UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07705
Virtus Asset Trust
(Exact name of registrant as specified in charter)
101 Munson Street
Greenfield, MA 01301-9668
(Address of principal executive offices) (Zip code)
Kevin J. Carr, Esq.
Senior Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. | Reports to Stockholders. |
(a) | The Report to Shareholders is attached herewith. |
(b) | Not applicable. |
Virtus Seix Core Bond Fund* |
Virtus Seix Corporate Bond Fund* |
Virtus Seix Floating Rate High Income Fund |
Virtus Seix High Grade Municipal Bond Fund |
Virtus Seix High Income Fund |
Virtus Seix High Yield Fund |
Virtus Seix Investment Grade Tax-Exempt Bond Fund |
Virtus Seix Short-Term Bond Fund* |
Virtus Seix Short-Term Municipal Bond Fund |
Virtus Seix Total Return Bond Fund* |
Virtus Seix U.S. Government Securities Ultra-Short Bond Fund* |
Virtus Seix U.S. Mortgage Fund* |
Virtus Seix Ultra-Short Bond Fund* |
1 | ||
2 | ||
5 | ||
7 | ||
Fund | Schedule of Investments | |
10 | ||
14 | ||
17 | ||
31 | ||
33 | ||
39 | ||
45 | ||
49 | ||
52 | ||
54 | ||
59 | ||
65 | ||
67 | ||
70 | ||
76 | ||
81 | ||
88 | ||
97 | ||
116 |
President, Virtus Funds
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Core Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 986.10 | 0.64 % | $ 3.15 | ||||
Class I | 1,000.00 | 985.90 | 0.50 | 2.46 | ||||
Class R6 | 1,000.00 | 986.60 | 0.36 | 1.77 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1,000.00 | 981.70 | 0.95 | 4.67 | ||||
Class C | 1,000.00 | 979.20 | 1.65 | 8.10 | ||||
Class I | 1,000.00 | 982.70 | 0.70 | 3.44 | ||||
Class R6 | 1,000.00 | 985.00 | 0.43 | 2.12 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | 1,000.00 | 1,035.80 | 0.97 | 4.90 | ||||
Class C | 1,000.00 | 1,032.90 | 1.55 | 7.81 | ||||
Class I | 1,000.00 | 1,037.50 | 0.65 | 3.28 | ||||
Class R6 | 1,000.00 | 1,037.90 | 0.55 | 2.78 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,002.40 | 0.73 | 3.62 | ||||
Class I | 1,000.00 | 1,003.10 | 0.58 | 2.88 | ||||
Seix High Income Fund | ||||||||
Class A | 1,000.00 | 1,032.20 | 0.93 | 4.69 | ||||
Class I | 1,000.00 | 1,033.50 | 0.68 | 3.43 | ||||
Class R6 | 1,000.00 | 1,034.00 | 0.59 | 2.98 | ||||
Seix High Yield Fund | ||||||||
Class A | 1,000.00 | 1,025.70 | 0.82 | 4.12 | ||||
Class I | 1,000.00 | 1,026.50 | 0.64 | 3.22 | ||||
Class R6 | 1,000.00 | 1,027.00 | 0.53 | 2.66 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 999.80 | 0.71 | 3.52 | ||||
Class I | 1,000.00 | 1,000.60 | 0.56 | 2.78 | ||||
Seix Short-Term Bond Fund | ||||||||
Class A | 1,000.00 | 998.00 | 0.80 | 3.96 | ||||
Class C | 1,000.00 | 996.10 | 1.19 | 5.89 | ||||
Class I | 1,000.00 | 998.00 | 0.60 | 2.97 | ||||
Seix Short-Term Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 997.30 | 0.54 | 2.67 | ||||
Class I | 1,000.00 | 998.10 | 0.37 | 1.83 |
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Total Return Bond Fund | ||||||||
Class A | $1,000.00 | $ 984.50 | 0.70% | $3.44 | ||||
Class I | 1,000.00 | 985.00 | 0.46 | 2.26 | ||||
Class R6 | 1,000.00 | 986.60 | 0.31 | 1.53 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 999.10 | 0.64 | 3.17 | ||||
Class I | 1,000.00 | 1,000.30 | 0.41 | 2.03 | ||||
Class R6 | 1,000.00 | 1,002.00 | 0.26 | 1.29 | ||||
Seix U.S. Mortgage Fund | ||||||||
Class A | 1,000.00 | 991.00 | 0.90 | 4.44 | ||||
Class C | 1,000.00 | 986.50 | 1.65 | 8.13 | ||||
Class I | 1,000.00 | 992.00 | 0.70 | 3.46 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,003.60 | 0.65 | 3.23 | ||||
Class I | 1,000.00 | 1,004.90 | 0.40 | 1.99 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Core Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,021.62 | 0.64 % | $ 3.21 | ||||
Class I | 1,000.00 | 1,022.32 | 0.50 | 2.51 | ||||
Class R6 | 1,000.00 | 1,023.01 | 0.36 | 1.81 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.08 | 0.95 | 4.76 | ||||
Class C | 1,000.00 | 1,016.61 | 1.65 | 8.25 | ||||
Class I | 1,000.00 | 1,021.32 | 0.70 | 3.51 | ||||
Class R6 | 1,000.00 | 1,022.66 | 0.43 | 2.16 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | 1,000.00 | 1,019.98 | 0.97 | 4.86 | ||||
Class C | 1,000.00 | 1,017.11 | 1.55 | 7.75 | ||||
Class I | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||
Class R6 | 1,000.00 | 1,022.07 | 0.55 | 2.76 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.17 | 0.73 | 3.66 | ||||
Class I | 1,000.00 | 1,021.92 | 0.58 | 2.91 | ||||
Seix High Income Fund | ||||||||
Class A | 1,000.00 | 1,020.18 | 0.93 | 4.66 | ||||
Class I | 1,000.00 | 1,021.42 | 0.68 | 3.41 | ||||
Class R6 | 1,000.00 | 1,021.87 | 0.59 | 2.96 |
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix High Yield Fund | ||||||||
Class A | $1,000.00 | $1,020.73 | 0.82% | $4.11 | ||||
Class I | 1,000.00 | 1,021.62 | 0.64 | 3.21 | ||||
Class R6 | 1,000.00 | 1,022.17 | 0.53 | 2.66 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.27 | 0.71 | 3.56 | ||||
Class I | 1,000.00 | 1,022.02 | 0.56 | 2.81 | ||||
Seix Short-Term Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.83 | 0.80 | 4.01 | ||||
Class C | 1,000.00 | 1,018.89 | 1.19 | 5.96 | ||||
Class I | 1,000.00 | 1,021.82 | 0.60 | 3.01 | ||||
Seix Short-Term Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,022.12 | 0.54 | 2.71 | ||||
Class I | 1,000.00 | 1,022.96 | 0.37 | 1.86 | ||||
Seix Total Return Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.32 | 0.70 | 3.51 | ||||
Class I | 1,000.00 | 1,022.51 | 0.46 | 2.31 | ||||
Class R6 | 1,000.00 | 1,023.26 | 0.31 | 1.56 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.62 | 0.64 | 3.21 | ||||
Class I | 1,000.00 | 1,022.76 | 0.41 | 2.06 | ||||
Class R6 | 1,000.00 | 1,023.51 | 0.26 | 1.30 | ||||
Seix U.S. Mortgage Fund | ||||||||
Class A | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||
Class C | 1,000.00 | 1,016.61 | 1.65 | 8.25 | ||||
Class I | 1,000.00 | 1,021.32 | 0.70 | 3.51 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.57 | 0.65 | 3.26 | ||||
Class I | 1,000.00 | 1,022.81 | 0.40 | 2.01 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
U.S. Government Securities | 38% | |
Corporate Bonds and Notes | 34 | |
Financials | 11% | |
Industrials | 4 | |
Energy | 3 | |
Utilities | 3 | |
Information Technology | 3 | |
Communication Services | 3 | |
Materials | 3 | |
All other Corporate Bonds and Notes | 4 | |
Mortgage-Backed Securities | 24 | |
Agency | 18 | |
Non-Agency | 6 | |
Asset-Backed Securities | 4 | |
Other | 2 | |
Credit Card | 2 | |
Total | 100% |
Corporate Bonds and Notes | 80% | |
Financials | 26% | |
Industrials | 12 | |
Utilities | 8 | |
Energy | 8 | |
Communication Services | 7 | |
Materials | 5 | |
Consumer Discretionary | 5 | |
All other Corporate Bonds and Notes | 9 | |
Other (includes short-term investment and securities lending collateral) | 20 | |
Total | 100% |
Leveraged Loans | 88% | |
Information Technology | 13% | |
Service | 10 | |
Healthcare | 8 | |
Media / Telecom - Telecommunications | 6 | |
Financial | 6 | |
Chemicals | 5 | |
Media / Telecom - Diversified Media | 5 | |
All other Leveraged Loans | 35 | |
Other (includes short-term investment) | 6 | |
Corporate Bonds and Notes | 5 | |
Common Stocks | 1 | |
Total | 100% |
Municipal Bonds | 87% |
Short-Term Investment | 13 |
Total | 100% |
Corporate Bonds and Notes | 94% | |
Consumer Discretionary | 21% | |
Financials | 19 | |
Energy | 16 | |
Communication Services | 11 | |
Industrials | 9 | |
Information Technology | 6 | |
Health Care | 5 | |
All other Corporate Bonds and Notes | 7 | |
Leveraged Loans | 2 | |
Other (includes short-term investment and securities lending collateral) | 4 | |
Total | 100% |
Corporate Bonds and Notes | 93% | |
Consumer Discretionary | 17% | |
Communication Services | 16 | |
Financials | 16 | |
Energy | 13 | |
Industrials | 9 | |
Health Care | 6 | |
Information Technology | 5 | |
All other Corporate Bonds and Notes | 11 | |
Leveraged Loans | 4 | |
Other (includes short-term investment and securities lending collateral) | 3 | |
Total | 100% |
Municipal Bonds | 82% |
Short-Term Investment | 18 |
Total | 100% |
U.S. Government Securities | 44% | |
Corporate Bonds and Notes | 35 | |
Financials | 9% | |
Energy | 5 | |
Industrials | 4 | |
Communication Services | 4 | |
Information Technology | 3 | |
Consumer Discretionary | 3 | |
Utilities | 2 | |
All other Corporate Bonds and Notes | 5 | |
Mortgage-Backed Securities | 16 | |
Asset-Backed Securities | 5 | |
Total | 100% |
Municipal Bonds | 83% |
Short-Term Investment | 17 |
Total | 100% |
U.S. Government Securities | 41% | |
Corporate Bonds and Notes | 35 | |
Financials | 11% | |
Energy | 4 | |
Industrials | 4 | |
Consumer Discretionary | 3 | |
Communication Services | 3 | |
Utilities | 3 | |
Information Technology | 2 | |
All other Corporate Bonds and Notes | 5 | |
Mortgage-Backed Securities | 20 | |
Agency | 15 | |
Non-Agency | 5 | |
Asset-Backed Securities | 3 | |
Other | 2 | |
Credit Card | 1 | |
Other (includes short-term investment and securities lending collateral) | 1 | |
Total | 100% |
Mortgage-Backed Securities | 95% | |
Agency | 95% | |
Short-Term Investment | 5 | |
Total | 100% |
Mortgage-Backed Securities | 91% | |
Agency | 91% | |
U.S. Government Security | 7 | |
Short-Term Investment | 2 | |
Total | 100% |
Corporate Bonds and Notes | 49% | |
Financials | 17% | |
Industrials | 6 | |
Communication Services | 5 | |
Energy | 5 | |
Consumer Discretionary | 3 | |
Information Technology | 3 | |
Utilities | 3 | |
All other Corporate Bonds and Notes | 7 | |
Mortgage-Backed Securities | 34 | |
Non-Agency | 23 | |
Agency | 11 | |
Asset-Backed Securities | 14 | |
Credit Card | 7 | |
Student Loan | 5 | |
Other | 2 | |
Short-Term Investment | 3 | |
Total | 100% |
Par Value | Value | ||
U.S. Government Securities—38.0% | |||
U.S. Treasury Bills 0.000%, 8/26/21 | $ 2,140 | $ 2,140 | |
U.S. Treasury Bonds 1.875%, 2/15/51 | 6,465 | 6,170 | |
U.S. Treasury Notes | |||
1.750%, 5/31/22 | 6,385 | 6,482 | |
1.375%, 6/30/23 | 14,973 | 15,309 | |
0.125%, 12/15/23 | 1,657 | 1,648 | |
0.500%, 3/31/25 | 1,467 | 1,460 | |
0.250%, 9/30/25 | 6,556 | 6,418 | |
1.625%, 5/15/31 | 4,573 | 4,643 | |
Total U.S. Government Securities (Identified Cost $43,955) | 44,270 | ||
Mortgage-Backed Securities—23.3% | |||
Agency—17.5% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #C04123 4.000%, 7/1/42 | 188 | 206 | |
Pool #G60019 4.500%, 3/1/44 | 183 | 203 | |
Pool #Q35611 4.000%, 9/1/45 | 414 | 445 | |
Pool #V81992 4.000%, 10/1/45 | 268 | 291 | |
Pool #Q42921 3.500%, 9/1/46 | 585 | 631 | |
Pool #Q51758 3.500%, 10/1/47 | 75 | 79 | |
Pool #Q52135 3.500%, 11/1/47 | 860 | 914 | |
Pool #ZM5226 3.500%, 12/1/47 | 566 | 606 | |
Pool #Q53881 4.500%, 1/1/48 | 412 | 448 | |
Pool #Q61680 4.000%, 2/1/49 | 387 | 414 | |
Pool #QA3079 3.500%, 10/1/49 | 286 | 308 | |
Pool #QA4766 3.500%, 11/1/49 | 515 | 553 | |
Pool #SD0164 3.500%, 12/1/49 | 740 | 791 | |
Pool #QA6331 3.500%, 1/1/50 | 570 | 602 | |
Pool #QA8967 3.000%, 4/1/50 | 642 | 671 | |
Pool #QA9935 3.000%, 6/1/50 | 282 | 295 | |
Pool #QC2300 3.000%, 5/1/51 | 285 | 303 | |
Pool #QC2692 3.000%, 6/1/51 | 300 | 316 | |
Pool #QC2749 3.000%, 6/1/51 | 450 | 472 | |
Pool #QC2869 3.000%, 6/1/51 | 705 | 747 | |
Federal National Mortgage Association | |||
Pool #FM1039 3.500%, 4/1/39 | 581 | 616 |
Par Value | Value | ||
Agency—continued | |||
Pool #BO8589 3.000%, 3/1/40 | $ 86 | $ 90 | |
Pool #BK0396 3.000%, 11/1/44 | 119 | 125 | |
Pool #MA2341 4.500%, 6/1/45 | 20 | 21 | |
Pool #BE5050 4.000%, 9/1/45 | 442 | 486 | |
Pool #BA4799 4.000%, 2/1/46 | 165 | 179 | |
Pool #BH7058 3.500%, 12/1/47 | 245 | 259 | |
Pool #MA3211 4.000%, 12/1/47 | 105 | 113 | |
Pool #BH9215 3.500%, 1/1/48 | 169 | 178 | |
Pool #BJ8599 3.500%, 4/1/48 | 98 | 103 | |
Pool #BK6111 4.000%, 7/1/48 | 1,085 | 1,165 | |
Pool #BN4542 4.500%, 2/1/49 | 108 | 117 | |
Pool #BO1345 3.500%, 8/1/49 | 431 | 458 | |
Pool #BO1351 4.000%, 8/1/49 | 467 | 504 | |
Pool #BO3024 3.500%, 10/1/49 | 269 | 290 | |
Pool #BO5325 3.000%, 11/1/49 | 191 | 200 | |
Pool #BO4386 3.500%, 11/1/49 | 550 | 581 | |
Pool #BO8894 3.000%, 12/1/49 | 313 | 329 | |
Pool #CA5122 3.000%, 2/1/50 | 575 | 607 | |
Pool #BP5431 3.000%, 6/1/50 | 417 | 437 | |
Pool #BP5432 3.000%, 6/1/50 | 388 | 407 | |
Pool #BR9135 3.000%, 5/1/51 | 404 | 426 | |
Pool #FM7290 3.000%, 5/1/51 | 814 | 858 | |
Pool #BT0907 3.000%, 6/1/51 | 245 | 258 | |
Pool #BT1809 3.000%, 6/1/51 | 1,220 | 1,284 | |
Pool #BT2849 3.000%, 6/1/51 | 550 | 581 | |
Pool #BT3321 3.000%, 6/1/51 | 300 | 316 | |
Pool #CB0867 3.500%, 6/1/51 | 99 | 106 | |
20,389 | |||
Non-Agency—5.8% | |||
BB-UBS Trust | |||
2012-SHOW, A 144A 3.430%, 11/5/36(1) | 200 | 212 | |
2012-SHOW, B 144A 3.882%, 11/5/36(1) | 605 | 639 |
Par Value | Value | ||
Non-Agency—continued | |||
BWAY Mortgage Trust 2013-1515, A2 144A 3.454%, 3/10/33(1) | $ 100 | $ 107 | |
Century Plaza Towers 2019-CPT, B 144A 3.097%, 11/13/39(1)(2) | 635 | 674 | |
CF Hippolyta LLC | |||
2020-1, A1 144A 1.690%, 7/15/60(1) | 348 | 354 | |
2020-1, B1 144A 2.280%, 7/15/60(1) | 258 | 262 | |
Goldman Sachs Mortgage Securities Corp. II | |||
2005-ROCK, A 144A 5.366%, 5/3/32(1) | 325 | 370 | |
2012-BWTR, A 144A 2.954%, 11/5/34(1) | 695 | 709 | |
Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A 0.993%, 7/15/25(1)(2) | 169 | 170 | |
JPMBB Commercial Mortgage Securities Trust 2013-C15, A4 4.096%, 11/15/45 | 451 | 477 | |
MAD Mortgage Trust 2017-330M, A 144A 3.294%, 8/15/34(1)(2) | 260 | 267 | |
Morgan Stanley Capital I Trust 2014-150E, A 144A 3.912%, 9/9/32(1) | 670 | 720 | |
SBA Tower Trust 144A 1.884%, 1/15/26(1) | 480 | 486 | |
SLG Office Trust 2021-OVA, A 144A 2.585%, 7/15/41(1) | 245 | 255 | |
Wells Fargo Commercial Mortgage Trust | |||
2013-BTC, A 144A 3.544%, 4/16/35(1) | 190 | 197 | |
2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.223%, 2/15/40(1)(2) | 332 | 333 | |
WFRBS Commercial Mortgage Trust 2012-C10, AS 3.241%, 12/15/45 | 505 | 517 | |
6,749 | |||
Total Mortgage-Backed Securities (Identified Cost $26,492) | 27,138 | ||
Asset-Backed Securities—4.2% | |||
Credit Card—2.1% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 0.734%, 5/15/28(2) | 1,075 | 1,065 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 0.843%, 5/14/29(2) | 1,305 | 1,333 | |
2,398 | |||
Other—2.1% | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 258 | 270 | |
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(1) | 358 | 373 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 680 | 728 |
Par Value | Value | ||
Other—continued | |||
Stack Infrastructure Issuer LLC 2021-1A, A2 144A 1.877%, 3/26/46(1) | $ 440 | $ 442 | |
Vantage Data Centers LLC 2020-2A, A2 144A 1.992%, 9/15/45(1) | 675 | 671 | |
2,484 | |||
Total Asset-Backed Securities (Identified Cost $4,767) | 4,882 | ||
Corporate Bonds and Notes—33.5% | |||
Communication Services—2.6% | |||
AT&T, Inc. | |||
2.250%, 2/1/32 | 325 | 319 | |
3.300%, 2/1/52 | 301 | 293 | |
144A 3.500%, 9/15/53(1) | 621 | 624 | |
Comcast Corp. 1.950%, 1/15/31 | 553 | 545 | |
Verizon Communications, Inc. | |||
3.150%, 3/22/30 | 162 | 175 | |
3.400%, 3/22/41 | 320 | 339 | |
ViacomCBS, Inc. | |||
4.200%, 5/19/32 | 261 | 301 | |
4.950%, 5/19/50 | 295 | 372 | |
2,968 | |||
Consumer Discretionary—1.2% | |||
Kohl’s Corp. 3.375%, 5/1/31 | 341 | 353 | |
Marriott International, Inc. | |||
3.500%, 10/15/32 | 453 | 481 | |
Series HH 2.850%, 4/15/31 | 254 | 258 | |
NIKE, Inc. 3.375%, 3/27/50 | 274 | 309 | |
1,401 | |||
Consumer Staples—1.3% | |||
Coca-Cola Co. (The) 1.000%, 3/15/28 | 602 | 584 | |
Kroger Co. (The) 3.950%, 1/15/50 | 363 | 413 | |
Mars, Inc. 144A 2.450%, 7/16/50(1) | 594 | 551 | |
1,548 | |||
Energy—3.2% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 151 | 170 | |
EOG Resources, Inc. 4.950%, 4/15/50 | 545 | 725 | |
HollyFrontier Corp. 4.500%, 10/1/30 | 492 | 526 | |
Marathon Petroleum Corp. 4.500%, 5/1/23 | 476 | 508 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 852 | 821 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 712 | 762 |
Par Value | Value | ||
Energy—continued | |||
Shell International Finance B.V. 2.375%, 4/6/25 | $ 218 | $ 229 | |
3,741 | |||
Financials—11.1% | |||
Avolon Holdings Funding Ltd. | |||
144A 5.500%, 1/15/26(1) | 417 | 473 | |
144A 2.125%, 2/21/26(1) | 649 | 646 | |
144A 4.250%, 4/15/26(1) | 272 | 295 | |
Bank of America Corp. 2.087%, 6/14/29 | 296 | 298 | |
BP Capital Markets America, Inc. 3.633%, 4/6/30 | 858 | 962 | |
Charles Schwab Corp. (The) 4.000% (3) | 510 | 532 | |
Chubb INA Holdings, Inc. 1.375%, 9/15/30 | 599 | 570 | |
Citigroup, Inc. 3.980%, 3/20/30 | 437 | 495 | |
General Motors Financial Co., Inc. | |||
2.750%, 6/20/25 | 673 | 709 | |
3.600%, 6/21/30 | 644 | 697 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 707 | 705 | |
Hartford Financial Services Group, Inc. (The) 2.800%, 8/19/29 | 296 | 311 | |
Hyundai Capital America 144A 2.000%, 6/15/28(1) | 345 | 342 | |
JPMorgan Chase & Co. | |||
3.207%, 4/1/23 | 318 | 325 | |
0.824%, 6/1/25 | 412 | 411 | |
1.578%, 4/22/27 | 505 | 508 | |
Morgan Stanley | |||
3.875%, 4/29/24 | 425 | 462 | |
1.593%, 5/4/27 | 657 | 662 | |
Newcrest Finance Pty Ltd. 144A 4.200%, 5/13/50(1) | 295 | 337 | |
Old Republic International Corp. 3.850%, 6/11/51 | 346 | 367 | |
Schlumberger Investment S.A. 2.650%, 6/26/30 | 592 | 622 | |
State Street Corp. 2.200%, 3/3/31 | 542 | 546 | |
Travelers Cos., Inc. (The) | |||
4.050%, 3/7/48 | 351 | 429 | |
2.550%, 4/27/50 | 268 | 259 | |
Truist Bank 2.250%, 3/11/30 | 500 | 507 | |
US Bank NA 2.050%, 1/21/25 | 500 | 522 | |
12,992 | |||
Health Care—2.2% | |||
AbbVie, Inc. 4.250%, 11/21/49 | 514 | 616 | |
Anthem, Inc. | |||
1.500%, 3/15/26 | 680 | 688 | |
3.600%, 3/15/51 | 407 | 447 | |
Bristol-Myers Squibb Co. 4.250%, 10/26/49 | 124 | 156 |
Par Value | Value | ||
Health Care—continued | |||
CommonSpirit Health 4.187%, 10/1/49 | $ 182 | $ 209 | |
Danaher Corp. 2.600%, 10/1/50 | 484 | 463 | |
2,579 | |||
Industrials—3.9% | |||
Boeing Co. (The) | |||
3.625%, 2/1/31 | 677 | 728 | |
5.805%, 5/1/50 | 840 | 1,131 | |
Carrier Global Corp. 3.577%, 4/5/50 | 560 | 594 | |
Dell International LLC 6.200%, 7/15/30 | 212 | 273 | |
General Dynamics Corp. 4.250%, 4/1/50 | 78 | 100 | |
General Electric Co. 4.350%, 5/1/50 | 287 | 347 | |
Masco Corp. 1.500%, 2/15/28 | 342 | 334 | |
United Airlines Pass-Through-Trust 2020-1, A 5.875%, 10/15/27 | 625 | 694 | |
United Parcel Service, Inc. 4.450%, 4/1/30 | 268 | 324 | |
4,525 | |||
Information Technology—2.7% | |||
HP, Inc. | |||
3.000%, 6/17/27(4) | 349 | 374 | |
3.400%, 6/17/30 | 465 | 498 | |
Intel Corp. 3.100%, 2/15/60 | 268 | 274 | |
Intuit, Inc. 0.950%, 7/15/25 | 484 | 485 | |
NetApp, Inc. | |||
1.875%, 6/22/25 | 249 | 256 | |
2.700%, 6/22/30 | 822 | 858 | |
Skyworks Solutions, Inc. 3.000%, 6/1/31 | 341 | 348 | |
3,093 | |||
Materials—2.4% | |||
Amcor Flexibles North America, Inc. 2.630%, 6/19/30 | 177 | 181 | |
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 575 | 796 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 219 | 231 | |
Martin Marietta Materials, Inc. 2.400%, 7/15/31 | 536 | 537 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 417 | 416 | |
6.250%, 10/1/39 | 355 | 514 | |
Packaging Corporation of America 4.050%, 12/15/49 | 150 | 176 | |
2,851 | |||
Par Value | Value | ||
Utilities—2.9% | |||
Berkshire Hathaway Energy Co. 2.850%, 5/15/51 | $ 489 | $ 473 | |
Boardwalk Pipelines LP 3.400%, 2/15/31 | 188 | 200 | |
Cheniere Corpus Christi Holdings LLC 3.700%, 11/15/29 | 511 | 558 | |
Consolidated Edison Co. of New York, Inc. 3.950%, 4/1/50 | 279 | 317 | |
Dominion Energy, Inc. 3.375%, 4/1/30 | 415 | 452 | |
Pacific Gas and Electric Co. 2.500%, 2/1/31 | 313 | 293 | |
Southern Co. (The) 3.700%, 4/30/30 | 692 | 763 | |
Transcontinental Gas Pipe Line Co. LLC 3.950%, 5/15/50 | 297 | 332 | |
3,388 | |||
Total Corporate Bonds and Notes (Identified Cost $36,515) | 39,086 | ||
Total Long-Term Investments—99.0% (Identified Cost $111,729) | 115,376 | ||
Shares | ||
Securities Lending Collateral—0.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(5)(6) | 376,222 | 376 |
Total Securities Lending Collateral (Identified Cost $376) | 376 | |
TOTAL INVESTMENTS—99.3% (Identified Cost $112,105) | $115,752 | |
Other assets and liabilities, net—0.7% | 851 | |
NET ASSETS—100.0% | $116,603 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
NA | National Association |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $11,507 or 9.9% of net assets. |
(2) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | No contractual maturity date. |
(4) | All or a portion of security is on loan. |
(5) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(6) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $ 4,882 | $ — | $ 4,882 | ||
Corporate Bonds and Notes | 39,086 | — | 39,086 | ||
Mortgage-Backed Securities | 27,138 | — | 27,138 | ||
U.S. Government Securities | 44,270 | — | 44,270 | ||
Securities Lending Collateral | 376 | 376 | — | ||
Total Investments | $115,752 | $376 | $115,376 |
Par Value | Value | ||
Corporate Bonds and Notes—98.3% | |||
Communication Services—8.6% | |||
AT&T, Inc. | |||
2.250%, 2/1/32 | $ 772 | $ 758 | |
144A 3.500%, 9/15/53(1) | 3,561 | 3,577 | |
T-Mobile USA, Inc. 2.625%, 4/15/26 | 1,822 | 1,863 | |
Verizon Communications, Inc. | |||
0.750%, 3/22/24 | 650 | 653 | |
4.125%, 3/16/27 | 2,253 | 2,566 | |
ViacomCBS, Inc. | |||
4.200%, 5/19/32 | 1,226 | 1,415 | |
4.950%, 5/19/50(2) | 1,189 | 1,501 | |
12,333 | |||
Consumer Discretionary—5.6% | |||
BMW US Capital LLC 144A 3.150%, 4/18/24(1) | 1,300 | 1,386 | |
Carnival Corp. 144A 9.875%, 8/1/27(1) | 1,426 | 1,665 | |
Ford Motor Co. 9.000%, 4/22/25 | 920 | 1,134 | |
Marriott International, Inc. 3.500%, 10/15/32 | 3,573 | 3,796 | |
7,981 | |||
Consumer Staples—3.7% | |||
Coca-Cola Co. (The) 1.000%, 3/15/28 | 1,392 | 1,349 | |
Kroger Co. (The) 3.950%, 1/15/50 | 1,328 | 1,511 | |
Mars, Inc. 144A 2.450%, 7/16/50(1) | 2,624 | 2,436 | |
5,296 | |||
Energy—9.8% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 1,873 | 2,113 | |
EOG Resources, Inc. 4.950%, 4/15/50 | 2,407 | 3,203 | |
HollyFrontier Corp. 4.500%, 10/1/30 | 1,845 | 1,973 | |
Petroleos Mexicanos 6.875%, 8/4/26 | 2,251 | 2,460 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 2,362 | 2,276 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 1,769 | 1,893 | |
13,918 | |||
Financials—31.8% | |||
Ally Financial, Inc. 1.450%, 10/2/23 | 1,300 | 1,319 | |
Avolon Holdings Funding Ltd. | |||
144A 5.500%, 1/15/26(1) | 2,989 | 3,390 | |
144A 2.125%, 2/21/26(1) | 1,093 | 1,089 | |
Banque Federative du Credit Mutuel SA 144A 0.650%, 2/27/24(1) | 1,300 | 1,296 | |
BP Capital Markets America, Inc. 3.633%, 4/6/30 | 1,133 | 1,270 |
Par Value | Value | ||
Financials—continued | |||
Charles Schwab Corp. (The) 4.000% (3) | $1,724 | $ 1,797 | |
Credit Suisse Group AG 144A 1.305%, 2/2/27(1) | 3,369 | 3,300 | |
Ford Motor Credit Co. LLC 3.375%, 11/13/25 | 3,312 | 3,434 | |
General Motors Financial Co., Inc. | |||
2.750%, 6/20/25 | 2,285 | 2,406 | |
3.600%, 6/21/30 | 1,510 | 1,635 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 2,651 | 2,644 | |
Hyundai Capital America 144A 2.000%, 6/15/28(1) | 1,503 | 1,490 | |
JPMorgan Chase & Co. 1.578%, 4/22/27 | 2,311 | 2,323 | |
Metropolitan Life Global Funding I 144A 3.600%, 1/11/24(1) | 1,300 | 1,397 | |
Morgan Stanley 1.593%, 5/4/27 | 2,683 | 2,702 | |
Newcrest Finance Pty Ltd. 144A 4.200%, 5/13/50(1) | 2,497 | 2,856 | |
Old Republic International Corp. 3.850%, 6/11/51 | 1,497 | 1,590 | |
OneMain Finance Corp. 4.000%, 9/15/30 | 1,148 | 1,138 | |
Schlumberger Investment S.A. 2.650%, 6/26/30 | 1,999 | 2,100 | |
State Street Corp. 2.200%, 3/3/31 | 1,971 | 1,987 | |
Truist Bank 2.250%, 3/11/30 | 970 | 984 | |
UBS Group AG 144A 1.364%, 1/30/27(1) | 3,313 | 3,290 | |
45,437 | |||
Health Care—2.7% | |||
Anthem, Inc. | |||
1.500%, 3/15/26 | 1,235 | 1,249 | |
3.600%, 3/15/51 | 1,901 | 2,089 | |
Danaher Corp. 2.600%, 10/1/50 | 580 | 555 | |
3,893 | |||
Industrials—15.2% | |||
Boeing Co. (The) | |||
3.625%, 2/1/31 | 2,196 | 2,362 | |
5.805%, 5/1/50 | 1,420 | 1,912 | |
Carrier Global Corp. | |||
2.722%, 2/15/30 | 1,728 | 1,791 | |
3.577%, 4/5/50 | 2,046 | 2,170 | |
Dell International LLC 6.200%, 7/15/30 | 1,764 | 2,268 | |
General Electric Co. | |||
3.625%, 5/1/30 | 2,651 | 2,956 | |
4.350%, 5/1/50 | 540 | 653 | |
L3Harris Technologies, Inc. 3.850%, 12/15/26 | 2,617 | 2,935 | |
Masco Corp. 1.500%, 2/15/28 | 1,363 | 1,331 |
Par Value | Value | ||
Industrials—continued | |||
United Airlines Pass-Through-Trust | |||
2020-1, A 5.875%, 10/15/27 | $1,955 | $ 2,169 | |
2020-1, B 4.875%, 1/15/26 | 1,121 | 1,189 | |
21,736 | |||
Information Technology—4.4% | |||
HP, Inc. | |||
3.000%, 6/17/27(2) | 1,642 | 1,758 | |
3.400%, 6/17/30 | 1,118 | 1,198 | |
Skyworks Solutions, Inc. 3.000%, 6/1/31 | 3,208 | 3,279 | |
6,235 | |||
Materials—6.5% | |||
Amcor Flexibles North America, Inc. 2.630%, 6/19/30 | 1,214 | 1,241 | |
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | 678 | 938 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 1,511 | 1,595 | |
Martin Marietta Materials, Inc. 2.400%, 7/15/31 | 2,080 | 2,082 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 1,419 | 1,415 | |
6.250%, 10/1/39 | 638 | 924 | |
Packaging Corporation of America 4.050%, 12/15/49 | 943 | 1,108 | |
9,303 | |||
Utilities—10.0% | |||
Berkshire Hathaway Energy Co. 2.850%, 5/15/51 | 1,535 | 1,485 | |
Boardwalk Pipelines LP 3.400%, 2/15/31 | 1,758 | 1,866 | |
Cheniere Corpus Christi Holdings LLC 3.700%, 11/15/29 | 2,563 | 2,799 | |
Dominion Energy, Inc. 3.375%, 4/1/30 | 1,986 | 2,163 | |
Pacific Gas and Electric Co. 2.500%, 2/1/31 | 1,446 | 1,356 | |
Southern Co. (The) 2.950%, 7/1/23 | 1,300 | 1,356 | |
Transcontinental Gas Pipe Line Co. LLC 3.950%, 5/15/50 | 2,860 | 3,196 | |
14,221 | |||
Total Corporate Bonds and Notes (Identified Cost $135,740) | 140,353 | ||
Total Long-Term Investments—98.3% (Identified Cost $135,740) | 140,353 | ||
Shares | Value | ||
Short-Term Investment—23.7% | |||
Money Market Mutual Fund—23.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4) | 33,907,458 | $ 33,907 | |
Total Short-Term Investment (Identified Cost $33,907) | 33,907 | ||
Securities Lending Collateral—0.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(4)(5) | 1,097,773 | 1,098 | |
Total Securities Lending Collateral (Identified Cost $1,098) | 1,098 | ||
TOTAL INVESTMENTS—122.8% (Identified Cost $170,745) | $175,358 | ||
Other assets and liabilities, net—(22.8)% | (32,547) | ||
NET ASSETS—100.0% | $142,811 |
Abbreviations: | |
CDX.NA.HY | Credit Default Swap National Association High Yield |
LLC | Limited Liability Company |
LP | Limited Partnership |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $27,172 or 19.0% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(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. |
Counterparties: | |
ICE | Intercontinental Exchange |
Country Weightings† | |
United States | 88% |
Switzerland | 4 |
Cayman Islands | 2 |
Australia | 2 |
Mexico | 1 |
Luxembourg | 1 |
Panama | 1 |
Other | 1 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Centrally cleared credit default swap - buy protection(1) outstanding as of June 30, 2021 were as follows: | |||||||||||||
Reference Entity | Payment Frequency | Counterparty | Fixed Rate | Expiration Date | Notional Amount(2) | Value | Premiums Paid (Received) | Unrealized Appreciation | Unrealized (Depreciation) | ||||
CDX.NA.HY.35 (3) | Quarterly | ICE | 5.000% | 12/20/25 | $(7,060) | $(725) | $(575) | $— | $(150) | ||||
Total | $(725) | $(575) | $— | $(150) |
Footnote Legend: | |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | CDX.NA.HY is composed of 100 liquid North American entities with high yield credit ratings as published by Markit® from time to time. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Corporate Bonds and Notes | $140,353 | $ — | $140,353 | ||
Securities Lending Collateral | 1,098 | 1,098 | — | ||
Money Market Mutual Fund | 33,907 | 33,907 | — | ||
Total Assets | 175,358 | 35,005 | 140,353 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Centrally Cleared Credit Default Swap | (725) | — | (725) | ||
Total Liabilities | (725) | — | (725) | ||
Total Investments | $174,633 | $35,005 | $139,628 |
Par Value | Value | ||
Corporate Bonds and Notes—4.9% | |||
Communication Services—1.0% | |||
Audacy Capital Corp. 144A 6.500%, 5/1/27(1) | $2,265 | $ 2,356 | |
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1) | 2,000 | 1,295 | |
DISH DBS Corp. 7.375%, 7/1/28 | 3,000 | 3,228 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 2,000 | 1,993 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 4,900 | 5,249 | |
Live Nation Entertainment, Inc. 144A 4.875%, 11/1/24(1) | 2,000 | 2,032 | |
Meredith Corp. 6.875%, 2/1/26 | 1,606 | 1,670 | |
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(1) | 2,000 | 2,008 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 2,000 | 1,995 | |
21,826 | |||
Consumer Discretionary—1.1% | |||
Ford Motor Co. 8.500%, 4/21/23 | 2,800 | 3,125 | |
Ford Motor Credit Co. LLC | |||
3.370%, 11/17/23 | 4,000 | 4,147 | |
4.125%, 8/17/27 | 2,000 | 2,121 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 4,437 | 4,670 | |
Prime Security Services Borrower LLC 144A 5.250%, 4/15/24(1) | 1,680 | 1,800 | |
QVC, Inc. 4.750%, 2/15/27 | 3,000 | 3,181 | |
Signal Parent, Inc. 144A 6.125%, 4/1/29(1) | 3,000 | 2,880 | |
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | 3,000 | 3,232 | |
25,156 | |||
Financials—0.9% | |||
Ahead DB Holdings LLC 144A 6.625%, 5/1/28(1) | 2,000 | 2,069 | |
AHP Health Partners, Inc. 144A 9.750%, 7/15/26(1) | 3,784 | 4,071 | |
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 1,800 | 1,764 | |
Icahn Enterprises LP 144A 4.375%, 2/1/29(1) | 2,000 | 1,990 | |
MPH Acquisition Holdings LLC 144A 5.750%, 11/1/28(1) | 4,826 | 4,850 | |
New Residential Investment Corp. 144A 6.250%, 10/15/25(1) | 2,000 | 2,002 | |
Quicken Loans, Inc. | |||
144A 5.250%, 1/15/28(1) | 2,013 | 2,114 | |
144A 3.875%, 3/1/31(1) | 1,000 | 1,007 | |
19,867 | |||
Health Care—0.7% | |||
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 4,502 | 4,410 |
Par Value | Value | ||
Health Care—continued | |||
Encompass Health Corp. 4.500%, 2/1/28 | $ 3,000 | $ 3,112 | |
Molina Healthcare, Inc. 144A 4.375%, 6/15/28(1) | 2,000 | 2,085 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
6.000%, 4/15/24 | 3,650 | 3,869 | |
3.150%, 10/1/26 | 1,400 | 1,332 | |
14,808 | |||
Industrials—0.1% | |||
Griffon Corp. 5.750%, 3/1/28 | 2,000 | 2,125 | |
Information Technology—0.8% | |||
Alliance Data Systems Corp. 144A 4.750%, 12/15/24(1) | 2,000 | 2,055 | |
ams AG 144A 7.000%, 7/31/25(1) | 3,000 | 3,233 | |
Austin BidCo, Inc. 144A 7.125%, 12/15/28(1) | 1,950 | 1,998 | |
Dell International LLC 8.100%, 7/15/36 | 3,000 | 4,572 | |
NCR Corp. 144A 5.125%, 4/15/29(1) | 3,000 | 3,094 | |
Sensata Technologies BV 144A 4.000%, 4/15/29(1) | 3,000 | 3,045 | |
17,997 | |||
Materials—0.2% | |||
Ardagh Packaging Finance plc 144A 4.125%, 8/15/26(1) | 2,000 | 2,065 | |
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 2,500 | 2,647 | |
4,712 | |||
Real Estate—0.1% | |||
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 2,000 | 2,018 | |
Total Corporate Bonds and Notes (Identified Cost $106,448) | 108,509 | ||
Leveraged Loans—91.0% | |||
Aerospace—3.8% | |||
American Airlines, Inc. | |||
(3 month LIBOR + 4.750%) 5.500%, 4/20/28(2) | 9,085 | 9,464 | |
2017, Tranche B (1 month LIBOR + 2.000%) 2.096%, 4/28/23(2) | 3,708 | 3,615 | |
2017, Tranche B (1 month LIBOR + 2.000%) 2.073%, 12/14/23(2) | 13,436 | 13,100 | |
Brown Group Holding LLC (3 month LIBOR + 2.750%) 3.250%, 6/7/28(2) | 5,500 | 5,470 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 4.750%, 10/20/27(2) | 9,008 | 9,510 | |
Ducommun, Inc. Tranche B (1 month LIBOR + 4.000%) 4.095% - 4.104%, 11/21/25(2) | 7,390 | 7,304 |
Par Value | Value | ||
Aerospace—continued | |||
Dynasty Acquisition Co., Inc. | |||
2020, Tranche B-1 (3 month LIBOR + 3.500%) 3.647%, 4/6/26(2) | $ 3,585 | $ 3,489 | |
2020, Tranche B-2 (3 month LIBOR + 3.500%) 3.647%, 4/6/26(2) | 1,927 | 1,876 | |
MB Aerospace Holdings II Corp. First Lien (3 month LIBOR + 3.500%) 4.500%, 1/22/25(2) | 3,608 | 3,363 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(2) | 4,395 | 4,690 | |
Spirit AeroSystems, Inc. (1 month LIBOR + 5.250%) 6.000%, 1/15/25(2) | 2,885 | 2,901 | |
TransDigm, Inc. Tranche E (1 month LIBOR + 2.250%) 2.354%, 5/30/25(2) | 9,466 | 9,325 | |
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%) 4.500%, 4/21/28(2) | 5,686 | 5,755 | |
WP CPP Holdings LLC First Lien (3 month LIBOR + 3.750%) 4.750%, 4/30/25(2) | 4,577 | 4,481 | |
84,343 | |||
Chemicals—5.3% | |||
Alpha 3 BV (3 month LIBOR + 2.500%) 3.000%, 3/18/28(2) | 6,955 | 6,916 | |
Aruba Investments Holdings LLC First Lien (3 month LIBOR + 4.000%) 4.750%, 11/24/27(2) | 2,658 | 2,665 | |
Ascend Performance Materials Operations LLC 2021 (3 month LIBOR + 4.750%) 5.500%, 8/27/26(2) | 2,845 | 2,883 | |
ASP Chromaflo Intermediate Holdings, Inc. | |||
Tranche B-1 (1 month LIBOR + 3.500%) 4.500%, 11/20/23(2) | 842 | 841 | |
Tranche B-2, First Lien (1 month LIBOR + 3.500%) 4.500%, 11/20/23(2) | 1,085 | 1,084 | |
Blue Tree Holdings, Inc. (3 month LIBOR + 2.500%) 2.650%, 3/4/28(2) | 7,212 | 7,162 | |
Consolidated Energy Finance S.A. (1 month LIBOR + 2.500%) 2.595%, 5/7/25(2) | 9,605 | 9,313 | |
Emerald Performance Materials LLC Tranche B, First Lien (1 month LIBOR + 4.000%) 5.000%, 8/12/25(2) | 4,539 | 4,545 | |
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%) 3.500%, 12/31/27(2) | 4,536 | 4,527 | |
Herens Holdco S.a.r.l. Tranche B (3 month LIBOR + 4.000%) 0.000%, 5/14/28(2)(3) | 3,730 | 3,732 | |
Ineos U.S. Finance LLC 2024 (3 month LIBOR + 2.000%) 2.104%, 4/1/24(2) | 26,205 | 25,892 | |
Ineos U.S. Petrochem LLC 2026, Tranche B (1 month LIBOR + 2.750%) 3.250%, 1/29/26(2) | 2,958 | 2,947 | |
Minerals Technologies, Inc. Tranche B-1 (1 month LIBOR + 2.250%) 2.251% - 3.000%, 2/14/24(2) | 5,741 | 5,748 | |
Momentive Performance Materials, Inc. First Lien (1 month LIBOR + 3.250%) 3.360%, 5/15/24(2) | 3,785 | 3,758 |
Par Value | Value | ||
Chemicals—continued | |||
New Arclin US Holding Corp. 2021 (1 month LIBOR + 4.000%) 5.000%, 2/28/26(2) | $2,503 | $ 2,516 | |
PQ Corp. (3 month LIBOR + 2.750%) 0.000%, 6/9/28(2)(3) | 3,320 | 3,317 | |
Sparta US Holdco LLC (3 month LIBOR + 3.500%) 0.000%, 4/28/28(2)(3) | 2,305 | 2,306 | |
Starfruit Finco B.V. (1 month LIBOR + 1.750%) 2.843% - 5.000%, 10/1/25(2) | 6,966 | 6,909 | |
Trinseo Materials Operating SCA 2021 (1 month LIBOR + 2.500%) 2.604%, 5/3/28(2) | 3,435 | 3,407 | |
Tronox Finance LLC Tranche B, First Lien (1 month LIBOR + 2.500%) 2.604% - 2.647%, 3/10/28(2) | 4,956 | 4,921 | |
Vantage Specialty Chemicals, Inc. | |||
First Lien (3 month LIBOR + 3.500%) 4.500%, 10/28/24(2) | 3,363 | 3,276 | |
Second Lien (3 month LIBOR + 8.250%) 9.250%, 10/27/25(2) | 7,470 | 7,204 | |
115,869 | |||
Consumer Durables—0.8% | |||
Herman Miller, Inc. Tranche B (3 month LIBOR + 2.000%) 0.000%, 6/29/28(2)(3) | 1,700 | 1,698 | |
Plantronics, Inc. Tranche B (1 month LIBOR + 2.500%) 0.000%, 7/2/25(2)(3) | 3,765 | 3,692 | |
Resideo Funding, Inc. Tranche B (1 month LIBOR + 2.250%) 2.750%, 2/11/28(2) | 3,232 | 3,224 | |
Weber-Stephen Products LLC Tranche B (1 month LIBOR + 3.250%) 4.000%, 10/30/27(2) | 3,516 | 3,520 | |
White Cap Buyer LLC (3 month LIBOR + 4.000%) 4.500%, 10/19/27(2) | 4,543 | 4,548 | |
16,682 | |||
Consumer Non-Durables—1.0% | |||
ABG Intermediate Holdings 2 LLC | |||
2021 (1 month LIBOR + 3.250%) 4.000%, 9/27/24(2) | 4,947 | 4,941 | |
First Lien (3 month LIBOR + 5.250%) 6.250%, 9/27/24(2) | 2,814 | 2,814 | |
Conair Holdings LLC First Lien (3 month LIBOR + 3.750%) 4.250%, 5/17/28(2) | 4,305 | 4,314 | |
Coty, Inc. Tranche B (1 month LIBOR + 2.250%) 2.331%, 4/7/25(2) | 3,139 | 3,018 | |
Energizer Holdings, Inc. (1 month LIBOR + 2.250%) 2.750%, 12/22/27(2) | 2,693 | 2,684 | |
New Trojan Parent, Inc. First Lien (1 month LIBOR + 3.250%) 3.750%, 1/6/28(2) | 2,395 | 2,382 | |
Prestige Brands, Inc. Tranche B (3 month LIBOR + 2.000%) 0.000%, 6/9/28(2)(3) | 1,660 | 1,661 | |
21,814 | |||
Par Value | Value | ||
Energy—1.5% | |||
AL NGPL Holdings LLC (3 month LIBOR + 3.750%) 4.750%, 4/14/28(2) | $ 3,290 | $ 3,311 | |
BCP Raptor II LLC (1 month LIBOR + 4.750%) 4.854%, 11/3/25(2) | 6,553 | 6,420 | |
BCP Raptor LLC (1 month LIBOR + 4.250%) 5.250%, 6/24/24(2) | 7,810 | 7,729 | |
BCP Renaissance Parent LLC (3 month LIBOR + 3.500%) 4.500%, 10/31/24(2) | 2,992 | 2,935 | |
Blackbrush Oil & Gas LP PIK Interest Capitalization (3 month LIBOR + 5.000%) 6.000%, 9/3/25(2)(4) | 4,755 | 4,755 | |
Lower Cadence Holdings LLC (1 month LIBOR + 4.000%) 4.104%, 5/22/26(2) | 4,480 | 4,446 | |
Traverse Midstream Partners LLC (1 month LIBOR + 5.500%) 6.500%, 9/27/24(2) | 3,935 | 3,948 | |
33,544 | |||
Financial—5.7% | |||
Acrisure LLC 2020, Tranche B (1 month LIBOR + 3.500%) 3.604%, 2/15/27(2) | 2,388 | 2,360 | |
AltiSource Solutions S.a.r.l. Tranche B (3 month LIBOR + 4.000%) 5.000%, 4/3/24(2) | 3,235 | 2,719 | |
AmWINS Group, Inc. (1 month LIBOR + 2.250%) 3.000%, 2/19/28(2) | 3,667 | 3,642 | |
Aretec Group, Inc. First Lien (1 month LIBOR + 4.250%) 4.354%, 10/1/25(2) | 12,713 | 12,662 | |
Asurion LLC | |||
Tranche B3, Second Lien (1 month LIBOR + 5.250%) 5.354%, 1/31/28(2) | 10,530 | 10,605 | |
Tranche B-8 (1 month LIBOR + 3.250%) 3.343%, 12/23/26 | 27,164 | 26,841 | |
Tranche B-9 (1 month LIBOR + 3.250%) 3.354%, 7/31/27(2) | 3,741 | 3,697 | |
Citadel Securities LP 2021 (1 month LIBOR + 2.500%) 2.604%, 2/2/28(2) | 8,678 | 8,582 | |
Ditech Holding Corp. Tranche B (3 month PRIME + 0.000%) 0.000%, 6/30/22(2)(5) | 4,204 | 841 | |
DRW Holdings LLC First Lien (1 month LIBOR + 3.750%) 3.854%, 3/1/28(2) | 7,385 | 7,366 | |
EVO Payments International LLC First Lien (1 month LIBOR + 3.250%) 3.360%, 12/22/23(2) | 7,165 | 7,146 | |
First Eagle Holdings, Inc. 2018, Tranche B (3 month LIBOR + 2.500%) 2.647%, 2/1/27(2) | 3,875 | 3,820 | |
HighTower Holding LLC (3 month LIBOR + 4.000%) 4.750%, 4/21/28(2) | 2,632 | 2,635 | |
Jane Street Group LLC (1 month LIBOR + 2.750%) 2.854%, 1/26/28(2) | 9,841 | 9,788 | |
Nexus Buyer LLC (1 month LIBOR + 3.750%) 3.841%, 11/9/26(2) | 3,972 | 3,961 |
Par Value | Value | ||
Financial—continued | |||
Orion Advisor Solutions, Inc. (3 month LIBOR + 3.750%) 4.500%, 9/24/27(2) | $6,174 | $ 6,177 | |
Russell Investments US Institutional Holdco, Inc. 2025 (3 month LIBOR + 3.500%) 4.500%, 5/30/25(2) | 3,000 | 2,980 | |
VFH Parent LLC (1 month LIBOR + 3.000%) 3.093%, 3/1/26(2) | 7,546 | 7,513 | |
Zebra Buyer LLC (3 month LIBOR + 3.500%) 0.000%, 4/21/28(2)(3) | 1,730 | 1,734 | |
125,069 | |||
Food / Tobacco—2.4% | |||
Blue Ribbon LLC Tranche B (3 month LIBOR + 6.000%) 6.750%, 5/8/28(2) | 2,251 | 2,218 | |
City Brewing Co. LLC First Lien (3 month LIBOR + 3.500%) 4.250%, 4/5/28(2) | 2,860 | 2,871 | |
Evergreen AcqCo 1 LP (3 month LIBOR + 5.750%) 6.500%, 4/21/28(2) | 3,870 | 3,901 | |
IRB Holding Corp. (3 month LIBOR + 3.250%) 4.250%, 12/15/27(2) | 4,229 | 4,226 | |
K- MAC Holdings Corp. Second Lien (3 month LIBOR + 6.750%) 0.000%, 6/18/29(2)(3) | 830 | 834 | |
K-Mac Holdings Corp. (3 month LIBOR + 3.500%) 0.000%, 6/23/28(2)(3) | 2,495 | 2,500 | |
Milk Specialties Co. (3 month LIBOR + 4.000%) 5.000%, 8/18/25(2) | 4,160 | 4,150 | |
Panera Bread Co. (1 month LIBOR + 2.250%) 2.375%, 7/18/22(2) | 5,219 | 5,108 | |
Quirch Foods Holdings LLC (3 month LIBOR + 5.250%) 5.750% - 6.250%, 10/27/27(2) | 4,975 | 4,987 | |
Triton Water Holdings, Inc. First Lien (3 month LIBOR + 3.500%) 4.000%, 3/31/28(2) | 5,715 | 5,707 | |
UTZ Quality Foods LLC 2021 (1 month LIBOR + 3.000%) 3.104%, 1/20/28(2) | 3,182 | 3,177 | |
Whole Earth Brands, Inc. (3 month LIBOR + 4.500%) 5.500%, 2/2/28(2) | 6,980 | 6,936 | |
Woof Holdings, Inc. | |||
First Lien (3 month LIBOR + 3.750%) 4.500%, 12/21/27(2) | 4,648 | 4,644 | |
Second Lien (3 month LIBOR + 7.250%) 8.000%, 12/21/28(2) | 500 | 505 | |
51,764 | |||
Food and Drug—0.2% | |||
United Natural Foods, Inc. First Lien (1 month LIBOR + 3.500%) 3.604%, 10/22/25(2) | 3,908 | 3,909 | |
Forest Prod / Containers—2.1% | |||
Anchor Packaging LLC (1 month LIBOR + 4.000%) 4.104%, 7/18/26(2) | 2,784 | 2,787 | |
Berlin Packaging LLC Tranche B-4 (3 month LIBOR + 3.250%) 3.750%, 3/11/28(2) | 4,860 | 4,835 |
Par Value | Value | ||
Forest Prod / Containers—continued | |||
Graham Packaging Co., Inc. (1 month LIBOR + 3.000%) 3.750%, 8/4/27(2) | $ 8,735 | $ 8,722 | |
Klockner Pentaplast of America, Inc. Tranche B (3 month LIBOR + 4.750%) 5.250%, 2/12/26(2) | 2,793 | 2,807 | |
Logoplaste Parent S.a.r.l. (3 month LIBOR + 4.250%) 0.000%, 4/21/28(2)(3) | 3,705 | 3,719 | |
Pregis Topco LLC (1 month LIBOR + 4.000%) 4.500%, 7/31/26(2) | 6,350 | 6,350 | |
Pregis TopCo LLC First Lien (1 month LIBOR + 4.000%) 4.104%, 7/31/26(2) | 2,673 | 2,670 | |
Reynolds Group Holdings, Inc. Tranche B-2 (1 month LIBOR + 3.250%) 3.354%, 2/5/26(2) | 4,134 | 4,105 | |
Schweitzer-Mauduit International, Inc. Tranche B (1 month LIBOR + 3.750%) 4.500%, 1/27/28(2) | 3,420 | 3,369 | |
Spa Holdings 3 Oy Tranche B (3 month LIBOR + 4.000%) 4.750%, 2/4/28(2) | 2,828 | 2,837 | |
TricorBraun, Inc. | |||
(3 month LIBOR + 3.250%) 3.250% - 3.750%, 3/3/28(2) | 26 | 26 | |
(6 month LIBOR + 3.250%) 3.750%, 3/3/28(2) | 3,457 | 3,430 | |
45,657 | |||
Gaming / Leisure—3.5% | |||
Aimbridge Acquisition Co., Inc. 2020 (1 month LIBOR + 4.750%) 5.500%, 2/2/26(2) | 2,055 | 2,053 | |
Caesars Resort Collection LLC | |||
Tranche B (1 month LIBOR + 2.750%) 2.854%, 12/23/24(2) | 11,645 | 11,539 | |
Tranche B-1 (1 month LIBOR + 4.500%) 4.604%, 7/21/25(2) | 11,811 | 11,840 | |
Carnival Corp. Tranche B (3 month LIBOR + 3.000%) 0.000%, 6/30/25(2)(3) | 1,615 | 1,652 | |
Enterprise Development Authority Tranche B (3 month LIBOR + 4.250%) 5.000%, 2/18/28(2) | 1,985 | 1,990 | |
Everi Holdings, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/30/28(2)(3) | 3,165 | 3,161 | |
Everi Payments, Inc. Tranche B (3 month LIBOR + 2.750%) 3.500%, 5/9/24(2) | 7,693 | 7,674 | |
Golden Nugget, Inc. First Lien (2 month LIBOR + 2.500%) 3.250%, 10/4/23(2) | 5,868 | 5,821 | |
Hilton Grand Vacations Borrower LLC First Lien (3 month LIBOR + 3.250%) 0.000%, 5/19/28(2)(3) | 3,695 | 3,696 | |
Playa Resorts Holding B.V. (1 month LIBOR + 2.750%) 3.750%, 4/29/24(2) | 6,013 | 5,774 | |
Playtika Holding Corp. Tranche B-1 (1 month LIBOR + 2.750%) 2.854%, 3/13/28(2) | 8,429 | 8,386 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Scientific Games International, Inc. Tranche B-5 (1 month LIBOR + 2.750%) 2.854%, 8/14/24(2) | $6,092 | $ 6,046 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 2.500%, 2/8/27(2) | 6,317 | 6,240 | |
75,872 | |||
Healthcare—8.2% | |||
ADMI Corp. (3 month LIBOR + 3.750%) 0.000%, 12/23/27(2)(3) | 2,700 | 2,695 | |
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 3.500%, 1/5/26(2) | 4,106 | 4,096 | |
AHP Health Partners, Inc. Tranche B-1 (1 month LIBOR + 3.750%) 4.750%, 6/30/25(2) | 8,781 | 8,792 | |
Amneal Pharmaceuticals LLC (1 month LIBOR + 3.500%) 3.625%, 5/4/25(2) | 7,518 | 7,367 | |
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%) 5.500%, 10/6/27(2) | 3,816 | 3,821 | |
AthenaHealth, Inc. Tranche B-1 (3 month LIBOR + 4.250%) 4.410%, 2/11/26(2) | 6,306 | 6,320 | |
Avantor Funding, Inc. Tranche B-4 (1 month LIBOR + 2.250%) 3.250%, 11/8/27(2) | 3,333 | 3,332 | |
Bausch Health Cos., Inc. (1 month LIBOR + 3.000%) 3.104%, 6/2/25(2) | 4,805 | 4,783 | |
Bioscrip, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 3.854%, 8/6/26(2) | 4,010 | 4,009 | |
Cano Health LLC (3 month LIBOR + 4.500%) 5.250%, 11/23/27(2) | 3,701 | 3,703 | |
Change Healthcare Holdings LLC (1 month LIBOR + 2.500%) 3.500%, 3/1/24(2) | 7,848 | 7,837 | |
Endo Luxembourg Finance Co. S.a.r.l. 2021 (3 month LIBOR + 5.000%) 5.750%, 3/27/28(2) | 2,541 | 2,448 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 4.750%, 10/1/27(2) | 5,696 | 5,709 | |
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%) 3.500%, 10/27/22(2) | 5,086 | 5,089 | |
HCA, Inc. (3 month LIBOR + 1.750%) 0.000%, 6/23/28(2)(3) | 2,910 | 2,915 | |
ICON Luxembourg S.a.r.l. | |||
Tranche B (3 month LIBOR + 2.500%) 0.000%, 6/16/28(2)(3) | 7,045 | 7,055 | |
Tranche B-1 (3 month LIBOR + 2.500%) 0.000%, 6/16/28(2)(3) | 1,755 | 1,758 | |
ImageFirst Holdings LLC (3 month LIBOR + 4.500%) 5.250%, 4/27/28(2) | 2,013 | 2,008 | |
Indivior Finance S.a.r.l. (3 month LIBOR + 4.500%) 5.500%, 6/6/26(2) | 3,910 | 3,822 | |
Insulet Corp. Tranche B (1 month LIBOR + 3.250%) 3.750%, 4/28/28(2) | 2,985 | 2,987 | |
Kindred Healthcare LLC Tranche B (1 month LIBOR + 4.500%) 4.625%, 7/2/25(2) | 8,801 | 8,779 |
Par Value | Value | ||
Healthcare—continued | |||
LifePoint Health, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 3.854%, 11/17/25(2) | $3,565 | $ 3,555 | |
Medrisk, Inc. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.500%, 5/10/28(2) | 3,190 | 3,189 | |
Midwest Physician Administrative Services LLC First Lien (3 month LIBOR + 3.250%) 4.000%, 3/12/28(2) | 4,229 | 4,216 | |
MPH Acquisition Holdings LLC (3 month LIBOR + 2.750%) 3.750%, 6/7/23(2) | 8,945 | 8,919 | |
National Mentor Holdings, Inc. | |||
First Lien (3 month LIBOR + 3.750%) 4.500%, 3/2/28(2) | 4,267 | 4,272 | |
Tranche C, First Lien (3 month LIBOR + 3.750%) 4.500%, 3/2/28(2) | 134 | 135 | |
Onex TSG Intermediate Corp. (3 month LIBOR + 4.750%) 5.500%, 2/28/28(2) | 2,930 | 2,946 | |
Organon & Co. (3 month LIBOR + 3.000%) 3.500%, 6/2/28(2) | 7,450 | 7,455 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.500%) 4.250%, 11/30/27(2) | 5,820 | 5,823 | |
Paragis LLC (1 month LIBOR + 4.750%) 5.250%, 10/6/21(2) | 2,000 | 1,980 | |
Parexel International Corp. (3 month LIBOR + 2.750%) 2.854%, 9/27/24(2) | 3,512 | 3,490 | |
PetIQ, Inc. First Lien (3 month LIBOR + 4.250%) 4.750%, 4/13/28(2) | 4,705 | 4,658 | |
Pluto Acquisition I, Inc. 2021, First Lien (3 month LIBOR + 4.500%) 0.000%, 6/20/26(2)(3) | 3,320 | 3,320 | |
