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)
Jennifer Fromm, Esq.
Vice President, Chief Legal Officer, Counsel and Secretary for Registrant
One Financial Plaza
Hartford, CT 06103-2608
(Name and address of agent for service)
Registrant’s telephone number, including area code: (800) 243-1574
Date of fiscal year end: December 31
Date of reporting period: December 31, 2022
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. |
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 Total Return Bond Fund |
Virtus Seix U.S. Government Securities Ultra-Short Bond Fund |
Virtus Seix Ultra-Short Bond Fund |
1 | ||
2 | ||
5 | ||
Fund | Fund Summary | Schedule of Investments |
9 | 43 | |
13 | 47 | |
17 | 50 | |
21 | 63 | |
24 | 65 | |
27 | 70 | |
30 | 74 | |
33 | 77 | |
37 | 82 | |
40 | 86 | |
89 | ||
94 | ||
97 | ||
102 | ||
108 | ||
126 | ||
127 | ||
128 | ||
133 |
President, Virtus Funds
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Core Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 962.30 | 0.67 % | $ 3.31 | ||||
Class I | 1,000.00 | 963.00 | 0.53 | 2.62 | ||||
Class R6 | 1,000.00 | 963.70 | 0.39 | 1.93 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1,000.00 | 970.70 | 0.98 | 4.87 | ||||
Class C | 1,000.00 | 967.10 | 1.68 | 8.33 | ||||
Class I | 1,000.00 | 971.80 | 0.73 | 3.63 | ||||
Class R6 | 1,000.00 | 973.10 | 0.46 | 2.29 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | 1,000.00 | 1,039.90 | 0.99 | 5.09 | ||||
Class C | 1,000.00 | 1,038.20 | 1.57 | 8.07 | ||||
Class I | 1,000.00 | 1,041.60 | 0.67 | 3.45 | ||||
Class R6 | 1,000.00 | 1,042.10 | 0.57 | 2.93 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,003.90 | 0.76 | 3.84 | ||||
Class I | 1,000.00 | 1,004.70 | 0.61 | 3.08 | ||||
Seix High Income Fund | ||||||||
Class A | 1,000.00 | 1,042.80 | 0.96 | 4.94 | ||||
Class I | 1,000.00 | 1,042.20 | 0.71 | 3.65 | ||||
Class R6 | 1,000.00 | 1,044.60 | 0.62 | 3.20 | ||||
Seix High Yield Fund | ||||||||
Class A | 1,000.00 | 1,043.20 | 0.85 | 4.38 | ||||
Class I | 1,000.00 | 1,043.80 | 0.67 | 3.45 | ||||
Class R6 | 1,000.00 | 1,044.40 | 0.56 | 2.89 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,007.40 | 0.70 | 3.54 | ||||
Class I | 1,000.00 | 1,008.20 | 0.55 | 2.78 | ||||
Seix Total Return Bond Fund | ||||||||
Class A | 1,000.00 | 959.60 | 0.73 | 3.61 | ||||
Class I | 1,000.00 | 960.00 | 0.49 | 2.42 | ||||
Class R6 | 1,000.00 | 961.70 | 0.34 | 1.68 |
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | $1,000.00 | $1,000.70 | 0.69% | $3.48 | ||||
Class I | 1,000.00 | 1,001.90 | 0.45 | 2.27 | ||||
Class R6 | 1,000.00 | 1,002.70 | 0.30 | 1.51 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,012.90 | 0.68 | 3.45 | ||||
Class I | 1,000.00 | 1,014.20 | 0.43 | 2.18 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Core Bond Fund | ||||||||
Class A | $ 1,000.00 | $ 1,021.83 | 0.67 % | $ 3.41 | ||||
Class I | 1,000.00 | 1,022.53 | 0.53 | 2.70 | ||||
Class R6 | 1,000.00 | 1,023.24 | 0.39 | 1.99 | ||||
Seix Corporate Bond Fund | ||||||||
Class A | 1,000.00 | 1,020.27 | 0.98 | 4.99 | ||||
Class C | 1,000.00 | 1,016.74 | 1.68 | 8.54 | ||||
Class I | 1,000.00 | 1,021.53 | 0.73 | 3.72 | ||||
Class R6 | 1,000.00 | 1,022.89 | 0.46 | 2.35 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class A | 1,000.00 | 1,020.21 | 0.99 | 5.04 | ||||
Class C | 1,000.00 | 1,017.29 | 1.57 | 7.98 | ||||
Class I | 1,000.00 | 1,021.83 | 0.67 | 3.41 | ||||
Class R6 | 1,000.00 | 1,022.33 | 0.57 | 2.91 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.37 | 0.76 | 3.87 | ||||
Class I | 1,000.00 | 1,022.13 | 0.61 | 3.11 | ||||
Seix High Income Fund | ||||||||
Class A | 1,000.00 | 1,020.37 | 0.96 | 4.89 | ||||
Class I | 1,000.00 | 1,021.63 | 0.71 | 3.62 | ||||
Class R6 | 1,000.00 | 1,022.08 | 0.62 | 3.16 | ||||
Seix High Yield Fund | ||||||||
Class A | 1,000.00 | 1,020.92 | 0.85 | 4.33 | ||||
Class I | 1,000.00 | 1,021.83 | 0.67 | 3.41 | ||||
Class R6 | 1,000.00 | 1,022.38 | 0.56 | 2.85 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.68 | 0.70 | 3.57 | ||||
Class I | 1,000.00 | 1,022.43 | 0.55 | 2.80 |
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Seix Total Return Bond Fund | ||||||||
Class A | $1,000.00 | $1,021.53 | 0.73% | $3.72 | ||||
Class I | 1,000.00 | 1,022.74 | 0.49 | 2.50 | ||||
Class R6 | 1,000.00 | 1,023.49 | 0.34 | 1.73 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.73 | 0.69 | 3.52 | ||||
Class I | 1,000.00 | 1,022.94 | 0.45 | 2.29 | ||||
Class R6 | 1,000.00 | 1,023.69 | 0.30 | 1.53 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 1,000.00 | 1,021.78 | 0.68 | 3.47 | ||||
Class I | 1,000.00 | 1,023.04 | 0.43 | 2.19 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
December 31, 2022
December 31, 2022
December 31, 2022
Ticker Symbols: | |
Class A: STGIX | |
Class I: STIGX | |
Class R6: STGZX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -13.85%, Class I shares at NAV returned -13.72%, and Class R6 shares at NAV returned -13.60%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -13.01%. |
Mortgage-Backed Securities | 41% | |
Agency | 36% | |
Non-Agency | 5 | |
U.S. Government Securities | 33 | |
Corporate Bonds and Notes | 18 | |
Financials | 8 | |
Energy | 3 | |
All other Corporate Bonds and Notes | 7 | |
Asset-Backed Securities | 6 | |
Other | 4 | |
Credit Card | 2 | |
Short-Term Investment | 2 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -13.85 % | -0.18 % | 0.77 % | — % | — | |
Class A shares at POP3,4 | -17.08 | -0.94 | 0.39 | — | — | |
Class I shares at NAV2 | -13.72 | -0.04 | 0.94 | — | — | |
Class R6 shares at NAV2 | -13.60 | 0.10 | — | 0.81 | 8/3/15 | |
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 1.06 | 0.80 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 0.88%, Net: 0.64%; Class I shares: Gross 0.60%, Net: 0.50%; Class R6 shares: Gross 0.48%, Net 0.36%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SAINX | |
Class C: STIFX | |
Class I: STICX | |
Class R6: VRSBX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -18.45%, Class C shares at NAV returned -19.00%, Class I shares at NAV returned -18.25%, and Class R6 shares at NAV returned -18.02%. For the same period, the Bloomberg U.S. Corporate Investment Grade Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -15.76%. |
Corporate Bonds and Notes | 97% | |
Financials | 41% | |
Energy | 18 | |
Communication Services | 9 | |
Materials | 6 | |
Consumer Discretionary | 5 | |
Information Technology | 5 | |
Utilities | 5 | |
Real Estate | 4 | |
Industrials | 3 | |
Consumer Staples | 1 | |
U.S. Government Security | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -18.45 % | 0.31 % | 1.80 % | — % | — | |
Class A shares at POP3,4 | -21.51 | -0.46 | 1.41 | — | — | |
Class C shares at NAV2 and with CDSC4 | -19.00 | -0.40 | 1.10 | — | — | |
Class I shares at NAV2 | -18.25 | 0.52 | 2.07 | — | — | |
Class R6 shares at NAV2 | -18.02 | — | — | -7.26 | 10/20/20 | |
Bloomberg U.S. Corporate Investment Grade Bond Index | -15.76 | 0.45 | 1.96 | -6.78 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.04%, Net: 0.95%; Class C shares: Gross 1.76%, Net: 1.65%; Class I shares: Gross 0.77%, Net: 0.70%; Class R6 shares: Gross 0.70%, Net 0.43%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SFRAX | |
Class C: SFRCX | |
Class I: SAMBX | |
Class R6: SFRZX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of attempting to provide a high level of current income. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -1.20%, Class C shares at NAV returned -1.77%, Class I shares at NAV returned -0.89%, and Class R6 shares at NAV returned -0.78%. For the same period, the Credit Suisse Leveraged Loan Index, the Fund’s style-specific benchmark appropriate for comparison, returned -1.06%. |
Leveraged Loans | 90% | |
Health Care | 11% | |
Information Technology | 10 | |
Service | 9 | |
Chemicals | 7 | |
Financials | 7 | |
Housing | 5 | |
Media / Telecom - Cable/Wireless Video | 5 | |
All other Leveraged Loans | 36 | |
Corporate Bonds and Notes | 7 | |
Common Stocks | 1 | |
Preferred Stock | 1 | |
Other (includes short-term investment) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -1.20 % | 1.99 % | 2.78 % | — % | — | |
Class A shares at POP3,4 | -3.92 | 1.43 | 2.49 | — | — | |
Class C shares at NAV2 and with CDSC4 | -1.77 | 1.43 | 2.19 | — | — | |
Class I shares at NAV2 | -0.89 | 2.32 | 3.09 | — | — | |
Class R6 shares at NAV2 | -0.78 | 2.42 | — | 3.25 | 1/30/15 | |
Credit Suisse Leveraged Loan Index | -1.06 | 3.24 | 3.78 | 3.71 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 0.93%, Net: 0.93%; Class C shares: Gross 1.71%, Net: 1.52%; Class I shares: Gross 0.71%, Net: 0.62%; Class R6 shares: Gross 0.60%, Net: 0.52%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SFLTX | |
Class I: SCFTX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -8.69% and Class I shares at NAV returned -8.56%. For the same period, the Bloomberg U.S. Municipal Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -8.53%. |
Municipal Bonds | 90% |
Short-Term Investment | 10 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | -8.69 % | 1.15% | 2.30% | |
Class A shares at POP3,4 | -11.20 | 0.59 | 2.01 | |
Class I shares at NAV2 | -8.56 | 1.32 | 2.46 | |
Bloomberg U.S. Municipal Bond Index | -8.53 | 1.25 | 2.13 | |
Fund Expense Ratios5: Class A shares: Gross 0.93%, Net 0.73%; Class I shares: Gross 0.85%, Net 0.58%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SAHIX | |
Class I: STHTX | |
Class R6: STHZX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking high current income and, secondarily, total return (comprised of capital appreciation and income). There is no guarantee that the Fund will meet its objective(s). |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -11.31%, Class I shares at NAV returned -11.12%, and Class R6 shares at NAV returned -11.04%. For the same period, the Bloomberg U.S. Corporate High Yield Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -11.19%. |
Corporate Bonds and Notes | 96% | |
Financials | 20% | |
Energy | 18 | |
Consumer Discretionary | 17 | |
Industrials | 11 | |
Communication Services | 9 | |
Health Care | 5 | |
Information Technology | 4 | |
All other Corporate Bonds and Notes | 12 | |
Leveraged Loans | 1 | |
Other (includes short-term investment and securities lending collateral ) | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -11.31 % | 1.45 % | 3.23 % | — % | — | |
Class A shares at POP3,4 | -14.64 | 0.67 | 2.84 | — | — | |
Class I shares at NAV2 | -11.12 | 1.69 | 3.47 | — | — | |
Class R6 shares at NAV2 | -11.04 | 1.80 | — | 2.89 | 8/1/14 | |
Bloomberg U.S. Corporate High Yield Bond Index | -11.19 | 2.31 | 4.03 | 3.49 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.14%, Net 0.93%; Class I shares: Gross 0.89%, Net 0.68%; Class R6 shares: Gross 0.75%, Net 0.59%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: HYPSX | |
Class I: SAMHX | |
Class R6: HYIZX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking high income and, secondarily, capital appreciation. There is no guarantee that the Fund will meet its objective(s). |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -10.70%, Class I shares at NAV returned -10.51%, and Class R6 shares at NAV returned -10.41%. For the same period, the ICE BofA U.S. High Yield BB-B Constrained Index, the Fund’s style-specific benchmark appropriate for comparison, returned -10.58%. |
Corporate Bonds and Notes | 98% | |
Consumer Discretionary | 20% | |
Financials | 18 | |
Energy | 17 | |
Communication Services | 11 | |
Industrials | 10 | |
Health Care | 6 | |
Consumer Staples | 4 | |
All other Corporate Bonds and Notes | 12 | |
Leveraged Loans | 1 | |
Other (includes securities lending collateral) | 1 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -10.70 % | 2.33 % | 3.33 % | — % | — | |
Class A shares at POP3,4 | -14.05 | 1.55 | 2.94 | — | — | |
Class I shares at NAV2 | -10.51 | 2.55 | 3.55 | — | — | |
Class R6 shares at NAV2 | -10.41 | 2.63 | — | 3.79 | 8/1/16 | |
ICE BofA U.S. High Yield BB-B Constrained Index | -10.58 | 2.31 | 3.94 | 3.48 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.01%, Net 0.82%; Class I shares: Gross 0.73%, Net 0.64%; Class R6 shares: Gross 0.64%, Net 0.53%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SISIX | |
Class I: STTBX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize high total return through (i) current income that is exempt from federal income taxes and (ii) capital appreciation consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -6.62% and Class I shares at NAV returned -6.49%. For the same period, the Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index, the Fund’s style-specific benchmark appropriate for comparison, returned -5.95%. |
Municipal Bonds | 95% |
Short-Term Investment | 5 |
Total | 100% |
1 Year | 5 Years | 10 Years | ||
Class A shares at NAV2 | -6.62 % | 1.10% | 1.64% | |
Class A shares at POP3,4 | -9.19 | 0.54 | 1.36 | |
Class I shares at NAV2 | -6.49 | 1.27 | 1.80 | |
Bloomberg U.S. Municipal Bond 1-15 Year Blend (1-17) Index | -5.95 | 1.44 | 1.95 | |
Fund Expense Ratios5: Class A shares: Gross 1.02%, Net: 0.68%; Class I shares: Gross 0.81%, Net: 0.53%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 2.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: CBPSX | |
Class I: SAMFX | |
Class R6: SAMZX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize long term total return through a combination of current income and capital appreciation, consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -13.70%, Class I shares at NAV returned -13.57%, and Class R6 shares at NAV returned -13.36%. For the same period, the Bloomberg U.S. Aggregate Bond Index, the Fund’s style-specific benchmark appropriate for comparison, returned -13.01%. |
Mortgage-Backed Securities | 41% | |
Agency | 36% | |
Non-Agency | 5 | |
U.S. Government Securities | 31 | |
Corporate Bonds and Notes | 19 | |
Financials | 9 | |
Energy | 3 | |
All other Corporate Bonds and Notes | 7 | |
Asset-Backed Securities | 6 | |
Other | 4 | |
Credit Card | 2 | |
Short-Term Investment | 3 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -13.70 % | 0.03 % | 0.78 % | — % | — | |
Class A shares at POP3,4 | -16.94 | -0.74 | 0.40 | — | — | |
Class I shares at NAV2 | -13.57 | 0.26 | 1.03 | — | — | |
Class R6 shares at NAV2 | -13.36 | 0.41 | — | 1.18 | 8/1/14 | |
Bloomberg U.S. Aggregate Bond Index | -13.01 | 0.02 | 1.06 | 1.04 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 0.86%, Net: 0.70%; Class I shares: Gross 0.56%, Net: 0.46%; Class R6 shares: Gross 0.45%, Net: 0.31%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 3.75% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SSAGX | |
Class I: SIGVX | |
Class R6: SIGZX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize current income consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -1.39%, Class I shares at NAV returned -1.05%, and Class R6 shares at NAV returned -1.00%†. For the same period, the Bloomberg U.S. Treasury Bill 3-6 Month Index, the Fund’s style-specific benchmark appropriate for comparison, returned 1.31%. |
Mortgage-Backed Securities | 96% | |
Agency | 96% | |
Short-Term Investment | 4 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -1.39 % | — % | — % | 0.49 % | 7/24/18 | |
Class I shares at NAV2 | -1.05 | 0.82 | 0.70 | — | — | |
Class R6 shares at NAV2 | -1.00 3 | 0.97 | — | 1.04 | 8/1/16 | |
Bloomberg U.S. Treasury Bill 3-6 Month Index | 1.31 | 1.31 | 0.82 | — 4 | — | |
Fund Expense Ratios5: Class A shares: Gross 0.66%, Net: 0.66%; Class I shares: Gross 0.49%, Net: 0.41%; Class R6 shares: Gross 0.35%, Net: 0.26%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | Total Return for the report period presented in the table differs from the return in the Financial Highlights. The total return presented in the above table is calculated based on the NAV at which shareholder transactions were processed. The total return presented in the Financial Highlights section of the report is calculated in the same manner, but also takes into account certain adjustments that are necessary under generally accepted accounting principles required in the annual report and semiannual report. |
4 | The index return is 1.26% since inception of Class A shares and 1.18% since inception of Class R6 shares. |
5 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SASSX | |
Class I: SISSX |
Seix Investment Advisors
■ | The Fund is diversified and has an investment objective of seeking to maximize current income consistent with capital preservation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -0.94% and Class I shares at NAV returned -0.59%. For the same period, the Bloomberg U.S. Treasury Bill 3-6 Month Index, the Fund’s style-specific benchmark appropriate for comparison, returned 1.31%. |
Corporate Bonds and Notes | 56% | |
Financials | 27% | |
Communication Services | 9 | |
Energy | 8 | |
Industrials | 6 | |
Information Technology | 4 | |
All other Corporate Bonds and Notes | 2 | |
Mortgage-Backed Securities | 23 | |
Non-Agency | 16 | |
Agency | 7 | |
Asset-Backed Securities | 21 | |
Credit Card | 10 | |
Automobiles | 7 | |
Student Loan | 4 | |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -0.94 % | — % | — % | 0.73 % | 7/24/18 | |
Class I shares at NAV2 | -0.59 | 1.10 | 1.01 | — | — | |
Bloomberg U.S. Treasury Bill 3-6 Month Index | 1.31 | 1.31 | 0.82 | 1.26 3 | — | |
Fund Expense Ratios4: Class A shares: Gross 0.86%, Net: 0.65%; Class I shares: Gross 0.63%, Net: 0.40%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | The since inception index return is from the inception date of Class A shares. |
4 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
December 31, 2022
Par Value | Value | ||
U.S. Government Securities—32.5% | |||
U.S. Treasury Bonds 3.000%, 8/15/52 | $ 6,114 | $ 5,037 | |
U.S. Treasury Inflation Indexed Bonds 0.125%, 1/15/32 | 3,982 | 3,488 | |
U.S. Treasury Notes | |||
1.375%, 6/30/23 | 423 | 416 | |
0.125%, 12/15/23 | 1,420 | 1,360 | |
0.375%, 7/15/24 | 2,678 | 2,509 | |
0.500%, 3/31/25 | 752 | 691 | |
0.250%, 9/30/25 | 2,225 | 1,998 | |
2.750%, 7/31/27 | 322 | 305 | |
4.125%, 11/15/32 | 3,596 | 3,669 | |
Total U.S. Government Securities (Identified Cost $20,014) | 19,473 | ||
Mortgage-Backed Securities—40.8% | |||
Agency—36.2% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #A95259 4.000%, 12/1/40 | 274 | 263 | |
