 295 | 321 | |
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(1) | 160 | 164 | |
Chesapeake Energy Corp. 8.000%, 6/15/27 | 310 | 305 | |
Citgo Holding, Inc. 144A 10.750%, 2/15/20(1) | 135 | 138 | |
CrownRock LP 144A 5.625%, 10/15/25(1) | 260 | 250 | |
CSI Compressco LP 7.250%, 8/15/22 | 140 | 122 | |
Denbury Resources, Inc. | |||
144A 9.250%, 3/31/22(1) | 178 | 172 | |
144A 7.500%, 2/15/24(1) | 285 | 243 | |
Energy Transfer Operating LP 5.875%, 1/15/24 | 200 | 219 | |
EP Energy LLC | |||
144A 9.375%, 5/1/24(1) | 70 | 25 | |
144A 8.000%, 11/29/24(1)(3) | 45 | 25 | |
144A 8.000%, 2/15/25(1) | 80 | 28 | |
144A 7.750%, 5/15/26(1) | 35 | 29 | |
Geopark Ltd. 144A 6.500%, 9/21/24(1) | 215 | 216 | |
Kosmos Energy Ltd. 144A 7.125%, 4/4/26(1) | 200 | 198 | |
Nabors Industries, Inc. 5.750%, 2/1/25 | 165 | 148 | |
NuStar Logistics LP 5.625%, 4/28/27 | 155 | 155 | |
Petrobras Global Finance B.V. | |||
5.299%, 1/27/25 | 120 | 122 | |
5.750%, 2/1/29 | 95 | 94 | |
Petroleos Mexicanos 5.350%, 2/12/28 | 95 | 88 | |
Range Resources Corp. | |||
5.000%, 3/15/23 | 25 | 25 |
Par Value | Value | ||
Energy—continued | |||
4.875%, 5/15/25 | $140 | $130 | |
Rowan Cos., Inc. 5.400%, 12/1/42 | 265 | 163 | |
Sanchez Energy Corp. 144A 7.250%, 2/15/23(1)(3) | 115 | 93 | |
Targa Resources Partners LP 144A 5.875%, 4/15/26(1) | 175 | 185 | |
Transocean, Inc. | |||
6.800%, 3/15/38 | 300 | 235 | |
144A 7.500%, 1/15/26(1) | 65 | 64 | |
USA Compression Partners LP | |||
6.875%, 4/1/26 | 230 | 235 | |
144A 6.875%, 9/1/27(1) | 30 | 30 | |
Vine Oil & Gas LP 144A 8.750%, 4/15/23(1) | 205 | 163 | |
Weatherford International Ltd. 8.250%, 6/15/23 | 190 | 134 | |
5,160 | |||
Financials—7.0% | |||
Acrisure LLC | |||
144A 8.125%, 2/15/24(1)(3) | 95 | 98 | |
144A 7.000%, 11/15/25(1) | 240 | 216 | |
Ally Financial, Inc. 5.750%, 11/20/25 | 235 | 250 | |
ICAHN Enterprises LP | |||
5.875%, 2/1/22 | 175 | 177 | |
6.375%, 12/15/25 | 145 | 148 | |
ING Groep N.V. 6.000%,(6)(7) | 200 | 199 | |
iStar, Inc. | |||
6.000%, 4/1/22 | 170 | 171 | |
5.250%, 9/15/22 | 335 | 330 | |
Ladder Capital Finance Holdings LLLP | |||
144A 5.875%, 8/1/21(1) | 265 | 270 | |
144A 5.250%, 3/15/22(1) | 80 | 81 | |
Nationstar Mortgage Holdings, Inc. 144A 8.125%, 7/15/23(1) | 115 | 119 | |
Nationstar Mortgage LLC 6.500%, 7/1/21 | 250 | 250 | |
Navient Corp. | |||
5.875%, 10/25/24 | 305 | 295 | |
6.750%, 6/25/25 | 250 | 248 | |
Springleaf Finance Corp. | |||
6.125%, 5/15/22 | 335 | 347 | |
6.875%, 3/15/25 | 370 | 382 | |
7.125%, 3/15/26 | 85 | 87 | |
Synchrony Financial 4.375%, 3/19/24 | 180 | 182 | |
Synovus Financial Corp. 5.900%, 2/7/29 | 160 | 161 |
Par Value | Value | ||
Financials—continued | |||
Voya Financial, Inc. 5.650%, 5/15/53 | $205 | $202 | |
4,213 | |||
Health Care—11.0% | |||
Advanz Pharma Corp. 8.000%, 9/6/24 | 41 | 38 | |
Avantor, Inc. | |||
144A 6.000%, 10/1/24(1) | 130 | 135 | |
144A 9.000%, 10/1/25(1) | 380 | 412 | |
Bausch Health Americas, Inc. | |||
144A 9.250%, 4/1/26(1) | 135 | 148 | |
144A 8.500%, 1/31/27(1) | 430 | 456 | |
Bausch Health Cos., Inc. | |||
144A 5.500%, 11/1/25(1) | 350 | 357 | |
144A 9.000%, 12/15/25(1) | 70 | 76 | |
Centene Corp. 144A 5.375%, 6/1/26(1) | 60 | 62 | |
Change Healthcare Holdings LLC 144A 5.750%, 3/1/25(1) | 85 | 84 | |
Charles River Laboratories International, Inc. 144A 5.500%, 4/1/26(1) | 195 | 202 | |
DaVita, Inc. | |||
5.125%, 7/15/24 | 100 | 99 | |
5.000%, 5/1/25 | 100 | 96 | |
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22(1)(8) | 355 | 358 | |
Endo Finance LLC 144A 5.375%, 1/15/23(1) | 250 | 205 | |
HCA, Inc. | |||
5.375%, 2/1/25 | 330 | 350 | |
5.250%, 6/15/26 | 165 | 177 | |
5.625%, 9/1/28 | 315 | 333 | |
5.875%, 2/1/29 | 35 | 38 | |
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24(1) | 225 | 224 | |
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(1) | 275 | 261 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 115 | 117 | |
Perrigo Finance Unlimited Co. 4.375%, 3/15/26 | 210 | 205 | |
Polaris Intermediate Corp. PIK Interest Capitalization, 144A 8.500%, 12/1/22(1)(8) | 105 | 104 | |
Sotera Health Holdings LLC 144A 6.500%, 5/15/23(1) | 325 | 327 |
Par Value | Value | ||
Health Care—continued | |||
Surgery Center Holdings, Inc. | |||
144A 8.875%, 4/15/21(1) | $200 | $209 | |
144A 6.750%, 7/1/25(1)(3) | 55 | 50 | |
144A 10.000%, 4/15/27(1) | 130 | 132 | |
Tenet Healthcare Corp. | |||
6.000%, 10/1/20 | 230 | 238 | |
8.125%, 4/1/22 | 85 | 91 | |
5.125%, 5/1/25 | 110 | 111 | |
7.000%, 8/1/25(3) | 325 | 329 | |
144A 6.250%, 2/1/27(1) | 130 | 135 | |
Teva Pharmaceutical Finance Netherlands III BV 3.150%, 10/1/26 | 115 | 94 | |
WellCare Health Plans, Inc. 5.250%, 4/1/25 | 135 | 140 | |
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(1) | 220 | 214 | |
6,607 | |||
Industrials—6.2% | |||
Bombardier, Inc. | |||
144A 6.125%, 1/15/23(1) | 95 | 96 | |
144A 7.500%, 12/1/24(1) | 155 | 161 | |
144A 7.875%, 4/15/27(1) | 70 | 72 | |
Fortress Transportation & Infrastructure Investors LLC | |||
144A 6.750%, 3/15/22(1) | 175 | 178 | |
144A 6.500%, 10/1/25(1) | 220 | 217 | |
Garda World Security Corp. 144A 8.750%, 5/15/25(1) | 350 | 333 | |
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22(1) | 190 | 170 | |
Hulk Finance Corp. 144A 7.000%, 6/1/26(1) | 165 | 156 | |
Navistar International Corp. 144A 6.625%, 11/1/25(1) | 390 | 396 | |
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(1) | 235 | 238 | |
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(1) | 185 | 178 | |
RBS Global, Inc. 144A 4.875%, 12/15/25(1) | 175 | 173 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(1) | 210 | 181 | |
Topaz Marine S.A. 144A 9.125%, 7/26/22(1) | 360 | 365 | |
TransDigm, Inc. | |||
6.000%, 7/15/22 | 105 | 107 |
Par Value | Value | ||
Industrials—continued | |||
6.500%, 7/15/24 | $95 | $98 | |
6.500%, 5/15/25 | 230 | 234 | |
6.375%, 6/15/26 | 130 | 129 | |
Vertiv Intermediate Holding Corp. PIK Interest Capitalization, 144A 12.000%, 2/15/22(1)(8) | 220 | 212 | |
3,694 | |||
Information Technology—4.9% | |||
Amkor Technology, Inc. 144A 6.625%, 9/15/27(1) | 310 | 315 | |
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(1) | 170 | 165 | |
CommScope Finance LLC 144A 8.250%, 3/1/27(1) | 370 | 384 | |
Dell International LLC | |||
144A 4.900%, 10/1/26(1) | 155 | 158 | |
144A 5.300%, 10/1/29(1) | 155 | 156 | |
Everi Payments, Inc. 144A 7.500%, 12/15/25(1) | 65 | 67 | |
Exela Intermediate LLC 144A 10.000%, 7/15/23(1) | 220 | 224 | |
First Data Corp. | |||
144A 5.000%, 1/15/24(1) | 105 | 107 | |
144A 5.750%, 1/15/24(1) | 450 | 463 | |
Infor US, Inc. 6.500%, 5/15/22 | 200 | 203 | |
SS&C Technologies, Inc. 144A 5.500%, 9/30/27(1) | 300 | 303 | |
ViaSat, Inc. | |||
144A 5.625%, 9/15/25(1) | 245 | 234 | |
144A 5.625%, 4/15/27(1) | 150 | 153 | |
2,932 | |||
Materials—10.2% | |||
AK Steel Corp. 7.000%, 3/15/27(3) | 170 | 142 | |
Alpha 3 BV 144A 6.250%, 2/1/25(1) | 280 | 270 | |
ArcelorMittal 6.125%, 6/1/25 | 200 | 222 | |
ARD Securities Finance S.a.r.l. PIK Interest Capitalization, 144A 8.750%, 1/31/23(1)(9) | 306 | 290 | |
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(1) | 200 | 200 | |
BWAY Holding Co. | |||
144A 5.500%, 4/15/24(1) | 75 | 74 | |
144A 7.250%, 4/15/25(1) | 190 | 183 | |
Calumet Specialty Products Partners LP 7.625%, 1/15/22 | 160 | 148 |
Par Value | Value | ||
Materials—continued | |||
Cascades, Inc. | |||
144A 5.500%, 7/15/22(1) | $140 | $141 | |
144A 5.750%, 7/15/23(1) | 115 | 115 | |
Cornerstone Chemical Co. 144A 6.750%, 8/15/24(1) | 200 | 188 | |
CPG Merger Sub LLC 144A 8.000%, 10/1/21(1) | 320 | 318 | |
Eldorado Gold Corp. 144A 6.125%, 12/15/20(1) | 175 | 171 | |
Element Solutions, Inc. 144A 5.875%, 12/1/25(1) | 175 | 176 | |
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(1) | 265 | 266 | |
Greif, Inc. 144A 6.500%, 3/1/27(1) | 195 | 199 | |
Hexion, Inc. | |||
6.625%, 4/15/20 | 75 | 63 | |
144A 13.750%, 2/1/22(1) | 190 | 66 | |
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(1)(3) | 315 | 314 | |
James Hardie International Finance DAC | |||
144A 4.750%, 1/15/25(1) | 200 | 197 | |
144A 5.000%, 1/15/28(1) | 200 | 193 | |
Kraton Polymers LLC 144A 7.000%, 4/15/25(1) | 310 | 313 | |
LSB Industries, Inc. 144A 9.625%, 5/1/23(1)(3) | 260 | 269 | |
NOVA Chemicals Corp. 144A 5.000%, 5/1/25(1) | 65 | 64 | |
Owens-Brockway Glass Container, Inc. 144A 6.375%, 8/15/25(1) | 180 | 189 | |
Reynolds Group Issuer, Inc. | |||
144A 7.000%, 7/15/24(1) | 165 | 170 | |
RegS 7.000%, 7/15/24(10) | 125 | 129 | |
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 190 | 192 | |
Teck Resources Ltd. 6.125%, 10/1/35 | 150 | 160 | |
Trident Merger Sub, Inc. 144A 6.625%, 11/1/25(1) | 265 | 248 | |
United States Steel Corp. 6.250%, 3/15/26 | 235 | 220 | |
Vedanta Resources plc 144A 6.375%, 7/30/22(1) | 200 | 194 | |
6,084 | |||
Par Value | Value | ||
Real Estate—1.0% | |||
ESH Hospitality, Inc. 144A 5.250%, 5/1/25(1) | $240 | $239 | |
MPT Operating Partnership LP 5.000%, 10/15/27 | 130 | 132 | |
Realogy Group LLC 144A 9.375%, 4/1/27(1) | 60 | 61 | |
Uniti Group, Inc. 144A 7.125%, 12/15/24(1) | 185 | 159 | |
591 | |||
Utilities—2.7% | |||
AmeriGas Partners LP 5.500%, 5/20/25 | 105 | 105 | |
Calpine Corp. 5.375%, 1/15/23 | 350 | 350 | |
Ferrellgas Partners LP 8.625%, 6/15/20 | 140 | 106 | |
NRG Energy, Inc. | |||
7.250%, 5/15/26 | 185 | 203 | |
5.750%, 1/15/28 | 55 | 58 | |
Suburban Propane Partners LP 5.500%, 6/1/24 | 145 | 141 | |
TerraForm Power Operating LLC | |||
144A 4.250%, 1/31/23(1) | 175 | 173 | |
144A 5.000%, 1/31/28(1) | 240 | 232 | |
Texas Competitive Electric Holdings Co. 144A 0.000%, 10/1/20(1)(5) | 500 | —(11) | |
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28(1) | 205 | 222 | |
1,590 | |||
Total Corporate Bonds And Notes (Identified Cost $48,220) | 47,391 | ||
Leveraged Loans(2)—11.8% | |||
Aerospace—0.2% | |||
Dynasty Acquisition Co., Inc. | |||
Tranche B (3 month LIBOR + 4.000%) 0.000%, 1/23/26(12) | 49 | 49 | |
Tranche B-1 (3 month LIBOR + 4.000%) 0.000%, 1/23/26(12) | 91 | 91 | |
140 | |||
Chemicals—0.5% | |||
New Arclin U.S. Holding Corp. First Lien (1 month LIBOR + 3.500%) 5.999%, 2/14/24 | 57 | 57 |
Par Value | Value | ||
Chemicals—continued | |||
Omnova Solutions, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 5.749%, 8/25/23 | $166 | $163 | |
US Salt LLC (1 month LIBOR + 4.750%) 7.232%, 1/16/26 | 55 | 55 | |
275 | |||
Consumer Durables—0.3% | |||
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%) 6.500%, 9/29/24 | 205 | 202 | |
Consumer Non-Durables—0.9% | |||
American Greetings Corp. (1 month LIBOR + 4.500%) 6.999%, 4/6/24 | 94 | 94 | |
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 5.744%, 9/6/24 | 188 | 180 | |
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.496%, 5/15/23 | 128 | 119 | |
Parfums Holdings Co., Inc. First Lien (3 month LIBOR + 4.250%) 6.879%, 6/30/24 | 174 | 171 | |
564 | |||
Energy—0.9% | |||
California Resources Corp. | |||
(1 month LIBOR + 10.375%) 12.871%, 12/31/21 | 155 | 163 | |
(1 month LIBOR + 4.750%) 7.246%, 12/31/22 | 55 | 54 | |
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 0.000%, 3/27/24(12) | 95 | 95 | |
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%) 6.500%, 9/27/24 | 199 | 198 | |
510 | |||
Financial—0.7% | |||
Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 8.999%, 8/4/25 | 278 | 281 |
Par Value | Value | ||
Financial—continued | |||
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.249%, 10/1/25 | $165 | $160 | |
441 | |||
Food / Tobacco—0.4% | |||
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 10/10/23 | 123 | 117 | |
Milk Specialties Co. (1 month LIBOR + 4.000%) 6.499%, 8/16/23 | 145 | 145 | |
262 | |||
Food and Drug—0.3% | |||
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.499%, 11/17/25 | 189 | 187 | |
Forest Prod / Containers—0.3% | |||
Klockner Pentaplast of America, Inc. (1 month LIBOR + 4.250%) 6.749%, 6/30/22 | 205 | 180 | |
Gaming / Leisure—0.4% | |||
Gateway Casinos & Entertainment Ltd. (3 month LIBOR + 3.000%) 5.601%, 12/1/23 | 45 | 44 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 10 | 10 | |
UFC Holdings LLC First Lien (1 month LIBOR + 3.250%) 5.750%, 8/18/23 | 190 | 189 | |
243 | |||
Healthcare—1.0% | |||
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%) 8.905%, 1/16/23 | 155 | 129 | |
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.249%, 10/10/25 | 221 | 207 | |
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 5.749%, 6/30/25 | 90 | 86 |
Par Value | Value | ||
Healthcare—continued | |||
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 8.000%, 2/22/24 | $84 | $77 | |
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%) 7.999%, 10/1/25 | 115 | 109 | |
608 | |||
Housing—0.6% | |||
Capital Automotive LP Tranche B, Second Lien (1 month LIBOR + 6.000%) 8.500%, 3/24/25 | 203 | 202 | |
CPG International LLC (3 month LIBOR + 3.750%) 6.633%, 5/5/24 | 147 | 146 | |
348 | |||
Information Technology—0.5% | |||
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.851%, 10/2/25 | 199 | 195 | |
Kronos, Inc. Second Lien (3 month LIBOR + 8.250%) 10.986%, 11/1/24 | 78 | 79 | |
274 | |||
Manufacturing—0.1% | |||
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(12) | 60 | 60 | |
Media / Telecom - Telecommunications—0.6% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 1/31/25 | 163 | 160 | |
Securus Technologies Holdings, Inc. | |||
First Lien (1 month LIBOR + 4.500%) 6.999%, 11/1/24 | 115 | 113 | |
Second Lien (1 month LIBOR + 8.250%) 10.749%, 11/1/25 | 100 | 98 | |
371 | |||
Media / Telecom - Wireless Communications—0.2% | |||
Sprint Communications, Inc. (1 month LIBOR + 2.500%) 5.000%, 2/2/24 | 113 | 110 |
Par Value | Value | ||
Metals / Minerals—0.4% | |||
Covia Holdings Corp. (weekly LIBOR + 3.750%) 0.000%, 6/1/25(12) | $99 | $84 | |
Graftech International Ltd. (1 month LIBOR + 3.500%) 5.999%, 2/12/25 | 128 | 128 | |
212 | |||
Retail—0.3% | |||
Bass Pro Group LLC (1 month LIBOR + 5.000%) 7.499%, 9/25/24 | 149 | 146 | |
Service—1.5% | |||
Crossmark Holdings, Inc. Second Lien (3 month PRIME + 6.500%) 12.000%, 12/21/20(4) | 190 | 1 | |
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.490%, 2/6/26 | 150 | 148 | |
Laureate Education, Inc. 2024 (1 month LIBOR + 3.500%) 5.999%, 4/26/24 | 94 | 94 | |
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.500%) 5.999%, 1/3/25 | 158 | 155 | |
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%) 5.499%, 11/8/24 | 246 | 244 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.749%, 12/31/25 | 105 | 102 | |
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.250%, 2/1/23 | 157 | 154 | |
898 | |||
Transportation - Automotive—0.6% | |||
Navistar Financial Corp. (1 month LIBOR + 3.750%) 6.250%, 7/30/25 | 149 | 149 | |
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%) 0.000%, 3/18/26(12) | 195 | 192 | |
341 | |||
Par Value | Value | ||
Utility—1.1% | |||
APLP Holdings LP (1 month LIBOR + 2.750%) 5.249%, 4/13/23 | $146 | $146 | |
Brookfield WEC Holdings, Inc. | |||
First Lien (1 month LIBOR + 3.750%) 6.249%, 8/1/25 | 80 | 79 | |
Second Lien (1 month LIBOR + 6.750%) 0.000%, 8/3/26(12) | 120 | 120 | |
Lightstone Holdco LLC | |||
Tranche B (1 month LIBOR + 3.750%) 6.249%, 1/30/24 | 87 | 84 | |
Tranche C (1 month LIBOR + 3.750%) 6.249%, 1/30/24 | 5 | 5 | |
Talen Energy Supply LLC (1 month LIBOR + 4.000%) 6.499%, 4/15/24 | 107 | 106 | |
Vistra Operations Co. LLC (1 month LIBOR + 2.000%) 4.499%, 8/4/23 | 135 | 133 | |
673 | |||
Total Leveraged Loans (Identified Cost $7,378) | 7,045 | ||
Shares | ||
Preferred Stocks—1.2% | ||
Financials—1.2% | ||
Citigroup, Inc. Series T, 6.250% | 190(13) | 200 |
Huntington Bancshares, Inc. Series E, 5.700% | 236(13) | 230 |
KeyCorp Series D, 5.000% | 250(13) | 245 |
675 | ||
Total Preferred Stocks (Identified Cost $678) | 675 | |
Common Stocks—0.0% | ||
Energy—0.0% | ||
Frontera Energy Corp.(3) | 1,088 | 9 |
Sabine Oil & Gas LLC(14) | 160 | 5 |
14 | ||
Total Common Stocks (Identified Cost $27) | 14 | |
Shares | Value | ||
Exchange-Traded Funds—1.0% | |||
iShares iBoxx High Yield Corporate Bond Index Fund(15) | 3,478 | $301 | |
SPDR Bloomberg Barclays Short-Term High Yield Bond Index Fund(15) | 8,615 | 310 | |
Total Exchange-Traded Funds (Identified Cost $611) | 611 | ||
Right—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(14)(16) | 8,563 | 6 | |
Total Right (Identified Cost $7) | 6 | ||
Warrants—0.0% | |||
Energy—0.0% | |||
Sabine Oil & Gas LLC(16) | 105 | —(11) | |
Sabine Oil & Gas LLC(16) | 501 | 2 | |
2 | |||
Total Warrants (Identified Cost $4) | 2 | ||
Total Long-Term Investments—97.5% (Identified Cost $59,435) | 58,256 | ||
Short-Term Investment—0.2% | |||
Money Market Mutual Fund—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(15) | 134,008 | 134 | |
Total Short-Term Investment (Identified Cost $134) | 134 | ||
Securities Lending Collateral—2.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(15)(17) | 1,640,510 | 1,640 | |
Total Securities Lending Collateral (Identified Cost $1,641) | 1,640 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $61,210) | $60,030 | ||
Other assets and liabilities, net—(0.5)% | (276) | ||
NET ASSETS—100.0% | $59,754 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
SPDR | S&P Depositary Receipt |
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 March 31, 2019, these securities amounted to a value of $30,983 or 51.9% of net assets. |
(2) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | All or a portion of security is on loan. |
(4) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(5) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(6) | Interest payments may be deferred. |
(7) | No contractual maturity date. |
(8) | 100% of the income received was in cash. |
(9) | 100% of the income received was in PIK. |
(10) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(11) | Amount is less than $500. |
(12) | This loan will settle after March 31, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(13) | Value shown as par value. |
(14) | 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. |
(15) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(16) | Non-income producing. |
(17) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 83% |
Canada | 5 |
Luxembourg | 3 |
Netherlands | 2 |
Ireland | 1 |
United Kingdom | 1 |
Bermuda | 1 |
Other | 4 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $777 | $— | $777 | $— | |||
Corporate Bonds And Notes | 47,391 | — | 47,391 | —(1) | |||
Foreign Government Securities | 911 | — | 911 | — | |||
Leveraged Loans | 7,045 | — | 7,045 | — | |||
Mortgage-Backed Securities | 824 | — | 824 | — | |||
Equity Securities: | |||||||
Exchange-Traded Funds | 611 | 611 | — | — | |||
Common Stocks | 14 | 9 | — | 5 | |||
Preferred Stocks | 675 | — | 675 | — | |||
Right | 6 | — | — | 6 | |||
Warrants | 2 | — | 2 | — | |||
Securities Lending Collateral | 1,640 | 1,640 | — | — | |||
Money Market Mutual Fund | 134 | 134 | — | — | |||
Total Investments | $60,030 | $2,394 | $57,625 | $11 |
(1) | Amount is less than $500. |
Par Value | Value | ||
U.S. Government Securities—5.2% | |||
U.S. Treasury Bill 0.000%, 6/27/19 | $ 5,230 | $5,200 | |
U.S. Treasury Note 1.625%, 4/30/19 | 16,300 | 16,289 | |
Total U.S. Government Securities (Identified Cost $21,490) | 21,489 | ||
Municipal Bond—0.0% | |||
Illinois—0.0% | |||
State of Illinois 5.547%, 4/1/19 | 190 | 190 | |
Total Municipal Bond (Identified Cost $190) | 190 | ||
Foreign Government Securities—0.5% | |||
Argentine Republic | |||
5.625%, 1/26/22 | 523 | 451 | |
4.625%, 1/11/23 | 440 | 360 | |
Republic of South Africa 4.665%, 1/17/24 | 325 | 328 | |
Sultanate of Oman 144A 4.125%, 1/17/23(1) | 935 | 894 | |
Total Foreign Government Securities (Identified Cost $2,244) | 2,033 | ||
Mortgage-Backed Securities—35.3% | |||
Agency—1.6% | |||
Federal National Mortgage Association | |||
Pool #AD6058 4.000%, 8/1/25 | 41 | 42 | |
Pool #AO5149 3.000%, 6/1/27 | 172 | 174 | |
Pool #AL7532 3.000%, 11/1/27 | 565 | 572 | |
Pool #AS5730 3.000%, 9/1/30 | 1,091 | 1,101 | |
Pool #AS5927 3.000%, 10/1/30 | 507 | 512 | |
Pool #AZ4794 3.000%, 10/1/30 | 3,526 | 3,560 | |
Pool #MA0908 4.000%, 11/1/31 | 269 | 280 | |
Pool #AC3654 5.000%, 10/1/39 | 187 | 202 | |
Pool #AD3841 4.500%, 4/1/40 | 77 | 82 | |
Federal National Mortgage Association REMIC 1997-70, PE (P.O.) 0.000%, 4/25/22 | 1 | 1 | |
Government National Mortgage Association |
Par Value | Value | ||
Agency—continued | |||
Pool #345039 7.000%, 9/15/23 | $4 | $4 | |
Pool #780023 7.000%, 9/15/24 | 3 | 3 | |
Pool #407660 7.000%, 7/15/25 | 9 | 9 | |
6,542 | |||
Non-Agency—33.7% | |||
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29(1) | 166 | 165 | |
Ajax Mortgage Loan Trust 2017-B, A 144A 3.163%, 9/25/56(1)(2) | 548 | 545 | |
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1) | 186 | 188 | |
Angel Oak Mortgage Trust I LLC | |||
2018-1, A1 144A 3.258%, 4/27/48(1)(2) | 688 | 686 | |
2018-2, A1 144A 3.674%, 7/27/48(1)(2) | 1,459 | 1,464 | |
2018-3, A1 144A 3.649%, 9/25/48(1)(2) | 2,597 | 2,610 | |
2019-1, A1 144A 3.920%, 11/25/48(1)(2) | 1,463 | 1,477 | |
Angel Oak Mortgage Trust LLC 2017-3, A1 144A 2.708%, 11/25/47(1)(2) | 292 | 290 | |
Arroyo Mortgage Trust | |||
2018-1, A1 144A 3.763%, 4/25/48(1)(2) | 1,999 | 2,021 | |
2019-1, A1 144A 3.805%, 1/25/49(1)(2) | 1,032 | 1,039 | |
Aventura Mall Trust | |||
2013-AVM, A 144A 3.743%, 12/5/32(1)(2) | 1,721 | 1,741 | |
2013-AVM, C 144A 3.743%, 12/5/32(1)(2) | 1,130 | 1,143 | |
Banc of America Funding Trust | |||
2004-B, 2A1 4.943%, 11/20/34(2) | 20 | 20 | |
2005-1, 1A1 5.500%, 2/25/35 | 105 | 105 | |
2006-2, 3A1 6.000%, 3/25/36 | 23 | 24 | |
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust | |||
2004-22CB, 1A1 6.000%, 10/25/34 | 1,886 | 1,970 | |
2004-24CB, 1A1 6.000%, 11/25/34 | 164 | 166 |
Par Value | Value | ||
Non-Agency—continued | |||
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 4.076%, 8/25/34(2) | $446 | $446 | |
Bayview Commercial Asset Trust 2006-2A, A2 (1 month LIBOR + 0.280%) 144A 2.765%, 7/25/36(1)(2) | 239 | 230 | |
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(2) | 253 | 254 | |
Bayview Opportunity Master Fund IVa Trust 2017-RT1, A1 144A 3.000%, 3/28/57(1)(2) | 631 | 627 | |
Bayview Opportunity Master Fund IVb Trust 2017-SPL4, A 144A 3.500%, 1/28/55(1)(2) | 472 | 474 | |
Bear Stearns ARM Trust 2004-9, 22A1 4.714%, 11/25/34(2) | 340 | 345 | |
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(1)(2) | 1,260 | 1,260 | |
BX Trust | |||
2018-MCSF, A (1 month LIBOR + 0.577%) 144A 3.060%, 4/15/35(1)(2) | 550 | 541 | |
2018-GW, B (1 month LIBOR + 1.020%) 144A 3.504%, 5/15/35(1)(2) | 1,265 | 1,256 | |
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(1) | 590 | 606 | |
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.404%, 12/15/36(1)(2) | 1,200 | 1,195 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2004-NCM2, 2CB2 6.750%, 8/25/34 | 122 | 131 | |
2014-A, A 144A 4.000%, 1/25/35(1)(2) | 293 | 301 | |
2013-A, A 144A 3.000%, 5/25/42(1)(2) | 1,035 | 1,022 | |
2015-PS1, A1 144A 3.750%, 9/25/42(1)(2) | 205 | 208 | |
2015-A, A1 144A 3.500%, 6/25/58(1)(2) | 459 | 461 | |
2018-RP3, A1 144A 3.250%, 3/25/61(1)(2) | 873 | 877 |
Par Value | Value | ||
Non-Agency—continued | |||
Cold Storage Trust 2017-ICE3, A (1 month LIBOR + 1.000%) 144A 3.484%, 4/15/36(1)(2) | $1,090 | $1,090 | |
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A 4.634%, 12/17/33(1)(2) | 624 | 624 | |
COLT Mortgage Loan Trust Funding LLC | |||
2016-2, A1 144A 2.750%, 9/25/46(1)(2) | 351 | 350 | |
2017-1, A3 144A 3.074%, 5/27/47(1)(2) | 181 | 181 | |
2018-1, A1 144A 2.930%, 2/25/48(1)(2) | 824 | 820 | |
2018-2, A1 144A 3.470%, 7/27/48(1)(2) | 459 | 460 | |
2018-3, A1 144A 3.692%, 10/26/48(1)(2) | 928 | 930 | |
2019-1, A1 144A 3.705%, 3/25/49(1)(2) | 1,132 | 1,137 | |
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(2) | 460 | 480 | |
Commercial Mortgage Trust 2014-277P, A 144A 3.611%, 8/10/49(1)(2) | 2,595 | 2,693 | |
CoreVest American Finance Trust | |||
2017-1, A 144A 2.968%, 10/15/49(1) | 294 | 291 | |
2018-1, A 144A 3.804%, 6/15/51(1) | 684 | 694 | |
2018-2, A 144A 4.026%, 11/15/52(1) | 1,037 | 1,067 | |
Credit Suisse First Boston Mortgage Securities Corp. | |||
2003-27, 5A3 5.250%, 11/25/33 | 34 | 35 | |
2003-AR30, 5A1 4.449%, 1/25/34(2) | 195 | 200 | |
Credit Suisse Mortgage Capital Trust | |||
2013-HYB1, A16 144A 2.998%, 4/25/43(1)(2) | 586 | 584 | |
2014-IVR2, A2 144A 3.763%, 4/25/44(1)(2) | 592 | 591 | |
2018-RPL8, A1 144A 4.125%, 7/25/58(1)(2) | 665 | 667 | |
Deephaven Residential Mortgage Trust | |||
2017-1A, A1 144A 2.725%, 12/26/46(1)(2) | 163 | 162 | |
2017-1A, A2 144A 2.928%, 12/26/46(1)(2) | 265 | 264 |
Par Value | Value | ||
Non-Agency—continued | |||
2017-2A, A1 144A 2.453%, 6/25/47(1)(2) | $209 | $207 | |
2017-3A, A3 144A 2.813%, 10/25/47(1)(2) | 342 | 340 | |
2018-2A, A1 144A 3.479%, 4/25/58(1)(2) | 1,222 | 1,229 | |
2018-3A, A1 144A 3.789%, 8/25/58(1)(2) | 294 | 296 | |
2019-1A, A1 144A 3.743%, 1/25/59(1)(2) | 1,163 | 1,167 | |
Ellington Financial Mortgage Trust 2018-1, A1FX 144A 4.140%, 10/25/58(1)(2) | 1,750 | 1,762 | |
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34(1)(2) | 810 | 806 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(2) | 796 | 796 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(2) | 532 | 529 | |
2018-2, A41 144A 4.500%, 10/25/58(1)(2) | 624 | 637 | |
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A 4.617%, 6/25/34(2) | 82 | 84 | |
GSAA Home Equity Trust | |||
2005-1, AF4 5.619%, 11/25/34(2) | 61 | 61 | |
2005-12, AF3W 4.999%, 9/25/35(2) | 35 | 36 | |
GSR Mortgage Loan Trust 2003-3F, 1A6 6.000%, 4/25/33 | 304 | 316 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1) | 1,070 | 1,061 | |
Homeward Opportunities Fund I Trust | |||
2018-1, A1 144A 3.766%, 6/25/48(1)(2) | 906 | 915 | |
2018-2, A1 144A 3.985%, 11/25/58(1)(2) | 877 | 889 | |
2019-1, A1 144A 3.454%, 1/25/59(1)(2) | 1,440 | 1,440 | |
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28 | 74 | 73 | |
JP Morgan Mortgage Trust 2005-A5, 1A2 4.244%, 8/25/35(2) | 533 | 539 | |
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust | |||
2004-1, 21A1 4.468%, 4/25/34(2) | 46 | 47 |
Par Value | Value | ||
Non-Agency—continued | |||
2004-10, 21A1 4.552%, 1/25/35(2) | $349 | $353 | |
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust | |||
2003-AR6, A1 4.229%, 6/25/33(2) | 161 | 163 | |
2003-AR4, 2A1 4.088%, 8/25/33(2) | 91 | 90 | |
JPMorgan Chase Commercial Mortgage Securities Trust | |||
2011-C4, A4 144A 4.388%, 7/15/46(1) | 288 | 296 | |
2014-C22, A4 3.801%, 9/15/47 | 1,695 | 1,762 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, AM 144A 3.392%, 6/25/29(1)(2) | 1,054 | 1,058 | |
2014-2, 2A2 144A 3.500%, 6/25/29(1)(2) | 842 | 852 | |
2006-A2, 4A1 4.482%, 8/25/34(2) | 83 | 85 | |
2014-1, 2A12 144A 3.500%, 1/25/44(1)(2) | 647 | 644 | |
2015-1, AM1 144A 3.621%, 12/25/44(1)(2) | 373 | 371 | |
2016-SH1, M2 144A 3.750%, 4/25/45(1)(2) | 587 | 597 | |
2015-5, A2 144A 3.270%, 5/25/45(1)(2) | 507 | 506 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(2) | 936 | 952 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(2) | 896 | 877 | |
2017-5, A1 144A 3.175%, 10/26/48(1)(2) | 2,631 | 2,630 | |
2017-4, A3 144A 3.500%, 11/25/48(1)(2) | 200 | 199 | |
2018-8, A3 144A 4.000%, 1/25/49(1)(2) | 341 | 345 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(2) | 1,195 | 1,199 | |
LoanDepot Station Place Agency Securitization Trust 2017-LD1, C (1 month LIBOR + 1.300%) 144A 3.785%, 11/25/50(1)(2)(3) | 775 | 775 | |
MASTR Alternative Loan Trust | |||
2003-8, 2A1 5.750%, 11/25/33 | 79 | 82 | |
2004-4, 6A1 5.500%, 4/25/34 | 102 | 106 | |
2004-7, 9A1 6.000%, 8/25/34 | 92 | 95 |
Par Value | Value | ||
Non-Agency—continued | |||
2005-2, 2A1 6.000%, 1/25/35 | $343 | $356 | |
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(1)(2) | 182 | 184 | |
Mill City Mortgage Trust | |||
2015-1, A3 144A 3.000%, 6/25/56(1)(2) | 600 | 596 | |
2016-1, A1 144A 2.500%, 4/25/57(1)(2) | 820 | 813 | |
2017-1, A1 144A 2.750%, 11/25/58(1)(2) | 1,401 | 1,387 | |
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46 | 1,515 | 1,588 | |
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(1) | 1,660 | 1,637 | |
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A 3.184%, 11/15/34(1)(2) | 1,080 | 1,075 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.957%, 6/25/44(1)(2) | 350 | 346 | |
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A 3.404%, 8/15/34(1)(2) | 1,682 | 1,675 | |
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38 | 121 | 124 | |
New Residential Mortgage Loan Trust | |||
2016-2A, A1 144A 3.750%, 11/26/35(1)(2) | 1,984 | 2,006 | |
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.236%, 1/25/48(1)(2) | 1,694 | 1,682 | |
2019-NQM1, A1 144A 3.675%, 1/25/49(1)(2) | 2,798 | 2,812 | |
2014-1A, A 144A 3.750%, 1/25/54(1)(2) | 1,270 | 1,283 | |
2014-2A, A3 144A 3.750%, 5/25/54(1)(2) | 120 | 121 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(2) | 1,057 | 1,068 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(2) | 1,487 | 1,504 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(2) | 858 | 863 | |
2016-3A, A1 144A 3.750%, 9/25/56(1)(2) | 848 | 857 | |
2016-4A, A1 144A 3.750%, 11/25/56(1)(2) | 2,400 | 2,425 |
Par Value | Value | ||
Non-Agency—continued | |||
2017-2A, A3 144A 4.000%, 3/25/57(1)(2) | $372 | $380 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(2) | 1,700 | 1,736 | |
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.210%, 3/25/35(2) | 941 | 948 | |
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(1)(2) | 1,203 | 1,187 | |
OBX Trust | |||
2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(2) | 835 | 842 | |
2019-INV1, A3 144A 4.500%, 11/25/48(1)(2) | 562 | 574 | |
2018-1, A2 (1 month LIBOR + 0.650%) 144A 3.135%, 6/25/57(1)(2) | 975 | 968 | |
Pretium Mortgage Credit Partners I LLC | |||
2018-NPL1, A1 144A 3.375%, 1/27/33(1)(2) | 839 | 834 | |
2018-NPL3, A1 144A 4.125%, 8/25/33(1)(2) | 450 | 452 | |
2019-NPL1, A1 144A 4.213%, 7/25/60(1)(2) | 942 | 945 | |
Progress Residential Trust | |||
2017-SFR1, B 144A 3.017%, 8/17/34(1) | 690 | 680 | |
2018-SFR2, B 144A 3.841%, 8/17/35(1) | 1,750 | 1,768 | |
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(1)(2) | 1,177 | 1,186 | |
Residential Mortgage Loan Trust 2019-1, A1 144A 3.936%, 10/25/58(1)(2) | 1,341 | 1,343 | |
Sequoia Mortgage Trust 2015-4, A1 144A 3.000%, 11/25/30(1)(2) | 2,049 | 2,047 | |
Starwood Mortgage Residential Trust | |||
2018-IMC1, A1 144A 3.793%, 3/25/48(1)(2) | 2,431 | 2,451 | |
2019-IMC1, A1 144A 3.468%, 4/25/49(1)(2) | 995 | 995 | |
Starwood Waypoint Homes Trust 2017-1, A (1 month LIBOR + 0.950%) 144A 3.434%, 1/17/35(1)(2) | 667 | 666 | |
Structured Adjustable Rate Mortgage Loan Trust | |||
2004-1, 6A 4.709%, 2/25/34(2) | 430 | 430 | |
2004-4, 3A1 4.554%, 4/25/34(2) | 81 | 83 | |
2004-4, 3A2 4.554%, 4/25/34(2) | 392 | 402 |
Par Value | Value | ||
Non-Agency—continued | |||
2004-14, 7A 4.480%, 10/25/34(2) | $165 | $165 | |
Structured Asset Securities Corp. 2003-37A, 2A 4.448%, 12/25/33(2) | 90 | 90 | |
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates 2003-34A, 6A 4.769%, 11/25/33(2) | 244 | 245 | |
Sutherland Commercial Mortgage Loans 2018-SBC7, A 144A 4.720%, 5/25/39(1)(2) | 912 | 913 | |
Towd Point Mortgage Trust | |||
2015-3, A1B 144A 3.000%, 3/25/54(1)(2) | 294 | 292 | |
2016-1, A1B 144A 2.750%, 2/25/55(1)(2) | 454 | 450 | |
2015-5, A1B 144A 2.750%, 5/25/55(1)(2) | 557 | 552 | |
2015-5, A2 144A 3.500%, 5/25/55(1)(2) | 275 | 277 | |
2016-2, A1 144A 3.000%, 8/25/55(1)(2) | 218 | 217 | |
2016-3, A1 144A 2.250%, 4/25/56(1)(2) | 669 | 658 | |
2016-4, A1 144A 2.250%, 7/25/56(1)(2) | 1,146 | 1,123 | |
2017-1, A1 144A 2.750%, 10/25/56(1)(2) | 2,001 | 1,979 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(2) | 686 | 695 | |
2019-1, A1 144A 3.750%, 3/25/58(1)(2) | 749 | 761 | |
2018-4, A1 144A 3.000%, 6/25/58(1)(2) | 1,731 | 1,712 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(2) | 1,321 | 1,323 | |
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(1) | 360 | 355 | |
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(1)(2) | 714 | 716 | |
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47(1)(2) | 90 | 89 | |
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(1)(2) | 858 | 859 | |
Vericrest Opportunity Loan Trust LXIV LLC 2017-NP11, A1 144A 3.375%, 10/25/47(1)(2) | 714 | 713 |
Par Value | Value | ||
Non-Agency—continued | |||
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(1)(2) | $1,745 | $1,750 | |
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A 4.115%, 9/25/48(1)(2) | 327 | 328 | |
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(1)(2) | 1,140 | 1,148 | |
Verus Securitization Trust | |||
2017-1A, A1 144A 2.853%, 1/25/47(1)(2) | 131 | 131 | |
2017-2A, A1 144A 2.485%, 7/25/47(1)(2) | 724 | 717 | |
2018-1, A1 144A 2.929%, 2/25/48(1)(2) | 1,035 | 1,030 | |
2018-INV1, A3 144A 4.052%, 3/25/58(1)(2) | 549 | 554 | |
2018-2, A1 144A 3.677%, 6/1/58(1)(2) | 3,285 | 3,317 | |
2019-1, A1 144A 3.836%, 2/25/59(1)(2) | 1,498 | 1,509 | |
2019-INV1, A1 144A 3.402%, 12/25/59(1)(2) | 995 | 995 | |
Wells Fargo Mortgage Backed Securities Trust | |||
2003-G, A1 4.465%, 6/25/33(2) | 42 | 43 | |
2003-J, 2A1 4.583%, 10/25/33(2) | 90 | 91 | |
2003-J, 5A1 4.615%, 10/25/33(2) | 166 | 169 | |
2004-A, A1 5.015%, 2/25/34(2) | 40 | 42 | |
2004-K, 1A2 4.481%, 7/25/34(2) | 138 | 141 | |
2004-U, A1 4.744%, 10/25/34(2) | 44 | 45 | |
2004-Z, 2A1 4.976%, 12/25/34(2) | 79 | 81 | |
2005-AR12, 2A5 4.881%, 6/25/35(2) | 1,104 | 1,134 | |
2005-14, 2A1 5.500%, 12/25/35 | 40 | 41 | |
139,244 | |||
Total Mortgage-Backed Securities (Identified Cost $145,384) | 145,786 | ||
Par Value | Value | ||
Asset-Backed Securities—31.3% | |||
Auto Floor Plan—0.2% | |||
NextGear Floorplan Master Owner Trust 2017-2A, A2 144A 2.560%, 10/17/22(1) | $920 | $916 | |
Automobiles—19.0% | |||
ACC Trust | |||
2018-1, A 144A 3.700%, 12/21/20(1) | 362 | 363 | |
2019-1, A 144A 3.750%, 5/20/22(1) | 1,150 | 1,155 | |
American Credit Acceptance Receivables Trust | |||
2017-2, C 144A 2.860%, 6/12/23(1) | 748 | 747 | |
2018-3, C 144A 3.750%, 10/15/24(1) | 1,090 | 1,095 | |
2018-4, C 144A 3.970%, 1/13/25(1) | 1,110 | 1,125 | |
2019-1, C 144A 3.500%, 4/14/25(1) | 1,200 | 1,207 | |
AmeriCredit Automobile Receivables Trust | |||
2015-3, C 2.730%, 3/8/21 | 498 | 498 | |
2015-4, C 2.880%, 7/8/21 | 700 | 700 | |
2016-1, B 2.300%, 3/8/21 | 1,328 | 1,327 | |
2016-2, B 2.210%, 5/10/21 | 813 | 812 | |
2016-4, C 2.410%, 7/8/22 | 725 | 722 | |
2017-1, C 2.710%, 8/18/22 | 915 | 913 | |
2018-1, D 3.820%, 3/18/24 | 975 | 992 | |
2019-1, C 3.360%, 2/18/25 | 1,200 | 1,211 | |
Avid Automobile Receivables Trust 2018-1, A 144A 2.840%, 8/15/23(1) | 527 | 525 | |
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2015-2A, A 144A 2.630%, 12/20/21(1) | 910 | 905 |
Par Value | Value | ||
Automobiles—continued | |||
(AESOP) 2016-1A, A 144A 2.990%, 6/20/22(1) | $800 | $801 | |
(AESOP) 2017-1A, A 144A 3.070%, 9/20/23(1) | 1,110 | 1,111 | |
(AESOP) 2019-1A, A 144A 3.450%, 3/20/23(1) | 1,000 | 1,011 | |
California Republic Auto Receivables Trust | |||
2015-3, B 2.700%, 9/15/21 | 650 | 648 | |
2016-1, B 3.430%, 2/15/22 | 785 | 787 | |
Capital Auto Receivables Asset Trust 2017-1, C 144A 2.700%, 9/20/22(1) | 920 | 909 | |
CarMax Auto Owner Trust | |||
2015-2, C 2.390%, 3/15/21 | 1,495 | 1,492 | |
2016-2, B 2.160%, 12/15/21 | 750 | 744 | |
2017-1, B 2.540%, 9/15/22 | 900 | 895 | |
2019-1, C 3.740%, 1/15/25 | 1,175 | 1,191 | |
CarNow Auto Receivables Trust 2017-1A, A 144A 2.920%, 9/15/22(1) | 267 | 266 | |
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24(1) | 1,195 | 1,203 | |
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1) | 709 | 702 | |
Chrysler Capital Auto Receivables Trust 2015-BA, D 144A 4.170%, 1/16/23(1) | 965 | 969 | |
CPS Auto Receivables Trust | |||
2017-C, B 144A 2.300%, 7/15/21(1) | 1,072 | 1,070 | |
2017-D, B 144A 2.430%, 1/18/22(1) | 1,235 | 1,231 | |
2018-C, D 144A 4.400%, 6/17/24(1) | 905 | 923 | |
Credit Acceptance Auto Loan Trust 2018-1A, A 144A 3.010%, 2/16/27(1) | 505 | 505 |
Par Value | Value | ||
Automobiles—continued | |||
Drive Auto Receivables Trust | |||
2015-DA, C 144A 3.380%, 11/15/21(1) | $33 | $33 | |
2016-CA, C 144A 3.020%, 11/15/21(1) | 813 | 813 | |
2017-AA, C 144A 2.980%, 1/18/22(1) | 599 | 600 | |
2018-4, D 4.090%, 1/15/26 | 220 | 224 | |
2019-1, C 3.780%, 4/15/25 | 1,175 | 1,192 | |
DT Auto Owner Trust | |||
2016-3A, C 144A 3.150%, 3/15/22(1) | 51 | 51 | |
2016-4A, C 144A 2.740%, 10/17/22(1) | 324 | 323 | |
2018-1A, C 144A 3.470%, 12/15/23(1) | 910 | 913 | |
2018-3A, C 144A 3.790%, 7/15/24(1) | 1,835 | 1,855 | |
2019-1A, C 144A 3.610%, 11/15/24(1) | 800 | 806 | |
Exeter Automobile Receivables Trust | |||
2015-1A, C 144A 4.100%, 12/15/20(1) | 271 | 272 | |
2015-2A, C 144A 3.900%, 3/15/21(1) | 867 | 869 | |
2016-3A, B 144A 2.840%, 8/16/21(1) | 998 | 997 | |
2017-1A, B 144A 3.000%, 12/15/21(1) | 794 | 794 | |
2017-3A, B 144A 2.810%, 9/15/22(1) | 545 | 543 | |
2018-1A, C 144A 3.030%, 1/17/23(1) | 2,200 | 2,201 | |
2018-2A, C 144A 3.690%, 3/15/23(1) | 915 | 922 | |
2018-3A, C 144A 3.710%, 6/15/23(1) | 1,105 | 1,116 |
Par Value | Value | ||
Automobiles—continued | |||
2019-1A, C 144A 3.820%, 12/16/24(1) | $1,165 | $1,177 | |
First Investors Auto Owner Trust | |||
2016-2A, C 144A 2.530%, 7/15/22(1) | 1,490 | 1,477 | |
2017-2A, B 144A 2.650%, 11/15/22(1) | 900 | 896 | |
Flagship Credit Auto Trust | |||
2014-2, D 144A 5.210%, 2/15/21(1) | 905 | 908 | |
2015-2, C 144A 4.080%, 12/15/21(1) | 505 | 509 | |
2016-1, A 144A 2.770%, 12/15/20(1) | 19 | 19 | |
2016-2, B 144A 3.840%, 9/15/22(1) | 1,390 | 1,397 | |
2016-3, D 144A 3.890%, 11/15/22(1) | 795 | 801 | |
2019-1, C 144A 3.600%, 2/18/25(1) | 780 | 788 | |
Foursight Capital Automobile Receivables Trust | |||
2016-1, A2 144A 2.870%, 10/15/21(1) | 241 | 241 | |
2017-1, B 144A 3.050%, 12/15/22(1) | 855 | 853 | |
2018-1, C 144A 3.680%, 8/15/23(1) | 910 | 920 | |
GLS Auto Receivables Issuer Trust 2019-1A, B 144A 3.650%, 12/16/24(1) | 1,250 | 1,260 | |
GLS Auto Receivables Trust | |||
2017-1A, C 144A 3.500%, 7/15/22(1) | 560 | 559 | |
2018-1A, A 144A 2.820%, 7/15/22(1) | 540 | 540 | |
2018-3A, C 144A 4.180%, 7/15/24(1) | 1,340 | 1,364 |
Par Value | Value | ||
Automobiles—continued | |||
GM Financial Consumer Automobile 2017-1A, B 144A 2.300%, 6/16/23(1) | $915 | $908 | |
Hertz Vehicle Financing II LP | |||
2015-1A, A 144A 2.730%, 3/25/21(1) | 735 | 733 | |
2015-3A, A 144A 2.670%, 9/25/21(1) | 925 | 919 | |
2016-4A, A 144A 2.650%, 7/25/22(1) | 2,140 | 2,114 | |
2019-1A, A 144A 3.710%, 3/25/23(1) | 970 | 982 | |
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(1) | 723 | 722 | |
Hyundai Auto Receivables Trust | |||
2015-A, D 2.730%, 6/15/21 | 550 | 550 | |
2015-C, B 2.150%, 11/15/21 | 1,500 | 1,496 | |
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(1) | 925 | 920 | |
Santander Drive Auto Receivables Trust | |||
2014-4, D 3.100%, 11/16/20 | 469 | 469 | |
2016-1, C 3.090%, 4/15/22 | 1,269 | 1,270 | |
2017-1, C 2.580%, 5/16/22 | 915 | 913 | |
2018-2, C 3.350%, 7/17/23 | 920 | 925 | |
Tesla Auto Lease Trust | |||
2018-A, A 144A 2.320%, 12/20/19(1) | 399 | 399 | |
2018-B, B 144A 4.120%, 10/20/21(1) | 925 | 934 | |
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22(1) | 877 | 889 | |
Westlake Automobile Receivables Trust | |||
2016-2A, C 144A 2.830%, 5/17/21(1) | 237 | 237 |
Par Value | Value | ||
Automobiles—continued | |||
2017-2A, C 144A 2.590%, 12/15/22(1) | $910 | $906 | |
2018-1A, C 144A 2.920%, 5/15/23(1) | 1,733 | 1,732 | |
2018-3A, C 144A 3.610%, 10/16/23(1) | 1,348 | 1,360 | |
78,366 | |||
Home Equity Loans—0.1% | |||
Asset Backed Funding Certificates 2005-AQ1, A6 4.741%, 1/25/35(2) | 30 | 30 | |
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(2) | 98 | 99 | |
Centex Home Equity Loan Trust | |||
2002-A, AF6 5.540%, 1/25/32 | 40 | 40 | |
2004-D, AF5 5.850%, 9/25/34(2) | 162 | 164 | |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31 | 74 | 73 | |
406 | |||
Other—11.2% | |||
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(1) | 614 | 609 | |
Ascentium Equipment Receivables Trust 2018-1A, B 144A 3.460%, 11/13/23(1) | 1,480 | 1,499 | |
Avant Loans Funding Trust 2019-A, A 144A 3.480%, 7/15/22(1) | 1,215 | 1,215 | |
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(1) | 867 | 869 | |
AXIS Equipment Finance Receivables VI LLC 2018-2A, A2 144A 3.890%, 7/20/22(1) | 1,015 | 1,025 | |
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1) | 529 | 524 | |
BXG Receivables Note Trust | |||
2012-A, A 144A 2.660%, 12/2/27(1) | 21 | 21 |
Par Value | Value | ||
Other—continued | |||
2013-A, A 144A 3.010%, 12/4/28(1) | $753 | $744 | |
2015-A, A 144A 2.880%, 5/2/30(1) | 205 | 202 | |
CCG Receivables Trust 2018-1, A2 144A 2.500%, 6/16/25(1) | 2,666 | 2,660 | |
Conn’s Receivables Funding LLC 2018-A, B 144A 4.650%, 1/15/23(1) | 715 | 718 | |
Consumer Loan Underlying Bond Credit Trust 2018-P2, A 144A 3.470%, 10/15/25(1) | 808 | 809 | |
DB Master Finance LLC | |||
2015-1A, A2II 144A 3.980%, 2/20/45(1) | 878 | 877 | |
2017-1A, A2I 144A 3.629%, 11/20/47(1) | 1,134 | 1,134 | |
Dell Equipment Finance Trust 2017-2, A3 144A 2.190%, 10/24/22(1) | 830 | 827 | |
Diamond Resorts Owner Trust 2017-1A, A 144A 3.270%, 10/22/29(1) | 1,220 | 1,225 | |
Foundation Finance Trust | |||
2017-1A, A 144A 3.300%, 7/15/33(1) | 1,044 | 1,043 | |
2019-1A, A 144A 3.860%, 11/15/34(1) | 1,195 | 1,195 | |
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1) | 146 | 146 | |
GreatAmerica Leasing Receivables Funding LLC 2017-1, A4 144A 2.360%, 1/20/23(1) | 905 | 899 | |
Hilton Grand Vacations Trust | |||
2013-A, A 144A 2.280%, 1/25/26(1) | 270 | 270 | |
2014-AA, A 144A 1.770%, 11/25/26(1) | 92 | 91 | |
2017-AA, A 144A 2.660%, 12/26/28(1) | 495 | 491 | |
2018-AA, A 144A 3.540%, 2/25/32(1) | 998 | 1,012 | |
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(1) | 1,095 | 1,123 |
Par Value | Value | ||
Other—continued | |||
Marlette Funding Trust | |||
2018-1A, A 144A 2.610%, 3/15/28(1) | $299 | $298 | |
2018-3A, A 144A 3.200%, 9/15/28(1) | 569 | 569 | |
Marriott Vacation Club Owner Trust 2012-1A, A 144A 2.510%, 5/20/30(1) | 111 | 111 | |
MVW Owner Trust | |||
2015-1A, B 144A 2.960%, 12/20/32(1) | 158 | 155 | |
2016-1A, A 144A 2.250%, 12/20/33(1) | 760 | 747 | |
2017-1A, A 144A 2.420%, 12/20/34(1) | 689 | 675 | |
OneMain Financial Issuance Trust | |||
2015-1A, A 144A 3.190%, 3/18/26(1) | 105 | 105 | |
2018-1A, A 144A 3.300%, 3/14/29(1) | 1,895 | 1,904 | |
Oportun Funding IX LLC 2018-B, A 144A 3.910%, 7/8/24(1) | 905 | 911 | |
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1) | 250 | 251 | |
Orange Lake Timeshare Trust | |||
2015-AA, A 144A 2.880%, 9/8/27(1) | 170 | 168 | |
2018-A, A 144A 3.100%, 11/8/30(1) | 244 | 245 | |
Prosper Marketplace Issuance Trust | |||
2018-1A, A 144A 3.110%, 6/17/24(1) | 251 | 251 | |
2018-2A, B 144A 3.960%, 10/15/24(1) | 1,245 | 1,253 | |
Sierra Timeshare Conduit Receivables Funding LLC 2017-1A, A 144A 2.910%, 3/20/34(1) | 585 | 580 | |
Sierra Timeshare Receivables Funding LLC | |||
2016-1A, A 144A 3.080%, 3/21/33(1) | 177 | 177 |
Par Value | Value | ||
Other—continued | |||
2016-2A, A 144A 2.330%, 7/20/33(1) | $229 | $226 | |
2018-2A, A 144A 3.500%, 6/20/35(1) | 617 | 625 | |
2019-1A, B 144A 3.420%, 1/20/36(1) | 1,205 | 1,212 | |
SoFi Consumer Loan Program LLC | |||
2016-3, A 144A 3.050%, 12/26/25(1) | 570 | 570 | |
2017-1, A 144A 3.280%, 1/26/26(1) | 770 | 773 | |
2017-5, A2 144A 2.780%, 9/25/26(1) | 545 | 543 | |
2017-6, A2 144A 2.820%, 11/25/26(1) | 925 | 921 | |
SoFi Consumer Loan Program Trust | |||
2018-2, A2 144A 3.350%, 4/26/27(1) | 920 | 923 | |
2018-3, A1 144A 3.200%, 8/25/27(1) | 210 | 210 | |
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(1) | 823 | 822 | |
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(1) | 1,216 | 1,207 | |
Upgrade Receivables Trust 2019-1A, A 144A 3.480%, 3/15/25(1) | 1,385 | 1,387 | |
Upstart Securitization Trust | |||
2017-2, B 144A 3.748%, 3/20/25(1) | 1,440 | 1,440 | |
2019-1, A 144A 3.450%, 4/20/26(1) | 1,200 | 1,201 | |
VSE VOI Mortgage LLC | |||
2016-A, A 144A 2.540%, 7/20/33(1) | 651 | 644 | |
2017-A, A 144A 2.330%, 3/20/35(1) | 613 | 602 | |
Welk Resorts LLC | |||
2013-AA, A 144A 3.100%, 3/15/29(1) | 49 | 49 | |
2015-AA, A 144A 2.790%, 6/16/31(1) | 128 | 127 |
Par Value | Value | ||
Other—continued | |||
Wendy’s Funding LLC 2015-1A, A2II 144A 4.080%, 6/15/45(1) | $1,351 | $1,365 | |
Westgate Resorts LLC | |||
2016-1A, A 144A 3.500%, 12/20/28(1) | 512 | 512 | |
2018-1A, A 144A 3.380%, 12/20/31(1) | 1,298 | 1,301 | |
46,288 | |||
Student Loan—0.8% | |||
Commonbond Student Loan Trust 2017-AGS, A1 144A 2.550%, 5/25/41(1) | 531 | 524 | |
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36(1) | 77 | 77 | |
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(1) | 472 | 467 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1) | 920 | 914 | |
SLM Private Education Loan Trust | |||
2013-B, A2A 144A 1.850%, 6/17/30(1) | 240 | 240 | |
2013-C, A2A 144A 2.940%, 10/15/31(1) | 52 | 52 | |
2014-A, A2A 144A 2.590%, 1/15/26(1) | 209 | 209 | |
SoFi Professional Loan Program LLC | |||
2014-B, A2 144A 2.550%, 8/27/29(1) | 214 | 213 | |
2015-A, A2 144A 2.420%, 3/25/30(1) | 78 | 78 | |
2016-A, A2 144A 2.760%, 12/26/36(1) | 255 | 253 | |
2017-B, A1FX 144A 1.830%, 5/25/40(1) | 137 | 136 | |
2017-C, A2A 144A 1.750%, 7/25/40(1) | 267 | 266 | |
3,429 | |||
Total Asset-Backed Securities (Identified Cost $129,103) | 129,405 | ||
Par Value | Value | ||
Corporate Bonds And Notes—21.9% | |||
Communication Services—1.6% | |||
AT&T, Inc. | |||
2.800%, 2/17/21 | $290 | $290 | |
(3 month LIBOR + 0.890%) 3.583%, 2/15/23(2) | 475 | 463 | |
(3 month LIBOR + 1.180%) 3.777%, 6/12/24(2) | 1,095 | 1,086 | |
Axtel SAB de C.V. 144A 6.375%, 11/14/24(1) | 550 | 550 | |
Comcast Corp. | |||
3.950%, 10/15/25 | 384 | 402 | |
(3 month LIBOR + 0.440%) 3.032%, 10/1/21(2) | 136 | 136 | |
(3 month LIBOR + 0.630%) 3.417%, 4/15/24(2) | 45 | 45 | |
Crown Castle International Corp. 4.875%, 4/15/22 | 930 | 981 | |
Discovery Communications LLC 3.300%, 5/15/22 | 920 | 924 | |
Sprint Spectrum Co. LLC 144A 3.360%, 9/20/21(1) | 928 | 928 | |
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 3.784%, 5/15/25(2) | 986 | 986 | |
6,791 | |||
Consumer Discretionary—1.5% | |||
Aptiv Corp. 4.150%, 3/15/24 | 735 | 760 | |
Bunge Ltd. Finance Corp. 4.350%, 3/15/24 | 735 | 745 | |
Daimler Finance North America LLC 144A 2.200%, 10/30/21(1) | 1,195 | 1,170 | |
General Motors Financial Co., Inc. | |||
3.700%, 11/24/20 | 670 | 676 | |
3.200%, 7/6/21 | 975 | 971 | |
GLP Capital LP 5.250%, 6/1/25 | 640 | 670 | |
Horton (D.R.), Inc. 4.750%, 2/15/23 | 895 | 930 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 175 | 176 | |
6,098 | |||
Consumer Staples—2.0% | |||
Altria Group, Inc. | |||
3.490%, 2/14/22 | 46 | 47 | |
3.800%, 2/14/24 | 1,031 | 1,050 | |
4.400%, 2/14/26 | 56 | 58 |
Par Value | Value | ||
Consumer Staples—continued | |||
Anheuser-Busch InBev Worldwide, Inc. 4.150%, 1/23/25 | $1,101 | $1,148 | |
BAT Capital Corp. 2.764%, 8/15/22 | 1,105 | 1,087 | |
Campbell Soup Co. | |||
3.300%, 3/15/21 | 225 | 226 | |
3.650%, 3/15/23 | 555 | 563 | |
Conagra Brands, Inc. 4.300%, 5/1/24 | 1,090 | 1,130 | |
CVS Health Corp. | |||
3.700%, 3/9/23 | 1,501 | 1,525 | |
(3 month LIBOR + 0.720%) 3.321%, 3/9/21(2) | 265 | 265 | |
Kraft Heinz Foods Co. (The) | |||
3.500%, 7/15/22 | 90 | 91 | |
4.000%, 6/15/23 | 920 | 947 | |
8,137 | |||
Energy—1.4% | |||
Anadarko Petroleum Corp. 4.850%, 3/15/21 | 422 | 438 | |
Andeavor Logistics LP 3.500%, 12/1/22 | 1,000 | 1,010 | |
Energy Transfer Partners LP 4.500%, 11/1/23 | 310 | 323 | |
Kinder Morgan, Inc. | |||
3.150%, 1/15/23 | 1,005 | 1,007 | |
144A 5.625%, 11/15/23(1) | 85 | 93 | |
Petroleos Mexicanos 4.625%, 9/21/23 | 1,005 | 990 | |
Sabine Pass Liquefaction LLC 6.250%, 3/15/22 | 1,475 | 1,593 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1) | 255 | 259 | |
5,713 | |||
Financials—7.9% | |||
Ares Capital Corp. 3.500%, 2/10/23 | 740 | 720 | |
Aviation Capital Group LLC 144A 3.875%, 5/1/23(1) | 1,058 | 1,062 | |
Banco de Credito e Inversiones 144A 3.500%, 10/12/27(1) | 755 | 736 | |
Bank of America Corp. | |||
2.650%, 4/1/19 | 350 | 350 | |
4.200%, 8/26/24 | 2,155 | 2,232 |
Par Value | Value | ||
Financials—continued | |||
(3 month LIBOR + 0.770%) 3.503%, 2/5/26(2) | $705 | $689 | |
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22(4)(5) | 520 | 545 | |
Capital One N.A. 2.950%, 7/23/21 | 1,085 | 1,089 | |
Citigroup, Inc. (3 month LIBOR + 1.250%) 3.842%, 7/1/26(2) | 1,080 | 1,081 | |
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(1) | 935 | 937 | |
First Tennessee Bank N.A. 2.950%, 12/1/19 | 250 | 250 | |
FS KKR Capital Corp. | |||
4.250%, 1/15/20 | 176 | 176 | |
4.750%, 5/15/22 | 185 | 184 | |
Goldman Sachs Group, Inc. (The) | |||
2.350%, 11/15/21 | 350 | 345 | |
3.000%, 4/26/22 | 900 | 900 | |
4.250%, 10/21/25 | 715 | 732 | |
(3 month LIBOR + 1.170%) 3.854%, 5/15/26(2) | 900 | 883 | |
(3 month LIBOR + 1.750%) 4.515%, 10/28/27(2) | 2,015 | 2,035 | |
Guanay Finance Ltd. 144A 6.000%, 12/15/20(1) | 1,010 | 1,021 | |
HSBC Holdings plc | |||
2.950%, 5/25/21 | 860 | 860 | |
(3 month LIBOR + 1.500%) 4.295%, 1/5/22(2) | 476 | 486 | |
Huntington Bancshares, Inc. 7.000%, 12/15/20 | 245 | 261 | |
Industrial & Commercial Bank of China Ltd. | |||
3.231%, 11/13/19 | 250 | 251 | |
2.957%, 11/8/22 | 370 | 367 | |
(3 month LIBOR + 0.750%) 3.488%, 11/8/20(2) | 370 | 370 | |
iStar, Inc. 5.250%, 9/15/22 | 380 | 374 | |
JPMorgan Chase & Co. 2.250%, 1/23/20 | 540 | 538 | |
Lincoln National Corp. | |||
4.200%, 3/15/22 | 470 | 488 | |
(3 month LIBOR + 2.040%) 4.801%, 4/20/67(2)(6) | 75 | 61 |
Par Value | Value | ||
Financials—continued | |||
Metropolitan Life Global Funding I 144A 2.500%, 12/3/20(1) | $650 | $648 | |
Mizuho Financial Group, Inc. 2.273%, 9/13/21 | 565 | 555 | |
Morgan Stanley | |||
4.100%, 5/22/23 | 730 | 750 | |
(3 month LIBOR + 0.930%) 3.691%, 7/22/22(2) | 725 | 729 | |
(3 month LIBOR + 1.400%) 4.179%, 10/24/23(2) | 730 | 741 | |
Navient Corp. 5.875%, 10/25/24 | 810 | 784 | |
Santander Holdings USA, Inc. | |||
4.450%, 12/3/21 | 932 | 960 | |
3.700%, 3/28/22 | 735 | 743 | |
SBA Tower Trust | |||
144A 3.156%, 10/8/20(1) | 750 | 750 | |
144A 2.877%, 7/9/21(1) | 800 | 793 | |
144A 3.168%, 4/11/22(1) | 730 | 726 | |
Synchrony Financial 4.375%, 3/19/24 | 1,220 | 1,236 | |
Turkiye Is Bankasi AS 144A 5.500%, 4/21/22(1) | 800 | 720 | |
UBS Group Funding Switzerland AG 144A 2.650%, 2/1/22(1) | 400 | 397 | |
Wells Fargo & Co. (3 month LIBOR + 1.230%) 3.974%, 10/31/23(2) | 2,060 | 2,093 | |
32,648 | |||
Health Care—2.3% | |||
AbbVie, Inc. | |||
2.300%, 5/14/21 | 495 | 489 | |
3.375%, 11/14/21 | 99 | 100 | |
3.200%, 11/6/22 | 45 | 45 | |
2.850%, 5/14/23 | 495 | 490 | |
Allergan Funding SCS | |||
3.000%, 3/12/20 | 85 | 85 | |
3.450%, 3/15/22 | 1,010 | 1,019 | |
Bausch Health Cos., Inc. 144A 6.500%, 3/15/22(1) | 105 | 109 | |
Becton Dickinson & Co. | |||
2.894%, 6/6/22 | 322 | 320 | |
3.363%, 6/6/24 | 192 | 192 |
Par Value | Value | ||
Health Care—continued | |||
(3 month LIBOR + 0.875%) 3.476%, 12/29/20(2) | $227 | $227 | |
Cardinal Health, Inc. 2.616%, 6/15/22 | 735 | 726 | |
Cigna Corp. | |||
144A 3.750%, 7/15/23(1) | 459 | 471 | |
144A 4.125%, 11/15/25(1) | 38 | 39 | |
144A 4.375%, 10/15/28(1) | 78 | 81 | |
(3 month LIBOR + 0.890%) 144A 3.677%, 7/15/23(1)(2) | 388 | 386 | |
HCA, Inc. 5.375%, 2/1/25 | 570 | 604 | |
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21 | 435 | 430 | |
Takeda Pharmaceutical Co., Ltd. 144A 4.000%, 11/26/21(1) | 895 | 918 | |
Tenet Healthcare Corp. 4.625%, 7/15/24 | 550 | 551 | |
Zimmer Biomet Holdings, Inc. | |||
3.150%, 4/1/22 | 1,200 | 1,204 | |
(3 month LIBOR + 0.750%) 3.375%, 3/19/21(2) | 1,100 | 1,096 | |
9,582 | |||
Industrials—1.6% | |||
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21 | 718 | 748 | |
BAT Capital Corp. (3 month LIBOR + 0.880%) 3.564%, 8/15/22(2) | 1,030 | 1,026 | |
CNH Industrial N.V. 4.500%, 8/15/23 | 1,314 | 1,363 | |
Masco Corp. 5.950%, 3/15/22 | 224 | 240 | |
Owens Corning 4.200%, 12/15/22 | 920 | 945 | |
Penske Truck Leasing Co., LP | |||
144A 4.125%, 8/1/23(1) | 895 | 922 |
Par Value | Value | ||
Industrials—continued | |||
RegS 2.500%, 6/15/19(4) | $150 | $150 | |
TransDigm, Inc. 6.500%, 7/15/24 | 395 | 406 | |
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22 | 922 | 970 | |
6,770 | |||
Information Technology—0.8% | |||
Broadcom Corp. 2.375%, 1/15/20 | 1,170 | 1,164 | |
Broadcom, Inc. 144A 3.625%, 10/15/24(1) | 657 | 652 | |
Dell International LLC 144A 4.000%, 7/15/24(1) | 395 | 398 | |
Hewlett Packard Enterprise Co. | |||
3.500%, 10/5/21 | 235 | 238 | |
(3 month LIBOR + 0.720%) 3.515%, 10/5/21(2) | 145 | 145 | |
VMware, Inc. 2.950%, 8/21/22 | 855 | 846 | |
3,443 | |||
Materials—1.1% | |||
ArcelorMittal 6.125%, 6/1/25 | 950 | 1,054 | |
DowDuPont, Inc. | |||
3.766%, 11/15/20 | 146 | 148 | |
(3 month LIBOR + 0.710%) 3.394%, 11/15/20(2) | 243 | 245 | |
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(1) | 450 | 452 | |
Glencore Funding LLC 144A 4.125%, 5/30/23(1) | 900 | 917 | |
GTL Trade Finance, Inc. 144A 5.893%, 4/29/24(1) | 312 | 335 | |
NOVA Chemicals Corp. 144A 4.875%, 6/1/24(1) | 320 | 314 | |
SABIC Capital II BV 144A 4.000%, 10/10/23(1) | 300 | 306 |
Par Value | Value | ||
Materials—continued | |||
Syngenta Finance NV | |||
144A 3.698%, 4/24/20(1) | $365 | $366 | |
144A 3.933%, 4/23/21(1) | 365 | 367 | |
4,504 | |||
Real Estate—0.6% | |||
Corporate Office Properties LP 3.700%, 6/15/21 | 220 | 219 | |
Healthcare Trust of America Holdings LP 2.950%, 7/1/22 | 920 | 911 | |
Hospitality Properties Trust 4.650%, 3/15/24 | 430 | 438 | |
Office Properties Income Trust 4.150%, 2/1/22 | 580 | 584 | |
Senior Housing Properties Trust 3.250%, 5/1/19 | 125 | 125 | |
Ventas Realty LP 2.700%, 4/1/20 | 152 | 152 | |
2,429 | |||
Utilities—1.1% | |||
American Electric Power Co., Inc. Series I 3.650%, 12/1/21 | 431 | 440 | |
Exelon Corp. | |||
2.850%, 6/15/20 | 805 | 804 | |
3.497%, 6/1/22 | 571 | 577 | |
PNM Resources, Inc. 3.250%, 3/9/21 | 810 | 810 | |
PSEG Power LLC 3.850%, 6/1/23 | 297 | 304 | |
Southern Co. (The) 2.950%, 7/1/23 | 920 | 918 | |
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1) | 735 | 726 | |
4,579 | |||
Total Corporate Bonds And Notes (Identified Cost $90,264) | 90,694 | ||
Par Value | Value | ||
Leveraged Loans(2)—3.4% | |||
Aerospace—0.2% | |||
TransDigm, Inc. | |||
2018, Tranche E (1 month LIBOR + 2.500%) 4.999%, 5/30/25 | $230 | $224 | |
2018, Tranche F (1 month LIBOR + 2.500%) 4.999%, 6/9/23 | 728 | 710 | |
934 | |||
Energy—0.0% | |||
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%) 3.750%, 7/16/21(7)(8) | 1 | — | |
Financial—0.1% | |||
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.499%, 12/27/22 | 217 | 215 | |
Food / Tobacco—0.1% | |||
Aramark Intermediate HoldCo Corp. | |||
Tranche B-2 (1 month LIBOR + 1.750%) 4.249%, 3/28/24 | 288 | 286 | |
Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 3/11/25 | 345 | 342 | |
628 | |||
Gaming / Leisure—0.8% | |||
Boyd Gaming Corp. Tranche B (weekly LIBOR + 2.250%) 4.658%, 9/15/23 | 759 | 752 | |
CityCenter Holdings LLC Tranche B (1 month LIBOR + 2.250%) 4.749%, 4/18/24 | 611 | 600 | |
Eldorado Resorts, Inc. (2 month LIBOR + 2.250%) 4.875%, 4/17/24 | 485 | 480 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.236%, 10/25/23 | 578 | 576 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 20 | 19 | |
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 5.000%, 6/8/23 | 356 | 353 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%) 4.249%, 5/30/25 | $518 | $510 | |
3,290 | |||
Healthcare—0.7% | |||
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 5.231%, 11/27/25 | 195 | 192 | |
(1 month LIBOR + 3.000%) 5.481%, 6/2/25 | 447 | 444 | |
HCA, Inc. Tranche B-11 (1 month LIBOR + 1.750%) 4.249%, 3/17/23 | 1,788 | 1,786 | |
IQVIA, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 0.000%, 6/11/25(9) | 529 | 523 | |
2,945 | |||
Information Technology—0.2% | |||
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 0.000%, 9/7/23(9) | 537 | 531 | |
SS&C Technologies, Inc. | |||
Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 122 | 120 | |
Tranche B-4 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 87 | 87 | |
738 | |||
Manufacturing—0.2% | |||
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(9) | 760 | 759 | |
Media / Telecom - Cable/Wireless Video—0.4% | |||
Charter Communications Operating LLC Tranche B (1 month LIBOR + 2.000%) 0.000%, 4/30/25(9) | 826 | 820 | |
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 4.734%, 1/15/26 | 745 | 722 | |
1,542 | |||
Par Value | Value | ||
Media / Telecom - Diversified Media—0.1% | |||
Crown Finance US, Inc. (1 month LIBOR + 2.500%) 4.999%, 2/28/25 | $359 | $350 | |
Media / Telecom - Telecommunications—0.1% | |||
Level 3 Financing, Inc. 2024, Tranche B (1 month LIBOR + 2.250%) 4.736%, 2/22/24 | 548 | 541 | |
Media / Telecom - Wireless Communications—0.1% | |||
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.500%, 4/11/25 | 402 | 393 | |
Service—0.2% | |||
Trans Union LLC 2018, Tranche B-4 (1 month LIBOR + 2.000%) 4.499%, 6/19/25 | 795 | 783 | |
Utility—0.2% | |||
Pacific Gas and Electric Co. | |||
(2 month LIBOR + 1.125%) 1.125%, 12/31/20(10) | 115 | 115 | |
(3 month LIBOR + 2.250%) 2.250%, 12/31/20(10) | 345 | 345 | |
Vistra Operations Co. LLC 2018 (1 month LIBOR + 2.000%) 4.486%, 12/31/25 | 407 | 400 | |
860 | |||
Total Leveraged Loans (Identified Cost $14,136) | 13,978 | ||
Shares | ||
Preferred Stocks—1.1% | ||
Financials—1.1% | ||
Bank of New York Mellon Corp. (The) Series E, 4.950% | 1,380(11) | 1,394 |
Citigroup, Inc. Series T, 6.250% | 1,020(11) | 1,074 |
Huntington Bancshares, Inc. Series E, 5.700% | 480(11) | 468 |
JPMorgan Chase & Co. Series Z, 5.300% | 1,155(11) | 1,167 |
Shares | Value | ||
Financials—continued | |||
Wells Fargo & Co. Series K, 6.381% | 325(11) | $327 | |
4,430 | |||
Total Preferred Stocks (Identified Cost $4,425) | 4,430 | ||
Total Long-Term Investments—98.7% (Identified Cost $407,236) | 408,005 | ||
Short-Term Investment—1.8% | |||
Money Market Mutual Fund—1.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(12) | 7,463,065 | 7,463 | |
Total Short-Term Investment (Identified Cost $7,463) | 7,463 | ||
Securities Lending Collateral—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(12)(13) | 540,900 | 541 | |
Total Securities Lending Collateral (Identified Cost $541) | 541 | ||
Value | ||
TOTAL INVESTMENTS—100.7% (Identified Cost $415,240) | $416,009 | |
Other assets and liabilities, net—(0.7)% | (2,736) | |
NET ASSETS—100.0% | $413,273 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
P.O. | Principal Only Security |
REMIC | Real Estate Mortgage Investment Conduit |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $254,163 or 61.5% of net assets. |
(2) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(5) | All or a portion of security is on loan. |
(6) | Interest payments may be deferred. |
(7) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(8) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(9) | This loan will settle after March 31, 2019, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(10) | Represents unfunded portion of security and commitment fee earned on this portion. |
(11) | Value shown as par value. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(13) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $129,405 | $— | $129,405 | $— | |||
Corporate Bonds And Notes | 90,694 | — | 90,694 | — | |||
Foreign Government Securities | 2,033 | — | 2,033 | — | |||
Leveraged Loans | 13,978 | — | 13,978 | — | |||
Mortgage-Backed Securities | 145,786 | — | 145,011 | 775 | |||
Municipal Bond | 190 | — | 190 | — | |||
U.S. Government Securities | 21,489 | — | 21,489 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 4,430 | — | 4,430 | — | |||
Securities Lending Collateral | 541 | 541 | — | — | |||
Money Market Mutual Fund | 7,463 | 7,463 | — | — | |||
Total Investments | $416,009 | $8,004 | $407,230 | $775 |
Par Value | Value | ||
U.S. Government Securities—4.0% | |||
U.S. Treasury Bill | |||
0.000%, 9/5/19 | $1,000 | $990 | |
0.000%, 2/27/20 | 2,400 | 2,349 | |
U.S. Treasury Note | |||
1.375%, 4/30/20 | 700 | 692 | |
2.250%, 3/31/21 | 1,950 | 1,949 | |
1.125%, 8/31/21 | 2,500 | 2,434 | |
2.375%, 1/31/23 | 1,100 | 1,106 | |
2.625%, 12/31/23 | 1,025 | 1,043 | |
Total U.S. Government Securities (Identified Cost $10,506) | 10,563 | ||
Municipal Bonds—0.2% | |||
Michigan—0.1% | |||
Tobacco Settlement Finance Authority Revenue Taxable Series A 7.309%, 6/1/34 | 135 | 134 | |
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 315 | 304 | |
Total Municipal Bonds (Identified Cost $448) | 438 | ||
Foreign Government Securities—8.0% | |||
Argentine Republic | |||
6.875%, 4/22/21 | 475 | 433 | |
6.875%, 1/26/27 | 870 | 704 | |
Series NY 8.280%, 12/31/33 | 324 | 269 | |
Bolivarian Republic of Venezuela | |||
7.650%, 4/21/25(1) | 1,500 | 429 | |
9.375%, 1/13/34(1) | 920 | 299 | |
Dominican Republic | |||
144A 6.875%, 1/29/26(2) | 180 | 198 | |
144A 6.000%, 7/19/28(2) | 795 | 834 | |
Federal Republic of Nigeria 144A 7.875%, 2/16/32(2) | 780 | 810 | |
Kingdom of Jordan 144A 5.750%, 1/31/27(2) | 1,075 | 1,052 | |
Kingdom of Morocco 144A 5.500%, 12/11/42(2) | 800 | 856 | |
Provincia de Buenos Aires 144A 7.875%, 6/15/27(2) | 1,180 | 858 | |
Republic of Egypt | |||
144A 7.500%, 1/31/27(2) | 450 | 471 |
Par Value | Value | ||
144A 7.600%, 3/1/29(2) | $350 | $359 | |
Republic of Ghana | |||
144A 7.625%, 5/16/29(2) | 395 | 386 | |
144A 8.125%, 3/26/32(2) | 220 | 219 | |
Republic of Indonesia Treasury Bond, Series FR77 8.125%, 5/15/24 | 8,795,000IDR | 644 | |
Republic of Indonesia 144A 8.500%, 10/12/35(2) | 1,635 | 2,327 | |
Republic of Ivory Coast 144A 6.375%, 3/3/28(2) | 730 | 711 | |
Republic of Pakistan 144A 6.875%, 12/5/27(2) | 805 | 793 | |
Republic of Saudi 144A 4.375%, 4/16/29(2) | 640 | 666 | |
Republic of South Africa | |||
5.650%, 9/27/47 | 510 | 486 | |
Series 2023 7.750%, 2/28/23 | 10,500ZAR | 728 | |
Republic of Turkey | |||
5.125%, 3/25/22 | 200 | 193 | |
4.875%, 10/9/26 | 1,195 | 1,031 | |
6.000%, 3/25/27 | 625 | 571 | |
Sultanate of Oman | |||
144A 5.375%, 3/8/27(2) | 1,135 | 1,055 | |
144A 5.625%, 1/17/28(2) | 365 | 342 | |
Ukraine | |||
144A 7.750%, 9/1/23(2) | 525 | 511 | |
144A 7.750%, 9/1/26(2) | 1,190 | 1,118 | |
United Mexican States | |||
4.150%, 3/28/27 | 460 | 468 | |
4.500%, 4/22/29 | 555 | 575 | |
Series M 6.500%, 6/9/22 | 16,410MXN | 814 | |
Total Foreign Government Securities (Identified Cost $23,180) | 21,210 | ||
Mortgage-Backed Securities—17.4% | |||
Agency—0.9% | |||
Federal National Mortgage Association Pool #MA3088 4.000%, 8/1/47 | 2,214 | 2,289 | |
Non-Agency—16.5% | |||
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(2)(3) | 571 | 576 |
Par Value | Value | ||
Non-Agency—continued | |||
American Homes 4 Rent Trust | |||
2014-SFR2, C 144A 4.705%, 10/17/36(2) | $915 | $955 | |
2015-SFR1, A 144A 3.467%, 4/17/52(2) | 650 | 658 | |
2015-SFR2, C 144A 4.691%, 10/17/52(2) | 1,011 | 1,061 | |
Angel Oak Mortgage Trust I LLC | |||
2018-2, A1 144A 3.674%, 7/27/48(2)(3) | 1,037 | 1,041 | |
2019-1, A1 144A 3.920%, 11/25/48(2)(3) | 963 | 972 | |
Arroyo Mortgage Trust | |||
2018-1, A1 144A 3.763%, 4/25/48(2)(3) | 766 | 774 | |
2019-1, A1 144A 3.805%, 1/25/49(2)(3) | 531 | 534 | |
Banc of America Funding Trust | |||
2004-D, 5A1 4.462%, 1/25/35(3) | 568 | 566 | |
2005-1, 1A1 5.500%, 2/25/35 | 286 | 285 | |
2006-2, 3A1 6.000%, 3/25/36 | 143 | 143 | |
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.939%, 7/25/35(3) | 584 | 599 | |
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust | |||
2004-22CB, 1A1 6.000%, 10/25/34 | 261 | 273 | |
2004-24CB, 1A1 6.000%, 11/25/34 | 60 | 61 | |
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(2) | 625 | 646 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(2)(3) | 700 | 717 | |
Bayview Opportunity Master Fund IVb Trust 2016-SPL2, B1 144A 4.250%, 6/28/53(2)(3) | 445 | 458 | |
Bunker Hill Loan Depositary Trust 2019-1, A1 144A 3.613%, 10/26/48(2)(3) | 755 | 755 | |
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(2) | 630 | 647 |
Par Value | Value | ||
Non-Agency—continued | |||
Citigroup Mortgage Loan Trust, Inc. 2015-A, A1 144A 3.500%, 6/25/58(2)(3) | $270 | $271 | |
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A 4.634%, 12/17/33(2)(3) | 480 | 481 | |
COLT Mortgage Loan Trust Funding LLC | |||
2017-1, A3 144A 3.074%, 5/27/47(2)(3) | 208 | 207 | |
2018-1, A1 144A 2.930%, 2/25/48(2)(3) | 361 | 359 | |
2019-1, A1 144A 3.705%, 3/25/49(2)(3) | 248 | 249 | |
Credit Suisse Mortgage Capital Trust 2014-IVR2, A2 144A 3.763%, 4/25/44(2)(3) | 237 | 236 | |
Deephaven Residential Mortgage Trust | |||
2017-1A, A2 144A 2.928%, 12/26/46(2)(3) | 168 | 168 | |
2017-2A, A2 144A 2.606%, 6/25/47(2)(3) | 128 | 127 | |
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34(2)(3) | 600 | 597 | |
Galton Funding Mortgage Trust 2018-1, A23 144A 3.500%, 11/25/57(2)(3) | 465 | 462 | |
GSAA Home Equity Trust 2005-12, AF3W 4.999%, 9/25/35(3) | 202 | 206 | |
Homeward Opportunities Fund I Trust | |||
2018-1, A1 144A 3.766%, 6/25/48(2)(3) | 525 | 530 | |
2019-1, A1 144A 3.454%, 1/25/59(2)(3) | 785 | 785 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, 2A2 144A 3.500%, 6/25/29(2)(3) | 185 | 187 | |
2014-5, B2 144A 2.985%, 10/25/29(2)(3) | 316 | 306 | |
2016-SH1, M2 144A 3.750%, 4/25/45(2)(3) | 574 | 584 | |
2016-SH2, M2 144A 3.750%, 12/25/45(2)(3) | 731 | 743 | |
2017-4, A3 144A 3.500%, 11/25/48(2)(3) | 417 | 415 | |
2018-8, A3 144A 4.000%, 1/25/49(2)(3) | 577 | 584 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(2)(3) | 775 | 778 |
Par Value | Value | ||
Non-Agency—continued | |||
MASTR Alternative Loan Trust | |||
2005-5, 2A3 5.500%, 7/25/25 | $503 | $505 | |
2005-2, 2A1 6.000%, 1/25/35 | 319 | 332 | |
MASTR Specialized Loan Trust 2005-3, A2 144A 5.704%, 11/25/35(2)(3) | 143 | 145 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.717%, 4/25/55(2)(3) | 425 | 425 | |
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(2)(3) | 1,830 | 1,823 | |
New Residential Mortgage Loan Trust | |||
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.236%, 1/25/48(2)(3) | 813 | 807 | |
2017-2A, A3 144A 4.000%, 3/25/57(2)(3) | 325 | 332 | |
2018-1A, A1A 144A 4.000%, 12/25/57(2)(3) | 987 | 1,007 | |
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(2)(3) | 390 | 385 | |
OBX Trust | |||
2018-EXP2, 1A1 144A 4.000%, 11/25/48(2)(3) | 660 | 666 | |
2019-INV1, A3 144A 4.500%, 11/25/48(2)(3) | 746 | 762 | |
Pretium Mortgage Credit Partners I LLC 2019-NPL1, A1 144A 4.213%, 7/25/60(2)(3) | 242 | 242 | |
Progress Residential Trust | |||
2017-SFR1, B 144A 3.017%, 8/17/34(2) | 385 | 379 | |
2018-SFR1, B 144A 3.484%, 3/17/35(2) | 725 | 725 | |
2018-SFR2, B 144A 3.841%, 8/17/35(2) | 1,380 | 1,394 | |