PPD, Inc. (1 month LIBOR + 2.250%) 2.750%, 1/13/28(2) | 3,990 | 3,983 | |
RPI Intermediate Finance Trust Tranche B-1 (1 month LIBOR + 1.750%) 1.854%, 2/11/27(2) | 5,119 | 5,091 | |
RXB Holdings, Inc. First Lien (6 month LIBOR + 5.250%) 6.000%, 12/17/27(2) | 3,970 | 3,975 | |
SCP Eye Care Services LLC (3 month LIBOR + 4.500%) 5.250%, 3/15/28(2) | 2,766 | 2,762 | |
Signify Health LLC (3 month LIBOR + 3.250%) 0.000%, 6/16/28(2)(3) | 3,035 | 3,030 | |
Sterigenics-Nordion Holdings LLC (3 month LIBOR + 2.750%) 3.250%, 12/11/26(2) | 4,125 | 4,106 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 4.500%, 8/31/26(2) | 4,938 | 4,955 | |
181,185 | |||
Housing—4.0% | |||
84 Lumber Co. Tranche B-1 (1 month LIBOR + 3.000%) 3.750%, 11/13/26(2) | 4,477 | 4,473 | |
ACProducts Holdings, Inc. (6 month LIBOR + 4.250%) 4.750%, 5/17/28(2) | 5,450 | 5,419 | |
Beacon Roofing Supply, Inc. (1 month LIBOR + 2.500%) 2.604%, 5/19/28(2) | 2,643 | 2,627 |
Par Value | Value | ||
Housing—continued | |||
Brookfield Property REIT, Inc. | |||
Tranche A-2 (1 month LIBOR + 3.000%) 3.104%, 8/28/23(2) | $ 6,572 | $ 6,499 | |
Tranche B (1 month LIBOR + 2.500%) 2.604%, 8/27/25(2) | 13,417 | 13,081 | |
Core & Main LP Tranche B (3 month LIBOR + 2.500%) 0.000%, 6/9/28(2)(3) | 2,495 | 2,478 | |
Cushman & Wakefield US Borrower LLC (1 month LIBOR + 2.750%) 2.854%, 8/21/25(2) | 11,151 | 11,042 | |
Foundation Building Materials, Inc. First Lien (3 month LIBOR + 3.250%) 3.750%, 1/31/28(2) | 5,485 | 5,446 | |
Hillman Group, Inc. (The) Tranche B-1 (3 month LIBOR + 2.750%) 0.000%, 2/24/28(2)(3) | 2,677 | 2,669 | |
Hunter Fan Co. (3 month LIBOR + 5.000%) 5.750%, 5/8/28(2) | 3,365 | 3,366 | |
Illuminate Merger Sub Corp. | |||
(3 month LIBOR + 3.500%) 0.000%, 6/30/28(2)(3) | 1,665 | 1,657 | |
Second Lien (3 month LIBOR + 0.000%) 0.000%, 6/29/29(2)(3) | 1,250 | 1,237 | |
LBM Acquisition LLC | |||
First Lien (3 month LIBOR + 3.750%) 4.500%, 12/17/27(2) | 4,317 | 4,284 | |
First Lien (3 month LIBOR + 3.750%) 1.000% - 4.500%, 12/17/27(2) | 640 | 636 | |
Mannington Mills, Inc. (3 month LIBOR + 3.750%) 0.000%, 8/6/26(2)(3) | 1,535 | 1,533 | |
Osmose Utilities Services, Inc. First Lien (3 month LIBOR + 3.250%) 3.750%, 6/16/28(2) | 2,660 | 2,647 | |
Quikrete Holdings, Inc. Tranche B1 (3 month LIBOR + 3.000%) 0.000%, 6/11/28(2)(3) | 3,610 | 3,579 | |
Re/Max LLC Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/24/28(2)(3) | 1,250 | 1,247 | |
Realogy Group LLC Tranche A (1 month LIBOR + 1.750%) 2.093%, 2/8/23(2) | 8,300 | 8,241 | |
TAMKO Building Products, Inc. (3 month LIBOR + 3.000%) 0.000%, 5/29/26(2) | 3,491 | 3,480 | |
U.S. Concrete, Inc. Tranche B (3 month LIBOR + 3.000%) 0.000%, 5/26/28(2)(3) | 2,405 | 2,405 | |
88,046 | |||
Information Technology—13.6% | |||
Ahead DB Holdings LLC Tranche B (3 month LIBOR + 3.750%) 4.500%, 10/18/27(2) | 3,700 | 3,704 | |
Allegro MicroSystems, Inc. (3 month LIBOR + 3.750%) 4.250%, 9/24/27(2) | 290 | 289 | |
Apttus Corporation (3 month LIBOR + 4.250%) 5.000%, 5/8/28(2) | 3,955 | 3,972 | |
Atlas Purchaser, Inc. | |||
First Lien (3 month LIBOR + 5.250%) 6.000%, 5/6/28(2) | 2,800 | 2,744 | |
Second Lien (3 month LIBOR + 9.000%) 9.750%, 5/7/29(2) | 825 | 817 |
Par Value | Value | ||
Information Technology—continued | |||
Avaya, Inc. Tranche B-1 (1 month LIBOR + 4.250%) 4.323%, 12/15/27(2) | $7,933 | $7,955 | |
Barracuda Networks, Inc. First Lien (3 month LIBOR + 3.750%) 3.896%, 2/12/25(2) | 4,246 | 4,254 | |
Brave Parent Holdings, Inc. (1 month LIBOR + 4.000%) 4.104%, 4/18/25(2) | 4,205 | 4,197 | |
Brooks Automation, Inc. Tranche B (3 month LIBOR + 2.500%) 2.710%, 10/4/24(2) | 2,229 | 2,207 | |
Castle US Holding Corp. | |||
(3 month LIBOR + 3.750%) 0.000%, 1/29/27(2)(3) | 130 | 128 | |
Tranche B-2 (3 month LIBOR + 4.000%) 4.750%, 1/31/27(2) | 3,992 | 3,952 | |
Cloudera, Inc. (1 month LIBOR + 2.500%) 3.250%, 12/22/27(2) | 3,347 | 3,343 | |
CommerceHub, Inc. First Lien (3 month LIBOR + 4.000%) 4.750%, 12/29/27(2) | 3,975 | 3,985 | |
ConvergeOne Holdings, Inc. First Lien (1 month LIBOR + 5.000%) 5.104%, 1/5/26(2) | 6,377 | 6,298 | |
CoreLogic, Inc. First Lien (3 month LIBOR + 3.500%) 0.000%, 6/4/28(2)(3) | 7,690 | 7,663 | |
Cornerstone OnDemand, Inc. 2021, Tranche B (1 month LIBOR + 3.250%) 3.341%, 4/22/27(2) | 3,121 | 3,118 | |
DCert Buyer, Inc. | |||
First Lien (1 month LIBOR + 4.000%) 4.104%, 10/16/26(2) | 4,086 | 4,087 | |
Second Lien (1 month LIBOR + 7.000%) 7.104%, 2/19/29(2) | 3,625 | 3,650 | |
Dell International LLC Tranche B-2 (1 month LIBOR + 1.750%) 2.000%, 9/19/25(2) | 8,397 | 8,393 | |
E2Open LLC (3 month LIBOR + 3.500%) 4.000%, 2/4/28(2) | 4,525 | 4,525 | |
EAB Global, Inc. (3 month LIBOR + 3.750%) 0.000%, 6/28/28(2)(3) | 2,500 | 2,494 | |
Endurance International Group Holdings, Inc. (3 month LIBOR + 3.500%) 4.250%, 2/10/28(2) | 3,800 | 3,779 | |
Ensono LP First Lien (6 month LIBOR + 4.000%) 4.750%, 5/19/28(2) | 3,065 | 3,068 | |
Gigamon, Inc. First Lien (3 month LIBOR + 3.750%) 4.500%, 12/27/24(2) | 7,249 | 7,256 | |
Greeneden US Holdings II LLC Tranche B-4 (1 month LIBOR + 4.000%) 4.750%, 12/1/27(2) | 5,267 | 5,276 | |
IDERA, Inc. (3 month LIBOR + 3.750%) 4.500%, 3/2/28(2) | 3,626 | 3,624 | |
Internap Holding LLC PIK Interest Capitalization (3 month LIBOR + 6.500%) 7.500%, 5/8/25(2)(6) | 455 | 227 | |
Ivanti Software, Inc. | |||
(3 month LIBOR + 4.000%) 4.750%, 12/1/27(2) | 2,673 | 2,654 | |
First Lien (3 month LIBOR + 4.750%) 5.750%, 12/1/27(2) | 3,082 | 3,083 | |
LI Group Holdings, Inc. 2021 (3 month LIBOR + 3.750%) 4.500%, 3/11/28(2) | 3,184 | 3,184 |
Par Value | Value | ||
Information Technology—continued | |||
Liftoff Mobile, Inc. (3 month LIBOR + 3.500%) 4.250%, 2/17/28(2) | $3,913 | $3,905 | |
LogMeIn, Inc. First Lien (1 month LIBOR + 4.750%) 4.827%, 8/31/27(2) | 8,803 | 8,786 | |
MA Financeco LLC | |||
Tranche B-3 (1 month LIBOR + 2.750%) 2.854%, 6/21/24(2) | 911 | 899 | |
Tranche B-4 (3 month LIBOR + 4.250%) 5.250%, 6/5/25(2) | 6,722 | 6,800 | |
Macom Technology Solutions Holdings, Inc. (1 month LIBOR + 2.250%) 2.354%, 5/17/24(2) | 1,217 | 1,210 | |
Magenta Buyer LLC First Lien (3 month LIBOR + 5.000%) 0.000%, 5/3/28(2)(3) | 5,170 | 5,165 | |
Magnite, Inc. (3 month LIBOR + 5.000%) 5.750%, 4/1/28(2) | 2,465 | 2,453 | |
Marcel Lux IV S.a.r.l. (1 month LIBOR + 4.000%) 4.750%, 12/31/27(2) | 1,005 | 1,002 | |
Mavenir Systems, Inc. (3 month LIBOR + 6.000%) 7.000%, 5/8/25(2) | 7,446 | 7,439 | |
Maverick Bidco, Inc. First Lien (3 month LIBOR + 3.750%) 4.500%, 5/18/28(2) | 2,885 | 2,883 | |
McAfee LLC | |||
Second Lien (3 month LIBOR + 8.250%) 0.000%, 5/3/29(2)(3) | 2,000 | 1,975 | |
Tranche B (1 month LIBOR + 3.750%) 3.846%, 9/30/24(2) | 8,035 | 8,033 | |
Mermaid Bidco, Inc. Tranche B (3 month LIBOR + 4.250%) 5.000%, 12/22/27(2) | 4,233 | 4,233 | |
N-Able, Inc. Tranche B (3 month LIBOR + 3.000%) 0.000%, 4/17/28(2)(3) | 2,265 | 2,259 | |
Planview Parent, Inc. First Lien (3 month LIBOR + 4.000%) 4.750%, 12/17/27(2) | 3,542 | 3,546 | |
Polaris Newco LLC First Lien (3 month LIBOR + 4.000%) 4.500%, 6/2/28(2) | 3,850 | 3,859 | |
Precisely Software, Inc. First Lien (3 month LIBOR + 4.250%) 5.000%, 4/23/28(2) | 5,725 | 5,714 | |
Project Boost Purchaser LLC 2021, Tranche 2, First Lien (3 month LIBOR + 3.500%) 0.000%, 5/30/26(2)(3) | 2,000 | 1,996 | |
Project Ruby Ultimate Parent Corp. First Lien (1 month LIBOR + 3.250%) 4.000%, 3/10/28(2) | 4,100 | 4,086 | |
Proofpoint, Inc. (3 month LIBOR + 3.250%) 0.000%, 6/9/28(2)(3) | 2,825 | 2,808 | |
Rackspace Technology Global, Inc. Tranche B (3 month LIBOR + 2.750%) 3.500%, 2/15/28(2) | 7,731 | 7,685 | |
RealPage, Inc. First Lien (3 month LIBOR + 3.250%) 3.750%, 4/24/28(2) | 3,935 | 3,921 | |
Redstone Holdco 2 LP | |||
First Lien (3 month LIBOR + 4.750%) 5.500%, 4/27/28(2) | 2,156 | 2,149 | |
Second Lien (3 month LIBOR + 7.750%) 8.500%, 4/16/29(2) | 1,487 | 1,459 |
Par Value | Value | ||
Information Technology—continued | |||
Renaissance Holding Corp. First Lien (1 month LIBOR + 3.250%) 3.354%, 5/30/25(2) | $3,231 | $ 3,195 | |
Sabre GLBL, Inc. 2020 (1 month LIBOR + 4.000%) 4.750%, 12/17/27(2) | 2,587 | 2,600 | |
Salient CRGT, Inc. (3 month LIBOR + 6.500%) 7.500%, 2/28/22(2) | 4,630 | 4,578 | |
Seattle Escrow Borrower LLC (1 month LIBOR + 2.750%) 2.854%, 6/21/24(2) | 6,151 | 6,074 | |
Smartbear Software, Inc. First Lien (3 month LIBOR + 4.250%) 0.000%, 3/3/28(2) | 3,914 | 3,922 | |
SolarWinds Holdings, Inc. 2018 (1 month LIBOR + 2.750%) 2.854%, 2/5/24(2) | 6,669 | 6,575 | |
Surf Holdings S.a.r.l First Lien (3 month LIBOR + 3.500%) 3.628%, 3/5/27(2) | 5,659 | 5,619 | |
Symplr Software, Inc. First Lien (3 month LIBOR + 4.500%) 5.250%, 12/22/27(2) | 2,708 | 2,709 | |
Tech Data Corp. | |||
(1 month LIBOR + 3.500%) 3.604%, 6/30/25(2) | 7,308 | 7,314 | |
(1 month LIBOR + 5.500%) 5.593%, 6/30/25(2) | 6,722 | 6,739 | |
Tenable Holdings, Inc. Tranche B (3 month LIBOR + 2.750%) 0.000%, 6/28/28(2)(3) | 2,665 | 2,658 | |
TIBCO Software, Inc. Tranche B-3 (1 month LIBOR + 3.750%) 3.860%, 6/30/26(2) | 2,852 | 2,842 | |
Turing Midco LLC (1 month LIBOR + 3.250%) 3.750%, 3/24/28(2) | 3,077 | 3,076 | |
UKG, Inc. 2021 (3 month LIBOR + 3.250%) 4.000%, 5/4/26(2) | 5,830 | 5,833 | |
Ultimate Software Group, Inc. (The) Second Lien (3 month LIBOR + 6.750%) 7.500%, 5/3/27(2) | 250 | 254 | |
Ultra Clean Holdings, Inc. Tranche B (1 month LIBOR + 3.750%) 3.843%, 8/27/25(2) | 8,775 | 8,782 | |
Valkyr Purchaser LLC (3 month LIBOR + 4.000%) 4.750%, 11/5/27(2) | 3,192 | 3,187 | |
Virtusa Corp. (1 month LIBOR + 4.250%) 5.000%, 2/11/28(2) | 5,071 | 5,086 | |
Vocus Group Ltd. First Lien (3 month LIBOR + 3.500%) 0.000%, 5/26/28(2)(3) | 2,650 | 2,650 | |
Xperi Holding Corp. Tranche B (1 month LIBOR + 4.000%) 0.000%, (2)(3) | 6,630 | 6,612 | |
298,496 | |||
Manufacturing—2.5% | |||
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 4.250%, 10/8/27(2) | 3,582 | 3,585 | |
American Trailer World Corp. First Lien (1 month LIBOR + 3.750%) 4.500%, 3/3/28(2) | 5,235 | 5,225 |
Par Value | Value | ||
Manufacturing—continued | |||
Bright Bidco B.V. 2018, Tranche B (3 month LIBOR + 3.500%) 4.500%, 6/30/24(2) | $4,103 | $ 3,425 | |
Canada Goose, Inc. 2021 (3 month LIBOR + 3.500%) 4.250%, 10/7/27(2) | 4,047 | 4,059 | |
Cimpress plc Tranche B-1 (1 month LIBOR + 3.500%) 4.000%, 5/17/28(2) | 2,490 | 2,480 | |
Clark Equipment Co. (3 month LIBOR + 2.250%) 2.397%, 5/18/24(2) | 3,940 | 3,932 | |
Columbus McKinnon Corp. (3 month LIBOR + 2.750%) 3.250%, 5/14/28(2) | 1,880 | 1,878 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.750%) 3.500%, 3/31/27(2) | 2,222 | 2,216 | |
Madison IAQ LLC (3 month LIBOR + 3.250%) 3.750%, 6/21/28(2) | 3,740 | 3,740 | |
Ozark Holdings LLC 2020 (1 month LIBOR + 4.000%) 4.750%, 12/10/27(2) | 2,869 | 2,869 | |
Plaskolite PPC Intermediate II LLC 2021 (3 month LIBOR + 4.000%) 4.750%, 12/15/25(2) | 2,424 | 2,432 | |
Tenneco, Inc. Tranche B (1 month LIBOR + 3.000%) 3.104%, 10/1/25(2) | 7,659 | 7,567 | |
Tiger Acquisition LLC First Lien (3 month LIBOR + 3.250%) 3.750%, 6/1/28(2) | 2,155 | 2,149 | |
Truck Hero, Inc. (1 month LIBOR + 3.750%) 4.500%, 1/29/28(2) | 3,553 | 3,552 | |
VM Consolidated, Inc. (3 month LIBOR + 3.250%) 3.397%, 3/24/28(2) | 4,810 | 4,793 | |
53,902 | |||
Media / Telecom - Broadcasting—1.9% | |||
Diamond Sports Group LLC (1 month LIBOR + 3.250%) 3.360%, 8/24/26(2) | 2,620 | 1,569 | |
Entercom Media Corp. Tranche B-2 (3 month LIBOR + 2.500%) 0.000%, 11/18/24(2)(3) | 3,652 | 3,612 | |
Gogo Intermediate Holdings LLC (3 month LIBOR + 3.750%) 4.500%, 4/30/28(2) | 3,460 | 3,451 | |
Gray Television, Inc. Tranche C (1 month LIBOR + 2.500%) 2.592%, 1/2/26(2) | 9,769 | 9,716 | |
Hubbard Radio LLC (3 month LIBOR + 4.250%) 5.250%, 3/28/25(2) | 5,102 | 5,047 | |
iHeartCommunications, Inc. (1 month LIBOR + 4.000%) 4.750%, 5/1/26(2) | 2,741 | 2,741 | |
LCPR Loan Financing LLC 2021 (1 month LIBOR + 3.750%) 3.823%, 10/16/28(2) | 5,500 | 5,503 | |
Mission Broadcasting, Inc. Tranche B-4 (1 month LIBOR + 2.500%) 2.604%, 5/26/28(2) | 1,660 | 1,650 | |
Nexstar Broadcasting, Inc. Tranche B-3 (1 month LIBOR + 2.250%) 2.345%, 1/17/24(2) | 2,667 | 2,656 | |
Quincy Newspapers, Inc. Tranche B (1 month LIBOR + 3.000%) 4.000% - 5.250%, 11/2/22(2) | 2,208 | 2,203 |
Par Value | Value | ||
Media / Telecom - Broadcasting—continued | |||
Univision Communications, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 3/16/26(2)(3) | $ 2,600 | $ 2,603 | |
40,751 | |||
Media / Telecom - Cable/Wireless Video—3.3% | |||
Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%) 1.860%, 2/1/27(2) | 6,589 | 6,540 | |
Coral-US Co-Borrower LLC Tranche B-5 (1 month LIBOR + 2.250%) 2.354%, 1/31/28(2) | 5,706 | 5,613 | |
CSC Holdings LLC | |||
2017 (1 month LIBOR + 2.250%) 2.323%, 7/17/25(2) | 10,253 | 10,099 | |
2019 (1 month LIBOR + 2.500%) 2.573%, 4/15/27(2) | 3,202 | 3,169 | |
Intelsat Jackson Holdings S.A. Tranche B-3 (3 month PRIME + 4.750%) 8.000%, 11/27/23(2)(7) | 16,345 | 16,576 | |
Radiate Holdco LLC Tranche B (1 month LIBOR + 3.500%) 4.250%, 9/25/26(2) | 5,730 | 5,732 | |
Telesat Canada Tranche B-5 (1 month LIBOR + 2.750%) 2.860%, 12/6/26(2) | 2,300 | 2,156 | |
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%) 2.573%, 1/31/28(2) | 11,730 | 11,619 | |
WideOpenWest Finance LLC Tranche B (1 month LIBOR + 3.250%) 4.250%, 8/18/23(2) | 5,296 | 5,279 | |
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 2.573%, 4/30/28(2) | 6,740 | 6,665 | |
73,448 | |||
Media / Telecom - Diversified Media—5.0% | |||
Alpha Topco Ltd. 2018, Tranche B-3 (1 month LIBOR + 2.500%) 3.500%, 2/1/24(2) | 5,527 | 5,494 | |
Applovin Corp. (1 month LIBOR + 3.250%) 3.354%, 8/15/25(2) | 4,480 | 4,472 | |
Arches Buyer, Inc. (1 month LIBOR + 3.250%) 3.750%, 12/6/27(2) | 2,687 | 2,678 | |
Cambium Learning Group, Inc. First Lien (3 month LIBOR + 4.500%) 4.647%, 12/18/25(2) | 3,172 | 3,187 | |
CD&R Artemis UK Bidco Ltd. Tranche B (6 month LIBOR + 6.000%) 6.193%, 5/11/27(2) | 2,476 | 2,476 | |
Cengage Learning, Inc. Tranche B (3 month LIBOR + 5.000%) 0.000%, 6/29/26(2)(3) | 1,300 | 1,301 | |
Constant Contact, Inc. First Lien (6 month LIBOR + 4.000%) 4.750%, 2/10/28(2) | 4,032 | 4,022 | |
Deluxe Entertainment Services Group, Inc., PIK Interest Capitalization Second Lien (3 month LIBOR + 6.000%) 9.500%, 9/25/24(2)(5)(8)(9) | 4,279 | — |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
Digital Media Solutions LLC (1 month LIBOR + 5.000%) 5.750%, 5/25/26(2) | $ 2,815 | $ 2,789 | |
E.W. Scripps Co. (The) Tranche B-2 (1 month LIBOR + 2.563%) 3.313%, 5/1/26(2) | 2,837 | 2,825 | |
Harland Clarke Holdings Corp. (3 month LIBOR + 4.750%) 5.750%, 11/3/23(2) | 6,274 | 5,603 | |
Lions Gate Capital Holdings LLC | |||
Tranche A (1 month LIBOR + 1.750%) 1.854%, 3/22/23(2) | 8,537 | 8,398 | |
Tranche B (1 month LIBOR + 2.250%) 2.354%, 3/24/25(2) | 12,704 | 12,622 | |
Meredith Corp. Tranche B-3 (3 month LIBOR + 4.250%) 5.250%, 1/31/25(2) | 9,163 | 9,357 | |
MH Sub I LLC | |||
2020 (1 month LIBOR + 3.750%) 4.750%, 9/13/24(2) | 4,207 | 4,213 | |
First Lien (1 month LIBOR + 3.500%) 3.604%, 9/13/24(2) | 9,434 | 9,384 | |
Second Lien (1 month LIBOR + 6.250%) 6.345%, 2/23/29(2) | 2,565 | 2,602 | |
Nielsen Consumer, Inc. Tranche B-1 (1 month LIBOR + 4.000%) 4.080%, 3/6/28(2) | 3,990 | 3,994 | |
Recorded Books, Inc. 2021 (1 month LIBOR + 4.000%) 4.080%, 8/29/25(2) | 1,600 | 1,601 | |
RR Donnelley & Sons Co. Tranche B (3 month LIBOR + 5.000%) 0.000%, 1/15/24(2)(3) | 1,548 | 1,545 | |
UPC Financing Partnership Tranche AX (1 month LIBOR + 3.000%) 3.073%, 1/31/29(2) | 1,800 | 1,787 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 2.860%, 5/18/25(2) | 20,084 | 19,683 | |
110,033 | |||
Media / Telecom - Telecommunications—5.9% | |||
Altice Financing S.A. | |||
2017 (3 month LIBOR + 2.750%) 2.934%, 7/15/25(2) | 7,347 | 7,215 | |
2017 (3 month LIBOR + 2.750%) 2.900%, 1/31/26(2) | 13,140 | 12,893 | |
Cablevision Lightpath LLC (1 month LIBOR + 3.250%) 3.750%, 11/30/27(2) | 3,060 | 3,060 | |
CenturyLink, Inc. Tranche B (1 month LIBOR + 2.250%) 2.354%, 3/15/27(2) | 7,496 | 7,389 | |
Cincinnati Bell, Inc. Tranche B (1 month LIBOR + 3.250%) 4.250%, 10/2/24(2) | 15,514 | 15,488 | |
Connect US Finco LLC (1 month LIBOR + 3.500%) 4.500%, 12/11/26(2) | 8,522 | 8,528 | |
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 4.250%, 10/2/27(2) | 2,499 | 2,502 | |
Frontier Communications Co. Tranche B (1 month LIBOR + 3.750%) 4.500%, 5/1/28(2) | 3,794 | 3,794 |
Par Value | Value | ||
Media / Telecom - Telecommunications—continued | |||
Level 3 Financing, Inc. 2027, Tranche B (1 month LIBOR + 1.750%) 1.854%, 3/1/27(2) | $ 8,986 | $ 8,843 | |
MetroNet Systems Holdings LLC 2021, First Lien (3 month LIBOR + 3.750%) 4.500%, 6/2/28(2) | 3,505 | 3,503 | |
Neustar, Inc. Tranche B-4, First Lien (3 month LIBOR + 3.500%) 4.500%, 8/8/24(2) | 6,939 | 6,759 | |
Numericable U.S. LLC | |||
Tranche B-12 (3 month LIBOR + 3.688%) 3.871%, 1/31/26(2) | 19,937 | 19,752 | |
Tranche B-13 (3 month LIBOR + 4.000%) 4.156%, 8/14/26(2) | 16,784 | 16,739 | |
Windstream Services LLC (1 month LIBOR + 6.250%) 7.250%, 9/21/27(2) | 4,811 | 4,819 | |
Zacapa LLC (3 month LIBOR + 4.500%) 4.703%, 7/2/25(2) | 7,953 | 7,967 | |
129,251 | |||
Media / Telecom - Wireless Communications—0.8% | |||
CCI Buyer, Inc. First Lien (3 month LIBOR + 4.000%) 4.750%, 12/17/27(2) | 6,284 | 6,291 | |
Crown Subsea Communications Holding, Inc. (3 month LIBOR + 5.000%) 5.750%, 4/27/27(2) | 4,028 | 4,051 | |
Iridium Satellite LLC Tranche B-1 (1 month LIBOR + 2.750%) 3.750%, 11/4/26(2) | 3,649 | 3,652 | |
Orbcomm, Inc. Tranche B (3 month LIBOR + 4.250%) 0.000%, 6/17/28(2)(3) | 3,300 | 3,292 | |
17,286 | |||
Metals / Minerals—0.9% | |||
Atkore International, Inc. (3 month LIBOR + 2.000%) 2.500%, 5/18/28(2) | 4,965 | 4,955 | |
Consol Energy, Inc. Tranche B (1 month LIBOR + 4.500%) 4.610%, 9/27/24(2) | 5,659 | 5,316 | |
GrafTech Finance, Inc. (1 month LIBOR + 3.000%) 3.500%, 2/12/25(2) | 5,495 | 5,493 | |
Oxbow Carbon LLC Tranche B, First Lien (1 month LIBOR + 4.250%) 5.000%, 10/17/25(2) | 3,754 | 3,740 | |
U.S. Silica Co. (1 month LIBOR + 4.000%) 4.125%, 5/1/23(2) | 562 | 519 | |
20,023 | |||
Retail—3.3% | |||
Academy Ltd. (3 month LIBOR + 3.750%) 4.500%, 11/5/27(2) | 4,050 | 4,064 | |
Ascena Retail Group, Inc. Tranche B (3 month LIBOR + 0.750%) 1.500%, 8/19/22(2)(5) | 2,496 | 97 | |
Belk, Inc. | |||
First Lien (3 month LIBOR + 7.500%) 8.500%, 7/31/25(2) | 4,375 | 4,372 | |
Second Lien 13.000%, 7/31/25 | 6,966 | 5,353 |
Par Value | Value | ||
Retail—continued | |||
Birkenstock US Bidco, Inc. Tranche B (3 month LIBOR + 3.750%) 4.250%, 4/28/28(2) | $ 4,115 | $ 4,113 | |
Burlington Coat Factory Warehouse Corp. Tranche B-6 (3 month LIBOR + 2.000%) 0.000%, 6/26/28(2)(3) | 2,490 | 2,480 | |
CNT Holdings I Corp. First Lien (3 month LIBOR + 3.750%) 4.500%, 11/8/27(2) | 3,197 | 3,197 | |
CWGS Group LLC Tranche B (1 month LIBOR + 2.500%) 3.250%, 6/23/28(2) | 5,985 | 5,929 | |
DEI Sales Inc First Lien (1 month LIBOR + 5.500%) 5.604%, 4/23/28(2) | 4,200 | 4,147 | |
Great Outdoors Group LLC Tranche B-1 (6 month LIBOR + 4.250%) 5.000%, 3/6/28(2) | 6,339 | 6,354 | |
J.C. Penney Corp., Inc. Tranche B (3 month LIBOR + 4.250%) 0.000%, (2)(5)(8) | 3,733 | 9 | |
Jo-Ann Stores LLC | |||
(3 month LIBOR + 5.000%) 6.000%, 10/20/23(2) | 4,665 | 4,658 | |
Tranche B (3 month LIBOR + 5.000%) 0.000%, 6/30/28(2)(3) | 4,545 | 4,522 | |
Penney Borrower LLC (1 month LIBOR + 8.500%) 9.500%, 12/7/26(2) | 123 | 120 | |
Petco Health and Wellness Co., Inc. First Lien (3 month LIBOR + 3.250%) 4.000%, 3/3/28(2) | 6,484 | 6,469 | |
PetsMart LLC (3 month LIBOR + 3.750%) 4.500%, 2/11/28(2) | 4,790 | 4,791 | |
Rent-A-Center, Inc. (1 month LIBOR + 4.000%) 4.750%, 2/17/28(2) | 3,790 | 3,791 | |
Rising Tide Holdings, Inc. | |||
First Lien (3 month LIBOR + 4.750%) 5.500%, 6/1/28(2) | 2,070 | 2,071 | |
Second Lien (3 month LIBOR + 8.250%) 9.000%, 6/1/29(2) | 1,655 | 1,651 | |
Tory Burch LLC Tranche B (1 month LIBOR + 3.500%) 4.000%, 4/17/28(2) | 3,310 | 3,298 | |
Victoria’s Secret & Co. Tranche B (3 month LIBOR + 3.250%) 0.000%, 6/30/28(2)(3) | 1,700 | 1,683 | |
73,169 | |||
Service—10.1% | |||
Adtalem Global Education, Inc. | |||
Tranche B (1 month LIBOR + 3.000%) 3.104%, 4/11/25(2) | 3,447 | 3,439 | |
Tranche B, First Lien (3 month LIBOR + 4.500%) 0.000%, 2/14/28(3) | 10,605 | 10,576 | |
AlixPartners LLP (1 month LIBOR + 2.750%) 3.250%, 2/4/28(2) | 3,940 | 3,922 | |
American Public Education, Inc. (3 month LIBOR + 6.000%) 0.000%, 3/29/27(2)(3) | 3,210 | 3,202 | |
American Residential Services LLC First Lien (3 month LIBOR + 3.500%) 4.250%, 10/15/27(2) | 2,179 | 2,174 | |
Apx Group, Inc. (3 month PRIME + 4.000%) 7.250%, 12/31/25(2) | 4,925 | 4,932 |
Par Value | Value | ||
Service—continued | |||
Array Technologies, Inc. (3 month LIBOR + 3.250%) 3.750%, 10/14/27(2) | $ 2,766 | $ 2,698 | |
Ascend Learning LLC | |||
(1 month LIBOR + 3.000%) 4.000%, 7/12/24(2) | 6,525 | 6,519 | |
(1 month LIBOR + 3.750%) 4.750%, 7/12/24(2) | 1,891 | 1,891 | |
Belfor Holdings, Inc. First Lien (1 month LIBOR + 3.750%) 3.854%, 4/6/26(2) | 4,489 | 4,483 | |
Camelot US Acquisition I Co. (1 month LIBOR + 3.000%) 4.000%, 10/30/26(2) | 5,084 | 5,084 | |
Conservice Midco LLC First Lien (1 month LIBOR + 4.250%) 4.354%, 5/13/27(2) | 3,523 | 3,516 | |
DG Investment Intermediate Holdings 2, Inc. | |||
First Lien (1 month LIBOR + 3.750%) 4.500%, 3/31/28(2) | 2,080 | 2,086 | |
First Lien (1 month LIBOR + 3.750%) 0.000%, 3/31/28(2) | — | — | |
First Lien (1 month LIBOR + 3.750%) 3.750% - 4.500%, 3/31/28(2) | 331 | 332 | |
Dun & Bradstreet Corp. (The) Tranche B (1 month LIBOR + 3.250%) 3.345%, 2/6/26(2) | 3,291 | 3,274 | |
Evercommerce, Inc. Tranche B (3 month LIBOR + 3.250%) 0.000%, 6/14/28(2)(3) | 4,070 | 4,075 | |
Exela Intermediate LLC 2018 (1 month LIBOR + 6.500%) 7.500%, 7/12/23(2) | 6,318 | 4,222 | |
GFL Environmental, Inc. 2020 (1 month LIBOR + 3.000%) 3.500%, 5/30/25(2) | 3,181 | 3,182 | |
GI Consilio Parent LLC First Lien (1 month LIBOR + 4.000%) 4.500%, 4/30/28(2) | 2,965 | 2,959 | |
Gopher Resource LLC (3 month LIBOR + 3.250%) 0.000%, 3/6/25(2)(3) | 2,404 | 2,131 | |
Grab Holdings, Inc. (3 month LIBOR + 4.500%) 5.500%, 1/29/26(2) | 4,389 | 4,451 | |
Guidehouse LLP (1 month LIBOR + 4.000%) 4.104%, 5/1/25(2) | 12,646 | 12,662 | |
Harsco Corp. (1 month LIBOR + 2.250%) 2.750%, 3/10/28(2) | 5,030 | 4,994 | |
Holding Socotec (3 month LIBOR + 4.250%) 0.000%, 5/5/28(2)(3) | 3,305 | 3,305 | |
Inmar, Inc. First Lien (3 month LIBOR + 4.000%) 5.000%, 5/1/24(2) | 556 | 555 | |
Lakeland Tours LLC PIK Interest Capitalization First Lien (3 month LIBOR + 3.250) 13.250%, 9/27/27(2)(9) | 85 | 46 | |
Maximus, Inc. Tranche B (3 month LIBOR + 2.000%) 2.500%, 5/28/28(2) | 2,570 | 2,568 | |
MHI Holdings LLC First Lien (1 month LIBOR + 5.000%) 5.095%, 9/20/26(2) | 6,493 | 6,509 | |
National Intergovernmental Purchasing Alliance Co. First Lien (3 month LIBOR + 3.500%) 3.647%, 5/23/25(2) | 3,364 | 3,333 | |
Nuvei Technologies Corp. 0.000%, (2)(3) | 2,825 | 2,836 |
Par Value | Value | ||
Service—continued | |||
Oravel Stays Singapore Pte Ltd (3 month LIBOR + 8.250%) 0.000%, 6/4/26(2)(3) | $ 1,660 | $ 1,681 | |
Packers Holding LLC (6 month LIBOR + 3.250%) 4.000%, 3/9/28(2) | 2,269 | 2,256 | |
PAE, Inc. First Lien (1 month LIBOR + 4.500%) 5.250%, 10/19/27(2) | 5,229 | 5,233 | |
Paysafe Holdings US Corp. Tranche B1 (3 month LIBOR + 2.750%) 0.000%, 6/28/28(2)(3) | 3,610 | 3,587 | |
Peraton Corp. Tranche B, First Lien (1 month LIBOR + 3.750%) 4.500%, 2/1/28(2) | 11,327 | 11,350 | |
Pitney Bowes, Inc. Tranche B (1 month LIBOR + 4.000%) 4.110%, 3/17/28(2) | 2,938 | 2,933 | |
PODS LLC (3 month LIBOR + 3.000%) 3.750%, 3/31/28(2) | 3,162 | 3,154 | |
Prime Security Services Borrower LLC 2021, Tranche B-1 (1 month LIBOR + 2.750%) 3.500%, 9/23/26(2) | 5,776 | 5,770 | |
Priority Holdings LLC (3 month LIBOR + 5.750%) 6.750%, 4/21/27(2) | 2,827 | 2,774 | |
Red Ventures LLC | |||
Tranche B-2 (1 month LIBOR + 2.500%) 2.593%, 11/8/24(2) | 1,538 | 1,517 | |
Tranche B-3, First Lien (1 month LIBOR + 3.500%) 4.250%, 11/8/24(2) | 2,567 | 2,560 | |
Refficiency Holdings LLC (1 month LIBOR + 4.000%) 4.750%, 12/10/27(2) | 3,167 | 3,167 | |
Signal Parent, Inc. (1 month LIBOR + 3.500%) 4.250%, 4/3/28(2) | 4,340 | 4,259 | |
Spin Holdco, Inc. (3 month LIBOR + 4.000%) 4.750%, 3/4/28(2) | 3,536 | 3,537 | |
St. George’s University Scholastic Services LLC | |||
(3 month LIBOR + 3.250%) 3.350%, 7/17/25(2) | 2,507 | 2,506 | |
Tranche B (3 month LIBOR + 3.250%) 0.000%, 6/29/28(2)(3) | 3,120 | 3,112 | |
Summer BC Bidco B LLC 0.000%, 12/4/26(2)(3) | 3,950 | 3,947 | |
Titan AcquisitionCo New Zealand Ltd. 2020 (3 month LIBOR + 4.000%) 0.000%, 5/1/26(2)(3) | 2,992 | 2,982 | |
Travelport Finance (Luxembourg) S.a.r.l. First Lien (3 month LIBOR + 5.000%) 5.147%, 5/29/26(2) | 3,425 | 3,119 | |
Travelport Finance (Luxembourg) S.a.r.l. PIK Interest Capitalization (3 month LIBOR + 8.000%) 9.000%, 2/28/25(2)(10) | 4,327 | 4,533 | |
TTF Holdings LLC (3 month LIBOR + 4.250%) 5.000%, 3/31/28(2) | 3,500 | 3,491 | |
Ventia Finco Pty Ltd. 2019, Tranche B (3 month LIBOR + 4.000%) 5.000%, 5/21/26(2) | 8,886 | 8,897 | |
Weld North Education LLC 2020 (1 month LIBOR + 4.000%) 4.750%, 12/15/27(2) | 2,985 | 2,986 | |
WIN Waste Innovations Holdings, Inc. (3 month LIBOR + 2.750%) 3.250%, 3/25/28(2) | 7,805 | 7,785 | |
WW International, Inc. (1 month LIBOR + 3.500%) 4.000%, 4/13/28(2) | 5,005 | 5,018 |
Par Value | Value | ||
Service—continued | |||
Zoominfo LLC (1 month LIBOR + 3.000%) 3.104%, 2/2/26(2) | $ 4,486 | $ 4,482 | |
222,592 | |||
Transportation - Automotive—2.8% | |||
Adient US LLC Tranche B-1 (1 month LIBOR + 3.500%) 3.604%, 4/10/28(2) | 6,055 | 6,053 | |
Autokiniton US Holdings, Inc. Tranche B 5.000%, 4/6/28(2) | 7,500 | 7,556 | |
Belron Finance US LLC Tranche B (3 month LIBOR + 2.750%) 3.250%, 4/13/28(2) | 2,468 | 2,463 | |
Clarios Global LP First Lien (1 month LIBOR + 3.250%) 0.000%, 4/30/26(3) | 2,818 | 2,790 | |
DexKo Global, Inc. Tranche B (1 month LIBOR + 3.500%) 4.500%, 7/24/24(2) | 10,184 | 10,184 | |
ILPEA Parent, Inc. (1 month LIBOR + 4.500%) 5.250%, 6/22/28(2) | 3,334 | 3,309 | |
Navistar, Inc. Tranche B (1 month LIBOR + 3.500%) 3.600%, 11/6/24(2) | 5,002 | 5,003 | |
PAI Holdco, Inc. Tranche B (3 month LIBOR + 3.750%) 4.500%, 10/28/27(2) | 2,888 | 2,892 | |
RVR Dealership Holdings LLC (3 month LIBOR + 4.000%) 4.750%, 2/8/28(2) | 3,990 | 4,000 | |
Superior Industries International, Inc. (1 month LIBOR + 4.000%) 4.104%, 5/22/24(2) | 7,319 | 7,288 | |
TI Group Automotive Systems LLC 2021, Tranche B (3 month LIBOR + 3.250%) 3.750%, 12/16/26(2) | 2,207 | 2,213 | |
Wabash National Corp. (1 month LIBOR + 3.250%) 4.000%, 9/28/27(2) | 5,395 | 5,388 | |
Wheel Pros, Inc. First Lien (1 month LIBOR + 4.500%) 5.250%, 5/11/28(2) | 2,140 | 2,145 | |
61,284 | |||
Transportation - Land Transportation—0.8% | |||
Daseke Cos., Inc. (3 month LIBOR + 4.000%) 4.750%, 3/9/28(2) | 7,980 | 7,963 | |
LaserShip, Inc. | |||
First Lien (6 month LIBOR + 4.500%) 5.250%, 4/30/28(2) | 5,150 | 5,144 | |
Second Lien (6 month LIBOR + 7.500%) 8.250%, 4/30/29(2) | 1,650 | 1,646 | |
Savage Enterprises LLC Tranche B, First Lien (1 month LIBOR + 3.000%) 3.110%, 8/1/25(2) | 3,472 | 3,470 | |
18,223 | |||
Utility—1.6% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 3.250%, 8/1/25(2) | 6,019 | 5,957 | |
Calpine Corp. | |||
2019 (1 month LIBOR + 2.000%) 2.110%, 4/5/26(2) | 1,385 | 1,366 | |
2020 (1 month LIBOR + 2.500%) 2.610%, 12/16/27(2) | 2,985 | 2,963 |
Par Value | Value | ||
Utility—continued | |||
Eastern Power LLC Tranche B (3 month LIBOR + 3.750%) 4.750%, 10/2/25(2) | $8,249 | $ 7,351 | |
Granite Generation LLC (1 month LIBOR + 3.750%) 4.750%, 11/9/26(2) | 7,036 | 6,852 | |
Invenergy Thermal Operating I LLC (1 month LIBOR + 3.000%) 3.104%, 8/28/25(2) | 3,709 | 3,649 | |
Longview Power LLC (3 month LIBOR + 10.000%) 11.500%, 7/30/25(2) | 1,536 | 1,506 | |
Talen Energy Supply LLC (1 month LIBOR + 3.750%) 3.854%, 7/8/26(2) | 4,898 | 4,503 | |
34,147 | |||
Total Leveraged Loans (Identified Cost $2,004,482) | 1,996,359 | ||
Shares | ||
Preferred Stock—0.3% | ||
Energy—0.3% | ||
Blackbrush Oil & Gas PIK, 0.000%(8)(9) | 14,098 | 5,823 |
Total Preferred Stock (Identified Cost $4,075) | 5,823 | |
Common Stocks—0.8% | ||
Communication Services—0.0% | ||
Desg Holdings, Inc.(8) | 475,758 | — |
Consumer Discretionary—0.0% | ||
Belk, Inc.(8) | 1,562 | 39 |
Earnout Trust Certificates(8) | 2,376 | 17 |
JCPenney Propco(8) | 17,816 | 329 |
Wayne Services Legacy, Inc. (8) | 2,073 | — |
385 | ||
Energy—0.4% | ||
Blackbrush Oil & Gas(8) | 437,150 | — |
FTS International, Inc. Class A(11) | 186,928 | 5,288 |
Summit Midstream Partners LP(11) | 108,293 | 3,290 |
Sunshine Oil & Gas, Inc.(8) | 120,539 | 241 |
8,819 | ||
Financials—0.3% | ||
TRU Topco Units(8) | 1,866 | 6,439 |
Information Technology—0.0% | ||
Internap Holding LLC(8) | 681,392 | 102 |
Real Estate—0.1% | ||
Hill Street Properties(8) | 85,002 | 2,040 |
Shares | Value | ||
Utilities—0.0% | |||
Longview Intermediate Holdings LLC(8) | 350,306 | $ 701 | |
Total Common Stocks (Identified Cost $18,821) | 18,486 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(8)(11) | 410,667 | 483 | |
Total Rights (Identified Cost $554) | 483 | ||
Warrant—0.0% | |||
Real Estate—0.0% | |||
Hill Street Properties(11) | 144,733 | — | |
Total Warrant (Identified Cost $1) | — | ||
Par Value | ||
Convertible Bonds and Notes—0.3% | ||
Communication Services—0.3% | ||
Liberty Interactive LLC 4.000%, 11/15/29 | $8,000 | 6,120 |
Total Convertible Bonds and Notes (Identified Cost $6,378) | 6,120 | |
Total Long-Term Investments—97.3% (Identified Cost $2,140,759) | 2,135,780 | |
Shares | ||
Short-Term Investment—6.1% | ||
Money Market Mutual Fund—6.1% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(12) | 134,836,622 | 134,837 |
Total Short-Term Investment (Identified Cost $134,837) | 134,837 | |
TOTAL INVESTMENTS—103.4% (Identified Cost $2,275,596) | $2,270,617 | |
Other assets and liabilities, net—(3.4)% | (75,703) | |
NET ASSETS—100.0% | $2,194,914 |
Abbreviations: | |
DB | Deutsche Bank AG |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $70,778 or 3.2% of net assets. |
(2) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | This loan will settle after June 30, 2021, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected. |
(4) | 75% of the income received was in cash and 25% was in PIK. |
(5) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(6) | 27% of the income received was in cash and 73% was in PIK. |
(7) | Security in default, interest payments are being received during the bankruptcy proceedings. |
(8) | 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. |
(9) | 100% of the income received was in PIK. |
(10) | 28% of the income received was in cash and 72% was in PIK. |
(11) | Non-income producing. |
(12) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 93% |
Luxembourg | 3 |
France | 2 |
Netherlands | 1 |
United Kingdom | 1 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
Constant Contact, Inc., (4 month LIBOR + 0.000%) 3.750%, 2/10/28 | $ 1,083 | $ 1,080 | $ 1,080 | $ —(1) | ||||
DG Investment Intermediate Holdings 2, Inc., (1 month LIBOR + 3.750%) 4.320%, 3/31/28 | 105 | 104 | 105 | 1 | ||||
HighTower Holding LLC, (4 month LIBOR + 1.875%) 1.875%, 4/21/28 | 658 | 658 | 659 | 1 | ||||
Hillman Group, Inc. (The), (3 month LIBOR + 0.000%) 1.000%, 2/24/28 | 543 | 542 | 542 | — (1) | ||||
ImageFirst Holdings LLC, (3 month LIBOR + 0.000%) 4.500%, 4/27/28 | 457 | 455 | 456 | 1 | ||||
LBM Acquisition LLC, (3 month LIBOR + 3.750%) 4.500%, 12/17/27 | 320 | 319 | 318 | (1) | ||||
MetroNet Systems Holdings LLC, (3 month LIBOR + 3.750%) 4.500%, 6/02/28 | 390 | 389 | 389 | — (1) | ||||
National Mentor Holdings, Inc., (3 month LIBOR + 3.750%) 3.750%, 3/02/28 | 198 | 198 | 198 | — (1) | ||||
Priority Holdings LLC, (3 month LIBOR + 1.000%) 1.000%, 4/21/27 | 2,733 | 2,726 | 2,682 | (44) | ||||
Redstone Holdco 2 LP, (3 month LIBOR + 0.500%) 0.500%, 4/27/28 | 844 | 844 | 841 | (3) | ||||
Refficiency Holdings LLC, (3 month LIBOR + 4.000%) 4.000%, 12/10/27 | 612 | 613 | 612 | (1) | ||||
RSA Security, Inc., (3 month LIBOR + 0.000%) 7.750%, 4/16/29 | 853 | 838 | 836 | (2) | ||||
SCP Eye Care Services LLC, (3 month LIBOR + 4.500%) 4.500%, 3/15/28 | 479 | 479 | 479 | — (1) | ||||
TricorBraun, Inc., (3 month LIBOR + 3.250%) 3.267%, 3/03/28 | 752 | 750 | 746 | (4) | ||||
U.S. Silica Co., (1 month LIBOR + 4.000%) 4.125%, 5/01/23 | 1,688 | 1,633 | 1,558 | (75) | ||||
Total | $11,715 | $11,628 | $11,501 | $(127) |
(1) | Amount is less than $500. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Securities: | |||||||
Corporate Bonds and Notes | $ 108,509 | $ — | $ 108,509 | $ — | |||
Leveraged Loans | 1,996,359 | — | 1,996,350 | 9 (1) | |||
Convertible Bonds and Notes | 6,120 | — | 6,120 | — | |||
Equity Securities: | |||||||
Rights | 483 | — | — | 483 | |||
Common Stocks | 18,486 | 8,578 | — | 9,908 (1) | |||
Warrant | — | — | — | — | |||
Preferred Stock | 5,823 | — | — | 5,823 | |||
Money Market Mutual Fund | 134,837 | 134,837 | — | — | |||
Total Investments | $2,270,617 | $143,415 | $2,110,979 | $16,223 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Corporate Bonds and Notes | Leveraged Loans | Common Stocks | Preferred Stock | Rights | ||||||
Investments in Securities | |||||||||||
Balance as of December 31, 2020: | $ 27,579 | $ 3,992(a) | $ 11,962 (a) | $ 9,502(a) | $ 2,123 (a) | $ — | |||||
Accrued discount/(premium) | 25 | 5 | 20 | — | — | — | |||||
Realized gain (loss) | (51,095) | 13 | 16 | (51,124) | — | — | |||||
Change in unrealized appreciation (depreciation)(b) | 56,401 | 426 | 250 | 52,025 | 3,700 | — | |||||
Purchases | 9,067 | — | 174 | 8,893 | — (C) | — | |||||
Sales (d) | (19,198) | (4,436) | (5,374) | (9,388) | — | — | |||||
Transfers into Level 3(e) | 493 | — | 10 | — | — | 483 | |||||
Transfers from Level 3(e) | (7,049) | — | (7,049) | — | — | — | |||||
Balance as of June 30, 2021 | $ 16,223 | $ — | $ 9(a) | $ 9,908(a) | $ 5,823 | $ 483 |
Investments in Securities – Assets | Ending Balance at June 30, 2021 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
Blackbrush Oil & Gas | $5,823 | Market and Company Comparables | EV Multiples | 5.03x (3.48x - 6.57x) | ||||
Illiquidity Discount | 15% | |||||||
Common Stocks: | ||||||||
Blackbrush Oil & Gas | $ — | Market and Company Comparables | EV Multiples | 5.03x (3.48x - 6.57x) | ||||
Illiquidity Discount | 15% | |||||||
TRU Topco | $6,439 | Market and Company Comparables | EV Multiples | 9.50x (4.23x - 19.44x) | ||||
10.40x (7.36x - 14.19x) | ||||||||
Precedent Transaction Multiples | 9.50x (7.56x - 12.27x) | |||||||
Illiquidity Discount | 20% |
Par Value | Value | ||
Municipal Bonds(1)—94.7% | |||
Alabama—3.6% | |||
Jefferson County, | |||
Sales Tax Revenue 5.000%, 9/15/33 | $1,000 | $ 1,221 | |
Sales Tax Revenue 5.000%, 9/15/35 | 1,000 | 1,221 | |
2,442 | |||
Arizona—1.4% | |||
Salt River Project Agricultural Improvement & Power District Revenue 5.000%, 1/1/28 | 750 | 943 | |
California—22.7% | |||
California Infrastructure & Economic Development Bank Revenue 5.000%, 10/1/48 | 2,000 | 2,499 | |
California, State of, | |||
General Obligation 5.000%, 9/1/30 | 1,000 | 1,008 | |
General Obligation 5.000%, 9/1/41 | 1,000 | 1,319 | |
California State Public Works Board | |||
5.000%, 2/1/32 | 1,500 | 2,034 | |
5.000%, 8/1/35 | 1,000 | 1,295 | |
Port of Oakland | |||
5.000%, 5/1/28 | 1,500 | 1,884 | |
5.000%, 5/1/29 | 1,500 | 1,922 | |
San Diego County Regional Transportation Commission Revenue | |||
5.000%, 4/1/41 | 300 | 399 | |
5.000%, 4/1/45 | 750 | 983 | |
San Diego Redevelopment Agency Successor Agency | |||
Sales Tax Revenue 5.000%, 9/1/28 | 500 | 587 | |
Sales Tax Revenue 5.000%, 9/1/29 | 405 | 475 | |
San Mateo Foster, City of, Public Financing Authority Revenue | |||
4.000%, 5/1/45 | 500 | 580 | |
4.000%, 5/1/48 | 500 | 579 | |
15,564 | |||
Colorado—5.2% | |||
E-470 Public Highway Authority | |||
Toll Highway Revenue 5.000%, 9/1/35 | 800 | 1,044 | |
Toll Highway Revenue 5.000%, 9/1/36 | 1,000 | 1,301 | |
Regional Transportation District, Sales Tax Revenue 5.000%, 1/15/28 | 1,000 | 1,242 | |
3,587 | |||
Connecticut—4.6% | |||
Connecticut, State of, | |||
Sales Tax Revenue 5.000%, 10/1/27 | 985 | 1,242 |
Par Value | Value | ||
Connecticut—continued | |||
Sales Tax Revenue 5.000%, 5/1/37 | $1,500 | $ 1,952 | |
3,194 | |||
District of Columbia—1.8% | |||
District of Columbia, General Obligation 5.000%, 6/1/31 | 1,000 | 1,226 | |
Florida—1.8% | |||
Collier County, Water-Sewer District Revenue 5.000%, 7/1/33 | 1,000 | 1,214 | |
Idaho—1.3% | |||
Idaho Housing & Finance Association | |||
4.000%, 7/15/38 | 250 | 303 | |
4.000%, 7/15/39 | 500 | 605 | |
908 | |||
Illinois—3.5% | |||
Chicago O’Hare International Airport Revenue, Senior Lien 4.000%, 1/1/35 | 1,000 | 1,192 | |
Illinois Finance Authority Revenue 5.000%, 7/1/28 | 1,000 | 1,236 | |
2,428 | |||
Maryland—6.9% | |||
Maryland, State of, General Obligation 5.000%, 3/15/31 | 1,500 | 1,893 | |
Washington Suburban Sanitary Commission Revenue (CNTY GTD Insured) 5.000%, 6/15/30 | 2,320 | 2,883 | |
4,776 | |||
Minnesota—1.7% | |||
Minnesota, State of, General Obligation, Series 2015-A 5.000%, 8/1/29 | 1,000 | 1,184 | |
New York—2.6% | |||
New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue 5.000%, 2/1/28 | 1,000 | 1,120 | |
Port Authority of New York & New Jersey 5.000%, 10/15/33 | 500 | 651 | |
1,771 | |||
Oregon—1.8% | |||
Portland, Port of, Airport Revenue 5.000%, 7/1/47 | 1,000 | 1,209 | |
Pennsylvania—3.0% | |||
Pennsylvania Higher Educational Facilities Authority University of Pennsylvania 4.000%, 8/15/42 | 1,800 | 2,063 |
Par Value | Value | ||
Tennessee—3.7% | |||
Chattanooga Health Educational & Housing Facility Board 5.000%, 8/1/30 | $1,010 | $ 1,297 | |
Tennessee, State of, General Obligation 5.000%, 9/1/30 | 1,000 | 1,254 | |
2,551 | |||
Texas—14.0% | |||
Arlington Higher Education Finance Corp., Life School Revenue (PSF-GTD Insured) (Pre-Refunded 8/15/24 @ 100) 5.000%, 8/15/39 | 1,000 | 1,143 | |
Fort Worth, City of, Water & Sewer System Revenue 5.000%, 2/15/30 | 1,000 | 1,256 | |
North Texas Municipal Water District Water System Revenue 5.000%, 9/1/32 | 750 | 949 | |
Texas Water Development Board Implementation Revenue 5.000%, 10/15/31 | 5,000 | 6,273 | |
9,621 | |||
Washington—12.4% | |||
Energy Northwest Revenue | |||
5.000%, 7/1/33 | 2,000 | 2,473 | |
5.000%, 7/1/34 | 2,000 | 2,351 | |
Washington Health Care Facilities Authority 5.000%, 8/1/44 | 940 | 1,168 | |
Washington, State of, General Obligation 5.000%, 8/1/29 | 2,000 | 2,498 | |
8,490 | |||
Wisconsin—2.7% | |||
City of Milwaukee General Obligation 5.000%, 4/1/27 | 1,505 | 1,859 | |
Total Municipal Bonds (Identified Cost $61,992) | 65,030 | ||
Total Long-Term Investments—94.7% (Identified Cost $61,992) | 65,030 | ||
Shares | Value | ||
Short-Term Investment—14.5% | |||
Money Market Mutual Fund—14.5% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 9,976,548 | $ 9,977 | |
Total Short-Term Investment (Identified Cost $9,977) | 9,977 | ||
TOTAL INVESTMENTS—109.2% (Identified Cost $71,969) | $75,007 | ||
Other assets and liabilities, net—(9.2)% | (6,313) | ||
NET ASSETS—100.0% | $68,694 |
Abbreviations: | |
CNTY GTD | County Guarantee Program |
PSF-GTD | Permanent School Fund Guarantee Program |
Footnote Legend: | |
(1) | At June 30, 2021, 5.4% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $65,030 | $ — | $65,030 | ||
Money Market Mutual Fund | 9,977 | 9,977 | — | ||
Total Investments | $75,007 | $9,977 | $65,030 |
Par Value | Value | ||
Corporate Bonds and Notes—95.0% | |||
Communication Services—10.7% | |||
Altice France S.A. 144A 8.125%, 2/1/27(1) | $ 820 | $ 893 | |
Audacy Capital Corp. 144A 6.500%, 5/1/27(1)(2) | 675 | 702 | |
C&W Senior Financing DAC 144A 7.500%, 10/15/26(1) | 1,070 | 1,123 | |
Cablevision Lightpath LLC 144A 5.625%, 9/15/28(1) | 1,095 | 1,115 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 1,040 | 1,119 | |
CSC Holdings LLC 144A 4.625%, 12/1/30(1) | 590 | 579 | |
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1) | 2,930 | 1,897 | |
DISH DBS Corp. | |||
7.750%, 7/1/26 | 1,470 | 1,665 | |
7.375%, 7/1/28 | 516 | 555 | |
Frontier Communications Holdings LLC | |||
144A 5.000%, 5/1/28(1) | 1,060 | 1,096 | |
144A 6.750%, 5/1/29(1) | 595 | 633 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 1,410 | 1,405 | |
iHeartCommunications, Inc. 8.375%, 5/1/27 | 2,155 | 2,309 | |
Live Nation Entertainment, Inc. 144A 5.625%, 3/15/26(1) | 1,405 | 1,463 | |
Northwest Fiber LLC 144A 6.000%, 2/15/28(1) | 1,135 | 1,137 | |
Scripps Escrow II, Inc. 144A 5.375%, 1/15/31(1) | 560 | 558 | |
SeaWorld Parks & Entertainment, Inc. | |||
144A 8.750%, 5/1/25(1) | 500 | 542 | |
144A 9.500%, 8/1/25(1) | 525 | 563 | |
Sinclair Television Group, Inc. 144A 5.125%, 2/15/27(1) | 1,135 | 1,139 | |
Spanish Broadcasting System, Inc. 144A 9.750%, 3/1/26(1) | 700 | 707 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 820 | 882 | |
Uniti Group LP | |||
144A 4.750%, 4/15/28(1) | 580 | 579 | |
144A 6.500%, 2/15/29(1) | 1,150 | 1,153 | |
Univision Communications, Inc. 144A 9.500%, 5/1/25(1) | 515 | 568 | |
24,382 | |||
Consumer Discretionary—21.7% | |||
Adtalem Global Education, Inc. 144A 5.500%, 3/1/28(1) | 1,664 | 1,690 | |
Ambience Merger Sub, Inc. | |||
144A 4.875%, 7/15/28(1) | 160 | 160 | |
144A 7.125%, 7/15/29(1) | 190 | 192 | |
Bloomin’ Brands, Inc. 144A 5.125%, 4/15/29(1) | 1,085 | 1,115 | |
Caesars Entertainment, Inc. 144A 8.125%, 7/1/27(1) | 1,660 | 1,846 | |
Carnival Corp. 144A 9.875%, 8/1/27(1) | 1,855 | 2,166 | |
Carvana Co. | |||
144A 5.625%, 10/1/25(1) | 1,120 | 1,163 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
144A 5.500%, 4/15/27(1) | $ 385 | $ 398 | |
Cedar Fair LP 5.250%, 7/15/29 | 965 | 994 | |
FirstCash, Inc. 144A 4.625%, 9/1/28(1) | 875 | 915 | |
Ford Motor Co. 9.000%, 4/22/25 | 1,320 | 1,627 | |
Ford Motor Credit Co. LLC 5.125%, 6/16/25 | 2,005 | 2,208 | |
Golden Nugget, Inc. 144A 6.750%, 10/15/24(1) | 1,135 | 1,147 | |
Guitar Center, Inc. 144A 8.500%, 1/15/26(1)(2) | 625 | 669 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 565 | 578 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 1,515 | 1,595 | |
L Brands, Inc. | |||
6.950%, 3/1/33 | 480 | 583 | |
6.750%, 7/1/36 | 560 | 701 | |
144A 9.375%, 7/1/25(1) | 1,765 | 2,281 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 1,096 | 1,143 | |
LGI Homes, Inc. 144A 4.000%, 7/15/29(1) | 53 | 53 | |
Liberty Interactive LLC 8.250%, 2/1/30 | 1,970 | 2,252 | |
Marriott Ownership Resorts, Inc. | |||
6.500%, 9/15/26 | 630 | 654 | |
4.750%, 1/15/28 | 2,215 | 2,270 | |
New Home Co., Inc. (The) 144A 7.250%, 10/15/25(1) | 1,520 | 1,611 | |
Nordstrom, Inc. 4.375%, 4/1/30(2) | 880 | 917 | |
Patrick Industries, Inc. 144A 4.750%, 5/1/29(1) | 600 | 596 | |
Penn National Gaming, Inc. 144A 4.125%, 7/1/29(1) | 440 | 440 | |
PetSmart, Inc. 144A 7.750%, 2/15/29(1) | 530 | 584 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(1) | 662 | 709 | |
144A 5.750%, 4/15/26(1) | 1,627 | 1,797 | |
QVC, Inc. 5.450%, 8/15/34 | 2,180 | 2,270 | |
Rent-A-Center, Inc. 144A 6.375%, 2/15/29(1) | 1,665 | 1,788 | |
RHP Hotel Properties LP 4.750%, 10/15/27 | 950 | 976 | |
Royal Caribbean Cruises Ltd. 144A 10.875%, 6/1/23(1) | 960 | 1,093 | |
Shea Homes LP | |||
144A 4.750%, 2/15/28(1) | 1,140 | 1,167 | |
144A 4.750%, 4/1/29(1) | 1,075 | 1,104 | |
Signal Parent, Inc. 144A 6.125%, 4/1/29(1) | 2,040 | 1,958 | |
Sonic Automotive, Inc. 6.125%, 3/15/27 | 1,089 | 1,137 | |
Travel + Leisure Co. | |||
144A 6.625%, 7/31/26(1) | 600 | 680 | |
144A 4.625%, 3/1/30(1) | 555 | 572 | |
White Cap Buyer LLC 144A 6.875%, 10/15/28(1) | 530 | 567 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | $1,050 | $ 1,131 | |
49,497 | |||
Consumer Staples—2.4% | |||
Coty, Inc. 144A 5.000%, 4/15/26(1) | 802 | 813 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 850 | 857 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 1,080 | 1,115 | |
Vector Group Ltd. | |||
144A 10.500%, 11/1/26(1) | 1,285 | 1,364 | |
144A 5.750%, 2/1/29(1) | 1,162 | 1,184 | |
5,333 | |||
Energy—16.1% | |||
Antero Midstream Partners LP 144A 7.875%, 5/15/26(1) | 438 | 490 | |
Antero Resources Corp. | |||
5.000%, 3/1/25 | 555 | 568 | |
144A 8.375%, 7/15/26(1) | 505 | 574 | |
144A 7.625%, 2/1/29(1) | 515 | 572 | |
Ascent Resources Utica Holdings LLC | |||
144A 7.000%, 11/1/26(1) | 225 | 235 | |
144A 8.250%, 12/31/28(1) | 1,075 | 1,182 | |
California Resources Corp. 144A 7.125%, 2/1/26(1) | 1,655 | 1,742 | |
Callon Petroleum Co. | |||
6.375%, 7/1/26 | 350 | 335 | |
144A 8.000%, 8/1/28(1) | 475 | 480 | |
ChampionX Corp. 6.375%, 5/1/26 | 877 | 919 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 1,275 | 1,345 | |
Comstock Resources, Inc. | |||
144A 7.500%, 5/15/25(1) | 560 | 581 | |
144A 5.875%, 1/15/30(1) | 131 | 134 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 550 | 569 | |
144A 5.000%, 5/1/29(1) | 538 | 565 | |
Delek Logistics Partners LP 144A 7.125%, 6/1/28(1) | 175 | 185 | |
Endeavor Energy Resources LP 144A 6.625%, 7/15/25(1) | 1,100 | 1,177 | |
Ensign Drilling, Inc. 144A 9.250%, 4/15/24(1) | 995 | 940 | |
EQM Midstream Partners LP | |||
6.500%, 7/15/48 | 445 | 476 | |
144A 6.500%, 7/1/27(1) | 635 | 708 | |
EQT Corp. 8.500%, 2/1/30 | 570 | 743 | |
Hilcorp Energy I LP | |||
144A 6.250%, 11/1/28(1) | 1,455 | 1,546 | |
144A 6.000%, 2/1/31(1) | 531 | 563 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 1,145 | 1,181 | |
Nabors Industries, Inc. 144A 9.000%, 2/1/25(1) | 644 | 676 | |
New Fortress Energy, Inc. | |||
144A 6.750%, 9/15/25(1) | 1,830 | 1,873 |
Par Value | Value | ||
Energy—continued | |||
144A 6.500%, 9/30/26(1) | $ 595 | $ 608 | |
Occidental Petroleum Corp. | |||
5.875%, 9/1/25 | 1,060 | 1,179 | |
5.500%, 12/1/25 | 640 | 707 | |
5.550%, 3/15/26 | 775 | 856 | |
7.500%, 5/1/31 | 190 | 239 | |
7.875%, 9/15/31 | 185 | 238 | |
6.450%, 9/15/36 | 1,463 | 1,749 | |