Pool #G60019 4.500%, 3/1/44 | 121 | 119 | |
Pool #Q35611 4.000%, 9/1/45 | 265 | 254 | |
Pool #Q42921 3.500%, 9/1/46 | 365 | 342 | |
Pool #Q52135 3.500%, 11/1/47 | 523 | 486 | |
Pool #Q53881 4.500%, 1/1/48 | 228 | 226 | |
Pool #Q61680 4.000%, 2/1/49 | 236 | 225 | |
Pool #QA3079 3.500%, 10/1/49 | 183 | 168 | |
Pool #QA4766 3.500%, 11/1/49 | 358 | 336 | |
Pool #QA9935 3.000%, 6/1/50 | 152 | 136 | |
Pool #QC2692 3.000%, 6/1/51 | 214 | 190 | |
Pool #QC4721 3.000%, 7/1/51 | 106 | 93 | |
Pool #QD9468 3.500%, 4/1/52 | 192 | 176 | |
Pool #QE0961 4.000%, 4/1/52 | 460 | 432 | |
Pool #QE1443 4.000%, 5/1/52 | 356 | 335 | |
Pool #QE1985 4.500%, 5/1/52 | 275 | 265 | |
Pool #QE2366 5.000%, 5/1/52 | 94 | 94 | |
Pool #QE4826 4.500%, 7/1/52 | 667 | 643 | |
Pool #QE9889 5.000%, 9/1/52 | 192 | 190 | |
Pool #QE9908 5.500%, 9/1/52 | 179 | 180 | |
Pool #QF0346 5.000%, 9/1/52 | 117 | 115 |
Par Value | Value | ||
Agency—continued | |||
Pool #QF0904 5.000%, 10/1/52 | $ 783 | $ 772 | |
Pool #QF2469 5.500%, 11/1/52 | 344 | 346 | |
Pool #RA2622 3.000%, 5/1/50 | 227 | 201 | |
Pool #RA7191 3.500%, 4/1/52 | 666 | 606 | |
Pool #RA7502 5.000%, 6/1/52 | 416 | 411 | |
Pool #SC0203 2.500%, 12/1/41 | 423 | 371 | |
Pool #SD0164 3.500%, 12/1/49 | 314 | 289 | |
Pool #SD1618 5.000%, 9/1/52 | 1,107 | 1,093 | |
Pool #ZM5226 3.500%, 12/1/47 | 202 | 188 | |
Federal National Mortgage Association | |||
Pool #AB3692 4.000%, 10/1/41 | 221 | 211 | |
Pool #AB3878 4.000%, 11/1/41 | 253 | 242 | |
Pool #AB5924 3.000%, 8/1/42 | 373 | 337 | |
Pool #BA4799 4.000%, 2/1/46 | 105 | 101 | |
Pool #BE5050 4.000%, 9/1/45 | 87 | 83 | |
Pool #BJ8599 3.500%, 4/1/48 | 58 | 53 | |
Pool #BK6111 4.000%, 7/1/48 | 405 | 389 | |
Pool #BN4542 4.500%, 2/1/49 | 71 | 69 | |
Pool #BO3024 3.500%, 10/1/49 | 157 | 145 | |
Pool #BP5431 3.000%, 6/1/50 | 71 | 63 | |
Pool #BP5432 3.000%, 6/1/50 | 219 | 196 | |
Pool #BT7914 5.000%, 10/1/52 | 499 | 493 | |
Pool #BV3044 3.000%, 2/1/52 | 434 | 387 | |
Pool #BV5020 5.000%, 6/1/52 | 89 | 88 | |
Pool #BV8320 3.500%, 4/1/52 | 330 | 302 | |
Pool #BV8328 3.500%, 5/1/52 | 641 | 585 | |
Pool #BV9705 5.000%, 6/1/52 | 343 | 338 | |
Pool #BW0044 5.000%, 7/1/52 | 324 | 321 | |
Pool #BW1929 5.000%, 6/1/52 | 222 | 219 | |
Pool #BW3311 4.500%, 7/1/52 | 523 | 505 | |
Pool #BX1225 5.500%, 10/1/52 | 334 | 336 |
Par Value | Value | ||
Agency—continued | |||
Pool #CA5122 3.000%, 2/1/50 | $ 200 | $ 178 | |
Pool #CB2684 3.500%, 1/1/52 | 207 | 189 | |
Pool #CB2760 3.500%, 2/1/52 | 427 | 388 | |
Pool #CB3630 4.000%, 5/1/52 | 698 | 655 | |
Pool #CB3922 5.000%, 6/1/52 | 426 | 420 | |
Pool #FM3181 4.000%, 4/1/50 | 109 | 104 | |
Pool #FM7290 3.000%, 5/1/51 | 444 | 395 | |
Pool #FM8210 3.000%, 4/1/50 | 207 | 185 | |
Pool #FS1253 4.000%, 4/1/52 | 409 | 386 | |
Pool #FS1383 4.000%, 4/1/52 | 261 | 245 | |
Pool #FS1443 3.500%, 4/1/52 | 811 | 739 | |
Pool #FS2249 5.000%, 6/1/52 | 504 | 499 | |
Pool #FS2692 5.000%, 8/1/52 | 566 | 563 | |
Pool #FS3262 4.000%, 10/1/46 | 666 | 639 | |
Pool #FS3386 3.500%, 5/1/38 | 645 | 617 | |
Government National Mortgage Association | |||
Pool #CO1904 5.000%, 8/15/52 | 289 | 292 | |
Pool #CO1918 5.500%, 9/15/52 | 194 | 199 | |
21,701 | |||
Non-Agency—4.6% | |||
BB-UBS Trust 2012-SHOW, B 144A 3.882%, 11/5/36(1) | 605 | 561 | |
BWAY Mortgage Trust 2013-1515, A2 144A 3.454%, 3/10/33(1) | 100 | 93 | |
CF Hippolyta Issuer LLC | |||
2020-1, A1 144A 1.690%, 7/15/60(1) | 332 | 296 | |
2020-1, B1 144A 2.280%, 7/15/60(1) | 245 | 214 | |
Goldman Sachs Mortgage Securities Corp. II | |||
2005-ROCK, A 144A 5.366%, 5/3/32(1) | 435 | 419 | |
2012-BWTR, A 144A 2.954%, 11/5/34(1) | 190 | 166 | |
Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A 5.238%, 7/15/25(1)(2) | 165 | 160 | |
JPMBB Commercial Mortgage Securities Trust 2013-C15, A4 4.096%, 11/15/45 | 358 | 356 |
Par Value | Value | ||
Non-Agency—continued | |||
Wells Fargo Commercial Mortgage Trust | |||
2013-BTC, A 144A 3.544%, 4/16/35(1) | $ 190 | $ 181 | |
2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 5.468%, 2/15/40(1)(2) | 332 | 310 | |
2,756 | |||
Total Mortgage-Backed Securities (Identified Cost $25,761) | 24,457 | ||
Asset-Backed Securities—5.9% | |||
Credit Card—1.8% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 4.629%, 5/15/28(2) | 550 | 530 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 5.062%, 5/14/29(2) | 585 | 574 | |
1,104 | |||
Other—4.1% | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(1) | 254 | 215 | |
DB Master Finance LLC 2021-1A, A23 144A 2.791%, 11/20/51(1) | 480 | 370 | |
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(1) | 356 | 333 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(1) | 675 | 606 | |
Stack Infrastructure Issuer LLC 2021-1A, A2 144A 1.877%, 3/26/46(1) | 440 | 380 | |
Taco Bell Funding LLC 2021-1A, A23 144A 2.542%, 8/25/51(1) | 371 | 282 | |
Vantage Data Centers LLC 2020-2A, A2 144A 1.992%, 9/15/45(1) | 325 | 267 | |
2,453 | |||
Total Asset-Backed Securities (Identified Cost $4,023) | 3,557 | ||
Corporate Bonds and Notes—18.2% | |||
Communication Services—1.2% | |||
AT&T, Inc. 3.550%, 9/15/55 | 255 | 170 | |
Paramount Global | |||
4.200%, 5/19/32 | 152 | 125 | |
4.950%, 5/19/50 | 187 | 136 | |
Warnermedia Holdings, Inc. 144A 5.141%, 3/15/52(1) | 365 | 265 | |
696 | |||
Consumer Discretionary—0.6% | |||
Hyatt Hotels Corp. 1.800%, 10/1/24 | 203 | 190 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Kohl’s Corp. 3.625%, 5/1/31 | $ 234 | $ 164 | |
354 | |||
Consumer Staples—0.9% | |||
Coca-Cola Co. (The) 1.000%, 3/15/28 | 363 | 303 | |
Mars, Inc. 144A 2.450%, 7/16/50(1) | 379 | 229 | |
532 | |||
Energy—2.6% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 82 | 78 | |
Continental Resources, Inc. 144A 2.875%, 4/1/32(1) | 248 | 184 | |
Enterprise Products Operating LLC 4.200%, 1/31/50 | 188 | 148 | |
HF Sinclair Corp. 4.500%, 10/1/30 | 276 | 242 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 482 | 377 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 286 | 249 | |
Targa Resources Corp. 4.200%, 2/1/33 | 157 | 135 | |
Williams Cos., Inc. (The) 3.500%, 10/15/51 | 181 | 123 | |
1,536 | |||
Financials—8.4% | |||
AerCap Ireland Capital DAC 3.850%, 10/29/41 | 226 | 160 | |
American Express Co. 3.950%, 8/1/25 | 134 | 131 | |
Avolon Holdings Funding Ltd. | |||
144A 2.125%, 2/21/26(1) | 467 | 402 | |
144A 4.250%, 4/15/26(1) | 171 | 155 | |
Bank of America Corp. | |||
2.087%, 6/14/29 | 198 | 167 | |
2.572%, 10/20/32 | 256 | 201 | |
Bank of New York Mellon Corp. (The) 4.414%, 7/24/26 | 315 | 310 | |
BPCE S.A. 144A 5.748%, 7/19/33(1) | 250 | 238 | |
Daimler Trucks Finance North America LLC 144A 2.500%, 12/14/31(1) | 182 | 141 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 421 | 363 | |
Hartford Financial Services Group, Inc. (The) 2.800%, 8/19/29 | 173 | 148 | |
JPMorgan Chase & Co. | |||
0.824%, 6/1/25 | 412 | 384 | |
1.578%, 4/22/27 | 49 | 43 | |
KeyBank N.A. 4.390%, 12/14/27 | 250 | 240 | |
Morgan Stanley | |||
0.791%, 1/22/25 | 472 | 447 | |
1.593%, 5/4/27 | 355 | 311 |
Par Value | Value | ||
Financials—continued | |||
PG&E Wildfire Recovery Funding LLC Series A-2 4.263%, 6/1/36 | $ 175 | $ 162 | |
PNC Financial Services Group, Inc. (The) Series V 6.200% (3) | 107 | 105 | |
U.S. Bancorp 5.727%, 10/21/26 | 129 | 131 | |
United Airlines Pass-Through-Trust 2020-1, A 5.875%, 10/15/27 | 350 | 345 | |
Wells Fargo & Co. | |||
3.526%, 3/24/28 | 383 | 355 | |
3.350%, 3/2/33 | 141 | 119 | |
5,058 | |||
Health Care—0.5% | |||
AbbVie, Inc. 4.250%, 11/21/49 | 335 | 278 | |
Industrials—0.6% | |||
Triton Container International Ltd. 3.250%, 3/15/32 | 431 | 331 | |
Information Technology—0.7% | |||
Broadcom, Inc. 144A 3.750%, 2/15/51(1) | 272 | 188 | |
Global Payments, Inc. 4.950%, 8/15/27 | 131 | 127 | |
Micron Technology, Inc. 3.477%, 11/1/51 | 205 | 127 | |
442 | |||
Materials—1.3% | |||
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 294 | 265 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 137 | 92 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 251 | 202 | |
6.250%, 10/1/39 | 232 | 242 | |
801 | |||
Real Estate—0.5% | |||
Equinix, Inc. 3.900%, 4/15/32 | 199 | 177 | |
Tanger Properties LP 2.750%, 9/1/31 | 187 | 135 | |
312 | |||
Utilities—0.9% | |||
Boardwalk Pipelines LP 3.400%, 2/15/31 | 118 | 99 | |
Consolidated Edison Co. of New York, Inc. Series 20B 3.950%, 4/1/50 | 160 | 126 | |
Pacific Gas & Electric Co. 2.500%, 2/1/31 | 182 | 141 |
Par Value | Value | ||
Utilities—continued | |||
Southern Co. (The) Series A 3.700%, 4/30/30 | $ 193 | $ 174 | |
540 | |||
Total Corporate Bonds and Notes (Identified Cost $12,907) | 10,880 | ||
Total Long-Term Investments—97.4% (Identified Cost $62,705) | 58,367 |
Shares | ||
Short-Term Investment—1.9% | ||
Money Market Mutual Fund—1.9% | ||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(4) | 1,140,983 | 1,141 |
Total Short-Term Investment (Identified Cost $1,141) | 1,141 | |
TOTAL INVESTMENTS—99.3% (Identified Cost $63,846) | $59,508 | |
Other assets and liabilities, net—0.7% | 418 | |
NET ASSETS—100.0% | $59,926 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $6,655 or 11.1% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2022. 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) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Asset-Backed Securities | $ 3,557 | $ — | $ 3,557 | ||
Corporate Bonds and Notes | 10,880 | — | 10,880 | ||
Mortgage-Backed Securities | 24,457 | — | 24,457 | ||
U.S. Government Securities | 19,473 | — | 19,473 | ||
Money Market Mutual Fund | 1,141 | 1,141 | — | ||
Total Investments | $59,508 | $1,141 | $58,367 |
December 31, 2022
Par Value | Value | ||
U.S. Government Security—3.2% | |||
U.S. Treasury Bonds 1.875%, 11/15/51 | $2,300 | $ 1,457 | |
Total U.S. Government Security (Identified Cost $1,906) | 1,457 | ||
Corporate Bonds and Notes—95.2% | |||
Communication Services—8.6% | |||
AT&T, Inc. 3.550%, 9/15/55 | 530 | 354 | |
Paramount Global | |||
4.200%, 5/19/32 | 679 | 556 | |
4.950%, 5/19/50 | 966 | 703 | |
Verizon Communications, Inc. 4.125%, 3/16/27 | 1,302 | 1,268 | |
Warnermedia Holdings, Inc. 144A 5.141%, 3/15/52(1) | 1,401 | 1,018 | |
3,899 | |||
Consumer Discretionary—5.1% | |||
Carnival Corp. 144A 9.875%, 8/1/27(1) | 743 | 702 | |
Hyatt Hotels Corp. 1.800%, 10/1/24 | 873 | �� | 818 |
Kohl’s Corp. 3.625%, 5/1/31 | 735 | 515 | |
Tapestry, Inc. 3.050%, 3/15/32 | 376 | 293 | |
2,328 | |||
Consumer Staples—1.4% | |||
Mars, Inc. 144A 2.450%, 7/16/50(1) | 1,035 | 625 | |
Energy—17.5% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 651 | 619 | |
Continental Resources, Inc. 144A 2.875%, 4/1/32(1) | 955 | 708 | |
Enterprise Products Operating LLC 4.200%, 1/31/50 | 851 | 669 | |
HF Sinclair Corp. 4.500%, 10/1/30 | 1,523 | 1,337 | |
Petroleos Mexicanos 6.700%, 2/16/32 | 1,053 | 825 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 1,695 | 1,328 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 1,487 | 1,292 | |
Targa Resources Corp. 4.200%, 2/1/33 | 623 | 536 | |
Williams Cos., Inc. (The) 3.500%, 10/15/51 | 920 | 626 | |
7,940 | |||
Financials—40.9% | |||
AerCap Ireland Capital DAC 3.850%, 10/29/41 | 613 | 433 |
Par Value | Value | ||
Financials—continued | |||
American Express Co. 3.950%, 8/1/25 | $ 443 | $ 434 | |
Avolon Holdings Funding Ltd. 144A 2.125%, 2/21/26(1) | 1,527 | 1,314 | |
Bank of America Corp. 2.572%, 10/20/32 | 1,423 | 1,115 | |
Bank of New York Mellon Corp. (The) 4.414%, 7/24/26 | 845 | 832 | |
BPCE S.A. 144A 5.748%, 7/19/33(1) | 703 | 669 | |
Daimler Trucks Finance North America LLC | |||
144A 1.625%, 12/13/24(1) | 650 | 603 | |
144A 2.500%, 12/14/31(1) | 898 | 696 | |
Ford Motor Credit Co. LLC 3.375%, 11/13/25 | 1,135 | 1,026 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 1,535 | 1,324 | |
Hyundai Capital America 144A 2.000%, 6/15/28(1) | 1,252 | 1,020 | |
JPMorgan Chase & Co. 1.578%, 4/22/27 | 854 | 750 | |
Morgan Stanley | |||
0.791%, 1/22/25 | 795 | 752 | |
1.593%, 5/4/27 | 648 | 568 | |
NatWest Group plc 1.642%, 6/14/27 | 1,000 | 866 | |
OneMain Finance Corp. 4.000%, 9/15/30 | 586 | 437 | |
PNC Financial Services Group, Inc. (The) Series V 6.200% (2) | 859 | 840 | |
Pricoa Global Funding I 144A 1.200%, 9/1/26(1) | 823 | 723 | |
U.S. Bancorp 5.727%, 10/21/26 | 410 | 418 | |
UBS Group AG 144A 4.751%, 5/12/28(1) | 1,087 | 1,040 | |
United Airlines Pass-Through-Trust | |||
2020-1, A 5.875%, 10/15/27 | 585 | 577 | |
2020-1, B 4.875%, 1/15/26 | 781 | 743 | |
Wells Fargo & Co. | |||
3.526%, 3/24/28 | 1,196 | 1,108 | |
3.350%, 3/2/33 | 284 | 239 | |
18,527 | |||
Industrials—2.7% | |||
Triton Container International Ltd. 3.250%, 3/15/32 | 1,590 | 1,220 | |
Information Technology—4.7% | |||
Broadcom, Inc. 144A 3.750%, 2/15/51(1) | 752 | 519 | |
Dell International LLC 144A 3.450%, 12/15/51(1) | 1,049 | 642 | |
Global Payments, Inc. 4.950%, 8/15/27 | 462 | 448 |
Par Value | Value | ||
Information Technology—continued | |||
Micron Technology, Inc. 3.477%, 11/1/51 | $ 799 | $ 496 | |
2,105 | |||
Materials—6.1% | |||
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 1,332 | 1,201 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 1,405 | 940 | |
Newmont Corp. 6.250%, 10/1/39 | 591 | 617 | |
2,758 | |||
Real Estate—3.6% | |||
Equinix, Inc. 3.900%, 4/15/32 | 708 | 629 | |
Tanger Properties LP 2.750%, 9/1/31 | 1,392 | 1,008 | |
1,637 | |||
Utilities—4.6% | |||
Boardwalk Pipelines LP 3.400%, 2/15/31 | 837 | 700 | |
Consolidated Edison Co. of New York, Inc. Series 20B 3.950%, 4/1/50 | 818 | 642 | |
Pacific Gas & Electric Co. 2.500%, 2/1/31 | 976 | 757 | |
2,099 | |||
Total Corporate Bonds and Notes (Identified Cost $51,846) | 43,138 | ||
Total Long-Term Investments—98.4% (Identified Cost $53,752) | 44,595 | ||
TOTAL INVESTMENTS—98.4% (Identified Cost $53,752) | $44,595 | ||
Other assets and liabilities, net—1.6% | 715 | ||
NET ASSETS—100.0% | $45,310 |
Abbreviations: | |
CDX.NA.HY | Markit’s North American High Yield CDX Index |
LLC | Limited Liability Company |
LP | Limited Partnership |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $10,279 or 22.7% of net assets. |
(2) | No contractual maturity date. |
Counterparties: | |
ICE | Intercontinental Exchange |
Country Weightings (Unaudited)† | |
United States | 84% |
Cayman Islands | 3 |
Bermuda | 3 |
Switzerland | 2 |
United Kingdom | 2 |
Mexico | 2 |
Panama | 2 |
Other | 2 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Centrally cleared credit default swaps - buy protection(1) outstanding as of December 31, 2022 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.39 | Quarterly | ICE | 5.000% | 12/20/27 | $(2,579) | $ (19) | $ (47) | $28 | $— | ||||
Total | $ (19) | $ (47) | $28 | $— |
Footnote Legend: | |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Total Value at December 31, 2022 | Level 2 Significant Observable Inputs | ||
Assets: | |||
Debt Instruments: | |||
Corporate Bonds and Notes | $43,138 | $43,138 | |
U.S. Government Security | 1,457 | 1,457 | |
Total Assets | 44,595 | 44,595 | |
Liabilities: | |||
Other Financial Instruments: | |||
Centrally Cleared Credit Default Swap | (19) | (19) | |
Total Liabilities | (19) | (19) | |
Total Investments | $44,576 | $44,576 |
December 31, 2022
Par Value | Value | ||
Asset-Backed Securities—0.3% | |||
Collateralized Loan Obligation—0.3% | |||
Mountain View CLO XVI Ltd. 2022-1A, E (3 month Term SOFR + 9.080%, Cap N/A, Floor 9.080%) 144A 13.134%, 10/15/32(1)(2) | $ 5,000 | $ 4,987 | |
Total Asset-Backed Securities (Identified Cost $4,607) | 4,987 | ||
Convertible Bonds and Notes—0.1% | |||
Communication Services—0.1% | |||
Liberty Interactive LLC 4.000%, 11/15/29 | 8,000 | 2,680 | |
Total Convertible Bonds and Notes (Identified Cost $6,602) | 2,680 | ||
Corporate Bonds and Notes—6.3% | |||
Communication Services—0.5% | |||
Allen Media LLC 144A 10.500%, 2/15/28(1) | 2,000 | 760 | |
Cable One, Inc. 144A 4.000%, 11/15/30(1) | 2,000 | 1,569 | |
CCO Holdings LLC 144A 4.750%, 3/1/30(1) | 5,000 | 4,312 | |
Gray Television, Inc. 144A 4.750%, 10/15/30(1) | 2,000 | 1,447 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 2,000 | 1,600 | |
9,688 | |||
Consumer Discretionary—0.7% | |||
Foot Locker, Inc. 144A 4.000%, 10/1/29(1) | 4,000 | 3,116 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 6,027 | 5,419 | |
QVC, Inc. 4.750%, 2/15/27 | 3,000 | 2,123 | |
Signal Parent, Inc. 144A 6.125%, 4/1/29(1) | 3,000 | 874 | |
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | 3,000 | 2,798 | |
14,330 | |||
Consumer Staples—0.1% | |||
Albertsons Cos., Inc. 144A 3.250%, 3/15/26(1) | 2,000 | 1,824 | |
Energy—0.2% | |||
CONSOL Energy, Inc. 144A 11.000%, 11/15/25(1) | 2,794 | 2,861 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 2,445 | 2,192 | |
5,053 | |||
Financials—1.0% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 3,000 | 2,415 |
Par Value | Value | ||
Financials—continued | |||
Bread Financial Holdings, Inc. 144A 4.750%, 12/15/24(1) | $ 2,000 | $ 1,773 | |
CCO Holdings LLC 144A 4.250%, 2/1/31(1) | 2,000 | 1,604 | |
Ford Motor Credit Co. LLC 2.700%, 8/10/26 | 3,000 | 2,605 | |
Holdco LLC LSF11-15 144A 6.625%, 10/15/29(1) | 2,610 | 2,156 | |
MPH Acquisition Holdings LLC 144A 5.500%, 9/1/28(1) | 5,900 | 4,603 | |
Rithm Capital Corp. 144A 6.250%, 10/15/25(1) | 2,000 | 1,795 | |
Rocket Mortgage LLC | |||
144A 2.875%, 10/15/26(1) | 2,600 | 2,229 | |
144A 3.875%, 3/1/31(1) | 1,000 | 763 | |
Summit Midstream Holdings LLC 144A 8.500%, 10/15/26(1) | 990 | 943 | |
20,886 | |||
Health Care—0.8% | |||
DaVita, Inc. 144A 4.625%, 6/1/30(1) | 4,500 | 3,620 | |
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 3,465 | 1,722 | |
Encompass Health Corp. 4.500%, 2/1/28 | 3,000 | 2,725 | |
Syneos Health, Inc. 144A 3.625%, 1/15/29(1) | 2,000 | 1,593 | |
Tenet Healthcare Corp. 144A 6.125%, 10/1/28(1) | 8,500 | 7,610 | |
17,270 | |||
Industrials—1.0% | |||
Fertitta Entertainment LLC 144A 6.750%, 1/15/30(1) | 4,700 | 3,791 | |
Griffon Corp. 5.750%, 3/1/28 | 2,000 | 1,830 | |
Icahn Enterprises LP 4.375%, 2/1/29 | 2,000 | 1,691 | |
Iliad Holding SASU 144A 6.500%, 10/15/26(1) | 10,550 | 9,785 | |
TMS International Corp. 144A 6.250%, 4/15/29(1) | 5,420 | 3,877 | |
20,974 | |||
Information Technology—1.0% | |||
Crowdstrike Holdings, Inc. 3.000%, 2/15/29 | 5,250 | 4,430 | |
Elastic N.V. 144A 4.125%, 7/15/29(1) | 7,996 | 6,458 | |
Global Payments, Inc. 2.900%, 5/15/30 | 3,751 | 3,073 | |
NCR Corp. 144A 5.125%, 4/15/29(1) | 4,600 | 3,847 | |
Sensata Technologies B.V. 144A 4.000%, 4/15/29(1) | 3,000 | 2,588 |