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(2)(3) | 1,005 | 1,013 | |
Residential Asset Securitization Trust 2005-A1, A3 5.500%, 4/25/35 | 485 | 491 | |
Sequoia Mortgage Trust 2013-8, B1 3.528%, 6/25/43(3) | 683 | 683 | |
Starwood Mortgage Residential Trust 2019-IMC1, A1 144A 3.468%, 4/25/49(2)(3) | 655 | 655 | |
Towd Point Mortgage Trust |
Par Value | Value | ||
Non-Agency—continued | |||
2015-1, A2 144A 3.250%, 10/25/53(2)(3) | $555 | $554 | |
2016-1, M1 144A 3.500%, 2/25/55(2)(3) | 380 | 381 | |
2015-6, M1 144A 3.750%, 4/25/55(2)(3) | 760 | 773 | |
2015-5, A2 144A 3.500%, 5/25/55(2)(3) | 690 | 694 | |
2017-1, M1 144A 3.750%, 10/25/56(2)(3) | 450 | 451 | |
2019-1, A1 144A 3.750%, 3/25/58(2)(3) | 754 | 766 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(2)(3) | 366 | 367 | |
2015-2, 1M1 144A 3.250%, 11/25/60(2)(3) | 710 | 704 | |
Tricon American Homes Trust 2017-SFR1, A 144A 2.716%, 9/17/34(2) | 185 | 182 | |
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(2)(3) | 437 | 438 | |
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(2)(3) | 550 | 551 | |
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(2)(3) | 868 | 870 | |
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48(2)(3) | 437 | 439 | |
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(2)(3) | 753 | 759 | |
Verus Securitization Trust | |||
2018-1, A1 144A 2.929%, 2/25/48(2)(3) | 439 | 437 | |
2019-1, A1 144A 3.836%, 2/25/59(2)(3) | 964 | 971 | |
2019-INV1, A1 144A 3.402%, 12/25/59(2)(3) | 655 | 655 | |
Wells Fargo Commercial Mortgage Trust 2015-LC20, B 3.719%, 4/15/50 | 875 | 885 | |
43,644 | |||
Total Mortgage-Backed Securities (Identified Cost $45,652) | 45,933 | ||
Par Value | Value | ||
Asset-Backed Securities—7.5% | |||
Automobiles—4.6% | |||
ACC Trust | |||
2018-1, B 144A 4.820%, 5/20/21(2) | $685 | $688 | |
2019-1, B 144A 4.470%, 10/20/22(2) | 640 | 647 | |
American Credit Acceptance Receivables Trust | |||
2018-1, C 144A 3.550%, 4/10/24(2) | 1,105 | 1,110 | |
2018-4, C 144A 3.970%, 1/13/25(2) | 790 | 801 | |
CarNow Auto Receivables Trust 2016-1A, D 144A 7.340%, 11/15/21(2) | 745 | 749 | |
DT Auto Owner Trust 2017-2A, D 144A 3.890%, 1/15/23(2) | 1,180 | 1,187 | |
Exeter Automobile Receivables Trust | |||
2018-4A, D 144A 4.350%, 9/16/24(2) | 865 | 887 | |
2019-1A, D 144A 4.130%, 12/16/24(2) | 770 | 787 | |
GLS Auto Receivables Trust | |||
2017-1A, B 144A 2.980%, 12/15/21(2) | 1,180 | 1,178 | |
2017-1A, C 144A 3.500%, 7/15/22(2) | 1,180 | 1,178 | |
2018-1A, B 144A 3.520%, 8/15/23(2) | 1,155 | 1,157 | |
Skopos Auto Receivables Trust 2018-1A, B 144A 3.930%, 5/16/22(2) | 1,015 | 1,015 | |
Veros Automobile Receivables Trust 2018-1, B 144A 4.050%, 2/15/24(2) | 720 | 726 | |
12,110 | |||
Credit Card—0.2% | |||
Genesis Sales Finance Master Trust 2019-AA, A 144A 4.680%, 8/20/23(2) | 385 | 390 |
Par Value | Value | ||
Other—2.7% | |||
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(2) | $787 | $781 | |
Arby’s Funding LLC 2015-1A, A2 144A 4.969%, 10/30/45(2) | 910 | 932 | |
DB Master Finance LLC 2017-1A, A2I 144A 3.629%, 11/20/47(2) | 928 | 929 | |
Drug Royalty III LP 1 2016-1A, A 144A 3.979%, 4/15/27(2) | 378 | 378 | |
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44(2) | 1,006 | 1,000 | |
Prosper Marketplace Issuance Trust | |||
2017-1A, B 144A 3.650%, 6/15/23(2) | 181 | 181 | |
2018-2A, B 144A 3.960%, 10/15/24(2) | 795 | 800 | |
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(2) | 655 | 662 | |
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(2) | 801 | 782 | |
Upstart Securitization Trust 2018-1, B 144A 3.887%, 8/20/25(2) | 718 | 720 | |
7,165 | |||
Total Asset-Backed Securities (Identified Cost $19,554) | 19,665 | ||
Corporate Bonds And Notes—42.6% | |||
Communication Services—4.0% | |||
America Movil SAB de C.V. 6.450%, 12/5/22 | 50MXN | 237 | |
AT&T, Inc. | |||
4.250%, 3/1/27 | 560 | 576 | |
(3 month LIBOR + 1.180%) 3.777%, 6/12/24(3) | 630 | 625 | |
Charter Communications Operating LLC | |||
4.500%, 2/1/24 | 495 | 516 | |
4.908%, 7/23/25 | 860 | 907 | |
Cincinnati Bell, Inc. 144A 7.000%, 7/15/24(2) | 763 | 702 | |
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(2) | 515 | 546 | |
Consolidated Communications, Inc. 6.500%, 10/1/22 | 660 | 591 |
Par Value | Value | ||
Communication Services—continued | |||
CSC Holdings LLC 144A 7.500%, 4/1/28(2) | $660 | $707 | |
Digicel Group One Ltd. 144A 8.250%, 12/30/22(2)(4) | 221 | 135 | |
Digicel Ltd. 144A 6.750%, 3/1/23(2) | 305 | 195 | |
Discovery Communications LLC 3.950%, 3/20/28 | 900 | 875 | |
DISH DBS Corp. | |||
5.875%, 7/15/22 | 300 | 290 | |
7.750%, 7/1/26 | 440 | 383 | |
Frontier Communications Corp. | |||
8.500%, 4/15/20 | 254 | 248 | |
7.625%, 4/15/24(4) | 360 | 197 | |
144A 8.500%, 4/1/26(2) | 245 | 228 | |
iHeartCommunications, Inc. 9.000%, 12/15/19(1) | 465 | 330 | |
Match Group, Inc. 144A 5.625%, 2/15/29(2) | 315 | 319 | |
McGraw-Hill Global Education Holdings LLC Senior Unsecured Notes 144A 7.875%, 5/15/24(2)(4) | 513 | 416 | |
Meredith Corp. 6.875%, 2/1/26 | 436 | 459 | |
Sprint Spectrum Co. LLC 144A 5.152%, 3/20/28(2) | 995 | 1,017 | |
10,499 | |||
Consumer Discretionary—4.0% | |||
Beazer Homes USA, Inc. 5.875%, 10/15/27 | 586 | 511 | |
Boyd Gaming Corp. 6.000%, 8/15/26 | 170 | 174 | |
Bunge Ltd. Finance Corp. 4.350%, 3/15/24 | 775 | 785 | |
Caesars Resort Collection LLC 144A 5.250%, 10/15/25(2) | 363 | 350 | |
Dollar Tree, Inc. 4.000%, 5/15/25 | 515 | 521 | |
Downstream Development Authority of The Quapaw Tribe of Oklahoma 144A 10.500%, 2/15/23(2) | 301 | 311 | |
Eldorado Resorts, Inc. 6.000%, 9/15/26 | 214 | 217 | |
frontdoor, Inc. 144A 6.750%, 8/15/26(2) | 505 | 517 | |
Gateway Casinos & Entertainment Ltd. 144A 8.250%, 3/1/24(2) | 506 | 531 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
GLP Capital LP 5.250%, 6/1/25 | $600 | $629 | |
Lear Corp. 3.800%, 9/15/27 | 1,105 | 1,060 | |
M/I Homes, Inc. 5.625%, 8/1/25 | 560 | 536 | |
MGM Growth Properties Operating Partnership LP 144A 5.750%, 2/1/27(2) | 380 | 393 | |
Neiman Marcus Group Ltd. 144A 8.000%, 10/15/21(2) | 516 | 274 | |
Panther BF Aggregator 2 LP | |||
144A 6.250%, 5/15/26(2) | 45 | 46 | |
144A 8.500%, 5/15/27(2) | 445 | 446 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(2) | 110 | 110 | |
144A 5.750%, 4/15/26(2) | 60 | 60 | |
Scientific Games International, Inc. | |||
6.625%, 5/15/21 | 383 | 387 | |
144A 8.250%, 3/15/26(2) | 240 | 245 | |
Tenneco, Inc. 5.000%, 7/15/26 | 440 | 352 | |
Vista Outdoor, Inc. 5.875%, 10/1/23 | 616 | 573 | |
Weekley Homes LLC 6.625%, 8/15/25 | 685 | 654 | |
William Lyon Homes, Inc. 6.000%, 9/1/23 | 821 | 794 | |
10,476 | |||
Consumer Staples—1.6% | |||
Albertson’s Cos. LLC 5.750%, 3/15/25 | 315 | 299 | |
Altria Group, Inc. | |||
4.400%, 2/14/26 | 126 | 130 | |
4.800%, 2/14/29 | 960 | 990 | |
Anheuser-Busch InBev Worldwide, Inc. | |||
4.000%, 4/13/28 | 525 | 533 | |
4.750%, 1/23/29 | 150 | 160 | |
CVS Health Corp. 4.300%, 3/25/28 | 680 | 690 | |
Kronos Acquisition Holdings, Inc. 144A 9.000%, 8/15/23(2) | 719 | 618 |
Par Value | Value | ||
Consumer Staples—continued | |||
Sigma Finance Netherlands BV 144A 4.875%, 3/27/28(2) | $800 | $798 | |
4,218 | |||
Energy—6.6% | |||
Afren plc 144A 11.500%, 2/1/16(1)(2)(5) | 463 | —(6) | |
Blue Racer Midstream LLC 144A 6.625%, 7/15/26(2) | 750 | 765 | |
Callon Petroleum Co. 6.125%, 10/1/24 | 275 | 277 | |
CGG SA PIK Interest Capitalization, 144A 6.641%, 2/21/24(2)(7) | 5 | 6 | |
Cheniere Energy Partners LP 144A 5.625%, 10/1/26(2) | 332 | 340 | |
Citgo Holding, Inc. 144A 10.750%, 2/15/20(2) | 494 | 506 | |
Denbury Resources, Inc. | |||
144A 9.250%, 3/31/22(2) | 251 | 242 | |
144A 7.500%, 2/15/24(2) | 327 | 279 | |
Encana Corp. 8.125%, 9/15/30 | 330 | 424 | |
EP Energy LLC | |||
144A 9.375%, 5/1/24(2) | 145 | 51 | |
144A 8.000%, 11/29/24(2)(4) | 217 | 120 | |
144A 7.750%, 5/15/26(2) | 190 | 155 | |
Geopark Ltd. 144A 6.500%, 9/21/24(2) | 760 | 763 | |
HollyFrontier Corp. 5.875%, 4/1/26 | 900 | 961 | |
KazMunayGas National Co. JSC 144A 4.750%, 4/19/27(2) | 1,165 | 1,195 | |
Kinder Morgan, Inc. 7.750%, 1/15/32 | 1,115 | 1,457 | |
Kosmos Energy Ltd. 144A 7.125%, 4/4/26(2) | 655 | 649 | |
MPLX LP 4.000%, 3/15/28 | 422 | 420 | |
Nabors Industries, Inc. 5.500%, 1/15/23(4) | 620 | 592 | |
Odebrecht Offshore Drilling Finance Ltd. PIK Interest Capitalization, 144A 7.720%, 12/1/26(2)(8) | 837 | 207 | |
Odebrecht Oil & Gas Finance Ltd. 144A 0.000%,(2)(5)(9) | 124 | 1 |
Par Value | Value | ||
Energy—continued | |||
Petrobras Global Finance B.V. | |||
7.375%, 1/17/27 | $922 | $1,018 | |
5.750%, 2/1/29 | 820 | 812 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(2) | 1,580 | 353 | |
Petroleos Mexicanos | |||
4.625%, 9/21/23 | 370 | 364 | |
6.500%, 3/13/27 | 395 | 397 | |
5.350%, 2/12/28 | 560 | 520 | |
6.375%, 1/23/45 | 610 | 539 | |
PTTEP Treasury Center Co. Ltd. 144A 4.875%,(2)(3)(9) | 315 | 314 | |
Sabine Pass Liquefaction LLC 4.200%, 3/15/28 | 320 | 323 | |
Sanchez Energy Corp. 144A 7.250%, 2/15/23(2)(4) | 375 | 302 | |
Sinopec Group Overseas Development 2017 Ltd. 144A 3.625%, 4/12/27(2) | 500 | 503 | |
State Oil Co. of the Azerbaijan Republic RegS 6.950%, 3/18/30(10) | 855 | 961 | |
Targa Resources Partners LP 144A 5.875%, 4/15/26(2) | 343 | 362 | |
Transocean, Inc. 144A 9.000%, 7/15/23(2) | 301 | 321 | |
USA Compression Partners LP 144A 6.875%, 9/1/27(2) | 385 | 391 | |
Vine Oil & Gas LP 144A 8.750%, 4/15/23(2) | 573 | 455 | |
Weatherford International Ltd. 9.875%, 2/15/24 | 185 | 133 | |
17,478 | |||
Financials—10.4% | |||
Acrisure LLC | |||
144A 8.125%, 2/15/24(2)(4) | 255 | 264 | |
144A 7.000%, 11/15/25(2) | 780 | 702 | |
AerCap Ireland Capital DAC 3.650%, 7/21/27 | 975 | 912 | |
Allstate Corp. (The) Series B 5.750%, 8/15/53(11) | 845 | 860 | |
Athene Holding Ltd. 4.125%, 1/12/28 | 935 | 899 |
Par Value | Value | ||
Financials—continued | |||
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(2) | $725 | $737 | |
Aviation Capital Group LLC 144A 3.500%, 11/1/27(2) | 1,005 | 955 | |
Banco Bilbao Vizcaya Argentaria Bancomer S.A. 144A 5.125%, 1/18/33(2) | 890 | 818 | |
Banco de Bogota S.A. 144A 6.250%, 5/12/26(2) | 530 | 572 | |
Bank of America Corp. 4.200%, 8/26/24 | 877 | 908 | |
Bank of China Ltd. 144A 5.000%, 11/13/24(2) | 875 | 924 | |
Bank of Montreal 3.803%, 12/15/32 | 529 | 512 | |
Brighthouse Financial, Inc. 3.700%, 6/22/27 | 1,155 | 1,042 | |
BrightSphere Investment Group plc 4.800%, 7/27/26 | 785 | 768 | |
Capital One Financial Corp. 3.750%, 7/28/26 | 1,030 | 1,004 | |
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23(2) | 160,000KZT | 409 | |
Discover Bank 4.682%, 8/9/28 | 865 | 879 | |
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(2) | 645 | 646 | |
E*TRADE Financial Corp. 4.500%, 6/20/28 | 820 | 834 | |
Fairfax Financial Holdings Ltd. 4.850%, 4/17/28 | 1,000 | 997 | |
FS KKR Capital Corp. | |||
4.250%, 1/15/20 | 308 | 308 | |
4.750%, 5/15/22 | 200 | 199 | |
Goldman Sachs Group, Inc. (The) (3 month LIBOR + 1.170%) 3.854%, 5/15/26(3) | 845 | 829 | |
Grupo de Inversiones Suramericana S.A. 144A 5.500%, 4/29/26(2)(4) | 725 | 772 | |
ING Groep N.V. 6.000%,(4)(9)(11) | 665 | 663 | |
Jefferies Group LLC 4.850%, 1/15/27 | 360 | 362 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.801%, 4/20/67(3)(11) | 300 | 246 |
Par Value | Value | ||
Financials—continued | |||
Morgan Stanley 3.125%, 7/27/26 | $850 | $829 | |
Navient Corp. 6.750%, 6/25/25 | 791 | 784 | |
Prudential Financial, Inc. 5.875%, 9/15/42 | 485 | 513 | |
Santander Holdings USA, Inc. | |||
4.450%, 12/3/21 | 252 | 260 | |
4.400%, 7/13/27 | 700 | 694 | |
Springleaf Finance Corp. 7.125%, 3/15/26 | 365 | 372 | |
Synchrony Financial 3.950%, 12/1/27 | 1,280 | 1,210 | |
Synovus Financial Corp. 5.900%, 2/7/29 | 437 | 439 | |
Teachers Insurance & Annuity Association of America 144A 4.375%, 9/15/54(2) | 740 | 765 | |
Toronto-Dominion Bank (The) 3.625%, 9/15/31 | 910 | 899 | |
Voya Financial, Inc. 5.650%, 5/15/53 | 615 | 606 | |
Wells Fargo & Co. Series S 5.900%,(9) | 940 | 962 | |
27,354 | |||
Health Care—3.6% | |||
Advanz Pharma Corp. 8.000%, 9/6/24 | 104 | 98 | |
Avantor, Inc. | |||
144A 6.000%, 10/1/24(2) | 302 | 313 | |
144A 9.000%, 10/1/25(2) | 388 | 420 | |
Bausch Health Americas, Inc. | |||
144A 9.250%, 4/1/26(2) | 190 | 208 | |
144A 8.500%, 1/31/27(2) | 270 | 286 | |
Bausch Health Cos., Inc. | |||
144A 6.500%, 3/15/22(2) | 60 | 62 | |
144A 7.000%, 3/15/24(2) | 65 | 69 | |
144A 6.125%, 4/15/25(2) | 285 | 282 | |
144A 5.500%, 11/1/25(2) | 731 | 747 | |
Cigna Corp. | |||
144A 4.125%, 11/15/25(2) | 655 | 678 | |
144A 4.375%, 10/15/28(2) | 66 | 68 | |
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22(2)(12) | 331 | 334 |
Par Value | Value | ||
Health Care—continued | |||
HCA, Inc. | |||
5.375%, 2/1/25 | $319 | $338 | |
5.625%, 9/1/28 | 397 | 420 | |
5.875%, 2/1/29 | 65 | 70 | |
MPH Acquisition Holdings LLC 144A 7.125%, 6/1/24(2) | 266 | 265 | |
Mylan NV 3.950%, 6/15/26 | 690 | 659 | |
Ortho-Clinical Diagnostics, Inc. 144A 6.625%, 5/15/22(2) | 305 | 289 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(2) | 335 | 340 | |
Perrigo Finance Unlimited Co. 4.375%, 3/15/26 | 600 | 585 | |
Surgery Center Holdings, Inc. | |||
144A 8.875%, 4/15/21(2) | 415 | 435 | |
144A 6.750%, 7/1/25(2)(4) | 135 | 122 | |
144A 10.000%, 4/15/27(2) | 290 | 294 | |
Takeda Pharmaceutical Co., Ltd. 144A 4.400%, 11/26/23(2) | 795 | 836 | |
Tenet Healthcare Corp. | |||
8.125%, 4/1/22 | 155 | 167 | |
7.000%, 8/1/25(4) | 282 | 285 | |
144A 6.250%, 2/1/27(2) | 285 | 296 | |
West Street Merger Sub, Inc. 144A 6.375%, 9/1/25(2) | 402 | 391 | |
9,357 | |||
Industrials—3.1% | |||
CNH Industrial N.V. 4.500%, 8/15/23 | 708 | 735 | |
DP World plc 144A 6.850%, 7/2/37(2) | 400 | 481 | |
Garda World Security Corp. 144A 8.750%, 5/15/25(2) | 726 | 692 | |
Hillman Group, Inc. (The) 144A 6.375%, 7/15/22(2) | 540 | 483 | |
Hulk Finance Corp. 144A 7.000%, 6/1/26(2) | 265 | 251 | |
Navistar International Corp. 144A 6.625%, 11/1/25(2) | 515 | 523 | |
New Enterprise Stone & Lime Co., Inc. 144A 10.125%, 4/1/22(2) | 319 | 323 |
Par Value | Value | ||
Industrials—continued | |||
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(2) | $652 | $623 | |
Oshkosh Corp. 4.600%, 5/15/28 | 1,102 | 1,119 | |
Titan Acquisition Ltd. 144A 7.750%, 4/15/26(2) | 433 | 374 | |
Topaz Marine S.A. 144A 9.125%, 7/26/22(2) | 465 | 471 | |
TransDigm, Inc. | |||
6.500%, 7/15/24 | 460 | 473 | |
6.500%, 5/15/25 | 200 | 203 | |
United Air Lines, Inc. Pass-Through-Trust 2007-1, A 6.636%, 7/2/22 | 662 | 696 | |
US Airways, Inc. Pass-Through-Trust 2012-1, B 8.000%, 10/1/19 | 836 | 851 | |
8,298 | |||
Information Technology—2.0% | |||
Banff Merger Sub, Inc. 144A 9.750%, 9/1/26(2) | 83 | 80 | |
Broadcom Corp. 3.625%, 1/15/24 | 667 | 666 | |
Broadcom, Inc. 144A 3.625%, 10/15/24(2) | 223 | 221 | |
Citrix Systems, Inc. 4.500%, 12/1/27 | 855 | 845 | |
CommScope Finance LLC 144A 8.250%, 3/1/27(2) | 300 | 311 | |
Dell International LLC | |||
144A 4.900%, 10/1/26(2) | 440 | 448 | |
144A 8.100%, 7/15/36(2) | 295 | 347 | |
Everi Payments, Inc. 144A 7.500%, 12/15/25(2) | 185 | 192 | |
Exela Intermediate LLC 144A 10.000%, 7/15/23(2) | 492 | 501 | |
ViaSat, Inc. | |||
144A 5.625%, 9/15/25(2) | 550 | 527 | |
144A 5.625%, 4/15/27(2) | 525 | 534 | |
VMware, Inc. 3.900%, 8/21/27 | 636 | 612 | |
5,284 | |||
Materials—4.5% | |||
Alpek SAB de C.V. 144A 5.375%, 8/8/23(2) | 1,110 | 1,157 |
Par Value | Value | ||
Materials—continued | |||
ArcelorMittal 4.550%, 3/11/26 | $740 | $757 | |
BHP Billiton Finance USA Ltd. 144A 6.750%, 10/19/75(2)(11) | 1,015 | 1,124 | |
Eldorado Gold Corp. 144A 6.125%, 12/15/20(2) | 490 | 480 | |
Equate Petrochemical BV 144A 4.250%, 11/3/26(2) | 765 | 772 | |
Glencore Funding LLC 144A 4.000%, 3/27/27(2) | 950 | 923 | |
Greif, Inc. 144A 6.500%, 3/1/27(2) | 420 | 429 | |
Hexion, Inc. 6.625%, 4/15/20 | 455 | 380 | |
INEOS Group Holdings S.A. 144A 5.625%, 8/1/24(2)(4) | 335 | 334 | |
James Hardie International Finance DAC 144A 5.000%, 1/15/28(2) | 740 | 716 | |
Kraton Polymers LLC 144A 7.000%, 4/15/25(2) | 540 | 545 | |
LSB Industries, Inc. 144A 9.625%, 5/1/23(2) | 360 | 373 | |
NOVA Chemicals Corp. | |||
144A 4.875%, 6/1/24(2) | 135 | 133 | |
144A 5.000%, 5/1/25(2) | 274 | 268 | |
Nutrien Ltd. 4.200%, 4/1/29 | 700 | 720 | |
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(2) | 370 | 381 | |
SABIC Capital II BV 144A 4.500%, 10/10/28(2) | 795 | 824 | |
Severstal OAO Via Steel Capital S.A. 144A 5.900%, 10/17/22(2)(13) | 275 | 288 | |
Syngenta Finance N.V. 144A 4.441%, 4/24/23(2) | 315 | 321 | |
Trident Merger Sub, Inc. 144A 6.625%, 11/1/25(2) | 446 | 417 | |
Vedanta Resources plc 144A 6.125%, 8/9/24(2) | 545 | 498 | |
11,840 | |||
Real Estate—1.8% | |||
EPR Properties 4.750%, 12/15/26 | 815 | 838 | |
Healthcare Trust of America Holdings LP 3.750%, 7/1/27 | 455 | 446 | |
Hospitality Properties Trust 4.950%, 2/15/27 | 900 | 897 |
Par Value | Value | ||
Real Estate—continued | |||
LifeStorage LP 3.875%, 12/15/27 | $385 | $377 | |
MPT Operating Partnership LP 5.000%, 10/15/27 | 302 | 307 | |
Office Properties Income Trust 4.500%, 2/1/25 | 900 | 861 | |
Physicians Realty LP 4.300%, 3/15/27 | 790 | 786 | |
Realogy Group LLC 144A 9.375%, 4/1/27(2) | 160 | 164 | |
4,676 | |||
Utilities—1.0% | |||
Eskom Holdings SOC Ltd. 144A 7.125%, 2/11/25(2) | 275 | 272 | |
Ferrellgas Partners LP 8.625%, 6/15/20 | 135 | 102 | |
Perusahaan Listrik Negara PT 144A 4.125%, 5/15/27(2) | 1,000 | 985 | |
TerraForm Power Operating LLC 144A 5.000%, 1/31/28(2) | 581 | 561 | |
Texas Competitive Electric Escrow 10.250%, 11/1/49(14) | 200 | — | |
Texas Competitive Electric Holdings Co. 144A 0.000%, 10/1/20(2)(14) | 375 | —(6) | |
Transportadora de Gas Internacional SA ESP 144A 5.550%, 11/1/28(2) | 750 | 811 | |
2,731 | |||
Total Corporate Bonds And Notes (Identified Cost $114,477) | 112,211 | ||
Leveraged Loans(3)—14.2% | |||
Aerospace—0.6% | |||
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.250%, 12/6/25 | 149 | 151 | |
Dynasty Acquisition Co., Inc. | |||
Tranche B (3 month LIBOR + 4.000%) 0.000%, 1/23/26(15) | 105 | 105 | |
Tranche B-1 (3 month LIBOR + 4.000%) 0.000%, 1/23/26(15) | 195 | 195 |
Par Value | Value | ||
Aerospace—continued | |||
TransDigm, Inc. | |||
2018, Tranche E (1 month LIBOR + 2.500%) 4.999%, 5/30/25 | $218 | $212 | |
2018, Tranche F (1 month LIBOR + 2.500%) 4.999%, 6/9/23 | 843 | 822 | |
1,485 | |||
Chemicals—0.2% | |||
New Arclin U.S. Holding Corp. First Lien (1 month LIBOR + 3.500%) 5.999%, 2/14/24 | 387 | 383 | |
Consumer Durables—0.2% | |||
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%) 6.500%, 9/29/24 | 613 | 604 | |
Consumer Non-Durables—0.8% | |||
American Greetings Corp. (1 month LIBOR + 4.500%) 6.999%, 4/6/24 | 849 | 847 | |
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.496%, 5/15/23 | 324 | 302 | |
Parfums Holdings Co., Inc. First Lien (3 month LIBOR + 4.250%) 6.879%, 6/30/24 | 349 | 343 | |
Rodan & Fields LLC (1 month LIBOR + 4.000%) 6.484%, 6/16/25 | 710 | 614 | |
2,106 | |||
Energy—0.9% | |||
California Resources Corp. (1 month LIBOR + 10.375%) 12.871%, 12/31/21 | 420 | 442 | |
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 0.000%, 3/27/24(15) | 360 | 358 | |
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.749%, 10/30/24 | 588 | 572 | |
Seadrill Operating LP (3 month LIBOR + 6.000%) 8.601%, 2/21/21 | 463 | 384 |
Par Value | Value | ||
Energy—continued | |||
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%) 6.500%, 9/27/24 | $567 | $566 | |
2,322 | |||
Financial—1.2% | |||
Asurion LLC Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 8.999%, 8/4/25 | 868 | 879 | |
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 5.499%, 6/15/25 | 437 | 429 | |
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%) 10.500%, 6/30/22(1) | 815 | 554 | |
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.499%, 12/27/22 | 167 | 165 | |
iStar, Inc. (1 month LIBOR + 2.750%) 5.235%, 6/28/23 | 670 | 664 | |
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.249%, 10/1/25 | 509 | 494 | |
3,185 | |||
Food / Tobacco—0.4% | |||
H-Food Holdings LLC | |||
(1 month LIBOR + 3.688%) 6.186%, 5/23/25 | 109 | 106 | |
2018, Tranche B-2 (1 month LIBOR + 4.000%) 6.499%, 5/23/25 | 429 | 421 | |
Milk Specialties Co. (1 month LIBOR + 4.000%) 6.499%, 8/16/23 | 546 | 544 | |
1,071 | |||
Food and Drug—0.1% | |||
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.499%, 11/17/25 | 342 | 337 | |
Forest Prod / Containers—0.1% | |||
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 5.749%, 1/31/25 | 279 | 263 |
Par Value | Value | ||
Gaming / Leisure—0.8% | |||
Affinity Gaming (1 month LIBOR + 3.250%) 5.749%, 7/1/23 | $506 | $483 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.250%, 4/29/24 | 272 | 260 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 337 | 327 | |
Stars Group Holdings B.V. (3 month LIBOR + 3.500%) 0.000%, 7/10/25(15) | 573 | 572 | |
UFC Holdings LLC First Lien (1 month LIBOR + 3.250%) 5.750%, 8/18/23 | 387 | 384 | |
2,026 | |||
Healthcare—1.7% | |||
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%) 8.905%, 1/16/23 | 157 | 131 | |
Accelerated Health Systems LLC (1 month LIBOR + 3.500%) 5.990%, 10/31/25 | 404 | 403 | |
Agiliti Health, Inc. (1 month LIBOR + 3.000%) 5.500%, 1/4/26 | 75 | 75 | |
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 6.999%, 6/30/25 | 496 | 495 | |
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 5.231%, 11/27/25 | 219 | 216 | |
(1 month LIBOR + 3.000%) 5.481%, 6/2/25 | 97 | 96 | |
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.656%, 6/7/23 | 570 | 566 | |
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.249%, 10/10/25 | 425 | 397 | |
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 0.000%, 6/30/25(15) | 345 | 332 |
Par Value | Value | ||
Healthcare—continued | |||
Phoenix Guarantor, Inc. | |||
First Lien (1 month LIBOR + 4.500%) 6.982%, 3/5/26 | $105 | $104 | |
First Lien (3 month LIBOR + 4.500%) 4.500%, 3/5/26(16) | 10 | 9 | |
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 8.000%, 2/22/24 | 342 | 311 | |
Regionalcare Hospital Partners Holdings, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%) 6.982%, 11/16/25 | 609 | 601 | |
U.S. Renal Care, Inc. First Lien (3 month LIBOR + 4.250%) 6.851%, 12/30/22 | 372 | 371 | |
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%) 7.999%, 10/1/25 | 434 | 414 | |
4,521 | |||
Housing—0.5% | |||
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%) 4.499%, 10/31/23 | 518 | 504 | |
Capital Automotive LP Tranche B, Second Lien (1 month LIBOR + 6.000%) 8.500%, 3/24/25 | 239 | 238 | |
CPG International LLC (3 month LIBOR + 3.750%) 6.633%, 5/5/24 | 564 | 559 | |
1,301 | |||
Information Technology—1.2% | |||
Applied Systems, Inc. Second Lien (1 month LIBOR + 7.000%) 9.499%, 9/19/25 | 305 | 307 | |
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 0.000%, 10/2/25(15) | 394 | 385 |
Par Value | Value | ||
Information Technology—continued | |||
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 0.000%, 9/7/23(15) | $136 | $134 | |
Kronos, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 5.736%, 11/1/23 | 1,012 | 1,002 | |
Second Lien (3 month LIBOR + 8.250%) 10.986%, 11/1/24 | 193 | 195 | |
SS&C Technologies, Inc. | |||
Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 292 | 289 | |
Tranche B-4 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 210 | 208 | |
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 5.749%, 7/2/25 | 748 | 734 | |
3,254 | |||
Manufacturing—0.8% | |||
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(15) | 540 | 539 | |
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 7.349%, 8/17/22 | 754 | 501 | |
Filtration Group Corp. (1 month LIBOR + 3.000%) 5.499%, 3/29/25 | 777 | 772 | |
Hillman Group, Inc. (The) (1 month LIBOR + 4.000%) 0.000%, 5/30/25(15) | 272 | 259 | |
2,071 | |||
Media / Telecom - Cable/Wireless Video—0.2% | |||
CSC Holdings LLC 2018 (1 month LIBOR + 2.250%) 4.734%, 1/15/26 | 605 | 587 | |
Media / Telecom - Diversified Media—0.3% | |||
Crown Finance US, Inc. (1 month LIBOR + 2.500%) 4.999%, 2/28/25 | 907 | 885 |
Par Value | Value | ||
Media / Telecom - Telecommunications—0.6% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 1/31/25 | $791 | $775 | |
Securus Technologies Holdings, Inc. | |||
First Lien (1 month LIBOR + 4.500%) 0.000%, 11/1/24(15) | 149 | 148 | |
Second Lien (1 month LIBOR + 8.250%) 10.749%, 11/1/25 | 390 | 382 | |
West Corp. Tranche B (3 month LIBOR + 4.000%) 6.629%, 10/10/24 | 269 | 252 | |
1,557 | |||
Metals / Minerals—0.3% | |||
Covia Holdings Corp. (weekly LIBOR + 3.750%) 0.000%, 6/1/25(15) | 365 | 311 | |
Graftech International Ltd. (1 month LIBOR + 3.500%) 5.999%, 2/12/25 | 570 | 568 | |
879 | |||
Retail—0.4% | |||
Bass Pro Group LLC (1 month LIBOR + 5.000%) 7.499%, 9/25/24 | 269 | 262 | |
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 3.250%) 5.733%, 10/25/20 | 681 | 632 | |
894 | |||
Service—1.6% | |||
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 5.499%, 3/20/25 | 74 | 72 | |
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 0.000%, 2/6/26(15) | 390 | 385 | |
GFL Environmental, Inc. (1 month LIBOR + 3.000%) 5.499%, 5/30/25 | 572 | 552 |
Par Value | Value | ||
Service—continued | |||
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 6/30/24 | $398 | $384 | |
PetVet Care Centers LLC | |||
First Lien (1 month LIBOR + 2.750%) 5.236%, 2/14/25 | 470 | 445 | |
First Lien (1 month LIBOR + 2.750%) 4.226%, 2/14/25 | 106 | 100 | |
First Lien (1 month LIBOR + 2.750%) 4.226%, 2/14/25(16) | 33 | 31 | |
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.500%) 0.000%, 1/3/25(15) | 661 | 647 | |
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%) 0.000%, 11/8/24(15) | 729 | 723 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.749%, 12/31/25 | 50 | 49 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.500%) 6.000%, 7/17/25 | 378 | 377 | |
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.250%, 2/1/23 | 471 | 461 | |
4,226 | |||
Transportation - Automotive—0.1% | |||
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%) 0.000%, 3/18/26(15) | 345 | 341 | |
Utility—1.2% | |||
APLP Holdings LP (1 month LIBOR + 2.750%) 5.249%, 4/13/23 | 451 | 450 | |
Brookfield WEC Holdings, Inc. | |||
First Lien (1 month LIBOR + 3.750%) 6.249%, 8/1/25 | 569 | 567 | |
Second Lien (1 month LIBOR + 6.750%) 9.249%, 8/3/26 | 330 | 330 |
Par Value | Value | ||
Utility—continued | |||
Calpine Construction Finance Co. LP Tranche B-9 (3 month LIBOR + 2.750%) 0.000%, 3/20/26(15) | $530 | $524 | |
Pacific Gas and Electric Co. | |||
(2 month LIBOR + 1.125%) 1.125%, 12/31/20(16) | 75 | 75 | |
(3 month LIBOR + 2.250%) 2.250%, 12/31/20(16) | 230 | 230 | |
Talen Energy Supply LLC (1 month LIBOR + 4.000%) 6.499%, 4/15/24 | 399 | 395 | |
Vistra Operations Co. LLC | |||
(1 month LIBOR + 2.000%) 4.499%, 8/4/23 | 317 | 313 | |
2018 (1 month LIBOR + 2.000%) 4.486%, 12/31/25 | 253 | 249 | |
3,133 | |||
Total Leveraged Loans (Identified Cost $38,602) | 37,431 | ||
Shares | ||
Preferred Stocks—3.2% | ||
Financials—2.8% | ||
Citigroup, Inc., 5.950% | 530(17) | 541 |
Huntington Bancshares, Inc. Series E, 5.700% | 709(17) | 691 |
JPMorgan Chase & Co. Series Z, 5.300% | 1,280(17) | 1,293 |
KeyCorp Series D, 5.000% | 1,090(17) | 1,066 |
M&T Bank Corp. Series F, 5.125% | 598(17) | 602 |
MetLife, Inc. Series D, 5.875% | 478(17) | 492 |
PNC Financial Services Group, Inc. (The) Series R, 4.850% | 965(17) | 951 |
PNC Financial Services Group, Inc. (The) Series S, 5.000% | 775(17) | 763 |
Zions Bancorp, 6.950% | 38,525 | 1,169 |
7,568 | ||
Industrials—0.4% | ||
General Electric Co. Series D, 5.000% | 1,055(17) | 983 |
Total Preferred Stocks (Identified Cost $8,407) | 8,551 | |
Shares | Value | ||
Common Stocks—0.0% | |||
Consumer Discretionary—0.0% | |||
Mark IV Industries(5)(18) | 446 | $16 | |
Energy—0.0% | |||
Frontera Energy Corp.(4) | 6,656 | 57 | |
Total Common Stocks (Identified Cost $120) | 73 | ||
Affiliated Mutual Fund—1.7% | |||
Virtus Newfleet Credit Opportunities Fund Class R6(19) | 483,788 | 4,509 | |
Total Affiliated Mutual Fund (Identified Cost $4,834) | 4,509 | ||
Right—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(5)(18) | 6,252 | 4 | |
Total Right (Identified Cost $5) | 4 | ||
Total Long-Term Investments—98.8% (Identified Cost $265,785) | 260,588 | ||
Securities Lending Collateral—1.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(19)(20) | 3,540,033 | 3,540 | |
Total Securities Lending Collateral (Identified Cost $3,540) | 3,540 | ||
TOTAL INVESTMENTS—100.2% (Identified Cost $269,325) | $264,128 | ||
Other assets and liabilities, net—(0.2)% | (474) | ||
NET ASSETS—100.0% | $263,654 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
Footnote Legend: | |
(1) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $123,547 or 46.9% of net assets. |
(3) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(4) | All or a portion of security is on loan. |
(5) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(6) | Amount is less than $500. |
(7) | 44% of the income received was in cash and 56% was in PIK. |
(8) | 13% of the income received was in cash and 87% was in PIK. |
(9) | No contractual maturity date. |
(10) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(11) | Interest payments may be deferred. |
(12) | 100% of the income received was in cash. |
(13) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(14) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(15) | This loan will settle after March 31, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(16) | Represents unfunded portion of security and commitment fee earned on this portion. |
(17) | Value shown as par value. |
(18) | Non-income producing. |
(19) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(20) | Represents security purchased with cash collateral received for securities on loan. |
Currencies: | |
IDR | Indonesian Rupiah |
KZT | Kazakhstani Tenge |
MXN | Mexican Peso |
ZAR | South African Rand |
Country Weightings† | |
United States | 76% |
Canada | 4 |
Netherlands | 3 |
Mexico | 2 |
Indonesia | 2 |
Argentina | 1 |
Ireland | 1 |
Other | 11 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $19,665 | $— | $19,665 | $— | |||
Corporate Bonds And Notes | 112,211 | — | 112,210 | 1 | |||
Foreign Government Securities | 21,210 | — | 21,210 | — | |||
Leveraged Loans | 37,431 | — | 37,431 | — | |||
Mortgage-Backed Securities | 45,933 | — | 45,933 | — | |||
Municipal Bonds | 438 | — | 438 | — | |||
U.S. Government Securities | 10,563 | — | 10,563 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 8,551 | 1,169 | 7,382 | — | |||
Common Stocks | 73 | 57 | — | 16 | |||
Right | 4 | — | — | 4 | |||
Affiliated Mutual Fund | 4,509 | 4,509 | — | — | |||
Securities Lending Collateral | 3,540 | 3,540 | — | — | |||
Total Investments | $264,128 | $9,275 | $254,832 | $21 |
Par Value | Value | ||
Corporate Bonds And Notes—2.7% | |||
Communication Services—0.1% | |||
DISH DBS Corp. 5.875%, 7/15/22 | $575 | $557 | |
T-Mobile USA, Inc. 0.000%, 4/15/24(1) | 1,090 | — | |
557 | |||
Consumer Discretionary—0.3% | |||
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(2) | 50 | 51 | |
TRI Pointe Group, Inc. 4.875%, 7/1/21 | 1,165 | 1,166 | |
1,217 | |||
Consumer Staples—0.2% | |||
Dole Food Co., Inc. 144A 7.250%, 6/15/25(2) | 855 | 757 | |
Energy—0.3% | |||
Denbury Resources, Inc. | |||
144A 9.250%, 3/31/22(2) | 298 | 288 | |
144A 7.500%, 2/15/24(2) | 620 | 529 | |
Energy Transfer Operating LP 4.250%, 3/15/23 | 515 | 528 | |
1,345 | |||
Financials—0.4% | |||
Acrisure LLC 144A 8.125%, 2/15/24(2) | 220 | 228 | |
iStar, Inc. 5.250%, 9/15/22 | 280 | 276 | |
Springleaf Finance Corp. 6.125%, 5/15/22 | 1,105 | 1,143 | |
1,647 | |||
Health Care—0.5% | |||
Eagle Holding Co. II, LLC PIK Interest Capitalization, 144A 7.625%, 5/15/22(2)(3) | 385 | 388 | |
One Call Corp. PIK Interest Capitalization 144A 7.500%, 7/1/24(2)(4) | 1,417 | 1,345 | |
Surgery Center Holdings, Inc. 144A 8.875%, 4/15/21(2) | 435 | 456 | |
2,189 | |||
Information Technology—0.4% | |||
Exela Intermediate LLC 144A 10.000%, 7/15/23(2) | 1,435 | 1,461 |
Par Value | Value | ||
Materials—0.5% | |||
Ardagh Packaging Finance plc 144A 6.000%, 2/15/25(2) | $785 | $785 | |
Hexion, Inc. 6.625%, 4/15/20 | 645 | 539 | |
NOVA Chemicals Corp. | |||
144A 4.875%, 6/1/24(2) | 290 | 285 | |
144A 5.000%, 5/1/25(2) | 185 | 181 | |
1,790 | |||
Utilities—0.0% | |||
Texas Competitive Electric Holdings Co. 144A 0.000%, 10/1/20(1)(2) | 9,165 | 7 | |
Total Corporate Bonds And Notes (Identified Cost $11,206) | 10,970 | ||
Leveraged Loans(5)—98.2% | |||
Aerospace—2.6% | |||
American Airlines, Inc. | |||
2017, Tranche B (1 month LIBOR + 2.000%) 4.499%, 4/28/23 | 726 | 711 | |
2018 (1 month LIBOR + 1.750%) 4.240%, 6/27/25 | 1,764 | 1,713 | |
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.250%, 12/6/25 | 334 | 337 | |
Dynasty Acquisition Co., Inc. | |||
Tranche B (3 month LIBOR + 4.000%) 0.000%, 1/23/26(6) | 526 | 526 | |
Tranche B-1 (3 month LIBOR + 4.000%) 0.000%, 1/23/26(6) | 979 | 978 | |
TransDigm, Inc. 2018, Tranche F (1 month LIBOR + 2.500%) 4.999%, 6/9/23 | 6,493 | 6,336 | |
10,601 | |||
Chemicals—3.6% | |||
Element Solutions, Inc. (1 month LIBOR + 2.250%) 4.749%, 1/30/26 | 2,030 | 2,011 | |
H.B. Fuller Co. (1 month LIBOR + 2.000%) 4.488%, 10/20/24 | 1,131 | 1,109 | |
Ineos U.S. Finance LLC 2024 (1 month LIBOR + 2.000%) 4.499%, 4/1/24 | 4,315 | 4,230 |
Par Value | Value | ||
Chemicals—continued | |||
Kraton Polymers LLC 2018 (1 month LIBOR + 2.500%) 4.999%, 3/8/25 | $755 | $747 | |
New Arclin U.S. Holding Corp. First Lien (1 month LIBOR + 3.500%) 5.999%, 2/14/24 | 783 | 777 | |
Omnova Solutions, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 5.749%, 8/25/23 | 2,447 | 2,410 | |
Univar USA, Inc. Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 7/1/24 | 2,694 | 2,660 | |
US Salt LLC (1 month LIBOR + 4.750%) 7.232%, 1/16/26 | 670 | 668 | |
14,612 | |||
Consumer Durables—1.1% | |||
Fluidra, S.A. (1 month LIBOR + 2.250%) 4.749%, 7/2/25 | 1,325 | 1,301 | |
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%) 6.500%, 9/29/24 | 2,134 | 2,102 | |
Serta Simmons Bedding LLC First Lien (1 month LIBOR + 3.500%) 5.983%, 11/8/23 | 1,680 | 1,239 | |
4,642 | |||
Consumer Non-Durables—3.7% | |||
Acuity Specialty Products, Inc. First Lien (3 month LIBOR + 4.000%) 6.601%, 8/12/24 | 1,207 | 1,050 | |
American Greetings Corp. (1 month LIBOR + 4.500%) 6.999%, 4/6/24 | 893 | 891 | |
Diamond (BC) B.V. (3 month LIBOR + 3.000%) 5.744%, 9/6/24 | 1,763 | 1,690 | |
Herbalife Nutrition Ltd. Tranche B (1 month LIBOR + 3.250%) 5.749%, 8/18/25 | 677 | 677 | |
Isagenix International LLC Senior Lien (3 month LIBOR + 5.750%) 8.351%, 6/14/25 | 1,578 | 1,405 |
Par Value | Value | ||
Consumer Non-Durables—continued | |||
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.496%, 5/15/23 | $2,663 | $2,481 | |
Libbey Glass, Inc. (1 month LIBOR + 3.000%) 5.493%, 4/9/21 | 1,750 | 1,558 | |
Parfums Holdings Co., Inc. First Lien (3 month LIBOR + 4.250%) 6.879%, 6/30/24 | 1,561 | 1,534 | |
Revlon Consumer Products Corp. Tranche B (3 month LIBOR + 3.500%) 6.129%, 9/7/23 | 1,422 | 1,026 | |
Rodan & Fields LLC (1 month LIBOR + 4.000%) 6.484%, 6/16/25 | 1,811 | 1,567 | |
SRAM LLC 2018, First Lien (2 month LIBOR + 2.750%) 5.361%, 3/15/24 | 1,145 | 1,139 | |
15,018 | |||
Energy—4.1% | |||
California Resources Corp. (1 month LIBOR + 4.750%) 7.246%, 12/31/22 | 1,000 | 982 | |
CITGO Petroleum Corp. Tranche B (3 month LIBOR + 5.000%) 0.000%, 3/27/24(6) | 2,000 | 1,990 | |
Fieldwood Energy LLC | |||
2018, Second Lien (1 month LIBOR + 7.250%) 9.749%, 4/11/23 | 990 | 835 | |
First Lien (1 month LIBOR + 5.250%) 7.749%, 4/11/22 | 733 | 703 | |
Gavilan Resources LLC Second Lien (1 month LIBOR + 6.000%) 8.486%, 3/1/24 | 790 | 613 | |
McDermott International, Inc. (1 month LIBOR + 5.000%) 7.499%, 5/12/25 | 1,643 | 1,572 | |
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.749%, 10/30/24 | 1,686 | 1,640 | |
MRC Global US, Inc. 2018 (1 month LIBOR + 3.000%) 5.499%, 9/20/24 | 1,694 | 1,689 | |
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%) 3.750%, 7/16/21(1)(7) | 11 | — |
Par Value | Value | ||
Energy—continued | |||
Seadrill Operating LP (3 month LIBOR + 6.000%) 8.601%, 2/21/21 | $2,686 | $2,227 | |
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%) 6.500%, 9/27/24 | 1,920 | 1,915 | |
Ultra Resources, Inc. (1 month LIBOR + 4.000%) 6.491%, 4/12/24 | 1,175 | 1,015 | |
Weatherford International Ltd. (1 month LIBOR + 1.425%) 3.925%, 7/13/20 | 1,854 | 1,807 | |
16,988 | |||
Financial—3.1% | |||
Asurion LLC | |||
Tranche B-2, Second Lien (1 month LIBOR + 6.500%) 8.999%, 8/4/25 | 2,455 | 2,485 | |
Tranche B-4 (1 month LIBOR + 3.000%) 5.499%, 8/4/22 | 1,410 | 1,401 | |
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 5.499%, 6/15/25 | 1,618 | 1,587 | |
Ditech Holding Corp. Tranche B (3 month PRIME + 5.000%) 10.500%, 6/30/22(7) | 3,212 | 2,184 | |
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.499%, 12/27/22 | 1,092 | 1,083 | |
iStar, Inc. (1 month LIBOR + 2.750%) 5.235%, 6/28/23 | 1,832 | 1,816 | |
Refinitiv US Holdings, Inc. (1 month LIBOR + 3.750%) 6.249%, 10/1/25 | 2,095 | 2,032 | |
12,588 | |||
Food / Tobacco—2.8% | |||
Aramark Intermediate HoldCo Corp. Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 3/11/25 | 625 | 620 | |
CHG PPC Parent LLC First Lien (1 month LIBOR + 2.750%) 5.249%, 3/31/25 | 198 | 195 | |
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 10/10/23 | 1,436 | 1,373 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Dole Food Co., Inc. Tranche B (1 month LIBOR + 2.750%) 5.246%, 4/6/24 | $1,476 | $1,405 | |
H-Food Holdings LLC (1 month LIBOR + 3.688%) 6.186%, 5/23/25 | 1,355 | 1,314 | |
Hostess Brands LLC 2017, Tranche B (1 month LIBOR + 2.250%) 4.894%, 8/3/22 | 2,218 | 2,153 | |
JBS USA Lux S.A. (1 month LIBOR + 2.500%) 4.984%, 10/30/22 | 1,935 | 1,919 | |
Milk Specialties Co. (1 month LIBOR + 4.000%) 6.499%, 8/16/23 | 1,150 | 1,146 | |
Sigma Holdco B.V. Tranche B-2 (3 month LIBOR + 3.000%) 5.603%, 7/2/25 | 1,494 | 1,445 | |
11,570 | |||
Food and Drug—0.8% | |||
Albertson’s LLC | |||
2017-1, Tranche B-5 (3 month LIBOR + 3.000%) 5.609%, 12/21/22 | 1,989 | 1,972 | |
2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.499%, 11/17/25 | 1,443 | 1,424 | |
3,396 | |||
Forest Prod / Containers—4.3% | |||
Anchor Glass Container Corp. | |||
2017, First Lien (1 month LIBOR + 2.750%) 5.235%, 12/7/23 | 985 | 787 | |
Second Lien (1 month LIBOR + 7.750%) 10.231%, 12/7/24 | 1,358 | 740 | |
Berlin Packaging LLC First Lien (1 month LIBOR + 3.000%) 5.495%, 11/7/25 | 1,434 | 1,387 | |
Berry Global Group, Inc. | |||
Tranche Q (2 month LIBOR + 2.000%) 4.610%, 10/1/22 | 514 | 510 | |
Tranche R (1 month LIBOR + 2.000%) 4.493%, 1/19/24 | 270 | 267 | |
Berry Global, Inc. | |||
Tranche S (1 month LIBOR + 1.750%) 4.243%, 2/8/20 | 2,324 | 2,315 |
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Tranche T (1 month LIBOR + 1.750%) 4.243%, 1/6/21 | $868 | $864 | |
BWay Holding Co. (3 month LIBOR + 3.250%) 6.033%, 4/3/24 | 1,312 | 1,278 | |
Klockner Pentaplast of America, Inc. (1 month LIBOR + 4.250%) 6.749%, 6/30/22 | 2,292 | 2,004 | |
Reynolds Group Holdings, Inc. (1 month LIBOR + 2.750%) 5.249%, 2/5/23 | 3,131 | 3,092 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 5.749%, 1/31/25 | 1,171 | 1,102 | |
Tricorbraun Holding, Inc. First Lien (3 month LIBOR + 3.750%) 6.352%, 11/30/23 | 1,945 | 1,935 | |
Trident TPI Holdings, Inc. Tranche B-1 (1 month LIBOR + 3.250%) 5.749%, 10/17/24 | 1,167 | 1,123 | |
17,404 | |||
Gaming / Leisure—7.7% | |||
Affinity Gaming (1 month LIBOR + 3.250%) 5.749%, 7/1/23 | 1,006 | 959 | |
Aristocrat Leisure Ltd. Tranche B-3 (3 month LIBOR + 1.750%) 4.526%, 10/19/24 | 1,640 | 1,608 | |
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.249%, 12/23/24 | 4,268 | 4,207 | |
CBAC Borrower LLC Tranche B (1 month LIBOR + 4.000%) 6.499%, 7/8/24 | 1,083 | 1,075 | |
CityCenter Holdings LLC Tranche B (1 month LIBOR + 2.250%) 4.749%, 4/18/24 | 2,227 | 2,185 | |
Eldorado Resorts, Inc. (2 month LIBOR + 2.250%) 4.875%, 4/17/24 | 1,211 | 1,199 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Everi Payments, Inc. Tranche B (1 month LIBOR + 3.000%) 5.499%, 5/9/24 | $1,798 | $1,785 | |
Golden Nugget, Inc. Tranche B (1 month LIBOR + 2.750%) 5.242%, 10/4/23 | 2,381 | 2,355 | |
GVC Holdings plc Tranche B-2 (1 month LIBOR + 2.500%) 4.999%, 3/29/24 | 1,431 | 1,416 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.236%, 10/25/23 | 2,849 | 2,841 | |
MGM Growth Properties Operating Partnership LP Tranche B (1 month LIBOR + 2.000%) 4.499%, 3/21/25 | 2,445 | 2,410 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.250%, 4/29/24 | 1,723 | 1,653 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 2,271 | 2,210 | |
Stars Group Holdings B.V. (3 month LIBOR + 3.500%) 0.000%, 7/10/25(6) | 1,223 | 1,220 | |
Station Casinos LLC Tranche B (1 month LIBOR + 2.500%) 5.000%, 6/8/23 | 1,994 | 1,971 | |
UFC Holdings LLC First Lien (1 month LIBOR + 3.250%) 5.750%, 8/18/23 | 2,379 | 2,359 | |
31,453 | |||
Healthcare—10.8% | |||
21st Century Oncology, Inc. Tranche B (3 month LIBOR + 6.125%) 8.905%, 1/16/23 | 1,317 | 1,097 | |
Agiliti Health, Inc. (1 month LIBOR + 3.000%) 5.500%, 1/4/26 | 885 | 882 |
Par Value | Value | ||
Healthcare—continued | |||
AHP Health Partners, Inc. (1 month LIBOR + 4.500%) 6.999%, 6/30/25 | $1,628 | $1,624 | |
Amneal Pharmaceuticals LLC (1 month LIBOR + 3.500%) 6.000%, 5/4/25 | 1,806 | 1,799 | |
Avantor, Inc. Tranche B-1 (1 month LIBOR + 3.750%) 6.249%, 11/21/24 | 1,761 | 1,762 | |
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 5.231%, 11/27/25 | 556 | 549 | |
(1 month LIBOR + 3.000%) 5.481%, 6/2/25 | 3,321 | 3,298 | |
Change Healthcare Holdings, Inc. (1 month LIBOR + 2.750%) 5.249%, 3/1/24 | 2,626 | 2,589 | |
CHG Healthcare Services, Inc. 2017, First Lien (1 month LIBOR + 3.000%) 5.656%, 6/7/23 | 955 | 949 | |
Concordia International Corp. (1 month LIBOR + 5.500%) 7.993%, 9/6/24 | 743 | 700 | |
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.249%, 10/10/25 | 3,832 | 3,580 | |
Explorer Holdings, Inc. (3 month LIBOR + 3.750%) 6.351%, 5/2/23 | 422 | 418 | |
Greatbatch Ltd. 2017, Tranche B (1 month LIBOR + 3.000%) 5.490%, 10/27/22 | 501 | 501 | |
Heartland Dental LLC | |||
(1 month LIBOR + 3.750%) 6.249%, 4/30/25 | 1,682 | 1,630 | |
(1 month LIBOR + 3.750%) 3.750%, 4/30/25(8) | 38 | 36 | |
IQVIA, Inc. | |||
Tranche B-1 (3 month LIBOR + 2.000%) 4.601%, 3/7/24 | 913 | 908 |
Par Value | Value | ||
Healthcare—continued | |||
Tranche B-2 (3 month LIBOR + 2.000%) 4.601%, 1/17/25 | $103 | $103 | |
Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 6/11/25 | 2,104 | 2,080 | |
Jaguar Holding Co. I LLC 2018 (1 month LIBOR + 2.500%) 4.999%, 8/18/22 | 2,216 | 2,191 | |
National Mentor Holdings, Inc. | |||
First Lien (1 month LIBOR + 4.250%) 6.750%, 3/9/26 | 311 | 311 | |
First Lien (1 month LIBOR + 4.250%) 6.750%, 3/9/26 | 19 | 19 | |
NVA Holdings, Inc. Tranche B-3, First Lien (1 month LIBOR + 2.750%) 5.249%, 2/2/25 | 1,733 | 1,671 | |
Ortho-Clinical Diagnostics, Inc. (1 month LIBOR + 3.250%) 0.000%, 6/30/25(6) | 2,409 | 2,318 | |
Parexel International Corp. (1 month LIBOR + 2.750%) 5.249%, 9/27/24 | 1,798 | 1,730 | |
Phoenix Guarantor, Inc. | |||
First Lien (1 month LIBOR + 4.500%) 6.982%, 3/5/26 | 284 | 279 | |
First Lien (3 month LIBOR + 4.500%) 4.500%, 3/5/26(8) | 26 | 25 | |
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 8.000%, 2/22/24 | 794 | 721 | |
Regionalcare Hospital Partners Holdings, Inc. Tranche B, First Lien (1 month LIBOR + 4.500%) 6.982%, 11/16/25 | 2,070 | 2,045 | |
Select Medical Corp. Tranche B (1 month LIBOR + 2.500%) 4.990%, 3/6/25 | 1,352 | 1,345 | |
Sterigenics-Nordion Holdings LLC (1 month LIBOR + 3.000%) 5.499%, 5/15/22 | 2,163 | 2,124 | |
Surgery Center Holdings, Inc. (1 month LIBOR + 3.250%) 5.750%, 9/2/24 | 1,557 | 1,529 |
Par Value | Value | ||
Healthcare—continued | |||
U.S. Renal Care, Inc. First Lien (3 month LIBOR + 4.250%) 6.851%, 12/30/22 | $1,773 | $1,770 | |
Viant Medical Holdings, Inc. First Lien (3 month LIBOR + 3.750%) 6.351%, 7/2/25 | 493 | 492 | |
Wellpath Holdings, Inc. First Lien (1 month LIBOR + 5.500%) 7.999%, 10/1/25 | 1,197 | 1,143 | |
44,218 | |||
Housing—5.0% | |||
84 Lumber Co. Tranche B-1 (1 month LIBOR + 5.250%) 7.736%, 10/25/23 | 1,401 | 1,385 | |
American Builders & Contractors Supply Co., Inc. Tranche B-2 (1 month LIBOR + 2.000%) 4.499%, 10/31/23 | 3,469 | 3,377 | |
Capital Automotive LP | |||
Tranche B, Second Lien (1 month LIBOR + 6.000%) 8.500%, 3/24/25 | 1,405 | 1,403 | |
Tranche B-2 (1 month LIBOR + 2.500%) 5.000%, 3/25/24 | 510 | 504 | |
CPG International LLC (3 month LIBOR + 3.750%) 6.633%, 5/5/24 | 4,541 | 4,496 | |
HD Supply, Inc. Tranche B-5 (1 month LIBOR + 1.750%) 4.249%, 10/17/23 | 2,497 | 2,464 | |
Quikrete Holdings, Inc. First Lien (1 month LIBOR + 2.750%) 5.249%, 11/15/23 | 2,002 | 1,951 | |
SiteOne Landscape Supply LLC Tranche E (1 month LIBOR + 2.750%) 5.240%, 10/29/24 | 1,752 | 1,736 | |
Summit Materials LLC (1 month LIBOR + 2.000%) 4.499%, 11/21/24 | 3,022 | 2,956 | |
20,272 | |||
Information Technology—6.7% | |||
Applied Systems, Inc. | |||
First Lien (1 month LIBOR + 3.000%) 5.499%, 9/19/24 | 450 | 445 | |
Second Lien (1 month LIBOR + 7.000%) 9.499%, 9/19/25 | 1,108 | 1,114 |
Par Value | Value | ||
Information Technology—continued | |||
Blackboard, Inc. Tranche B-4 (3 month LIBOR + 5.000%) 7.780%, 6/30/21 | $1,911 | $1,876 | |
Boxer Parent Co., Inc. (3 month LIBOR + 4.250%) 6.851%, 10/2/25 | 3,920 | 3,835 | |
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 4.500%, 9/7/23 | 3,402 | 3,360 | |
Go Daddy Operating Co. LLC Tranche B-1 (1 month LIBOR + 2.250%) 4.749%, 2/15/24 | 1,948 | 1,932 | |
Kronos, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 5.736%, 11/1/23 | 3,730 | 3,692 | |
Second Lien (3 month LIBOR + 8.250%) 10.986%, 11/1/24 | 965 | 978 | |
Presidio Holdings, Inc. Tranche B (1 month LIBOR + 2.750%) 5.543%, 2/2/24 | 1,195 | 1,178 | |
Rackspace Hosting, Inc. Tranche B, First Lien (3 month LIBOR + 3.000%) 5.738%, 11/3/23 | 1,417 | 1,323 | |
SS&C Technologies, Inc. | |||
Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 1,689 | 1,673 | |
Tranche B-4 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 1,214 | 1,203 | |
Vertafore, Inc. First Lien (1 month LIBOR + 3.250%) 5.749%, 7/2/25 | 4,718 | 4,627 | |
27,236 | |||
Manufacturing—5.1% | |||
Brand Energy & Infrastructure Services, Inc. (2 month LIBOR + 4.250%) 6.956%, 6/21/24 | 2,319 | 2,217 | |
Circor International, Inc. (1 month LIBOR + 3.500%) 5.992%, 12/11/24 | 1,150 | 1,118 | |
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(6) | 880 | 878 | |
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 7.349%, 8/17/22 | 3,282 | 2,181 |
Par Value | Value | ||
Manufacturing—continued | |||
Deliver Buyer, Inc. (3 month LIBOR + 5.000%) 7.601%, 5/1/24 | $1,322 | $1,307 | |
Filtration Group Corp. (1 month LIBOR + 3.000%) 5.499%, 3/29/25 | 866 | 860 | |
Gardner Denver, Inc. Tranche B-1 (1 month LIBOR + 2.750%) 5.249%, 7/30/24 | 2,287 | 2,283 | |
Gates Global LLC Tranche B-2 (1 month LIBOR + 2.750%) 5.249%, 4/1/24 | 2,132 | 2,102 | |
Hillman Group, Inc. (The) (1 month LIBOR + 4.000%) 6.499%, 5/30/25 | 1,588 | 1,513 | |
NN, Inc. | |||
2017 (1 month LIBOR + 3.250%) 5.749%, 4/2/21 | 920 | 899 | |
Tranche B (1 month LIBOR + 3.750%) 6.249%, 10/19/22 | 1,405 | 1,384 | |
RBS Global, Inc. (Rexnord LLC) (1 month LIBOR + 2.000%) 4.499%, 8/21/24 | 1,062 | 1,051 | |
Titan Acquisition Ltd. (1 month LIBOR + 3.000%) 5.499%, 3/28/25 | 1,574 | 1,461 | |
U.S. Farathane LLC Tranche B-4 (3 month LIBOR + 3.500%) 6.101%, 12/23/21 | 1,629 | 1,576 | |
20,830 | |||
Media / Telecom - Broadcasting—3.1% | |||
iHeartCommunications, Inc. Tranche D (1 month LIBOR + 8.750%) 11.249%, 1/30/20(7) | 4,288 | 3,048 | |
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%) 4.750%, 1/3/24 | 2,445 | 2,416 | |
Tribune Media Co. | |||
Tranche B (1 month LIBOR + 3.000%) 5.499%, 12/27/20 | 158 | 158 | |
Tranche C (1 month LIBOR + 3.000%) 5.499%, 1/26/24 | 1,975 | 1,972 |
Par Value | Value | ||
Media / Telecom - Broadcasting—continued | |||
Univision Communications, Inc. 2017, First Lien (1 month LIBOR + 2.750%) 0.000%, 3/15/24(6) | $5,531 | $5,203 | |
12,797 | |||
Media / Telecom - Cable/Wireless Video—5.3% | |||
Charter Communications Operating LLC Tranche B (1 month LIBOR + 2.000%) 4.500%, 4/30/25 | 6,404 | 6,356 | |
CSC Holdings LLC | |||
2017 (1 month LIBOR + 2.250%) 4.734%, 7/17/25 | 3,262 | 3,165 | |
2018 (1 month LIBOR + 2.250%) 4.734%, 1/15/26 | 1,020 | 989 | |
2018 (1 month LIBOR + 2.500%) 4.984%, 1/25/26 | 347 | 340 | |
MCC Iowa LLC Tranche M (weekly LIBOR + 2.000%) 4.410%, 1/15/25 | 1,585 | 1,569 | |
Radiate Holdco LLC (1 month LIBOR + 3.000%) 5.499%, 2/1/24 | 2,271 | 2,217 | |
Telenet Financing LLC (1 month LIBOR + 2.250%) 4.734%, 8/15/26 | 1,915 | 1,871 | |
UPC Financing Partnership (1 month LIBOR + 2.500%) 4.984%, 1/15/26 | 1,866 | 1,861 | |
Virgin Media Bristol LLC (1 month LIBOR + 2.500%) 4.984%, 1/15/26 | 1,570 | 1,552 | |
Ziggo Secured Finance Partnership Tranche E (1 month LIBOR + 2.500%) 4.984%, 4/15/25 | 1,845 | 1,795 | |
21,715 | |||
Media / Telecom - Diversified Media—2.4% | |||
CDS US Intermediate Holdings, Inc. Tranche B (1 month LIBOR + 3.750%) 6.296%, 7/8/22 | 1,645 | 1,507 | |
Crown Finance US, Inc. (1 month LIBOR + 2.500%) 4.999%, 2/28/25 | 832 | 811 |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
Formula One Management Ltd. Tranche B-3 (1 month LIBOR + 2.500%) 4.999%, 2/1/24 | $1,528 | $1,470 | |
Fort Dearborn Holding Co., Inc. First Lien (1 month LIBOR + 4.000%) 6.784%, 10/19/23 | 1,778 | 1,716 | |
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 6.499%, 5/4/22 | 3,674 | 3,371 | |
Meredith Corp. Tranche B-1 (1 month LIBOR + 2.750%) 5.249%, 1/31/25 | 812 | 809 | |
9,684 | |||
Media / Telecom - Telecommunications—4.3% | |||
Altice France S.A. Tranche B-13 (1 month LIBOR + 4.000%) 6.484%, 8/14/26 | 648 | 620 | |
Frontier Communications Corp. Tranche B-1 (1 month LIBOR + 3.750%) 6.250%, 6/15/24 | 3,345 | 3,261 | |
Level 3 Financing, Inc. 2024, Tranche B (1 month LIBOR + 2.250%) 4.736%, 2/22/24 | 5,792 | 5,718 | |
Neustar, Inc. Tranche B-4, First Lien (1 month LIBOR + 3.500%) 5.999%, 8/8/24 | 1,187 | 1,142 | |
Numericable U.S. LLC | |||
Tranche B-11 (1 month LIBOR + 2.750%) 5.249%, 7/31/25 | 1,342 | 1,247 | |
Tranche B-12 (1 month LIBOR + 3.688%) 6.171%, 1/31/26 | 545 | 516 | |
Securus Technologies Holdings, Inc. | |||
First Lien (1 month LIBOR + 4.500%) 0.000%, 11/1/24(6) | 1,354 | 1,343 | |
Second Lien (1 month LIBOR + 8.250%) 10.749%, 11/1/25 | 740 | 724 | |
Uniti Group Inc. (1 month LIBOR + 5.000%) 7.499%, 10/24/22 | 1,666 | 1,626 |
Par Value | Value | ||
Media / Telecom - Telecommunications—continued | |||
West Corp. | |||
Tranche B (3 month LIBOR + 4.000%) 6.629%, 10/10/24 | $1,063 | $996 | |
Tranche B-1 (3 month LIBOR + 3.500%) 6.129%, 10/10/24 | 462 | 427 | |
17,620 | |||
Media / Telecom - Wireless Communications—1.5% | |||
SBA Senior Finance II LLC (1 month LIBOR + 2.000%) 4.500%, 4/11/25 | 2,825 | 2,762 | |
Sprint Communications, Inc. | |||
(1 month LIBOR + 2.500%) 5.000%, 2/2/24 | 2,313 | 2,249 | |
2019 (1 month LIBOR + 3.000%) 5.500%, 2/2/24 | 962 | 947 | |
5,958 | |||
Metals / Minerals—0.6% | |||
Covia Holdings Corp. (weekly LIBOR + 3.750%) 6.160%, 6/1/25 | 1,363 | 1,160 | |
Graftech International Ltd. (1 month LIBOR + 3.500%) 5.999%, 2/12/25 | 1,360 | 1,355 | |
2,515 | |||
Retail—2.2% | |||
Bass Pro Group LLC (1 month LIBOR + 5.000%) 7.499%, 9/25/24 | 2,401 | 2,343 | |
Michaels Stores, Inc. 2018, Tranche B (1 month LIBOR + 2.500%) 4.997%, 1/30/23 | 2,074 | 2,029 | |
Neiman Marcus Group Ltd. LLC (1 month LIBOR + 3.250%) 5.733%, 10/25/20 | 3,320 | 3,079 | |
PetSmart, Inc. Tranche B-2 (1 month LIBOR + 3.000%) 5.490%, 3/11/22 | 1,887 | 1,691 | |
9,142 | |||
Par Value | Value | ||
Service—11.0% | |||
Advantage Sales & Marketing, Inc. First Lien (1 month LIBOR + 3.250%) 5.749%, 7/23/21 | $553 | $468 | |
AlixPartners LLP 2017 (1 month LIBOR + 2.750%) 5.249%, 4/4/24 | 2,680 | 2,659 | |
Allied Universal Holdco LLC First Lien (1 month LIBOR + 4.250%) 6.749%, 7/28/22 | 1,167 | 1,136 | |
Carlisle Food Service Products, Inc. First Lien (1 month LIBOR + 3.000%) 5.499%, 3/20/25 | 332 | 322 | |
CEVA Logistics Finance B.V. Tranche B (3 month LIBOR + 3.750%) 6.351%, 8/4/25 | 1,209 | 1,207 | |
Crossmark Holdings, Inc. | |||
First Lien (3 month PRIME + 2.500%) 8.000%, 12/20/19(7) | 1,902 | 514 | |
Second Lien (3 month PRIME + 6.500%) 12.000%, 12/21/20(7) | 520 | 3 | |
CSC SW Holdco, Inc. Tranche B-1, First Lien (3 month LIBOR + 3.250%) 6.029%, 11/14/22 | 1,928 | 1,871 | |
Dun & Bradstreet Corp. (The) (1 month LIBOR + 5.000%) 7.490%, 2/6/26 | 1,335 | 1,317 | |
First Data Corp. | |||
2022, Tranche D (1 month LIBOR + 2.000%) 4.486%, 7/8/22 | 981 | 979 | |
2024, Tranche A (1 month LIBOR + 2.000%) 4.486%, 4/26/24 | 4,336 | 4,322 | |
GFL Environmental, Inc. (1 month LIBOR + 3.000%) 5.499%, 5/30/25 | 1,612 | 1,555 | |
Gopher Resource LLC (1 month LIBOR + 3.250%) 5.749%, 3/6/25 | 430 | 428 | |
GW Honos Security Corp. Tranche B (3 month PRIME + 2.500%) 6.120%, 5/24/24 | 791 | 780 | |
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 6/30/24 | 1,875 | 1,810 |
Par Value | Value | ||
Service—continued | |||
Laureate Education, Inc. 2024 (1 month LIBOR + 3.500%) 5.999%, 4/26/24 | $2,056 | $2,053 | |
Patriot Container Corp. First Lien (1 month LIBOR + 3.500%) 5.999%, 3/20/25 | 728 | 720 | |
PetVet Care Centers LLC | |||
First Lien (1 month LIBOR + 2.750%) 5.236%, 2/14/25 | 1,423 | 1,345 | |
First Lien (1 month LIBOR + 2.750%) 4.226%, 2/14/25 | 321 | 303 | |
First Lien (1 month LIBOR + 2.750%) 4.226%, 2/14/25(8) | 100 | 95 | |
PI UK Holdco II Ltd. Tranche B-1 (1 month LIBOR + 3.500%) 5.999%, 1/3/25 | 2,578 | 2,525 | |
Red Ventures LLC Tranche B-1, First Lien (1 month LIBOR + 3.000%) 5.499%, 11/8/24 | 2,513 | 2,494 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.749%, 12/31/25 | 3,227 | 3,155 | |
ServiceMaster Co., LLC Tranche C (1 month LIBOR + 2.500%) 4.999%, 11/8/23 | 506 | 504 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.500%) 6.000%, 7/17/25 | 1,517 | 1,514 | |
Tempo Acquisition LLC (1 month LIBOR + 3.000%) 5.499%, 5/1/24 | 1,557 | 1,541 | |
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.250%, 2/1/23 | 2,509 | 2,457 | |
Trans Union LLC 2017, Tranche B-3 (1 month LIBOR + 2.000%) 4.499%, 4/10/23 | 4,030 | 3,989 | |
Tunnel Hill Partners LP (1 month LIBOR + 3.500%) 5.999%, 2/6/26 | 1,085 | 1,076 |
Par Value | Value | ||
Service—continued | |||
WEX, Inc. Tranche B-2 (1 month LIBOR + 2.250%) 4.749%, 6/30/23 | $1,977 | $1,956 | |
45,098 | |||
Transportation - Automotive—2.8% | |||
Accuride Corp. 2017 (3 month LIBOR + 5.250%) 7.851%, 11/17/23 | 1,419 | 1,178 | |
American Axle & Manufacturing, Inc. Tranche B (1 month LIBOR + 2.250%) 4.740%, 4/6/24 | 1,371 | 1,338 | |
DexKo Global, Inc. Tranche B, First Lien (1 month LIBOR + 3.500%) 5.999%, 7/24/24 | 1,474 | 1,449 | |
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 6.000%, 11/6/24 | 2,292 | 2,281 | |
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%) 0.000%, 3/18/26(6) | 1,935 | 1,912 | |
Tenneco, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 10/1/25 | 2,130 | 2,029 | |
TI Group Automotive Systems LLC (1 month LIBOR + 2.500%) 4.999%, 6/30/22 | 1,195 | 1,178 | |
11,365 | |||
Utility—3.6% | |||
APLP Holdings LP (1 month LIBOR + 2.750%) 5.249%, 4/13/23 | 1,221 | 1,218 | |
Brookfield WEC Holdings, Inc. | |||
First Lien (1 month LIBOR + 3.750%) 6.249%, 8/1/25 | 2,000 | 1,994 | |
Second Lien (1 month LIBOR + 6.750%) 9.249%, 8/3/26 | 835 | 834 | |
Calpine Construction Finance Co. LP | |||
Tranche B (1 month LIBOR + 2.500%) 4.999%, 1/15/25 | 1,970 | 1,943 | |
Tranche B-9 (3 month LIBOR + 2.750%) 0.000%, 3/20/26(6) | 835 | 826 |
Par Value | Value | ||
Utility—continued | |||
Lightstone Holdco LLC | |||
Tranche B (1 month LIBOR + 3.750%) 6.249%, 1/30/24 | $777 | $750 | |
Tranche C (1 month LIBOR + 3.750%) 6.249%, 1/30/24 | 44 | 42 | |
Pacific Gas and Electric Co. | |||
(2 month LIBOR + 1.125%) 1.125%, 12/31/20(8) | 130 | 130 | |
(3 month LIBOR + 2.250%) 2.250%, 12/31/20(8) | 390 | 390 | |
Talen Energy Supply LLC | |||
(1 month LIBOR + 4.000%) 6.499%, 4/15/24 | 1,217 | 1,205 | |
Tranche B-1 (1 month LIBOR + 4.000%) 6.500%, 7/15/23 | 1,030 | 1,019 | |
TerraForm Power Operating LLC (1 month LIBOR + 2.000%) 4.499%, 11/8/22 | 514 | 500 | |
Vistra Operations Co. LLC | |||
(1 month LIBOR + 2.000%) 4.499%, 8/4/23 | 1,335 | 1,318 | |
2018 (1 month LIBOR + 2.000%) 4.486%, 12/31/25 | 2,432 | 2,393 | |
14,562 | |||
Total Leveraged Loans (Identified Cost $417,245) | 401,284 | ||
Shares | ||
Common Stock—0.0% | ||
Energy—0.0% | ||
Sabine Oil & Gas LLC(9) | 727 | 20 |
Total Common Stock (Identified Cost $35) | 20 | |
Right—0.1% | ||
Utilities—0.1% | ||
Vistra Energy Corp.(9)(10) | 152,810 | 110 |
Total Right (Identified Cost $129) | 110 | |
Shares | Value | ||
Warrants—0.0% | |||
Energy—0.0% | |||
Sabine Oil & Gas LLC(10) | 477 | $1 | |
Sabine Oil & Gas LLC(10) | 2,269 | 9 | |
10 | |||
Total Warrants (Identified Cost $19) | 10 | ||
Total Long-Term Investments—101.0% (Identified Cost $428,634) | 412,394 | ||
Short-Term Investment—0.9% | |||
Money Market Mutual Fund—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(11) | 3,818,489 | 3,818 | |
Total Short-Term Investment (Identified Cost $3,818) | 3,818 | ||
TOTAL INVESTMENTS—101.9% (Identified Cost $432,452) | $416,212 | ||
Other assets and liabilities, net—(1.9)% | (7,670) | ||
NET ASSETS—100.0% | $408,542 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
Footnote Legend: | |
(1) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $6,761 or 1.7% of net assets. |
(3) | 100% of the income received was in cash. |
(4) | First pay date will be in July 2019. |
(5) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(6) | This loan will settle after March 31, 2019, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(7) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(8) | Represents unfunded portion of security and commitment fee earned on this portion. |
(9) | 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. |
(10) | Non-income producing. |
(11) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 92% |
Canada | 3 |
Luxembourg | 2 |
Netherlands | 1 |
United Kingdom | 1 |
France | 1 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds And Notes | $10,970 | $— | $10,963 | $7 | |||
Leveraged Loans | 401,284 | — | 401,284 | — | |||
Equity Securities: | |||||||
Right | 110 | — | — | 110 | |||
Common Stock | 20 | — | — | 20 | |||
Warrants | 10 | — | 10 | — | |||
Money Market Mutual Fund | 3,818 | 3,818 | — | — | |||
Total Investments | $416,212 | $3,818 | $412,257 | $137 |
Par Value | Value | ||
Municipal Bonds(1)—96.5% | |||
Alabama—1.5% | |||
Black Belt Energy Gas District, Natural Gas Purchase Revenue, Mandatory Put 12/1/23 4.000%, 12/1/48(2) | $465 | $495 | |
Pell City Special Care Facilities Financing Authority, Noland Health Services Revenue, | |||
4.000%, 12/1/25 | 500 | 525 | |
5.000%, 12/1/25 | 1,000 | 1,075 | |
2,095 | |||
Arizona—4.5% | |||
Arizona Board of Regents, Arizona State University System Revenue, | |||
5.000%, 7/1/36 | 1,000 | 1,171 | |
5.000%, 7/1/37 | 360 | 420 | |
Arizona Department of Transportation, State Highway Fund Revenue, 5.000%, 7/1/36 | 500 | 586 | |
Arizona State Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/1/24 | 565 | 657 | |
Maricopa County Industrial Development Authority, Banner Health Revenue, 4.000%, 1/1/34 | 1,000 | 1,075 | |
Northern Arizona University, Stimulus Plan for Economic and Educational Development Revenue, | |||
5.000%, 8/1/24 | 1,115 | 1,253 | |
5.000%, 8/1/25 | 1,000 | 1,122 | |
6,284 | |||
Arkansas—0.4% | |||
University of Arkansas, Facility Revenue, 5.000%, 11/1/33 | 505 | 596 | |
California—2.3% | |||
California Municipal Finance Authority, Bowles Hall Foundation Revenue, | |||
4.000%, 6/1/21 | 100 | 104 | |
4.500%, 6/1/23 | 225 | 243 | |
4.500%, 6/1/24 | 150 | 164 | |
California State Health Facilities Financing Authority, Providence St. Joseph Health, 4.000%, 10/1/36 | 275 | 295 |
Par Value | Value | ||
California—continued | |||
California State Municipal Finance Authority, Community Medical Centers, 5.000%, 2/1/27 | $400 | $464 | |
California Statewide Communities Development Authority, The Culinary Institute of America Revenue, 5.000%, 7/1/28 | 200 | 233 | |
Golden State Tobacco Securitization Corp., Tobacco Settlement Revenue, 5.000%, 6/1/47 | 800 | 796 | |
Inglewood Redevelopment Agency Successor Agency, Subordinate Lien Merged Redevelopment Project, Tax Allocation Revenue, (BAM Insured) 5.000%, 5/1/32 | 545 | 644 | |
Temecula Valley Unified School District Financing Authority, Special Tax Revenue, (BAM Insured) 5.000%, 9/1/25 | 175 | 206 | |
3,149 | |||
Colorado—7.1% | |||
Colorado State Health Facilities Authority, Catholic Health Initiatives Revenue, 6.250%, 10/1/33 | 650 | 653 | |
Denver Convention Center Hotel Authority Revenue, Senior Lien, 5.000%, 12/1/27 | 400 | 456 | |
E-470 Public Highway Authority Revenue, | |||
5.000%, 9/1/20 | 340 | 353 | |
(NATL Insured) 0.000%, 9/1/29 | 665 | 386 | |
Public Authority For Colorado Energy, Natural Gas Purchase Revenue, | |||
6.125%, 11/15/23 | 2,135 | 2,385 | |
6.250%, 11/15/28 | 2,250 | 2,853 | |
Regional Transportation District, Sales Tax Revenue, Fastracks Project, 5.000%, 11/1/32 | 1,195 | 1,422 |
Par Value | Value | ||
Colorado—continued | |||
University of Colorado, Enterprise Revenue, (Pre-Refunded 6/1/19 @ 100) 5.625%, 6/1/22 | $1,370 | $1,379 | |
9,887 | |||
Connecticut—2.2% | |||
Connecticut Housing Finance Authority, Mortgage Revenue, (GNMA / FNMA / FHLMC Insured) 3.200%, 11/15/33 | 425 | 431 | |
Connecticut State Health & Educational Facility Authority, Hartford Healthcare Revenue, 5.000%, 7/1/25 | 1,500 | 1,708 | |
Connecticut, State of, General Obligation, 5.000%, 9/15/34 | 750 | 881 | |
3,020 | |||
District of Columbia—3.7% | |||
Metropolitan Washington Airports Authority, Dulles Toll Road Revenue, Second Lien, (AGC Insured) 6.500%, 10/1/41 | 4,000 | 5,080 | |
Florida—11.5% | |||
Brevard County Health Facilities Authority, Health First Revenue, | |||
5.000%, 4/1/21 | 115 | 122 | |
(Pre-Refunded 4/1/19 @ 100) 7.000%, 4/1/39 | 1,050 | 1,050 | |
Brevard County School Board, Certificates of Participation, 5.000%, 7/1/32 | 1,000 | 1,179 | |
Broward County School Board, Certificates of Participation, 5.000%, 7/1/32 | 300 | 349 | |
Central Florida Expressway Authority, Senior Lien Toll Revenue, 4.000%, 7/1/30 | 200 | 221 | |
Florida, State of, General Obligation, 5.000%, 7/1/31 | 4,000 | 4,939 | |
Miami Beach Redevelopment Agency, Tax Increment Revenue, 5.000%, 2/1/32 | 300 | 339 |
Par Value | Value | ||
Florida—continued | |||
Miami Beach, City of, Stormwater Revenue, (Pre-Refunded 9/1/21 @ 100) 5.250%, 9/1/23 | $1,265 | $1,376 | |
Miami-Dade County Educational Facilities Authority, University of Miami Revenue, 5.000%, 4/1/30 | 200 | 227 | |
Miami-Dade County Expressway Authority, Toll Revenue, 5.000%, 7/1/33 | 480 | 561 | |
Miami-Dade County School Board, Certificates of Participation, 5.000%, 2/1/34 | 1,700 | 1,936 | |
Seminole County School Board, Certificates of Participation, 5.000%, 7/1/29 | 1,935 | 2,308 | |
South Florida Water Management District, Certificates of Participation, 5.000%, 10/1/35 | 750 | 865 | |
Tallahassee, City of, Health Facilities Revenue, Tallahassee Memorial Healthcare, 5.000%, 12/1/36 | 480 | 536 | |
16,008 | |||
Georgia—1.8% | |||
Atlanta Water & Wastewater Revenue, 5.000%, 11/1/31 | 650 | 757 | |
DeKalb County Water & Sewer Revenue, 5.250%, 10/1/26 | 1,555 | 1,689 | |
2,446 | |||
Idaho—1.3% | |||
Idaho Health Facilities Authority, St. Lukes Health System Revenue, 5.000%, 3/1/37 | 235 | 269 | |
Idaho Housing & Finance Association, Federal Highway Grant Anticipation Revenue, 4.500%, 7/15/29 | 1,500 | 1,579 | |
1,848 | |||
Par Value | Value | ||
Illinois—9.8% | |||
Chicago O’Hare International Airport, Passenger Facilities Charge Revenue, 5.000%, 1/1/20 | $70 | $72 | |
Chicago, City of, | |||
Sales Tax Revenue (Pre-Refunded 1/1/22 @ 100) 5.250%, 1/1/38 | 25 | 27 | |
Sales Tax Revenue (Escrowed to Maturity) 5.000%, 1/1/21 | 750 | 794 | |
Waterworks Revenue, Second Lien 5.000%, 11/1/22 | 500 | 552 | |
Waterworks Revenue, Second Lien 5.000%, 11/1/30 | 500 | 572 | |
Waterworks Revenue, Second Lien (AGM Insured) 5.000%, 11/1/31 | 500 | 581 | |
Waterworks Revenue, Second Lien (AGM Insured) 5.250%, 11/1/32 | 350 | 411 | |
Illinois Finance Authority, Rush University Medical Center Revenue 5.000%, 11/15/21 | 250 | 271 | |
Illinois State Toll Highway Authority, Toll Highway Revenue Senior Lien, 5.000%, 1/1/32 | 1,000 | 1,168 | |
Illinois, State of, General Obligation, | |||
5.000%, 4/1/22 | 815 | 869 | |
5.000%, 2/1/26 | 1,490 | 1,591 | |
5.000%, 2/1/27 | 1,250 | 1,380 | |
Metropolitan Pier & Exposition Authority, McCormick Place Expansion Project Revenue, (AGM Insured) 0.000%, 6/15/26 | 1,000 | 812 | |
Railsplitter Tobacco Settlement Authority, Tobacco Settlement Revenue, 5.000%, 6/1/27 | 450 | 530 | |
Sales Tax Securitization Corp., Chicago Sales Tax Revenue, Sales Tax Revenue 5.000%, 1/1/30 | 1,500 | 1,742 | |
University of Illinois, Auxiliary Facilities System Revenue, | |||
5.500%, 4/1/31 | 1,540 | 1,639 |
Par Value | Value | ||
Illinois—continued | |||
5.125%, 4/1/36 | $500 | $522 | |
13,533 | |||
Indiana—2.1% | |||
Indiana Finance Authority, | |||
Indiana University Health Center Revenue, 5.000%, 12/1/22 | 800 | 894 | |
Parkview Health System, 5.000%, 11/1/43 | 1,700 | 1,950 | |
2,844 | |||
Louisiana—0.4% | |||
New Orleans Sewerage Service Revenue, 5.000%, 6/1/20 | 550 | 571 | |
Maine—1.9% | |||
Portland, City of, General Airport Revenue, | |||
5.000%, 7/1/26 | 1,000 | 1,105 | |
5.000%, 7/1/29 | 580 | 636 | |
5.000%, 7/1/30 | 770 | 842 | |
2,583 | |||
Maryland—3.2% | |||
Baltimore, City of, Convention Center Hotel Revenue, 5.000%, 9/1/36 | 250 | 280 | |
Maryland Economic Development Corp., Exelon Generation Co. Revenue, Mandatory Put 6/1/20 2.550%, 12/1/25(2) | 500 | 501 | |
Maryland Health & Higher Educational Facilities Authority, | |||
Anne Arundel Health System Revenue (Pre-Refunded 7/1/19 @ 100) 6.750%, 7/1/29 | 2,015 | 2,041 | |
Medstar Health System Revenue 5.000%, 8/15/26 | 800 | 932 | |
Medstar Health System Revenue 5.000%, 5/15/42 | 600 | 676 | |
4,430 | |||
Massachusetts—0.4% | |||
Massachusetts Port Authority, Transportation Revenue, 5.000%, 7/1/31 | 500 | 595 |
Par Value | Value | ||
Michigan—1.8% | |||
Michigan Finance Authority, Beaumont Health Credit Group Revenue, 5.000%, 8/1/27 | $1,250 | $1,434 | |
Michigan State Building Authority, Facilities Program Lease Revenue, | |||
5.000%, 4/15/25 | 500 | 593 | |
4.000%, 10/15/36 | 500 | 534 | |
2,561 | |||
New Jersey—5.5% | |||
Camden County Improvement Authority Healthcare Redevelopment Project, Cooper Health System Revenue, 5.000%, 2/15/22 | 950 | 1,031 | |