Oceaneering International, Inc. | |||
4.650%, 11/15/24 | 670 | 675 | |
6.000%, 2/1/28 | 640 | 645 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 470 | 491 | |
PDC Energy, Inc. 5.750%, 5/15/26 | 540 | 564 | |
Petroleos Mexicanos | |||
6.875%, 8/4/26 | 1,050 | 1,148 | |
144A 6.875%, 10/16/25(1) | 530 | 587 | |
Precision Drilling Corp. 144A 6.875%, 1/15/29(1) | 250 | 258 | |
Rockies Express Pipeline LLC | |||
144A 4.950%, 7/15/29(1) | 1,050 | 1,083 | |
144A 7.500%, 7/15/38(1) | 415 | 459 | |
SM Energy Co. 6.500%, 7/15/28 | 566 | 582 | |
Tallgrass Energy Partners LP 144A 7.500%, 10/1/25(1) | 645 | 706 | |
Talos Production, Inc. 12.000%, 1/15/26 | 623 | 663 | |
Transocean Phoenix 2 Ltd. 144A 7.750%, 10/15/24(1) | 470 | 487 | |
Transocean Proteus Ltd. 144A 6.250%, 12/1/24(1) | 776 | 783 | |
USA Compression Partners LP 6.875%, 4/1/26 | 655 | 686 | |
Western Midstream Operating LP 6.500%, 2/1/50 | 705 | 816 | |
36,568 | |||
Financials—19.3% | |||
Ahead DB Holdings LLC 144A 6.625%, 5/1/28(1) | 580 | 600 | |
AHP Health Partners, Inc. | |||
144A 9.750%, 7/15/26(1) | 1,480 | 1,592 | |
144A 5.750%, 7/15/29(1) | 20 | 20 | |
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 750 | 735 | |
Altice France Holding S.A. 144A 10.500%, 5/15/27(1) | 3,480 | 3,867 | |
AssuredPartners, Inc. 144A 7.000%, 8/15/25(1) | 1,380 | 1,409 | |
Cimpress plc 144A 7.000%, 6/15/26(1) | 2,727 | 2,875 | |
Compass Group Diversified Holdings LLC 144A 5.250%, 4/15/29(1) | 1,081 | 1,124 | |
Credit Acceptance Corp. 144A 5.125%, 12/31/24(1) | 670 | 694 | |
Enact Holdings, Inc. 144A 6.500%, 8/15/25(1) | 835 | 920 | |
Freedom Mortgage Corp. | |||
144A 8.250%, 4/15/25(1) | 224 | 234 | |
144A 7.625%, 5/1/26(1) | 1,270 | 1,322 |
Par Value | Value | ||
Financials—continued | |||
144A 6.625%, 1/15/27(1) | $ 340 | $ 342 | |
GTCR AP Finance, Inc. 144A 8.000%, 5/15/27(1) | 535 | 570 | |
GYP Holdings III Corp. 144A 4.625%, 5/1/29(1) | 571 | 573 | |
Hightower Holding LLC 144A 6.750%, 4/15/29(1) | 116 | 118 | |
Hilcorp Energy I LP 144A 5.750%, 10/1/25(1) | 500 | 508 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 4.875%, 7/1/31(1) | 113 | 113 | |
LD Holdings Group LLC 144A 6.125%, 4/1/28(1) | 2,285 | 2,282 | |
Markel Corp. 6.000% (3) | 1,615 | 1,805 | |
MGIC Investment Corp. 5.250%, 8/15/28 | 1,620 | 1,717 | |
Midcap Financial Issuer Trust | |||
144A 6.500%, 5/1/28(1) | 560 | 586 | |
144A 5.625%, 1/15/30(1) | 555 | 557 | |
MPH Acquisition Holdings LLC 144A 5.750%, 11/1/28(1)(2) | 781 | 785 | |
Nationstar Mortgage Holdings, Inc. 144A 6.000%, 1/15/27(1) | 2,300 | 2,384 | |
New Residential Investment Corp. 144A 6.250%, 10/15/25(1) | 2,420 | 2,422 | |
NFP Corp. 144A 6.875%, 8/15/28(1) | 1,090 | 1,148 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 1,876 | 2,117 | |
Park River Holdings, Inc. 144A 6.750%, 8/1/29(1) | 575 | 582 | |
PennyMac Financial Services, Inc. | |||
144A 5.375%, 10/15/25(1) | 644 | 678 | |
144A 4.250%, 2/15/29(1) | 965 | 930 | |
Petrobras Global Finance B.V. 5.500%, 6/10/51 | 415 | 415 | |
Radian Group, Inc. 4.500%, 10/1/24 | 840 | 900 | |
Terrier Media Buyer, Inc. 144A 8.875%, 12/15/27(1) | 1,015 | 1,098 | |
Transocean Pontus Ltd. 144A 6.125%, 8/1/25(1) | 543 | 549 | |
United Wholesale Mortgage LLC | |||
144A 5.500%, 11/15/25(1) | 770 | 797 | |
144A 5.500%, 4/15/29(1) | 1,490 | 1,490 | |
Victors Merger Corp. 144A 6.375%, 5/15/29(1) | 690 | 695 | |
Viking Cruises Ltd. 144A 6.250%, 5/15/25(1) | 585 | 582 | |
Vmed O2 UK Financing I plc 144A 4.750%, 7/15/31(1) | 720 | 731 | |
Windstream Escrow LLC 144A 7.750%, 8/15/28(1) | 1,050 | 1,082 | |
43,948 | |||
Health Care—5.1% | |||
CHS/Community Health Systems, Inc. 144A 8.000%, 3/15/26(1) | 520 | 560 | |
DaVita, Inc. 144A 4.625%, 6/1/30(1) | 775 | 797 |
Par Value | Value | ||
Health Care—continued | |||
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | $1,195 | $ 1,171 | |
Endo Dac | |||
144A 9.500%, 7/31/27(1)(2) | 305 | 311 | |
144A 6.000%, 6/30/28(1) | 800 | 539 | |
Endo Luxembourg Finance Co. I S.a.r.l. 144A 6.125%, 4/1/29(1) | 700 | 686 | |
Owens & Minor, Inc. 144A 4.500%, 3/31/29(1) | 895 | 920 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 1,464 | 1,497 | |
Tenet Healthcare Corp. | |||
6.875%, 11/15/31 | 516 | 586 | |
144A 6.125%, 10/1/28(1) | 1,085 | 1,156 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
6.000%, 4/15/24 | 515 | 546 | |
7.125%, 1/31/25 | 1,015 | 1,119 | |
3.150%, 10/1/26 | 1,200 | 1,141 | |
Varex Imaging Corp. 144A 7.875%, 10/15/27(1) | 485 | 543 | |
11,572 | |||
Industrials—8.9% | |||
Advantage Sales & Marketing, Inc. 144A 6.500%, 11/15/28(1) | 520 | 547 | |
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | 710 | 891 | |
144A 5.500%, 4/20/26(1) | 1,750 | 1,853 | |
APi Group DE, Inc. 144A 4.125%, 7/15/29(1) | 322 | 320 | |
Arcosa, Inc. 144A 4.375%, 4/15/29(1) | 785 | 799 | |
Bombardier, Inc. 144A 7.500%, 3/15/25(1)(2) | 1,110 | 1,141 | |
Booz Allen Hamilton, Inc. 144A 4.000%, 7/1/29(1) | 57 | 58 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 144A 6.000%, 2/1/26(1) | 1,134 | 1,194 | |
Danaos Corp. 144A 8.500%, 3/1/28(1) | 435 | 477 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 570 | 618 | |
Dycom Industries, Inc. 144A 4.500%, 4/15/29(1) | 1,124 | 1,134 | |
Foundation Building Materials, Inc. 144A 6.000%, 3/1/29(1) | 900 | 891 | |
Great Lakes Dredge & Dock Corp. 144A 5.250%, 6/1/29(1) | 54 | 56 | |
HC2 Holdings, Inc. 144A 8.500%, 2/1/26(1) | 585 | 582 | |
Lumen Technologies, Inc. 144A 5.375%, 6/15/29(1) | 1,125 | 1,141 | |
Manitowoc Co., Inc. (The) 144A 9.000%, 4/1/26(1) | 565 | 613 | |
Park River Holdings, Inc. 144A 5.625%, 2/1/29(1) | 1,730 | 1,682 | |
Rolls-Royce plc 144A 5.750%, 10/15/27(1) | 520 | 573 | |
Spirit Loyalty Cayman Ltd. 144A 8.000%, 9/20/25(1) | 362 | 410 | |
Terex Corp. 144A 5.000%, 5/15/29(1) | 215 | 224 |
Par Value | Value | ||
Industrials—continued | |||
TMS International Corp. 144A 6.250%, 4/15/29(1) | $ 70 | $ 74 | |
TransDigm UK Holdings plc 6.875%, 5/15/26 | 1,140 | 1,203 | |
TransDigm, Inc. 5.500%, 11/15/27 | 545 | 568 | |
Uber Technologies, Inc. 144A 6.250%, 1/15/28(1) | 1,050 | 1,130 | |
US Acute Care Solutions LLC 144A 6.375%, 3/1/26(1) | 1,200 | 1,240 | |
Wabash National Corp. 144A 5.500%, 10/1/25(1) | 700 | 714 | |
20,133 | |||
Information Technology—6.0% | |||
Alliance Data Systems Corp. 144A 7.000%, 1/15/26(1) | 2,105 | 2,255 | |
Austin BidCo, Inc. 144A 7.125%, 12/15/28(1) | 890 | 912 | |
CommScope, Inc. 144A 8.250%, 3/1/27(1) | 1,465 | 1,566 | |
Dell International LLC | |||
8.350%, 7/15/46 | 360 | 589 | |
144A 7.125%, 6/15/24(1) | 1,090 | 1,118 | |
Elastic N.V. 144A 4.125%, 7/15/29(1) | 450 | 450 | |
Everi Holdings, Inc. 144A 5.000%, 7/15/29(1) | 27 | 27 | |
NCR Corp. | |||
144A 5.000%, 10/1/28(1) | 1,138 | 1,177 | |
144A 5.125%, 4/15/29(1) | 1,135 | 1,171 | |
Plantronics, Inc. 144A 4.750%, 3/1/29(1) | 89 | 88 | |
Sabre GLBL, Inc. 144A 9.250%, 4/15/25(1) | 771 | 917 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 590 | 619 | |
Seagate HDD Cayman 5.750%, 12/1/34 | 516 | 593 | |
Viasat, Inc. | |||
144A 5.625%, 9/15/25(1) | 1,065 | 1,085 | |
144A 6.500%, 7/15/28(1) | 1,045 | 1,114 | |
13,681 | |||
Materials—2.7% | |||
Allegheny Ludlum LLC 6.950%, 12/15/25 | 323 | 354 | |
Cleveland-Cliffs, Inc. 144A 9.875%, 10/17/25(1) | 970 | 1,137 | |
Graham Packaging Co., Inc. 144A 7.125%, 8/15/28(1) | 520 | 560 | |
Hudbay Minerals, Inc. 144A 4.500%, 4/1/26(1) | 155 | 155 | |
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 995 | 1,053 | |
Summit Materials LLC 144A 5.125%, 6/1/25(1) | 1,070 | 1,079 | |
SunCoke Energy, Inc. 144A 4.875%, 6/30/29(1) | 265 | 265 | |
Trinseo Materials Operating SCA 144A 5.125%, 4/1/29(1) | 110 | 112 |
Par Value | Value | ||
Materials—continued | |||
United States Steel Corp. | |||
6.250%, 3/15/26(2) | $ 573 | $ 591 | |
6.875%, 3/1/29 | 830 | 888 | |
6,194 | |||
Real Estate—1.9% | |||
Brookfield Property REIT, Inc. 144A 5.750%, 5/15/26(1) | 1,662 | 1,747 | |
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 1,205 | 1,216 | |
Realogy Group LLC 144A 9.375%, 4/1/27(1) | 265 | 295 | |
Uniti Group LP 144A 7.125%, 12/15/24(1) | 540 | 558 | |
XHR LP 144A 4.875%, 6/1/29(1) | 552 | 570 | |
4,386 | |||
Utilities—0.2% | |||
Leeward Renewable Energy Operations LLC 144A 4.250%, 7/1/29(1) | 450 | 456 | |
Total Corporate Bonds and Notes (Identified Cost $208,748) | 216,150 | ||
Leveraged Loans—2.0% | |||
Aerospace—1.0% | |||
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(4) | 2,200 | 2,347 | |
Energy—0.7% | |||
BCP Raptor II LLC (1 month LIBOR + 4.750%) 4.850%, 11/3/25(4) | 759 | 743 | |
BCP Raptor LLC (1 month LIBOR + 4.250%) 5.250%, 6/24/24(4) | 758 | 750 | |
1,493 | |||
Financial—0.0% | |||
Ditech Holding Corp. Tranche B (3 month PRIME + 0.000%) 3.250%, 6/30/22(4)(5) | 289 | 58 | |
Information Technology—0.3% | |||
SolarWinds Holdings, Inc. 2018 (1 month LIBOR + 2.750%) 2.850%, 2/5/24(4) | 600 | 592 | |
Total Leveraged Loans (Identified Cost $4,599) | 4,490 | ||
Shares | Value | ||
Preferred Stock—0.0% | |||
Consumer Discretionary—0.0% | |||
Qurate Retail, Inc., 8.000% | 500 | $54 | |
Total Preferred Stock (Identified Cost $51) | 54 | ||
Common Stock—0.0% | |||
Energy—0.0% | |||
SandRidge Energy, Inc.(6) | 159 | 1 | |
Total Common Stock (Identified Cost $1) | 1 | ||
Warrants—0.0% | |||
Energy—0.0% | |||
SandRidge Energy, Inc.(6) | 3,898 | — (7) | |
SandRidge Energy, Inc.(6) | 1,641 | — (7) | |
— (7) | |||
Total Warrants (Identified Cost $—) | — (7) | ||
Par Value | ||
Convertible Bonds and Notes—0.8% | ||
Communication Services—0.7% | ||
Cable One, Inc. 144A 1.125%, 3/15/28(1) | $140 | 143 |
DISH Network Corp. 3.375%, 8/15/26 | 585 | 597 |
Liberty Interactive LLC 4.000%, 11/15/29 | 705 | 539 |
Twitter, Inc. 144A 0.000%, 3/15/26(1) | 385 | 367 |
1,646 | ||
Consumer Discretionary—0.1% | ||
Ford Motor Co. 144A 0.000%, 3/15/26(1) | 150 | 166 |
Real Estate—0.0% | ||
Realogy Group LLC 144A 0.250%, 6/15/26(1) | 14 | 14 |
Total Convertible Bonds and Notes (Identified Cost $1,765) | 1,826 | |
Total Long-Term Investments—97.8% (Identified Cost $215,164) | 222,521 | |
Shares | Value | ||
Short-Term Investment—1.6% | |||
Money Market Mutual Fund—1.6% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(8) | 3,673,656 | $ 3,674 | |
Total Short-Term Investment (Identified Cost $3,674) | 3,674 | ||
Securities Lending Collateral—1.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(8)(9) | 3,919,132 | 3,919 | |
Total Securities Lending Collateral (Identified Cost $3,919) | 3,919 | ||
TOTAL INVESTMENTS—101.1% (Identified Cost $222,757) | $230,114 | ||
Other assets and liabilities, net—(1.1)% | (2,417) | ||
NET ASSETS—100.0% | $227,697 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $166,311 or 73.0% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(4) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(5) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(6) | Non-income producing. |
(7) | Amount is less than $500. |
(8) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(9) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 88% |
Netherlands | 3 |
Canada | 2 |
Luxembourg | 2 |
Cayman Islands | 1 |
Mexico | 1 |
Ireland | 1 |
Other | 2 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Corporate Bonds and Notes | $216,150 | $ — | $216,150 | ||
Leveraged Loans | 4,490 | — | 4,490 | ||
Convertible Bonds and Notes | 1,826 | — | 1,826 | ||
Equity Securities: | |||||
Common Stock | 1 | 1 | — | ||
Warrants | — (1) | — (1) | — | ||
Preferred Stock | 54 | 54 | — | ||
Securities Lending Collateral | 3,919 | 3,919 | — | ||
Money Market Mutual Fund | 3,674 | 3,674 | — | ||
Total Investments | $230,114 | $7,648 | $222,466 |
(1) | Amount is less than $500. |
Par Value | Value | ||
Corporate Bonds and Notes—92.4% | |||
Communication Services—16.4% | |||
Altice France S.A. 144A 8.125%, 2/1/27(1) | $1,535 | $ 1,672 | |
Audacy Capital Corp. 144A 6.500%, 5/1/27(1)(2) | 1,210 | 1,258 | |
C&W Senior Financing DAC 144A 7.500%, 10/15/26(1) | 1,490 | 1,565 | |
Cable One, Inc. 144A 4.000%, 11/15/30(1) | 3,051 | 3,062 | |
Cablevision Lightpath LLC 144A 5.625%, 9/15/28(1) | 2,040 | 2,078 | |
Consolidated Communications, Inc. 144A 6.500%, 10/1/28(1) | 2,255 | 2,426 | |
CSC Holdings LLC | |||
144A 6.500%, 2/1/29(1) | 1,260 | 1,396 | |
144A 4.625%, 12/1/30(1) | 1,175 | 1,153 | |
Diamond Sports Group LLC 144A 5.375%, 8/15/26(1) | 4,372 | 2,831 | |
DISH DBS Corp. | |||
5.875%, 11/15/24 | 2,584 | 2,775 | |
7.750%, 7/1/26 | 2,926 | 3,314 | |
7.375%, 7/1/28 | 1,025 | 1,103 | |
Frontier Communications Holdings LLC 144A 5.000%, 5/1/28(1) | 1,990 | 2,057 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 4,583 | 4,567 | |
GrubHub Holdings, Inc. 144A 5.500%, 7/1/27(1) | 1,313 | 1,380 | |
iHeartCommunications, Inc. 144A 5.250%, 8/15/27(1) | 2,153 | 2,251 | |
LCPR Senior Secured Financing DAC 144A 6.750%, 10/15/27(1) | 2,925 | 3,152 | |
Level 3 Financing, Inc. 5.375%, 5/1/25 | 755 | 771 | |
Live Nation Entertainment, Inc. | |||
144A 5.625%, 3/15/26(1) | 2,755 | 2,869 | |
144A 3.750%, 1/15/28(1) | 1,090 | 1,095 | |
Lumen Technologies, Inc. | |||
6.750%, 12/1/23 | 1,850 | 2,052 | |
144A 4.000%, 2/15/27(1) | 3,125 | 3,188 | |
Nexstar Broadcasting, Inc. 144A 4.750%, 11/1/28(1) | 3,899 | 4,006 | |
SeaWorld Parks & Entertainment, Inc. 144A 8.750%, 5/1/25(1) | 975 | 1,056 | |
Sinclair Television Group, Inc. | |||
144A 5.125%, 2/15/27(1) | 2,180 | 2,188 | |
144A 4.125%, 12/1/30(1) | 1,115 | 1,095 | |
Spanish Broadcasting System, Inc. 144A 9.750%, 3/1/26(1) | 830 | 838 | |
Sprint Communications, Inc. 9.250%, 4/15/22 | 280 | 298 | |
Sprint Corp. | |||
7.875%, 9/15/23 | 2,990 | 3,397 | |
7.625%, 2/15/25 | 3,540 | 4,206 | |
TEGNA, Inc. | |||
4.625%, 3/15/28 | 3,575 | 3,709 | |
5.000%, 9/15/29 | 435 | 455 | |
TripAdvisor, Inc. 144A 7.000%, 7/15/25(1) | 1,630 | 1,754 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 1,950 | 1,945 |
Par Value | Value | ||
Communication Services—continued | |||
Univision Communications, Inc. 144A 9.500%, 5/1/25(1) | $1,985 | $ 2,188 | |
75,150 | |||
Consumer Discretionary—17.4% | |||
Adtalem Global Education, Inc. 144A 5.500%, 3/1/28(1) | 3,291 | 3,342 | |
Ambience Merger Sub, Inc. 144A 4.875%, 7/15/28(1) | 319 | 320 | |
Bloomin’ Brands, Inc. 144A 5.125%, 4/15/29(1) | 2,165 | 2,225 | |
Caesars Entertainment, Inc. 144A 6.250%, 7/1/25(1) | 1,025 | 1,086 | |
Carnival Corp. 144A 9.875%, 8/1/27(1) | 3,692 | 4,310 | |
Century Communities, Inc. | |||
5.875%, 7/15/25 | 990 | 1,024 | |
6.750%, 6/1/27 | 1,165 | 1,236 | |
Crocs, Inc. 144A 4.250%, 3/15/29(1) | 1,620 | 1,652 | |
FirstCash, Inc. 144A 4.625%, 9/1/28(1) | 1,722 | 1,800 | |
Ford Motor Co. 9.000%, 4/22/25 | 3,085 | 3,803 | |
Ford Motor Credit Co. LLC 5.125%, 6/16/25 | 3,257 | 3,587 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 1,111 | 1,136 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 2,525 | 2,658 | |
L Brands, Inc. | |||
6.950%, 3/1/33 | 963 | 1,170 | |
6.750%, 7/1/36 | 705 | 883 | |
144A 9.375%, 7/1/25(1) | 3,320 | 4,291 | |
Legends Hospitality Holding Co. LLC 144A 5.000%, 2/1/26(1) | 1,952 | 2,035 | |
LGI Homes, Inc. 144A 4.000%, 7/15/29(1) | 107 | 108 | |
Liberty Interactive LLC 8.250%, 2/1/30 | 3,570 | 4,081 | |
Marriott Ownership Resorts, Inc. | |||
6.500%, 9/15/26 | 1,226 | 1,273 | |
4.750%, 1/15/28 | 4,391 | 4,499 | |
144A 4.500%, 6/15/29(1) | 790 | 801 | |
MGM Resorts International 7.750%, 3/15/22 | 355 | 371 | |
New Home Co., Inc. (The) 144A 7.250%, 10/15/25(1) | 2,778 | 2,944 | |
Nordstrom, Inc. 4.375%, 4/1/30(2) | 1,730 | 1,803 | |
Patrick Industries, Inc. 144A 4.750%, 5/1/29(1) | 1,128 | 1,121 | |
Penn National Gaming, Inc. 144A 4.125%, 7/1/29(1) | 878 | 877 | |
Prime Security Services Borrower LLC | |||
144A 5.250%, 4/15/24(1) | 761 | 815 | |
144A 5.750%, 4/15/26(1) | 1,765 | 1,950 | |
QVC, Inc. 5.450%, 8/15/34 | 4,348 | 4,528 | |
Rent-A-Center, Inc. 144A 6.375%, 2/15/29(1) | 2,956 | 3,174 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
RHP Hotel Properties LP 4.750%, 10/15/27 | $1,737 | $ 1,784 | |
Royal Caribbean Cruises Ltd. 144A 10.875%, 6/1/23(1) | 1,520 | 1,731 | |
Shea Homes LP | |||
144A 4.750%, 2/15/28(1) | 2,039 | 2,087 | |
144A 4.750%, 4/1/29(1) | 1,635 | 1,679 | |
Sonic Automotive, Inc. 6.125%, 3/15/27 | 1,983 | 2,071 | |
Travel + Leisure Co. | |||
144A 6.625%, 7/31/26(1) | 1,236 | 1,400 | |
144A 4.625%, 3/1/30(1) | 1,008 | 1,039 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 1,030 | 1,146 | |
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | 1,795 | 1,934 | |
79,774 | |||
Consumer Staples—1.6% | |||
Coty, Inc. 144A 5.000%, 4/15/26(1) | 1,522 | 1,543 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 1,605 | 1,619 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 2,101 | 2,170 | |
Vector Group Ltd. 144A 5.750%, 2/1/29(1) | 1,936 | 1,972 | |
7,304 | |||
Energy—13.3% | |||
Antero Midstream Partners LP 144A 7.875%, 5/15/26(1) | 840 | 939 | |
Antero Resources Corp. | |||
5.000%, 3/1/25 | 1,085 | 1,110 | |
144A 8.375%, 7/15/26(1) | 1,195 | 1,359 | |
144A 7.625%, 2/1/29(1) | 1,030 | 1,143 | |
Ascent Resources Utica Holdings LLC 144A 7.000%, 11/1/26(1) | 1,313 | 1,374 | |
California Resources Corp. 144A 7.125%, 2/1/26(1) | 1,665 | 1,752 | |
ChampionX Corp. 6.375%, 5/1/26 | 944 | 989 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 3,195 | 3,371 | |
Comstock Resources, Inc. | |||
144A 7.500%, 5/15/25(1) | 935 | 970 | |
144A 5.875%, 1/15/30(1) | 262 | 267 | |
CrownRock LP | |||
144A 5.625%, 10/15/25(1) | 1,058 | 1,095 | |
144A 5.000%, 5/1/29(1) | 1,032 | 1,084 | |
Delek Logistics Partners LP 144A 7.125%, 6/1/28(1) | 340 | 359 | |
Endeavor Energy Resources LP 144A 6.625%, 7/15/25(1) | 1,840 | 1,969 | |
EQM Midstream Partners LP | |||
6.500%, 7/15/48 | 850 | 909 | |
144A 6.500%, 7/1/27(1) | 1,126 | 1,255 | |
EQT Corp. 8.500%, 2/1/30 | 870 | 1,134 | |
Hilcorp Energy I LP | |||
144A 6.250%, 11/1/28(1) | 2,420 | 2,571 |
Par Value | Value | ||
Energy—continued | |||
144A 6.000%, 2/1/31(1) | $1,055 | $ 1,118 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 3,192 | 3,292 | |
Nabors Industries, Inc. 144A 9.000%, 2/1/25(1) | 854 | 897 | |
New Fortress Energy, Inc. | |||
144A 6.750%, 9/15/25(1) | 4,231 | 4,331 | |
144A 6.500%, 9/30/26(1) | 970 | 991 | |
Occidental Petroleum Corp. | |||
3.500%, 6/15/25 | 700 | 716 | |
5.875%, 9/1/25 | 1,770 | 1,969 | |
5.500%, 12/1/25 | 1,160 | 1,282 | |
5.550%, 3/15/26 | 1,330 | 1,470 | |
7.500%, 5/1/31 | 350 | 441 | |
7.875%, 9/15/31 | 332 | 427 | |
6.450%, 9/15/36 | 2,923 | 3,495 | |
Oceaneering International, Inc. 4.650%, 11/15/24 | 1,229 | 1,237 | |
Parkland Corp. 144A 5.875%, 7/15/27(1) | 1,515 | 1,615 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 915 | 957 | |
PDC Energy, Inc. 5.750%, 5/15/26 | 1,046 | 1,093 | |
Petroleos Mexicanos | |||
6.875%, 8/4/26 | 1,898 | 2,074 | |
144A 6.875%, 10/16/25(1) | 835 | 924 | |
Precision Drilling Corp. 144A 6.875%, 1/15/29(1) | 490 | 505 | |
Rockies Express Pipeline LLC | |||
144A 4.950%, 7/15/29(1) | 1,665 | 1,717 | |
144A 7.500%, 7/15/38(1) | 833 | 920 | |
SM Energy Co. 6.500%, 7/15/28 | 1,130 | 1,161 | |
Talos Production, Inc. 12.000%, 1/15/26 | 825 | 879 | |
Transocean Phoenix 2 Ltd. 144A 7.750%, 10/15/24(1) | 635 | 657 | |
Transocean Proteus Ltd. 144A 6.250%, 12/1/24(1) | 724 | 730 | |
USA Compression Partners LP 6.875%, 4/1/26 | 1,194 | 1,251 | |
Western Midstream Operating LP 6.500%, 2/1/50 | 1,070 | 1,239 | |
61,038 | |||
Financials—15.6% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 4,450 | 4,362 | |
Ardagh Packaging Finance plc 144A 5.250%, 4/30/25(1) | 1,530 | 1,608 | |
Cimpress plc 144A 7.000%, 6/15/26(1) | 5,130 | 5,408 | |
Compass Group Diversified Holdings LLC 144A 5.250%, 4/15/29(1) | 2,015 | 2,096 | |
Credit Acceptance Corp. 144A 5.125%, 12/31/24(1) | 1,010 | 1,047 | |
Enact Holdings, Inc. 144A 6.500%, 8/15/25(1) | 1,478 | 1,629 | |
Ford Motor Credit Co. LLC 5.584%, 3/18/24 | 525 | 575 |
Par Value | Value | ||
Financials—continued | |||
Freedom Mortgage Corp. | |||
144A 8.250%, 4/15/25(1) | $ 398 | $ 415 | |
144A 7.625%, 5/1/26(1) | 3,976 | 4,139 | |
144A 6.625%, 1/15/27(1) | 680 | 684 | |
GYP Holdings III Corp. 144A 4.625%, 5/1/29(1) | 1,096 | 1,100 | |
Hilcorp Energy I LP 144A 5.750%, 10/1/25(1) | 780 | 792 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 4.875%, 7/1/31(1) | 226 | 225 | |
ICAHN Enterprises LP 4.750%, 9/15/24 | 3,270 | 3,417 | |
ILFC E-Capital Trust I (3 month LIBOR + 1.550%) 144A 3.660%, 12/21/65(1)(3) | 1,390 | 1,154 | |
LCPR Senior Secured Financing DAC 144A 5.125%, 7/15/29(1) | 1,035 | 1,070 | |
LD Holdings Group LLC 144A 6.125%, 4/1/28(1) | 4,544 | 4,538 | |
Markel Corp. 6.000% (4) | 3,215 | 3,593 | |
MGIC Investment Corp. 5.250%, 8/15/28 | 3,018 | 3,199 | |
Midcap Financial Issuer Trust | |||
144A 6.500%, 5/1/28(1) | 1,080 | 1,130 | |
144A 5.625%, 1/15/30(1) | 1,115 | 1,119 | |
Nationstar Mortgage Holdings, Inc. | |||
144A 6.000%, 1/15/27(1) | 3,665 | 3,798 | |
144A 5.500%, 8/15/28(1) | 805 | 812 | |
New Residential Investment Corp. 144A 6.250%, 10/15/25(1) | 5,333 | 5,338 | |
OneMain Finance Corp. 6.875%, 3/15/25 | 3,861 | 4,358 | |
PennyMac Financial Services, Inc. | |||
144A 5.375%, 10/15/25(1) | 1,151 | 1,211 | |
144A 4.250%, 2/15/29(1) | 1,803 | 1,737 | |
Petrobras Global Finance B.V. 5.500%, 6/10/51 | 820 | 820 | |
Radian Group, Inc. 4.500%, 10/1/24 | 1,078 | 1,155 | |
Transocean Pontus Ltd. 144A 6.125%, 8/1/25(1) | 806 | 816 | |
United Wholesale Mortgage LLC | |||
144A 5.500%, 11/15/25(1) | 1,520 | 1,574 | |
144A 5.500%, 4/15/29(1) | 2,935 | 2,934 | |
Vmed O2 UK Financing I plc 144A 4.750%, 7/15/31(1) | 1,425 | 1,446 | |
Windstream Escrow LLC 144A 7.750%, 8/15/28(1) | 1,990 | 2,050 | |
71,349 | |||
Health Care—5.9% | |||
CHS/Community Health Systems, Inc. 144A 8.000%, 3/15/26(1) | 1,010 | 1,088 | |
DaVita, Inc. | |||
144A 4.625%, 6/1/30(1) | 1,415 | 1,455 | |
144A 3.750%, 2/15/31(1) | 3,755 | 3,605 | |
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 3,675 | 3,600 | |
Encompass Health Corp. 4.750%, 2/1/30 | 970 | 1,031 | |
Endo Luxembourg Finance Co. I S.a.r.l. 144A 6.125%, 4/1/29(1) | 1,350 | 1,323 |
Par Value | Value | ||
Health Care—continued | |||
HCA, Inc. 5.875%, 5/1/23 | $1,300 | $ 1,413 | |
Molina Healthcare, Inc. 144A 4.375%, 6/15/28(1) | 1,935 | 2,017 | |
Owens & Minor, Inc. 144A 4.500%, 3/31/29(1) | 1,590 | 1,634 | |
Par Pharmaceutical, Inc. 144A 7.500%, 4/1/27(1) | 1,801 | 1,841 | |
Tenet Healthcare Corp. 144A 7.500%, 4/1/25(1) | 2,075 | 2,241 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
6.000%, 4/15/24 | 945 | 1,002 | |
7.125%, 1/31/25 | 1,800 | 1,984 | |
3.150%, 10/1/26 | 2,190 | 2,083 | |
Varex Imaging Corp. 144A 7.875%, 10/15/27(1) | 760 | 851 | |
27,168 | |||
Industrials—8.6% | |||
Advantage Sales & Marketing, Inc. 144A 6.500%, 11/15/28(1) | 1,006 | 1,059 | |
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | 1,490 | 1,870 | |
144A 5.500%, 4/20/26(1) | 3,293 | 3,487 | |
APi Group DE, Inc. 144A 4.125%, 7/15/29(1) | 639 | 635 | |
Arcosa, Inc. 144A 4.375%, 4/15/29(1) | 1,395 | 1,419 | |
Booz Allen Hamilton, Inc. 144A 4.000%, 7/1/29(1) | 112 | 115 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 144A 6.000%, 2/1/26(1) | 2,413 | 2,540 | |
Danaos Corp. 144A 8.500%, 3/1/28(1) | 775 | 850 | |
Delta Air Lines, Inc. 7.375%, 1/15/26 | 4,110 | 4,822 | |
Deluxe Corp. 144A 8.000%, 6/1/29(1) | 1,110 | 1,204 | |
Dycom Industries, Inc. 144A 4.500%, 4/15/29(1) | 3,235 | 3,263 | |
Fluor Corp. 4.250%, 9/15/28(2) | 1,700 | 1,726 | |
Great Lakes Dredge & Dock Corp. 144A 5.250%, 6/1/29(1) | 104 | 107 | |
HC2 Holdings, Inc. 144A 8.500%, 2/1/26(1) | 1,000 | 995 | |
Lumen Technologies, Inc. 144A 5.375%, 6/15/29(1) | 2,238 | 2,270 | |
Manitowoc Co., Inc. (The) 144A 9.000%, 4/1/26(1) | 720 | 781 | |
Rolls-Royce plc 144A 5.750%, 10/15/27(1) | 940 | 1,035 | |
Spirit Loyalty Cayman Ltd. 144A 8.000%, 9/20/25(1) | 594 | 672 | |
Terex Corp. 144A 5.000%, 5/15/29(1) | 420 | 438 | |
TMS International Corp. 144A 6.250%, 4/15/29(1) | 130 | 137 | |
TransDigm, Inc. 5.500%, 11/15/27 | 825 | 860 | |
TriMas Corp. 144A 4.125%, 4/15/29(1) | 415 | 420 |
Par Value | Value | ||
Industrials—continued | |||
Uber Technologies, Inc. 144A 8.000%, 11/1/26(1) | $3,015 | $ 3,249 | |
Univar Solutions USA, Inc. 144A 5.125%, 12/1/27(1) | 1,284 | 1,350 | |
US Acute Care Solutions LLC 144A 6.375%, 3/1/26(1) | 2,355 | 2,433 | |
Wabash National Corp. 144A 5.500%, 10/1/25(1) | 670 | 683 | |
XPO Logistics, Inc. 144A 6.750%, 8/15/24(1) | 970 | 1,008 | |
39,428 | |||
Information Technology—5.2% | |||
Alliance Data Systems Corp. 144A 7.000%, 1/15/26(1) | 4,075 | 4,365 | |
Dell International LLC | |||
8.350%, 7/15/46 | 700 | 1,145 | |
144A 7.125%, 6/15/24(1) | 2,045 | 2,098 | |
Elastic N.V. 144A 4.125%, 7/15/29(1) | 908 | 908 | |
Everi Holdings, Inc. 144A 5.000%, 7/15/29(1) | 55 | 55 | |
LD Holdings Group LLC 144A 6.500%, 11/1/25(1) | 1,090 | 1,119 | |
NCR Corp. | |||
144A 5.000%, 10/1/28(1) | 2,009 | 2,078 | |
144A 5.125%, 4/15/29(1) | 2,085 | 2,150 | |
Plantronics, Inc. 144A 4.750%, 3/1/29(1) | 165 | 164 | |
Sabre GLBL, Inc. 144A 9.250%, 4/15/25(1) | 1,521 | 1,808 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 1,504 | 1,577 | |
Seagate HDD Cayman 5.750%, 12/1/34 | 1,587 | 1,825 | |
Synaptics, Inc. 144A 4.000%, 6/15/29(1) | 1,076 | 1,081 | |
Viasat, Inc. | |||
144A 5.625%, 9/15/25(1) | 1,721 | 1,754 | |
144A 6.500%, 7/15/28(1) | 1,655 | 1,765 | |
23,892 | |||
Materials—3.8% | |||
Allegheny Ludlum LLC 6.950%, 12/15/25 | 633 | 693 | |
Cleveland-Cliffs, Inc. 144A 9.875%, 10/17/25(1) | 3,775 | 4,424 | |
HB Fuller Co. 4.250%, 10/15/28 | 1,105 | 1,142 | |
Hudbay Minerals, Inc. 144A 4.500%, 4/1/26(1) | 285 | 286 | |
Schweitzer-Mauduit International, Inc. 144A 6.875%, 10/1/26(1) | 1,954 | 2,069 | |
Sealed Air Corp. 144A 5.500%, 9/15/25(1) | 1,988 | 2,224 | |
Summit Materials LLC | |||
144A 5.125%, 6/1/25(1) | 1,000 | 1,008 | |
144A 6.500%, 3/15/27(1) | 660 | 699 | |
SunCoke Energy, Inc. 144A 4.875%, 6/30/29(1) | 520 | 519 |
Par Value | Value | ||
Materials—continued | |||
Trinseo Materials Operating SCA 144A 5.125%, 4/1/29(1) | $ 207 | $ 212 | |
US Concrete, Inc. 144A 5.125%, 3/1/29(1) | 3,855 | 4,212 | |
17,488 | |||
Real Estate—3.5% | |||
Brookfield Property REIT, Inc. 144A 5.750%, 5/15/26(1) | 3,777 | 3,970 | |
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 3,278 | 3,308 | |
Howard Hughes Corp. (The) 144A 4.125%, 2/1/29(1) | 1,767 | 1,767 | |
Realogy Group LLC 144A 9.375%, 4/1/27(1) | 529 | 588 | |
SBA Communications Corp. 3.875%, 2/15/27 | 3,911 | 4,016 | |
VICI Properties LP 144A 4.250%, 12/1/26(1) | 1,160 | 1,207 | |
XHR LP 144A 4.875%, 6/1/29(1) | 1,098 | 1,134 | |
15,990 | |||
Utilities—1.1% | |||
DCP Midstream Operating LP 5.375%, 7/15/25 | 3,860 | 4,299 | |
Leeward Renewable Energy Operations LLC 144A 4.250%, 7/1/29(1) | 905 | 916 | |
5,215 | |||
Total Corporate Bonds and Notes (Identified Cost $411,683) | 423,796 | ||
Leveraged Loans—4.2% | |||
Aerospace—1.4% | |||
American Airlines, Inc. (3 month LIBOR + 4.750%) 5.500%, 4/20/28(3) | 1,100 | 1,146 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 4.750%, 10/20/27(3) | 1,000 | 1,056 | |
Mileage Plus Holdings, LLC (3 month LIBOR + 5.250%) 6.250%, 6/21/27(3) | 3,789 | 4,043 | |
6,245 | |||
Energy—0.4% | |||
BCP Raptor II LLC (1 month LIBOR + 4.750%) 4.854%, 11/3/25(3) | 818 | 801 | |
BCP Raptor LLC (1 month LIBOR + 4.250%) 5.250%, 6/24/24(3) | 817 | 809 | |
1,610 | |||
Financial—0.0% | |||
Ditech Holding Corp. Tranche B (3 month PRIME + 0.000%) 3.250%, 6/30/22(3)(5) | 292 | 58 |
Par Value | Value | ||
Gaming / Leisure—0.4% | |||
Golden Nugget, Inc. First Lien (2 month LIBOR + 2.500%) 3.250%, 10/4/23(3) | $1,989 | $ 1,973 | |
Healthcare—1.2% | |||
AHP Health Partners, Inc. Tranche B-1 (1 month LIBOR + 3.750%) 4.750%, 6/30/25(3) | 1,900 | 1,902 | |
Cano Health LLC (3 month LIBOR + 4.500%) 5.500%, 11/23/27(3) | 773 | 773 | |
Kindred Healthcare LLC Tranche B (1 month LIBOR + 4.500%) 4.625%, 7/2/25(3) | 1,890 | 1,886 | |
Parexel International Corp. (3 month LIBOR + 2.750%) 2.854%, 9/27/24(3) | 973 | 967 | |
5,528 | |||
Information Technology—0.2% | |||
SolarWinds Holdings, Inc. 2018 (1 month LIBOR + 2.750%) 2.854%, 2/5/24(3) | 987 | 974 | |
Media / Telecom - Telecommunications—0.4% | |||
Cincinnati Bell, Inc. Tranche B (1 month LIBOR + 3.250%) 4.250%, 10/2/24(3) | 1,885 | 1,882 | |
Service—0.2% | |||
Signal Parent, Inc. (1 month LIBOR + 3.500%) 4.250%, 4/3/28(3) | 1,000 | 981 | |
Total Leveraged Loans (Identified Cost $19,381) | 19,251 | ||
Shares | ||
Preferred Stock—0.0% | ||
Consumer Discretionary—0.0% | ||
Qurate Retail, Inc., 8.000% | 957 | 104 |
Total Preferred Stock (Identified Cost $98) | 104 | |
�� |
Par Value | ||
Convertible Bonds and Notes—0.7% | ||
Communication Services—0.6% | ||
Cable One, Inc. 144A 1.125%, 3/15/28(1) | $ 259 | 263 |
DISH Network Corp. 3.375%, 8/15/26 | 1,055 | 1,077 |
Liberty Interactive LLC 4.000%, 11/15/29 | 1,250 | 956 |
Twitter, Inc. 144A 0.000%, 3/15/26(1) | 745 | 711 |
3,007 | ||
Par Value | Value | ||
Consumer Discretionary—0.1% | |||
Ford Motor Co. 144A 0.000%, 3/15/26(1) | $ 285 | $ 315 | |
Real Estate—0.0% | |||
Realogy Group LLC 144A 0.250%, 6/15/26(1) | 27 | 27 | |
Total Convertible Bonds and Notes (Identified Cost $3,236) | 3,349 | ||
Total Long-Term Investments—97.3% (Identified Cost $434,398) | 446,500 | ||
Shares | ||
Short-Term Investment—1.4% | ||
Money Market Mutual Fund—1.4% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6) | 6,550,827 | 6,551 |
Total Short-Term Investment (Identified Cost $6,551) | 6,551 | |
Securities Lending Collateral—0.6% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6)(7) | 2,675,897 | 2,676 |
Total Securities Lending Collateral (Identified Cost $2,676) | 2,676 | |
TOTAL INVESTMENTS—99.3% (Identified Cost $443,625) | $455,727 | |
Other assets and liabilities, net—0.7% | 3,233 | |
NET ASSETS—100.0% | $458,960 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $300,782 or 65.5% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(4) | No contractual maturity date. |
(5) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(6) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(7) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings† | |
United States | 90% |
Netherlands | 3 |
Ireland | 2 |
Luxembourg | 1 |
Cayman Islands | 1 |
Panama | 1 |
Mexico | 1 |
Other | 1 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Corporate Bonds and Notes | $423,796 | $ — | $423,796 | ||
Leveraged Loans | 19,251 | — | 19,251 | ||
Convertible Bonds and Notes | 3,349 | — | 3,349 | ||
Equity Securities: | |||||
Preferred Stock | 104 | 104 | — | ||
Securities Lending Collateral | 2,676 | 2,676 | — | ||
Money Market Mutual Fund | 6,551 | 6,551 | — | ||
Total Investments | $455,727 | $9,331 | $446,396 |
Par Value | Value | ||
Municipal Bonds(1)—97.1% | |||
Alabama—0.7% | |||
Jefferson County, Sales Tax Revenue 5.000%, 9/15/33 | $1,500 | $ 1,832 | |
Arizona—2.9% | |||
Salt River Project Agricultural Improvement & Power District Revenue | |||
5.000%, 1/1/26 | 500 | 594 | |
5.000%, 1/1/27 | 2,000 | 2,450 | |
5.000%, 1/1/28 | 1,000 | 1,258 | |
5.000%, 12/1/32 | 3,020 | 3,532 | |
7,834 | |||
California—20.3% | |||
California County Tobacco Securitization Agency Revenue | |||
5.000%, 6/1/24 | 100 | 114 | |
5.000%, 6/1/25 | 200 | 236 | |
5.000%, 6/1/27 | 100 | 126 | |
5.000%, 6/1/28 | 100 | 129 | |
California State Public Works Board | |||
5.000%, 8/1/26 | 4,310 | 5,078 | |
5.000%, 2/1/27 | 3,000 | 3,674 | |
5.000%, 8/1/27 | 4,000 | 4,843 | |
5.000%, 2/1/30 | 2,000 | 2,613 | |
5.000%, 2/1/31 | 2,000 | 2,663 | |
5.000%, 8/1/34 | 2,750 | 3,566 | |
5.000%, 8/1/35 | 1,500 | 1,942 | |
California, State of, | |||
General Obligation 5.000%, 9/1/27 | 1,250 | 1,565 | |
General Obligation 5.000%, 12/1/27 | 2,650 | 3,357 | |
General Obligation 5.000%, 9/1/28 | 1,530 | 1,963 | |
General Obligation 5.000%, 9/1/29 | 3,525 | 4,623 | |
General Obligation 5.000%, 4/1/37 | 4,000 | 4,480 | |
General Obligation 5.000%, 9/1/41 | 1,000 | 1,319 | |
East Bay Municipal Utility District Water System Revenue 5.000%, 6/1/33 | 1,940 | 2,411 | |
Moreno Valley Unified School District General Obligation (BAM Insured) 3.000%, 8/1/46 | 1,000 | 1,086 | |
Port of Oakland 5.000%, 5/1/27 | 2,750 | 3,378 | |
University of California | |||
5.000%, 5/15/26 | 1,000 | 1,176 | |
5.000%, 5/15/27 | 2,000 | 2,417 | |
5.000%, 5/15/29 | 2,000 | 2,529 | |
55,288 | |||
Colorado—2.8% | |||
E-470 Public Highway Authority | |||
5.000%, 9/1/26 | 550 | 668 | |
5.000%, 9/1/40 | 1,500 | 1,697 |
Par Value | Value | ||
Colorado—continued | |||
Pueblo County School District No. 70, | |||
(State AID Withholding Insured) 4.000%, 12/1/27 | $1,000 | $ 1,206 | |
(State AID Withholding Insured) 4.000%, 12/1/28 | 1,340 | 1,642 | |
Regional Transportation District | |||
Sales Tax Revenue 5.000%, 1/15/27 | 900 | 1,092 | |
Sales Tax Revenue 5.000%, 7/15/27 | 1,025 | 1,259 | |
7,564 | |||
Connecticut—3.8% | |||
Connecticut, State of, | |||
General Obligation 5.000%, 7/15/26 | 2,500 | 3,034 | |
General Obligation 5.000%, 7/15/28 | 1,500 | 1,911 | |
State of Connecticut Special Tax Revenue | |||
5.000%, 5/1/25 | 825 | 969 | |
5.000%, 5/1/26 | 1,000 | 1,214 | |
5.000%, 1/1/29 | 2,620 | 3,317 | |
10,445 | |||
District of Columbia—1.3% | |||
District of Columbia, General Obligation 5.000%, 6/1/31 | 2,825 | 3,465 | |
Florida—0.6% | |||
Florida Municipal Power Agency Revenue | |||
3.000%, 10/1/32 | 750 | 829 | |
3.000%, 10/1/33 | 750 | 826 | |
1,655 | |||
Georgia—0.4% | |||
Atlanta, City of, Department of Aviation Revenue 5.000%, 1/1/28 | 1,000 | 1,118 | |
Hawaii—0.1% | |||
Hawaii, State of, | |||
General Obligation (Pre-Refunded 11/1/22 @ 100) 5.000%, 11/1/29 | 60 | 64 | |
General Obligation (Pre-Refunded 11/1/22 @ 100) 5.000%, 11/1/29 | 160 | 170 | |
234 | |||
Illinois—4.1% | |||
Chicago O’Hare International Airport Revenue, | |||
Senior Lien 5.000%, 1/1/26 | 2,300 | 2,728 | |
Senior Lien 5.000%, 1/1/29 | 1,595 | 2,052 | |
Senior Lien 5.000%, 1/1/30 | 1,500 | 1,969 | |
Senior Lien 4.000%, 1/1/35 | 1,000 | 1,192 |
Par Value | Value | ||
Illinois—continued | |||
Illinois Finance Authority Revenue 5.000%, 7/1/28 | $2,605 | $ 3,220 | |
11,161 | |||
Maryland—5.1% | |||
Anne Arundel County, General Obligation 5.000%, 10/1/30 | 2,615 | 3,184 | |
Maryland, State of, | |||
General Obligation 5.000%, 3/1/27 | 2,000 | 2,490 | |
General Obligation 5.000%, 3/15/31 | 3,500 | 4,417 | |
Washington Suburban Sanitary Commission Revenue (CNTY GTD Insured) 5.000%, 6/15/30 | 3,000 | 3,729 | |
13,820 | |||
Minnesota—6.0% | |||
Edina Independent School District No. 273, General Obligation (SD CRED PROG Insured) 5.000%, 2/1/30 | 4,700 | 5,452 | |
Minnesota, State of, | |||
General Obligation, Series 2015-A 5.000%, 8/1/29 | 4,000 | 4,736 | |
General Obligation, Series 2016-A 5.000%, 8/1/29 | 5,000 | 6,074 | |
16,262 | |||
New Jersey—1.1% | |||
New Jersey, State of, Sales Tax Revenue 5.000%, 6/1/29 | 1,250 | 1,618 | |
New Jersey Transportation Trust Fund Authority Revenue 5.000%, 6/15/25 | 1,200 | 1,406 | |
3,024 | |||
New York—9.5% | |||
Monroe County Industrial Development Corp. | |||
5.000%, 12/1/26 | 700 | 849 | |
5.000%, 12/1/27 | 1,200 | 1,490 | |
5.000%, 12/1/29 | 725 | 934 | |
5.000%, 12/1/30 | 500 | 654 | |
New York, City of, | |||
General Obligation 5.000%, 8/1/26 | 1,000 | 1,219 | |
5.000%, 6/1/44(2) | 3,000 | 3,505 | |
New York City Transitional Finance Authority Future Tax Secured Revenue 5.000%, 2/1/30 | 6,400 | 6,580 | |
New York City Transitional Finance Authority Future Tax Secured, Sales Tax Revenue 5.000%, 2/1/28 | 4,000 | 4,479 | |
New York State Dormitory Authority, Sales Tax Revenue 5.000%, 3/15/28 | 2,500 | 2,812 | |
Port Authority of New York & New Jersey Revenue 5.000%, 10/15/28 | 2,500 | 3,183 | |
25,705 | |||
Par Value | Value | ||
North Carolina—0.9% | |||
County of Mecklenburg, General Obligation 5.000%, 3/1/28 | $2,000 | $ 2,561 | |
North Dakota—1.3% | |||
North Dakota Public Finance Authority Revenue 5.000%, 10/1/28 | 3,000 | 3,444 | |
Ohio—3.4% | |||
Ohio, State of, General Obligation 5.000%, 6/15/32 | 7,735 | 9,269 | |
Oklahoma—0.4% | |||
Oklahoma Water Resources Board 5.000%, 4/1/28 | 850 | 1,086 | |
Oregon—1.2% | |||
Hillsboro School District No. 1J, General Obligation (SCH BD GTY Insured) 5.000%, 6/15/31 | 1,000 | 1,242 | |
Portland, Port of, Airport Revenue | |||
5.000%, 7/1/26 | 750 | 903 | |
5.000%, 7/1/30 | 1,000 | 1,205 | |
3,350 | |||
Pennsylvania—1.6% | |||
Pennsylvania Higher Educational Facilities Authority | |||
5.000%, 8/15/28 | 650 | 789 | |
5.000%, 8/15/29 | 600 | 741 | |
4.000%, 8/15/36 | 1,250 | 1,457 | |
4.000%, 8/15/40 | 1,180 | 1,360 | |
4,347 | |||
Tennessee—2.1% | |||
Tennessee, State of, | |||
General Obligation 5.000%, 8/1/28 | 1,595 | 1,890 | |
General Obligation 5.000%, 9/1/30 | 3,005 | 3,770 | |
5,660 | |||
Texas—13.7% | |||
Austin, City of, General Obligation 5.000%, 9/1/28 | 1,150 | 1,478 | |
Brazosport Independent School District | |||
General Obligation (PSF-GTD Insured) 5.000%, 2/15/27 | 1,400 | 1,738 | |
General Obligation (PSF-GTD Insured) 5.000%, 2/15/28 | 1,080 | 1,375 | |
Central Texas Regional Mobility Authority Revenue | |||
5.000%, 1/1/27 | 1,075 | 1,269 | |
5.000%, 1/1/30 | 500 | 656 | |
5.000%, 1/1/31 | 500 | 669 | |
Senior Lien 5.000%, 1/1/29 | 500 | 643 | |
Senior Lien 5.000%, 1/1/30 | 1,300 | 1,706 | |
Comal Independent School District General Obligation (PSF-GTD Insured) 5.000%, 2/1/26 | 1,000 | 1,201 |
Par Value | Value | ||
Texas—continued | |||
Cypress-Fairbanks Independent School District | |||
General Obligation (PSF-GTD Insured) 5.000%, 2/15/27 | $1,500 | $ 1,858 | |
General Obligation (PSF-GTD Insured) 5.000%, 2/15/28 | 1,500 | 1,906 | |
Dallas, City of, Fort Worth International Airport Revenue, 5.000%, 11/1/26 | 1,000 | 1,229 | |
Dallas, City of, Waterworks & Sewer System Revenue 5.000%, 10/1/31 | 6,845 | 8,363 | |
Fort Worth, City of, General Obligation 5.000%, 3/1/26 | 1,510 | 1,817 | |
North Texas Municipal Water District Upper East Fork Wastewater Interceptor System Revenue 4.500%, 6/1/30 | 1,040 | 1,315 | |
North Texas Municipal Water District Water System Revenue 5.000%, 9/1/31 | 500 | 634 | |
Northwest Independent School District, General Obligation (PSF-GTD Insured) 5.000%, 2/15/27 | 2,600 | 3,037 | |
San Antonio, City of, Electric & Gas Systems Revenue 5.000%, 2/1/26 | 1,000 | 1,202 | |
Texas Water Development Board Revenue 5.000%, 4/15/26 | 900 | 1,092 | |
Texas, State of, General Obligation 5.000%, 8/1/27 | 2,540 | 2,906 | |
Wichita Falls Independent School District (PSF-GTD Insured) 4.000%, 2/1/29 | 1,000 | 1,227 | |
37,321 | |||
Virginia—2.6% | |||
County of Fairfax, General Obligation (State AID Withholding Insured) 5.000%, 10/1/28 | 1,000 | 1,299 | |
Virginia College Building Authority Revenue 5.000%, 2/1/29 | 4,750 | 5,669 | |
6,968 | |||
Washington—8.6% | |||
Energy Northwest Revenue | |||
5.000%, 7/1/33 | 1,570 | 1,942 | |
5.000%, 7/1/34 | 8,000 | 9,403 | |
University of Washington | |||
5.000%, 4/1/27 | 700 | 872 | |
5.000%, 4/1/28 | 2,000 | 2,555 | |
Washington, State of, | |||
General Obligation 5.000%, 8/1/29 | 2,045 | 2,554 | |
General Obligation 5.000%, 2/1/30 | 5,000 | 5,982 | |
23,308 | |||
Wisconsin—2.6% | |||
Public Finance Authority | |||
5.000%, 6/1/27 | 300 | 373 |
Par Value | Value | ||
Wisconsin—continued | |||
5.000%, 6/1/28 | $ 500 | $ 635 | |
5.000%, 6/1/29 | 700 | 908 | |
5.000%, 6/1/30 | 1,000 | 1,322 | |
Wisconsin, State of, | |||
General Obligation 5.000%, 5/1/26 | 1,000 | 1,215 | |
General Obligation 5.000%, 5/1/27 | 2,000 | 2,501 | |
6,954 | |||
Total Municipal Bonds (Identified Cost $254,491) | 263,675 | ||
Total Long-Term Investments—97.1% (Identified Cost $254,491) | 263,675 | ||
Shares | ||
Short-Term Investment—21.5% | ||
Money Market Mutual Fund—21.5% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 58,483,130 | 58,483 |
Total Short-Term Investment (Identified Cost $58,483) | 58,483 | |
TOTAL INVESTMENTS—118.6% (Identified Cost $312,974) | $322,158 | |
Other assets and liabilities, net—(18.6)% | (50,456) | |
NET ASSETS—100.0% | $271,702 |
Abbreviations: | |
BAM | Build America Municipal Insured |
CNTY GTD | County Guarantee Program |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
SD CRED PROG | State Credit Enhancement Program |
Footnote Legend: | |
(1) | At June 30, 2021, 8.7% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $263,675 | $ — | $263,675 | ||
Money Market Mutual Fund | 58,483 | 58,483 | — | ||
Total Investments | $322,158 | $58,483 | $263,675 |
Par Value | Value | ||
U.S. Government Securities—43.6% | |||
U.S. Treasury Notes | |||
0.500%, 3/15/23 | $ 210 | $ 211 | |
0.125%, 8/15/23 | 1,332 | 1,328 | |
0.125%, 12/15/23 | 2,389 | 2,377 | |
0.375%, 4/15/24 | 1,372 | 1,370 | |
Total U.S. Government Securities (Identified Cost $5,296) | 5,286 | ||
Mortgage-Backed Securities—16.0% | |||
Agency—9.7% | |||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates KJ27, A1 2.092%, 7/25/24 | 257 | 265 | |
Federal Home Loan Mortgage Corp. REMIC | |||
4309, B 3.000%, 8/15/39 | 48 | 48 | |
4612, HA 2.500%, 5/15/41 | 67 | 68 | |
Federal National Mortgage Association REMIC | |||
2014-74, AE 3.000%, 9/25/40 | 114 | 117 | |
2017-33, DA 3.500%, 7/25/43 | 87 | 88 | |
2018-76, NA 3.500%, 7/25/43 | 380 | 389 | |
Government National Mortgage Association II 2013-23, VU 2.500%, 11/20/42 | 192 | 200 | |
1,175 | |||
Non-Agency—6.3% | |||
BWAY Mortgage Trust 2013-1515, A1 144A 2.809%, 3/10/33(1) | 152 | 157 | |
COMM Mortgage Trust | |||
2013-WWP, D 144A 3.898%, 3/10/31(1) | 170 | 178 | |
2012-CR2, A3 144A 2.841%, 8/15/45(1) | 99 | 100 | |
2012-CR5, A3 2.540%, 12/10/45 | 73 | 75 | |
2013-CR7, A4 3.213%, 3/10/46 | 110 | 115 | |
FRESB Mortgage Trust 2016-SB17, A5H 2.160%, 5/25/36(2) | 41 | 41 | |
Goldman Sachs Mortgage Securities Corp. II 2012-BWTR, A 144A 2.954%, 11/5/34(1) | 100 | 102 | |
768 | |||
Total Mortgage-Backed Securities (Identified Cost $1,919) | 1,943 | ||
Asset-Backed Securities—4.6% | |||
Automobiles—0.7% | |||
BMW Vehicle Owner Trust 2019-A, A3 1.920%, 1/25/24 | 76 | 76 |
Par Value | Value | ||
Credit Card—3.0% | |||
Barclays Dryrock Issuance Trust 2019-1, A 1.960%, 5/15/25 | $ 145 | $ 148 | |
CARDS II Trust 2021-1A, A 144A 0.602%, 4/15/27(1) | 150 | 150 | |
Discover Card Execution Note Trust 2019-A3, A 1.890%, 10/15/24 | 65 | 66 | |
364 | |||
Student Loan—0.9% | |||
SLM Student Loan Trust 2005-7, A4 (3 month LIBOR + 0.150%) 0.326%, 10/25/29(2) | 113 | 112 | |
Total Asset-Backed Securities (Identified Cost $549) | 552 | ||
Corporate Bonds and Notes—35.5% | |||
Communication Services—4.2% | |||
AT&T, Inc. 0.900%, 3/25/24 | 282 | 283 | |
Verizon Communications, Inc. 0.750%, 3/22/24 | 225 | 226 | |
509 | |||
Consumer Discretionary—2.8% | |||
Eaton Corp. 2.750%, 11/2/22 | 120 | 124 | |
Ford Motor Co. 8.500%, 4/21/23 | 145 | 162 | |
Ralph Lauren Corp. 1.700%, 6/15/22 | 61 | 61 | |
347 | |||
Consumer Staples—0.9% | |||
7-Eleven, Inc. 144A 0.800%, 2/10/24(1) | 107 | 107 | |
Energy—4.9% | |||
EOG Resources, Inc. 2.625%, 3/15/23 | 116 | 120 | |
HollyFrontier Corp. 2.625%, 10/1/23 | 119 | 123 | |
Marathon Petroleum Corp. 4.500%, 5/1/23 | 160 | 170 | |
Pioneer Natural Resources Co. 0.750%, 1/15/24 | 179 | 179 | |
592 | |||
Financials—9.2% | |||
Barclays plc 1.007%, 12/10/24 | 200 | 201 | |
BP Capital Markets America, Inc. 2.937%, 4/6/23 | 107 | 112 | |
General Motors Financial Co., Inc. 1.700%, 8/18/23 | 125 | 127 | |
Goldman Sachs Group, Inc. (The) 0.657%, 9/10/24 | 205 | 205 |
Par Value | Value | ||
Financials—continued | |||
Hyundai Capital America 144A 0.875%, 6/14/24(1) | $ 120 | $ 119 | |
Royal Bank of Canada 1.600%, 4/17/23 | 99 | 101 | |
State Street Corp. 2.825%, 3/30/23 | 135 | 137 | |
Toyota Motor Credit Corp. 0.450%, 1/11/24 | 111 | 111 | |
1,113 | |||
Health Care—1.9% | |||
AbbVie, Inc. 2.300%, 11/21/22 | 117 | 120 | |
Bristol-Myers Squibb Co. 2.600%, 5/16/22 | 104 | 106 | |
226 | |||
Industrials—4.7% | |||
Boeing Co. (The) 4.508%, 5/1/23 | 378 | 403 | |
Park Aerospace Holdings Ltd. 144A 4.500%, 3/15/23(1) | 162 | 170 | |
573 | |||
Information Technology—3.1% | |||
Fidelity National Information Services, Inc. 0.375%, 3/1/23 | 136 | 136 | |
Skyworks Solutions, Inc. 0.900%, 6/1/23 | 235 | 236 | |
372 | |||
Materials—1.8% | |||
Martin Marietta Materials, Inc. 0.650%, 7/15/23 | 98 | 98 | |
Newmont Corp. 3.700%, 3/15/23 | 111 | 116 | |
214 | |||
Utilities—2.0% | |||
Pacific Gas and Electric Co. 1.750%, 6/16/22 | 123 | 123 | |
Southern Co. (The) 2.950%, 7/1/23 | 119 | 124 | |
247 | |||
Total Corporate Bonds and Notes (Identified Cost $4,212) | 4,300 | ||
Total Long-Term Investments—99.7% (Identified Cost $11,976) | 12,081 | ||
Shares | Value | ||
Short-Term Investment—0.2% | |||
Money Market Mutual Fund—0.2% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 29,769 | $ 30 | |
Total Short-Term Investment (Identified Cost $30) | 30 | ||
TOTAL INVESTMENTS—99.9% (Identified Cost $12,006) | $12,111 | ||
Other assets and liabilities, net—0.1% | 8 | ||
NET ASSETS—100.0% | $12,119 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
NA | National Association |
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 June 30, 2021, these securities amounted to a value of $1,083 or 8.9% of net assets. |
(2) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $ 552 | $— | $ 552 | ||
Corporate Bonds and Notes | 4,300 | — | 4,300 | ||
Mortgage-Backed Securities | 1,943 | — | 1,943 | ||
U.S. Government Securities | 5,286 | — | 5,286 | ||
Money Market Mutual Fund | 30 | 30 | — | ||
Total Investments | $12,111 | $30 | $12,081 |
Par Value | Value | ||
Municipal Bonds(1)—85.2% | |||
Arizona—9.6% | |||
Arizona State University 0.030%, 7/1/34(2) | $350 | $ 350 | |
Salt River Project Agricultural Improvement & Power District Revenue 5.000%, 1/1/26 | 500 | 594 | |
944 | |||
California—5.7% | |||
California County Tobacco Securitization Agency Revenue 5.000%, 6/1/26 | 100 | 122 | |