Par Value | Value | ||
Information Technology—continued | |||
Virtusa Corp. 144A 7.125%, 12/15/28(1) | $ 1,950 | $ 1,481 | |
21,877 | |||
Materials—0.7% | |||
Graham Packaging Co., Inc. 144A 7.125%, 8/15/28(1) | 3,615 | 3,016 | |
Mativ Holdings, Inc. 144A 6.875%, 10/1/26(1) | 2,500 | 2,206 | |
Sylvamo Corp. 144A 7.000%, 9/1/29(1) | 8,969 | 8,537 | |
13,759 | |||
Real Estate—0.3% | |||
Brookfield Property REIT, Inc. 144A 5.750%, 5/15/26(1) | 2,000 | 1,827 | |
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 2,000 | 1,754 | |
SBA Communications Corp. 3.125%, 2/1/29 | 3,250 | 2,702 | |
6,283 | |||
Total Corporate Bonds and Notes (Identified Cost $153,798) | 131,944 | ||
Leveraged Loans—87.6% | |||
Aerospace—4.4% | |||
Amentum Government Services Holdings LLC Tranche B-3 (6 month Term SOFR + 4.000%) 7.558% - 8.764%, 2/15/29(2) | 10,746 | 10,447 | |
American Airlines, Inc. (3 month LIBOR + 4.750%) 8.993%, 4/20/28(2) | 17,455 | 17,360 | |
Brown Group Holding LLC | |||
(1 month LIBOR + 2.500%) 6.884%, 6/7/28(2) | 5,184 | 5,081 | |
Tranche B-2 (1-3 month Term SOFR + 3.750%) 7.844% - 8.073%, 7/2/29(2) | 997 | 993 | |
Cobham Ultra Seniorco S.a r.l. (6 month LIBOR + 3.750%) 7.063%, 8/6/29(2) | 4,204 | 4,078 | |
Delta Air Lines, Inc. (3 month LIBOR + 3.750%) 7.993%, 10/20/27(2) | 9,008 | 9,170 | |
Dynasty Acquisition Co., Inc. | |||
2020, Tranche B-1 (1 month LIBOR + 3.500%) 7.923%, 4/6/26(2) | 4,429 | 4,213 | |
2020, Tranche B-2 (1 month Term SOFR + 3.500%) 7.923%, 4/6/26(2) | 2,381 | 2,265 | |
KKR Apple Bidco LLC (1 month LIBOR + 2.750%) 7.134%, 9/22/28(2) | 3,346 | 3,296 | |
MB Aerospace Holdings II Corp. First Lien (3 month LIBOR + 3.500%) 8.230%, 1/22/25(2) | 3,802 | 3,298 | |
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 9.996%, 6/21/27(2) | 10,611 | 10,900 | |
Spirit AeroSystems, Inc. (1 month Term SOFR + 4.500%) 8.823%, 1/15/27(2) | 4,968 | 4,923 |
Par Value | Value | ||
Aerospace—continued | |||
TransDigm, Inc. Tranche F (3 month LIBOR + 2.250%) 6.980%, 12/9/25(2) | $ 4,714 | $ 4,650 | |
United AirLines, Inc. Tranche B (3 month LIBOR + 3.750%) 8.108%, 4/21/28(2) | 5,600 | 5,519 | |
Vertex Aerospace Services Corp. (1 month LIBOR + 3.500%) 7.884%, 12/6/28(2) | 5,174 | 5,076 | |
91,269 | |||
Chemicals—7.0% | |||
American Axle & Manufacturing, Inc. Tranche B, First Lien (1 month Term SOFR + 3.600%) 7.898%, 12/13/29(2) | 4,965 | 4,849 | |
ARC Falcon I, Inc. | |||
(1 month LIBOR + 3.750%) 8.134%, 9/30/28(2) | 3,888 | 3,403 | |
(1 month LIBOR + 7.000%) 11.384%, 9/30/29(2) | 5,000 | 4,312 | |
Ascend Performance Materials Operations LLC 2021 (3 month Term SOFR + 4.850%) 8.831%, 8/27/26(2) | 5,185 | 4,870 | |
Axalta Coating Systems Dutch Holding B B.V. Tranche B-4 (3 month LIBOR + 3.000%) 0.000%, 12/20/29(2)(3) | 4,060 | 4,060 | |
Bakelite U.S. Holdco, Inc. (3 month Term SOFR + 4.000%) 8.580%, 5/29/29(2) | 3,408 | 3,161 | |
Blue Tree Holdings, Inc. (3 month LIBOR + 2.500%) 7.230%, 3/4/28(2) | 7,089 | 6,858 | |
Consolidated Energy Finance S.A. (1 month LIBOR + 2.500%) 6.884%, 5/7/25(2) | 8,758 | 8,550 | |
Gemini HDPE LLC 2027 (3 month LIBOR + 3.000%) 7.420%, 12/31/27(2) | 4,053 | 3,985 | |
Geon Performance Solutions LLC (3 month LIBOR + 4.500%) 9.230%, 8/18/28(2) | 5,835 | 5,660 | |
Herens Holdco S.a.r.l. Tranche B (3 month LIBOR + 4.000%) 8.730%, 7/3/28(2) | 6,241 | 5,703 | |
Hexion Holdings Corp. | |||
First Lien (3 month Term SOFR + 4.650%) 8.934%, 3/15/29(2) | 4,373 | 3,743 | |
Second Lien (1 month Term SOFR + 7.538%) 11.859%, 3/15/30(2) | 4,305 | 3,358 | |
Ineos Enterprises Holdings U.S. Finco LLC Tranche B (3 month LIBOR + 3.500%) 8.235%, 8/28/26(2) | 3,959 | 3,788 | |
Ineos Finance plc 2027 (1 month Term SOFR + 3.850%) 8.173%, 11/8/27(2) | 3,742 | 3,678 | |
Ineos U.S. Finance LLC 2028 (1 month Term SOFR + 2.600%) 6.923%, 11/8/28(2) | 6,173 | 5,939 | |
Ineos U.S. Petrochem LLC 2026, Tranche B (1 month LIBOR + 2.750%) 7.134%, 1/29/26(2) | 3,677 | 3,606 | |
Kraton Corp. (3 month Term SOFR + 3.512%) 8.040%, 3/15/29(2) | 4,819 | 4,769 |
Par Value | Value | ||
Chemicals—continued | |||
LSF11 AS Holdco LLC (1 month Term SOFR + 3.614%) 7.938%, 10/15/28(2) | $ 4,595 | $ 4,433 | |
Manchester Acquisition Sub LLC (1 month Term SOFR + 5.900%) 10.304%, 12/1/26(2) | 4,990 | 4,017 | |
Momentive Performance Materials, Inc. First Lien (1 month LIBOR + 3.250%) 7.640%, 5/15/24(2) | 7,627 | 7,594 | |
Neptune Husky U.S. Bidco LLC (3 month Term SOFR + 5.150%) 9.730%, 1/3/29(2) | 5,056 | 3,978 | |
Pearls Netherlands Bidco B.V. Tranche B (3 month Term SOFR + 3.750%) 7.844%, 2/26/29(2) | 3,844 | 3,724 | |
PMHC II, Inc. (3 month Term SOFR + 4.250%) 8.494%, 4/23/29(2) | 8,437 | 7,109 | |
Starfruit Finco B.V. (3 month LIBOR + 2.750%) 7.165%, 10/1/25(2) | 7,568 | 7,451 | |
Trinseo Materials Operating SCA | |||
2018 (1 month LIBOR + 2.000%) 6.384%, 9/6/24(2) | 6,065 | 5,876 | |
2021 (1 month LIBOR + 2.500%) 6.884%, 5/3/28(2) | 3,383 | 3,142 | |
Tronox Finance LLC 2022, First Lien (3 month Term SOFR + 3.250%) 7.830%, 4/4/29(2) | 4,303 | 4,206 | |
Vantage Specialty Chemicals, Inc. | |||
First Lien (3 month LIBOR + 3.500%) 7.915% - 8.230%, 10/28/24(2) | 3,310 | 3,225 | |
Second Lien (3 month LIBOR + 8.250%) 12.985%, 10/27/25(2) | 7,470 | 6,788 | |
145,835 | |||
Consumer Durables—1.0% | |||
Lakeshore Learning Materials (3 month LIBOR + 3.500%) 8.230%, 9/29/28(2) | 4,277 | 4,170 | |
Restoration Hardware, Inc. | |||
(1 month LIBOR + 2.500%) 6.884%, 10/20/28(2) | 5,034 | 4,620 | |
2022 (1 month Term SOFR + 3.350%) 7.673%, 10/20/28(2) | 2,444 | 2,280 | |
Safety Products First Lien (1 month LIBOR + 4.500%) 8.884%, 6/26/26(2) | 1,883 | 1,678 | |
Specialty Building Products Holdings LLC First Lien (1 month LIBOR + 3.750%) 7.766%, 10/15/28(2) | 3,653 | 3,276 | |
Weber-Stephen Products LLC | |||
2022, Tranche B (1 month Term SOFR + 4.350%) 8.673%, 10/30/27(2) | 1,935 | 1,645 | |
Tranche B (1 month LIBOR + 3.250%) 7.634%, 10/30/27(2) | 3,668 | 3,081 | |
20,750 | |||
Consumer Non-Durables—0.8% | |||
ABG Intermediate Holdings 2 LLC | |||
(1 month Term SOFR + 6.100%) 10.423%, 12/20/29(2) | 1,690 | 1,538 |
Par Value | Value | ||
Consumer Non-Durables—continued | |||
2021 (1 month LIBOR + 3.250%) 7.634%, 9/27/24(2) | $ 6,548 | $ 6,499 | |
Birkenstock U.S. Bidco, Inc. Tranche B (3 month LIBOR + 3.250%) 7.665%, 4/28/28(2) | 2,412 | 2,346 | |
Coty, Inc. Tranche B (1 month LIBOR + 2.250%) 6.471%, 4/7/25(2) | 6,841 | 6,714 | |
17,097 | |||
Energy—3.3% | |||
AL NGPL Holdings LLC (3 month LIBOR + 3.750%) 7.534%, 4/14/28(2) | 4,774 | 4,707 | |
Ascent Resources Utica Holdings LLC Second Lien (3 month LIBOR + 9.000%) 12.941%, 11/1/25(2) | 2,000 | 2,108 | |
BCP Renaissance Parent LLC Tranche B-3 (1 month Term SOFR + 3.500%) 7.823%, 11/2/26(2) | 11,920 | 11,784 | |
Blackbrush Oil & Gas LP PIK Interest Capitalization (3 month LIBOR + 5.000%) 10.176%, 9/3/25(2)(4) | 4,902 | 4,902 | |
ChampionX Corp. Tranche B-1 (1 month Term SOFR + 3.350%) 7.567%, 6/7/29(2) | 6,055 | 6,017 | |
Keane Group Holdings LLC (1 month LIBOR + 3.500%) 7.938%, 5/25/25(2) | 9,282 | 9,050 | |
M6 ETX Holdings II Midco LLC (3 month Term SOFR + 4.650%) 9.158%, 9/19/29(2) | 7,980 | 7,973 | |
Medallion Midland Acquisition LLC (3 month Term SOFR + 3.750%) 8.592%, 10/18/28(2) | 3,826 | 3,784 | |
Oryx Midstream Services Permian Basin LLC Tranche B (3 month LIBOR + 3.250%) 7.924%, 10/5/28(2) | 8,087 | 7,979 | |
TerraForm Power Operating LLC (3 month Term SOFR + 2.850%) 7.430%, 5/21/29(2) | 5,603 | 5,554 | |
Traverse Midstream Partners LLC (3 month Term SOFR + 4.250%) 8.800%, 9/27/24(2) | 5,016 | 4,999 | |
68,857 | |||
Financials—6.3% | |||
Allspring Buyer LLC (3 month LIBOR + 3.000%) 7.750%, 11/1/28(2) | 3,871 | 3,812 | |
AltiSource Solutions S.a.r.l. Tranche B (3 month LIBOR + 4.000%) 8.730%, 4/3/24(2) | 3,632 | 2,937 | |
Apollo Commercial Real Estate Finance, Inc. (1 month LIBOR + 2.750%) 7.134%, 5/15/26(2) | 4,286 | 4,093 | |
Asurion LLC | |||
Tranche B-3, Second Lien (1 month LIBOR + 5.250%) 9.634%, 1/31/28(2) | 5,720 | 4,438 | |
Tranche B-4 (1 month LIBOR + 5.250%) 9.634%, 1/20/29(2) | 13,796 | 10,662 |
Par Value | Value | ||
Financials—continued | |||
Tranche B-8 (1 month LIBOR + 3.250%) 7.634%, 12/23/26(2) | $ 20,204 | $ 17,969 | |
Blackstone Mortgage Trust, Inc. | |||
Tranche B (1 month LIBOR + 2.750%) 7.134%, 4/23/26(2) | 4,950 | 4,838 | |
Tranche B-4 (1 month Term SOFR + 3.500%) 7.823%, 5/9/29(2) | 3,086 | 3,016 | |
Citadel Securities LP | |||
2021 (1 month Term SOFR + 2.614%) 6.938%, 2/2/28(2) | 10,023 | 9,815 | |
Tranche B (1 month Term SOFR + 3.114%) 7.438%, 2/2/28(2) | 1,920 | 1,897 | |
CTC Holdings LP (3 month Term SOFR + 5.000%) 8.356%, 2/20/29(2) | 4,819 | 4,602 | |
DRW Holdings LLC First Lien (1 month LIBOR + 3.750%) 8.134%, 3/1/28(2) | 8,301 | 8,068 | |
EIG Management Co. LLC (1 month LIBOR + 3.750%) 8.134%, 2/24/25(2) | 5,176 | 5,047 | |
First Eagle Holdings, Inc. 2018, Tranche B (3 month LIBOR + 2.500%) 7.230%, 2/1/27(2) | 4,410 | 4,293 | |
HighTower Holding LLC (3 month LIBOR + 4.000%) 8.278%, 4/21/28(2) | 5,495 | 5,019 | |
Hudson River Trading LLC (1 month Term SOFR + 3.114%) 7.438%, 3/20/28(2) | 6,151 | 5,806 | |
Jane Street Group LLC (1 month LIBOR + 2.750%) 7.134%, 1/26/28(2) | 8,891 | 8,615 | |
Mariner Wealth Advisors LLC (3 month Term SOFR + 3.250%) 7.777% - 8.092%, 8/18/28(2) | 3,868 | 3,689 | |
OneDigital Borrower LLC 2021, Tranche B (3 month Term SOFR + 4.250%) 8.494%, 11/16/27(2) | 4,975 | 4,689 | |
Starwood Property Mortgage LLC Tranche B (1 month Term SOFR + 3.250%) 7.573%, 11/18/27(2) | 4,000 | 3,934 | |
Superannuation and Investments U.S. LLC (1 month LIBOR + 3.750%) 8.134%, 12/1/28(2) | 4,178 | 4,099 | |
VFH Parent LLC (1 month Term SOFR + 3.000%) 7.321%, 1/13/29(2) | 6,950 | 6,752 | |
WH Borrower LLC (1 month Term SOFR + 5.500%) 9.363%, 2/15/27(2) | 3,910 | 3,714 | |
131,804 | |||
Food / Tobacco—2.1% | |||
Domtar Corp. (1 month LIBOR + 5.500%) 9.792%, 11/30/28(2) | 5,728 | 5,442 | |
Evergreen AcqCo 1 LP (3 month Term SOFR + 5.762%) 10.342%, 4/26/28(2) | 4,414 | 4,252 | |
Flynn Restaurant Group LP 2021 (1 month LIBOR + 4.250%) 8.634%, 12/1/28(2) | 3,435 | 3,210 | |
MIC Glen LLC Second Lien (1 month LIBOR + 6.750%) 11.134%, 7/20/29(2) | 830 | 753 | |
Milk Specialties Co. 2021 (3 month LIBOR + 4.000%) 8.730%, 8/15/25(2) | 4,596 | 4,585 |
Par Value | Value | ||
Food / Tobacco—continued | |||
Naked Juice LLC | |||
(3 month Term SOFR + 3.250%) 7.930%, 1/24/29(2) | $ 4,212 | $ 3,757 | |
Second Lien (3 month Term SOFR + 6.100%) 10.680%, 1/24/30(2) | 3,830 | 3,012 | |
Primary Products Finance LLC (3 month Term SOFR + 4.150%) 7.709%, 3/30/29(2) | 4,313 | 4,229 | |
Quirch Foods Holdings LLC (1 month Term SOFR + 4.614%) 8.989%, 10/27/27(2) | 5,493 | 4,998 | |
Sycamore Buyer LLC Tranche B (1 month Term SOFR + 2.364%) 6.688%, 7/23/29(2) | 4,015 | 3,909 | |
Whole Earth Brands, Inc. (1 month Term SOFR + 4.500%) 9.230%, 2/5/28(2) | 7,345 | 6,721 | |
44,868 | |||
Forest Prod / Containers—1.7% | |||
Graham Packaging Co., Inc. (1 month LIBOR + 3.000%) 7.384%, 8/4/27(2) | 5,745 | 5,634 | |
Klockner Pentaplast of America, Inc. Tranche B (6 month Term SOFR + 4.750%) 8.259%, 2/12/26(2) | 6,095 | 5,389 | |
Pregis Topco LLC (1 month LIBOR + 3.750%) 8.134%, 7/31/26(2) | 4,760 | 4,605 | |
Pregis TopCo LLC First Lien (1 month Term SOFR + 3.750%) 8.188%, 7/31/26(2) | 251 | 244 | |
Schweitzer-Mauduit International, Inc. Tranche B (1 month LIBOR + 3.750%) 8.188%, 4/20/28(2) | 7,063 | 6,604 | |
Spa Holdings 3 Oy Tranche B (3 month LIBOR + 3.750%) 8.480%, 2/4/28(2) | 5,207 | 4,960 | |
TricorBraun, Inc. (1 month LIBOR + 3.250%) 7.634%, 3/3/28(2) | 4,290 | 4,084 | |
Trident TPI Holdings, Inc. Tranche B-1 (3 month LIBOR + 3.250%) 7.980%, 10/17/24(2) | 4,770 | 4,705 | |
36,225 | |||
Gaming / Leisure—4.1% | |||
Aimbridge Acquisition Co. 2021, Tranche B (3 month LIBOR + 4.750%) 0.000%, 2/1/26(2)(3) | 1,496 | 1,359 | |
Aimbridge Acquisition Co., Inc. (1 month LIBOR + 3.750%) 8.134%, 2/2/26(2) | 2,987 | 2,699 | |
AP Gaming I LLC Tranche B (3 month Term SOFR + 4.000%) 8.730%, 2/15/29(2) | 3,077 | 2,908 | |
Bombardier Recreational Products, Inc. 2022-2 (3 month LIBOR + 3.000%) 0.000%, 12/13/29(2)(3) | 3,000 | 2,936 | |
Caesars Resort Collection LLC Tranche B-1 (1 month LIBOR + 3.500%) 7.884%, 7/21/25(2) | 10,810 | 10,773 |
Par Value | Value | ||
Gaming / Leisure—continued | |||
Everi Holdings, Inc. Tranche B (1 month LIBOR + 2.500%) 6.884%, 8/3/28(2) | $ 4,327 | $ 4,284 | |
Flutter Entertainment plc 2028, Tranche B (3 month LIBOR + 4.000%) 8.092%, 7/22/28(2) | 4,359 | 4,334 | |
Four Seasons Hotels Ltd. (1 month Term SOFR + 3.350%) 7.673%, 11/30/29(2) | 4,001 | 4,000 | |
Herschend Entertainment Co. LLC (1 month LIBOR + 3.750%) 8.190%, 8/27/28(2) | 4,424 | 4,374 | |
Penn National Gaming, Inc. Tranche B (1 month Term SOFR + 2.850%) 7.173%, 5/3/29(2) | 5,905 | 5,837 | |
Playa Resorts Holding B.V. (3 month Term SOFR + 4.250%) 8.576%, 1/5/29(2) | 6,575 | 6,398 | |
Scientific Games Holdings LP (3 month Term SOFR + 3.500%) 7.097%, 4/4/29(2) | 9,841 | 9,368 | |
Scientific Games International, Inc. Tranche B (1 month Term SOFR + 3.100%) 7.417%, 4/13/29(2) | 11,637 | 11,450 | |
Stars Group Holdings B.V. 2021 (3 month LIBOR + 2.250%) 6.980%, 7/21/26(2) | 6,410 | 6,311 | |
Station Casinos LLC Tranche B-1 (1 month LIBOR + 2.250%) 6.640%, 2/8/27(2) | 6,220 | 6,062 | |
Travel + Leisure Co. 2022 (1 month Term SOFR + 4.100%) 8.608%, 12/14/29(2) | 3,540 | 3,478 | |
86,571 | |||
Health Care—10.5% | |||
Agiliti Health, Inc. (1 month LIBOR + 2.750%) 6.875%, 1/4/26(2) | 3,377 | 3,280 | |
AHP Health Partners, Inc. (1 month LIBOR + 3.500%) 7.884%, 8/24/28(2) | 10,472 | 10,270 | |
Amneal Pharmaceuticals LLC (1-3 month LIBOR + 3.500%) 7.938% - 8.250%, 5/4/25(2) | 2,992 | 2,673 | |
ASP Navigate Acquisition Corp. (3 month LIBOR + 4.500%) 9.092%, 10/6/27(2) | 6,139 | 5,962 | |
AthenaHealth Group, Inc. (1 month Term SOFR + 3.500%) 7.821%, 2/15/29(2) | 8,241 | 7,420 | |
Avantor Funding, Inc. Tranche B-5 (1 month LIBOR + 2.250%) 6.634%, 11/8/27(2) | 5,912 | 5,875 | |
DaVita, Inc. Tranche B-1 (1 month LIBOR + 1.750%) 6.134%, 8/12/26(2) | 7,982 | 7,766 | |
Envision Healthcare Corp. | |||
(3 month Term SOFR + 3.750%) 8.330%, 3/31/27(2) | 5,425 | 1,356 | |
(3 month Term SOFR + 4.250%) 8.830%, 3/31/27(2) | 2,327 | 791 |
Par Value | Value | ||
Health Care—continued | |||
FINThrive Software Intermediate Holdings, Inc. | |||
(1 month LIBOR + 4.000%) 8.354%, 12/18/28(2) | $ 3,146 | $ 2,651 | |
Second Lien (1 month LIBOR + 6.750%) 11.134%, 12/17/29(2) | 2,115 | 1,595 | |
Gainwell Acquisition Corp. Tranche B (3 month LIBOR + 4.000%) 8.730%, 10/1/27(2) | 5,600 | 5,243 | |
Greatbatch Ltd. Tranche B (1 month LIBOR + 2.500%) 6.884%, 9/2/28(2) | 5,437 | 5,348 | |
ICON Luxembourg S.a.r.l. (3 month LIBOR + 2.250%) 7.000%, 7/3/28(2) | 16,806 | 16,741 | |
ICU Medical, Inc. Tranche B (1-3 month Term SOFR + 2.650%) 6.923% - 7.230%, 1/8/29(2) | 5,017 | 4,846 | |
Indivior Finance S.a r.l. (3 month Term SOFR+ 5.510%) 10.090%, 6/30/26(2) | 3,851 | 3,769 | |
Insulet Corp. Tranche B (1 month Term SOFR + 3.364%) 7.688%, 5/4/28(2) | 5,456 | 5,371 | |
Mamba Purchaser, Inc. (1 month LIBOR + 3.500%) 7.889%, 10/16/28(2) | 5,072 | 4,833 | |
Medical Solutions Holdings, Inc. (3 month LIBOR + 3.500%) 7.884%, 11/1/28(2) | 8,877 | 8,298 | |
Medline Borrower LP (1 month LIBOR + 3.250%) 7.634%, 10/23/28(2) | 14,690 | 13,940 | |
MJH Healthcare Holdings LLC Tranche B (1 month Term SOFR + 3.600%) 7.923%, 1/28/29(2) | 5,400 | 5,181 | |
MPH Acquisition Holdings LLC (3 month LIBOR + 4.250%) 8.985%, 9/1/28(2) | 6,335 | 5,385 | |
NAPA Management Services Corp. (1 month Term SOFR + 5.250%) 9.673%, 2/23/29(2) | 6,451 | 5,215 | |
National Mentor Holdings, Inc. | |||
First Lien (1-3 month LIBOR + 3.750%) 8.140% - 8.480%, 3/2/28(2) | 5,632 | 3,920 | |
Tranche C, First Lien (3 month LIBOR + 3.750%) 8.480%, 3/2/28(2) | 168 | 117 | |
Onex TSG Intermediate Corp. (3 month LIBOR + 4.750%) 9.165%, 2/28/28(2) | 3,726 | 3,308 | |
Option Care Health, Inc. Tranche B (1 month LIBOR + 2.750%) 7.134%, 10/27/28(2) | 7,680 | 7,615 | |
Organon & Co. (3 month LIBOR + 3.000%) 7.750%, 6/2/28(2) | 11,768 | 11,636 | |
Packaging Coordinators Midco, Inc. Tranche B, First Lien (3 month LIBOR + 3.500%) 7.174% -8.230%, 11/30/27(2) | 4,150 | 3,927 | |
Perrigo Investments LLC Tranche B (1 month Term SOFR + 2.600%) 6.923%, 4/20/29(2) | 3,890 | 3,861 | |
PetIQ, Inc. First Lien (1 month LIBOR + 4.250%) 8.568%, 4/13/28(2) | 4,630 | 4,167 | |
Phoenix Newco, Inc. First Lien (1 month LIBOR + 3.250%) 7.634%, 11/15/28(2) | 9,444 | 9,079 |
Par Value | Value | ||
Health Care—continued | |||
Physician Partners LLC (1 month Term SOFR + 4.000%) 8.423%, 12/22/28(2) | $ 3,404 | $ 3,236 | |
PRA Health Sciences, Inc. (3 month LIBOR + 2.250%) 7.000%, 7/3/28(2) | 4,187 | 4,171 | |
R1 RCM, Inc. Tranche B (1 month Term SOFR + 3.000%) 7.323%, 6/21/29(2) | 3,476 | 3,433 | |
Signify Health LLC (1 month LIBOR + 3.000%) 7.730%, 6/22/28(2) | 2,997 | 2,952 | |
Sotera Health Holdings LLC (3 month LIBOR + 2.750%) 7.165%, 12/11/26(2) | 3,606 | 3,318 | |
Surgery Center Holdings, Inc. 2021 (1 month LIBOR + 3.750%) 8.050%, 8/31/26(2) | 5,655 | 5,577 | |
Team Health Holdings, Inc. | |||
(1 month LIBOR + 2.750%) 7.134%, 2/6/24(2) | 2,174 | 1,853 | |
(1 month Term SOFR + 5.250%) 9.573%, 3/2/27(2) | 13,156 | 9,834 | |
Vizient, Inc. Tranche B-7 (1 month Term SOFR + 2.350%) 6.671%, 5/16/29(2) | 3,682 | 3,673 | |
219,486 | |||
Housing—5.1% | |||
84 Lumber Co. Tranche B-1 (1 month LIBOR + 3.000%) 7.384%, 11/13/26(2) | 3,725 | 3,658 | |
ACProducts Holdings, Inc. (3 month LIBOR + 4.250%) 8.980%, 5/17/28(2) | 8,623 | 6,419 | |
Brookfield Property REIT, Inc. Tranche B (1 month Term SOFR + 2.600%) 6.923%, 8/27/25(2) | 11,062 | 10,875 | |
Core & Main LP Tranche B-1 (1-6 month LIBOR + 2.500%) 6.889% - 7.416%, 7/27/28(2) | 7,756 | 7,642 | |
CPG International LLC (1 month Term SOFR + 2.600%) 6.923%, 4/28/29(2) | 3,646 | 3,536 | |
Cushman & Wakefield U.S. Borrower LLC (1 month LIBOR + 2.750%) 7.134%, 8/21/25(2) | 6,938 | 6,767 | |
Empire Today LLC (1 month LIBOR + 5.000%) 9.292%, 4/3/28(2) | 3,100 | 2,301 | |
Foley Products Co. LLC (3 month Term SOFR + 4.750%) 9.480%, 12/29/28(2) | 4,306 | 4,152 | |
Forest City Enterprises LP Tranche B (1 month LIBOR + 3.500%) 7.884%, 12/8/25(2) | 5,611 | 5,389 | |
Foundation Building Materials, Inc. First Lien (3 month LIBOR + 3.250%) 7.665%, 1/31/28(2) | 5,403 | 5,102 | |
Griffon Corp. Tranche B (3 month PRIME + 1.500%) 7.009% - 9.000%, 1/24/29(2) | 14,714 | 14,429 | |