New Jersey Economic Development Authority, Cigarette Tax Revenue, (AGM Insured) 5.000%, 6/15/22 | 3,000 | 3,264 | |
New Jersey Housing & Mortgage Finance Agency, Mortgage Revenue, 4.375%, 4/1/28 | 1,730 | 1,813 | |
New Jersey Transportation Trust Fund Authority, 5.000%, 6/15/19 | 150 | 151 | |
New Jersey Turnpike Authority, Toll Revenue, 4.000%, 1/1/35 | 240 | 260 | |
Tobacco Settlement Financing Corp., Tobacco Settlement Revenue, | |||
5.000%, 6/1/31 | 250 | 290 | |
5.000%, 6/1/32 | 250 | 289 | |
5.000%, 6/1/33 | 250 | 287 | |
5.000%, 6/1/34 | 250 | 285 | |
7,670 | |||
New York—3.8% | |||
Buffalo & Erie County Industrial Land Development Corp., Catholic Health System Revenue, 5.000%, 7/1/23 | 550 | 615 | |
Dutchess County Local Development Corp., The Culinary Institute of America Revenue, 5.000%, 7/1/33 | 180 | 211 |
Par Value | Value | ||
New York—continued | |||
New York City Industrial Development Agency, Queens Baseball Stadium Project Revenue, | |||
(AGC Insured) 6.125%, 1/1/29 | $500 | $502 | |
(AMBAC Insured) 5.000%, 1/1/20 | 900 | 903 | |
(AMBAC Insured) 5.000%, 1/1/31 | 470 | 471 | |
New York City Municipal Water Finance Authority, Water & Sewer Revenue, General Resolution, 5.000%, 6/15/40 | 1,295 | 1,538 | |
New York State Dormitory Authority, | |||
New York University Hospitals Center Revenue 5.000%, 7/1/33 | 150 | 174 | |
Orange Regional Medical Center Revenue 5.000%, 12/1/23(3) | 300 | 336 | |
New York Transportation Development Corp., American Airlines JFK Project Revenue, 5.000%, 8/1/26 | 250 | 262 | |
TSASC, Inc., Tobacco Settlement Revenue, 5.000%, 6/1/34 | 190 | 216 | |
5,228 | |||
North Dakota—1.0% | |||
Barnes County North Public School District Building Authority, Lease Revenue, 4.250%, 5/1/27 | 1,330 | 1,374 | |
Ohio—1.7% | |||
New Albany Community Authority, Community Facilities Revenue, 5.000%, 10/1/24 | 1,250 | 1,383 | |
Ohio State Juvenile Correction Facilities Project, Lease Revenue, 5.000%, 10/1/22 | 935 | 1,042 | |
2,425 | |||
Oklahoma—1.0% | |||
Oklahoma State Turnpike Authority, Turnpike Revenue, Second Senior Lien, (Pre-Refunded 1/1/21 @ 100) 5.000%, 1/1/29 | 1,250 | 1,326 |
Par Value | Value | ||
Oregon—2.0% | |||
Oregon State Housing & Community, Mortgage Revenue, Residential Finance Program Revenue, 4.500%, 1/1/49 | $450 | $488 | |
Oregon, State of, General Obligation, 5.000%, 5/1/33 | 1,095 | 1,293 | |
Washington & Multnomah Counties, Beaverton School District No. 48J, General Obligation (SCH BD GTY Insured) 5.000%, 6/15/36 | 800 | 948 | |
2,729 | |||
Pennsylvania—4.7% | |||
Butler County Hospital Authority, Butler Health System Revenue, 5.000%, 7/1/30 | 250 | 284 | |
Delaware River Joint Toll Bridge Commission, Bridge System Revenue, 5.000%, 7/1/34 | 250 | 297 | |
Pennsylvania Turnpike Commission, Turnpike Revenue Subordinate Lien, | |||
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34 | 250 | 268 | |
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34 | 265 | 285 | |
(Pre-Refunded 12/1/20 @ 100) 6.000%, 12/1/34 | 1,235 | 1,326 | |
(Pre-Refunded 12/1/21 @ 100) 5.250%, 12/1/31 | 1,000 | 1,098 | |
Toll Highway Revenue 6.375%, 12/1/38 | 2,000 | 2,531 | |
Philadelphia, City of, | |||
Water & Wastewater Revenue 5.000%, 11/1/31 | 125 | 149 | |
Water & Wastewater Revenue 5.000%, 10/1/42 | 300 | 345 | |
6,583 | |||
South Carolina—1.0% | |||
Dorchester County, Water & Sewer Revenue, 5.000%, 10/1/28 | 1,020 | 1,125 |
Par Value | Value | ||
South Carolina—continued | |||
South Carolina Association of Governmental Organizations Educational Facilities Corp., for Pickens School District Lease Revenue, 5.000%, 12/1/24 | $250 | $292 | |
1,417 | |||
Tennessee—2.3% | |||
Chattanooga-Hamilton County Hospital Authority, Erlanger Health System Revenue, 5.000%, 10/1/26 | 1,000 | 1,131 | |
Tennessee Housing Development Agency, Residential Finance Program Revenue, | |||
2.050%, 7/1/20 | 545 | 547 | |
2.300%, 1/1/21 | 310 | 312 | |
Tennessee State School Bond Authority, Higher Education Program Revenue, (ST HGR ED INTERCEPT PROG Insured) 5.000%, 11/1/34 | 1,000 | 1,208 | |
3,198 | |||
Texas—13.0% | |||
Corpus Christi Independent School District, General Obligation, (PSF-GTD Insured) 4.000%, 8/15/43 | 5,000 | 5,302 | |
Hidalgo County Drain District No. 1, General Obligation, 5.000%, 9/1/28 | 1,000 | 1,173 | |
Lamar Consolidated Independent School District, General Obligation, (PSF-GTD Insured) 5.000%, 2/15/34 | 1,000 | 1,184 |
Par Value | Value | ||
Texas—continued | |||
North Texas Tollway Authority, Special Project System Revenue, (Pre-Refunded 9/1/31 @ 100) 0.000%, 9/1/43 | $1,675 | $1,960 | |
Southmost Regional Water Authority, Desalination Plant Project Revenue, | |||
(AGM Insured) 5.000%, 9/1/23 | 1,085 | 1,197 | |
(AGM Insured) 5.000%, 9/1/25 | 1,015 | 1,118 | |
Texas Municipal Gas Acquisition & Supply, Gas Supply Revenue, | |||
Corp. I, Senior Lien 6.250%, 12/15/26 | 1,515 | 1,760 | |
Corp. II 2.413%, 9/15/27(2) | 2,820 | 2,745 | |
Upper Trinity Regional Water District Authority, Regional Treated Supply System Revenue, (BAM Insured) 5.000%, 8/1/24 | 1,340 | 1,547 | |
17,986 | |||
Vermont—0.3% | |||
Vermont Educational & Health Buildings Financing Agency, University of Vermont Health Network Revenue, 5.000%, 12/1/35 | 300 | 346 | |
Virginia—1.7% | |||
Riverside Regional Jail Authority, Jail Facility Revenue, 5.000%, 7/1/26 | 1,250 | 1,482 | |
Virginia College Building Authority, Marymount University Revenue, | |||
5.000%, 7/1/20(3) | 200 | 205 | |
5.000%, 7/1/21(3) | 400 | 418 | |
5.000%, 7/1/22(3) | 195 | 207 | |
2,312 | |||
Par Value | Value | ||
Washington—1.4% | |||
King County Sewer Revenue, 5.000%, 7/1/36 | $1,630 | $1,909 | |
West Virginia—0.2% | |||
Monongalia County Building Commission, Monongalia Health System Revenue, 5.000%, 7/1/23 | 300 | 330 | |
Wisconsin—1.0% | |||
Public Finance Authority, | |||
Renown Regional Medical Center Revenue 5.000%, 6/1/33 | 1,000 | 1,135 | |
Waste Management, Inc. Revenue 2.875%, 5/1/27 | 250 | 252 | |
1,387 | |||
Total Municipal Bonds (Identified Cost $128,080) | 133,750 | ||
Shares | ||
Exchange-Traded Fund—0.9% | ||
VanEck Vectors High-Yield Municipal Index ETF(4) | 20,630 | 1,295 |
Total Exchange-Traded Fund (Identified Cost $1,259) | 1,295 | |
Total Long-Term Investments—97.4% (Identified Cost $129,339) | 135,045 | |
Short-Term Investment—1.6% | ||
Money Market Mutual Fund—1.6% | ||
Dreyfus AMT-Free Tax Exempt Cash Management (seven-day effective yield 1.372%)(4) | 2,164,256 | 2,164 |
Total Short-Term Investment (Identified Cost $2,164) | 2,164 | |
Value | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $131,503) | $137,209 | |
Other assets and liabilities, net—1.0% | 1,430 | |
NET ASSETS—100.0% | $138,639 |
Abbreviations: | |
AGC | Assured Guaranty Corp. |
AGM | Assured Guaranty Municipal Corp. |
AMBAC | American Municipal Bond Assurance Corp. |
BAM | Build America Municipal Insured |
ETF | Exchange-Traded Fund |
FHLMC | Federal Home Loan Mortgage Corporation (“Freddie Mac”) |
FNMA | Federal National Mortgage Association (“Fannie Mae”) |
GNMA | Government National Mortgage Association (“Ginnie Mae”) |
NATL | National Public Finance Guarantee Corp. |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
Footnote Legend: | |
(1) | At March 31, 2019, 19.1% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. None of the insurers concentration exceeds 10% of the Fund’s net assets. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at March 31, 2019. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $1,166 or 0.8% of net assets. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $133,750 | $— | $133,750 | ||
Equity Securities: | |||||
Exchange-Traded Fund | 1,295 | 1,295 | — | ||
Money Market Mutual Fund | 2,164 | 2,164 | — | ||
Total Investments | $137,209 | $3,459 | $133,750 |
Newfleet Bond Fund | Newfleet CA Tax-Exempt Bond Fund | Newfleet High Yield Fund | |||
Assets | |||||
Investment in unaffiliated securities at value(1)(2) | $73,924 | $18,514 | $60,030 | ||
Investment in affiliated fund at value(3) | 641 | — | — | ||
Cash | 2,041 | 2 | 1,968 | ||
Receivables | |||||
Investment securities sold | 403 | — | 533 | ||
Fund shares sold | 80 | 19 | 8 | ||
Receivable from adviser | — | 8 | — | ||
Dividends and interest | 530 | 15 | 886 | ||
Securities lending | — | — | 2 | ||
Prepaid trustee retainer | 2 | —(a) | 1 | ||
Prepaid expenses | 23 | 5 | 31 | ||
Other assets | 5 | 1 | 4 | ||
Total assets | 77,649 | 18,564 | 63,463 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 47 | 113 | 128 | ||
Investment securities purchased | 2,303 | — | 1,830 | ||
Collateral on securities loaned | — | — | 1,641 | ||
Dividend distributions | 12 | 85 | 32 | ||
Investment advisory fees | 11 | — | 16 | ||
Distribution and service fees | 11 | 3 | 13 | ||
Administration and accounting fees | 7 | 3 | 6 | ||
Transfer agent and sub-transfer agent fees and expenses | 9 | 3 | 5 | ||
Professional fees | 18 | 9 | 18 | ||
Trustee deferred compensation plan | 5 | 1 | 4 | ||
Other accrued expenses | 11 | 4 | 16 | ||
Total liabilities | 2,434 | 221 | 3,709 | ||
Net Assets | $75,215 | $18,343 | $59,754 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $76,749 | $18,345 | $65,180 | ||
Accumulated earnings (loss) | (1,534) | (2) | (5,426) | ||
Net Assets | $75,215 | $18,343 | $59,754 | ||
Net Assets: | |||||
Class A | $34,907 | $14,424 | $50,967 | ||
Class C | $4,137 | $— | $2,061 | ||
Class I | $35,467 | $3,919 | $5,906 | ||
Class R6 | $704 | $— | $820 | ||
Shares Outstanding (unlimited number of shares authorized, no par value):(4) | |||||
Class A | 3,155,100 | 1,299,479 | 12,569,686 | ||
Class C | 382,841 | — | 517,549 | ||
Class I | 3,153,866 | 353,719 | 1,454,191 | ||
Class R6 | 62,555 | — | 201,967 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $11.06 | $11.10 | $4.05 | ||
Class C | $10.81 | $— | $3.98 | ||
Class I | $11.25 | $11.08 | $4.06 | ||
Class R6 | $11.25 | $— | $4.06 |
Newfleet Bond Fund | Newfleet CA Tax-Exempt Bond Fund | Newfleet High Yield Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $11.49 | $11.41 | $4.21 | ||
Maximum Sales Charge - Class A | 3.75% | 2.75% | 3.75% | ||
(1)Investment in unaffiliated securities at cost | $73,076 | $18,514 | $61,210 | ||
(2) Market value of securities on loan | $— | $— | $1,568 | ||
(3) Investment in affiliated fund at cost | $687 | $— | $— | ||
(4) Newfleet Bond Fund has a par value of $1.00, and all other funds on this page have no par value. |
(a) | Amount is less than $500. |
Newfleet Low Duration Income Fund | Newfleet Multi-Sector Intermediate Bond Fund | Newfleet Senior Floating Rate Fund | Newfleet Tax-Exempt Bond Fund | ||||
Assets | |||||||
Investment in unaffiliated securities at value(1)(2) | $416,009 | $259,619 | $416,212 | $137,209 | |||
Investment in affiliated fund at value(3) | — | 4,509 | — | — | |||
Cash | 2,149 | 5,597 | 3,702 | — | |||
Receivables | |||||||
Investment securities sold | 3,522 | 4,051 | 3,162 | — | |||
Fund shares sold | 2,507 | 930 | 602 | 35 | |||
Dividends and interest | 1,556 | 2,285 | 928 | 1,773 | |||
Tax reclaims | — | 2 | — | — | |||
Securities lending | —(a) | 3 | — | — | |||
Prepaid trustee retainer | 8 | 5 | 8 | 3 | |||
Prepaid expenses | 47 | 25 | 50 | 27 | |||
Other assets | 29 | 19 | 30 | 10 | |||
Total assets | 425,827 | 277,045 | 424,694 | 139,057 | |||
Liabilities | |||||||
Cash overdraft | — | — | — | —(a) | |||
Foreign currency overdraft(4) | — | —(a) | — | — | |||
Payables | |||||||
Fund shares repurchased | 1,330 | 402 | 1,134 | 226 | |||
Investment securities purchased | 10,280 | 8,929 | 9,132 | — | |||
Secured borrowings (See Note 11) | — | — | 5,000 | — | |||
Collateral on securities loaned | 541 | 3,540 | — | — | |||
Dividend distributions | 100 | 230 | 405 | 73 | |||
Investment advisory fees | 76 | 92 | 142 | 33 | |||
Distribution and service fees | 37 | 55 | 89 | 19 | |||
Administration and accounting fees | 38 | 25 | 39 | 14 | |||
Transfer agent and sub-transfer agent fees and expenses | 73 | 50 | 49 | 15 | |||
Professional fees | 18 | 22 | 15 | 18 | |||
Trustee deferred compensation plan | 29 | 19 | 30 | 10 | |||
Interest payable on borrowings | — | — | 1 | — | |||
Other accrued expenses | 32 | 27 | 116 | 10 | |||
Total liabilities | 12,554 | 13,391 | 16,152 | 418 | |||
Net Assets | $413,273 | $263,654 | $408,542 | $138,639 | |||
Net Assets Consist of: | |||||||
Common stock $0.001 par value | $39 | $— | $— | $12 | |||
Capital paid in on shares of beneficial interest | 415,795 | 289,558 | 461,170 | 132,999 | |||
Accumulated earnings (loss) | (2,561) | (25,904) | (52,628) | 5,628 | |||
Net Assets | $413,273 | $263,654 | $408,542 | $138,639 | |||
Net Assets: | |||||||
Class A | $82,492 | $74,281 | $153,222 | $37,782 | |||
Class C | $22,976 | $46,839 | $64,480 | $13,486 | |||
Class I | $307,704 | $138,548 | $190,665 | $87,371 | |||
Class R6 | $101 | $3,985 | $173 | $— | |||
Shares Outstanding (unlimited number of shares authorized, no par value):(5) | |||||||
Class A | 7,691,346 | 7,452,963 | 16,775,277 | 3,404,815 | |||
Class C | 2,142,359 | 4,652,254 | 7,050,788 | 1,215,152 | |||
Class I | 28,697,923 | 13,898,584 | 20,893,054 | 7,873,892 | |||
Class R6 | 9,452 | 399,336 | 19,005 | — |
Newfleet Low Duration Income Fund | Newfleet Multi-Sector Intermediate Bond Fund | Newfleet Senior Floating Rate Fund | Newfleet Tax-Exempt Bond Fund | ||||
Net Asset Value and Redemption Price Per Share: | |||||||
Class A | $10.73 | $9.97 | $9.13 | $11.10 | |||
Class C | $10.72 | $10.07 | $9.15 | $11.10 | |||
Class I | $10.72 | $9.97 | $9.13 | $11.10 | |||
Class R6 | $10.72 | $9.98 | $9.13 | $— | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $10.98 | $10.36 | $9.39 | $11.41 | |||
Maximum Sales Charge - Class A | 2.25% | 3.75% | 2.75% | 2.75% | |||
(1)Investment in unaffiliated securities at cost | $415,240 | $264,491 | $432,452 | $131,503 | |||
(2) Market value of securities on loan | $524 | $3,390 | $— | $— | |||
(3) Investment in affiliated fund at cost | $— | $4,834 | $— | $— | |||
(4) Foreign currency at cost | $— | $—(a) | $— | $— | |||
(5) Newfleet Low Duration Income Fund and Newfleet Tax-Exempt Bond Fund have a par value of $0.001, and all other funds on this page have no par value. |
(a) | Amount is less than $500. |
Newfleet Bond Fund | Newfleet CA Tax-Exempt Bond Fund | Newfleet High Yield Fund | |||
Investment Income | |||||
Dividends | $7 | $3 | $51 | ||
Dividends from affiliated fund | 25 | — | — | ||
Interest | 1,395 | 366 | 1,967 | ||
Security lending, net of fees | 1 | — | 15 | ||
Foreign taxes withheld | — | — | —(1) | ||
Total investment income | 1,428 | 369 | 2,033 | ||
Expenses | |||||
Investment advisory fees | 149 | 52 | 197 | ||
Distribution and service fees, Class A | 42 | 20 | 63 | ||
Distribution and service fees, Class C | 24 | — | 13 | ||
Administration and accounting fees | 39 | 16 | 36 | ||
Transfer agent fees and expenses | 17 | 6 | 18 | ||
Sub-transfer agent fees and expenses, Class A | 10 | 2 | 12 | ||
Sub-transfer agent fees and expenses, Class C | 2 | — | 1 | ||
Sub-transfer agent fees and expenses, Class I | 9 | 3 | 2 | ||
Custodian fees | 2 | — | —(1) | ||
Printing fees and expenses | 5 | 3 | 5 | ||
Professional fees | 14 | 3 | 14 | ||
Registration fees | 28 | 31 | 27 | ||
Trustees’ fees and expenses | 3 | 1 | 2 | ||
Miscellaneous expenses | 12 | 3 | 18 | ||
Total expenses | 356 | 140 | 408 | ||
Less expenses reimbursed and/or waived by investment adviser(2) | (93) | (52) | (106) | ||
Less low balance account fees | (1) | —(1) | (3) | ||
Net expenses | 262 | 88 | 299 | ||
Net investment income (loss) | 1,166 | 281 | 1,734 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Unaffiliated investments | (384) | 597 | (374) | ||
Affiliated fund | (31) | — | — | ||
Foreign currency transactions | (6) | — | (26) | ||
Net change in unrealized appreciation (depreciation) from: | |||||
Unaffiliated investments | 1,845 | (319) | (841) | ||
Affiliated fund | (7) | — | — | ||
Net realized and unrealized gain (loss) on investments | 1,417 | 278 | (1,241) | ||
Net increase (decrease) in net assets resulting from operations | $2,583 | $559 | $493 |
(1) | Amount is less than $500. |
(2) | See Note 3D in the Notes to Financial Statements. |
Newfleet Low Duration Income Fund | Newfleet Multi-Sector Intermediate Bond Fund | Newfleet Senior Floating Rate Fund | Newfleet Tax-Exempt Bond Fund | ||||
Investment Income | |||||||
Dividends | $60 | $43 | $96 | $20 | |||
Dividends from affiliated fund | — | 174 | — | — | |||
Interest | 6,460 | 7,226 | 13,766 | 2,413 | |||
Security lending, net of fees | 4 | 24 | — | — | |||
Foreign taxes withheld | — | (2) | — | — | |||
Total investment income | 6,524 | 7,465 | 13,862 | 2,433 | |||
Expenses | |||||||
Investment advisory fees | 852 | 729 | 1,010 | 317 | |||
Distribution and service fees, Class A | 98 | 89 | 216 | 45 | |||
Distribution and service fees, Class C | 122 | 246 | 355 | 73 | |||
Administration and accounting fees | 203 | 142 | 238 | 78 | |||
Transfer agent fees and expenses | 83 | 58 | 97 | 31 | |||
Sub-transfer agent fees and expenses, Class A | 30 | 27 | 14 | 10 | |||
Sub-transfer agent fees and expenses, Class C | 7 | 16 | 23 | 4 | |||
Sub-transfer agent fees and expenses, Class I | 107 | 55 | 60 | 39 | |||
Custodian fees | 1 | 4 | — | — | |||
Printing fees and expenses | 18 | 14 | 23 | 7 | |||
Professional fees | 14 | 17 | 19 | 13 | |||
Interest expense | — | — | 477 | — | |||
Registration fees | 28 | 35 | 29 | 21 | |||
Trustees’ fees and expenses | 14 | 12 | 20 | 6 | |||
Miscellaneous expenses | 25 | 26 | 101 | 8 | |||
Total expenses | 1,602 | 1,470 | 2,682 | 652 | |||
Less expenses reimbursed and/or waived by investment adviser(1) | (431) | (176) | (85) | (112) | |||
Less low balance account fees | —(2) | —(2) | —(2) | —(2) | |||
Net expenses | 1,171 | 1,294 | 2,597 | 540 | |||
Net investment income (loss) | 5,353 | 6,171 | 11,265 | 1,893 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Unaffiliated investments | (698) | (3,753) | (4,694) | (236) | |||
Affiliated fund | — | (280) | — | — | |||
Foreign currency transactions | — | (1,069) | — | — | |||
Net change in unrealized appreciation (depreciation) from: | |||||||
Unaffiliated investments | 4,138 | 4,063 | (11,247) | 3,703 | |||
Affiliated fund | — | (20) | — | — | |||
Foreign currency transactions | — | —(2) | — | — | |||
Net realized and unrealized gain (loss) on investments | 3,440 | (1,059) | (15,941) | 3,467 | |||
Net increase (decrease) in net assets resulting from operations | $8,793 | $5,112 | $(4,676) | $5,360 |
(1) | See Note 3D in the Notes to Financial Statements. |
(2) | Amount is less than $500. |
Newfleet Bond Fund | Newfleet CA Tax-Exempt Bond Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $1,166 | $2,326 | $281 | $741 | |||
Net realized gain (loss) | (421) | (303) | 597 | 99 | |||
Net change in unrealized appreciation (depreciation) | 1,838 | (2,674) | (319) | (835) | |||
Increase (decrease) in net assets resulting from operations | 2,583 | (651) | 559 | 5 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (581) | (1,221)(1) | (740) | (584)(1) | |||
Class C | (65) | (153)(1) | — | — | |||
Class I | (500) | (992)(1) | (267) | (356)(1) | |||
Class R6 | (9) | (18)(1) | — | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (1,155) | (2,384) | (1,007) | (940) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 198 | (3,967) | (1,215) | (689) | |||
Class C | (1,105) | (1,251) | — | — | |||
Class I | 7,480 | 1,951 | (4,232) | (1,473) | |||
Class R6 | 277 | (28) | — | — | |||
Increase (decrease) in net assets from capital transactions | 6,850 | (3,295) | (5,447) | (2,162) | |||
Net increase (decrease) in net assets | 8,278 | (6,330) | (5,895) | (3,097) | |||
Net Assets | |||||||
Beginning of period | 66,937 | 73,267 | 24,238 | 27,335 | |||
End of Period | $75,215 | $66,937 | $18,343 | $24,238 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $151 | N/A | $30 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $(1,221) | $(458) | ||
Class C | (153) | — | ||
Class I | (992) | (282) | ||
Class R6 | (18) | — | ||
Net realized gains: | ||||
Class A | — | (126) | ||
Class I | — | (74) | ||
Total | $(2,384) | $(940) |
Newfleet High Yield Fund | Newfleet Low Duration Income Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $1,734 | $3,721 | $5,353 | $8,941 | |||
Net realized gain (loss) | (400) | 56 | (698) | (1,531) | |||
Net change in unrealized appreciation (depreciation) | (841) | (1,946) | 4,138 | (5,177) | |||
Increase (decrease) in net assets resulting from operations | 493 | 1,831 | 8,793 | 2,233 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,446) | (3,001)(1) | (1,059) | (1,854)(1) | |||
Class C | (66) | (173)(1) | (236) | (423)(1) | |||
Class I | (189) | (353)(1) | (4,059) | (6,664)(1) | |||
Class R6 | (44) | (292)(1) | (1) | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (1,745) | (3,819) | (5,355) | (8,941) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 13 | (3,267) | 7,044 | (5,375) | |||
Class C | (1,108) | (235) | (52) | (9,071) | |||
Class I | (2,457) | 2,147 | 39,975 | 19,203 | |||
Class R6 | (3,512) | (704) | 100 | — | |||
Increase (decrease) in net assets from capital transactions | (7,064) | (2,059) | 47,067 | 4,757 | |||
Net increase (decrease) in net assets | (8,316) | (4,047) | 50,505 | (1,951) | |||
Net Assets | |||||||
Beginning of period | 68,070 | 72,117 | 362,768 | 364,719 | |||
End of Period | $59,754 | $68,070 | $413,273 | $362,768 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $300 | N/A | $266 |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net investment income. |
Newfleet Multi-Sector Intermediate Bond Fund | Newfleet Senior Floating Rate Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $6,171 | $15,818 | $11,265 | $22,734 | |||
Net realized gain (loss) | (5,102) | (5,000) | (4,694) | 356 | |||
Net change in unrealized appreciation (depreciation) | 4,043 | (11,400) | (11,247) | (803) | |||
Increase (decrease) in net assets resulting from operations | 5,112 | (582) | (4,676) | 22,287 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,621) | (3,326)(1) | (4,460) | (9,078)(1) | |||
Class C | (927) | (2,011)(1) | (1,570) | (3,128)(1) | |||
Class I | (3,390) | (8,704)(1) | (5,552) | (10,787)(1) | |||
Class R6 | (141) | (792)(1) | (4) | (22)(1) | |||
Tax Return on Capital: | |||||||
Class A | — | (123) | — | — | |||
Class C | — | (91) | — | — | |||
Class I | — | (302) | — | — | |||
Class R6 | — | (27) | — | — | |||
Class A | — | — | — | — | |||
Class C | — | — | — | — | |||
Class I | — | — | — | — | |||
Class R6 | — | — | — | — | |||
Dividends and Distributions to Shareholders | (6,079) | (15,376) | (11,586) | (23,015) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 1,126 | (10,361) | (36,544) | (26,751) | |||
Class C | (6,839) | (7,437) | (11,781) | (19,138) | |||
Class I | (23,153) | (34,563) | (29,689) | (22,375) | |||
Class R6 | (11,611) | (2,877) | 72 | 9 | |||
Increase (decrease) in net assets from capital transactions | (40,477) | (55,238) | (77,942) | (68,255) | |||
Net increase (decrease) in net assets | (41,444) | (71,196) | (94,204) | (68,983) | |||
Net Assets | |||||||
Beginning of period | 305,098 | 376,294 | 502,746 | 571,729 | |||
End of Period | $263,654 | $305,098 | $408,542 | $502,746 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(173) | N/A | $369 |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net investment income. |
Newfleet Tax-Exempt Bond Fund | |||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $1,893 | $4,498 | |
Net realized gain (loss) | (236) | 806 | |
Net change in unrealized appreciation (depreciation) | 3,703 | (5,784) | |
Increase (decrease) in net assets resulting from operations | 5,360 | (480) | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (685) | (1,358)(1) | |
Class C | (229) | (460)(1) | |
Class I | (1,838) | (3,474)(1) | |
Class A | — | — | |
Class C | — | — | |
Class I | — | — | |
Dividends and Distributions to Shareholders | (2,752) | (5,292) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | 842 | (8,931) | |
Class C | (2,017) | (4,937) | |
Class I | (16,786) | 6,081 | |
Increase (decrease) in net assets from capital transactions | (17,961) | (7,787) | |
Net increase (decrease) in net assets | (15,353) | (13,559) | |
Net Assets | |||
Beginning of period | 153,992 | 167,551 | |
End of Period | $138,639 | $153,992 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $217 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||
Net investment income: | ||
Class A | $(1,166) | |
Class C | (375) | |
Class I | (3,044) | |
Net realized gains: | ||
Class A | (192) | |
Class C | (85) | |
Class I | (430) | |
Total | $(5,292) |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Tax 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(3) | ||
Newfleet Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.84 | 0.19 | 0.22 | 0.41 | (0.19) | — | — | (0.19) | — | 0.22 | $11.06 | 3.79 % | $34,907 | 0.84 % | 1.13 % | 3.48 % | 31 % | |
10/1/17 to 9/30/18 | 11.31 | 0.36 | (0.46) | (0.10) | (0.37) | — | — | (0.37) | — | (0.47) | 10.84 | (0.92) | 33,998 | 0.84 | 1.12 | 3.24 | 49 | |
10/1/16 to 9/30/17 | 11.38 | 0.37 | (0.08) | 0.29 | (0.36) | — | — | (0.36) | — | (0.07) | 11.31 | 2.60 (7) | 39,536 | 0.84 (7) | 1.17 | 3.26 (7) | 56 | |
10/1/15 to 9/30/16 | 11.02 | 0.36 | 0.33 | 0.69 | (0.33) | — | — | (0.33) | — (8) | 0.36 | 11.38 | 6.38 (9) | 44,136 | 0.86 (10) | 1.18 | 3.28 | 64 | |
10/1/14 to 9/30/15 | 11.43 | 0.40 | (0.43) | (0.03) | (0.32) | (0.06) | — | (0.38) | — | (0.41) | 11.02 | (0.26) | 48,064 | 0.85 | 1.12 | 3.55 | 64 | |
10/1/13 to 9/30/14 | 11.21 | 0.47 | 0.22 | 0.69 | (0.47) | — | — | (0.47) | — | 0.22 | 11.43 | 6.18 | 53,603 | 0.85 | 1.10 | 4.08 | 38 | |
Class C | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.59 | 0.14 | 0.22 | 0.36 | (0.14) | — | — | (0.14) | — | 0.22 | $10.81 | 3.45 % | $4,137 | 1.59 % | 1.88 % | 2.72 % | 31 % | |
10/1/17 to 9/30/18 | 11.04 | 0.27 | (0.44) | (0.17) | (0.28) | — | — | (0.28) | — | (0.45) | 10.59 | (1.58) | 5,165 | 1.59 | 1.87 | 2.49 | 49 | |
10/1/16 to 9/30/17 | 11.12 | 0.27 | (0.08) | 0.19 | (0.27) | — | — | (0.27) | — | (0.08) | 11.04 | 1.79 (7) | 6,671 | 1.59 (7) | 1.92 | 2.51 (7) | 56 | |
10/1/15 to 9/30/16 | 10.78 | 0.27 | 0.32 | 0.59 | (0.25) | — | — | (0.25) | — (8) | 0.34 | 11.12 | 5.54 (9) | 9,409 | 1.61 (10) | 1.93 | 2.52 | 64 | |
10/1/14 to 9/30/15 | 11.19 | 0.30 | (0.41) | (0.11) | (0.24) | (0.06) | — | (0.30) | — | (0.41) | 10.78 | (1.00) | 8,853 | 1.60 | 1.87 | 2.74 | 64 | |
10/1/13 to 9/30/14 | 10.99 | 0.37 | 0.21 | 0.58 | (0.38) | — | — | (0.38) | — | 0.20 | 11.19 | 5.34 | 6,315 | 1.60 | 1.85 | 3.33 | 38 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $11.02 | 0.20 | 0.23 | 0.43 | (0.20) | — | — | (0.20) | — | 0.23 | $11.25 | 3.98 % | $35,467 | 0.59 % | 0.87 % | 3.73 % | 31 % | |
10/1/17 to 9/30/18 | 11.49 | 0.39 | (0.46) | (0.07) | (0.40) | — | — | (0.40) | — | (0.47) | 11.02 | (0.60) | 27,360 | 0.59 | 0.84 | 3.50 | 49 | |
10/1/16 to 9/30/17 | 11.56 | 0.40 | (0.08) | 0.32 | (0.39) | — | — | (0.39) | — | (0.07) | 11.49 | 2.81 (7) | 26,597 | 0.59 (7) | 0.92 | 3.52 (7) | 56 | |
10/1/15 to 9/30/16 | 11.19 | 0.40 | 0.33 | 0.73 | (0.36) | — | — | (0.36) | — (8) | 0.37 | 11.56 | 6.63 (9) | 24,236 | 0.61 (10) | 0.93 | 3.51 | 64 | |
10/1/14 to 9/30/15 | 11.59 | 0.43 | (0.42) | 0.01 | (0.35) | (0.06) | — | (0.41) | — | (0.40) | 11.19 | 0.08 | 17,456 | 0.60 | 0.87 | 3.78 | 64 | |
10/1/13 to 9/30/14 | 11.37 | 0.50 | 0.21 | 0.71 | (0.49) | — | — | (0.49) | — | 0.22 | 11.59 | 6.35 | 16,468 | 0.60 | 0.85 | 4.33 | 38 | |
Class R6 | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $11.02 | 0.21 | 0.23 | 0.44 | (0.21) | — | — | (0.21) | — | 0.23 | $11.25 | 3.95 % | $704 | 0.47 % | 0.81 % | 3.87 % | 31 % | |
10/1/17 to 9/30/18 | 11.50 | 0.40 | (0.47) | (0.07) | (0.41) | — | — | (0.41) | — | (0.48) | 11.02 | (0.60) | 414 | 0.50 (11) | 0.79 | 3.59 | 49 | |
11/3/16(12) to 9/30/17 | 11.45 | 0.38 | 0.03 | 0.41 | (0.36) | — | — | (0.36) | — | 0.05 | 11.50 | 3.66 (7) | 463 | 0.53 (7) | 0.88 | 3.33 (7) | 56 (13) | |
Newfleet CA Tax-Exempt Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $11.40 | 0.13 | 0.14 | 0.27 | (0.15) | — | (0.42) | (0.57) | — | (0.30) | $11.10 | 2.37 % | $14,424 | 0.85 % | 1.28 % | 2.31 % | 4 % | |
10/1/17 to 9/30/18 | 11.81 | 0.32 | (0.32) | — | (0.32) | — | (0.09) | (0.41) | — | (0.41) | 11.40 | (0.05) | 16,016 | 0.85 | 1.15 | 2.75 | 6 | |
10/1/16 to 9/30/17 | 12.17 | 0.33 | (0.28) | 0.05 | (0.34) | — | (0.07) | (0.41) | — | (0.36) | 11.81 | 0.45 (7) | 17,298 | 0.85 (7) | 1.17 | 2.82 (7) | 33 | |
10/1/15 to 9/30/16 | 12.14 | 0.37 | 0.29 | 0.66 | (0.36) | — | (0.27) | (0.63) | — | 0.03 | 12.17 | 5.56 | 19,464 | 0.86 (10) | 1.22 | 3.03 | 21 | |
10/1/14 to 9/30/15 | 12.51 | 0.39 | 0.03 | 0.42 | (0.40) | — | (0.39) | (0.79) | — | (0.37) | 12.14 | 3.44 | 19,978 | 0.85 | 1.18 | 3.16 | 24 | |
10/1/13 to 9/30/14 | 12.10 | 0.43 | 0.64 | 1.07 | (0.42) | — | (0.24) | (0.66) | — | 0.41 | 12.51 | 9.16 | 21,729 | 0.85 | 1.11 | 3.49 | 7 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $11.38 | 0.15 | 0.13 | 0.28 | (0.16) | — | (0.42) | (0.58) | — | (0.30) | $11.08 | 2.49 % | $3,919 | 0.60 % | 1.08 % | 2.68 % | 4 % | |
10/1/17 to 9/30/18 | 11.79 | 0.35 | (0.32) | 0.03 | (0.35) | — | (0.09) | (0.44) | — | (0.41) | 11.38 | 0.19 | 8,222 | 0.60 | 0.96 | 3.00 | 6 | |
10/1/16 to 9/30/17 | 12.15 | 0.36 | (0.28) | 0.08 | (0.37) | — | (0.07) | (0.44) | — | (0.36) | 11.79 | 0.69 (7) | 10,037 | 0.60 (7) | 0.94 | 3.06 (7) | 33 | |
10/1/15 to 9/30/16 | 12.12 | 0.40 | 0.29 | 0.69 | (0.39) | — | (0.27) | (0.66) | — | 0.03 | 12.15 | 5.83 | 11,649 | 0.61 (10) | 0.97 | 3.28 | 21 | |
10/1/14 to 9/30/15 | 12.49 | 0.42 | 0.03 | 0.45 | (0.43) | — | (0.39) | (0.82) | — | (0.37) | 12.12 | 3.71 | 11,059 | 0.60 | 0.93 | 3.41 | 24 | |
10/1/13 to 9/30/14 | 12.09 | 0.45 | 0.64 | 1.09 | (0.45) | — | (0.24) | (0.69) | — | 0.40 | 12.49 | 9.36 | 11,453 | 0.60 | 0.83 | 3.74 | 7 |
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 | Tax 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(3) | ||
Newfleet High Yield Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $4.13 | 0.11 | (0.07) | 0.04 | (0.12) | — | — | (0.12) | — | (0.08) | $4.05 | 1.17 % | $50,967 | 0.99 % | 1.35 % | 5.73 % | 26 % | |
10/1/17 to 9/30/18 | 4.25 | 0.23 | (0.12) | 0.11 | (0.23) | — | — | (0.23) | — | (0.12) | 4.13 | 2.77 | 51,859 | 0.99 | 1.34 | 5.48 | 66 | |
10/1/16 to 9/30/17 | 4.18 | 0.23 | 0.06 | 0.29 | (0.22) | — | — | (0.22) | — | 0.07 | 4.25 | 7.05 (7) | 56,694 | 1.00 (7)(11) | 1.41 | 5.36 (7) | 71 | |
10/1/15 to 9/30/16 | 3.98 | 0.21 | 0.20 | 0.41 | (0.21) | — | — | (0.21) | — (8) | 0.20 | 4.18 | 10.59 (9) | 64,338 | 1.15 (10) | 1.42 | 5.15 | 81 | |
10/1/14 to 9/30/15 | 4.35 | 0.22 | (0.36) | (0.14) | (0.23) | — | — | (0.23) | — | (0.37) | 3.98 | (3.39) | 60,951 | 1.15 | 1.32 | 5.26 | 94 | |
10/1/13 to 9/30/14 | 4.27 | 0.24 | 0.08 | 0.32 | (0.24) | — | — | (0.24) | — | 0.08 | 4.35 | 7.53 | 71,042 | 1.15 | 1.31 | 5.55 | 82 | |
Class C | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $4.06 | 0.10 | (0.08) | 0.02 | (0.10) | — | — | (0.10) | — | (0.08) | $3.98 | 0.51 % | $2,061 | 1.74 % | 2.11 % | 4.93 % | 26 % | |
10/1/17 to 9/30/18 | 4.17 | 0.19 | (0.10) | 0.09 | (0.20) | — | — | (0.20) | — | (0.11) | 4.06 | 2.20 | 3,254 | 1.74 | 2.08 | 4.73 | 66 | |
10/1/16 to 9/30/17 | 4.11 | 0.19 | 0.06 | 0.25 | (0.19) | — | — | (0.19) | — | 0.06 | 4.17 | 6.11 (7) | 3,593 | 1.75 (7)(11) | 2.17 | 4.61 (7) | 71 | |
10/1/15 to 9/30/16 | 3.92 | 0.17 | 0.20 | 0.37 | (0.18) | — | — | (0.18) | — (8) | 0.19 | 4.11 | 9.68 (9) | 4,231 | 1.90 (10) | 2.17 | 4.40 | 81 | |
10/1/14 to 9/30/15 | 4.28 | 0.19 | (0.35) | (0.16) | (0.20) | — | — | (0.20) | — | (0.36) | 3.92 | (3.93) | 3,705 | 1.90 | 2.07 | 4.52 | 94 | |
10/1/13 to 9/30/14 | 4.21 | 0.21 | 0.07 | 0.28 | (0.21) | — | — | (0.21) | — | 0.07 | 4.28 | 6.60 | 4,038 | 1.90 | 2.07 | 4.79 | 82 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $4.13 | 0.12 | (0.07) | 0.05 | (0.12) | — | — | (0.12) | — | (0.07) | $4.06 | 1.30 % | $5,906 | 0.74 % | 1.10 % | 5.94 % | 26 % | |
10/1/17 to 9/30/18 | 4.25 | 0.24 | (0.12) | 0.12 | (0.24) | — | — | (0.24) | — | (0.12) | 4.13 | 3.03 | 8,557 | 0.74 | 1.14 | 5.72 | 66 | |
10/1/16 to 9/30/17 | 4.18 | 0.24 | 0.06 | 0.30 | (0.23) | — | — | (0.23) | — | 0.07 | 4.25 | 7.31 (7) | 6,577 | 0.75 (7)(11) | 1.17 | 5.62 (7) | 71 | |
10/1/15 to 9/30/16 | 3.98 | 0.21 | 0.21 | 0.42 | (0.22) | — | — | (0.22) | — (8) | 0.20 | 4.18 | 10.86 (9) | 7,954 | 0.90 (10) | 1.16 | 5.38 | 81 | |
10/1/14 to 9/30/15 | 4.35 | 0.23 | (0.36) | (0.13) | (0.24) | — | — | (0.24) | — | (0.37) | 3.98 | (3.15) | 4,625 | 0.90 | 1.07 | 5.53 | 94 | |
10/1/13 to 9/30/14 | 4.27 | 0.26 | 0.07 | 0.33 | (0.25) | — | — | (0.25) | — | 0.08 | 4.35 | 7.80 | 6,120 | 0.90 | 1.07 | 5.80 | 82 | |
Class R6 | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $4.13 | 0.12 | (0.07) | 0.05 | (0.12) | — | — | (0.12) | — | (0.07) | $4.06 | 1.32 % | $820 | 0.68 % | 1.03 % | 5.76 % | 26 % | |
10/1/17 to 9/30/18 | 4.25 | 0.24 | (0.11) | 0.13 | (0.25) | — | — | (0.25) | — | (0.12) | 4.13 | 3.09 | 4,400 | 0.69 | 1.00 | 5.79 | 66 | |
11/3/16(12) to 9/30/17 | 4.14 | 0.22 | 0.10 | 0.32 | (0.21) | — | — | (0.21) | — | 0.11 | 4.25 | 7.93 (7) | 5,253 | 0.69 (7)(11) | 1.15 | 5.66 (7) | 71 (13) | |
Newfleet Low Duration Income Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.64 | 0.14 | 0.09 | 0.23 | (0.14) | — | — | (0.14) | — | 0.09 | $10.73 | 2.30 % | $82,492 | 0.75 % | 0.98 % | 2.69 % | 23 % | |
10/1/17 to 9/30/18 | 10.83 | 0.25 | (0.19) | 0.06 | (0.25) | — | — | (0.25) | — | (0.19) | 10.64 | 0.55 | 74,707 | 0.75 | 1.09 | 2.32 | 54 | |
10/1/16 to 9/30/17 | 10.90 | 0.21 | (0.07) | 0.14 | (0.21) | — | — | (0.21) | — | (0.07) | 10.83 | 1.31 | 81,542 | 0.75 | 1.12 | 1.95 | 55 | |
1/1/16 to 9/30/16(14) | 10.70 | 0.15 | 0.20 | 0.35 | (0.15) | — | — | (0.15) | — | 0.20 | 10.90 | 3.25 | 102,049 | 0.76 (10) | 1.12 | 1.89 | 38 | |
1/1/15 to 12/31/15 | 10.82 | 0.19 | (0.09) | 0.10 | (0.19) | (0.03) | — | (0.22) | — (8) | (0.12) | 10.70 | 0.89 (9) | 85,666 | 0.75 | 1.12 | 1.77 | 56 | |
1/1/14 to 12/31/14 | 10.83 | 0.22 | (0.01) | 0.21 | (0.22) | — | — | (0.22) | — | (0.01) | 10.82 | 1.94 | 75,456 | 0.92 (11) | 1.11 | 2.02 | 58 | |
1/1/13 to 12/31/13 | 10.96 | 0.21 | (0.13) | 0.08 | (0.21) | — | — | (0.21) | — | (0.13) | 10.83 | 0.76 | 39,436 | 0.95 | 1.14 | 1.93 | 51 |
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 | Tax 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(3) | ||
Newfleet Low Duration Income Fund (Continued) | ||||||||||||||||||
Class C | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.64 | 0.10 | 0.08 | 0.18 | (0.10) | — | — | (0.10) | — | 0.08 | $10.72 | 1.82 % | $22,976 | 1.50 % | 1.71 % | 1.94 % | 23 % | |
10/1/17 to 9/30/18 | 10.83 | 0.17 | (0.19) | (0.02) | (0.17) | — | — | (0.17) | — | (0.19) | 10.64 | (0.20) | 22,809 | 1.50 | 1.82 | 1.55 | 54 | |
10/1/16 to 9/30/17 | 10.90 | 0.13 | (0.07) | 0.06 | (0.13) | — | — | (0.13) | — | (0.07) | 10.83 | 0.56 | 32,400 | 1.50 | 1.87 | 1.20 | 55 | |
1/1/16 to 9/30/16(14) | 10.70 | 0.09 | 0.19 | 0.28 | (0.08) | — | — | (0.08) | — | 0.20 | 10.90 | 2.67 | 46,642 | 1.51 (10) | 1.87 | 1.15 | 38 | |
1/1/15 to 12/31/15 | 10.82 | 0.11 | (0.10) | 0.01 | (0.10) | (0.03) | — | (0.13) | — (8) | (0.12) | 10.70 | 0.13 (9) | 44,621 | 1.50 | 1.86 | 1.02 | 56 | |
1/1/14 to 12/31/14 | 10.84 | 0.14 | (0.02) | 0.12 | (0.14) | — | — | (0.14) | — | (0.02) | 10.82 | 1.08 | 51,303 | 1.68 (11) | 1.87 | 1.28 | 58 | |
1/1/13 to 12/31/13 | 10.97 | 0.13 | (0.13) | — | (0.13) | — | — | (0.13) | — | (0.13) | 10.84 | 0.01 | 25,463 | 1.70 | 1.89 | 1.17 | 51 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.63 | 0.16 | 0.09 | 0.25 | (0.16) | — | — | (0.16) | — | 0.09 | $10.72 | 2.33 % | $307,704 | 0.50 % | 0.73 % | 2.93 % | 23 % | |
10/1/17 to 9/30/18 | 10.83 | 0.28 | (0.20) | 0.08 | (0.28) | — | — | (0.28) | — | (0.20) | 10.63 | 0.71 | 265,252 | 0.50 | 0.83 | 2.57 | 54 | |
10/1/16 to 9/30/17 | 10.90 | 0.24 | (0.07) | 0.17 | (0.24) | — | — | (0.24) | — | (0.07) | 10.83 | 1.56 | 250,777 | 0.50 | 0.88 | 2.21 | 55 | |
1/1/16 to 9/30/16(14) | 10.70 | 0.17 | 0.20 | 0.37 | (0.17) | — | — | (0.17) | — | 0.20 | 10.90 | 3.44 | 251,630 | 0.52 (10) | 0.87 | 2.15 | 38 | |
1/1/15 to 12/31/15 | 10.81 | 0.22 | (0.09) | 0.13 | (0.21) | (0.03) | — | (0.24) | — (8) | (0.11) | 10.70 | 1.24 (9) | 150,977 | 0.50 | 0.88 | 2.03 | 56 | |
1/1/14 to 12/31/14 | 10.83 | 0.25 | (0.02) | 0.23 | (0.25) | — | — | (0.25) | — | (0.02) | 10.81 | 2.10 | 92,794 | 0.68 (11) | 0.91 | 2.27 | 58 | |
1/1/13 to 12/31/13 | 10.96 | 0.24 | (0.13) | 0.11 | (0.24) | — | — | (0.24) | — | (0.13) | 10.83 | 1.02 | 52,790 | 0.70 | 0.94 | 2.18 | 51 | |
Class R6 | ||||||||||||||||||
12/20/18(12) to 3/31/19(6) | $10.58 | 0.09 | 0.14 | 0.23 | (0.09) | — | — | (0.09) | — | 0.14 | $10.72 | 2.19 % | $101 | 0.43 % | 0.65 % | 3.11 % | 23 % (13) | |
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.97 | 0.23 | (0.01) | 0.22 | (0.22) | — | — | (0.22) | — | — | $9.97 | 2.30 % | $74,281 | 0.98 % | 1.11 % | 4.66 % | 34 % | |
10/1/17 to 9/30/18 | 10.42 | 0.45 | (0.46) | (0.01) | (0.42) | (0.02) | — | (0.44) | — | (0.45) | 9.97 | (0.14) | 73,217 | 0.98 | 1.10 | 4.43 | 70 | |
10/1/16 to 9/30/17 | 10.30 | 0.47 | 0.10 | 0.57 | (0.45) | — | — | (0.45) | — | 0.12 | 10.42 | 5.64 (7) | 87,144 | 1.01 (7)(11) | 1.13 | 4.55 (7) | 64 | |
10/1/15 to 9/30/16 | 9.76 | 0.47 | 0.49 | 0.96 | (0.42) | — | — | (0.42) | — | 0.54 | 10.30 | 10.15 | 98,969 | 1.14 (10) | 1.15 | 4.80 | 60 | |
10/1/14 to 9/30/15 | 10.70 | 0.49 | (0.85) | (0.36) | (0.40) | (0.05) | (0.13) | (0.58) | — (8) | (0.94) | 9.76 | (3.41) (9) | 104,833 | 1.10 | 1.10 | 4.81 | 66 | |
10/1/13 to 9/30/14 | 10.77 | 0.54 | 0.11 | 0.65 | (0.52) | — | (0.20) | (0.72) | — | (0.07) | 10.70 | 6.18 | 119,423 | 1.11 | 1.11 | 5.00 | 54 | |
Class C | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.07 | 0.19 | — | 0.19 | (0.19) | — | — | (0.19) | — | — | $10.07 | 1.90 % | $46,839 | 1.73 % | 1.85 % | 3.91 % | 34 % | |
10/1/17 to 9/30/18 | 10.53 | 0.38 | (0.48) | (0.10) | (0.34) | (0.02) | — | (0.36) | — | (0.46) | 10.07 | (0.96) | 53,809 | 1.73 | 1.83 | 3.68 | 70 | |
10/1/16 to 9/30/17 | 10.40 | 0.39 | 0.11 | 0.50 | (0.37) | — | — | (0.37) | — | 0.13 | 10.53 | 4.90 (7) | 63,919 | 1.77 (7)(11) | 1.88 | 3.80 (7) | 64 | |
10/1/15 to 9/30/16 | 9.85 | 0.40 | 0.50 | 0.90 | (0.35) | — | — | (0.35) | — | 0.55 | 10.40 | 9.34 | 75,350 | 1.88 (10) | 1.90 | 4.04 | 60 | |
10/1/14 to 9/30/15 | 10.79 | 0.42 | (0.85) | (0.43) | (0.33) | (0.05) | (0.13) | (0.51) | — (8) | (0.94) | 9.85 | (4.11) (9) | 84,099 | 1.85 | 1.85 | 4.06 | 66 | |
10/1/13 to 9/30/14 | 10.86 | 0.47 | 0.10 | 0.57 | (0.44) | — | (0.20) | (0.64) | — | (0.07) | 10.79 | 5.33 | 96,072 | 1.86 | 1.86 | 4.25 | 54 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.98 | 0.24 | (0.01) | 0.23 | (0.24) | — | — | (0.24) | — | (0.01) | $9.97 | 2.36 % | $138,548 | 0.73 % | 0.86 % | 4.90 % | 34 % | |
10/1/17 to 9/30/18 | 10.43 | 0.48 | (0.47) | 0.01 | (0.44) | (0.02) | — | (0.46) | — | (0.45) | 9.98 | 0.14 | 162,322 | 0.73 | 0.83 | 4.66 | 70 | |
10/1/16 to 9/30/17 | 10.31 | 0.50 | 0.09 | 0.59 | (0.47) | — | — | (0.47) | — | 0.12 | 10.43 | 5.90 (7) | 205,821 | 0.75 (7)(11) | 0.88 | 4.83 (7) | 64 | |
10/1/15 to 9/30/16 | 9.77 | 0.50 | 0.49 | 0.99 | (0.45) | — | — | (0.45) | — | 0.54 | 10.31 | 10.42 | 123,435 | 0.88 (10) | 0.90 | 5.04 | 60 | |
10/1/14 to 9/30/15 | 10.71 | 0.52 | (0.85) | (0.33) | (0.43) | (0.05) | (0.13) | (0.61) | — (8) | (0.94) | 9.77 | (3.17) (9) | 138,956 | 0.85 | 0.85 | 5.06 | 66 | |
10/1/13 to 9/30/14 | 10.77 | 0.57 | 0.12 | 0.69 | (0.55) | — | (0.20) | (0.75) | — | (0.06) | 10.71 | 6.54 | 144,298 | 0.86 | 0.86 | 5.24 | 54 |
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 | Tax 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(3) | ||
Newfleet Multi-Sector Intermediate Bond Fund (Continued) | ||||||||||||||||||
Class R6 | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.98 | 0.24 | — | 0.24 | (0.24) | — | — | (0.24) | — | — | $9.98 | 2.46 % | $3,985 | 0.59 % | 0.78 % | 4.82 % | 34 % | |
10/1/17 to 9/30/18 | 10.43 | 0.49 | (0.47) | 0.02 | (0.45) | (0.02) | — | (0.47) | — | (0.45) | 9.98 | 0.19 | 15,750 | 0.62 | 0.76 | 4.78 | 70 | |
10/1/16 to 9/30/17 | 10.31 | 0.50 | 0.10 | 0.60 | (0.48) | — | — | (0.48) | — | 0.12 | 10.43 | 5.98 (7) | 19,410 | 0.67 (7)(11) | 0.82 | 4.79 (7) | 64 | |
10/1/15 to 9/30/16 | 9.77 | 0.50 | 0.50 | 1.00 | (0.46) | — | — | (0.46) | — | 0.54 | 10.31 | 10.50 | 2,004 | 0.81 (10) | 0.83 | 5.12 | 60 | |
11/14/14(12) to 9/30/15 | 10.67 | 0.46 | (0.81) | (0.35) | (0.37) | (0.05) | (0.13) | (0.55) | — | (0.90) | 9.77 | (3.31) (9) | 1,778 | 0.76 | 0.77 | 5.12 | 66 (13) | |
Newfleet Senior Floating Rate Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.41 | 0.23 | (0.27) | (0.04) | (0.24) | — | — | (0.24) | — | (0.28) | $9.13 | (0.32) % | $153,222 | 1.15 % | 1.17 % | 5.03 % | 10 % | |
10/1/17 to 9/30/18 | 9.42 | 0.41 | (0.01) | 0.40 | (0.41) | — | — | (0.41) | — | (0.01) | 9.41 | 4.33 | 196,025 | 1.09 | 1.12 | 4.31 | 37 | |
10/1/16 to 9/30/17 | 9.42 | 0.37 | 0.02 | 0.39 | (0.39) | — | — | (0.39) | — | — | 9.42 | 4.28 | 223,055 | 1.10 (11) | 1.16 | 3.95 | 95 | |
10/1/15 to 9/30/16 | 9.36 | 0.34 | 0.06 | 0.40 | (0.34) | — | — | (0.34) | — | 0.06 | 9.42 | 4.42 | 227,588 | 1.23 (10)(15) | 1.24 | 3.67 | 48 | |
10/1/14 to 9/30/15 | 9.72 | 0.38 | (0.32) | 0.06 | (0.39) | — | (0.03) | (0.42) | — (8) | (0.36) | 9.36 | 0.53 (9) | 268,596 | 1.20 (15) | 1.20 | 3.94 | 34 | |
10/1/13 to 9/30/14 | 9.79 | 0.37 | (0.07) | 0.30 | (0.37) | — | — | (0.37) | — | (0.07) | 9.72 | 3.08 | 294,617 | 1.18 (15) | 1.18 | 3.79 | 77 | |
Class C | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.42 | 0.20 | (0.27) | (0.07) | (0.20) | — | — | (0.20) | — | (0.27) | $9.15 | (0.69) % | $64,480 | 1.91 % | 1.97 % | 4.28 % | 10 % | |
10/1/17 to 9/30/18 | 9.44 | 0.33 | (0.01) | 0.32 | (0.34) | — | — | (0.34) | — | (0.02) | 9.42 | 3.45 | 78,558 | 1.84 | 1.91 | 3.55 | 37 | |
10/1/16 to 9/30/17 | 9.43 | 0.30 | 0.03 | 0.33 | (0.32) | — | — | (0.32) | — | 0.01 | 9.44 | 3.50 | 97,800 | 1.85 (11) | 1.92 | 3.20 | 95 | |
10/1/15 to 9/30/16 | 9.37 | 0.27 | 0.06 | 0.33 | (0.27) | — | — | (0.27) | — | 0.06 | 9.43 | 3.63 | 111,839 | 1.98 (10)(15) | 1.99 | 2.92 | 48 | |
10/1/14 to 9/30/15 | 9.73 | 0.31 | (0.33) | (0.02) | (0.31) | — | (0.03) | (0.34) | — (8) | (0.36) | 9.37 | (0.22) (9) | 138,478 | 1.95 (15) | 1.95 | 3.19 | 34 | |
10/1/13 to 9/30/14 | 9.81 | 0.30 | (0.08) | 0.22 | (0.30) | — | — | (0.30) | — | (0.08) | 9.73 | 2.20 | 177,485 | 1.93 (15) | 1.93 | 3.04 | 77 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.40 | 0.24 | (0.26) | (0.02) | (0.25) | — | — | (0.25) | — | (0.27) | $9.13 | (0.20) % | $190,665 | 0.90 % | 0.95 % | 5.26 % | 10 % | |
10/1/17 to 9/30/18 | 9.42 | 0.43 | (0.02) | 0.41 | (0.43) | — | — | (0.43) | — | (0.02) | 9.40 | 4.48 | 228,058 | 0.84 | 0.90 | 4.56 | 37 | |
10/1/16 to 9/30/17 | 9.41 | 0.40 | 0.02 | 0.42 | (0.41) | — | — | (0.41) | — | 0.01 | 9.42 | 4.54 | 250,770 | 0.84 (11) | 0.92 | 4.21 | 95 | |
10/1/15 to 9/30/16 | 9.35 | 0.36 | 0.06 | 0.42 | (0.36) | — | — | (0.36) | — | 0.06 | 9.41 | 4.69 | 210,752 | 0.97 (10)(15) | 0.98 | 3.91 | 48 | |
10/1/14 to 9/30/15 | 9.71 | 0.40 | (0.32) | 0.08 | (0.41) | — | (0.03) | (0.44) | — (8) | (0.36) | 9.35 | 0.78 (9) | 284,735 | 0.95 (15) | 0.95 | 4.20 | 34 | |
10/1/13 to 9/30/14 | 9.79 | 0.40 | (0.09) | 0.31 | (0.39) | — | — | (0.39) | — | (0.08) | 9.71 | 3.23 | 457,494 | 0.93 (15) | 0.93 | 4.06 | 77 | |
Class R6 | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $9.40 | 0.25 | (0.26) | (0.01) | (0.26) | — | — | (0.26) | — | (0.27) | $9.13 | (0.13) % | $173 | 0.77 % (11) | 0.92 % | 5.47 % | 10 % | |
10/1/17 to 9/30/18 | 9.42 | 0.44 | (0.02) | 0.42 | (0.44) | — | — | (0.44) | — | (0.02) | 9.40 | 4.60 | 105 | 0.75 (11) | 0.86 | 4.70 | 37 | |
11/3/16(12) to 9/30/17 | 9.43 | 0.36 | 0.01 | 0.37 | (0.38) | — | — | (0.38) | — | (0.01) | 9.42 | 4.32 | 104 | 0.77 (11) | 0.86 | 3.76 | 95 (13) |
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 | Tax 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(3) | ||
Newfleet Tax-Exempt Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.88 | 0.14 | 0.29 | 0.43 | (0.14) | — | (0.07) | (0.21) | — | 0.22 | $11.10 | 4.00 % | $37,782 | 0.85 % | 0.99 % | 2.60 % | 2 % | |
10/1/17 to 9/30/18 | 11.28 | 0.31 | (0.35) | (0.04) | (0.31) | — | (0.05) | (0.36) | — | (0.40) | 10.88 | (0.35) | 36,238 | 0.85 | 0.99 | 2.78 | 15 | |
10/1/16 to 9/30/17 | 11.55 | 0.31 | (0.26) | 0.05 | (0.30) | — | (0.02) | (0.32) | — | (0.27) | 11.28 | 0.48 (7) | 46,657 | 0.85 (7) | 1.03 | 2.78 (7) | 9 | |
1/1/16 to 9/30/16(14) | 11.43 | 0.22 | 0.12 | 0.34 | (0.22) | — | — | (0.22) | — | 0.12 | 11.55 | 3.00 | 69,711 | 0.87 (10) | 1.03 | 2.53 | 9 | |
1/1/15 to 12/31/15 | 11.46 | 0.30 | (0.03) | 0.27 | (0.29) | — | (0.01) | (0.30) | — | (0.03) | 11.43 | 2.39 | 74,418 | 0.85 | 1.00 | 2.60 | 10 | |
1/1/14 to 12/31/14 | 10.91 | 0.31 | 0.56 | 0.87 | (0.32) | — | — (8) | (0.32) | — | 0.55 | 11.46 | 7.94 | 79,906 | 0.85 | 0.99 | 2.73 | 22 | |
1/1/13 to 12/31/13 | 11.62 | 0.30 | (0.71) | (0.41) | (0.30) | — | — | (0.30) | — | (0.71) | 10.91 | (3.48) | 89,303 | 0.85 | 0.98 | 2.66 | 29 | |
Class C | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.89 | 0.10 | 0.28 | 0.38 | (0.10) | — | (0.07) | (0.17) | — | 0.21 | $11.10 | 3.51 % | $13,486 | 1.60 % | 1.73 % | 1.85 % | 2 % | |
10/1/17 to 9/30/18 | 11.29 | 0.22 | (0.34) | (0.12) | (0.23) | — | (0.05) | (0.28) | — | (0.40) | 10.89 | (1.09) | 15,238 | 1.60 | 1.73 | 2.03 | 15 | |
10/1/16 to 9/30/17 | 11.55 | 0.23 | (0.25) | (0.02) | (0.22) | — | (0.02) | (0.24) | — | (0.26) | 11.29 | (0.18) (7) | 20,832 | 1.60 (7) | 1.78 | 2.03 (7) | 9 | |
1/1/16 to 9/30/16(14) | 11.43 | 0.15 | 0.13 | 0.28 | (0.16) | — | — | (0.16) | — | 0.12 | 11.55 | 2.42 | 26,833 | 1.61 (10) | 1.78 | 1.78 | 9 | |
1/1/15 to 12/31/15 | 11.46 | 0.21 | (0.03) | 0.18 | (0.20) | — | (0.01) | (0.21) | — | (0.03) | 11.43 | 1.62 | 30,316 | 1.60 | 1.75 | 1.85 | 10 | |
1/1/14 to 12/31/14 | 10.92 | 0.22 | 0.55 | 0.77 | (0.23) | — | — (8) | (0.23) | — | 0.54 | 11.46 | 7.13 | 30,967 | 1.60 | 1.74 | 1.98 | 22 | |
1/1/13 to 12/31/13 | 11.63 | 0.22 | (0.72) | (0.50) | (0.21) | — | — | (0.21) | — | (0.71) | 10.92 | (4.29) | 28,845 | 1.60 | 1.73 | 1.92 | 29 | |
Class I | ||||||||||||||||||
10/1/18 to 3/31/19(6) | $10.88 | 0.15 | 0.29 | 0.44 | (0.15) | — | (0.07) | (0.22) | — | 0.22 | $11.10 | 4.12 % | $87,371 | 0.60 % | 0.77 % | 2.85 % | 2 % | |
10/1/17 to 9/30/18 | 11.28 | 0.33 | (0.34) | (0.01) | (0.34) | — | (0.05) | (0.39) | — | (0.40) | 10.88 | (0.10) | 102,516 | 0.60 | 0.74 | 3.03 | 15 | |
10/1/16 to 9/30/17 | 11.55 | 0.34 | (0.26) | 0.08 | (0.33) | — | (0.02) | (0.35) | — | (0.27) | 11.28 | 0.73 (7) | 100,062 | 0.60 (7) | 0.79 | 3.04 (7) | 9 | |
1/1/16 to 9/30/16(14) | 11.43 | 0.24 | 0.12 | 0.36 | (0.24) | — | — | (0.24) | — | 0.12 | 11.55 | 3.19 | 104,679 | 0.62 (10) | 0.78 | 2.78 | 9 | |
1/1/15 to 12/31/15 | 11.46 | 0.33 | (0.03) | 0.30 | (0.32) | — | (0.01) | (0.33) | — | (0.03) | 11.43 | 2.64 | 90,912 | 0.60 | 0.77 | 2.85 | 10 | |
1/1/14 to 12/31/14 | 10.91 | 0.34 | 0.56 | 0.90 | (0.35) | — | — (8) | (0.35) | — | 0.55 | 11.46 | 8.30 | 86,459 | 0.60 | 0.79 | 2.98 | 22 | |
1/1/13 to 12/31/13 | 11.62 | 0.33 | (0.71) | (0.38) | (0.33) | — | — | (0.33) | — | (0.71) | 10.91 | (3.33) | 82,936 | 0.60 | 0.77 | 2.88 | 29 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of the underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | State Street Bank & Trust, custodian for some of the Funds through January 29, 2010, reimbursed the Funds for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: Newfleet Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet California Tax-Exempt Fund 0.02% (Class A), 0.02% (Class I) Newfleet High Yield Fund 0.08% (Class A), 0.08% (Class C), 0.08% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Intermediate Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet Tax-Exempt Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class I) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: Newfleet Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet California Tax-Exempt Fund 0.02% (Class A), 0.02% (Class I) Newfleet High Yield Fund 0.08% (Class A), 0.08% (Class C), 0.08% (Class I), 0.00% (Class R6) Newfleet Multi-Sector Intermediate Bond Fund 0.02% (Class A), 0.02% (Class C), 0.02% (Class I), 0.00% (Class R6) Newfleet Tax-Exempt Bond Fund 0.01% (Class A), 0.01% (Class C), 0.01% (Class I) |
(8) | Amount is less than $0.005 per share. |
(9) | Payment from affiliate had no impact on total return. |
(10) | Net expense ratio includes extraordinary proxy expenses. |
(11) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(12) | Inception date. |
(13) | Portfolio turnover is representative of the Fund for the entire period. |
(14) | The Fund changed its fiscal year end to September 30 during the period. |
(15) | The Fund is currently under its expense limitation. |
Fund | Investment objective(s) | |
Newfleet Bond Fund | High total return from both current income and capital appreciation. | |
Newfleet CA Tax-Exempt Bond Fund | Obtaining a high level of current income exempt from California state and local income taxes, as well as federal income tax, consistent with the preservation of capital. | |
Newfleet High Yield Fund | High current income and a secondary objective of capital growth. | |
Newfleet Low Duration Income Fund | To provide a high level of total return, including a competitive level of current income, while limiting fluctuations in net asset value due to changes in interest rates. | |
Newfleet Multi-Sector Intermediate Bond Fund | Maximizing current income while preserving capital. | |
Newfleet Senior Floating Rate Fund | High total return from both current income and capital appreciation. | |
Newfleet Tax-Exempt Bond Fund | Providing a high level of current income that is exempt from federal income tax. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. |
Dividend income from REIT investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | 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. | |
H. | Interest-Only and Principal-Only Securities |
Certain Funds may invest in stripped mortgage-backed securities. Stripped mortgage-backed securities represent a participation in, or are secured by, or payable from, mortgage loans on real property, and may be structured in classes with rights to receive varying proportions of principal and interest. Stripped mortgage-backed securities include interest-only securities (IOs) which receive all of the interest, and principal-only securities (POs) which receive all of the principal. The market value of these securities is highly sensitive to changes in interest rates and a rapid (slow) rate of principal payments may have an adverse (positive) effect on yield to maturity. Payments received for IOs are included in interest income. Because principal will not be received at the maturity of an IO, adjustments are made to the book value of the security on a daily basis until maturity and these adjustments are also included in interest income. Payments received for POs are treated as reductions to the cost and par value of the securities. Any paydown gains or losses associated with the payments received are included in interest income. If the underlying mortgage assets are greater than anticipated payments of principal, a Fund may fail to recoup some or all of its initial investment in these securities. |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund’s investment 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, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
As of March 31, 2019, the Funds had the following unfunded loan commitments: |
Unfunded Loan Commitment | ||||||||
Newfleet | Newfleet | Newfleet Multi-Sector | Newfleet Senior | |||||
Bond | Low Duration | Intermediate Bond | Floating Rate | |||||
Borrower | Fund | Income Fund | Fund | Fund | ||||
Heartland Dental LLC | $— | $— | $— | $36 | ||||
Pacific Gas and Electric Co. | 20 | 115 | 75 | 130 | ||||
Pacific Gas and Electric Co. | 55 | 345 | 230 | 390 | ||||
Phoenix Guarantor, Inc. | — | — | 9 | 25 | ||||
PetVet Care Centers LLC | — | — | 31 | 95 |
J. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
K. | Securities Lending |
($ reported in thousands) | |
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. 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. At March 31, 2019, the following Funds had securities on loan: |
Market Value | Cash Collateral | ||
Newfleet High Yield Fund | $ 1,568 | $ 1,641 | |
Newfleet Low Duration Income Fund | 524 | 541 | |
Newfleet Multi-Sector Intermediate Bond Fund | 3,390 | 3,540 |
A. | Investment Adviser |
($ reported in thousands) | |
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’ subadviser(s). | |
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: |
Newfleet Tax-Exempt Bond Fund | 0.45 % |
First $1 Billion | $1+ Billion | ||
Newfleet Bond Fund | 0.45% | 0.40% | |
First $2 Billion | $2+ Billion | ||
Newfleet Low Duration Income Fund | 0.40% | 0.375% |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
Newfleet CA Tax-Exempt Bond Fund | 0.45 % | 0.40 % | 0.35 % | ||
Newfleet High Yield Fund | 0.65 | 0.60 | 0.55 | ||
Newfleet Multi-Sector Intermediate Bond Fund | 0.55 | 0.50 | 0.45 |
First $2 Billion | $2+ Billion through $4 Billion | $4+ Billion | |||
Newfleet Senior Floating Rate Fund | 0.45 % | 0.40 % | 0.38 % |
B. | Subadviser |
Newfleet Asset Management, LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. | |
C. | Expense Limits and Fee Waivers |
The Adviser has contractually agreed to limit each Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any), so that such expenses do not exceed on an annualized basis, the following respective percentages of average daily net assets through January 31, 2020. The waivers and reimbursements are calculated daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Newfleet Bond Fund | 0.85% | 1.60% | 0.60% | 0.48% | ||||
Newfleet CA Tax-Exempt Bond Fund | 0.85 | N/A | 0.60 | N/A | ||||
Newfleet High Yield Fund | 1.00 | 1.75 | 0.75 | 0.69 | ||||
Newfleet Low Duration Income Fund | 0.75 | 1.50 | 0.50 | 0.43 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 0.99 | 1.74 | 0.74 | 0.60 | ||||
Newfleet Senior Floating Rate Fund(1) | 0.94 | 1.69 | 0.69 | 0.55 | ||||
Newfleet Tax-Exempt Bond Fund | 0.85 | 1.60 | 0.60 | N/A |
(1) | Excluding leverage expenses, if any. |
D. | Expense Recapture |
($ reported in thousands) | |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2019 | 2020 | 2021 | 2022 | Total | |||||
Newfleet Bond Fund | ||||||||||
Class A | $70 | $130 | $98 | $47 | $345 | |||||
Class C | 17 | 26 | 21 | 7 | 71 | |||||
Class I | 36 | 78 | 68 | 36 | 218 | |||||
Class R6 | — | 1 | 1 | 1 | 3 | |||||
Newfleet CA Tax-Exempt Bond Fund | ||||||||||
Class A | 37 | 59 | 51 | 34 | 181 | |||||
Class I | 21 | 35 | 33 | 18 | 107 | |||||
Newfleet High Yield Fund | ||||||||||
Class A | 77 | 233 | 180 | 88 | 578 | |||||
Class C | —(1) | 16 | 21 | 5 | 42 | |||||
Class I | 10 | 32 | 24 | 11 | 77 | |||||
Class R6 | — | 6 | 15 | 2 | 23 | |||||
Newfleet Low Duration Income Fund | ||||||||||
Class A | 159 | 288 | 232 | 84 | 763 | |||||
Class C | 77 | 123 | 72 | 24 | 296 | |||||
Class I | 354 | 777 | 706 | 289 | 2,126 | |||||
Class R6 | — | — | — | —(1) | —(1) | |||||
Newfleet Multi-Sector Intermediate Bond Fund | ||||||||||
Class A | — | 91 | 86 | 43 | 220 | |||||
Class C | — | 68 | 53 | 27 | 148 | |||||
Class I | — | 182 | 176 | 84 | 442 | |||||
Class R6 | — | 8 | 23 | 6 | 37 | |||||
Newfleet Senior Floating Rate Fund | ||||||||||
Class A | — | 114 | 52 | 10 | 176 | |||||
Class C | — | 66 | 59 | 21 | 146 | |||||
Class I | — | 160 | 143 | 54 | 357 | |||||
Class R6 | — | —(1) | 1 | —(1) | 1 | |||||
Newfleet Tax-Exempt Bond Fund | ||||||||||
Class A | 60 | 98 | 59 | 26 | 243 | |||||
Class C | 23 | 41 | 22 | 10 | 96 | |||||
Class I | 85 | 184 | 137 | 76 | 482 |
(1) | Amount is less than $500. |
E. | Distributor |
($ reported in thousands) | |
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 six months (the “period”) ended March 31, 2019, it retained net commissions of $10 for Class A shares and CDSC of $14, and $0 for Class A shares, and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended March 31, 2019, the Funds incurred administration fees totaling $660 which are included in the Statements of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Funds incurred transfer agent fees totaling $729 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Funds. The fees are calculated daily and paid monthly. | |
G. | Investments in Affiliates |
($ reported in thousands) | |
A summary of total long-term and short-term purchases and sales of the affiliated fund, during the period ended March 31, 2019, is as follows: |
Value, beginning of period | Purchases | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Shares | Dividend Income | Distributions of Realized Gains | |||||||||
Newfleet Bond Fund | |||||||||||||||||
Affiliated Mutual Fund—0.9% | |||||||||||||||||
Virtus Newfleet Credit Opportunities Fund Class R6(1) | $1,140 | $— | $461 | $(31) | $(7) | $641 | 68,732 | $25 | $— |
Value, beginning of period | Purchases | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Shares | Dividend Income | Distributions of Realized Gains | |||||||||
Newfleet Multi-Sector Intermediate Bond Fund | |||||||||||||||||
Affiliated Mutual Fund—1.7% | |||||||||||||||||
Virtus Newfleet Credit Opportunities Fund Class R6(1) | $9,036 | $— | $4,227 | $(280) | $(20) | $4,509 | 483,788 | $174 | $— |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statements of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | ||
Newfleet Bond Fund | $21,449 | $16,058 |
Purchases | Sales | ||
Newfleet CA Tax-Exempt Bond Fund | $759 | $24,361 | |
Newfleet High Yield Fund | 14,738 | 20,271 | |
Newfleet Low Duration Income Fund | 130,444 | 81,236 | |
Newfleet Multi-Sector Intermediate Bond Fund | 76,090 | 119,777 | |
Newfleet Senior Floating Rate Fund | 47,351 | 150,856 | |
Newfleet Tax-Exempt Bond Fund | 2,825 | 21,242 |
Purchases | Sales | ||
Newfleet Bond Fund | $5,380 | $4,660 | |
Newfleet Low Duration Income Fund | —(1) | 573 | |
Newfleet Multi-Sector Intermediate Bond Fund | 12,905 | 13,361 |
(1) | Amount is less than $500. |
Newfleet Bond Fund | Newfleet CA Tax-Exempt Bond Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 209 | $2,253 | 151 | $1,674 | 22 | $251 | 12 | $134 | |||||||
Reinvestment of distributions | 47 | 507 | 95 | 1,043 | 54 | 604 | 39 | 458 | |||||||
Shares repurchased and cross class conversions | (238) | (2,562) | (606) | (6,684) | (182) | (2,070) | (111) | (1,281) | |||||||
Net Increase / (Decrease) | 18 | $198 | (360) | $(3,967) | (106) | $(1,215) | (60) | $(689) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 96 | $1,009 | 55 | $591 | — | $— | — | $— | |||||||
Reinvestment of distributions | 6 | 63 | 13 | 145 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (207) | (2,177) | (184) | (1,987) | — | — | — | — | |||||||
Net Increase / (Decrease) | (105) | $(1,105) | (116) | $(1,251) | — | $— | — | $— | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 999 | $11,077 | 638 | $7,196 | 46 | $533 | 85 | $981 | |||||||
Reinvestment of distributions | 45 | 498 | 87 | 970 | 24 | 267 | 31 | 354 | |||||||
Shares repurchased and cross class conversions | (374) | (4,095) | (555) | (6,215) | (439) | (5,032) | (245) | (2,808) | |||||||
Net Increase / (Decrease) | 670 | $7,480 | 170 | $1,951 | (369) | $(4,232) | (129) | $(1,473) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 25 | $272 | 16 | $183 | — | $— | — | $— | |||||||
Reinvestment of distributions | 1 | 7 | 1 | 15 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (1) (1) | (2) | (20) | (226) | — | — | — | — | |||||||
Net Increase / (Decrease) | 25 | $277 | (3) | $(28) | — | $— | — | $— |
(1) | Amount is less than 500 shares. |
Newfleet High Yield Fund | Newfleet Low Duration Income Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 352 | $1,406 | 270 | $1,129 | 3,022 | $32,045 | 1,964 | $21,018 | |||||||
Reinvestment of distributions | 317 | 1,265 | 619 | 2,573 | 84 | 895 | 152 | 1,627 | |||||||
Shares repurchased and cross class conversions | (663) | (2,658) | (1,671) | (6,969) | (2,439) | (25,896) | (2,620) | (28,020) | |||||||
Net Increase / (Decrease) | 6 | $13 | (782) | $(3,267) | 667 | $7,044 | (504) | $(5,375) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 35 | $137 | 169 | $695 | 1,088 | $11,520 | 289 | $3,104 | |||||||
Reinvestment of distributions | 17 | 65 | 41 | 169 | 19 | 203 | 35 | 371 | |||||||
Shares repurchased and cross class conversions | (336) | (1,310) | (269) | (1,099) | (1,110) | (11,775) | (1,171) | (12,546) | |||||||
Net Increase / (Decrease) | (284) | $(1,108) | (59) | $(235) | (3) | $(52) | (847) | $(9,071) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 248 | $994 | 1,270 | $5,264 | 11,949 | $127,002 | 12,640 | $135,308 | |||||||
Reinvestment of distributions | 45 | 181 | 83 | 347 | 345 | 3,672 | 574 | 6,133 | |||||||
Shares repurchased and cross class conversions | (909) | (3,632) | (829) | (3,464) | (8,542) | (90,699) | (11,428) | (122,238) | |||||||
Net Increase / (Decrease) | (616) | $(2,457) | 524 | $2,147 | 3,752 | $39,975 | 1,786 | $19,203 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 25 | $96 | 128 | $535 | 9 | $100 | — | $— | |||||||
Reinvestment of distributions | 9 | 37 | 69 | 287 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (897) | (3,645) | (367) | (1,526) | — | — | — | — | |||||||
Net Increase / (Decrease) | (863) | $(3,512) | (170) | $(704) | 9 | $100 | — | $— |
Newfleet Multi-Sector Intermediate Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,233 | $12,025 | 831 | $8,487 | 593 | $5,494 | 1,367 | $12,886 | |||||||
Reinvestment of distributions | 145 | 1,421 | 293 | 2,979 | 464 | 4,235 | 907 | 8,538 | |||||||
Shares repurchased and cross class conversions | (1,266) | (12,320) | (2,143) | (21,827) | (5,113) | (46,273) | (5,114) | (48,175) | |||||||
Net Increase / (Decrease) | 112 | $1,126 | (1,019) | $(10,361) | (4,056) | $(36,544) | (2,840) | $(26,751) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 553 | $5,417 | 616 | $6,381 | 358 | $3,302 | 511 | $4,813 | |||||||
Reinvestment of distributions | 78 | 771 | 169 | 1,741 | 149 | 1,363 | 289 | 2,726 | |||||||
Shares repurchased and cross class conversions | (1,321) | (13,027) | (1,517) | (15,559) | (1,794) | (16,446) | (2,828) | (26,677) | |||||||
Net Increase / (Decrease) | (690) | $(6,839) | (732) | $(7,437) | (1,287) | $(11,781) | (2,028) | $(19,138) |
Newfleet Multi-Sector Intermediate Bond Fund | Newfleet Senior Floating Rate Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 2,798 | $27,478 | 6,922 | $71,241 | 5,599 | $51,618 | 8,904 | $83,832 | |||||||
Reinvestment of distributions | 248 | 2,429 | 617 | 6,288 | 364 | 3,325 | 707 | 6,652 | |||||||
Shares repurchased and cross class conversions | (5,413) | (53,060) | (11,003) | (112,092) | (9,327) | (84,632) | (11,991) | (112,859) | |||||||
Net Increase / (Decrease) | (2,367) | $(23,153) | (3,464) | $(34,563) | (3,364) | $(29,689) | (2,380) | $(22,375) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 47 | $458 | 220 | $2,256 | 8 | $71 | 132 | $1,250 | |||||||
Reinvestment of distributions | 13 | 123 | 80 | 814 | —(1) | 1 | —(1) | 4 | |||||||
Shares repurchased and cross class conversions | (1,239) | (12,192) | (583) | (5,947) | (—) (1) | (—) (2) | (132) | (1,245) | |||||||
Net Increase / (Decrease) | (1,179) | $(11,611) | (283) | $(2,877) | 8 | $72 | —(1) | $9 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
Newfleet Tax-Exempt Bond Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 313 | $3,425 | 124 | $1,366 | |||
Reinvestment of distributions | 53 | 574 | 103 | 1,137 | |||
Shares repurchased and cross class conversions | (290) | (3,157) | (1,032) | (11,434) | |||
Net Increase / (Decrease) | 76 | $842 | (805) | $(8,931) | |||
Class C | |||||||
Shares sold and cross class conversions | 107 | $1,171 | 66 | $737 | |||
Reinvestment of distributions | 19 | 203 | 36 | 404 | |||
Shares repurchased and cross class conversions | (311) | (3,391) | (549) | (6,078) | |||
Net Increase / (Decrease) | (185) | $(2,017) | (447) | $(4,937) | |||
Class I | |||||||
Shares sold and cross class conversions | 454 | $4,956 | 3,294 | $36,424 | |||
Reinvestment of distributions | 131 | 1,430 | 268 | 2,967 | |||
Shares repurchased and cross class conversions | (2,130) | (23,172) | (3,010) | (33,310) | |||
Net Increase / (Decrease) | (1,545) | $(16,786) | 552 | $6,081 |
Exchange Redemptions | Exchange Subscriptions | ||||||||||
Class A Shares | Class C Shares | Class I Shares | Class A Shares | Class I Shares | Value | ||||||
Newfleet Bond Fund | 2 | 115 | —(1) | 112 | 3 | $1,235 | |||||
Newfleet High Yield Fund | 5 | 219 | — | 203 | 18 | 874 | |||||
Newfleet Low Duration Income Fund | 61 | 121 | 52 | 135 | 99 | 2,481 | |||||
Newfleet Multi-Sector Intermediate Bond Fund | 45 | 467 | 34 | 444 | 106 | 5,403 | |||||
Newfleet Senior Floating Rate Fund | 58 | 401 | 23 | 129 | 349 | 4,457 | |||||
Newfleet Tax-Exempt Bond Fund | 50 | 147 | 48 | 127 | 118 | 2,667 |
(1) | Amount is less than 500 shares. |
% of Shares Outstanding | Number of Accounts* | ||
Newfleet Bond Fund | 26% | 1 | |
Newfleet CA Tax-Exempt Bond Fund | 14 | 1 | |
Newfleet Low Duration Income Fund | 28 | 1 | |
Newfleet Multi-Sector Intermediate Bond Fund | 16 | 1 | |
Newfleet Senior Floating Rate Fund | 42 | 2 | |
Newfleet Tax-Exempt Bond Fund | 12 | 1 |
* | None of the accounts are affiliated. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Newfleet Bond Fund | $73,846 | $1,196 | $(477) | $719 | ||||
Newfleet CA Tax-Exempt Bond Fund | 18,514 | — | — | — | ||||
Newfleet High Yield Fund | 61,457 | 810 | (2,012) | (1,202) | ||||
Newfleet Low Duration Income Fund | 415,240 | 2,217 | (1,448) | 769 | ||||
Newfleet Multi-Sector Intermediate Bond Fund | 269,657 | 2,928 | (8,457) | (5,529) | ||||
Newfleet Senior Floating Rate Fund | 432,907 | 106 | (16,801) | (16,695) | ||||
Newfleet Tax-Exempt Bond Fund | 131,503 | 6,077 | (371) | 5,706 |
No Expiration | Total | ||||||
Short - Term | Long-Term | Short - Term | Long-Term | ||||
Newfleet Bond Fund | $169 | $1,409 | $169 | $1,409 | |||
Newfleet High Yield Fund | 725 | 3,165 | 725 | 3,165 | |||
Newfleet Low Duration Income Fund | 977 | 242 | 977 | 242 | |||
Newfleet Multi-Sector Intermediate Bond Fund | 2,910 | 12,388 | 2,910 | 12,388 | |||
Newfleet Senior Floating Rate Fund | 2,564 | 27,842 | 2,564 | 27,842 |
dated January 28, 2019, as supplemented
SAI for future reference.
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 at1-800-243-1574, orVirtus.com.