California, State of, General Obligation 5.000%, 12/1/27 | 350 | 443 | |
565 | |||
Colorado—9.6% | |||
Colorado, City of, Springs Co. Utilities System Revenue 0.030%, 11/1/41(2) | 400 | 400 | |
E-470 Public Highway Authority 5.000%, 9/1/26 | 450 | 547 | |
947 | |||
Connecticut—4.2% | |||
Connecticut, State of, Special Tax Revenue 5.000%, 5/1/22 | 400 | 416 | |
Georgia—5.9% | |||
Atlanta, City of, Department of Aviation Revenue 5.000%, 1/1/28 | 250 | 279 | |
Forsyth County School District General Obligation 5.000%, 2/1/26 | 250 | 302 | |
581 | |||
New Jersey—9.7% | |||
New Jersey, State of, General Obligation 5.000%, 6/1/26 | 500 | 605 | |
New Jersey Transportation Trust Fund Authority Revenue 5.000%, 6/15/25 | 300 | 351 | |
956 | |||
New York—6.0% | |||
Monroe County Industrial Development Corp. 5.000%, 12/1/26 | 300 | 364 | |
New York City Water & Sewer System Revenue 5.000%, 6/15/25 | 200 | 223 | |
587 | |||
North Carolina—3.5% | |||
Charlotte, City of, Water & Sewer System Revenue 0.020%, 7/1/36(2) | 350 | 350 | |
Texas—20.0% | |||
Carrollton-Farmers Branch Independent School District (PSF-GTD Insured) 5.000%, 2/15/22 | 250 | 258 |
Par Value | Value | ||
Texas—continued | |||
Central Texas Regional Mobility Authority Revenue 5.000%, 1/1/27 | $175 | $ 207 | |
North Texas Tollway Authority, | |||
Toll Highway Revenue 5.000%, 1/1/25 | 625 | 670 | |
Toll Highway Revenue 5.000%, 1/1/26 | 500 | 535 | |
Texas Water Development Board Revenue 5.000%, 4/15/26 | 250 | 303 | |
1,973 | |||
Utah—7.2% | |||
University of Utah Revenue 5.000%, 8/1/26 | 250 | 306 | |
Utah County, Revenue 0.050%, 5/15/51(2) | 400 | 400 | |
706 | |||
Washington—3.8% | |||
University of Washington 5.000%, 4/1/27 | 300 | 374 | |
Total Municipal Bonds (Identified Cost $8,261) | 8,399 | ||
Total Long-Term Investments—85.2% (Identified Cost $8,261) | 8,399 | ||
Shares | ||
Short-Term Investment—17.5% | ||
Money Market Mutual Fund—17.5% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 1,729,844 | 1,730 |
Total Short-Term Investment (Identified Cost $1,730) | 1,730 | |
TOTAL INVESTMENTS—102.7% (Identified Cost $9,991) | $10,129 | |
Other assets and liabilities, net—(2.7)% | (266) | |
NET ASSETS—100.0% | $ 9,863 |
Abbreviation: | |
PSF-GTD | Permanent School Fund Guarantee Program |
Footnote Legend: | |
(1) | At June 30, 2021, 2.5% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Variable or step coupon security; interest rate shown reflects the rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Municipal Bonds | $ 8,399 | $ — | $8,399 | ||
Money Market Mutual Fund | 1,730 | 1,730 | — | ||
Total Investments | $10,129 | $1,730 | $8,399 |
Par Value | Value | ||
U.S. Government Securities—41.0% | |||
U.S. Treasury Bonds 1.875%, 2/15/51 | $ 24,832 | $ 23,699 | |
U.S. Treasury Notes | |||
2.750%, 8/15/21 | 7,589 | 7,615 | |
1.750%, 5/31/22(1) | 24,000 | 24,364 | |
1.375%, 6/30/23 | 58,784 | 60,104 | |
0.125%, 12/15/23 | 6,062 | 6,030 | |
1.500%, 10/31/24 | 953 | 983 | |
0.500%, 3/31/25 | 2,117 | 2,107 | |
0.250%, 9/30/25 | 31,014 | 30,361 | |
1.625%, 5/15/31 | 16,982 | 17,242 | |
Total U.S. Government Securities (Identified Cost $170,722) | 172,505 | ||
Mortgage-Backed Securities—19.5% | |||
Agency—15.1% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #C04123 4.000%, 7/1/42 | 423 | 462 | |
Pool #G60019 4.500%, 3/1/44 | 530 | 588 | |
Pool #Q35611 4.000%, 9/1/45 | 1,567 | 1,685 | |
Pool #V81992 4.000%, 10/1/45 | 1,027 | 1,116 | |
Pool #G60661 4.000%, 7/1/46 | 1,264 | 1,364 | |
Pool #Q42921 3.500%, 9/1/46 | 1,700 | 1,836 | |
Pool #Q51758 3.500%, 10/1/47 | 239 | 253 | |
Pool #ZM5226 3.500%, 12/1/47 | 1,449 | 1,552 | |
Pool #Q53881 4.500%, 1/1/48 | 1,649 | 1,796 | |
Pool #ZT0509 3.000%, 8/1/48 | 479 | 508 | |
Pool #Q61680 4.000%, 2/1/49 | 1,221 | 1,305 | |
Pool #QA3079 3.500%, 10/1/49 | 758 | 815 | |
Pool #QA4766 3.500%, 11/1/49 | 1,501 | 1,614 | |
Pool #SD0164 3.500%, 12/1/49 | 2,837 | 3,033 | |
Pool #QA6331 3.500%, 1/1/50 | 254 | 267 | |
Pool #QA8967 3.000%, 4/1/50 | 2,370 | 2,477 | |
Pool #QC2300 3.000%, 5/1/51 | 849 | 903 | |
Pool #QC2692 3.000%, 6/1/51 | 919 | 968 | |
Pool #QC2749 3.000%, 6/1/51 | 1,431 | 1,502 | |
Pool #QC2868 3.000%, 6/1/51 | 155 | 165 | |
Pool #QC2869 3.000%, 6/1/51 | 2,290 | 2,426 | |
Pool #QC2830 3.500%, 6/1/51 | 545 | 575 |
Par Value | Value | ||
Agency—continued | |||
Federal National Mortgage Association | |||
Pool #FM1039 3.500%, 4/1/39 | $ 1,353 | $ 1,436 | |
Pool #BO8589 3.000%, 3/1/40 | 248 | 260 | |
Pool #BK0396 3.000%, 11/1/44 | 344 | 361 | |
Pool #BE5050 4.000%, 9/1/45 | 2,033 | 2,235 | |
Pool #BH2594 3.500%, 8/1/47 | 730 | 773 | |
Pool #BH7058 3.500%, 12/1/47 | 771 | 813 | |
Pool #BH9215 3.500%, 1/1/48 | 1,455 | 1,534 | |
Pool #BN8510 3.500%, 5/1/49 | 479 | 504 | |
Pool #BO1345 3.500%, 8/1/49 | 2,083 | 2,211 | |
Pool #BO1351 4.000%, 8/1/49 | 962 | 1,037 | |
Pool #BO3024 3.500%, 10/1/49 | 1,358 | 1,464 | |
Pool #BO5325 3.000%, 11/1/49 | 544 | 569 | |
Pool #BO4386 3.500%, 11/1/49 | 3,032 | 3,201 | |
Pool #BO8894 3.000%, 12/1/49 | 346 | 364 | |
Pool #CA5122 3.000%, 2/1/50 | 1,839 | 1,939 | |
Pool #BP5431 3.000%, 6/1/50 | 760 | 796 | |
Pool #BP5432 3.000%, 6/1/50 | 994 | 1,044 | |
Pool #BR9135 3.000%, 5/1/51 | 1,216 | 1,282 | |
Pool #FM7290 3.000%, 5/1/51 | 2,470 | 2,604 | |
Pool #BT0907 3.000%, 6/1/51 | 768 | 809 | |
Pool #BT1809 3.000%, 6/1/51 | 3,904 | 4,107 | |
Pool #BT2849 3.000%, 6/1/51 | 1,747 | 1,847 | |
Pool #BT3321 3.000%, 6/1/51 | 944 | 994 | |
Pool #FM7539 3.000%, 6/1/51 | 2,097 | 2,213 | |
Pool #CB0867 3.500%, 6/1/51 | 1,860 | 1,982 | |
63,589 | |||
Non-Agency—4.4% | |||
BBCMS Trust 2021-C10, A5 2.492%, 7/15/54 | 1,500 | 1,557 | |
BB-UBS Trust | |||
2012-SHOW, A 144A 3.430%, 11/5/36(2) | 200 | 212 | |
2012-SHOW, B 144A 3.882%, 11/5/36(2) | 1,465 | 1,547 |
Par Value | Value | ||
Non-Agency—continued | |||
BWAY Mortgage Trust 2013-1515, A2 144A 3.454%, 3/10/33(2) | $ 1,830 | $ 1,958 | |
Century Plaza Towers 2019-CPT, B 144A 3.097%, 11/13/39(2)(3) | 1,495 | 1,587 | |
CF Hippolyta LLC | |||
2020-1, A1 144A 1.690%, 7/15/60(2) | 983 | 999 | |
2020-1, B1 144A 2.280%, 7/15/60(2) | 687 | 698 | |
Goldman Sachs Mortgage Securities Corp. II | |||
2005-ROCK, A 144A 5.366%, 5/3/32(2) | 1,445 | 1,647 | |
2012-BWTR, A 144A 2.954%, 11/5/34(2) | 575 | 587 | |
Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A 0.993%, 7/15/25(2)(3) | 509 | 509 | |
MAD Mortgage Trust 2017-330M, A 144A 3.294%, 8/15/34(2)(3) | 635 | 652 | |
Morgan Stanley Capital I Trust 2014-150E, A 144A 3.912%, 9/9/32(2) | 1,175 | 1,262 | |
SBA Tower Trust 144A 1.884%, 1/15/26(2) | 1,080 | 1,093 | |
SLG Office Trust 2021-OVA, A 144A 2.585%, 7/15/41(2) | 810 | 844 | |
Wells Fargo Commercial Mortgage Trust | |||
2013-BTC, A 144A 3.544%, 4/16/35(2) | 1,320 | 1,368 | |
2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.223%, 2/15/40(2)(3) | 768 | 771 | |
WFRBS Commercial Mortgage Trust 2012-C10, AS 3.241%, 12/15/45 | 1,080 | 1,107 | |
18,398 | |||
Total Mortgage-Backed Securities (Identified Cost $80,027) | 81,987 | ||
Asset-Backed Securities—2.9% | |||
Credit Card—1.4% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 0.734%, 5/15/28(3) | 3,024 | 2,995 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 0.843%, 5/14/29(3) | 2,710 | 2,769 | |
5,764 | |||
Other—1.5% | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(2) | 566 | 591 | |
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(2) | 982 | 1,026 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(2) | 1,975 | 2,115 | |
Stack Infrastructure Issuer LLC 2021-1A, A2 144A 1.877%, 3/26/46(2) | 1,220 | 1,225 |
Par Value | Value | ||
Other—continued | |||
Vantage Data Centers LLC 2020-2A, A2 144A 1.992%, 9/15/45(2) | $ 1,425 | $ 1,417 | |
6,374 | |||
Total Asset-Backed Securities (Identified Cost $11,822) | 12,138 | ||
Corporate Bonds and Notes—34.8% | |||
Communication Services—2.7% | |||
AT&T, Inc. | |||
2.250%, 2/1/32 | 967 | 949 | |
3.300%, 2/1/52 | 1,059 | 1,030 | |
144A 3.500%, 9/15/53(2) | 2,051 | 2,061 | |
Comcast Corp. 1.950%, 1/15/31 | 1,898 | 1,871 | |
T-Mobile USA, Inc. 2.625%, 4/15/26 | 1,606 | 1,642 | |
Verizon Communications, Inc. | |||
3.150%, 3/22/30 | 472 | 510 | |
3.400%, 3/22/41 | 1,125 | 1,190 | |
ViacomCBS, Inc. | |||
4.200%, 5/19/32 | 759 | 876 | |
4.950%, 5/19/50(4) | 1,055 | 1,332 | |
11,461 | |||
Consumer Discretionary—3.2% | |||
Carnival Corp. 144A 9.875%, 8/1/27(2) | 4,291 | 5,010 | |
Ford Motor Co. | |||
8.500%, 4/21/23 | 488 | 545 | |
9.000%, 4/22/25 | 2,080 | 2,564 | |
9.625%, 4/22/30 | 712 | 1,022 | |
Kohl’s Corp. 3.375%, 5/1/31 | 1,044 | 1,081 | |
Marriott International, Inc. | |||
3.500%, 10/15/32 | 1,451 | 1,541 | |
Series HH 2.850%, 4/15/31 | 860 | 873 | |
NIKE, Inc. 3.375%, 3/27/50 | 953 | 1,073 | |
13,709 | |||
Consumer Staples—1.2% | |||
Coca-Cola Co. (The) 1.000%, 3/15/28 | 1,989 | 1,928 | |
Kroger Co. (The) 3.950%, 1/15/50 | 1,019 | 1,159 | |
Mars, Inc. 144A 2.450%, 7/16/50(2) | 2,104 | 1,953 | |
5,040 | |||
Energy—4.1% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 368 | 415 | |
EOG Resources, Inc. 4.950%, 4/15/50 | 1,938 | 2,579 | |
HollyFrontier Corp. 4.500%, 10/1/30 | 1,616 | 1,729 |
Par Value | Value | ||
Energy—continued | |||
Marathon Petroleum Corp. 4.500%, 5/1/23 | $ 1,377 | $ 1,468 | |
Petroleos Mexicanos 6.875%, 8/4/26 | 4,142 | 4,527 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 2,911 | 2,805 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 2,554 | 2,733 | |
Shell International Finance B.V. 2.375%, 4/6/25 | 824 | 866 | |
17,122 | |||
Financials—10.7% | |||
Avolon Holdings Funding Ltd. | |||
144A 5.500%, 1/15/26(2) | 1,196 | 1,357 | |
144A 2.125%, 2/21/26(2) | 2,127 | 2,118 | |
144A 4.250%, 4/15/26(2) | 797 | 864 | |
Bank of America Corp. 2.087%, 6/14/29 | 812 | 819 | |
BP Capital Markets America, Inc. 3.633%, 4/6/30 | 2,981 | 3,342 | |
Charles Schwab Corp. (The) 4.000% (5) | 1,522 | 1,587 | |
Chubb INA Holdings, Inc. 1.375%, 9/15/30 | 1,905 | 1,812 | |
Citigroup, Inc. 3.980%, 3/20/30 | 1,311 | 1,485 | |
Ford Motor Credit Co. LLC | |||
2.900%, 2/16/28 | 1,255 | 1,249 | |
4.000%, 11/13/30 | 2,670 | 2,797 | |
General Motors Financial Co., Inc. | |||
2.750%, 6/20/25 | 1,995 | 2,100 | |
3.600%, 6/21/30 | 2,002 | 2,168 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 2,251 | 2,245 | |
Hartford Financial Services Group, Inc. (The) 2.800%, 8/19/29 | 869 | 912 | |
Hyundai Capital America 144A 2.000%, 6/15/28(2) | 1,202 | 1,192 | |
JPMorgan Chase & Co. | |||
3.207%, 4/1/23 | 1,100 | 1,124 | |
0.824%, 6/1/25 | 1,283 | 1,280 | |
1.578%, 4/22/27 | 1,235 | 1,241 | |
Morgan Stanley | |||
3.875%, 4/29/24 | 579 | 630 | |
1.593%, 5/4/27 | 2,219 | 2,235 | |
Newcrest Finance Pty Ltd. 144A 4.200%, 5/13/50(2) | 1,032 | 1,180 | |
Old Republic International Corp. 3.850%, 6/11/51 | 1,224 | 1,300 | |
OneMain Finance Corp. 4.000%, 9/15/30 | 2,551 | 2,529 | |
Schlumberger Investment S.A. 2.650%, 6/26/30 | 1,846 | 1,939 | |
State Street Corp. 2.200%, 3/3/31 | 1,866 | 1,881 | |
Travelers Cos., Inc. (The) | |||
4.050%, 3/7/48 | 1,231 | 1,504 | |
2.550%, 4/27/50 | 926 | 893 | |
Truist Bank 2.250%, 3/11/30 | 500 | 507 |
Par Value | Value | ||
Financials—continued | |||
US Bank NA 2.050%, 1/21/25 | $ 712 | $ 743 | |
45,033 | |||
Health Care—2.1% | |||
AbbVie, Inc. 4.250%, 11/21/49 | 1,813 | 2,173 | |
Anthem, Inc. | |||
1.500%, 3/15/26 | 2,013 | 2,036 | |
3.600%, 3/15/51 | 1,429 | 1,571 | |
Bristol-Myers Squibb Co. 4.250%, 10/26/49 | 463 | 584 | |
CommonSpirit Health 4.187%, 10/1/49 | 662 | 761 | |
Danaher Corp. 2.600%, 10/1/50 | 1,725 | 1,649 | |
8,774 | |||
Industrials—3.6% | |||
Boeing Co. (The) | |||
3.625%, 2/1/31 | 2,265 | 2,436 | |
5.805%, 5/1/50 | 2,964 | 3,991 | |
Carrier Global Corp. 3.577%, 4/5/50 | 1,972 | 2,091 | |
Dell International LLC 6.200%, 7/15/30 | 705 | 906 | |
General Dynamics Corp. 4.250%, 4/1/50 | 185 | 237 | |
General Electric Co. 4.350%, 5/1/50 | 992 | 1,200 | |
Masco Corp. 1.500%, 2/15/28 | 1,151 | 1,124 | |
United Airlines Pass-Through-Trust | |||
2020-1, A 5.875%, 10/15/27 | 1,411 | 1,566 | |
2020-1, B 4.875%, 1/15/26 | 563 | 597 | |
United Parcel Service, Inc. 4.450%, 4/1/30 | 783 | 948 | |
15,096 | |||
Information Technology—2.3% | |||
HP, Inc. | |||
3.000%, 6/17/27 | 884 | 947 | |
3.400%, 6/17/30 | 1,446 | 1,549 | |
Intel Corp. 3.100%, 2/15/60 | 926 | 946 | |
Intuit, Inc. 0.950%, 7/15/25 | 1,591 | 1,594 | |
NetApp, Inc. | |||
1.875%, 6/22/25 | 750 | 771 | |
2.700%, 6/22/30 | 2,805 | 2,927 | |
Skyworks Solutions, Inc. 3.000%, 6/1/31 | 1,138 | 1,163 | |
9,897 | |||
Materials—2.2% | |||
Amcor Flexibles North America, Inc. 2.630%, 6/19/30 | 544 | 556 |
Par Value | Value | ||
Materials—continued | |||
Barrick PD Australia Finance Pty Ltd. 5.950%, 10/15/39 | $ 1,747 | $ 2,418 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 764 | 807 | |
Martin Marietta Materials, Inc. 2.400%, 7/15/31 | 1,857 | 1,858 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 1,254 | 1,251 | |
6.250%, 10/1/39 | 1,231 | 1,782 | |
Packaging Corporation of America 4.050%, 12/15/49 | 532 | 625 | |
9,297 | |||
Utilities—2.7% | |||
Berkshire Hathaway Energy Co. 2.850%, 5/15/51 | 1,688 | 1,633 | |
Boardwalk Pipelines LP 3.400%, 2/15/31 | 675 | 716 | |
Cheniere Corpus Christi Holdings LLC 3.700%, 11/15/29 | 1,751 | 1,913 | |
Consolidated Edison Co. of New York, Inc. 3.950%, 4/1/50 | 966 | 1,097 | |
Dominion Energy, Inc. 3.375%, 4/1/30 | 1,245 | 1,356 | |
Pacific Gas and Electric Co. 2.500%, 2/1/31 | 948 | 889 | |
Southern Co. (The) 3.700%, 4/30/30 | 2,355 | 2,597 | |
Transcontinental Gas Pipe Line Co. LLC 3.950%, 5/15/50 | 915 | 1,022 | |
11,223 | |||
Total Corporate Bonds and Notes (Identified Cost $137,423) | 146,652 | ||
Total Long-Term Investments—98.2% (Identified Cost $399,994) | 413,282 | ||
Shares | ||
Short-Term Investment—1.3% | ||
Money Market Mutual Fund—1.3% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6) | 5,351,339 | 5,351 |
Total Short-Term Investment (Identified Cost $5,351) | 5,351 | |
Shares | Value | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(6)(7) | 1,344,070 | $ 1,344 | |
Total Securities Lending Collateral (Identified Cost $1,344) | 1,344 | ||
TOTAL INVESTMENTS—99.8% (Identified Cost $406,689) | $419,977 | ||
Other assets and liabilities, net—0.2% | 715 | ||
NET ASSETS—100.0% | $420,692 |
Abbreviations: | |
CDX.NA.HY | Credit Default Swap National Association High Yield |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
NA | National Association |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open swap contracts. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $37,843 or 9.0% of net assets. |
(3) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(4) | All or a portion of security is on loan. |
(5) | No contractual maturity date. |
(6) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(7) | Represents security purchased with cash collateral received for securities on loan. |
Counterparties: | |
ICE | Intercontinental Exchange |
Country Weightings† | |
United States | 95% |
Australia | 1 |
Mexico | 1 |
Luxembourg | 1 |
Panama | 1 |
Cayman Islands | 1 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Centrally cleared credit default swap - buy protection(1) outstanding as of June 30, 2021 were as follows: | |||||||||||||
Reference Entity | Payment Frequency | Counterparty | Fixed Rate | Expiration Date | Notional Amount(2) | Value | Premiums Paid (Received) | Unrealized Appreciation | Unrealized (Depreciation) | ||||
CDX.NA.HY.35 (3) | Quarterly | ICE | 5.000% | 12/20/25 | $(25,940) | $(2,663) | $(2,113) | $— | $(550) | ||||
Total | $(2,663) | $(2,113) | $— | $(550) |
Footnote Legend: | |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
(3) | CDX.NA.HY is composed of 100 liquid North American entities with high yield credit ratings as published by Markit® from time to time. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $ 12,138 | $ — | $ 12,138 | ||
Corporate Bonds and Notes | 146,652 | — | 146,652 | ||
Mortgage-Backed Securities | 81,987 | — | 81,987 | ||
U.S. Government Securities | 172,505 | — | 172,505 | ||
Securities Lending Collateral | 1,344 | 1,344 | — | ||
Money Market Mutual Fund | 5,351 | 5,351 | — | ||
Total Assets | 419,977 | 6,695 | 413,282 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Centrally Cleared Credit Default Swap | (2,663) | — | (2,663) | ||
Total Liabilities | (2,663) | — | (2,663) | ||
Total Investments | $417,314 | $6,695 | $410,619 |
Par Value | Value | ||
Mortgage-Backed Securities—94.1% | |||
Agency—94.1% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #WV0004 (1 month LIBOR + 0.330%, Cap N/A, Floor 0.330%) 0.416%, 1/1/30(1) | $13,950 | $ 13,939 | |
Pool #RD5051 2.500%, 12/1/30 | 2,301 | 2,433 | |
Pool #G15762 3.000%, 1/1/31 | 2,161 | 2,292 | |
Pool #RD5050 2.000%, 2/1/31 | 1,501 | 1,558 | |
Pool #ZS7409 3.000%, 4/1/31 | 1,062 | 1,130 | |
Pool #RC1375 2.500%, 7/1/31 | 1,423 | 1,488 | |
Pool #ZK9061 3.000%, 11/1/32 | 123 | 129 | |
Pool #RC1374 2.000%, 1/1/33 | 3,157 | 3,262 | |
Pool #848744 (12 month LIBOR + 1.789%, Cap 9.123%, Floor 1.789%) 2.147%, 5/1/34(1) | 4,492 | 4,741 | |
Pool #QN1794 2.500%, 3/1/35 | 18,064 | 18,897 | |
Pool #848736 (12 month LIBOR + 1.750%, Cap 9.571%, Floor 1.750%) 2.210%, 5/1/35(1) | 6,995 | 7,387 | |
Pool #QN3826 2.500%, 10/1/35 | 1,014 | 1,063 | |
Pool #QN4515 2.500%, 12/1/35 | 5,014 | 5,243 | |
Pool #QN4962 2.000%, 1/1/36 | 7,153 | 7,387 | |
Pool #QN4991 2.000%, 1/1/36 | 8,097 | 8,369 | |
Pool #QN5096 2.000%, 2/1/36 | 4,488 | 4,634 | |
Pool #QN5133 2.000%, 2/1/36 | 8,906 | 9,202 | |
Pool #QN5762 2.500%, 4/1/36 | 11,497 | 11,996 | |
Pool #QN6048 2.500%, 4/1/36 | 1,839 | 1,925 | |
Pool #QN6202 2.500%, 5/1/36 | 5,556 | 5,799 | |
Pool #RC2051 2.500%, 5/1/36 | 7,855 | 8,191 | |
Pool #QN6441 3.000%, 5/1/36 | 1,128 | 1,185 | |
Pool #848747 (12 month LIBOR + 1.870%, Cap 10.030%, Floor 1.870%) 2.261%, 7/1/36(1) | 4,062 | 4,295 | |
Pool #1Q1195 (12 month LIBOR + 1.616%, Cap 10.181%, Floor 1.616%) 2.011%, 5/1/37(1) | 2,722 | 2,871 | |
Pool #848796 (12 month LIBOR + 1.824%, Cap 9.926%, Floor 1.824%) 2.200%, 5/1/37(1) | 7,638 | 8,094 | |
Pool #1Q1420 (12 month LIBOR + 1.803%, Cap 10.715%, Floor 1.803%) 2.208%, 9/1/39(1) | 2,591 | 2,748 |
Par Value | Value | ||
Agency—continued | |||
Pool #2B3257 (12 month LIBOR + 1.630%, Cap 8.088%, Floor 1.630%) 3.087%, 10/1/44(1) | $ 1,153 | $ 1,201 | |
Pool #1B6503 (12 month LIBOR + 1.606%, Cap 6.929%, Floor 1.606%) 1.929%, 1/1/51(1) | 2,989 | 3,097 | |
Pool #1B6504 (12 month LIBOR + 1.613%, Cap 7.306%, Floor 1.613%) 2.305%, 1/1/51(1) | 7,376 | 7,684 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | |||
KS05, A (1 month LIBOR + 0.500%) 0.586%, 1/25/23(1) | 5,573 | 5,566 | |
KF15, A (1 month LIBOR + 0.670%) 0.756%, 2/25/23(1) | 1,653 | 1,652 | |
KF22, A (1 month LIBOR + 0.500%, Cap N/A, Floor 0.500%) 0.586%, 7/25/23(1) | 320 | 320 | |
KF29, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.360%) 0.446%, 2/25/24(1) | 8,777 | 8,801 | |
KF31, A (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 0.456%, 4/25/24(1) | 974 | 975 | |
KF32, A (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 0.456%, 5/25/24(1) | 2,272 | 2,275 | |
KJ27, A1 2.092%, 7/25/24 | 3,139 | 3,227 | |
KF36, A (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%) 0.426%, 8/25/24(1) | 5,045 | 5,051 | |
KF34, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.370%) 0.446%, 8/25/24(1) | 2,551 | 2,557 | |
KL3W, AFLW (1 month LIBOR + 0.450%, Cap N/A, Floor 0.450%) 0.557%, 8/25/25(1) | 21,805 | 21,920 | |
KF55, A (1 month LIBOR + 0.510%, Cap N/A, Floor 0.510%) 0.596%, 11/25/25(1) | 6,053 | 6,086 | |
KF16, A (1 month LIBOR + 0.630%) 0.716%, 3/25/26(1) | 372 | 372 | |
KF62, A (1 month LIBOR + 0.480%, Cap N/A, Floor 0.480%) 0.566%, 4/25/26(1) | 3,243 | 3,261 | |
KF74, AS (SOFR + 0.530%) 0.540%, 1/25/27(1) | 13,356 | 13,441 | |
KF30, A (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 0.456%, 3/25/27(1) | 2,483 | 2,485 | |
KF81, AS (SOFR30A + 0.400%) 0.410%, 6/25/27(1) | 9,328 | 9,359 | |
KF33, A (1 month LIBOR + 0.400%, Cap N/A, Floor 0.400%) 0.486%, 6/25/27(1) | 2,351 | 2,353 | |
KSKY, ATE (1 month LIBOR + 0.360%, Cap N/A, Floor 0.360%) 0.446%, 8/25/27(1) | 11,000 | 11,045 | |
KSKY, AT (1 month LIBOR + 0.440%, Cap N/A, Floor 0.440%) 0.526%, 8/25/27(1) | 2,500 | 2,459 |
Par Value | Value | ||
Agency—continued | |||
KF93, AL (1 month LIBOR + 0.280%, Cap N/A, Floor 0.280%) 0.366%, 10/25/27(1) | $11,170 | $ 11,190 | |
KS14, AL (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%) 0.426%, 4/25/30(1) | 8,500 | 8,525 | |
KF79, AS (SOFR30A + 0.580%) 0.590%, 5/25/30(1) | 14,593 | 14,690 | |
KF82, AS (SOFR30A + 0.420%) 0.430%, 6/25/30(1) | 5,676 | 5,710 | |
KF80, AS (SOFR30A + 0.510%) 0.520%, 6/25/30(1) | 9,605 | 9,663 | |
KF92, AL (1 month LIBOR + 0.330%, Cap N/A, Floor 0.330%) 0.416%, 10/25/30(1) | 10,000 | 10,026 | |
KF95, AL (1 month LIBOR + 0.260%, Cap N/A, Floor 0.260%) 0.346%, 11/25/30(1) | 4,499 | 4,507 | |
Federal Home Loan Mortgage Corp. REMIC | |||
3990, UA 2.500%, 1/15/26 | 3 | 3 | |
4224, KC 3.000%, 5/15/32 | 2,966 | 3,099 | |
2781, FA (1 month LIBOR + 0.350%, Cap 7.500%, Floor 0.350%) 0.423%, 4/15/34(1) | 4,052 | 4,038 | |
2796, F (1 month LIBOR + 0.500%, Cap 7.000%, Floor 0.500%) 0.573%, 5/15/34(1) | 2,557 | 2,590 | |
4879, DF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 0.473%, 8/15/34(1) | 6,073 | 6,149 | |
2980, FJ (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.373%, 11/15/34(1) | 6,701 | 6,749 | |
3107, FC (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.373%, 6/15/35(1) | 4,332 | 4,344 | |
3284, BF (1 month LIBOR + 0.300%, Cap 6.750%, Floor 0.300%) 0.373%, 3/15/37(1) | 3,545 | 3,578 | |
4057, CF (1 month LIBOR + 0.450%, Cap 6.500%, Floor 0.450%) 0.523%, 4/15/39(1) | 111 | 111 | |
4323, CB 2.000%, 3/15/40 | 268 | 269 | |
4048, GF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.423%, 10/15/40(1) | 3,120 | 3,127 | |
3800, AF (1 month LIBOR + 0.500%, Cap 7.000%, Floor 0.500%) 0.573%, 2/15/41(1) | 984 | 998 | |
3820, FA (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.423%, 3/15/41(1) | 8,757 | 8,832 | |
3990, GF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 0.473%, 3/15/41(1) | 3,732 | 3,748 | |
3954, PF (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 0.573%, 7/15/41(1) | 786 | 793 | |
4547, A 3.000%, 12/15/41 | 1,165 | 1,185 |
Par Value | Value | ||
Agency—continued | |||
4571, GA 3.000%, 1/15/42 | $ 813 | $ 826 | |
4203, PF (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%) 0.323%, 9/15/42(1) | 7,872 | 7,852 | |
4136, EF (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%) 0.323%, 11/15/42(1) | 3,144 | 3,151 | |
Federal National Mortgage Association | |||
2016-M3, ASQ2 2.263%, 2/25/23 | 286 | 288 | |
Pool #109523 (1 month LIBOR + 0.320%, Cap 98.890%, Floor 0.320%) 0.406%, 9/1/23(1) | 21,760 | 21,751 | |
2016-M9, FA (1 month LIBOR + 0.590%, Cap N/A, Floor 0.590%) 0.688%, 9/25/23(1) | 5,073 | 5,089 | |
Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%) 0.456%, 11/1/23(1) | 21,000 | 20,991 | |
2016-M13, FA (1 month LIBOR + 0.670%, Cap N/A, Floor 0.670%) 0.768%, 11/25/23(1) | 1,356 | 1,360 | |
Pool #AN4300 (1 month LIBOR + 0.560%, Cap 98.150%, Floor 0.560%) 0.646%, 1/1/24(1) | 13,586 | 13,580 | |
Pool #AN4364 (1 month LIBOR + 0.590%, Cap 98.130%, Floor 0.590%) 0.676%, 1/1/24(1) | 2,861 | 2,860 | |
2017-M2, FA (1 month LIBOR + 0.530%, Cap N/A, Floor 0.530%) 0.628%, 2/25/24(1) | 2,759 | 2,759 | |
2017-M11, FA (1 month LIBOR + 0.470%, Cap 6.000%, Floor 0.470%) 0.568%, 9/25/24(1) | 1,656 | 1,658 | |
2017-M13, FA (1 month LIBOR + 0.400%, Cap 6.000%, Floor 0.400%) 0.498%, 10/25/24(1) | 1,625 | 1,624 | |
2015-M14, FA (1 month LIBOR + 0.620%, Cap N/A, Floor 0.620%) 0.712%, 10/25/25(1) | 11,297 | 11,405 | |
2015-M6, FA (1 month LIBOR + 0.300%, Cap N/A, Floor 0.300%) 0.392%, 1/25/26(1) | 19,103 | 19,096 | |
Pool #BL4613 (1 month LIBOR + 0.660%, Cap 97.990%, Floor 0.660%) 0.746%, 9/1/26(1) | 8,700 | 8,668 | |
Pool #BS0309 (SOFR30A + 0.380%, Cap 97.930%, Floor 0.380%) 0.390%, 10/1/28(1) | 7,750 | 7,748 | |
Pool #BL5697 (1 month LIBOR + 0.650%, Cap 98.860%, Floor 0.650%) 0.736%, 2/1/30(1) | 6,300 | 6,298 | |
Pool #MA3929 3.000%, 2/1/30 | 6,330 | 6,684 | |
Pool #BL7250 (1 month LIBOR + 0.590%, Cap 98.200%, Floor 0.590%) 0.676%, 6/1/30(1) | 18,960 | 18,953 | |
Pool #BQ2292 2.000%, 8/1/30 | 21,967 | 22,760 | |
Pool #CA7127 2.000%, 9/1/30 | 12,974 | 13,443 |
Par Value | Value | ||
Agency—continued | |||
Pool #CA7533 1.500%, 10/1/30 | $ 1,947 | $ 1,993 | |
Pool #CA7539 2.000%, 10/1/30 | 7,947 | 8,234 | |
Pool #CA7879 2.000%, 11/1/30 | 12,303 | 12,750 | |
Pool #CA7884 2.500%, 11/1/30 | 2,097 | 2,208 | |
Pool #FM4697 2.500%, 11/1/30 | 931 | 977 | |
Pool #CA8350 2.000%, 12/1/30 | 15,198 | 15,776 | |
Pool #MA4212 2.500%, 12/1/30 | 832 | 877 | |
Pool #FM5348 3.000%, 12/1/30 | 4,534 | 4,799 | |
Pool #BS0549 (SOFR30A + 0.410%, Cap 98.400%, Floor 0.410%) 0.420%, 1/1/31(1) | 4,520 | 4,519 | |
Pool #BS0168 (SOFR30A + 0.420%, Cap 98.310%, Floor 0.420%) 0.430%, 1/1/31(1) | 31,100 | 31,092 | |
Pool #MA2820 2.500%, 11/1/31 | 867 | 894 | |
Pool #MA2979 2.500%, 4/1/32 | 880 | 904 | |
Pool #BO5445 2.500%, 10/1/34 | 2,219 | 2,331 | |
Pool #AD0064 (6 month LIBOR + 1.547%, Cap 10.921%, Floor 1.547%) 1.797%, 1/1/35(1) | 1,649 | 1,712 | |
Pool #FM2994 3.000%, 3/1/35 | 560 | 591 | |
Pool #CA6847 2.500%, 8/1/35 | 10,351 | 10,907 | |
Pool #FM4709 2.500%, 10/1/35 | 10,947 | 11,503 | |
Pool #BR1611 2.000%, 1/1/36 | 4,864 | 5,027 | |
Pool #MA2496 3.000%, 1/1/36 | 293 | 308 | |
Pool #BR0408 2.000%, 2/1/36 | 5,035 | 5,198 | |
Pool #BR1354 2.000%, 2/1/36 | 6,500 | 6,711 | |
Pool #BR2684 2.000%, 2/1/36 | 9,736 | 10,052 | |
Pool #BR3301 2.000%, 2/1/36 | 12,460 | 12,865 | |
Pool #BR4741 2.000%, 3/1/36 | 5,552 | 5,741 | |
Pool #BR5529 2.500%, 3/1/36 | 5,413 | 5,680 | |
Pool #AL2202 (12 month LIBOR + 1.700%, Cap 9.500%, Floor 1.700%) 2.221%, 6/1/36(1) | 2,005 | 2,115 | |
Pool #MA4362 3.000%, 6/1/36 | 4,843 | 5,116 | |
Pool #MA4385 3.000%, 7/1/36 | 1,946 | 2,048 | |
Pool #AL0960 (12 month LIBOR + 1.694%, Cap 9.765%, Floor 1.694%) 2.190%, 7/1/37(1) | 4,252 | 4,484 |
Par Value | Value | ||
Agency—continued | |||
Pool #AL0270 (12 month LIBOR + 1.650%, Cap 10.628%, Floor 1.650%) 2.214%, 8/1/38(1) | $ 1,161 | $ 1,225 | |
Pool #AL6516 (12 month LIBOR + 1.759%, Cap 8.683%, Floor 1.759%) 2.239%, 4/1/40(1) | 2,826 | 2,982 | |
Pool #AE0544 (12 month LIBOR + 1.743%, Cap 8.088%, Floor 1.743%) 2.265%, 11/1/40(1) | 2,042 | 2,153 | |
Pool #AL7812 (12 month LIBOR + 1.726%, Cap 8.340%, Floor 1.726%) 2.270%, 11/1/40(1) | 4,598 | 4,847 | |
Pool #AL7477 (12 month LIBOR + 1.797%, Cap 8.671%, Floor 1.797%) 2.313%, 12/1/40(1) | 2,431 | 2,570 | |
Pool #AL0323 (12 month LIBOR + 1.818%, Cap 8.273%, Floor 1.818%) 2.119%, 6/1/41(1) | 2,249 | 2,374 | |
Pool #AL8796 (12 month LIBOR + 1.824%, Cap 8.358%, Floor 1.824%) 2.347%, 9/1/41(1) | 6,432 | 6,796 | |
Pool #AL1886 (12 month LIBOR + 1.746%, Cap 8.429%, Floor 1.746%) 3.430%, 6/1/42(1) | 380 | 401 | |
Pool #AL8872 (12 month LIBOR + 1.800%, Cap 8.327%, Floor 1.800%) 2.255%, 7/1/42(1) | 9,171 | 9,686 | |
Pool #BM4557 (12 month LIBOR + 1.763%, Cap 7.944%, Floor 1.766%) 2.177%, 5/1/45(1) | 2,891 | 3,048 | |
Pool #BO7214 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%) 2.390%, 7/1/47(1) | 4,308 | 4,484 | |
Pool #BO6296 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%) 3.001%, 7/1/47(1) | 1,042 | 1,089 | |
Pool #BM1805 (12 month LIBOR + 1.604%, Cap 7.824%, Floor 1.604%) 2.833%, 9/1/47(1) | 9,045 | 9,345 | |
Pool #CA4499 (12 month LIBOR + 1.600%, Cap 7.672%, Floor 1.600%) 2.672%, 9/1/48(1) | 2,391 | 2,493 | |
Pool #BM4556 (12 month LIBOR + 1.597%, Cap 8.325%, Floor 1.597%) 3.325%, 10/1/48(1) | 5,718 | 5,998 | |
Pool #BO7215 (U.S. Treasury Yield Curve CMT 1 year + 1.650%, Cap 8.144%, Floor 1.650%) 3.054%, 4/1/49(1) | 1,530 | 1,599 | |
Pool #BO7216 (U.S. Treasury Yield Curve CMT 1 year + 1.650%, Cap 7.739%, Floor 1.650%) 2.739%, 5/1/49(1) | 475 | 487 | |
Pool #BP5563 (12 month LIBOR + 1.600%, Cap 7.516%, Floor 1.600%) 2.516%, 4/1/50(1) | 4,425 | 4,617 | |
Pool #BM6378 (12 month LIBOR + 1.607%, Cap 7.481%, Floor 1.607%) 2.481%, 7/1/50(1) | 3,283 | 3,380 | |
Federal National Mortgage Association REMIC | |||
2011-62, LF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 0.492%, 1/25/32(1) | 7,548 | 7,609 |
Par Value | Value | ||
Agency—continued | |||
2013-62, FQ (1 month LIBOR + 0.250%, Cap 7.000%, Floor 0.250%) 0.342%, 9/25/32(1) | $ 4,239 | $ 4,277 | |
2013-51, GB 1.500%, 10/25/32 | 1,450 | 1,475 | |
2018-92, AF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 0.492%, 5/25/33(1) | 7,402 | 7,467 | |
2005-17, FA (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.392%, 3/25/35(1) | 5,921 | 5,942 | |
2005-74, NA (1 month LIBOR + 0.420%, Cap 6.500%, Floor 0.420%) 0.512%, 5/25/35(1) | 10,667 | 10,740 | |
2005-58, KF (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 0.592%, 7/25/35(1) | 3,736 | 3,793 | |
2018-96, FC (1 month LIBOR + 0.450%, Cap 6.500%, Floor 0.450%) 0.542%, 10/25/35(1) | 7,616 | 7,684 | |
2006-31, FP (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 0.392%, 5/25/36(1) | 3,583 | 3,594 | |
2006-63, FD (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.542%, 7/25/36(1) | 4,325 | 4,377 | |
2006-113, NF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.442%, 9/25/36(1) | 3,306 | 3,321 | |
2007-106, FN (1 month LIBOR + 0.590%, Cap 7.000%, Floor 0.590%) 0.682%, 11/25/37(1) | 4,334 | 4,425 | |
2011-104, FE (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.442%, 3/25/39(1) | 1,282 | 1,283 | |
2011-117, PF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.442%, 7/25/39(1) | 1,067 | 1,067 | |
2011-144, PF (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.542%, 10/25/39(1) | 40 | 40 | |
2011-84, F (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.442%, 1/25/40(1) | 401 | 401 | |
2010-59, FC (1 month LIBOR + 1.000%, Cap 6.000%, Floor 1.000%) 1.092%, 1/25/40(1) | 3,767 | 3,855 | |
2012-17, GF (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.542%, 7/25/40(1) | 450 | 451 | |
2010-137, WB 2.525%, 7/25/40(1) | 1,447 | 1,501 | |
2012-71, FP (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 0.442%, 3/25/41(1) | 2,716 | 2,722 | |
2012-17, EF (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.542%, 3/25/41(1) | 1,924 | 1,935 | |
2012-38, PF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 0.492%, 9/25/41(1) | 1,148 | 1,157 | |
2016-2, LA 3.000%, 12/25/41 | 417 | 423 |
Par Value | Value | ||
Agency—continued | |||
2016-21, BA 3.000%, 3/25/42 | $ 3,554 | $ 3,614 | |
2012-133, FC (1 month LIBOR + 0.300%, Cap 6.500%, Floor 0.300%) 0.392%, 6/25/42(1) | 2,104 | 2,101 | |
2013-34, PF (1 month LIBOR + 0.350%, Cap 6.500%, Floor 0.350%) 0.442%, 8/25/42(1) | 5,955 | 5,917 | |
2017-18, CA 3.000%, 1/25/43 | 423 | 431 | |
2013-58, FY (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%) 0.342%, 2/25/43(1) | 3,248 | 3,254 | |
2016-36, FB (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 0.592%, 3/25/43(1) | 874 | 878 | |
2017-33, DA 3.500%, 7/25/43 | 1,684 | 1,701 | |
2017-104, PA 3.000%, 2/25/46 | 7,987 | 8,246 | |
2019-13, FG (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 0.492%, 4/25/49(1) | 12,004 | 12,198 | |
FRESB Mortgage Trust | |||
2015-SB6, A5 (1 month LIBOR + 0.700%) 0.786%, 9/25/35(1) | 1,491 | 1,492 | |
2016-SB13, A5H (1 month LIBOR + 0.700%) 0.786%, 1/25/36(1) | 10,422 | 10,419 | |
2016-SB16, A5H 0.786%, 5/25/36(1) | 8,385 | 8,371 | |
2016-SB18, A5H 2.110%, 5/25/36(1) | 951 | 950 | |
2016-SB23, A5H 1.980%, 9/25/36(1) | 1,140 | 1,141 | |
2016-SB22, A7H 2.190%, 9/25/36(1) | 232 | 238 | |
2016-SB23, A7H 2.200%, 9/25/36(1) | 9,086 | 9,284 | |
2018-SB50, A5H 3.000%, 4/25/38(1) | 924 | 949 | |
2015-SB3, A5 (1 month LIBOR + 0.700%) 0.786%, 8/25/42(1) | 294 | 294 | |
2016-SB19, A5H (1 month LIBOR + 0.700%) 0.786%, 1/25/46(1) | 1,144 | 1,144 | |
Government National Mortgage Association | |||
2003-57, FA (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 0.525%, 7/16/33(1) | 3,335 | 3,356 | |
2003-67, FP (1 month LIBOR + 0.900%, Cap 8.000%, Floor 0.900%) 1.834%, 8/20/33(1) | 2,855 | 2,889 | |
2004-38, FA (1 month LIBOR + 0.400%, Cap 8.000%, Floor 0.400%) 0.475%, 5/16/34(1) | 4,278 | 4,296 | |
2009-88, FA (1 month LIBOR + 0.750%, Cap 7.000%, Floor 0.750%) 0.825%, 10/16/39(1) | 5,952 | 6,061 | |
2011-28, FG (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 0.593%, 12/20/40(1) | 9,166 | 9,236 | |
2012-36, LF (1 month LIBOR + 0.330%, Cap 7.000%, Floor 0.330%) 0.423%, 3/20/42(1) | 1,498 | 1,505 |
Par Value | Value | ||
Agency—continued | |||
2017-95, PG 2.500%, 12/20/45 | $ 1,097 | $ 1,127 | |
2019-38, BA 2.500%, 8/20/48 | 10,357 | 10,573 | |
2016-H22, FJ (1 month LIBOR + 0.390%, Cap N/A, Floor 0.390%) 0.497%, 10/20/66(1) | 67 | 67 | |
Government National Mortgage Association I | |||
Pool #AC3667 1.660%, 8/15/26 | 1,049 | 1,065 | |
Pool #778668 3.000%, 12/15/26 | 451 | 469 | |
Pool #778776 3.000%, 1/15/27 | 134 | 140 | |
Pool #AA8329 2.000%, 2/15/28 | 518 | 531 | |
Pool #AF1057 2.000%, 7/15/28 | 152 | 157 | |
Government National Mortgage Association II | |||
Pool #4954 3.000%, 2/20/26 | 164 | 173 | |
Pool #MA0299 2.500%, 8/20/27 | 627 | 651 | |
Pool #MA0908 2.500%, 4/20/28 | 213 | 222 | |
Pool #MA1132 2.000%, 7/20/28 | 8,278 | 8,489 | |
Pool #CC0194 3.000%, 2/20/36 | 2,808 | 2,899 | |
Pool #MA7340 2.500%, 5/20/36 | 4,997 | 5,221 | |
Small Business Administration | |||
Pool #510076 (PRIME minus 2.650%) 0.600%, 5/25/27(1) | 3,296 | 3,327 | |
Pool #510083 (PRIME minus 2.650%) 0.600%, 9/25/27(1) | 1,055 | 1,066 | |
Pool #510241 (PRIME minus 2.600%) 0.650%, 10/25/27(1) | 3,434 | 3,484 | |
Pool #510254 (PRIME minus 2.600%) 0.650%, 5/25/28(1) | 6,331 | 6,424 | |
Pool #510228 (PRIME minus 2.500%) 0.750%, 7/25/28(1) | 933 | 950 | |
Pool #510219 (PRIME minus 2.650%) 0.600%, 11/25/28(1) | 3,458 | 3,492 | |
Pool #510273 (PRIME minus 2.500%) 0.750%, 11/25/28(1) | 6,015 | 6,125 | |
Pool #510256 (PRIME minus 2.600%) 0.650%, 12/25/28(1) | 6,904 | 7,005 |
Par Value | Value | ||
Agency—continued | |||
Pool #510032 (PRIME minus 2.650%) 0.600%, 6/25/34(1) | $ 3,062 | $ 3,092 | |
1,061,452 | |||
Total Mortgage-Backed Securities (Identified Cost $1,054,047) | 1,061,452 | ||
Total Long-Term Investments—94.1% (Identified Cost $1,054,047) | 1,061,452 | ||
Shares | ||
Short-Term Investment—5.0% | ||
Money Market Mutual Fund—5.0% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 56,927,134 | 56,927 |
Total Short-Term Investment (Identified Cost $56,927) | 56,927 | |
TOTAL INVESTMENTS—99.1% (Identified Cost $1,110,974) | $1,118,379 | |
Other assets and liabilities, net—0.9% | 9,639 | |
NET ASSETS—100.0% | $1,128,018 |
Abbreviations: | |
CMT | Constant Maturity Treasury |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR | Secured Overnight Financing Rate |
SOFR30A | Secured Overnight Financing Rate 30 Day Average |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Exchange-Traded Futures contracts as of June 30, 2021 were as follows: | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized (Depreciation) | |
2 Year U.S. Treasury Note Future | September 2021 | (132) | $(29,082) | $ 44 | $— | |
5 Year U.S. Treasury Note Future | September 2021 | (290) | (35,795) | 85 | — | |
Total | $129 | $— |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Mortgage-Backed Securities | $1,061,452 | $ — | $1,061,452 | ||
Money Market Mutual Fund | 56,927 | 56,927 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 129 | 129 | — | ||
Total Investments | $1,118,508 | $57,056 | $1,061,452 |
Total | Asset- Backed Securities | ||
Investments in Securities | |||
Balance as of December 31, 2020: | $ 12,299 | $ 12,299 | |
Accrued discount/(premium) | — (a) | — (a) | |
Change in unrealized appreciation (depreciation) | (7) | (7) | |
Transfers from Level 3 | (12,292) | (12,292) | |
Balance as of June 30, 2021 | $ — | $ — |
Par Value | Value | ||
U.S. Government Security—7.0% | |||
U.S. Treasury Notes 1.625%, 5/15/31 | $ 770 | $ 782 | |
Total U.S. Government Security (Identified Cost $770) | 782 | ||
Mortgage-Backed Securities—88.1% | |||
Agency—88.1% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #C91912 3.000%, 2/1/37 | 239 | 251 | |
Pool #C04123 4.000%, 7/1/42 | 106 | 116 | |
Pool #Q10929 3.500%, 9/1/42 | 155 | 168 | |
Pool #Q26366 4.000%, 5/1/44 | 82 | 91 | |
Pool #V81283 4.000%, 7/1/44 | 176 | 193 | |
Pool #G61157 3.500%, 10/1/44 | 123 | 132 | |
Pool #V81992 4.000%, 10/1/45 | 112 | 121 | |
Pool #Q38473 4.000%, 1/1/46 | 215 | 233 | |
Pool #Q39440 4.000%, 3/1/46 | 175 | 189 | |
Pool #Q40815 3.500%, 6/1/46 | 260 | 282 | |
Pool #ZA4786 3.000%, 12/1/46 | 146 | 155 | |
Pool #Q46110 3.500%, 2/1/47 | 153 | 164 | |
Pool #ZM4703 3.000%, 11/1/47 | 129 | 136 | |
Pool #Q53881 4.500%, 1/1/48 | 215 | 234 | |
Pool #ZT0509 3.000%, 8/1/48 | 132 | 140 | |
Pool #QA5557 3.000%, 12/1/49 | 163 | 172 | |
Pool #QA6331 3.500%, 1/1/50 | 129 | 136 | |
Pool #QA8043 3.000%, 3/1/50 | 152 | 160 | |
Pool #QA8967 3.000%, 4/1/50 | 126 | 132 | |
Pool #QB9831 2.500%, 3/1/51 | 393 | 408 | |
Pool #QC2692 3.000%, 6/1/51 | 136 | 143 | |
Pool #QC2749 3.000%, 6/1/51 | 250 | 262 | |
Pool #QC2869 3.000%, 6/1/51 | 106 | 112 | |
Federal National Mortgage Association | |||
Pool #AM8036 2.660%, 3/1/27 | 303 | 326 | |
Pool #MA2164 3.500%, 2/1/35 | 109 | 117 | |
Pool #AL7497 3.500%, 9/1/40 | 250 | 269 |
Par Value | Value | ||
Agency—continued | |||
Pool #MA0639 4.000%, 2/1/41 | $ 211 | $ 231 | |
Pool #AL0215 4.500%, 4/1/41 | 81 | 90 | |
Pool #AO8632 3.500%, 7/1/42 | 244 | 265 | |
Pool #MA2190 4.000%, 2/1/45 | 359 | 393 | |
Pool #MA2341 4.500%, 6/1/45 | 60 | 66 | |
Pool #AY8851 4.000%, 8/1/45 | 94 | 103 | |
Pool #BE5050 4.000%, 9/1/45 | 102 | 113 | |
Pool #AS6640 3.500%, 2/1/46 | 155 | 168 | |
Pool #BA4799 4.000%, 2/1/46 | 190 | 207 | |
Pool #BE7155 3.500%, 2/1/47 | 305 | 330 | |
Pool #BM3564 3.000%, 7/1/47 | 208 | 219 | |
Pool #MA3182 3.500%, 11/1/47 | 142 | 150 | |
Pool #BH9277 3.500%, 2/1/48 | 275 | 290 | |
Pool #BO5325 3.000%, 11/1/49 | 137 | 143 | |
Pool #CA5122 3.000%, 2/1/50 | 98 | 103 | |
Pool #CA6053 3.000%, 6/1/50 | 149 | 156 | |
Pool #FM3878 2.500%, 7/1/50 | 518 | 538 | |
Pool #BQ7616 2.500%, 11/1/50 | 444 | 460 | |
Pool #FM7290 3.000%, 5/1/51 | 200 | 210 | |
Pool #BT1809 3.000%, 6/1/51 | 200 | 211 | |
Pool #BT2849 3.000%, 6/1/51 | 200 | 211 | |
Government National Mortgage Association I | |||
Pool #AE8170 4.000%, 2/15/44 | 47 | 52 | |
Pool #635099 3.000%, 7/15/46 | 58 | 62 | |
Pool #774031 3.000%, 8/15/47 | 107 | 115 | |
Pool #AD6354 3.000%, 1/15/48 | 75 | 81 | |
9,809 | |||
Total Mortgage-Backed Securities (Identified Cost $9,496) | 9,809 | ||
Total Long-Term Investments—95.1% (Identified Cost $10,266) | 10,591 | ||
Shares | Value | ||
Short-Term Investment—2.0% | |||
Money Market Mutual Fund—2.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 221,282 | $ 221 | |
Total Short-Term Investment (Identified Cost $221) | 221 | ||
TOTAL INVESTMENTS—97.1% (Identified Cost $10,487) | $10,812 | ||
Other assets and liabilities, net—2.9% | 321 | ||
NET ASSETS—100.0% | $11,133 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Mortgage-Backed Securities | $ 9,809 | $ — | $ 9,809 | ||
U.S. Government Security | 782 | — | 782 | ||
Money Market Mutual Fund | 221 | 221 | — | ||
Total Investments | $10,812 | $221 | $10,591 |
Par Value | Value | ||
Mortgage-Backed Securities—26.8% | |||
Agency—8.4% | |||
Federal National Mortgage Association | |||
Pool #AN0777 2.750%, 11/1/21 | $ 455 | $ 456 | |
Pool #AM2292 (1 month LIBOR + 0.350%, Cap 97.760%, Floor 0.350%) 0.436%, 1/1/23(1) | 278 | 278 | |
Pool #AN4300 (1 month LIBOR + 0.560%, Cap 98.150%, Floor 0.560%) 0.646%, 1/1/24(1) | 461 | 461 | |
FRESB Mortgage Trust | |||
2015-SB7, A5 (1 month LIBOR + 0.700%) 0.786%, 9/25/35(1) | 154 | 152 | |
2016-SB16, A5H 0.786%, 5/25/36(1) | 366 | 365 | |
2016-SB23, A7H 2.200%, 9/25/36(1) | 743 | 759 | |
2018-SB50, A5H 3.000%, 4/25/38(1) | 370 | 380 | |
Small Business Administration Pool #510273 (PRIME minus 2.500%) 0.750%, 11/25/28(1) | 1,203 | 1,225 | |
4,076 | |||
Non-Agency—18.4% | |||
BBCMS Mortgage Trust 2018-TALL, A (1 month LIBOR + 0.722%, Cap N/A, Floor 0.722%) 144A 0.795%, 3/15/37(1)(2) | 1,000 | 994 | |
BWAY Mortgage Trust 2013-1515, A1 144A 2.809%, 3/10/33(2) | 737 | 764 | |
BX Commercial Mortgage Trust 2018-BIOA, A (1 month LIBOR + 0.671%, Cap N/A, Floor 0.648%)) 144A 0.744%, 3/15/37(1)(2) | 1,000 | 1,001 | |
Cold Storage Trust 2020-ICE5, A (1 month LIBOR + 0.900%, Cap N/A, Floor 0.900%)) 144A 0.973%, 11/15/37(1)(2) | 983 | 988 | |
GS Mortgage Securities Corp. Trust 2021-RENT, A (1 month LIBOR + 0.700%, Cap N/A, Floor 0.700%)) 144A 0.793%, 11/21/35(1)(2) | 1,000 | 1,000 | |
Hawaii Hotel Trust 2019-MAUI, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%)) 144A 1.223%, 5/15/38(1)(2) | 1,180 | 1,185 | |
JPMorgan Chase Commercial Mortgage Securities Trust 2012-C6, ASB 3.144%, 5/15/45 | 267 | 269 | |
MAD Mortgage Trust 2017-330M, A 144A 3.294%, 8/15/34(1)(2) | 1,000 | 1,027 | |
Wells Fargo Commercial Mortgage Trust 2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 1.223%, 2/15/40(1)(2) | 255 | 256 |
Par Value | Value | ||
Non-Agency—continued | |||
WFRBS Commercial Mortgage Trust 2012-C8, AFL (1 month LIBOR + 1.000%, Cap N/A, Floor 1.000%)) 144A 1.082%, 8/15/45(1)(2) | $1,503 | $ 1,504 | |
8,988 | |||
Total Mortgage-Backed Securities (Identified Cost $13,015) | 13,064 | ||
Asset-Backed Securities—10.8% | |||
Credit Card—5.8% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 0.734%, 5/15/28(1) | 1,253 | 1,241 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 0.843%, 5/14/29(1) | 1,100 | 1,124 | |
World Financial Network Credit Card Master Trust 2018-B, M 3.810%, 7/15/25 | 450 | 453 | |
2,818 | |||
Other—1.5% | |||
Taco Bell Funding LLC 2018-1A, A2I 144A 4.318%, 11/25/48(2) | 756 | 757 | |
Student Loan—3.5% | |||
SLM Student Loan Trust | |||
2005-4, A3 (3 month LIBOR + 0.120%) 0.296%, 1/25/27(1) | 645 | 643 | |
2005-7, A4 (3 month LIBOR + 0.150%) 0.326%, 10/25/29(1) | 972 | 967 | |
2005-8, A4 (3 month LIBOR + 0.550%) 0.726%, 1/25/28(1) | 88 | 89 | |
1,699 | |||
Total Asset-Backed Securities (Identified Cost $5,215) | 5,274 | ||
Corporate Bonds and Notes—38.8% | |||
Communication Services—4.1% | |||
AT&T, Inc. (SOFR + 0.640%) 0.690%, 3/25/24(1) | 1,000 | 1,002 | |
Verizon Communications, Inc. (SOFR + 0.500%) 0.550%, 3/22/24(1) | 1,000 | 1,008 | |
2,010 | |||
Consumer Discretionary—2.5% | |||
BMW US Capital LLC (3 month LIBOR + 0.500%) 144A 0.660%, 8/13/21(1)(2) | 500 | 500 | |
Eaton Corp. 2.750%, 11/2/22 | 494 | 510 | |
Ralph Lauren Corp. 1.700%, 6/15/22 | 228 | 231 | |
1,241 | |||
Par Value | Value | ||
Consumer Staples—1.6% | |||
7-Eleven, Inc. 144A 0.800%, 2/10/24(2) | $ 780 | $ 778 | |
Energy—4.0% | |||
HollyFrontier Corp. 2.625%, 10/1/23 | 753 | 779 | |
Marathon Petroleum Corp. 4.500%, 5/1/23 | 445 | 475 | |
Pioneer Natural Resources Co. 0.750%, 1/15/24 | 705 | 704 | |
1,958 | |||
Financials—13.8% | |||
Barclays plc 1.007%, 12/10/24 | 630 | 632 | |
Citigroup, Inc. (3 month LIBOR + 1.070%) 1.198%, 12/8/21(1) | 450 | 452 | |
Credit Suisse AG | |||
0.495%, 2/2/24 | 465 | 463 | |
(SOFR + 0.450%) 0.480%, 2/4/22(1) | 535 | 536 | |
General Motors Financial Co., Inc. 1.700%, 8/18/23 | 1,185 | 1,210 | |
Goldman Sachs Group, Inc. (The) (SOFR + 0.500%) 0.547%, 9/10/24(1) | 1,000 | 999 | |
Hyundai Capital America 144A 0.875%, 6/14/24(2) | 374 | 372 | |
New York Life Global Funding (3 month LIBOR + 0.320%) 144A 0.495%, 8/6/21(1)(2) | 440 | 440 | |
PNC Bank NA (3 month LIBOR + 0.430%) 0.553%, 12/9/22(1) | 750 | 751 | |
Wells Fargo & Co. | |||
2.100%, 7/26/21 | 380 | 381 | |
1.654%, 6/2/24 | 457 | 467 | |
6,703 | |||
Health Care—1.6% | |||
AbbVie, Inc. (3 month LIBOR + 0.460%) 0.610%, 11/19/21(1) | 800 | 801 | |
Industrials—4.6% | |||
Boeing Co. (The) 4.508%, 5/1/23 | 1,140 | 1,215 | |
Park Aerospace Holdings Ltd. 144A 4.500%, 3/15/23(2) | 574 | 603 | |
United Airlines Pass-Through-Trust 2020-1, B 4.875%, 1/15/26 | 388 | 412 | |
2,230 | |||
Information Technology—2.3% | |||
Intuit, Inc. 0.650%, 7/15/23 | 371 | 373 | |
Skyworks Solutions, Inc. 0.900%, 6/1/23 | 733 | 735 | |
1,108 | |||
Par Value | Value | ||
Materials—2.1% | |||
Martin Marietta Materials, Inc. 0.650%, 7/15/23 | $ 310 | $ 311 | |
Newmont Corp. 3.500%, 3/15/22 | 685 | 695 | |
1,006 | |||
Utilities—2.2% | |||
Pacific Gas and Electric Co. 1.750%, 6/16/22 | 542 | 542 | |
Southern Co. (The) 2.950%, 7/1/23 | 500 | 521 | |
1,063 | |||
Total Corporate Bonds and Notes (Identified Cost $18,732) | 18,898 | ||
Total Long-Term Investments—76.4% (Identified Cost $36,962) | 37,236 | ||
Shares | ||
Short-Term Investment—2.2% | ||
Money Market Mutual Fund—2.2% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 1,064,382 | 1,064 |
Total Short-Term Investment (Identified Cost $1,064) | 1,064 | |
TOTAL INVESTMENTS—78.6% (Identified Cost $38,026) | $38,300 | |
Other assets and liabilities, net—21.4% | 10,401 | |
NET ASSETS—100.0% | $48,701 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
NA | National Association |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of June 30, 2021. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2021, these securities amounted to a value of $12,169 or 25.0% of net assets. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings† | |
United States | 94% |
Switzerland | 3 |
United Kingdom | 2 |
Cayman Islands | 1 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Securities: | |||||
Asset-Backed Securities | $ 5,274 | $ — | $ 5,274 | ||
Corporate Bonds and Notes | 18,898 | — | 18,898 | ||
Mortgage-Backed Securities | 13,064 | — | 13,064 | ||
Money Market Mutual Fund | 1,064 | 1,064 | — | ||
Total Investments | $38,300 | $1,064 | $37,236 |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 115,752 | $ 175,358 | $ 2,270,617 | ||
Cash | 1,043 | 186 | 56,850 | ||
Due from broker | — | 724 | — | ||
Cash pledged as collateral for cleared swaps | — | 336 | — | ||