Installed Building Products, Inc. (1 month LIBOR + 2.250%) 6.634%, 12/14/28(2) | 2,970 | 2,918 |
Par Value | Value | ||
Housing—continued | |||
LBM Acquisition LLC First Lien (6 month LIBOR + 3.750%) 7.121%, 12/17/27(2) | $ 7,525 | $ 6,506 | |
Oscar Acquisitionco LLC Tranche B (3 month Term SOFR + 4.600%) 8.153%, 4/29/29(2) | 7,476 | 7,060 | |
Smyrna Ready Mix Concrete LLC (1 month Term SOFR + 4.350%) 8.673%, 4/2/29(2) | 3,970 | 3,881 | |
Snap One Holdings Corp. (1 month LIBOR + 4.500%) 8.884%, 12/8/28(2) | 6,302 | 5,751 | |
Standard Industries, Inc. (3 month LIBOR + 2.250%) 6.425%, 9/22/28(2) | 9,527 | 9,401 | |
105,787 | |||
Information Technology—9.4% | |||
Allegro MicroSystems, Inc. (1 month LIBOR + 3.750%) 8.134%, 9/30/27(2) | 393 | 381 | |
AQA Acquisition Holding, Inc. First Lien (1 month LIBOR + 4.250%) 8.985%, 3/3/28(2) | 3,856 | 3,689 | |
ASP T3 Acquisition Co. LLC First Lien (3 month LIBOR + 4.250%) 8.980%, 10/8/28(2) | 2,997 | 2,803 | |
Atlas Purchaser, Inc. | |||
First Lien (3 month LIBOR + 5.250%) 8.676%, 5/8/28(2) | 4,976 | 3,471 | |
Second Lien (1 month LIBOR + 9.000%) 11.188%, 5/7/29(2) | 825 | 549 | |
Bright Bidco B.V. (3 month Term SOFR + 8.000%) 12.094%, 10/31/27(2) | 886 | 767 | |
CDK Global, Inc. (3 month Term SOFR + 4.500%) 9.080%, 7/6/29(2) | 3,465 | 3,430 | |
Cloudera, Inc. | |||
(1 month LIBOR + 3.750%) 8.134%, 10/8/28(2) | 2,722 | 2,553 | |
Second Lien (1 month LIBOR + 6.000%) 10.384%, 10/8/29(2) | 2,000 | 1,663 | |
ConnectWise LLC (3 month LIBOR + 3.500%) 7.884%, 9/29/28(2) | 3,643 | 3,453 | |
ConvergeOne Holdings Corp. First Lien (1 month LIBOR + 5.000%) 9.384%, 1/4/26(2) | 4,299 | 2,469 | |
Creation Technologies, Inc. (3 month LIBOR + 5.500%) 9.248%, 10/5/28(2) | 4,510 | 3,585 | |
Digi International, Inc. (1 month LIBOR + 5.000%) 9.384%, 11/1/28(2) | 5,054 | 4,990 | |
E2Open LLC (1 month LIBOR + 3.500%) 7.685%, 2/4/28(2) | 5,323 | 5,220 | |
II-VI, Inc. Tranche B (1 month LIBOR + 2.750%) 7.134%, 7/2/29(2) | 7,489 | 7,394 | |
Instructure Holdings, Inc. (3 month LIBOR + 2.750%) 6.121%, 10/30/28(2) | 4,739 | 4,644 | |
Lendingtree, Inc. Tranche B (1 month LIBOR + 3.750%) 8.140%, 9/15/28(2) | 4,259 | 3,780 | |
MA Financeco LLC Tranche B-4 (3 month LIBOR + 4.250%) 8.973%, 6/5/25(2) | 7,726 | 7,693 |
Par Value | Value | ||
Information Technology—continued | |||
Magenta Buyer LLC | |||
First Lien (3 month LIBOR + 4.750%) 9.170%, 7/27/28(2) | $ 6,603 | $ 5,621 | |
Second Lien (3 month LIBOR + 8.250%) 12.670%, 7/27/29(2) | 2,540 | 1,990 | |
Magnite, Inc. (1 month LIBOR + 5.000%) 8.570% - 9.740%, 4/28/28(2) | 5,768 | 5,374 | |
Maverick Bidco, Inc. First Lien (3 month LIBOR + 3.750%) 8.165%, 5/18/28(2) | 1,206 | 1,140 | |
MaxLinear, Inc. Tranche B (1 month LIBOR + 2.250%) 6.634%, 6/23/28(2) | 3,826 | 3,778 | |
McAfee Corp. Tranche B-1 (1 month Term SOFR + 3.750%) 7.974%, 3/1/29(2) | 11,398 | 10,582 | |
Mermaid Bidco, Inc. Tranche B-2 (3 month LIBOR + 3.500%) 7.960%, 12/22/27(2) | 5,997 | 5,667 | |
MKS Instruments, Inc. Tranche B (1 month Term SOFR + 2.850%) 7.171%, 8/17/29(2) | 10,364 | 10,222 | |
NortonLifeLock, Inc. Tranche B (1 month Term SOFR + 2.100%) 6.423%, 9/12/29(2) | 8,265 | 8,112 | |
Open Text Corp. (3 month SOFR + 3.750%) 0.000%, 8/25/29(2)(3) | 10,390 | 10,138 | |
Orchid Merger Sub II LLC (1 month Term SOFR + 4.900%) 9.480%, 7/27/27(2)(5) | 5,299 | 4,557 | |
Rackspace Technology Global, Inc. Tranche B (3 month LIBOR + 2.750%) 7.380%, 2/15/28(2) | 7,614 | 4,731 | |
Sabre GLBL, Inc. 2022, Tranche B-2 (1 month Term SOFR + 5.100%) 9.423%, 6/30/28(2) | 3,840 | 3,531 | |
Seattle SpinCo, Inc. Tranche B-1 (1 month Term SOFR + 4.000%) 8.321%, 2/26/27(2) | 3,267 | 3,258 | |
SolarWinds Holdings, Inc. 2022 (1 month Term SOFR + 4.000%) 8.323%, 2/5/27(2) | 1,080 | 1,068 | |
Sovos Compliance LLC First Lien (1 month LIBOR + 4.500%) 8.884%, 8/11/28(2) | 1,695 | 1,558 | |
SS&C Technologies Holdings, Inc. | |||
Tranche B-3 (1 month LIBOR + 1.750%) 6.134%, 4/16/25(2) | 1,380 | 1,355 | |
Tranche B-4 (1 month LIBOR + 1.750%) 6.134%, 4/16/25(2) | 1,122 | 1,101 | |
Tranche B-6 (1 month Term SOFR + 2.250%) 6.673%, 3/22/29(2) | 2,489 | 2,440 | |
Tranche B-7 (1 month Term SOFR + 2.250%) 6.673%, 3/22/29(2) | 3,751 | 3,677 | |
UKG, Inc. 2021-2, First Lien (3 month LIBOR + 3.250%) 6.998%, 5/4/26(2) | 5,763 | 5,475 | |
Ultra Clean Holdings, Inc. Tranche B (1 month LIBOR + 3.750%) 8.134%, 8/27/25(2) | 13,112 | 13,030 | |
UST Global, Inc. (1 month LIBOR + 3.750%) 8.137%, 11/20/28(2) | 4,855 | 4,725 |
Par Value | Value | ||
Information Technology—continued | |||
Virtusa Corp. | |||
Tranche B (1 month LIBOR + 3.750%) 8.134%, 2/11/28(2) | $ 6,975 | $ 6,713 | |
Tranche B-1 (1 month Term SOFR + 3.850%) 8.173%, 2/15/29(2) | 1,191 | 1,146 | |
Xperi Holding Corp. Tranche B (1 month LIBOR + 3.500%) 7.884%, 6/8/28(2) | 14,223 | 13,690 | |
197,213 | |||
Manufacturing—2.1% | |||
Ali Group North America Corp. Tranche B (1 month Term SOFR + 2.114%) 6.438%, 7/30/29(2) | 6,666 | 6,601 | |
Alliance Laundry Systems LLC Tranche B (3 month LIBOR + 3.500%) 7.409%, 10/8/27(2) | 3,527 | 3,454 | |
Canada Goose, Inc. 2021 (3 month LIBOR + 3.500%) 8.230%, 10/7/27(2) | 3,986 | 3,866 | |
Chart Industries, Inc. Tranche B (3 month SOFR + 4.000%) 0.000%, 12/7/29(2)(3) | 3,540 | 3,498 | |
Clark Equipment Co. Tranche B (3 month Term SOFR + 2.600%) 7.180%, 4/20/29(2) | 3,186 | 3,137 | |
Gates Global LLC Tranche B-3 (1 month LIBOR + 2.500%) 6.884%, 3/31/27(2) | 5,511 | 5,385 | |
Grinding Media, Inc. First Lien (3 month LIBOR + 4.000%) 7.702% - 8.765%, 10/12/28(2) | 4,209 | 3,893 | |
Safe Fleet Holdings LLC 2022 (1 month Term SOFR + 3.850%) 8.173%, 2/23/29(2) | 3,970 | 3,828 | |
Safety Products First Lien (1 month LIBOR + 4.500%) 8.884%, 6/28/26 | 102 | 91 | |
VM Consolidated, Inc. (1 month LIBOR + 3.250%) 7.634%, 3/24/28(2) | 5,169 | 5,130 | |
WireCo WorldGroup, Inc. (3 month LIBOR + 4.250%) 8.938%, 11/13/28(2) | 4,271 | 4,148 | |
43,031 | |||
Media / Telecom - Broadcasting—0.8% | |||
Gray Television, Inc. Tranche C (1 month LIBOR + 2.500%) 6.620%, 1/2/26(2) | 5,986 | 5,815 | |
Terrier Media Buyer, Inc. 2021, Tranche B (3 month LIBOR + 3.500%) 8.230%, 12/17/26(2) | 4,633 | 4,328 | |
Univision Communications, Inc. 2021 (1 month LIBOR + 3.250%) 7.634%, 3/15/26(2) | 7,136 | 7,013 | |
17,156 | |||
Media / Telecom - Cable/Wireless Video—4.6% | |||
Altice Financing S.A. 2022 (3 month Term SOFR + 5.000%) 9.566%, 10/29/27(2) | 21,890 | 20,905 |
Par Value | Value | ||
Media / Telecom - Cable/Wireless Video—continued | |||
Charter Communications Operating LLC Tranche B-2 (1 month LIBOR + 1.750%) 6.140%, 2/1/27(2) | $ 6,489 | $ 6,328 | |
Cogeco Communications Finance USA LP Tranche B (1 month LIBOR + 2.500%) 6.884%, 9/1/28(2) | 7,159 | 6,943 | |
Coral-U.S. Co-Borrower LLC Tranche B-5 (1 month LIBOR + 2.250%) 6.568%, 1/31/28(2) | 8,184 | 7,904 | |
CSC Holdings LLC | |||
2017 (1 month LIBOR + 2.250%) 6.568%, 7/17/25(2) | 4,541 | 4,280 | |
2018 (1 month LIBOR + 2.250%) 6.568%, 1/15/26(2) | 644 | 599 | |
DIRECTV Financing LLC (1 month LIBOR + 5.000%) 9.384%, 8/2/27(2) | 11,098 | 10,781 | |
Intelsat Jackson Holdings S.A. Tranche B (3 month Term SOFR + 4.500%) 7.445%, 2/1/29(2) | 7,601 | 7,324 | |
Radiate Holdco LLC (1 month LIBOR + 3.250%) 7.634%, 9/25/26(2) | 10,321 | 8,346 | |
Telenet Financing USD LLC Tranche AR (1 month LIBOR + 2.000%) 6.318%, 4/28/28(2) | 4,935 | 4,794 | |
Virgin Media Bristol LLC Tranche N (1 month LIBOR + 2.500%) 6.818%, 1/31/28(2) | 11,256 | 11,051 | |
Ziggo Financing Partnership Tranche I (1 month LIBOR + 2.500%) 6.818%, 4/30/28(2) | 7,166 | 6,976 | |
96,231 | |||
Media / Telecom - Diversified Media—4.1% | |||
Allen Media LLC Tranche B (3 month Term SOFR + 5.650%) 10.230%, 2/10/27(2) | 4,419 | 3,605 | |
Applovin Corp. | |||
(3 month PRIME + 2.000%) 2.000%, 10/25/28(2) | 5,486 | 5,198 | |
(3 month PRIME + 2.250%) 2.250%, 8/15/25(2) | 8,390 | 8,057 | |
Banijay Entertainment SAS Tranche B (1 month LIBOR + 3.750%) 7.892%, 3/1/25(2) | 3,912 | 3,892 | |
Deluxe Entertainment Services Group, Inc., PIK Interest Capitalization Second Lien (3 month LIBOR + 8.500%) 13.230%, 9/25/24(5)(6)(7) | 4,502 | — | |
Digital Media Solutions LLC (3 month LIBOR + 5.000%) 9.730%, 5/25/26(2) | 3,875 | 3,255 | |
E.W. Scripps Co. (The) Tranche B-2 (1 month LIBOR + 2.563%) 6.946%, 5/1/26(2) | 7,214 | 7,077 | |
Electronics For Imaging, Inc. First Lien (1 month LIBOR + 5.000%) 9.384%, 7/23/26(2) | 4,213 | 2,793 | |
Lions Gate Capital Holdings LLC Tranche B (1 month LIBOR + 2.250%) 6.634%, 3/24/25(2) | 5,205 | 4,958 |
Par Value | Value | ||
Media / Telecom - Diversified Media—continued | |||
McGraw-Hill Education, Inc. (3 month LIBOR + 4.750%) 8.316%, 7/28/28(2) | $ 5,611 | $ 5,269 | |
MH Sub I LLC | |||
2020 (1 month LIBOR + 3.750%) 8.134%, 9/13/24(2) | 4,143 | 4,020 | |
First Lien (1 month LIBOR + 3.750%) 8.134%, 9/13/24(2) | 7,297 | 7,079 | |
Second Lien (3 month Term SOFR + 6.250%) 10.649%, 2/23/29(2) | 2,565 | 2,286 | |
RR Donnelley & Sons Co. 2022 (1 month Term SOFR + 6.250%) 10.673%, 11/1/26(2) | 2,881 | 2,728 | |
Summer BC Bidco B LLC Tranche B-2 (3 month LIBOR + 4.500%) 9.230%, 12/4/26(2) | 4,149 | 3,838 | |
Vericast Corp. 2022 (1 month Term SOFR + 7.750%) 12.592%, 6/16/26(2) | 4,837 | 3,730 | |
William Morris Endeavor Entertainment LLC Tranche B-1 (1 month LIBOR + 2.750%) 7.140%, 5/18/25(2) | 17,225 | 16,820 | |
84,605 | |||
Media / Telecom - Telecommunications—2.8% | |||
AP Core Holdings II LLC Tranche B-2 (1 month LIBOR + 5.500%) 9.884%, 9/1/27(2) | 7,800 | 6,998 | |
Connect U.S. Finco LLC (1 month LIBOR + 3.500%) 7.890%, 12/11/26(2) | 8,393 | 8,284 | |
Consolidated Communications, Inc. Tranche B-1 (1 month LIBOR + 3.500%) 7.875%, 10/2/27(2) | 3,768 | 3,315 | |
Numericable U.S. LLC | |||
Tranche B-12 (3 month LIBOR + 3.688%) 7.767%, 1/31/26(2) | 12,016 | 11,105 | |
Tranche B-13 (3 month LIBOR + 4.000%) 8.650%, 8/14/26(2) | 12,098 | 11,226 | |
Voyage Digital NZ Ltd. (1 month Term SOFR + 4.500%) 8.784%, 5/11/29(2) | 4,139 | 4,067 | |
Zacapa S.a.r.l. 2022 (3 month Term SOFR + 4.250%) 8.830%, 3/22/29(2) | 13,895 | 13,325 | |
58,320 | |||
Media / Telecom - Wireless Communications—1.1% | |||
CCI Buyer, Inc. First Lien (3 month Term SOFR + 4.000%) 8.580%, 12/17/27(2) | 5,391 | 5,138 | |
Crown Subsea Communications Holding, Inc. (1 month LIBOR + 4.750%) 8.870%, 4/27/27(2) | 5,174 | 5,036 | |
Iridium Satellite LLC Tranche B-2 (1 month LIBOR + 2.500%) 6.923%, 11/4/26(2) | 3,015 | 2,983 | |
Patagonia Holdco LLC (3 month Term SOFR + 5.750%) 9.960%, 8/1/29(2) | 3,800 | 3,007 |
Par Value | Value | ||
Media / Telecom - Wireless Communications—continued | |||
Venga Finance S.a.r.l. (3 month LIBOR + 4.750%) 9.485%, 6/28/29(2) | $ 7,306 | $ 6,676 | |
22,840 | |||
Metals / Minerals—1.0% | |||
AMG Advanced Metallurgical Group N.V. 2021 (1 month LIBOR + 3.500%) 7.884%, 11/30/28(2) | 4,658 | 4,483 | |
Atkore International, Inc. (3 month LIBOR + 2.000%) 6.188%, 5/26/28(2) | 3,422 | 3,402 | |
Consol Energy, Inc. Tranche B (1 month Term SOFR + 4.600%) 8.923%, 9/27/24(2) | 2,514 | 2,482 | |
Oxbow Carbon LLC Tranche B, First Lien (3 month LIBOR + 4.250%) 8.980%, 10/17/25(2) | 5,974 | 5,928 | |
U.S. Silica Co. (1 month LIBOR + 4.000%) 8.438%, 5/1/25(2) | 4,381 | 4,332 | |
20,627 | |||
Retail—2.2% | |||
Academy Ltd. (1 month LIBOR + 3.750%) 7.870%, 11/5/27(2) | 3,614 | 3,586 | |
Ascena Retail Group, Inc. Tranche B (3 month LIBOR + 4.500%) 4.500%, 8/21/22(5)(6) | 2,496 | 4 | |
Belk, Inc. First Lien (3 month LIBOR + 7.500%) 12.199%, 7/31/25(2) | 4,375 | 3,828 | |
Belk, Inc., PIK Interest Capitalization Second Lien 13.000%, 7/31/25(8) | 4,091 | 436 | |
CWGS Group LLC (1 month LIBOR + 2.500%) 6.571% - 6.818%, 6/3/28(2) | 6,405 | 5,908 | |
Great Outdoors Group LLC Tranche B-2 (1 month LIBOR + 3.750%) 8.134%, 3/6/28(2) | 4,663 | 4,470 | |
Hunter Douglas Holding B.V. Tranche B-1 (3 month Term SOFR + 3.500%) 7.859%, 2/26/29(2) | 5,786 | 5,068 | |
J.C. Penney Corp., Inc. Tranche B (3 month LIBOR + 0.043%) 1.043%, 6/23/23(5)(6) | 3,733 | 4 | |
Jo-Ann Stores LLC Tranche B-1 (3 month LIBOR + 4.750%) 9.077%, 7/7/28(2) | 4,339 | 2,914 | |
LSF9 Atlantis Holdings LLC Tranche B (3 month Term SOFR + 7.250%) 11.830%, 3/31/29(2) | 3,901 | 3,782 | |
Petco Health & Wellness Co., Inc. First Lien (3 month Term SOFR + 3.512%) 8.092%, 3/3/28(2) | 6,766 | 6,560 | |
PetsMart LLC (1 month LIBOR + 3.750%) 8.130%, 2/11/28(2) | 4,730 | 4,619 | |
Rent-A-Center, Inc. Tranche B-2 (3 month LIBOR + 3.250%) 7.688%, 2/17/28(2) | 3,629 | 3,489 | |
Rising Tide Holdings, Inc. | |||
First Lien (3 month LIBOR + 4.750%) 9.485%, 6/1/28(2)(5) | 1,306 | 587 |
Par Value | Value | ||
Retail—continued | |||
Second Lien (3 month LIBOR + 8.250%) 12.985%, 6/1/29(2)(5) | $ 2,545 | $ 891 | |
46,146 | |||
Service—8.8% | |||
Adtalem Global Education, Inc. Tranche B (1 month LIBOR + 4.000%) 8.389%, 8/12/28(2) | 6,563 | 6,502 | |
American Public Education, Inc. (1 month LIBOR + 5.500%) 9.884%, 3/29/27(2) | 2,161 | 2,102 | |
Apex Group Treasury Ltd. First Lien (3 month LIBOR + 3.750%) 8.258%, 7/27/28(2) | 4,985 | 4,736 | |
APX Group, Inc. (3 month PRIME + 2.250%) 6.730% - 9.750%, 7/10/28(2) | 7,979 | 7,862 | |
ASP Dream Acquisition Co. LLC (1 month Term SOFR + 4.350%) 8.673%, 12/15/28(2) | 4,204 | 4,036 | |
Belfor Holdings, Inc. | |||
First Lien (1 month LIBOR + 4.000%) 8.384%, 4/6/26(2) | 4,420 | 4,376 | |
Tranche B-2, First Lien (1 month Term SOFR + 4.250%) 8.573%, 4/6/26(2) | 3,731 | 3,694 | |
BrightView Landscapes LLC Tranche B (1 month Term SOFR + 3.250%) 7.573%, 4/20/29(2) | 2,588 | 2,487 | |
Camelot U.S. Acquisition I Co. (1 month LIBOR + 3.000%) 7.384%, 10/30/26(2) | 5,931 | 5,834 | |
Conduent Business Services LLC Tranche B (1 month LIBOR + 4.250%) 8.639%, 10/16/28(2) | 3,118 | 2,967 | |
Dun & Bradstreet Corp. (The) | |||
2022, Tranche B-2 (1 month Term SOFR + 3.250%) 7.573%, 1/18/29(2) | 4,335 | 4,256 | |
Tranche B (1 month LIBOR + 3.250%) 7.639%, 2/6/26(2) | 2,094 | 2,071 | |
Employbridge Holding Co. Tranche B (3 month LIBOR + 4.750%) 9.480% - 9.493%, 7/19/28(2) | 4,932 | 3,997 | |
Energize Holdco LLC (1 month LIBOR + 3.750%) 8.134%, 12/8/28(2) | 4,610 | 4,396 | |
EverCommerce Solutions, Inc. (1 month LIBOR + 3.250%) 7.634%, 7/6/28(2) | 5,071 | 4,963 | |
First Student Bidco, Inc. | |||
Tranche B (3 month LIBOR + 3.000%) 7.726%, 7/21/28(2) | 1,993 | 1,796 | |
Tranche C (3 month LIBOR + 3.000%) 7.726%, 7/21/28(2) | 741 | 668 | |
Foundational Education Group, Inc. | |||
(3 month Term SOFR + 3.750%) 8.592%, 8/31/28(2) | 2,933 | 2,581 | |
(3 month Term SOFR + 6.500%) 11.342%, 8/31/29(2)(5) | 830 | 647 | |
GFL Environmental, Inc. 2020 (3 month LIBOR + 3.000%) 7.415%, 5/30/25(2) | 4,390 | 4,388 |
Par Value | Value | ||
Service—continued | |||
GI Consilio Parent LLC First Lien (1 month LIBOR + 4.000%) 8.384%, 5/12/28(2) | $ 4,819 | $ 4,549 | |
Harsco Corp. (1 month Term SOFR + 2.250%) 6.573%, 3/10/28(2) | 5,204 | 4,848 | |
Holding Socotec Tranche B (3 month LIBOR + 4.000%) 8.730%, 6/30/28(2) | 3,272 | 3,067 | |
Houghton Mifflin Harcourt Co. Tranche B, First Lien (1 month Term SOFR + 5.250%) 9.673%, 4/9/29(2) | 4,723 | 4,477 | |
Lakeland Tours LLC PIK Interest Capitalization First Lien 13.250%, 9/25/27(7) | 104 | 64 | |
Marnix Sas Tranche B (3 month Term SOFR + 3.750%) 8.081%, 8/4/28(2) | 2,851 | 2,696 | |
MHI Holdings LLC First Lien (1 month LIBOR + 5.000%) 9.384%, 9/21/26(2) | 6,774 | 6,698 | |
Michael Baker International LLC (1 month LIBOR + 5.000%) 9.384%, 12/1/28(2) | 1,705 | 1,646 | |
NAB Holdings LLC First Lien (3 month Term SOFR + 3.150%) 7.730%, 11/23/28(2) | 3,645 | 3,538 | |
National Intergovernmental Purchasing Alliance Co. First Lien (3 month Term SOFR + 3.500%) 8.080%, 5/23/25(2) | 2,885 | 2,840 | |
Osmose Utilities Services, Inc. First Lien (1 month LIBOR + 3.250%) 7.634%, 6/23/28(2) | 206 | 195 | |
Oyo Hospitality Netharlands B.V. (3 month LIBOR + 8.250%) 12.980%, 6/23/26(2) | 3,422 | 2,954 | |
Paysafe Holdings U.S. Corp. Tranche B-1 (1 month LIBOR + 2.750%) 7.134%, 6/28/28(2) | 3,414 | 3,248 | |
Peraton Corp. | |||
Tranche B, First Lien (1 month LIBOR + 3.750%) 8.134%, 2/1/28(2) | 16,087 | 15,681 | |
Tranche B-1, Second Lien (1 month LIBOR + 7.750%) 12.089%, 2/1/29(2) | 2,990 | 2,836 | |
Prime Security Services Borrower LLC 2021, Tranche B-1 (3 month LIBOR + 2.750%) 6.505%, 9/23/26(2) | 5,474 | 5,420 | |
Priority Holdings LLC (3 month LIBOR + 5.750%) 10.485%, 4/27/27(2) | 5,477 | 5,436 | |
Refficiency Holdings LLC | |||
2021 (1 month LIBOR + 3.250%) 0.000%, 12/16/27(2)(3) | 243 | 230 | |
2021 (3 month LIBOR + 4.500%) 0.000%, 12/16/27(2)(3) | 1,726 | 1,630 | |
Signal Parent, Inc. (1 month LIBOR + 3.500%) 7.887%, 4/3/28(2) | 4,275 | 2,547 | |
Sitel Group (1 month LIBOR + 3.750%) 8.140%, 8/28/28(2) | 3,646 | 3,594 | |
Spin Holdco, Inc. (3 month LIBOR + 4.000%) 8.765%, 3/4/28(2) | 3,483 | 2,925 | |
St. George’s University Scholastic Services LLC (1 month LIBOR + 3.250%) 7.634%, 2/10/29(2) | 4,934 | 4,790 |
Par Value | Value | ||
Service—continued | |||
Trans Union LLC 2021, Tranche B-6 (1 month LIBOR + 2.250%) 6.634%, 12/1/28(2) | $ 9,490 | $ 9,384 | |
TTF Holdings LLC (1 month LIBOR + 4.000%) 8.440%, 3/31/28(2) | 5,525 | 5,442 | |
United Talent Agency LLC Tranche B (1 month Term SOFR + 4.114%) 8.438%, 7/7/28(2) | 3,980 | 3,910 | |
Vaco Holdings LLC (3 month Term SOFR + 5.000%) 9.730%, 1/19/29(2) | 3,563 | 3,424 | |
Weld North Education LLC 2021 (1 month LIBOR + 3.750%) 8.134%, 12/21/27(2) | 945 | 925 | |
183,353 | |||
Transportation - Automotive—1.3% | |||
Autokiniton U.S. Holdings, Inc. Tranche B (1 month LIBOR + 4.500%) 8.792%, 4/6/28(2) | 8,540 | 8,246 | |
Dexko Global, Inc. (3 month Term SOFR + 6.500%) 11.080%, 10/5/29(2) | 2,595 | 2,413 | |
DexKo Global, Inc. First Lien (3 month Term SOFR + 3.750%) 8.593%, 10/4/28(2) | 4,969 | 4,443 | |
ENC Parent Corp. First Lien (3 month PRIME + 4.250%) 8.980% - 11.750%, 8/19/28(2) | 3,569 | 3,319 | |
ILPEA Parent, Inc. (1 month LIBOR + 4.500%) 8.890%, 6/22/28(2) | 4,186 | 3,956 | |
RVR Dealership Holdings LLC 2022 (1 month Term SOFR + 3.850%) 8.171%, 2/8/28(2) | 5,906 | 5,424 | |
27,801 | |||
Transportation - Land Transportation—1.1% | |||
Daseke Cos., Inc. (1 month LIBOR + 4.000%) 8.390%, 3/9/28(2) | 8,253 | 7,923 | |
LaserShip, Inc. | |||
First Lien (3 month LIBOR + 4.500%) 9.230%, 5/7/28(2) | 4,916 | 3,501 | |
Second Lien (3 month LIBOR + 7.500%) 12.230%, 5/7/29(2) | 3,135 | 1,849 | |