8640 | 05-19 |
Virtus Duff & Phelps Global Infrastructure Fund |
Virtus Duff & Phelps Global Real Estate Securities Fund* |
Virtus Duff & Phelps International Real Estate Securities Fund* |
Virtus Herzfeld Fund* |
Virtus Horizon Wealth Masters Fund |
Virtus KAR Emerging Markets Small-Cap Fund* |
Virtus KAR International Small-Cap Fund* |
Virtus Rampart Alternatives Diversifier Fund |
Virtus Rampart Equity Trend Fund |
Virtus Rampart Multi-Asset Trend Fund |
Virtus Rampart Sector Trend Fund |
Virtus Vontobel Global Opportunities Fund* |
Virtus Vontobel Greater European Opportunities Fund |
Message to Shareholders | 1 | |
Disclosure of Fund Expenses | 2 | |
Key Investment Terms | 6 | |
Portfolio Holdings Summary Weightings | 7 | |
Fund | Schedule of Investments | |
Virtus Duff & Phelps Global Infrastructure Fund (“Duff & Phelps Global Infrastructure Fund”) | 9 | |
Virtus Duff & Phelps Global Real Estate Securities Fund (“Duff & Phelps Global Real Estate Securities Fund”) | 10 | |
Virtus Duff & Phelps International Real Estate Securities Fund (“Duff & Phelps International Real Estate Securities Fund”) | 12 | |
Virtus Herzfeld Fund (“Herzfeld Fund”) | 14 | |
Virtus Horizon Wealth Masters Fund (“Horizon Wealth Masters Fund”) | 16 | |
Virtus KAR Emerging Markets Small-Cap Fund (“KAR Emerging Markets Small-Cap Fund”) | 18 | |
Virtus KAR International Small-Cap Fund (“KAR International Small-Cap Fund”) | 20 | |
Virtus Rampart Alternatives Diversifier Fund (“Rampart Alternatives Diversifier Fund”) | 22 | |
Virtus Rampart Equity Trend Fund (“Rampart Equity Trend Fund”) | 23 | |
Virtus Rampart Multi-Asset Trend Fund (“Rampart Multi-Asset Trend Fund”) | 26 | |
Virtus Rampart Sector Trend Fund (“Rampart Sector Trend Fund”) | 29 | |
Virtus Vontobel Global Opportunities Fund (“Vontobel Global Opportunities Fund”) | 32 | |
Virtus Vontobel Greater European Opportunities Fund (“Vontobel Greater European Opportunities Fund”) | 34 | |
Statements of Assets and Liabilities | 36 | |
Statements of Operations | 46 | |
Statements of Changes in Net Assets | 51 | |
Financial Highlights | 58 | |
Notes to Financial Statements | 68 | |
Results of Shareholder Meeting | 85 | |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 86 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 1,112.50 | 1.27 % | $ 6.69 | ||||
Class C | 1,000.00 | 1,108.80 | 2.02 | 10.62 | ||||
Class I | 1,000.00 | 1,114.50 | 1.03 | 5.43 | ||||
Class R6 | 1,000.00 | 1,114.30 | 0.93 | 4.90 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,072.60 | 1.40 | 7.23 | ||||
Class C | 1,000.00 | 1,068.60 | 2.15 | 11.09 | ||||
Class I | 1,000.00 | 1,073.90 | 1.15 | 5.95 | ||||
Class R6 | 1,000.00 | 1,074.90 | 0.95 | 4.91 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,070.20 | 1.50 | 7.74 | ||||
Class C | 1,000.00 | 1,066.40 | 2.25 | 11.59 | ||||
Class I | 1,000.00 | 1,071.60 | 1.25 | 6.46 | ||||
Herzfeld Fund | ||||||||
Class A | 1,000.00 | 979.60 | 1.60 | 7.90 | ||||
Class C | 1,000.00 | 975.70 | 2.35 | 11.58 | ||||
Class I | 1,000.00 | 981.10 | 1.35 | 6.67 | ||||
Horizon Wealth Masters Fund | ||||||||
Class A | 1,000.00 | 927.90 | 1.25 | 6.01 | ||||
Class C | 1,000.00 | 924.30 | 2.00 | 9.60 | ||||
Class I | 1,000.00 | 928.90 | 1.00 | 4.81 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,059.90 | 1.87 | 9.60 | ||||
Class C | 1,000.00 | 1,055.80 | 2.62 | 13.43 | ||||
Class I | 1,000.00 | 1,060.40 | 1.62 | 8.32 | ||||
KAR International Small-Cap Fund | ||||||||
Class A | 1,000.00 | 999.50 | 1.54 | 7.68 | ||||
Class C | 1,000.00 | 996.40 | 2.28 | 11.35 | ||||
Class I | 1,000.00 | 1,001.80 | 1.29 | 6.44 | ||||
Class R6 | 1,000.00 | 1,001.20 | 1.19 | 5.94 | ||||
Rampart Alternatives Diversifier Fund | ||||||||
Class A | 1,000.00 | 993.90 | 0.74 | 3.68 | ||||
Class C | 1,000.00 | 990.90 | 1.48 | 7.35 | ||||
Class I | 1,000.00 | 995.60 | 0.48 | 2.39 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Rampart Equity Trend Fund | ||||||||
Class A | $1,000.00 | $914.50 | 1.56% | $7.45 | ||||
Class C | 1,000.00 | 911.40 | 2.30 | 10.96 | ||||
Class I | 1,000.00 | 915.50 | 1.31 | 6.26 | ||||
Class R6 | 1,000.00 | 916.50 | 1.21 | 5.78 | ||||
Rampart Multi-Asset Trend Fund | ||||||||
Class A | 1,000.00 | 986.70 | 1.67 | 8.27 | ||||
Class C | 1,000.00 | 983.40 | 2.41 | 11.92 | ||||
Class I | 1,000.00 | 987.70 | 1.42 | 7.04 | ||||
Rampart Sector Trend Fund | ||||||||
Class A | 1,000.00 | 935.30 | 0.98 | 4.73 | ||||
Class C | 1,000.00 | 931.70 | 1.75 | 8.43 | ||||
Class I | 1,000.00 | 936.40 | 0.74 | 3.57 | ||||
Vontobel Global Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,001.20 | 1.37 | 6.84 | ||||
Class C | 1,000.00 | 998.10 | 2.13 | 10.61 | ||||
Class I | 1,000.00 | 1,003.40 | 1.12 | 5.59 | ||||
Class R6 | 1,000.00 | 1,004.10 | 0.88 | 4.40 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 1,000.00 | 955.90 | 1.45 | 7.07 | ||||
Class C | 1,000.00 | 951.90 | 2.20 | 10.71 | ||||
Class I | 1,000.00 | 957.10 | 1.20 | 5.86 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Duff & Phelps Global Infrastructure Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.60 | 1.27 % | $ 6.39 | ||||
Class C | 1,000.00 | 1,014.86 | 2.02 | 10.15 | ||||
Class I | 1,000.00 | 1,019.80 | 1.03 | 5.19 | ||||
Class R6 | 1,000.00 | 1,020.29 | 0.93 | 4.68 | ||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,017.95 | 1.40 | 7.04 | ||||
Class C | 1,000.00 | 1,014.21 | 2.15 | 10.80 | ||||
Class I | 1,000.00 | 1,019.20 | 1.15 | 5.79 | ||||
Class R6 | 1,000.00 | 1,020.19 | 0.95 | 4.78 | ||||
Duff & Phelps International Real Estate Securities Fund | ||||||||
Class A | 1,000.00 | 1,017.45 | 1.50 | 7.54 | ||||
Class C | 1,000.00 | 1,013.71 | 2.25 | 11.30 | ||||
Class I | 1,000.00 | 1,018.70 | 1.25 | 6.29 | ||||
Herzfeld Fund | ||||||||
Class A | 1,000.00 | 1,016.95 | 1.60 | 8.05 | ||||
Class C | 1,000.00 | 1,013.21 | 2.35 | 11.80 | ||||
Class I | 1,000.00 | 1,018.20 | 1.35 | 6.79 | ||||
Horizon Wealth Masters Fund | ||||||||
Class A | 1,000.00 | 1,018.70 | 1.25 | 6.29 | ||||
Class C | 1,000.00 | 1,014.96 | 2.00 | 10.05 | ||||
Class I | 1,000.00 | 1,019.95 | 1.00 | 5.04 | ||||
KAR Emerging Markets Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,015.61 | 1.87 | 9.40 | ||||
Class C | 1,000.00 | 1,011.87 | 2.62 | 13.14 | ||||
Class I | 1,000.00 | 1,016.85 | 1.62 | 8.15 | ||||
KAR International Small-Cap Fund | ||||||||
Class A | 1,000.00 | 1,017.25 | 1.54 | 7.75 | ||||
Class C | 1,000.00 | 1,013.56 | 2.28 | 11.45 | ||||
Class I | 1,000.00 | 1,018.50 | 1.29 | 6.49 | ||||
Class R6 | 1,000.00 | 1,019.00 | 1.19 | 5.99 | ||||
Rampart Alternatives Diversifier Fund | ||||||||
Class A | 1,000.00 | 1,021.24 | 0.74 | 3.73 | ||||
Class C | 1,000.00 | 1,017.55 | 1.48 | 7.44 | ||||
Class I | 1,000.00 | 1,022.54 | 0.48 | 2.42 | ||||
Rampart Equity Trend Fund | ||||||||
Class A | 1,000.00 | 1,017.15 | 1.56 | 7.85 | ||||
Class C | 1,000.00 | 1,013.46 | 2.30 | 11.55 | ||||
Class I | 1,000.00 | 1,018.40 | 1.31 | 6.59 | ||||
Class R6 | 1,000.00 | 1,018.90 | 1.21 | 6.09 | ||||
Rampart Multi-Asset Trend Fund | ||||||||
Class A | 1,000.00 | 1,016.60 | 1.67 | 8.40 | ||||
Class C | 1,000.00 | 1,012.91 | 2.41 | 12.09 | ||||
Class I | 1,000.00 | 1,017.85 | 1.42 | 7.14 | ||||
Rampart Sector Trend Fund | ||||||||
Class A | 1,000.00 | 1,020.04 | 0.98 | 4.94 | ||||
Class C | 1,000.00 | 1,016.21 | 1.75 | 8.80 | ||||
Class I | 1,000.00 | 1,021.24 | 0.74 | 3.73 |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Vontobel Global Opportunities Fund | ||||||||
Class A | $1,000.00 | $1,018.10 | 1.37% | $6.89 | ||||
Class C | 1,000.00 | 1,014.31 | 2.13 | 10.70 | ||||
Class I | 1,000.00 | 1,019.35 | 1.12 | 5.64 | ||||
Class R6 | 1,000.00 | 1,020.54 | 0.88 | 4.43 | ||||
Vontobel Greater European Opportunities Fund | ||||||||
Class A | 1,000.00 | 1,017.70 | 1.45 | 7.29 | ||||
Class C | 1,000.00 | 1,013.96 | 2.20 | 11.05 | ||||
Class I | 1,000.00 | 1,018.95 | 1.20 | 6.04 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Utilities | 41% |
Industrials | 27 |
Energy | 19 |
Real Estate | 11 |
Communication Services | 2 |
Total | 100% |
Industrial/Office REITs | 20% |
Residential REITs | 17 |
Real Estate Operating Companies | 14 |
Retail REITs | 13 |
Office REITs | 8 |
Lodging/Resorts REITs | 5 |
Data Centers REITs | 4 |
Other (includes short-term investment) | 19 |
Total | 100% |
Real Estate Operating Companies | 28% |
Retail REITs | 16 |
Office REITs | 15 |
Residential REITs | 10 |
Industrial/Office REITs | 9 |
Diversified Real Estate Activities REITs | 6 |
Diversified REITs | 4 |
Other (includes short-term investment) | 12 |
Total | 100% |
Equity Funds | 41% |
International Equity Funds | 30 |
Fixed Income Funds | 22 |
Preferred Stocks | 5 |
Other (includes short-term investment and securities lending collateral) | 2 |
Total | 100% |
Consumer Discretionary | 24% |
Communication Services | 13 |
Financials | 12 |
Industrials | 12 |
Real Estate | 8 |
Information Technology | 8 |
Consumer Staples | 6 |
Other (includes securities lending collateral) | 17 |
Total | 100% |
Communication Services | 28% |
Industrials | 24 |
Consumer Staples | 12 |
Information Technology | 8 |
Financials | 8 |
Consumer Discretionary | 7 |
Materials | 6 |
Other (includes short-term investment) | 7 |
Total | 100% |
Communication Services | 28% |
Industrials | 23 |
Financials | 13 |
Information Technology | 10 |
Health Care | 5 |
Consumer Discretionary | 4 |
Consumer Staples | 4 |
Other (includes short-term investment) | 13 |
Total | 100% |
Affiliated Mutual Funds | 50% | |
Exchange-Traded Funds | 50 | |
Total | 100% |
Consumer Discretionary | 18% |
Industrials | 16 |
Information Technology | 16 |
Financials | 10 |
Health Care | 8 |
Real Estate | 8 |
Consumer Staples | 7 |
Other | 17 |
Total | 100% |
Exchange-Traded Funds | 64% | |
Common Stocks | 36 | |
Consumer Discretionary | 6% | |
Industrials | 6 | |
Information Technology | 6 | |
Financials | 4 | |
Health Care | 3 | |
Real Estate | 3 | |
All Other Common Stocks | 8 | |
Total | 100% |
Communication Services | 20% |
Utilities | 20 |
Information Technology | 20 |
Consumer Discretionary | 20 |
Health Care | 5 |
Consumer Staples | 5 |
Industrials | 5 |
Other | 5 |
Total | 100% |
Consumer Staples | 19% |
Consumer Discretionary | 19 |
Information Technology | 17 |
Financials | 16 |
Health Care | 12 |
Industrials | 7 |
Communication Services | 7 |
Other (includes short-term investment) | 3 |
Total | 100% |
Consumer Staples | 25% |
Industrials | 22 |
Health Care | 13 |
Consumer Discretionary | 11 |
Information Technology | 10 |
Financials | 10 |
Materials | 4 |
Other (includes securities lending collateral) | 5 |
Total | 100% |
Shares | Value | ||
Common Stocks—99.6% | |||
Communication Services—1.8% | |||
Cellnex Telecom SA 144A (Spain)(1) | 57,735 | $1,694 | |
Energy—18.6% | |||
Antero Midstream Corp. (United States) | 83,720 | 1,154 | |
Cheniere Energy, Inc. (United States)(2) | 35,169 | 2,404 | |
Enbridge, Inc. (Canada) | 72,740 | 2,638 | |
Golar LNG Ltd. (Bermuda) | 47,468 | 1,001 | |
Kinder Morgan, Inc. (United States) | 108,464 | 2,170 | |
ONEOK, Inc. (United States) | 18,375 | 1,283 | |
Pembina Pipeline Corp. (Canada) | 45,045 | 1,655 | |
Targa Resources Corp. (United States) | 17,428 | 724 | |
TransCanada Corp. (Canada) | 41,381 | 1,860 | |
Williams Cos., Inc. (The) (United States) | 74,474 | 2,139 | |
17,028 | |||
Industrials—27.0% | |||
Aena SME SA 144A (Spain)(1) | 10,681 | 1,923 | |
Aeroports de Paris (France) | 5,990 | 1,158 | |
Atlantia SpA (Italy) | 94,545 | 2,449 | |
Auckland International Airport Ltd. (New Zealand) | 208,325 | 1,155 | |
Canadian National Railway Co. (Canada) | 13,600 | 1,217 | |
CSX Corp. (United States) | 17,430 | 1,304 | |
East Japan Railway Co. (Japan) | 15,290 | 1,473 | |
Norfolk Southern Corp. (United States) | 11,277 | 2,108 | |
Sydney Airport (Australia) | 346,296 | 1,827 | |
Transurban Group (Australia) | 637,243 | 5,973 | |
Union Pacific Corp. (United States) | 9,002 | 1,505 |
Shares | Value | ||
Industrials—continued | |||
Vinci SA (France) | 27,298 | $2,655 | |
24,747 | |||
Real Estate—11.4% | |||
American Tower Corp. (United States) | 31,182 | 6,145 | |
Crown Castle International Corp. (United States) | 33,615 | 4,303 | |
10,448 | |||
Utilities—40.8% | |||
American Electric Power Co., Inc. (United States) | 37,652 | 3,153 | |
American Water Works Co., Inc. (United States) | 19,539 | 2,037 | |
Atmos Energy Corp. (United States) | 18,668 | 1,921 | |
CMS Energy Corp. (United States) | 28,999 | 1,611 | |
Dominion Energy, Inc. (United States) | 38,776 | 2,973 | |
DTE Energy Co. (United States) | 8,653 | 1,079 | |
Enel SpA (Italy) | 188,382 | 1,205 | |
Evergy, Inc. (United States) | 27,237 | 1,581 | |
Fortis, Inc. (Canada) | 46,531 | 1,720 | |
Iberdrola SA (Spain) | 172,419 | 1,514 | |
National Grid plc (United Kingdom) | 122,179 | 1,354 | |
Naturgy Energy Group SA (Spain) | 50,236 | 1,405 | |
NextEra Energy, Inc. (United States) | 27,279 | 5,274 | |
NiSource, Inc. (United States) | 51,953 | 1,489 | |
ONE Gas, Inc. (United States) | 10,926 | 973 | |
Orsted A/S 144A (Denmark)(1) | 33,965 | 2,574 | |
Public Service Enterprise Group, Inc. (United States) | 34,212 | 2,032 |
Shares | Value | ||
Utilities—continued | |||
Sempra Energy (United States) | 27,642 | $3,479 | |
37,374 | |||
Total Common Stocks (Identified Cost $74,309) | 91,291 | ||
Total Long-Term Investments—99.6% (Identified Cost $74,309) | 91,291 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $74,309) | $91,291 | ||
Other assets and liabilities, net—0.4% | 349 | ||
NET ASSETS—100.0% | $91,640 |
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 March 31, 2019, these securities amounted to a value of $6,191 or 6.8% of net assets. |
(2) | Non-income producing. |
Country Weightings† | |
United States | 58% |
Canada | 10 |
Australia | 9 |
Spain | 7 |
France | 4 |
Italy | 4 |
Denmark | 3 |
Other | 5 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $91,291 | $91,291 | |
Total Investments | $91,291 | $91,291 |
Shares | Value | ||
Common Stocks—97.5% | |||
Australia—3.2% | |||
Dexus Property Group | 218,339 | $1,975 | |
GPT Group (The) - In Specie(1)(2) | 13,566 | —(3) | |
National Storage REIT | 2,062,044 | 2,584 | |
Scentre Group | 651,389 | 1,901 | |
6,460 | |||
Belgium—0.6% | |||
Shurgard Self Storage SA(2) | 37,121 | 1,226 | |
Canada—1.5% | |||
Boardwalk Real Estate Investment Trust | 99,000 | 3,021 | |
China—1.0% | |||
GDS Holdings Ltd. ADR(2) | 55,500 | 1,981 | |
France—1.4% | |||
Klepierre SA | 78,980 | 2,762 | |
Germany—4.4% | |||
TLG Immobilien AG | 105,300 | 3,170 | |
Vonovia SE | 109,919 | 5,699 | |
8,869 | |||
Hong Kong—6.3% | |||
Link REIT | 292,504 | 3,421 | |
Swire Properties Ltd. | 1,008,000 | 4,334 | |
Wharf Real Estate Investment Co., Ltd. | 682,600 | 5,082 | |
12,837 | |||
India—1.3% | |||
Ascendas India Trust | 3,001,800 | 2,636 | |
Ireland—2.2% | |||
Green REIT plc | 1,812,723 | 3,050 | |
Irish Residential Properties REIT plc | 811,000 | 1,447 | |
4,497 | |||
Japan—12.1% | |||
GLP J-REIT | 1,764 | 1,889 | |
Invesco Office J-REIT, Inc. | 18,800 | 2,982 | |
Invincible Investment Corp. | 8,702 | 4,256 | |
Kenedix Office Investment Corp. | 347 | 2,408 | |
Kenedix Residential Next Investment Corp. | 1,520 | 2,519 | |
Mitsubishi Estate Co., Ltd. | 389,000 | 7,039 | |
Mitsui Fudosan Logistics Park, Inc. | 1,120 | 3,582 | |
24,675 | |||
Shares | Value | ||
Netherlands—0.7% | |||
Unibail-Rodamco-Westfield | 8,778 | $1,439 | |
Norway—1.4% | |||
Entra ASA 144A(4) | 194,500 | 2,936 | |
Singapore—1.0% | |||
Mapletree Industrial Trust | 666,100 | 1,032 | |
Mapletree Logistics Trust | 930,600 | 1,003 | |
2,035 | |||
Spain—2.7% | |||
Inmobiliaria Colonial SOCIMI SA | 338,500 | 3,480 | |
Merlin Properties SOCIMI SA | 153,000 | 2,002 | |
5,482 | |||
Sweden—1.3% | |||
Kungsleden AB | 329,000 | 2,619 | |
United Kingdom—6.2% | |||
Derwent London plc | 45,410 | 1,906 | |
Empiric Student Property plc | 527,359 | 629 | |
Safestore Holdings plc | 234,557 | 1,822 | |
Segro plc | 193,928 | 1,701 | |
UNITE Group plc (The) | 340,900 | 4,074 | |
Workspace Group plc | 201,800 | 2,565 | |
12,697 | |||
United States—50.2% | |||
Alexandria Real Estate Equities, Inc. | 36,665 | 5,227 | |
American Homes 4 Rent Class A | 133,650 | 3,036 | |
Americold Realty Trust | 85,804 | 2,618 | |
Apartment Investment & Management Co. Class A | 41,931 | 2,109 | |
AvalonBay Communities, Inc. | 25,365 | 5,091 | |
Brixmor Property Group, Inc. | 130,533 | 2,398 | |
Cousins Properties, Inc. | 430,400 | 4,158 | |
CubeSmart | 106,675 | 3,418 | |
CyrusOne, Inc. | 58,500 | 3,068 | |
Digital Realty Trust, Inc. | 47,815 | 5,690 | |
Douglas Emmett, Inc. | 75,695 | 3,059 | |
Duke Realty Corp. | 134,996 | 4,128 | |
Equity Residential | 47,115 | 3,549 | |
Essex Property Trust, Inc. | 8,427 | 2,437 | |
Extra Space Storage, Inc. | 34,365 | 3,502 | |
HCP, Inc. | 157,500 | 4,930 | |
Healthcare Trust of America, Inc. Class A | 124,500 | 3,559 | |
Host Hotels & Resorts, Inc. | 128,406 | 2,427 | |
Kilroy Realty Corp. | 26,522 | 2,015 |
Shares | Value | ||
United States—continued | |||
Mid-America Apartment Communities, Inc. | 18,200 | $1,990 | |
Paramount Group, Inc. | 87,540 | 1,242 | |
Prologis, Inc. | 98,884 | 7,115 | |
Regency Centers Corp. | 50,950 | 3,439 | |
RLJ Lodging Trust | 102,507 | 1,801 | |
Ryman Hospitality Properties, Inc. | 24,100 | 1,982 | |
Simon Property Group, Inc. | 25,831 | 4,707 | |
Spirit Realty Capital, Inc. | 82,016 | 3,258 | |
Sun Communities, Inc. | 39,006 | 4,623 | |
Taubman Centers, Inc. | 37,250 | 1,970 | |
VICI Properties, Inc. | 163,550 | 3,578 | |
102,124 | |||
Total Common Stocks (Identified Cost $166,105) | 198,296 | ||
Total Long-Term Investments—97.5% (Identified Cost $166,105) | 198,296 | ||
Short-Term Investment—0.1% | |||
Money Market Mutual Fund—0.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(5) | 141,579 | 142 | |
Total Short-Term Investment (Identified Cost $142) | 142 | ||
TOTAL INVESTMENTS—97.6% (Identified Cost $166,247) | $198,438 | ||
Other assets and liabilities, net—2.4% | 4,822 | ||
NET ASSETS—100.0% | $203,260 |
Abbreviations: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(2) | Non-income producing. |
(3) | Amount is less than $500. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $2,936 or 1.4% of net assets. |
(5) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 52% |
Japan | 12 |
Hong Kong | 7 |
United Kingdom | 6 |
Germany | 4 |
Australia | 3 |
Spain | 3 |
Other | 13 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $198,296 | $198,296 | $—(1) | ||
Money Market Mutual Fund | 142 | 142 | — | ||
Total Investments | $198,438 | $198,438 | $—(1) |
(1) | Amount is less than $500. |
Shares | Value | ||
Common Stocks—95.8% | |||
Australia—6.9% | |||
Dexus Property Group | 115,718 | $1,046 | |
GPT Group (The) - In Specie(1)(2) | 588,920 | — | |
National Storage REIT | 758,765 | 951 | |
Scentre Group | 388,171 | 1,133 | |
3,130 | |||
Belgium—0.8% | |||
Shurgard Self Storage SA(2) | 11,591 | 383 | |
Canada—5.0% | |||
Boardwalk Real Estate Investment Trust | 41,000 | 1,251 | |
First Capital Realty, Inc. | 35,605 | 570 | |
RioCan Real Estate Investment Trust | 22,150 | 439 | |
2,260 | |||
China—2.0% | |||
GDS Holdings Ltd. ADR(2) | 25,300 | 903 | |
France—4.0% | |||
Klepierre SA | 28,331 | 991 | |
Mercialys SA | 60,300 | 845 | |
1,836 | |||
Germany—7.8% | |||
TLG Immobilien AG | 38,300 | 1,153 | |
Vonovia SE | 45,974 | 2,384 | |
3,537 | |||
Hong Kong—13.9% | |||
Hysan Development Co., Ltd. | 168,000 | 900 | |
Link REIT | 131,441 | 1,537 | |
Swire Properties Ltd. | 413,000 | 1,776 | |
Wharf Real Estate Investment Co., Ltd. | 278,000 | 2,070 | |
6,283 | |||
India—1.6% | |||
Ascendas India Trust | 831,100 | 730 | |
Ireland—3.8% | |||
Green REIT plc | 670,542 | 1,128 | |
Irish Residential Properties REIT plc | 325,000 | 580 | |
1,708 | |||
Shares | Value | ||
Japan—23.6% | |||
GLP J-REIT | 801 | $858 | |
Invesco Office J-REIT, Inc. | 7,413 | 1,176 | |
Invincible Investment Corp. | 3,468 | 1,696 | |
Kenedix Office Investment Corp. | 190 | 1,318 | |
Kenedix Residential Next Investment Corp. | 540 | 895 | |
Kenedix Retail REIT Corp. | 354 | 863 | |
Mitsubishi Estate Co., Ltd. | 144,000 | 2,606 | |
Mitsui Fudosan Logistics Park, Inc. | 396 | 1,267 | |
10,679 | |||
Netherlands—3.2% | |||
Unibail-Rodamco-Westfield | 8,875 | 1,455 | |
Norway—2.5% | |||
Entra ASA 144A(3) | 74,000 | 1,117 | |
Singapore—1.4% | |||
Mapletree Industrial Trust | 180,900 | 280 | |
Mapletree Logistics Trust | 316,100 | 341 | |
621 | |||
Spain—4.2% | |||
Inmobiliaria Colonial SOCIMI SA | 118,300 | 1,216 | |
Merlin Properties SOCIMI SA | 51,000 | 667 | |
1,883 | |||
Sweden—2.6% | |||
Kungsleden AB | 147,000 | 1,170 | |
United Kingdom—12.5% | |||
Derwent London plc | 20,646 | 867 | |
Empiric Student Property plc | 428,850 | 511 | |
Safestore Holdings plc | 119,376 | 928 | |
Segro plc | 118,368 | 1,038 | |
UNITE Group plc (The) | 102,700 | 1,227 | |
Workspace Group plc | 87,100 | 1,107 | |
5,678 | |||
Total Common Stocks (Identified Cost $36,971) | 43,373 | ||
Total Long-Term Investments—95.8% (Identified Cost $36,971) | 43,373 | ||
Shares | Value | ||
Short-Term Investment—1.9% | |||
Money Market Mutual Fund—1.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(4) | 878,323 | $878 | |
Total Short-Term Investment (Identified Cost $878) | 878 | ||
TOTAL INVESTMENTS—97.7% (Identified Cost $37,849) | $44,251 | ||
Other assets and liabilities, net—2.3% | 1,024 | ||
NET ASSETS—100.0% | $45,275 |
Abbreviations: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(2) | Non-income producing. |
(3) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $1,117 or 2.5% of net assets. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
Japan | 24% |
Hong Kong | 14 |
United Kingdom | 13 |
Germany | 8 |
Australia | 7 |
Canada | 5 |
Spain | 4 |
Other | 25 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 3 Significant Unobservable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $43,373 | $43,373 | $—(1) | ||
Money Market Mutual Fund | 878 | 878 | — | ||
Total Investments | $44,251 | $44,251 | $—(1) |
(1) | Amount is less than $500. |
Shares | Value | ||
Closed End Funds(1)—89.7% | |||
Equity Funds—39.8% | |||
Adams Natural Resources Fund, Inc. | 113,121 | $1,897 | |
AllianzGI NFJ Dividend Interest & Premium Strategy Fund | 38,707 | 467 | |
Boulder Growth & Income Fund, Inc. | 282,623 | 3,047 | |
Central Securities Corp. | 126,021 | 3,610 | |
Cornerstone Strategic Value Fund, Inc. | 186,890 | 2,276 | |
Gabelli Healthcare & WellnessRx Trust (The) | 85,355 | 897 | |
General American Investors Co., Inc. | 45,971 | 1,531 | |
Kayne Anderson Midstream/Energy Fund, Inc. | 67,668 | 805 | |
Kayne Anderson MLP Investment Co. | 57,881 | 928 | |
Salient Midstream & MLP Fund | 108,495 | 997 | |
Tekla Healthcare Opportunities Fund | 147,030 | 2,591 | |
Tortoise Energy Infrastructure Corp.(2) | 25,645 | 603 | |
Tortoise Pipeline & Energy Fund, Inc.(2) | 67,361 | 1,024 | |
Tortoise Power and Energy Infrastructure Fund, Inc. | 60,342 | 1,123 | |
21,796 | |||
Fixed Income Funds—21.3% | |||
Apollo Tactical Income Fund, Inc. | 131,431 | 1,931 | |
Brookfield Real Assets Income Fund, Inc. | 31,587 | 683 | |
Eagle Point Credit Co., Inc.(2) | 15,744 | 262 | |
Highland Floating Rate Opportunities Fund | 199,537 | 2,772 | |
Nuveen Credit Strategies Income Fund | 330,943 | 2,558 | |
Nuveen Floating Rate Income Opportunity Fund | 130,600 | 1,252 | |
Nuveen Select Tax-Free Income3 Portfolio(2) | 9,946 | 147 | |
OFS Credit Co., Inc. | 42,127 | 752 |
Shares | Value | ||
Fixed Income Funds—continued | |||
PGIM High Yield Bond Fund, Inc. | 93,189 | $1,321 | |
11,678 | |||
International Equity Funds—28.6% | |||
Aberdeen Global Dynamic Dividend Fund | 96,056 | 910 | |
Aberdeen Japan Equity Fund, Inc. | 92,393 | 644 | |
Aberdeen Total Dynamic Dividend Fund | 225,432 | 1,860 | |
India Fund, Inc. (The) | 25,787 | 551 | |
Japan Smaller Capitalization Fund, Inc. | 32,210 | 282 | |
Mexico Equity & Income Fund, Inc. | 17,111 | 181 | |
Morgan Stanley India Investment Fund, Inc.(2) | 50,000 | 1,045 | |
New Germany Fund, Inc. (The) | 86,786 | 1,212 | |
NexPoint Strategic Opportunities Fund | 232,759 | 5,066 | |
Source Capital, Inc. | 20,883 | 752 | |
Taiwan Fund, Inc. (The) | 84,216 | 1,510 | |
Tekla World Healthcare Fund | 100,430 | 1,287 | |
Templeton Dragon Fund, Inc. | 19,655 | 391 | |
15,691 | |||
Total Closed End Funds (Identified Cost $47,401) | 49,165 | ||
Preferred Stocks—5.2% | |||
Financials—5.2% | |||
Eagle Point Credit Co., Inc., 6.750% | 34,138 | 867 | |
Eagle Point Credit Co., Inc. Series A, 7.750%(2) | 9,682 | 249 | |
Medallion Financial Corp., 9.000% | 66,421 | 1,710 | |
2,826 | |||
Total Preferred Stocks (Identified Cost $2,759) | 2,826 | ||
Total Long-Term Investments—94.9% (Identified Cost $50,160) | 51,991 | ||
Shares | Value | ||
Short-Term Investment—1.6% | |||
Money Market Mutual Fund—1.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(3) | 906,335 | $906 | |
Total Short-Term Investment (Identified Cost $906) | 906 | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(4) | 147,235 | 147 | |
Total Securities Lending Collateral (Identified Cost $147) | 147 | ||
TOTAL INVESTMENTS—96.8% (Identified Cost $51,213) | $53,044 | ||
Other assets and liabilities, net—3.2% | 1,752 | ||
NET ASSETS—100.0% | $54,796 |
Abbreviation: | |
MLP | Master Limited Partnership |
Footnote Legend: | |
(1) | Shares of these funds are publicly offered, and the prospectus and annual report of each are publicly available. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Closed End Funds | $49,165 | $49,165 | |
Preferred Stocks | 2,826 | 2,826 | |
Securities Lending Collateral | 147 | 147 | |
Money Market Mutual Fund | 906 | 906 | |
Total Investments | $53,044 | $53,044 |
Shares | Value | ||
Common Stocks—99.6% | |||
Communication Services—13.3% | |||
Alphabet, Inc. Class C(1) | 280 | $329 | |
AMC Networks, Inc. Class A(1) | 6,035 | 343 | |
CBS Corp. Class B | 7,413 | 352 | |
Comcast Corp. Class A | 8,668 | 347 | |
Discovery, Inc. Class C(1) | 13,580 | 345 | |
DISH Network Corp. Class A(1) | 10,852 | 344 | |
Facebook, Inc. Class A(1) | 2,068 | 345 | |
Fox Corp. Class A(1) | 8,863 | 325 | |
GCI Liberty, Inc. Class A(1) | 6,093 | 339 | |
IAC/InterActiveCorp(1) | 1,562 | 328 | |
Liberty Braves Group Class C(1) | 12,053 | 335 | |
Liberty Broadband Corp. Class C(1) | 3,667 | 336 | |
Liberty Global plc Class C(1) | 13,434 | 325 | |
Liberty Latin America Ltd. Class C(1) | 17,087 | 332 | |
Liberty Media Corp. Class C(1) | 9,932 | 348 | |
Liberty Sirius XM Group Class C(1) | 8,593 | 329 | |
Liberty TripAdvisor Holdings, Inc. Class A(1) | 23,777 | 337 | |
Lions Gate Entertainment Corp. Class B | 23,142 | 349 | |
Madison Square Garden Co. (The) Class A(1) | 1,174 | 344 | |
MSG Networks, Inc. Class A(1) | 15,417 | 335 | |
News Corp. Class A | 27,143 | 338 | |
Viacom, Inc. Class B | 13,143 | 369 | |
7,474 | |||
Consumer Discretionary—24.7% | |||
Amazon.com, Inc.(1) | 190 | 338 | |
American Eagle Outfitters, Inc. | 16,747 | 371 | |
AutoNation, Inc.(1) | 10,179 | 364 | |
Buckle, Inc. (The)(2) | 18,668 | 349 | |
Carnival Corp. | 6,055 | 307 | |
Choice Hotels International, Inc. | 4,432 | 345 | |
Columbia Sportswear Co. | 3,317 | 346 | |
Designer Brands, Inc. | 16,096 | 358 | |
Dick’s Sporting Goods, Inc. | 9,951 | 366 | |
Dillard’s, Inc. Class A(2) | 4,728 | 341 | |
eBay, Inc. | 9,330 | 347 | |
Expedia Group, Inc. | 2,796 | 333 | |
Gap, Inc. (The) | 13,518 | 354 | |
Garmin Ltd. | 4,064 | 351 | |
Horton (D.R.), Inc. | 8,736 | 361 | |
Hyatt Hotels Corp. Class A | 4,775 | 347 | |
International Speedway Corp. Class A | 7,960 | 347 | |
L Brands, Inc. | 12,416 | 342 | |
Lands’ End, Inc.(1) | 19,878 | 330 |
Shares | Value | ||
Consumer Discretionary—continued | |||
Las Vegas Sands Corp. | 5,789 | $353 | |
Lennar Corp. Class A | 7,402 | 363 | |
Liberty Expedia Holdings, Inc. Class A(1) | 7,831 | 335 | |
Marriott International, Inc. Class A | 2,769 | 346 | |
Marriott Vacations Worldwide Corp. | 3,614 | 338 | |
Mohawk Industries, Inc.(1) | 2,714 | 342 | |
Newell Brands, Inc. | 21,732 | 333 | |
Nordstrom, Inc. | 7,871 | 349 | |
Penn National Gaming, Inc.(1) | 15,974 | 321 | |
Penske Automotive Group, Inc. | 8,032 | 359 | |
Qurate Retail, Inc.(1) | 20,060 | 321 | |
Ralph Lauren Corp. | 2,789 | 362 | |
Red Rock Resorts, Inc. Class A | 12,948 | 335 | |
Restaurant Brands International, Inc. | 5,441 | 354 | |
Sears Hometown and Outlet Stores, Inc.(1)(2) | 167,649 | 369 | |
Tenneco, Inc. Class A | 13,990 | 310 | |
Tesla, Inc.(1) | 1,250 | 350 | |
Under Armour, Inc. Class C(1) | 18,009 | 340 | |
Urban Outfitters, Inc.(1) | 11,961 | 355 | |
Weight Watchers International, Inc.(1) | 17,578 | 354 | |
Wendy’s Co. (The) | 20,974 | 375 | |
13,861 | |||
Consumer Staples—6.8% | |||
Boston Beer Co., Inc. (The) Class A(1) | 1,147 | 338 | |
Brown-Forman Corp. Class B | 6,745 | 356 | |
Constellation Brands, Inc. Class A | 2,078 | 364 | |
Estee Lauder Cos., Inc. (The) Class A | 2,144 | 355 | |
Hostess Brands, Inc.(1) | 28,773 | 360 | |
Lancaster Colony Corp. | 2,228 | 349 | |
Monster Beverage Corp.(1) | 6,055 | 331 | |
Nomad Foods Ltd.(1) | 16,570 | 339 | |
PriceSmart, Inc. | 5,522 | 325 | |
Spectrum Brands Holdings, Inc. | 6,230 | 341 | |
Tootsie Roll Industries, Inc.(2) | 9,372 | 349 | |
3,807 | |||
Energy—5.0% | |||
Cheniere Energy, Inc.(1) | 5,000 | 342 | |
Continental Resources, Inc.(1) | 7,790 | 349 | |
CVR Energy, Inc. | 8,235 | 339 | |
Exterran Corp.(1) | 18,705 | 315 | |
Hess Corp. | 5,713 | 344 |
Shares | Value | ||
Energy—continued | |||
Par Pacific Holdings, Inc.(1) | 19,722 | $351 | |
RPC, Inc. | 32,635 | 373 | |
W&T Offshore, Inc.(1) | 52,601 | 363 | |
2,776 | |||
Financials—12.9% | |||
American Financial Group, Inc. | 3,624 | 349 | |
Berkley (W.R.) Corp. | 4,123 | 349 | |
Berkshire Hathaway, Inc. Class B(1) | 1,683 | 338 | |
BOK Financial Corp. | 4,163 | 340 | |
Brown & Brown, Inc. | 11,923 | 352 | |
Charles Schwab Corp. (The) | 7,682 | 329 | |
Cohen & Steers, Inc. | 8,343 | 353 | |
Erie Indemnity Co. Class A | 1,991 | 355 | |
First Citizens BancShares, Inc. Class A | 839 | 342 | |
Franklin Resources, Inc. | 10,364 | 343 | |
Greenlight Capital Re Ltd. Class A(1) | 31,258 | 340 | |
Hilltop Holdings, Inc. | 19,941 | 364 | |
Jefferies Financial Group, Inc. | 17,725 | 333 | |
Loews Corp. | 7,204 | 345 | |
Mercury General Corp. | 6,773 | 339 | |
Morningstar, Inc. | 2,812 | 354 | |
National General Holdings Corp. | 14,076 | 334 | |
PJT Partners, Inc. Class A | 8,325 | 348 | |
Raymond James Financial, Inc. | 4,314 | 347 | |
Third Point Reinsurance Ltd.(1) | 32,211 | 334 | |
Virtu Financial, Inc. Class A | 14,082 | 334 | |
7,222 | |||
Health Care—3.1% | |||
AquaBounty Technologies, Inc.(1)(2) | 152,154 | 333 | |
Bruker Corp. | 8,725 | 335 | |
Danaher Corp. | 2,637 | 348 | |
Intrexon Corp.(1)(2) | 62,680 | 330 | |
NantKwest, Inc.(1)(2) | 259,420 | 410 | |
1,756 | |||
Industrials—12.4% | |||
Air Lease Corp. | 10,335 | 355 | |
Cintas Corp. | 1,666 | 337 | |
Colfax Corp.(1) | 11,691 | 347 | |
Covanta Holding Corp. | 20,398 | 353 | |
FedEx Corp. | 1,954 | 354 | |
Fortive Corp. | 4,123 | 346 | |
Heartland Express, Inc. | 17,880 | 345 | |
Herc Holdings, Inc.(1) | 8,946 | 349 | |
Hertz Global Holdings, Inc.(1) | 20,099 | 349 | |
Manitowoc Co., Inc. (The)(1) | 20,133 | 330 | |
MasTec, Inc.(1) | 7,280 | 350 |
Shares | Value | ||
Industrials—continued | |||
MSC Industrial Direct Co., Inc. Class A | 4,202 | $348 | |
Navistar International Corp.(1) | 10,339 | 334 | |
Rollins, Inc. | 8,438 | 351 | |
Seaspan Corp.(2) | 42,276 | 368 | |
Timken Co. (The) | 7,835 | 342 | |
W.W. Grainger, Inc. | 1,148 | 345 | |
Welbilt, Inc.(1) | 21,326 | 349 | |
Werner Enterprises, Inc. | 10,382 | 355 | |
XPO Logistics, Inc.(1)(2) | 6,820 | 366 | |
6,973 | |||
Information Technology—7.9% | |||
Amkor Technology, Inc.(1) | 39,813 | 340 | |
Anixter International, Inc.(1) | 6,033 | 339 | |
Conduent, Inc.(1) | 24,532 | 339 | |
EchoStar Corp. Class A(1) | 9,203 | 335 | |
Intuit, Inc. | 1,337 | 350 | |
Oracle Corp. | 6,496 | 349 | |
Paychex, Inc. | 4,360 | 350 | |
Pegasystems, Inc. | 5,298 | 344 | |
RealPage, Inc.(1) | 5,540 | 336 | |
salesforce.com, Inc.(1) | 2,093 | 331 | |
SS&C Technologies Holdings, Inc. | 5,509 | 351 | |
TTEC Holdings, Inc. | 9,702 | 352 | |
Xerox Corp. | 10,688 | 342 | |
4,458 | |||
Materials—4.8% | |||
Element Solutions, Inc.(1) | 33,110 | 334 | |
LyondellBasell Industries NV Class A | 3,960 | 333 | |
NewMarket Corp. | 793 | 344 | |
Novagold Resources, Inc.(1) | 80,273 | 335 |
Shares | Value | ||
Materials—continued | |||
Scotts Miracle-Gro Co. (The) | 4,439 | $349 | |
Silgan Holdings, Inc. | 11,857 | 351 | |
TimkenSteel Corp.(1) | 30,170 | 328 | |
Westlake Chemical Corp. | 4,959 | 336 | |
2,710 | |||
Real Estate—8.7% | |||
American Homes 4 Rent Class A | 15,388 | 350 | |
Colony Capital, Inc. | 64,331 | 342 | |
Equity LifeStyle Properties, Inc. | 3,062 | 350 | |
Equity Residential | 4,650 | 350 | |
Gaming and Leisure Properties, Inc. | 9,285 | 358 | |
Host Hotels & Resorts, Inc. | 17,900 | 338 | |
Howard Hughes Corp. (The)(1) | 3,148 | 346 | |
JBG SMITH Properties | 8,452 | 350 | |
Marcus & Millichap, Inc.(1) | 8,821 | 359 | |
Seritage Growth Properties Class A(2) | 7,660 | 341 | |
Simon Property Group, Inc. | 1,968 | 359 | |
Taubman Centers, Inc. | 6,702 | 354 | |
Urban Edge Properties | 18,574 | 353 | |
Vornado Realty Trust | 5,143 | 347 | |
4,897 | |||
Total Common Stocks (Identified Cost $42,002) | 55,934 | ||
Total Long-Term Investments—99.6% (Identified Cost $42,002) | 55,934 | ||
Shares | Value | ||
Securities Lending Collateral—4.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(3)(4) | 2,575,691 | $2,576 | |
Total Securities Lending Collateral (Identified Cost $2,576) | 2,576 | ||
TOTAL INVESTMENTS—104.2% (Identified Cost $44,578) | $58,510 | ||
Other assets and liabilities, net—(4.2)% | (2,335) | ||
NET ASSETS—100.0% | $56,175 |
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† | |
United States | 94% |
Canada | 2 |
Bermuda | 1 |
Switzerland | 1 |
Cayman Islands | 1 |
Virgin Islands (British) | 1 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $55,934 | $55,934 | |
Securities Lending Collateral | 2,576 | 2,576 | |
Total Investments | $58,510 | $58,510 |
Shares | Value | ||
Common Stocks—87.7% | |||
Communication Services—26.5% | |||
Addcn Technology Co., Ltd. (Taiwan) | 389,000 | $3,357 | |
Auto Trader Group plc (United Kingdom) | 254,700 | 1,730 | |
Autohome, Inc. ADR (China)(1) | 24,700 | 2,596 | |
carsales.com Ltd. (Australia) | 163,000 | 1,464 | |
Pico Far East Holdings Ltd. (Hong Kong) | 2,952,780 | 1,200 | |
Sarana Menara Nusantara Tbk PT (Indonesia) | 25,768,000 | 1,421 | |
Sea Ltd. ADR (Thailand)(1) | 77,800 | 1,830 | |
SINA Corp. (China)(1) | 37,500 | 2,222 | |
Wirtualna Polska Holding SA (Poland) | 104,050 | 1,594 | |
17,414 | |||
Consumer Discretionary—7.2% | |||
Ace Hardware Indonesia Tbk PT (Indonesia) | 6,561,000 | 820 | |
Baozun, Inc. Sponsored ADR (China)(1) | 34,300 | 1,425 | |
Fila Korea Ltd. (South Korea) | 16,390 | 1,126 | |
Goldlion Holdings Ltd. (Hong Kong) | 836,284 | 348 | |
Samyang Optics Co., Ltd. (South Korea) | 85,500 | 987 | |
4,706 | |||
Consumer Staples—11.3% | |||
Compania Cervecerias Unidas SA Sponsored ADR (Chile) | 39,530 | 1,165 | |
Distell Group Holdings Ltd. (South Africa) | 136,600 | 1,220 | |
Heineken Malaysia Bhd (Malaysia) | 338,700 | 1,991 | |
Taisun International Holding Corp. (Taiwan) | 540,074 | 2,208 | |
Union de Cervecerias Peruanas Backus y Johnston SAA Class I (Peru) | 123,200 | 826 | |
7,410 | |||
Financials—7.2% | |||
CARE Ratings Ltd. (India) | 153,631 | 2,194 |
Shares | Value | ||
Financials—continued | |||
Tisco Financial Group PCL Foreign Share (Thailand) | 209,900 | $584 | |
Vostok New Ventures Ltd. SDR (Sweden)(1) | 324,934 | 1,957 | |
4,735 | |||
Industrials—22.4% | |||
104 Corp. (Taiwan) | 275,000 | 1,508 | |
51job, Inc. ADR (China)(1) | 17,400 | 1,355 | |
Kerry TJ Logistics Co., Ltd. (Taiwan) | 1,352,000 | 1,616 | |
Lumax International Corp., Ltd. (Taiwan) | 573,379 | 1,323 | |
S-1 Corp. (South Korea) | 10,500 | 930 | |
Sarine Technologies Ltd. (India) | 5,161,000 | 1,790 | |
Sinmag Equipment Corp. (Taiwan) | 226,513 | 882 | |
Sporton International Inc. (Taiwan) | 393,720 | 2,293 | |
Taiwan Secom Co., Ltd. (Taiwan) | 430,874 | 1,211 | |
Voltronic Power Technology Corp. (Taiwan) | 93,000 | 1,822 | |
14,730 | |||
Information Technology—7.3% | |||
Cafe24 Corp. (South Korea)(1) | 17,115 | 1,629 | |
Douzone Bizon Co., Ltd. (South Korea) | 46,989 | 1,929 | |
TOTVS SA (Brazil) | 126,800 | 1,277 | |
4,835 | |||
Materials—5.8% | |||
Corp. Moctezuma SAB de C.V. (Mexico) | 603,785 | 1,858 | |
SH Kelkar & Co., Ltd. (India) | 547,640 | 1,212 | |
Sniezka SA (Poland) | 33,803 | 779 | |
3,849 | |||
Total Common Stocks (Identified Cost $51,510) | 57,679 | ||
Total Long-Term Investments—87.7% (Identified Cost $51,510) | 57,679 | ||
Shares | Value | ||
Short-Term Investment—7.0% | |||
Money Market Mutual Fund—7.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(2) | 4,610,438 | $4,610 | |
Total Short-Term Investment (Identified Cost $4,610) | 4,610 | ||
TOTAL INVESTMENTS—94.7% (Identified Cost $56,120) | $62,289 | ||
Other assets and liabilities, net—5.3% | 3,515 | ||
NET ASSETS—100.0% | $65,804 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
Taiwan | 26% |
China | 12 |
South Korea | 11 |
India | 8 |
United States | 7 |
Thailand | 4 |
Poland | 4 |
Other | 28 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $57,679 | $57,679 | |
Money Market Mutual Fund | 4,610 | 4,610 | |
Total Investments | $62,289 | $62,289 |
Shares | Value | ||
Common Stocks—93.6% | |||
Communication Services—27.7% | |||
Addcn Technology Co., Ltd. (Taiwan) | 2,266,000 | $19,557 | |
Ascential plc (United Kingdom) | 6,833,738 | 31,740 | |
Auto Trader Group plc (United Kingdom) | 6,781,745 | 46,073 | |
Autohome, Inc. ADR (China)(1) | 381,117 | 40,063 | |
carsales.com Ltd. (Australia) | 2,027,602 | 18,212 | |
CTS Eventim AG & Co. KGaA (Germany) | 544,600 | 25,805 | |
MarkLines Co., Ltd. (Japan) | 145,800 | 1,906 | |
Pico Far East Holdings Ltd. (Hong Kong) | 48,317,668 | 19,635 | |
REA Group Ltd. (Australia) | 686,010 | 36,386 | |
Rightmove plc (United Kingdom) | 8,678,210 | 57,645 | |
SINA Corp. (China)(1) | 693,672 | 41,093 | |
338,115 | |||
Consumer Discretionary—4.0% | |||
Asante, Inc. (Japan) | 417,500 | 8,208 | |
Gocompare.Com Group plc (United Kingdom) | 11,403,500 | 11,437 | |
Goldlion Holdings Ltd. (Hong Kong) | 37,627,316 | 15,674 | |
Moneysupermarket.com Group plc (United Kingdom) | 2,749,700 | 13,326 | |
48,645 | |||
Consumer Staples—3.9% | |||
Heineken Malaysia Bhd (Malaysia) | 4,117,700 | 24,207 | |
Taisun International Holding Corp. (Taiwan) | 2,319,626 | 9,483 | |
Wawel SA (Poland) | 62,476 | 14,320 | |
48,010 | |||
Energy—3.7% | |||
Computer Modelling Group Ltd. (Canada) | 4,120,000 | 18,961 | |
Pason Systems, Inc. (Canada) | 1,777,695 | 25,940 | |
44,901 | |||
Financials—13.3% | |||
CARE Ratings Ltd. (India) | 1,302,415 | 18,605 | |
Euroz Ltd. (Australia) | 5,815,407 | 4,749 | |
Gruppo Mutuionline SpA (Italy) | 220,032 | 4,556 | |
Korea Ratings Corp. (South Korea) | 88,578 | 4,268 |
Shares | Value | ||
Financials—continued | |||
Mortgage Advice Bureau Holdings Ltd. (United Kingdom) | 4,799,373 | $36,568 | |
Numis Corp. plc (United Kingdom) | 3,836,328 | 12,492 | |
Sabre Insurance Group plc (United Kingdom) | 7,681,973 | 28,616 | |
Vostok New Ventures Ltd. SDR (Sweden)(1) | 8,625,942 | 51,956 | |
161,810 | |||
Health Care—4.5% | |||
DVx, Inc. (Japan) | 257,300 | 2,217 | |
Haw Par Corp., Ltd. (Singapore) | 3,604,919 | 35,510 | |
WIN-Partners Co., Ltd. (Japan) | 1,476,465 | 16,786 | |
54,513 | |||
Industrials—22.7% | |||
AIT Corp. (Japan) | 879,100 | 8,828 | |
Asiakastieto Group Oyj (Finland) | 938,229 | 26,838 | |
en-japan, Inc. (Japan) | 857,700 | 24,919 | |
Golden Friends Corp. (Taiwan) | 4,667,000 | 8,813 | |
Haitian International Holdings Ltd. (Hong Kong) | 14,677,000 | 33,355 | |
Howden Joinery Group plc (United Kingdom) | 3,931,900 | 24,853 | |
Hy-Lok Corp. (South Korea) | 674,759 | 11,265 | |
JOST Werke AG (Germany) | 745,788 | 25,600 | |
Kerry TJ Logistics Co., Ltd. (Taiwan) | 10,922,000 | 13,059 | |
Lumax International Corp., Ltd. (Taiwan) | 8,555,259 | 19,736 | |
Sinmag Equipment Corp. (Taiwan) | 1,454,020 | 5,661 | |
SJR in Scandinavia AB Class B (Sweden) | 1,625,740 | 8,376 | |
VAT Group AG (Switzerland) | 245,200 | 25,782 | |
WABCO Holdings, Inc. (United States)(1) | 307,100 | 40,485 | |
277,570 | |||
Information Technology—10.3% | |||
Alten SA (France) | 361,353 | 38,670 | |
Bouvet ASA (Norway) | 800,794 | 24,140 | |
Cafe24 Corp. (South Korea)(1) | 225,400 | 21,446 | |
Douzone Bizon Co., Ltd. (South Korea) | 605,260 | 24,848 | |
e-Credible Co., Ltd. (South Korea) | 390,500 | 6,433 |
Shares | Value | ||
Information Technology—continued | |||
Webstep AS (Norway) | 3,831,491 | $10,440 | |
125,977 | |||
Materials—3.5% | |||
Corp. Moctezuma SAB de C.V. (Mexico) | 5,697,796 | 17,534 | |
SH Kelkar & Co., Ltd. (India) | 3,007,473 | 6,657 | |
Sniezka SA (Poland) | 786,255 | 18,124 | |
42,315 | |||
Total Common Stocks (Identified Cost $1,119,756) | 1,141,856 | ||
Total Long-Term Investments—93.6% (Identified Cost $1,119,756) | 1,141,856 | ||
Short-Term Investment—6.0% | |||
Money Market Mutual Fund—6.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(2) | 72,663,004 | 72,663 | |
Total Short-Term Investment (Identified Cost $72,663) | 72,663 | ||
TOTAL INVESTMENTS—99.6% (Identified Cost $1,192,419) | $1,214,519 | ||
Other assets and liabilities, net—0.4% | 4,999 | ||
NET ASSETS—100.0% | $1,219,518 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United Kingdom | 22% |
United States | 9 |
China | 7 |
Taiwan | 6 |
Hong Kong | 6 |
South Korea | 6 |
Japan | 5 |
Other | 39 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,141,856 | $1,141,856 | |
Money Market Mutual Fund | 72,663 | 72,663 | |
Total Investments | $1,214,519 | $1,214,519 |
Shares | Value | ||
Affiliated Mutual Funds—49.1% | |||
Equity Funds—40.8% | |||
Virtus Duff & Phelps Global Infrastructure Fund Class R6 | 427,825 | $6,550 | |
Virtus Duff & Phelps Global Real Estate Securities Fund Class I | 122,891 | 3,874 | |
Virtus Duff & Phelps International Real Estate Securities Fund Class I | 546,708 | 4,160 | |
Virtus Duff & Phelps Real Estate Securities Fund Class I | 111,170 | 2,664 | |
17,248 | |||
Fixed Income Fund—8.3% | |||
Virtus Newfleet Senior Floating Rate Fund Class I | 386,358 | 3,527 | |
Total Affiliated Mutual Funds (Identified Cost $14,425) | 20,775 | ||
Exchange-Traded Funds(1)—48.5% | |||
Invesco DB Commodity Index Tracking Fund | 386,335 | 6,143 | |
Invesco DB G10 Currency Harvest Fund | 174,472 | 4,267 |
Shares | Value | ||
iShares S&P North American Natural Resources Sector Index Fund | 239,909 | $7,528 | |
VanEck Vectors Agribusiness Index Fund | 24,332 | 1,517 | |
VanEck Vectors Coal Index Fund | 79,055 | 1,069 | |
Total Exchange-Traded Funds (Identified Cost $18,657) | 20,524 | ||
Total Long-Term Investments—97.6% (Identified Cost $33,082) | 41,299 | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(1) | 119,633 | 120 | |
Total Short-Term Investment (Identified Cost $120) | 120 | ||
Value | ||
TOTAL INVESTMENTS—97.9% (Identified Cost $33,202) | $41,419 | |
Other assets and liabilities, net—2.1% | 907 | |
NET ASSETS—100.0% | $42,326 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Exchange-Traded Funds | $20,524 | $20,524 | |
Affiliated Mutual Funds | 20,775 | 20,775 | |
Money Market Mutual Fund | 120 | 120 | |
Total Investments | $41,419 | $41,419 |
Shares | Value | ||
Common Stocks—99.0% | |||
Communication Services—2.2% | |||
Akamai Technologies, Inc.(1) | 29,964 | $2,149 | |
Netflix, Inc.(1) | 6,915 | 2,466 | |
Viacom, Inc. Class B | 5,601 | 157 | |
Walt Disney Co. (The) | 27,658 | 3,071 | |
7,843 | |||
Consumer Discretionary—17.8% | |||
Advance Auto Parts, Inc. | 5,141 | 877 | |
Amazon.com, Inc.(1) | 2,718 | 4,840 | |
AutoZone, Inc.(1) | 1,789 | 1,832 | |
Booking Holdings, Inc.(1) | 298 | 520 | |
CarMax, Inc.(1) | 12,287 | 858 | |
Carnival Corp. | 20,516 | 1,041 | |
Chipotle Mexican Grill, Inc.(1) | 461 | 327 | |
Darden Restaurants, Inc. | 2,338 | 284 | |
Dollar General Corp. | 15,217 | 1,815 | |
Dollar Tree, Inc.(1) | 13,775 | 1,447 | |
eBay, Inc. | 5,677 | 211 | |
Expedia Group, Inc. | 768 | 91 | |
Foot Locker, Inc. | 5,411 | 328 | |
Gap, Inc. (The) | 10,172 | 266 | |
Garmin Ltd. | 66,079 | 5,706 | |
H&R Block, Inc. | 235,086 | 5,628 | |
Hilton Worldwide Holdings, Inc. | 15,005 | 1,247 | |
Home Depot, Inc. (The) | 21,235 | 4,075 | |
L Brands, Inc. | 10,923 | 301 | |
Lowe’s Cos., Inc. | 15,059 | 1,649 | |
Marriott International, Inc. Class A | 14,445 | 1,807 | |
McDonald’s Corp. | 14,490 | 2,752 | |
NIKE, Inc. Class B | 66,862 | 5,630 | |
Norwegian Cruise Line Holdings Ltd.(1) | 11,105 | 610 | |
O’Reilly Automotive, Inc.(1) | 5,669 | 2,201 | |
Ross Stores, Inc. | 17,530 | 1,632 | |
Royal Caribbean Cruises Ltd. | 8,698 | 997 | |
Starbucks Corp. | 23,546 | 1,750 | |
Target Corp. | 30,207 | 2,424 | |
Tiffany & Co. | 14,510 | 1,532 | |
TJX Cos., Inc. (The) | 59,193 | 3,150 | |
Tractor Supply Co. | 16,221 | 1,586 | |
Ulta Beauty, Inc.(1) | 7,536 | 2,628 | |
Yum! Brands, Inc. | 5,802 | 579 | |
62,621 | |||
Consumer Staples—6.5% | |||
Coca-Cola Co. (The) | 58,669 | 2,749 | |
Costco Wholesale Corp. | 10,210 | 2,472 | |
Coty, Inc. Class A | 62,208 | 715 | |
Estee Lauder Cos., Inc. (The) Class A | 30,121 | 4,987 | |
Monster Beverage Corp.(1) | 5,963 | 325 | |
PepsiCo, Inc. | 21,425 | 2,626 | |
Sysco Corp. | 85,541 | 5,711 |
Shares | Value | ||
Consumer Staples—continued | |||
Walmart, Inc. | 32,997 | $3,218 | |
22,803 | |||
Energy—1.6% | |||
HollyFrontier Corp. | 7,150 | 352 | |
Marathon Petroleum Corp. | 30,657 | 1,835 | |
Phillips 66 | 19,274 | 1,835 | |
Valero Energy Corp. | 19,006 | 1,612 | |
5,634 | |||
Financials—9.7% | |||
Allstate Corp. (The) | 10,098 | 951 | |
American Express Co. | 24,709 | 2,701 | |
Aon plc | 10,898 | 1,860 | |
Bank of America Corp. | 50,945 | 1,406 | |
BB&T Corp. | 15,809 | 736 | |
Berkshire Hathaway, Inc. Class B(1) | 27,892 | 5,603 | |
Capital One Financial Corp. | 16,850 | 1,376 | |
Chubb Ltd. | 13,883 | 1,945 | |
Cincinnati Financial Corp. | 4,612 | 396 | |
Citigroup, Inc. | 13,405 | 834 | |
Citizens Financial Group, Inc. | 9,602 | 312 | |
Comerica, Inc. | 3,316 | 243 | |
Discover Financial Services | 11,827 | 842 | |
Fifth Third Bancorp | 16,022 | 404 | |
First Republic Bank | 3,410 | 343 | |
Gallagher (Arthur J.) & Co. | 8,353 | 652 | |
Huntington Bancshares, Inc. | 21,832 | 277 | |
Jefferies Financial Group, Inc. | 3,772 | 71 | |
JPMorgan Chase & Co. | 18,665 | 1,889 | |
KeyCorp | 21,039 | 331 | |
M&T Bank Corp. | 2,889 | 454 | |
Marsh & McLennan Cos., Inc. | 23,026 | 2,162 | |
People’s United Financial, Inc. | 7,880 | 130 | |
PNC Financial Services Group, Inc. (The) | 9,434 | 1,157 | |
Progressive Corp. (The) | 17,754 | 1,280 | |
Regions Financial Corp. | 21,196 | 300 | |
SunTrust Banks, Inc. | 9,244 | 548 | |
SVB Financial Group(1) | 1,091 | 243 | |
Synchrony Financial | 23,520 | 750 | |
Travelers Cos., Inc. (The) | 8,016 | 1,099 | |
U.S. Bancorp | 8,577 | 413 | |
Wells Fargo & Co. | 23,341 | 1,128 | |
Willis Towers Watson plc | 5,852 | 1,028 | |
Zions Bancorp NA | 3,883 | 176 | |
34,040 | |||
Health Care—8.2% | |||
Abbott Laboratories | 12,842 | 1,027 | |
ABIOMED, Inc.(1) | 330 | 94 | |
Agilent Technologies, Inc. | 7,249 | 583 | |
Allergan plc | 1,582 | 232 | |
Anthem, Inc. | 3,847 | 1,104 | |
Baxter International, Inc. | 3,487 | 283 |
Shares | Value | ||
Health Care—continued | |||
Becton, Dickinson & Co. | 1,968 | $491 | |
Boston Scientific Corp.(1) | 10,139 | 389 | |
Bristol-Myers Squibb Co. | 8,210 | 392 | |
Centene Corp.(1) | 6,231 | 331 | |
Danaher Corp. | 4,596 | 607 | |
Edwards Lifesciences Corp.(1) | 1,507 | 288 | |
Eli Lilly & Co. | 4,343 | 563 | |
HCA Healthcare, Inc. | 32,985 | 4,301 | |
Hologic, Inc.(1) | 1,959 | 95 | |
Humana, Inc. | 2,045 | 544 | |
IDEXX Laboratories, Inc.(1) | 629 | 141 | |
Illumina, Inc.(1) | 3,371 | 1,047 | |
Intuitive Surgical, Inc.(1) | 838 | 478 | |
IQVIA Holdings, Inc.(1) | 3,598 | 518 | |
Johnson & Johnson | 13,392 | 1,872 | |
Medtronic plc | 9,759 | 889 | |
Merck & Co., Inc. | 12,981 | 1,080 | |
Mettler-Toledo International, Inc.(1) | 569 | 411 | |
Mylan NV(1) | 2,578 | 73 | |
Nektar Therapeutics(1) | 854 | 29 | |
PerkinElmer, Inc. | 2,516 | 242 | |
Perrigo Co. plc | 620 | 30 | |
Pfizer, Inc. | 27,941 | 1,187 | |
ResMed, Inc. | 1,048 | 109 | |
Stryker Corp. | 2,263 | 447 | |
Teleflex, Inc. | 337 | 102 | |
Thermo Fisher Scientific, Inc. | 9,231 | 2,527 | |
UnitedHealth Group, Inc. | 14,471 | 3,578 | |
Universal Health Services, Inc. Class B | 10,402 | 1,391 | |
Varian Medical Systems, Inc.(1) | 664 | 94 | |
Waters Corp.(1) | 1,640 | 413 | |
WellCare Health Plans, Inc.(1) | 752 | 203 | |
Zimmer Biomet Holdings, Inc. | 1,496 | 191 | |
Zoetis, Inc. | 2,408 | 242 | |
28,618 | |||
Industrials—16.3% | |||
AMETEK, Inc. | 11,153 | 925 | |
Arconic, Inc. | 4,077 | 78 | |
Boeing Co. (The) | 4,963 | 1,893 | |
Caterpillar, Inc. | 24,597 | 3,333 | |
Cintas Corp. | 16,543 | 3,343 | |
Copart, Inc.(1) | 38,953 | 2,360 | |
CSX Corp. | 18,401 | 1,377 | |
Cummins, Inc. | 6,186 | 977 | |
Deere & Co. | 35,855 | 5,731 | |
Dover Corp. | 4,441 | 417 | |
Eaton Corp. plc | 20,748 | 1,671 | |
Emerson Electric Co. | 30,110 | 2,062 | |
Fastenal Co. | 39,757 | 2,557 | |
Flowserve Corp. | 3,959 | 179 | |
Fortive Corp. | 8,940 | 750 | |
General Dynamics Corp. | 2,542 | 430 | |
Harris Corp. | 1,113 | 178 |
Shares | Value | ||
Industrials—continued | |||
Huntington Ingalls Industries, Inc. | 392 | $81 | |
Illinois Tool Works, Inc. | 9,248 | 1,327 | |
Ingersoll-Rand plc | 7,406 | 799 | |
Kansas City Southern | 2,397 | 278 | |
L3 Technologies, Inc. | 748 | 154 | |
Lockheed Martin Corp. | 2,322 | 697 | |
Norfolk Southern Corp. | 6,317 | 1,181 | |
Northrop Grumman Corp. | 1,593 | 429 | |
PACCAR, Inc. | 14,761 | 1,006 | |
Parker-Hannifin Corp. | 3,916 | 672 | |
Pentair plc | 4,790 | 213 | |
Raytheon Co. | 2,659 | 484 | |
Republic Services, Inc. | 19,208 | 1,544 | |
Robert Half International, Inc. | 86,719 | 5,651 | |
Rockwell Automation, Inc. | 5,865 | 1,029 | |
Rollins, Inc. | 13,086 | 545 | |
Snap-on, Inc. | 1,704 | 267 | |
Stanley Black & Decker, Inc. | 4,637 | 631 | |
Textron, Inc. | 2,217 | 112 | |
TransDigm Group, Inc.(1) | 460 | 209 | |
Union Pacific Corp. | 17,167 | 2,870 | |
United Rentals, Inc.(1) | 11,171 | 1,276 | |
United Technologies Corp. | 7,657 | 987 | |
W.W. Grainger, Inc. | 6,286 | 1,892 | |
Wabtec Corp. | 5,953 | 439 | |
Waste Management, Inc. | 34,615 | 3,597 | |
Xylem, Inc. | 5,501 | 435 | |
57,066 | |||
Information Technology—15.6% | |||
Adobe, Inc.(1) | 6,670 | 1,778 | |
Advanced Micro Devices, Inc.(1) | 6,057 | 155 | |
Alliance Data Systems Corp. | 296 | 52 | |
Amphenol Corp. Class A | 31,283 | 2,954 | |
Analog Devices, Inc. | 2,510 | 264 | |
ANSYS, Inc.(1) | 1,158 | 212 | |
Apple, Inc. | 26,851 | 5,100 | |
Arista Networks, Inc.(1) | 1,014 | 319 | |
Autodesk, Inc.(1) | 2,983 | 465 | |
Automatic Data Processing, Inc. | 2,842 | 454 | |
Broadcom, Inc. | 2,723 | 819 | |
Broadridge Financial Solutions, Inc. | 758 | 79 | |
Cadence Design Systems, Inc.(1) | 3,875 | 246 | |
Cisco Systems, Inc. | 85,389 | 4,610 | |
Citrix Systems, Inc. | 1,730 | 172 | |
Corning, Inc. | 82,717 | 2,738 | |
F5 Networks, Inc.(1) | 1,130 | 177 | |
Fidelity National Information Services, Inc. | 2,089 | 236 | |
Fiserv, Inc.(1) | 2,557 | 226 | |
FleetCor Technologies, Inc.(1) | 563 | 139 | |
FLIR Systems, Inc. | 33,808 | 1,609 |
Shares | Value | ||
Information Technology—continued | |||
Fortinet, Inc.(1) | 742 | $62 | |
Global Payments, Inc. | 1,025 | 140 | |
Hewlett Packard Enterprise Co. | 8,187 | 126 | |
HP, Inc. | 9,058 | 176 | |
Intel Corp. | 30,916 | 1,660 | |
Intuit, Inc. | 3,581 | 936 | |
IPG Photonics Corp.(1) | 6,084 | 923 | |
Jack Henry & Associates, Inc. | 504 | 70 | |
Juniper Networks, Inc. | 6,749 | 179 | |
Keysight Technologies, Inc.(1) | 46,790 | 4,080 | |
Mastercard, Inc. Class A | 5,915 | 1,393 | |
Maxim Integrated Products, Inc. | 1,880 | 100 | |
Microchip Technology, Inc. | 1,629 | 135 | |
Micron Technology, Inc.(1) | 7,707 | 319 | |
Microsoft Corp. | 39,843 | 4,699 | |
Motorola Solutions, Inc. | 3,179 | 446 | |
NetApp, Inc. | 1,483 | 103 | |
NVIDIA Corp. | 4,124 | 741 | |
Oracle Corp. | 13,165 | 707 | |
Paychex, Inc. | 2,072 | 166 | |
PayPal Holdings, Inc.(1) | 7,678 | 797 | |
Qorvo, Inc.(1) | 830 | 60 | |
QUALCOMM, Inc. | 8,227 | 469 | |
Red Hat, Inc.(1) | 915 | 167 | |
salesforce.com, Inc.(1) | 10,399 | 1,647 | |
Seagate Technology plc | 1,487 | 71 | |
Skyworks Solutions, Inc. | 1,197 | 99 | |
Symantec Corp. | 3,320 | 76 | |
Synopsys, Inc.(1) | 2,069 | 238 | |
TE Connectivity Ltd. | 58,918 | 4,758 | |
Texas Instruments, Inc. | 6,452 | 684 | |
Total System Services, Inc. | 1,067 | 101 | |
VeriSign, Inc.(1) | 19,466 | 3,534 | |
Visa, Inc. Class A | 11,469 | 1,791 | |
Western Digital Corp. | 1,747 | 84 | |
Western Union Co. (The) | 2,856 | 53 | |
Xerox Corp. | 1,200 | 38 | |
Xilinx, Inc. | 1,740 | 221 | |
54,853 | |||
Materials—6.5% | |||
Air Products & Chemicals, Inc. | 9,097 | 1,737 | |
Albemarle Corp. | 4,253 | 349 | |
Ball Corp. | 97,807 | 5,659 | |
Celanese Corp. | 5,171 | 510 | |
CF Industries Holdings, Inc. | 43,739 | 1,788 | |
Ecolab, Inc. | 10,247 | 1,809 | |
FMC Corp. | 26,197 | 2,012 | |
International Flavors & Fragrances, Inc. | 4,089 | 527 | |
Linde plc | 22,639 | 3,983 | |
Mosaic Co. (The) | 69,591 | 1,901 | |
PPG Industries, Inc. | 9,455 | 1,067 | |
Sherwin-Williams Co. (The) | 3,305 | 1,423 | |
22,765 | |||
Shares | Value | ||
Real Estate—8.1% | |||
American Tower Corp. | 8,345 | $1,644 | |
Apartment Investment & Management Co. Class A | 8,196 | 412 | |
AvalonBay Communities, Inc. | 7,288 | 1,463 | |
CBRE Group, Inc. Class A(1) | 115,837 | 5,728 | |
Crown Castle International Corp. | 7,873 | 1,008 | |
Digital Realty Trust, Inc. | 3,937 | 469 | |
Duke Realty Corp. | 36,109 | 1,104 | |
Equinix, Inc. | 1,586 | 719 | |
Equity Residential | 19,512 | 1,470 | |
Essex Property Trust, Inc. | 3,453 | 999 | |
Extra Space Storage, Inc. | 2,428 | 247 | |
HCP, Inc. | 39,556 | 1,238 | |
Iron Mountain, Inc. | 5,425 | 192 | |
Mid-America Apartment Communities, Inc. | 6,007 | 657 | |
Prologis, Inc. | 63,256 | 4,551 | |
Public Storage | 2,846 | 620 | |
SBA Communications, Corp.(1) | 2,119 | 423 | |
UDR, Inc. | 14,499 | 659 | |
Ventas, Inc. | 29,729 | 1,897 | |
Welltower, Inc. | 31,856 | 2,472 | |
Weyerhaeuser Co. | 14,143 | 373 | |
28,345 | |||
Utilities—6.5% | |||
AES Corp. | 156,132 | 2,823 | |
Alliant Energy Corp. | 2,841 | 134 | |
Ameren Corp. | 5,375 | 395 | |
American Electric Power Co., Inc. | 5,957 | 499 | |
American Water Works Co., Inc. | 54,249 | 5,656 | |
CenterPoint Energy, Inc. | 11,007 | 338 | |
CMS Energy Corp. | 6,224 | 346 | |
Consolidated Edison, Inc. | 7,051 | 598 | |
Dominion Energy, Inc. | 17,554 | 1,346 | |
DTE Energy Co. | 3,995 | 498 | |
Duke Energy Corp. | 8,771 | 789 | |
Edison International | 3,924 | 243 | |
Entergy Corp. | 2,280 | 218 | |
Evergy, Inc. | 3,077 | 178 | |
Eversource Energy | 3,810 | 270 | |
Exelon Corp. | 11,646 | 584 | |
FirstEnergy Corp. | 6,072 | 253 | |
NextEra Energy, Inc. | 5,762 | 1,114 | |
NiSource, Inc. | 8,126 | 233 | |
NRG Energy, Inc. | 66,335 | 2,818 | |
Pinnacle West Capital Corp. | 1,349 | 129 | |
PPL Corp. | 8,693 | 276 | |
Public Service Enterprise Group, Inc. | 11,038 | 656 | |
Sempra Energy | 5,976 | 752 | |
Southern Co. (The) | 12,502 | 646 | |
WEC Energy Group, Inc. | 6,928 | 548 |
Shares | Value | ||
Utilities—continued | |||
Xcel Energy, Inc. | 6,214 | $349 | |
22,689 | |||
Total Common Stocks (Identified Cost $325,636) | 347,277 | ||
Total Long-Term Investments—99.0% (Identified Cost $325,636) | 347,277 | ||
Value | ||
TOTAL INVESTMENTS—99.0% (Identified Cost $325,636) | $347,277 | |
Other assets and liabilities, net—1.0% | 3,487 | |
NET ASSETS—100.0% | $350,764 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
United States | 93% |
Switzerland | 4 |
Ireland | 2 |
United Kingdom | 1 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $347,277 | $347,277 | |
Total Investments | $347,277 | $347,277 |
Shares | Value | ||
Common Stocks—35.6% | |||
Communication Services—0.8% | |||
Akamai Technologies, Inc.(1) | 1,789 | $128 | |
Netflix, Inc.(1) | 412 | 147 | |
Viacom, Inc. Class B | 331 | 10 | |
Walt Disney Co. (The) | 1,650 | 183 | |
468 | |||
Consumer Discretionary—6.4% | |||
Advance Auto Parts, Inc. | 307 | 52 | |
Amazon.com, Inc.(1) | 162 | 289 | |
AutoZone, Inc.(1) | 107 | 110 | |
Booking Holdings, Inc.(1) | 18 | 31 | |
CarMax, Inc.(1) | 673 | 47 | |
Carnival Corp. | 1,218 | 62 | |
Chipotle Mexican Grill, Inc.(1) | 28 | 20 | |
Darden Restaurants, Inc. | 139 | 17 | |
Dollar General Corp. | 908 | 108 | |
Dollar Tree, Inc.(1) | 820 | 86 | |
eBay, Inc. | 339 | 13 | |
Expedia Group, Inc. | 46 | 5 | |
Foot Locker, Inc. | 323 | 20 | |
Gap, Inc. (The) | 607 | 16 | |
Garmin Ltd. | 3,943 | 341 | |
H&R Block, Inc. | 14,137 | 338 | |
Hilton Worldwide Holdings, Inc. | 894 | 74 | |
Home Depot, Inc. (The) | 1,262 | 242 | |
L Brands, Inc. | 657 | 18 | |
Lowe’s Cos., Inc. | 892 | 98 | |
Marriott International, Inc. Class A | 856 | 107 | |
McDonald’s Corp. | 862 | 164 | |
NIKE, Inc. Class B | 3,993 | 336 | |
Norwegian Cruise Line Holdings Ltd.(1) | 663 | 36 | |
O’Reilly Automotive, Inc.(1) | 338 | 131 | |
Ross Stores, Inc. | 1,046 | 97 | |
Royal Caribbean Cruises Ltd. | 520 | 60 | |
Starbucks Corp. | 1,405 | 104 | |
Target Corp. | 1,806 | 145 | |
Tiffany & Co. | 860 | 91 | |
TJX Cos., Inc. (The) | 3,529 | 188 | |
Tractor Supply Co. | 950 | 93 | |
Ulta Beauty, Inc.(1) | 445 | 155 | |
Yum! Brands, Inc. | 344 | 34 | |
3,728 | |||
Consumer Staples—2.4% | |||
Coca-Cola Co. (The) | 3,500 | 164 | |
Costco Wholesale Corp. | 610 | 148 | |
Coty, Inc. Class A | 3,729 | 43 | |
Estee Lauder Cos., Inc. (The) Class A | 1,795 | 297 | |
Monster Beverage Corp.(1) | 358 | 19 | |
PepsiCo, Inc. | 1,279 | 157 | |
Sysco Corp. | 5,103 | 341 |
Shares | Value | ||
Consumer Staples—continued | |||
Walmart, Inc. | 1,967 | $192 | |
1,361 | |||
Energy—0.6% | |||
HollyFrontier Corp. | 430 | 21 | |
Marathon Petroleum Corp. | 1,865 | 112 | |
Phillips 66 | 1,150 | 109 | |
Valero Energy Corp. | 1,143 | 97 | |
339 | |||
Financials—3.5% | |||
Allstate Corp. (The) | 603 | 57 | |
American Express Co. | 1,476 | 161 | |
Aon plc | 651 | 111 | |
Bank of America Corp. | 3,042 | 84 | |
BB&T Corp. | 944 | 44 | |
Berkshire Hathaway, Inc. Class B(1) | 1,665 | 334 | |
Capital One Financial Corp. | 993 | 81 | |
Chubb Ltd. | 829 | 116 | |
Cincinnati Financial Corp. | 275 | 24 | |
Citigroup, Inc. | 796 | 50 | |
Citizens Financial Group, Inc. | 570 | 19 | |
Comerica, Inc. | 197 | 14 | |
Discover Financial Services | 698 | 50 | |
Fifth Third Bancorp | 957 | 24 | |
First Republic Bank | 204 | 21 | |
Gallagher (Arthur J.) & Co. | 499 | 39 | |
Huntington Bancshares, Inc. | 1,302 | 17 | |
Jefferies Financial Group, Inc. | 225 | 4 | |
JPMorgan Chase & Co. | 1,111 | 112 | |
KeyCorp | 1,249 | 20 | |
M&T Bank Corp. | 172 | 27 | |
Marsh & McLennan Cos., Inc. | 1,371 | 129 | |
People’s United Financial, Inc. | 471 | 8 | |
PNC Financial Services Group, Inc. (The) | 564 | 69 | |
Progressive Corp. (The) | 1,060 | 76 | |
Regions Financial Corp. | 1,267 | 18 | |
SunTrust Banks, Inc. | 548 | 32 | |
SVB Financial Group(1) | 65 | 14 | |
Synchrony Financial | 1,396 | 45 | |
Travelers Cos., Inc. (The) | 478 | 66 | |
U.S. Bancorp | 511 | 25 | |
Wells Fargo & Co. | 1,416 | 68 | |
Willis Towers Watson plc | 349 | 61 | |
Zions Bancorp NA | 231 | 10 | |
2,030 | |||
Health Care—2.9% | |||
Abbott Laboratories | 767 | 61 | |
ABIOMED, Inc.(1) | 19 | 5 | |
Agilent Technologies, Inc. | 433 | 35 | |
Allergan plc | 94 | 14 | |
Anthem, Inc. | 230 | 66 | |
Baxter International, Inc. | 205 | 17 | |
Becton, Dickinson & Co. | 117 | 29 |
Shares | Value | ||
Health Care—continued | |||
Boston Scientific Corp.(1) | 600 | $23 | |
Bristol-Myers Squibb Co. | 496 | 24 | |
Centene Corp.(1) | 375 | 20 | |
Danaher Corp. | 272 | 36 | |
Edwards Lifesciences Corp.(1) | 90 | 17 | |
Eli Lilly & Co. | 258 | 34 | |
HCA Healthcare, Inc. | 1,970 | 257 | |
Hologic, Inc.(1) | 117 | 6 | |
Humana, Inc. | 122 | 32 | |
IDEXX Laboratories, Inc.(1) | 37 | 8 | |
Illumina, Inc.(1) | 200 | 62 | |
Intuitive Surgical, Inc.(1) | 50 | 29 | |
IQVIA Holdings, Inc.(1) | 215 | 31 | |
Johnson & Johnson | 799 | 112 | |
Medtronic plc | 583 | 53 | |
Merck & Co., Inc. | 770 | 64 | |
Mettler-Toledo International, Inc.(1) | 33 | 24 | |
Mylan NV(1) | 154 | 4 | |
Nektar Therapeutics(1) | 51 | 2 | |
PerkinElmer, Inc. | 150 | 14 | |
Perrigo Co. plc | 37 | 2 | |
Pfizer, Inc. | 1,668 | 71 | |
ResMed, Inc. | 62 | 6 | |
Stryker Corp. | 135 | 27 | |
Teleflex, Inc. | 20 | 6 | |
Thermo Fisher Scientific, Inc. | 549 | 150 | |
UnitedHealth Group, Inc. | 856 | 212 | |
Universal Health Services, Inc. Class B | 619 | 83 | |
Varian Medical Systems, Inc.(1) | 39 | 6 | |
Waters Corp.(1) | 97 | 24 | |
WellCare Health Plans, Inc.(1) | 45 | 12 | |
Zimmer Biomet Holdings, Inc. | 89 | 11 | |
Zoetis, Inc. | 143 | 14 | |
1,703 | |||
Industrials—5.8% | |||
AMETEK, Inc. | 666 | 55 | |
Arconic, Inc. | 242 | 5 | |
Boeing Co. (The) | 292 | 111 | |
Caterpillar, Inc. | 1,438 | 195 | |
Cintas Corp. | 987 | 200 | |
Copart, Inc.(1) | 2,327 | 141 | |
CSX Corp. | 1,092 | 82 | |
Cummins, Inc. | 366 | 58 | |
Deere & Co. | 2,103 | 336 | |
Dover Corp. | 264 | 25 | |
Eaton Corp. plc | 1,239 | 100 | |
Emerson Electric Co. | 1,798 | 123 | |
Fastenal Co. | 2,374 | 153 | |
Flowserve Corp. | 237 | 11 | |
Fortive Corp. | 534 | 45 | |
General Dynamics Corp. | 152 | 26 | |
Harris Corp. | 67 | 11 |
Shares | Value | ||
Industrials—continued | |||
Huntington Ingalls Industries, Inc. | 23 | $5 | |
Illinois Tool Works, Inc. | 550 | 79 | |
Ingersoll-Rand plc | 442 | 48 | |
Kansas City Southern | 141 | 16 | |
L3 Technologies, Inc. | 45 | 9 | |
Lockheed Martin Corp. | 138 | 41 | |
Norfolk Southern Corp. | 377 | 70 | |
Northrop Grumman Corp. | 95 | 26 | |
PACCAR, Inc. | 881 | 60 | |
Parker-Hannifin Corp. | 234 | 40 | |
Pentair plc | 286 | 13 | |
Raytheon Co. | 159 | 29 | |
Republic Services, Inc. | 1,147 | 92 | |
Robert Half International, Inc. | 5,178 | 337 | |
Rockwell Automation, Inc. | 350 | 61 | |
Rollins, Inc. | 779 | 32 | |
Snap-on, Inc. | 101 | 16 | |
Stanley Black & Decker, Inc. | 274 | 37 | |
Textron, Inc. | 131 | 7 | |
TransDigm Group, Inc.(1) | 27 | 12 | |
Union Pacific Corp. | 1,013 | 169 | |
United Rentals, Inc.(1) | 659 | 75 | |
United Technologies Corp. | 454 | 59 | |
W.W. Grainger, Inc. | 376 | 113 | |
Wabtec Corp. | 356 | 26 | |
Waste Management, Inc. | 2,064 | 214 | |
Xylem, Inc. | 329 | 26 | |
3,389 | |||
Information Technology—5.6% | |||
Adobe, Inc.(1) | 398 | 106 | |
Advanced Micro Devices, Inc.(1) | 355 | 9 | |
Alliance Data Systems Corp. | 18 | 3 | |
Amphenol Corp. Class A | 1,869 | 177 | |
Analog Devices, Inc. | 150 | 16 | |
ANSYS, Inc.(1) | 68 | 12 | |
Apple, Inc. | 1,603 | 304 | |
Arista Networks, Inc.(1) | 60 | 19 | |
Autodesk, Inc.(1) | 178 | 28 | |
Automatic Data Processing, Inc. | 170 | 27 | |
Broadcom, Inc. | 162 | 49 | |
Broadridge Financial Solutions, Inc. | 45 | 5 | |
Cadence Design Systems, Inc.(1) | 230 | 15 | |
Cisco Systems, Inc. | 5,082 | 274 | |
Citrix Systems, Inc. | 103 | 10 | |
Corning, Inc. | 4,908 | 162 | |
F5 Networks, Inc.(1) | 68 | 11 | |
Fidelity National Information Services, Inc. | 125 | 14 | |
Fiserv, Inc.(1) | 153 | 13 | |
FleetCor Technologies, Inc.(1) | 33 | 8 | |
FLIR Systems, Inc. | 2,019 | 96 | |
Fortinet, Inc.(1) | 44 | 4 | |
Global Payments, Inc. | 61 | 8 |
Shares | Value | ||
Information Technology—continued | |||
Hewlett Packard Enterprise Co. | 489 | $8 | |
HP, Inc. | 540 | 10 | |
Intel Corp. | 1,828 | 98 | |
Intuit, Inc. | 213 | 56 | |
IPG Photonics Corp.(1) | 363 | 55 | |
Jack Henry & Associates, Inc. | 30 | 4 | |
Juniper Networks, Inc. | 397 | 11 | |
Keysight Technologies, Inc.(1) | 2,796 | 244 | |
Mastercard, Inc. Class A | 353 | 83 | |
Maxim Integrated Products, Inc. | 111 | 6 | |
Microchip Technology, Inc. | 96 | 8 | |
Micron Technology, Inc.(1) | 440 | 18 | |
Microsoft Corp. | 2,368 | 279 | |
Motorola Solutions, Inc. | 189 | 27 | |
NetApp, Inc. | 87 | 6 | |
NVIDIA Corp. | 246 | 44 | |
Oracle Corp. | 786 | 42 | |
Paychex, Inc. | 124 | 10 | |
PayPal Holdings, Inc.(1) | 458 | 48 | |
Qorvo, Inc.(1) | 50 | 4 | |
QUALCOMM, Inc. | 491 | 28 | |
Red Hat, Inc.(1) | 55 | 10 | |
salesforce.com, Inc.(1) | 620 | 98 | |
Seagate Technology plc | 89 | 4 | |
Skyworks Solutions, Inc. | 70 | 6 | |
Symantec Corp. | 198 | 5 | |
Synopsys, Inc.(1) | 123 | 14 | |
TE Connectivity Ltd. | 3,519 | 284 | |
Texas Instruments, Inc. | 382 | 41 | |
Total System Services, Inc. | 62 | 6 | |
VeriSign, Inc.(1) | 1,156 | 210 | |
Visa, Inc. Class A | 681 | 106 | |
Western Digital Corp. | 99 | 5 | |
Western Union Co. (The) | 170 | 3 | |
Xerox Corp. | 71 | 2 | |
Xilinx, Inc. | 103 | 13 | |
3,266 | |||
Materials—2.4% | |||
Air Products & Chemicals, Inc. | 543 | 104 | |
Albemarle Corp. | 254 | 21 | |
Ball Corp. | 5,840 | 338 | |
Celanese Corp. | 308 | 30 | |
CF Industries Holdings, Inc. | 2,608 | 106 | |
Ecolab, Inc. | 612 | 108 | |
FMC Corp. | 1,564 | 120 | |
International Flavors & Fragrances, Inc. | 246 | 32 | |
Linde plc | 1,351 | 238 | |
Mosaic Co. (The) | 4,108 | 112 | |
PPG Industries, Inc. | 564 | 64 | |
Sherwin-Williams Co. (The) | 197 | 85 | |
1,358 | |||
Shares | Value | ||
Real Estate—2.9% | |||
American Tower Corp. | 499 | $98 | |
Apartment Investment & Management Co. Class A | 490 | 25 | |
AvalonBay Communities, Inc. | 435 | 87 | |
CBRE Group, Inc. Class A(1) | 6,863 | 339 | |
Crown Castle International Corp. | 471 | 60 | |
Digital Realty Trust, Inc. | 235 | 28 | |
Duke Realty Corp. | 2,157 | 66 | |
Equinix, Inc. | 95 | 43 | |
Equity Residential | 1,166 | 88 | |
Essex Property Trust, Inc. | 206 | 60 | |
Extra Space Storage, Inc. | 145 | 15 | |
HCP, Inc. | 2,363 | 74 | |
Iron Mountain, Inc. | 323 | 12 | |
Mid-America Apartment Communities, Inc. | 359 | 39 | |
Prologis, Inc. | 3,779 | 272 | |
Public Storage | 170 | 37 | |
SBA Communications, Corp.(1) | 127 | 25 | |
UDR, Inc. | 864 | 39 | |
Ventas, Inc. | 1,785 | 114 | |
Welltower, Inc. | 1,915 | 149 | |
Weyerhaeuser Co. | 845 | 22 | |
1,692 | |||
Utilities—2.3% | |||
AES Corp. | 9,326 | 169 | |
Alliant Energy Corp. | 170 | 8 | |
Ameren Corp. | 321 | 24 | |
American Electric Power Co., Inc. | 356 | 30 | |
American Water Works Co., Inc. | 3,240 | 338 | |
CenterPoint Energy, Inc. | 650 | 20 | |
CMS Energy Corp. | 371 | 21 | |
Consolidated Edison, Inc. | 420 | 36 | |
Dominion Energy, Inc. | 1,046 | 80 | |
DTE Energy Co. | 238 | 30 | |
Duke Energy Corp. | 524 | 47 | |
Edison International | 235 | 14 | |
Entergy Corp. | 136 | 13 | |
Evergy, Inc. | 183 | 11 | |
Eversource Energy | 228 | 16 | |
Exelon Corp. | 696 | 35 | |
FirstEnergy Corp. | 363 | 15 | |
NextEra Energy, Inc. | 344 | 66 | |
NiSource, Inc. | 485 | 14 | |
NRG Energy, Inc. | 3,971 | 169 | |
Pinnacle West Capital Corp. | 81 | 8 | |
PPL Corp. | 519 | 16 | |
Public Service Enterprise Group, Inc. | 659 | 39 | |
Sempra Energy | 357 | 45 | |
Southern Co. (The) | 743 | 38 | |
WEC Energy Group, Inc. | 412 | 32 |
Shares | Value | ||
Utilities—continued | |||
Xcel Energy, Inc. | 372 | $21 | |
1,355 | |||
Total Common Stocks (Identified Cost $19,401) | 20,689 | ||
Exchange-Traded Funds(2)—63.3% | |||
Invesco DB Commodity Index Tracking Fund | 120,306 | 1,913 | |
Invesco DB US Dollar Index Bullish Fund | 73,523 | 1,914 | |
iShares 1-3 Year Treasury Bond Index Fund | 40,881 | 3,439 | |
iShares 20+ Year Treasury Bond Index Fund | 54,376 | 6,875 | |
iShares China Large-Cap Index Fund | 39,253 | 1,738 | |
iShares iBoxx $ Investment Grade Corporate Bond Index Fund | 28,879 | 3,438 | |
iShares iBoxx High Yield Corporate Bond Index Fund | 39,895 | 3,450 |
Shares | Value | ||
iShares MSCI Brazil Index Fund | 42,292 | $1,733 | |
iShares MSCI Hong Kong Index Fund | 66,478 | 1,742 | |
iShares MSCI India Index Fund | 48,988 | 1,727 | |
iShares MSCI Italy Index Fund | 59,802 | 1,662 | |
iShares MSCI Japan Index Fund | 31,424 | 1,719 | |
iShares MSCI Switzerland Index Fund | 48,988 | 1,733 | |
iShares MSCI Taiwan Index Fund | 50,365 | 1,742 | |
iShares U.S. Real Estate Index Fund | 21,945 | 1,910 | |
Total Exchange-Traded Funds (Identified Cost $35,143) | 36,735 | ||
Total Long-Term Investments—98.9% (Identified Cost $54,544) | 57,424 | ||
Value | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $54,544) | $57,424 | |
Other assets and liabilities, net—1.1% | 649 | |
NET ASSETS—100.0% | $58,073 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of these funds are publicly offered, and the prospectus and annual report of each are publicly available. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $20,689 | $20,689 | |
Exchange-Traded Funds | 36,735 | 36,735 | |
Total Investments | $57,424 | $57,424 |
Shares | Value | ||
Common Stocks—98.9% | |||
Communication Services—19.8% | |||
Activision Blizzard, Inc. | 46,765 | $2,129 | |
Akamai Technologies, Inc.(1) | 1,410 | 101 | |
Alphabet, Inc. Class A(1) | 4,325 | 5,090 | |
Alphabet, Inc. Class C(1) | 4,441 | 5,211 | |
AT&T, Inc. | 65,605 | 2,057 | |
CBS Corp. Class B | 21,472 | 1,021 | |
CenturyLink, Inc. | 58,731 | 704 | |
Charter Communications, Inc. Class A(1) | 5,823 | 2,020 | |
Comcast Corp. Class A | 51,467 | 2,058 | |
Discovery, Inc. Class A(1) | 9,697 | 262 | |
Discovery, Inc. Class C(1) | 22,260 | 566 | |
DISH Network Corp. Class A(1) | 14,170 | 449 | |
Electronic Arts, Inc.(1) | 18,503 | 1,880 | |
Facebook, Inc. Class A(1) | 47,797 | 7,967 | |
Fox Corp. Class A(1) | 8,935 | 328 | |
Fox Corp. Class B(1) | 4,120 | 148 | |
Interpublic Group of Cos., Inc. (The) | 23,772 | 499 | |
Netflix, Inc.(1) | 5,610 | 2,000 | |
News Corp. Class A | 23,797 | 296 | |
News Corp. Class B | 7,644 | 96 | |
Omnicom Group, Inc. | 13,815 | 1,008 | |
Take-Two Interactive Software, Inc.(1) | 6,989 | 660 | |
TripAdvisor, Inc.(1) | 6,347 | 327 | |
Twitter, Inc.(1) | 44,990 | 1,479 | |
Verizon Communications, Inc. | 34,770 | 2,056 | |
Viacom, Inc. Class B | 21,659 | 608 | |
Walt Disney Co. (The) | 20,208 | 2,244 | |
43,264 | |||
Consumer Discretionary—19.7% | |||
Advance Auto Parts, Inc. | 1,410 | 240 | |
Amazon.com, Inc.(1) | 5,804 | 10,336 | |
Aptiv plc | 5,150 | 409 | |
AutoZone, Inc.(1) | 490 | 502 | |
Best Buy Co., Inc. | 4,637 | 330 | |
Booking Holdings, Inc.(1) | 882 | 1,539 | |
BorgWarner, Inc. | 4,114 | 158 | |
Capri Holdings Ltd.(1) | 3,023 | 138 | |
CarMax, Inc.(1) | 3,086 | 215 | |
Carnival Corp. | 7,890 | 400 | |
Chipotle Mexican Grill, Inc.(1) | 483 | 343 | |
Darden Restaurants, Inc. | 2,430 | 295 | |