Margin due from counterparty on cleared swaps | — | — (a) | — | ||
Receivables | |||||
Investment securities sold | 3,959 | — | 106,701 | ||
Fund shares sold | 35 | 511 | 14,065 | ||
Dividends and interest | 415 | 1,093 | 6,343 | ||
Securities lending income | — (a) | — (a) | — | ||
Prepaid Trustees’ retainer | 1 | 1 | 23 | ||
Prepaid expenses | 29 | 37 | 66 | ||
Other assets | 10 | 9 | 174 | ||
Total assets | 121,244 | 178,255 | 2,454,839 | ||
Liabilities | |||||
Swaps at value(3) | — | 725 | — | ||
Payables | |||||
Fund shares repurchased | 119 | 135 | 4,521 | ||
Investment securities purchased | 4,056 | 33,383 | 252,629 | ||
Collateral on securities loaned | 376 | 1,098 | — | ||
Dividend distributions | — (a) | 2 | 885 | ||
Investment advisory fees | 13 | 29 | 575 | ||
Distribution and service fees | 2 | 3 | 22 | ||
Administration and accounting fees | 11 | 10 | 177 | ||
Transfer agent and sub-transfer agent fees and expenses | 24 | 34 | 518 | ||
Professional fees | 16 | 12 | 16 | ||
Trustee deferred compensation plan | 10 | 9 | 174 | ||
Interest expense and/or commitment fees | — (a) | — (a) | 81 | ||
Other accrued expenses | 14 | 4 | 200 | ||
Unrealized depreciation on unfunded loan commitments(b) | — | — | 127 | ||
Total liabilities | 4,641 | 35,444 | 259,925 | ||
Net Assets | $ 116,603 | $ 142,811 | $ 2,194,914 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 114,037 | $ 138,689 | $ 2,923,854 | ||
Accumulated earnings (loss) | 2,566 | 4,122 | (728,940) | ||
Net Assets | $ 116,603 | $ 142,811 | $ 2,194,914 | ||
Net Assets: | |||||
Class A | $ 9,032 | $ 8,798 | $ 39,918 | ||
Class C | $ — | $ 1,260 | $ 16,464 | ||
Class I | $ 106,120 | $ 132,655 | $ 1,961,474 | ||
Class R6 | $ 1,451 | $ 98 | $ 177,058 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 798,077 | 915,822 | 4,838,857 | ||
Class C | — | 131,780 | 1,994,895 | ||
Class I | 9,373,765 | 13,881,189 | 237,727,349 | ||
Class R6 | 128,195 | 10,256 | 21,442,191 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 11.32 | $ 9.61 | $ 8.25 | ||
Class C | $ — | $ 9.56 | $ 8.25 | ||
Class I | $ 11.32 | $ 9.56 | $ 8.25 | ||
Class R6 | $ 11.32 | $ 9.55 | $ 8.26 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 11.76 | $ 9.98 | $ 8.48 | ||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.75% | ||
(1) Investment in securities at cost | $ 112,105 | $ 170,745 | $ 2,275,596 | ||
(2) Market value of securities on loan | $ 366 | $ 1,069 | $ — | ||
(3) Includes premiums paid (received) on swaps | $ — | $ (575) | $ — |
(a) | Amount is less than $500. |
(b) | See Note 2l in Notes to Financial Statements. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix High Grade Municipal Bond Fund | Seix High Income Fund | Seix High Yield Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 75,007 | $ 230,114 | $ 455,727 | ||
Cash | 1,140 | 1,429 | 5,459 | ||
Receivables | |||||
Investment securities sold | — | 340 | 681 | ||
Fund shares sold | 34 | 75 | 864 | ||
Dividends and interest | 705 | 3,792 | 6,880 | ||
Securities lending income | — | 3 | 4 | ||
Prepaid Trustees’ retainer | 1 | 2 | 5 | ||
Prepaid expenses | 15 | 20 | 53 | ||
Other assets | 6 | 18 | 37 | ||
Total assets | 76,908 | 235,793 | 469,710 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 52 | 309 | 1,677 | ||
Investment securities purchased | 8,069 | 3,618 | 5,850 | ||
Collateral on securities loaned | — | 3,919 | 2,676 | ||
Dividend distributions | 35 | 42 | 215 | ||
Investment advisory fees | 12 | 61 | 129 | ||
Distribution and service fees | 1 | 4 | 4 | ||
Administration and accounting fees | 6 | 19 | 38 | ||
Transfer agent and sub-transfer agent fees and expenses | 15 | 70 | 79 | ||
Professional fees | 16 | 17 | 18 | ||
Trustee deferred compensation plan | 6 | 18 | 37 | ||
Interest expense and/or commitment fees | — (a) | — (a) | — (a) | ||
Other accrued expenses | 2 | 19 | 27 | ||
Total liabilities | 8,214 | 8,096 | 10,750 | ||
Net Assets | $ 68,694 | $ 227,697 | $ 458,960 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 65,275 | $ 317,136 | $ 495,610 | ||
Accumulated earnings (loss) | 3,419 | (89,439) | (36,650) | ||
Net Assets | $ 68,694 | $ 227,697 | $ 458,960 | ||
Net Assets: | |||||
Class A | $ 7,293 | $ 18,617 | $ 18,406 | ||
Class I | $ 61,401 | $ 198,193 | $ 422,579 | ||
Class R6 | $ — | $ 10,887 | $ 17,975 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 590,065 | 2,854,102 | 2,131,021 | ||
Class I | 4,969,419 | 30,429,378 | 47,698,082 | ||
Class R6 | — | 1,672,339 | 2,027,922 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 12.36 | $ 6.52 | $ 8.64 | ||
Class I | $ 12.36 | $ 6.51 | $ 8.86 | ||
Class R6 | $ — | $ 6.51 | $ 8.86 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 12.71 | $ 6.77 | $ 8.98 | ||
Maximum Sales Charge - Class A | 2.75% | 3.75% | 3.75% | ||
(1) Investment in securities at cost | $ 71,969 | $ 222,757 | $ 443,625 | ||
(2) Market value of securities on loan | $ — | $ 3,758 | $ 2,592 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | |||
Assets | |||||
Investment in securities at value(1) | $ 322,158 | $ 12,111 | $ 10,129 | ||
Cash | 5,822 | 118 | 302 | ||
Receivables | |||||
Investment securities sold | 2,648 | — | — | ||
Fund shares sold | 57 | — (a) | — (a) | ||
Receivable from adviser | — | 8 | 11 | ||
Dividends and interest | 2,524 | 27 | 72 | ||
Prepaid Trustees’ retainer | 3 | — (a) | — (a) | ||
Prepaid expenses | 22 | 17 | 14 | ||
Other assets | 23 | 1 | 1 | ||
Total assets | 333,257 | 12,282 | 10,529 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 1,447 | 37 | 49 | ||
Investment securities purchased | 59,401 | 98 | 590 | ||
Dividend distributions | 472 | — (a) | 6 | ||
Investment advisory fees | 55 | — | — | ||
Distribution and service fees | 2 | 2 | — (a) | ||
Administration and accounting fees | 23 | 2 | 1 | ||
Transfer agent and sub-transfer agent fees and expenses | 102 | 6 | 3 | ||
Professional fees | 10 | 16 | 16 | ||
Trustee deferred compensation plan | 23 | 1 | 1 | ||
Interest expense and/or commitment fees | 1 | — (a) | — (a) | ||
Other accrued expenses | 19 | 1 | — | ||
Total liabilities | 61,555 | 163 | 666 | ||
Net Assets | $ 271,702 | $ 12,119 | $ 9,863 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 260,425 | $ 11,963 | $ 9,652 | ||
Accumulated earnings (loss) | 11,277 | 156 | 211 | ||
Net Assets | $ 271,702 | $ 12,119 | $ 9,863 | ||
Net Assets: | |||||
Class A | $ 8,238 | $ 5,465 | $ 1,394 | ||
Class C | $ — | $ 1,259 | $ — | ||
Class I | $ 263,464 | $ 5,395 | $ 8,469 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 692,567 | 535,682 | 139,111 | ||
Class C | — | 123,478 | — | ||
Class I | 22,176,919 | 530,336 | 844,595 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 11.89 | $ 10.20 | $ 10.02 | ||
Class C | $ — | $ 10.20 | $ — | ||
Class I | $ 11.88 | $ 10.17 | $ 10.03 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 12.23 | $ 10.43 | $ 10.25 | ||
Maximum Sales Charge - Class A | 2.75% | 2.25% | 2.25% | ||
(1) Investment in securities at cost | $ 312,974 | $ 12,006 | $ 9,991 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 419,977 | $ 1,118,379 | $ 10,812 | ||
Cash | 6,300 | 7,405 | 314 | ||
Due from broker | 1,420 | 4 | — | ||
Cash pledged as collateral for futures | — | 278 | — | ||
Cash pledged as collateral for cleared swaps | 1,236 | — | — | ||
Margin due from counterparty on cleared swaps | 3 | — | — | ||
Receivables | |||||
Investment securities sold | — | 1,467 | — | ||
Fund shares sold | 1,275 | 1,688 | 2 | ||
Receivable from adviser | — | — | 5 | ||
Dividends and interest | 1,846 | 1,104 | 27 | ||
Securities lending income | 1 | — | — | ||
Prepaid Trustees’ retainer | 4 | 10 | — (a) | ||
Prepaid expenses | 44 | 25 | 18 | ||
Other assets | 34 | 91 | 1 | ||
Total assets | 432,140 | 1,130,451 | 11,179 | ||
Liabilities | |||||
Variation margin payable on futures contracts | — | 21 | — | ||
Swaps at value(3) | 2,663 | — | — | ||
Payables | |||||
Fund shares repurchased | 446 | 691 | 14 | ||
Investment securities purchased | 6,733 | 1,034 | — | ||
Collateral on securities loaned | 1,344 | — | — | ||
Dividend distributions | 14 | 44 | 3 | ||
Investment advisory fees | 41 | 100 | — | ||
Distribution and service fees | 3 | 4 | 1 | ||
Administration and accounting fees | 35 | 92 | 2 | ||
Transfer agent and sub-transfer agent fees and expenses | 83 | 250 | 9 | ||
Professional fees | 19 | 21 | 16 | ||
Trustee deferred compensation plan | 34 | 91 | 1 | ||
Interest expense and/or commitment fees | 1 | 2 | — (a) | ||
Other accrued expenses | 32 | 83 | — | ||
Total liabilities | 11,448 | 2,433 | 46 | ||
Net Assets | $ 420,692 | $ 1,128,018 | $ 11,133 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 411,946 | $ 1,126,439 | $ 10,711 | ||
Accumulated earnings (loss) | 8,746 | 1,579 | 422 | ||
Net Assets | $ 420,692 | $ 1,128,018 | $ 11,133 | ||
Net Assets: | |||||
Class A | $ 13,252 | $ 19,173 | $ 5,151 | ||
Class C | $ — | $ — | $ 271 | ||
Class I | $ 282,685 | $ 1,002,905 | $ 5,711 | ||
Class R6 | $ 124,755 | $ 105,940 | $ — | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 1,132,605 | 1,911,045 | 459,381 | ||
Class C | — | — | 24,081 | ||
Class I | 24,988,885 | 99,968,149 | 508,512 | ||
Class R6 | 11,031,545 | 10,545,105 | — | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 11.70 | $ 10.03 | $ 11.21 | ||
Class C | $ — | $ — | $ 11.23 | ||
Class I | $ 11.31 | $ 10.03 | $ 11.23 | ||
Class R6 | $ 11.31 | $ 10.05 | $ — | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 12.16 | $ — | $ 11.47 | ||
Maximum Sales Charge - Class A | 3.75% | —% | 2.25% | ||
(1) Investment in securities at cost | $ 406,689 | $ 1,110,974 | $ 10,487 | ||
(2) Market value of securities on loan | $ 1,306 | $ — | $ — |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
(3) Includes premiums paid (received) on swaps | $ (2,113) | $ — | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Ultra-Short Bond Fund | |
Assets | |
Investment in securities at value(1) | $ 38,300 |
Cash | 586 |
Receivables | |
Investment securities sold | 57 |
Fund shares sold | 10,000 |
Receivable from adviser | 7 |
Dividends and interest | 89 |
Prepaid Trustees’ retainer | — (a) |
Prepaid expenses | 26 |
Other assets | 3 |
Total assets | 49,068 |
Liabilities | |
Payables | |
Fund shares repurchased | 18 |
Investment securities purchased | 310 |
Dividend distributions | 1 |
Distribution and service fees | 1 |
Administration and accounting fees | 4 |
Transfer agent and sub-transfer agent fees and expenses | 9 |
Professional fees | 16 |
Trustee deferred compensation plan | 3 |
Interest expense and/or commitment fees | — (a) |
Other accrued expenses | 5 |
Total liabilities | 367 |
Net Assets | $ 48,701 |
Net Assets Consist of: | |
Capital paid in on shares of beneficial interest | $ 49,038 |
Accumulated earnings (loss) | (337) |
Net Assets | $ 48,701 |
Net Assets: | |
Class A | $ 4,282 |
Class I | $ 44,419 |
Shares Outstanding (unlimited number of shares authorized, no par value): | |
Class A | 429,172 |
Class I | 4,454,852 |
Net Asset Value and Redemption Price Per Share:* | |
Class A | $ 9.98 |
Class I | $ 9.97 |
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |
Class A | $ — |
Maximum Sales Charge - Class A | —% |
(1) Investment in securities at cost | $ 38,026 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | |||
Investment Income | |||||
Dividends | $ 1 | $ —(1) | $ 44 | ||
Interest | 1,024 | 1,548 | 40,365 | ||
Securities lending, net of fees | 3 | 1 | — | ||
Total investment income | 1,028 | 1,549 | 40,409 | ||
Expenses | |||||
Investment advisory fees | 192 | 220 | 4,086 | ||
Distribution and service fees, Class A | 12 | 11 | 46 | ||
Distribution and service fees, Class C | — | 7 | 92 | ||
Administration and accounting fees | 80 | 59 | 964 | ||
Transfer agent fees and expenses | 32 | 23 | 418 | ||
Sub-transfer agent fees and expenses, Class A | 7 | 5 | 15 | ||
Sub-transfer agent fees and expenses, Class C | — | — (1) | 5 | ||
Sub-transfer agent fees and expenses, Class I | 71 | 54 | 980 | ||
Custodian fees | 1 | — | 2 | ||
Printing fees and expenses | 6 | 5 | 57 | ||
Professional fees | 15 | 14 | 32 | ||
Interest expense and/or commitment fees | — (1) | — (1) | 293 | ||
Registration fees | 22 | 28 | 67 | ||
Trustees’ fees and expenses | 6 | 4 | 51 | ||
Miscellaneous expenses | 16 | 9 | 188 | ||
Total expenses | 460 | 439 | 7,296 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (68) | (36) | (948) | ||
Less low balance account fees | — | — (1) | — | ||
Net expenses | 392 | 403 | 6,348 | ||
Net investment income (loss) | 636 | 1,146 | 34,061 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (842) | (332) | (51,201) | ||
Swaps | — | (91) | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (2,857) | (2,861) | 87,771 | ||
Swaps | — | (150) | — | ||
Net realized and unrealized gain (loss) on investments | (3,699) | (3,434) | 36,570 | ||
Net increase (decrease) in net assets resulting from operations | $(3,063) | $(2,288) | $ 70,631 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix High Grade Municipal Bond Fund | Seix High Income Fund | Seix High Yield Fund | |||
Investment Income | |||||
Dividends | $ 2 | $ 2 | $ 5 | ||
Interest | 589 | 6,347 | 10,326 | ||
Securities lending, net of fees | — | 21 | 22 | ||
Total investment income | 591 | 6,370 | 10,353 | ||
Expenses | |||||
Investment advisory fees | 186 | 626 | 953 | ||
Distribution and service fees, Class A | 6 | 25 | 18 | ||
Administration and accounting fees | 40 | 116 | 214 | ||
Transfer agent fees and expenses | 15 | 48 | 88 | ||
Sub-transfer agent fees and expenses, Class A | 1 | 13 | 9 | ||
Sub-transfer agent fees and expenses, Class I | 31 | 141 | 175 | ||
Custodian fees | — (1) | 1 | 1 | ||
Printing fees and expenses | 3 | 8 | 14 | ||
Professional fees | 14 | 15 | 18 | ||
Interest expense and/or commitment fees | — (1) | 1 | 1 | ||
Registration fees | 15 | 25 | 37 | ||
Trustees’ fees and expenses | 2 | 7 | 12 | ||
Miscellaneous expenses | 4 | 17 | 24 | ||
Total expenses | 317 | 1,043 | 1,564 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (96) | (248) | (202) | ||
Net expenses | 221 | 795 | 1,362 | ||
Net investment income (loss) | 370 | 5,575 | 8,991 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 385 | 1,813 | 4,923 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (636) | 366 | (2,769) | ||
Net realized and unrealized gain (loss) on investments | (251) | 2,179 | 2,154 | ||
Net increase (decrease) in net assets resulting from operations | $ 119 | $7,754 | $11,145 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | Seix Short-Term Municipal Bond Fund | |||
Investment Income | |||||
Dividends | $ 10 | $ —(1) | $ —(1) | ||
Interest | 1,809 | 81 | 47 | ||
Total investment income | 1,819 | 81 | 47 | ||
Expenses | |||||
Investment advisory fees | 715 | 29 | 20 | ||
Distribution and service fees, Class A | 11 | 6 | 1 | ||
Distribution and service fees, Class C | — | 9 | — | ||
Administration and accounting fees | 145 | 11 | 10 | ||
Transfer agent fees and expenses | 59 | 3 | 3 | ||
Sub-transfer agent fees and expenses, Class A | 3 | 1 | — | ||
Sub-transfer agent fees and expenses, Class C | — | 1 | — | ||
Sub-transfer agent fees and expenses, Class I | 164 | 5 | 8 | ||
Custodian fees | — (1) | — (1) | — (1) | ||
Printing fees and expenses | 10 | 1 | 1 | ||
Professional fees | 16 | 14 | 13 | ||
Interest expense and/or commitment fees | 1 | — (1) | — (1) | ||
Registration fees | 24 | 18 | 15 | ||
Trustees’ fees and expenses | 9 | 1 | — (1) | ||
Miscellaneous expenses | 10 | 3 | 1 | ||
Total expenses | 1,167 | 102 | 72 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (359) | (48) | (50) | ||
Net expenses | 808 | 54 | 22 | ||
Net investment income (loss) | 1,011 | 27 | 25 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 2,106 | 78 | 78 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (2,864) | (133) | (119) | ||
Net realized and unrealized gain (loss) on investments | (758) | (55) | (41) | ||
Net increase (decrease) in net assets resulting from operations | $ 253 | $ (28) | $ (16) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | |||
Investment Income | |||||
Dividends | $ 2 | $ 10 | $ —(1) | ||
Interest | 3,494 | 3,681 | 44 | ||
Securities lending, net of fees | 11 | — | 1 | ||
Total investment income | 3,507 | 3,691 | 45 | ||
Expenses | |||||
Investment advisory fees | 529 | 1,134 | 29 | ||
Distribution and service fees, Class A | 17 | 41 | 6 | ||
Distribution and service fees, Class C | — | — | 2 | ||
Administration and accounting fees | 213 | 587 | 11 | ||
Transfer agent fees and expenses | 89 | 247 | 3 | ||
Sub-transfer agent fees and expenses, Class A | 12 | 4 | 18 | ||
Sub-transfer agent fees and expenses, Class I | 166 | 629 | 6 | ||
Custodian fees | 1 | 2 | — (1) | ||
Printing fees and expenses | 14 | 38 | 1 | ||
Professional fees | 18 | 21 | 14 | ||
Interest expense and/or commitment fees | 1 | 3 | — (1) | ||
Registration fees | 53 | 48 | 18 | ||
Trustees’ fees and expenses | 13 | 36 | 1 | ||
Miscellaneous expenses | 30 | 37 | 2 | ||
Total expenses | 1,156 | 2,827 | 111 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (257) | (439) | (53) | ||
Net expenses | 899 | 2,388 | 58 | ||
Net investment income (loss) | 2,608 | 1,303 | (13) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (2,465) | (167) | 178 | ||
Futures | — | (52) | — | ||
Swaps | (321) | — | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (5,646) | (349) | (295) | ||
Futures | — | 129 | — | ||
Swaps | (550) | — | — | ||
Net realized and unrealized gain (loss) on investments | (8,982) | (439) | (117) | ||
Net increase (decrease) in net assets resulting from operations | $(6,374) | $ 864 | $(130) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Ultra-Short Bond Fund | |
Investment Income | |
Dividends | $ —(1) |
Interest | 255 |
Total investment income | 255 |
Expenses | |
Investment advisory fees | 48 |
Distribution and service fees, Class A | 6 |
Administration and accounting fees | 25 |
Transfer agent fees and expenses | 9 |
Sub-transfer agent fees and expenses, Class A | 1 |
Sub-transfer agent fees and expenses, Class I | 16 |
Custodian fees | — (1) |
Printing fees and expenses | 2 |
Professional fees | 14 |
Interest expense and/or commitment fees | — (1) |
Registration fees | 14 |
Trustees’ fees and expenses | 1 |
Miscellaneous expenses | 7 |
Total expenses | 143 |
Less net expenses reimbursed and/or waived by investment adviser(2) | (52) |
Net expenses | 91 |
Net investment income (loss) | 164 |
Net Realized and Unrealized Gain (Loss) on Investments | |
Net realized gain (loss) from: | |
Investments | 38 |
Net change in unrealized appreciation (depreciation) on: | |
Investments | (1) |
Net realized and unrealized gain (loss) on investments | 37 |
Net increase (decrease) in net assets resulting from operations | $201 |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 636 | $ 1,364 | $ 1,146 | $ 1,696 | |||
Net realized gain (loss) | (842) | 4,202 | (423) | 3,853 | |||
Net change in unrealized appreciation (depreciation) | (2,857) | 5,015 | (3,011) | 5,572 | |||
Increase (decrease) in net assets resulting from operations | (3,063) | 10,581 | (2,288) | 11,121 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (35) | (327) | (93) | (447) | |||
Class C | — | — | (9) | (60) | |||
Class I | (595) | (5,327) | (1,223) | (5,456) | |||
Class R6 | (7) | (57) | (1) | (4) | |||
Total dividends and distributions to shareholders | (637) | (5,711) | (1,326) | (5,967) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,699) | 1,228 | 309 | 2,634 | |||
Class C | — | — | (51) | 633 | |||
Class I | (78,164) | 89,947 | 32,070 | 66,410 | |||
Class R6 | (57) | (606) | — | 100 | |||
Increase (decrease) in net assets from capital transactions | (79,920) | 90,569 | 32,328 | 69,777 | |||
Net increase (decrease) in net assets | (83,620) | 95,439 | 28,714 | 74,931 | |||
Net Assets | |||||||
Beginning of period | 200,223 | 104,784 | 114,097 | 39,166 | |||
End of Period | $ 116,603 | $ 200,223 | $ 142,811 | $ 114,097 |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 34,061 | $ 90,284 | $ 370 | $ 821 | |||
Net realized gain (loss) | (51,201) | (236,209) | 385 | 1,981 | |||
Net change in unrealized appreciation (depreciation) | 87,771 | 27,799 | (636) | 1,856 | |||
Increase (decrease) in net assets resulting from operations | 70,631 | (118,126) | 119 | 4,658 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (592) | (1,489) | (55) | (278) | |||
Class C | (244) | (902) | — | — | |||
Class I | (29,991) | (76,765) | (523) | (2,584) | |||
Class R6 | (3,102) | (12,298) | — | — | |||
Total dividends and distributions to shareholders | (33,929) | (91,454) | (578) | (2,862) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 3,978 | (10,319) | (284) | 535 | |||
Class C | (5,769) | (13,980) | — | — | |||
Class I | 402,197 | (1,004,745) | (12,193) | 19,100 | |||
Class R6 | 31,318 | (373,965) | — | — | |||
Increase (decrease) in net assets from capital transactions | 431,724 | (1,403,009) | (12,477) | 19,635 | |||
Net increase (decrease) in net assets | 468,426 | (1,612,589) | (12,936) | 21,431 | |||
Net Assets | |||||||
Beginning of period | 1,726,488 | 3,339,077 | 81,630 | 60,199 | |||
End of Period | $ 2,194,914 | $ 1,726,488 | $ 68,694 | $ 81,630 |
Seix High Income Fund | Seix High Yield Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 5,575 | $ 12,004 | $ 8,991 | $ 15,294 | |||
Net realized gain (loss) | 1,813 | (7,102) | 4,923 | 6,887 | |||
Net change in unrealized appreciation (depreciation) | 366 | 3,906 | (2,769) | 10,083 | |||
Increase (decrease) in net assets resulting from operations | 7,754 | 8,808 | 11,145 | 32,264 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (466) | (1,081) | (294) | (275) | |||
Class I | (4,809) | (10,159) | (8,266) | (14,542) | |||
Class R6 | (238) | (755) | (310) | (419) | |||
Total dividends and distributions to shareholders | (5,513) | (11,995) | (8,870) | (15,236) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,684) | (5,511) | 6,697 | 6,415 | |||
Class I | (7,322) | (30,506) | 58,379 | 54,159 | |||
Class R6 | 1,649 | (24,334) | 6,013 | 5,442 | |||
Increase (decrease) in net assets from capital transactions | (7,357) | (60,351) | 71,089 | 66,016 | |||
Net increase (decrease) in net assets | (5,116) | (63,538) | 73,364 | 83,044 | |||
Net Assets | |||||||
Beginning of period | 232,813 | 296,351 | 385,596 | 302,552 | |||
End of Period | $ 227,697 | $ 232,813 | $ 458,960 | $ 385,596 |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,011 | $ 2,936 | $ 27 | $ 124 | |||
Net realized gain (loss) | 2,106 | 7,902 | 78 | 235 | |||
Net change in unrealized appreciation (depreciation) | (2,864) | 5,316 | (133) | 154 | |||
Increase (decrease) in net assets resulting from operations | 253 | 16,154 | (28) | 513 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (69) | (291) | (12) | (48) | |||
Class C | — | — | — | (1) | |||
Class I | (2,431) | (9,962) | (19) | (74) | |||
Total dividends and distributions to shareholders | (2,500) | (10,253) | (31) | (123) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (595) | (546) | (790) | 3,790 | |||
Class C | — | — | (815) | 1,307 | |||
Class I | (23,057) | (12,363) | (1,931) | 2,039 | |||
Increase (decrease) in net assets from capital transactions | (23,652) | (12,909) | (3,536) | 7,136 | |||
Net increase (decrease) in net assets | (25,899) | (7,008) | (3,595) | 7,526 | |||
Net Assets | |||||||
Beginning of period | 297,601 | 304,609 | 15,714 | 8,188 | |||
End of Period | $ 271,702 | $ 297,601 | $ 12,119 | $ 15,714 |
Seix Short-Term Municipal Bond Fund | Seix Total Return Bond Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 25 | $ 84 | $ 2,608 | $ 5,104 | |||
Net realized gain (loss) | 78 | 224 | (2,786) | 14,104 | |||
Net change in unrealized appreciation (depreciation) | (119) | 110 | (6,196) | 15,763 | |||
Increase (decrease) in net assets resulting from operations | (16) | 418 | (6,374) | 34,971 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (16) | (23) | (54) | (391) | |||
Class I | (106) | (204) | (1,484) | (7,922) | |||
Class R6 | — | — | (729) | (2,773) | |||
Total dividends and distributions to shareholders | (122) | (227) | (2,267) | (11,086) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (61) | (81) | 617 | (13,879) | |||
Class I | (3,661) | 1,245 | (7,221) | 58,104 | |||
Class R | — | — | — | — | |||
Class R6 | — | — | 4,206 | 57,411 | |||
Increase (decrease) in net assets from capital transactions | (3,722) | 1,164 | (2,398) | 101,636 | |||
Net increase (decrease) in net assets | (3,860) | 1,355 | (11,039) | 125,521 | |||
Net Assets | |||||||
Beginning of period | 13,723 | 12,368 | 431,731 | 306,210 | |||
End of Period | $ 9,863 | $ 13,723 | $ 420,692 | $ 431,731 |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,303 | $ 7,614 | $ (13) | $ 93 | |||
Net realized gain (loss) | (219) | (124) | 178 | 298 | |||
Net change in unrealized appreciation (depreciation) | (220) | 4,410 | (295) | 117 | |||
Increase (decrease) in net assets resulting from operations | 864 | 11,900 | (130) | 508 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (6) | (94) | (66) | (68) | |||
Class C | — | — | (2) | (1) | |||
Class I | (1,380) | (7,500) | (87) | (136) | |||
Class R6 | (183) | (313) | — | — | |||
Total dividends and distributions to shareholders | (1,569) | (7,907) | (155) | (205) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (13,853) | 19,270 | (1,118) | (374) | |||
Class C | — | — | (221) | 110 | |||
Class I | (86,715) | 221,890 | (4,114) | (4,684) | |||
Class R6 | 18,639 | 61,689 | — | — | |||
Increase (decrease) in net assets from capital transactions | (81,929) | 302,849 | (5,453) | (4,948) | |||
Net increase (decrease) in net assets | (82,634) | 306,842 | (5,738) | (4,645) | |||
Net Assets | |||||||
Beginning of period | 1,210,652 | 903,810 | 16,871 | 21,516 | |||
End of Period | $ 1,128,018 | $ 1,210,652 | $ 11,133 | $ 16,871 |
Seix Ultra-Short Bond Fund | |||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ 164 | $ 594 | |
Net realized gain (loss) | 38 | (520) | |
Net change in unrealized appreciation (depreciation) | (1) | 186 | |
Increase (decrease) in net assets resulting from operations | 201 | 260 | |
Dividends and Distributions to Shareholders | |||
Net Investment Income and Net Realized Gains: | |||
Class A | (12) | (34) | |
Class I | (152) | (559) | |
Total dividends and distributions to shareholders | (164) | (593) | |
Change in Net Assets from Capital Transactions (See Note 6): | |||
Class A | 89 | 1,091 | |
Class I | (325) | (3,152) | |
Increase (decrease) in net assets from capital transactions | (236) | (2,061) | |
Net increase (decrease) in net assets | (199) | (2,394) | |
Net Assets | |||
Beginning of period | 48,900 | 51,294 | |
End of Period | $ 48,701 | $ 48,900 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Core Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.52 | 0.04 | (0.20) | (0.16) | (0.04) | — | — | (0.04) | (0.20) | $11.32 | (1.39) % | $ 9,032 | 0.64 % | 0.87 % | 0.72 % | 88 % | |
1/1/20 to 12/31/20 | 10.91 | 0.10 | 0.87 | 0.97 | (0.11) | — | (0.25) | (0.36) | 0.61 | 11.52 | 8.91 | 10,943 | 0.64 | 0.89 | 0.88 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.22 | 0.55 | 0.77 | (0.22) | — | — | (0.22) | 0.55 | 10.91 | 7.48 | 9,183 | 0.64 | 0.91 | 2.03 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.22 | (0.25) | (0.03) | (0.23) | (0.01) | — | (0.24) | (0.27) | 10.36 | (0.28) | 5,993 | 0.64 | 0.89 | 2.18 | 172 | |
4/1/17 to 12/31/17(7) | 10.56 | 0.14 | 0.08 | 0.22 | (0.12) | (0.03) | — | (0.15) | 0.07 | 10.63 | 2.12 | 8,433 | 0.65 (8) | 0.79 | 1.73 | 130 | |
4/1/16 to 3/31/17 | 10.86 | 0.16 | (0.06) | 0.10 | (0.19) | — | (0.21) | (0.40) | (0.30) | 10.56 | 0.90 | 10,363 | 0.64 | 0.64 | 1.45 | 210 | |
4/1/15 to 3/31/16 | 11.04 | 0.18 | (0.07) | 0.11 | (0.20) | — | (0.09) | (0.29) | (0.18) | 10.86 | 1.01 | 10,170 | 0.65 | 0.65 | 1.65 | 232 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.53 | 0.05 | (0.21) | (0.16) | (0.05) | — | — | (0.05) | (0.21) | $11.32 | (1.41) % | $ 106,120 | 0.50 % | 0.58 % | 0.84 % | 88 % | |
1/1/20 to 12/31/20 | 10.91 | 0.10 | 0.89 | 0.99 | (0.12) | — | (0.25) | (0.37) | 0.62 | 11.53 | 9.15 | 187,741 | 0.50 | 0.59 | 0.90 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.24 | 0.54 | 0.78 | (0.23) | — | — | (0.23) | 0.55 | 10.91 | 7.63 | 93,576 | 0.50 | 0.64 | 2.21 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.24 | (0.26) | (0.02) | (0.24) | (0.01) | — | (0.25) | (0.27) | 10.36 | (0.14) | 136,247 | 0.50 | 0.62 | 2.31 | 172 | |
4/1/17 to 12/31/17(7) | 10.57 | 0.15 | 0.07 | 0.22 | (0.13) | (0.03) | — | (0.16) | 0.06 | 10.63 | 2.13 | 186,029 | 0.51 (8) | 0.58 | 1.87 | 130 | |
4/1/16 to 3/31/17 | 10.86 | 0.17 | (0.04) | 0.13 | (0.21) | — | (0.21) | (0.42) | (0.29) | 10.57 | 1.15 | 199,622 | 0.49 | 0.49 | 1.58 | 210 | |
4/1/15 to 3/31/16 | 11.04 | 0.20 | (0.08) | 0.12 | (0.21) | — | (0.09) | (0.30) | (0.18) | 10.86 | 1.18 | 255,522 | 0.48 | 0.48 | 1.82 | 232 | |
Class R6* | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.53 | 0.06 | (0.22) | (0.16) | (0.05) | — | — | (0.05) | (0.21) | $11.32 | (1.34) % | $ 1,451 | 0.36 % | 0.48 % | 1.00 % | 88 % | |
1/1/20 to 12/31/20 | 10.91 | 0.14 | 0.87 | 1.01 | (0.14) | — | (0.25) | (0.39) | 0.62 | 11.53 | 9.31 | 1,539 | 0.36 | 0.49 | 1.21 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.23 | 0.57 | 0.80 | (0.25) | — | — | (0.25) | 0.55 | 10.91 | 7.78 | 2,025 | 0.36 | 0.50 | 2.12 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.25 | (0.26) | (0.01) | (0.25) | (0.01) | — | (0.26) | (0.27) | 10.36 | (0.02) | 114 | 0.36 | 0.48 | 2.40 | 172 | |
4/1/17 to 12/31/17(7) | 10.57 | 0.16 | 0.08 | 0.24 | (0.15) | (0.03) | — | (0.18) | 0.06 | 10.63 | 2.24 | 3,279 | 0.36 | 0.46 | 1.96 | 130 | |
4/1/16 to 3/31/17 | 10.86 | 0.19 | (0.05) | 0.14 | (0.22) | — | (0.21) | (0.43) | (0.29) | 10.57 | 1.29 | 1,352 | 0.35 | 0.35 | 1.78 | 210 | |
8/3/15 to 3/31/16(9) | 10.77 | 0.14 | 0.13 | 0.27 | (0.15) | — | (0.03) | (0.18) | 0.09 | 10.86 | 2.51 | 22 | 0.34 | 0.34 | 2.00 | 232 | |
�� | |||||||||||||||||
Seix Corporate Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.89 | 0.09 | (0.27) | (0.18) | (0.08) | — | (0.02) | (0.10) | (0.28) | $ 9.61 | (1.83) % | $ 8,798 | 0.95 % | 1.02 % | 1.88 % | 53 % | |
1/1/20 to 12/31/20 | 8.95 | 0.20 | 1.34 | 1.54 | (0.24) | — | (0.36) | (0.60) | 0.94 | 9.89 | 17.44 | 8,765 | 0.95 | 1.03 | 2.07 | 135 | |
1/1/19 to 12/31/19 | 8.15 | 0.23 | 0.78 | 1.01 | (0.21) | — | — | (0.21) | 0.80 | 8.95 | 12.47 | 5,599 | 0.95 | 1.10 | 2.69 | 118 | |
1/1/18 to 12/31/18 | 8.76 | 0.26 | (0.60) | (0.34) | (0.25) | — | (0.02) | (0.27) | (0.61) | 8.15 | (3.90) | 345 | 0.95 | 1.35 | 3.08 | 299 | |
4/1/17 to 12/31/17(7) | 8.69 | 0.18 | 0.21 | 0.39 | (0.16) | — | (0.16) | (0.32) | 0.07 | 8.76 | 4.53 | 363 | 0.95 | 1.34 | 2.68 | 80 | |
4/1/16 to 3/31/17 | 8.50 | 0.24 | 0.27 | 0.51 | (0.24) | — | (0.08) | (0.32) | 0.19 | 8.69 | 6.01 | 591 | 0.95 | 1.15 | 2.75 | 182 | |
4/1/15 to 3/31/16 | 8.99 | 0.23 | (0.29) | (0.06) | (0.22) | (0.01) | (0.20) | (0.43) | (0.49) | 8.50 | (0.52) | 500 | 0.95 | 1.11 | 2.68 | 84 | |
Class C | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.84 | 0.05 | (0.26) | (0.21) | (0.05) | — | (0.02) | (0.07) | (0.28) | $ 9.56 | (2.08) % | $ 1,260 | 1.65 % | 1.72 % | 1.17 % | 53 % | |
1/1/20 to 12/31/20 | 8.91 | 0.13 | 1.33 | 1.46 | (0.17) | — | (0.36) | (0.53) | 0.93 | 9.84 | 16.57 | 1,365 | 1.65 | 1.78 | 1.34 | 135 | |
1/1/19 to 12/31/19 | 8.11 | 0.16 | 0.78 | 0.94 | (0.14) | — | — | (0.14) | 0.80 | 8.91 | 11.60 | 671 | 1.65 | 1.84 | 1.87 | 118 | |
1/1/18 to 12/31/18 | 8.72 | 0.20 | (0.60) | (0.40) | (0.19) | — | (0.02) | (0.21) | (0.61) | 8.11 | (4.61) | 5,459 | 1.65 | 2.12 | 2.37 | 299 | |
4/1/17 to 12/31/17(7) | 8.65 | 0.13 | 0.21 | 0.34 | (0.11) | — | (0.16) | (0.27) | 0.07 | 8.72 | 4.02 | 6,518 | 1.62 | 2.10 | 2.02 | 80 | |
4/1/16 to 3/31/17 | 8.46 | 0.18 | 0.27 | 0.45 | (0.18) | — | (0.08) | (0.26) | 0.19 | 8.65 | 5.29 | 7,369 | 1.65 | 1.82 | 2.03 | 182 | |
4/1/15 to 3/31/16 | 8.95 | 0.17 | (0.29) | (0.12) | (0.16) | (0.01) | (0.20) | (0.37) | (0.49) | 8.46 | (1.22) | 8,105 | 1.65 | 1.80 | 2.01 | 84 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Corporate Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.84 | 0.10 | (0.27) | (0.17) | (0.09) | — | (0.02) | (0.11) | (0.28) | $ 9.56 | (1.73) % | $ 132,655 | 0.70 % | 0.77 % | 2.11 % | 53 % | |
1/1/20 to 12/31/20 | 8.90 | 0.22 | 1.35 | 1.57 | (0.27) | — | (0.36) | (0.63) | 0.94 | 9.84 | 17.82 | 103,866 | 0.70 | 0.80 | 2.26 | 135 | |
1/1/19 to 12/31/19 | 8.11 | 0.25 | 0.77 | 1.02 | (0.23) | — | — | (0.23) | 0.79 | 8.90 | 12.66 | 32,896 | 0.70 | 0.86 | 2.90 | 118 | |
1/1/18 to 12/31/18 | 8.73 | 0.27 | (0.60) | (0.33) | (0.27) | — | (0.02) | (0.29) | (0.62) | 8.11 | (3.81) | 35,244 | 0.70 | 1.03 | 3.33 | 299 | |
4/1/17 to 12/31/17(7) | 8.65 | 0.19 | 0.23 | 0.42 | (0.18) | — | (0.16) | (0.34) | 0.08 | 8.73 | 4.86 | 8,382 | 0.70 | 1.18 | 2.93 | 80 | |
4/1/16 to 3/31/17 | 8.46 | 0.26 | 0.27 | 0.53 | (0.26) | — | (0.08) | (0.34) | 0.19 | 8.65 | 6.29 | 12,651 | 0.70 | 0.93 | 2.99 | 182 | |
4/1/15 to 3/31/16 | 8.95 | 0.25 | (0.29) | (0.04) | (0.24) | (0.01) | (0.20) | (0.45) | (0.49) | 8.46 | (0.29) | 8,943 | 0.70 | 0.83 | 2.86 | 84 | |
Class R6 | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.83 | 0.11 | (0.27) | (0.16) | (0.10) | — | (0.02) | (0.12) | (0.28) | $ 9.55 | (1.50) % | $ 98 | 0.43 % | 0.74 % | 2.40 % | 53 % | |
10/20/20 (10) to 12/31/20 | 9.75 | 0.05 | 0.41 | 0.46 | (0.10) | — | (0.28) | (0.38) | 0.08 | 9.83 | 4.75 | 101 | 0.43 | 0.71 | 2.51 | 135 (11) | |
Seix Floating Rate High Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.09 | 0.13 | 0.16 | 0.29 | (0.13) | — | — | (0.13) | 0.16 | $ 8.25 | 3.58 % | $ 39,918 | 0.97 % (12)(13)(14) | 0.97 % | 3.22 % | 42 % | |
1/1/20 to 12/31/20 | 8.40 | 0.30 | (0.31) | (0.01) | (0.30) | — | — | (0.30) | (0.31) | 8.09 | 0.06 | 35,224 | 0.96 (14) | 0.96 | 3.76 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.41 | 0.11 | 0.52 | (0.42) | — | — | (0.42) | 0.10 | 8.40 | 6.30 | 47,938 | 0.95 (12)(14) | 0.93 | 4.79 | 17 | |
1/1/18 to 12/31/18 | 8.70 | 0.40 | (0.40) | — | (0.40) | — | — | (0.40) | (0.40) | 8.30 | (0.11) | 68,213 | 0.94 | 0.95 | 4.58 | 75 | |
4/1/17 to 12/31/17(7) | 8.75 | 0.26 | (0.05) | 0.21 | (0.26) | — | — | (0.26) | (0.05) | 8.70 | 2.47 | 113,611 | 0.92 | 0.93 | 4.00 | 55 | |
4/1/16 to 3/31/17 | 8.33 | 0.39 | 0.41 | 0.80 | (0.38) | — | — | (0.38) | 0.42 | 8.75 | 9.78 | 135,833 | 0.94 | 0.94 | 4.51 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.38 | (0.54) | (0.16) | (0.37) | — | — | (0.37) | (0.53) | 8.33 | (1.79) | 143,325 | 0.92 | 0.92 | 4.42 | 33 | |
Class C | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.09 | 0.11 | 0.16 | 0.27 | (0.11) | — | — | (0.11) | 0.16 | $ 8.25 | 3.29 % | $ 16,464 | 1.55 % (14) | 1.69 % | 2.66 % | 42 % | |
1/1/20 to 12/31/20 | 8.40 | 0.25 | (0.31) | (0.06) | (0.25) | — | — | (0.25) | (0.31) | 8.09 | (0.52) | 21,841 | 1.54 (14) | 1.68 | 3.19 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.36 | 0.11 | 0.47 | (0.37) | — | — | (0.37) | 0.10 | 8.40 | 5.68 | 37,586 | 1.53 (14) | 1.65 | 4.21 | 17 | |
1/1/18 to 12/31/18 | 8.70 | 0.35 | (0.40) | (0.05) | (0.35) | — | — | (0.35) | (0.40) | 8.30 | (0.68) | 45,588 | 1.52 | 1.62 | 4.01 | 75 | |
4/1/17 to 12/31/17(7) | 8.76 | 0.22 | (0.06) | 0.16 | (0.22) | — | — | (0.22) | (0.06) | 8.70 | 1.89 | 51,551 | 1.52 | 1.60 | 3.40 | 55 | |
4/1/16 to 3/31/17 | 8.33 | 0.34 | 0.42 | 0.76 | (0.33) | — | — | (0.33) | 0.43 | 8.76 | 9.28 | 56,981 | 1.52 | 1.52 | 3.94 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.33 | (0.54) | (0.21) | (0.32) | — | — | (0.32) | (0.53) | 8.33 | (2.37) | 55,203 | 1.51 | 1.51 | 3.82 | 33 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.09 | 0.14 | 0.16 | 0.30 | (0.14) | — | — | (0.14) | 0.16 | $ 8.25 | 3.75 % | $1,961,474 | 0.65 % (14) | 0.75 % | 3.53 % | 42 % | |
1/1/20 to 12/31/20 | 8.40 | 0.32 | (0.30) | 0.02 | (0.33) | — | — | (0.33) | (0.31) | 8.09 | 0.38 | 1,526,917 | 0.64 (14) | 0.75 | 4.10 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.43 | 0.11 | 0.54 | (0.44) | — | — | (0.44) | 0.10 | 8.40 | 6.63 | 2,701,126 | 0.63 (14) | 0.72 | 5.13 | 17 | |
1/1/18 to 12/31/18 | 8.70 | 0.43 | (0.40) | 0.03 | (0.43) | — | — | (0.43) | (0.40) | 8.30 | 0.22 | 4,380,792 | 0.62 | 0.70 | 4.92 | 75 | |
4/1/17 to 12/31/17(7) | 8.75 | 0.28 | (0.05) | 0.23 | (0.28) | — | — | (0.28) | (0.05) | 8.70 | 2.70 | 4,546,547 | 0.62 | 0.69 | 4.29 | 55 | |
4/1/16 to 3/31/17 | 8.33 | 0.41 | 0.42 | 0.83 | (0.41) | — | — | (0.41) | 0.42 | 8.75 | 10.13 | 4,459,175 | 0.63 | 0.63 | 4.80 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.40 | (0.53) | (0.13) | (0.40) | — | — | (0.40) | (0.53) | 8.33 | (1.50) | 3,040,875 | 0.62 | 0.62 | 4.69 | 33 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Floating Rate High Income Fund (Continued) | |||||||||||||||||
Class R6* | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.10 | 0.15 | 0.16 | 0.31 | (0.15) | — | — | (0.15) | 0.16 | $ 8.26 | 3.79 % | $ 177,058 | 0.55 % (14) | 0.64 % | 3.61 % | 42 % | |
1/1/20 to 12/31/20 | 8.40 | 0.34 | (0.31) | 0.03 | (0.33) | — | — | (0.33) | (0.30) | 8.10 | 0.61 | 142,506 | 0.54 (14) | 0.63 | 4.30 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.44 | 0.11 | 0.55 | (0.45) | — | — | (0.45) | 0.10 | 8.40 | 6.74 | 552,427 | 0.53 (14) | 0.61 | 5.21 | 17 | |
1/1/18 to 12/31/18 | 8.71 | 0.43 | (0.40) | 0.03 | (0.44) | — | — | (0.44) | (0.41) | 8.30 | 0.20 | 805,046 | 0.52 | 0.58 | 5.00 | 75 | |
4/1/17 to 12/31/17(7) | 8.76 | 0.29 | (0.05) | 0.24 | (0.29) | — | — | (0.29) | (0.05) | 8.71 | 2.78 | 1,277,730 | 0.52 | 0.59 | 4.39 | 55 | |
4/1/16 to 3/31/17 | 8.33 | 0.43 | 0.42 | 0.85 | (0.42) | — | — | (0.42) | 0.43 | 8.76 | 10.37 | 1,307,701 | 0.52 | 0.52 | 4.94 | 79 | |
4/1/15 to 3/31/16 | 8.86 | 0.41 | (0.53) | (0.12) | (0.41) | — | — | (0.41) | (0.53) | 8.33 | (1.39) | 1,127,337 | 0.51 | 0.51 | 4.83 | 33 | |
Seix High Grade Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $12.42 | 0.05 | (0.02) | 0.03 | (0.05) | — | (0.04) | (0.09) | (0.06) | $12.36 | 0.24 % | $ 7,293 | 0.73 % | 0.94 % | 0.86 % | 30 % | |
1/1/20 to 12/31/20 | 12.05 | 0.13 | 0.69 | 0.82 | (0.13) | — | (0.32) | (0.45) | 0.37 | 12.42 | 6.85 | 7,626 | 0.75 (8) | 0.95 | 1.04 | 203 | |
1/1/19 to 12/31/19 | 11.62 | 0.21 | 0.67 | 0.88 | (0.21) | — | (0.24) | (0.45) | 0.43 | 12.05 | 7.67 | 6,893 | 0.75 | 0.98 | 1.78 | 233 | |
1/1/18 to 12/31/18 | 11.94 | 0.31 | (0.26) | 0.05 | (0.31) | — | (0.06) | (0.37) | (0.32) | 11.62 | 0.44 | 6,767 | 0.80 (8) | 0.95 | 2.63 | 130 | |
4/1/17 to 12/31/17(7) | 11.69 | 0.21 | 0.27 | 0.48 | (0.22) | — | (0.01) | (0.23) | 0.25 | 11.94 | 4.12 | 8,175 | 0.80 | 0.91 | 2.39 | 173 | |
4/1/16 to 3/31/17 | 12.36 | 0.24 | (0.22) | 0.02 | (0.24) | — | (0.45) | (0.69) | (0.67) | 11.69 | 0.27 | 12,276 | 0.80 | 0.80 | 1.99 | 218 | |
4/1/15 to 3/31/16 | 12.29 | 0.25 | 0.19 | 0.44 | (0.25) | — | (0.12) | (0.37) | 0.07 | 12.36 | 3.70 | 13,996 | 0.79 | 0.79 | 2.07 | 171 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $12.42 | 0.06 | (0.02) | 0.04 | (0.06) | — | (0.04) | (0.10) | (0.06) | $12.36 | 0.31 % | $ 61,401 | 0.58 % | 0.84 % | 1.01 % | 30 % | |
1/1/20 to 12/31/20 | 12.05 | 0.15 | 0.69 | 0.84 | (0.15) | — | (0.32) | (0.47) | 0.37 | 12.42 | 7.01 | 74,004 | 0.60 (8) | 0.86 | 1.18 | 203 | |
1/1/19 to 12/31/19 | 11.62 | 0.23 | 0.67 | 0.90 | (0.23) | — | (0.24) | (0.47) | 0.43 | 12.05 | 7.83 | 53,306 | 0.60 | 0.89 | 1.91 | 233 | |
1/1/18 to 12/31/18 | 11.93 | 0.32 | (0.25) | 0.07 | (0.32) | — | (0.06) | (0.38) | (0.31) | 11.62 | 0.67 | 41,769 | 0.65 (8) | 0.85 | 2.77 | 130 | |
4/1/17 to 12/31/17(7) | 11.68 | 0.23 | 0.26 | 0.49 | (0.23) | — | (0.01) | (0.24) | 0.25 | 11.93 | 4.24 | 75,684 | 0.65 | 0.82 | 2.55 | 173 | |
4/1/16 to 3/31/17 | 12.36 | 0.26 | (0.23) | 0.03 | (0.26) | — | (0.45) | (0.71) | (0.68) | 11.68 | 0.33 | 78,729 | 0.65 | 0.71 | 2.12 | 218 | |
4/1/15 to 3/31/16 | 12.29 | 0.27 | 0.19 | 0.46 | (0.27) | — | (0.12) | (0.39) | 0.07 | 12.36 | 3.85 | 99,803 | 0.65 | 0.69 | 2.21 | 171 | |
Seix High Income Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 6.46 | 0.15 | 0.06 | 0.21 | (0.15) | — | — | (0.15) | 0.06 | $ 6.52 | 3.22 % | $ 18,617 | 0.93 % | 1.14 % | 4.68 % | 71 % | |
1/1/20 to 12/31/20 | 6.33 | 0.31 | 0.13 | 0.44 | (0.31) | — | — | (0.31) | 0.13 | 6.46 | 7.48 | 20,133 | 0.93 (8) | 1.16 | 5.14 | 201 | |
1/1/19 to 12/31/19 | 5.96 | 0.32 | 0.37 | 0.69 | (0.32) | — | — | (0.32) | 0.37 | 6.33 | 11.67 | 25,338 | 0.98 (8) | 1.13 | 5.03 | 113 | |
1/1/18 to 12/31/18 | 6.53 | 0.36 | (0.57) | (0.21) | (0.36) | — | — | (0.36) | (0.57) | 5.96 | (3.42) | 14,327 | 1.03 | 1.11 | 5.56 | 77 | |
4/1/17 to 12/31/17(7) | 6.46 | 0.28 | 0.07 | 0.35 | (0.28) | — (15) | — | (0.28) | 0.07 | 6.53 | 5.52 | 29,592 | 1.02 | 1.10 | 5.69 | 45 | |
4/1/16 to 3/31/17 | 5.92 | 0.38 | 0.53 | 0.91 | (0.37) | — | — | (0.37) | 0.54 | 6.46 | 15.69 | 63,104 | 1.04 | 1.04 | 5.92 | 95 | |
4/1/15 to 3/31/16 | 6.68 | 0.38 | (0.75) | (0.37) | (0.39) | — | — | (0.39) | (0.76) | 5.92 | (5.68) | 43,433 | 1.03 | 1.03 | 6.08 | 77 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix High Income Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 6.45 | 0.16 | 0.05 | 0.21 | (0.15) | — | — | (0.15) | 0.06 | $ 6.51 | 3.35 % | $ 198,193 | 0.68 % | 0.90 % | 4.92 % | 71 % | |
1/1/20 to 12/31/20 | 6.33 | 0.32 | 0.13 | 0.45 | (0.33) | — | — | (0.33) | 0.12 | 6.45 | 7.58 | 203,543 | 0.68 (8) | 0.92 | 5.38 | 201 | |
1/1/19 to 12/31/19 | 5.95 | 0.33 | 0.38 | 0.71 | (0.33) | — | — | (0.33) | 0.38 | 6.33 | 12.12 | 234,101 | 0.74 (8) | 0.90 | 5.29 | 113 | |
1/1/18 to 12/31/18 | 6.52 | 0.37 | (0.57) | (0.20) | (0.37) | — | — | (0.37) | (0.57) | 5.95 | (3.20) | 264,435 | 0.80 | 0.88 | 5.87 | 77 | |
4/1/17 to 12/31/17(7) | 6.46 | 0.29 | 0.06 | 0.35 | (0.29) | — (15) | — | (0.29) | 0.06 | 6.52 | 5.53 | 390,665 | 0.81 (8) | 0.87 | 5.93 | 45 | |
4/1/16 to 3/31/17 | 5.92 | 0.39 | 0.54 | 0.93 | (0.39) | — | — | (0.39) | 0.54 | 6.46 | 15.95 | 456,928 | 0.80 | 0.81 | 6.15 | 95 | |
4/1/15 to 3/31/16 | 6.67 | 0.40 | (0.75) | (0.35) | (0.40) | — | — | (0.40) | (0.75) | 5.92 | (5.31) | 546,793 | 0.79 | 0.79 | 6.34 | 77 | |
Class R6 | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 6.45 | 0.16 | 0.06 | 0.22 | (0.16) | — | — | (0.16) | 0.06 | $ 6.51 | 3.40 % | $ 10,887 | 0.59 % | 0.76 % | 5.00 % | 71 % | |
1/1/20 to 12/31/20 | 6.32 | 0.33 | 0.13 | 0.46 | (0.33) | — | — | (0.33) | 0.13 | 6.45 | 7.85 | 9,137 | 0.59 (8) | 0.77 | 5.39 | 201 | |
1/1/19 to 12/31/19 | 5.95 | 0.33 | 0.38 | 0.71 | (0.34) | — | — | (0.34) | 0.37 | 6.32 | 12.08 | 36,912 | 0.61 (8) | 0.76 | 5.30 | 113 | |
1/1/18 to 12/31/18 | 6.52 | 0.38 | (0.57) | (0.19) | (0.38) | — | — | (0.38) | (0.57) | 5.95 | (3.05) | 4,927 | 0.64 | 0.75 | 6.03 | 77 | |
4/1/17 to 12/31/17(7) | 6.45 | 0.30 | 0.07 | 0.37 | (0.30) | — (15) | — | (0.30) | 0.07 | 6.52 | 5.82 | 5,898 | 0.64 | 0.73 | 6.09 | 45 | |
4/1/16 to 3/31/17 | 5.92 | 0.40 | 0.53 | 0.93 | (0.40) | — | — | (0.40) | 0.53 | 6.45 | 15.96 | 4,125 | 0.64 | 0.64 | 6.26 | 95 | |
4/1/15 to 3/31/16 | 6.68 | 0.40 | (0.75) | (0.35) | (0.41) | — | — | (0.41) | (0.76) | 5.92 | (5.30) | 1,117 | 0.63 | 0.63 | 6.27 | 77 | |
Seix High Yield Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.59 | 0.17 | 0.05 | 0.22 | (0.17) | — | — | (0.17) | 0.05 | $ 8.64 | 2.57 % | $ 18,406 | 0.82 % | 1.01 % | 4.04 % | 60 % | |
1/1/20 to 12/31/20 | 8.19 | 0.37 | 0.40 | 0.77 | (0.37) | — | — | (0.37) | 0.40 | 8.59 | 9.86 | 11,608 | 0.82 | 1.05 | 4.54 | 182 | |
1/1/19 to 12/31/19 | 7.62 | 0.38 | 0.57 | 0.95 | (0.38) | — | — | (0.38) | 0.57 | 8.19 | 12.64 | 4,623 | 0.82 | 1.04 | 4.70 | 98 | |
1/1/18 to 12/31/18 | 8.21 | 0.43 | (0.59) | (0.16) | (0.43) | — | — | (0.43) | (0.59) | 7.62 | (2.07) | 2,910 | 0.82 | 1.02 | 5.32 | 59 | |
4/1/17 to 12/31/17(7) | 8.16 | 0.34 | 0.03 | 0.37 | (0.30) | (0.02) | — | (0.32) | 0.05 | 8.21 | 4.63 | 4,810 | 0.83 (8) | 0.97 | 5.43 | 41 | |
4/1/16 to 3/31/17 | 7.61 | 0.44 | 0.55 | 0.99 | (0.44) | — | — | (0.44) | 0.55 | 8.16 | 13.20 | 6,214 | 0.82 | 0.82 | 5.51 | 87 | |
4/1/15 to 3/31/16 | 8.51 | 0.44 | (0.89) | (0.45) | (0.45) | — | — | (0.45) | (0.90) | 7.61 | (5.36) | 7,463 | 0.84 | 0.84 | 5.48 | 76 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.81 | 0.19 | 0.04 | 0.23 | (0.18) | — | — | (0.18) | 0.05 | $ 8.86 | 2.65 % | $ 422,579 | 0.64 % | 0.73 % | 4.25 % | 60 % | |
1/1/20 to 12/31/20 | 8.41 | 0.40 | 0.40 | 0.80 | (0.40) | — | — | (0.40) | 0.40 | 8.81 | 9.93 | 362,138 | 0.64 | 0.76 | 4.81 | 182 | |
1/1/19 to 12/31/19 | 7.82 | 0.41 | 0.58 | 0.99 | (0.40) | — | — | (0.40) | 0.59 | 8.41 | 12.91 | 292,284 | 0.64 | 0.77 | 4.93 | 98 | |
1/1/18 to 12/31/18 | 8.41 | 0.45 | (0.58) | (0.13) | (0.46) | — | — | (0.46) | (0.59) | 7.82 | (1.70) | 286,931 | 0.64 | 0.76 | 5.53 | 59 | |
4/1/17 to 12/31/17(7) | 8.37 | 0.34 | 0.04 | 0.38 | (0.32) | (0.02) | — | (0.34) | 0.04 | 8.41 | 4.64 | 403,198 | 0.65 (8) | 0.73 | 5.38 | 41 | |
4/1/16 to 3/31/17 | 7.80 | 0.46 | 0.57 | 1.03 | (0.46) | — | — | (0.46) | 0.57 | 8.37 | 13.48 | 483,080 | 0.64 | 0.64 | 5.65 | 87 | |
4/1/15 to 3/31/16 | 8.73 | 0.47 | (0.92) | (0.45) | (0.48) | — | — | (0.48) | (0.93) | 7.80 | (5.23) | 523,206 | 0.61 | 0.61 | 5.71 | 76 | |
Class R6* | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.81 | 0.19 | 0.05 | 0.24 | (0.19) | — | — | (0.19) | 0.05 | $ 8.86 | 2.70 % | $ 17,975 | 0.53 % | 0.64 % | 4.35 % | 60 % | |
1/1/20 to 12/31/20 | 8.41 | 0.41 | 0.40 | 0.81 | (0.41) | — | — | (0.41) | 0.40 | 8.81 | 10.05 | 11,850 | 0.53 | 0.67 | 4.92 | 182 | |
1/1/19 to 12/31/19 | 7.82 | 0.40 | 0.60 | 1.00 | (0.41) | — | — | (0.41) | 0.59 | 8.41 | 13.03 | 5,645 | 0.53 | 0.67 | 4.89 | 98 | |
1/1/18 to 12/31/18 | 8.42 | 0.44 | (0.58) | (0.14) | (0.46) | — | — | (0.46) | (0.60) | 7.82 | (1.74) | 1,009 | 0.53 | 0.64 | 5.31 | 59 | |