Pilot Travel Centers LLC Tranche B (1 month Term SOFR + 2.100%) 6.423%, 8/4/28(2) | 10,473 | 10,339 | |
23,612 | |||
Transportation - Shipping—0.2% | |||
Carriage Purchaser, Inc. Tranche B (1 month LIBOR + 4.250%) 8.634%, 9/29/28(2) | 4,691 | 4,334 | |
WWEX Uni Topco Holdings LLC Second Lien (3 month LIBOR + 7.000%) 11.730%, 7/26/29(2) | 400 | 332 | |
4,666 | |||
Par Value | Value | ||
Utilities—1.8% | |||
Brookfield WEC Holdings, Inc. (1 month LIBOR + 2.750%) 7.134%, 8/1/25(2) | $ 10,417 | $ 10,256 | |
Eastern Power LLC Tranche B (3 month LIBOR + 3.750%) 8.480%, 10/2/25(2) | 5,479 | 4,851 | |
Generation Bridge LLC | |||
Tranche B (1 month LIBOR + 5.000%) 9.730%, 12/1/28(2) | 2,550 | 2,525 | |
Tranche C (3 month LIBOR + 5.000%) 9.730%, 12/1/28(2) | 56 | 55 | |
Granite Generation LLC (1 month LIBOR + 3.750%) 8.134%, 11/9/26(2) | 6,572 | 6,369 | |
Invenergy Thermal Operating I LLC (1 month Term SOFR + 3.750%) 8.188%, 8/28/25(2) | 2,492 | 2,459 | |
Longview Power LLC (3 month LIBOR + 13.674%) 13.674%, 7/30/25(2) | 755 | 739 | |
WaterBridge Midstream Operating LLC (3 month LIBOR + 5.750%) 9.127%, 6/22/26(2) | 10,175 | 9,759 | |
37,013 | |||
Total Leveraged Loans (Identified Cost $1,936,155) | 1,831,163 |
Shares | ||
Preferred Stock—0.7% | ||
Energy—0.7% | ||
Blackbrush Oil & Gas PIK, 1.000%(5)(7) | 14,313 | 14,654 |
Total Preferred Stock (Identified Cost $4,209) | 14,654 | |
Common Stocks—1.0% | ||
Consumer Discretionary—0.3% | ||
Belk, Inc.(5) | 1,562 | 13 |
Earnout Trust Certificates(5) | 2,376 | 12 |
TRU Topco Units(5) | 1,866 | 6,692 |
Wayne Services Legacy, Inc. (5) | 2,073 | — |
6,717 | ||
Energy—0.4% | ||
Blackbrush Oil & Gas(5) | 437,150 | 6,005 |
Summit Midstream Partners LP(9) | 108,293 | 1,807 |
7,812 | ||
Financials—0.0% | ||
Copper Property CTL Pass Through Trust(5) | 17,816 | 223 |
Information Technology—0.0% | ||
Bright Bidco(5) | 26,953 | 450 |
Internap Holding LLC(5) | 681,392 | — |
450 | ||
Real Estate—0.0% | ||
Hill Street Properties(5) | 85,002 | 425 |
Shares | Value | ||
Utilities—0.3% | |||
Longview Intermediate Holdings LLC(5) | 350,306 | $ 4,904 | |
Total Common Stocks (Identified Cost $14,490) | 20,531 | ||
Rights—0.0% | |||
Utilities—0.0% | |||
Vistra Energy Corp.(5)(9) | 410,667 | 493 | |
Total Rights (Identified Cost $554) | 493 | ||
Warrant—0.0% | |||
Real Estate—0.0% | |||
Hill Street Properties(5)(9) | 144,733 | — | |
Total Warrant (Identified Cost $2) | — | ||
Total Long-Term Investments—96.0% (Identified Cost $2,120,417) | 2,006,452 | ||
Short-Term Investment—0.8% | |||
Money Market Mutual Fund—0.8% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(10) | 16,806,039 | 16,806 | |
Total Short-Term Investment (Identified Cost $16,806) | 16,806 | ||
TOTAL INVESTMENTS—96.8% (Identified Cost $2,137,223) | $2,023,258 | ||
Other assets and liabilities, net—3.2% | 67,794 | ||
NET ASSETS—100.0% | $2,091,052 |
Abbreviations: | |
CLO | Collateralized Loan Obligation |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
PIK | Payment-in-Kind Security |
REIT | Real Estate Investment Trust |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $113,560 or 5.4% of net assets. |
(2) | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(3) | This loan will settle after December 31, 2022, at which time the interest rate, calculated on the base lending rate and the agreed upon spread on trade date, will be reflected. |
(4) | 80% of the income received was in cash and 20% was in PIK. |
(5) | The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the Fair Value Hierarchy table located after the Schedule of Investments. |
(6) | Security in default; no interest payments are being received during the bankruptcy proceedings. |
(7) | 100% of the income received was in PIK. |
(8) | 38% of the income received was in cash and 62% was in PIK. |
(9) | Non-income producing. |
(10) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 91% |
Luxembourg | 4 |
Netherlands | 2 |
France | 2 |
Canada | 1 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Borrower | Par Value | Commitment | Value | Unrealized Appreciation (Depreciation) | ||||
ARC Falcon I, Inc., (3 month LIBOR + 1.000%) 1.000%, 9/30/28 | $ 573 | $ 571 | $ 502 | $ (69) | ||||
AthenaHealth Group, Inc., (1 month Term SOFR + 4.500%) 5.000%, 2/15/29 | 1,404 | 1,400 | 1,264 | (136) | ||||
ENC Parent Corp., (3 month LIBOR + 4.250%) 4.250%, 8/19/28 | 320 | 319 | 298 | (21) | ||||
U.S. Silica Co., (3 month LIBOR + 0.500%) 0.500%, 5/01/23 | 2,250 | 2,236 | 2,206 | (30) | ||||
Total | $4,547 | $4,526 | $4,270 | $(256) |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Assets: | |||||||
Debt Instruments: | |||||||
Asset-Backed Securities | $ 4,987 | $ — | $ 4,987 | $ — | |||
Corporate Bonds and Notes | 131,944 | — | 131,944 | — | |||
Leveraged Loans | 1,831,163 | — | 1,824,473 | 6,690 (1) | |||
Convertible Bonds and Notes | 2,680 | — | 2,680 | — | |||
Equity Securities: | |||||||
Rights | 493 | — | — | 493 | |||
Common Stocks | 20,531 | 1,807 | — | 18,724 (1) | |||
Warrant | — | — | — | — (1) | |||
Preferred Stock | 14,654 | — | — | 14,654 | |||
Money Market Mutual Fund | 16,806 | 16,806 | — | — | |||
Total Investments | $2,023,258 | $18,613 | $1,964,084 | $40,561 |
(1) | Includes internally fair valued securities currently priced at zero ($0). |
Total | Leveraged Loans | Common Stocks | Preferred Stocks | Warrant | Right | ||||||
Investments in Securities | |||||||||||
Balance as of December 31, 2021: | $ 19,478 | $ 5,093(a) | $ 7,678(a) | $ 6,165 | $— | $ 542 | |||||
Accrued discount/(premium) | 42 | 42 | — | — | — | — | |||||
Realized gain (loss) | (2,716) | 196 | (2,912) | — | — | — | |||||
Change in unrealized appreciation (depreciation)(b) | 21,185 | (512) | 13,392 | 8,354 | — | (49) | |||||
Purchases | 3,066 | 2,051 | 880 | 135 | — |
Total | Leveraged Loans | Common Stocks | Preferred Stocks | Warrant | Right | ||||||
Sales (c) | (7,180) | (6,866) | (314) | — | — | — | |||||
Transfers into Level 3(d) | 6,686 | 6,686 | — | — | — (a) | — | |||||
Balance as of December 31, 2022 | $ 40,561 | $ 6,690(a) | $ 18,724 (a) | $ 14,654 | $— (a) | $ 493 |
Investments in Securities – Assets | Ending Balance at December 31, 2022 | Valuation Technique Used | Unobservable Inputs | Input Values | ||||
Preferred Stock: | ||||||||
Blackbrush Oil & Gas PIK | $14,654 | Market and Company Comparables | EV Multiples | 3.11x (1.62x - 6.00x) | ||||
3.13x (1.88x - 5.16x) | ||||||||
Illiquidity Discount | 15% | |||||||
Common Stocks: | ||||||||
BlackBrush Oil & Gas | $ 6,005 | Market and Company Comparables | EV Multiples | 3.11x (1.62x - 6.00x) | ||||
3.13x (1.88x - 5.16x) | ||||||||
Illiquidity Discount | 15% | |||||||
TRU Topco Units | $ 6,692 | Market and Company Comparables | EV Multiples | 5.61x (3.24x - 10.67x) | ||||
8.41x (5.14x - 15.11x) | ||||||||
Precedent Transaction Multiples | 7.33x (5.90x - 10.50x) | |||||||
Illiquidity Discount | 15% | |||||||
December 31, 2022
Par Value | Value | ||
Municipal Bonds(1)—88.5% | |||
Alabama—5.0% | |||
Jefferson County, | |||
Sales Tax Revenue 5.000%, 9/15/33 | $ 1,000 | $ 1,070 | |
Sales Tax Revenue 5.000%, 9/15/35 | 1,000 | 1,060 | |
2,130 | |||
California—7.8% | |||
Regents of the University of California Medical Center Pooled Revenue, Series P 5.000%, 5/15/42 | 1,000 | 1,096 | |
San Diego County Regional Transportation Commission Revenue, Series B 5.000%, 4/1/41 | 300 | 332 | |
San Diego Redevelopment Agency Successor Agency | |||
Sales Tax Revenue, Series A 5.000%, 9/1/28 | 500 | 528 | |
Sales Tax Revenue, Series A 5.000%, 9/1/29 | 405 | 428 | |
San Mateo Foster, City of, Public Financing Authority Revenue | |||
4.000%, 5/1/45 | 500 | 489 | |
4.000%, 5/1/48 | 500 | 486 | |
3,359 | |||
Colorado—7.0% | |||
E-470 Public Highway Authority | |||
Toll Highway Revenue, Series A 5.000%, 9/1/35 | 800 | 888 | |
Toll Highway Revenue, Series A 5.000%, 9/1/36 | 1,000 | 1,101 | |
Regional Transportation District, Sales Tax Revenue, Series A 5.000%, 1/15/28 | 1,000 | 1,044 | |
3,033 | |||
Connecticut—3.8% | |||
Connecticut, State of, Sales Tax Revenue 5.000%, 5/1/37 | 1,500 | 1,652 | |
District of Columbia—2.5% | |||
District of Columbia, General Obligation, Series D 5.000%, 6/1/31 | 1,000 | 1,083 | |
Florida—2.5% | |||
Collier County, Water-Sewer District Revenue 5.000%, 7/1/33 | 1,000 | 1,072 | |
Georgia—4.6% | |||
DeKalb GA Water & Sewerage Revenue County 5.000%, 10/1/43 | 1,815 | 1,994 | |
Idaho—1.7% | |||
Idaho Housing & Finance Association | |||
Series A 4.000%, 7/15/38 | 250 | 249 |
Par Value | Value | ||
Idaho—continued | |||
Series A 4.000%, 7/15/39 | $ 500 | $ 495 | |
744 | |||
Illinois—2.5% | |||
Illinois Finance Authority Revenue 5.000%, 7/1/28 | 1,000 | 1,087 | |
Indiana—4.3% | |||
Indianapolis Local Public Improvement Bond Bank Sales Tax Revenue 5.250%, 1/1/48 | 1,750 | 1,854 | |
Mississippi—1.2% | |||
Mississippi, State of, General Obligation, Series C 4.000%, 10/1/37 | 500 | 507 | |
New Jersey—2.5% | |||
New Jersey Turnpike Authority Revenue, Series G 5.000%, 1/1/36 | 1,000 | 1,076 | |
New York—5.2% | |||
City of New York, | |||
General Obligation 5.500%, 5/1/44 | 1,000 | 1,122 | |
General Obligation, Series B 5.250%, 10/1/47 | 500 | 550 | |
New York City Municipal Water Finance Authority Revenue, Series AA 5.250%, 6/15/52 | 500 | 547 | |
2,219 | |||
Ohio—2.2% | |||
Ohio, State of, General Obligation, Series A 5.000%, 3/1/41 | 845 | 939 | |
Oregon—2.4% | |||
Portland, Port of, Airport Revenue 5.000%, 7/1/47 | 1,000 | 1,026 | |
Pennsylvania—5.7% | |||
Pennsylvania Economic Development Financing Authority Revenue 5.500%, 6/30/40 | 2,000 | 2,085 | |
Pennsylvania Turnpike Commission, Series B 5.250%, 12/1/52 | 350 | 376 | |
2,461 | |||
Tennessee—5.1% | |||
Chattanooga Health Educational & Housing Facility Board, Series A 5.000%, 8/1/30 | 1,010 | 1,077 | |
Tennessee, State of, General Obligation, Series A 5.000%, 9/1/30 | 1,000 | 1,108 | |
2,185 | |||
Par Value | Value | ||
Texas—15.4% | |||
City of Corpus Christi, Utility System Revenue, Series B 5.000%, 7/15/52 | $ 500 | $ 540 | |
Fort Worth, City of, Water & Sewer System Revenue 5.000%, 2/15/30 | 1,000 | 1,107 | |
Godley Independent School District, General Obligation (PSF-GTD Insured) 4.000%, 2/15/52 | 1,000 | 936 | |
Katy Independent School District, General Obligation (PSF-GTD Insured) 4.000%, 2/15/39 | 500 | 494 | |
North Texas Municipal Water District Water System Revenue 5.000%, 9/1/32 | 750 | 832 | |
Texas Water Development Board Revenue 4.650%, 10/15/40 | 1,000 | 1,051 | |
University of Texas System Revenue, Series A 3.550%, 7/1/38 | 1,650 | 1,650 | |
6,610 | |||
Washington—7.1% | |||
Energy Northwest Revenue 5.000%, 7/1/34 | 2,000 | 2,097 | |
Washington Health Care Facilities Authority, Series A 5.000%, 8/1/44 | 940 | 942 | |
3,039 | |||
Total Municipal Bonds (Identified Cost $39,591) | 38,070 | ||
Total Long-Term Investments—88.5% (Identified Cost $39,591) | 38,070 |
Shares | Value | ||
Short-Term Investment—9.5% | |||
Money Market Mutual Fund—9.5% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(2) | 4,091,742 | $ 4,092 | |
Total Short-Term Investment (Identified Cost $4,092) | 4,092 | ||
TOTAL INVESTMENTS—98.0% (Identified Cost $43,683) | $42,162 | ||
Other assets and liabilities, net—2.0% | 868 | ||
NET ASSETS—100.0% | $43,030 |
Abbreviation: | |
PSF-GTD | Permanent School Fund Guarantee Program |
Footnote Legend: | |
(1) | At December 31, 2022, 3.4% 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 December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Municipal Bonds | $38,070 | $ — | $38,070 | ||
Money Market Mutual Fund | 4,092 | 4,092 | — | ||
Total Investments | $42,162 | $4,092 | $38,070 |
December 31, 2022
Par Value | Value | ||
Convertible Bonds and Notes—0.3% | |||
Communication Services—0.3% | |||
DISH Network Corp. 3.375%, 8/15/26 | $ 585 | $ 366 | |
Total Convertible Bonds and Notes (Identified Cost $563) | 366 | ||
Corporate Bonds and Notes—95.8% | |||
Communication Services—9.2% | |||
CMG Media Corp. 144A 8.875%, 12/15/27(1) | 850 | 640 | |
Altice France S.A. 144A 8.125%, 2/1/27(1) | 850 | 774 | |
ANGI Group LLC 144A 3.875%, 8/15/28(1)(2) | 635 | 471 | |
Cable One, Inc. 144A 4.000%, 11/15/30(1)(2) | 1,225 | 961 | |
CCO Holdings LLC 144A 5.125%, 5/1/27(1) | 2,060 | 1,920 | |
Charter Communications Operating LLC 5.750%, 4/1/48 | 405 | 332 | |
CSC Holdings LLC 144A 6.500%, 2/1/29(1) | 1,305 | 1,067 | |
DirecTV Financing LLC 144A 5.875%, 8/15/27(1) | 751 | 672 | |
DISH DBS Corp. 7.375%, 7/1/28 | 505 | 357 | |
LCPR Senior Secured Financing DAC 144A 6.750%, 10/15/27(1) | 390 | 365 | |
Live Nation Entertainment, Inc. | |||
144A 5.625%, 3/15/26(1) | 775 | 733 | |
144A 3.750%, 1/15/28(1) | 913 | 778 | |
Match Group Holdings II LLC 144A 4.625%, 6/1/28(1) | 735 | 655 | |
Scripps Escrow II, Inc. 144A 5.375%, 1/15/31(1)(2) | 435 | 349 | |
Sirius XM Radio, Inc. 144A 4.000%, 7/15/28(1) | 950 | 827 | |
Time Warner Cable LLC 6.750%, 6/15/39 | 309 | 293 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 695 | 556 | |
ZipRecruiter, Inc. 144A 5.000%, 1/15/30(1) | 875 | 721 | |
ZoomInfo Technologies LLC 144A 3.875%, 2/1/29(1) | 435 | 365 | |
12,836 | |||
Consumer Discretionary—16.9% | |||
Ashton Woods USA LLC 144A 4.625%, 4/1/30(1) | 495 | 397 | |
Bath & Body Works, Inc. | |||
6.950%, 3/1/33 | 480 | 419 | |
6.750%, 7/1/36 | 560 | 492 | |
Bloomin’ Brands, Inc. 144A 5.125%, 4/15/29(1) | 655 | 551 | |
Carnival Corp. | |||
144A 9.875%, 8/1/27(1) | 445 | 421 | |
144A 4.000%, 8/1/28(1) | 1,015 | 828 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Crocs, Inc. 144A 4.250%, 3/15/29(1) | $ 815 | $ 690 | |
FirstCash, Inc. | |||
144A 4.625%, 9/1/28(1) | 509 | 447 | |
144A 5.625%, 1/1/30(1) | 561 | 499 | |
Foot Locker, Inc. 144A 4.000%, 10/1/29(1) | 1,060 | 826 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 1,515 | 1,362 | |
LGI Homes, Inc. 144A 4.000%, 7/15/29(1) | 513 | 396 | |
Liberty Interactive LLC 8.250%, 2/1/30 | 550 | 250 | |
Macy’s Retail Holdings LLC 5.125%, 1/15/42 | 425 | 278 | |
Marriott Ownership Resorts, Inc. 4.750%, 1/15/28 | 640 | 557 | |
MercadoLibre, Inc. 3.125%, 1/14/31 | 1,660 | 1,275 | |
Meritage Homes Corp. 144A 3.875%, 4/15/29(1) | 565 | 479 | |
Michaels Cos., Inc. (The) | |||
144A 5.250%, 5/1/28(1) | 725 | 583 | |
144A 7.875%, 5/1/29(1) | 535 | 358 | |
NCL Corp., Ltd. 144A 5.875%, 2/15/27(1) | 1,065 | 923 | |
New Home Co., Inc. (The) 144A 7.250%, 10/15/25(1) | 1,635 | 1,398 | |
Patrick Industries, Inc. | |||
144A 7.500%, 10/15/27(1) | 510 | 495 | |
144A 4.750%, 5/1/29(1) | 345 | 286 | |
Penn Entertainment, Inc. 144A 4.125%, 7/1/29(1) | 525 | 415 | |
Prime Security Services Borrower LLC 144A 5.750%, 4/15/26(1) | 927 | 892 | |
QVC, Inc. 5.450%, 8/15/34 | 2,110 | 1,103 | |
Rent-A-Center, Inc. 144A 6.375%, 2/15/29(1) | 835 | 676 | |
Royal Caribbean Cruises Ltd. | |||
3.700%, 3/15/28 | 395 | 290 | |
144A 5.500%, 8/31/26(1) | 716 | 602 | |
144A 5.375%, 7/15/27(1) | 190 | 154 | |
Shea Homes LP 4.750%, 2/15/28 | 800 | 699 | |
Signal Parent, Inc. 144A 6.125%, 4/1/29(1) | 825 | 240 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 2,360 | 2,052 | |
Thor Industries, Inc. 144A 4.000%, 10/15/29(1) | 515 | 404 | |
Travel + Leisure Co. 144A 6.625%, 7/31/26(1) | 800 | 783 | |
VOC Escrow Ltd. 144A 5.000%, 2/15/28(1) | 1,005 | 864 | |
23,384 | |||
Consumer Staples—3.4% | |||
JBS USA LUX S.A. 144A 4.375%, 2/2/52(1) | 935 | 661 |
Par Value | Value | ||
Consumer Staples—continued | |||
Pilgrim’s Pride Corp. 144A 5.875%, 9/30/27(1) | $ 765 | $ 742 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 850 | 692 | |
Triton Water Holdings, Inc. 144A 6.250%, 4/1/29(1) | 425 | 341 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 1,170 | 1,009 | |
Vector Group Ltd. | |||
144A 10.500%, 11/1/26(1) | 415 | 412 | |
144A 5.750%, 2/1/29(1) | 942 | 817 | |
4,674 | |||
Energy—18.4% | |||
Ascent Resources Utica Holdings LLC | |||
144A 7.000%, 11/1/26(1) | 755 | 732 | |
144A 8.250%, 12/31/28(1) | 1,255 | 1,230 | |
California Resources Corp. 144A 7.125%, 2/1/26(1) | 875 | 841 | |
Callon Petroleum Co. | |||
6.375%, 7/1/26(2) | 555 | 517 | |
144A 8.000%, 8/1/28(1) | 355 | 338 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 715 | 690 | |
Civitas Resources, Inc. 144A 5.000%, 10/15/26(1) | 1,030 | 942 | |
Comstock Resources, Inc. 144A 5.875%, 1/15/30(1) | 917 | 788 | |
Energy Transfer LP Series B 6.625% (3) | 495 | 368 | |
Ensign Drilling, Inc. 144A 9.250%, 4/15/24(1) | 995 | 940 | |
EQM Midstream Partners LP 144A 6.500%, 7/1/27(1) | 1,267 | 1,211 | |
Hilcorp Energy I LP 144A 6.250%, 11/1/28(1) | 1,501 | 1,358 | |
Laredo Petroleum, Inc. 144A 7.750%, 7/31/29(1) | 430 | 387 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 2,235 | 2,146 | |
Nabors Industries, Inc. | |||
5.750%, 2/1/25 | 230 | 219 | |
144A 9.000%, 2/1/25(1) | 1,031 | 1,044 | |
144A 7.375%, 5/15/27(1) | 420 | 407 | |
New Fortress Energy, Inc. | |||
144A 6.750%, 9/15/25(1) | 2,105 | 1,991 | |
144A 6.500%, 9/30/26(1) | 785 | 729 | |
Occidental Petroleum Corp. 6.450%, 9/15/36 | 338 | 345 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 1,430 | 1,282 | |
Precision Drilling Corp. 144A 6.875%, 1/15/29(1) | 340 | 317 | |
Rockies Express Pipeline LLC | |||
144A 4.950%, 7/15/29(1) | 1,050 | 942 | |
144A 7.500%, 7/15/38(1) | 665 | 615 | |
SM Energy Co. | |||
6.625%, 1/15/27 | 390 | 376 | |
6.500%, 7/15/28 | 581 | 557 | |
Tallgrass Energy Partners LP 144A 7.500%, 10/1/25(1) | 825 | 832 |
Par Value | Value | ||
Energy—continued | |||
Talos Production, Inc. 12.000%, 1/15/26 | $ 673 | $ 708 | |
Transocean Phoenix 2 Ltd. 144A 7.750%, 10/15/24(1) | 426 | 422 | |
Transocean Proteus Ltd. 144A 6.250%, 12/1/24(1) | 564 | 556 | |
Weatherford International Ltd. 144A 8.625%, 4/30/30(1) | 1,029 | 988 | |
Western Midstream Operating LP 4.650%, 7/1/26 | 700 | 664 | |
25,482 | |||
Financials—19.8% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 750 | 604 | |
Altice France Holding S.A. 144A 10.500%, 5/15/27(1) | 560 | 427 | |
AssuredPartners, Inc. | |||
144A 7.000%, 8/15/25(1) | 670 | 648 | |
144A 5.625%, 1/15/29(1) | 425 | 350 | |
Castlelake Aviation Finance DAC 144A 5.000%, 4/15/27(1) | 555 | 483 | |
CCO Holdings LLC 144A 5.000%, 2/1/28(1) | 520 | 472 | |
CDI Escrow Issuer, Inc. 144A 5.750%, 4/1/30(1) | 1,190 | 1,067 | |
Charter Communications Operating LLC 6.484%, 10/23/45 | 368 | 332 | |
Cimpress plc 144A 7.000%, 6/15/26(1) | 1,107 | 765 | |
Domtar Corp. 144A 6.750%, 10/1/28(1) | 463 | 405 | |
Enact Holdings, Inc. 144A 6.500%, 8/15/25(1) | 731 | 717 | |