Dollar General Corp. | 5,202 | 621 | |
Dollar Tree, Inc.(1) | 4,698 | 494 | |
eBay, Inc. | 16,955 | 630 | |
Expedia Group, Inc. | 2,296 | 273 | |
Foot Locker, Inc. | 2,240 | 136 | |
Ford Motor Co. | 77,399 | 680 | |
Gap, Inc. (The) | 4,212 | 110 | |
Garmin Ltd. | 2,397 | 207 | |
General Motors Co. | 25,963 | 963 | |
Genuine Parts Co. | 2,891 | 324 | |
H&R Block, Inc. | 4,101 | 98 |
Shares | Value | ||
Consumer Discretionary—continued | |||
Hanesbrands, Inc. | 7,159 | $128 | |
Harley-Davidson, Inc. | 3,160 | 113 | |
Hasbro, Inc. | 2,293 | 195 | |
Hilton Worldwide Holdings, Inc. | 5,793 | 481 | |
Home Depot, Inc. (The) | 22,275 | 4,274 | |
Horton (D.R.), Inc. | 6,731 | 279 | |
Kohl’s Corp. | 3,271 | 225 | |
L Brands, Inc. | 4,555 | 126 | |
Leggett & Platt, Inc. | 2,596 | 110 | |
Lennar Corp. Class A | 5,664 | 278 | |
LKQ Corp.(1) | 6,235 | 177 | |
Lowe’s Cos., Inc. | 15,748 | 1,724 | |
Macy’s, Inc. | 6,091 | 146 | |
Marriott International, Inc. Class A | 5,543 | 693 | |
Mattel, Inc.(1) | 6,841 | 89 | |
McDonald’s Corp. | 15,109 | 2,869 | |
MGM Resorts International | 10,103 | 259 | |
Mohawk Industries, Inc.(1) | 1,217 | 154 | |
Newell Brands, Inc. | 7,704 | 118 | |
NIKE, Inc. Class B | 24,729 | 2,082 | |
Nordstrom, Inc. | 2,123 | 94 | |
Norwegian Cruise Line Holdings Ltd.(1) | 4,294 | 236 | |
O’Reilly Automotive, Inc.(1) | 1,554 | 603 | |
PulteGroup, Inc. | 5,050 | 141 | |
PVH Corp. | 1,500 | 183 | |
Ralph Lauren Corp. | 1,045 | 136 | |
Ross Stores, Inc. | 7,261 | 676 | |
Royal Caribbean Cruises Ltd. | 3,366 | 386 | |
Starbucks Corp. | 24,613 | 1,830 | |
Tapestry, Inc. | 5,744 | 187 | |
Target Corp. | 10,354 | 831 | |
Tiffany & Co. | 2,134 | 225 | |
TJX Cos., Inc. (The) | 24,472 | 1,302 | |
Tractor Supply Co. | 2,359 | 231 | |
Ulta Beauty, Inc.(1) | 1,106 | 386 | |
Under Armour, Inc. Class A(1) | 3,719 | 79 | |
Under Armour, Inc. Class C(1) | 3,814 | 72 | |
VF Corp. | 6,425 | 558 | |
Whirlpool Corp. | 1,260 | 167 | |
Wynn Resorts Ltd. | 1,919 | 229 | |
Yum! Brands, Inc. | 6,034 | 602 | |
43,115 | |||
Consumer Staples—5.0% | |||
Altria Group, Inc. | 8,414 | 483 | |
Archer-Daniels-Midland Co. | 4,229 | 182 | |
Brown-Forman Corp. Class B | 1,256 | 66 | |
Campbell Soup Co. | 1,455 | 56 | |
Church & Dwight Co., Inc. | 1,857 | 132 | |
Clorox Co. (The) | 968 | 155 | |
Coca-Cola Co. (The) | 24,056 | 1,127 | |
Colgate-Palmolive Co. | 6,507 | 446 | |
Conagra Brands, Inc. | 3,667 | 102 | |
Constellation Brands, Inc. Class A | 1,258 | 221 |
Shares | Value | ||
Consumer Staples—continued | |||
Costco Wholesale Corp. | 2,046 | $496 | |
Coty, Inc. Class A | 3,417 | 39 | |
Estee Lauder Cos., Inc. (The) Class A | 1,645 | 272 | |
General Mills, Inc. | 4,506 | 233 | |
Hershey Co. (The) | 1,050 | 121 | |
Hormel Foods Corp. | 2,059 | 92 | |
J.M. Smucker Co. (The) | 859 | 100 | |
Kellogg Co. | 1,896 | 109 | |
Kimberly-Clark Corp. | 2,601 | 322 | |
Kraft Heinz Co.(The) | 4,696 | 153 | |
Kroger Co. (The) | 6,000 | 148 | |
Lamb Weston Holdings, Inc. | 1,106 | 83 | |
McCormick & Co., Inc. | 926 | 140 | |
Molson Coors Brewing Co. Class B | 1,417 | 85 | |
Mondelez International, Inc. Class A | 10,002 | 499 | |
Monster Beverage Corp.(1) | 2,974 | 162 | |
PepsiCo, Inc. | 8,790 | 1,077 | |
Philip Morris International, Inc. | 5,328 | 471 | |
Procter & Gamble Co. (The) | 15,648 | 1,628 | |
Sysco Corp. | 3,563 | 238 | |
Tyson Foods, Inc. Class A | 2,229 | 155 | |
Walgreens Boots Alliance, Inc. | 6,055 | 383 | |
Walmart, Inc. | 8,894 | 868 | |
10,844 | |||
Health Care—5.0% | |||
Abbott Laboratories | 5,564 | 445 | |
AbbVie, Inc. | 4,672 | 376 | |
ABIOMED, Inc.(1) | 141 | 40 | |
Agilent Technologies, Inc. | 1,001 | 80 | |
Alexion Pharmaceuticals, Inc.(1) | 708 | 96 | |
Align Technology, Inc.(1) | 231 | 66 | |
Allergan plc | 996 | 146 | |
AmerisourceBergen Corp. | 495 | 39 | |
Amgen, Inc. | 1,971 | 374 | |
Anthem, Inc. | 809 | 232 | |
Baxter International, Inc. | 1,491 | 121 | |
Becton, Dickinson & Co. | 849 | 212 | |
Biogen, Inc.(1) | 623 | 147 | |
Boston Scientific Corp.(1) | 4,356 | 167 | |
Bristol-Myers Squibb Co. | 5,227 | 249 | |
Cardinal Health, Inc. | 953 | 46 | |
Celgene Corp.(1) | 2,224 | 210 | |
Centene Corp.(1) | 1,320 | 70 | |
Cerner Corp.(1) | 1,027 | 59 | |
Cigna Corp. | 1,204 | 194 | |
Cooper Cos., Inc. (The) | 156 | 46 | |
CVS Health Corp. | 4,108 | 222 | |
Danaher Corp. | 1,976 | 261 | |
DaVita, Inc.(1) | 401 | 22 | |
DENTSPLY SIRONA, Inc. | 705 | 35 | |
Edwards Lifesciences Corp.(1) | 652 | 125 | |
Eli Lilly & Co. | 2,721 | 353 | |
Gilead Sciences, Inc. | 4,039 | 263 |
Shares | Value | ||
Health Care—continued | |||
HCA Healthcare, Inc. | 840 | $109 | |
Henry Schein, Inc.(1) | 479 | 29 | |
Hologic, Inc.(1) | 845 | 41 | |
Humana, Inc. | 429 | 114 | |
IDEXX Laboratories, Inc.(1) | 272 | 61 | |
Illumina, Inc.(1) | 462 | 144 | |
Incyte Corp.(1) | 563 | 48 | |
Intuitive Surgical, Inc.(1) | 361 | 206 | |
IQVIA Holdings, Inc.(1) | 497 | 71 | |
Johnson & Johnson | 8,425 | 1,178 | |
Laboratory Corporation of America Holdings(1) | 312 | 48 | |
McKesson Corp. | 607 | 71 | |
Medtronic plc | 4,225 | 385 | |
Merck & Co., Inc. | 8,121 | 675 | |
Mettler-Toledo International, Inc.(1) | 77 | 56 | |
Mylan NV(1) | 1,623 | 46 | |
Nektar Therapeutics(1) | 539 | 18 | |
PerkinElmer, Inc. | 348 | 34 | |
Perrigo Co. plc | 390 | 19 | |
Pfizer, Inc. | 17,582 | 747 | |
Quest Diagnostics, Inc. | 425 | 38 | |
Regeneron Pharmaceuticals, Inc.(1) | 248 | 102 | |
ResMed, Inc. | 450 | 47 | |
Stryker Corp. | 978 | 193 | |
Teleflex, Inc. | 146 | 44 | |
Thermo Fisher Scientific, Inc. | 1,269 | 347 | |
UnitedHealth Group, Inc. | 3,014 | 745 | |
Universal Health Services, Inc. Class B | 264 | 35 | |
Varian Medical Systems, Inc.(1) | 285 | 40 | |
Vertex Pharmaceuticals, Inc.(1) | 810 | 149 | |
Waters Corp.(1) | 224 | 56 | |
WellCare Health Plans, Inc.(1) | 158 | 43 | |
Zimmer Biomet Holdings, Inc. | 649 | 83 | |
Zoetis, Inc. | 1,508 | 152 | |
10,870 | |||
Industrials—4.9% | |||
3M Co. | 2,799 | 582 | |
A.O. Smith Corp. | 689 | 37 | |
Alaska Air Group, Inc. | 599 | 34 | |
Allegion plc | 459 | 42 | |
American Airlines Group, Inc. | 1,943 | 62 | |
AMETEK, Inc. | 1,098 | 91 | |
Arconic, Inc. | 2,090 | 40 | |
Boeing Co. (The) | 2,513 | 958 | |
Caterpillar, Inc. | 2,743 | 372 | |
Cintas Corp. | 412 | 83 | |
Copart, Inc.(1) | 970 | 59 | |
CSX Corp. | 3,746 | 280 | |
Cummins, Inc. | 698 | 110 | |
Deere & Co. | 1,521 | 243 | |
Delta Air Lines, Inc. | 3,004 | 155 |
Shares | Value | ||
Industrials—continued | |||
Dover Corp. | 703 | $66 | |
Eaton Corp. plc | 2,045 | 165 | |
Emerson Electric Co. | 2,966 | 203 | |
Equifax, Inc. | 587 | 70 | |
Expeditors International of Washington, Inc. | 835 | 63 | |
Fastenal Co. | 1,378 | 89 | |
FedEx Corp. | 1,168 | 212 | |
Flowserve Corp. | 629 | 28 | |
Fluor Corp. | 679 | 25 | |
Fortive Corp. | 1,420 | 119 | |
Fortune Brands Home & Security, Inc. | 683 | 32 | |
General Dynamics Corp. | 1,309 | 222 | |
General Electric Co. | 42,321 | 423 | |
Harris Corp. | 573 | 91 | |
Honeywell International, Inc. | 3,545 | 563 | |
Hunt (JB) Transport Services, Inc. | 421 | 43 | |
Huntington Ingalls Industries, Inc. | 200 | 41 | |
IHS Markit Ltd.(1) | 1,767 | 96 | |
Illinois Tool Works, Inc. | 1,462 | 210 | |
Ingersoll-Rand plc | 1,176 | 127 | |
Jacobs Engineering Group, Inc. | 570 | 43 | |
Johnson Controls International plc | 4,437 | 164 | |
Kansas City Southern | 484 | 56 | |
L3 Technologies, Inc. | 385 | 79 | |
Lockheed Martin Corp. | 1,185 | 356 | |
Masco Corp. | 1,432 | 56 | |
Nielsen Holdings plc | 1,728 | 41 | |
Norfolk Southern Corp. | 1,293 | 242 | |
Northrop Grumman Corp. | 820 | 221 | |
PACCAR, Inc. | 1,680 | 114 | |
Parker-Hannifin Corp. | 622 | 107 | |
Pentair plc | 760 | 34 | |
Quanta Services, Inc. | 687 | 26 | |
Raytheon Co. | 1,368 | 249 | |
Republic Services, Inc. | 1,052 | 85 | |
Robert Half International, Inc. | 571 | 37 | |
Robinson (C.H.) Worldwide, Inc. | 665 | 58 | |
Rockwell Automation, Inc. | 578 | 101 | |
Rollins, Inc. | 715 | 30 | |
Roper Technologies, Inc. | 504 | 172 | |
Snap-on, Inc. | 268 | 42 | |
Southwest Airlines Co. | 2,418 | 125 | |
Stanley Black & Decker, Inc. | 727 | 99 | |
Textron, Inc. | 1,128 | 57 | |
TransDigm Group, Inc.(1) | 236 | 107 | |
Union Pacific Corp. | 3,472 | 580 | |
United Continental Holdings, Inc.(1) | 1,089 | 87 | |
United Parcel Service, Inc. Class B | 3,384 | 378 | |
United Rentals, Inc.(1) | 382 | 44 | |
United Technologies Corp. | 3,918 | 505 |
Shares | Value | ||
Industrials—continued | |||
Verisk Analytics, Inc. | 795 | $106 | |
W.W. Grainger, Inc. | 218 | 66 | |
Wabtec Corp. | 678 | 50 | |
Waste Management, Inc. | 1,893 | 197 | |
Xylem, Inc. | 875 | 69 | |
10,819 | |||
Information Technology—19.8% | |||
Accenture plc Class A | 5,541 | 975 | |
Adobe, Inc.(1) | 4,194 | 1,118 | |
Advanced Micro Devices, Inc.(1) | 7,524 | 192 | |
Alliance Data Systems Corp. | 393 | 69 | |
Amphenol Corp. Class A | 2,589 | 245 | |
Analog Devices, Inc. | 3,172 | 334 | |
ANSYS, Inc.(1) | 720 | 132 | |
Apple, Inc. | 38,865 | 7,382 | |
Applied Materials, Inc. | 8,253 | 327 | |
Arista Networks, Inc.(1) | 453 | 142 | |
Autodesk, Inc.(1) | 1,879 | 293 | |
Automatic Data Processing, Inc. | 3,773 | 603 | |
Broadcom, Inc. | 3,428 | 1,031 | |
Broadridge Financial Solutions, Inc. | 1,002 | 104 | |
Cadence Design Systems, Inc.(1) | 2,421 | 154 | |
Cisco Systems, Inc. | 38,153 | 2,060 | |
Citrix Systems, Inc. | 1,083 | 108 | |
Cognizant Technology Solutions Corp. Class A | 4,999 | 362 | |
Corning, Inc. | 6,799 | 225 | |
DXC Technology Co. | 2,332 | 150 | |
F5 Networks, Inc.(1) | 506 | 79 | |
Fidelity National Information Services, Inc. | 2,774 | 314 | |
Fiserv, Inc.(1) | 3,392 | 299 | |
FleetCor Technologies, Inc.(1) | 738 | 182 | |
FLIR Systems, Inc. | 1,175 | 56 | |
Fortinet, Inc.(1) | 1,243 | 104 | |
Gartner, Inc.(1) | 780 | 118 | |
Global Payments, Inc. | 1,360 | 186 | |
Hewlett Packard Enterprise Co. | 11,850 | 183 | |
HP, Inc. | 13,110 | 255 | |
Intel Corp. | 38,721 | 2,079 | |
International Business Machines Corp. | 7,736 | 1,092 | |
Intuit, Inc. | 2,240 | 586 | |
IPG Photonics Corp.(1) | 302 | 46 | |
Jack Henry & Associates, Inc. | 669 | 93 | |
Juniper Networks, Inc. | 2,983 | 79 | |
Keysight Technologies, Inc.(1) | 1,627 | 142 | |
KLA-Tencor Corp. | 1,436 | 171 | |
Lam Research Corp. | 1,326 | 237 | |
Mastercard, Inc. Class A | 7,844 | 1,847 |
Shares | Value | ||
Information Technology—continued | |||
Maxim Integrated Products, Inc. | 2,358 | $125 | |
Microchip Technology, Inc. | 2,027 | 168 | |
Micron Technology, Inc.(1) | 9,317 | 385 | |
Microsoft Corp. | 66,428 | 7,835 | |
Motorola Solutions, Inc. | 1,419 | 199 | |
NetApp, Inc. | 2,114 | 147 | |
NVIDIA Corp. | 5,217 | 937 | |
Oracle Corp. | 22,023 | 1,183 | |
Paychex, Inc. | 2,749 | 220 | |
PayPal Holdings, Inc.(1) | 10,193 | 1,058 | |
Qorvo, Inc.(1) | 1,050 | 75 | |
QUALCOMM, Inc. | 10,396 | 593 | |
Red Hat, Inc.(1) | 1,532 | 280 | |
salesforce.com, Inc.(1) | 6,539 | 1,036 | |
Seagate Technology plc | 2,155 | 103 | |
Skyworks Solutions, Inc. | 1,489 | 123 | |
Symantec Corp. | 5,558 | 128 | |
Synopsys, Inc.(1) | 1,298 | 149 | |
TE Connectivity Ltd. | 2,927 | 236 | |
Texas Instruments, Inc. | 8,094 | 859 | |
Total System Services, Inc. | 1,374 | 131 | |
VeriSign, Inc.(1) | 911 | 165 | |
Visa, Inc. Class A | 15,137 | 2,364 | |
Western Digital Corp. | 2,412 | 116 | |
Western Union Co. (The) | 3,783 | 70 | |
Xerox Corp. | 1,730 | 55 | |
Xilinx, Inc. | 2,187 | 277 | |
43,171 | |||
Real Estate—4.9% | |||
Alexandria Real Estate Equities, Inc. | 1,662 | 237 | |
American Tower Corp. | 6,496 | 1,280 | |
Apartment Investment & Management Co. Class A | 2,298 | 116 | |
AvalonBay Communities, Inc. | 2,042 | 410 | |
Boston Properties, Inc. | 2,278 | 305 | |
CBRE Group, Inc. Class A(1) | 4,569 | 226 | |
Crown Castle International Corp. | 6,129 | 785 |
Shares | Value | ||
Real Estate—continued | |||
Digital Realty Trust, Inc. | 3,065 | $365 | |
Duke Realty Corp. | 5,312 | 163 | |
Equinix, Inc. | 1,234 | 559 | |
Equity Residential | 5,472 | 412 | |
Essex Property Trust, Inc. | 969 | 280 | |
Extra Space Storage, Inc. | 1,890 | 193 | |
Federal Realty Investment Trust | 1,096 | 151 | |
HCP, Inc. | 7,072 | 221 | |
Host Hotels & Resorts, Inc. | 10,916 | 206 | |
Iron Mountain, Inc. | 4,214 | 149 | |
Kimco Realty Corp. | 6,212 | 115 | |
Macerich Co. (The) | 1,561 | 68 | |
Mid-America Apartment Communities, Inc. | 1,684 | 184 | |
Prologis, Inc. | 9,304 | 669 | |
Public Storage | 2,214 | 482 | |
Realty Income Corp. | 4,492 | 330 | |
Regency Centers Corp. | 2,469 | 167 | |
SBA Communications, Corp.(1) | 1,651 | 330 | |
Simon Property Group, Inc. | 4,555 | 830 | |
SL Green Realty Corp. | 1,234 | 111 | |
UDR, Inc. | 4,056 | 184 | |
Ventas, Inc. | 5,342 | 341 | |
Vornado Realty Trust | 2,556 | 172 | |
Welltower, Inc. | 5,736 | 445 | |
Weyerhaeuser Co. | 11,017 | 290 | |
10,776 | |||
Utilities—19.8% | |||
AES Corp. | 36,498 | 660 | |
Alliant Energy Corp. | 12,968 | 611 | |
Ameren Corp. | 13,502 | 993 | |
American Electric Power Co., Inc. | 27,194 | 2,278 | |
American Water Works Co., Inc. | 9,950 | 1,037 | |
Atmos Energy Corp. | 6,442 | 663 | |
CenterPoint Energy, Inc. | 27,340 | 839 | |
CMS Energy Corp. | 15,578 | 865 | |
Consolidated Edison, Inc. | 17,629 | 1,495 |
Shares | Value | ||
Utilities—continued | |||
Dominion Energy, Inc. | 43,944 | $3,369 | |
DTE Energy Co. | 10,000 | 1,247 | |
Duke Energy Corp. | 40,006 | 3,601 | |
Edison International | 17,932 | 1,110 | |
Entergy Corp. | 10,404 | 995 | |
Evergy, Inc. | 13,986 | 812 | |
Eversource Energy | 17,389 | 1,234 | |
Exelon Corp. | 53,195 | 2,667 | |
FirstEnergy Corp. | 27,722 | 1,154 | |
NextEra Energy, Inc. | 26,294 | 5,083 | |
NiSource, Inc. | 20,399 | 585 | |
NRG Energy, Inc. | 15,531 | 660 | |
Pinnacle West Capital Corp. | 6,157 | 588 | |
PPL Corp. | 39,698 | 1,260 | |
Public Service Enterprise Group, Inc. | 27,723 | 1,647 | |
Sempra Energy | 15,010 | 1,889 | |
Southern Co. (The) | 56,798 | 2,935 | |
WEC Energy Group, Inc. | 17,338 | 1,371 | |
Xcel Energy, Inc. | 28,378 | 1,595 | |
43,243 | |||
Total Common Stocks (Identified Cost $206,888) | 216,102 | ||
Total Long-Term Investments—98.9% (Identified Cost $206,888) | 216,102 | ||
TOTAL INVESTMENTS—98.9% (Identified Cost $206,888) | $216,102 | ||
Other assets and liabilities, net—1.1% | 2,335 | ||
NET ASSETS—100.0% | $218,437 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $216,102 | $216,102 | |
Total Investments | $216,102 | $216,102 |
Shares | Value | ||
Common Stocks—95.8% | |||
Communication Services—6.4% | |||
Alphabet, Inc. Class C (United States)(1) | 8,871 | $10,409 | |
Tencent Holdings Ltd. (China) | 63,646 | 2,927 | |
Walt Disney Co. (The) (United States) | 46,612 | 5,175 | |
18,511 | |||
Consumer Discretionary—17.8% | |||
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 27,610 | 5,037 | |
Amazon.com, Inc. (United States)(1) | 5,553 | 9,888 | |
Booking Holdings, Inc. (Netherlands)(1) | 3,262 | 5,692 | |
Industria de Diseno Textil SA (Spain) | 197,330 | 5,800 | |
NIKE, Inc. Class B (United States) | 60,731 | 5,114 | |
O’Reilly Automotive, Inc. (United States)(1) | 7,375 | 2,864 | |
Paddy Power Betfair plc (Ireland) | 65,263 | 5,033 | |
Royal Caribbean Cruises Ltd. (United States) | 30,586 | 3,506 | |
Starbucks Corp. (United States) | 50,469 | 3,752 | |
TJX Cos., Inc. (The) (United States) | 81,933 | 4,360 | |
51,046 | |||
Consumer Staples—18.1% | |||
Alimentation Couche-Tard, Inc. Class B (Canada) | 157,316 | 9,267 | |
Ambev S.A. ADR (Brazil) | 712,600 | 3,064 | |
Anheuser-Busch InBev NV (Belgium) | 70,204 | 5,887 | |
Coca-Cola Co. (The) (United States) | 124,424 | 5,831 | |
Nestle S.A. Registered Shares (Switzerland) | 71,396 | 6,804 | |
PepsiCo, Inc. (United States) | 48,094 | 5,894 | |
Reckitt Benckiser Group plc (United Kingdom) | 59,379 | 4,936 | |
Unilever NV CVA (Netherlands) | 178,952 | 10,394 | |
52,077 | |||
Financials—15.5% | |||
Berkshire Hathaway, Inc. Class B (United States)(1) | 35,742 | 7,180 |
Shares | Value | ||
Financials—continued | |||
CME Group, Inc. (United States) | 43,152 | $7,102 | |
HDFC Bank Ltd. (India) | 327,299 | 10,956 | |
HDFC Bank Ltd. ADR (India) | 18,224 | 2,112 | |
Housing Development Finance Corp., Ltd. (India) | 304,110 | 8,641 | |
M&T Bank Corp. (United States) | 18,573 | 2,916 | |
PNC Financial Services Group, Inc. (The) (United States) | 23,056 | 2,828 | |
Wells Fargo & Co. (United States) | 60,092 | 2,904 | |
44,639 | |||
Health Care—11.7% | |||
Becton, Dickinson & Co. (United States) | 26,355 | 6,581 | |
Fresenius SE & Co. KGaA (Germany) | 66,285 | 3,700 | |
Johnson & Johnson (United States) | 28,864 | 4,035 | |
Medtronic plc (United States) | 93,793 | 8,543 | |
UnitedHealth Group, Inc. (United States) | 43,853 | 10,843 | |
33,702 | |||
Industrials—7.0% | |||
Canadian National Railway Co. (Canada) | 44,577 | 3,991 | |
DCC plc (Ireland) | 37,617 | 3,251 | |
RELX plc (United Kingdom) | 192,903 | 4,122 | |
Safran SA (France) | 63,685 | 8,733 | |
20,097 | |||
Information Technology—16.2% | |||
Keyence Corp. (Japan) | 6,010 | 3,740 | |
Mastercard, Inc. Class A (United States) | 48,725 | 11,472 | |
Microsoft Corp. (United States) | 78,071 | 9,208 | |
SAP SE (Germany) | 66,430 | 7,675 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 86,986 | 3,563 | |
Visa, Inc. Class A (United States) | 69,332 | 10,829 | |
46,487 | |||
Shares | Value | ||
Materials—1.3% | |||
Martin Marietta Materials, Inc. (United States) | 17,895 | $3,600 | |
Real Estate—1.8% | |||
American Tower Corp. (United States) | 26,318 | 5,186 | |
Total Common Stocks (Identified Cost $196,657) | 275,345 | ||
Total Long-Term Investments—95.8% (Identified Cost $196,657) | 275,345 | ||
Short-Term Investment—0.3% | |||
Money Market Mutual Fund—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(2) | 792,533 | 793 | |
Total Short-Term Investment (Identified Cost $793) | 793 | ||
TOTAL INVESTMENTS—96.1% (Identified Cost $197,450) | $276,138 | ||
Other assets and liabilities, net—3.9% | 11,153 | ||
NET ASSETS—100.0% | $287,291 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 55% |
India | 8 |
Netherlands | 6 |
Canada | 5 |
Germany | 4 |
United Kingdom | 3 |
France | 3 |
Other | 16 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $275,345 | $275,345 | |
Money Market Mutual Fund | 793 | 793 | |
Total Investments | $276,138 | $276,138 |
Shares | Value | ||
Preferred Stock—2.2% | |||
Health Care—2.2% | |||
Grifols SA (Preference Shares), Class B, 1.780% (Spain) | 5,904 | $117 | |
Total Preferred Stock (Identified Cost $94) | 117 | ||
Common Stocks—92.6% | |||
Consumer Discretionary—10.3% | |||
adidas AG (Germany) | 304 | 74 | |
Booking Holdings, Inc. (Netherlands)(1) | 94 | 164 | |
Brunello Cucinelli S.p.A (Italy) | 269 | 9 | |
Domino’s Pizza Group plc (United Kingdom) | 15,628 | 49 | |
Hermes International (France) | 15 | 10 | |
Industria de Diseno Textil SA (Spain) | 3,095 | 91 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 174 | 64 | |
Paddy Power Betfair plc (Ireland) | 1,098 | 85 | |
546 | |||
Consumer Staples—24.7% | |||
Anheuser-Busch InBev NV (Belgium) | 2,046 | 171 | |
Diageo plc (United Kingdom) | 2,139 | 87 | |
Heineken NV (Netherlands) | 1,109 | 117 | |
L’Oreal SA (France) | 230 | 62 | |
Nestle S.A. Registered Shares (Switzerland) | 2,777 | 265 | |
Pernod Ricard SA (France) | 312 | 56 | |
Philip Morris International, Inc. (United States) | 1,608 | 142 | |
Reckitt Benckiser Group plc (United Kingdom) | 1,560 | 130 | |
Unilever NV CVA (Netherlands) | 4,785 | 278 | |
1,308 | |||
Financials—9.9% | |||
ABN AMRO Group NV CVA 144A (Netherlands)(2) | 2,228 | 50 | |
AIB Group plc (Ireland) | 10,657 | 48 | |
Bankinter SA (Spain)(3) | 6,074 | 46 | |
Groupe Bruxelles Lambert SA (Belgium) | 600 | 58 | |
KBC Group NV (Belgium) | 736 | 51 | |
London Stock Exchange Group plc (United Kingdom) | 2,098 | 130 |
Shares | Value | ||
Financials—continued | |||
Pargesa Holding SA (Switzerland) | 531 | $42 | |
Svenska Handelsbanken AB Class A (Sweden)(3) | 3,139 | 33 | |
Swedbank AB Class A (Sweden)(3) | 1,259 | 18 | |
UBS Group AG Registered Shares (Switzerland) | 3,772 | 46 | |
522 | |||
Health Care—10.8% | |||
Coloplast A/S Class B (Denmark) | 799 | 88 | |
EssilorLuxottica SA (France) | 771 | 84 | |
Eurofins Scientific SE (Luxembourg)(3) | 174 | 72 | |
Fresenius Medical Care AG & Co. KGaA (Germany) | 989 | 80 | |
Fresenius SE & Co. KGaA (Germany) | 1,479 | 82 | |
Medtronic plc (United States) | 1,788 | 163 | |
569 | |||
Industrials—21.4% | |||
Aena SME SA 144A (Spain)(2) | 583 | 105 | |
Ashtead Group plc (United Kingdom) | 3,078 | 74 | |
Bunzl plc (United Kingdom) | 2,691 | 89 | |
DCC plc (Ireland) | 1,363 | 118 | |
Kingspan Group plc (Ireland) | 1,524 | 71 | |
RELX plc (United Kingdom) | 6,347 | 136 | |
Rentokil Initial plc (United Kingdom) | 19,551 | 90 | |
Safran SA (France) | 1,167 | 160 | |
Teleperformance (France) | 726 | 130 | |
Vinci SA (France) | 1,655 | 161 | |
1,134 | |||
Information Technology—10.3% | |||
Accenture plc Class A (United States) | 1,209 | 213 | |
Amadeus IT Group SA (Spain) | 1,263 | 101 | |
SAP SE (Germany) | 1,992 | 230 | |
544 | |||
Materials—4.3% | |||
Air Liquide SA (France) | 1,086 | 138 | |
Sika AG Registered Shares (Switzerland) | 636 | 89 | |
227 | |||
Shares | Value | ||
Real Estate—0.9% | |||
Unibail-Rodamco-Westfield (Netherlands)(3) | 292 | $48 | |
Total Common Stocks (Identified Cost $3,554) | 4,898 | ||
Total Long-Term Investments—94.8% (Identified Cost $3,648) | 5,015 | ||
Securities Lending Collateral—4.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(4)(5) | 224,791 | 225 | |
Total Securities Lending Collateral (Identified Cost $225) | 225 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $3,873) | $5,240 | ||
Other assets and liabilities, net—0.9% | 50 | ||
NET ASSETS—100.0% | $5,290 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, these securities amounted to a value of $155 or 2.9% of net assets. |
(3) | All or a portion of security is on loan. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(5) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
France | 17% |
United Kingdom | 15 |
United States | 14 |
Netherlands | 13 |
Germany | 9 |
Spain | 9 |
Switzerland | 8 |
Other | 15 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $4,898 | $4,898 | |
Preferred Stock | 117 | 117 | |
Securities Lending Collateral | 225 | 225 | |
Total Investments | $5,240 | $5,240 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | |||
Assets | |||||
Investment in securities at value(1) | $91,291 | $198,438 | $44,251 | ||
Foreign currency at value(2) | — | 67 | 54 | ||
Cash | 279 | 6,677 | 1,354 | ||
Receivables | |||||
Investment securities sold | — | 2,433 | 768 | ||
Fund shares sold | 43 | 327 | 88 | ||
Dividends and interest | 85 | 718 | 137 | ||
Tax reclaims | 39 | 56 | 17 | ||
Prepaid trustee retainer | 2 | 4 | 1 | ||
Prepaid expenses | 37 | 48 | 21 | ||
Other assets | 7 | 14 | 3 | ||
Total assets | 91,783 | 208,782 | 46,694 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 11 | 281 | 6 | ||
Investment securities purchased | — | 4,982 | 1,295 | ||
Investment advisory fees | 50 | 119 | 31 | ||
Distribution and service fees | 21 | 12 | 1 | ||
Administration and accounting fees | 9 | 19 | 5 | ||
Transfer agent and sub-transfer agent fees and expenses | 18 | 65 | 8 | ||
Professional fees | 18 | 18 | 17 | ||
Trustee deferred compensation plan | 7 | 14 | 3 | ||
Other accrued expenses | 9 | 12 | 53 | ||
Total liabilities | 143 | 5,522 | 1,419 | ||
Net Assets | $91,640 | $203,260 | $45,275 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $73,688 | $168,743 | $41,706 | ||
Accumulated earnings (loss) | 17,952 | 34,517 | 3,569 | ||
Net Assets | $91,640 | $203,260 | $45,275 | ||
Net Assets: | |||||
Class A | $32,538 | $18,974 | $2,094 | ||
Class C | $16,538 | $9,217 | $839 | ||
Class I | $33,290 | $172,415 | $42,342 | ||
Class R6 | $9,274 | $2,654 | $— | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 2,125,143 | 592,791 | 274,368 | ||
Class C | 1,084,360 | 298,899 | 110,152 | ||
Class I | 2,173,153 | 5,469,891 | 5,565,767 | ||
Class R6 | 605,595 | 84,074 | — | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $15.31 | $32.01 | $7.63 | ||
Class C | $15.25 | $30.84 | $7.62 | ||
Class I | $15.32 | $31.52 | $7.61 | ||
Class R6 | $15.31 | $31.56 | $— |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $16.24 | $33.96 | $8.10 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
(1)Investment in securities at cost | $74,309 | $166,247 | $37,849 | ||
(2) Foreign currency at cost | $— | $67 | $54 |
Herzfeld Fund | Horizon Wealth Masters Fund | KAR Emerging Markets Small-Cap Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $53,045 | $58,510 | $62,289 | ||
Foreign currency at value(3) | — | — | —(a) | ||
Cash | 1,933 | 129 | 188 | ||
Receivables | |||||
Investment securities sold | — | 3,363 | 1,152 | ||
Fund shares sold | 116 | —(a) | 2,118 | ||
Dividends and interest | 97 | 56 | 157 | ||
Tax reclaims | — | 1 | 1 | ||
Securities lending | 2 | 14 | — | ||
Prepaid trustee retainer | 1 | 1 | 2 | ||
Prepaid expenses | 20 | 21 | 35 | ||
Other assets | 4 | 4 | 7 | ||
Total assets | 55,218 | 62,099 | 65,949 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 128 | 24 | 24 | ||
Investment securities purchased | 52 | 3,232 | 13 | ||
Collateral on securities loaned | 147 | 2,576 | — | ||
Investment advisory fees | 46 | 28 | 70 | ||
Distribution and service fees | 15 | 18 | 4 | ||
Administration and accounting fees | 6 | 6 | 7 | ||
Transfer agent and sub-transfer agent fees and expenses | 10 | 13 | 3 | ||
Professional fees | 11 | 17 | 19 | ||
Trustee deferred compensation plan | 4 | 4 | 5 | ||
Other accrued expenses | 3 | 6 | — | ||
Total liabilities | 422 | 5,924 | 145 | ||
Net Assets | $54,796 | $56,175 | $65,804 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $53,241 | $45,518 | $58,512 | ||
Accumulated earnings (loss) | 1,555 | 10,657 | 7,292 | ||
Net Assets | $54,796 | $56,175 | $65,804 | ||
Net Assets: | |||||
Class A | $5,634 | $15,898 | $20,275 | ||
Class C | $16,660 | $17,288 | $466 | ||
Class I | $32,502 | $22,989 | $45,063 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 503,031 | 985,651 | 1,645,865 | ||
Class C | 1,494,429 | 1,114,060 | 37,854 | ||
Class I | 2,899,761 | 1,415,016 | 3,644,346 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $11.20 | $16.13 | $12.32 | ||
Class C | $11.15 | $15.52 | $12.30 | ||
Class I | $11.21 | $16.25 | $12.37 |
Herzfeld Fund | Horizon Wealth Masters Fund | KAR Emerging Markets Small-Cap Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $11.88 | $17.11 | $13.07 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
(1)Investment in securities at cost | $51,213 | $44,578 | $56,120 | ||
(2) Market value of securities on loan | $144 | $2,506 | $— | ||
(3) Foreign currency at cost | $— | $— | $—(a) |
(a) | Amount is less than $500. |
KAR International Small-Cap Fund | Rampart Alternatives Diversifier Fund | Rampart Equity Trend Fund | |||
Assets | |||||
Investment in unaffiliated securities at value(1) | $1,214,519 | $20,644 | $347,277 | ||
Investment in affiliated funds at value(2) | — | 20,775 | — | ||
Foreign currency at value(3) | 4,940 | — | — | ||
Cash | 21,204 | 930 | 1,740 | ||
Receivables | |||||
Investment securities sold | 293 | — | 18,560 | ||
Fund shares sold | 8,727 | 22 | 23 | ||
Dividends and interest | 3,491 | 16 | 323 | ||
Tax reclaims | 102 | — | — | ||
Prepaid trustee retainer | 23 | 1 | 7 | ||
Prepaid expenses | 159 | 23 | 21 | ||
Other assets | 86 | 3 | 26 | ||
Total assets | 1,253,544 | 42,414 | 367,977 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 2,024 | 46 | 1,033 | ||
Investment securities purchased | 30,552 | — | 15,507 | ||
Investment advisory fees | 998 | — | 300 | ||
Distribution and service fees | 43 | 7 | 166 | ||
Administration and accounting fees | 111 | 5 | 33 | ||
Transfer agent and sub-transfer agent fees and expenses | 175 | 10 | 99 | ||
Professional fees | 15 | 14 | 15 | ||
Trustee deferred compensation plan | 86 | 3 | 26 | ||
Other accrued expenses | 22 | 3 | 34 | ||
Total liabilities | 34,026 | 88 | 17,213 | ||
Net Assets | $1,219,518 | $42,326 | $350,764 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $1,186,239 | $62,381 | $762,820 | ||
Accumulated earnings (loss) | 33,279 | (20,055) | (412,056) | ||
Net Assets | $1,219,518 | $42,326 | $350,764 | ||
Net Assets: | |||||
Class A | $59,568 | $13,482 | $95,113 | ||
Class C | $37,252 | $5,169 | $169,546 | ||
Class I | $1,091,307 | $23,675 | $85,533 | ||
Class R6 | $31,391 | $— | $572 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 3,511,272 | 1,193,765 | 6,585,542 | ||
Class C | 2,229,079 | 457,985 | 12,305,966 | ||
Class I | 64,097,682 | 2,104,235 | 5,849,937 | ||
Class R6 | 1,842,800 | — | 39,325 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $16.96 | $11.29 | $14.44 | ||
Class C | $16.71 | $11.29 | $13.78 | ||
Class I | $17.03 | $11.25 | $14.62 | ||
Class R6 | $17.03 | $— | $14.56 |
KAR International Small-Cap Fund | Rampart Alternatives Diversifier Fund | Rampart Equity Trend Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $17.99 | $11.98 | $15.32 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
(1)Investment in unaffiliated securities at cost | $1,192,419 | $18,777 | $325,636 | ||
(2) Investment in affiliated funds at cost | $— | $14,425 | $— | ||
(3) Foreign currency at cost | $4,937 | $— | $— |
Rampart Multi-Asset Trend Fund | Rampart Sector Trend Fund | Vontobel Global Opportunities Fund | |||
Assets | |||||
Investment in securities at value(1) | $57,424 | $216,102 | $276,138 | ||
Foreign currency at value(2) | — | — | 12 | ||
Cash | 429 | 1,180 | 7,101 | ||
Receivables | |||||
Investment securities sold | 3,224 | 12,928 | 4,692 | ||
Fund shares sold | 14 | 193 | 304 | ||
Dividends and interest | 19 | 216 | 167 | ||
Tax reclaims | — | — | 262 | ||
Prepaid trustee retainer | 1 | 4 | 4 | ||
Prepaid expenses | 31 | 19 | 33 | ||
Other assets | 4 | 16 | 18 | ||
Total assets | 61,146 | 230,658 | 288,731 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 101 | 848 | 347 | ||
Investment securities purchased | 2,846 | 11,114 | 493 | ||
Foreign capital gains tax | — | — | 162 | ||
Investment advisory fees | 50 | 83 | 182 | ||
Distribution and service fees | 31 | 73 | 47 | ||
Administration and accounting fees | 6 | 21 | 12 | ||
Transfer agent and sub-transfer agent fees and expenses | 15 | 28 | 39 | ||
Professional fees | 14 | 17 | 32 | ||
Trustee deferred compensation plan | 4 | 16 | 18 | ||
Other accrued expenses | 6 | 21 | 108 | ||
Total liabilities | 3,073 | 12,221 | 1,440 | ||
Net Assets | $58,073 | $218,437 | $287,291 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $76,826 | $222,778 | $208,738 | ||
Accumulated earnings (loss) | (18,753) | (4,341) | 78,553 | ||
Net Assets | $58,073 | $218,437 | $287,291 | ||
Net Assets: | |||||
Class A | $13,528 | $98,748 | $102,584 | ||
Class C | $32,387 | $61,817 | $28,858 | ||
Class I | $12,158 | $57,872 | $101,469 | ||
Class R6 | $— | $— | $54,380 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 1,222,462 | 7,760,398 | 6,736,575 | ||
Class C | 3,038,930 | 4,930,753 | 2,275,074 | ||
Class I | 1,091,567 | 4,560,206 | 6,662,776 | ||
Class R6 | — | — | 3,569,007 | ||
Net Asset Value and Redemption Price Per Share: | |||||
Class A | $11.07 | $12.72 | $15.23 | ||
Class C | $10.66 | $12.54 | $12.68 | ||
Class I | $11.14 | $12.69 | $15.23 | ||
Class R6 | $— | $— | $15.24 |
Rampart Multi-Asset Trend Fund | Rampart Sector Trend Fund | Vontobel Global Opportunities Fund | |||
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $11.75 | $13.50 | $16.16 | ||
Maximum Sales Charge - Class A | 5.75% | 5.75% | 5.75% | ||
(1)Investment in securities at cost | $54,544 | $206,888 | $197,450 | ||
(2) Foreign currency at cost | $— | $— | $12 |
Vontobel Greater European Opportunities Fund | |
Assets | |
Investment in securities at value(1)(2) | $5,240 |
Foreign currency at value(3) | 2 |
Cash | 195 |
Receivables | |
Investment securities sold | —(a) |
Fund shares sold | —(a) |
Receivable from adviser | 3 |
Dividends and interest | 10 |
Tax reclaims | 74 |
Securities lending | —(a) |
Prepaid trustee retainer | —(a) |
Prepaid expenses | 31 |
Other assets | —(a) |
Total assets | 5,555 |
Liabilities | |
Payables | |
Fund shares repurchased | 18 |
Collateral on securities loaned | 225 |
Distribution and service fees | 1 |
Administration and accounting fees | 1 |
Transfer agent and sub-transfer agent fees and expenses | 2 |
Professional fees | 14 |
Trustee deferred compensation plan | —(a) |
Other accrued expenses | 4 |
Total liabilities | 265 |
Net Assets | $5,290 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $3,622 |
Accumulated earnings (loss) | 1,668 |
Net Assets | $5,290 |
Net Assets: | |
Class A | $2,285 |
Class C | $801 |
Class I | $2,204 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 211,296 |
Class C | 76,063 |
Class I | 204,097 |
Net Asset Value and Redemption Price Per Share: | |
Class A | $10.81 |
Class C | $10.53 |
Class I | $10.80 |
Vontobel Greater European Opportunities Fund | |
Offering Price per Share (NAV/(1-Maximum Sales Charge)): | |
Class A | $11.47 |
Maximum Sales Charge - Class A | 5.75% |
(1)Investment in securities at cost | $3,873 |
(2) Market value of securities on loan | $213 |
(3) Foreign currency at cost | $2 |
(a) | Amount is less than $500. |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | Duff & Phelps International Real Estate Securities Fund | |||
Investment Income | |||||
Dividends | $1,328 | $2,952 | $657 | ||
Interest | 14 | 10 | 4 | ||
Foreign taxes withheld | (101) | (133) | (70) | ||
Total investment income | 1,241 | 2,829 | 591 | ||
Expenses | |||||
Investment advisory fees | 283 | 777 | 211 | ||
Distribution and service fees, Class A | 39 | 21 | 2 | ||
Distribution and service fees, Class C | 83 | 45 | 4 | ||
Administration and accounting fees | 50 | 100 | 22 | ||
Transfer agent fees and expenses | 19 | 39 | 9 | ||
Sub-transfer agent fees and expenses, Class A | 13 | 108 | 1 | ||
Sub-transfer agent fees and expenses, Class C | 7 | 6 | —(1) | ||
Sub-transfer agent fees and expenses, Class I | 14 | 79 | 19 | ||
Custodian fees | 1 | 1 | — | ||
Printing fees and expenses | 6 | 10 | 3 | ||
Professional fees | 12 | 14 | 12 | ||
Registration fees | 26 | 32 | 24 | ||
Trustees’ fees and expenses | 4 | 7 | 2 | ||
Miscellaneous expenses | 6 | 8 | 2 | ||
Total expenses | 563 | 1,247 | 311 | ||
Less expenses reimbursed and/or waived by investment adviser(2) | — | (134) | (41) | ||
Less low balance account fees | —(1) | — | — | ||
Net expenses | 563 | 1,113 | 270 | ||
Net investment income (loss) | 678 | 1,716 | 321 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 1,621 | 2,758 | 1,130 | ||
Foreign currency transactions | —(1) | (1) | —(1) | ||
Net change in unrealized appreciation (depreciation) from: | |||||
Investments | 7,010 | 9,332 | 1,553 | ||
Foreign currency transactions | (1) | —(1) | —(1) | ||
Net realized and unrealized gain (loss) on investments | 8,630 | 12,089 | 2,683 | ||
Net increase (decrease) in net assets resulting from operations | $9,308 | $13,805 | $3,004 |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
Herzfeld Fund | Horizon Wealth Masters Fund | KAR Emerging Markets Small-Cap Fund | |||
Investment Income | |||||
Dividends | $1,618 | $401 | $1,625 | ||
Interest | 8 | — | 72 | ||
Security lending, net of fees | 38 | 81 | — | ||
Foreign taxes withheld | — | (1) | (38) | ||
Total investment income | 1,664 | 481 | 1,659 | ||
Expenses | |||||
Investment advisory fees | 280 | 247 | 347 | ||
Distribution and service fees, Class A | 7 | 20 | 16 | ||
Distribution and service fees, Class C | 85 | 88 | 2 | ||
Administration and accounting fees | 34 | 35 | 35 | ||
Transfer agent fees and expenses | 12 | 13 | 12 | ||
Sub-transfer agent fees and expenses, Class A | 2 | 7 | 8 | ||
Sub-transfer agent fees and expenses, Class C | 8 | 8 | —(1) | ||
Sub-transfer agent fees and expenses, Class I | 10 | 11 | 15 | ||
Custodian fees | —(1) | 3 | — | ||
Printing fees and expenses | 4 | 4 | 3 | ||
Professional fees | 8 | 11 | 15 | ||
Interest expense | — | — | 4 | ||
Registration fees | 22 | 22 | 22 | ||
Trustees’ fees and expenses | 2 | 3 | 1 | ||
Miscellaneous expenses | 4 | 4 | 3 | ||
Total expenses | 478 | 476 | 483 | ||
Less expenses reimbursed and/or waived by investment adviser(2) | (8) | (78) | —(1) | ||
Less low balance account fees | — | —(1) | — | ||
Plus expenses recaptured | — | — | 2 | ||
Net expenses | 470 | 398 | 485 | ||
Net investment income (loss) | 1,194 | 83 | 1,174 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (1,573) | 705 | 207 | ||
Foreign currency transactions | — | — | (4) | ||
Capital gain received from investments in underlying funds | 861 | — | — | ||
Net change in unrealized appreciation (depreciation) from: | |||||
Investments | (2,164) | (6,183) | 5,296 | ||
Foreign currency transactions | — | — | —(1) | ||
Net realized and unrealized gain (loss) on investments | (2,876) | (5,478) | 5,499 | ||
Net increase (decrease) in net assets resulting from operations | $(1,682) | $(5,395) | $6,673 |
(1) | Amount is less than $500. |
(2) | See Note 4D in the Notes to Financial Statements. |
KAR International Small-Cap Fund | Rampart Alternatives Diversifier Fund | Rampart Equity Trend Fund | |||
Investment Income | |||||
Dividends | $24,279 | $226 | $2,010 | ||
Dividends from affiliated fund | — | 470 | — | ||
Interest | 699 | 98 | 1,345 | ||
Foreign taxes withheld | (476) | — | — | ||
Total investment income | 24,502 | 794 | 3,355 | ||
Expenses | |||||
Investment advisory fees | 4,928 | — | 1,860 | ||
Distribution and service fees, Class A | 63 | 14 | 121 | ||
Distribution and service fees, Class C | 170 | 37 | 915 | ||
Administration and accounting fees | 521 | 25 | 198 | ||
Transfer agent fees and expenses | 211 | 9 | 95 | ||
Sub-transfer agent fees and expenses, Class A | 25 | 6 | 43 | ||
Sub-transfer agent fees and expenses, Class C | 15 | 4 | 76 | ||
Sub-transfer agent fees and expenses, Class I | 414 | 12 | 44 | ||
Custodian fees | 8 | — | 2 | ||
Printing fees and expenses | 72 | 4 | 22 | ||
Professional fees | 17 | 8 | 13 | ||
Registration fees | 74 | 24 | 32 | ||
Trustees’ fees and expenses | 33 | 2 | 17 | ||
Miscellaneous expenses | 14 | 3 | 27 | ||
Total expenses | 6,565 | 148 | 3,465 | ||
Less low balance account fees | — | —(1) | —(1) | ||
Net expenses | 6,565 | 148 | 3,465 | ||
Net investment income (loss) | 17,937 | 646 | (110) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Unaffiliated investments | (4,665) | (107) | 48,915 | ||
Affiliated fund | — | (44) | — | ||
Foreign currency transactions | (28) | — | — | ||
Capital gain received from investments in affiliated funds | — | 577 | — | ||
Net change in unrealized appreciation (depreciation) from: | |||||
Unaffiliated investments | 710 | (1,620) | (87,696) | ||
Affiliated fund | — | 357 | — | ||
Foreign currency transactions | (80) | — | — | ||
Net realized and unrealized gain (loss) on investments | (4,063) | (837) | (38,781) | ||
Net increase (decrease) in net assets resulting from operations | $13,874 | $(191) | $(38,891) |
(1) | Amount is less than $500. |
Rampart Multi-Asset Trend Fund | Rampart Sector Trend Fund | Vontobel Global Opportunities Fund | |||
Investment Income | |||||
Dividends | $446 | $2,273 | $1,294 | ||
Interest | 183 | 463 | 12 | ||
Security lending, net of fees | — | — | 3 | ||
Foreign taxes withheld | — | — | (50) | ||
Total investment income | 629 | 2,736 | 1,259 | ||
Expenses | |||||
Investment advisory fees | 311 | 507 | 926 | ||
Distribution and service fees, Class A | 17 | 115 | 130 | ||
Distribution and service fees, Class C | 174 | 360 | 145 | ||
Administration and accounting fees | 37 | 122 | 118 | ||
Transfer agent fees and expenses | 16 | 53 | 52 | ||
Sub-transfer agent fees and expenses, Class A | 6 | 23 | 27 | ||
Sub-transfer agent fees and expenses, Class C | 15 | 27 | 12 | ||
Sub-transfer agent fees and expenses, Class I | 6 | 20 | 37 | ||
Custodian fees | 2 | 6 | 4 | ||
Printing fees and expenses | 5 | 13 | 11 | ||
Professional fees | 11 | 12 | 15 | ||
Registration fees | 23 | 24 | 35 | ||
Trustees’ fees and expenses | 3 | 10 | 8 | ||
Miscellaneous expenses | 6 | 19 | 24 | ||
Total expenses | 632 | 1,311 | 1,544 | ||
Less expenses reimbursed and/or waived by investment adviser(1) | — | — | (48) | ||
Less low balance account fees | —(2) | —(2) | (2) | ||
Net expenses | 632 | 1,311 | 1,494 | ||
Net investment income (loss) | (3) | 1,425 | (235) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 2,112 | 12,150 | 1,822(3) | ||
Foreign currency transactions | — | — | (17) | ||
Net change in unrealized appreciation (depreciation) from: | |||||
Investments | (3,396) | (30,899) | 1,562(4) | ||
Foreign currency transactions | — | — | 6 | ||
Net realized and unrealized gain (loss) on investments | (1,284) | (18,749) | 3,373 | ||
Net increase (decrease) in net assets resulting from operations | $(1,287) | $(17,324) | $3,138 |
(1) | See Note 4D in the Notes to Financial Statements. |
(2) | Amount is less than $500. |
(3) | Includes foreign capital gains tax paid of $(2). |
(4) | Includes net of foreign capital gains tax accrued of $(162). |
Vontobel Greater European Opportunities Fund | |
Investment Income | |
Dividends | $44 |
Interest | —(1) |
Security lending, net of fees | —(1) |
Foreign taxes withheld | (4) |
Total investment income | 40 |
Expenses | |
Investment advisory fees | 26 |
Distribution and service fees, Class A | 3 |
Distribution and service fees, Class C | 6 |
Administration and accounting fees | 8 |
Transfer agent fees and expenses | 1 |
Sub-transfer agent fees and expenses, Class A | 2 |
Sub-transfer agent fees and expenses, Class C | 1 |
Sub-transfer agent fees and expenses, Class I | 1 |
Custodian fees | 1 |
Printing fees and expenses | 1 |
Professional fees | 12 |
Registration fees | 21 |
Trustees’ fees and expenses | —(1) |
Miscellaneous expenses | 2 |
Total expenses | 85 |
Less expenses reimbursed and/or waived by investment adviser | (40) |
Net expenses | 45 |
Net investment income (loss) | (5) |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 410 |
Foreign currency transactions | —(1) |
Net change in unrealized appreciation (depreciation) from: | |
Investments | (862) |
Foreign currency transactions | (1) |
Net realized and unrealized gain (loss) on investments | (453) |
Net increase (decrease) in net assets resulting from operations | $(458) |
(1) | Amount is less than $500. |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $678 | $1,994 | $1,716 | $4,925 | |||
Net realized gain (loss) | 1,621 | 3,834 | 2,757 | 3,470 | |||
Net change in unrealized appreciation (depreciation) | 7,009 | (6,964) | 9,332 | 4,685 | |||
Increase (decrease) in net assets resulting from operations | 9,308 | (1,136) | 13,805 | 13,080 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,472) | (1,072)(1) | (245) | (366)(1) | |||
Class C | (741) | (490)(1) | (192) | (174)(1) | |||
Class I | (1,426) | (1,448)(1) | (4,838) | (3,322)(1) | |||
Class R6 | (412) | (174)(1) | (62) | (171)(1) | |||
Dividends and Distributions to Shareholders | (4,051) | (3,184) | (5,337) | (4,033) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,672) | (3,553) | (1,445) | (5,316) | |||
Class C | (2,324) | (6,325) | (765) | (1,680) | |||
Class I | 692 | (24,109) | 19,686 | (16,015) | |||
Class R6 | (2,800) | 11,888 | (3,993) | (1,619) | |||
Increase (decrease) in net assets from capital transactions | (6,104) | (22,099) | 13,483 | (24,630) | |||
Net increase (decrease) in net assets | (847) | (26,419) | 21,951 | (15,583) | |||
Net Assets | |||||||
Beginning of period | 92,487 | 118,906 | 181,309 | 196,892 | |||
End of Period | $91,640 | $92,487 | $203,260 | $181,309 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(6) | N/A | $3,839 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $(697) | $(323) | ||
Class C | (254) | (154) | ||
Class I | (904) | (3,038) | ||
Class R6 | (173) | (157) | ||
Net realized gains: | ||||
Class A | (375) | (43) | ||
Class C | (236) | (20) | ||
Class I | (544) | (284) | ||
Class R6 | (1) | (14) | ||
Total | $(3,184) | $(4,033) |
Duff & Phelps International Real Estate Securities Fund | Herzfeld Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $321 | $1,265 | $1,194 | $1,312 | |||
Net realized gain (loss) | 1,130 | 2,007 | (712) | 5,182 | |||
Net change in unrealized appreciation (depreciation) | 1,553 | (1,193) | (2,164) | (2,017) | |||
Increase (decrease) in net assets resulting from operations | 3,004 | 2,079 | (1,682) | 4,477 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (70) | (41)(1) | (465) | (236)(1) | |||
Class C | (28) | (9)(1) | (1,458) | (411)(1) | |||
Class I | (1,553) | (500)(1) | (3,042) | (1,211)(1) | |||
Dividends and Distributions to Shareholders | (1,651) | (550) | (4,965) | (1,858) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (110) | (528) | 71 | (2,309) | |||
Class C | (130) | (90) | (530) | (679) | |||
Class I | 1,080 | 17,135 | (397) | (1,270) | |||
Increase (decrease) in net assets from capital transactions | 840 | 16,517 | (856) | (4,258) | |||
Net increase (decrease) in net assets | 2,193 | 18,046 | (7,503) | (1,639) | |||
Net Assets | |||||||
Beginning of period | 43,082 | 25,036 | 62,299 | 63,938 | |||
End of Period | $45,275 | $43,082 | $54,796 | $62,299 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $733 | N/A | $79 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $(41) | $(181) | ||
Class C | (9) | (310) | ||
Class I | (500) | (1,011) | ||
Net realized gains: | ||||
Class A | — | (55) | ||
Class C | — | (101) | ||
Class I | — | (200) | ||
Total | $(550) | $(1,858) |
Horizon Wealth Masters Fund | KAR Emerging Markets Small-Cap Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $83 | $(119) | $1,174 | $213 | |||
Net realized gain (loss) | 705 | 5,266 | 203 | 212 | |||
Net change in unrealized appreciation (depreciation) | (6,183) | 2,266 | 5,296 | (90) | |||
Increase (decrease) in net assets resulting from operations | (5,395) | 7,413 | 6,673 | 335 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,150) | (170)(1) | (30) | (7)(1) | |||
Class C | (1,290) | (182)(1) | — | — | |||
Class I | (1,724) | (247)(1) | (172) | (102)(1) | |||
Dividends and Distributions to Shareholders | (4,164) | (599) | (202) | (109) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (404) | (3,701) | 13,482 | 2,998 | |||
Class C | (272) | (2,929) | 80 | 24 | |||
Class I | (2,060) | (4,312) | 12,125 | 19,761 | |||
Increase (decrease) in net assets from capital transactions | (2,736) | (10,942) | 25,687 | 22,783 | |||
Net increase (decrease) in net assets | (12,295) | (4,128) | 32,158 | 23,009 | |||
Net Assets | |||||||
Beginning of period | 68,470 | 72,598 | 33,646 | 10,637 | |||
End of Period | $56,175 | $68,470 | $65,804 | $33,646 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(5) | N/A | $192 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $— | $(7) | ||
Class I | — | (102) | ||
Net realized gains: | ||||
Class A | (170) | — | ||
Class C | (182) | — | ||
Class I | (247) | — | ||
Total | $(599) | $(109) |
KAR International Small-Cap Fund | Rampart Alternatives Diversifier Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $17,937 | $5,736 | $646 | $425 | |||
Net realized gain (loss) | (4,693) | 6,223 | 426 | 1,853 | |||
Net change in unrealized appreciation (depreciation) | 630 | (3,949) | (1,263) | 229 | |||
Increase (decrease) in net assets resulting from operations | 13,874 | 8,010 | (191) | 2,507 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (477) | (336)(1) | (216) | (109)(1) | |||
Class C | (225) | (208)(1) | (73) | (71)(1) | |||
Class I | (10,947) | (3,359)(1) | (601) | (214)(1) | |||
Class R6 | (400) | (839)(1) | — | — | |||
Dividends and Distributions to Shareholders | (12,049) | (4,742) | (890) | (394) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 11,733 | 29,130 | 3,224 | (1,342) | |||
Class C | 1,641 | 22,067 | (4,364) | (3,979) | |||
Class I | 312,994 | 597,500 | 4,026 | (653) | |||
Class R6 | (38,272) | 32,554 | — | — | |||
Increase (decrease) in net assets from capital transactions | 288,096 | 681,251 | 2,886 | (5,974) | |||
Net increase (decrease) in net assets | 289,921 | 684,519 | 1,805 | (3,861) | |||
Net Assets | |||||||
Beginning of period | 929,597 | 245,078 | 40,521 | 44,382 | |||
End of Period | $1,219,518 | $929,597 | $42,326 | $40,521 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $4,388 | N/A | $290 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $(117) | $(109) | ||
Class C | (42) | (71) | ||
Class I | (1,302) | (214) | ||
Class R6 | (337) | — | ||
Net realized gains: | ||||
Class A | (219) | — | ||
Class C | (166) | — | ||
Class I | (2,057) | — | ||
Class R6 | (502) | — | ||
Total | $(4,742) | $(394) |
Rampart Equity Trend Fund | Rampart Multi-Asset Trend Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $(110) | $(1,036) | $(3) | $227 | |||
Net realized gain (loss) | 48,915 | 62,877 | 2,112 | 4,913 | |||
Net change in unrealized appreciation (depreciation) | (87,696) | 12,227 | (3,396) | (2,296) | |||
Increase (decrease) in net assets resulting from operations | (38,891) | 74,068 | (1,287) | 2,844 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | — | — | (24) | — | |||
Class I | — | — | (61) | — | |||
Dividends and Distributions to Shareholders | — | — | (85) | — | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (5,455) | (43,609) | (979) | (4,030) | |||
Class C | (29,144) | (73,514) | (6,474) | (12,942) | |||
Class I | (15,807) | (56,832) | (2,762) | (2,920) | |||
Class R6 | — | 353 | — | — | |||
Increase (decrease) in net assets from capital transactions | (50,406) | (173,602) | (10,215) | (19,892) | |||
Net increase (decrease) in net assets | (89,297) | (99,534) | (11,587) | (17,048) | |||
Net Assets | |||||||
Beginning of period | 440,061 | 539,595 | 69,660 | 86,708 | |||
End of Period | $350,764 | $440,061 | $58,073 | $69,660 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(814) | N/A | $79 |
Rampart Sector Trend Fund | Vontobel Global Opportunities Fund | ||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||
Increase (Decrease) in Net Assets Resulting From Operations | |||||||
Net investment income (loss) | $1,425 | $1,363 | $(235) | $311 | |||
Net realized gain (loss) | 12,150 | 37,146 | 1,805 | 20,844 | |||
Net change in unrealized appreciation (depreciation) | (30,899) | (5,473) | 1,568 | 2,604 | |||
Increase (decrease) in net assets resulting from operations | (17,324) | 33,036 | 3,138 | 23,759 | |||
Dividends and Distributions to Shareholders: | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (859) | (902)(1) | (9,904) | (6,247)(1) | |||
Class C | (63) | (24)(1) | (3,484) | (2,000)(1) | |||
Class I | (778) | (790)(1) | (7,873) | (4,710)(1) | |||
Class R6 | — | — | (42) | — | |||
Dividends and Distributions to Shareholders | (1,700) | (1,716) | (21,303) | (12,957) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 9,953 | (15,737) | 7,074 | (14,507) | |||
Class C | (19,528) | (29,070) | 514 | 923 | |||
Class I | 3,269 | (19,857) | 27,084 | 536 | |||
Class R6 | — | — | 53,185 | 407 | |||
Increase (decrease) in net assets from capital transactions | (6,306) | (64,664) | 87,857 | (12,641) | |||
Net increase (decrease) in net assets | (25,330) | (33,344) | 69,692 | (1,839) | |||
Net Assets | |||||||
Beginning of period | 243,767 | 277,111 | 217,599 | 219,438 | |||
End of Period | $218,437 | $243,767 | $287,291 | $217,599 | |||
Accumulated undistributed net investment income (loss) at end of period | N/A | $575 | N/A | $178 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||||
Net investment income: | ||||
Class A | $(902) | $(7) | ||
Class C | (24) | — | ||
Class I | (790) | (256) | ||
Net realized gains: | ||||
Class A | — | (6,240) | ||
Class C | — | (2,000) | ||
Class I | — | (4,454) | ||
Total | $(1,716) | $(12,957) |
Vontobel Greater European Opportunities Fund | |||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $(5) | $63 | |
Net realized gain (loss) | 410 | 2,205 | |
Net change in unrealized appreciation (depreciation) | (863) | (2,206) | |
Increase (decrease) in net assets resulting from operations | (458) | 62 | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (723) | (479)(1) | |
Class C | (365) | (237)(1) | |
Class I | (594) | (587)(1) | |
Dividends and Distributions to Shareholders | (1,682) | (1,303) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | (72) | (449) | |
Class C | (535) | (114) | |
Class I | 301 | (6,714) | |
Increase (decrease) in net assets from capital transactions | (306) | (7,277) | |
Net increase (decrease) in net assets | (2,446) | (8,518) | |
Net Assets | |||
Beginning of period | 7,736 | 16,254 | |
End of Period | $5,290 | $7,736 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $47 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Funds were as follows: |
Dividends and Distributions to Shareholders | ||
Net investment income: | ||
Class A | $(58) | |
Class C | (17) | |
Class I | (84) | |
Net realized gains: | ||
Class A | (421) | |
Class C | (220) | |
Class I | (503) | |
Total | $(1,303) |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Duff & Phelps Global Infrastructure Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $14.45 | 0.11 | — | 1.44 | 1.55 | (0.14) | (0.55) | (0.69) | 0.86 | $15.31 | 11.25 % | $32,538 | 1.27 % | 1.27 % | 1.58 % | 7 % | |
10/1/17 to 9/30/18 | 15.00 | 0.28 | — | (0.39) | (0.11) | (0.29) | (0.15) | (0.44) | (0.55) | 14.45 | (0.75) | 32,466 | 1.25 | 1.25 | 1.91 | 36 | |
10/1/16 to 9/30/17 | 14.22 | 0.29 | — | 1.15 | 1.44 | (0.28) | (0.38) | (0.66) | 0.78 | 15.00 | 10.70 (7) | 37,401 | 1.29 (7) | 1.30 | 2.04 (7) | 56 | |
10/1/15 to 9/30/16 | 13.62 | 0.29 | — | 1.54 | 1.83 | (0.33) | (0.90) | (1.23) | 0.60 | 14.22 | 14.79 | 51,148 | 1.34 (8) | 1.34 | 2.16 | 17 | |
10/1/14 to 9/30/15 | 15.38 | 0.36 | — | (1.60) | (1.24) | (0.39) | (0.13) | (0.52) | (1.76) | 13.62 | (8.27) | 60,744 | 1.22 | 1.22 | 2.38 | 27 | |
10/1/13 to 9/30/14 | 13.94 | 0.71 | — | 1.40 | 2.11 | (0.67) | — | (0.67) | 1.44 | 15.38 | 15.21 | 60,673 | 1.29 | 1.29 | 4.69 | 24 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $14.39 | 0.06 | — | 1.43 | 1.49 | (0.08) | (0.55) | (0.63) | 0.86 | $15.25 | 10.88 % | $16,538 | 2.02 % | 2.02 % | 0.84 % | 7 % | |
10/1/17 to 9/30/18 | 14.94 | 0.17 | — | (0.39) | (0.22) | (0.18) | (0.15) | (0.33) | (0.55) | 14.39 | (1.54) | 17,972 | 2.00 | 2.00 | 1.16 | 36 | |
10/1/16 to 9/30/17 | 14.17 | 0.18 | — | 1.14 | 1.32 | (0.17) | (0.38) | (0.55) | 0.77 | 14.94 | 9.84 (7) | 25,144 | 2.04 (7) | 2.05 | 1.30 (7) | 56 | |
10/1/15 to 9/30/16 | 13.57 | 0.19 | — | 1.53 | 1.72 | (0.22) | (0.90) | (1.12) | 0.60 | 14.17 | 13.94 | 29,616 | 2.08 (8) | 2.08 | 1.42 | 17 | |
10/1/14 to 9/30/15 | 15.33 | 0.25 | — | (1.59) | (1.34) | (0.29) | (0.13) | (0.42) | (1.76) | 13.57 | (8.94) | 41,039 | 1.97 | 1.97 | 1.66 | 27 | |
10/1/13 to 9/30/14 | 13.90 | 0.58 | — | 1.41 | 1.99 | (0.56) | — | (0.56) | 1.43 | 15.33 | 14.37 | 26,322 | 2.04 | 2.04 | 3.82 | 24 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $14.45 | 0.13 | — | 1.44 | 1.57 | (0.15) | (0.55) | (0.70) | 0.87 | $15.32 | 11.45 % | $33,290 | 1.03 % | 1.03 % | 1.85 % | 7 % | |
10/1/17 to 9/30/18 | 15.00 | 0.31 | — | (0.38) | (0.07) | (0.33) | (0.15) | (0.48) | (0.55) | 14.45 | (0.52) | 30,488 | 1.01 | 1.01 | 2.12 | 36 | |
10/1/16 to 9/30/17 | 14.23 | 0.33 | — | 1.14 | 1.47 | (0.32) | (0.38) | (0.70) | 0.77 | 15.00 | 10.92 (7) | 56,361 | 1.04 (7) | 1.04 | 2.29 (7) | 56 | |
10/1/15 to 9/30/16 | 13.63 | 0.32 | — | 1.54 | 1.86 | (0.36) | (0.90) | (1.26) | 0.60 | 14.23 | 15.07 | 41,056 | 1.08 (8) | 1.08 | 2.37 | 17 | |
10/1/14 to 9/30/15 | 15.38 | 0.39 | — | (1.58) | (1.19) | (0.43) | (0.13) | (0.56) | (1.75) | 13.63 | (7.98) | 50,522 | 0.97 | 0.97 | 2.61 | 27 | |
10/1/13 to 9/30/14 | 13.94 | 0.74 | — | 1.41 | 2.15 | (0.71) | — | (0.71) | 1.44 | 15.38 | 15.49 | 55,557 | 1.04 | 1.04 | 4.87 | 24 | |
Class R6 | |||||||||||||||||
10/1/18 to 3/31/19(6) | $14.45 | 0.13 | — | 1.44 | 1.57 | (0.16) | (0.55) | (0.71) | 0.86 | $15.31 | 11.43 % | $9,274 | 0.93 % | 0.93 % | 1.84 % | 7 % | |
1/30/18(9) to 9/30/18 | 15.06 | 0.23 | — | (0.60) | (0.37) | (0.24) | — | (0.24) | (0.61) | 14.45 | (2.44) | 11,561 | 0.93 | 0.93 | 2.41 | 36 (10) | |
Duff & Phelps Global Real Estate Securities Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $30.30 | 0.25 | — | 1.91 | 2.16 | (0.44) | (0.01) | (0.45) | 1.71 | $32.01 | 7.26 % | $18,974 | 1.40 % | 2.61 % | 1.70 % | 20 % | |
10/1/17 to 9/30/18 | 28.64 | 0.74 | — | 1.38 | 2.12 | (0.40) | (0.06) | (0.46) | 1.66 | 30.30 | 7.48 | 19,470 | 1.40 | 2.51 | 2.53 | 41 | |
10/1/16 to 9/30/17 | 28.97 | 0.39 | — | 0.07 | 0.46 | (0.72) | (0.07) | (0.79) | (0.33) | 28.64 | 1.82 | 23,626 | 1.40 | 1.68 | 1.41 | 36 | |
10/1/15 to 9/30/16 | 26.19 | 0.40 | — | 3.12 | 3.52 | (0.33) | (0.41) | (0.74) | 2.78 | 28.97 | 13.75 | 68,087 | 1.41 (8) | 1.54 | 1.45 | 22 | |
10/1/14 to 9/30/15 | 25.18 | 0.66 | — | 1.08 | 1.74 | (0.64) | (0.09) | (0.73) | 1.01 | 26.19 | 6.83 | 36,315 | 1.40 | 1.50 | 2.45 | 27 | |
10/1/13 to 9/30/14 | 23.14 | 0.38 | — | 2.19 | 2.57 | (0.36) | (0.17) | (0.53) | 2.04 | 25.18 | 11.36 | 21,502 | 1.40 | 1.57 | 1.52 | 29 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $29.50 | 0.13 | — | 1.83 | 1.96 | (0.61) | (0.01) | (0.62) | 1.34 | $30.84 | 6.86 % | $9,217 | 2.15 % | 2.21 % | 0.91 % | 20 % | |
10/1/17 to 9/30/18 | 28.12 | 0.50 | — | 1.36 | 1.86 | (0.42) | (0.06) | (0.48) | 1.38 | 29.50 | 6.68 | 9,580 | 2.15 | 2.21 | 1.73 | 41 | |
10/1/16 to 9/30/17 | 28.41 | 0.23 | — | 0.02 | 0.25 | (0.47) | (0.07) | (0.54) | (0.29) | 28.12 | 1.06 | 10,771 | 2.15 | 2.31 | 0.86 | 36 | |
10/1/15 to 9/30/16 | 25.71 | 0.20 | — | 3.06 | 3.26 | (0.15) | (0.41) | (0.56) | 2.70 | 28.41 | 12.89 | 13,560 | 2.16 (8) | 2.29 | 0.73 | 22 | |
10/1/14 to 9/30/15 | 24.77 | 0.45 | — | 1.07 | 1.52 | (0.49) | (0.09) | (0.58) | 0.94 | 25.71 | 6.07 | 8,421 | 2.15 | 2.26 | 1.68 | 27 | |
10/1/13 to 9/30/14 | 22.78 | 0.22 | — | 2.13 | 2.35 | (0.19) | (0.17) | (0.36) | 1.99 | 24.77 | 10.51 | 5,850 | 2.15 | 2.32 | 0.92 | 29 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Duff & Phelps Global Real Estate Securities Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $30.33 | 0.29 | — | 1.84 | 2.13 | (0.93) | (0.01) | (0.94) | 1.19 | $31.52 | 7.39 % | $172,415 | 1.15 % | 1.19 % | 1.96 % | 20 % | |
10/1/17 to 9/30/18 | 28.77 | 0.80 | — | 1.39 | 2.19 | (0.57) | (0.06) | (0.63) | 1.56 | 30.33 | 7.70 | 145,648 | 1.15 | 1.19 | 2.72 | 41 | |
10/1/16 to 9/30/17 | 29.19 | 0.54 | — | (0.02) | 0.52 | (0.87) | (0.07) | (0.94) | (0.42) | 28.77 | 2.02 | 154,704 | 1.15 | 1.31 | 1.93 | 36 | |
10/1/15 to 9/30/16 | 26.37 | 0.51 | — | 3.11 | 3.62 | (0.39) | (0.41) | (0.80) | 2.82 | 29.19 | 14.06 | 114,428 | 1.16 (8) | 1.29 | 1.79 | 22 | |
10/1/14 to 9/30/15 | 25.33 | 0.73 | — | 1.10 | 1.83 | (0.70) | (0.09) | (0.79) | 1.04 | 26.37 | 7.11 | 32,659 | 1.15 | 1.25 | 2.69 | 27 | |
10/1/13 to 9/30/14 | 23.28 | 0.41 | — | 2.22 | 2.63 | (0.41) | (0.17) | (0.58) | 2.05 | 25.33 | 11.60 | 26,985 | 1.15 | 1.32 | 1.65 | 29 | |
Class R6 | |||||||||||||||||
10/1/18 to 3/31/19(6) | $30.37 | 0.23 | — | 1.93 | 2.16 | (0.96) | (0.01) | (0.97) | 1.19 | $31.56 | 7.49 % | $2,654 | 0.95 % | 1.08 % | 1.58 % | 20 % | |
10/1/17 to 9/30/18 | 28.79 | 0.86 | — | 1.38 | 2.24 | (0.60) | (0.06) | (0.66) | 1.58 | 30.37 | 7.90 | 6,611 | 1.00 (11) | 1.09 | 2.92 | 41 | |
11/3/16(9) to 9/30/17 | 26.78 | 0.50 | — | 2.47 | 2.97 | (0.89) | (0.07) | (0.96) | 2.01 | 28.79 | 11.39 | 7,791 | 1.04 | 1.12 | 1.92 | 36 (10) | |
Duff & Phelps International Real Estate Securities Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $7.41 | 0.05 | — | 0.44 | 0.49 | (0.27) | — | (0.27) | 0.22 | $7.63 | 7.02 % | $2,094 | 1.50 % | 1.71 % | 1.30 % | 18 % | |
10/1/17 to 9/30/18 | 6.93 | 0.30 | — | 0.30 | 0.60 | (0.12) | — | (0.12) | 0.48 | 7.41 | 8.72 | 2,145 | 1.50 | 1.85 | 4.07 | 38 | |
10/1/16 to 9/30/17 | 7.25 | 0.13 | — | (0.01) | 0.12 | (0.44) | — | (0.44) | (0.32) | 6.93 | 2.53 | 2,506 | 1.50 | 1.99 | 1.94 | 24 | |
10/1/15 to 9/30/16 | 6.63 | 0.11 | — | 0.58 | 0.69 | (0.07) | — | (0.07) | 0.62 | 7.25 | 10.47 | 8,680 | 1.51 (8) | 1.91 | 1.60 | 26 | |
10/1/14 to 9/30/15 | 7.03 | 0.28 | — | (0.21) | 0.07 | (0.47) | — | (0.47) | (0.40) | 6.63 | 0.94 | 12,415 | 1.50 | 1.78 | 4.09 | 27 | |
10/1/13 to 9/30/14 | 6.61 | 0.16 | — | 0.39 | 0.55 | (0.13) | — | (0.13) | 0.42 | 7.03 | 8.61 | 11,257 | 1.50 | 1.73 | 2.38 | 32 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $7.38 | 0.02 | — | 0.44 | 0.46 | (0.22) | — | (0.22) | 0.24 | $7.62 | 6.64 % | $839 | 2.25 % | 2.45 % | 0.51 % | 18 % | |
10/1/17 to 9/30/18 | 6.89 | 0.25 | — | 0.30 | 0.55 | (0.06) | — | (0.06) | 0.49 | 7.38 | 7.97 | 945 | 2.25 | 2.59 | 3.35 | 38 | |
10/1/16 to 9/30/17 | 7.21 | 0.09 | — | (0.02) | 0.07 | (0.39) | — | (0.39) | (0.32) | 6.89 | 1.72 | 957 | 2.25 | 2.73 | 1.32 | 24 | |
10/1/15 to 9/30/16 | 6.59 | 0.07 | — | 0.57 | 0.64 | (0.02) | — | (0.02) | 0.62 | 7.21 | 9.69 | 2,006 | 2.26 (8) | 2.68 | 0.97 | 26 | |
10/1/14 to 9/30/15 | 6.97 | 0.23 | — | (0.20) | 0.03 | (0.41) | — | (0.41) | (0.38) | 6.59 | 0.29 | 2,226 | 2.25 | 2.52 | 3.36 | 27 | |
10/1/13 to 9/30/14 | 6.56 | 0.12 | — | 0.38 | 0.50 | (0.09) | — | (0.09) | 0.41 | 6.97 | 7.75 | 2,553 | 2.25 | 2.48 | 1.68 | 32 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $7.40 | 0.06 | — | 0.44 | 0.50 | (0.29) | — | (0.29) | 0.21 | $7.61 | 7.16 % | $42,342 | 1.25 % | 1.44 % | 1.56 % | 18 % | |
10/1/17 to 9/30/18 | 6.94 | 0.28 | — | 0.34 | 0.62 | (0.16) | — | (0.16) | 0.46 | 7.40 | 9.03 | 39,992 | 1.25 | 1.53 | 3.74 | 38 | |
10/1/16 to 9/30/17 | 7.26 | 0.16 | — | (0.03) | 0.13 | (0.45) | — | (0.45) | (0.32) | 6.94 | 2.79 | 21,573 | 1.25 | 1.72 | 2.45 | 24 | |
10/1/15 to 9/30/16 | 6.64 | 0.14 | — | 0.56 | 0.70 | (0.08) | — | (0.08) | 0.62 | 7.26 | 10.72 | 24,348 | 1.26 (8) | 1.68 | 1.98 | 26 | |
10/1/14 to 9/30/15 | 7.03 | 0.30 | — | (0.20) | 0.10 | (0.49) | — | (0.49) | (0.39) | 6.64 | 1.31 | 24,999 | 1.25 | 1.52 | 4.36 | 27 | |
10/1/13 to 9/30/14 | 6.61 | 0.18 | — | 0.39 | 0.57 | (0.15) | — | (0.15) | 0.42 | 7.03 | 8.87 | 28,738 | 1.25 | 1.48 | 2.64 | 32 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Herzfeld Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $12.64 | 0.25 | 0.17 | (0.82) | (0.40) | (0.17) | (0.87) | (1.04) | (1.44) | $11.20 | (2.04) % | $5,634 | 1.60 % | 1.63 % | 4.42 % | 25 % | |
10/1/17 to 9/30/18 | 12.15 | 0.26 | 0.31 | 0.28 | 0.85 | (0.29) | (0.07) | (0.36) | 0.49 | 12.64 | 7.06 | 6,198 | 1.60 | 1.62 | 2.11 | 69 | |
10/1/16 to 9/30/17 | 10.92 | 0.27 | 0.22 | 1.10 | 1.59 | (0.36) | — | (0.36) | 1.23 | 12.15 | 14.78 | 8,146 | 1.59 | 1.67 | 2.39 | 44 | |
10/1/15 to 9/30/16 | 9.91 | 0.34 | — | 1.20 | 1.54 | (0.43) | (0.10) | (0.53) | 1.01 | 10.92 | 16.04 | 11,060 | 1.61 (8) | 1.74 | 3.33 | 53 | |
10/1/14 to 9/30/15 | 11.37 | 0.35 | — | (1.12) | (0.77) | (0.37) | (0.32) | (0.69) | (1.46) | 9.91 | (7.17) | 8,324 | 1.60 | 1.73 | 3.20 | 57 | |
10/1/13 to 9/30/14 | 10.45 | 0.34 | — | 1.02 | 1.36 | (0.36) | (0.08) | (0.44) | 0.92 | 11.37 | 13.21 | 9,212 | 1.60 | 1.93 | 3.04 | 53 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $12.59 | 0.20 | 0.17 | (0.81) | (0.44) | (0.13) | (0.87) | (1.00) | (1.44) | $11.15 | (2.43) % | $16,660 | 2.35 % | 2.40 % | 3.64 % | 25 % | |
10/1/17 to 9/30/18 | 12.10 | 0.16 | 0.29 | 0.31 | 0.76 | (0.20) | (0.07) | (0.27) | 0.49 | 12.59 | 6.31 | 19,231 | 2.35 | 2.36 | 1.32 | 69 | |
10/1/16 to 9/30/17 | 10.88 | 0.18 | 0.19 | 1.13 | 1.50 | (0.28) | — | (0.28) | 1.22 | 12.10 | 13.94 | 19,147 | 2.34 | 2.42 | 1.58 | 44 | |
10/1/15 to 9/30/16 | 9.87 | 0.27 | — | 1.19 | 1.46 | (0.35) | (0.10) | (0.45) | 1.01 | 10.88 | 15.22 | 15,568 | 2.36 (8) | 2.49 | 2.61 | 53 | |
10/1/14 to 9/30/15 | 11.34 | 0.26 | — | (1.11) | (0.85) | (0.30) | (0.32) | (0.62) | (1.47) | 9.87 | (7.94) | 14,761 | 2.35 | 2.48 | 2.39 | 57 | |
10/1/13 to 9/30/14 | 10.43 | 0.26 | — | 1.01 | 1.27 | (0.28) | (0.08)��� | (0.36) | 0.91 | 11.34 | 12.34 | 10,624 | 2.35 | 2.70 | 2.35 | 53 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $12.66 | 0.26 | 0.18 | (0.84) | (0.40) | (0.18) | (0.87) | (1.05) | (1.45) | $11.21 | (1.89) % | $32,502 | 1.35 % | 1.37 % | 4.56 % | 25 % | |
10/1/17 to 9/30/18 | 12.17 | 0.29 | 0.29 | 0.31 | 0.89 | (0.33) | (0.07) | (0.40) | 0.49 | 12.66 | 7.38 | 36,870 | 1.33 | 1.35 | 2.32 | 69 | |
10/1/16 to 9/30/17 | 10.94 | 0.30 | 0.18 | 1.14 | 1.62 | (0.39) | — | (0.39) | 1.23 | 12.17 | 15.07 | 36,645 | 1.35 | 1.41 | 2.64 | 44 | |
10/1/15 to 9/30/16 | 9.92 | 0.37 | — | 1.21 | 1.58 | (0.46) | (0.10) | (0.56) | 1.02 | 10.94 | 16.40 | 20,511 | 1.36 (8) | 1.49 | 3.59 | 53 | |
10/1/14 to 9/30/15 | 11.39 | 0.37 | — | (1.12) | (0.75) | (0.40) | (0.32) | (0.72) | (1.47) | 9.92 | (7.01) | 15,148 | 1.35 | 1.47 | 3.39 | 57 | |
10/1/13 to 9/30/14 | 10.46 | 0.38 | — | 1.01 | 1.39 | (0.38) | (0.08) | (0.46) | 0.93 | 11.39 | 13.54 | 3,441 | 1.35 | 1.71 | 3.40 | 53 | |
Horizon Wealth Masters Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $18.80 | 0.03 | — | (1.53) | (1.50) | — | (1.17) | (1.17) | (2.67) | $16.13 | (7.21) % | $15,898 | 1.25 % | 1.52 % | 0.41 % | 13 % | |
10/1/17 to 9/30/18 | 17.07 | (0.01) | — | 1.89 | 1.88 | — | (0.15) | (0.15) | 1.73 | 18.80 | 11.04 | 18,883 | 1.30 (11) | 1.47 | (0.05) | 27 | |
10/1/16 to 9/30/17 | 14.60 | 0.05 | — | 2.52 | 2.57 | (0.10) | — | (0.10) | 2.47 | 17.07 | 17.67 | 20,639 | 1.45 | 1.52 | 0.32 | 30 | |
10/1/15 to 9/30/16 | 13.25 | 0.07 | — | 1.55 | 1.62 | (0.03) | (0.24) | (0.27) | 1.35 | 14.60 | 12.44 | 33,204 | 1.46 (8) | 1.54 | 0.53 | 30 | |
10/1/14 to 9/30/15 | 14.50 | 0.05 | — | (0.98) | (0.93) | (0.05) | (0.27) | (0.32) | (1.25) | 13.25 | (6.74) | 54,109 | 1.45 | 1.46 | 0.36 | 51 | |
10/1/13 to 9/30/14 | 13.12 | 0.02 | — | 1.37 | 1.39 | — | (0.01) | (0.01) | 1.38 | 14.50 | 10.67 | 55,881 | 1.45 | 1.46 | 0.11 | 62 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $18.21 | (0.03) | — | (1.49) | (1.52) | — | (1.17) | (1.17) | (2.69) | $15.52 | (7.57) % | $17,288 | 2.00 % | 2.27 % | (0.34) % | 13 % | |
10/1/17 to 9/30/18 | 16.65 | (0.14) | — | 1.85 | 1.71 | — | (0.15) | (0.15) | 1.56 | 18.21 | 10.29 | 20,484 | 2.05 (11) | 2.23 | (0.80) | 27 | |
10/1/16 to 9/30/17 | 14.26 | (0.07) | — | 2.46 | 2.39 | — | — | — | 2.39 | 16.65 | 16.76 | 21,533 | 2.20 | 2.27 | (0.48) | 30 | |
10/1/15 to 9/30/16 | 13.02 | (0.03) | — | 1.51 | 1.48 | — | (0.24) | (0.24) | 1.24 | 14.26 | 11.56 | 24,816 | 2.21 (8) | 2.29 | (0.22) | 30 | |
10/1/14 to 9/30/15 | 14.32 | (0.06) | — | (0.97) | (1.03) | — | (0.27) | (0.27) | (1.30) | 13.02 | (7.41) | 34,171 | 2.20 | 2.21 | (0.39) | 51 | |
10/1/13 to 9/30/14 | 13.04 | (0.09) | — | 1.38 | 1.29 | — | (0.01) | (0.01) | 1.28 | 14.32 | 9.90 | 30,511 | 2.20 | 2.22 | (0.65) | 62 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Horizon Wealth Masters Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $18.91 | 0.05 | — | (1.54) | (1.49) | — | (1.17) | (1.17) | (2.66) | $16.25 | (7.11) % | $22,989 | 1.00 % | 1.27 % | 0.66 % | 13 % | |
10/1/17 to 9/30/18 | 17.12 | 0.04 | — | 1.90 | 1.94 | — | (0.15) | (0.15) | 1.79 | 18.91 | 11.36 | 29,103 | 1.05 (11) | 1.22 | 0.20 | 27 | |
10/1/16 to 9/30/17 | 14.66 | 0.07 | — | 2.55 | 2.62 | (0.16) | — | (0.16) | 2.46 | 17.12 | 17.97 | 30,426 | 1.20 | 1.26 | 0.46 | 30 | |
10/1/15 to 9/30/16 | 13.30 | 0.08 | — | 1.58 | 1.66 | (0.06) | (0.24) | (0.30) | 1.36 | 14.66 | 12.75 | 20,134 | 1.21 (8) | 1.29 | 0.61 | 30 | |
10/1/14 to 9/30/15 | 14.56 | 0.09 | — | (1.00) | (0.91) | (0.08) | (0.27) | (0.35) | (1.26) | 13.30 | (6.53) | 32,495 | 1.20 | 1.21 | 0.62 | 51 | |
10/1/13 to 9/30/14 | 13.14 | 0.05 | — | 1.39 | 1.44 | (0.01) | (0.01) | (0.02) | 1.42 | 14.56 | 10.96 | 48,918 | 1.20 | 1.20 | 0.33 | 62 | |
KAR Emerging Markets Small-Cap Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.66 | 0.24 | — | 0.45 | 0.69 | (0.03) | — | (0.03) | 0.66 | $12.32 | 5.99 % | $20,275 | 1.87 % (12) | 1.92 % | 4.19 % | 43 % | |
10/1/17 to 9/30/18 | 10.95 | 0.10 | — | 0.68 | 0.78 | (0.07) | — | (0.07) | 0.71 | 11.66 | 7.10 | 4,658 | 1.85 | 2.23 | 0.83 | 24 | |
10/1/16 to 9/30/17 | 9.29 | 0.15 | — | 1.68 | 1.83 | (0.17) | — | (0.17) | 1.66 | 10.95 | 20.12 | 1,647 | 1.84 | 2.97 | 1.47 | 28 | |
10/1/15 to 9/30/16 | 7.85 | 0.18 | — | 1.41 | 1.59 | (0.15) | — | (0.15) | 1.44 | 9.29 | 20.66 | 382 | 1.86 (8) | 3.77 | 2.18 | 34 | |
10/1/14 to 9/30/15 | 10.32 | 0.16 | — | (2.28) | (2.12) | (0.12) | (0.23) | (0.35) | (2.47) | 7.85 | (21.20) | 332 | 1.85 | 3.62 | 1.73 | 35 | |
12/17/13(9) to 9/30/14 | 10.00 | 0.18 | — | 0.16 | 0.34 | (0.02) | — | (0.02) | 0.32 | 10.32 | 3.45 | 217 | 1.85 | 4.82 | 2.25 | 44 (10) | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.65 | 0.12 | — | 0.53 | 0.65 | — | — | — | 0.65 | $12.30 | 5.58 % | $466 | 2.62 % (12)(13) | 2.57 % | 2.07 % | 43 % | |
10/1/17 to 9/30/18 | 10.96 | 0.01 | — | 0.68 | 0.69 | — | — | — | 0.69 | 11.65 | 6.30 | 358 | 2.60 | 2.90 | 0.08 | 24 | |
10/1/16 to 9/30/17 | 9.31 | 0.08 | — | 1.69 | 1.77 | (0.12) | — | (0.12) | 1.65 | 10.96 | 19.31 | 317 | 2.59 | 3.73 | 0.78 | 28 | |
10/1/15 to 9/30/16 | 7.80 | 0.12 | — | 1.41 | 1.53 | (0.02) | — | (0.02) | 1.51 | 9.31 | 19.62 | 117 | 2.61 (8) | 4.51 | 1.39 | 34 | |
10/1/14 to 9/30/15 | 10.26 | 0.07 | — | (2.24) | (2.17) | (0.06) | (0.23) | (0.29) | (2.46) | 7.80 | (21.68) | 128 | 2.60 | 4.34 | 0.76 | 35 | |
12/17/13(9) to 9/30/14 | 10.00 | 0.12 | — | 0.16 | 0.28 | (0.02) | — | (0.02) | 0.26 | 10.26 | 2.82 | 159 | 2.60 | 5.59 | 1.54 | 44 (10) | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.70 | 0.23 | — | 0.48 | 0.71 | (0.04) | — | (0.04) | 0.67 | $12.37 | 6.04 % | $45,063 | 1.62 % (12)(13) | 1.59 % | 4.04 % | 43 % | |
10/1/17 to 9/30/18 | 10.99 | 0.14 | — | 0.67 | 0.81 | (0.10) | — | (0.10) | 0.71 | 11.70 | 7.36 | 28,630 | 1.60 | 1.93 | 1.16 | 24 | |
10/1/16 to 9/30/17 | 9.31 | 0.16 | — | 1.70 | 1.86 | (0.18) | — | (0.18) | 1.68 | 10.99 | 20.42 | 8,673 | 1.59 | 2.75 | 1.60 | 28 | |
10/1/15 to 9/30/16 | 7.88 | 0.20 | — | 1.41 | 1.61 | (0.18) | — | (0.18) | 1.43 | 9.31 | 20.82 | 4,420 | 1.61 (8) | 3.53 | 2.44 | 34 | |
10/1/14 to 9/30/15 | 10.34 | 0.18 | — | (2.28) | (2.10) | (0.13) | (0.23) | (0.36) | (2.46) | 7.88 | (20.96) | 3,871 | 1.60 | 3.35 | 1.87 | 35 | |
12/17/13(9) to 9/30/14 | 10.00 | 0.20 | — | 0.17 | 0.37 | (0.03) | — | (0.03) | 0.34 | 10.34 | 3.66 | 3,480 | 1.60 | 4.64 | 2.50 | 44 (10) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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 International Small-Cap Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $17.15 | 0.26 | — | (0.28) | (0.02) | (0.06) | (0.11) | (0.17) | (0.19) | $16.96 | (0.05) % | $59,568 | 1.54 % (13) | 1.54 % | 3.29 % | 16 % | |
10/1/17 to 9/30/18 | 16.22 | 0.16 | — | 1.01 | 1.17 | (0.08) | (0.16) | (0.24) | 0.93 | 17.15 | 7.31 | 47,909 | 1.60 | 1.56 | 0.92 | 21 | |