4/1/17 to 12/31/17(7) | 8.37 | 0.35 | 0.05 | 0.40 | (0.33) | (0.02) | — | (0.35) | 0.05 | 8.42 | 4.85 | 45,035 | 0.54 (8) | 0.62 | 5.50 | 41 | |
8/1/16 to 3/31/17(16) | 8.17 | 0.33 | 0.18 | 0.51 | (0.31) | — | — | (0.31) | 0.20 | 8.37 | 6.34 | 42,695 | 0.54 | 0.54 | 5.86 | 87 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.99 | 0.03 | (0.04) | (0.01) | (0.03) | — | (0.06) | (0.09) | (0.10) | $11.89 | (0.02) % | $ 8,238 | 0.71 % | 1.01 % | 0.56 % | 58 % | |
1/1/20 to 12/31/20 | 11.72 | 0.10 | 0.57 | 0.67 | (0.10) | — | (0.30) | (0.40) | 0.27 | 11.99 | 5.73 | 8,902 | 0.73 (8) | 1.01 | 0.84 | 173 | |
1/1/19 to 12/31/19 | 11.45 | 0.19 | 0.55 | 0.74 | (0.19) | — | (0.28) | (0.47) | 0.27 | 11.72 | 6.54 | 9,329 | 0.75 (8) | 1.00 | 1.65 | 203 | |
1/1/18 to 12/31/18 | 11.75 | 0.28 | (0.23) | 0.05 | (0.28) | — | (0.07) | (0.35) | (0.30) | 11.45 | 0.45 | 9,999 | 0.80 (8) | 1.00 | 2.47 | 105 | |
4/1/17 to 12/31/17(7) | 11.65 | 0.22 | 0.10 | 0.32 | (0.22) | — | — | (0.22) | 0.10 | 11.75 | 2.76 | 11,066 | 0.80 | 0.96 | 2.46 | 130 | |
4/1/16 to 3/31/17 | 12.24 | 0.26 | (0.32) | (0.06) | (0.26) | — | (0.27) | (0.53) | (0.59) | 11.65 | (0.48) | 20,281 | 0.80 | 0.92 | 2.16 | 138 | |
4/1/15 to 3/31/16 | 12.30 | 0.26 | 0.08 | 0.34 | (0.26) | — | (0.14) | (0.40) | (0.06) | 12.24 | 2.89 | 24,861 | 0.80 | 0.93 | 2.17 | 139 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.98 | 0.04 | (0.04) | — | (0.04) | — | (0.06) | (0.10) | (0.10) | $11.88 | 0.06 % | $ 263,464 | 0.56 % | 0.81 % | 0.71 % | 58 % | |
1/1/20 to 12/31/20 | 11.70 | 0.12 | 0.58 | 0.70 | (0.12) | — | (0.30) | (0.42) | 0.28 | 11.98 | 5.98 | 288,699 | 0.58 (8) | 0.82 | 0.98 | 173 | |
1/1/19 to 12/31/19 | 11.43 | 0.21 | 0.55 | 0.76 | (0.21) | — | (0.28) | (0.49) | 0.27 | 11.70 | 6.71 | 295,280 | 0.60 (8) | 0.81 | 1.80 | 203 | |
1/1/18 to 12/31/18 | 11.73 | 0.30 | (0.23) | 0.07 | (0.30) | — | (0.07) | (0.37) | (0.30) | 11.43 | 0.60 | 307,001 | 0.65 (8) | 0.80 | 2.61 | 105 | |
4/1/17 to 12/31/17(7) | 11.64 | 0.23 | 0.09 | 0.32 | (0.23) | — | — | (0.23) | 0.09 | 11.73 | 2.79 | 463,968 | 0.65 | 0.76 | 2.62 | 130 | |
4/1/16 to 3/31/17 | 12.22 | 0.28 | (0.31) | (0.03) | (0.28) | — | (0.27) | (0.55) | (0.58) | 11.64 | (0.24) | 519,784 | 0.65 | 0.70 | 2.30 | 138 | |
4/1/15 to 3/31/16 | 12.29 | 0.28 | 0.07 | 0.35 | (0.28) | — | (0.14) | (0.42) | (0.07) | 12.22 | 2.96 | 629,435 | 0.65 | 0.68 | 2.32 | 139 | |
Seix Short-Term Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.24 | 0.02 | (0.04) | (0.02) | (0.02) | — | — | (0.02) | (0.04) | $10.20 | (0.20) % | $ 5,465 | 0.80 % | 1.36 % | 0.33 % | 50 % | |
1/1/20 to 12/31/20 | 9.96 | 0.07 | 0.29 | 0.36 | (0.08) | — | — | (0.08) | 0.28 | 10.24 | 3.59 | 6,280 | 0.80 | 1.27 | 0.66 | 171 | |
1/1/19 to 12/31/19 | 9.83 | 0.17 | 0.13 | 0.30 | (0.17) | — | — | (0.17) | 0.13 | 9.96 | 3.08 | 2,300 | 0.80 | 1.81 | 1.73 | 77 | |
1/1/18 to 12/31/18 | 9.90 | 0.14 | (0.06) | 0.08 | (0.14) | (0.01) | — | (0.15) | (0.07) | 9.83 | 0.81 | 2,028 | 0.80 | 1.68 | 1.43 | 93 | |
4/1/17 to 12/31/17(7) | 9.95 | 0.07 | (0.04) | 0.03 | (0.07) | (0.01) | — | (0.08) | (0.05) | 9.90 | 0.27 | 2,210 | 0.80 | 1.26 | 0.89 | 145 | |
4/1/16 to 3/31/17 | 10.01 | 0.06 | (0.06) | — | (0.06) | — | — | (0.06) | (0.06) | 9.95 | 0.03 | 2,308 | 0.80 | 0.80 | 0.58 | 129 | |
4/1/15 to 3/31/16 | 10.00 | 0.04 | 0.02 | 0.06 | (0.05) | — | — | (0.05) | 0.01 | 10.01 | 0.58 | 2,104 | 0.80 | 0.81 | 0.38 | 87 | |
Class C | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.24 | — (15) | (0.04) | (0.04) | — | — | — | — | (0.04) | $10.20 | (0.39) % | $ 1,259 | 1.19 % | 2.18 % | (0.06) % | 50 % | |
1/1/20 to 12/31/20 | 9.96 | 0.01 | 0.28 | 0.29 | (0.01) | — | — | (0.01) | 0.28 | 10.24 | 2.96 | 2,082 | 1.39 | 2.10 | 0.08 | 171 | |
1/1/19 to 12/31/19 | 9.83 | 0.09 | 0.13 | 0.22 | (0.09) | — | — | (0.09) | 0.13 | 9.96 | 2.29 | 733 | 1.57 | 2.58 | 0.95 | 77 | |
1/1/18 to 12/31/18 | 9.89 | 0.07 | (0.06) | 0.01 | (0.06) | (0.01) | — | (0.07) | (0.06) | 9.83 | 0.14 | 1,461 | 1.57 | 2.48 | 0.66 | 93 | |
4/1/17 to 12/31/17(7) | 9.94 | 0.02 | (0.05) | (0.03) | (0.01) | (0.01) | — | (0.02) | (0.05) | 9.89 | (0.26) | 1,257 | 1.48 | 2.04 | 0.21 | 145 | |
4/1/16 to 3/31/17 | 10.00 | — (15) | (0.06) | (0.06) | — | — | — | — | (0.06) | 9.94 | (0.57) | 1,310 | 1.40 | 1.57 | (0.03) | 129 | |
4/1/15 to 3/31/16 | 10.00 | (0.01) | 0.01 | — | — (15) | — | — | — (15) | — | 10.00 | — | 1,742 | 1.29 | 1.58 | (0.10) | 87 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Short-Term Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.22 | 0.03 | (0.05) | (0.02) | (0.03) | — | — | (0.03) | (0.05) | $10.17 | (0.20) % | $ 5,395 | 0.60 % | 1.28 % | 0.53 % | 50 % | |
1/1/20 to 12/31/20 | 9.93 | 0.09 | 0.30 | 0.39 | (0.10) | — | — | (0.10) | 0.29 | 10.22 | 3.91 | 7,352 | 0.60 | 1.16 | 0.88 | 171 | |
1/1/19 to 12/31/19 | 9.80 | 0.19 | 0.13 | 0.32 | (0.19) | — | — | (0.19) | 0.13 | 9.93 | 3.29 | 5,155 | 0.60 | 1.61 | 1.93 | 77 | |
1/1/18 to 12/31/18 | 9.86 | 0.16 | (0.05) | 0.11 | (0.16) | (0.01) | — | (0.17) | (0.06) | 9.80 | 1.11 | 5,719 | 0.60 | 1.43 | 1.62 | 93 | |
4/1/17 to 12/31/17(7) | 9.92 | 0.08 | (0.05) | 0.03 | (0.08) | (0.01) | — | (0.09) | (0.06) | 9.86 | 0.31 | 7,918 | 0.60 | 0.91 | 1.05 | 145 | |
4/1/16 to 3/31/17 | 9.98 | 0.08 | (0.06) | 0.02 | (0.08) | — | — | (0.08) | (0.06) | 9.92 | 0.23 | 52,024 | 0.60 | 0.69 | 0.77 | 129 | |
4/1/15 to 3/31/16 | 9.98 | 0.06 | 0.01 | 0.07 | (0.07) | — | — | (0.07) | — | 9.98 | 0.68 | 49,749 | 0.60 | 0.68 | 0.58 | 87 | |
Seix Short-Term Municipal Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.16 | 0.01 | (0.04) | (0.03) | (0.01) | — | (0.10) | (0.11) | (0.14) | $10.02 | (0.27) % | $ 1,394 | 0.54 % | 1.32 % | 0.27 % | 30 % | |
1/1/20 to 12/31/20 | 10.03 | 0.05 | 0.24 | 0.29 | (0.05) | — | (0.11) | (0.16) | 0.13 | 10.16 | 2.86 | 1,474 | 0.64 (8) | 1.25 | 0.49 | 125 | |
1/1/19 to 12/31/19 | 9.92 | 0.12 | 0.23 | 0.35 | (0.12) | — | (0.12) | (0.24) | 0.11 | 10.03 | 3.54 | 1,535 | 0.65 | 1.17 | 1.15 | 77 | |
1/1/18 to 12/31/18 | 9.91 | 0.09 | 0.02 | 0.11 | (0.10) | — | — (15) | (0.10) | 0.01 | 9.92 | 1.10 | 1,411 | 0.65 | 1.05 | 0.96 | 50 | |
4/1/17 to 12/31/17(7) | 9.93 | 0.05 | (0.01) | 0.04 | (0.05) | — | (0.01) | (0.06) | (0.02) | 9.91 | 0.39 | 1,765 | 0.65 | 0.95 | 0.70 | 56 | |
4/1/16 to 3/31/17 | 9.98 | 0.05 | (0.03) | 0.02 | (0.06) | — | (0.01) | (0.07) | (0.05) | 9.93 | 0.26 | 1,810 | 0.65 | 0.74 | 0.54 | 59 | |
4/1/15 to 3/31/16 | 10.00 | 0.02 | — (15) | 0.02 | (0.02) | — | (0.02) | (0.04) | (0.02) | 9.98 | 0.23 | 7,354 | 0.67 | 0.72 | 0.24 | 82 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.17 | 0.02 | (0.04) | (0.02) | (0.02) | — | (0.10) | (0.12) | (0.14) | $10.03 | (0.19) % | $ 8,469 | 0.37 % | 1.23 % | 0.45 % | 30 % | |
1/1/20 to 12/31/20 | 10.04 | 0.06 | 0.25 | 0.31 | (0.07) | — | (0.11) | (0.18) | 0.13 | 10.17 | 3.03 | 12,249 | 0.47 (8) | 1.15 | 0.64 | 125 | |
1/1/19 to 12/31/19 | 9.93 | 0.13 | 0.23 | 0.36 | (0.13) | — | (0.12) | (0.25) | 0.11 | 10.04 | 3.71 | 10,833 | 0.48 | 1.05 | 1.34 | 77 | |
1/1/18 to 12/31/18 | 9.91 | 0.11 | 0.02 | 0.13 | (0.11) | — | — (15) | (0.11) | 0.02 | 9.93 | 1.37 | 19,043 | 0.48 | 0.89 | 1.12 | 50 | |
4/1/17 to 12/31/17(7) | 9.93 | 0.07 | (0.01) | 0.06 | (0.07) | — | (0.01) | (0.08) | (0.02) | 9.91 | 0.52 | 31,289 | 0.48 | 0.81 | 0.87 | 56 | |
4/1/16 to 3/31/17 | 9.98 | 0.08 | (0.04) | 0.04 | (0.08) | — | (0.01) | (0.09) | (0.05) | 9.93 | 0.40 | 26,710 | 0.48 | 0.66 | 0.75 | 59 | |
4/1/15 to 3/31/16 | 10.00 | 0.04 | — (15) | 0.04 | (0.04) | — | (0.02) | (0.06) | (0.02) | 9.98 | 0.41 | 32,184 | 0.51 | 0.62 | 0.41 | 82 | |
Seix Total Return Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.93 | 0.06 | (0.25) | (0.19) | (0.04) | — | — | (0.04) | (0.23) | $11.70 | (1.55) % | $ 13,252 | 0.70 % | 0.88 % | 0.96 % | 63 % | |
1/1/20 to 12/31/20 | 11.03 | 0.15 | 1.05 | 1.20 | (0.21) | — | (0.09) | (0.30) | 0.90 | 11.93 | 10.91 | 12,879 | 0.70 | 0.87 | 1.27 | 186 | |
1/1/19 to 12/31/19 | 10.52 | 0.22 | 0.48 | 0.70 | (0.13) | (0.06) | — | (0.19) | 0.51 | 11.03 | 6.69 | 24,861 | 0.70 | 0.94 | 2.04 | 190 | |
1/1/18 to 12/31/18 | 10.77 | 0.23 | (0.28) | (0.05) | (0.20) | — | — | (0.20) | (0.25) | 10.52 | (0.48) | 10,717 | 0.70 | 0.85 | 2.18 | 169 | |
4/1/17 to 12/31/17(7) | 10.77 | 0.15 | — | 0.15 | (0.09) | (0.06) | — | (0.15) | — | 10.77 | 1.37 | 13,227 | 0.71 (8) | 0.84 | 1.86 | 150 | |
4/1/16 to 3/31/17 | 11.02 | 0.20 | (0.06) | 0.14 | (0.22) | — | (0.17) | (0.39) | (0.25) | 10.77 | 1.22 | 27,284 | 0.70 | 0.70 | 1.85 | 210 | |
4/1/15 to 3/31/16 | 11.11 | 0.17 | (0.06) | 0.11 | (0.19) | — | (0.01) | (0.20) | (0.09) | 11.02 | 1.02 | 32,366 | 0.71 | 0.71 | 1.55 | 181 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix Total Return Bond Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.54 | 0.07 | (0.24) | (0.17) | (0.06) | — | — | (0.06) | (0.23) | $11.31 | (1.50) % | $ 282,685 | 0.46 % | 0.57 % | 1.20 % | 63 % | |
1/1/20 to 12/31/20 | 10.68 | 0.16 | 1.03 | 1.19 | (0.24) | — | (0.09) | (0.33) | 0.86 | 11.54 | 11.12 | 295,811 | 0.46 | 0.57 | 1.38 | 186 | |
1/1/19 to 12/31/19 | 10.17 | 0.24 | 0.48 | 0.72 | (0.15) | (0.06) | — | (0.21) | 0.51 | 10.68 | 7.12 | 220,036 | 0.46 | 0.59 | 2.32 | 190 | |
1/1/18 to 12/31/18 | 10.42 | 0.24 | (0.28) | (0.04) | (0.21) | — | — | (0.21) | (0.25) | 10.17 | (0.32) | 335,999 | 0.46 | 0.55 | 2.39 | 169 | |
4/1/17 to 12/31/17(7) | 10.42 | 0.17 | (0.01) | 0.16 | (0.10) | (0.06) | — | (0.16) | — | 10.42 | 1.56 | 681,009 | 0.46 | 0.53 | 2.15 | 150 | |
4/1/16 to 3/31/17 | 10.67 | 0.22 | (0.07) | 0.15 | (0.23) | — | (0.17) | (0.40) | (0.25) | 10.42 | 1.44 | 790,997 | 0.46 | 0.46 | 2.10 | 210 | |
4/1/15 to 3/31/16 | 10.75 | 0.19 | (0.05) | 0.14 | (0.21) | — | (0.01) | (0.22) | (0.08) | 10.67 | 1.35 | 971,159 | 0.45 | 0.45 | 1.82 | 181 | |
Class R6* | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.53 | 0.08 | (0.24) | (0.16) | (0.06) | — | — | (0.06) | (0.22) | $11.31 | (1.34) % | $ 124,755 | 0.31 % | 0.45 % | 1.35 % | 63 % | |
1/1/20 to 12/31/20 | 10.67 | 0.17 | 1.03 | 1.20 | (0.25) | — | (0.09) | (0.34) | 0.86 | 11.53 | 11.30 | 123,041 | 0.31 | 0.46 | 1.53 | 186 | |
1/1/19 to 12/31/19 | 10.17 | 0.26 | 0.46 | 0.72 | (0.16) | (0.06) | — | (0.22) | 0.50 | 10.67 | 7.18 | 61,313 | 0.31 | 0.45 | 2.51 | 190 | |
1/1/18 to 12/31/18 | 10.42 | 0.26 | (0.28) | (0.02) | (0.23) | — | — | (0.23) | (0.25) | 10.17 | (0.17) | 70,626 | 0.31 | 0.44 | 2.55 | 169 | |
4/1/17 to 12/31/17(7) | 10.42 | 0.19 | (0.02) | 0.17 | (0.11) | (0.06) | — | (0.17) | — | 10.42 | 1.68 | 145,096 | 0.31 | 0.40 | 2.38 | 150 | |
4/1/16 to 3/31/17 | 10.67 | 0.25 | (0.08) | 0.17 | (0.25) | — | (0.17) | (0.42) | (0.25) | 10.42 | 1.58 | 101,022 | 0.31 | 0.31 | 2.40 | 210 | |
4/1/15 to 3/31/16 | 10.75 | 0.21 | (0.06) | 0.15 | (0.22) | — | (0.01) | (0.23) | (0.08) | 10.67 | 1.49 | 56,133 | 0.31 | 0.31 | 1.95 | 181 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.04 | — (15) | (0.01) | (0.01) | — (15) | — | — | — | (0.01) | $10.03 | (0.09) % | $ 19,173 | 0.64 % (13) | 0.64 % | (0.02) % | 25 % | |
1/1/20 to 12/31/20 | 10.00 | 0.04 | 0.06 | 0.10 | (0.06) | — | — | (0.06) | 0.04 | 10.04 | 0.99 | 33,092 | 0.66 | 0.66 | 0.41 | 54 | |
1/1/19 to 12/31/19 | 9.99 | 0.19 | 0.02 | 0.21 | (0.20) | — | — | (0.20) | 0.01 | 10.00 | 2.11 | 13,741 | 0.65 (13) | 0.65 | 1.91 | 63 | |
7/24/18 to 12/31/18(17) | 10.00 | 0.09 | (0.01) | 0.08 | (0.08) | (0.01) | — | (0.09) | (0.01) | 9.99 | 0.79 | 5,497 | 0.63 (13) | 0.63 | 2.10 | 28 (11) | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.04 | 0.01 | (0.01) | — | (0.01) | — | — | (0.01) | (0.01) | $10.03 | 0.03 % | $1,002,905 | 0.41 % | 0.48 % | 0.22 % | 25 % | |
1/1/20 to 12/31/20 | 10.00 | 0.08 | 0.04 | 0.12 | (0.08) | — | — | (0.08) | 0.04 | 10.04 | 1.25 | 1,090,217 | 0.41 | 0.49 | 0.76 | 54 | |
1/1/19 to 12/31/19 | 9.99 | 0.23 | — | 0.23 | (0.22) | — | — | (0.22) | 0.01 | 10.00 | 2.36 | 864,548 | 0.41 | 0.50 | 2.27 | 63 | |
1/1/18 to 12/31/18 | 10.01 | 0.19 | (0.01) | 0.18 | (0.19) | (0.01) | — | (0.20) | (0.02) | 9.99 | 1.83 | 1,232,473 | 0.41 | 0.50 | 1.89 | 28 | |
4/1/17 to 12/31/17(7) | 10.03 | 0.09 | (0.01) | 0.08 | (0.09) | (0.01) | — | (0.10) | (0.02) | 10.01 | 0.82 | 1,343,042 | 0.41 | 0.47 | 1.17 | 48 | |
4/1/16 to 3/31/17 | 10.03 | 0.07 | 0.03 | 0.10 | (0.10) | — | — | (0.10) | — | 10.03 | 0.98 | 1,367,242 | 0.42 | 0.42 | 0.72 | 77 | |
4/1/15 to 3/31/16 | 10.12 | 0.06 | (0.07) | (0.01) | (0.08) | — | — | (0.08) | (0.09) | 10.03 | (0.11) | 1,557,899 | 0.41 | 0.41 | 0.57 | 52 | |
Class R6* | |||||||||||||||||
1/1/21 to 6/30/21(6) | $10.05 | 0.02 | — (15) | 0.02 | (0.02) | — | — | (0.02) | — | $10.05 | 0.20 % | $ 105,940 | 0.26 % | 0.36 % | 0.36 % | 25 % | |
1/1/20 to 12/31/20 | 10.01 | 0.07 | 0.07 | 0.14 | (0.10) | — | — | (0.10) | 0.04 | 10.05 | 1.40 | 87,343 | 0.26 | 0.38 | 0.66 | 54 | |
1/1/19 to 12/31/19 | 10.00 | 0.24 | 0.01 | 0.25 | (0.24) | — | — | (0.24) | 0.01 | 10.01 | 2.51 | 25,521 | 0.26 | 0.37 | 2.39 | 63 | |
1/1/18 to 12/31/18 | 10.03 | 0.20 | (0.01) | 0.19 | (0.21) | (0.01) | — | (0.22) | (0.03) | 10.00 | 1.88 | 32,940 | 0.26 | 0.37 | 2.01 | 28 | |
4/1/17 to 12/31/17(7) | 10.04 | 0.10 | — (15) | 0.10 | (0.10) | (0.01) | — | (0.11) | (0.01) | 10.03 | 1.04 | 43,072 | 0.26 | 0.33 | 1.32 | 48 | |
8/1/16 to 3/31/17(16) | 10.04 | 0.08 | — | 0.08 | (0.08) | — | — | (0.08) | — | 10.04 | 0.77 | 32,657 | 0.26 | 0.26 | 1.12 | 77 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix U.S. Mortgage Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.46 | (0.02) | (0.09) | (0.11) | (0.04) | — | (0.10) | (0.14) | (0.25) | $11.21 | (0.90) % | $ 5,151 | 0.90 % | 1.89 % | (0.27) % | 54 % | |
1/1/20 to 12/31/20 | 11.28 | 0.04 | 0.25 | 0.29 | (0.11) | — | — | (0.11) | 0.18 | 11.46 | 2.60 | 6,395 | 0.90 | 1.81 | 0.39 | 53 | |
1/1/19 to 12/31/19 | 10.87 | 0.22 | 0.42 | 0.64 | (0.22) | (0.01) | — | (0.23) | 0.41 | 11.28 | 5.94 | 6,657 | 0.90 | 1.74 | 1.97 | 101 | |
1/1/18 to 12/31/18 | 11.09 | 0.20 | (0.17) | 0.03 | (0.20) | (0.05) | — | (0.25) | (0.22) | 10.87 | 0.31 | 3,727 | 0.90 | 2.01 | 1.88 | 129 | |
4/1/17 to 12/31/17(7) | 11.10 | 0.12 | 0.04 | 0.16 | (0.11) | (0.06) | — | (0.17) | (0.01) | 11.09 | 1.45 | 2,566 | 0.90 | 1.59 | 1.48 | 89 | |
4/1/16 to 3/31/17 | 11.31 | 0.05 | (0.04) | 0.01 | (0.18) | — | (0.04) | (0.22) | (0.21) | 11.10 | 0.04 | 3,594 | 0.90 | 0.98 | 0.41 | 118 | |
4/1/15 to 3/31/16 | 11.29 | 0.08 | 0.11 | 0.19 | (0.17) | — | — | (0.17) | 0.02 | 11.31 | 1.72 | 6,560 | 0.90 | 1.10 | 0.76 | 223 | |
Class C | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.48 | (0.06) | (0.09) | (0.15) | — (15) | — | (0.10) | (0.10) | (0.25) | $11.23 | (1.35) % | $ 271 | 1.65 % | 2.19 % | (1.08) % | 54 % | |
1/1/20 to 12/31/20 | 11.30 | (0.05) | 0.26 | 0.21 | (0.03) | — | — | (0.03) | 0.18 | 11.48 | 1.83 | 499 | 1.65 | 2.05 | (0.46) | 53 | |
1/1/19 to 12/31/19 | 10.89 | 0.14 | 0.41 | 0.55 | (0.13) | (0.01) | — | (0.14) | 0.41 | 11.30 | 5.09 | 383 | 1.65 | 1.99 | 1.29 | 101 | |
1/1/18 to 12/31/18 | 11.11 | 0.12 | (0.17) | (0.05) | (0.12) | (0.05) | — | (0.17) | (0.22) | 10.89 | (0.43) | 3,174 | 1.65 | 2.00 | 1.09 | 129 | |
4/1/17 to 12/31/17(7) | 11.11 | 0.05 | 0.06 | 0.11 | (0.05) | (0.06) | — | (0.11) | — | 11.11 | 0.99 | 3,722 | 1.62 | 1.98 | 0.65 | 89 | |
4/1/16 to 3/31/17 | 11.33 | (0.03) | (0.06) | (0.09) | (0.09) | — | (0.04) | (0.13) | (0.22) | 11.11 | (0.79) | 4,301 | 1.65 | 1.71 | 0.26 | 118 | |
4/1/15 to 3/31/16 | 11.32 | — (15) | 0.10 | 0.10 | (0.09) | — | — | (0.09) | 0.01 | 11.33 | 0.88 | 5,478 | 1.65 | 1.79 | 0.01 | 223 | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $11.48 | — (15) | (0.10) | (0.10) | (0.05) | — | (0.10) | (0.15) | (0.25) | $11.23 | (0.80) % | $ 5,711 | 0.70 % | 1.24 % | (0.08) % | 54 % | |
1/1/20 to 12/31/20 | 11.30 | 0.07 | 0.25 | 0.32 | (0.14) | — | — | (0.14) | 0.18 | 11.48 | 2.80 | 9,977 | 0.70 | 1.13 | 0.60 | 53 | |
1/1/19 to 12/31/19 | 10.89 | 0.24 | 0.42 | 0.66 | (0.24) | (0.01) | — | (0.25) | 0.41 | 11.30 | 6.13 | 14,476 | 0.70 | 1.10 | 2.19 | 101 | |
1/1/18 to 12/31/18 | 11.11 | 0.22 | (0.17) | 0.05 | (0.22) | (0.05) | — | (0.27) | (0.22) | 10.89 | 0.52 | 17,615 | 0.70 | 1.08 | 2.05 | 129 | |
4/1/17 to 12/31/17(7) | 11.12 | 0.13 | 0.05 | 0.18 | (0.13) | (0.06) | — | (0.19) | (0.01) | 11.11 | 1.60 | 18,967 | 0.70 | 1.08 | 1.52 | 89 | |
4/1/16 to 3/31/17 | 11.33 | 0.07 | (0.04) | 0.03 | (0.20) | — | (0.04) | (0.24) | (0.21) | 11.12 | 0.24 | 17,620 | 0.70 | 0.86 | 0.66 | 118 | |
4/1/15 to 3/31/16 | 11.32 | 0.12 | 0.09 | 0.21 | (0.20) | — | — | (0.20) | 0.01 | 11.33 | 1.84 | 25,068 | 0.70 | 0.86 | 1.03 | 223 | |
Seix Ultra-Short Bond Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.97 | 0.03 | 0.01 | 0.04 | (0.03) | — | — | (0.03) | 0.01 | $ 9.98 | 0.36 % | $ 4,282 | 0.65 % | 0.86 % | 0.54 % | 28 % | |
1/1/20 to 12/31/20 | 9.96 | 0.10 | 0.01 | 0.11 | (0.10) | — | — | (0.10) | 0.01 | 9.97 | 1.13 | 4,189 | 0.65 | 0.84 | 1.03 | 101 | |
1/1/19 to 12/31/19 | 9.92 | 0.21 | 0.04 | 0.25 | (0.21) | — | — | (0.21) | 0.04 | 9.96 | 2.58 | 3,111 | 0.65 | 0.83 | 2.07 | 97 | |
7/24/18 to 12/31/18(17) | 9.97 | 0.11 | (0.06) | 0.05 | (0.10) | — | — | (0.10) | (0.05) | 9.92 | 0.48 | 1,698 | 0.65 | 0.84 | 2.46 | 112 (11) | |
Class I | |||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.96 | 0.04 | 0.01 | 0.05 | (0.04) | — | — | (0.04) | 0.01 | $ 9.97 | 0.49 % | $ 44,419 | 0.40 % | 0.64 % | 0.78 % | 28 % | |
1/1/20 to 12/31/20 | 9.95 | 0.13 | 0.01 | 0.14 | (0.13) | — | — | (0.13) | 0.01 | 9.96 | 1.39 | 44,711 | 0.40 | 0.62 | 1.29 | 101 | |
1/1/19 to 12/31/19 | 9.91 | 0.24 | 0.04 | 0.28 | (0.24) | — | — | (0.24) | 0.04 | 9.95 | 2.84 | 48,183 | 0.40 | 0.61 | 2.42 | 97 | |
1/1/18 to 12/31/18 | 9.97 | 0.22 | (0.06) | 0.16 | (0.22) | — | — | (0.22) | (0.06) | 9.91 | 1.61 | 60,041 | 0.40 | 0.62 | 2.21 | 112 | |
4/1/17 to 12/31/17(7) | 9.96 | 0.11 | 0.01 | 0.12 | (0.11) | — | — | (0.11) | 0.01 | 9.97 | 1.21 | 59,548 | 0.42 (8) | 0.56 | 1.44 | 53 | |
4/1/16 to 3/31/17 | 9.93 | 0.10 | 0.04 | 0.14 | (0.11) | — | — | (0.11) | 0.03 | 9.96 | 1.41 | 87,344 | 0.40 | 0.40 | 1.05 | 142 | |
4/1/15 to 3/31/16 | 9.97 | 0.08 | (0.04) | 0.04 | (0.08) | — | — | (0.08) | (0.04) | 9.93 | 0.42 | 104,950 | 0.38 | 0.38 | 0.77 | 59 |
Footnote Legend: | |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | The Fund changed its fiscal year end to December 31 during the period. |
(8) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(9) | Class R6 (formerly IS) commenced operations on August 3, 2015. |
(10) | Inception date. |
(11) | Portfolio turnover is representative of the Fund for the entire period. |
(12) | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(13) | The share class is currently under its expense limitation. |
(14) | Ratio of total expenses excluding interest expense on borrowings for the six months ended June 30, 2021 and the years ended December 31, 2020 and 2019 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6). |
(15) | Amount is less than $0.005 per share. |
(16) | Class R6 (formerly IS) commenced operations on August 1, 2016. |
(17) | Class A commenced operations on July 24, 2018. |
Fund | Investment objective(s) | |
Seix Core Bond Fund | Seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. | |
Seix Corporate Bond Fund | Seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. | |
Seix Floating Rate High Income Fund | Attempting to provide a high level of current income. | |
Seix High Grade Municipal Bond Fund | Seeking to maximize total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. | |
Seix High Income Fund | Seeking high current income and, secondarily, total return (comprised of capital appreciation and income). | |
Seix High Yield Fund | Seeking high income and, secondarily, capital appreciation. | |
Seix Investment Grade Tax-Exempt Bond Fund | Seeking to maximize high total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. | |
Seix Short-Term Bond Fund | Seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. | |
Seix Short-Term Municipal Bond Fund | Seeking to maximize total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. | |
Seix Total Return Bond Fund | Seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. | |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seeking to maximize current income consistent with capital preservation. | |
Seix U.S. Mortgage Fund | Seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. | |
Seix Ultra-Short Bond Fund | Seeking to maximize current income consistent with capital preservation. |
A. | Security Valuation |
Each Fund utilizes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The Funds’ policy is to recognize transfers into or out of Level 3 at the end of the reporting period. | |
• Level 1 – quoted prices in active markets for identical securities (security types generally include listed equities). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt securities are amortized to interest income to the earliest call date using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. | |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Securities Traded on a To-Be-Announced Basis |
Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. | |
H. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
I. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, 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. | |
J. | Securities Lending |
Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. |
Fund | Counterparty | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | ||||
Seix Core Bond Fund | BNYM | $ 366 | $ 366 | $ — | ||||
Seix Corporate Bond Fund | BNYM | 1,069 | 1,069 | — | ||||
Seix High Income Fund | BNYM | 3,758 | 3,758 | — | ||||
Seix High Yield Fund | BNYM | 2,592 | 2,592 | — | ||||
Seix Total Return Bond Fund | BNYM | 1,306 | 1,306 | — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Securities Lending Transactions | Overnight and Continuous | Under 30 days | Between 30 & 90 days | Over 90 Days | Total | ||||||
Seix Core Bond Fund | Money Market Mutual Fund | $ 376 | $— | $— | $— | $ 376 | ||||||
Seix Corporate Bond Fund | Money Market Mutual Fund | 1,098 | — | — | — | 1,098 | ||||||
Seix High Income Fund | Money Market Mutual Fund | 3,919 | — | — | — | 3,919 | ||||||
Seix High Yield Fund | Money Market Mutual Fund | 2,676 | — | — | — | 2,676 | ||||||
Seix Total Return Bond Fund | Money Market Mutual Fund | 1,344 | — | — | — | 1,344 |
A. | Forward Foreign Currency Exchange Contracts |
A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a future date. Forward foreign currency exchange contracts, when used by a Fund, help to manage the overall exposure to the currencies in which some of the investments held by the Fund are denominated. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The use of forward foreign currency exchange contracts involves the risk that the value of the contract changes unfavorably due to movements in the value of the referenced foreign currencies. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency. | |
During the fiscal period, the Seix Total Return Bond Fund entered into forward foreign currency exchange contracts as an economic hedge against either specific transactions or portfolio instruments or to obtain exposure to, or hedge exposure away from, foreign currencies (foreign currency exchange rate risk). Forward foreign currency contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. | |
B. | Swaps |
Certain Funds enter into swap agreements, in which the Fund and a counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). The value of the swap is reflected on the Statements of Assets and Liabilities as “Swaps at value”. Swaps are marked-to-market daily and changes in value are recorded as “Net change in unrealized appreciation (depreciation) on swaps” in the Statements of Operations. | |
Any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown under “Swaps at value” in the Statements of Assets and Liabilities and are amortized over the term of the swap. When a swap is terminated, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the unamortized premium received or paid. Cash settlements between the Fund and the counterparty are recognized as “Net realized gain (loss) on swaps” in the Statements of Operations. Swap contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. |
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is submitted to a central counterparty (the “CCP”) and the Fund’s counterparty on the swap agreement becomes the CCP. The Fund is required to interface with the CCP through a clearing broker. Upon entering into a centrally cleared swap, a Fund is required to deposit initial margin with the clearing broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. | |
Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as “Deposits with prime broker”. | |
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. | |
Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). | |
During the period, the Seix Corporate Bond Fund and Seix Total Return Bond Fund utilized both single name credit default swaps and credit index swaps to gain exposure to short individual securities or to gain exposure to a credit or asset-backed index. | |
The following is a summary of derivative instruments categorized by primary risk exposure, presented in the Statements of Assets and Liabilities as of June 30, 2021: |
Primary Risk | Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||
Asset Derivatives | |||||||||
Interest rate contracts | Unrealized appreciation on futures contracts(1) | $ — | $ — | $129 | |||||
Total | $ — | $ — | $129 | ||||||
Liability Derivatives | |||||||||
Credit contracts | Swaps at value | $(725) | $(2,663) | $ — | |||||
Total | $(725) | $(2,663) | $ — |
(1) | Includes cumulative appreciation (depreciation) on futures contracts as reported in the Schedules of Investments. Current day’s variation margin is reported within the Statements of Assets and Liabilities. |
Primary Risk | Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | |||
Net Realized Gain (Loss) From | ||||||
Credit contracts | Swaps | $ (91) | $ (321) | $ — | ||
Interest rate contracts | Futures | — | — | (52) | ||
Total | $ (91) | $ (321) | $ (52) | |||
Net Change in Unrealized Appreciation/Depreciation on | ||||||
Credit contracts | Swaps | $ (150) | $ (550) | $ — | ||
Interest rate contracts | Futures | — | — | 129 | ||
Total | $ (150) | $ (550) | $ 129 |
Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | |||
Futures Contracts - Short Positions(1) | $ — | $ — | $1,134 | ||
Credit Default Swap Agreements - Buy Protection(2) | 7,060 | 25,940 | — |
(1) Unrealized for the period. |
(2) Notional amount. |
C. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. | |
A Fund’s risk of loss from counterparty credit risk on derivatives bought or sold over the counter (“OTC”), rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. | |
With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund. |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. | |
D. | Collateral Requirements and Master Netting Agreements (“MNA”) |
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. | |
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. | |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. |
At June 30, 2021, the Fund’s derivative assets and liabilities (by type) are as follows: | |||||||||||||||||
Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||
Derivative Financial Instruments: | |||||||||||||||||
Futures contracts | $— | $ — | $— | $ — | $— | $ 21 | |||||||||||
Swaps | — | 725 | — | 2,663 | — | — | |||||||||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $— | $ 725 | $— | $ 2,663 | $— | $ 21 | |||||||||||
Derivatives not subject to a MNA or similar agreement | — | (725) | — | (2,663) | — | (21) | |||||||||||
Total assets and liabilities subject to a MNA | $— | $ — | $— | $ — | $— | $ — |
A. | Investment Adviser |
Virtus Fund Advisers, LLC (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadviser. | |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
First $500 Million | |
Seix Core Bond Fund | 0.25 % |
Seix Corporate Bond Fund | 0.40 |
Seix Floating Rate High Income Fund | 0.45 |
First $500 Million | |
Seix High Grade Municipal Bond Fund | 0.50% |
Seix High Income Fund | 0.55 |
Seix High Yield Fund | 0.45 |
Seix Investment Grade Tax-Exempt Bond Fund | 0.50 |
Seix Short-Term Bond Fund | 0.40 |
Seix Short-Term Municipal Bond Fund | 0.35 |
Seix Total Return Bond Fund | 0.25 |
Seix U.S. Government Securities Ultra-Short Bond Fund | 0.20 |
Seix U.S. Mortgage Fund | 0.40 |
Seix Ultra-Short Bond Fund | 0.22 |
B. | Subadviser |
Seix Investment Advisors LLC (the “Subadviser”), an indirect, wholly-owned subsidiary of Virtus, is the subadviser to the Funds. The Subadviser manages the investments of each Fund, for which it is paid a fee by the Adviser. | |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2022. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Seix Core Bond Fund | 0.64 % | N/A % | 0.50 % | 0.36 % | ||||
Seix Corporate Bond Fund | 0.95 | 1.65 | 0.70 | 0.43 | ||||
Seix Floating Rate High Income Fund | 0.94 * | 1.52 | 0.62 | 0.52 | ||||
Seix High Grade Municipal Bond Fund | 0.73 | N/A | 0.58 | N/A | ||||
Seix High Income Fund | 0.93 | N/A | 0.68 | 0.59 | ||||
Seix High Yield Fund | 0.82 | N/A | 0.64 | 0.53 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | 0.71 | N/A | 0.56 | N/A | ||||
Seix Short-Term Bond Fund | 0.80 | 1.57 | 0.60 | N/A | ||||
Seix Short-Term Municipal Bond Fund | 0.54 | N/A | 0.37 | N/A | ||||
Seix Total Return Bond Fund | 0.70 | N/A | 0.46 | 0.31 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | 0.66 * | N/A | 0.41 | 0.26 | ||||
Seix U.S. Mortgage Fund | 0.90 | 1.65 | 0.70 | N/A | ||||
Seix Ultra-Short Bond Fund | 0.65 | N/A | 0.40 | N/A |
* | The share class is currently below its expense cap. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2021 | 2022 | 2023 | 2024 | Total | |||||
Seix Core Bond Fund | ||||||||||
Class A | $ 9 | $ 17 | $ 26 | $ 11 | $ 63 | |||||
Class I | 79 | 174 | 126 | 56 | 435 | |||||
Class R6 | 1 | 1 | 3 | 1 | 6 | |||||
Seix Corporate Bond Fund | ||||||||||
Class A | — (1) | 8 | 5 | 3 | 16 | |||||
Class C | 10 | 2 | 1 | — (1) | 13 | |||||
Class I | 29 | 61 | 68 | 33 | 191 | |||||
Class R6 | — | — | — (1) | — (1) | — (1) | |||||
Seix Floating Rate High Income Fund | ||||||||||
Class C | 22 | 51 | 39 | 13 | 125 | |||||
Class I | 1,760 | 3,400 | 2,005 | 861 | 8,026 | |||||
Class R6 | 214 | 514 | 264 | 74 | 1,066 | |||||
Seix High Grade Municipal Bond Fund | ||||||||||
Class A | 5 | 16 | 14 | 8 | 43 | |||||
Class I | 65 | 132 | 165 | 88 | 450 | |||||
Seix High Income Fund | ||||||||||
Class A | 2 | 26 | 48 | 21 | 97 | |||||
Class I | 103 | 413 | 446 | 219 | 1,181 | |||||
Class R6 | 3 | 46 | 26 | 8 | 83 | |||||
Seix High Yield Fund | ||||||||||
Class A | 4 | 8 | 14 | 14 | 40 | |||||
Class I | 191 | 391 | 351 | 180 | 1,113 | |||||
Class R6 | 1 | 2 | 11 | 8 | 22 | |||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||||
Class A | 10 | 25 | 25 | 13 | 73 | |||||
Class I | 274 | 672 | 696 | 346 | 1,988 | |||||
Seix Short-Term Bond Fund | ||||||||||
Class A | 9 | 24 | 34 | 17 | 84 | |||||
Class C | 4 | 9 | 9 | 9 | 31 | |||||
Class I | 26 | 51 | 47 | 22 | 146 | |||||
Seix Short-Term Municipal Bond Fund | ||||||||||
Class A | 3 | 8 | 10 | 6 | 27 | |||||
Class I | 48 | 78 | 82 | 44 | 252 | |||||
Seix Total Return Bond Fund | ||||||||||
Class A | — | 26 | 31 | 12 | 69 | |||||
Class I | 146 | 362 | 314 | 157 | 979 | |||||
Class R6 | 75 | 92 | 105 | 88 | 360 | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||||
Class I | 559 | 1,095 | 748 | 392 | 2,794 | |||||
Class R6 | 18 | 34 | 52 | 47 | 151 | |||||
Seix U.S. Mortgage Fund | ||||||||||
Class A | 21 | 53 | 62 | 30 | 166 | |||||
Class C | 6 | 2 | 2 | 1 | 11 | |||||
Class I | 35 | 63 | 49 | 22 | 169 | |||||
Seix Ultra-Short Bond Fund | ||||||||||
Class A | 1 | 4 | 6 | 5 | 16 | |||||
Class I | 65 | 125 | 94 | 47 | 331 |
(1) | Amount is less than $500. |
Fund | Class A | |
Seix Floating Rate High Income Fund | $ 1 |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended June 30, 2021, it retained net commissions of $6 for Class A shares and CDSC of $—(1) and $2 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares (0.15% for Seix High Grade Municipal Bond Fund and Seix Short-Term Municipal Bond Fund, and 0.20% for Seix Short-Term Bond Fund and Seix U.S. Mortgage Fund), and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
(1) Amount is less than $500. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended June 30, 2021, the Funds incurred administration fees totaling $2,249 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 June 30, 2021, the Funds incurred transfer agent fees totaling $1,012 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the period ended June 30, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at June 30, 2021. |
Purchases | Sales | ||
Seix Core Bond Fund | $ 16,116 | $ 37,751 | |
Seix Corporate Bond Fund | 94,099 | 61,195 | |
Seix Floating Rate High Income Fund | 1,216,328 | 806,452 | |
Seix High Grade Municipal Bond Fund | 21,065 | 35,146 | |
Seix High Income Fund | 159,099 | 166,132 | |
Seix High Yield Fund | 323,506 | 245,907 | |
Seix Investment Grade Tax-Exempt Bond Fund | 157,236 | 182,177 | |
Seix Short-Term Bond Fund | 2,466 | 4,026 | |
Seix Short-Term Municipal Bond Fund | 3,080 | 6,863 | |
Seix Total Return Bond Fund | 58,108 | 52,312 | |
Seix Ultra-Short Bond Fund | 11,388 | 17,609 |
Purchases | Sales | ||
Seix Core Bond Fund | $107,060 | $124,044 | |
Seix Floating Rate High Income Fund | 4,420 | 18 | |
Seix Short-Term Bond Fund | 4,707 | 6,563 | |
Seix Total Return Bond Fund | 255,563 | 193,450 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 273,984 | 335,612 | |
Seix U.S. Mortgage Fund | 7,254 | 11,580 | |
Seix Ultra-Short Bond Fund | — | 1,151 |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 64 | $ 728 | 322 | $ 3,692 | 226 | $ 2,177 | 473 | $ 4,627 | |||||||
Reinvestment of distributions | 3 | 29 | 24 | 275 | 10 | 91 | 45 | 444 | |||||||
Shares repurchased and cross class conversions | (218) | (2,456) | (238) | (2,739) | (206) | (1,959) | (258) | (2,437) | |||||||
Net Increase / (Decrease) | (151) | $ (1,699) | 108 | $ 1,228 | 30 | $ 309 | 260 | $ 2,634 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 50 | $ 489 | 101 | $ 985 | |||||||
Reinvestment of distributions | — | — | — | — | 1 | 9 | 6 | 59 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (58) | (549) | (44) | (411) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (7) | $ (51) | 63 | $ 633 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 1,374 | $ 15,527 | 14,006 | $ 162,003 | 8,172 | $ 78,090 | 9,860 | $ 95,933 | |||||||
Reinvestment of distributions | 51 | 577 | 459 | 5,296 | 126 | 1,200 | 558 | 5,448 | |||||||
Shares repurchased and cross class conversions | (8,338) | (94,268) | (6,755) | (77,352) | (4,975) | (47,220) | (3,555) | (34,971) | |||||||
Net Increase / (Decrease) | (6,913) | $ (78,164) | 7,710 | $ 89,947 | 3,323 | $ 32,070 | 6,863 | $ 66,410 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 39 | $ 438 | 110 | $ 1,289 | — | $ — | 10 | $ 100 | |||||||
Reinvestment of distributions | 1 | 8 | 5 | 57 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (45) | (503) | (167) | (1,952) | — | — | — | — | |||||||
Net Increase / (Decrease) | (5) | $ (57) | (52) | $ (606) | — | $ — | 10 | $ 100 |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,014 | $ 8,314 | 1,026 | $ 8,156 | 102 | $ 1,266 | 129 | $ 1,612 | |||||||
Reinvestment of distributions | 56 | 459 | 157 | 1,229 | 4 | 55 | 22 | 276 | |||||||
Shares repurchased and cross class conversions | (585) | (4,795) | (2,536) | (19,704) | (130) | (1,605) | (109) | (1,353) | |||||||
Net Increase / (Decrease) | 485 | $ 3,978 | (1,353) | $ (10,319) | (24) | $ (284) | 42 | $ 535 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 151 | $ 1,244 | 188 | $ 1,495 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 28 | 228 | 104 | 818 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (883) | (7,241) | (2,066) | (16,293) | — | — | — | — | |||||||
Net Increase / (Decrease) | (704) | $ (5,769) | (1,774) | $ (13,980) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 73,072 | $ 599,502 | 77,421 | $ 609,210 | 452 | $ 5,587 | 2,544 | $ 31,489 | |||||||
Reinvestment of distributions | 3,143 | 25,807 | 8,551 | 67,165 | 36 | 439 | 178 | 2,203 | |||||||
Shares repurchased and cross class conversions | (27,221) | (223,112) | (218,814) | (1,681,120) | (1,478) | (18,219) | (1,187) | (14,592) | |||||||
Net Increase / (Decrease) | 48,994 | $ 402,197 | (132,842) | $ (1,004,745) | (990) | $ (12,193) | 1,535 | $ 19,100 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 9,745 | $ 79,970 | 4,461 | $ 35,681 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 287 | 2,358 | 1,163 | 9,086 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (6,193) | (51,010) | (53,749) | (418,732) | — | — | — | — | |||||||
Net Increase / (Decrease) | 3,839 | $ 31,318 | (48,125) | $ (373,965) | — | $ — | — | $ — |
Seix High Income Fund | Seix High Yield Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 634 | $ 4,096 | 1,017 | $ 6,104 | 1,015 | $ 8,712 | 1,363 | $ 11,150 | |||||||
Reinvestment of distributions | 68 | 441 | 172 | 1,038 | 27 | 233 | 30 | 243 | |||||||
Shares repurchased and cross class conversions | (964) | (6,221) | (2,072) | (12,653) | (263) | (2,248) | (605) | (4,978) | |||||||
Net Increase / (Decrease) | (262) | $ (1,684) | (883) | $ (5,511) | 779 | $ 6,697 | 788 | $ 6,415 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 3,469 | $ 22,382 | 12,164 | $ 73,430 | 13,839 | $ 121,713 | 20,539 | $ 167,587 | |||||||
Reinvestment of distributions | 726 | 4,691 | 1,680 | 10,106 | 805 | 7,081 | 1,524 | 12,631 | |||||||
Shares repurchased and cross class conversions | (5,324) | (34,395) | (19,297) | (114,042) | (8,055) | (70,415) | (15,728) | (126,059) | |||||||
Net Increase / (Decrease) | (1,129) | $ (7,322) | (5,453) | $ (30,506) | 6,589 | $ 58,379 | 6,335 | $ 54,159 |
Seix High Income Fund | Seix High Yield Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | �� | ||||||||||||||
Shares sold and cross class conversions | 258 | $ 1,668 | 1,035 | $ 6,328 | 800 | $ 7,037 | 791 | $ 6,417 | |||||||
Reinvestment of distributions | 9 | 62 | 23 | 140 | 18 | 154 | 21 | 178 | |||||||
Shares repurchased and cross class conversions | (12) | (81) | (5,479) | (30,802) | (134) | (1,178) | (139) | (1,153) | |||||||
Net Increase / (Decrease) | 255 | $ 1,649 | (4,421) | $ (24,334) | 684 | $ 6,013 | 673 | $ 5,442 |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Short-Term Bond Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 18 | $ 220 | 56 | $ 672 | 78 | $ 800 | 1,265 | $ 12,808 | |||||||
Reinvestment of distributions | 5 | 64 | 22 | 267 | 1 | 12 | 5 | 46 | |||||||
Shares repurchased and cross class conversions | (73) | (879) | (132) | (1,485) | (157) | (1,602) | (888) | (9,064) | |||||||
Net Increase / (Decrease) | (50) | $ (595) | (54) | $ (546) | (78) | $ (790) | 382 | $ 3,790 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 13 | $ 133 | 260 | $ 2,639 | |||||||
Reinvestment of distributions | — | — | — | — | — | — | — (1) | 1 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (93) | (948) | (131) | (1,333) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (80) | $ (815) | 129 | $ 1,307 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 3,018 | $ 35,986 | 8,339 | $ 99,676 | 15 | $ 154 | 961 | $ 9,775 | |||||||
Reinvestment of distributions | 141 | 1,677 | 602 | 7,212 | 2 | 18 | 7 | 72 | |||||||
Shares repurchased and cross class conversions | (5,088) | (60,720) | (10,062) | (119,251) | (206) | (2,103) | (767) | (7,808) | |||||||
Net Increase / (Decrease) | (1,929) | $ (23,057) | (1,121) | $ (12,363) | (189) | $ (1,931) | 201 | $ 2,039 |
Seix Short-Term Municipal Bond Fund | Seix Total Return Bond Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 6 | $ 55 | 75 | $ 769 | 387 | $ 4,502 | 1,019 | $ 11,996 | |||||||
Reinvestment of distributions | 1 | 14 | 2 | 19 | 4 | 52 | 33 | 385 | |||||||
Shares repurchased and cross class conversions | (13) | (130) | (85) | (869) | (338) | (3,937) | (2,226) | (26,260) | |||||||
Net Increase / (Decrease) | (6) | $ (61) | (8) | $ (81) | 53 | $ 617 | (1,174) | $ (13,879) |
Seix Short-Term Municipal Bond Fund | Seix Total Return Bond Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 70 | $ 707 | 463 | $ 4,662 | 4,052 | $ 45,759 | 17,761 | $ 203,694 | |||||||
Reinvestment of distributions | 10 | 101 | 20 | 201 | 128 | 1,446 | 690 | 7,927 | |||||||
Shares repurchased and cross class conversions | (440) | (4,469) | (357) | (3,618) | (4,830) | (54,426) | (13,423) | (153,517) | |||||||
Net Increase / (Decrease) | (360) | $ (3,661) | 126 | $ 1,245 | (650) | $ (7,221) | 5,028 | $ 58,104 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 2,016 | $ 22,754 | 5,942 | $ 68,723 | |||||||
Reinvestment of distributions | — | — | — | — | 58 | 658 | 222 | 2,548 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (1,710) | (19,206) | (1,241) | (13,860) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | 364 | $ 4,206 | 4,923 | $ 57,411 |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 2,460 | $ 24,693 | 3,052 | $ 30,577 | 29 | $ 332 | 100 | $ 1,139 | |||||||
Reinvestment of distributions | 1 | 6 | 9 | 93 | 6 | 63 | 5 | 62 | |||||||
Shares repurchased and cross class conversions | (3,846) | (38,552) | (1,138) | (11,400) | (133) | (1,513) | (137) | (1,575) | |||||||
Net Increase / (Decrease) | (1,385) | $ (13,853) | 1,923 | $ 19,270 | (98) | $ (1,118) | (32) | $ (374) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 2 | $ 25 | 28 | $ 325 | |||||||
Reinvestment of distributions | — | — | — | — | — | 2 | — | 1 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (22) | (248) | (19) | (216) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (20) | $ (221) | 9 | $ 110 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 17,251 | $ 173,117 | 101,190 | $ 1,013,220 | 42 | $ 480 | 584 | $ 6,747 | |||||||
Reinvestment of distributions | 121 | 1,216 | 625 | 6,261 | 7 | 84 | 12 | 134 | |||||||
Shares repurchased and cross class conversions | (26,026) | (261,048) | (79,686) | (797,591) | (410) | (4,678) | (1,007) | (11,565) | |||||||
Net Increase / (Decrease) | (8,654) | $ (86,715) | 22,129 | $ 221,890 | (361) | $ (4,114) | (411) | $ (4,684) |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix U.S. Mortgage Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 5,752 | $ 57,794 | 13,175 | $ 132,299 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 3 | 26 | 12 | 117 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (3,900) | (39,181) | (7,046) | (70,727) | — | — | — | — | |||||||
Net Increase / (Decrease) | 1,855 | $ 18,639 | 6,141 | $ 61,689 | — | $ — | — | $ — |
Seix Ultra-Short Bond Fund | |||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 88 | $ 882 | 303 | $ 3,004 | |||
Reinvestment of distributions | 1 | 11 | 3 | 34 | |||
Shares repurchased and cross class conversions | (80) | (804) | (198) | (1,947) | |||
Net Increase / (Decrease) | 9 | $ 89 | 108 | $ 1,091 | |||
Class I | |||||||
Shares sold and cross class conversions | 1,404 | $ 13,995 | 3,071 | $ 30,457 | |||
Reinvestment of distributions | 14 | 141 | 51 | 503 | |||
Shares repurchased and cross class conversions | (1,451) | (14,461) | (3,476) | (34,112) | |||
Net Increase / (Decrease) | (33) | $ (325) | (354) | $ (3,152) |
(1) | Amount is less than 500 shares. |
% of Shares Outstanding | Number of Accounts* | ||
Seix Core Bond Fund | 64% | 3 | |
Seix Corporate Bond Fund | 56 | 1 | |
Seix Floating Rate High Income Fund | 50 | 3 | |
Seix High Grade Municipal Bond Fund | 46 | 2 | |
Seix High Income Fund | 43 | 1 | |
Seix High Yield Fund | 71 | 5 | |
Seix Investment Grade Tax-Exempt Bond Fund | 58 | 3 | |
Seix Short-Term Bond Fund | 36 | 2 | |
Seix Short-Term Municipal Bond Fund | 70 | 3 | |
Seix Total Return Bond Fund | 41 | 2 |
% of Shares Outstanding | Number of Accounts* | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | 57% | 2 | |
Seix U.S. Mortgage Fund | 48 | 2 | |
Seix Ultra-Short Bond Fund | 62 | 3 |
* | None of the accounts are affiliated. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Seix Core Bond Fund | $ 112,167 | $ 3,809 | $ (224) | $ 3,585 | ||||
Seix Corporate Bond Fund | 170,211 | 5,073 | (651) | 4,422 | ||||
Seix Floating Rate High Income Fund | 2,264,724 | 38,073 | (32,180) | 5,893 | ||||
Seix High Grade Municipal Bond Fund | 71,966 | 3,055 | (14) | 3,041 | ||||
Seix High Income Fund | 222,766 | 8,673 | (1,325) | 7,348 | ||||
Seix High Yield Fund | 443,726 | 13,859 | (1,858) | 12,001 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | 312,967 | 9,253 | (62) | 9,191 | ||||
Seix Short-Term Bond Fund | 12,008 | 116 | (13) | 103 | ||||
Seix Short-Term Municipal Bond Fund | 9,991 | 138 | (—) (1) | 138 | ||||
Seix Total Return Bond Fund | 404,789 | 13,498 | (973) | 12,525 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | 1,110,974 | 8,745 | (1,340) | 7,405 | ||||
Seix U.S. Mortgage Fund | 10,487 | 338 | (13) | 325 | ||||
Seix Ultra-Short Bond Fund | 38,028 | 297 | (25) | 272 |
(1) | Amount is less than $500. |
Fund | Short-Term | Long-Term | ||
Seix Floating Rate High Income Fund | $155,321 | $498,390 | ||
Seix High Income Fund | 24,660 | 73,858 | ||
Seix High Yield Fund | 10,901 | 42,769 | ||
Seix Short-Term Bond Fund | 20 | — | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | 5,077 | 276 | ||
Seix Ultra-Short Bond Fund | 431 | 225 |
Capital Loss Deferred | |
Seix Core Bond Fund | $ 145 |
Seix Floating Rate High Income Fund | 19,548 |
Seix Total Return Bond Fund | 1,607 |
Statutory Prospectus and the Statement of Additional Information (“SAI”),
each dated April 28, 2021, as supplemented (Unaudited)
Prospectuses and SAI for future reference.