Fairfax Financial Holdings Ltd. 144A 5.625%, 8/16/32(1) | 920 | 864 | |
Freedom Mortgage Corp. 144A 7.625%, 5/1/26(1) | 1,030 | 859 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 390 | 346 | |
Hightower Holding LLC 144A 6.750%, 4/15/29(1) | 929 | 776 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 570 | 490 | |
Holdco LLC LSF11-15 144A 6.625%, 10/15/29(1) | 445 | 368 | |
Icahn Enterprises LP 5.250%, 5/15/27 | 745 | 682 | |
Jefferies Finance LLC 144A 5.000%, 8/15/28(1) | 440 | 359 | |
Kinetik Holdings LP 144A 5.875%, 6/15/30(1) | 735 | 689 | |
Macy’s Retail Holdings LLC 144A 6.125%, 3/15/32(1) | 661 | 556 | |
MGIC Investment Corp. 5.250%, 8/15/28 | 430 | 396 | |
Midcap Financial Issuer Trust | |||
144A 6.500%, 5/1/28(1) | 560 | 482 | |
144A 5.625%, 1/15/30(1) | 555 | 449 | |
MPH Acquisition Holdings LLC 144A 5.500%, 9/1/28(1) | 665 | 519 |
Par Value | Value | ||
Financials—continued | |||
Nationstar Mortgage Holdings, Inc. 144A 6.000%, 1/15/27(1) | $ 1,525 | $ 1,365 | |
Park River Holdings, Inc. 144A 6.750%, 8/1/29(1) | 405 | 278 | |
PennyMac Financial Services, Inc. 144A 5.750%, 9/15/31(1) | 700 | 555 | |
Radian Group, Inc. | |||
4.500%, 10/1/24 | 335 | 323 | |
6.625%, 3/15/25 | 770 | 760 | |
Rithm Capital Corp. 144A 6.250%, 10/15/25(1) | 795 | 713 | |
ROCC Holdings LLC 144A 9.250%, 8/15/26(1) | 555 | 553 | |
Rocket Mortgage LLC | |||
144A 2.875%, 10/15/26(1) | 1,665 | 1,427 | |
144A 3.625%, 3/1/29(1) | 480 | 380 | |
144A 3.875%, 3/1/31(1) | 505 | 385 | |
144A 4.000%, 10/15/33(1) | 505 | 377 | |
Summit Midstream Holdings LLC 144A 8.500%, 10/15/26(1) | 485 | 462 | |
Transocean Pontus Ltd. 144A 6.125%, 8/1/25(1) | 419 | 411 | |
United Rentals North America, Inc. 144A 6.000%, 12/15/29(1) | 240 | 238 | |
United Wholesale Mortgage LLC | |||
144A 5.500%, 11/15/25(1) | 1,160 | 1,045 | |
144A 5.500%, 4/15/29(1) | 1,690 | 1,344 | |
Victors Merger Corp. 144A 6.375%, 5/15/29(1) | 540 | 297 | |
Viking Cruises Ltd. 144A 6.250%, 5/15/25(1) | 755 | 685 | |
Vistra Operations Co. LLC | |||
144A 4.875%, 5/13/24(1) | 50 | 49 | |
144A 5.125%, 5/13/25(1) | 1,259 | 1,231 | |
Vmed O2 UK Financing I plc 144A 4.750%, 7/15/31(1) | 530 | 431 | |
27,414 | |||
Health Care—5.4% | |||
Centene Corp. 4.250%, 12/15/27 | 745 | 699 | |
DaVita, Inc. 144A 4.625%, 6/1/30(1) | 1,745 | 1,404 | |
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 710 | 353 | |
Molina Healthcare, Inc. 144A 4.375%, 6/15/28(1) | 785 | 716 | |
Syneos Health, Inc. 144A 3.625%, 1/15/29(1) | 440 | 350 | |
Tenet Healthcare Corp. | |||
144A 6.125%, 10/1/28(1) | 870 | 779 | |
144A 4.375%, 1/15/30(1) | 895 | 775 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
7.125%, 1/31/25 | 1,285 | 1,268 | |
4.750%, 5/9/27 | 555 | 500 | |
US Acute Care Solutions LLC 144A 6.375%, 3/1/26(1) | 710 | 630 | |
7,474 | |||
Par Value | Value | ||
Industrials—11.1% | |||
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | $ 610 | $ 654 | |
144A 5.500%, 4/20/26(1) | 1,425 | 1,370 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 495 | 411 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 144A 6.000%, 2/1/26(1) | 595 | 542 | |
Builders FirstSource, Inc. 144A 4.250%, 2/1/32(1) | 870 | 705 | |
Chart Industries, Inc. | |||
144A 7.500%, 1/1/30(1) | 335 | 337 | |
144A 9.500%, 1/1/31(1) | 280 | 287 | |
Fertitta Entertainment LLC 144A 6.750%, 1/15/30(1) | 865 | 698 | |
Foundation Building Materials, Inc. 144A 6.000%, 3/1/29(1) | 737 | 552 | |
Hertz Corp. (The) 144A 4.625%, 12/1/26(1) | 790 | 662 | |
Iliad Holding SASU | |||
144A 6.500%, 10/15/26(1) | 715 | 663 | |
144A 7.000%, 10/15/28(1) | 515 | 465 | |
Manitowoc Co., Inc. (The) 144A 9.000%, 4/1/26(1) | 565 | 530 | |
Mileage Plus Holdings LLC 144A 6.500%, 6/20/27(1) | 684 | 680 | |
Spirit AeroSystems, Inc. 144A 9.375%, 11/30/29(1) | 55 | 58 | |
Terex Corp. 144A 5.000%, 5/15/29(1) | 585 | 526 | |
TMS International Corp. 144A 6.250%, 4/15/29(1) | 1,185 | 848 | |
TransDigm UK Holdings plc 6.875%, 5/15/26 | 1,440 | 1,406 | |
TransDigm, Inc. 144A 6.250%, 3/15/26(1) | 2,175 | 2,145 | |
Uber Technologies, Inc. 144A 7.500%, 9/15/27(1) | 1,828 | 1,829 | |
15,368 | |||
Information Technology—3.7% | |||
Block, Inc. 2.750%, 6/1/26 | 800 | 715 | |
Elastic N.V. 144A 4.125%, 7/15/29(1) | 815 | 658 | |
Fair Isaac Corp. 144A 5.250%, 5/15/26(1) | 45 | 44 | |
Global Payments, Inc. 4.950%, 8/15/27 | 1,015 | 984 | |
NCR Corp. 144A 5.125%, 4/15/29(1) | 485 | 406 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 590 | 546 | |
Seagate HDD Cayman 5.750%, 12/1/34 | 857 | 727 | |
Synaptics, Inc. 144A 4.000%, 6/15/29(1) | 470 | 396 | |
Viasat, Inc. 144A 5.625%, 4/15/27(1) | 740 | 672 | |
5,148 | |||
Par Value | Value | ||
Materials—3.6% | |||
Allegheny Ludlum LLC 6.950%, 12/15/25 | $ 323 | $ 320 | |
Graham Packaging Co., Inc. 144A 7.125%, 8/15/28(1) | 680 | 567 | |
Mativ Holdings, Inc. 144A 6.875%, 10/1/26(1) | 1,450 | 1,280 | |
Standard Industries, Inc. 144A 5.000%, 2/15/27(1) | 1,875 | 1,730 | |
Sylvamo Corp. 144A 7.000%, 9/1/29(1) | 884 | 841 | |
Warrior Met Coal, Inc. 144A 7.875%, 12/1/28(1) | 241 | 237 | |
4,975 | |||
Real Estate—2.8% | |||
Brookfield Property REIT, Inc. | |||
144A 5.750%, 5/15/26(1) | 1,442 | 1,317 | |
144A 4.500%, 4/1/27(1) | 1,000 | 836 | |
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 920 | 807 | |
Howard Hughes Corp. (The) 144A 5.375%, 8/1/28(1) | 520 | 468 | |
Necessity Retail REIT, Inc.(The) 144A 4.500%, 9/30/28(1) | 580 | 426 | |
3,854 | |||
Utilities—1.5% | |||
NRG Energy, Inc. | |||
144A 3.750%, 6/15/24(1) | 327 | 315 | |
144A 5.250%, 6/15/29(1) | 445 | 393 | |
Pacific Gas & Electric Co. 4.950%, 7/1/50 | 700 | 542 | |
Vistra Operations Co. LLC 144A 5.625%, 2/15/27(1) | 835 | 792 | |
2,042 | |||
Total Corporate Bonds and Notes (Identified Cost $147,319) | 132,651 | ||
Leveraged Loans—0.9% | |||
Aerospace—0.9% | |||
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.000%, 6/21/27(4) | 1,215 | 1,248 | |
Total Leveraged Loans (Identified Cost $1,276) | 1,248 |
Shares | ||
Common Stocks—0.0% | ||
Energy—0.0% | ||
SandRidge Energy, Inc.(5) | 159 | 3 |
Total Common Stocks (Identified Cost $1) | 3 | |
Total Long-Term Investments���97.0% (Identified Cost $149,159) | 134,268 | |
Shares | Value | ||
Short-Term Investment—1.4% | |||
Money Market Mutual Fund—1.4% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(6) | 1,948,803 | $ 1,949 | |
Total Short-Term Investment (Identified Cost $1,949) | 1,949 | ||
Securities Lending Collateral—1.3% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(6)(7) | 1,835,030 | 1,835 | |
Total Securities Lending Collateral (Identified Cost $1,835) | 1,835 | ||
TOTAL INVESTMENTS—99.7% (Identified Cost $152,943) | $138,052 | ||
Other assets and liabilities, net—0.3% | 386 | ||
NET ASSETS—100.0% | $138,438 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $111,616 or 80.6% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(4) | Variable rate security. Rate disclosed is as of December 31, 2022. 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) | Non-income producing. |
(6) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(7) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 86% |
Bermuda | 2 |
Netherlands | 2 |
Canada | 2 |
Cayman Islands | 2 |
France | 1 |
United Kingdom | 1 |
Other | 4 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Corporate Bonds and Notes | $132,651 | $ — | $132,651 | ||
Leveraged Loans | 1,248 | — | 1,248 | ||
Convertible Bonds and Notes | 366 | — | 366 | ||
Equity Securities: | |||||
Common Stocks | 3 | 3 | — | ||
Money Market Mutual Fund | 1,949 | 1,949 | — | ||
Securities Lending Collateral | 1,835 | 1,835 | — | ||
Total Investments | $138,052 | $3,787 | $134,265 |
December 31, 2022
Par Value | Value | ||
Convertible Bonds and Notes—0.4% | |||
Communication Services—0.4% | |||
DISH Network Corp. 3.375%, 8/15/26 | $ 1,055 | $ 661 | |
Liberty Interactive LLC 4.000%, 11/15/29 | 1,250 | 419 | |
1,080 | |||
Total Convertible Bonds and Notes (Identified Cost $2,037) | 1,080 | ||
Corporate Bonds and Notes—95.4% | |||
Communication Services—11.1% | |||
Altice France S.A. 144A 8.125%, 2/1/27(1) | 1,685 | 1,535 | |
ANGI Group LLC 144A 3.875%, 8/15/28(1)(2) | 1,320 | 980 | |
Cable One, Inc. 144A 4.000%, 11/15/30(1)(2) | 2,599 | 2,039 | |
CCO Holdings LLC 144A 5.125%, 5/1/27(1) | 4,290 | 3,999 | |
Charter Communications Operating LLC 5.750%, 4/1/48 | 759 | 621 | |
CSC Holdings LLC 144A 6.500%, 2/1/29(1) | 3,048 | 2,492 | |
DirecTV Financing LLC 144A 5.875%, 8/15/27(1) | 1,643 | 1,470 | |
DISH DBS Corp. 7.375%, 7/1/28 | 1,115 | 789 | |
LCPR Senior Secured Financing DAC 144A 6.750%, 10/15/27(1) | 1,698 | 1,588 | |
Live Nation Entertainment, Inc. | |||
144A 5.625%, 3/15/26(1) | 1,620 | 1,532 | |
144A 3.750%, 1/15/28(1) | 3,340 | 2,846 | |
Match Group Holdings II LLC 144A 4.625%, 6/1/28(1) | 1,630 | 1,453 | |
Scripps Escrow II, Inc. 144A 5.375%, 1/15/31(1)(2) | 855 | 685 | |
Sirius XM Radio, Inc. | |||
144A 4.000%, 7/15/28(1) | 2,025 | 1,762 | |
144A 4.125%, 7/1/30(1) | ��� 1,090 | 899 | |
Time Warner Cable LLC 6.750%, 6/15/39 | 591 | 560 | |
Uniti Group LP 144A 4.750%, 4/15/28(1) | 1,867 | 1,494 | |
ZipRecruiter, Inc. 144A 5.000%, 1/15/30(1) | 1,747 | 1,440 | |
ZoomInfo Technologies LLC 144A 3.875%, 2/1/29(1) | 832 | 699 | |
28,883 | |||
Consumer Discretionary—19.3% | |||
Ashton Woods USA LLC 144A 4.625%, 4/1/30(1) | 1,039 | 834 | |
Bath & Body Works, Inc. | |||
6.950%, 3/1/33 | 963 | 840 | |
6.750%, 7/1/36 | 705 | 620 | |
Bloomin’ Brands, Inc. 144A 5.125%, 4/15/29(1) | 1,281 | 1,078 | |
Carnival Corp. | |||
144A 9.875%, 8/1/27(1) | 829 | 783 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
144A 4.000%, 8/1/28(1) | $ 1,901 | $ 1,550 | |
Crocs, Inc. 144A 4.250%, 3/15/29(1) | 1,875 | 1,588 | |
Fertitta Entertainment LLC 144A 4.625%, 1/15/29(1) | 925 | 783 | |
FirstCash, Inc. | |||
144A 4.625%, 9/1/28(1) | 1,177 | 1,033 | |
144A 5.625%, 1/1/30(1) | 1,277 | 1,137 | |
Foot Locker, Inc. 144A 4.000%, 10/1/29(1) | 2,776 | 2,163 | |
Installed Building Products, Inc. 144A 5.750%, 2/1/28(1) | 2,860 | 2,572 | |
LGI Homes, Inc. 144A 4.000%, 7/15/29(1) | 1,402 | 1,083 | |
Macy’s Retail Holdings LLC 5.125%, 1/15/42 | 874 | 571 | |
Marriott Ownership Resorts, Inc. 4.750%, 1/15/28 | 2,210 | 1,924 | |
MercadoLibre, Inc. 3.125%, 1/14/31 | 3,160 | 2,427 | |
Meritage Homes Corp. 144A 3.875%, 4/15/29(1) | 1,256 | 1,065 | |
Michaels Cos., Inc. (The) 144A 5.250%, 5/1/28(1) | 1,340 | 1,078 | |
NCL Corp., Ltd. 144A 5.875%, 2/15/27(1) | 2,276 | 1,972 | |
New Home Co., Inc. (The) 144A 7.250%, 10/15/25(1) | 3,215 | 2,749 | |
Patrick Industries, Inc. | |||
144A 7.500%, 10/15/27(1) | 1,045 | 1,014 | |
144A 4.750%, 5/1/29(1) | 635 | 527 | |
Penn Entertainment, Inc. 144A 4.125%, 7/1/29(1) | 1,118 | 883 | |
Prime Security Services Borrower LLC 144A 5.750%, 4/15/26(1) | 1,765 | 1,699 | |
QVC, Inc. 5.450%, 8/15/34 | 4,428 | 2,314 | |
Rent-A-Center, Inc. 144A 6.375%, 2/15/29(1) | 1,566 | 1,267 | |
Royal Caribbean Cruises Ltd. | |||
144A 5.500%, 8/31/26(1) | 1,405 | 1,182 | |
144A 5.375%, 7/15/27(1) | 1,063 | 861 | |
Shea Homes LP | |||
4.750%, 2/15/28 | 1,759 | 1,536 | |
4.750%, 4/1/29 | 985 | 827 | |
Station Casinos LLC 144A 4.500%, 2/15/28(1) | 4,646 | 4,039 | |
Thor Industries, Inc. 144A 4.000%, 10/15/29(1) | 1,158 | 909 | |
Travel + Leisure Co. 144A 6.625%, 7/31/26(1) | 1,636 | 1,600 | |
TRI Pointe Group, Inc. 5.875%, 6/15/24 | 1,030 | 1,025 | |
VOC Escrow Ltd. 144A 5.000%, 2/15/28(1) | 1,870 | 1,608 | |
Winnebago Industries, Inc. 144A 6.250%, 7/15/28(1) | 955 | 891 | |
50,032 | |||
Par Value | Value | ||
Consumer Staples—4.2% | |||
JBS USA LUX S.A. 144A 4.375%, 2/2/52(1) | $ 1,740 | $ 1,230 | |
Pilgrim’s Pride Corp. 144A 5.875%, 9/30/27(1) | 3,451 | 3,347 | |
Simmons Foods, Inc. 144A 4.625%, 3/1/29(1) | 1,605 | 1,307 | |
Turning Point Brands, Inc. 144A 5.625%, 2/15/26(1) | 2,635 | 2,273 | |
Vector Group Ltd. 144A 5.750%, 2/1/29(1) | 3,076 | 2,667 | |
10,824 | |||
Energy—16.3% | |||
Ascent Resources Utica Holdings LLC 144A 7.000%, 11/1/26(1) | 2,781 | 2,698 | |
California Resources Corp. 144A 7.125%, 2/1/26(1) | 1,640 | 1,576 | |
Callon Petroleum Co. 6.375%, 7/1/26 | 860 | 802 | |
Chesapeake Energy Corp. 144A 5.500%, 2/1/26(1) | 1,440 | 1,390 | |
Civitas Resources, Inc. 144A 5.000%, 10/15/26(1) | 2,057 | 1,881 | |
Comstock Resources, Inc. 144A 5.875%, 1/15/30(1) | 2,003 | 1,722 | |
Energy Transfer LP Series B 6.625% (3) | 1,011 | 751 | |
EQM Midstream Partners LP 144A 6.500%, 7/1/27(1) | 2,615 | 2,499 | |
Hilcorp Energy I LP 144A 6.250%, 11/1/28(1) | 3,300 | 2,986 | |
Laredo Petroleum, Inc. 144A 7.750%, 7/31/29(1) | 895 | 806 | |
Magnolia Oil & Gas Operating LLC 144A 6.000%, 8/1/26(1) | 3,742 | 3,592 | |
Nabors Industries, Inc. | |||
144A 9.000%, 2/1/25(1) | 2,294 | 2,323 | |
144A 7.375%, 5/15/27(1) | 856 | 829 | |
New Fortress Energy, Inc. | |||
144A 6.750%, 9/15/25(1) | 4,636 | 4,385 | |
144A 6.500%, 9/30/26(1) | 1,485 | 1,379 | |
Occidental Petroleum Corp. 6.450%, 9/15/36 | 644 | 657 | |
Patterson-UTI Energy, Inc. 5.150%, 11/15/29 | 2,888 | 2,588 | |
Precision Drilling Corp. 144A 6.875%, 1/15/29(1) | 674 | 627 | |
Rockies Express Pipeline LLC | |||
144A 4.950%, 7/15/29(1) | 1,665 | 1,494 | |
144A 7.500%, 7/15/38(1) | 1,478 | 1,367 | |
SM Energy Co. | |||
6.625%, 1/15/27 | 855 | 823 | |
6.500%, 7/15/28 | 1,285 | 1,232 | |
Tallgrass Energy Partners LP 144A 7.500%, 10/1/25(1) | 405 | 409 | |
Talos Production, Inc. 12.000%, 1/15/26 | 674 | 709 | |
Transocean Phoenix 2 Ltd. 144A 7.750%, 10/15/24(1) | 800 | 792 | |
Transocean Proteus Ltd. 144A 6.250%, 12/1/24(1) | 526 | 518 |
Par Value | Value | ||
Energy—continued | |||
Weatherford International Ltd. 144A 8.625%, 4/30/30(1) | $ 1,275 | $ 1,224 | |
Welltec International ApS 144A 8.250%, 10/15/26(1) | 220 | 214 | |
42,273 | |||
Financials—17.0% | |||
Altice Financing S.A. 144A 5.000%, 1/15/28(1) | 2,850 | 2,294 | |
Castlelake Aviation Finance DAC 144A 5.000%, 4/15/27(1)(2) | 1,225 | 1,066 | |
CDI Escrow Issuer, Inc. 144A 5.750%, 4/1/30(1) | 1,590 | 1,425 | |
Charter Communications Operating LLC 6.484%, 10/23/45 | 694 | 626 | |
Domtar Corp. 144A 6.750%, 10/1/28(1) | 1,111 | 973 | |
Enact Holdings, Inc. 144A 6.500%, 8/15/25(1) | 1,478 | 1,451 | |
Fairfax Financial Holdings Ltd. 144A 5.625%, 8/16/32(1) | 1,715 | 1,610 | |
Freedom Mortgage Corp. 144A 7.625%, 5/1/26(1) | 1,846 | 1,540 | |
Gray Television, Inc. 144A 7.000%, 5/15/27(1) | 725 | 643 | |
Hilton Grand Vacations Borrower Escrow LLC 144A 5.000%, 6/1/29(1) | 1,054 | 906 | |
Icahn Enterprises LP 5.250%, 5/15/27 | 1,200 | 1,099 | |
Jefferies Finance LLC 144A 5.000%, 8/15/28(1) | 895 | 730 | |
Kinetik Holdings LP 144A 5.875%, 6/15/30(1) | 1,425 | 1,336 | |
LCPR Senior Secured Financing DAC 144A 5.125%, 7/15/29(1) | 1,035 | 857 | |
Macy’s Retail Holdings LLC 144A 6.125%, 3/15/32(1) | 1,142 | 960 | |
MGIC Investment Corp. 5.250%, 8/15/28 | 859 | 792 | |
Midcap Financial Issuer Trust 144A 5.625%, 1/15/30(1) | 1,115 | 903 | |
MPH Acquisition Holdings LLC 144A 5.500%, 9/1/28(1) | 687 | 536 | |
Nationstar Mortgage Holdings, Inc. | |||
144A 6.000%, 1/15/27(1) | 2,964 | 2,653 | |
144A 5.500%, 8/15/28(1) | 390 | 318 | |
PennyMac Financial Services, Inc. 144A 5.750%, 9/15/31(1) | 1,300 | 1,031 | |
Radian Group, Inc. | |||
4.500%, 10/1/24 | 700 | 675 | |
6.625%, 3/15/25 | 1,609 | 1,587 | |
Rithm Capital Corp. 144A 6.250%, 10/15/25(1) | 1,488 | 1,335 | |
ROCC Holdings LLC 144A 9.250%, 8/15/26(1) | 1,280 | 1,274 | |
Rocket Mortgage LLC | |||
144A 2.875%, 10/15/26(1) | 3,085 | 2,644 | |
144A 3.625%, 3/1/29(1) | 940 | 745 | |
144A 3.875%, 3/1/31(1) | 1,555 | 1,187 | |
144A 4.000%, 10/15/33(1) | 401 | 300 |
Par Value | Value | ||
Financials—continued | |||
Summit Midstream Holdings LLC 144A 8.500%, 10/15/26(1) | $ 1,078 | $ 1,027 | |
Transocean Pontus Ltd. 144A 6.125%, 8/1/25(1) | 623 | 610 | |
United Rentals North America, Inc. 144A 6.000%, 12/15/29(1) | 460 | 457 | |
United Wholesale Mortgage LLC | |||
144A 5.500%, 11/15/25(1) | 2,153 | 1,939 | |
144A 5.500%, 4/15/29(1) | 3,688 | 2,934 | |
Vistra Operations Co. LLC | |||
144A 4.875%, 5/13/24(1) | 104 | 102 | |
144A 5.125%, 5/13/25(1) | 2,575 | 2,518 | |
Vmed O2 UK Financing I plc 144A 4.750%, 7/15/31(1) | 1,250 | 1,015 | |
44,098 | |||
Health Care—5.4% | |||
Centene Corp. 4.250%, 12/15/27 | 2,255 | 2,115 | |
DaVita, Inc. 144A 4.625%, 6/1/30(1) | 2,983 | 2,399 | |
Emergent BioSolutions, Inc. 144A 3.875%, 8/15/28(1) | 1,388 | 690 | |
Molina Healthcare, Inc. 144A 4.375%, 6/15/28(1) | 1,475 | 1,346 | |
Syneos Health, Inc. 144A 3.625%, 1/15/29(1) | 829 | 660 | |
Tenet Healthcare Corp. | |||
144A 6.125%, 10/1/28(1) | 1,745 | 1,562 | |
144A 4.375%, 1/15/30(1) | 1,801 | 1,559 | |
Teva Pharmaceutical Finance Netherlands III B.V. | |||
7.125%, 1/31/25 | 2,890 | 2,851 | |
4.750%, 5/9/27 | 1,045 | 942 | |
14,124 | |||
Industrials—9.7% | |||
American Airlines, Inc. | |||
144A 11.750%, 7/15/25(1) | 1,215 | 1,303 | |
144A 5.500%, 4/20/26(1) | 3,301 | 3,174 | |
BlueLinx Holdings, Inc. 144A 6.000%, 11/15/29(1) | 1,057 | 877 | |
Brundage-Bone Concrete Pumping Holdings, Inc. 144A 6.000%, 2/1/26(1) | 1,301 | 1,186 | |
Builders FirstSource, Inc. 144A 4.250%, 2/1/32(1) | 1,677 | 1,360 | |
Chart Industries, Inc. 144A 7.500%, 1/1/30(1) | 1,155 | 1,161 | |
Hertz Corp. (The) 144A 4.625%, 12/1/26(1) | 1,725 | 1,445 | |
Iliad Holding SASU | |||
144A 6.500%, 10/15/26(1) | 1,930 | 1,790 | |
144A 7.000%, 10/15/28(1) | 1,135 | 1,026 | |
Manitowoc Co., Inc. (The) 144A 9.000%, 4/1/26(1) | 1,090 | 1,022 | |
Mileage Plus Holdings LLC 144A 6.500%, 6/20/27(1) | 1,284 | 1,277 | |
Spirit AeroSystems, Inc. 144A 9.375%, 11/30/29(1) | 108 | 114 | |
Terex Corp. 144A 5.000%, 5/15/29(1) | 1,330 | 1,195 |
Par Value | Value | ||
Industrials—continued | |||
TMS International Corp. 144A 6.250%, 4/15/29(1) | $ 2,439 | $ 1,745 | |
TransDigm, Inc. 144A 6.250%, 3/15/26(1) | 2,655 | 2,618 | |
Uber Technologies, Inc. | |||
144A 8.000%, 11/1/26(1) | 1,630 | 1,636 | |
144A 7.500%, 9/15/27(1) | 2,105 | 2,106 | |
25,035 | |||
Information Technology—3.3% | |||
Elastic N.V. 144A 4.125%, 7/15/29(1) | 1,793 | 1,448 | |
Fair Isaac Corp. 144A 5.250%, 5/15/26(1) | 124 | 121 | |
Global Payments, Inc. 4.950%, 8/15/27 | 1,420 | 1,378 | |
NCR Corp. 144A 5.125%, 4/15/29(1) | 1,402 | 1,173 | |
Science Applications International Corp. 144A 4.875%, 4/1/28(1) | 1,504 | 1,391 | |
Seagate HDD Cayman 5.750%, 12/1/34 | 999 | 847 | |
Synaptics, Inc. 144A 4.000%, 6/15/29(1) | 995 | 838 | |