10/1/16 to 9/30/17 | 13.01 | 0.16 | — | 3.34 | 3.50 | (0.29) | — | (0.29) | 3.21 | 16.22 | 27.42 | 18,479 | 1.60 | 1.66 | 1.07 | 27 | |
10/1/15 to 9/30/16 | 10.85 | 0.21 | — | 2.38 | 2.59 | (0.20) | (0.23) | (0.43) | 2.16 | 13.01 | 24.58 | 1,985 | 1.61 (8) | 1.87 | 1.80 | 40 | |
10/1/14 to 9/30/15 | 13.70 | 0.17 | — | (1.83) | (1.66) | (0.23) | (0.96) | (1.19) | (2.85) | 10.85 | (12.58) | 1,916 | 1.60 | 1.74 | 1.41 | 64 | |
10/1/13 to 9/30/14 | 13.20 | 0.47 | — | 0.41 | 0.88 | (0.25) | (0.13) | (0.38) | 0.50 | 13.70 | 6.65 | 2,477 | 1.60 | 1.73 | 3.31 | 44 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $16.89 | 0.19 | — | (0.26) | (0.07) | — | (0.11) | (0.11) | (0.18) | $16.71 | (0.36) % | $37,252 | 2.28 % (13) | 2.28 % | 2.39 % | 16 % | |
10/1/17 to 9/30/18 | 16.04 | 0.03 | — | 1.02 | 1.05 | (0.04) | (0.16) | (0.20) | 0.85 | 16.89 | 6.60 | 35,966 | 2.31 (13) | 2.27 | 0.18 | 21 | |
10/1/16 to 9/30/17 | 12.92 | 0.06 | — | 3.29 | 3.35 | (0.23) | — | (0.23) | 3.12 | 16.04 | 26.41 | 13,442 | 2.35 | 2.41 | 0.38 | 27 | |
10/1/15 to 9/30/16 | 10.72 | 0.12 | — | 2.37 | 2.49 | (0.06) | (0.23) | (0.29) | 2.20 | 12.92 | 23.76 | 1,465 | 2.36 (8) | 2.63 | 1.02 | 40 | |
10/1/14 to 9/30/15 | 13.63 | 0.08 | — | (1.82) | (1.74) | (0.21) | (0.96) | (1.17) | (2.91) | 10.72 | (13.28) | 1,464 | 2.35 | 2.49 | 0.65 | 64 | |
10/1/13 to 9/30/14 | 13.16 | 0.24 | — | 0.54 | 0.78 | (0.18) | (0.13) | (0.31) | 0.47 | 13.63 | 5.89 | 1,194 | 2.35 | 2.49 | 1.73 | 44 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $17.24 | 0.30 | — | (0.29) | 0.01 | (0.11) | (0.11) | (0.22) | (0.21) | $17.03 | 0.18 % | $1,091,307 | 1.29 % (13) | 1.29 % | 3.74 % | 16 % | |
10/1/17 to 9/30/18 | 16.28 | 0.21 | — | 1.01 | 1.22 | (0.10) | (0.16) | (0.26) | 0.96 | 17.24 | 7.58 | 773,571 | 1.35 | 1.29 | 1.20 | 21 | |
10/1/16 to 9/30/17 | 13.04 | 0.20 | — | 3.35 | 3.55 | (0.31) | — | (0.31) | 3.24 | 16.28 | 27.73 | 176,216 | 1.35 | 1.42 | 1.33 | 27 | |
10/1/15 to 9/30/16 | 10.89 | 0.23 | — | 2.40 | 2.63 | (0.25) | (0.23) | (0.48) | 2.15 | 13.04 | 24.94 | 40,424 | 1.36 (8) | 1.62 | 1.95 | 40 | |
10/1/14 to 9/30/15 | 13.74 | 0.21 | — | (1.85) | (1.64) | (0.25) | (0.96) | (1.21) | (2.85) | 10.89 | (12.43) | 40,512 | 1.35 | 1.49 | 1.70 | 64 | |
10/1/13 to 9/30/14 | 13.21 | 0.36 | — | 0.57 | 0.93 | (0.27) | (0.13) | (0.40) | 0.53 | 13.74 | 7.04 | 46,599 | 1.35 | 1.49 | 2.57 | 44 | |
Class R6 | |||||||||||||||||
10/1/18 to 3/31/19(6) | $17.26 | 0.22 | — | (0.22) | — | (0.12) | (0.11) | (0.23) | (0.23) | $17.03 | 0.12 % | $31,391 | 1.19 % (13) | 1.19 % | 2.72 % | 16 % | |
10/1/17 to 9/30/18 | 16.28 | 0.18 | — | 1.07 | 1.25 | (0.11) | (0.16) | (0.27) | 0.98 | 17.26 | 7.74 | 72,151 | 1.21 (13) | 1.20 | 1.06 | 21 | |
10/1/16 to 9/30/17 | 13.03 | 0.26 | — | 3.30 | 3.56 | (0.31) | — | (0.31) | 3.25 | 16.28 | 27.82 | 36,941 | 1.24 | 1.28 | 1.66 | 27 | |
10/1/15 to 9/30/16 | 10.89 | 0.25 | — | 2.39 | 2.64 | (0.27) | (0.23) | (0.50) | 2.14 | 13.03 | 25.06 | 112 | 1.27 (8) | 1.52 | 2.19 | 40 | |
11/12/14(9) to 9/30/15 | 13.43 | 0.22 | — | (1.55) | (1.33) | (0.25) | (0.96) | (1.21) | (2.54) | 10.89 | (10.41) | 90 | 1.27 | 1.41 | 2.02 | 64 (10) | |
Rampart Alternatives Diversifier Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.63 | 0.13 | 0.16 | (0.39) | (0.10) | (0.24) | — | (0.24) | (0.34) | $11.29 | (0.61) % | $13,482 | 0.74 % | 0.74 % | 2.36 % | 5 % | |
10/1/17 to 9/30/18 | 11.05 | 0.12 | 0.13 | 0.44 | 0.69 | (0.11) | — | (0.11) | 0.58 | 11.63 | 6.25 | 10,348 | 0.71 | 0.71 | 1.06 | 17 | |
10/1/16 to 9/30/17 | 10.89 | 0.18 | 0.22 | (0.04) | 0.36 | (0.20) | — | (0.20) | 0.16 | 11.05 | 3.34 | 11,118 | 0.74 | 0.74 | 1.65 | 4 | |
10/1/15 to 9/30/16 | 9.99 | 0.08 | 0.31 | 0.58 | 0.97 | (0.07) | — | (0.07) | 0.90 | 10.89 | 9.74 | 19,171 | 0.74 (8) | 0.74 | 0.80 | 56 | |
10/1/14 to 9/30/15 | 11.31 | 0.19 | 0.09 | (1.39) | (1.11) | (0.21) | — | (0.21) | (1.32) | 9.99 | (10.02) | 25,377 | 0.64 | 0.64 | 1.77 | 46 | |
10/1/13 to 9/30/14 | 10.97 | 0.15 | 0.07 | 0.25 | 0.47 | (0.13) | — | (0.13) | 0.34 | 11.31 | 4.28 | 39,076 | 0.65 | 0.65 | 1.32 | 27 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Rampart Alternatives Diversifier Fund (Continued) | |||||||||||||||||
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.50 | 0.17 | 0.16 | (0.45) | (0.12) | (0.09) | — | (0.09) | (0.21) | $11.29 | (0.91) % | $5,169 | 1.48 % | 1.48 % | 3.13 % | 5 % | |
10/1/17 to 9/30/18 | 10.97 | 0.04 | 0.14 | 0.41 | 0.59 | (0.06) | — | (0.06) | 0.53 | 11.50 | 5.40 | 9,948 | 1.46 | 1.46 | 0.39 | 17 | |
10/1/16 to 9/30/17 | 10.73 | 0.09 | 0.19 | — | 0.28 | (0.04) | — | (0.04) | 0.24 | 10.97 | 2.65 | 13,354 | 1.50 | 1.50 | 0.80 | 4 | |
10/1/15 to 9/30/16 | 9.90 | — (14) | 0.31 | 0.56 | 0.87 | (0.04) | — | (0.04) | 0.83 | 10.73 | 8.86 | 19,611 | 1.49 (8) | 1.49 | 0.04 | 56 | |
10/1/14 to 9/30/15 | 11.21 | 0.11 | 0.09 | (1.39) | (1.19) | (0.12) | — | (0.12) | (1.31) | 9.90 | (10.66) | 25,637 | 1.39 | 1.39 | 1.02 | 46 | |
10/1/13 to 9/30/14 | 10.83 | 0.07 | 0.07 | 0.25 | 0.39 | (0.01) | — | (0.01) | 0.38 | 11.21 | 3.47 | 38,005 | 1.40 | 1.40 | 0.58 | 27 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.62 | 0.20 | 0.16 | (0.44) | (0.08) | (0.29) | — | (0.29) | (0.37) | $11.25 | (0.44) % | $23,675 | 0.48 % | 0.48 % | 3.73 % | 5 % | |
10/1/17 to 9/30/18 | 11.03 | 0.16 | 0.13 | 0.42 | 0.71 | (0.12) | — | (0.12) | 0.59 | 11.62 | 6.49 | 20,225 | 0.45 | 0.45 | 1.43 | 17 | |
10/1/16 to 9/30/17 | 10.89 | 0.19 | 0.16 | 0.04 | 0.39 | (0.25) | — | (0.25) | 0.14 | 11.03 | 3.69 | 19,910 | 0.49 | 0.49 | 1.73 | 4 | |
10/1/15 to 9/30/16 | 9.98 | 0.11 | 0.31 | 0.56 | 0.98 | (0.07) | — | (0.07) | 0.91 | 10.89 | 9.94 | 19,777 | 0.49 (8) | 0.49 | 1.04 | 56 | |
10/1/14 to 9/30/15 | 11.30 | 0.22 | 0.09 | (1.39) | (1.08) | (0.24) | — | (0.24) | (1.32) | 9.98 | (9.77) | 30,543 | 0.39 | 0.39 | 1.99 | 46 | |
10/1/13 to 9/30/14 | 10.98 | 0.18 | 0.08 | 0.24 | 0.50 | (0.18) | — | (0.18) | 0.32 | 11.30 | 4.52 | 47,949 | 0.40 | 0.40 | 1.56 | 27 | |
Rampart Equity Trend Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $15.79 | 0.02 | — | (1.37) | (1.35) | — | — | — | (1.35) | $14.44 | (8.55) % | $95,113 | 1.56 % (13) | 1.56 % | 0.25 % | 206 % | |
10/1/17 to 9/30/18 | 13.60 | 0.01 | — | 2.18 | 2.19 | — | — | — | 2.19 | 15.79 | 16.10 | 109,943 | 1.56 (13) | 1.56 | 0.08 | 57 | |
10/1/16 to 9/30/17 | 12.23 | 0.03 | — | 1.34 | 1.37 | — | — | — | 1.37 | 13.60 | 11.20 | 134,267 | 1.51 (11) | 1.60 | 0.23 | 92 | |
10/1/15 to 9/30/16 | 12.14 | (0.01) | — | 0.10 | 0.09 | — | — | — | 0.09 | 12.23 | 0.74 | 245,109 | 1.50 (8)(11) | 1.58 | (0.05) | 229 | |
10/1/14 to 9/30/15 | 17.39 | (0.03) | — | (1.79) | (1.82) | (0.01) | (3.42) | (3.43) | (5.25) | 12.14 | (12.79) | 520,337 | 1.60 (13) | 1.60 | (0.22) | 674 | |
10/1/13 to 9/30/14 | 15.52 | 0.06 | — | 2.29 | 2.35 | (0.04) | (0.44) | (0.48) | 1.87 | 17.39 | 15.31 | 2,044,955 | 1.61 (13) | 1.61 | 0.36 | 227 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $15.12 | (0.03) | — | (1.31) | (1.34) | — | — | — | (1.34) | $13.78 | (8.86) % | $169,546 | 2.30 % (13) | 2.30 % | (0.50) % | 206 % | |
10/1/17 to 9/30/18 | 13.11 | (0.09) | — | 2.10 | 2.01 | — | — | — | 2.01 | 15.12 | 15.33 | 218,543 | 2.29 (13) | 2.29 | (0.65) | 57 | |
10/1/16 to 9/30/17 | 11.88 | (0.06) | — | 1.29 | 1.23 | — | — | — | 1.23 | 13.11 | 10.35 | 257,078 | 2.21 (11) | 2.35 | (0.47) | 92 | |
10/1/15 to 9/30/16 | 11.87 | (0.08) | — | 0.09 | 0.01 | — | — | — | 0.01 | 11.88 | 0.08 | 423,675 | 2.16 (8)(11) | 2.33 | (0.69) | 229 | |
10/1/14 to 9/30/15 | 17.16 | (0.13) | — | (1.76) | (1.89) | — | (3.40) | (3.40) | (5.29) | 11.87 | (13.45) | 746,390 | 2.36 (13) | 2.36 | (0.97) | 674 | |
10/1/13 to 9/30/14 | 15.39 | (0.06) | — | 2.27 | 2.21 | — | (0.44) | (0.44) | 1.77 | 17.16 | 14.48 | 1,988,290 | 2.36 (13) | 2.36 | (0.38) | 227 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $15.97 | 0.03 | — | (1.38) | (1.35) | — | — | — | (1.35) | $14.62 | (8.45) % | $85,533 | 1.31 % (13) | 1.31 % | 0.49 % | 206 % | |
10/1/17 to 9/30/18 | 13.71 | 0.05 | — | 2.21 | 2.26 | — | — | — | 2.26 | 15.97 | 16.48 | 110,950 | 1.30 (13) | 1.30 | 0.34 | 57 | |
10/1/16 to 9/30/17 | 12.31 | 0.06 | — | 1.34 | 1.40 | — | — | — | 1.40 | 13.71 | 11.37 | 148,047 | 1.29 (11) | 1.35 | 0.45 | 92 | |
10/1/15 to 9/30/16 | 12.19 | 0.02 | — | 0.10 | 0.12 | — | — | — | 0.12 | 12.31 | 0.98 | 282,818 | 1.29 (8)(11) | 1.33 | 0.16 | 229 | |
10/1/14 to 9/30/15 | 17.42 | 0.01 | — | (1.80) | (1.79) | (0.02) | (3.42) | (3.44) | (5.23) | 12.19 | (12.57) | 594,460 | 1.35 (13) | 1.35 | 0.04 | 674 | |
10/1/13 to 9/30/14 | 15.54 | 0.10 | — | 2.30 | 2.40 | (0.08) | (0.44) | (0.52) | 1.88 | 17.42 | 15.61 | 3,840,271 | 1.36 (13) | 1.36 | 0.62 | 227 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Rampart Equity Trend Fund (Continued) | |||||||||||||||||
Class R6 | |||||||||||||||||
10/1/18 to 3/31/19(6) | $16.05 | 0.04 | — | (1.53) | (1.49) | — | — | — | (1.49) | $14.56 | (8.35) % | $572 | 1.21 % (13) | 1.21 % | 0.61 % | 206 % | |
10/1/17 to 9/30/18 | 13.77 | 0.08 | — | 2.20 | 2.28 | — | — | — | 2.28 | 16.05 | 16.56 | 625 | 1.20 (13) | 1.20 | 0.50 | 57 | |
10/1/16 to 9/30/17 | 12.34 | 0.08 | — | 1.35 | 1.43 | — | — | — | 1.43 | 13.77 | 11.59 | 203 | 1.16 (11) | 1.23 | 0.58 | 92 | |
10/1/15 to 9/30/16 | 12.20 | 0.06 | — | 0.08 | 0.14 | — | — | — | 0.14 | 12.34 | 1.15 | 182 | 1.10 (8)(11) | 1.25 | 0.49 | 229 | |
11/12/14(9) to 9/30/15 | 17.20 | 0.01 | — | (1.57) | (1.56) | (0.02) | (3.42) | (3.44) | (5.00) | 12.20 | (11.39) | 89 | 1.28 (13) | 1.28 | 0.10 | 674 (10) | |
Rampart Multi-Asset Trend Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.24 | 0.02 | — | (0.17) | (0.15) | (0.02) | — | (0.02) | (0.17) | $11.07 | (1.33) % | $13,528 | 1.67 % (13) | 1.67 % | 0.35 % | 161 % | |
10/1/17 to 9/30/18 | 10.84 | 0.07 | — | 0.33 | 0.40 | — | — | — | 0.40 | 11.24 | 3.69 | 14,744 | 1.63 (13) | 1.63 | 0.67 | 117 | |
10/1/16 to 9/30/17 | 10.31 | 0.05 | — | 0.48 | 0.53 | — | — | — | 0.53 | 10.84 | 5.14 | 18,160 | 1.65 (13) | 1.65 | 0.52 | 167 | |
10/1/15 to 9/30/16 | 9.94 | (0.01) | — | 0.39 | 0.38 | (0.01) | — | (0.01) | 0.37 | 10.31 | 3.82 | 29,798 | 1.61 (8)(13) | 1.61 | (0.07) | 223 | |
10/1/14 to 9/30/15 | 11.85 | (0.02) | — | (0.92) | (0.94) | (0.04) | (0.93) | (0.97) | (1.91) | 9.94 | (8.58) | 55,214 | 1.62 (13) | 1.62 | (0.15) | 519 | |
10/1/13 to 9/30/14 | 11.28 | 0.10 | — | 0.69 | 0.79 | (0.07) | (0.15) | (0.22) | 0.57 | 11.85 | 6.97 | 143,765 | 1.62 (13) | 1.62 | 0.83 | 337 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $10.84 | (0.02) | — | (0.16) | (0.18) | — | — | — | (0.18) | $10.66 | (1.66) % | $32,387 | 2.41 % (13) | 2.41 % | (0.39) % | 161 % | |
10/1/17 to 9/30/18 | 10.53 | (0.01) | — | 0.32 | 0.31 | — | — | — | 0.31 | 10.84 | 2.94 | 39,671 | 2.36 (13) | 2.36 | (0.08) | 117 | |
10/1/16 to 9/30/17 | 10.10 | (0.02) | — | 0.45 | 0.43 | — | — | — | 0.43 | 10.53 | 4.26 | 51,105 | 2.39 (13) | 2.39 | (0.23) | 167 | |
10/1/15 to 9/30/16 | 9.80 | (0.08) | — | 0.38 | 0.30 | — | — | — | 0.30 | 10.10 | 3.06 | 80,962 | 2.36 (8)(13) | 2.36 | (0.80) | 223 | |
10/1/14 to 9/30/15 | 11.73 | (0.09) | — | (0.91) | (1.00) | — | (0.93) | (0.93) | (1.93) | 9.80 | (9.23) | 139,223 | 2.36 (13) | 2.37 | (0.89) | 519 | |
10/1/13 to 9/30/14 | 11.19 | 0.01 | — | 0.68 | 0.69 | — | (0.15) | (0.15) | 0.54 | 11.73 | 6.15 | 331,980 | 2.35 (13) | 2.37 | 0.09 | 337 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $11.33 | 0.03 | — | (0.17) | (0.14) | (0.05) | — | (0.05) | (0.19) | $11.14 | (1.23) % | $12,158 | 1.42 % (13) | 1.42 % | 0.60 % | 161 % | |
10/1/17 to 9/30/18 | 10.90 | 0.10 | — | 0.33 | 0.43 | — | — | — | 0.43 | 11.33 | 3.94 | 15,245 | 1.39 (13) | 1.39 | 0.90 | 117 | |
10/1/16 to 9/30/17 | 10.34 | 0.08 | — | 0.48 | 0.56 | — | — | — | 0.56 | 10.90 | 5.42 | 17,443 | 1.40 (13) | 1.40 | 0.76 | 167 | |
10/1/15 to 9/30/16 | 9.99 | 0.02 | — | 0.38 | 0.40 | (0.05) | — | (0.05) | 0.35 | 10.34 | 3.97 | 28,522 | 1.36 (8)(13) | 1.36 | 0.16 | 223 | |
10/1/14 to 9/30/15 | 11.88 | 0.01 | — | (0.91) | (0.90) | (0.06) | (0.93) | (0.99) | (1.89) | 9.99 | (8.36) | 73,528 | 1.36 (13) | 1.36 | 0.11 | 519 | |
10/1/13 to 9/30/14 | 11.31 | 0.13 | — | 0.69 | 0.82 | (0.10) | (0.15) | (0.25) | 0.57 | 11.88 | 7.20 | 316,599 | 1.37 (13) | 1.37 | 1.06 | 337 | |
Rampart Sector Trend Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $13.74 | 0.09 | — | (0.99) | (0.90) | (0.12) | — | (0.12) | (1.02) | $12.72 | (6.47) % | $98,748 | 0.98 % | 0.98 % | 1.46 % | 330 % | |
10/1/17 to 9/30/18 | 12.20 | 0.10 | — | 1.56 | 1.66 | (0.12) | — | (0.12) | 1.54 | 13.74 | 13.64 | 95,318 | 0.98 | 0.98 | 0.76 | 324 | |
10/1/16 to 9/30/17 | 11.29 | 0.11 | — | 0.94 | 1.05 | (0.14) | — | (0.14) | 0.91 | 12.20 | 9.46 (7) | 99,321 | 1.03 (7) | 1.03 | 0.98 (7) | 259 | |
10/1/15 to 9/30/16 | 11.00 | 0.11 | — | 0.26 | 0.37 | (0.08) | — | (0.08) | 0.29 | 11.29 | 3.36 | 131,389 | 1.05 (8) | 1.05 | 1.00 | 337 | |
10/1/14 to 9/30/15 | 15.21 | 0.05 | — | (0.71) | (0.66) | (0.05) | (3.50) | (3.55) | (4.21) | 11.00 | (6.19) | 156,759 | 0.98 | 0.98 | 0.39 | 576 | |
10/1/13 to 9/30/14 | 13.87 | 0.15 | — | 2.25 | 2.40 | (0.13) | (0.93) | (1.06) | 1.34 | 15.21 | 17.81 | 316,571 | 0.98 | 0.98 | 1.02 | 129 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Rampart Sector Trend Fund (Continued) | |||||||||||||||||
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $13.47 | 0.04 | — | (0.96) | (0.92) | (0.01) | — | (0.01) | (0.93) | $12.54 | (6.83) % | $61,817 | 1.75 % | 1.75 % | 0.65 % | 330 % | |
10/1/17 to 9/30/18 | 11.94 | — (14) | — | 1.53 | 1.53 | — (14) | — | — | 1.53 | 13.47 | 12.84 | 88,354 | 1.74 | 1.74 | (0.01) | 324 | |
10/1/16 to 9/30/17 | 11.04 | 0.02 | — | 0.93 | 0.95 | (0.05) | — | (0.05) | 0.90 | 11.94 | 8.68 (7) | 105,603 | 1.78 (7) | 1.78 | 0.22 (7) | 259 | |
10/1/15 to 9/30/16 | 10.76 | 0.03 | — | 0.25 | 0.28 | — | — | — | 0.28 | 11.04 | 2.60 | 167,265 | 1.80 (8) | 1.80 | 0.24 | 337 | |
10/1/14 to 9/30/15 | 15.02 | (0.04) | — | (0.69) | (0.73) | (0.02) | (3.51) | (3.53) | (4.26) | 10.76 | (6.86) | 206,556 | 1.74 | 1.74 | (0.34) | 576 | |
10/1/13 to 9/30/14 | 13.73 | 0.04 | — | 2.21 | 2.25 | (0.03) | (0.93) | (0.96) | 1.29 | 15.02 | 16.89 | 296,160 | 1.73 | 1.73 | 0.28 | 129 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $13.73 | 0.11 | — | (0.99) | (0.88) | (0.16) | — | (0.16) | (1.04) | $12.69 | (6.36) % | $57,872 | 0.74 % | 0.74 % | 1.69 % | 330 % | |
10/1/17 to 9/30/18 | 12.19 | 0.13 | — | 1.56 | 1.69 | (0.15) | — | (0.15) | 1.54 | 13.73 | 13.94 | 60,095 | 0.74 | 0.74 | 0.99 | 324 | |
10/1/16 to 9/30/17 | 11.28 | 0.14 | — | 0.94 | 1.08 | (0.17) | — | (0.17) | 0.91 | 12.19 | 9.77 (7) | 72,187 | 0.78 (7) | 0.78 | 1.22 (7) | 259 | |
10/1/15 to 9/30/16 | 11.02 | 0.13 | — | 0.27 | 0.40 | (0.14) | — | (0.14) | 0.26 | 11.28 | 3.65 | 102,905 | 0.80 (8) | 0.80 | 1.21 | 337 | |
10/1/14 to 9/30/15 | 15.21 | 0.08 | — | (0.71) | (0.63) | (0.05) | (3.51) | (3.56) | (4.19) | 11.02 | (5.90) | 169,977 | 0.73 | 0.73 | 0.65 | 576 | |
10/1/13 to 9/30/14 | 13.87 | 0.19 | — | 2.25 | 2.44 | (0.17) | (0.93) | (1.10) | 1.34 | 15.21 | 18.08 | 313,147 | 0.73 | 0.73 | 1.29 | 129 | |
Vontobel Global Opportunities Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $17.02 | (0.02) | — | (0.13) | (0.15) | — | (1.64) | (1.64) | (1.79) | $15.23 | 0.12 % | $102,584 | 1.37 % (11) | 1.40 % | (0.21) % | 25 % | |
10/1/17 to 9/30/18 | 16.22 | 0.02 | — | 1.68 | 1.70 | — (14) | (0.90) | (0.90) | 0.80 | 17.02 | 10.80 | 104,081 | 1.40 (13) | 1.40 | 0.12 | 38 | |
10/1/16 to 9/30/17 | 13.69 | 0.02 | — | 2.64 | 2.66 | (0.05) | (0.08) | (0.13) | 2.53 | 16.22 | 19.54 (7) | 113,151 | 1.45 (7) | 1.46 | 0.05 (7) | 37 | |
10/1/15 to 9/30/16 | 12.32 | 0.05 | — | 1.35 | 1.40 | (0.03) | — | (0.03) | 1.37 | 13.69 | 11.38 | 105,967 | 1.47 (8) | 1.48 | 0.37 | 29 | |
10/1/14 to 9/30/15 | 12.12 | 0.05 | — | 0.21 | 0.26 | (0.06) | — | (0.06) | 0.20 | 12.32 | 2.15 | 87,769 | 1.45 | 1.45 | 0.42 | 40 | |
10/1/13 to 9/30/14 | 11.07 | 0.08 | — | 1.04 | 1.12 | (0.07) | — | (0.07) | 1.05 | 12.12 | 10.18 | 77,738 | 1.48 | 1.46 | 0.70 | 41 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $14.51 | (0.06) | — | (0.13) | (0.19) | — | (1.64) | (1.64) | (1.83) | $12.68 | (0.19) % | $28,858 | 2.13 % (11) | 2.18 % | (0.96) % | 25 % | |
10/1/17 to 9/30/18 | 14.06 | (0.09) | — | 1.44 | 1.35 | — | (0.90) | (0.90) | 0.45 | 14.51 | 9.92 | 32,003 | 2.16 (13) | 2.16 | (0.61) | 38 | |
10/1/16 to 9/30/17 | 11.93 | (0.08) | — | 2.29 | 2.21 | — | (0.08) | (0.08) | 2.13 | 14.06 | 18.61 (7) | 30,065 | 2.21 (7) | 2.22 | (0.68) (7) | 37 | |
10/1/15 to 9/30/16 | 10.79 | (0.04) | — | 1.18 | 1.14 | — | — | — | 1.14 | 11.93 | 10.57 | 23,070 | 2.23 (8) | 2.24 | (0.34) | 29 | |
10/1/14 to 9/30/15 | 10.66 | (0.01) | — | 0.16 | 0.15 | (0.02) | — | (0.02) | 0.13 | 10.79 | 1.42 | 14,431 | 2.21 | 2.21 | (0.13) | 40 | |
10/1/13 to 9/30/14 | 9.76 | — (14) | — | 0.91 | 0.91 | (0.01) | — | (0.01) | 0.90 | 10.66 | 9.32 | 3,455 | 2.23 | 2.21 | (0.04) | 41 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $17.02 | — (14) | — | (0.11) | (0.11) | (0.04) | (1.64) | (1.68) | (1.79) | $15.23 | 0.34 % | $101,469 | 1.12 % (11) | 1.18 % | 0.05 % | 25 % | |
10/1/17 to 9/30/18 | 16.23 | 0.07 | — | 1.67 | 1.74 | (0.05) | (0.90) | (0.95) | 0.79 | 17.02 | 11.07 | 81,090 | 1.16 (13) | 1.16 | 0.43 | 38 | |
10/1/16 to 9/30/17 | 13.69 | 0.06 | — | 2.63 | 2.69 | (0.07) | (0.08) | (0.15) | 2.54 | 16.23 | 19.83 (7) | 76,222 | 1.20 (7) | 1.21 | 0.38 (7) | 37 | |
10/1/15 to 9/30/16 | 12.32 | 0.08 | — | 1.35 | 1.43 | (0.06) | — | (0.06) | 1.37 | 13.69 | 11.65 | 48,155 | 1.23 (8) | 1.23 | 0.64 | 29 | |
10/1/14 to 9/30/15 | 12.11 | 0.08 | — | 0.21 | 0.29 | (0.08) | — | (0.08) | 0.21 | 12.32 | 2.37 | 38,104 | 1.20 | 1.20 | 0.67 | 40 | |
10/1/13 to 9/30/14 | 11.07 | 0.11 | — | 1.05 | 1.16 | (0.12) | — | (0.12) | 1.04 | 12.11 | 10.49 | 33,917 | 1.23 | 1.21 | 0.97 | 41 | |
Class R6 | |||||||||||||||||
10/1/18 to 3/31/19(6) | $17.03 | (0.06) | — | (0.04) | (0.10) | (0.05) | (1.64) | (1.69) | (1.79) | $15.24 | 0.41 % | $54,380 | 0.88 % (11) | 1.09 % | (0.53) % | 25 % | |
1/30/18(9) to 9/30/18 | 17.27 | 0.06 | — | (0.30) | (0.24) | — | — | — | (0.24) | 17.03 | 1.39 | 425 | 1.11 (13) | 1.11 | 0.56 | 38 (10) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Capital Gains Distributions Received from Underlying Funds(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | 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) | ||
Vontobel Greater European Opportunities Fund | |||||||||||||||||
Class A | |||||||||||||||||
10/1/18 to 3/31/19(6) | $15.62 | (0.01) | — | (1.04) | (1.05) | (0.14) | (3.62) | (3.76) | (4.81) | $10.81 | (4.41) % | $2,285 | 1.45 % | 2.77 % | (0.11) % | 9 % | |
10/1/17 to 9/30/18 | 17.62 | 0.13 | — | (0.16) | (0.03) | (0.24) | (1.73) | (1.97) | (2.00) | 15.62 | (0.49) | 3,283 | 1.45 | 2.20 | 0.77 | 22 | |
10/1/16 to 9/30/17 | 15.86 | 0.04 | — | 1.96 | 2.00 | (0.24) | — | (0.24) | 1.76 | 17.62 | 12.89 | 4,224 | 1.44 | 1.90 | 0.26 | 42 | |
10/1/15 to 9/30/16 | 15.20 | 0.17 | — | 0.59 | 0.76 | (0.10) | — | (0.10) | 0.66 | 15.86 | 4.99 | 11,364 | 1.46 (8) | 1.82 | 1.06 | 49 | |
10/1/14 to 9/30/15 | 15.32 | 0.16 | — | 0.01 | 0.17 | (0.10) | (0.19) | (0.29) | (0.12) | 15.20 | 1.19 | 13,306 | 1.45 | 1.89 | 1.02 | 35 | |
10/1/13 to 9/30/14 | 15.87 | 0.09 | — | (0.22) | (0.13) | (0.06) | (0.36) | (0.42) | (0.55) | 15.32 | (0.88) | 12,703 | 1.45 | 1.91 | 0.54 | 65 | |
Class C | |||||||||||||||||
10/1/18 to 3/31/19(6) | $15.22 | (0.05) | — | (1.02) | (1.07) | — | (3.62) | (3.62) | (4.69) | $10.53 | (4.81) % | $801 | 2.20 % | 3.47 % | (0.92) % | 9 % | |
10/1/17 to 9/30/18 | 17.22 | 0.01 | — | (0.15) | (0.14) | (0.13) | (1.73) | (1.86) | (2.00) | 15.22 | (1.17) | 1,827 | 2.20 | 2.92 | 0.07 | 22 | |
10/1/16 to 9/30/17 | 15.58 | (0.02) | — | 1.86 | 1.84 | (0.20) | — | (0.20) | 1.64 | 17.22 | 12.06 | 2,208 | 2.19 | 2.66 | (0.10) | 42 | |
10/1/15 to 9/30/16 | 14.95 | 0.04 | — | 0.59 | 0.63 | — | — | — | 0.63 | 15.58 | 4.21 | 2,292 | 2.23 (8) | 2.58 | 0.26 | 49 | |
10/1/14 to 9/30/15 | 15.08 | 0.05 | — | 0.01 | 0.06 | — (14) | (0.19) | (0.19) | (0.13) | 14.95 | 0.43 | 1,564 | 2.20 | 2.64 | 0.34 | 35 | |
10/1/13 to 9/30/14 | 15.71 | (0.02) | — | (0.23) | (0.25) | (0.02) | (0.36) | (0.38) | (0.63) | 15.08 | (1.62) | 1,130 | 2.20 | 2.67 | (0.12) | 65 | |
Class I | |||||||||||||||||
10/1/18 to 3/31/19(6) | $15.65 | 0.01 | — | (1.05) | (1.04) | (0.19) | (3.62) | (3.81) | (4.85) | $10.80 | (4.29) % | $2,204 | 1.20 % | 2.51 % | 0.16 % | 9 % | |
10/1/17 to 9/30/18 | 17.65 | 0.12 | — | (0.10) | 0.02 | (0.29) | (1.73) | (2.02) | (2.00) | 15.65 | (0.19) | 2,626 | 1.20 | 1.89 | 0.75 | 22 | |
10/1/16 to 9/30/17 | 15.91 | 0.17 | — | 1.87 | 2.04 | (0.30) | — | (0.30) | 1.74 | 17.65 | 13.21 | 9,822 | 1.19 | 1.67 | 1.02 | 42 | |
10/1/15 to 9/30/16 | 15.26 | 0.25 | — | 0.54 | 0.79 | (0.14) | — | (0.14) | 0.65 | 15.91 | 5.22 | 8,893 | 1.22 (8) | 1.56 | 1.57 | 49 | |
10/1/14 to 9/30/15 | 15.38 | 0.24 | — | (0.02) | 0.22 | (0.15) | (0.19) | (0.34) | (0.12) | 15.26 | 1.47 | 5,751 | 1.20 | 1.63 | 1.55 | 35 | |
10/1/13 to 9/30/14 | 15.92 | 0.14 | — | (0.24) | (0.10) | (0.08) | (0.36) | (0.44) | (0.54) | 15.38 | (0.64) | 2,751 | 1.20 | 1.68 | 0.89 | 65 |
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 the underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) as follows: Duff & Phelps Global Infrastructure Fund No Impact (Class A), No Impact (Class C), No Impact (Class I) Rampart Sector Trend No Impact (Class A), No Impact (Class C), No Impact (Class I) Vontobel Global Opportunities Fund 0.06% (Class A), 0.05% (Class C), 0.05% (Class I) Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return as follows: Duff & Phelps Global Infrastructure Fund No Impact (Class A), No Impact (Class C), No Impact (Class I) Rampart Sector Trend No Impact (Class A), No Impact (Class C), No Impact (Class I) Vontobel Global Opportunities Fund 0.06% (Class A), 0.05% (Class C), 0.05% (Class I) |
(8) | Net expense ratio includes extraordinary proxy expenses. |
(9) | Inception date. |
(10) | Portfolio turnover is representative of the Fund for the entire period. |
(11) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(12) | See Note 3C in the Notes to Financial Statements for information on recapture of expense previously waived. |
(13) | The Fund is currently under its expense limitation. |
(14) | Amount is less than $0.005 per share. |
Fund | Investment objective(s) | |
Duff & Phelps Global Infrastructure Fund | Capital appreciation and current income. | |
Duff & Phelps Global Real Estate Securities Fund | Primary investment objective of long-term capital appreciation, with a secondary investment objective of income. | |
Duff & Phelps International Real Estate Securities Fund | Primary investment objective of long-term capital appreciation, with a secondary investment objective of income. | |
Herzfeld Fund | Capital appreciation and current income. | |
Horizon Wealth Masters Fund | Capital appreciation. | |
KAR Emerging Markets Small-Cap Fund | Capital appreciation. | |
KAR International Small-Cap Fund | Capital appreciation. | |
Rampart Alternatives Diversifier Fund | Long-term capital appreciation. | |
Rampart Equity Trend Fund | Long-term capital appreciation. | |
Rampart Multi-Asset Trend Fund | Capital appreciation. In pursuing this objective, the Fund maintains an emphasis on preservation of capital. | |
Rampart Sector Trend Fund | Long-term capital appreciation. | |
Vontobel Global Opportunities Fund | Capital appreciation. | |
Vontobel Greater European Opportunities Fund | Long-term capital appreciation. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. |
• | Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
• | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
• | Level 3 – prices determined using significant unobservable inputs (including the Valuation Committee’s own assumptions in determining the fair value of investments). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed its cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
H. | Securities Lending |
($ reported in thousands) | |
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. 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. At March 31, 2019, the following Funds had securities on loan: |
Market Value | Cash Collateral | ||
Herzfeld Fund | $ 144 | $ 147 | |
Horizon Wealth Masters Fund | 2,506 | 2,576 | |
Vontobel Greater European Opportunities Fund | 213 | 225 |
A. | Foreign Currency 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. | |
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 for hedging purposes or to facilitate the rapid implementation of investment strategies if the Fund anticipates a significant market or sector advance. A Fund doing so is subject to equity price risk in the normal course of pursuing its investment objective. | |
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 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) on 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 of the referenced security increases and the option is exercised. The risk in writing put options is that the Fund may incur a loss if the market price of the referenced security 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. |
A. | Investment Adviser |
($ reported in thousands) | |
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 (except as otherwise noted) of the following Funds: |
First $2 billion | $2+ Billion through $4 Billion | $4+ Billion | |||
Rampart Multi-Asset Trend Fund | 1.00 % | 0.95 % | 0.90 % |
First $1 Billion | $1+ Billion | ||
Herzfeld Fund | 1.00 % | 0.95 % | |
Horizon Wealth Masters Fund | 0.85 | 0.80 | |
KAR Emerging Markets Small-Cap Fund | 1.20 | 1.15 | |
KAR International Small-Cap Fund | 1.00 | 0.95 | |
Rampart Equity Trend Fund | 1.00 | 0.95 | |
Rampart Sector Trend Fund | 0.45 | 0.40 | |
Vontobel Greater European Opportunities Fund | 0.85 | 0.80 |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | |||
Duff & Phelps Global Infrastructure Fund | 0.65 % | 0.60 % | 0.55 % | ||
Duff & Phelps Global Real Estate Securities Fund | 0.85 | 0.80 | 0.75 | ||
Duff & Phelps International Real Estate Securities Fund | 1.00 | 0.95 | 0.90 | ||
Vontobel Global Opportunities Fund | 0.85 | 0.80 | 0.75 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. Each subadviser is an indirect, wholly owned subsidiary of Virtus. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | Fund | Subadviser | |||
Duff & Phelps Global Infrastructure Fund | DPIM(1) | Rampart Alternatives Diversifier Fund | Rampart(3) | |||
Duff & Phelps Global Real Estate Securities Fund | DPIM(1) | Rampart Equity Trend Fund | Rampart(3) | |||
Duff & Phelps International Real Estate Securities Fund | DPIM(1) | Rampart Multi-Asset Trend Fund | Rampart(3) | |||
Herzfeld Fund | Thomas J. Herzfeld Advisors, Inc. | Rampart Sector Trend Fund | Rampart(3) | |||
Horizon Wealth Masters Fund | Horizon Asset Management, LLC | Vontobel Global Opportunities Fund | Vontobel(4) | |||
KAR Emerging Markets Small-Cap Fund | KAR(2) | Vontobel Greater European Opportunities Fund | Vontobel(4) | |||
KAR International Small-Cap Fund | KAR(2) |
(1) | Duff & Phelps Investment Management Co. (“DPIM”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Kayne Anderson Rudnick Investment Management, LLC (“KAR”), an indirect, wholly-owned subsidiary of Virtus. |
(3) | Rampart Investment Management Company, LLC, an indirect, wholly-owned subsidiary of Virtus. |
(4) | Vontobel Asset Management, Inc. |
C. | Expense Limits and Fee Waivers |
The Adviser has contractually agreed to limit certain Funds’ total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any), so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through January 31, 2020. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Duff & Phelps Global Real Estate Securities Fund | 1.40 % | 2.15 % | 1.15 % | 0.95 % | ||||
Duff & Phelps International Real Estate Securities Fund | 1.50 | 2.25 | 1.25 | N/A | ||||
Herzfeld Fund | 1.60 | 2.35 | 1.35 | N/A | ||||
Horizon Wealth Masters Fund | 1.25 | 2.00 | 1.00 | N/A | ||||
KAR Emerging Markets Small-Cap Fund | 1.85 | 2.60 ‡ | 1.60 ‡ | N/A | ||||
KAR International Small-Cap Fund ‡ | 1.60 | 2.35 | 1.35 | 1.24 | ||||
Rampart Equity Trend Fund ‡ | 1.60 | 2.35 | 1.35 | 1.26 | ||||
Rampart Multi-Asset Trend Fund ‡ | 1.75 | 2.50 | 1.50 | N/A | ||||
Vontobel Global Opportunities Fund | 1.36 | 2.11 | 1.09 | 0.90 | ||||
Vontobel Greater European Opportunities Fund | 1.45 | 2.20 | 1.20 | N/A |
‡ | Each share class is currently below its expense cap. |
D. | Expense Recapture |
($ reported in thousands) | |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2019 | 2020 | 2021 | 2022 | Total | |||||
Duff & Phelps Global Real Estate Securities Fund | ||||||||||
Class A | $ 38 | $ 107 | $ 235 | $ 102 | $ 482 | |||||
Class C | 7 | 19 | 7 | 3 | 36 | |||||
Class I | 63 | 218 | 66 | 27 | 374 | |||||
Class R6 | — | 1 | 7 | 2 | 10 | |||||
Duff & Phelps International Real Estate Securities Fund | ||||||||||
Class A | 23 | 26 | 9 | 2 | 60 | |||||
Class C | 6 | 6 | 4 | 1 | 17 | |||||
Class I | 62 | 98 | 93 | 38 | 291 | |||||
Herzfeld Fund | ||||||||||
Class A | 5 | 6 | 3 | 1 | 15 | |||||
Class C | 10 | 12 | 3 | 4 | 29 | |||||
Class I | 15 | 19 | 1 | 3 | 38 | |||||
Horizon Wealth Masters Fund | ||||||||||
Class A | 18 | 19 | 34 | 22 | 93 | |||||
Class C | 13 | 17 | 38 | 24 | 92 | |||||
Class I | 9 | 19 | 51 | 32 | 111 | |||||
KAR Emerging Markets Small-Cap Fund | ||||||||||
Class A | 3 | 9 | 8 | 4 | 24 | |||||
Class C | 1 | 2 | 1 | —(1) | 4 | |||||
Class I | 35 | 69 | 56 | 2 | 162 | |||||
Rampart Equity Trend Fund | ||||||||||
Class A | 197 | 164 | — | — | 361 | |||||
Class C | 706 | 474 | —(1) | — | 1,180 | |||||
Class I | 122 | 119 | — | — | 241 | |||||
Class R6 | —(1) | —(1) | — | — | —(1) | |||||
Vontobel Global Opportunities Fund | ||||||||||
Class A | — | — | — | 15 | 15 | |||||
Class C | — | — | — | 6 | 6 | |||||
Class I | — | — | — | 24 | 24 | |||||
Class R6 | — | — | — | 3 | 3 | |||||
Vontobel Greater European Opportunities Fund | ||||||||||
Class A | 21 | 25 | 30 | 17 | 93 | |||||
Class C | 3 | 10 | 15 | 8 | 36 | |||||
Class I | 20 | 56 | 30 | 15 | 121 |
(1) | Amount is less than $500. |
Expiration | ||||||||||
Fund | Class A | Class C | Class I | Class R6 | Total | |||||
Duff & Phelps Global Real Estate Securities Fund | $— | $— | $— | $—(1) | $—(1) | |||||
Herzfeld Fund | —(1) | — | —(1) | — | —(1) | |||||
KAR Emerging Markets Small-Cap Fund | 1 | —(1) | 7 | — | 8 |
(1) | Amount is less than $500. |
E. | Distributor |
($ reported in thousands) | |
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 six months (the “period”) ended March 31, 2019, it retained net commissions of $26 of Class A shares and CDSC of $32 and $17 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25%(1) for Class A shares and 1.00%(1)(2) for Class C shares; Class I shares and Class R6 shares are not subject to a 12b-1 Plan. |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended March 31, 2019, the Funds incurred administration fees totaling $1,141 which are included in the Statements of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Funds incurred transfer agent fees totaling $1,549 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Funds. The fees are calculated daily and paid monthly. | |
G. | Investments in Affiliates |
($ reported in thousands) | |
A summary of the Rampart Alternatives Diversifier Fund’s total long-term and short-term purchases and sales of the respective shares of the affiliated underlying funds(1) during the period ended March 31, 2019, is as follows: |
Value, beginning of period | Purchases(2) | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Shares | Dividend Income | Distributions of Realized Gains | |||||||||
Affiliated Mutual Funds—49.1%(3) | |||||||||||||||||
Virtus Duff & Phelps Global Infrastructure Fund Class R6 | $5,955 | $501 | $280 | $(11) | $385 | $6,550 | 427,825 | $68 | $233 | ||||||||
Virtus Duff & Phelps Global Real Estate Securities Fund Class I | 3,710 | 115 | 100 | (9) | 158 | 3,874 | 122,892 | 114 | 1 | ||||||||
Virtus Duff & Phelps International Real Estate Securities Fund Class I | 3,993 | 361 | 310 | (15) | 131 | 4,160 | 546,708 | 162 | — | ||||||||
Virtus Duff & Phelps Real Estate Securities Fund Class I | 2,508 | 373 | — | — | (217) | 2,664 | 111,170 | 30 | 343 | ||||||||
Virtus Newfleet Senior Floating Rate Fund Class I | 3,665 | 181 | 210 | (9) | (100) | 3,527 | 386,358 | 96 | — | ||||||||
Total | $19,831 | $1,531 | $900 | $(44) | $357 | $20,775 | $470 | $577 |
(1) | The Rampart Alternatives Diversifier Fund does not invest in the underlying funds for the purpose of exercising management or control; however, investments made by the Fund within each of its principal investment strategies may represent a significant portion of an underlying fund’s net assets. At March 31, 2019, the Fund was the owner of record of approximately 10% of Virtus International Real Estate Securities Fund. |
(2) | Includes reinvested dividends from income and capital gain distributions. |
(3) | Shares of these funds are publicly offered, and the prospectus and annual report of each are publicly available. |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other Assets” on the Statements of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | ||
Duff & Phelps Global Infrastructure Fund | $6,231 | $14,749 | |
Duff & Phelps Global Real Estate Securities Fund | 46,482 | 36,181 | |
Duff & Phelps International Real Estate Securities Fund | 7,521 | 9,186 | |
Herzfeld Fund | 13,811 | 17,820 | |
Horizon Wealth Masters Fund | 7,860 | 14,599 | |
KAR Emerging Markets Small-Cap Fund | 45,167 | 22,039 | |
KAR International Small-Cap Fund | 476,562 | 153,295 | |
Rampart Alternatives Diversifier Fund | 5,561 | 1,857 | |
Rampart Equity Trend Fund | 500,152 | 549,317 | |
Rampart Multi-Asset Trend Fund | 74,607 | 72,915 | |
Rampart Sector Trend Fund | 574,174 | 580,921 | |
Vontobel Global Opportunities Fund | 61,399 | 53,866 | |
Vontobel Greater European Opportunities Fund | 514 | 2,540 |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 167 | $2,354 | 201 | $3,002 | 193 | $5,845 | 169 | $4,993 | |||||||
Reinvestment of distributions | 104 | 1,421 | 69 | 1,014 | 6 | 180 | 10 | 285 | |||||||
Shares repurchased and cross class conversions | (393) | (5,447) | (516) | (7,569) | (249) | (7,470) | (361) | (10,594) | |||||||
Net Increase / (Decrease) | (122) | $(1,672) | (246) | $(3,553) | (50) | $(1,445) | (182) | $(5,316) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 35 | $490 | 55 | $814 | 9 | $258 | 42 | $1,194 | |||||||
Reinvestment of distributions | 51 | 691 | 31 | 452 | 7 | 189 | 6 | 171 | |||||||
Shares repurchased and cross class conversions | (251) | (3,505) | (521) | (7,591) | (42) | (1,212) | (107) | (3,045) | |||||||
Net Increase / (Decrease) | (165) | $(2,324) | (435) | $(6,325) | (26) | $(765) | (59) | $(1,680) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 353 | $4,818 | 548 | $8,108 | 1,287 | $37,963 | 1,742 | $51,658 | |||||||
Reinvestment of distributions | 101 | 1,387 | 93 | 1,367 | 168 | 4,704 | 112 | 3,250 | |||||||
Shares repurchased and cross class conversions | (391) | (5,513) | (2,288) | (33,584) | (788) | (22,981) | (2,429) | (70,923) | |||||||
Net Increase / (Decrease) | 63 | $692 | (1,647) | $(24,109) | 667 | $19,686 | (575) | $(16,015) |
Duff & Phelps Global Infrastructure Fund | Duff & Phelps Global Real Estate Securities Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 45 | $653 | 909 | $13,479 | 71 | $2,107 | 36 | $1,072 | |||||||
Reinvestment of distributions | 30 | 407 | 12 | 172 | 2 | 45 | 6 | 172 | |||||||
Shares repurchased and cross class conversions | (269) | (3,860) | (121) | (1,763) | (207) | (6,145) | (95) | (2,863) | |||||||
Net Increase / (Decrease) | (194) | $(2,800) | 800 | $11,888 | (134) | $(3,993) | (53) | $(1,619) |
Duff & Phelps International Real Estate Securities Fund | Herzfeld Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 23 | $168 | 32 | $237 | 75 | $841 | 309 | $3,816 | |||||||
Reinvestment of distributions | 10 | 67 | 5 | 40 | 47 | 464 | 19 | 235 | |||||||
Shares repurchased and cross class conversions | (48) | (345) | (110) | (805) | (109) | (1,234) | (509) | (6,360) | |||||||
Net Increase / (Decrease) | (15) | $(110) | (73) | $(528) | 13 | $71 | (181) | $(2,309) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 1 | $4 | 26 | $183 | 183 | $2,053 | 227 | $2,820 | |||||||
Reinvestment of distributions | 4 | 27 | 1 | 8 | 148 | 1,455 | 33 | 410 | |||||||
Shares repurchased and cross class conversions | (22) | (161) | (38) | (281) | (364) | (4,038) | (315) | (3,909) | |||||||
Net Increase / (Decrease) | (17) | $(130) | (11) | $(90) | (33) | $(530) | (55) | $(679) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 542 | $3,885 | 3,267 | $24,362 | 412 | $4,726 | 1,016 | $12,659 | |||||||
Reinvestment of distributions | 229 | 1,553 | 69 | 499 | 307 | 3,037 | 97 | 1,208 | |||||||
Shares repurchased and cross class conversions | (610) | (4,358) | (1,041) | (7,726) | (732) | (8,160) | (1,212) | (15,137) | |||||||
Net Increase / (Decrease) | 161 | $1,080 | 2,295 | $17,135 | (13) | $(397) | (99) | $(1,270) |
Horizon Wealth Masters Fund | KAR Emerging Markets Small-Cap Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 65 | $1,012 | 57 | $1,021 | 2,080 | $23,027 | 427 | $5,081 | |||||||
Reinvestment of distributions | 77 | 1,107 | 9 | 163 | 3 | 29 | 1 | 7 | |||||||
Shares repurchased and cross class conversions | (160) | (2,523) | (271) | (4,885) | (837) | (9,574) | (178) | (2,090) | |||||||
Net Increase / (Decrease) | (18) | $(404) | (205) | $(3,701) | 1,246 | $13,482 | 250 | $2,998 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 26 | $379 | 53 | $931 | 21 | $241 | 13 | $155 | |||||||
Reinvestment of distributions | 79 | 1,108 | 9 | 158 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (116) | (1,759) | (230) | (4,018) | (14) | (161) | (11) | (131) | |||||||
Net Increase / (Decrease) | (11) | $(272) | (168) | $(2,929) | 7 | $80 | 2 | $24 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 71 | $1,118 | 239 | $4,372 | 4,089 | $45,819 | 1,860 | $22,164 | |||||||
Reinvestment of distributions | 118 | 1,713 | 13 | 233 | 14 | 156 | 8 | 97 | |||||||
Shares repurchased and cross class conversions | (313) | (4,891) | (491) | (8,917) | (2,905) | (33,850) | (211) | (2,500) | |||||||
Net Increase / (Decrease) | (124) | $(2,060) | (239) | $(4,312) | 1,198 | $12,125 | 1,657 | $19,761 |
KAR International Small-Cap Fund | Rampart Alternatives Diversifier Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,871 | $30,139 | 3,206 | $56,125 | 394 | $4,224 | 164 | $1,870 | |||||||
Reinvestment of distributions | 31 | 475 | 21 | 336 | 18 | 184 | 8 | 96 | |||||||
Shares repurchased and cross class conversions | (1,185) | (18,881) | (1,573) | (27,331) | (108) | (1,184) | (289) | (3,308) | |||||||
Net Increase / (Decrease) | 717 | $11,733 | 1,654 | $29,130 | 304 | $3,224 | (117) | $(1,342) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 556 | $8,748 | 1,503 | $25,725 | 4 | $39 | 15 | $173 | |||||||
Reinvestment of distributions | 15 | 224 | 13 | 205 | 7 | 69 | 6 | 64 | |||||||
Shares repurchased and cross class conversions | (472) | (7,331) | (224) | (3,863) | (418) | (4,472) | (373) | (4,216) | |||||||
Net Increase / (Decrease) | 99 | $1,641 | 1,292 | $22,067 | (407) | $(4,364) | (352) | $(3,979) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 35,396 | $570,842 | 38,418 | $674,226 | 624 | $6,872 | 581 | $6,663 | |||||||
Reinvestment of distributions | 717 | 10,919 | 205 | 3,334 | 59 | 590 | 18 | 202 | |||||||
Shares repurchased and cross class conversions | (16,877) | (268,767) | (4,585) | (80,060) | (320) | (3,436) | (663) | (7,518) | |||||||
Net Increase / (Decrease) | 19,236 | $312,994 | 34,038 | $597,500 | 363 | $4,026 | (64) | $(653) |
KAR International Small-Cap Fund | Rampart Alternatives Diversifier Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 102 | $1,594 | 2,462 | $42,126 | — | $— | — | $— | |||||||
Reinvestment of distributions | 26 | 398 | 52 | 839 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (2,467) | (40,264) | (602) | (10,411) | — | — | — | — | |||||||
Net Increase / (Decrease) | (2,339) | $(38,272) | 1,912 | $32,554 | — | $— | — | $— |
Rampart Equity Trend Fund | Rampart Multi-Asset Trend Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 443 | $6,237 | 274 | $4,147 | 51 | $546 | 202 | $2,287 | |||||||
Reinvestment of distributions | — | — | — | — | 2 | 23 | — | — | |||||||
Shares repurchased and cross class conversions | (819) | (11,692) | (3,189) | (47,756) | (143) | (1,548) | (566) | (6,317) | |||||||
Net Increase / (Decrease) | (376) | $(5,455) | (2,915) | $(43,609) | (90) | $(979) | (364) | $(4,030) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 53 | $717 | 109 | $1,569 | 42 | $430 | 86 | $940 | |||||||
Shares repurchased and cross class conversions | (2,200) | (29,861) | (5,260) | (75,083) | (662) | (6,904) | (1,279) | (13,882) | |||||||
Net Increase / (Decrease) | (2,147) | $(29,144) | (5,151) | $(73,514) | (620) | $(6,474) | (1,193) | $(12,942) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 235 | $3,405 | 1,282 | $19,512 | 48 | $531 | 376 | $4,197 | |||||||
Reinvestment of distributions | — | — | — | — | 6 | 59 | — | — | |||||||
Shares repurchased and cross class conversions | (1,333) | (19,212) | (5,131) | (76,344) | (308) | (3,352) | (630) | (7,117) | |||||||
Net Increase / (Decrease) | (1,098) | $(15,807) | (3,849) | $(56,832) | (254) | $(2,762) | (254) | $(2,920) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $— | 24 | $353 | — | $— | — | $— | |||||||
Net Increase / (Decrease) | — | $— | 24 | $353 | — | $— | — | $— |
Rampart Sector Trend Fund | Vontobel Global Opportunities Fund | ||||||||||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,296 | $15,894 | 275 | $3,599 | 1,725 | $24,578 | 477 | $7,932 | |||||||
Reinvestment of distributions | 56 | 662 | 54 | 696 | 656 | 9,077 | 359 | 5,810 | |||||||
Shares repurchased and cross class conversions | (527) | (6,603) | (1,537) | (20,032) | (1,760) | (26,581) | (1,695) | (28,249) | |||||||
Net Increase / (Decrease) | 825 | $9,953 | (1,208) | $(15,737) | 621 | $7,074 | (859) | $(14,507) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 113 | $1,388 | 127 | $1,638 | 275 | $3,268 | 442 | $6,289 | |||||||
Reinvestment of distributions | 5 | 57 | 2 | 22 | 283 | 3,269 | 136 | 1,893 | |||||||
Shares repurchased and cross class conversions | (1,748) | (20,973) | (2,415) | (30,730) | (488) | (6,023) | (511) | (7,259) | |||||||
Net Increase / (Decrease) | (1,630) | $(19,528) | (2,286) | $(29,070) | 70 | $514 | 67 | $923 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 1,022 | $13,697 | 792 | $10,251 | 2,795 | $40,850 | 2,420 | $40,329 | |||||||
Reinvestment of distributions | 65 | 769 | 58 | 744 | 543 | 7,501 | 195 | 3,157 | |||||||
Shares repurchased and cross class conversions | (903) | (11,197) | (2,396) | (30,852) | (1,441) | (21,267) | (2,547) | (42,950) | |||||||
Net Increase / (Decrease) | 184 | $3,269 | (1,546) | $(19,857) | 1,897 | $27,084 | 68 | $536 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $— | — | $— | 3 | $49 | 89 | $1,496 | |||||||
Shares issued-merger (See Note 13) | — | — | — | — | 3,524 | 52,884 | — | — | |||||||
Reinvestment of distributions | — | — | — | — | 18 | 263 | — | — | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (1) | (11) | (64) | (1,089) | |||||||
Net Increase / (Decrease) | — | $— | — | $— | 3,544 | $53,185 | 25 | $407 |
Vontobel Greater European Opportunities Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 11 | $142 | 50 | $821 | |||
Reinvestment of distributions | 73 | 720 | 30 | 476 | |||
Shares repurchased and cross class conversions | (83) | (934) | (110) | (1,746) | |||
Net Increase / (Decrease) | 1 | $(72) | (30) | $(449) |
Vontobel Greater European Opportunities Fund | |||||||
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class C | |||||||
Shares sold and cross class conversions | 1 | $9 | 20 | $319 | |||
Reinvestment of distributions | 38 | 363 | 15 | 237 | |||
Shares repurchased and cross class conversions | (83) | (907) | (43) | (670) | |||
Net Increase / (Decrease) | (44) | $(535) | (8) | $(114) | |||
Class I | |||||||
Shares sold and cross class conversions | 30 | $324 | 72 | $1,173 | |||
Reinvestment of distributions | 60 | 594 | 37 | 587 | |||
Shares repurchased and cross class conversions | (54) | (617) | (497) | (8,474) | |||
Net Increase / (Decrease) | 36 | $301 | (388) | $(6,714) |
Exchange Redemptions | Exchange Subscriptions | ||||||||||||
Class A Shares | Class C Shares | Class I Shares | Class A Shares | Class C Shares | Class I Shares | Value | |||||||
Duff & Phelps Global Infrastructure Fund | 163 | 91 | 2 | 82 | 6 | 167 | $3,481 | ||||||
Duff & Phelps Global Real Estate Securities Fund | 90 | 13 | 12 | 18 | — | 95 | 3,374 | ||||||
Duff & Phelps International Real Estate Securities Fund | 8 | 8 | 3 | 11 | — | 8 | 132 | ||||||
Herzfeld Fund | 6 | 71 | 13 | 30 | — | 54 | 1,032 | ||||||
Horizon Wealth Masters Fund | —(1) | 15 | —(1) | 11 | — | 4 | 229 | ||||||
KAR Emerging Markets Small-Cap Fund | 32 | 1 | — | 1 | — | 32 | 355 | ||||||
KAR International Small-Cap Fund | 148 | 108 | 72 | 135 | 32 | 146 | 5,236 | ||||||
Rampart Alternatives Diversifier Fund | 3 | 319 | 16 | 321 | — | 17 | 3,615 | ||||||
Rampart Equity Trend Fund | 43 | 302 | 99 | 306 | 6 | 119 | 6,118 | ||||||
Rampart Multi-Asset Trend Fund | 19 | 49 | 1 | 45 | — | 20 | 710 | ||||||
Rampart Sector Trend Fund | 49 | 980 | 29 | 949 | 25 | 59 | 12,517 | ||||||
Vontobel Global Opportunities Fund | 29 | 148 | 4 | 103 | — | 53 | 2,319 | ||||||
Vontobel Greater European Opportunities Fund | 2 | 19 | — | 3 | — | 18 | 220 |
(1) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts* | ||
Duff & Phelps Global Real Estate Securities Fund | 36% | 3 | |
Duff & Phelps International Real Estate Securities Fund | 73 | 3 | |
Herzfeld Fund | 53 | 3 | |
Horizon Wealth Masters Fund | 12 | 1 | |
KAR Emerging Markets Small-Cap Fund | 41 | 2 | |
KAR International Small-Cap Fund | 60 | 4 |
% of Shares Outstanding | Number of Accounts* | ||
Rampart Alternatives Diversifier Fund | 16% | 1 | |
Rampart Equity Trend Fund | 22 | 2 | |
Rampart Multi-Asset Trend Fund | 22 | 1 | |
Rampart Sector Trend Fund | 10 | 1 | |
Vontobel Global Opportunities Fund | 10 | 1 | |
Vontobel Greater European Opportunities Fund | 43 | 3 |
* | None of the accounts are affiliated. |
Fund | Sector | Percentage of Total Investments | ||
Duff & Phelps Global Infrastructure Fund | Utilities | 41% | ||
Duff & Phelps Global Infrastructure Fund | Industrials | 27% | ||
Duff & Phelps International Real Estate Securities Fund | Real Estate Operating Companies | 28% | ||
KAR Emerging Markets Small-Cap Fund | Communication Services | 28% | ||
KAR International Small-Cap Fund | Communication Services | 28% | ||
Vontobel Greater European Opportunities Fund | Consumer Staples | 25% |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
KAR Emerging Markets Small-Cap Fund | $4 | $6,650 | 3.73% | 6 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Duff & Phelps Global Infrastructure Fund | $74,576 | $18,858 | $(2,143) | $16,715 | ||||
Duff & Phelps Global Real Estate Securities Fund | 168,053 | 34,548 | (4,163) | 30,385 | ||||
Duff & Phelps International Real Estate Securities Fund | 39,673 | 6,458 | (1,880) | 4,578 | ||||
Herzfeld Fund | 51,384 | 2,900 | (1,240) | 1,660 | ||||
Horizon Wealth Masters Fund | 48,448 | 12,384 | (2,322) | 10,062 | ||||
KAR Emerging Markets Small-Cap Fund | 56,315 | 8,143 | (2,169) | 5,974 | ||||
KAR International Small-Cap Fund | 1,194,591 | 89,637 | (69,709) | 19,928 | ||||
Rampart Alternatives Diversifier Fund | 61,978 | 3,126 | (23,685) | (20,559) | ||||
Rampart Equity Trend Fund | 329,612 | 21,296 | (3,631) | 17,665 | ||||
Rampart Multi-Asset Trend Fund | 54,830 | 2,816 | (222) | 2,594 | ||||
Rampart Sector Trend Fund | 207,783 | 10,374 | (2,055) | 8,319 | ||||
Vontobel Global Opportunities Fund | 198,792 | 84,605 | (7,259) | 77,346 | ||||
Vontobel Greater European Opportunities Fund | 3,929 | 1,591 | (280) | 1,311 |
2019 | No Expiration | Total | |||||||||
Short - Term | Short - Term | Long-Term | Short - Term | Long-Term | |||||||
Duff & Phelps International Real Estate Securities Fund | $884 | $1,204 | $— | $2,088 | $— | ||||||
KAR Emerging Markets Small-Cap Fund | — | — | 193 | — | 193 | ||||||
Rampart Equity Trend Fund | — | 478,968 | — | 478,968 | — | ||||||
Rampart Multi-Asset Trend Fund | — | 22,620 | — | 22,620 | — | ||||||
Rampart Sector Trend Fund | — | 22,065 | — | 22,065 | — |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | ||||||
Vontobel Global Equity Institutional Fund | Class I Shares 3,976,178 | Vontobel Global Opportunities Fund | Class R6 Shares 3,523,715 | $52,884 |
Merged Fund | Net Assets | Unrealized Appreciation (Depreciation) | Acquiring Fund | Net Assets | ||||
Vontobel Global Equity Institutional Fund | $52,884 | $9,853 | Vontobel Global Opportunities Fund | $447 |
Net investment income (loss) | $(161) (a) |
Net realized and unrealized gain (loss) on investments | 2,759 (b) |
Net increase (decrease) in net assets resulting from operations | $2,598 |
Proposal 1. |
Number of Eligible Shares Voted: | FOR | AGAINST | ABSTAIN | |||
To approve a change to the Virtus KAR Emerging Markets Small-Cap Fund’s status from diversified to non-diversified. | 23,289,861.44 | 400,864.58 | 152,584.49 |
Proposal 2. |
Number of Eligible Shares Voted: | FOR | AGAINST | ABSTAIN | UNINSTRUCTED | ||||
To approve a change to the Virtus KAR International Small-Cap Fund’s status from diversified to non-diversified. | 270,979,038.61 | 6,786,889.01 | 2,641,611.13 | 28,123,607.10 |
and the Virtus Opportunities Trust Statutory Prospectus,
each dated January 28, 2019, as supplemented
1 Year | 5 Year | Since Inception (3/2/09) | Class R6 Since Inception (11/3/16) | |
Class I | ||||
Return Before Taxes | -4.65% | -7.06% | 15.85% | — |
Return After Taxes on Distributions | -5.79% | 5.93% | 14.22% | — |
Return After Taxes on Distributions and Sale of Fund Shares | -2.61% | 5.11% | 12.69% | — |
Class A | ||||
Return Before Taxes | -10.37% | 5.54% | 14.86% | — |
Class C | ||||
Return Before Taxes | -5.56% | 6.00% | 14.70% | — |
Class R6 | ||||
Return Before Taxes | -4.49% | — | — | 5.39% |
FTSE ERPA/NAREIT Developed Index (net) (reflects no deduction for fees, expenses or taxes) | -5.63% | 4.34% | 14.13% | 3.03% |
1 Year | 5 Year | Since Inception (9/5/12) | |
Class I | |||
Return Before Taxes | -9.29% | 4.95% | 5.84% |
Return After Taxes on Distributions | -12.28% | 2.88% | 3.92% |
Return After Taxes on Distributions and Sale of Fund | -4.34% | 3.20% | 3.95% |
Class A | |||
Return Before Taxes | -14.72% | 3.47% | 4.60% |
Class C | |||
Return Before Taxes | -10.15% | 3.92% | 4.80% |
MSCI All-Country World Index (net) (reflects no deduction for fees, expenses or taxes) | -9.41% | 4.26% | 7.85% |
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 0.01% | 2.52% | 1.73% |
Herzfeld Composite Benchmark (reflects no deduction for fees, expenses or taxes) | -5.52% | 3.72% | 5.51% |
Prospectuses for future reference.
and the Virtus Opportunities Trust Statutory Prospectus,
dated January 29, 2018, each as supplemented
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Mangement Fees | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.37%(b) | 0.29%(b) | 0.27%(b) | 0.19%(b) | 0.37%(c) |
Total Annual Fund Operating Expenses | 1.58% | 2.25% | 1.23% | 1.15% | 1.58% |
Less: Fee Waiver and/or Expense Reimbursement(d) | N/A | N/A | N/A | (0.17)% | N/A |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.58% | 2.25% | 1.23% | 0.98% | 1.58% |
(b) | Restated to reflect current fees and expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.98% for Class R6 Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
1 Year | 3 Years | 5 Years | 10 Years | 10 Years | |
Class A | Sold or Held | $726 | $1,045 | $1,386 | $2,345 |
Class C | Sold | $328 | $703 | $1,205 | $2,585 |
Held | $228 | $703 | $1,205 | $2,585 |
1 Year | 3 Years | 5 Years | 10 Years | 10 Years | |
Class I | Sold or Held | $125 | $390 | $676 | $1,489 |
Class R6 | Sold or Held | $100 | $330 | $599 | $1,364 |
Class T | Sold or Held | $407 | $736 | $1,089 | $2,081 |
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Mangement Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.33%(b) | 0.25%(b) | 0.27%(b) | 0.18%(b) | 0.33%(c) |
Total Annual Fund Operating Expenses | 1.43% | 2.10% | 1.12% | 1.03% | 1.43% |
Less: Fee Waiver and/or Expense Reimbursement(d) | (0.04)% | (0.05)% | (0.05)% | (0.08)% | N/A |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.39% | 2.05% | 1.07% | 0.95% | 1.43% |
(b) | Restated to reflect current fees and expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.39% for Class A Shares, 2.05% for Class C Shares, 1.07% for Class I Shares, and 0.95% for Class R6 Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
1 Year | 3 Years | 5 Years | 10 Years | 10 Years | |
Class A | Sold or Held | $708 | $998 | $1,308 | $2,186 |
Class C | Sold | $308 | $653 | $1,124 | $2,227 |
Held | $208 | $653 | $1,124 | $2,427 | |
Class I | Sold or Held | $109 | $351 | $612 | $1,359 |
Class R6 | Sold or Held | $97 | $311 | $552 | $1,244 |
Class T | Sold or Held | $392 | $691 | $1,012 | $1,920 |
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Mangement Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.30%(b) | 0.31%(b) | 0.31%(b) | 0.26%(c) | 0.30%(c) |
Total Annual Fund Operating Expenses | 1.40% | 2.16% | 1.16% | 1.11% | 1.40% |
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Less: Fee Waiver and/or Expense Reimbursement(d) | (0.04)% | (0.05)% | (0.07)% | (0.21)% | (0.00)% |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.36% | 2.11% | 1.09% | 0.90% | 1.40% |
(b) | Restated to reflect current fees and expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.36% for Class A Shares, 2.11% for Class C Shares, 1.09% for Class I Shares, 0.90% for Class R6 Shares and 1.55% for Class T Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $706 | $989 | $1,293 | $2,155 |
Class C | Sold | $314 | $671 | $1,155 | $2,489 |
Held | $214 | $671 | $1,155 | $2,489 | |
Class I | Sold or Held | $111 | $362 | $632 | $1,403 |
Class R6 | Sold or Held | $92 | $310 | $569 | $1,311 |
Class T | Sold or Held | $389 | $682 | $997 | $1,888 |
Class A Shares | Class C Shares | Class C1 Shares | Class I Shares | Class R6 Shares | Class T Shares | |
Virtus Vontobel Emerging Markets Opportunities Fund** | N/A | N/A | N/A | N/A | 0.98% | N/A |
Virtus Vontobel Foreign Opportunities Fund** | 1.39% | 2.05% | N/A | 1.07% | 0.95% | N/A |
Virtus Vontobel Global Opportunities Fund** | 1.36% | 2.11% | N/A | 1.09% | 0.90% | 1.55% |
Virtus KAR Emerging Markets Small-Cap Fund | Hyung Kim (since April 2017) Craig Thrasher, CFA (since the fund’s inception in December 2013) |
Virtus KAR International Small-Cap Fund | Hyung Kim (since December 2018) Craig Thrasher, CFA (since the fund’s inception in September 2013) |
Prospectuses for future reference.
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 at1-800-243-1574, orVirtus.com.
8638 | 05-19 |
Virtus Duff & Phelps Real Estate Securities Fund* |
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 4 |
Schedule of Investments | 6 |
Statement of Assets and Liabilities | 9 |
Statement of Operations | 11 |
Statements of Changes in Net Assets | 12 |
Financial Highlights | 14 |
Notes to Financial Statements | 17 |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 26 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,060.70 | 1.39 % | $ 7.14 | |||
Class C | 1,000.00 | 1,057.10 | 2.09 | 10.72 | |||
Class I | 1,000.00 | 1,062.10 | 1.09 | 5.60 | |||
Class R6 | 1,000.00 | 1,063.30 | 0.90 | 4.63 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,018.00 | 1.39 % | $ 6.99 | |||
Class C | 1,000.00 | 1,014.51 | 2.09 | 10.50 | |||
Class I | 1,000.00 | 1,019.50 | 1.09 | 5.49 | |||
Class R6 | 1,000.00 | 1,020.44 | 0.90 | 4.53 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Apartments | 16% |
Office | 15 |
Industrials | 12 |
Data Centers | 10 |
Health Care | 8 |
Lodging/Resorts | 7 |
Self Storage | 7 |
Other | 25 |
Total | 100% |
Shares | Value | ||
Common Stocks—98.4% | |||
Real Estate Investment Trusts—98.4% | |||
Data Centers—10.2% | |||
CyrusOne, Inc. | 339,070 | $17,781 | |
Digital Realty Trust, Inc. | 284,163 | 33,815 | |
Equinix, Inc. | 20,901 | 9,472 | |
61,068 | |||
Diversified—0.9% | |||
Vornado Realty Trust | 85,395 | 5,759 | |
Health Care—8.0% | |||
HCP, Inc. | 869,300 | 27,209 | |
Healthcare Trust of America, Inc. Class A | 732,000 | 20,928 | |
48,137 | |||
Industrial/Office—25.8% | |||
Industrial—11.5% | |||
Americold Realty Trust | 331,710 | 10,120 | |
Duke Realty Corp. | 699,193 | 21,381 | |
Prologis, Inc. | 521,304 | 37,508 | |
69,009 | |||
Shares | Value | ||
Office—14.3% | |||
Alexandria Real Estate Equities, Inc. | 201,105 | $28,670 | |
Cousins Properties, Inc. | 2,250,439 | 21,739 | |
Douglas Emmett, Inc. | 406,508 | 16,431 | |
Kilroy Realty Corp. | 155,966 | 11,847 | |
Paramount Group, Inc. | 512,241 | 7,269 | |
85,956 | |||
Total Industrial/Office | 154,965 | ||
Lodging/Resorts—7.4% | |||
Host Hotels & Resorts, Inc. | 813,294 | 15,371 | |
RLJ Lodging Trust | 704,105 | 12,371 | |
Ryman Hospitality Properties, Inc. | 131,650 | 10,827 | |
Summit Hotel Properties, Inc. | 505,777 | 5,771 | |
44,340 | |||
Residential—22.2% | |||
Apartments—15.5% | |||
Apartment Investment & Management Co. Class A | 370,938 | 18,654 |
Shares | Value | ||
Residential—continued | |||
Apartments—continued | |||
AvalonBay Communities, Inc. | 146,890 | $29,485 | |
Equity Residential | 245,695 | 18,506 | |
Essex Property Trust, Inc. | 55,904 | 16,170 | |
Mid-America Apartment Communities, Inc. | 91,500 | 10,004 | |
92,819 | |||
Manufactured Homes—3.7% | |||
Sun Communities, Inc. | 189,180 | 22,422 | |
Single Family Homes—3.0% | |||
American Homes 4 Rent Class A | 797,600 | 18,121 | |
Total Residential | 133,362 | ||
Retail—14.3% | |||
Free Standing—2.2% | |||
Spirit Realty Capital, Inc. | 321,296 | 12,765 | |
Regional Malls—5.9% | |||
Simon Property Group, Inc. | 148,041 | 26,975 | |
Taubman Centers, Inc. | 162,291 | 8,582 | |
35,557 | |||
Shopping Centers—6.2% | |||
Brixmor Property Group, Inc. | 779,596 | 14,321 |
Shares | Value | ||
Shopping Centers—continued | |||
Regency Centers Corp. | 341,500 | $23,048 | |
37,369 | |||
Total Retail | 85,691 | ||
Self Storage—6.5% | |||
CubeSmart | 434,550 | 13,923 | |
Extra Space Storage, Inc. | 175,129 | 17,847 | |
Public Storage | 34,400 | 7,492 | |
39,262 | |||
Specialty—3.1% | |||
VICI Properties, Inc. | 852,300 | 18,648 | |
Total Common Stocks (Identified Cost $404,825) | 591,232 | ||
Total Long-Term Investments—98.4% (Identified Cost $404,825) | 591,232 | ||
TOTAL INVESTMENTS—98.4% (Identified Cost $404,825) | 591,232 | ||
Other assets and liabilities, net—1.6% | 9,502 | ||
NET ASSETS—100.0% | $600,734 |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $591,232 | $591,232 | |
Total Investments | $591,232 | $591,232 |
Assets | |
Investment in securities at value(1) | $591,232 |
Cash | 4,045 |
Receivables | |
Investment securities sold | 8,663 |
Fund shares sold | 422 |
Dividends and interest | 2,365 |
Prepaid trustee retainer | 12 |
Prepaid expenses | 50 |
Other assets | 43 |
Total assets | 606,832 |
Liabilities | |
Payables | |
Fund shares repurchased | 729 |
Investment securities purchased | 4,548 |
Investment advisory fees | 377 |
Distribution and service fees | 50 |
Administration and accounting fees | 56 |
Transfer agent and sub-transfer agent fees and expenses | 198 |
Professional fees | 14 |
Trustee deferred compensation plan | 43 |
Other accrued expenses | 83 |
Total liabilities | 6,098 |
Net Assets | $600,734 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $381,055 |
Accumulated earnings (loss) | 219,679 |
Net Assets | $600,734 |
Net Assets: | |
Class A | $178,316 |
Class C | $13,763 |
Class I | $376,612 |
Class R6 | $32,043 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 7,424,752 |
Class C | 574,685 |
Class I | 15,715,419 |
Class R6 | 1,336,399 |
Net Asset Value and Redemption Price Per Share: | |
Class A | $24.02 |
Class C | $23.95 |
Class I | $23.96 |
Class R6 | $23.98 |
Offering Price per Share (NAV/(1-5.75%)): | |
Class A | $25.49 |
(1)Investment in securities at cost | $404,825 |
Investment Income | |
Dividends | $11,239 |
Total investment income | 11,239 |
Expenses | |
Investment advisory fees | 2,305 |
Distribution and service fees, Class A | 228 |
Distribution and service fees, Class C | 101 |
Administration and accounting fees | 324 |
Transfer agent fees and expenses | 133 |
Sub-transfer agent fees and expenses, Class A | 172 |
Sub-transfer agent fees and expenses, Class C | 14 |
Sub-transfer agent fees and expenses, Class I | 260 |
Printing fees and expenses | 54 |
Professional fees | 15 |
Registration fees | 37 |
Trustees’ fees and expenses | 27 |
Miscellaneous expenses | 39 |
Total expenses | 3,709 |
Less expenses reimbursed and/or waived by investment adviser(1) | (8) |
Less low balance account fees | —(2) |
Net expenses | 3,701 |
Net investment income (loss) | 7,538 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 50,736 |
Net change in unrealized appreciation (depreciation) from: | |
Investments | (24,286) |
Net realized and unrealized gain (loss) on investments | 26,450 |
Net increase (decrease) in net assets resulting from operations | $33,988 |
(1) | See Note 3D in the Notes to Financial Statements. |
(2) | Amount is less than $500. |
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $7,538 | $10,617 | |
Net realized gain (loss) | 50,736 | 81,919 | |
Net change in unrealized appreciation (depreciation) | (24,286) | (63,040) | |
Increase (decrease) in net assets resulting from operations | 33,988 | 29,496 | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (26,652) | (49,347)(1) | |
Class C | (3,438) | (6,009)(1) | |
Class I | (55,984) | (77,621)(1) | |
Class R6 | (4,205) | (3,291)(1) | |
Dividends and Distributions to Shareholders | (90,279) | (136,268) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (846 and 2,209 shares, respectively) | 19,217 | 58,452 | |
Class C (31 and 46 shares, respectively) | 698 | 1,216 | |
Class I (2,442 and 4,719 shares, respectively) | 55,862 | 124,722 | |
Class R6 (332 and 464 shares, respectively) | 7,813 | 12,381 | |
Reinvestment of distributions: | |||
Class A (1,154 and 1,799 shares, respectively) | 24,974 | 46,925 | |
Class C (152 and 221 shares, respectively) | 3,266 | 5,744 | |
Class I (2,563 and 2,922 shares, respectively) | 55,344 | 76,104 | |
Class R6 (194 and 126 shares, respectively) | 4,193 | 3,281 | |
Shares repurchased and cross class conversions: | |||
Class A ((2,650) and (6,842) shares, respectively) | (64,353) | (181,209) | |
Class C ((607) and (692) shares, respectively) | (13,663) | (18,140) | |
Class I ((5,656) and (9,016) shares, respectively) | (138,355) | (243,762) | |
Class R6 ((171) and (264) shares, respectively) | (4,065) | (7,002) | |
Increase (decrease) in net assets from capital transactions | (49,069) | (121,288) | |
Net increase (decrease) in net assets | (105,360) | (228,060) | |
Net Assets | |||
Beginning of period | 706,094 | 934,154 | |
End of Period | $600,734 | $706,094 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $692 |
(1) | For the year ended September 30, 2018, the distributions to shareholders for the Fund were as follows: |
Dividends and Distributions to Shareholders | ||
Net investment income: | ||
Class A | $(3,085) | |
Class C | (129) | |
Class I | (6,332) | |
Class R6 | (335) | |
Net realized gains: | ||
Class A | (46,262) | |
Class C | (5,880) | |
Class I | (71,289) | |
Class R6 | (2,956) | |
Total | $(136,268) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | |
Class A | |||||||
10/1/18 to 3/31/19(6) | $26.76 | 0.27 | 0.89 | 1.16 | (0.25) | (3.65) | (3.90) |
10/1/17 to 9/30/18 | 30.43 | 0.31 | 0.75 | 1.06 | (0.30) | (4.43) | (4.73) |
10/1/16 to 9/30/17 | 36.87 | 0.38 | (0.48) | (0.10) | (0.40) | (5.94) | (6.34) |
10/1/15 to 9/30/16 | 38.45 | 0.47 | 4.80 | 5.27 | (0.48) | (6.37) | (6.85) |
10/1/14 to 9/30/15 | 36.65 | 0.51 | 3.76 | 4.27 | (0.53) | (1.94) | (2.47) |
10/1/13 to 9/30/14 | 35.10 | 0.29 | 3.86 | 4.15 | (0.29) | (2.31) | (2.60) |
Class C | |||||||
10/1/18 to 3/31/19(6) | $26.69 | 0.18 | 0.88 | 1.06 | (0.15) | (3.65) | (3.80) |
10/1/17 to 9/30/18 | 30.35 | 0.12 | 0.76 | 0.88 | (0.11) | (4.43) | (4.54) |
10/1/16 to 9/30/17 | 36.77 | 0.15 | (0.47) | (0.32) | (0.16) | (5.94) | (6.10) |
10/1/15 to 9/30/16 | 38.37 | 0.20 | 4.78 | 4.98 | (0.21) | (6.37) | (6.58) |
10/1/14 to 9/30/15 | 36.59 | 0.22 | 3.73 | 3.95 | (0.23) | (1.94) | (2.17) |
10/1/13 to 9/30/14 | 35.04 | 0.01 | 3.87 | 3.88 | (0.02) | (2.31) | (2.33) |
Class I | |||||||
10/1/18 to 3/31/19(6) | $26.71 | 0.31 | 0.88 | 1.19 | (0.29) | (3.65) | (3.94) |
10/1/17 to 9/30/18 | 30.39 | 0.40 | 0.73 | 1.13 | (0.38) | (4.43) | (4.81) |
10/1/16 to 9/30/17 | 36.83 | 0.46 | (0.48) | (0.02) | (0.48) | (5.94) | (6.42) |
10/1/15 to 9/30/16 | 38.42 | 0.56 | 4.80 | 5.36 | (0.58) | (6.37) | (6.95) |
10/1/14 to 9/30/15 | 36.62 | 0.62 | 3.75 | 4.37 | (0.63) | (1.94) | (2.57) |
10/1/13 to 9/30/14 | 35.07 | 0.39 | 3.86 | 4.25 | (0.39) | (2.31) | (2.70) |
Class R6 | |||||||
10/1/18 to 3/31/19(6) | $26.72 | 0.35 | 0.87 | 1.22 | (0.31) | (3.65) | (3.96) |
10/1/17 to 9/30/18 | 30.39 | 0.47 | 0.71 | 1.18 | (0.42) | (4.43) | (4.85) |
10/1/16 to 9/30/17 | 36.84 | 0.50 | (0.48) | 0.02 | (0.53) | (5.94) | (6.47) |
10/1/15 to 9/30/16 | 38.42 | 0.70 | 4.73 | 5.43 | (0.64) | (6.37) | (7.01) |
11/12/14(10) to 9/30/15 | 40.32 | 0.79 | (0.06) | 0.73 | (0.69) | (1.94) | (2.63) |
Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) |
(2.74) | $24.02 | 6.07 % | $178,316 | 1.39 % | 1.39 % | 2.24 % | 19 % |
(3.67) | 26.76 | 4.03 | 216,062 | 1.38 | 1.38 | 1.16 | 12 |
(6.44) | 30.43 | 0.63 (7) | 331,957 | 1.39 (7) | 1.39 | 1.21 (7) | 20 |
(1.58) | 36.87 | 15.58 | 530,135 | 1.39 (8) | 1.39 | 1.29 | 31 |
1.80 | 38.45 | 11.34 | 621,507 | 1.36 | 1.36 | 1.26 | 22 |
1.55 | 36.65 | 12.75 | 745,473 | 1.38 | 1.38 | 0.79 | 28 |
(2.74) | $23.95 | 5.71 % | $13,763 | 2.09 % | 2.09 % | 1.46 % | 19 % |
(3.66) | 26.69 | 3.28 | 26,643 | 2.07 | 2.07 | 0.45 | 12 |
(6.42) | 30.35 | (0.09) (7) | 43,219 | 2.13 (7) | 2.13 | 0.48 (7) | 20 |
(1.60) | 36.77 | 14.70 | 67,216 | 2.15 (8) | 2.15 | 0.55 | 31 |
1.78 | 38.37 | 10.49 | 66,023 | 2.11 | 2.11 | 0.56 | 22 |
1.55 | 36.59 | 11.91 | 62,889 | 2.13 | 2.13 | 0.04 | 28 |
(2.75) | $23.96 | 6.21 % | $376,612 | 1.09 % | 1.09 % | 2.57 % | 19 % |
(3.68) | 26.71 | 4.31 | 437,179 | 1.08 | 1.08 | 1.49 | 12 |
(6.44) | 30.39 | 0.90 (7) | 539,098 | 1.13 (7) | 1.13 | 1.49 (7) | 20 |
(1.59) | 36.83 | 15.85 | 619,818 | 1.14 (8) | 1.14 | 1.52 | 31 |
1.80 | 38.42 | 11.63 | 647,976 | 1.11 | 1.11 | 1.55 | 22 |
1.55 | 36.62 | 13.04 | 673,005 | 1.13 | 1.13 | 1.07 | 28 |
(2.74) | $23.98 | 6.33 % | $32,043 | 0.90 % | 0.96 % | 2.94 % | 19 % |
(3.67) | 26.72 | 4.50 | 26,210 | 0.93 (9) | 0.95 | 1.75 | 12 |
(6.45) | 30.39 | 1.06 (7) | 19,880 | 0.98 (7) | 0.98 | 1.62 (7) | 20 |
(1.58) | 36.84 | 16.06 | 21,604 | 0.98 (8) | 0.98 | 1.93 | 31 |
(1.90) | 38.42 | 1.54 | 1,647 | 0.94 | 0.94 | 2.30 | 22 (11) |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by less than 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by less than 0.01%. |
(8) | Net expense ratio includes extraordinary proxy expenses. |
(9) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(10) | Inception date. |
(11) | Portfolio turnover is representative of the Fund for the entire year ended September 30, 2015. |
A. | 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 between levels 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 is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the 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 bases, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The 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 Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, |
2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
G. | Securities Lending |
The Fund 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 the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. At March 31, 2019, the Fund did not loan securities. |
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 Fund. The |
Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser. | |
As compensation for its services to the Fund, 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 the Fund: |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion | ||
0.75 % | 0.70 % | 0.65 % |
B. | Subadviser |
Duff & Phelps Investment Management Co. (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser. | |
C. | Expense Limitation |
The Adviser has contractually agreed to limit the Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed, on an annualized basis, 0.90% of average daily net assets for Class R6 shares through January 31, 2020. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are calculated daily and received monthly. | |
D. | Expense Recapture |
($ reported in thousands) | |
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. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | |||||
2021 | 2022 | Total | |||
Class R6 | $4 | $8 | $ 12 | ||
E. | Distributor |
($ reported in thousands) | |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2019, it retained net commissions of $3 for Class A shares and CDSC of $— * for Class C shares. |
In addition, the 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 following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
* Amount is less than $500. | |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund. | |
For the period ended March 31, 2019, the Fund incurred administration fees totaling $293 which are included in the Statement of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Fund incurred transfer agent fees totaling $577 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Fund. The fees are calculated daily and paid monthly. | |
G. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | |
$118,576 | $245,141 |
Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | ||||||||
Class A Shares | Class C Shares | Class I Shares | Class A Shares | Class I Shares | Value | |||||
70 | 372 | 7 | 361 | 88 | $10,014 |
% of Shares Outstanding | Number of Accounts | |
27% | 2* |
* | The shareholders are not affiliated with Virtus. |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$417,050 | $182,684 | $(8,502) | $174,182 |
and the Virtus Opportunities Trust Statutory Prospectus,
each dated January 28, 2019, as supplemented
market, focusing on owners and operators with recurring rental income.