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
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8624 | 08-21 |
Virtus Ceredex Large-Cap Value Equity Fund |
Virtus Ceredex Mid-Cap Value Equity Fund |
Virtus Ceredex Small-Cap Value Equity Fund |
Virtus SGA International Growth Fund |
Virtus Silvant Large-Cap Growth Stock Fund |
Virtus Silvant Small-Cap Growth Stock Fund |
Virtus Zevenbergen Innovative Growth Stock Fund |
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Fund | Schedule of Investments | |
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President, Virtus Funds
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 1,000.00 | $ 1,154.30 | 1.24 % | $ 6.62 | ||||
Class C | 1,000.00 | 1,151.40 | 1.72 | 9.17 | ||||
Class I | 1,000.00 | 1,155.60 | 0.97 | 5.18 | ||||
Class R6 | 1,000.00 | 1,157.30 | 0.72 | 3.85 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,194.20 | 1.29 | 7.02 | ||||
Class C | 1,000.00 | 1,190.40 | 1.79 | 9.72 | ||||
Class I | 1,000.00 | 1,195.60 | 1.01 | 5.50 | ||||
Class R6 | 1,000.00 | 1,197.30 | 0.79 | 4.30 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,179.80 | 1.44 | 7.78 | ||||
Class C | 1,000.00 | 1,178.10 | 1.84 | 9.94 | ||||
Class I | 1,000.00 | 1,181.60 | 1.18 | 6.38 | ||||
Class R6 | 1,000.00 | 1,184.30 | 0.88 | 4.77 | ||||
SGA International Growth Fund | ||||||||
Class A | 1,000.00 | 1,078.30 | 1.32 | 6.80 | ||||
Class I | 1,000.00 | 1,079.80 | 1.07 | 5.52 | ||||
Class R6 | 1,000.00 | 1,080.40 | 0.95 | 4.90 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,134.50 | 1.23 | 6.51 | ||||
Class I | 1,000.00 | 1,135.60 | 0.97 | 5.14 | ||||
Class R6 | 1,000.00 | 1,136.00 | 0.90 | 4.77 | ||||
Silvant Small-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,005.80 | 1.27 | 6.32 | ||||
Class I | 1,000.00 | 1,007.40 | 1.15 | 5.72 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 1,000.00 | 997.10 | 1.25 | 6.19 | ||||
Class I | 1,000.00 | 998.20 | 1.00 | 4.95 | ||||
Class R6 | 1,000.00 | 998.90 | 0.90 | 4.46 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value January 1, 2021 | Ending Account Value June 30, 2021 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.65 | 1.24 % | $ 6.21 | ||||
Class C | 1,000.00 | 1,016.27 | 1.72 | 8.60 | ||||
Class I | 1,000.00 | 1,019.98 | 0.97 | 4.86 | ||||
Class R6 | 1,000.00 | 1,021.22 | 0.72 | 3.61 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,018.40 | 1.29 | 6.46 | ||||
Class C | 1,000.00 | 1,015.92 | 1.79 | 8.95 | ||||
Class I | 1,000.00 | 1,019.79 | 1.01 | 5.06 | ||||
Class R6 | 1,000.00 | 1,020.88 | 0.79 | 3.96 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,017.65 | 1.44 | 7.20 | ||||
Class C | 1,000.00 | 1,015.67 | 1.84 | 9.20 | ||||
Class I | 1,000.00 | 1,018.94 | 1.18 | 5.91 | ||||
Class R6 | 1,000.00 | 1,020.43 | 0.88 | 4.41 | ||||
SGA International Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.25 | 1.32 | 6.61 | ||||
Class I | 1,000.00 | 1,019.49 | 1.07 | 5.36 | ||||
Class R6 | 1,000.00 | 1,020.08 | 0.95 | 4.76 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.70 | 1.23 | 6.16 | ||||
Class I | 1,000.00 | 1,019.98 | 0.97 | 4.86 | ||||
Class R6 | 1,000.00 | 1,020.33 | 0.90 | 4.51 | ||||
Silvant Small-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.50 | 1.27 | 6.36 | ||||
Class I | 1,000.00 | 1,019.09 | 1.15 | 5.76 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.60 | 1.25 | 6.26 | ||||
Class I | 1,000.00 | 1,019.84 | 1.00 | 5.01 | ||||
Class R6 | 1,000.00 | 1,020.33 | 0.90 | 4.51 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (181) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Financials | 21% |
Information Technology | 19 |
Industrials | 13 |
Materials | 12 |
Health Care | 11 |
Consumer Discretionary | 6 |
Energy | 5 |
Other | 13 |
Total | 100% |
Information Technology | 23% |
Industrials | 18 |
Financials | 16 |
Health Care | 11 |
Materials | 10 |
Consumer Discretionary | 9 |
Energy | 4 |
Other (includes short-term investment) | 9 |
Total | 100% |
Financials | 29% |
Industrials | 18 |
Information Technology | 13 |
Materials | 8 |
Health Care | 7 |
Communication Services | 7 |
Consumer Discretionary | 6 |
Other | 12 |
Total | 100% |
Health Care | 21% |
Consumer Staples | 21 |
Information Technology | 15 |
Financials | 15 |
Consumer Discretionary | 10 |
Materials | 6 |
Industrials | 5 |
Other (includes short-term investment) | 7 |
Total | 100% |
Information Technology | 45% |
Consumer Discretionary | 15 |
Communication Services | 14 |
Health Care | 12 |
Industrials | 6 |
Consumer Staples | 4 |
Financials | 2 |
Other | 2 |
Total | 100% |
Health Care | 30% |
Information Technology | 22 |
Industrials | 15 |
Consumer Discretionary | 15 |
Financials | 6 |
Communication Services | 4 |
Materials | 3 |
Other (includes short-term investment and securities lending collateral) | 5 |
Total | 100% |
Information Technology | 40% |
Consumer Discretionary | 26 |
Health Care | 13 |
Communication Services | 11 |
Financials | 4 |
Industrials | 3 |
Short-Term Investment | 3 |
Total | 100% |
Shares | Value | ||
Common Stocks—98.5% | |||
Communication Services—3.5% | |||
AT&T, Inc. | 884,851 | $ 25,466 | |
Verizon Communications, Inc. | 448,215 | 25,113 | |
50,579 | |||
Consumer Discretionary—5.5% | |||
Advance Auto Parts, Inc. | 133,983 | 27,485 | |
BorgWarner, Inc. | 525,272 | 25,497 | |
Ralph Lauren Corp. | 221,704 | 26,119 | |
79,101 | |||
Consumer Staples—2.6% | |||
PepsiCo, Inc. | 247,964 | 36,741 | |
Energy—4.6% | |||
Baker Hughes Co. | 1,913,305 | 43,757 | |
EOG Resources, Inc. | 262,230 | 21,881 | |
65,638 | |||
Financials—20.4% | |||
American Express Co. | 361,227 | 59,685 | |
American International Group, Inc. | 902,757 | 42,971 | |
Bank of America Corp. | 1,465,601 | 60,427 | |
Capital One Financial Corp. | 379,930 | 58,771 | |
Hartford Financial Services Group, Inc. (The) | 342,680 | 21,236 | |
Progressive Corp. (The) | 265,235 | 26,049 | |
Willis Towers Watson plc | 109,368 | 25,157 | |
294,296 | |||
Shares | Value | ||
Health Care—11.3% | |||
Humana, Inc. | 127,926 | $ 56,635 | |
PerkinElmer, Inc. | 343,577 | 53,052 | |
Zimmer Biomet Holdings, Inc. | 336,164 | 54,062 | |
163,749 | |||
Industrials—13.3% | |||
CSX Corp. | 677,493 | 21,734 | |
General Electric Co. | 3,530,262 | 47,517 | |
Honeywell International, Inc. | 235,755 | 51,713 | |
Parker-Hannifin Corp. | 160,406 | 49,262 | |
Rockwell Automation, Inc. | 78,357 | 22,412 | |
192,638 | |||
Information Technology—19.1% | |||
Global Payments, Inc. | 269,550 | 50,551 | |
Intel Corp. | 415,852 | 23,346 | |
KLA Corp. | 167,242 | 54,221 | |
Microsoft Corp. | 55,827 | 15,124 | |
Motorola Solutions, Inc. | 112,132 | 24,316 | |
NXP Semiconductors N.V. | 262,548 | 54,011 | |
QUALCOMM, Inc. | 378,065 | 54,037 | |
275,606 | |||
Materials—12.3% | |||
Air Products and Chemicals, Inc. | 181,877 | 52,322 | |
AptarGroup, Inc. | 154,165 | 21,713 | |
Celanese Corp. | 246,575 | 37,381 | |
Crown Holdings, Inc. | 217,351 | 22,215 | |
FMC Corp. | 185,997 | 20,125 |
Shares | Value | ||
Materials—continued | |||
International Flavors & Fragrances, Inc. | 159,817 | $ 23,877 | |
177,633 | |||
Real Estate—3.0% | |||
Cousins Properties, Inc. | 597,657 | 21,982 | |
Crown Castle International Corp. | 112,101 | 21,871 | |
43,853 | |||
Utilities—2.9% | |||
NextEra Energy, Inc. | 577,756 | 42,338 | |
Total Common Stocks (Identified Cost $1,175,570) | 1,422,172 | ||
Total Long-Term Investments—98.5% (Identified Cost $1,175,570) | 1,422,172 | ||
TOTAL INVESTMENTS—98.5% (Identified Cost $1,175,570) | $1,422,172 | ||
Other assets and liabilities, net—1.5% | 21,415 | ||
NET ASSETS—100.0% | $1,443,587 |
Country Weightings† | |
United States | 94% |
Netherlands | 4 |
Ireland | 2 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,422,172 | $1,422,172 | |
Total Investments | $1,422,172 | $1,422,172 |
Shares | Value | ||
Common Stocks—98.0% | |||
Consumer Discretionary—8.8% | |||
Advance Auto Parts, Inc. | 355,000 | $ 72,825 | |
Columbia Sportswear Co. | 500,000 | 49,180 | |
Darden Restaurants, Inc. | 400,000 | 58,396 | |
Foot Locker, Inc. | 1,115,000 | 68,717 | |
Wyndham Hotels & Resorts, Inc. | 1,000,000 | 72,290 | |
321,408 | |||
Energy—4.1% | |||
Baker Hughes Co. | 2,700,000 | 61,749 | |
Diamondback Energy, Inc. | 430,000 | 40,373 | |
EOG Resources, Inc. | 550,000 | 45,892 | |
148,014 | |||
Financials—16.0% | |||
American International Group, Inc. | 1,435,000 | 68,306 | |
Berkley (W.R.) Corp. | 585,000 | 43,541 | |
First Citizens BancShares, Inc. Class A | 70,000 | 58,292 | |
Gallagher (Arthur J.) & Co. | 400,000 | 56,032 | |
Hartford Financial Services Group, Inc. (The) | 800,000 | 49,576 | |
PacWest Bancorp | 1,335,000 | 54,949 | |
Raymond James Financial, Inc. | 570,000 | 74,043 | |
Signature Bank | 325,000 | 79,836 | |
Synchrony Financial | 2,100,000 | 101,892 | |
586,467 | |||
Health Care—11.3% | |||
Agilent Technologies, Inc. | 500,000 | 73,905 | |
Humana, Inc. | 265,000 | 117,321 | |
PerkinElmer, Inc. | 765,000 | 118,123 |
Shares | Value | ||
Health Care—continued | |||
Zimmer Biomet Holdings, Inc. | 650,000 | $ 104,533 | |
413,882 | |||
Industrials—17.8% | |||
Fortive Corp. | 800,000 | 55,792 | |
Hubbell, Inc. | 250,000 | 46,710 | |
L3Harris Technologies, Inc. | 185,000 | 39,988 | |
Nordson Corp. | 320,000 | 70,243 | |
Parker-Hannifin Corp. | 300,000 | 92,133 | |
Rexnord Corp. | 1,525,000 | 76,311 | |
Rockwell Automation, Inc. | 200,000 | 57,204 | |
Stanley Black & Decker, Inc. | 250,000 | 51,247 | |
Vertiv Holdings Co. | 3,100,000 | 84,630 | |
Woodward, Inc. | 625,000 | 76,800 | |
651,058 | |||
Information Technology—22.9% | |||
Citrix Systems, Inc. | 855,000 | 100,266 | |
Global Payments, Inc. | 685,000 | 128,465 | |
Jack Henry & Associates, Inc. | 415,000 | 67,857 | |
Juniper Networks, Inc. | 2,650,000 | 72,478 | |
KLA Corp. | 340,000 | 110,231 | |
Marvell Technology, Inc. | 1,840,000 | 107,327 | |
Motorola Solutions, Inc. | 500,000 | 108,425 | |
NXP Semiconductors N.V. | 700,000 | 144,004 | |
839,053 | |||
Materials—9.7% | |||
Air Products and Chemicals, Inc. | 245,000 | 70,481 | |
Ashland Global Holdings, Inc. | 600,000 | 52,500 | |
Celanese Corp. | 550,000 | 83,380 | |
FMC Corp. | 400,000 | 43,280 | |
International Flavors & Fragrances, Inc. | 355,000 | 53,037 | |
PPG Industries, Inc. | 310,000 | 52,629 | |
355,307 | |||
Shares | Value | ||
Real Estate—3.4% | |||
Americold Realty Trust | 1,430,000 | $ 54,126 | |
SBA Communications, Corp. Class A | 220,000 | 70,114 | |
124,240 | |||
Utilities—4.0% | |||
Ameren Corp. | 630,000 | 50,425 | |
Eversource Energy | 650,000 | 52,156 | |
Sempra Energy | 325,000 | 43,056 | |
145,637 | |||
Total Common Stocks (Identified Cost $3,002,983) | 3,585,066 | ||
Total Long-Term Investments—98.0% (Identified Cost $3,002,983) | 3,585,066 | ||
Short-Term Investment—1.1% | |||
Money Market Mutual Fund—1.1% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(1) | 41,325,734 | 41,326 | |
Total Short-Term Investment (Identified Cost $41,326) | 41,326 | ||
TOTAL INVESTMENTS—99.1% (Identified Cost $3,044,309) | $3,626,392 | ||
Other assets and liabilities, net—0.9% | 33,055 | ||
NET ASSETS—100.0% | $3,659,447 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $3,585,066 | $3,585,066 | |
Money Market Mutual Fund | 41,326 | 41,326 | |
Total Investments | $3,626,392 | $3,626,392 |
Shares | Value | ||
Common Stocks—100.0% | |||
Communication Services—6.7% | |||
Cogent Communications Holdings, Inc. | 122,600 | $ 9,427 | |
Interpublic Group of Cos., Inc. (The) | 574,668 | 18,671 | |
Scholastic Corp. | 148,300 | 5,619 | |
33,717 | |||
Consumer Discretionary—6.3% | |||
Carter’s, Inc. | 61,300 | 6,324 | |
Gentex Corp. | 109,003 | 3,607 | |
Penske Automotive Group, Inc. | 105,870 | 7,992 | |
Steven Madden Ltd. | 63,200 | 2,766 | |
Tempur Sealy International, Inc. | 277,000 | 10,856 | |
31,545 | |||
Consumer Staples—4.0% | |||
Calavo Growers, Inc. | 87,108 | 5,525 | |
Casey’s General Stores, Inc. | 23,800 | 4,633 | |
Edgewell Personal Care Co. | 85,200 | 3,740 | |
Energizer Holdings, Inc. | 116,014 | 4,986 | |
Reynolds Consumer Products, Inc. | 43,208 | 1,311 | |
20,195 | |||
Energy—2.1% | |||
Ovintiv, Inc. | 334,400 | 10,523 | |
Financials—29.2% | |||
American Financial Group, Inc. | 40,900 | 5,101 | |
Ameris Bancorp | 97,383 | 4,930 | |
AMERISAFE, Inc. | 46,935 | 2,801 | |
Bank of Hawaii Corp. | 72,078 | 6,070 | |
Cathay General Bancorp | 151,392 | 5,959 | |
Evercore, Inc. Class A | 123,001 | 17,315 | |
First Citizens BancShares, Inc. Class A | 21,758 | 18,119 | |
First Hawaiian, Inc. | 344,750 | 9,770 | |
First Interstate BancSystem, Inc. Class A | 99,037 | 4,143 |
Shares | Value | ||
Financials—continued | |||
Horace Mann Educators Corp. | 124,056 | $ 4,642 | |
Jefferies Financial Group, Inc. | 458,962 | 15,696 | |
Kemper Corp. | 231,649 | 17,119 | |
Lazard, Ltd. Class A | 167,000 | 7,557 | |
SLM Corp. | 749,992 | 15,705 | |
South State Corp. | 8,953 | 732 | |
Western Alliance Bancorp | 76,500 | 7,103 | |
Zions Bancorp NA | 65,184 | 3,446 | |
146,208 | |||
Health Care—6.9% | |||
Bruker Corp. | 67,657 | 5,141 | |
Hill-Rom Holdings, Inc. | 194,920 | 22,141 | |
Owens & Minor, Inc. | 167,900 | 7,107 | |
34,389 | |||
Industrials—18.5% | |||
Barnes Group, Inc. | 68,700 | 3,521 | |
Donaldson Co., Inc. | 80,829 | 5,135 | |
EMCOR Group, Inc. | 115,576 | 14,238 | |
EnerSys | 128,967 | 12,604 | |
EnPro Industries, Inc. | 42,275 | 4,107 | |
Herman Miller, Inc. | 154,000 | 7,259 | |
ITT, Inc. | 41,300 | 3,783 | |
ManpowerGroup, Inc. | 48,900 | 5,815 | |
nVent Electric plc | 358,100 | 11,187 | |
Ritchie Bros. Auctioneers, Inc. | 124,200 | 7,363 | |
Stantec, Inc. | 336,581 | 15,018 | |
Tennant Co. | 26,644 | 2,127 | |
Wabash National Corp. | 50,344 | 805 | |
92,962 | |||
Information Technology—12.5% | |||
Dolby Laboratories, Inc. Class A | 46,101 | 4,531 | |
Juniper Networks, Inc. | 533,400 | 14,589 | |
Littelfuse, Inc. | 32,721 | 8,337 | |
MKS Instruments, Inc. | 55,652 | 9,903 | |
National Instruments Corp. | 166,422 | 7,036 | |
Power Integrations, Inc. | 225,450 | 18,501 | |
62,897 | |||
Shares | Value | ||
Materials—7.9% | |||
AptarGroup, Inc. | 148,306 | $ 20,887 | |
Ashland Global Holdings, Inc. | 134,348 | 11,756 | |
Minerals Technologies, Inc. | 89,600 | 7,049 | |
39,692 | |||
Real Estate—4.9% | |||
Alexander & Baldwin, Inc. | 65,000 | 1,191 | |
CoreSite Realty Corp. | 37,700 | 5,074 | |
Healthcare Trust of America, Inc. Class A | 177,222 | 4,732 | |
Lamar Advertising Co. Class A | 84,200 | 8,792 | |
Physicians Realty Trust | 264,146 | 4,879 | |
24,668 | |||
Utilities—1.0% | |||
Essential Utilities, Inc. | 107,613 | 4,918 | |
Total Common Stocks (Identified Cost $369,421) | 501,714 | ||
Total Long-Term Investments—100.0% (Identified Cost $369,421) | 501,714 | ||
TOTAL INVESTMENTS—100.0% (Identified Cost $369,421) | $501,714 | ||
Other assets and liabilities, net—(0.0)% | (16) | ||
NET ASSETS—100.0% | $501,698 |
Abbreviation: | |
NA | National Association |
Country Weightings† | |
United States | 94% |
Canada | 4 |
Bermuda | 2 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $501,714 | $501,714 | |
Total Investments | $501,714 | $501,714 |
Shares | Value | ||
Common Stocks—95.7% | |||
Brazil—2.2% | |||
MercadoLibre, Inc.(1) | 752 | $ 1,171 | |
China—11.7% | |||
Alibaba Group Holding Ltd. Sponsored ADR(1) | 7,387 | 1,675 | |
New Oriental Education & Technology Group, Inc. Sponsored ADR(1) | 120,245 | 985 | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H | 828,691 | 1,934 | |
Tencent Holdings Ltd. | 23,633 | 1,778 | |
6,372 | |||
Denmark—3.4% | |||
Novo Nordisk A/S Sponsored ADR | 22,160 | 1,856 | |
France—7.1% | |||
Dassault Systemes SE | 8,036 | 1,949 | |
L’Oreal SA | 4,314 | 1,922 | |
3,871 | |||
Germany—8.2% | |||
adidas AG | 4,928 | 1,834 | |
SAP SE Sponsored ADR | 10,925 | 1,534 | |
Sartorius AG | 2,130 | 1,109 | |
4,477 | |||
Hong Kong—5.3% | |||
AIA Group Ltd. | 230,105 | 2,860 | |
India—9.7% | |||
Asian Paints Ltd. | 26,701 | 1,075 | |
HDFC Bank Ltd. ADR(1) | 32,745 | 2,394 | |
Infosys Ltd. Sponsored ADR | 84,519 | 1,791 | |
5,260 | |||
Ireland—2.5% | |||
Medtronic plc | 10,746 | 1,334 | |
Japan—5.1% | |||
Recruit Holdings Co., Ltd. | 31,767 | 1,564 |
Shares | Value | ||
Japan—continued | |||
Sysmex Corp. | 9,925 | $ 1,179 | |
2,743 | |||
Mexico—5.9% | |||
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 19,580 | 1,655 | |
Wal-Mart de Mexico SAB de C.V. | 470,242 | 1,536 | |
3,191 | |||
Netherlands—6.1% | |||
Adyen NV(1) | 523 | 1,278 | |
Heineken NV | 16,826 | 2,039 | |
3,317 | |||
Switzerland—8.8% | |||
Alcon, Inc. | 25,036 | 1,759 | |
Nestle S.A Registered Shares | 10,850 | 1,351 | |
Temenos AG Registered Shares | 10,366 | 1,665 | |
4,775 | |||
Thailand—2.1% | |||
CP ALL PCL | 619,384 | 1,160 | |
United Kingdom—13.5% | |||
Aon plc Class A | 10,491 | 2,505 | |
Diageo plc | 32,598 | 1,561 | |
IHS Markit Ltd. | 11,215 | 1,263 | |
Linde plc | 6,948 | 2,009 | |
7,338 | |||
United States—4.1% | |||
STERIS plc | 10,660 | 2,199 | |
Total Common Stocks (Identified Cost $36,709) | 51,924 | ||
Total Long-Term Investments—95.7% (Identified Cost $36,709) | 51,924 | ||
Shares | Value | ||
Short-Term Investment—3.7% | |||
Money Market Mutual Fund—3.7% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 2,023,835 | $ 2,024 | |
Total Short-Term Investment (Identified Cost $2,024) | 2,024 | ||
TOTAL INVESTMENTS—99.4% (Identified Cost $38,733) | $53,948 | ||
Other assets and liabilities, net—0.6% | 318 | ||
NET ASSETS—100.0% | $54,266 |
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 | 14% |
China | 12 |
India | 10 |
Switzerland | 9 |
Germany | 8 |
United States | 8 |
France | 7 |
Other | 32 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $51,924 | $51,924 | |
Money Market Mutual Fund | 2,024 | 2,024 | |
Total Investments | $53,948 | $53,948 |
Shares | Value | ||
Common Stocks—100.0% | |||
Communication Services—14.5% | |||
Alphabet, Inc. Class A(1) | 2,154 | $ 5,260 | |
Alphabet, Inc. Class C(1) | 2,225 | 5,576 | |
Comcast Corp. Class A | 23,035 | 1,313 | |
Facebook, Inc. Class A(1) | 17,186 | 5,976 | |
Snap, Inc. Class A(1) | 9,420 | 642 | |
Walt Disney Co. (The)(1) | 4,047 | 711 | |
19,478 | |||
Consumer Discretionary—14.8% | |||
Amazon.com, Inc.(1) | 3,140 | 10,802 | |
Booking Holdings, Inc.(1) | 555 | 1,214 | |
Chipotle Mexican Grill, Inc. Class A(1) | 656 | 1,017 | |
DraftKings, Inc. Class A(1) | 14,040 | 732 | |
Las Vegas Sands Corp.(1) | 20,301 | 1,070 | |
O’Reilly Automotive, Inc.(1) | 3,684 | 2,086 | |
Royal Caribbean Cruises Ltd.(1) | 12,543 | 1,070 | |
TJX Cos., Inc. (The) | 27,882 | 1,880 | |
19,871 | |||
Consumer Staples—3.9% | |||
Colgate-Palmolive Co. | 6,879 | 560 | |
Costco Wholesale Corp. | 6,385 | 2,526 | |
Estee Lauder Cos., Inc. (The) Class A | 6,722 | 2,138 | |
5,224 | |||
Financials—2.2% | |||
American Express Co. | 7,696 | 1,271 | |
Coinbase Global, Inc. Class A(1) | 2,033 | 515 | |
Goldman Sachs Group, Inc. (The) | 2,011 | 763 |
Shares | Value | ||
Financials—continued | |||
Silvergate Capital Corp. Class A(1) | 3,669 | $ 416 | |
2,965 | |||
Health Care—12.3% | |||
Bristol-Myers Squibb Co. | 16,667 | 1,114 | |
Dexcom, Inc.(1) | 3,110 | 1,328 | |
Edwards Lifesciences Corp.(1) | 17,203 | 1,782 | |
Eli Lilly & Co. | 10,313 | 2,367 | |
Exact Sciences Corp.(1) | 8,474 | 1,053 | |
Insulet Corp.(1) | 1,885 | 517 | |
Intuitive Surgical, Inc.(1) | 1,537 | 1,414 | |
Mettler-Toledo International, Inc.(1) | 1,117 | 1,547 | |
Teladoc Health, Inc.(1) | 4,821 | 802 | |
Thermo Fisher Scientific, Inc. | 1,629 | 822 | |
UnitedHealth Group, Inc. | 7,178 | 2,874 | |
Vertex Pharmaceuticals, Inc.(1) | 4,301 | 867 | |
16,487 | |||
Industrials—5.6% | |||
Boeing Co. (The)(1) | 9,185 | 2,200 | |
Deere & Co. | 4,728 | 1,668 | |
Emerson Electric Co. | 7,513 | 723 | |
Fair Isaac Corp.(1) | 1,266 | 636 | |
Honeywell International, Inc. | 2,187 | 480 | |
IHS Markit Ltd. | 10,278 | 1,158 | |
Roper Technologies, Inc. | 1,354 | 637 | |
7,502 | |||
Information Technology—44.9% | |||
Apple, Inc. | 98,552 | 13,498 | |
Applied Materials, Inc. | 16,409 | 2,337 | |
Autodesk, Inc.(1) | 6,603 | 1,927 | |
Avalara, Inc.(1) | 5,573 | 902 | |
DocuSign, Inc.(1) | 2,704 | 756 |
Shares | Value | ||
Information Technology—continued | |||
Five9, Inc.(1) | 4,318 | $ 792 | |
Mastercard, Inc. Class A | 7,724 | 2,820 | |
Microsoft Corp. | 53,246 | 14,424 | |
NVIDIA Corp. | 6,692 | 5,354 | |
Paycom Software, Inc.(1) | 2,153 | 783 | |
PayPal Holdings, Inc.(1) | 11,367 | 3,313 | |
QUALCOMM, Inc. | 17,839 | 2,550 | |
salesforce.com, Inc.(1) | 7,292 | 1,781 | |
Twilio, Inc. Class A(1) | 3,643 | 1,436 | |
Universal Display Corp. | 3,680 | 818 | |
Visa, Inc. Class A | 22,089 | 5,165 | |
Workday, Inc. Class A(1) | 6,497 | 1,551 | |
60,207 | |||
Materials—0.9% | |||
Air Products and Chemicals, Inc. | 2,086 | 600 | |
Vulcan Materials Co. | 3,169 | 552 | |
1,152 | |||
Real Estate—0.9% | |||
Equinix, Inc. | 1,546 | 1,241 | |
Total Common Stocks (Identified Cost $47,299) | 134,127 | ||
Total Long-Term Investments—100.0% (Identified Cost $47,299) | 134,127 | ||
TOTAL INVESTMENTS—100.0% (Identified Cost $47,299) | $134,127 | ||
Other assets and liabilities, net—(0.0)% | (48) | ||
NET ASSETS—100.0% | $134,079 |
Footnote Legend: | |
(1) | Non-income producing. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $134,127 | $134,127 | |
Total Investments | $134,127 | $134,127 |
Shares | Value | ||
Common Stocks—98.4% | |||
Communication Services—4.1% | |||
Cardlytics, Inc.(1) | 6,196 | $ 787 | |
Magnite, Inc.(1) | 21,197 | 717 | |
1,504 | |||
Consumer Discretionary—14.7% | |||
Bally’s Corp.(1) | 5,193 | 281 | |
CarParts.com, Inc.(1) | 10,272 | 209 | |
Children’s Place, Inc. (The)(1) | 1,611 | 150 | |
Churchill Downs, Inc. | 2,700 | 535 | |
Dine Brands Global, Inc.(1) | 2,190 | 195 | |
Five Below, Inc.(1) | 2,702 | 522 | |
Lithia Motors, Inc. | 1,193 | 410 | |
Monarch Casino & Resort, Inc.(1) | 6,506 | 431 | |
Ollie’s Bargain Outlet Holdings, Inc.(1) | 2,153 | 181 | |
Papa John’s International, Inc. | 2,020 | 211 | |
Planet Fitness, Inc. Class A(1) | 4,492 | 338 | |
RH (1) | 660 | 448 | |
Texas Roadhouse, Inc. Class A | 8,542 | 822 | |
Wingstop, Inc. | 3,735 | 589 | |
5,322 | |||
Consumer Staples—2.2% | |||
Boston Beer Co., Inc. (The) Class A(1) | 309 | 315 | |
WD-40 Co. | 1,859 | 477 | |
792 | |||
Financials—6.4% | |||
Ares Management Corp. Class A | 7,623 | 485 | |
Customers Bancorp, Inc.(1) | 3,932 | 153 | |
Essent Group Ltd. | 5,699 | 256 | |
First Financial Bankshares, Inc. | 5,299 | 260 | |
Goosehead Insurance, Inc. Class A | 3,777 | 481 | |
NMI Holdings, Inc. Class A(1) | 12,092 | 272 | |
RLI Corp. | 3,834 | 401 | |
2,308 | |||
Health Care—29.4% | |||
Akero Therapeutics, Inc.(1) | 4,482 | 111 | |
Allakos, Inc.(1) | 2,242 | 191 | |
Amedisys, Inc.(1) | 866 | 212 | |
Amicus Therapeutics, Inc.(1) | 16,168 | 156 | |
Arrowhead Pharmaceuticals, Inc.(1) | 2,987 | 247 | |
Bridgebio Pharma, Inc.(1) | 2,746 | 167 | |
Cara Therapeutics, Inc.(1) | 9,676 | 138 | |
Chemed Corp. | 1,589 | 754 | |
Editas Medicine, Inc.(1) | 3,041 | 172 | |
Encompass Health Corp. | 3,595 | 281 |
Shares | Value | ||
Health Care—continued | |||
Fate Therapeutics, Inc.(1) | 4,230 | $ 367 | |
Insmed, Inc.(1) | 7,813 | 222 | |
Inspire Medical Systems, Inc.(1) | 4,324 | 836 | |
Insulet Corp.(1) | 2,579 | 708 | |
Karyopharm Therapeutics, Inc.(1) | 11,386 | 118 | |
LHC Group, Inc.(1) | 3,409 | 683 | |
Madrigal Pharmaceuticals, Inc.(1) | 1,291 | 126 | |
Natera, Inc.(1) | 9,493 | 1,078 | |
Nkarta, Inc.(1) | 3,643 | 116 | |
Novocure Ltd.(1) | 3,788 | 840 | |
Outset Medical, Inc.(1) | 3,828 | 191 | |
Penumbra, Inc.(1) | 1,140 | 313 | |
Phreesia, Inc.(1) | 10,231 | 627 | |
Reata Pharmaceuticals, Inc. Class A(1) | 3,483 | 493 | |
REGENXBIO, Inc.(1) | 3,971 | 154 | |
Sarepta Therapeutics, Inc.(1) | 4,287 | 333 | |
Tandem Diabetes Care, Inc.(1) | 7,307 | 712 | |
Ultragenyx Pharmaceutical, Inc.(1) | 3,578 | 341 | |
10,687 | |||
Industrials—14.8% | |||
Bloom Energy Corp. Class A(1) | 5,912 | 159 | |
Casella Waste Systems, Inc. Class A(1) | 11,066 | 702 | |
Chart Industries, Inc.(1) | 4,312 | 631 | |
Herc Holdings, Inc.(1) | 4,525 | 507 | |
IAA, Inc.(1) | 3,822 | 209 | |
MSA Safety, Inc. | 2,366 | 392 | |
Proto Labs, Inc.(1) | 2,883 | 265 | |
Saia, Inc.(1) | 3,372 | 706 | |
Simpson Manufacturing Co., Inc. | 4,538 | 501 | |
Teledyne Technologies, Inc.(1) | 2,687 | 1,125 | |
Vicor Corp.(1) | 1,497 | 158 | |
5,355 | |||
Information Technology—21.9% | |||
Agilysys, Inc.(1) | 7,226 | 411 | |
Bill.com Holdings, Inc.(1) | 1,245 | 228 | |
Blackline, Inc.(1) | 1,341 | 149 | |
Brooks Automation, Inc. | 8,622 | 822 | |
CMC Materials, Inc. | 3,536 | 533 | |
Coupa Software, Inc.(1) | 2,353 | 617 | |
Everbridge, Inc.(1) | 3,140 | 427 | |
Five9, Inc.(1) | 9,094 | 1,668 | |
FormFactor, Inc.(1) | 12,342 | 450 | |
Q2 Holdings, Inc.(1) | 13,572 | 1,392 | |
Repay Holdings Corp.(1) | 9,958 | 239 | |
Tenable Holdings, Inc.(1) | 7,624 | 315 | |
Tower Semiconductor Ltd.(1) | 9,185 | 270 |
Shares | Value | ||
Information Technology—continued | |||
Varonis Systems, Inc.(1) | 7,614 | $ 439 | |
7,960 | |||
Materials—2.9% | |||
Balchem Corp. | 5,551 | 729 | |
Quaker Chemical Corp. | 1,419 | 336 | |
1,065 | |||
Real Estate—2.0% | |||
Essential Properties Realty Trust, Inc. | 22,654 | 613 | |
Tanger Factory Outlet Centers, Inc.(2) | 6,327 | 119 | |
732 | |||
Total Common Stocks (Identified Cost $18,266) | 35,725 | ||
Total Long-Term Investments—98.4% (Identified Cost $18,266) | 35,725 | ||
Short-Term Investment—1.0% | |||
Money Market Mutual Fund—1.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3) | 370,618 | 371 | |
Total Short-Term Investment (Identified Cost $371) | 371 | ||
Securities Lending Collateral—0.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(3)(4) | 119,660 | 120 | |
Total Securities Lending Collateral (Identified Cost $120) | 120 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $18,757) | $36,216 | ||
Other assets and liabilities, net—0.3% | 109 | ||
NET ASSETS—100.0% | $36,325 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $35,725 | $35,725 | |
Securities Lending Collateral | 120 | 120 | |
Money Market Mutual Fund | 371 | 371 | |
Total Investments | $36,216 | $36,216 |
Shares | Value | ||
Common Stocks—99.7% | |||
Communication Services—11.8% | |||
fuboTV, Inc.(1) | 532,300 | $ 17,092 | |
Netflix, Inc.(1) | 61,675 | 32,577 | |
Sea Ltd. ADR(1) | 51,400 | 14,115 | |
Snap, Inc. Class A(1) | 746,450 | 50,863 | |
Zillow Group, Inc. Class C(1) | 444,500 | 54,327 | |
168,974 | |||
Consumer Discretionary—26.6% | |||
Airbnb, Inc. Class A(1) | 194,275 | 29,751 | |
Amazon.com, Inc.(1) | 14,375 | 49,452 | |
Chegg, Inc.(1) | 306,275 | 25,455 | |
Chewy, Inc. Class A(1) | 350,500 | 27,938 | |
Coursera, Inc.(1) | 198,250 | 7,843 | |
Fiverr International Ltd.(1) | 59,750 | 14,489 | |
Global-e Online Ltd.(1) | 164,300 | 9,378 | |
MercadoLibre, Inc.(1) | 46,225 | 72,009 | |
Peloton Interactive, Inc. Class A(1) | 320,000 | 39,686 | |
Tesla, Inc.(1) | 155,000 | 105,354 | |
381,355 | |||
Financials—4.0% | |||
Coinbase Global, Inc. Class A(1) | 57,775 | 14,634 | |
Goosehead Insurance, Inc. Class A | 113,350 | 14,430 | |
Lemonade, Inc.(1) | 125,000 | 13,676 | |
Silvergate Capital Corp. Class A(1) | 133,550 | 15,134 | |
57,874 | |||
Health Care—13.4% | |||
Adaptive Biotechnologies Corp.(1) | 313,300 | 12,801 | |
Castle Biosciences, Inc.(1) | 147,400 | 10,809 | |
Exact Sciences Corp.(1) | 557,200 | 69,266 | |
GoodRx Holdings, Inc. Class A(1) | 395,250 | 14,233 |
Shares | Value | ||
Health Care—continued | |||
Seagen, Inc.(1) | 80,000 | $ 12,630 | |
Teladoc Health, Inc.(1) | 305,650 | 50,827 | |
Veeva Systems, Inc. Class A(1) | 71,475 | 22,225 | |
192,791 | |||
Industrials—3.2% | |||
Desktop Metal, Inc. Class A(1) | 374,800 | 4,310 | |
Uber Technologies, Inc.(1) | 846,500 | 42,427 | |
46,737 | |||
Information Technology—40.7% | |||
Coupa Software, Inc.(1) | 26,730 | 7,006 | |
NVIDIA Corp. | 85,500 | 68,409 | |
Okta, Inc. Class A(1) | 205,150 | 50,196 | |
PayPal Holdings, Inc.(1) | 163,000 | 47,511 | |
ServiceNow, Inc.(1) | 62,100 | 34,127 | |
Shopify, Inc. Class A(1) | 65,120 | 95,139 | |
Snowflake, Inc. Class A(1) | 122,150 | 29,536 | |
Sprout Social, Inc. Class A(1) | 313,450 | 28,029 | |
Square, Inc. Class A(1) | 223,000 | 54,367 | |
Trade Desk, Inc. (The) Class A(1) | 1,045,000 | 80,841 | |
Twilio, Inc. Class A(1) | 45,800 | 18,053 | |
UiPath, Inc. Class A(1) | 106,100 | 7,207 | |
Unity Software, Inc.(1) | 250,000 | 27,457 | |
Zoom Video Communications, Inc. Class A(1) | 92,400 | 35,762 | |
583,640 | |||
Total Common Stocks (Identified Cost $909,453) | 1,431,371 | ||
Total Long-Term Investments—99.7% (Identified Cost $909,453) | 1,431,371 | ||
Shares | Value | ||
Short-Term Investment—3.3% | |||
Money Market Mutual Fund—3.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 0.030%)(2) | 46,833,448 | $ 46,833 | |
Total Short-Term Investment (Identified Cost $46,833) | 46,833 | ||
TOTAL INVESTMENTS—103.0% (Identified Cost $956,286) | $1,478,204 | ||
Other assets and liabilities, net—(3.0)% | (42,647) | ||
NET ASSETS—100.0% | $1,435,557 |
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 | 86% |
Canada | 6 |
Argentina | 5 |
Israel | 2 |
Singapore | 1 |
Total | 100% |
† % of total investments as of June 30, 2021. |
Total Value at June 30, 2021 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $1,431,371 | $1,431,371 | |
Money Market Mutual Fund | 46,833 | 46,833 | |
Total Investments | $1,478,204 | $1,478,204 |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 1,422,172 | $ 3,626,392 | $ 501,714 | $ 53,948 | |||
Cash | 2,022 | 25,996 | 166 | 50 | |||
Receivables | |||||||
Investment securities sold | 23,875 | 7,616 | 859 | — | |||
Fund shares sold | 490 | 2,678 | 439 | 266 | |||
Dividends | 1,293 | 3,447 | 209 | 24 | |||
Tax reclaims | — | — | 8 | 110 | |||
Securities lending income | — | — | — | — (a) | |||
Prepaid Trustees’ retainer | 17 | 38 | 5 | 1 | |||
Prepaid expenses | 48 | 64 | 29 | 19 | |||
Other assets | 117 | 295 | 41 | 4 | |||
Total assets | 1,450,034 | 3,666,526 | 503,470 | 54,422 | |||
Liabilities | |||||||
Payables | |||||||
Fund shares repurchased | 4,994 | 3,183 | 1,158 | 26 | |||
Foreign capital gains tax | — | — | — | 69 | |||
Investment advisory fees | 719 | 2,018 | 334 | 28 | |||
Distribution and service fees | 46 | 85 | 13 | 2 | |||
Administration and accounting fees | 119 | 299 | 42 | 5 | |||
Transfer agent and sub-transfer agent fees and expenses | 364 | 1,015 | 145 | 11 | |||
Professional fees | 20 | 42 | 19 | 11 | |||
Trustee deferred compensation plan | 117 | 295 | 41 | 4 | |||
Interest expense and/or commitment fees | 1 | 4 | 1 | — (a) | |||
Other accrued expenses | 67 | 138 | 19 | — | |||
Total liabilities | 6,447 | 7,079 | 1,772 | 156 | |||
Net Assets | $ 1,443,587 | $ 3,659,447 | $ 501,698 | $ 54,266 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 1,006,171 | $ 2,764,581 | $ 342,090 | $ 37,487 | |||
Accumulated earnings (loss) | 437,416 | 894,866 | 159,608 | 16,779 | |||
Net Assets | $ 1,443,587 | $ 3,659,447 | $ 501,698 | $ 54,266 | |||
Net Assets: | |||||||
Class A | $ 207,335 | $ 297,183 | $ 58,110 | $ 7,542 | |||
Class C | $ 3,797 | $ 28,198 | $ 1,217 | $ — | |||
Class I | $ 633,452 | $ 2,367,084 | $ 320,811 | $ 45,021 | |||
Class R6 | $ 599,003 | $ 966,982 | $ 121,560 | $ 1,703 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 13,790,195 | 20,479,600 | 5,304,497 | 682,254 | |||
Class C | 262,671 | 2,003,638 | 127,850 | — | |||
Class I | 41,419,596 | 160,036,512 | 27,866,178 | 3,952,749 | |||
Class R6 | 38,788,829 | 65,027,426 | 10,515,776 | 148,732 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 15.03 | $ 14.51 | $ 10.95 | $ 11.05 | |||
Class C | $ 14.45 | $ 14.07 | $ 9.52 | $ — | |||
Class I | $ 15.29 | $ 14.79 | $ 11.51 | $ 11.39 | |||
Class R6 | $ 15.44 | $ 14.87 | $ 11.56 | $ 11.45 |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 15.90 | $ 15.35 | $ 11.59 | $ 11.69 | |||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | 5.50% | |||
(1) Investment in securities at cost | $ 1,175,570 | $ 3,044,309 | $ 369,421 | $ 38,733 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 134,127 | $ 36,216 | $ 1,478,204 | ||
Cash | 109 | 254 | 200 | ||
Receivables | |||||
Investment securities sold | — | — | 19,281 | ||
Fund shares sold | 39 | 2 | 11,790 | ||
Dividends | 9 | 10 | 13 | ||
Securities lending income | — (a) | — (a) | — | ||
Prepaid Trustees’ retainer | 1 | — | 15 | ||
Prepaid expenses | 19 | 16 | 136 | ||
Other assets | 10 | 3 | 105 | ||
Total assets | 134,314 | 36,501 | 1,509,744 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 75 | 6 | 11,341 | ||
Investment securities purchased | — | — | 61,640 | ||
Collateral on securities loaned | — | 120 | — | ||
Investment advisory fees | 72 | 18 | 750 | ||
Distribution and service fees | 24 | 3 | 67 | ||
Administration and accounting fees | 11 | 3 | 106 | ||
Transfer agent and sub-transfer agent fees and expenses | 21 | 7 | 143 | ||
Professional fees | 15 | 14 | 7 | ||
Trustee deferred compensation plan | 10 | 3 | 105 | ||
Interest expense and/or commitment fees | — (a) | — (a) | — (a) | ||
Other accrued expenses | 7 | 2 | 28 | ||
Total liabilities | 235 | 176 | 74,187 | ||
Net Assets | $ 134,079 | $ 36,325 | $ 1,435,557 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 41,662 | $ 17,581 | $ 935,163 | ||
Accumulated earnings (loss) | 92,417 | 18,744 | 500,394 | ||
Net Assets | $ 134,079 | $ 36,325 | $ 1,435,557 | ||
Net Assets: | |||||
Class A | $ 118,781 | $ 14,813 | $ 348,563 | ||
Class I | $ 14,942 | $ 21,512 | $ 1,075,203 | ||
Class R6 | $ 356 | $ — | $ 11,791 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 16,967,872 | 1,587,081 | 5,602,440 | ||
Class I | 1,322,323 | 1,696,338 | 16,155,151 | ||
Class R6 | 31,112 | — | 177,043 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 7.00 | $ 9.33 | $ 62.22 | ||
Class I | $ 11.30 | $ 12.68 | $ 66.55 | ||
Class R6 | $ 11.44 | $ — | $ 66.60 |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 7.41 | $ 9.87 | $ 65.84 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 47,299 | $ 18,757 | $ 956,286 | ||
(2) Market value of securities on loan | $ — | $ 117 | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||
Investment Income | |||||||
Dividends | $ 11,636 | $ 22,739 | $ 5,306 | $ 327 | |||
Securities lending, net of fees | 113 | 288 | — | 2 | |||
Foreign taxes withheld | (22) | (121) | (23) | (32) | |||
Total investment income | 11,727 | 22,906 | 5,283 | 297 | |||
Expenses | |||||||
Investment advisory fees | 4,609 | 11,880 | 2,148 | 209 | |||
Distribution and service fees, Class A | 247 | 361 | 71 | 9 | |||
Distribution and service fees, Class C | 20 | 146 | 8 | — | |||
Administration and accounting fees | 687 | 1,707 | 254 | 28 | |||
Transfer agent fees and expenses | 289 | 720 | 106 | 11 | |||
Sub-transfer agent fees and expenses, Class A | 140 | 261 | 46 | 4 | |||
Sub-transfer agent fees and expenses, Class C | 1 | 14 | 1 | — | |||
Sub-transfer agent fees and expenses, Class I | 511 | 1,715 | 276 | 20 | |||
Custodian fees | 1 | 3 | 1 | — (1) | |||
Printing fees and expenses | 36 | 90 | 15 | 2 | |||
Professional fees | 19 | 35 | 15 | 15 | |||
Interest expense and/or commitment fees | 3 | 8 | 1 | — (1) | |||
Registration fees | 41 | 70 | 31 | 18 | |||
Trustees’ fees and expenses | 36 | 93 | 14 | 1 | |||
Miscellaneous expenses | 41 | 109 | 16 | 4 | |||
Total expenses | 6,681 | 17,212 | 3,003 | 321 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (398) | (311) | (102) | (50) | |||
Less low balance account fees | — (1) | — (1) | — | — | |||
Net expenses | 6,283 | 16,901 | 2,901 | 271 | |||
Net investment income (loss) | 5,444 | 6,005 | 2,382 | 26 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | 194,683 | 660,992 | 57,742 | 1,878 | |||
Foreign currency transactions | — | — | — | (2) | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (114) | (54,436) | 24,737 | 1,928 | |||
Foreign currency transactions | — | — | — | (3) | |||
Foreign capital gains tax | — | — | — | (6) | |||
Net realized and unrealized gain (loss) on investments | 194,569 | 606,556 | 82,479 | 3,795 | |||
Net increase (decrease) in net assets resulting from operations | $200,013 | $612,561 | $84,861 | $3,821 |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Investment Income | |||||
Dividends | $ 326 | $ 27 | $ 193 | ||
Securities lending, net of fees | — (1) | — (1) | — | ||
Total investment income | 326 | 27 | 193 | ||
Expenses | |||||
Investment advisory fees | 443 | 159 | 5,444 | ||
Distribution and service fees, Class A | 139 | 19 | 445 | ||
Administration and accounting fees | 67 | 22 | 710 | ||
Transfer agent fees and expenses | 28 | 9 | 299 | ||
Sub-transfer agent fees and expenses, Class A | 38 | 5 | 193 | ||
Sub-transfer agent fees and expenses, Class I | 10 | 17 | 524 | ||
Custodian fees | — (1) | — (1) | 1 | ||
Printing fees and expenses | 4 | 1 | 44 | ||
Professional fees | 12 | 11 | 18 | ||
Interest expense and/or commitment fees | — (1) | — (1) | 9 | ||
Registration fees | 18 | 10 | 92 | ||
Trustees’ fees and expenses | 4 | 1 | 44 | ||
Miscellaneous expenses | 8 | 4 | 32 | ||
Total expenses | 771 | 258 | 7,855 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (13) | (35) | (255) | ||
Less low balance account fees | — (1) | — (1) | — (1) | ||
Net expenses | 758 | 223 | 7,600 | ||
Net investment income (loss) | (432) | (196) | (7,407) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 6,074 | 1,494 | 1,294 | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | 10,613 | (1,010) | (44,742) | ||
Net realized and unrealized gain (loss) on investments | 16,687 | 484 | (43,448) | ||
Net increase (decrease) in net assets resulting from operations | $16,255 | $ 288 | $(50,855) |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 5,444 | $ 14,646 | $ 6,005 | $ 28,571 | |||
Net realized gain (loss) | 194,683 | 29,245 | 660,992 | (340,054) | |||
Net change in unrealized appreciation (depreciation) | (114) | (14,612) | (54,436) | 206,586 | |||
Increase (decrease) in net assets resulting from operations | 200,013 | 29,279 | 612,561 | (104,897) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (4,180) | (10,415) | — | (8,109) | |||
Class C | (79) | (308) | — | (817) | |||
Class I | (12,677) | (33,878) | — | (56,746) | |||
Class R6 | (11,777) | (23,159) | — | (20,907) | |||
Total dividends and distributions to shareholders | (28,713) | (67,760) | — | (86,579) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (2,000) | (13,875) | (36,163) | (59,181) | |||
Class C | (1,183) | (526) | (8,467) | (10,647) | |||
Class I | (38,723) | (54,001) | (170,185) | (200,396) | |||
Class R6 | 18,272 | 117,594 | 39,223 | (13,964) | |||
Increase (decrease) in net assets from capital transactions | (23,634) | 49,192 | (175,592) | (284,188) | |||
Net increase (decrease) in net assets | 147,666 | 10,711 | 436,969 | (475,664) | |||
Net Assets | |||||||
Beginning of period | 1,295,921 | 1,285,210 | 3,222,478 | 3,698,142 | |||
End of Period | $ 1,443,587 | $ 1,295,921 | $ 3,659,447 | $ 3,222,478 |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 2,382 | $ 2,479 | $ 26 | $ (68) | |||
Net realized gain (loss) | 57,742 | (28,331) | 1,876 | 2,028 | |||
Net change in unrealized appreciation (depreciation) | 24,737 | 22,562 | 1,919 | 5,579 | |||
Increase (decrease) in net assets resulting from operations | 84,861 | (3,290) | 3,821 | 7,539 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (180) | (676) | (124) | (1,242) | |||
Class C | (4) | (36) | — | — | |||
Class I | (954) | (5,048) | (707) | (6,531) | |||
Class R6 | (364) | (887) | (27) | (119) | |||
Total dividends and distributions to shareholders | (1,502) | (6,647) | (858) | (7,892) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (6,052) | (13,082) | 200 | 456 | |||
Class C | (1,525) | (2,553) | — | — | |||
Class I | (68,936) | (109,636) | 2,310 | 5,075 | |||
Class R6 | 15,106 | 61,568 | 796 | 754 | |||
Increase (decrease) in net assets from capital transactions | (61,407) | (63,703) | 3,306 | 6,285 | |||
Net increase (decrease) in net assets | 21,952 | (73,640) | 6,269 | 5,932 | |||
Net Assets | |||||||
Beginning of period | 479,746 | 553,386 | 47,997 | 42,065 | |||
End of Period | $ 501,698 | $ 479,746 | $ 54,266 | $ 47,997 |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | ||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (432) | $ (509) | $ (196) | $ (229) | |||
Net realized gain (loss) | 6,074 | 16,501 | 1,494 | 497 | |||
Net change in unrealized appreciation (depreciation) | 10,613 | 18,957 | (1,010) | 10,184 | |||
Increase (decrease) in net assets resulting from operations | 16,255 | 34,949 | 288 | 10,452 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (5,968) | (11,918) | (132) | (279) | |||
Class I | (487) | (1,077) | (141) | (321) | |||
Class R6 | (11) | (22) | — | — | |||
Total dividends and distributions to shareholders | (6,466) | (13,017) | (273) | (600) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (486) | (127) | 86 | (637) | |||
Class I | (1,523) | (4,051) | (1,925) | (979) | |||
Class R6 | (26) | 130 | — | — | |||
Increase (decrease) in net assets from capital transactions | (2,035) | (4,048) | (1,839) | (1,616) | |||
Net increase (decrease) in net assets | 7,754 | 17,884 | (1,824) | 8,236 | |||
Net Assets | |||||||
Beginning of period | 126,325 | 108,441 | 38,149 | 29,913 | |||
End of Period | $ 134,079 | $ 126,325 | $ 36,325 | $ 38,149 |
Zevenbergen Innovative Growth Stock Fund | |||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||
Increase (Decrease) in Net Assets Resulting from Operations | |||
Net investment income (loss) | $ (7,407) | $ (6,327) | |
Net realized gain (loss) | 1,294 | 3,286 | |
Net change in unrealized appreciation (depreciation) | (44,742) | 516,552 | |
Increase (decrease) in net assets resulting from operations | (50,855) | 513,511 | |
Change in Net Assets from Capital Transactions (See Note 5): | |||
Class A | 24,761 | 163,432 | |
Class I | 77,633 | 559,458 | |
Class R6 | 10,726 | 100 | |
Increase (decrease) in net assets from capital transactions | 113,120 | 722,990 | |
Net increase (decrease) in net assets | 62,265 | 1,236,501 | |
Net Assets | |||
Beginning of period | 1,373,292 | 136,791 | |
End of Period | $ 1,435,557 | $ 1,373,292 |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Large-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $13.29 | 0.03 | 2.02 | 2.05 | — | (0.31) | (0.31) | 1.74 | $15.03 | 15.43 % | $ 207,335 | 1.24 % (7)(8) | 1.23 % | 0.46 % | 88 % | |
1/1/20 to 12/31/20 | 13.70 | 0.13 | 0.21 | 0.34 | (0.14) | (0.61) | (0.75) | (0.41) | 13.29 | 3.47 | 185,257 | 1.24 | 1.27 | 1.07 | 193 | |
1/1/19 to 12/31/19 | 11.21 | 0.13 | 3.30 | 3.43 | (0.17) | (0.77) | (0.94) | 2.49 | 13.70 | 30.56 | 206,528 | 1.24 | 1.29 | 1.04 | 118 | |
1/1/18 to 12/31/18 | 16.20 | 0.18 | (1.81) | (1.63) | (0.24) | (3.12) | (3.36) | (4.99) | 11.21 | (10.63) | 223,853 | 1.24 | 1.27 | 1.16 | 128 | |
4/1/17 to 12/31/17(9) | 16.98 | 0.13 | 1.84 | 1.97 | (0.20) | (2.55) | (2.75) | (0.78) | 16.20 | 12.14 | 323,202 | 1.24 | 1.30 | 1.04 | 54 | |
4/1/16 to 3/31/17 | 14.60 | 0.23 | 2.43 | 2.66 | (0.22) | (0.06) | (0.28) | 2.38 | 16.98 | 18.31 | 335,256 | 1.25 | 1.36 | 1.45 | 77 | |