Viasat, Inc. 144A 5.625%, 4/15/27(1) | 1,623 | 1,474 | |
8,670 | |||
Materials—3.6% | |||
Allegheny Ludlum LLC 6.950%, 12/15/25 | 633 | 627 | |
Mativ Holdings, Inc. 144A 6.875%, 10/1/26(1) | 2,704 | 2,386 | |
Standard Industries, Inc. 144A 5.000%, 2/15/27(1) | 3,385 | 3,123 | |
Summit Materials LLC 144A 6.500%, 3/15/27(1) | 660 | 647 | |
Sylvamo Corp. 144A 7.000%, 9/1/29(1) | 2,015 | 1,918 | |
Warrior Met Coal, Inc. 144A 7.875%, 12/1/28(1) | 654 | 643 | |
9,344 | |||
Real Estate—4.2% | |||
Brookfield Property REIT, Inc. | |||
144A 5.750%, 5/15/26(1) | 2,952 | 2,697 | |
144A 4.500%, 4/1/27(1) | 3,295 | 2,754 | |
Forestar Group, Inc. 144A 3.850%, 5/15/26(1) | 3,283 | 2,878 | |
Howard Hughes Corp. (The) 144A 5.375%, 8/1/28(1) | 998 | 899 | |
Necessity Retail REIT, Inc.(The) 144A 4.500%, 9/30/28(1) | 1,125 | 827 | |
SBA Communications Corp. 3.875%, 2/15/27 | 838 | 757 | |
10,812 | |||
Par Value | Value | ||
Utilities—1.3% | |||
NRG Energy, Inc. 144A 5.250%, 6/15/29(1) | $ 937 | $ 827 | |
Pacific Gas & Electric Co. 4.950%, 7/1/50 | 1,340 | 1,039 | |
Vistra Operations Co. LLC 144A 5.625%, 2/15/27(1) | 1,675 | 1,589 | |
3,455 | |||
Total Corporate Bonds and Notes (Identified Cost $275,700) | 247,550 | ||
Leveraged Loans—0.6% | |||
Aerospace—0.6% | |||
Mileage Plus Holdings LLC (3 month LIBOR + 5.250%) 10.000%, 6/21/27(4) | 1,498 | 1,538 | |
Total Leveraged Loans (Identified Cost $1,573) | 1,538 | ||
Total Long-Term Investments—96.4% (Identified Cost $279,310) | 250,168 |
Shares | ||
Securities Lending Collateral—0.8% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(5)(6) | 2,163,856 | 2,164 |
Total Securities Lending Collateral (Identified Cost $2,164) | 2,164 | |
TOTAL INVESTMENTS—97.2% (Identified Cost $281,474) | $252,332 | |
Other assets and liabilities, net—2.8% | 7,216 | |
NET ASSETS—100.0% | $259,548 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
REIT | Real Estate Investment Trust |
Footnote Legend: | |
(1) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $210,599 or 81.1% of net assets. |
(2) | All or a portion of security is on loan. |
(3) | No contractual maturity date. |
(4) | Variable rate security. Rate disclosed is as of December 31, 2022. 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) | 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. |
Country Weightings (Unaudited)† | |
United States | 87% |
Netherlands | 2 |
Bermuda | 2 |
France | 2 |
Ireland | 1 |
Cayman Islands | 1 |
Panama | 1 |
Other | 4 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Corporate Bonds and Notes | $247,550 | $ — | $247,550 | ||
Leveraged Loans | 1,538 | — | 1,538 | ||
Convertible Bonds and Notes | 1,080 | — | 1,080 | ||
Securities Lending Collateral | 2,164 | 2,164 | — | ||
Total Investments | $252,332 | $2,164 | $250,168 |
December 31, 2022
Par Value | Value | ||
Municipal Bonds(1)—94.2% | |||
Alabama—1.0% | |||
Jefferson County, Sales Tax Revenue 5.000%, 9/15/33 | $ 1,500 | $ 1,606 | |
California—4.3% | |||
California County Tobacco Securitization Agency Revenue, | |||
Series A 5.000%, 6/1/24 | 100 | 102 | |
Series A 5.000%, 6/1/25 | 200 | 206 | |
Series A 5.000%, 6/1/27 | 100 | 105 | |
Series A 5.000%, 6/1/28 | 100 | 105 | |
California, State of, General Obligation 5.000%, 4/1/37 | 4,000 | 4,082 | |
City of Los Angeles Department of Airports 5.000%, 5/15/45 | 1,000 | 1,029 | |
City of Vernon Electric System Revenue, | |||
Series 2022-A 5.000%, 8/1/39 | 450 | 467 | |
Series 2022-A 5.000%, 8/1/40 | 365 | 377 | |
Series 2022-A 5.000%, 8/1/41 | 400 | 413 | |
6,886 | |||
Colorado—3.1% | |||
E-470 Public Highway Authority, Series A 5.000%, 9/1/40 | 1,500 | 1,507 | |
Pueblo County School District No. 70, General Obligation (State AID Withholding Insured) 4.000%, 12/1/28 | 1,340 | 1,436 | |
Regional Transportation District, | |||
Sales Tax Revenue 5.000%, 1/15/27 | 900 | 933 | |
Sales Tax Revenue 5.000%, 7/15/27 | 1,025 | 1,067 | |
4,943 | |||
Connecticut—1.3% | |||
Connecticut State Health & Educational Facilities Authority Revenue 4.000%, 7/1/40 | 1,000 | 911 | |
Connecticut, State of, General Obligation, Series D 5.000%, 9/15/28 | 1,000 | 1,117 | |
2,028 | |||
District of Columbia—3.3% | |||
District of Columbia, General Obligation, Series D 5.000%, 6/1/31 | 2,825 | 3,060 | |
Metropolitan Washington Airports Authority Aviation Revenue, Series A 5.000%, 10/1/29 | 2,000 | 2,160 | |
5,220 | |||
Par Value | Value | ||
Florida—0.9% | |||
Florida Municipal Power Agency Revenue, | |||
Series A 3.000%, 10/1/32 | $ 750 | $ 708 | |
Series A 3.000%, 10/1/33 | 750 | 699 | |
1,407 | |||
Idaho—1.5% | |||
Idaho Housing & Finance Association | |||
5.000%, 8/15/39 | 1,200 | 1,346 | |
5.000%, 8/15/40 | 1,000 | 1,116 | |
2,462 | |||
Illinois—3.3% | |||
Chicago O’Hare International Airport Revenue, Senior Lien, Series D 5.000%, 1/1/26 | 2,600 | 2,707 | |
Illinois, State of, General Obligation, Series A 5.000%, 3/1/28 | 2,500 | 2,585 | |
5,292 | |||
Indiana—2.6% | |||
Indianapolis Local Public Improvement Bond Bank 5.250%, 1/1/41 | 3,870 | 4,192 | |
Maryland—3.8% | |||
Anne Arundel County, General Obligation 5.000%, 10/1/30 | 2,615 | 2,839 | |
Washington Suburban Sanitary Commission Revenue (CNTY GTD Insured) 5.000%, 6/15/30 | 3,000 | 3,304 | |
6,143 | |||
Minnesota—3.4% | |||
Minnesota, State of, General Obligation, Series 2016-A 5.000%, 8/1/29 | 5,000 | 5,404 | |
Mississippi—2.4% | |||
Mississippi, State of, | |||
General Obligation, Series C 5.000%, 10/1/36 | 3,000 | 3,290 | |
General Obligation, Series C 4.000%, 10/1/37 | 500 | 507 | |
3,797 | |||
Missouri—0.5% | |||
Metropolitan St Louis Sewer District Revenue, Series B 5.000%, 5/1/47 | 750 | 818 | |
New Jersey—1.7% | |||
New Jersey Transportation Trust Fund Authority 5.000%, 6/15/35 | 2,500 | 2,712 | |
New York—7.9% | |||
City of New York, General Obligation 5.500%, 5/1/46 | 500 | 557 |
Par Value | Value | ||
New York—continued | |||
New York City Municipal Water Finance Authority, Series EE 5.000%, 6/15/45 | $ 1,445 | $ 1,516 | |
New York State Dormitory Authority, Sales Tax Revenue, Series A 5.000%, 3/15/28 | 2,500 | 2,555 | |
New York Transportation Development Corp. 5.000%, 12/1/34 | 3,000 | 3,151 | |
Port Authority of New York & New Jersey 5.000%, 1/15/38 | 1,000 | 1,063 | |
Triborough Bridge & Tunnel Authority | |||
5.000%, 5/15/43 | 2,000 | 2,163 | |
5.000%, 5/15/44 | 1,500 | 1,617 | |
12,622 | |||
North Carolina—3.1% | |||
Charlotte, City of, 2003 Governmental Facilities Projects 3.650%, 6/1/33 | 5,000 | 5,000 | |
North Dakota—2.0% | |||
North Dakota Public Finance Authority Revenue 5.000%, 10/1/28 | 3,000 | 3,114 | |
Ohio—5.9% | |||
Ohio, State of, | |||
General Obligation, Series A 5.000%, 6/15/32 | 7,735 | 8,249 | |
General Obligation, Series A 5.000%, 3/1/37 | 1,000 | 1,144 | |
9,393 | |||
Oregon—1.8% | |||
Hillsboro School District No. 1J, General Obligation (SCH BD GTY Insured) 5.000%, 6/15/31 | 1,000 | 1,090 | |
Port of Portland, Airport Revenue, | |||
Series 24B 5.000%, 7/1/26 | 750 | 789 | |
Series 24B 5.000%, 7/1/30 | 1,000 | 1,049 | |
2,928 | |||
Pennsylvania—5.6% | |||
Lancaster County Hospital Authority Revenue | |||
5.000%, 11/1/37 | 580 | 617 | |
5.000%, 11/1/40 | 1,100 | 1,149 | |
Pennsylvania Economic Development Financing Authority | |||
5.500%, 6/30/38 | 1,000 | 1,052 | |
5.500%, 6/30/41 | 2,000 | 2,076 | |
5.500%, 6/30/42 | 1,000 | 1,059 | |
Pennsylvania Higher Educational Facilities Authority | |||
5.000%, 8/15/28 | 650 | 725 | |
5.000%, 8/15/29 | 600 | 679 | |
Pennsylvania Turnpike Commission, | |||
Series B 5.250%, 12/1/41 | 1,000 | 1,098 |
Par Value | Value | ||
Pennsylvania—continued | |||
Series B 5.250%, 12/1/52 | $ 400 | $ 430 | |
8,885 | |||
South Carolina—0.7% | |||
University of South Carolina, | |||
Series A 5.000%, 5/1/29 | 595 | 666 | |
Series A 5.000%, 5/1/31 | 450 | 518 | |
1,184 | |||
Tennessee—4.2% | |||
Shelby County, General Obligation, Series B 3.640%, 3/1/31 | 3,415 | 3,415 | |
Tennessee, State of, General Obligation, Series A 5.000%, 9/1/30 | 3,005 | 3,328 | |
6,743 | |||
Texas—16.4% | |||
Brazosport Independent School District, General Obligation (PSF-GTD Insured) 5.000%, 2/15/28 | 1,080 | 1,193 | |
Central Texas Regional Mobility Authority Revenue, | |||
Senior Lien, Series E 5.000%, 1/1/29 | 500 | 543 | |
Senior Lien, Series E 5.000%, 1/1/30 | 1,300 | 1,426 | |
City of Austin, | |||
General Obligation 5.000%, 9/1/28 | 10 | 11 | |
General Obligation 5.000%, 9/1/28 | 1,140 | 1,280 | |
City of Corpus Christi, Utility System Revenue, | |||
Series B 5.000%, 7/15/40 | 1,450 | 1,593 | |
Series B 5.000%, 7/15/47 | 2,500 | 2,714 | |
Series B 5.000%, 7/15/52 | 1,000 | 1,079 | |
City of Dallas, Waterworks & Sewer System Revenue, Series A 5.000%, 10/1/31 | 6,845 | 7,375 | |
Eagle Mountain & Saginaw Independent School District, General Obligation (PSF-GTD Insured) 5.000%, 8/15/28 | 1,000 | 1,116 | |
North Texas Municipal Water District Water System Revenue 5.000%, 9/1/31 | 500 | 556 | |
Northwest Independent School District, General Obligation, Series A (PSF-GTD Insured) 5.000%, 2/15/27 | 2,600 | 2,717 | |
San Antonio, City of, Electric & Gas Systems Revenue 5.000%, 2/1/38 | 750 | 828 | |
Texas, State of, General Obligation 5.000%, 8/1/27 | 2,540 | 2,613 |
Par Value | Value | ||
Texas—continued | |||
Wichita Falls Independent School District, General Obligation (PSF-GTD Insured) 4.000%, 2/1/29 | $ 1,000 | $ 1,061 | |
26,105 | |||
Virginia—3.2% | |||
Virginia College Building Authority Revenue, Series A 5.000%, 2/1/29 | 4,750 | 5,066 | |
Washington—8.6% | |||
Energy Northwest Revenue 5.000%, 7/1/34 | 8,000 | 8,388 | |
Washington, State of, General Obligation, Series C 5.000%, 2/1/30 | 5,000 | 5,313 | |
13,701 | |||
Wisconsin—1.7% | |||
Public Finance Authority | |||
5.000%, 6/1/27 | 300 | 319 | |
5.000%, 6/1/28 | 500 | 537 | |
5.000%, 6/1/29 | 700 | 759 | |
5.000%, 6/1/30 | 1,000 | 1,093 | |
2,708 | |||
Total Municipal Bonds (Identified Cost $156,275) | 150,359 | ||
Total Long-Term Investments—94.2% (Identified Cost $156,275) | 150,359 |
Shares | Value | ||
Short-Term Investments—5.0% | |||
Money Market Mutual Funds—5.0% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(2) | 590,293 | $ 590 | |
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(2) | 7,303,694 | 7,304 | |
Total Short-Term Investments (Identified Cost $7,894) | 7,894 | ||
TOTAL INVESTMENTS—99.2% (Identified Cost $164,169) | $158,253 | ||
Other assets and liabilities, net—0.8% | 1,324 | ||
NET ASSETS—100.0% | $159,577 |
Abbreviations: | |
CNTY GTD | County Guarantee Program |
PSF-GTD | Permanent School Fund Guarantee Program |
SCH BD GTY | School Bond Guaranty |
Footnote Legend: | |
(1) | At December 31, 2022, 8.2% of the securities in the portfolio are backed by insurance of financial institutions and financial guaranty assurance agencies. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Municipal Bonds | $150,359 | $ — | $150,359 | ||
Money Market Mutual Funds | 7,894 | 7,894 | — | ||
Total Investments | $158,253 | $7,894 | $150,359 |
December 31, 2022
Par Value | Value | ||
U.S. Government Securities—31.3% | |||
U.S. Treasury Bonds 3.000%, 8/15/52 | $ 21,425 | $ 17,652 | |
U.S. Treasury Inflation Indexed Bonds 0.125%, 1/15/32 | 13,047 | 11,428 | |
U.S. Treasury Notes | |||
0.125%, 12/15/23(1) | 8,673 | 8,308 | |
0.375%, 7/15/24 | 4,225 | 3,958 | |
0.500%, 3/31/25 | 2,831 | 2,600 | |
0.250%, 9/30/25 | 6,490 | 5,827 | |
2.750%, 7/31/27 | 3,103 | 2,936 | |
4.125%, 11/15/32 | 10,136 | 10,344 | |
Total U.S. Government Securities (Identified Cost $64,885) | 63,053 | ||
Mortgage-Backed Securities—41.0% | |||
Agency—36.0% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #A95259 4.000%, 12/1/40 | 961 | 924 | |
Pool #G60019 4.500%, 3/1/44 | 351 | 346 | |
Pool #G60661 4.000%, 7/1/46 | 684 | 655 | |
Pool #Q35611 4.000%, 9/1/45 | 1,002 | 961 | |
Pool #Q42921 3.500%, 9/1/46 | 1,063 | 995 | |
Pool #Q53881 4.500%, 1/1/48 | 912 | 906 | |
Pool #Q61680 4.000%, 2/1/49 | 382 | 364 | |
Pool #QA3079 3.500%, 10/1/49 | 484 | 445 | |
Pool #QA4766 3.500%, 11/1/49 | 1,044 | 980 | |
Pool #QC2692 3.000%, 6/1/51 | 513 | 457 | |
Pool #QC4721 3.000%, 7/1/51 | 304 | 267 | |
Pool #QD9468 3.500%, 4/1/52 | 591 | 541 | |
Pool #QE0961 4.000%, 4/1/52 | 1,222 | 1,148 | |
Pool #QE1130 4.000%, 4/1/52 | 188 | 176 | |
Pool #QE1443 4.000%, 5/1/52 | 1,226 | 1,152 | |
Pool #QE1985 4.500%, 5/1/52 | 692 | 668 | |
Pool #QE2366 5.000%, 5/1/52 | 352 | 349 | |
Pool #QE4826 4.500%, 7/1/52 | 2,453 | 2,362 | |
Pool #QE9889 5.000%, 9/1/52 | 691 | 682 | |
Pool #QE9908 5.500%, 9/1/52 | 648 | 651 | |
Pool #QF0346 5.000%, 9/1/52 | 417 | 412 | |
Pool #QF0904 5.000%, 10/1/52 | 2,114 | 2,084 |
Par Value | Value | ||
Agency—continued | |||
Pool #QF2469 5.500%, 11/1/52 | $ 838 | $ 842 | |
Pool #RA2622 3.000%, 5/1/50 | 422 | 373 | |
Pool #RA7191 3.500%, 4/1/52 | 2,283 | 2,076 | |
Pool #RA7502 5.000%, 6/1/52 | 1,552 | 1,532 | |
Pool #SC0203 2.500%, 12/1/41 | 1,518 | 1,331 | |
Pool #SD0164 3.500%, 12/1/49 | 1,815 | 1,671 | |
Pool #SD1618 5.000%, 9/1/52 | 3,154 | 3,114 | |
Pool #V81992 4.000%, 10/1/45 | 252 | 241 | |
Pool #ZM5226 3.500%, 12/1/47 | 556 | 516 | |
Federal National Mortgage Association | |||
Pool #AB3692 4.000%, 10/1/41 | 775 | 741 | |
Pool #AB3878 4.000%, 11/1/41 | 887 | 849 | |
Pool #AB5924 3.000%, 8/1/42 | 1,311 | 1,184 | |
Pool #BE5050 4.000%, 9/1/45 | 290 | 278 | |
Pool #BO1345 3.500%, 8/1/49 | 1,176 | 1,088 | |
Pool #BO1351 4.000%, 8/1/49 | 453 | 432 | |
Pool #BO3024 3.500%, 10/1/49 | 791 | 729 | |
Pool #BP5432 3.000%, 6/1/50 | 562 | 503 | |
Pool #BT7914 5.000%, 10/1/52 | 1,785 | 1,763 | |
Pool #BV3044 3.000%, 2/1/52 | 1,153 | 1,026 | |
Pool #BV5020 5.000%, 6/1/52 | 328 | 323 | |
Pool #BV8320 3.500%, 4/1/52 | 1,118 | 1,025 | |
Pool #BV8328 3.500%, 5/1/52 | 1,920 | 1,751 | |
Pool #BV9705 5.000%, 6/1/52 | 1,297 | 1,279 | |
Pool #BW0044 5.000%, 7/1/52 | 1,179 | 1,167 | |
Pool #BW1929 5.000%, 6/1/52 | 837 | 827 | |
Pool #BW3311 4.500%, 7/1/52 | 1,874 | 1,809 | |
Pool #BX1225 5.500%, 10/1/52 | 1,199 | 1,204 | |
Pool #CA5122 3.000%, 2/1/50 | 1,288 | 1,146 | |
Pool #CB2684 3.500%, 1/1/52 | 706 | 643 | |
Pool #CB2760 3.500%, 2/1/52 | 2,005 | 1,824 |
Par Value | Value | ||
Agency—continued | |||
Pool #CB3630 4.000%, 5/1/52 | $ 2,520 | $ 2,364 | |
Pool #CB3922 5.000%, 6/1/52 | 1,601 | 1,580 | |
Pool #FM3181 4.000%, 4/1/50 | 248 | 237 | |
Pool #FM7290 3.000%, 5/1/51 | 993 | 884 | |
Pool #FM7539 3.000%, 6/1/51 | 1,317 | 1,168 | |
Pool #FM8210 3.000%, 4/1/50 | 729 | 650 | |
Pool #FS1253 4.000%, 4/1/52 | 1,366 | 1,288 | |
Pool #FS1383 4.000%, 4/1/52 | 908 | 853 | |
Pool #FS1443 3.500%, 4/1/52 | 2,863 | 2,610 | |
Pool #FS2249 5.000%, 6/1/52 | 1,899 | 1,879 | |
Pool #FS2692 5.000%, 8/1/52 | 2,016 | 2,007 | |
Pool #FS3262 4.000%, 10/1/46 | 2,320 | 2,229 | |
Pool #FS3386 3.500%, 5/1/38 | 2,290 | 2,189 | |
Government National Mortgage Association | |||
Pool #CO1904 5.000%, 8/15/52 | 1,020 | 1,031 | |
Pool #CO1918 5.500%, 9/15/52 | 687 | 706 | |
72,487 | |||
Non-Agency—5.0% | |||
BB-UBS Trust 2012-SHOW, B 144A 3.882%, 11/5/36(2) | 1,465 | 1,359 | |
BWAY Mortgage Trust 2013-1515, A2 144A 3.454%, 3/10/33(2) | 1,830 | 1,709 | |
CF Hippolyta Issuer LLC | |||
2020-1, A1 144A 1.690%, 7/15/60(2) | 936 | 835 | |
2020-1, B1 144A 2.280%, 7/15/60(2) | 749 | 654 | |
Goldman Sachs Mortgage Securities Corp. II | |||
2005-ROCK, A 144A 5.366%, 5/3/32(2) | 1,586 | 1,527 | |
2012-BWTR, A 144A 2.954%, 11/5/34(2) | 575 | 502 | |
Goldman Sachs Mortgage Securities Corp. Trust 2018-HULA, A (1 month LIBOR + 0.920%, Cap N/A, Floor 0.920%) 144A 5.238%, 7/15/25(2)(3) | 494 | 481 | |
Morgan Stanley Capital I Trust 2014-150E, A 144A 3.912%, 9/9/32(2) | 1,175 | 1,039 | |
Wells Fargo Commercial Mortgage Trust | |||
2013-BTC, A 144A 3.544%, 4/16/35(2) | 1,320 | 1,257 |
Par Value | Value | ||
Non-Agency—continued | |||
2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 5.468%, 2/15/40(2)(3) | $ 768 | $ 718 | |
10,081 | |||
Total Mortgage-Backed Securities (Identified Cost $87,155) | 82,568 | ||
Asset-Backed Securities—5.8% | |||
Credit Card—2.0% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 4.629%, 5/15/28(3) | 2,050 | 1,976 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 5.062%, 5/14/29(3) | 2,175 | 2,134 | |
4,110 | |||
Other—3.8% | |||
Arby’s Funding LLC 2020-1A, A2 144A 3.237%, 7/30/50(2) | 557 | 471 | |
DB Master Finance LLC 2021-1A, A23 144A 2.791%, 11/20/51(2) | 1,767 | 1,361 | |
Five Guys Funding LLC 2017-1A, A2 144A 4.600%, 7/25/47(2) | 978 | 915 | |
Jersey Mike’s Funding 2019-1A, A2 144A 4.433%, 2/15/50(2) | 1,960 | 1,760 | |
Stack Infrastructure Issuer LLC 2021-1A, A2 144A 1.877%, 3/26/46(2) | 1,220 | 1,054 | |
Taco Bell Funding LLC 2021-1A, A23 144A 2.542%, 8/25/51(2) | 1,386 | 1,054 | |
Vantage Data Centers LLC 2020-2A, A2 144A 1.992%, 9/15/45(2) | 1,200 | 986 | |
7,601 | |||
Total Asset-Backed Securities (Identified Cost $13,246) | 11,711 | ||
Corporate Bonds and Notes—19.3% | |||
Communication Services—1.2% | |||
AT&T, Inc. 3.550%, 9/15/55 | 917 | 612 | |
Paramount Global | |||
4.200%, 5/19/32 | 558 | 457 | |
4.950%, 5/19/50 | 671 | 488 | |
Warnermedia Holdings, Inc. 144A 5.141%, 3/15/52(2) | 1,314 | 955 | |
2,512 | |||
Consumer Discretionary—1.2% | |||
Carnival Corp. 144A 9.875%, 8/1/27(2) | 1,193 | 1,127 | |
Hyatt Hotels Corp. 1.800%, 10/1/24 | 743 | 696 |
Par Value | Value | ||
Consumer Discretionary—continued | |||
Kohl’s Corp. 3.625%, 5/1/31 | $ 820 | $ 575 | |
2,398 | |||
Energy—3.4% | |||
Boardwalk Pipelines LP 4.450%, 7/15/27 | 292 | 278 | |
Continental Resources, Inc. 144A 2.875%, 4/1/32(2) | 914 | 677 | |
Enterprise Products Operating LLC 4.200%, 1/31/50 | 678 | 533 | |
HF Sinclair Corp. 4.500%, 10/1/30 | 1,023 | 898 | |
Petroleos Mexicanos 6.700%, 2/16/32 | 1,643 | 1,287 | |
Pioneer Natural Resources Co. 1.900%, 8/15/30 | 1,775 | 1,390 | |
Plains All American Pipeline LP 3.800%, 9/15/30 | 1,056 | 918 | |
Targa Resources Corp. 4.200%, 2/1/33 | 578 | 497 | |
Williams Cos., Inc. (The) 3.500%, 10/15/51 | 652 | 444 | |
6,922 | |||
Financials—8.6% | |||
AerCap Ireland Capital DAC 3.850%, 10/29/41 | 525 | 371 | |
American Express Co. 3.950%, 8/1/25 | 481 | 471 | |
Avolon Holdings Funding Ltd. 144A 2.125%, 2/21/26(2) | 1,521 | 1,309 | |
Bank of America Corp. | |||
2.087%, 6/14/29 | 709 | 597 | |
2.572%, 10/20/32 | 943 | 739 | |
Bank of New York Mellon Corp. (The) 4.414%, 7/24/26 | 1,132 | 1,115 | |
BPCE S.A. 144A 5.748%, 7/19/33(2) | 800 | 761 | |
Daimler Trucks Finance North America LLC 144A 2.500%, 12/14/31(2) | 567 | 439 | |