1 Year | 5 Year | Since Inception (3/2/09) | Class R6 Since Inception (11/3/16) | |
Class I | ||||
Return Before Taxes | -4.65% | 7.06% | 15.85% | — |
Return After Taxes on Distributions | -5.79% | 5.93% | 14.22% | — |
Return After Taxes on Distributions and Sale of Fund Shares | -2.61% | 5.11% | 12.69% | — |
Class A | ||||
Return Before Taxes | -10.37% | 5.54% | 14.86% | — |
Class C | ||||
Return Before Taxes | -5.56% | 6.00% | 14.70% | — |
Class R6 | ||||
Return Before Taxes | -4.49% | — | — | 5.39% |
FTSE EPRA/NAREIT Developed Index (net) (reflects no deduction for fees, expenses or taxes) | -5.63% | 4.34% | 14.13% | 3.03% |
1 Year | 5 Years | Since Inception (9/5/12) | |
Class I | |||
Return Before Taxes | -9.29% | 4.95% | 5.84% |
Return After Taxes on Distributions | -12.28% | 2.88% | 3.92% |
Return After Taxes on Distributions and Sale of Fund Shares | -4.34% | 3.20% | 3.95% |
Class A | |||
Return Before Taxes | -14.72% | 3.47% | 4.60% |
Class C | |||
Return Before Taxes | -10.15% | 3.92% | 4.80% |
MSCI All-Country World Index (net) (reflects no deduction for fees, expenses or taxes) | -9.41% | 4.26% | 7.85% |
Bloomberg Barclays U.S. Aggregate Bond Index (reflects no deduction for fees, expenses or taxes) | 0.01% | 2.52% | 1.73% |
Herzfeld Composite Benchmark (reflects no deduction for fees, expenses or taxes) | -5.52% | 3.72% | 5.51% |
Prospectuses for future reference.
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.
Virtus Mutual Funds,
please contact us at1-800-243-1574, orVirtus.com.
8023 | 05-19 |
Virtus Vontobel Foreign Opportunities Fund* |
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 4 |
Schedule of Investments | 6 |
Statement of Assets and Liabilities | 9 |
Statement of Operations | 11 |
Statements of Changes in Net Assets | 12 |
Financial Highlights | 14 |
Notes to Financial Statements | 17 |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 29 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 998.70 | 1.41 % | $ 7.03 | |||
Class C | 1,000.00 | 995.60 | 2.08 | 10.35 | |||
Class I | 1,000.00 | 1,000.50 | 1.09 | 5.44 | |||
Class R6 | 1,000.00 | 1,001.10 | 0.99 | 4.94 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,017.90 | 1.41 % | $ 7.09 | |||
Class C | 1,000.00 | 1,014.56 | 2.08 | 10.45 | |||
Class I | 1,000.00 | 1,019.50 | 1.09 | 5.49 | |||
Class R6 | 1,000.00 | 1,020.00 | 0.99 | 4.99 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Consumer Staples | 24% |
Industrials | 22 |
Information Technology | 14 |
Financials | 13 |
Consumer Discretionary | 12 |
Health Care | 7 |
Communication Services | 4 |
Other (includes securities lending collateral) | 4 |
Total | 100% |
Shares | Value | ||
Common Stocks—95.7% | |||
Communication Services—3.8% | |||
Alphabet, Inc. Class C (United States)(1) | 22,829 | $26,785 | |
Tencent Holdings Ltd. (China) | 304,127 | 13,986 | |
40,771 | |||
Consumer Discretionary—11.7% | |||
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 132,516 | 24,178 | |
Booking Holdings, Inc. (Netherlands)(1) | 20,310 | 35,439 | |
Industria de Diseno Textil SA (Spain) | 796,502 | 23,409 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | 31,434 | 11,562 | |
Paddy Power Betfair plc (Ireland) | 125,534 | 9,681 | |
Techtronic Industries Co., Ltd. (Hong Kong) | 3,201,663 | 21,515 | |
125,784 | |||
Shares | Value | ||
Consumer Staples—22.7% | |||
Alimentation Couche-Tard, Inc. Class B (Canada) | 735,434 | $43,322 | |
Anheuser-Busch InBev NV (Belgium) | 440,154 | 36,913 | |
Diageo plc (United Kingdom) | 422,913 | 17,285 | |
Heineken NV (Netherlands) | 167,900 | 17,719 | |
L’Oreal SA (France) | 77,450 | 20,834 | |
Nestle S.A. Registered Shares (Switzerland) | 407,180 | 38,806 | |
Reckitt Benckiser Group plc (United Kingdom) | 203,671 | 16,930 | |
Unilever NV CVA (Netherlands) | 642,827 | 37,338 | |
Wal-Mart de Mexico SAB de C.V. (Mexico) | 5,702,306 | 15,244 | |
244,391 | |||
Financials—12.3% | |||
HDFC Bank Ltd. (India) | 1,470,869 | 49,236 | |
HDFC Bank Ltd. ADR (India) | 13,115 | 1,520 |
Shares | Value | ||
Financials—continued | |||
Housing Development Finance Corp., Ltd. (India) | 778,103 | $22,107 | |
Itau Unibanco Holding SA Sponsored ADR (Brazil) | 1,605,483 | 14,144 | |
London Stock Exchange Group plc (United Kingdom) | 263,398 | 16,299 | |
Svenska Handelsbanken AB Class A (Sweden)(2) | 871,726 | 9,198 | |
United Overseas Bank Ltd. (Singapore) | 1,088,600 | 20,234 | |
132,738 | |||
Health Care—7.0% | |||
CSL Ltd. (Australia) | 120,776 | 16,718 | |
Fresenius SE & Co. KGaA (Germany) | 429,954 | 23,999 | |
Grifols SA (Spain) | 641,183 | 17,953 | |
Medtronic plc (United States) | 175,904 | 16,021 | |
74,691 | |||
Industrials—21.1% | |||
Ashtead Group plc (United Kingdom) | 534,160 | 12,888 | |
Bunzl plc (United Kingdom) | 957,888 | 31,589 | |
Canadian National Railway Co. (Canada) | 359,870 | 32,216 | |
DCC plc (Ireland) | 238,303 | 20,594 | |
Kingspan Group plc (Ireland) | 345,695 | 16,000 | |
Kingspan Group plc (Ireland) | 11,408 | 526 | |
RELX plc (United Kingdom) | 1,179,998 | 25,216 | |
Rentokil Initial plc (United Kingdom) | 2,237,774 | 10,297 | |
Safran SA (France) | 200,921 | 27,553 | |
Teleperformance (France) | 151,795 | 27,278 |
Shares | Value | ||
Industrials—continued | |||
Vinci SA (France) | 235,334 | $22,893 | |
227,050 | |||
Information Technology—13.3% | |||
Constellation Software, Inc. (Canada) | 40,442 | 34,273 | |
Keyence Corp. (Japan) | 47,785 | 29,737 | |
Mastercard, Inc. Class A (United States) | 155,681 | 36,655 | |
SAP SE (Germany) | 271,150 | 31,329 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 278,272 | 11,398 | |
143,392 | |||
Materials—1.4% | |||
Air Liquide SA (France) | 121,649 | 15,468 | |
Utilities—2.4% | |||
Equatorial Energia S.A. (Brazil) | 439,492 | 8,963 | |
Power Grid Corp. of India Ltd. (India) | 5,770,304 | 16,484 | |
�� | 25,447 | ||
Total Common Stocks (Identified Cost $769,364) | 1,029,732 | ||
Total Long-Term Investments—95.7% (Identified Cost $769,364) | 1,029,732 | ||
Shares | Value | ||
Securities Lending Collateral—0.9% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(3)(4) | 9,565,527 | $9,566 | |
Total Securities Lending Collateral (Identified Cost $9,566) | 9,566 | ||
TOTAL INVESTMENTS—96.6% (Identified Cost $778,930) | $1,039,298 | ||
Other assets and liabilities, net—3.4% | 36,266 | ||
NET ASSETS—100.0% | $1,075,564 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Represents security purchased with cash collateral received for securities on loan. |
(4) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United Kingdom | 12% |
France | 12 |
Canada | 11 |
Netherlands | 9 |
India | 9 |
United States | 9 |
Germany | 5 |
Other | 33 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,029,732 | $1,029,732 | |
Securities Lending Collateral | 9,566 | 9,566 | |
Total Investments | $1,039,298 | $1,039,298 |
Assets | |
Investment in securities at value(1)(2) | $1,039,298 |
Foreign currency at value(3) | 121 |
Cash | 39,808 |
Receivables | |
Investment securities sold | 5,250 |
Fund shares sold | 508 |
Dividends and interest | 1,742 |
Tax reclaims | 2,233 |
Securities lending | 12 |
Prepaid trustee retainer | 19 |
Prepaid expenses | 53 |
Other assets | 75 |
Total assets | 1,089,119 |
Liabilities | |
Payables | |
Fund shares repurchased | 1,217 |
Investment securities purchased | 990 |
Foreign capital gains tax | 428 |
Collateral on securities loaned | 9,566 |
Investment advisory fees | 647 |
Distribution and service fees | 83 |
Administration and accounting fees | 85 |
Transfer agent and sub-transfer agent fees and expenses | 252 |
Professional fees | 26 |
Trustee deferred compensation plan | 75 |
Other accrued expenses | 186 |
Total liabilities | 13,555 |
Net Assets | $1,075,564 |
Net Assets Consist of: | |
Common stock $0.001 par value | $38 |
Capital paid in on shares of beneficial interest | 804,415 |
Accumulated earnings (loss) | 271,111 |
Net Assets | $1,075,564 |
Net Assets: | |
Class A | $189,180 |
Class C | $50,595 |
Class I | $778,458 |
Class R6 | $57,331 |
Shares Outstanding (unlimited number of shares authorized, $0.001 par value): | |
Class A | 6,662,552 |
Class C | 1,830,502 |
Class I | 27,469,658 |
Class R6 | 2,024,040 |
Net Asset Value and Redemption Price Per Share: | |
Class A | $28.39 |
Class C | $27.64 |
Class I | $28.34 |
Class R6 | $28.33 |
Offering Price per Share (NAV/(1-5.75%)): | |
Class A | $30.12 |
(1)Investment in securities at cost | $778,930 |
(2) Market value of securities on loan | $9,014 |
(3) Foreign currency at cost | $120 |
Investment Income | |
Dividends | $7,551 |
Security lending, net of fees | 30 |
Foreign taxes withheld | (584) |
Total investment income | 6,997 |
Expenses | |
Investment advisory fees | 4,588 |
Distribution and service fees, Class A | 235 |
Distribution and service fees, Class C | 299 |
Administration and accounting fees | 566 |
Transfer agent fees and expenses | 237 |
Sub-transfer agent fees and expenses, Class A | 143 |
Sub-transfer agent fees and expenses, Class C | 25 |
Sub-transfer agent fees and expenses, Class I | 328 |
Custodian fees | 19 |
Printing fees and expenses | 44 |
Professional fees | 23 |
Interest expense | 7 |
Registration fees | 41 |
Trustees’ fees and expenses | 51 |
Miscellaneous expenses | 115 |
Total expenses | 6,721 |
Less expenses reimbursed and/or waived by investment adviser(1) | (253) |
Less low balance account fees | (2) |
Net expenses | 6,466 |
Net investment income (loss) | 531 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 33,613 |
Foreign currency transactions | (253) |
Net change in unrealized appreciation (depreciation) from: | |
Investments(2) | (57,224) |
Foreign currency transactions | 48 |
Net realized and unrealized gain (loss) on investments | (23,816) |
Net increase (decrease) in net assets resulting from operations | $(23,285) |
(1) | See Note 3D in the Notes to Financial Statements. |
(2) | Includes net of foreign capital gains tax of $(428). |
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $531 | $6,614 | |
Net realized gain (loss) | 33,360 | 194,612 | |
Net change in unrealized appreciation (depreciation) | (57,176) | (166,104) | |
Increase (decrease) in net assets resulting from operations | (23,285) | 35,122 | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (32,698) | (515)(1) | |
Class C | (11,388) | — | |
Class I | (145,852) | (5,658)(1) | |
Class R6 | (3,798) | (120)(1) | |
Dividends and Distributions to Shareholders | (193,736) | (6,293) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (1,055 and 858 shares, respectively) | 29,039 | 30,148 | |
Class C (91 and 156 shares, respectively) | 2,339 | 5,400 | |
Class I (5,007 and 7,445 shares, respectively) | 138,102 | 262,701 | |
Class R6 (1,650 and 654 shares, respectively) | 14,057 | 23,114 | |
Net assets from merger(2): | |||
Class R6 (1,227 and — shares, respectively) | 34,204 | — | |
Reinvestment of distributions: | |||
Class A (1,117 and 13 shares, respectively) | 28,438 | 455 | |
Class C (434 and — shares, respectively) | 10,767 | — | |
Class I (5,494 and 153 shares, respectively) | 139,385 | 5,358 | |
Class R6 (127 and 3 shares, respectively) | 3,230 | 98 | |
Shares repurchased and cross class conversions: | |||
Class A ((1,628) and (2,962) shares, respectively) | (45,427) | (104,332) | |
Class C ((922) and (722) shares, respectively) | (24,377) | (24,787) | |
Class I ((11,416) and (10,439) shares, respectively) | (319,757) | (366,169) | |
Class R6 ((721) and (259) shares, respectively) | (22,924) | (9,118) | |
Increase (decrease) in net assets from capital transactions | (12,924) | (177,132) | |
Net increase (decrease) in net assets | (229,945) | (148,303) | |
Net Assets | |||
Beginning of period | 1,305,509 | 1,453,812 | |
End of Period | $1,075,564 | $1,305,509 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $7,130 |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net investment income. |
(2) | See Note 12. |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | |
Class A | |||||||
10/1/18 to 3/31/19(6) | $34.62 | (0.02) | (0.67) | (0.69) | (0.12) | (5.42) | (5.54) |
10/1/17 to 9/30/18 | 33.95 | 0.10 | 0.64 | 0.74 | (0.07) | — | (0.07) |
10/1/16 to 9/30/17 | 29.62 | 0.09 | 4.42 | 4.51 | (0.18) | — | (0.18) |
10/1/15 to 9/30/16 | 27.21 | 0.19 | 2.47 | 2.66 | (0.25) | — | (0.25) |
10/1/14 to 9/30/15 | 28.12 | 0.25 | (0.92) | (0.67) | (0.24) | — | (0.24) |
10/1/13 to 9/30/14 | 27.01 | 0.24 | 1.03 | 1.27 | (0.16) | — | (0.16) |
Class C | |||||||
10/1/18 to 3/31/19(6) | $33.83 | (0.12) | (0.65) | (0.77) | — | (5.42) | (5.42) |
10/1/17 to 9/30/18 | 33.34 | (0.14) | 0.63 | 0.49 | — | — | — |
10/1/16 to 9/30/17 | 29.23 | (0.11) | 4.33 | 4.22 | (0.11) | — | (0.11) |
10/1/15 to 9/30/16 | 26.95 | (0.02) | 2.42 | 2.40 | (0.12) | — | (0.12) |
10/1/14 to 9/30/15 | 27.88 | 0.04 | (0.91) | (0.87) | (0.06) | — | (0.06) |
10/1/13 to 9/30/14 | 26.82 | 0.04 | 1.02 | 1.06 | — | — | — |
Class I | |||||||
10/1/18 to 3/31/19(6) | $34.70 | 0.03 | (0.68) | (0.65) | (0.29) | (5.42) | (5.71) |
10/1/17 to 9/30/18 | 34.03 | 0.20 | 0.65 | 0.85 | (0.18) | — | (0.18) |
10/1/16 to 9/30/17 | 29.63 | 0.20 | 4.40 | 4.60 | (0.20) | — | (0.20) |
10/1/15 to 9/30/16 | 27.23 | 0.26 | 2.46 | 2.72 | (0.32) | — | (0.32) |
10/1/14 to 9/30/15 | 28.14 | 0.32 | (0.91) | (0.59) | (0.32) | — | (0.32) |
10/1/13 to 9/30/14 | 27.03 | 0.32 | 1.02 | 1.34 | (0.23) | — | (0.23) |
Class R6 | |||||||
10/1/18 to 3/31/19(6) | $34.72 | 0.05 | (0.69) | (0.64) | (0.33) | (5.42) | (5.75) |
10/1/17 to 9/30/18 | 34.06 | 0.23 | 0.64 | 0.87 | (0.21) | — | (0.21) |
10/1/16 to 9/30/17 | 29.63 | 0.24 | 4.39 | 4.63 | (0.20) | — | (0.20) |
10/1/15 to 9/30/16 | 27.24 | 0.33 | 2.42 | 2.75 | (0.36) | — | (0.36) |
11/12/14(10) to 9/30/15 | 28.66 | 0.36 | (1.45) | (1.09) | (0.33) | — | (0.33) |
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) |
(6.23) | $28.39 | (0.13) % | $189,180 | 1.41 % (7) | 1.46 % | (0.11) % | 39 % |
0.67 | 34.62 | 2.17 | 211,755 | 1.43 | 1.43 | 0.27 | 39 |
4.33 | 33.95 | 15.41 (8) | 278,667 | 1.45 (8) | 1.46 | 0.28 (8) | 31 |
2.41 | 29.62 | 9.77 | 367,684 | 1.44 (9) | 1.45 | 0.68 | 25 |
(0.91) | 27.21 | (2.41) | 406,429 | 1.41 | 1.41 | 0.89 | 32 |
1.11 | 28.12 | 4.72 | 477,036 | 1.43 | 1.43 | 0.85 | 31 |
(6.19) | $27.64 | (0.44) % | $50,595 | 2.08 % (7) | 2.13 % | (0.82) % | 39 % |
0.49 | 33.83 | 1.47 | 75,379 | 2.10 | 2.10 | (0.41) | 39 |
4.11 | 33.34 | 14.55 (8) | 93,166 | 2.19 (8) | 2.20 | (0.39) (8) | 31 |
2.28 | 29.23 | 8.94 | 112,180 | 2.19 (9) | 2.20 | (0.06) | 25 |
(0.93) | 26.95 | (3.13) | 117,568 | 2.17 | 2.17 | 0.15 | 32 |
1.06 | 27.88 | 3.95 | 117,906 | 2.18 | 2.18 | 0.15 | 31 |
(6.36) | $28.34 | 0.05 % | $778,458 | 1.09 % (7) | 1.13 % | 0.21 % | 39 % |
0.67 | 34.70 | 2.48 | 984,802 | 1.12 | 1.12 | 0.57 | 39 |
4.40 | 34.03 | 15.69 (8) | 1,062,609 | 1.19 (8) | 1.20 | 0.64 (8) | 31 |
2.40 | 29.63 | 10.05 | 958,835 | 1.19 (9) | 1.20 | 0.90 | 25 |
(0.91) | 27.23 | (2.16) | 1,231,349 | 1.17 | 1.17 | 1.14 | 32 |
1.11 | 28.14 | 4.97 | 1,263,398 | 1.18 | 1.18 | 1.13 | 31 |
(6.39) | $28.33 | 0.11 % | $57,331 | 0.99 % (7) | 1.05 % | 0.33 % | 39 % |
0.66 | 34.72 | 2.55 | 33,573 | 1.03 | 1.03 | 0.66 | 39 |
4.43 | 34.06 | 15.82 (8) | 19,370 | 1.08 (8) | 1.09 | 0.75 (8) | 31 |
2.39 | 29.63 | 10.16 | 6,587 | 1.09 (9) | 1.10 | 1.14 | 25 |
(1.42) | 27.24 | (3.84) | 4,502 | 1.07 | 1.07 | 1.44 | 32 (11) |
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 Fund will also indirectly bear its prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(8) | State Street Bank & Trust, custodian for the Fund through January 29, 2010, reimbursed the Fund for out-of-pocket custody expenses overbilled for the period 1998 through January 29, 2010. Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses to Average Net Assets and increase the Ratio of Net Investment Income (Loss) to Average Net Assets by 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.01%. |
(9) | Net expense ratio includes extraordinary proxy expenses. |
(10) | Inception date. |
(11) | Portfolio turnover is representative of the Fund for the entire year ended September 30, 2015. |
A. | 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 between levels 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 is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the 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 bases, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The 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 Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, |
2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
H. | Securities Lending |
($ reported in thousands) | |
The Fund 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 the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
At March 31, 2019, the Fund had securities on loan as follows: |
Market Value | Cash Collateral | |
$ 9,014 | $ 9,566 |
A. | Adviser |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser. | |
As compensation for its services to the Fund, 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 the Fund: |
First $2 billion | $2+ Billion through $4 Billion | $4+ Billion | ||
0.85 % | 0.80 % | 0.75 % |
B. | Subadviser |
Vontobel Asset Management, Inc. (the “Subadviser”) is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser. | |
C. | Expense Limits and Fee Waivers |
Effective December 1, 2018, the Adviser has contractually agreed to limit the Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed, on an annualized basis, the following percentages of the Fund’s average net asset values through March 31, 2021. Following the contractual |
period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are calculated daily and received monthly. |
Class A | Class C | Class I | Class R6* | |||
1.39 % | 2.05 % | 1.07 % | 0.95 % |
D. | Expense Recapture |
($ reported in thousands) | |
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. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | |
2022 | |
Class A | $50 |
Class C | 17 |
Class I | 179 |
Class R6 | 7 |
2019 | |
Class C | $1 |
E. | Distributor |
($ reported in thousands) | |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2019, it retained net commissions of $6 for Class A shares and CDSC of $1 for Class C shares. | |
In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the |
relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund. | |
For the period ended March 31, 2019, the Fund incurred administration fees totaling $514 which are included in the Statement of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Fund incurred transfer agent fees totaling $727 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Fund. The fees are calculated daily and paid monthly. | |
G. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | |
$410,055 | $664,312 |
Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | ||||||||||
Class A Shares | Class C Shares | Class I Shares | Class A Shares | Class C Shares | Class I Shares | Value | ||||||
350 | 460 | 80 | 464 | 4 | 394 | $23,503 |
% of Shares Outstanding | Number of Accounts | |
30% | 1* |
* | The shareholders are not affiliated with Virtus. |
Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | |||
$7 | $21,333 | 3.73% | 3 |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$797,031 | $282,154 | $(39,887) | $242,267 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | ||||
Vontobel International Equity Institutional Fund | Class I Shares 2,898,624 | Vontobel Foreign Opportunities Fund | Class R6 Shares 1,227,250 | $34,204 |
Merged Fund | Net Assets | Unrealized Appreciation (Depreciation) | Acquiring Fund | Net Assets | ||||
Vontobel International Equity Institutional Fund | $34,204 | $4,066 | Vontobel Foreign Opportunities Fund | $22,244 |
Net investment income (loss) | $575 (a) |
Net realized and unrealized gain (loss) on investments | (24,337) (b) |
Net increase (decrease) in net assets resulting from operations | $(23,762) |
January 29, 2018, and the Virtus Opportunities Trust Statutory
Prospectus, dated January 29, 2018, each as supplemented
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Management Fees | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.37%(b) | 0.29%(b) | 0.27%(b) | 0.19%(b) | 0.37%(c) |
Total Annual Fund Operating Expenses | 1.58% | 2.25% | 1.23% | 1.15% | 1.58% |
Less: Fee Waiver and/or Expense Reimbursement(d) | N/A | N/A | N/A | (0.17)% | N/A |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.58% | 2.25% | 1.23% | 0.98% | 1.58% |
(b) | Restated to reflect current expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.98% for Class R6 Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $726 | $1,045 | $1,386 | $2,345 |
Class C | Sold | $328 | $703 | $1,205 | $2,585 |
Held | $228 | $703 | $1,205 | $2,585 | |
Class I | Sold or Held | $125 | $390 | $676 | $1,489 |
Class R6 | Sold or Held | $100 | $330 | $599 | $1,364 |
Class T | Sold or Held | $407 | $736 | $1,089 | $2,081 |
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.33%(b) | 0.25%(b) | 0.27%(b) | 0.18%(b) | 0.33%(c) |
Total Annual Fund Operating Expenses | 1.43% | 2.10% | 1.12% | 1.03% | 1.43% |
Less: Fee Waiver and/or Expense Reimbursement(d) | (0.04)% | (0.05)% | (0.05)% | (0.08)% | N/A |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.39% | 2.05% | 1.07% | 0.95% | 1.43% |
(b) | Restated to reflect current expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.39% for Class A Shares, 2.05% for Class C Shares, 1.07% for Class I Shares, and 0.95% for Class R6 Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $708 | $998 | $1,308 | $2,186 |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class C | Sold | $308 | $653 | $1,124 | $2,227 |
Held | $208 | $653 | $1,124 | $2,489 | |
Class I | Sold or Held | $109 | $351 | $612 | $1,359 |
Class R6 | Sold or Held | $97 | $311 | $552 | $1,244 |
Class T | Sold or Held | $392 | $691 | $1,012 | $1,920 |
Annual Fund Operating Expenses(expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.30%(b) | 0.31%(b) | 0.31%(b) | 0.26%(c) | 0.30%(c) |
Total Annual Fund Operating Expenses | 1.40% | 2.16% | 1.16% | 1.11% | 1.40% |
Less: Fee Waiver and/or Expense Reimbursement(d) | (0.04)% | (0.05)% | (0.07)% | (0.21)% | (0.00)% |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.36% | 2.11% | 1.09% | 0.90% | 1.40% |
(b) | Restated to reflect current expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.36% for Class A Shares, 2.11% for Class C Shares, 1.09% for Class I Shares, 0.90% for Class R6 Shares and 1.55% for Class T Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $706 | $989 | $1,293 | $2,155 |
Class C | Sold | $314 | $671 | $1,155 | $2,489 |
Held | $214 | $671 | $1,155 | $2,489 |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class I | Sold or Held | $111 | $362 | $632 | $1,403 |
Class R6 | Sold or Held | $92 | $310 | $569 | $1,311 |
Class T | Sold or Held | $389 | $682 | $997 | $1,888 |
Class A Shares | Class C Shares | Class C1 Shares | Class I Shares | Class R6 Shares | Class T Shares | |
Virtus Vontobel Emerging Markets Opportunities Fund** | N/A | N/A | N/A | N/A | 0.98% | N/A |
Virtus Vontobel Foreign Opportunities Fund** | 1.39% | 2.05% | N/A | 1.07% | 0.95% | N/A |
Virtus Vontobel Global Opportunities Fund** | 1.36% | 2.11% | N/A | 1.09% | 0.90% | 1.55% |
future reference.
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.
Virtus Mutual Funds,
please contact us at1-800-243-1574, orVirtus.com.
8025 | 05-19 |
Virtus Newfleet Multi-Sector Short Term Bond Fund |
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 4 |
Schedule of Investments | 6 |
Statement of Assets and Liabilities | 41 |
Statement of Operations | 43 |
Statements of Changes in Net Assets | 44 |
Financial Highlights | 46 |
Notes to Financial Statements | 49 |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 62 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,019.70 | 0.98 % | $ 4.93 | |||
Class C | 1,000.00 | 1,018.20 | 1.21 | 6.09 | |||
Class C1 | 1,000.00 | 1,015.80 | 1.71 | 8.59 | |||
Class I | 1,000.00 | 1,021.00 | 0.72 | 3.63 | |||
Class R6 | 1,000.00 | 1,021.40 | 0.55 | 2.77 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,020.04 | 0.98 % | $ 4.94 | |||
Class C | 1,000.00 | 1,018.90 | 1.21 | 6.09 | |||
Class C1 | 1,000.00 | 1,016.40 | 1.71 | 8.60 | |||
Class I | 1,000.00 | 1,021.34 | 0.72 | 3.63 | |||
Class R6 | 1,000.00 | 1,022.19 | 0.55 | 2.77 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Corporate Bonds And Notes | 32% | |
Financials | 10% | |
Energy | 4 | |
Health Care | 3 | |
All other Corporate Bonds And Notes | 15 | |
Mortgage-Backed Securities | 27 | |
Asset-Backed Securities | 24 | |
Leveraged Loans | 9 | |
U.S. Government Securities | 3 | |
Other (includes securities lending collateral) | 5 | |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—2.8% | |||
U.S. Treasury Bill 0.000%, 2/27/20 | $ 20,000 | $19,571 | |
U.S. Treasury Note | |||
0.000%, 7/18/19 | 55,005 | 54,616 | |
0.000%, 3/26/20 | 22,805 | 22,276 | |
1.375%, 4/30/20 | 59,820 | 59,172 | |
2.250%, 3/31/21 | 25,145 | 25,137 | |
Total U.S. Government Securities (Identified Cost $180,644) | 180,772 | ||
Municipal Bond—0.1% | |||
Virginia—0.1% | |||
Tobacco Settlement Financing Corp. Revenue Taxable Series A-1, Taxable 6.706%, 6/1/46 | 4,565 | 4,410 | |
Total Municipal Bond (Identified Cost $4,271) | 4,410 |
Par Value | Value | ||
Foreign Government Securities—2.8% | |||
Arab Republic of Egypt 144A 5.875%, 6/11/25(1)(2) | $8,415 | $8,342 | |
Argentine Republic | |||
6.875%, 4/22/21 | 5,275 | 4,813 | |
5.625%, 1/26/22 | 7,647 | 6,596 | |
4.625%, 1/11/23 | 8,400 | 6,880 | |
Bolivarian Republic of Venezuela | |||
RegS 7.000%, 12/1/18(3)(4) | 20,999 | 5,775 | |
RegS 7.750%, 10/13/19(3)(4) | 9,851 | 2,783 | |
Dominican Republic 144A 6.600%, 1/28/24(1) | 7,115 | 7,675 | |
Federal Republic of Nigeria 144A 6.375%, 7/12/23(1)(2) | 18,000 | 18,575 | |
Provincia de Buenos Aires 144A 6.500%, 2/15/23(1) | 11,460 | 9,311 |
Par Value | Value | ||
Republic of Indonesia Treasury Bond, Series FR77 8.125%, 5/15/24 | 175,263,000IDR | $12,834 | |
Republic of Pakistan 144A 8.250%, 9/30/25(1) | $8,880 | 9,503 | |
Republic of South Africa | |||
4.665%, 1/17/24 | 6,725 | 6,781 | |
Series 2023 7.750%, 2/28/23 | 145,000ZAR | 10,047 | |
Republic of Turkey 5.125%, 3/25/22 | 16,800 | 16,184 | |
Republic of Turkey 7.250%, 12/23/23 | 6,675 | 6,720 | |
Sultanate of Oman 144A 4.125%, 1/17/23(1) | 18,855 | 18,022 | |
Ukraine 144A 7.750%, 9/1/23(1) | 13,715 | 13,339 | |
United Mexican States Series M 6.500%, 6/9/22 | 250,769MXN | 12,442 | |
Total Foreign Government Securities (Identified Cost $205,227) | 176,622 | ||
Mortgage-Backed Securities—27.2% | |||
Agency—2.3% | |||
Federal National Mortgage Association | |||
Pool #792432 5.000%, 10/1/19 | 11 | 11 | |
Pool #784263 5.500%, 3/1/20 | 4 | 4 | |
Pool #811881 5.500%, 3/1/20 | 2 | 2 | |
Pool #819916 5.500%, 3/1/20 | 16 | 16 | |
Pool #819922 5.500%, 4/1/20 | 26 | 27 | |
Pool #811451 5.000%, 6/1/20 | 49 | 50 |
Par Value | Value | ||
Agency—continued | |||
Pool #AD6058 4.000%, 8/1/25 | $3,742 | $3,855 | |
Pool #AO5149 3.000%, 6/1/27 | 561 | 568 | |
Pool #AS5927 3.000%, 10/1/30 | 15,077 | 15,221 | |
Pool #AZ4794 3.000%, 10/1/30 | 23,303 | 23,526 | |
Pool #890707 2.500%, 2/1/31 | 26,376 | 26,251 | |
Pool #890710 3.000%, 2/1/31 | 9,713 | 9,806 | |
Pool #254549 6.000%, 12/1/32 | 22 | 24 | |
Pool #695237 5.500%, 2/1/33 | 29 | 31 | |
Pool #773385 5.500%, 5/1/34 | 155 | 170 | |
Pool #725762 6.000%, 8/1/34 | 121 | 134 | |
Pool #806318 5.500%, 11/1/34 | 135 | 144 | |
Pool #806328 5.500%, 11/1/34 | 124 | 132 | |
Pool #800267 5.500%, 12/1/34 | 33 | 36 | |
Pool #808018 5.500%, 1/1/35 | 134 | 147 | |
Pool #941322 6.000%, 7/1/37 | 7 | 7 | |
Pool #889578 6.000%, 4/1/38 | 77 | 85 | |
Pool #AC6992 5.000%, 12/1/39 | 2,881 | 3,115 | |
Pool #AD3841 4.500%, 4/1/40 | 4,065 | 4,297 | |
Pool #AD4224 5.000%, 8/1/40 | 3,487 | 3,762 | |
Pool #AE4799 4.000%, 10/1/40 | 101 | 105 | |
Pool #AH4009 4.000%, 3/1/41 | 3,269 | 3,391 | |
Pool #AI2472 4.500%, 5/1/41 | 2,956 | 3,126 |
Par Value | Value | ||
Agency—continued | |||
Pool #AS6515 4.000%, 1/1/46 | $9,694 | $10,025 | |
Pool #AS9393 4.000%, 4/1/47 | 6,021 | 6,223 | |
Pool #MA3058 4.000%, 7/1/47 | 29,624 | 30,618 | |
Government National Mortgage Association | |||
Pool #563381 6.500%, 11/15/31 | 16 | 18 | |
Pool #581072 6.500%, 2/15/32 | 9 | 10 | |
144,937 | |||
Non-Agency—24.9% | |||
Access Point Funding I LLC 2017-A, A 144A 3.060%, 4/15/29(1) | 3,166 | 3,155 | |
Adjustable Rate Mortgage Trust 2005-1, 3A1 4.439%, 5/25/35(5) | 2,059 | 2,081 | |
Agate Bay Mortgage Trust 2016-3, A5 144A 3.500%, 8/25/46(1)(5) | 5,588 | 5,628 | |
Ajax Mortgage Loan Trust | |||
2017-B, A 144A 3.163%, 9/25/56(1)(5) | 8,974 | 8,927 | |
2018-C, A 144A 4.360%, 9/25/65(1)(5) | 7,505 | 7,616 | |
American Homes 4 Rent Trust 2015-SFR1, A 144A 3.467%, 4/17/52(1) | 11,324 | 11,458 | |
Angel Oak Mortgage Trust I LLC | |||
2018-1, A1 144A 3.258%, 4/27/48(1)(5) | 15,155 | 15,102 | |
2018-2, A1 144A 3.674%, 7/27/48(1)(5) | 25,432 | 25,533 |
Par Value | Value | ||
Non-Agency—continued | |||
2018-3, A1 144A 3.649%, 9/25/48(1)(5) | $6,762 | $6,796 | |
2019-1, A1 144A 3.920%, 11/25/48(1)(5) | 23,700 | 23,928 | |
2019-2, A1 144A 3.628%, 3/25/49(1)(5) | 9,120 | 9,117 | |
Angel Oak Mortgage Trust LLC | |||
2017-1, A3 144A 3.644%, 1/25/47(1)(5) | 427 | 427 | |
2017-3, A1 144A 2.708%, 11/25/47(1)(5) | 4,028 | 4,010 | |
Arroyo Mortgage Trust | |||
2018-1, A1 144A 3.763%, 4/25/48(1)(5) | 42,158 | 42,619 | |
2019-1, A1 144A 3.805%, 1/25/49(1)(5) | 15,818 | 15,927 | |
Aventura Mall Trust 2013-AVM, A 144A 3.743%, 12/5/32(1)(5) | 10,350 | 10,469 | |
Banc of America Funding Trust | |||
2004-B, 2A1 4.943%, 11/20/34(5) | 261 | 266 | |
2004-D, 5A1 4.462%, 1/25/35(5) | 2,550 | 2,542 | |
2005-1, 1A1 5.500%, 2/25/35 | 318 | 318 | |
2006-2, 3A1 6.000%, 3/25/36 | 1,453 | 1,453 | |
Banc of America Mortgage Trust 2005-3, 1A15 5.500%, 4/25/35 | 831 | 841 | |
Bank of America (Countrywide) Asset-Backed Certificates 2005-1, AF5A 4.939%, 7/25/35(5) | 6,542 | 6,715 |
Par Value | Value | ||
Non-Agency—continued | |||
Bank of America (Merrill Lynch - Countrywide) Alternative Loan Trust 2004-22CB, 1A1 6.000%, 10/25/34 | $13,758 | $14,375 | |
Bank of America (Merrill Lynch - Countrywide) Home Loan Mortgage Pass-Through-Trust | |||
2004-6, 1A2 4.202%, 5/25/34(5) | 801 | 799 | |
2004-4, A6 5.500%, 5/25/34 | 284 | 284 | |
Bank of America (Merrill Lynch) Investors Trust 2004-A4, A1 4.076%, 8/25/34(5) | 888 | 889 | |
Bayview Commercial Asset Trust 2006-2A, A2 (1 month LIBOR + 0.280%) 144A 2.765%, 7/25/36(1)(5) | 4,528 | 4,356 | |
Bayview Koitere Fund Trust 2017-RT4, A 144A 3.500%, 7/28/57(1)(5) | 7,161 | 7,194 | |
Bayview Opportunity Master Fund IVa Trust | |||
2016-SPL1, B1 144A 4.250%, 4/28/55(1) | 7,758 | 8,024 | |
2017-RT1, A1 144A 3.000%, 3/28/57(1)(5) | 3,342 | 3,323 | |
2017-SPL5, B1 144A 4.000%, 6/28/57(1)(5) | 5,910 | 6,057 |
Par Value | Value | ||
Non-Agency—continued | |||
Bayview Opportunity Master Fund IVb Trust | |||
2016-SPL2, B1 144A 4.250%, 6/28/53(1)(5) | $5,532 | $5,690 | |
2017-SPL4, A 144A 3.500%, 1/28/55(1)(5) | 2,484 | 2,492 | |
BX Trust | |||
2018-MCSF, A (1 month LIBOR + 0.577%) 144A 3.060%, 4/15/35(1)(5) | 11,145 | 10,970 | |
2018-GW, B (1 month LIBOR + 1.020%) 144A 3.504%, 5/15/35(1)(5) | 19,910 | 19,760 | |
Caesars Palace Las Vegas Trust 2017-VICI, C 144A 4.138%, 10/15/34(1) | 12,170 | 12,502 | |
Citigroup Commercial Mortgage Trust 2019-SST2, A (1 month LIBOR + 0.920%) 144A 3.404%, 12/15/36(1)(5) | 7,195 | 7,162 | |
Citigroup Mortgage Loan Trust, Inc. | |||
2004-NCM2, 2CB2 6.750%, 8/25/34 | 7,861 | 8,450 | |
2014-A, A 144A 4.000%, 1/25/35(1)(5) | 5,190 | 5,333 | |
2015-PS1, A1 144A 3.750%, 9/25/42(1)(5) | 4,157 | 4,214 | |
2015-A, A1 144A 3.500%, 6/25/58(1)(5) | 1,637 | 1,643 | |
2018-RP3, A1 144A 3.250%, 3/25/61(1)(5) | 8,176 | 8,217 | |
2018-RP1, A1 144A 3.000%, 9/25/64(1)(5) | 13,436 | 13,305 |
Par Value | Value | ||
Non-Agency—continued | |||
Cold Storage Trust 2017-ICE3, A (1 month LIBOR + 1.000%) 144A 3.484%, 4/15/36(1)(5) | $26,700 | $26,700 | |
Colony Starwood Homes Trust 2016-2A, C (1 month LIBOR + 2.150%) 144A 4.634%, 12/17/33(1)(5) | 11,779 | 11,788 | |
COLT Mortgage Loan Trust Funding LLC | |||
2016-2, A1 144A 2.750%, 9/25/46(1)(5) | 2,436 | 2,428 | |
2017-1, A3 144A 3.074%, 5/27/47(1)(5) | 504 | 502 | |
2018-1, A1 144A 2.930%, 2/25/48(1)(5) | 10,437 | 10,395 | |
2018-2, A1 144A 3.470%, 7/27/48(1)(5) | 3,024 | 3,028 | |
2018-3, A1 144A 3.692%, 10/26/48(1)(5) | 2,116 | 2,120 | |
2019-1, A1 144A 3.705%, 3/25/49(1)(5) | 11,014 | 11,054 | |
Commercial Mortgage Lease-Backed Certificates 2001-CMLB, A3 144A 7.471%, 6/20/31(1)(5) | 4,080 | 4,259 | |
Commercial Mortgage Trust 2014-277P, A 144A 3.611%, 8/10/49(1)(5) | 8,705 | 9,033 | |
CoreVest American Finance Trust | |||
2017-1, A 144A 2.968%, 10/15/49(1) | 3,660 | 3,629 | |
2018-1, A 144A 3.804%, 6/15/51(1) | 12,841 | 13,042 | |
2018-2, A 144A 4.026%, 11/15/52(1) | 6,354 | 6,537 |
Par Value | Value | ||
Non-Agency—continued | |||
Credit Suisse First Boston Mortgage Securities Corp. | |||
2003-27, 5A3 5.250%, 11/25/33 | $690 | $704 | |
2003-AR30, 5A1 4.449%, 1/25/34(5) | 3,450 | 3,539 | |
2004-8, 7A1 6.000%, 12/25/34 | 4,232 | 4,434 | |
Credit Suisse Mortgage Capital Trust | |||
2013-HYB1, A16 144A 2.998%, 4/25/43(1)(5) | 2,469 | 2,463 | |
2014-IVR2, A2 144A 3.763%, 4/25/44(1)(5) | 8,132 | 8,110 | |
2018-RPL8, A1 144A 4.125%, 7/25/58(1)(5) | 2,186 | 2,193 | |
Deephaven Residential Mortgage Trust | |||
2017-1A, A1 144A 2.725%, 12/26/46(1)(5) | 2,352 | 2,344 | |
2017-1A, A2 144A 2.928%, 12/26/46(1)(5) | 596 | 594 | |
2017-2A, A1 144A 2.453%, 6/25/47(1)(5) | 2,533 | 2,503 | |
2017-2A, A2 144A 2.606%, 6/25/47(1)(5) | 1,143 | 1,131 | |
2017-3A, A3 144A 2.813%, 10/25/47(1)(5) | 2,517 | 2,505 | |
2018-2A, A1 144A 3.479%, 4/25/58(1)(5) | 17,613 | 17,700 | |
2018-3A, A1 144A 3.789%, 8/25/58(1)(5) | 2,434 | 2,454 | |
2019-1A, A1 144A 3.743%, 1/25/59(1)(5) | 3,927 | 3,938 | |
Ellington Financial Mortgage Trust 2018-1, A1FX 144A 4.140%, 10/25/58(1)(5) | 9,266 | 9,332 |
Par Value | Value | ||
Non-Agency—continued | |||
GAHR Commercial Mortgage Trust 2015-NRF, CFX 144A 3.382%, 12/15/34(1)(5) | $16,875 | $16,782 | |
Galton Funding Mortgage Trust | |||
2017-1, A21 144A 3.500%, 7/25/56(1)(5) | 13,495 | 13,494 | |
2018-1, A23 144A 3.500%, 11/25/57(1)(5) | 8,851 | 8,793 | |
2018-2, A41 144A 4.500%, 10/25/58(1)(5) | 10,366 | 10,579 | |
GMAC Mortgage Corp. Loan Trust 2004-AR1, 12A 4.617%, 6/25/34(5) | 2,877 | 2,934 | |
Goldman Sachs Mortgage Securities Trust 2012-ALOH, A 144A 3.551%, 4/10/34(1) | 8,176 | 8,329 | |
GSAA Home Equity Trust | |||
2005-1, AF4 5.619%, 11/25/34(5) | 130 | 130 | |
2005-12, AF3W 4.999%, 9/25/35(5) | 2,838 | 2,894 | |
Hilton USA Trust 2016-SFP, B 144A 3.323%, 11/5/35(1) | 22,020 | 21,844 | |
Homeward Opportunities Fund I Trust | |||
2018-1, A1 144A 3.766%, 6/25/48(1)(5) | 11,611 | 11,725 | |
2018-2, A1 144A 3.985%, 11/25/58(1)(5) | 8,096 | 8,206 | |
2019-1, A1 144A 3.454%, 1/25/59(1)(5) | 18,875 | 18,875 | |
IMC Home Equity Loan Trust 1997-5, A9 7.310%, 11/20/28 | 1,643 | 1,626 | |
JPMorgan Chase (Bear Stearns) Adjustable Rate Mortgage Trust |
Par Value | Value | ||
Non-Agency—continued | |||
2004-10, 14A1 4.459%, 1/25/35(5) | $775 | $769 | |
2004-10, 21A1 4.552%, 1/25/35(5) | 4,243 | 4,286 | |
JPMorgan Chase (Washington Mutual) Mortgage Pass-Through Certificates Trust | |||
2004-CB1, 5A 5.000%, 6/25/19 | 57 | 57 | |
2003-AR6, A1 4.229%, 6/25/33(5) | 409 | 414 | |
2003-AR4, 2A1 4.088%, 8/25/33(5) | 119 | 119 | |
2004-CB1, 2A 5.000%, 6/25/34 | 1,446 | 1,471 | |
JPMorgan Chase Commercial Mortgage Securities Trust | |||
2011-C4, A4 144A 4.388%, 7/15/46(1) | 5,044 | 5,184 | |
2006-LDP9, AM 5.372%, 5/15/47 | 2,028 | 2,037 | |
2014-C22, A4 3.801%, 9/15/47 | 16,998 | 17,668 | |
JPMorgan Chase Mortgage Trust | |||
2014-2, AM 144A 3.392%, 6/25/29(1)(5) | 3,520 | 3,534 | |
2014-2, 2A2 144A 3.500%, 6/25/29(1)(5) | 6,439 | 6,513 | |
2014-5, B1 144A 2.985%, 10/25/29(1)(5) | 2,501 | 2,435 | |
2014-5, B2 144A 2.985%, 10/25/29(1)(5) | 1,177 | 1,140 | |
2006-A2, 4A1 4.482%, 8/25/34(5) | 797 | 818 | |
2005-A2, 4A1 4.591%, 4/25/35(5) | 527 | 533 | |
2006-A6, 3A3L 4.112%, 10/25/36(5) | 772 | 681 | |
2014-1, 2A12 144A 3.500%, 1/25/44(1)(5) | 3,926 | 3,910 |
Par Value | Value | ||
Non-Agency—continued | |||
2015-1, AM1 144A 3.621%, 12/25/44(1)(5) | $7,633 | $7,606 | |
2016-SH1, M2 144A 3.750%, 4/25/45(1)(5) | 12,035 | 12,242 | |
2015-5, A2 144A 3.270%, 5/25/45(1)(5) | 8,331 | 8,306 | |
2016-SH2, M2 144A 3.750%, 12/25/45(1)(5) | 13,007 | 13,218 | |
2017-3, 2A2 144A 2.500%, 8/25/47(1)(5) | 8,488 | 8,310 | |
2017-5, A1 144A 3.175%, 10/26/48(1)(5) | 32,272 | 32,259 | |
2017-4, A3 144A 3.500%, 11/25/48(1)(5) | 11,799 | 11,736 | |
LHOME Mortgage Trust 2019-RTL1, A1 144A 4.580%, 10/25/23(1)(5) | 18,755 | 18,815 | |
LoanDepot Station Place Agency Securitization Trust 2017-LD1, C (1 month LIBOR + 1.300%) 144A 3.785%, 11/25/50(1)(5)(6) | 16,025 | 16,025 | |
MASTR Adjustable Rate Mortgages Trust 2004-12, 3A1 4.490%, 11/25/34(5) | 101 | 101 | |
MASTR Alternative Loan Trust | |||
2003-8, 2A1 5.750%, 11/25/33 | 3,232 | 3,325 | |
2004-4, 6A1 5.500%, 4/25/34 | 1,653 | 1,719 | |
2004-7, 9A1 6.000%, 8/25/34 | 8,850 | 9,120 | |
2005-2, 2A1 6.000%, 1/25/35 | 2,299 | 2,387 | |
2005-2, 1A1 6.500%, 3/25/35 | 6,196 | 6,362 | |
MetLife Securitization Trust 2017-1A, M1 144A 3.717%, 4/25/55(1)(5) | 7,930 | 7,923 |
Par Value | Value | ||
Non-Agency—continued | |||
Mill City Mortgage Loan Trust 2018-4, A1B 144A 3.500%, 4/25/66(1)(5) | $14,095 | $14,042 | |
Mill City Mortgage Trust | |||
2015-1, A3 144A 3.000%, 6/25/56(1)(5) | 11,900 | 11,822 | |
2016-1, A1 144A 2.500%, 4/25/57(1)(5) | 2,092 | 2,073 | |
2017-1, A1 144A 2.750%, 11/25/58(1)(5) | 7,657 | 7,581 | |
Morgan Stanley - Bank of America (Merrill Lynch) Trust 2013-C13, AS 4.266%, 11/15/46 | 1,735 | 1,819 | |
Morgan Stanley Capital Barclays Bank Trust 2016-MART, A 144A 2.200%, 9/13/31(1) | 14,805 | 14,602 | |
Morgan Stanley Capital I Trust 2017-CLS, A (1 month LIBOR + 0.700%) 144A 3.184%, 11/15/34(1)(5) | 11,154 | 11,101 | |
Morgan Stanley Mortgage Loan Trust 2004-2AR, 3A 4.371%, 2/25/34(5) | 618 | 624 | |
Morgan Stanley Residential Mortgage Loan Trust 2014-1A, B2 144A 2.957%, 6/25/44(1)(5) | 4,098 | 4,060 | |
Motel 6 Trust 2017-MTL6, A (1 month LIBOR + 0.920%) 144A 3.404%, 8/15/34(1)(5) | 23,905 | 23,800 | |
National City Mortgage Capital Trust 2008-1, 2A1 6.000%, 3/25/38 | 878 | 900 |
Par Value | Value | ||
Non-Agency—continued | |||
New Residential Mortgage Loan Trust | |||
2016-2A, A1 144A 3.750%, 11/26/35(1)(5) | $11,489 | $11,618 | |
2018-4A, A1S (1 month LIBOR + 0.750%) 144A 3.236%, 1/25/48(1)(5) | 11,102 | 11,024 | |
2019-NQM1, A1 144A 3.675%, 1/25/49(1)(5) | 2,026 | 2,037 | |
2014-1A, A 144A 3.750%, 1/25/54(1)(5) | 9,637 | 9,735 | |
2014-2A, A3 144A 3.750%, 5/25/54(1)(5) | 895 | 902 | |
2014-3A, AFX3 144A 3.750%, 11/25/54(1)(5) | 7,706 | 7,781 | |
2015-2A, A1 144A 3.750%, 8/25/55(1)(5) | 9,109 | 9,214 | |
2016-1A, A1 144A 3.750%, 3/25/56(1)(5) | 5,089 | 5,120 | |
2016-3A, A1 144A 3.750%, 9/25/56(1)(5) | 5,708 | 5,767 | |
2016-4A, A1 144A 3.750%, 11/25/56(1)(5) | 6,885 | 6,958 | |
2017-2A, A3 144A 4.000%, 3/25/57(1)(5) | 7,393 | 7,557 | |
2018-1A, A1A 144A 4.000%, 12/25/57(1)(5) | 16,086 | 16,422 | |
2018-2A, A1 144A 4.500%, 2/25/58(1)(5) | 18,615 | 19,154 | |
NovaStar Mortgage Funding Trust 2004-4, M5 (1 month LIBOR + 1.725%) 4.210%, 3/25/35(5) | 2,144 | 2,160 | |
Oak Hill Advisors Residential Loan Trust 2017-NPL2, A1 144A 3.000%, 7/25/57(1)(5) | 13,244 | 13,072 | |
OBX Trust |
Par Value | Value | ||
Non-Agency—continued | |||
2018-EXP2, 1A1 144A 4.000%, 11/25/48(1)(5) | $14,234 | $14,356 | |
2019-INV1, A3 144A 4.500%, 11/25/48(1)(5) | 9,765 | 9,985 | |
2018-1, A2 (1 month LIBOR + 0.650%) 144A 3.135%, 6/25/57(1)(5) | 12,245 | 12,156 | |
One Market Plaza Trust 2017-1MKT, A 144A 3.614%, 2/10/32(1) | 10,700 | 10,953 | |
Pretium Mortgage Credit Partners I LLC | |||
2018-NPL1, A1 144A 3.375%, 1/27/33(1)(5) | 1,602 | 1,593 | |
2018-NPL3, A1 144A 4.125%, 8/25/33(1)(5) | 6,835 | 6,875 | |
2019-NPL1, A1 144A 4.213%, 7/25/60(1)(5) | 14,973 | 15,024 | |
Progress Residential Trust | |||
2017-SFR1, B 144A 3.017%, 8/17/34(1) | 4,000 | 3,942 | |
2018-SFR1, A 144A 3.255%, 3/17/35(1) | 3,150 | 3,153 | |
2018-SFR1, B 144A 3.484%, 3/17/35(1) | 2,515 | 2,513 | |
2018-SFR2, B 144A 3.841%, 8/17/35(1) | 9,350 | 9,448 | |
PRPM LLC 2019-1A, A1 144A 4.500%, 1/25/24(1)(5) | 15,087 | 15,208 | |
Residential Asset Mortgage Products Trust | |||
2004-SL2, A3 7.000%, 10/25/31 | 1,023 | 1,064 | |
2004-SL1, A8 6.500%, 11/25/31 | 1,420 | 1,487 |
Par Value | Value | ||
Non-Agency—continued | |||
2005-SL2, A4 7.500%, 2/25/32 | $1,380 | $1,220 | |
Residential Asset Securitization Trust | |||
2003-A11, A9 5.750%, 11/25/33 | 1,806 | 1,836 | |
2004-A1, A5 5.500%, 4/25/34 | 7,979 | 8,011 | |
Residential Mortgage Loan Trust 2019-1, A1 144A 3.936%, 10/25/58(1)(5) | 7,626 | 7,636 | |
Seasoned Credit Risk Transfer Trust 2016-1, M1 144A 3.000%, 9/25/55(1)(5) | 6,500 | 6,243 | |
Sequoia Mortgage Trust | |||
2015-4, A1 144A 3.000%, 11/25/30(1)(5) | 7,185 | 7,179 | |
2013-8, B1 3.528%, 6/25/43(5) | 6,173 | 6,175 | |
Starwood Mortgage Residential Trust | |||
2018-IMC1, A1 144A 3.793%, 3/25/48(1)(5) | 3,597 | 3,627 | |
2019-IMC1, A1 144A 3.468%, 4/25/49(1)(5) | 15,515 | 15,515 | |
Starwood Waypoint Homes Trust 2017-1, A (1 month LIBOR + 0.950%) 144A 3.434%, 1/17/35(1)(5) | 13,554 | 13,540 | |
Structured Adjustable Rate Mortgage Loan Trust | |||
2004-4, 3A1 4.554%, 4/25/34(5) | 301 | 308 | |
2004-4, 3A2 4.554%, 4/25/34(5) | 1,330 | 1,364 | |
2004-4, 3A4 4.554%, 4/25/34(5) | 1,026 | 1,051 | |
2004-14, 7A 4.480%, 10/25/34(5) | 5,510 | 5,509 |
Par Value | Value | ||
Non-Agency—continued | |||
Structured Asset Securities Corp. Mortgage-Pass-Through Certificates 2003-34A, 6A 4.769%, 11/25/33(5) | $1,586 | $1,587 | |
Sutherland Commercial Mortgage Loans | |||
2017-SBC6, A 144A 3.192%, 5/25/37(1)(5) | 4,594 | 4,561 | |
2018-SBC7, A 144A 4.720%, 5/25/39(1)(5) | 13,271 | 13,284 | |
Towd Point Mortgage Trust | |||
2015-1, A2 144A 3.250%, 10/25/53(1)(5) | 11,184 | 11,171 | |
2015-3, A1B 144A 3.000%, 3/25/54(1)(5) | 2,195 | 2,181 | |
2016-1, A1B 144A 2.750%, 2/25/55(1)(5) | 3,692 | 3,660 | |
2015-6, M1 144A 3.750%, 4/25/55(1)(5) | 11,010 | 11,200 | |
2015-5, A1B 144A 2.750%, 5/25/55(1)(5) | 3,611 | 3,576 | |
2015-5, A2 144A 3.500%, 5/25/55(1)(5) | 3,901 | 3,926 | |
2016-2, A1 144A 3.000%, 8/25/55(1)(5) | 4,626 | 4,596 | |
2016-3, A1 144A 2.250%, 4/25/56(1)(5) | 3,545 | 3,488 | |
2016-4, A1 144A 2.250%, 7/25/56(1)(5) | 4,446 | 4,359 | |
2017-1, A1 144A 2.750%, 10/25/56(1)(5) | 1,616 | 1,598 | |
2017-1, M1 144A 3.750%, 10/25/56(1)(5) | 3,665 | 3,672 | |
2017-6, A2 144A 3.000%, 10/25/57(1)(5) | 3,930 | 3,771 | |
2018-6, A1A 144A 3.750%, 3/25/58(1)(5) | 12,347 | 12,497 | |
2018-4, A1 144A 3.000%, 6/25/58(1)(5) | 17,621 | 17,431 | |
2018-SJ1, A1 144A 4.000%, 10/25/58(1)(5) | 9,325 | 9,344 | |
2015-2, 1M1 144A 3.250%, 11/25/60(1)(5) | 8,448 | 8,373 |
Par Value | Value | ||
Non-Agency—continued | |||
Tricon American Homes Trust | |||
2016-SFR1, C 144A 3.487%, 11/17/33(1) | $4,640 | $4,627 | |
2017-SFR1, A 144A 2.716%, 9/17/34(1) | 3,595 | 3,545 | |
VCAT LLC 2019-NPL1, A1 144A 4.360%, 2/25/49(1)(5) | 7,366 | 7,387 | |
Velocity Commercial Capital Loan Trust 2017-1, AFX 144A 3.000%, 5/25/47(1)(5) | 1,772 | 1,756 | |
Vericrest Opportunity Loan Trust 2019-NPL2, A1 144A 3.967%, 2/25/49(1)(5) | 13,586 | 13,603 | |
Vericrest Opportunity Loan Trust LXII LLC 2017-NPL9, A1 144A 3.125%, 9/25/47(1)(5) | 6,138 | 6,115 | |
Vericrest Opportunity Loan Trust LXIX LLC 2018-NPL5, A1A 144A 4.213%, 8/25/48(1)(5) | 23,682 | 23,747 | |
Vericrest Opportunity Loan Trust LXX LLC 2018-NPL6, A1A 144A 4.115%, 9/25/48(1)(5) | 1,394 | 1,399 | |
Vericrest Opportunity Loan Trust LXXI LLC 2018-NPL7, A1A 144A 3.967%, 9/25/48(1)(5) | 2,652 | 2,664 | |
Vericrest Opportunity Loan Trust LXXV LLC 2019-NPL1, A1A 144A 4.336%, 1/25/49(1)(5) | 15,301 | 15,416 |
Par Value | Value | ||
Non-Agency—continued | |||
Verus Securitization Trust | |||
2017-1A, A1 144A 2.853%, 1/25/47(1)(5) | $3,282 | $3,270 | |
2017-2A, A1 144A 2.485%, 7/25/47(1)(5) | 10,640 | 10,539 | |
2018-1, A1 144A 2.929%, 2/25/48(1)(5) | 11,996 | 11,937 | |
2018-INV1, A3 144A 4.052%, 3/25/58(1)(5) | 3,681 | 3,715 | |
2018-2, A1 144A 3.677%, 6/1/58(1)(5) | 20,223 | 20,418 | |
2018-3, A1 144A 4.108%, 10/25/58(1)(5) | 15,277 | 15,529 | |
2019-1, A1 144A 3.836%, 2/25/59(1)(5) | 23,821 | 23,996 | |
2019-INV1, A1 144A 3.402%, 12/25/59(1)(5) | 15,455 | 15,450 | |
Wells Fargo Mortgage Backed Securities Trust | |||
2003-G, A1 4.465%, 6/25/33(5) | 668 | 676 | |
2003-J, 5A1 4.615%, 10/25/33(5) | 234 | 238 | |
2004-4, A9 5.500%, 5/25/34 | 1,001 | 1,020 | |
2004-U, A1 4.744%, 10/25/34(5) | 475 | 479 | |
2004-Z, 2A1 4.976%, 12/25/34(5) | 1,761 | 1,792 | |
2004-CC, A1 4.988%, 1/25/35(5) | 858 | 877 | |
2005-12, 1A1 5.500%, 11/25/35 | 1,895 | 1,909 | |
2005-14, 2A1 5.500%, 12/25/35 | 1,234 | 1,272 |
Par Value | Value | ||
Non-Agency—continued | |||
2007-16, 1A1 6.000%, 12/28/37 | $868 | $861 | |
1,582,088 | |||
Total Mortgage-Backed Securities (Identified Cost $1,722,349) | 1,727,025 | ||
Asset-Backed Securities—23.7% | |||
Auto Floor Plan—0.3% | |||
NextGear Floorplan Master Owner Trust | |||
2017-2A, A2 144A 2.560%, 10/17/22(1) | 12,410 | 12,355 | |
2018-1A, A2 144A 3.220%, 2/15/23(1) | 4,420 | 4,436 | |
16,791 | |||
Automobiles—14.2% | |||
ACC Trust | |||
2018-1, A 144A 3.700%, 12/21/20(1) | 3,897 | 3,901 | |
2018-1, B 144A 4.820%, 5/20/21(1) | 9,245 | 9,281 | |
2019-1, A 144A 3.750%, 5/20/22(1) | 12,789 | 12,846 | |
2019-1, B 144A 4.470%, 10/20/22(1) | 3,355 | 3,391 | |
American Credit Acceptance Receivables Trust | |||
2017-1, C 144A 2.880%, 3/13/23(1) | 5,309 | 5,308 |
Par Value | Value | ||
Automobiles—continued | |||
2017-2, C 144A 2.860%, 6/12/23(1) | $5,450 | $5,443 | |
2018-1, C 144A 3.550%, 4/10/24(1) | 8,145 | 8,183 | |
2018-3, C 144A 3.750%, 10/15/24(1) | 6,295 | 6,324 | |
2018-4, C 144A 3.970%, 1/13/25(1) | 2,400 | 2,432 | |
2019-1, C 144A 3.500%, 4/14/25(1) | 8,800 | 8,852 | |
AmeriCredit Automobile Receivables Trust | |||
2015-3, C 2.730%, 3/8/21 | 7,882 | 7,878 | |
2016-4, C 2.410%, 7/8/22 | 8,723 | 8,681 | |
2017-1, C 2.710%, 8/18/22 | 10,360 | 10,334 | |
2017-2, C 2.970%, 3/20/23 | 7,840 | 7,862 | |
2018-1, D 3.820%, 3/18/24 | 8,090 | 8,235 | |
2019-1, C 3.360%, 2/18/25 | 8,800 | 8,883 | |
Avid Automobile Receivables Trust | |||
2018-1, A 144A 2.840%, 8/15/23(1) | 2,272 | 2,262 | |
2018-1, B 144A 3.850%, 7/15/24(1) | 4,000 | 3,995 |
Par Value | Value | ||
Automobiles—continued | |||
Avis Budget Rental Car Funding LLC | |||
(AESOP) 2015-2A, A 144A 2.630%, 12/20/21(1) | $21,560 | $21,446 | |
(AESOP) 2017-1A, A 144A 3.070%, 9/20/23(1) | 2,260 | 2,262 | |
California Republic Auto Receivables Trust | |||
2015-3, B 2.700%, 9/15/21 | 3,705 | 3,696 | |
2016-1, B 3.430%, 2/15/22 | 4,615 | 4,627 | |
2017-1, B 2.910%, 12/15/22 | 7,000 | 6,968 | |
Capital Auto Receivables Asset Trust | |||
2015-2, C 2.670%, 8/20/20 | 4,530 | 4,529 | |
2017-1, C 144A 2.700%, 9/20/22(1) | 3,630 | 3,588 | |
2017-1, D 144A 3.150%, 2/20/25(1) | 1,980 | 1,969 | |
CarFinance Capital Auto Trust | |||
2014-2A, C 144A 3.240%, 11/16/20(1) | 1,713 | 1,713 | |
2015-1A, B 144A 2.910%, 6/15/21(1) | 2,769 | 2,768 | |
CarNow Auto Receivables Trust | |||
2016-1A, D 144A 7.340%, 11/15/21(1) | 4,460 | 4,486 |
Par Value | Value | ||
Automobiles—continued | |||
2017-1A, A 144A 2.920%, 9/15/22(1) | $1,975 | $1,969 | |
Carvana Auto Receivables Trust 2019-1A, D 144A 3.880%, 10/15/24(1) | 6,620 | 6,661 | |
Centre Point Funding LLC 2012-2A, 1 144A 2.610%, 8/20/21(1) | 1,876 | 1,858 | |
Chrysler Capital Auto Receivables Trust 2015-BA, D 144A 4.170%, 1/16/23(1) | 8,400 | 8,438 | |
CPS Auto Receivables Trust | |||
2016-A, C 144A 3.800%, 12/15/21(1) | 4,901 | 4,911 | |
2016-B, B 144A 3.180%, 9/15/20(1) | 474 | 474 | |
2016-C, B 144A 2.480%, 9/15/20(1) | 102 | 102 | |
2017-C, B 144A 2.300%, 7/15/21(1) | 6,531 | 6,517 | |
2017-D, B 144A 2.430%, 1/18/22(1) | 14,650 | 14,601 | |
2018-C, D 144A 4.400%, 6/17/24(1) | 1,440 | 1,468 | |
Credit Acceptance Auto Loan Trust | |||
2018-1A, A 144A 3.010%, 2/16/27(1) | 10,000 | 10,008 | |
2018-2A, B 144A 3.940%, 7/15/27(1) | 5,500 | 5,599 |
Par Value | Value | ||
Automobiles—continued | |||
Drive Auto Receivables Trust | |||
2015-AA, D 144A 4.120%, 7/15/22(1) | $11,315 | $11,351 | |
2016-CA, C 144A 3.020%, 11/15/21(1) | 4,821 | 4,823 | |
2017-2, C 2.750%, 9/15/23 | 3,378 | 3,377 | |
2017-3, C 2.800%, 7/15/22 | 7,235 | 7,234 | |
2017-AA, C 144A 2.980%, 1/18/22(1) | 10,263 | 10,266 | |
2017-BA, C 144A 2.610%, 8/16/21(1) | 3,075 | 3,073 | |
2018-3, D 4.300%, 9/16/24 | 10,000 | 10,203 | |
2018-4, D 4.090%, 1/15/26 | 13,505 | 13,736 | |
2019-1, C 3.780%, 4/15/25 | 6,450 | 6,546 | |
DT Auto Owner Trust | |||
2016-3A, C 144A 3.150%, 3/15/22(1) | 504 | 504 | |
2017-1A, D 144A 3.550%, 11/15/22(1) | 10,000 | 10,029 | |
2017-2A, D 144A 3.890%, 1/15/23(1) | 10,070 | 10,128 | |
2017-3A, C 144A 3.010%, 5/15/23(1) | 11,505 | 11,506 | |
2017-4A, C 144A 2.860%, 7/17/23(1) | 20,000 | 19,977 | |
2018-1A, C 144A 3.470%, 12/15/23(1) | 8,950 | 8,983 | |
2018-3A, C 144A 3.790%, 7/15/24(1) | 8,910 | 9,006 |
Par Value | Value | ||
Automobiles—continued | |||
2019-1A, C 144A 3.610%, 11/15/24(1) | $1,770 | $1,783 | |
Exeter Automobile Receivables Trust | |||
2014-3A, D 144A 5.690%, 4/15/21(1) | 19,355 | 19,413 | |
2015-2A, C 144A 3.900%, 3/15/21(1) | 8,805 | 8,827 | |
2016-3A, B 144A 2.840%, 8/16/21(1) | 6,039 | 6,036 | |
2017-1A, B 144A 3.000%, 12/15/21(1) | 15,681 | 15,681 | |
2017-2A, B 144A 2.820%, 5/16/22(1) | 18,780 | 18,761 | |
2017-3A, B 144A 2.810%, 9/15/22(1) | 14,185 | 14,141 | |
2018-1A, C 144A 3.030%, 1/17/23(1) | 19,510 | 19,521 | |
2018-2A, C 144A 3.690%, 3/15/23(1) | 6,995 | 7,049 | |
2018-3A, C 144A 3.710%, 6/15/23(1) | 7,970 | 8,052 | |
2018-4A, D 144A 4.350%, 9/16/24(1) | 7,335 | 7,521 | |
2019-1A, C 144A 3.820%, 12/16/24(1) | 8,305 | 8,394 | |
2019-1A, D 144A 4.130%, 12/16/24(1) | 10,200 | 10,420 | |
First Investors Auto Owner Trust | |||
2015-1A, C 144A 2.710%, 6/15/21(1) | 3,904 | 3,900 |
Par Value | Value | ||
Automobiles—continued | |||
2017-2A, B 144A 2.650%, 11/15/22(1) | $2,160 | $2,150 | |
Flagship Credit Auto Trust | |||
2014-2, D 144A 5.210%, 2/15/21(1) | 11,010 | 11,041 | |
2015-2, C 144A 4.080%, 12/15/21(1) | 6,495 | 6,551 | |
2016-1, A 144A 2.770%, 12/15/20(1) | 112 | 112 | |
2016-2, B 144A 3.840%, 9/15/22(1) | 4,175 | 4,196 | |
2016-3, D 144A 3.890%, 11/15/22(1) | 4,990 | 5,028 | |
2017-1, C 144A 3.220%, 5/15/23(1) | 7,500 | 7,522 | |
2017-3, C 144A 2.910%, 9/15/23(1) | 6,980 | 6,955 | |
2019-1, C 144A 3.600%, 2/18/25(1) | 2,255 | 2,279 | |
Foursight Capital Automobile Receivables Trust | |||
2016-1, A2 144A 2.870%, 10/15/21(1) | 1,554 | 1,553 | |
2017-1, B 144A 3.050%, 12/15/22(1) | 8,965 | 8,942 | |
2017-1, C 144A 3.470%, 12/15/22(1) | 4,458 | 4,468 | |
2018-1, C 144A 3.680%, 8/15/23(1) | 1,685 | 1,703 |
Par Value | Value | ||
Automobiles—continued | |||
2018-1, D 144A 4.190%, 11/15/23(1) | $1,630 | $1,655 | |
2018-2, D 144A 4.330%, 7/15/24(1) | 4,650 | 4,772 | |
GLS Auto Receivables Trust | |||
2017-1A, B 144A 2.980%, 12/15/21(1) | 15,005 | 14,986 | |
2017-1A, C 144A 3.500%, 7/15/22(1) | 11,090 | 11,070 | |
2018-1A, A 144A 2.820%, 7/15/22(1) | 1,736 | 1,734 | |
2018-1A, B 144A 3.520%, 8/15/23(1) | 11,975 | 11,992 | |
Hertz Vehicle Financing II LP | |||
2015-1A, A 144A 2.730%, 3/25/21(1) | 29,000 | 28,910 | |
2015-3A, A 144A 2.670%, 9/25/21(1) | 27,702 | 27,514 | |
2016-4A, A 144A 2.650%, 7/25/22(1) | 12,335 | 12,185 | |
2019-1A, A 144A 3.710%, 3/25/23(1) | 12,000 | 12,150 | |
Hyundai Auto Lease Securitization Trust 2018-A, A2A 144A 2.550%, 8/17/20(1) | 11,230 | 11,222 | |
Hyundai Auto Receivables Trust | |||
2015-A, D 2.730%, 6/15/21 | 8,950 | 8,949 | |
2017-B, B 2.230%, 2/15/23 | 3,560 | 3,526 |
Par Value | Value | ||
Automobiles—continued | |||
OneMain Direct Auto Receivables Trust 2017-2A, C 144A 2.820%, 7/15/24(1) | $6,220 | $6,186 | |
Oscar US Funding Trust VIII LLC 2018-1A, A2A 144A 2.910%, 4/12/21(1) | 6,007 | 6,002 | |
Prestige Auto Receivables Trust | |||
2017-1A, C 144A 2.810%, 1/17/23(1) | 8,355 | 8,306 | |
2018-1A, D 144A 4.140%, 10/15/24(1) | 3,785 | 3,871 | |
Santander Drive Auto Receivables Trust | |||
2017-1, C 2.580%, 5/16/22 | 9,830 | 9,803 | |
2017-2, C 2.790%, 8/15/22 | 3,795 | 3,796 | |
2017-3, C 2.760%, 12/15/22 | 4,510 | 4,502 | |
2018-2, C 3.350%, 7/17/23 | 12,425 | 12,486 | |
Skopos Auto Receivables Trust | |||
2018-1A, A 144A 3.190%, 9/15/21(1) | 4,589 | 4,589 | |
2018-1A, B 144A 3.930%, 5/16/22(1) | 2,465 | 2,465 | |
TCF Auto Receivables Owner Trust 2016-PT1A, C 144A 3.210%, 1/17/23(1) | 10,900 | 10,926 | |
Tesla Auto Lease Trust | |||
2018-A, A 144A 2.320%, 12/20/19(1) | 790 | 789 | |
2018-A, B 144A 2.750%, 2/20/20(1) | 2,500 | 2,497 |
Par Value | Value | ||
Automobiles—continued | |||
2018-A, C 144A 2.970%, 4/20/20(1) | $2,000 | $1,997 | |
2018-A, D 144A 3.300%, 5/20/20(1) | 2,970 | 2,968 | |
2018-B, B 144A 4.120%, 10/20/21(1) | 2,410 | 2,434 | |
2018-B, C 144A 4.360%, 10/20/21(1) | 3,250 | 3,285 | |
Tidewater Auto Receivables Trust 2018-AA, B 144A 3.450%, 11/15/24(1) | 3,165 | 3,182 | |
Tricolor Auto Securitization Trust 2018-2A, B 144A 4.760%, 2/15/22(1) | 2,540 | 2,574 | |
Veros Automobile Receivables Trust 2018-1, B 144A 4.050%, 2/15/24(1) | 3,945 | 3,980 | |
Westlake Automobile Receivables Trust | |||
2016-2A, C 144A 2.830%, 5/17/21(1) | 733 | 733 | |
2017-1A, B 144A 2.300%, 10/17/22(1) | 2,499 | 2,499 | |
2017-2A, C 144A 2.590%, 12/15/22(1) | 11,730 | 11,680 | |
2018-1A, C 144A 2.920%, 5/15/23(1) | 22,494 | 22,474 | |
2018-2A, D 144A 4.000%, 1/16/24(1) | 10,000 | 10,120 | |
2018-3A, C 144A 3.610%, 10/16/23(1) | 1,350 | 1,362 |
Par Value | Value | ||
Automobiles—continued | |||
2018-3A, D 144A 4.000%, 10/16/23(1) | $10,900 | $11,074 | |
904,735 | |||
Consumer Loans—0.2% | |||
Upstart Securitization Trust 2019-1, B 144A 4.190%, 4/20/26(1) | 9,380 | 9,418 | |
Credit Card—0.1% | |||
Genesis Sales Finance Master Trust 2019-AA, A 144A 4.680%, 8/20/23(1) | 5,145 | 5,209 | |
Home Equity Loans—0.0% | |||
Asset Backed Funding Certificates 2005-AQ1, A6 4.741%, 1/25/35(5) | 548 | 562 | |
Bayview Financial Acquisition Trust 2007-A, 1A2 6.205%, 5/28/37(5) | 1,607 | 1,625 | |
Structured Asset Securities Corp. Mortgage Pass-Through Certificates 2001-SB1, A2 3.375%, 8/25/31 | 730 | 720 | |
2,907 | |||
Other—8.7% | |||
Aqua Finance Trust 2017-A, A 144A 3.720%, 11/15/35(1) | 10,133 | 10,047 |
Par Value | Value | ||
Other—continued | |||
Ascentium Equipment Receivables Trust | |||
2017-1A, B 144A 2.850%, 10/10/21(1) | $7,764 | $7,704 | |
2018-1A, B 144A 3.460%, 11/13/23(1) | 8,675 | 8,785 | |
Avant Loans Funding Trust 2019-A, A 144A 3.480%, 7/15/22(1) | 8,785 | 8,784 | |
AXIS Equipment Finance Receivables IV LLC 2018-1A, A2 144A 3.240%, 12/20/23(1) | 11,712 | 11,738 | |
BRE Grand Islander Timeshare Issuer LLC 2017-1A, A 144A 2.940%, 5/25/29(1) | 6,607 | 6,554 | |
BXG Receivables Note Trust | |||
2012-A, A 144A 2.660%, 12/2/27(1) | 1,143 | 1,140 | |
2013-A, A 144A 3.010%, 12/4/28(1) | 2,993 | 2,957 | |
2015-A, A 144A 2.880%, 5/2/30(1) | 2,802 | 2,761 | |
2017-A, A 144A 2.950%, 10/4/32(1) | 6,402 | 6,319 | |
CLUB Credit Trust 2017-P2, A 144A 2.610%, 1/15/24(1) | 3,045 | 3,032 |
Par Value | Value | ||
Other—continued | |||
Conn’s Receivables Funding LLC | |||
2017-B, B 144A 4.520%, 4/15/21(1) | $3,820 | $3,832 | |
2018-A, B 144A 4.650%, 1/15/23(1) | 3,712 | 3,731 | |
Consumer Loan Underlying Bond Credit Trust 2018-P2, A 144A 3.470%, 10/15/25(1) | 5,093 | 5,100 | |
DB Master Finance LLC | |||
2015-1A, A2II 144A 3.980%, 2/20/45(1) | 1,776 | 1,774 | |
2017-1A, A2I 144A 3.629%, 11/20/47(1) | 16,027 | 16,038 | |
Diamond Resorts Owner Trust | |||
2017-1A, A 144A 3.270%, 10/22/29(1) | 10,589 | 10,632 | |
2018-1, B 144A 4.190%, 1/21/31(1) | 5,806 | 5,887 | |
Drug Royalty II LP 2 2014-1, A2 144A 3.484%, 7/15/23(1) | 3,602 | 3,595 | |
Drug Royalty III LP 1 | |||
2016-1A, A 144A 3.979%, 4/15/27(1) | 4,262 | 4,267 | |
2017-1A, A1 (3 month LIBOR + 2.500%) 144A 5.287%, 4/15/27(1)(5) | 2,341 | 2,362 | |
Foundation Finance Trust | |||
2016-1A, A 144A 3.960%, 6/15/35(1) | 1,054 | 1,064 |
Par Value | Value | ||
Other—continued | |||
2017-1A, A 144A 3.300%, 7/15/33(1) | $7,578 | $7,572 | |
2019-1A, A 144A 3.860%, 11/15/34(1) | 7,615 | 7,614 | |
Freed ABS Trust 2018-2, B 144A 4.610%, 10/20/25(1) | 6,200 | 6,318 | |
Gold Key Resorts LLC 2014-A, A 144A 3.220%, 3/17/31(1) | 2,890 | 2,878 | |
Hardee’s Funding LLC 2018-1A, A2I 144A 4.250%, 6/20/48(1) | 20,691 | 20,931 | |
Hilton Grand Vacations Trust | |||
2013-A, A 144A 2.280%, 1/25/26(1) | 2,256 | 2,250 | |
2014-AA, A 144A 1.770%, 11/25/26(1) | 3,685 | 3,648 | |
2017-AA, A 144A 2.660%, 12/26/28(1) | 4,049 | 4,018 | |
2018-AA, A 144A 3.540%, 2/25/32(1) | 6,407 | 6,497 | |
HOA Funding LLC 2014-1A, A2 144A 4.846%, 8/20/44(1) | 11,734 | 11,675 | |
Kabbage Funding LLC 2019-1, A 144A 3.825%, 3/15/24(1) | 14,000 | 14,084 | |
Lendmark Funding Trust 2018-2A, A 144A 4.230%, 4/20/27(1) | 8,445 | 8,659 | |
Mariner Finance Issuance Trust 2018-AA, A 144A 4.200%, 11/20/30(1) | 10,000 | 10,174 |
Par Value | Value | ||
Other—continued | |||
Marlette Funding Trust | |||
2018-1A, A 144A 2.610%, 3/15/28(1) | $3,151 | $3,146 | |
2018-3A, A 144A 3.200%, 9/15/28(1) | 5,584 | 5,587 | |
Marriott Vacation Club Owner Trust 2012-1A, A 144A 2.510%, 5/20/30(1) | 4,183 | 4,165 | |
MVW Owner Trust | |||
2015-1A, B 144A 2.960%, 12/20/32(1) | 572 | 563 | |
2016-1A, A 144A 2.250%, 12/20/33(1) | 2,703 | 2,655 | |
2017-1A, A 144A 2.420%, 12/20/34(1) | 2,559 | 2,511 | |
OnDeck Asset Securitization Trust LLC 2018-1A, A 144A 3.500%, 4/18/22(1) | 9,380 | 9,414 | |
OneMain Financial Issuance Trust | |||
2017-1A, A1 144A 2.370%, 9/14/32(1) | 5,500 | 5,457 | |
2018-1A, A 144A 3.300%, 3/14/29(1) | 22,200 | 22,307 | |
Oportun Funding IX LLC 2018-B, A 144A 3.910%, 7/8/24(1) | 8,455 | 8,514 | |
Oportun Funding VIII LLC 2018-A, A 144A 3.610%, 3/8/24(1) | 8,745 | 8,766 | |
Orange Lake Timeshare Trust | |||
2014-AA, A 144A 2.290%, 7/9/29(1) | 1,157 | 1,143 |
Par Value | Value | ||
Other—continued | |||
2015-AA, A 144A 2.880%, 9/8/27(1) | $2,887 | $2,857 | |
2018-A, A 144A 3.100%, 11/8/30(1) | 4,810 | 4,825 | |
Prosper Marketplace Issuance Trust | |||
2017-1A, B 144A 3.650%, 6/15/23(1) | 3,639 | 3,639 | |
2017-2A, B 144A 3.480%, 9/15/23(1) | 11,288 | 11,285 | |
2018-1A, A 144A 3.110%, 6/17/24(1) | 2,086 | 2,087 | |
2018-2A, B 144A 3.960%, 10/15/24(1) | 17,400 | 17,514 | |
Regional Management Issuance Trust 2018-2, A 144A 4.560%, 1/18/28(1) | 3,100 | 3,134 | |
Sierra Timeshare Conduit Receivables Funding LLC 2017-1A, A 144A 2.910%, 3/20/34(1) | 3,719 | 3,688 | |
Sierra Timeshare Receivables Funding LLC | |||
2016-1A, A 144A 3.080%, 3/21/33(1) | 2,189 | 2,185 | |
2016-2A, A 144A 2.330%, 7/20/33(1) | 2,060 | 2,031 | |
2018-2A, A 144A 3.500%, 6/20/35(1) | 5,068 | 5,130 | |
2019-1A, B 144A 3.420%, 1/20/36(1) | 5,295 | 5,326 |
Par Value | Value | ||
Other—continued | |||
SoFi Consumer Loan Program LLC | |||
2016-3, A 144A 3.050%, 12/26/25(1) | $6,641 | $6,643 | |
2017-1, A 144A 3.280%, 1/26/26(1) | 8,228 | 8,256 | |
2017-3, A 144A 2.770%, 5/25/26(1) | 6,313 | 6,292 | |
2017-5, A2 144A 2.780%, 9/25/26(1) | 14,080 | 14,035 | |
2017-6, A2 144A 2.820%, 11/25/26(1) | 12,870 | 12,818 | |
SoFi Consumer Loan Program Trust 2018-2, A2 144A 3.350%, 4/26/27(1) | 18,425 | 18,480 | |
Springleaf Funding Trust 2016-AA, A 144A 2.900%, 11/15/29(1) | 8,753 | 8,741 | |
Stack Infrastructure Issuer LLC 2019-1A, A2 144A 4.540%, 2/25/44(1) | 18,674 | 19,108 | |
TGIF Funding LLC 2017-1A, A2 144A 6.202%, 4/30/47(1) | 18,393 | 17,957 | |
TRIP Rail Master Funding LLC 2017-1A, A1 144A 2.709%, 8/15/47(1) | 7,220 | 7,166 | |
Upgrade Receivables Trust 2019-1A, A 144A 3.480%, 3/15/25(1) | 5,615 | 5,623 | |
Upstart Securitization Trust | |||
2018-1, B 144A 3.887%, 8/20/25(1) | 5,135 | 5,143 |
Par Value | Value | ||
Other—continued | |||
2019-1, A 144A 3.450%, 4/20/26(1) | $3,590 | $3,592 | |
Volvo Financial Equipment LLC 2017-1A, B 144A 2.400%, 1/18/22(1) | 3,600 | 3,570 | |
VSE VOI Mortgage LLC | |||
2016-A, A 144A 2.540%, 7/20/33(1) | 3,269 | 3,233 | |
2017-A, A 144A 2.330%, 3/20/35(1) | 7,102 | 6,975 | |
Welk Resorts LLC | |||
2013-AA, A 144A 3.100%, 3/15/29(1) | 1,171 | 1,165 | |
2015-AA, A 144A 2.790%, 6/16/31(1) | 2,554 | 2,529 | |
Wendy’s Funding LLC | |||
2015-1A, A2II 144A 4.080%, 6/15/45(1) | 13,233 | 13,368 | |
2018-1A, A2I 144A 3.573%, 3/15/48(1) | 9,357 | 9,224 | |
Westgate Resorts LLC | |||
2016-1A, A 144A 3.500%, 12/20/28(1) | 3,833 | 3,834 | |
2018-1A, A 144A 3.380%, 12/20/31(1) | 5,259 | 5,270 | |
555,372 | |||
Student Loan—0.2% | |||
DRB Prime Student Loan Trust 2015-D, A3 144A 2.500%, 1/25/36(1) | 815 | 812 |
Par Value | Value | ||
Student Loan—continued | |||
Earnest Student Loan Program LLC 2017-A, A2 144A 2.650%, 1/25/41(1) | $3,310 | $3,277 | |
Navient Private Education Loan Trust 2017-A, A2A 144A 2.880%, 12/16/58(1) | 3,150 | 3,130 | |
SLM Private Education Loan Trust | |||
2013-B, A2A 144A 1.850%, 6/17/30(1) | 1,082 | 1,079 | |
2013-C, A2A 144A 2.940%, 10/15/31(1) | 794 | 793 | |
SoFi Professional Loan Program LLC | |||
2015-A, A2 144A 2.420%, 3/25/30(1) | 1,236 | 1,225 | |
2017-B, A1FX 144A 1.830%, 5/25/40(1) | 1,572 | 1,566 | |
2017-C, A2A 144A 1.750%, 7/25/40(1) | 1,843 | 1,832 | |
13,714 | |||
Total Asset-Backed Securities (Identified Cost $1,504,858) | 1,508,146 | ||
Corporate Bonds And Notes—31.8% | |||
Communication Services—2.7% | |||
AT&T, Inc. | |||
2.800%, 2/17/21 | 7,485 | 7,480 | |
(3 month LIBOR + 0.890%) 3.583%, 2/15/23(5) | 8,918 | 8,690 | |
(3 month LIBOR + 1.180%) 3.777%, 6/12/24(5) | 21,430 | 21,258 |
Par Value | Value | ||
Communication Services—continued | |||
Axtel SAB de C.V. 144A 6.375%, 11/14/24(1) | $9,450 | $9,447 | |
Charter Communications Operating LLC 4.500%, 2/1/24 | 10,990 | 11,448 | |
Clear Channel Worldwide Holdings, Inc. 144A 9.250%, 2/15/24(1) | 10,545 | 11,178 | |
Comcast Corp. | |||
3.950%, 10/15/25 | 7,447 | 7,792 | |
(3 month LIBOR + 0.440%) 3.032%, 10/1/21(5) | 2,633 | 2,636 | |
(3 month LIBOR + 0.630%) 3.417%, 4/15/24(5) | 880 | 881 | |
Digicel Group One Ltd. 144A 8.250%, 12/30/22(1)(2) | 5,334 | 3,254 | |
Discovery Communications LLC | |||
2.200%, 9/20/19 | 7,185 | 7,156 | |
3.300%, 5/15/22 | 11,200 | 11,253 | |
DISH DBS Corp. 5.875%, 7/15/22 | 8,755 | 8,473 | |
Frontier Communications Corp. | |||
8.500%, 4/15/20 | 3,200 | 3,128 | |
8.875%, 9/15/20 | 3,380 | 3,228 | |
7.625%, 4/15/24(2) | 5,860 | 3,208 | |
Motorola Solutions, Inc. | |||
3.750%, 5/15/22 | 2,149 | 2,187 | |
3.500%, 3/1/23 | 11,099 | 11,159 | |
Sprint Spectrum Co. LLC 144A 3.360%, 9/20/21(1) | 11,719 | 11,715 | |
Sprint Spectrum Co., LLC 144A 4.738%, 3/20/25(1) | 11,355 | 11,483 |
Par Value | Value | ||
Communication Services—continued | |||
Verizon Communications, Inc. (3 month LIBOR + 1.100%) 3.784%, 5/15/25(5) | $16,061 | $16,063 | |
173,117 | |||
Consumer Discretionary—1.9% | |||
Alibaba Group Holding Ltd. 2.500%, 11/28/19 | 6,600 | 6,593 | |
Aptiv Corp. 4.150%, 3/15/24 | 17,960 | 18,580 | |
Boyd Gaming Corp. 6.375%, 4/1/26 | 6,635 | 6,867 | |
Bunge Ltd. Finance Corp. 4.350%, 3/15/24 | 14,290 | 14,479 | |
Dollar Tree, Inc. (3 month LIBOR + 0.700%) 3.473%, 4/17/20(5) | 4,850 | 4,851 | |
General Motors Financial Co., Inc. | |||
3.500%, 7/10/19 | 9,715 | 9,733 | |
4.200%, 3/1/21 | 7,300 | 7,405 | |
3.550%, 4/9/21 | 2,847 | 2,862 | |
GLP Capital LP 5.250%, 6/1/25 | 13,175 | 13,803 | |
Horton (D.R.), Inc. 4.750%, 2/15/23 | 10,550 | 10,969 | |
International Game Technology plc 144A 6.250%, 2/15/22(1) | 5,190 | 5,391 | |
Panther BF Aggregator 2 LP 144A 6.250%, 5/15/26(1) | 595 | 607 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(1) | 1,350 | 1,350 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
144A 5.750%, 4/15/26(1) | $695 | $695 | |
Scientific Games International, Inc. 144A 5.000%, 10/15/25(1) | 7,150 | 7,007 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 10,130 | 10,168 | |
121,360 | |||
Consumer Staples—2.2% | |||
Altria Group, Inc. | |||
3.490%, 2/14/22 | 928 | 943 | |
3.800%, 2/14/24 | 16,788 | 17,096 | |
4.400%, 2/14/26 | 1,349 | 1,389 | |
Anheuser-Busch InBev Worldwide, Inc. 4.150%, 1/23/25 | 10,769 | 11,228 | |
BAT Capital Corp. | |||
2.297%, 8/14/20 | 7,230 | 7,159 | |
2.764%, 8/15/22 | 14,195 | 13,966 | |
3.222%, 8/15/24 | 7,160 | 7,005 | |
Campbell Soup Co. | |||
3.300%, 3/15/21 | 4,613 | 4,642 | |
3.650%, 3/15/23 | 11,370 | 11,534 | |
Conagra Brands, Inc. 4.300%, 5/1/24 | 17,135 | 17,758 | |
CVS Health Corp. | |||
3.700%, 3/9/23 | 18,779 | 19,079 | |
(3 month LIBOR + 0.720%) 3.321%, 3/9/21(5) | 6,510 | 6,525 | |
Kraft Heinz Foods Co. (The) | |||
3.500%, 7/15/22 | 4,543 | 4,588 | |
4.000%, 6/15/23 | 14,660 | 15,088 | |
138,000 | |||
Energy—3.7% | |||
Afren plc 144A 11.500%, 2/1/16(1)(3)(6) | 4,674 | 4 |
Par Value | Value | ||
Energy—continued | |||
Anadarko Finance Co. Series B 7.500%, 5/1/31 | $3,000 | $3,748 | |
Anadarko Petroleum Corp. 4.850%, 3/15/21 | 3,062 | 3,175 | |
Blue Racer Midstream LLC 144A 6.125%, 11/15/22(1) | 6,070 | 6,161 | |
California Resources Corp. 144A 8.000%, 12/15/22(1)(2) | 11,930 | 9,369 | |
Callon Petroleum Co. 6.125%, 10/1/24 | 4,110 | 4,131 | |
Citgo Holding, Inc. 144A 10.750%, 2/15/20(1) | 6,650 | 6,818 | |
CITGO Petroleum Corp. Senior Secured Notes 144A 6.250%, 8/15/22(1) | 6,973 | 6,929 | |
CNOOC Finance Property Ltd. 2.625%, 5/5/20 | 5,800 | 5,783 | |
Encana Corp. | |||
3.900%, 11/15/21 | 7,960 | 8,106 | |
8.125%, 9/15/30 | 8,110 | 10,417 | |
Energy Transfer Partners LP | |||
5.000%, 10/1/22 | 15,564 | 16,414 | |
4.500%, 11/1/23 | 4,855 | 5,060 | |
EP Energy LLC | |||
144A 9.375%, 5/1/24(1) | 3,680 | 1,306 | |
144A 8.000%, 11/29/24(1)(2) | 2,435 | 1,345 | |
Kinder Morgan, Inc. 144A 5.625%, 11/15/23(1) | 20,300 | 22,253 | |
Kosmos Energy Ltd. 144A 7.125%, 4/4/26(1) | 6,670 | 6,610 | |
Pertamina Persero PT 144A 4.300%, 5/20/23(1) | 25,000 | 25,706 |
Par Value | Value | ||
Energy—continued | |||
Petrobras Global Finance B.V. 5.299%, 1/27/25 | $20,180 | $20,473 | |
Petroleos de Venezuela S.A. 144A 6.000%, 5/16/24(1)(3) | 9,545 | 2,133 | |
Petroleos Mexicanos 4.625%, 9/21/23 | 31,005 | 30,540 | |
PTTEP Treasury Center Co. Ltd. 144A 4.875%,(1)(5)(7) | 3,007 | 2,994 | |
Range Resources Corp. 4.875%, 5/15/25 | 10,140 | 9,405 | |
Sabine Pass Liquefaction LLC | |||
5.625%, 2/1/21 | 8,000 | 8,312 | |
6.250%, 3/15/22 | 8,415 | 9,088 | |
Transocean Guardian Ltd. 144A 5.875%, 1/15/24(1) | 3,738 | 3,794 | |
Transocean, Inc. 144A 9.000%, 7/15/23(1) | 3,680 | 3,924 | |
Weatherford International Ltd. 9.875%, 2/15/24(2) | 4,795 | 3,452 | |
237,450 | |||
Financials—10.4% | |||
AerCap Ireland Capital DAC 3.950%, 2/1/22 | 3,670 | 3,718 | |
Ares Capital Corp. | |||
3.625%, 1/19/22 | 4,475 | 4,485 | |
3.500%, 2/10/23 | 7,365 | 7,165 | |
4.250%, 3/1/25 | 407 | 397 | |
Australia & New Zealand Banking Group Ltd. 144A 4.400%, 5/19/26(1) | 14,195 | 14,428 | |
Aviation Capital Group LLC 144A 3.875%, 5/1/23(1) | 18,262 | 18,326 | |
Bank of America Corp. | |||
4.200%, 8/26/24 | 10,473 | 10,845 |
Par Value | Value | ||
Financials—continued | |||
(3 month LIBOR + 0.770%) 3.503%, 2/5/26(5) | $11,312 | $11,052 | |
(3 month LIBOR + 1.000%) 3.779%, 4/24/23(5) | 14,445 | 14,559 | |
Bank of Baroda 144A 4.875%, 7/23/19(1) | 11,775 | 11,824 | |