4/1/15 to 3/31/16 | 16.48 | 0.17 | (0.56) | (0.39) | (0.19) | (1.30) | (1.49) | (1.88) | 14.60 | (2.46) | 362,805 | 1.27 | 1.37 | 1.09 | 66 | |
Class C | ||||||||||||||||
1/1/21 to 6/30/21(6) | $12.82 | — (10) | 1.94 | 1.94 | — | (0.31) | (0.31) | 1.63 | $14.45 | 15.14 % | $ 3,797 | 1.72 % | 1.90 % | (0.02) % | 88 % | |
1/1/20 to 12/31/20 | 13.26 | 0.07 | 0.19 | 0.26 | (0.09) | (0.61) | (0.70) | (0.44) | 12.82 | 2.98 | 4,486 | 1.72 | 1.94 | 0.61 | 193 | |
1/1/19 to 12/31/19 | 10.86 | 0.06 | 3.20 | 3.26 | (0.09) | (0.77) | (0.86) | 2.40 | 13.26 | 30.00 | 5,531 | 1.72 | 1.94 | 0.51 | 118 | |
1/1/18 to 12/31/18 | 15.78 | 0.11 | (1.77) | (1.66) | (0.14) | (3.12) | (3.26) | (4.92) | 10.86 | (11.09) | 14,625 | 1.72 | 1.92 | 0.69 | 128 | |
4/1/17 to 12/31/17(9) | 16.59 | 0.08 | 1.78 | 1.86 | (0.12) | (2.55) | (2.67) | (0.81) | 15.78 | 11.76 | 17,744 | 1.68 | 1.86 | 0.61 | 54 | |
4/1/16 to 3/31/17 | 14.28 | 0.15 | 2.37 | 2.52 | (0.15) | (0.06) | (0.21) | 2.31 | 16.59 | 17.70 | 18,590 | 1.72 | 1.72 | 0.98 | 77 | |
4/1/15 to 3/31/16 | 16.15 | 0.10 | (0.55) | (0.45) | (0.12) | (1.30) | (1.42) | (1.87) | 14.28 | (2.88) | 19,053 | 1.71 | 1.71 | 0.65 | 66 | |
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $13.50 | 0.05 | 2.05 | 2.10 | — | (0.31) | (0.31) | 1.79 | $15.29 | 15.56 % | $ 633,452 | 0.97 % | 1.00 % | 0.73 % | 88 % | |
1/1/20 to 12/31/20 | 13.88 | 0.16 | 0.22 | 0.38 | (0.15) | (0.61) | (0.76) | (0.38) | 13.50 | 3.76 | 594,834 | 0.97 | 1.03 | 1.33 | 193 | |
1/1/19 to 12/31/19 | 11.34 | 0.17 | 3.34 | 3.51 | (0.20) | (0.77) | (0.97) | 2.54 | 13.88 | 30.94 | 668,846 | 0.97 | 1.04 | 1.30 | 118 | |
1/1/18 to 12/31/18 | 16.35 | 0.23 | (1.84) | (1.61) | (0.28) | (3.12) | (3.40) | (5.01) | 11.34 | (10.39) | 799,262 | 0.97 | 1.02 | 1.43 | 128 | |
4/1/17 to 12/31/17(9) | 17.11 | 0.17 | 1.86 | 2.03 | (0.24) | (2.55) | (2.79) | (0.76) | 16.35 | 12.42 | 1,300,385 | 0.97 | 1.05 | 1.31 | 54 | |
4/1/16 to 3/31/17 | 14.71 | 0.28 | 2.45 | 2.73 | (0.27) | (0.06) | (0.33) | 2.40 | 17.11 | 18.63 | 1,432,996 | 0.97 | 1.09 | 1.73 | 77 | |
4/1/15 to 3/31/16 | 16.60 | 0.22 | (0.57) | (0.35) | (0.24) | (1.30) | (1.54) | (1.89) | 14.71 | (2.19) | 1,440,587 | 0.97 | 1.09 | 1.40 | 66 | |
Class R6* | ||||||||||||||||
1/1/21 to 6/30/21(6) | $13.61 | 0.07 | 2.07 | 2.14 | — | (0.31) | (0.31) | 1.83 | $15.44 | 15.73 % | $ 599,003 | 0.72 % | 0.83 % | 0.98 % | 88 % | |
1/1/20 to 12/31/20 | 13.96 | 0.19 | 0.23 | 0.42 | (0.16) | (0.61) | (0.77) | (0.35) | 13.61 | 4.03 | 511,344 | 0.72 | 0.86 | 1.57 | 193 | |
1/1/19 to 12/31/19 | 11.39 | 0.21 | 3.36 | 3.57 | (0.23) | (0.77) | (1.00) | 2.57 | 13.96 | 31.33 | 404,305 | 0.72 | 0.85 | 1.55 | 118 | |
1/1/18 to 12/31/18 | 16.41 | 0.27 | (1.85) | (1.58) | (0.32) | (3.12) | (3.44) | (5.02) | 11.39 | (10.22) | 272,596 | 0.72 | 0.83 | 1.69 | 128 | |
4/1/17 to 12/31/17(9) | 17.18 | 0.21 | 1.85 | 2.06 | (0.28) | (2.55) | (2.83) | (0.77) | 16.41 | 12.60 | 336,516 | 0.72 | 0.80 | 1.57 | 54 | |
4/1/16 to 3/31/17 | 14.77 | 0.32 | 2.46 | 2.78 | (0.31) | (0.06) | (0.37) | 2.41 | 17.18 | 18.92 | 322,129 | 0.72 | 0.72 | 1.98 | 77 | |
4/1/15 to 3/31/16 | 16.66 | 0.23 | (0.53) | (0.30) | (0.29) | (1.30) | (1.59) | (1.89) | 14.77 | (1.90) | 272,861 | 0.72 | 0.72 | 1.48 | 66 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Mid-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $12.15 | — (10) | 2.36 | 2.36 | — | — | — | 2.36 | $14.51 | 19.42 % | $ 297,183 | 1.29 % (8) | 1.29 % | 0.05 % | 86 % | |
1/1/20 to 12/31/20 | 12.69 | 0.07 | (0.31) | (0.24) | (0.09) | (0.21) | (0.30) | (0.54) | 12.15 | (1.52) | 282,186 | 1.31 (8) | 1.31 | 0.66 | 179 | |
1/1/19 to 12/31/19 | 10.11 | 0.09 | 3.21 | 3.30 | (0.10) | (0.62) | (0.72) | 2.58 | 12.69 | 32.63 | 362,322 | 1.34 (7)(8) | 1.30 | 0.73 | 121 | |
1/1/18 to 12/31/18 | 12.50 | 0.07 | (1.02) | (0.95) | (0.09) | (1.35) | (1.44) | (2.39) | 10.11 | (8.08) | 271,620 | 1.38 (7) | 1.31 | 0.55 | 109 | |
4/1/17 to 12/31/17(9) | 14.33 | 0.08 | 0.69 | 0.77 | (0.08) | (2.52) | (2.60) | (1.83) | 12.50 | 5.87 | 320,717 | 1.38 | 1.37 (11) | 0.75 (11) | 82 | |
4/1/16 to 3/31/17 | 12.22 | 0.11 | 2.63 | 2.74 | (0.13) | (0.50) | (0.63) | 2.11 | 14.33 | 22.69 | 369,102 | 1.39 | 1.45 | 0.81 | 108 | |
4/1/15 to 3/31/16 | 13.60 | 0.11 | (0.70) | (0.59) | (0.10) | (0.69) | (0.79) | (1.38) | 12.22 | (4.11) | 397,599 | 1.40 | 1.45 | 0.86 | 98 | |
Class C | ||||||||||||||||
1/1/21 to 6/30/21(6) | $11.82 | (0.03) | 2.28 | 2.25 | — | — | — | 2.25 | $14.07 | 19.04 % | $ 28,198 | 1.79 % | 1.95 % | (0.45) % | 86 % | |
1/1/20 to 12/31/20 | 12.36 | 0.02 | (0.30) | (0.28) | (0.05) | (0.21) | (0.26) | (0.54) | 11.82 | (1.88) | 31,476 | 1.79 | 1.98 | 0.20 | 179 | |
1/1/19 to 12/31/19 | 9.84 | 0.03 | 3.13 | 3.16 | (0.02) | (0.62) | (0.64) | 2.52 | 12.36 | 32.08 | 45,867 | 1.79 | 1.95 | 0.26 | 121 | |
1/1/18 to 12/31/18 | 12.18 | 0.02 | (1.00) | (0.98) | (0.01) | (1.35) | (1.36) | (2.34) | 9.84 | (8.53) | 53,419 | 1.79 | 1.97 | 0.17 | 109 | |
4/1/17 to 12/31/17(9) | 14.02 | 0.03 | 0.68 | 0.71 | (0.03) | (2.52) | (2.55) | (1.84) | 12.18 | 5.52 | 48,877 | 1.80 | 1.92 | 0.33 | 82 | |
4/1/16 to 3/31/17 | 11.96 | 0.05 | 2.58 | 2.63 | (0.07) | (0.50) | (0.57) | 2.06 | 14.02 | 22.23 | 55,580 | 1.80 | 1.80 | 0.39 | 108 | |
4/1/15 to 3/31/16 | 13.34 | 0.06 | (0.68) | (0.62) | (0.07) | (0.69) | (0.76) | (1.38) | 11.96 | (4.49) | 64,160 | 1.78 | 1.78 | 0.50 | 98 | |
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $12.37 | 0.02 | 2.40 | 2.42 | — | — | — | 2.42 | $14.79 | 19.56 % | $2,367,084 | 1.01 % (8) | 1.01 % | 0.32 % | 86 % | |
1/1/20 to 12/31/20 | 12.89 | 0.10 | (0.31) | (0.21) | (0.10) | (0.21) | (0.31) | (0.52) | 12.37 | (1.20) | 2,135,663 | 1.04 (8) | 1.04 | 0.92 | 179 | |
1/1/19 to 12/31/19 | 10.25 | 0.13 | 3.26 | 3.39 | (0.13) | (0.62) | (0.75) | 2.64 | 12.89 | 33.08 | 2,469,800 | 1.04 (8) | 1.04 | 1.04 | 121 | |
1/1/18 to 12/31/18 | 12.66 | 0.12 | (1.05) | (0.93) | (0.13) | (1.35) | (1.48) | (2.41) | 10.25 | (7.83) | 1,775,643 | 1.01 (8) | 1.01 | 0.92 | 109 | |
4/1/17 to 12/31/17(9) | 14.48 | 0.12 | 0.70 | 0.82 | (0.12) | (2.52) | (2.64) | (1.82) | 12.66 | 6.21 | 2,187,625 | 1.04 | 1.04 | 1.09 | 82 | |
4/1/16 to 3/31/17 | 12.34 | 0.15 | 2.66 | 2.81 | (0.17) | (0.50) | (0.67) | 2.14 | 14.48 | 23.08 | 2,716,560 | 1.08 | 1.08 | 1.12 | 108 | |
4/1/15 to 3/31/16 | 13.74 | 0.15 | (0.71) | (0.56) | (0.15) | (0.69) | (0.84) | (1.40) | 12.34 | (3.85) | 2,717,761 | 1.12 | 1.12 | 1.16 | 98 | |
Class R6* | ||||||||||||||||
1/1/21 to 6/30/21(6) | $12.42 | 0.04 | 2.41 | 2.45 | — | — | — | 2.45 | $14.87 | 19.73 % | $ 966,982 | 0.79 % | 0.86 % | 0.54 % | 86 % | |
1/1/20 to 12/31/20 | 12.92 | 0.13 | (0.31) | (0.18) | (0.11) | (0.21) | (0.32) | (0.50) | 12.42 | (0.97) | 773,153 | 0.79 | 0.88 | 1.16 | 179 | |
1/1/19 to 12/31/19 | 10.27 | 0.16 | 3.26 | 3.42 | (0.15) | (0.62) | (0.77) | 2.65 | 12.92 | 33.31 | 820,153 | 0.79 | 0.87 | 1.28 | 121 | |
1/1/18 to 12/31/18 | 12.67 | 0.15 | (1.05) | (0.90) | (0.15) | (1.35) | (1.50) | (2.40) | 10.27 | (7.58) | 411,922 | 0.79 | 0.87 | 1.17 | 109 | |
4/1/17 to 12/31/17(9) | 14.49 | 0.15 | 0.70 | 0.85 | (0.15) | (2.52) | (2.67) | (1.82) | 12.67 | 6.41 | 388,495 | 0.80 | 0.85 | 1.37 | 82 | |
4/1/16 to 3/31/17 | 12.36 | 0.19 | 2.66 | 2.85 | (0.22) | (0.50) | (0.72) | 2.13 | 14.49 | 23.34 | 291,554 | 0.80 | 0.80 | 1.44 | 108 | |
4/1/15 to 3/31/16 | 13.76 | 0.21 | (0.72) | (0.51) | (0.20) | (0.69) | (0.89) | (1.40) | 12.36 | (3.45) | 192,640 | 0.80 | 0.80 | 1.68 | 98 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Small-Cap Value Equity Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.31 | 0.03 | 1.64 | 1.67 | (0.03) | — | (0.03) | 1.64 | $10.95 | 17.98 % | $ 58,110 | 1.44 % (8) | 1.44 % | 0.64 % | 42 % | |
1/1/20 to 12/31/20 | 9.38 | 0.02 | 0.02 | 0.04 | (0.03) | (0.08) | (0.11) | (0.07) | 9.31 | 0.62 | 54,984 | 1.48 (8) | 1.48 | 0.29 | 69 | |
1/1/19 to 12/31/19 | 8.45 | 0.09 | 1.37 | 1.46 | (0.14) | (0.39) | (0.53) | 0.93 | 9.38 | 17.21 | 70,847 | 1.47 (8) | 1.47 | 0.99 | 42 | |
1/1/18 to 12/31/18 | 11.53 | 0.08 | (1.51) | (1.43) | (0.15) | (1.50) | (1.65) | (3.08) | 8.45 | (12.70) | 69,223 | 1.46 (8) | 1.46 | 0.68 | 44 | |
4/1/17 to 12/31/17(9) | 12.58 | 0.14 | 0.90 | 1.04 | (0.16) | (1.93) | (2.09) | (1.05) | 11.53 | 8.74 | 114,673 | 1.47 | 1.50 | 1.52 | 15 | |
4/1/16 to 3/31/17 | 10.96 | 0.07 | 2.20 | 2.27 | (0.09) | (0.56) | (0.65) | 1.62 | 12.58 | 20.81 | 123,495 | 1.55 | 1.55 | 0.58 | 29 | |
4/1/15 to 3/31/16 | 15.25 | 0.08 | (0.50) | (0.42) | (0.15) | (3.72) | (3.87) | (4.29) | 10.96 | (1.07) | 121,367 | 1.55 | 1.55 | 0.62 | 36 | |
Class C | ||||||||||||||||
1/1/21 to 6/30/21(6) | $ 8.11 | 0.01 | 1.43 | 1.44 | (0.03) | — | (0.03) | 1.41 | $ 9.52 | 17.81 % | $ 1,217 | 1.84 % | 2.17 % | 0.32 % | 42 % | |
1/1/20 to 12/31/20 | 8.19 | (0.01) | 0.01 | — | — | (0.08) | (0.08) | (0.08) | 8.11 | 0.23 | 2,410 | 1.90 (12) | 2.19 | (0.19) | 69 | |
1/1/19 to 12/31/19 | 7.41 | 0.05 | 1.19 | 1.24 | (0.07) | (0.39) | (0.46) | 0.78 | 8.19 | 16.66 | 5,457 | 1.90 | 2.14 | 0.61 | 42 | |
1/1/18 to 12/31/18 | 10.31 | 0.02 | (1.34) | (1.32) | (0.08) | (1.50) | (1.58) | (2.90) | 7.41 | (13.07) | 14,473 | 1.90 | 2.09 | 0.23 | 44 | |
4/1/17 to 12/31/17(9) | 11.46 | 0.09 | 0.80 | 0.89 | (0.11) | (1.93) | (2.04) | (1.15) | 10.31 | 8.28 | 20,658 | 1.90 | 2.07 | 1.05 | 15 | |
4/1/16 to 3/31/17 | 10.04 | 0.02 | 2.02 | 2.04 | (0.06) | (0.56) | (0.62) | 1.42 | 11.46 | 20.35 | 24,529 | 1.90 | 1.90 | 0.22 | 29 | |
4/1/15 to 3/31/16 | 14.31 | 0.03 | (0.47) | (0.44) | (0.11) | (3.72) | (3.83) | (4.27) | 10.04 | (1.34) | 27,410 | 1.90 | 1.90 | 0.28 | 36 | |
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.77 | 0.05 | 1.72 | 1.77 | (0.03) | — | (0.03) | 1.74 | $11.51 | 18.16 % | $ 320,811 | 1.18 % | 1.19 % | 0.93 % | 42 % | |
1/1/20 to 12/31/20 | 9.83 | 0.04 | 0.03 | 0.07 | (0.05) | (0.08) | (0.13) | (0.06) | 9.77 | 0.91 | 332,391 | 1.21 (12) | 1.21 | 0.55 | 69 | |
1/1/19 to 12/31/19 | 8.83 | 0.13 | 1.42 | 1.55 | (0.16) | (0.39) | (0.55) | 1.00 | 9.83 | 17.58 | 460,284 | 1.20 (8) | 1.20 | 1.26 | 42 | |
1/1/18 to 12/31/18 | 11.98 | 0.12 | (1.58) | (1.46) | (0.19) | (1.50) | (1.69) | (3.15) | 8.83 | (12.50) | 474,591 | 1.18 (8) | 1.18 | 0.99 | 44 | |
4/1/17 to 12/31/17(9) | 12.99 | 0.16 | 0.94 | 1.10 | (0.18) | (1.93) | (2.11) | (1.01) | 11.98 | 8.94 | 673,458 | 1.22 | 1.22 | 1.72 | 15 | |
4/1/16 to 3/31/17 | 11.30 | 0.11 | 2.27 | 2.38 | (0.13) | (0.56) | (0.69) | 1.69 | 12.99 | 21.15 | 786,245 | 1.24 | 1.24 | 0.87 | 29 | |
4/1/15 to 3/31/16 | 15.59 | 0.13 | (0.50) | (0.37) | (0.20) | (3.72) | (3.92) | (4.29) | 11.30 | (0.64) | 820,124 | 1.21 | 1.21 | 0.93 | 36 | |
Class R6* | ||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.79 | 0.06 | 1.74 | 1.80 | (0.03) | — | (0.03) | 1.77 | $11.56 | 18.43 % | $ 121,560 | 0.88 % | 1.03 % | 1.15 % | 42 % | |
1/1/20 to 12/31/20 | 9.84 | 0.10 | — (10) | 0.10 | (0.07) | (0.08) | (0.15) | (0.05) | 9.79 | 1.19 | 89,961 | 0.88 | 1.05 | 1.19 | 69 | |
2/26/19 (13) to 12/31/19 | 10.04 | 0.15 | 0.22 | 0.37 | (0.18) | (0.39) | (0.57) | (0.20) | 9.84 | 3.69 | 16,798 | 0.88 | 1.04 | 1.83 | 42 (14) | |
SGA International Growth Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $10.42 | (0.01) | 0.82 | 0.81 | — | (0.18) | (0.18) | 0.63 | $11.05 | 7.83 % | $ 7,542 | 1.32 % | 1.54 % | (0.11) % | 17 % | |
1/1/20 to 12/31/20 | 10.50 | (0.03) | 2.02 | 1.99 | — | (2.07) | (2.07) | (0.08) | 10.42 | 22.86 | 6,917 | 1.41 (12)(15) | 1.60 | (0.36) | 53 | |
1/1/19 to 12/31/19 | 10.95 | (0.02) | 2.92 | 2.90 | — | (3.35) | (3.35) | (0.45) | 10.50 | 28.28 | 6,376 | 1.46 (12)(15)(16) | 1.52 | (0.20) | 147 (17) | |
1/1/18 to 12/31/18 | 11.90 | — (10) | (0.94) | (0.94) | (0.01) | — | (0.01) | (0.95) | 10.95 | (7.90) | 22,233 | 1.42 | 1.44 | 0.03 | 37 | |
4/1/17 to 12/31/17(9) | 10.05 | 0.02 | 1.84 | 1.86 | (0.01) | — | (0.01) | 1.85 | 11.90 | 18.50 | 18,567 | 1.43 | 1.56 | 0.20 | 17 | |
4/1/16 to 3/31/17 | 9.18 | 0.01 | 0.93 | 0.94 | (0.03) | (0.04) | (0.07) | 0.87 | 10.05 | 10.41 | 14,116 | 1.33 (18) | 1.43 (18) | 0.12 | 37 | |
4/1/15 to 3/31/16 | 10.34 | 0.09 | (0.27) | (0.18) | (0.06) | (0.92) | (0.98) | (1.16) | 9.18 | (1.77) | 3,756 | 1.51 | 1.77 | 0.89 | 114 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
SGA International Growth Fund (Continued) | ||||||||||||||||
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $10.72 | 0.01 | 0.84 | 0.85 | — | (0.18) | (0.18) | 0.67 | $11.39 | 7.98 % | $ 45,021 | 1.07 % | 1.27 % | 0.14 % | 17 % | |
1/1/20 to 12/31/20 | 10.71 | (0.01) | 2.09 | 2.08 | — | (2.07) | (2.07) | 0.01 | 10.72 | 23.28 | 40,249 | 1.16 (12)(15) | 1.35 | (0.13) | 53 | |
1/1/19 to 12/31/19 | 11.13 | — (10) | 2.97 | 2.97 | (0.04) | (3.35) | (3.39) | (0.42) | 10.71 | 28.49 | 35,641 | 1.25 (12)(15)(16) | 1.30 | 0.01 | 147 (17) | |
1/1/18 to 12/31/18 | 12.09 | 0.03 | (0.96) | (0.93) | (0.03) | — | (0.03) | (0.96) | 11.13 | (7.69) | 67,543 | 1.20 (7) | 1.19 | 0.28 | 37 | |
4/1/17 to 12/31/17(9) | 10.19 | 0.04 | 1.87 | 1.91 | (0.01) | — | (0.01) | 1.90 | 12.09 | 18.79 | 70,342 | 1.20 | 1.27 | 0.42 | 17 | |
4/1/16 to 3/31/17 | 9.30 | 0.03 | 0.94 | 0.97 | (0.04) | (0.04) | (0.08) | 0.89 | 10.19 | 10.54 | 51,120 | 1.14 (18) | 1.24 (18) | 0.34 | 37 | |
4/1/15 to 3/31/16 | 10.45 | 0.13 | (0.29) | (0.16) | (0.07) | (0.92) | (0.99) | (1.15) | 9.30 | (1.59) | 28,756 | 1.30 | 1.67 | 1.28 | 114 | |
Class R6* | ||||||||||||||||
1/1/21 to 6/30/21(6) | $10.77 | 0.02 | 0.84 | 0.86 | — | (0.18) | (0.18) | 0.68 | $11.45 | 8.04 % | $ 1,703 | 0.95 % | 1.18 % | 0.39 % | 17 % | |
1/1/20 to 12/31/20 | 10.74 | — (10) | 2.10 | 2.10 | — | (2.07) | (2.07) | 0.03 | 10.77 | 23.41 | 831 | 1.07 (12)(15) | 1.25 | 0.05 | 53 | |
1/1/19 to 12/31/19 | 11.15 | — (10) | 2.99 | 2.99 | (0.05) | (3.35) | (3.40) | (0.41) | 10.74 | 28.59 | 48 | 1.16 (12)(15)(16) | 1.25 | (0.02) | 147 (17) | |
1/1/18 to 12/31/18(19) | 12.11 | 0.05 | (0.97) | (0.92) | (0.04) | — | (0.04) | (0.96) | 11.15 | (7.63) | 48 | 1.10 | 1.11 | 0.43 | 37 | |
4/1/17 to 12/31/17(9) | 10.20 | 0.04 | 1.89 | 1.93 | (0.02) | — | (0.02) | 1.91 | 12.11 | 18.89 | 9,279 | 1.10 | 1.19 | 0.42 | 17 | |
4/1/16 to 3/31/17 | 9.31 | 0.05 | 0.93 | 0.98 | (0.05) | (0.04) | (0.09) | 0.89 | 10.20 | 10.62 | 6,558 | 1.03 (18) | 1.14 (18) | 0.49 | 37 | |
9/1/15 (20) to 3/31/16 | 9.85 | — (10) | 0.38 | 0.38 | — | (0.92) | (0.92) | (0.54) | 9.31 | 3.81 | 5,832 | 1.14 | 1.54 | 0.09 | 114 | |
Silvant Large-Cap Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $ 6.50 | (0.02) | 0.89 | 0.87 | — | (0.37) | (0.37) | 0.50 | $ 7.00 | 13.45 % | $ 118,781 | 1.23 % | 1.24 % | (0.71) % | 2 % | |
1/1/20 to 12/31/20 | 5.37 | (0.03) | 1.91 | 1.88 | — | (0.75) | (0.75) | 1.13 | 6.50 | 35.90 | 110,884 | 1.23 | 1.27 | (0.49) | 13 | |
1/1/19 to 12/31/19 | 4.60 | (0.01) | 1.55 | 1.54 | — | (0.77) | (0.77) | 0.77 | 5.37 | 33.95 | 92,556 | 1.23 | 1.26 | (0.25) | 15 | |
1/1/18 to 12/31/18 | 5.49 | (0.02) | 0.03 | 0.01 | — | (0.90) | (0.90) | (0.89) | 4.60 | (0.83) | 45,779 | 1.23 | 1.60 | (0.29) | 11 | |
4/1/17 to 12/31/17(9) | 7.20 | (0.01) | 1.21 | 1.20 | — | (2.91) | (2.91) | (1.71) | 5.49 | 17.88 | 63,051 | 1.23 | 1.46 | (0.09) | 14 | |
4/1/16 to 3/31/17 | 7.81 | (0.02) | 0.57 | 0.55 | — | (1.16) | (1.16) | (0.61) | 7.20 | 7.83 | 60,900 | 1.23 | 1.24 | (0.27) | 42 | |
4/1/15 to 3/31/16 | 8.75 | (0.03) | (0.11) | (0.14) | — | (0.80) | (0.80) | (0.94) | 7.81 | (2.13) | 62,115 | 1.20 | 1.21 | (0.39) | 10 | |
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $10.28 | (0.02) | 1.41 | 1.39 | — | (0.37) | (0.37) | 1.02 | $11.30 | 13.56 % | $ 14,942 | 0.97 % | 1.07 % | (0.45) % | 2 % | |
1/1/20 to 12/31/20 | 8.12 | (0.02) | 2.93 | 2.91 | — | (0.75) | (0.75) | 2.16 | 10.28 | 36.43 | 15,093 | 0.97 | 1.09 | (0.23) | 13 | |
1/1/19 to 12/31/19 | 6.63 | — (10) | 2.26 | 2.26 | — | (0.77) | (0.77) | 1.49 | 8.12 | 34.41 | 15,720 | 0.97 | 1.12 | 0.01 | 15 | |
1/1/18 to 12/31/18 | 7.53 | — (10) | — (10) | — | — | (0.90) | (0.90) | (0.90) | 6.63 | (0.75) | 19,234 | 0.97 | 1.10 | (0.02) | 11 | |
4/1/17 to 12/31/17(9) | 8.92 | 0.01 | 1.51 | 1.52 | — | (2.91) | (2.91) | (1.39) | 7.53 | 18.04 | 24,621 | 0.97 | 1.22 | 0.22 | 14 | |
4/1/16 to 3/31/17 | 9.38 | — (10) | 0.70 | 0.70 | — | (1.16) | (1.16) | (0.46) | 8.92 | 8.14 | 92,638 | 0.97 | 1.26 | (0.02) | 42 | |
4/1/15 to 3/31/16 | 10.32 | (0.02) | (0.12) | (0.14) | — | (0.80) | (0.80) | (0.94) | 9.38 | (1.79) | 110,562 | 0.97 | 1.24 | (0.15) | 10 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Silvant Large-Cap Growth Stock Fund (Continued) | ||||||||||||||||
Class R6* | ||||||||||||||||
1/1/21 to 6/30/21(6) | $10.40 | (0.02) | 1.43 | 1.41 | — | (0.37) | (0.37) | 1.04 | $11.44 | 13.60 % | $ 356 | 0.90 % | 0.93 % | (0.39) % | 2 % | |
1/1/20 to 12/31/20 | 8.21 | (0.01) | 2.95 | 2.94 | — | (0.75) | (0.75) | 2.19 | 10.40 | 36.39 | 348 | 0.90 | 0.96 | (0.16) | 13 | |
1/1/19 to 12/31/19 | 6.69 | 0.01 | 2.28 | 2.29 | — | (0.77) | (0.77) | 1.52 | 8.21 | 34.57 | 165 | 0.90 | 0.98 | 0.08 | 15 | |
1/1/18 to 12/31/18 | 7.59 | — (10) | — (10) | — | — | (0.90) | (0.90) | (0.90) | 6.69 | (0.73) | 110 | 0.90 | 0.95 | 0.03 | 11 | |
4/1/17 to 12/31/17(9) | 8.94 | 0.02 | 1.54 | 1.56 | — | (2.91) | (2.91) | (1.35) | 7.59 | 18.53 | 464 | 0.91 | 0.93 | 0.28 | 14 | |
4/1/16 to 3/31/17 | 9.39 | 0.01 | 0.70 | 0.71 | — | (1.16) | (1.16) | (0.45) | 8.94 | 8.23 | 2,426 | 0.90 | 0.90 | 0.05 | 42 | |
4/1/15 to 3/31/16 | 10.33 | (0.01) | (0.13) | (0.14) | — | (0.80) | (0.80) | (0.94) | 9.39 | (1.80) | 37,087 | 0.88 | 0.89 | (0.06) | 10 | |
Silvant Small-Cap Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $ 9.36 | (0.05) | 0.10 | 0.05 | — | (0.08) | (0.08) | (0.03) | $ 9.33 | 0.58 % | $ 14,813 | 1.27 % | 1.49 % | (1.12) % | 8 % | |
1/1/20 to 12/31/20 | 6.89 | (0.06) | 2.71 | 2.65 | — | (0.18) | (0.18) | 2.47 | 9.36 | 38.99 | 14,837 | 1.27 | 1.59 | (0.85) | 29 | |
1/1/19 to 12/31/19 | 5.68 | (0.05) | 2.09 | 2.04 | — | (0.83) | (0.83) | 1.21 | 6.89 | 35.81 | 11,694 | 1.27 | 1.64 | (0.76) | 32 | |
1/1/18 to 12/31/18 | 6.92 | (0.06) | (0.36) | (0.42) | — | (0.82) | (0.82) | (1.24) | 5.68 | (6.69) | 5,725 | 1.41 (12) | 1.68 | (0.88) | 36 | |
4/1/17 to 12/31/17(9) | 7.28 | (0.04) | 0.80 | 0.76 | — | (1.12) | (1.12) | (0.36) | 6.92 | 10.73 | 6,840 | 1.42 | 1.64 | (0.70) | 24 | |
4/1/16 to 3/31/17 | 7.13 | (0.04) | 1.38 | 1.34 | — | (1.19) | (1.19) | 0.15 | 7.28 | 19.30 | 7,008 | 1.41 | 1.43 | (0.55) | 56 | |
4/1/15 to 3/31/16 | 13.23 | (0.08) | (1.35) | (1.43) | — | (4.67) | (4.67) | (6.10) | 7.13 | (13.38) | 6,856 | 1.37 | 1.37 | (0.76) | 73 | |
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $12.67 | (0.06) | 0.15 | 0.09 | — | (0.08) | (0.08) | 0.01 | $12.68 | 0.74 % | $ 21,512 | 1.15 % | 1.32 % | (1.01) % | 8 % | |
1/1/20 to 12/31/20 | 9.27 | (0.07) | 3.65 | 3.58 | — | (0.18) | (0.18) | 3.40 | 12.67 | 39.01 | 23,312 | 1.15 | 1.42 | (0.73) | 29 | |
1/1/19 to 12/31/19 | 7.42 | (0.06) | 2.74 | 2.68 | — | (0.83) | (0.83) | 1.85 | 9.27 | 36.04 | 18,219 | 1.15 | 1.48 | (0.64) | 32 | |
1/1/18 to 12/31/18 | 8.78 | (0.07) | (0.47) | (0.54) | — | (0.82) | (0.82) | (1.36) | 7.42 | (6.64) | 14,513 | 1.29 (12) | 1.53 | (0.76) | 36 | |
4/1/17 to 12/31/17(9) | 8.95 | (0.04) | 0.99 | 0.95 | — | (1.12) | (1.12) | (0.17) | 8.78 | 10.86 | 18,637 | 1.30 | 1.53 | (0.58) | 24 | |
4/1/16 to 3/31/17 | 8.52 | (0.04) | 1.66 | 1.62 | — | (1.19) | (1.19) | 0.43 | 8.95 | 19.45 | 26,929 | 1.29 | 1.43 | (0.44) | 56 | |
4/1/15 to 3/31/16 | 14.83 | (0.10) | (1.54) | (1.64) | — | (4.67) | (4.67) | (6.31) | 8.52 | (13.36) | 36,436 | 1.30 | 1.39 | (0.74) | 73 | |
Zevenbergen Innovative Growth Stock Fund | ||||||||||||||||
Class A | ||||||||||||||||
1/1/21 to 6/30/21(6) | $62.40 | (0.37) | 0.19 | (0.18) | — | — | — | (0.18) | $62.22 | (0.29) % | $ 348,563 | 1.25 % | 1.30 % | (1.22) % | 29 % | |
1/1/20 to 12/31/20 | 28.48 | (0.55) | 34.47 | 33.92 | — | — | — | 33.92 | 62.40 | 119.10 | 335,809 | 1.25 | 1.33 | (1.18) | 33 | |
1/1/19 to 12/31/19 | 20.83 | (0.32) | 7.97 | 7.65 | — | — | — | 7.65 | 28.48 | 36.73 | 46,655 | 1.26 (21) | 1.41 | (1.20) | 91 | |
1/1/18 to 12/31/18 | 19.96 | (0.33) | 2.57 | 2.24 | — | (1.37) | (1.37) | 0.87 | 20.83 | 10.80 | 24,902 | 1.48 (7)(12) | 1.47 | (1.35) | 103 | |
4/1/17 to 12/31/17(9) | 18.56 | (0.21) | 3.74 | 3.53 | — | (2.13) | (2.13) | 1.40 | 19.96 | 19.18 | 5,484 | 1.51 | 1.66 | (1.40) | 50 | |
4/1/16 to 3/31/17 | 18.37 | (0.26) | 3.67 | 3.41 | — | (3.22) | (3.22) | 0.19 | 18.56 | 20.42 | 6,375 | 1.50 | 1.55 | (1.39) | 64 | |
4/1/15 to 3/31/16 | 20.76 | (0.29) | (0.57) | (0.86) | — | (1.53) | (1.53) | (2.39) | 18.37 | (4.96) | 8,127 | 1.49 | 1.49 | (1.38) | 59 |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Zevenbergen Innovative Growth Stock Fund (Continued) | ||||||||||||||||
Class I | ||||||||||||||||
1/1/21 to 6/30/21(6) | $66.67 | (0.31) | 0.19 | (0.12) | — | — | — | (0.12) | $66.55 | (0.18) % | $1,075,203 | 1.00 % | 1.03 % | (0.97) % | 29 % | |
1/1/20 to 12/31/20 | 30.35 | (0.47) | 36.79 | 36.32 | — | — | — | 36.32 | 66.67 | 119.67 | 1,037,368 | 1.00 | 1.07 | (0.93) | 33 | |
1/1/19 to 12/31/19 | 22.15 | (0.26) | 8.46 | 8.20 | — | — | — | 8.20 | 30.35 | 37.02 | 90,136 | 1.01 (21) | 1.15 | (0.94) | 91 | |
1/1/18 to 12/31/18 | 21.10 | (0.30) | 2.72 | 2.42 | — | (1.37) | (1.37) | 1.05 | 22.15 | 11.07 | 72,404 | 1.27 (7)(12) | 1.23 | (1.15) | 103 | |
4/1/17 to 12/31/17(9) | 19.49 | (0.19) | 3.93 | 3.74 | — | (2.13) | (2.13) | 1.61 | 21.10 | 19.34 | 17,630 | 1.31 | 1.50 | (1.19) | 50 | |
4/1/16 to 3/31/17 | 19.11 | (0.23) | 3.83 | 3.60 | — | (3.22) | (3.22) | 0.38 | 19.49 | 20.63 | 22,330 | 1.30 | 1.44 | (1.18) | 64 | |
4/1/15 to 3/31/16 | 21.49 | (0.26) | (0.59) | (0.85) | — | (1.53) | (1.53) | (2.38) | 19.11 | (4.74) | 18,203 | 1.31 | 1.39 | (1.20) | 59 | |
Class R6 | ||||||||||||||||
1/1/21 to 6/30/21(6) | $66.67 | (0.27) | 0.20 | (0.07) | — | — | — | (0.07) | $66.60 | (0.11) % | $ 11,791 | 0.90 % | 0.95 % | (0.90) % | 29 % | |
10/20/20 (13) to 12/31/20 | 58.00 | (0.10) | 8.77 | 8.67 | — | — | — | 8.67 | 66.67 | 14.95 | 115 | 0.90 | 1.03 | (0.83) | 33 (14) |
Footnote Legend: | |
* | On September 18, 2017, Class IS shares were renamed Class R6 shares. |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Unaudited. |
(7) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(8) | The share class is currently under its expense limitation. |
(9) | The Fund changed its fiscal year end to December 31 during the period. |
(10) | Amount is less than $0.005 per share. |
(11) | The ratio excludes expenses waived/reimbursed net of amount recaptured. If expenses waived/reimbursed net of amount recaptured were included, the ratio would have been higher than the ratio shown. |
(12) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(13) | Inception date. |
(14) | Portfolio turnover is representative of the Fund for the entire period. |
(15) | Net expense ratio includes extraordinary proxy expenses. |
(16) | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2019 were 1.45% (Class A), 1.24% (Class I) and 1.15% (Class R6). |
(17) | The Fund’s portfolio turnover rate increased substantially during the year ended December 31, 2019 due to a change in the Fund’s subadviser and associated repositioning. |
(18) | Net investment income per share and the ratio of net investment income to average net assets include a non-recurring refund for overbilling of prior years’ custodian out-of-pocket fees which amounted to $0.01 per share and 0.09%, 0.07%, and 0.07% of average net assets for the Class A, Class I and Class R6 (formerly IS), respectively. |
(19) | From November 9 through November 13, 2018, the Fund’s Class R6 shares did not have any investors, though the net asset value continued to be calculated using another share class adjusted for class expenses. |
(20) | Class R6 (formerly IS) commenced operations. |
(21) | Ratios of total expenses excluding interest expense on borrowings for the year ended December 31, 2019 were 1.25% (Class A) and 1.00% (Class I). |
Fund | Investment objective(s) | |
Ceredex Large-Cap Value Equity Fund | Seeking to provide a high level of capital appreciation. As a secondary goal, the Fund also seeks to provide current income. | |
Ceredex Mid-Cap Value Equity Fund | Seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. | |
Ceredex Small-Cap Value Equity Fund | Seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. | |
SGA International Growth Fund | Seeking to provide long-term capital appreciation. | |
Silvant Large-Cap Growth Stock Fund | Seeking to provide capital appreciation. | |
Silvant Small-Cap Growth Stock Fund | Seeking to provide long-term capital appreciation. | |
Zevenbergen Innovative Growth Stock Fund | Seeking to provide 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). |
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income is recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds. | |
Dividend income from REITs is recorded using management’s estimate of the percentage of income included in distributions received from such investments based on historical information and other industry sources. The return of capital portion of the estimate is a reduction to investment income and a reduction in the cost basis of each investment which increases net realized gain (loss) and net change in unrealized appreciation (depreciation). If the return of capital distributions exceed their cost basis, the distributions are treated as realized gains. The actual amounts of income, return of capital, and capital gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts. | |
C. | Income Taxes |
Each Fund is treated as a separate taxable entity. It is the intention of each Fund to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) and to distribute substantially all of its taxable income to its shareholders. Therefore, no provision for federal income taxes or excise taxes has been made. | |
Certain Funds may be subject to foreign taxes on income, gains on investments or currency repatriation, a portion of which may be recoverable. Each Fund will accrue such taxes and recoveries as applicable based upon current interpretations of the tax rules and regulations that exist in the markets in which it invests. |
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. Each Fund’s U.S. federal income tax return is generally subject to examination by the Internal Revenue Service for a period of three years after it is filed. State, local and/or non-U.S. tax returns and/or other filings may be subject to examination for different periods, depending upon the tax rules of each applicable jurisdiction. | |
D. | Distributions to Shareholders |
Distributions are recorded by each Fund on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. | |
E. | Expenses |
Expenses incurred together by a Fund and other affiliated mutual funds are allocated in proportion to the net assets of each such fund, except where allocation of direct expenses to each Fund or an alternative allocation method can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. The Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Securities Lending |
Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan. Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At June 30, 2021, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Counterparty | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | ||||
Silvant Small-Cap Growth Stock Fund | BNYM | $ 117 | $ 117 | $ — |
(1) | Collateral received in excess of the market value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Securities Lending Transactions | Overnight and continuous | Under 30 days | Between 30 & 90 days | Over 90 Days | Total | ||||||
Silvant Small-Cap Growth Stock Fund | Money Market Mutual Fund | $120 | $— | $— | $— | $120 |
A. | Investment Adviser |
Virtus Fund Advisers, LLC (the “Adviser”), an indirect, wholly-owned subsidiary of Virtus Investment Partners, Inc. (“Virtus”), is the investment adviser to the Funds. The Adviser manages the Funds’ investment programs and general operations of the Funds, including oversight of the Funds’ subadvisers. |
As compensation for its services to the Funds, the Adviser is entitled to a fee, which is calculated daily and paid monthly based upon the following annual rates as a percentage of the average daily net assets of each Fund: |
First $500 Million | |
Ceredex Large-Cap Value Equity Fund | 0.70 % |
Ceredex Mid-Cap Value Equity Fund | 0.75 |
Ceredex Small-Cap Value Equity Fund | 0.85 |
SGA International Growth Fund | 0.85 |
Silvant Large-Cap Growth Stock Fund | 0.70 |
Silvant Small-Cap Growth Stock Fund | 0.85 |
Zevenbergen Innovative Growth Stock Fund | 0.80 |
B. | Subadvisers |
The subadvisers manage the investments of each Fund for which they are paid a fee by the Adviser. A list of the subadvisers and the Funds they serve as of the end of the period is as follows: |
Fund | Subadviser | |
Ceredex Large-Cap Value Equity Fund | Ceredex (1) | |
Ceredex Mid-Cap Value Equity Fund | Ceredex (1) | |
Ceredex Small-Cap Value Equity Fund | Ceredex (1) | |
SGA International Growth Fund | SGA (2) | |
Silvant Large-Cap Growth Stock Fund | Silvant (3) | |
Silvant Small-Cap Growth Stock Fund | Silvant (3) | |
Zevenbergen Innovative Growth Stock Fund | Zevenbergen (4) |
(1) | Ceredex Value Advisors LLC, an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP, an indirect, majority-owned subsidiary of Virtus. |
(3) | Silvant Capital Management LLC, an indirect, wholly-owned subsidiary of Virtus. |
(4) | Zevenbergen Capital Investments LLC, a minority-owned affiliate of the Adviser. |
C. | Expense Limitations |
The Adviser has contractually agreed to limit each Fund’s annual total operating expenses, subject to the exceptions listed below, so that such expenses do not exceed, on an annualized basis, the following respective percentages of average daily net assets through April 30, 2022. Following the contractual period, the Adviser may discontinue these expense reimbursement arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Ceredex Large-Cap Value Equity Fund | 1.24 % ‡ | 1.72 % | 0.97 % | 0.72 % | ||||
Ceredex Mid-Cap Value Equity Fund | 1.38 ‡ | 1.79 | 1.08 ‡ | 0.79 | ||||
Ceredex Small-Cap Value Equity Fund | 1.49 ‡ | 1.84 | 1.18 | 0.88 | ||||
SGA International Growth Fund | 1.32 | N/A | 1.07 | 0.95 | ||||
Silvant Large-Cap Growth Stock Fund | 1.23 | N/A | 0.97 | 0.90 | ||||
Silvant Small-Cap Growth Stock Fund | 1.27 | N/A | 1.15 | N/A | ||||
Zevenbergen Innovative Growth Stock Fund | 1.25 | N/A | 1.00 | 0.90 |
‡ | Each share class is currently below its expense cap. |
D. | Expense Recapture |
Under certain conditions, the Adviser may recapture operating expenses reimbursed or fees waived under these arrangements within three years after the date on which such amounts were incurred or waived. A Fund must pay its ordinary operating expenses before the Adviser is entitled to any reimbursement and must remain in compliance with any applicable expense limitations or, if none, the expense limitation in effect at the time of the waiver or reimbursement. All or a portion of the following Adviser reimbursed expenses may be recaptured by the fiscal year ending: |
Expiration | ||||||||||
Fund | 2021 | 2022 | 2023 | 2024 | Total | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||||
Class A | $ 4 | $ 103 | $ 75 | $ — | $ 182 | |||||
Class C | 16 | 11 | 11 | 4 | 42 | |||||
Class I | 213 | 503 | 350 | 89 | 1,155 | |||||
Class R6 | 181 | 441 | 492 | 318 | 1,432 | |||||
Ceredex Mid-Cap Value Equity Fund | ||||||||||
Class C | 51 | 68 | 64 | 24 | 207 | |||||
Class R6 | 176 | 485 | 599 | 287 | 1,547 | |||||
Ceredex Small-Cap Value Equity Fund | ||||||||||
Class C | 12 | 17 | 9 | 2 | 40 | |||||
Class I | — | — | — | 21 | 21 | |||||
Class R6 | — | 6 | 58 | 81 | 145 | |||||
SGA International Growth Fund | ||||||||||
Class A | 2 | 7 | 12 | 8 | 29 | |||||
Class I | — | 37 | 62 | 41 | 140 | |||||
Class R6 | — (1) | — (1) | 1 | 1 | 2 | |||||
Silvant Large-Cap Growth Stock Fund | ||||||||||
Class A | 122 | 77 | 40 | 7 | 246 | |||||
Class I | 13 | 27 | 18 | 7 | 65 | |||||
Class R6 | — (1) | — (1) | — (1) | — (1) | — (1) | |||||
Silvant Small-Cap Growth Stock Fund | ||||||||||
Class A | 10 | 40 | 37 | 17 | 104 | |||||
Class I | 23 | 58 | 48 | 18 | 147 | |||||
Zevenbergen Innovative Growth Stock Fund | ||||||||||
Class A | 3 | 72 | 124 | 80 | 279 | |||||
Class I | 14 | 180 | 323 | 174 | 691 | |||||
Class R6 | — | — | — (1) | 1 | 1 |
Fund | Class A | Class I | Class R6 | Total | ||||
Ceredex Large-Cap Value Equity Fund | $ 13 | $ — | $ — | $ 13 | ||||
Ceredex Small-Cap Value Equity Fund | — | 2 | — | 2 | ||||
Silvant Large-Cap Growth Stock Fund | 1 | — | — | 1 | ||||
Zevenbergen Innovative Growth Stock Fund | — | — | — (1) | — (1) |
(1) | Amount is less than $500. |
E. | Distributor |
VP Distributors, LLC (“VP Distributors”), an indirect, wholly-owned subsidiary of Virtus, serves as the distributor of each Fund’s shares. VP Distributors has advised the Funds that for the six months (the “period”) ended June 30, 2021, it retained net commissions of $170 for Class A shares and CDSC of $—(1) and $1 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
(1) Amount is less than $500. |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the period ended June 30, 2021, the Funds incurred administration fees totaling $3,202 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 June 30, 2021, the Funds incurred transfer agent fees totaling $1,440 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the period ended June 30, 2021, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
H. | Trustee Compensation |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at June 30, 2021. |
Purchases | Sales | ||
Ceredex Large-Cap Value Equity Fund | $1,176,642 | $1,218,698 | |
Ceredex Mid-Cap Value Equity Fund | 2,899,044 | 3,034,043 | |
Ceredex Small-Cap Value Equity Fund | 207,285 | 266,336 | |
SGA International Growth Fund | 9,414 | 7,962 | |
Silvant Large-Cap Growth Stock Fund | 2,895 | 11,515 | |
Silvant Small-Cap Growth Stock Fund | 3,064 | 5,073 | |
Zevenbergen Innovative Growth Stock Fund | 537,852 | 412,912 |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,256 | $ 18,366 | 4,108 | $ 46,998 | 2,105 | $ 28,470 | 7,983 | $ 81,172 | |||||||
Reinvestment of distributions | 256 | 3,822 | 840 | 9,511 | — | — | 743 | 7,634 | |||||||
Shares repurchased and cross class conversions | (1,657) | (24,188) | (6,090) | (70,384) | (4,842) | (64,633) | (14,070) | (147,987) | |||||||
Net Increase / (Decrease) | (145) | $ (2,000) | (1,142) | $ (13,875) | (2,737) | $ (36,163) | (5,344) | $ (59,181) |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 30 | $ 436 | 159 | $ 2,019 | 144 | $ 1,941 | 297 | $ 3,013 | |||||||
Reinvestment of distributions | 4 | 55 | 18 | 196 | — | — | 74 | 730 | |||||||
Shares repurchased and cross class conversions | (121) | (1,674) | (245) | (2,741) | (804) | (10,408) | (1,417) | (14,390) | |||||||
Net Increase / (Decrease) | (87) | $ (1,183) | (68) | $ (526) | (660) | $ (8,467) | (1,046) | $ (10,647) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 4,599 | $ 68,262 | 9,103 | $ 106,595 | 14,336 | $ 195,189 | 48,455 | $ 504,947 | |||||||
Reinvestment of distributions | 823 | 12,489 | 2,924 | 33,686 | — | — | 5,133 | 54,303 | |||||||
Shares repurchased and cross class conversions | (8,063) | (119,474) | (16,170) | (194,282) | (26,926) | (365,374) | (72,568) | (759,646) | |||||||
Net Increase / (Decrease) | (2,641) | $ (38,723) | (4,143) | $ (54,001) | (12,590) | $ (170,185) | (18,980) | $ (200,396) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 3,995 | $ 58,875 | 18,412 | $ 239,258 | 11,356 | $ 155,320 | 21,959 | $ 234,598 | |||||||
Reinvestment of distributions | 560 | 8,575 | 1,653 | 19,311 | — | — | 1,860 | 19,820 | |||||||
Shares repurchased and cross class conversions | (3,332) | (49,178) | (11,465) | (140,975) | (8,556) | (116,097) | (25,063) | (268,382) | |||||||
Net Increase / (Decrease) | 1,223 | $ 18,272 | 8,600 | $ 117,594 | 2,800 | $ 39,223 | (1,244) | $ (13,964) |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 614 | $ 6,493 | 880 | $ 6,026 | 63 | $ 674 | 108 | $ 1,057 | |||||||
Reinvestment of distributions | 17 | 179 | 89 | 675 | 11 | 122 | 137 | 1,224 | |||||||
Shares repurchased and cross class conversions | (1,232) | (12,724) | (2,619) | (19,783) | (56) | (596) | (189) | (1,825) | |||||||
Net Increase / (Decrease) | (601) | $ (6,052) | (1,650) | $ (13,082) | 18 | $ 200 | 56 | $ 456 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 37 | $ 342 | 48 | $ 344 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | — | 3 | 6 | 36 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (206) | (1,870) | (423) | (2,933) | — | — | — | — | |||||||
Net Increase / (Decrease) | (169) | $ (1,525) | (369) | $ (2,553) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 3,137 | $ 34,881 | 8,930 | $ 70,968 | 907 | $ 10,095 | 1,893 | $ 19,586 | |||||||
Reinvestment of distributions | 84 | 950 | 616 | 5,008 | 62 | 699 | 703 | 6,461 | |||||||
Shares repurchased and cross class conversions | (9,376) | (104,767) | (22,368) | (185,612) | (771) | (8,484) | (2,169) | (20,972) | |||||||
Net Increase / (Decrease) | (6,155) | $ (68,936) | (12,822) | $ (109,636) | 198 | $ 2,310 | 427 | $ 5,075 |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 2,911 | $ 32,651 | 8,456 | $ 69,852 | 69 | $ 770 | 61 | $ 648 | |||||||
Reinvestment of distributions | 30 | 345 | 95 | 841 | 2 | 26 | 12 | 110 | |||||||
Shares repurchased and cross class conversions | (1,609) | (17,890) | (1,073) | (9,125) | (—) (1) | (—) (2) | (1) | (4) | |||||||
Net Increase / (Decrease) | 1,332 | $ 15,106 | 7,478 | $ 61,568 | 71 | $ 796 | 72 | $ 754 |
Silvant Large-Cap Growth Stock Fund | Silvant Small-Cap Growth Stock Fund | ||||||||||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 241 | $ 1,681 | 308 | $ 1,832 | 156 | $ 1,555 | 113 | $ 912 | |||||||
Reinvestment of distributions | 857 | 5,920 | 1,879 | 11,733 | 14 | 130 | 36 | 276 | |||||||
Shares repurchased and cross class conversions | (1,186) | (8,087) | (2,373) | (13,692) | (169) | (1,599) | (260) | (1,825) | |||||||
Net Increase / (Decrease) | (88) | $ (486) | (186) | $ (127) | 1 | $ 86 | (111) | $ (637) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 64 | $ 679 | 93 | $ 837 | 169 | $ 2,186 | 448 | $ 4,514 | |||||||
Reinvestment of distributions | 39 | 431 | 98 | 954 | 11 | 137 | 30 | 315 | |||||||
Shares repurchased and cross class conversions | (249) | (2,633) | (657) | (5,842) | (323) | (4,248) | (605) | (5,808) | |||||||
Net Increase / (Decrease) | (146) | $ (1,523) | (466) | $ (4,051) | (143) | $ (1,925) | (127) | $ (979) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 4 | $ 43 | 13 | $ 124 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 1 | 11 | 2 | 22 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (7) | (80) | (2) | (16) | — | — | — | — | |||||||
Net Increase / (Decrease) | (2) | $ (26) | 13 | $ 130 | — | $ — | — | $ — |
Zevenbergen Innovative Growth Stock Fund | |||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class A | |||||||
Shares sold and cross class conversions | 2,396 | $ 153,844 | 6,234 | $ 271,684 | |||
Shares repurchased and cross class conversions | (2,176) | (129,083) | (2,490) | (108,252) | |||
Net Increase / (Decrease) | 220 | $ 24,761 | 3,744 | $ 163,432 |
Zevenbergen Innovative Growth Stock Fund | |||||||
Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | ||||||
SHARES | AMOUNT | SHARES | AMOUNT | ||||
Class I | |||||||
Shares sold and cross class conversions | 8,439 | $ 567,970 | 19,603 | $ 884,352 | |||
Shares repurchased and cross class conversions | (7,845) | (490,337) | (7,012) | (324,894) | |||
Net Increase / (Decrease) | 594 | $ 77,633 | 12,591 | $ 559,458 | |||
Class R6 | |||||||
Shares sold and cross class conversions | 182 | $ 11,124 | 2 | $ 100 | |||
Shares repurchased and cross class conversions | (7) | (398) | — | — | |||
Net Increase / (Decrease) | 175 | $ 10,726 | 2 | $ 100 |
(1) | Amount is less than 500 shares. |
(2) | Amount is less than $500. |
% of Shares Outstanding | Number of Accounts* | ||
Ceredex Large-Cap Value Equity Fund | 34% | 3 | |
Ceredex Mid-Cap Value Equity Fund | 39 | 2 | |
Ceredex Small-Cap Value Equity Fund | 39 | 2 | |
SGA International Growth Fund | 29 | 2 | |
Silvant Large-Cap Growth Stock Fund | 55 | 1 | |
Silvant Small-Cap Growth Stock Fund | 48 | 2 | |
Zevenbergen Innovative Growth Stock Fund | 36 | 3 |
* | None of the accounts are affiliated. |
Fund | Sector | Percentage of Total Investments | ||
Ceredex Small-Cap Value Equity Fund | Financials | 29% | ||
Silvant Large-Cap Growth Stock Fund | Information Technology | 45 | ||
Silvant Small-Cap Growth Stock Fund | Health Care | 30 | ||
Zevenbergen Innovative Growth Stock Fund | Information Technology | 40 |
Fund | Sector | Percentage of Total Investments | ||
Zevenbergen Innovative Growth Stock Fund | Consumer Discretionary | 26 |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Zevenbergen Innovative Growth Stock Fund | $7 | $15,667 | 1.35% | 12 |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Ceredex Large-Cap Value Equity Fund | $ 1,181,428 | $ 252,123 | $ (11,379) | $ 240,744 | ||||
Ceredex Mid-Cap Value Equity Fund | 3,057,299 | 618,438 | (49,345) | 569,093 | ||||
Ceredex Small-Cap Value Equity Fund | 370,854 | 134,712 | (3,852) | 130,860 | ||||
SGA International Growth Fund | 38,990 | 15,757 | (799) | 14,958 | ||||
Silvant Large-Cap Growth Stock Fund | 47,336 | 87,218 | (427) | 86,791 | ||||
Silvant Small-Cap Growth Stock Fund | 18,762 | 18,142 | (688) | 17,454 | ||||
Zevenbergen Innovative Growth Stock Fund | 964,605 | 536,917 | (23,318) | 513,599 |
Fund | Short-Term | Long-Term | ||
Ceredex Mid-Cap Value Equity Fund | $218,669 | $113,981 |
Fund | Short-Term | Long-Term | ||
Ceredex Small-Cap Value Equity Fund | $ 7,963 | $ 21,511 | ||
Zevenbergen Innovative Growth Stock Fund | 11,108 | — |
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8623 | 08-21 |
Item 2. | Code of Ethics. |
Response not required for semi-annual report.
Item 3. | Audit Committee Financial Expert. |
Response not required for semi-annual report.
Item 4. | Principal Accountant Fees and Services. |
Response not required for semi-annual report.
Item 5. | Audit Committee of Listed Registrants. |
Response not required for semi-annual report.
Item 6. | Investments. |
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
Item 10. | Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. | Controls and Procedures. |
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
Item 13. | Exhibits. |
(a)(1) | Not applicable. | |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. | |
(a)(3) | Not applicable. | |
(a)(4) | Not applicable. | |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Virtus Asset Trust | |
By (Signature and Title)* | /s/ George R. Aylward | |
George R. Aylward, President | ||
(principal executive officer) | ||
Date | 9/3/21 |
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 | 9/3/21 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |
W. Patrick Bradley, Executive Vice President, Chief Financial Officer and Treasurer | ||
(principal financial officer) | ||
Date | 9/3/21 |
* | Print the name and title of each signing officer under his or her signature. |