Barclays plc 3.200%, 8/10/21 | 10,345 | 10,334 | |
BBVA Banco Continental S.A. RegS 5.000%, 8/26/22(2)(4) | 16,280 | 17,074 | |
Capital One N.A. | |||
2.400%, 9/5/19 | 5,000 | 4,990 | |
2.950%, 7/23/21 | 14,425 | 14,475 | |
Citigroup, Inc. | |||
2.350%, 8/2/21 | 6,604 | 6,528 | |
3.200%, 10/21/26 | 2,927 | 2,869 | |
(3 month LIBOR + 1.250%) 3.842%, 7/1/26(5) | 21,935 | 21,960 | |
(3 month LIBOR + 1.430%) 4.056%, 9/1/23(5) | 7,115 | 7,233 | |
Corp Financiera de Desarrollo SA 144A 4.750%, 7/15/25(1) | 6,000 | 6,278 | |
Development Bank of Kazakhstan JSC 144A 8.950%, 5/4/23(1) | 3,330,000KZT | 8,522 | |
Discover Bank 8.700%, 11/18/19 | 1,750 | 1,810 | |
Drawbridge Special Opportunities Fund LP 144A 5.000%, 8/1/21(1) | 14,685 | 14,718 | |
First Tennessee Bank N.A. 2.950%, 12/1/19 | 4,500 | 4,497 | |
FS KKR Capital Corp. 4.250%, 1/15/20 | 4,528 | 4,534 | |
Goldman Sachs Group, Inc. (The) | |||
2.350%, 11/15/21 | 4,425 | 4,358 |
Par Value | Value | ||
Financials—continued | |||
4.250%, 10/21/25 | $24,315 | $24,906 | |
(3 month LIBOR + 1.170%) 3.854%, 5/15/26(5) | 28,975 | 28,423 | |
Guanay Finance Ltd. 144A 6.000%, 12/15/20(1) | 14,428 | 14,590 | |
HSBC Holdings plc | |||
2.950%, 5/25/21 | 10,000 | 9,998 | |
(3 month LIBOR + 1.500%) 4.295%, 1/5/22(5) | 6,524 | 6,666 | |
Huntington Bancshares, Inc. 7.000%, 12/15/20 | 17,065 | 18,177 | |
ICAHN Enterprises LP 6.250%, 2/1/22 | 10,285 | 10,551 | |
Industrial & Commercial Bank of China Ltd. | |||
3.231%, 11/13/19 | 6,275 | 6,291 | |
2.957%, 11/8/22 | 14,880 | 14,751 | |
(3 month LIBOR + 0.750%) 3.488%, 11/8/20(5) | 630 | 630 | |
iStar, Inc. 5.250%, 9/15/22 | 7,285 | 7,176 | |
Jefferies Group LLC 6.875%, 4/15/21 | 2,594 | 2,772 | |
JPMorgan Chase & Co. | |||
2.295%, 8/15/21 | 4,495 | 4,444 | |
(3 month LIBOR + 0.900%) 3.671%, 4/25/23(5) | 18,055 | 18,141 | |
JPMorgan Chase Bank N.A. 1.650%, 9/23/19 | 8,805 | 8,763 | |
Lincoln National Corp. (3 month LIBOR + 2.040%) 4.801%, 4/20/67(5)(8) | 2,885 | 2,366 | |
Macquarie Group Ltd. 144A 6.000%, 1/14/20(1) | 10,950 | 11,198 |
Par Value | Value | ||
Financials—continued | |||
Mizuho Financial Group, Inc. 144A 2.632%, 4/12/21(1) | $32,105 | $31,919 | |
Morgan Stanley | |||
(3 month LIBOR + 0.930%) 3.691%, 7/22/22(5) | 18,055 | 18,150 | |
(3 month LIBOR + 1.400%) 4.179%, 10/24/23(5) | 25,080 | 25,470 | |
Navient Corp. 5.875%, 10/25/24 | 9,760 | 9,443 | |
S&P Global, Inc. 3.300%, 8/14/20 | 15,097 | 15,227 | |
Santander Holdings USA, Inc. | |||
2.650%, 4/17/20 | 6,958 | 6,934 | |
4.450%, 12/3/21 | 17,086 | 17,595 | |
3.700%, 3/28/22 | 5,808 | 5,872 | |
SBA Tower Trust | |||
144A 3.156%, 10/8/20(1) | 6,050 | 6,050 | |
144A 3.168%, 4/11/22(1) | 18,490 | 18,395 | |
Sberbank of Russia RegS 5.717%, 6/16/21(4)(9) | 7,000 | 7,184 | |
Springleaf Finance Corp. 6.875%, 3/15/25 | 7,875 | 8,131 | |
Synchrony Financial 4.375%, 3/19/24 | 18,985 | 19,240 | |
Toronto-Dominion Bank (The) 2.125%, 4/7/21 | 11,005 | 10,894 | |
UBS Group Funding Switzerland AG 144A 2.650%, 2/1/22(1) | 8,475 | 8,402 | |
Wells Fargo & Co. | |||
2.500%, 3/4/21 | 7,465 | 7,430 | |
(3 month LIBOR + 1.230%) 3.974%, 10/31/23(5) | 10,770 | 10,943 |
Par Value | Value | ||
Financials—continued | �� | ||
Wells Fargo Bank N.A. | |||
2.150%, 12/6/19 | $8,310 | $8,281 | |
3.550%, 8/14/23 | 9,555 | 9,815 | |
662,197 | |||
Health Care—2.9% | |||
AbbVie, Inc. | |||
2.500%, 5/14/20 | 11,705 | 11,670 | |
3.375%, 11/14/21 | 1,901 | 1,922 | |
3.200%, 11/6/22 | 1,940 | 1,958 | |
3.750%, 11/14/23 | 3,000 | 3,081 | |
Allergan Funding SCS | |||
3.000%, 3/12/20 | 2,825 | 2,823 | |
3.450%, 3/15/22 | 3,815 | 3,848 | |
Bausch Health Americas, Inc. 144A 8.500%, 1/31/27(1) | 6,105 | 6,471 | |
Bausch Health Cos., Inc. | |||
144A 6.500%, 3/15/22(1) | 2,190 | 2,267 | |
144A 5.750%, 8/15/27(1) | 745 | 764 | |
Bayer US Finance II LLC | |||
144A 3.500%, 6/25/21(1) | 6,300 | 6,326 | |
(3 month LIBOR + 0.630%) 144A 3.231%, 6/25/21(1)(5) | 6,190 | 6,137 | |
Becton Dickinson & Co. | |||
2.894%, 6/6/22 | 11,831 | 11,769 | |
3.363%, 6/6/24 | 7,740 | 7,750 | |
(3 month LIBOR + 0.875%) 3.476%, 12/29/20(5) | 4,693 | 4,693 | |
Cardinal Health, Inc. 2.616%, 6/15/22 | 10,985 | 10,846 | |
Cigna Corp. | |||
144A 3.750%, 7/15/23(1) | 8,938 | 9,168 |
Par Value | Value | ||
Health Care—continued | |||
144A 4.125%, 11/15/25(1) | $740 | $766 | |
(3 month LIBOR + 0.890%) 144A 3.677%, 7/15/23(1)(5) | 7,542 | 7,505 | |
Fresenius U.S. Finance II, Inc. 144A 4.500%, 1/15/23(1) | 2,590 | 2,642 | |
HCA, Inc. 5.375%, 2/1/25 | 7,250 | 7,685 | |
Mylan NV 3.950%, 6/15/26 | 17,310 | 16,527 | |
Perrigo Finance Unlimited Co. 3.900%, 12/15/24 | 2,000 | 1,941 | |
Shire Acquisitions Investments Ireland DAC 2.400%, 9/23/21 | 9,275 | 9,169 | |
Takeda Pharmaceutical Co., Ltd. 144A 4.000%, 11/26/21(1) | 10,075 | 10,333 | |
Tenet Healthcare Corp. | |||
4.625%, 7/15/24 | 4,350 | 4,361 | |
5.125%, 5/1/25 | 4,765 | 4,789 | |
Teva Pharmaceutical Finance Netherlands III B.V. 6.000%, 4/15/24 | 800 | 803 | |
Zimmer Biomet Holdings, Inc. 3.150%, 4/1/22 | 25,115 | 25,192 | |
183,206 | |||
Industrials—1.8% | |||
Alfa SAB de CV 144A 5.250%, 3/25/24(1) | 6,775 | 7,096 | |
America West Airlines Pass-Through-Trust 2001-1, G 7.100%, 4/2/21 | 16,532 | 17,235 | |
CNH Industrial N.V. 4.500%, 8/15/23 | 15,130 | 15,697 |
Par Value | Value | ||
Industrials—continued | |||
Continental Airlines Pass-Through-Trust 1999-2, C2 6.236%, 3/15/20 | $785 | $791 | |
Doric Nimrod Air Alpha Pass-Through-Trust | |||
2012-1, A 144A 5.125%, 11/30/22(1) | 8,560 | 8,682 | |
2013-1, A 144A 5.250%, 5/30/23(1) | 12,073 | 12,280 | |
Hawaiian Airlines Pass-Through Certificates 2013-1, B 4.950%, 1/15/22 | 5,731 | 5,796 | |
Navistar International Corp. 144A 6.625%, 11/1/25(1) | 10,350 | 10,518 | |
Norwegian Air Shuttle ASA Pass-Through-Trust 2016-1, A 144A 4.875%, 5/10/28(1) | 13,826 | 13,219 | |
Penske Truck Leasing Co., LP | |||
144A 4.125%, 8/1/23(1) | 7,770 | 8,001 | |
RegS 2.500%, 6/15/19(4) | 3,470 | 3,465 | |
TransDigm, Inc. 6.500%, 7/15/24 | 11,820 | 12,145 | |
114,925 | |||
Information Technology—1.5% | |||
Analog Devices, Inc. 2.950%, 1/12/21 | 18,570 | 18,626 | |
Broadcom Corp. | |||
2.375%, 1/15/20 | 13,820 | 13,751 | |
2.650%, 1/15/23 | 9,730 | 9,476 | |
Broadcom, Inc. 144A 3.625%, 10/15/24(1) | 8,090 | 8,027 |
Par Value | Value | ||
Information Technology—continued | |||
Hewlett Packard Enterprise Co. | |||
3.500%, 10/5/21 | $4,545 | $4,606 | |
(3 month LIBOR + 0.720%) 3.515%, 10/5/21(5) | 2,830 | 2,819 | |
Tencent Holdings Ltd. 144A 2.985%, 1/19/23(1) | 7,050 | 7,022 | |
ViaSat, Inc. | |||
144A 5.625%, 9/15/25(1) | 6,670 | 6,386 | |
144A 5.625%, 4/15/27(1) | 6,220 | 6,330 | |
VMware, Inc. 2.950%, 8/21/22 | 18,195 | 18,008 | |
95,051 | |||
Materials—2.1% | |||
Anglo American Capital plc 144A 3.625%, 9/11/24(1) | 18,490 | 18,333 | |
ArcelorMittal 6.125%, 6/1/25 | 15,730 | 17,446 | |
DowDuPont, Inc. | |||
3.766%, 11/15/20 | 2,732 | 2,779 | |
(3 month LIBOR + 0.710%) 3.394%, 11/15/20(5) | 4,552 | 4,583 | |
Equate Petrochemical BV 144A 3.000%, 3/3/22(1) | 9,535 | 9,397 | |
FMG Resources August 2006 Pty Ltd. 144A 5.125%, 3/15/23(1) | 9,330 | 9,377 | |
Glencore Funding LLC 144A 4.125%, 5/30/23(1) | 17,615 | 17,942 | |
James Hardie International Finance DAC 144A 4.750%, 1/15/25(1) | 12,975 | 12,780 |
Par Value | Value | ||
Materials—continued | |||
NOVA Chemicals Corp. | |||
144A 4.875%, 6/1/24(1) | $4,230 | $4,156 | |
144A 5.000%, 5/1/25(1) | 7,820 | 7,664 | |
Reynolds Group Issuer, Inc. 144A 7.000%, 7/15/24(1) | 5,065 | 5,218 | |
SABIC Capital II BV 144A 4.000%, 10/10/23(1) | 8,700 | 8,874 | |
Syngenta Finance NV | |||
144A 3.698%, 4/24/20(1) | 8,635 | 8,666 | |
144A 3.933%, 4/23/21(1) | 8,635 | 8,676 | |
135,891 | |||
Real Estate—1.1% | |||
Alexandria Real Estate Equities, Inc. 4.000%, 1/15/24 | 9,892 | 10,236 | |
Healthcare Trust of America Holdings LP 2.950%, 7/1/22 | 17,890 | 17,709 | |
Hospitality Properties Trust 4.500%, 6/15/23 | 4,445 | 4,502 | |
Office Properties Income Trust | |||
3.750%, 8/15/19 | 2,905 | 2,910 | |
4.150%, 2/1/22 | 18,910 | 19,034 | |
4.000%, 7/15/22 | 7,345 | 7,330 | |
Senior Housing Properties Trust 3.250%, 5/1/19 | 6,685 | 6,686 | |
Ventas Realty LP 2.700%, 4/1/20 | 2,948 | 2,941 | |
71,348 | |||
Par Value | Value | ||
Utilities—1.5% | |||
American Electric Power Co., Inc. Series I 3.650%, 12/1/21 | $7,902 | $8,063 | |
Eskom Holdings SOC Ltd. 144A 5.750%, 1/26/21(1) | 9,900 | 9,758 | |
Exelon Corp. | |||
2.850%, 6/15/20 | 18,845 | 18,826 | |
3.497%, 6/1/22 | 8,261 | 8,348 | |
PNM Resources, Inc. 3.250%, 3/9/21 | 11,070 | 11,065 | |
PSEG Power LLC 3.850%, 6/1/23 | 18,125 | 18,578 | |
TerraForm Power Operating LLC 144A 4.250%, 1/31/23(1) | 18,640 | 18,416 | |
Texas Competitive Electric Holdings Co. 144A 0.000%, 10/1/20(1)(10) | 5,925 | 4 | |
Toledo Edison Co. (The) 7.250%, 5/1/20 | 224 | 233 | |
93,291 | |||
Total Corporate Bonds And Notes (Identified Cost $2,027,283) | 2,025,836 | ||
Leveraged Loans(5)—9.3% | |||
Aerospace—0.5% | |||
American Airlines, Inc. 2017, Tranche B (1 month LIBOR + 2.000%) 4.499%, 4/28/23 | 6,514 | 6,381 | |
Atlantic Aviation FBO, Inc. (1 month LIBOR + 3.750%) 6.250%, 12/6/25 | 2,329 | 2,347 |
Par Value | Value | ||
Aerospace—continued | |||
TransDigm, Inc. | |||
2018, Tranche E (1 month LIBOR + 2.500%) 4.999%, 5/30/25 | $3,311 | $3,221 | |
2018, Tranche F (1 month LIBOR + 2.500%) 4.999%, 6/9/23 | 17,985 | 17,548 | |
29,497 | |||
Chemicals—0.1% | |||
New Arclin U.S. Holding Corp. First Lien (1 month LIBOR + 3.500%) 5.999%, 2/14/24 | 5,268 | 5,222 | |
Consumer Durables—0.2% | |||
Global Appliance, Inc. Tranche B (1 month LIBOR + 4.000%) 6.500%, 9/29/24 | 10,174 | 10,022 | |
Consumer Non-Durables—0.2% | |||
Kronos Acquisition Intermediate, Inc. (1 month LIBOR + 4.000%) 6.496%, 5/15/23 | 14,188 | 13,219 | |
Energy—0.4% | |||
Medallion Midland Acquisition LLC (1 month LIBOR + 3.250%) 5.749%, 10/30/24 | 7,386 | 7,183 | |
Paragon Offshore Finance Co. (3 month LIBOR + 2.750%) 3.750%, 7/16/21(3)(10) | 66 | — |
Par Value | Value | ||
Energy—continued | |||
Seadrill Operating LP (3 month LIBOR + 6.000%) 8.601%, 2/21/21 | $5,050 | $4,188 | |
Traverse Midstream Partners LLC (1 month LIBOR + 4.000%) 6.500%, 9/27/24 | 11,418 | 11,389 | |
22,760 | |||
Financial—0.9% | |||
Asurion LLC | |||
Tranche B-6 (1 month LIBOR + 3.000%) 5.499%, 11/3/23 | 6,888 | 6,849 | |
Tranche B-7 (1 month LIBOR + 3.000%) 5.499%, 11/3/24 | 7,007 | 6,951 | |
Blackhawk Network Holdings, Inc. First Lien (1 month LIBOR + 3.000%) 5.499%, 6/15/25 | 9,751 | 9,566 | |
Delos Finance S.a.r.l. 2018 (3 month LIBOR + 1.750%) 4.351%, 10/6/23 | 16,529 | 16,500 | |
FinCo I LLC 2018 (1 month LIBOR + 2.000%) 4.499%, 12/27/22 | 4,352 | 4,316 | |
iStar, Inc. (1 month LIBOR + 2.750%) 5.235%, 6/28/23 | 12,004 | 11,899 | |
56,081 | |||
Food / Tobacco—0.4% | |||
Aramark Intermediate HoldCo Corp. | |||
Tranche B-2 (1 month LIBOR + 1.750%) 4.249%, 3/28/24 | 4,862 | 4,818 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Tranche B-3 (1 month LIBOR + 1.750%) 4.249%, 3/11/25 | $7,219 | $7,156 | |
Chobani LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 10/10/23 | 6,290 | 6,015 | |
H-Food Holdings LLC (1 month LIBOR + 3.688%) 6.186%, 5/23/25 | 2,367 | 2,296 | |
Hostess Brands LLC 2017, Tranche B (1 month LIBOR + 2.250%) 0.000%, 8/3/22(11) | 7,232 | 7,018 | |
27,303 | |||
Food and Drug—0.2% | |||
Albertson’s LLC 2018, Tranche B-7 (1 month LIBOR + 3.000%) 5.499%, 11/17/25 | 12,991 | 12,815 | |
Forest Prod / Containers—0.1% | |||
Berry Global Group, Inc. | |||
Tranche Q (2 month LIBOR + 2.000%) 4.610%, 10/1/22 | 6,109 | 6,063 | |
Tranche R (1 month LIBOR + 2.000%) 4.493%, 1/19/24 | 1,024 | 1,015 | |
Spectrum Holdings III Corp. First Lien (1 month LIBOR + 3.250%) 5.749%, 1/31/25 | 2,676 | 2,519 | |
9,597 | |||
Par Value | Value | ||
Gaming / Leisure—1.0% | |||
Caesars Resort Collection LLC Tranche B (1 month LIBOR + 2.750%) 5.249%, 12/23/24 | $9,128 | $8,998 | |
Eldorado Resorts, Inc. (2 month LIBOR + 2.250%) 4.875%, 4/17/24 | 4,794 | 4,746 | |
Hilton Worldwide Finance LLC Tranche B-2 (1 month LIBOR + 1.750%) 4.236%, 10/25/23 | 9,796 | 9,772 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 5.250%, 4/29/24 | 9,004 | 8,638 | |
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 5.314%, 8/14/24 | 7,440 | 7,238 | |
Seminole Tribe of Florida 2018, Tranche B (1 month LIBOR + 1.750%) 4.249%, 7/8/24 | 8,352 | 8,321 | |
UFC Holdings LLC First Lien (1 month LIBOR + 3.250%) 5.750%, 8/18/23 | 8,919 | 8,845 | |
Wyndham Hotels & Resorts, Inc. Tranche B (1 month LIBOR + 1.750%) 4.249%, 5/30/25 | 8,094 | 7,979 | |
64,537 | |||
Par Value | Value | ||
Healthcare—0.6% | |||
Bausch Health Cos., Inc. | |||
(1 month LIBOR + 2.750%) 5.231%, 11/27/25 | $2,005 | $1,980 | |
(1 month LIBOR + 3.000%) 0.000%, 6/2/25(11) | 6,421 | 6,375 | |
Change Healthcare Holdings, Inc. (1 month LIBOR + 2.750%) 5.249%, 3/1/24 | 4,934 | 4,865 | |
Envision Healthcare Corp. (1 month LIBOR + 3.750%) 6.249%, 10/10/25 | 9,006 | 8,413 | |
IQVIA, Inc. Tranche B-3 (1 month LIBOR + 1.750%) 0.000%, 6/11/25(11) | 7,716 | 7,626 | |
Prospect Medical Holdings, Inc. Tranche B-1 (1 month LIBOR + 5.500%) 8.000%, 2/22/24 | 6,853 | 6,220 | |
Surgery Center Holdings, Inc. (1 month LIBOR + 3.250%) 0.000%, 9/2/24(11) | 3,166 | 3,108 | |
38,587 | |||
Housing—0.2% | |||
CPG International LLC (3 month LIBOR + 3.750%) 6.633%, 5/5/24 | 11,910 | 11,791 |
Par Value | Value | ||
Information Technology—0.6% | |||
Dell International LLC Tranche B (1 month LIBOR + 2.000%) 0.000%, 9/7/23(11) | $4,988 | $4,928 | |
Kronos, Inc. | |||
First Lien (3 month LIBOR + 3.000%) 5.736%, 11/1/23 | 17,372 | 17,193 | |
Second Lien (3 month LIBOR + 8.250%) 10.986%, 11/1/24 | 3,287 | 3,330 | |
SS&C Technologies Holdings, Inc. Tranche B-5 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 3,806 | 3,770 | |
SS&C Technologies, Inc. | |||
Tranche B-3 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 4,939 | 4,893 | |
Tranche B-4 (1 month LIBOR + 2.250%) 4.749%, 4/16/25 | 3,551 | 3,518 | |
37,632 | |||
Manufacturing—0.3% | |||
Commscope, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 2/6/26(11) | 9,410 | 9,394 | |
CPI Acquisition, Inc. First Lien (3 month LIBOR + 4.500%) 7.349%, 8/17/22 | 11,746 | 7,805 | |
17,199 | |||
Par Value | Value | ||
Media / Telecom - Broadcasting—0.2% | |||
Sinclair Television Group, Inc. Tranche B (1 month LIBOR + 2.250%) 4.750%, 1/3/24 | $11,227 | $11,093 | |
Media / Telecom - Cable/Wireless Video—0.6% | |||
Charter Communications Operating LLC Tranche B (1 month LIBOR + 2.000%) 0.000%, 4/30/25(11) | 15,887 | 15,768 | |
CSC Holdings LLC | |||
2017 (1 month LIBOR + 2.250%) 4.734%, 7/17/25 | 10,798 | 10,476 | |
2018 (1 month LIBOR + 2.250%) 4.734%, 1/15/26 | 7,330 | 7,108 | |
Virgin Media Bristol LLC (1 month LIBOR + 2.500%) 4.984%, 1/15/26 | 6,845 | 6,767 | |
40,119 | |||
Media / Telecom - Diversified Media—0.4% | |||
CDS US Intermediate Holdings, Inc. Tranche B (1 month LIBOR + 3.750%) 6.296%, 7/8/22 | 4,787 | 4,384 | |
Crown Finance US, Inc. (1 month LIBOR + 2.500%) 4.999%, 2/28/25 | 11,513 | 11,232 |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
McGraw-Hill Global Education Holdings LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 6.499%, 5/4/22 | $8,582 | $7,874 | |
23,490 | |||
Media / Telecom - Telecommunications—0.8% | |||
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 1/31/25 | 9,240 | 9,050 | |
Frontier Communications Corp. Tranche B-1 (1 month LIBOR + 3.750%) 6.250%, 6/15/24 | 11,535 | 11,246 | |
Level 3 Financing, Inc. 2024, Tranche B (1 month LIBOR + 2.250%) 4.736%, 2/22/24 | 11,304 | 11,160 | |
Numericable U.S. LLC Tranche B-12 (1 month LIBOR + 3.688%) 6.171%, 1/31/26 | 6,734 | 6,371 | |
Securus Technologies Holdings, Inc. First Lien (1 month LIBOR + 4.500%) 0.000%, 11/1/24(11) | 5,944 | 5,899 | |
West Corp. Tranche B (3 month LIBOR + 4.000%) 6.629%, 10/10/24 | 6,816 | 6,383 | |
50,109 | |||
Par Value | Value | ||
Metals / Minerals—0.2% | |||
Covia Holdings Corp. (weekly LIBOR + 3.750%) 0.000%, 6/1/25(11) | $5,202 | $4,427 | |
Graftech International Ltd. (1 month LIBOR + 3.500%) 5.999%, 2/12/25 | 10,201 | 10,163 | |
14,590 | |||
Service—0.5% | |||
GFL Environmental, Inc. (1 month LIBOR + 3.000%) 5.499%, 5/30/25 | 6,481 | 6,253 | |
Hoya Midco LLC First Lien (1 month LIBOR + 3.500%) 5.999%, 6/30/24 | 9,181 | 8,865 | |
Sedgwick Claims Management Services, Inc. (1 month LIBOR + 3.250%) 5.749%, 12/31/25 | 783 | 766 | |
ServiceMaster Co., LLC Tranche C (1 month LIBOR + 2.500%) 4.999%, 11/8/23 | 1,038 | 1,034 | |
TKC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.250%, 2/1/23 | 9,288 | 9,095 | |
Trans Union LLC 2018, Tranche B-4 (1 month LIBOR + 2.000%) 4.499%, 6/19/25 | 8,868 | 8,739 | |
34,752 | |||
Par Value | Value | ||
Transportation - Automotive—0.2% | |||
Panther BF Aggregator 2 LP Tranche B (3 month LIBOR + 3.500%) 0.000%, 3/18/26(11) | $6,950 | $6,867 | |
Tenneco, Inc. Tranche B (1 month LIBOR + 2.750%) 5.249%, 10/1/25 | 6,105 | 5,815 | |
12,682 | |||
Utility—0.7% | |||
Brookfield WEC Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 6.249%, 8/1/25 | 11,257 | 11,221 | |
Calpine Construction Finance Co. LP Tranche B-9 (3 month LIBOR + 2.750%) 0.000%, 3/20/26(11) | 13,010 | 12,871 | |
Pacific Gas and Electric Co. | |||
(2 month LIBOR + 1.125%) 1.125%, 12/31/20(12) | 1,900 | 1,900 | |
(3 month LIBOR + 2.250%) 0.000%, 12/31/20(11) | 5,705 | 5,705 | |
Vistra Operations Co. LLC | |||
(1 month LIBOR + 2.000%) 4.499%, 8/4/23 | 5,882 | 5,809 | |
2018 (1 month LIBOR + 2.000%) 4.486%, 12/31/25 | 7,751 | 7,627 | |
45,133 | |||
Total Leveraged Loans (Identified Cost $604,525) | 588,230 |
Shares | Value | ||
Preferred Stocks—0.6% | |||
Financials—0.6% | |||
Bank of New York Mellon Corp. (The) Series E, 4.950% | 12,070(13) | $12,191 | |
Huntington Bancshares, Inc. Series E, 5.700% | 6,639(13) | 6,473 | |
JPMorgan Chase & Co. Series Z, 5.300% | 3,985(13) | 4,027 | |
Wells Fargo & Co. Series K, 6.381% | 16,155(13) | 16,256 | |
38,947 | |||
Total Preferred Stocks (Identified Cost $38,880) | 38,947 | ||
Common Stock—0.0% | |||
Energy—0.0% | |||
Frontera Energy Corp.(2) | 148,014 | 1,267 | |
Total Common Stock (Identified Cost $2,594) | 1,267 | ||
Affiliated Mutual Fund—0.9% | |||
Virtus Newfleet Credit Opportunities Fund Class R6(14) | 6,307,886 | 58,790 | |
Total Affiliated Mutual Fund (Identified Cost $63,052) | 58,790 | ||
Right—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(6)(15) | 98,789 | 71 | |
Total Right (Identified Cost $84) | 71 | ||
Total Long-Term Investments—99.2% (Identified Cost $6,353,767) | 6,310,116 | ||
Shares | Value | ||
Securities Lending Collateral—0.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 2.335%)(14)(16) | 35,418,748 | $35,419 | |
Total Securities Lending Collateral (Identified Cost $35,419) | 35,419 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $6,389,186) | $6,345,535 | ||
Other assets and liabilities, net—0.3% | 16,154 | ||
NET ASSETS—100.0% | $6,361,689 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
Foreign Currencies: | |
IDR | Indonesian Rupiah |
KZT | Kazakhstani Tenge |
MXN | Mexican Peso |
ZAR | South African Rand |
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 March 31, 2019, these securities amounted to a value of $3,470,187 or 54.5% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(4) | Regulation S security. Security is offered and sold outside of the United States, therefore, it is exempt from registration with the SEC under Rules 903 and 904 of the Securities Act of 1933. |
(5) | Variable rate security. Rate disclosed is as of March 31, 2019. For leveraged loans, the rate shown may represent a weighted average interest rate. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(6) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(7) | No contractual maturity date. |
(8) | Interest payments may be deferred. |
(9) | This Note was issued for the sole purpose of funding a loan agreement between the issuer and the borrower. As the credit risk for this security lies solely with the borrower, the name represented here is that of the borrower. |
(10) | Security valued at fair value as determined in good faith by or under the direction of the Trustees. This security is disclosed as a Level 3 security in the disclosure table located after the Schedule of Investments. |
(11) | This loan will settle after March 31, 2019, at which time the interest rate, based on the London Interbank Offered Rate (“LIBOR”) and the agreed upon spread on trade date, will be reflected. |
(12) | Represents unfunded portion of security and commitment fee earned on this portion. |
(13) | Value shown as par value. |
(14) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(15) | Non-income producing. |
(16) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 88% |
Netherlands | 2 |
Canada | 1 |
Mexico | 1 |
United Kingdom | 1 |
Luxembourg | 1 |
Japan | 1 |
Other | 5 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Asset-Backed Securities | $1,508,146 | $— | $1,508,146 | $— | |||
Corporate Bonds And Notes | 2,025,836 | — | 2,025,828 | 8 | |||
Foreign Government Securities | 176,622 | — | 176,622 | — | |||
Leveraged Loans | 588,230 | — | 588,230 | —(1) | |||
Mortgage-Backed Securities | 1,727,025 | — | 1,711,000 | 16,025 | |||
Municipal Bond | 4,410 | — | 4,410 | — | |||
U.S. Government Securities | 180,772 | — | 180,772 | — | |||
Equity Securities: | |||||||
Preferred Stocks | 38,947 | — | 38,947 | — | |||
Common Stock | 1,267 | 1,267 | — | — | |||
Right | 71 | — | — | 71 | |||
Affiliated Mutual Fund | 58,790 | 58,790 | — | — | |||
Securities Lending Collateral | 35,419 | 35,419 | — | — | |||
Total Investments | $6,345,535 | $95,476 | $6,233,955 | $16,104 |
(1) | Security held by the Fund with an end of period value of $0 was categorized as Level 3 in this table. |
Assets | |
Investment in unaffiliated securities at value(1)(2) | $6,286,745 |
Investment in affiliated fund at value(3) | 58,790 |
Foreign currency at value(4) | —(a) |
Cash | 70,215 |
Receivables | |
Investment securities sold | 95,419 |
Fund shares sold | 10,709 |
Dividends and interest | 31,970 |
Tax reclaims | 38 |
Securities lending | 30 |
Prepaid trustee retainer | 124 |
Prepaid expenses | 157 |
Other assets | 460 |
Total assets | 6,554,657 |
Liabilities | |
Payables | |
Fund shares repurchased | 14,909 |
Investment securities purchased | 134,884 |
Collateral on securities loaned | 35,419 |
Dividend distributions | 1,896 |
Investment advisory fees | 2,530 |
Distribution and service fees | 698 |
Administration and accounting fees | 591 |
Transfer agent and sub-transfer agent fees and expenses | 1,160 |
Professional fees | 25 |
Trustee deferred compensation plan | 460 |
Other accrued expenses | 396 |
Total liabilities | 192,968 |
Net Assets | $6,361,689 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $6,585,179 |
Accumulated earnings (loss) | (223,490) |
Net Assets | $6,361,689 |
Net Assets: | |
Class A | $839,467 |
Class C | $707,807 |
Class C1 | $254,747 |
Class I | $4,553,412 |
Class R6 | $6,256 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 179,694,151 |
Class C | 149,493,494 |
Class C1 | 53,949,312 |
Class I | 973,256,055 |
Class R6 | 1,338,313 |
Net Asset Value and Redemption Price Per Share: | |
Class A | $4.67 |
Class C | $4.73 |
Class C1 | $4.72 |
Class I | $4.68 |
Class R6 | $4.67 |
Offering Price per Share (NAV/(1-2.25%)): | |
Class A | $4.78 |
(1)Investment in unaffiliated securities at cost | $6,326,134 |
(2) Market value of securities on loan | $33,761 |
(3) Investment in affiliated fund at cost | $63,052 |
(4) Foreign currency at cost | $—(a) |
(a) | Amount is less than $500. |
Investment Income | |
Dividends | $760 |
Dividends from affiliated fund | 2,323 |
Interest | 131,996 |
Security lending, net of fees | 191 |
Foreign taxes withheld | (44) |
Total investment income | 135,226 |
Expenses | |
Investment advisory fees | 15,425 |
Distribution and service fees, Class A | 951 |
Distribution and service fees, Class C | 2,143 |
Distribution and service fees, Class C1 | 1,383 |
Administration and accounting fees | 3,401 |
Transfer agent fees and expenses | 1,397 |
Sub-transfer agent fees and expenses, Class A | 311 |
Sub-transfer agent fees and expenses, Class C | 256 |
Sub-transfer agent fees and expenses, Class C1 | 89 |
Sub-transfer agent fees and expenses, Class I | 1,627 |
Custodian fees | 43 |
Printing fees and expenses | 189 |
Professional fees | 53 |
Interest expense | 14 |
Registration fees | 122 |
Trustees’ fees and expenses | 279 |
Miscellaneous expenses | 385 |
Total expenses | 28,068 |
Less expenses reimbursed and/or waived by investment adviser(1) | (144) |
Less low balance account fees | (1) |
Net expenses | 27,923 |
Net investment income (loss) | 107,303 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Unaffiliated investments | (41,221) |
Affiliated fund | (532) |
Foreign currency transactions | (11,229) |
Net change in unrealized appreciation (depreciation) from: | |
Unaffiliated investments | 73,840 |
Affiliated fund | (1,982) |
Foreign currency transactions | 29 |
Net realized and unrealized gain (loss) on investments | 18,905 |
Net increase (decrease) in net assets resulting from operations | $126,208 |
(1) | See Notes 3A and 3D in the Notes to Financial Statements. |
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $107,303 | $220,047 | |
Net realized gain (loss) | (52,982) | (26,384) | |
Net change in unrealized appreciation (depreciation) | 71,887 | (182,285) | |
Increase (decrease) in net assets resulting from operations | 126,208 | 11,378 | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (11,747) | (22,809)(1) | |
Class C | (11,770) | (28,615)(1) | |
Class C1 | (3,153) | (6,597)(1) | |
Class I | (76,387) | (147,031)(1) | |
Class R6 | (71) | (89)(1) | |
Tax Return on Capital: | |||
Class A | — | (987) | |
Class C | — | (1,365) | |
Class C1 | — | (407) | |
Class I | — | (5,803) | |
Class R6 | — | (3) | |
Dividends and Distributions to Shareholders | (103,128) | (213,706) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (95,004 and 37,818 shares, respectively) | 438,155 | 178,253 | |
Class C (41,452 and 40,660 shares, respectively) | 194,442 | 194,702 | |
Class C1 (1,356 and 2,859 shares, respectively) | 6,338 | 13,634 | |
Class I (139,555 and 352,160 shares, respectively) | 646,603 | 1,661,170 | |
Class R6 (731 and 311 shares, respectively) | 3,390 | 1,463 | |
Reinvestment of distributions: | |||
Class A (2,205 and 4,368 shares, respectively) | 10,210 | 20,546 | |
Class C (2,495 and 6,236 shares, respectively) | 11,690 | 29,715 | |
Class C1 (476 and 1,051 shares, respectively) | 2,227 | 4,993 | |
Class I (14,544 and 28,458 shares, respectively) | 67,422 | 133,907 | |
Class R6 (11 and 19 shares, respectively) | 53 | 87 | |
Shares repurchased and cross class conversions: | |||
Class A ((70,524) and (82,884) shares, respectively) | (325,955) | (389,256) | |
Class C ((114,878) and (87,948) shares, respectively) | (537,715) | (419,167) | |
Class C1 ((12,668) and (17,377) shares, respectively) | (59,133) | (82,623) | |
Class I ((250,581) and (316,253) shares, respectively) | (1,158,429) | (1,488,659) | |
Class R6 ((84) and (180) shares, respectively) | (387) | (846) | |
Increase (decrease) in net assets from capital transactions | (701,089) | (142,081) | |
Net increase (decrease) in net assets | (678,009) | (344,409) | |
Net Assets | |||
Beginning of period | 7,039,698 | 7,384,107 | |
End of Period | $6,361,689 | $7,039,698 |
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Accumulated undistributed net investment income (loss) at end of period | N/A | $(1,935) |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net investment income. |
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 | Tax Return of Capital | Distributions from Net Realized Gains | |
Class A | |||||||
10/1/18 to 3/31/19(6) | $4.65 | 0.07 | 0.02 | 0.09 | (0.07) | — | — |
10/1/17 to 9/30/18 | 4.78 | 0.14 | (0.14) | — | (0.12) | (0.01) | — |
10/1/16 to 9/30/17 | 4.78 | 0.14 | — | 0.14 | (0.14) | — | — |
10/1/15 to 9/30/16 | 4.69 | 0.15 | 0.08 | 0.23 | (0.14) | — | — |
10/1/14 to 9/30/15 | 4.84 | 0.15 | (0.16) | (0.01) | (0.11) | (0.03) | — |
10/1/13 to 9/30/14 | 4.85 | 0.16 | (0.01) | 0.15 | (0.16) | — (10) | — (10) |
Class C | |||||||
10/1/18 to 3/31/19(6) | $4.71 | 0.07 | 0.02 | 0.09 | (0.07) | — | — |
10/1/17 to 9/30/18 | 4.84 | 0.13 | (0.14) | (0.01) | (0.11) | (0.01) | — |
10/1/16 to 9/30/17 | 4.84 | 0.13 | — | 0.13 | (0.13) | — | — |
10/1/15 to 9/30/16 | 4.75 | 0.14 | 0.07 | 0.21 | (0.12) | — | — |
10/1/14 to 9/30/15 | 4.89 | 0.14 | (0.15) | (0.01) | (0.10) | (0.03) | — |
10/1/13 to 9/30/14 | 4.90 | 0.15 | (0.02) | 0.13 | (0.14) | — (10) | — (10) |
Class C1 | |||||||
10/1/18 to 3/31/19(6) | $4.70 | 0.06 | 0.01 | 0.07 | (0.05) | — | — |
10/1/17 to 9/30/18 | 4.83 | 0.10 | (0.13) | (0.03) | (0.09) | (0.01) | — |
10/1/16 to 9/30/17 | 4.83 | 0.11 | — | 0.11 | (0.11) | — | — |
10/1/15 to 9/30/16 | 4.73 | 0.12 | 0.08 | 0.20 | (0.10) | — | — |
10/1/14 to 9/30/15 | 4.88 | 0.12 | (0.17) | (0.05) | (0.07) | (0.03) | — |
10/1/13 to 9/30/14 | 4.89 | 0.12 | (0.01) | 0.11 | (0.12) | — (10) | — (10) |
Class I | |||||||
10/1/18 to 3/31/19(6) | $4.66 | 0.08 | 0.02 | 0.10 | (0.08) | — | — |
10/1/17 to 9/30/18 | 4.79 | 0.15 | (0.14) | 0.01 | (0.13) | (0.01) | — |
10/1/16 to 9/30/17 | 4.78 | 0.16 | 0.01 | 0.17 | (0.16) | — | — |
10/1/15 to 9/30/16 | 4.69 | 0.16 | 0.08 | 0.24 | (0.15) | — | — |
10/1/14 to 9/30/15 | 4.84 | 0.16 | (0.16) | — | (0.12) | (0.03) | — |
10/1/13 to 9/30/14 | 4.85 | 0.17 | (0.01) | 0.16 | (0.17) | — (10) | — (10) |
Class R6 | |||||||
10/1/18 to 3/31/19(6) | $4.65 | 0.08 | 0.02 | 0.10 | (0.08) | — | — |
10/1/17 to 9/30/18 | 4.78 | 0.15 | (0.13) | 0.02 | (0.14) | (0.01) | — |
11/3/16(12) to 9/30/17 | 4.76 | 0.15 | 0.02 | 0.17 | (0.15) | — | — |
Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) |
(0.07) | 0.02 | $4.67 | 1.97 % | $839,467 | 0.98 % (7) | 0.99 % | 3.21 % | 23 % |
(0.13) | (0.13) | 4.65 | 0.05 | 711,425 | 0.97 (7) | 0.98 | 2.88 | 55 |
(0.14) | — | 4.78 | 3.07 (8) | 925,677 | 1.00 (8) | 1.01 | 3.04 (8) | 69 |
(0.14) | 0.09 | 4.78 | 4.90 | 1,307,484 | 1.00 (9) | 1.01 | 3.19 | 53 |
(0.14) | (0.15) | 4.69 | (0.23) | 1,575,629 | 0.97 | 0.97 | 3.15 | 37 |
(0.16) | (0.01) | 4.84 | 3.03 | 1,894,633 | 0.99 | 0.99 | 3.30 | 39 |
(0.07) | 0.02 | $4.73 | 1.82 % | $707,807 | 1.21 % (7) | 1.21 % | 2.90 % | 23 % |
(0.12) | (0.13) | 4.71 | (0.18) | 1,039,109 | 1.20 (7) | 1.21 | 2.66 | 55 |
(0.13) | — | 4.84 | 2.78 (8) | 1,266,378 | 1.25 (8) | 1.25 | 2.80 (8) | 69 |
(0.12) | 0.09 | 4.84 | 4.58 | 1,321,202 | 1.25 (9) | 1.26 | 2.94 | 53 |
(0.13) | (0.14) | 4.75 | (0.27) | 1,460,120 | 1.22 | 1.22 | 2.90 | 37 |
(0.14) | (0.01) | 4.89 | 2.73 | 1,720,245 | 1.24 | 1.24 | 3.03 | 39 |
(0.05) | 0.02 | $4.72 | 1.58 % | $254,747 | 1.71 % (7) | 1.72 % | 2.43 % | 23 % |
(0.10) | (0.13) | 4.70 | (0.68) | 304,444 | 1.70 (7) | 1.71 | 2.16 | 55 |
(0.11) | — | 4.83 | 2.28 (8) | 377,835 | 1.75 (8) | 1.75 | 2.30 (8) | 69 |
(0.10) | 0.10 | 4.83 | 4.29 | 489,924 | 1.75 (9) | 1.76 | 2.44 | 53 |
(0.10) | (0.15) | 4.73 | (0.98) | 583,694 | 1.72 | 1.72 | 2.40 | 37 |
(0.12) | (0.01) | 4.88 | 2.23 | 719,840 | 1.74 | 1.74 | 2.53 | 39 |
(0.08) | 0.02 | $4.68 | 2.10 % | $4,553,412 | 0.72 % (7) | 0.72 % | 3.43 % | 23 % |
(0.14) | (0.13) | 4.66 | 0.32 | 4,981,559 | 0.71 (7) | 0.71 | 3.16 | 55 |
(0.16) | 0.01 | 4.79 | 3.54 (8) | 4,811,684 | 0.75 (8) | 0.76 | 3.30 (8) | 69 |
(0.15) | 0.09 | 4.78 | 5.16 | 4,033,610 | 0.75 (9) | 0.76 | 3.44 | 53 |
(0.15) | (0.15) | 4.69 | 0.02 | 4,095,547 | 0.72 | 0.72 | 3.40 | 37 |
(0.17) | (0.01) | 4.84 | 3.28 | 4,766,491 | 0.74 | 0.74 | 3.51 | 39 |
(0.08) | 0.02 | $4.67 | 2.14 % | $6,256 | 0.55 % | 0.65 % | 3.68 % | 23 % |
(0.15) | (0.13) | 4.65 | 0.38 | 3,161 | 0.59 (7)(11) | 0.65 | 3.29 | 55 |
(0.15) | 0.02 | 4.78 | 3.54 (8) | 2,533 | 0.70 (8) | 0.71 | 3.05 (8) | 69 (13) |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Sales charges, where applicable, are not reflected in the total return calculation. |
(3) | Not annualized for periods less than one year. |
(4) | Annualized for periods less than one year. |
(5) | The Fund will also indirectly bear its prorated share of expenses of the underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The Fund is currently under its expense limitation. |
(8) | Custody fees reimbursed were excluded from the Ratio of Net Expenses to Average Net Assets and the Ratio of Net Investment Income (Loss) to Average Net Assets. If included, the impact would have been to lower the Ratio of Net Expenses and increase the Ratio of Net Investment Income (Loss) by 0.01%. Custody fees reimbursed were included in Total Return. If excluded, the impact would have been to lower the Total Return by 0.01%. |
(9) | Net expense ratio includes extraordinary proxy expenses. |
(10) | Amount is less than $0.005 per share. |
(11) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(12) | Inception date. |
(13) | Portfolio turnover is representative of the Fund for the entire period. |
A. | 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. |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the 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 bases, |
the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The 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 Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, 2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
The Fund 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 the Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Fund to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. The Fund records when-issued and forward commitment securities on the trade date. The Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
H. | Leveraged Loans |
($ reported in thousands) | |
The Fund 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 Fund may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The 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, the 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. The Fund generally has no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund may be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. When the Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
The Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Loan agreements 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, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased the Fund may pay an assignment fee. On an ongoing basis, the 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. |
At March 31, 2019, At March 31, 2019, the Fund had the following unfunded loan commitment: |
Borrower | Unfunded Loan Commitment | |
Pacific Gas and Electric Co. | $1,900 |
I. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
J. | Securities Lending |
($ reported in thousands) | |
The Fund 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 the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
At March 31, 2019, the Fund had securities on loan as follows: |
Market Value | Cash Collateral | |
$ 33,761 | $ 35,419 |
A. | Investment Adviser |
($ reported in thousands) | |
Virtus Investment Advisers, Inc. (the “Adviser”), an indirect wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser. |
As compensation for its services to the Fund, 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 the Fund: |
First $1 Billion | $1+ Billion through $2 Billion | $2+ Billion through $10 Billion | Over $10 Billion | |||
0.55 % | 0.50 % | 0.45 % | 0.425% |
B. | Subadviser |
Newfleet Asset Management, LLC (the “Subadviser”), an indirect, wholly owned subsidiary of Virtus, is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser. | |
C. | Expense Limits and Fee Waivers |
The Adviser has contractually agreed to limit the Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed, on an annualized basis, the following percentages of the Fund’s average net asset values through January 31, 2020. The waivers and reimbursements are calculated daily and received monthly. |
Class A | Class C | Class C1 | Class I | Class R6 | ||||
1.10 %* | 1.35 %* | 1.85 %* | 0.85 %* | 0.55 % |
D. | Expense Recapture |
($ reported in thousands) | |
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. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time |
of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
2021 | 2022 | Total | |||
Class R6 | $ 2 | $ 2 | $ 4 |
E. | Distributor |
($ reported in thousands) | |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2019, it retained net commissions of $5 for Class A shares, and CDSC of $22, $1 and $3 for Class A shares, Class C shares, and Class C1 shares, respectively. | |
In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares, 0.50% for Class C shares, and 1.00% for Class C1 shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund. | |
For the period ended March 31, 2019, the Fund incurred administration fees totaling $3,107 which are included in the Statement of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Fund incurred transfer agent fees totaling $3,675 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Fund. The fees are calculated daily and paid monthly. |
G. | Investments in Affiliates |
($ reported in thousands) | |
A summary of total long-term and short-term purchases and sales of the affiliated fund, during the period ended March 31, 2019, is as follows: |
Value, beginning of period | Purchases | Sales Proceeds | Net realized gain (loss) on affiliated fund | Net change in unrealized appreciation (depreciation) on affiliated fund | Value, end of period | Shares | Dividend Income | Distributions of Realized Gains | |||||||||
Affiliated Mutual Fund—0.9% | |||||||||||||||||
Virtus Newfleet Credit Opportunities Fund Class R6(1) | $67,585 | $— | $6,281 | $(532) | $(1,982) | $58,790 | 6,307,886 | $2,323 | $— |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | |
$1,264,085 | $1,918,458 |
Purchases | Sales | |
$209,166 | $334,356 |
Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | ||||||||||||||
Class A Shares | Class C Shares | Class C1 Shares | Class I Shares | Class A Shares | Class C Shares | Class C1 Shares | Class I Shares | Value | ||||||||
10,033 | 78,782 | 4,267 | 2,899 | 84,515 | 3,565 | 127 | 8,706 | $449,194 |
% of Shares Outstanding | Number of Accounts | |
33% | 2* |
* | The shareholders are not affiliated with Virtus. |
Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | |||
$14 | $14,000 | 3.67% | 10 |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$6,355,335 | $40,470 | $(85,703) | $(45,233) |
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 at1-800-243-1574, orVirtus.com.
8024 | 05-19 |
Virtus Vontobel Emerging Markets Opportunities Fund* |
Message to Shareholders | 1 |
Disclosure of Fund Expenses | 2 |
Key Investment Terms | 4 |
Schedule of Investments | 6 |
Statement of Assets and Liabilities | 9 |
Statement of Operations | 11 |
Statements of Changes in Net Assets | 12 |
Financial Highlights | 14 |
Notes to Financial Statements | 17 |
Consideration of Advisory and Subadvisory Agreements by the Board of Trustees | 28 |
President, Virtus Funds
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,059.40 | 1.59 % | $ 8.16 | |||
Class C | 1,000.00 | 1,055.40 | 2.28 | 11.68 | |||
Class I | 1,000.00 | 1,061.10 | 1.27 | 6.53 | |||
Class R6 | 1,000.00 | 1,061.10 | 1.09 | 5.60 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value October 1, 2018 | Ending Account Value March 31, 2019 | Annualized Expense Ratio | Expenses Paid During Period* | ||||
Class A | $ 1,000.00 | $ 1,017.00 | 1.59 % | $ 8.00 | |||
Class C | 1,000.00 | 1,013.56 | 2.28 | 11.45 | |||
Class I | 1,000.00 | 1,018.60 | 1.27 | 6.39 | |||
Class R6 | 1,000.00 | 1,019.50 | 1.09 | 5.49 |
* | Expenses are equal to the Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (182) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Financials | 30% |
Consumer Staples | 25 |
Communication Services | 16 |
Information Technology | 11 |
Consumer Discretionary | 10 |
Utilities | 4 |
Energy | 2 |
Other | 2 |
Total | 100% |
Shares | Value | ||
Common Stocks—95.6% | |||
Communication Services—15.2% | |||
Bharti Infratel Ltd. (India) | 18,773,996 | $84,934 | |
Naspers Ltd. Class N (South Africa) | 541,732 | 125,106 | |
NCSoft Corp. (South Korea) | 170,718 | 74,598 | |
NetEase, Inc. ADR (China) | 834,262 | 201,433 | |
Telekomunikasi Indonesia Persero Tbk PT (Indonesia) | 572,259,662 | 158,738 | |
Tencent Holdings Ltd. (China) | 5,856,311 | 269,317 | |
Zee Entertainment Enterprises Ltd. (India) | 20,863,866 | 134,173 | |
1,048,299 | |||
Consumer Discretionary—10.3% | |||
Alibaba Group Holding Ltd. Sponsored ADR (China)(1) | 1,479,834 | 269,996 | |
Eicher Motors Ltd. (India) | 173,903 | 51,581 | |
Lojas Renner S.A. (Brazil) | 6,605,600 | 73,457 | |
Sands China Ltd. (China) | 13,636,965 | 68,533 |
Shares | Value | ||
Consumer Discretionary—continued | |||
Techtronic Industries Co., Ltd. (Hong Kong) | 23,316,667 | $156,683 | |
Yum China Holdings, Inc. (China) | 1,980,431 | 88,941 | |
709,191 | |||
Consumer Staples—22.7% | |||
Ambev S.A. ADR (Brazil) | 61,511,424 | 264,499 | |
Anheuser-Busch InBev NV (Belgium) | 1,796,948 | 150,696 | |
CP ALL PCL (Thailand) | 41,439,812 | 97,609 | |
Fomento Economico Mexicano SAB de C.V. Sponsored ADR (Mexico) | 2,554,727 | 235,750 | |
Heineken NV (Netherlands) | 2,005,793 | 211,681 | |
ITC Ltd. (India) | 30,914,688 | 132,651 | |
LG Household & Health Care Ltd. (South Korea) | 59,283 | 74,006 | |
Unilever NV CVA (Netherlands) | 4,339,810 | 252,076 |
Shares | Value | ||
Consumer Staples—continued | |||
Wal-Mart de Mexico SAB de C.V. (Mexico) | 54,497,726 | $145,690 | |
1,564,658 | |||
Energy—2.0% | |||
Ultrapar Participacoes S.A. (Brazil) | 11,394,758 | 136,259 | |
Financials—29.0% | |||
B3 SA - Brasil Bolsa Balcao (Brazil) | 4,244,543 | 34,560 | |
Bancolombia SA Sponsored ADR (Colombia) | 2,196,264 | 112,141 | |
Bank Central Asia Tbk PT (Indonesia) | 60,704,571 | 118,297 | |
Bank Polska Kasa Opieki SA (Poland) | 2,405,637 | 68,922 | |
Bank Rakyat Persero Tbk PT (Indonesia) | 493,722,026 | 142,847 | |
Credicorp Ltd. (Peru) | 484,001 | 116,136 | |
HDFC Bank Ltd. (India) | 11,473,415 | 384,059 | |
Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 3,270,648 | 113,994 | |
Housing Development Finance Corp., Ltd. (India) | 7,290,122 | 207,128 | |
Itau Unibanco Holding SA Sponsored ADR (Brazil) | 18,420,551 | 162,285 | |
Kasikornbank PCL (Thailand) | 22,706,666 | 134,516 | |
Malayan Banking Bhd (Malaysia) | 27,076,500 | 61,482 | |
Public Bank Bhd (Malaysia) | 12,087,725 | 68,574 | |
Samsung Fire & Marine Insurance Co., Ltd. (South Korea) | 437,353 | 115,975 | |
United Overseas Bank Ltd. (Singapore) | 8,763,685 | 162,890 | |
2,003,806 | |||
Shares | Value | ||
Industrials—0.5% | |||
Grupo Aeroportuario del Pacifico SAB de C.V. Class B (Mexico) | 4,134,680 | $36,656 | |
Information Technology—10.6% | |||
HCL Technologies Ltd. (India) | 10,560,916 | 165,781 | |
SK Hynix, Inc. (South Korea)(1) | 1,622,601 | 106,067 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 17,531,958 | 139,650 | |
Taiwan Semiconductor Manufacturing Co., Ltd. Sponsored ADR (Taiwan) | 2,025,686 | 82,972 | |
Tata Consultancy Services Ltd. (India) | 8,090,595 | 233,772 | |
728,242 | |||
Real Estate—1.2% | |||
Link REIT (Hong Kong) | 7,088,484 | 82,895 | |
Utilities—4.1% | |||
Equatorial Energia S.A. (Brazil) | 3,115,917 | 63,546 | |
Infraestructura Energetica Nova SAB de C.V. (Mexico) | 19,993,542 | 80,344 | |
Power Grid Corp. of India Ltd. (India) | 48,411,459 | 138,299 | |
282,189 | |||
Total Common Stocks (Identified Cost $5,844,657) | 6,592,195 | ||
Warrants—2.1% | |||
Consumer Staples—2.1% | |||
Vietnam Dairy Products JSC (Vietnam) | 5,178,088 | 30,081 |
Shares | Value | ||
Consumer Staples—continued | |||
Wuliangye Yibin Co., Ltd. (China) | 8,280,203 | $116,768 | |
146,849 | |||
Total Warrants (Identified Cost $112,351) | 146,849 | ||
Total Long-Term Investments—97.7% (Identified Cost $5,957,008) | 6,739,044 | ||
TOTAL INVESTMENTS—97.7% (Identified Cost $5,957,008) | $6,739,044 | ||
Other assets and liabilities, net—2.3% | 156,416 | ||
NET ASSETS—100.0% | $6,895,460 |
Abbreviations: | |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings† | |
India | 23% |
China | 15 |
Brazil | 11 |
Mexico | 7 |
Netherlands | 7 |
Indonesia | 6 |
South Korea | 6 |
Other | 25 |
Total | 100% |
† % of total investments as of March 31, 2019. |
Total Value at March 31, 2019 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Equity Securities: | |||||
Common Stocks | $6,592,195 | $6,592,195 | $— | ||
Warrants | 146,849 | — | 146,849 | ||
Total Investments | $6,739,044 | $6,592,195 | $146,849 |
Assets | |
Investment in securities at value(1) | $6,739,044 |
Cash | 185,188 |
Receivables | |
Investment securities sold | 16,238 |
Fund shares sold | 8,740 |
Dividends and interest | 8,241 |
Tax reclaims | 1,816 |
Securities lending | 2 |
Prepaid trustee retainer | 129 |
Prepaid expenses | 127 |
Other assets | 492 |
Total assets | 6,960,017 |
Liabilities | |
Payables | |
Fund shares repurchased | 9,840 |
Investment securities purchased | 25,024 |
Foreign capital gains tax | 19,447 |
Investment advisory fees | 5,447 |
Distribution and service fees | 255 |
Administration and accounting fees | 620 |
Transfer agent and sub-transfer agent fees and expenses | 2,278 |
Professional fees | 32 |
Trustee deferred compensation plan | 492 |
Other accrued expenses | 1,122 |
Total liabilities | 64,557 |
Net Assets | $6,895,460 |
Net Assets Consist of: | |
Common stock $0.001 par value | $627 |
Capital paid in on shares of beneficial interest | 6,257,239 |
Accumulated earnings (loss) | 637,594 |
Net Assets | $6,895,460 |
Net Assets: | |
Class A | $524,608 |
Class C | $171,877 |
Class I | $6,074,785 |
Class R6 | $124,190 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 49,138,589 |
Class C | 16,633,332 |
Class I | 549,935,708 |
Class R6 | 11,244,740 |
Net Asset Value and Redemption Price Per Share: | |
Class A | $10.68 |
Class C | $10.33 |
Class I | $11.05 |
Class R6 | $11.04 |
Offering Price per Share (NAV/(1-5.75%)): | |
Class A | $11.33 |
(1)Investment in securities at cost | $5,957,008 |
Investment Income | |
Dividends | $56,764 |
Security lending, net of fees | 24 |
Foreign taxes withheld | (3,836) |
Total investment income | 52,952 |
Expenses | |
Investment advisory fees | 31,817 |
Distribution and service fees, Class A | 637 |
Distribution and service fees, Class C | 839 |
Administration and accounting fees | 3,466 |
Transfer agent fees and expenses | 1,424 |
Sub-transfer agent fees and expenses, Class A | 487 |
Sub-transfer agent fees and expenses, Class C | 104 |
Sub-transfer agent fees and expenses, Class I | 3,485 |
Printing fees and expenses | 255 |
Professional fees | 68 |
Interest expense | 23 |
Registration fees | 72 |
Trustees’ fees and expenses | 289 |
Miscellaneous expenses | 891 |
Total expenses | 43,857 |
Less expenses reimbursed and/or waived by investment adviser(1) | (33) |
Less low balance account fees | —(2) |
Net expenses | 43,824 |
Net investment income (loss) | 9,128 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | (57,883) |
Foreign currency transactions | 1,957 |
Net change in unrealized appreciation (depreciation) from: | |
Investments(3) | 404,409 |
Foreign currency transactions | (224) |
Net realized and unrealized gain (loss) on investments | 348,259 |
Net increase (decrease) in net assets resulting from operations | $357,387 |
(1) | See Note 3D in the Notes to Financial Statements. |
(2) | Amount is less than $500. |
(3) | Includes net of foreign capital gains tax of $(5,202). |
Six Months Ended March 31, 2019 (Unaudited) | Year Ended September 30, 2018 | ||
Increase (Decrease) in Net Assets Resulting From Operations | |||
Net investment income (loss) | $9,128 | $71,181 | |
Net realized gain (loss) | (55,926) | 593,573 | |
Net change in unrealized appreciation (depreciation) | 404,185 | (1,087,258) | |
Increase (decrease) in net assets resulting from operations | 357,387 | (422,504) | |
Dividends and Distributions to Shareholders: | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (16,597) | (1,486)(1) | |
Class C | (4,721) | — | |
Class I | (209,847) | (29,806)(1) | |
Class R6 | (3,906) | (580)(1) | |
Dividends and Distributions to Shareholders | (235,071) | (31,872) | |
Change in Net Assets from Capital Transactions | |||
Shares sold and cross class conversions: | |||
Class A (8,044 and 14,839 shares, respectively) | 80,031 | 170,071 | |
Class C (754 and 2,402 shares, respectively) | 7,312 | 26,872 | |
Class I (70,460 and 139,649 shares, respectively) | 729,428 | 1,645,535 | |
Class R6 (1,759 and 5,411 shares, respectively) | 18,413 | 64,324 | |
Net assets from merger(2): | |||
Class R6 (2,289 and — shares, respectively) | 24,973 | — | |
Reinvestment of distributions: | |||
Class A (1,476 and 112 shares, respectively) | 13,991 | 1,286 | |
Class C (479 and — shares, respectively) | 4,405 | — | |
Class I (18,775 and 2,299 shares, respectively) | 183,998 | 27,363 | |
Class R6 (346 and 48 shares, respectively) | 3,402 | 573 | |
Shares repurchased and cross class conversions: | |||
Class A ((13,089) and (25,904) shares, respectively) | (130,570) | (292,626) | |
Class C ((2,734) and (4,197) shares, respectively) | (26,415) | (45,703) | |
Class I ((134,143) and (173,663) shares, respectively) | (1,380,310) | (2,039,773) | |
Class R6 ((4,781) and (4,836) shares, respectively) | (48,985) | (56,887) | |
Increase (decrease) in net assets from capital transactions | (520,327) | (498,965) | |
Net increase (decrease) in net assets | (398,011) | (953,341) | |
Net Assets | |||
Beginning of period | 7,293,471 | 8,246,812 | |
End of Period | $6,895,460 | $7,293,471 | |
Accumulated undistributed net investment income (loss) at end of period | N/A | $60,938 |
(1) | For the year ended September 30, 2018, distributions to shareholders were from net investment income. |
(2) | See Note 12. |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | |
Class A | |||||||
10/1/18 to 3/31/19(6) | $10.44 | — (7) | 0.57 | 0.57 | (0.06) | (0.27) | (0.33) |
10/1/17 to 9/30/18 | 11.11 | 0.06 | (0.71) | (0.65) | (0.02) | — | (0.02) |
10/1/16 to 9/30/17 | 9.90 | 0.05 | 1.21 | 1.26 | (0.05) | — | (0.05) |
1/1/16 to 9/30/16(9) | 8.68 | 0.03 | 1.19 | 1.22 | — | — | — |
1/1/15 to 12/31/15 | 9.58 | 0.07 | (0.91) | (0.84) | (0.06) | — | (0.06) |
1/1/14 to 12/31/14 | 9.26 | 0.07 | 0.42 | 0.49 | (0.06) | (0.11) | (0.17) |
10/1/13 to 12/31/13 | 10.00 | 0.08 | (0.74) | (0.66) | (0.08) | — (7) | (0.08) |
Class C | |||||||
10/1/18 to 3/31/19(6) | $10.08 | (0.03) | 0.55 | 0.52 | — | (0.27) | (0.27) |
10/1/17 to 9/30/18 | 10.77 | (0.01) | (0.68) | (0.69) | — | — | — |
10/1/16 to 9/30/17 | 9.63 | (0.03) | 1.17 | 1.14 | — | — | — |
1/1/16 to 9/30/16(9) | 8.49 | (0.02) | 1.16 | 1.14 | — | — | — |
1/1/15 to 12/31/15 | 9.37 | — | (0.88) | (0.88) | — | — | — |
1/1/14 to 12/31/14 | 9.08 | (0.01) | 0.42 | 0.41 | (0.01) | (0.11) | (0.12) |
10/1/13 to 12/31/13 | 9.82 | 0.01 | (0.72) | (0.71) | (0.03) | — (7) | (0.03) |
Class I | |||||||
10/1/18 to 3/31/19(6) | $10.82 | 0.02 | 0.59 | 0.61 | (0.11) | (0.27) | (0.38) |
10/1/17 to 9/30/18 | 11.49 | 0.11 | (0.73) | (0.62) | (0.05) | — | (0.05) |
10/1/16 to 9/30/17 | 10.24 | 0.07 | 1.26 | 1.33 | (0.08) | — | (0.08) |
1/1/16 to 9/30/16(9) | 8.96 | 0.04 | 1.24 | 1.28 | — | — | — |
1/1/15 to 12/31/15 | 9.89 | 0.10 | (0.95) | (0.85) | (0.08) | — | (0.08) |
1/1/14 to 12/31/14 | 9.55 | 0.09 | 0.45 | 0.54 | (0.09) | (0.11) | (0.20) |
10/1/13 to 12/31/13 | 10.31 | 0.11 | (0.76) | (0.65) | (0.11) | — (7) | (0.11) |
Class R6 | |||||||
10/1/18 to 3/31/19(6) | $10.82 | 0.02 | 0.59 | 0.61 | (0.12) | (0.27) | (0.39) |
10/1/17 to 9/30/18 | 11.48 | 0.12 | (0.73) | (0.61) | (0.05) | — | (0.05) |
10/1/16 to 9/30/17 | 10.25 | 0.10 | 1.23 | 1.33 | (0.10) | — | (0.10) |
1/1/16 to 9/30/16(9) | 8.96 | 0.05 | 1.24 | 1.29 | — | — | — |
1/1/15 to 12/31/15 | 9.89 | 0.08 | (0.91) | (0.83) | (0.10) | — | (0.10) |
11/12/14(12) to 12/31/14 | 10.42 | (0.01) | (0.45) | (0.46) | (0.06) | (0.01) | (0.07) |
Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(3) |
0.24 | $10.68 | 5.94 % | $524,608 | 1.59 % | 1.59 % | — % (8) | 13 % |
(0.67) | 10.44 | (5.83) | 550,117 | 1.58 | 1.58 | 0.54 | 38 |
1.21 | 11.11 | 12.81 | 706,974 | 1.60 | 1.61 | 0.46 | 27 |
1.22 | 9.90 | 14.06 | 1,082,242 | 1.59 (10) | 1.60 | 0.40 | 25 |
(0.90) | 8.68 | (8.77) | 745,947 | 1.56 | 1.56 | 0.73 | 27 |
0.32 | 9.58 | 5.23 | 770,941 | 1.55 | 1.55 | 0.71 | 28 |
(0.74) | 9.26 | (6.58) | 1,097,753 | 1.58 | 1.58 | 0.79 | 31 |
0.25 | $10.33 | 5.54 % | $171,877 | 2.28 % | 2.28 % | (0.68) % | 13 % |
(0.69) | 10.08 | (6.41) | 182,813 | 2.25 | 2.25 | (0.12) | 38 |
1.14 | 10.77 | 11.84 | 214,738 | 2.34 | 2.35 | (0.30) | 27 |
1.14 | 9.63 | 13.56 | 222,221 | 2.34 (10) | 2.35 | (0.31) | 25 |
(0.88) | 8.49 | (9.50) | 223,303 | 2.31 | 2.31 | (0.01) | 27 |
0.29 | 9.37 | 4.40 | 228,652 | 2.30 | 2.30 | (0.13) | 28 |
(0.74) | 9.08 | (7.21) | 217,034 | 2.33 | 2.33 | 0.07 | 31 |
0.23 | $11.05 | 6.11 % | $6,074,785 | 1.27 % | 1.27 % | 0.32 % | 13 % |
(0.67) | 10.82 | (5.46) | 6,434,732 | 1.23 | 1.23 | 0.91 | 38 |
1.25 | 11.49 | 13.10 | 7,198,678 | 1.33 | 1.34 | 0.72 | 27 |
1.28 | 10.24 | 14.29 | 6,214,272 | 1.33 (10) | 1.34 | 0.64 | 25 |
(0.93) | 8.96 | (8.55) | 8,726,303 | 1.31 | 1.32 | 0.99 | 27 |
0.34 | 9.89 | 5.54 | 7,572,633 | 1.30 | 1.35 | 0.85 | 28 |
(0.76) | 9.55 | (6.32) | 6,357,443 | 1.33 | 1.38 | 1.06 | 31 |
0.22 | $11.04 | 6.11 % | $124,190 | 1.09 % (11) | 1.15 % | 0.47 % | 13 % |
(0.66) | 10.82 | (5.34) | 125,809 | 1.15 | 1.15 | 1.01 | 38 |
1.23 | 11.48 | 13.15 | 126,422 | 1.20 | 1.21 | 0.92 | 27 |
1.29 | 10.25 | 14.40 | 45,197 | 1.21 (10) | 1.22 | 0.72 | 25 |
(0.93) | 8.96 | (8.44) | 34,379 | 1.21 | 1.21 | 0.90 | 27 |
(0.53) | 9.89 | (4.60) | 95 | 1.24 | 1.24 | (0.41) | 28 (13) |
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 Fund will also indirectly bear their prorated share of expenses of any underlying funds in which it invests. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | Amount is less than $0.005 per share. |
(8) | Amount is less than 0.005%. |
(9) | The Fund changed its fiscal year end to September 30 during the period. |
(10) | Net expense ratio includes extraordinary proxy expenses. |
(11) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(12) | Inception date. |
(13) | Portfolio turnover is representative of the Fund for the entire year ended December 31, 2014. |
A. | 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 between levels 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 is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as the Fund is notified. Interest income is recorded on the accrual basis. The Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REIT investments is recorded using management’s estimate of the 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 bases, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
The Fund is treated as a separate taxable entity. It is the Fund’s intention to comply with the requirements of Subchapter M of the Internal Revenue Code and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
The Fund may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. The 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 Fund has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. As of March 31, |
2019, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are from the year 2015 forward (with limited exceptions). | |
D. | Distributions to Shareholders |
Distributions are recorded by the Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations that may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by the Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expense to each fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that the Fund bears directly, the shareholders of the Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Fund does not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Regulation S-X |
In August 2018, the SEC adopted amendments to Regulation S-X which are intended to facilitate the disclosure of information to investors and simplify compliance without significantly altering the information provided to investors. The amendments include eliminating the requirement to: separately state book basis components of net assets on the Statement of Assets & Liabilities; separately state the sources of distributions paid (except tax return of capital distributions must still be separately disclosed) on the Statements of Changes in Net Assets; and state the book basis amount of undistributed net investment income on the Statements of Changes in Net Assets. Certain prior year amounts have been reclassified for consistency with the current year presentation (see footnotes on Statements of Changes in Net Assets for separate disclosure). These reclassifications have no effect on total net assets, total distributions, the statement of operations, financial highlights, net asset value or total return. | |
H. | Securities Lending |
The Fund 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 the Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted |
daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. At March 31, 2019, the Fund did not loan securities. |
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 Fund. The Adviser manages the Fund’s investment program and general operations of the Fund, including oversight of the Fund’s subadviser. | |
As compensation for its services to the Fund, 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 the Fund: |
First $1 Billion | $1+ Billion | |
1.00% | 0.95% |
B. | Subadviser |
Vontobel Asset Management, Inc. (the “Subadviser”) is the subadviser to the Fund. The Subadviser manages the investments of the Fund for which it is paid a fee by the Adviser. | |
C. | Expense Limitation |
Effective January 28, 2019, the Adviser has contractually agreed to limit the Fund’s total operating expenses (excluding front-end or contingent deferred loads, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed, on an annualized basis, 0.98% of average daily net assets for Class R6 shares through March 31, 2021. Following the contractual period, the Adviser may discontinue this expense reimbursement arrangement at any time. The waivers and reimbursements are calculated daily and received monthly. | |
D. | Expense Recapture |
($ reported in thousands) | |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under this arrangement within three years after the date on which such amounts were incurred or waived. The Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time |
of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | |
2022 | |
Class R6 | $ 33 |
E. | Distributor |
($ reported in thousands) | |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of the Fund’s shares. VP Distributors has advised the Fund that for the six months (the “period”) ended March 31, 2019, it retained net commissions of $13 for Class A shares and CDSC of $3 for Class A and $10 for Class C shares. | |
In addition, the Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the following annual rates: 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
($ reported in thousands) | |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as administrator and transfer agent to the Fund. | |
For the period ended March 31, 2019, the Fund incurred administration fees totaling $3,166 which are included in the Statement of Operations within the line item “Administration and accounting fees”. The fees are calculated daily and paid monthly. | |
For the period ended March 31, 2019, the Fund incurred transfer agent fees totaling $5,495 which are included in the Statement of Operations within the line items “Transfer agent fees and expenses” and “Sub-transfer agent fees and expenses.” A portion of these fees was paid to outside entities that also provide services to the Fund. The fees are calculated daily and paid monthly. | |
G. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statement of Assets and Liabilities at March 31, 2019. |
Purchases | Sales | |
$827,421 | $1,624,083 |
Exchange Redemptions | Exchange Redemptions | Exchange Subscriptions | ||||||||
Class A Shares | Class C Shares | Class I Shares | Class A Shares | Class I Shares | Value | |||||
1,146 | 692 | 1,853 | 2,097 | 1,503 | $37,273 |
% of Shares Outstanding | Number of Accounts | |
45% | 2* |
* | The shareholders are not affiliated with Virtus. |
Sector | Percentage of Total Investments | |
Financials | 30% | |
Consumer Staples | 25 |
Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | |||
$23 | $38,167 | 3.60% | 6 |
Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |||
$6,023,294 | $1,142,806 | $(427,056) | $715,750 |
Merged Fund | Shares Outstanding | Acquiring Fund | Shares Converted | Merged Fund Net Asset Value of Converted Shares | ||||
Vontobel Global Emerging Markets Equity Institutional Fund | Class I Shares 2,934,040 | Vontobel Emerging Markets Opportunities Fund | Class R6 Shares 2,288,639 | $24,973 |
Merged Fund | Net Assets | Unrealized Appreciation (Depreciation) | Acquiring Fund | Net Assets | ||||
Vontobel Global Emerging Markets Equity Institutional Fund | $24,973 | 1,877 | Vontobel Emerging Markets Opportunities Fund | $97,783 |
Net investment income (loss) | $9,149(a) |
Net realized and unrealized gain (loss) on investments | 349,597(b) |
Net increase (decrease) in net assets resulting from operations | $358,746 |
January 29, 2018, and the Virtus Opportunities Trust Statutory
Prospectus, dated January 29, 2018, each as supplemented
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Management Fees | 0.96% | 0.96% | 0.96% | 0.96% | 0.96% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.37%(b) | 0.29%(b) | 0.27%(b) | 0.19%(b) | 0.37%(c) |
Total Annual Fund Operating Expenses | 1.58% | 2.25% | 1.23% | 1.15% | 1.58% |
Less: Fee Waiver and/or Expense Reimbursement(d) | N/A | N/A | N/A | (0.17)% | N/A |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.58% | 2.25% | 1.23% | 0.98% | 1.58% |
(b) | Restated to reflect current fees and expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 0.98% for Class R6 Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $726 | $1,045 | $1,386 | $2,345 |
Class C | Sold | $328 | $703 | $1,205 | $2,585 |
Held | $228 | $703 | $1,205 | $2,585 | |
Class I | Sold or Held | $125 | $390 | $676 | $1,489 |
Class R6 | Sold or Held | $100 | $330 | $599 | $1,364 |
Class T | Sold or Held | $407 | $736 | $1,089 | $2,081 |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 | Class T |
Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.33%(b) | 0.25%(b) | 0.27%(b) | 0.18%(b) | 0.33%(c) |
Total Annual Fund Operating Expenses | 1.43% | 2.10% | 1.12% | 1.03% | 1.43% |
Less: Fee Waiver and/or Expense Reimbursement(d) | (0.04)% | (0.05)% | (0.05)% | (0.08)% | N/A |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.39% | 2.05% | 1.07% | 0.95% | 1.43% |
(b) | Restated to reflect current fees and expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.39% for Class A Shares, 2.05% for Class C Shares, 1.07% for Class I Shares, and 0.95% for Class R6 Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $708 | $998 | $1,308 | $2,186 |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class C | Sold | $308 | $653 | $1,124 | $2,227 |
Held | $208 | $653 | $1,124 | $2,489 | |
Class I | Sold or Held | $109 | $351 | $612 | $1,359 |
Class R6 | Sold or Held | $97 | $311 | $552 | $1,244 |
Class T | Sold or Held | $392 | $691 | $1,012 | $1,920 |
Class A | Class C | Class I | Class R6 | Class T | |
Management Fees | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None | 0.25% |
Other Expenses | 0.30%(b) | 0.31%(b) | 0.31%(b) | 0.26%(c) | 0.30%(c) |
Total Annual Fund Operating Expenses | 1.40% | 2.16% | 1.16% | 1.11% | 1.40% |
Less: Fee Waiver and/or Expense Reimbursement(d) | (0.04)% | (0.05)% | (0.07)% | (0.21)% | (0.00)% |
Total Annual Fund Operating Expenses After Expense Reimbursement(d) | 1.36% | 2.11% | 1.09% | 0.90% | 1.40% |
(b) | Restated to reflect current fees and expenses. |
(c) | Estimated for current fiscal year, as annualized. |
(d) | The fund’s investment adviser has contractually agreed to limit the fund’s total operating expenses (excluding certain expenses, such as front-end or contingent deferred sales charges, taxes, leverage expenses, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, unusual or infrequently occurring expenses (such as litigation), acquired fund fees and expenses, and dividend expenses, if any) so that such expenses do not exceed 1.36% for Class A Shares, 2.11% for Class C Shares, 1.09% for Class I Shares, 0.90% for Class R6 Shares and 1.55% for Class T Shares through March 31, 2021. Following the contractual period, the adviser may discontinue these expense reimbursement arrangements at any time. Under certain conditions, the adviser may recapture operating expenses reimbursed under these arrangements for a period of three years after the date on which incurred or waived. |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $706 | $989 | $1,293 | $2,155 |
Class C | Sold | $314 | $671 | $1,155 | $2,489 |
Held | $214 | $671 | $1,155 | $2,489 | |
Class I | Sold or Held | $111 | $362 | $632 | $1,403 |
Class R6 | Sold or Held | $92 | $310 | $569 | $1,311 |
Class T | Sold or Held | $389 | $682 | $997 | $1,888 |
Class A Shares | Class C Shares | Class C1 Shares | Class I Shares | Class R6 Shares | Class T Shares | |
Virtus Vontobel Emerging Markets Opportunities Fund** | N/A | N/A | N/A | N/A | 0.98% | N/A |
Virtus Vontobel Foreign Opportunities Fund** | 1.39% | 2.05% | N/A | 1.07% | 0.95% | N/A |
Virtus Vontobel Global Opportunities Fund** | 1.36% | 2.11% | N/A | 1.09% | 0.90% | 1.55% |
future reference.
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.
Virtus Mutual Funds,
please contact us at1-800-243-1574, orVirtus.com.
8005 | 05-19 |
Item 2. Code of Ethics.
Not applicable.
Item 3. Audit Committee Financial Expert.
Not applicable.
Item 4. Principal Accountant Fees and Services.
Not applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable.
Item 8. Portfolio Managers ofClosed-End Management Investment Companies.
Not applicable.
Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K
(17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule30a-3(b) under the 1940 Act (17 CFR270.30a-3(b)) and Rules13a-15(b) or15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR240.13a-15(b) or240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act (17 CFR270.30a-3(d))) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities forClosed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Not applicable. | |||
(a)(2) | Certifications pursuant to Rule30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |||
(a)(3) | Not applicable. | |||
(a)(4) | Not applicable. | |||
(b) | Certifications pursuant to Rule30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Opportunities Trust |
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) |
Date | 6/7/2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) |
Date | 6/7/2019 |
By (Signature and Title)* | /s/ W. Patrick Bradley |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer, | ||||
and Treasurer | ||||
(principal financial officer) |
Date | 6/7/2019 |
* | Print the name and title of each signing officer under his or her signature. |