Ford Motor Credit Co. LLC 2.900%, 2/16/28 | 795 | 657 | |
Goldman Sachs Group, Inc. (The) 1.542%, 9/10/27 | 1,506 | 1,299 | |
Hartford Financial Services Group, Inc. (The) 2.800%, 8/19/29 | 639 | 547 | |
JPMorgan Chase & Co. 0.824%, 6/1/25 | 945 | 881 | |
KeyBank N.A. 4.390%, 12/14/27 | 420 | 404 | |
Morgan Stanley | |||
0.791%, 1/22/25 | 644 | 609 | |
1.593%, 5/4/27 | 1,269 | 1,113 | |
OneMain Finance Corp. 4.000%, 9/15/30 | 884 | 660 | |
PG&E Wildfire Recovery Funding LLC Series A-2 4.263%, 6/1/36 | 595 | 551 | |
PNC Financial Services Group, Inc. (The) Series V 6.200% (4)(5) | 385 | 376 |
Par Value | Value | ||
Financials—continued | |||
U.S. Bancorp 5.727%, 10/21/26 | $ 463 | $ 472 | |
UBS Group AG 144A 4.751%, 5/12/28(2) | 1,005 | 962 | |
United Airlines Pass-Through-Trust | |||
2020-1, A 5.875%, 10/15/27 | 847 | 835 | |
2020-1, B 4.875%, 1/15/26 | 442 | 420 | |
Wells Fargo & Co. | |||
3.526%, 3/24/28 | 1,370 | 1,269 | |
3.350%, 3/2/33 | 520 | 438 | |
17,295 | |||
Health Care—0.5% | |||
AbbVie, Inc. 4.250%, 11/21/49 | 1,198 | 994 | |
Industrials—0.6% | |||
Triton Container International Ltd. 3.250%, 3/15/32 | 1,588 | 1,219 | |
Information Technology—0.8% | |||
Broadcom, Inc. 144A 3.750%, 2/15/51(2) | 978 | 675 | |
Global Payments, Inc. 4.950%, 8/15/27 | 469 | 455 | |
Micron Technology, Inc. 3.477%, 11/1/51 | 739 | 459 | |
1,589 | |||
Materials—1.4% | |||
Freeport-McMoRan, Inc. 5.450%, 3/15/43 | 1,062 | 958 | |
LYB International Finance III LLC 3.625%, 4/1/51 | 494 | 331 | |
Newmont Corp. | |||
2.250%, 10/1/30 | 926 | 744 | |
6.250%, 10/1/39 | 830 | 866 | |
2,899 | |||
Real Estate—0.6% | |||
Equinix, Inc. 3.900%, 4/15/32 | 733 | 651 | |
Tanger Properties LP 2.750%, 9/1/31 | 688 | 498 | |
1,149 | |||
Utilities—1.0% | |||
Boardwalk Pipelines LP 3.400%, 2/15/31 | 436 | 365 | |
Consolidated Edison Co. of New York, Inc. Series 20B 3.950%, 4/1/50 | 633 | 496 | |
Pacific Gas & Electric Co. 2.500%, 2/1/31 | 671 | 521 |
Par Value | Value | ||
Utilities—continued | |||
Southern Co. (The) Series A 3.700%, 4/30/30 | $ 710 | $ 641 | |
2,023 | |||
Total Corporate Bonds and Notes (Identified Cost $46,264) | 39,000 | ||
Total Long-Term Investments—97.4% (Identified Cost $211,550) | 196,332 |
Shares | ||
Short-Term Investment—2.7% | ||
Money Market Mutual Fund—2.7% | ||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(6) | 5,499,569 | 5,500 |
Total Short-Term Investment (Identified Cost $5,500) | 5,500 | |
Securities Lending Collateral—0.2% | ||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(6)(7) | 377,000 | 377 |
Total Securities Lending Collateral (Identified Cost $377) | 377 | |
TOTAL INVESTMENTS—100.3% (Identified Cost $217,427) | $202,209 | |
Other assets and liabilities, net—(0.3)% | (559) | |
NET ASSETS—100.0% | $201,650 |
Abbreviations: | |
CDX.NA.HY | Markit’s North American High Yield CDX Index |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
LP | Limited Partnership |
Footnote Legend: | |
(1) | All or a portion of the security is segregated as collateral for open swap contracts. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $24,587 or 12.2% of net assets. |
(3) | Variable rate security. Rate disclosed is as of December 31, 2022. 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) | All or a portion of security is on loan. |
(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 |
Centrally cleared credit default swaps - buy protection(1) outstanding as of December 31, 2022 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.39 | Quarterly | ICE | 5.000% | 12/20/27 | $(11,556) | $ (86) | $ (210) | $124 | $— | ||||
Total | $ (86) | $ (210) | $124 | $— |
Footnote Legend: | |
(1) | If the Fund is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either: (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying investments comprising the referenced index; or (ii) receive a net settlement amount in the form of cash or investments equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying investments comprising the referenced index. |
(2) | The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Asset-Backed Securities | $ 11,711 | $ — | $ 11,711 | ||
Corporate Bonds and Notes | 39,000 | — | 39,000 | ||
Mortgage-Backed Securities | 82,568 | — | 82,568 | ||
U.S. Government Securities | 63,053 | — | 63,053 | ||
Money Market Mutual Fund | 5,500 | 5,500 | — | ||
Securities Lending Collateral | 377 | 377 | — | ||
Total Assets | 202,209 | 5,877 | 196,332 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Centrally Cleared Credit Default Swap | (86) | — | (86) | ||
Total Liabilities | (86) | — | (86) | ||
Total Investments | $202,123 | $5,877 | $196,246 |
December 31, 2022
Par Value | Value | ||
Mortgage-Backed Securities—95.8% | |||
Agency—95.8% | |||
Federal Home Loan Mortgage Corp. | |||
Pool #1B6503 (12 month LIBOR + 1.613%, Cap 6.751%, Floor 1.613%) 1.751%, 1/1/51(1) | $ 1,534 | $ 1,435 | |
Pool #1Q1195 (12 month LIBOR + 1.588%, Cap 10.117%, Floor 1.588%) 2.924%, 5/1/37(1) | 1,936 | 1,941 | |
Pool #1Q1420 (12 month LIBOR + 1.821%, Cap 10.675%, Floor 1.821%) 3.551%, 9/1/39(1) | 1,605 | 1,628 | |
Pool #2B3257 (12 month LIBOR + 1.630%, Cap 8.053%, Floor 1.630%) 3.052%, 10/1/44(1) | 584 | 570 | |
Pool #2B5891 (12 month LIBOR + 1.640%, Cap 7.885%, Floor 1.640%) 2.087%, 2/1/47(1) | 3,155 | 3,115 | |
Pool #841057 (12 month LIBOR + 1.630%, Cap 8.322%, Floor 1.630%) 2.360%, 6/1/50(1) | 1,014 | 970 | |
Pool #841075 (12 month LIBOR + 1.630%, Cap 8.268%, Floor 1.630%) 3.268%, 1/1/49(1) | 19,445 | 18,408 | |
Pool #841083 (12 month LIBOR + 1.640%, Cap 7.804%, Floor 1.640%) 2.814%, 5/1/49(1) | 22,816 | 22,111 | |
Pool #841335 (12 month LIBOR + 1.635%, Cap 7.927%, Floor 1.635%) 2.927%, 7/1/50(1) | 4,888 | 4,538 | |
Pool #841345 (12 month LIBOR + 1.626%, Cap 7.650%, Floor 1.626%) 3.340%, 1/1/47(1) | 2,307 | 2,309 | |
Pool #848736 (12 month LIBOR + 1.750%, Cap 9.571%, Floor 1.750%) 3.490%, 5/1/35(1) | 5,173 | 5,206 | |
Pool #848744 (12 month LIBOR + 1.789%, Cap 9.156%, Floor 1.789%) 3.545%, 5/1/34(1) | 2,887 | 2,906 | |
Pool #848747 (12 month LIBOR + 1.869%, Cap 10.014%, Floor 1.869%) 3.487%, 7/1/36(1) | 2,684 | 2,707 | |
Pool #848796 (12 month LIBOR + 1.805%, Cap 9.823%, Floor 1.805%) 3.109%, 5/1/37(1) | 5,132 | 5,167 | |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates | |||
K032, A2 3.310%, 5/25/23(1) | 988 | 981 | |
KF29, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.360%) 4.502%, 2/25/24(1) | 3,555 | 3,546 | |
KF32, A (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 4.512%, 5/25/24(1) | 328 | 327 | |
KF34, A (1 month LIBOR + 0.360%, Cap N/A, Floor 0.370%) 4.502%, 8/25/24(1) | 790 | 787 | |
KF36, A (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%) 4.482%, 8/25/24(1) | 1,262 | 1,257 |
Par Value | Value | ||
Agency—continued | |||
KF49, A (1 month LIBOR + 0.340%, Cap N/A, Floor 0.340%) 4.482%, 6/25/25(1) | $ 2,008 | $ 1,986 | |
KF55, A (1 month LIBOR + 0.510%, Cap N/A, Floor 0.510%) 4.652%, 11/25/25(1) | 3,651 | 3,617 | |
KF60, A (1 month LIBOR + 0.490%, Cap N/A, Floor 0.490%) 4.632%, 2/25/26(1) | 1,801 | 1,786 | |
KF62, A (1 month LIBOR + 0.480%, Cap N/A, Floor 0.480%) 4.622%, 4/25/26(1) | 1,039 | 1,029 | |
KF68, A (1 month LIBOR + 0.490%, Cap N/A, Floor 0.490%) 4.632%, 7/25/26(1) | 1,099 | 1,093 | |
KF79, AL (1 month LIBOR + 0.470%, Cap N/A, Floor 0.470%) 4.612%, 5/25/30(1) | 17,761 | 17,485 | |
KF82, AL (1 month LIBOR + 0.370%, Cap N/A, Floor 0.370%) 4.512%, 6/25/30(1) | 7,385 | 7,267 | |
Federal Home Loan Mortgage Corp. REMIC | |||
2781, FA (1 month LIBOR + 0.350%, Cap 7.500%, Floor 0.350%) 4.668%, 4/15/34(1) | 2,840 | 2,841 | |
2980, FJ (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 4.618%, 11/15/34(1) | 5,860 | 5,738 | |
3107, FC (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 4.618%, 6/15/35(1) | 966 | 964 | |
3820, FA (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 4.668%, 3/15/41(1) | 5,560 | 5,483 | |
3990, GF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 4.718%, 3/15/41(1) | 2,284 | 2,268 | |
4048, GF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 4.668%, 10/15/40(1) | 853 | 851 | |
4203, PF (1 month LIBOR + 0.250%, Cap 6.500%, Floor 0.250%) 4.568%, 9/15/42(1) | 5,024 | 4,997 | |
4794, WF (1 month LIBOR + 0.350%) 3.156%, 3/15/43(1) | 7,341 | 7,271 | |
4879, DF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 4.718%, 8/15/34(1) | 4,340 | 4,266 | |
Federal National Mortgage Association | |||
2015-M14, FA (1 month LIBOR + 0.620%, Cap N/A, Floor 0.620%) 5.009%, 10/25/25(1) | 11,491 | 11,428 | |
2015-M6, FA (1 month LIBOR + 0.300%, Cap N/A, Floor 0.300%) 4.689%, 1/25/26(1) | 13,088 | 12,985 | |
2016-M13, FA (1 month LIBOR + 0.670%, Cap N/A, Floor 0.670%) 4.581%, 11/25/23(1) | 98 | 98 | |
2016-M9, FA (1 month LIBOR + 0.590%, Cap N/A, Floor 0.590%) 4.501%, 9/25/23(1) | 2,927 | 2,920 |
Par Value | Value | ||
Agency—continued | |||
2017-M11, FA (1 month LIBOR + 0.470%, Cap 6.000%, Floor 0.470%) 4.381%, 9/25/24(1) | $ 1,110 | $ 1,106 | |
2017-M13, FA (1 month LIBOR + 0.400%, Cap 6.000%, Floor 0.400%) 4.311%, 10/25/24(1) | 1,648 | 1,629 | |
2017-M2, FA (1 month LIBOR + 0.530%, Cap N/A, Floor 0.530%) 4.441%, 2/25/24(1) | 518 | 515 | |
Pool #AD0064 (6 month LIBOR + 1.543%, Cap 10.940%, Floor 1.543%) 3.904%, 1/1/35(1) | 1,009 | 1,021 | |
Pool #AE0544 (12 month LIBOR + 1.741%, Cap 8.074%, Floor 1.741%) 3.991%, 11/1/40(1) | 1,774 | 1,795 | |
Pool #AL0270 (12 month LIBOR + 1.642%, Cap 10.566%, Floor 1.642%) 3.374%, 8/1/38(1) | 770 | 770 | |
Pool #AL0323 (12 month LIBOR + 1.818%, Cap 8.359%, Floor 1.818%) 3.402%, 6/1/41(1) | 1,239 | 1,258 | |
Pool #AL0960 (12 month LIBOR + 1.691%, Cap 9.772%, Floor 1.691%) 3.769%, 7/1/37(1) | 3,124 | 3,165 | |
Pool #AL1886 (12 month LIBOR + 1.752%, Cap 8.480%, Floor 1.752%) 3.644%, 6/1/42(1) | 285 | 288 | |
Pool #AL2202 (12 month LIBOR + 1.700%, Cap 9.487%, Floor 1.700%) 2.847%, 6/1/36(1) | 1,175 | 1,186 | |
Pool #AL3421 (U.S. Treasury Yield Curve CMT 1 year + 2.375%, Cap 10.750%, Floor 2.375%) 4.445%, 9/1/37(1) | 890 | 906 | |
Pool #AL6516 (12 month LIBOR + 1.762%, Cap 8.693%, Floor 1.762%) 3.177%, 4/1/40(1) | 2,169 | 2,195 | |
Pool #AL7477 (12 month LIBOR + 1.796%, Cap 8.646%, Floor 1.796%) 3.942%, 12/1/40(1) | 1,575 | 1,598 | |
Pool #AL7812 (12 month LIBOR + 1.728%, Cap 8.364%, Floor 1.728%) 3.972%, 11/1/40(1) | 3,252 | 3,293 | |
Pool #AL8796 (12 month LIBOR + 1.826%, Cap 8.440%, Floor 1.826%) 3.660%, 9/1/41(1) | 4,078 | 4,141 | |
Pool #AL8827 3.000%, 2/1/29 | 711 | 673 | |
Pool #AL8872 (12 month LIBOR + 1.803%, Cap 8.341%, Floor 1.803%) 3.469%, 7/1/42(1) | 5,812 | 5,886 | |
Pool #AN4364 (1 month LIBOR + 0.590%, Cap 98.130%, Floor 0.590%) 4.732%, 1/1/24(1) | 2,781 | 2,772 | |
Pool #BE3734 (12 month LIBOR + 1.620%, Cap 7.919%, Floor 1.620%) 3.703%, 7/1/47(1) | 2,363 | 2,371 | |
Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%) 4.512%, 11/1/23(1) | 21,000 | 20,932 | |
Pool #BL5697 (1 month LIBOR + 0.650%, Cap 98.860%, Floor 0.650%) 4.792%, 2/1/30(1) | 6,300 | 6,307 |
Par Value | Value | ||
Agency—continued | |||
Pool #BL6487 (1 month LIBOR + 0.760%, Cap 98.510%, Floor 0.760%) 4.902%, 4/1/30(1) | $ 14,221 | $ 14,084 | |
Pool #BM1805 (12 month LIBOR + 1.605%, Cap 7.831%, Floor 1.605%) 2.825%, 9/1/47(1) | 5,020 | 4,868 | |
Pool #BM3981 (12 month LIBOR + 1.758%, Cap 8.549%, Floor 1.758%) 3.196%, 2/1/42(1) | 1,131 | 1,144 | |
Pool #BM4556 (12 month LIBOR + 1.596%, Cap 8.320%, Floor 1.596%) 3.320%, 10/1/48(1) | 3,696 | 3,718 | |
Pool #BM4557 (12 month LIBOR + 1.763%, Cap 7.899%, Floor 1.766%) 3.396%, 5/1/45(1) | 2,157 | 2,180 | |
Pool #BM6855 (12 month LIBOR + 1.618%, Cap 7.571%, Floor 1.618%) 2.572%, 6/1/50(1) | 9,479 | 8,985 | |
Pool #BM7025 (12 month LIBOR + 1.713%, Cap 8.751%, Floor 1.713%) 3.234%, 5/1/42(1) | 8,561 | 8,633 | |
Pool #BN8852 (12 month LIBOR + 1.900%, Cap 8.699%, Floor 1.900%) 3.699%, 3/1/48(1) | 3,698 | 3,622 | |
Pool #BO6296 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%) 2.995%, 7/1/47(1) | 702 | 685 | |
Pool #BO7214 (U.S. Treasury Yield Curve CMT 1 year + 1.525%, Cap 7.100%, Floor 1.525%) 2.375%, 7/1/47(1) | 2,975 | 2,788 | |
Pool #BO7215 (U.S. Treasury Yield Curve CMT 1 year + 1.650%, Cap 8.158%, Floor 1.650%) 3.053%, 4/1/49(1) | 1,262 | 1,184 | |
Pool #BP1780 (SOFR30A + 2.350%, Cap 7.080%, Floor 2.350%) 2.080%, 6/1/51(1) | 2,479 | 2,328 | |
Pool #BP5563 (12 month LIBOR + 1.600%, Cap 7.456%, Floor 1.600%) 2.456%, 4/1/50(1) | 2,052 | 1,923 | |
Pool #BW7240 (SOFR30A + 2.120%, Cap 8.906%, Floor 2.120%) 3.898%, 10/1/52(1) | 8,131 | 7,897 | |
Pool #BX2888 (SOFR30A + 2.110%, Cap 10.224%, Floor 2.110%) 5.224%, 12/1/52(1) | 3,769 | 3,758 | |
Pool #CA3138 (12 month LIBOR + 1.603%, Cap 8.667%, Floor 1.603%) 3.667%, 2/1/49(1) | 4,210 | 4,115 | |
Pool #CA4499 (12 month LIBOR + 1.600%, Cap 7.693%, Floor 1.600%) 2.693%, 9/1/48(1) | 1,038 | 1,005 | |
Federal National Mortgage Association REMIC | |||
2005-17, FA (1 month LIBOR + 0.300%, Cap 7.000%, Floor 0.300%) 4.689%, 3/25/35(1) | 4,362 | 4,277 | |
2005-58, KF (1 month LIBOR + 0.500%, Cap 6.500%, Floor 0.500%) 4.889%, 7/25/35(1) | 2,999 | 2,948 | |
2005-74, NA (1 month LIBOR + 0.420%, Cap 6.500%, Floor 0.420%) 4.809%, 5/25/35(1) | 7,958 | 7,864 |
Par Value | Value | ||
Agency—continued | |||
2006-113, NF (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 4.739%, 9/25/36(1) | $ 1,742 | $ 1,729 | |
2006-63, FD (1 month LIBOR + 0.450%, Cap 7.000%, Floor 0.450%) 4.839%, 7/25/36(1) | 3,118 | 3,076 | |
2007-106, FN (1 month LIBOR + 0.590%, Cap 7.000%, Floor 0.590%) 4.979%, 11/25/37(1) | 3,069 | 3,036 | |
2009-66, FP (1 month LIBOR + 0.900%, Cap 7.000%, Floor 0.900%) 5.289%, 9/25/39(1) | 4,879 | 4,896 | |
2010-137, WB 3.980%, 7/25/40(1) | 1,009 | 995 | |
2010-59, FC (1 month LIBOR + 1.000%, Cap 6.000%, Floor 1.000%) 5.389%, 1/25/40(1) | 2,745 | 2,744 | |
2011-62, LF (1 month LIBOR + 0.400%, Cap 7.000%, Floor 0.400%) 4.789%, 1/25/32(1) | 5,130 | 5,068 | |
2012-71, FP (1 month LIBOR + 0.350%, Cap 7.000%, Floor 0.350%) 4.739%, 3/25/41(1) | 1,043 | 1,038 | |
2013-34, PF (1 month LIBOR + 0.350%, Cap 6.500%, Floor 0.350%) 4.739%, 8/25/42(1) | 4,252 | 4,246 | |
2016-67, AF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 4.789%, 9/25/46(1) | 4,590 | 4,489 | |
2018-92, AF (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 4.789%, 5/25/33(1) | 5,057 | 4,969 | |
2018-96, FC (1 month LIBOR + 0.450%, Cap 6.500%, Floor 0.450%) 4.839%, 10/25/35(1) | 5,079 | 4,997 | |
2019-13, FG (1 month LIBOR + 0.400%, Cap 6.500%, Floor 0.400%) 4.789%, 4/25/49(1) | 7,830 | 7,633 | |
FRESB Mortgage Trust 2016-SB13, A5H (1 month LIBOR + 0.700%, Cap N/A, Floor 0.700%) 4.842%, 1/25/36(1) | 7,444 | 7,412 | |
Government National Mortgage Association 2009-88, FA (1 month LIBOR + 0.750%, Cap 7.000%, Floor 0.750%) 5.076%, 10/16/39(1) | 4,332 | 4,332 | |
Small Business Administration | |||
Pool #510032 (PRIME minus 2.650%) 3.600%, 6/25/34(1) | 2,157 | 2,156 | |
Pool #510076 (PRIME minus 2.650%) 4.350%, 5/25/27(1) | 1,373 | 1,380 | |
Pool #510083 (PRIME minus 2.650%) 3.600%, 9/25/27(1) | 482 | 485 | |
Pool #510219 (PRIME minus 2.650%) 3.600%, 11/25/28(1) | 1,993 | 1,991 |
Par Value | Value | ||
Agency—continued | |||
Pool #510228 (PRIME minus 2.500%) 3.750%, 7/25/28(1) | $ 642 | $ 647 | |
Pool #510241 (PRIME minus 2.600%) 3.650%, 10/25/27(1) | 2,013 | 2,016 | |
Pool #510254 (PRIME minus 2.600%) 3.650%, 5/25/28(1) | 3,487 | 3,497 | |
Pool #510256 (PRIME minus 2.600%) 3.650%, 12/25/28(1) | 3,615 | 3,626 | |
Pool #510273 (PRIME minus 2.500%) 3.750%, 11/25/28(1) | 2,840 | 2,863 | |
Pool #530251 (PRIME minus 2.375%) 3.875%, 4/25/32(1) | 6,937 | 6,922 | |
Total Mortgage-Backed Securities (Identified Cost $421,493) | 414,338 | ||
Total Long-Term Investments—95.8% (Identified Cost $421,493) | 414,338 |
Shares | ||
Short-Term Investment—4.3% | ||
Money Market Mutual Fund—4.3% | ||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(2) | 18,528,224 | 18,528 |
Total Short-Term Investment (Identified Cost $18,528) | 18,528 | |
TOTAL INVESTMENTS—100.1% (Identified Cost $440,021) | $432,866 | |
Other assets and liabilities, net—(0.1)% | (510) | |
NET ASSETS—100.0% | $432,356 |
Abbreviations: | |
CMT | Constant Maturity Treasury |
LIBOR | London Interbank Offered Rate |
REMIC | Real Estate Mortgage Investment Conduit |
SOFR30A | Secured Overnight Financing Rate 30 Day Average |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Exchange-traded futures contracts as of December 31, 2022 were as follows: | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation | |
Short Contracts: | ||||||
2 Year U.S. Treasury Note Future | March 2023 | (39) | $ (7,998) | $— | $ (11) | |
5 Year U.S. Treasury Note Future | March 2023 | (166) | (17,916) | 6 | — | |
Total | $ 6 | $ (11) |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Mortgage-Backed Securities | $414,338 | $ — | $414,338 | ||
Money Market Mutual Fund | 18,528 | 18,528 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | 6 | 6 | — | ||
Total Assets | 432,872 | 18,534 | 414,338 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Futures Contracts | (11) | (11) | — | ||
Total Liabilities | (11) | (11) | — | ||
Total Investments | $432,861 | $18,523 | $414,338 |
December 31, 2022
Par Value | Value | ||
Mortgage-Backed Securities—22.8% | |||
Agency—7.4% | |||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates KF68, A (1 month LIBOR + 0.490%, Cap N/A, Floor 0.490%) 4.632%, 7/25/26(1) | $ 1,374 | $ 1,366 | |
Federal National Mortgage Association Pool #BL0422 (1 month LIBOR + 0.370%, Cap 98.890%, Floor 0.370%) 4.512%, 11/1/23(1) | 318 | 317 | |
Small Business Administration Pool #510273 (PRIME minus 2.500%) 3.750%, 11/25/28(1) | 568 | 572 | |
2,255 | |||
Non-Agency—15.4% | |||
BWAY Mortgage Trust 2013-1515, A1 144A 2.809%, 3/10/33(2) | 773 | 739 | |
Cold Storage Trust 2020-ICE5, A (1 month LIBOR + 0.900%, Cap N/A, Floor 0.900%) 144A 5.218%, 11/15/37(1)(2) | 983 | 956 | |
DBGS Mortgage Trust 2018-BIOD, A (1 month LIBOR + 0.803%, Cap N/A, Floor 0.803%) 144A 5.039%, 5/15/35(1)(2) | 914 | 898 | |
KKR Industrial Portfolio Trust 2021-KDIP, A (1 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 144A 4.868%, 12/15/37(1)(2) | 142 | 137 | |
One New York Plaza Trust 2020-1NYP, A (1 month LIBOR + 0.950%, Cap N/A, Floor 0.950%) 144A 5.268%, 1/15/36(1)(2) | 1,000 | 944 | |
Wells Fargo Commercial Mortgage Trust 2021-SAVE, A (1 month LIBOR + 1.150%, Cap N/A, Floor 1.150%) 144A 5.468%, 2/15/40(1)(2) | 1,072 | 1,002 | |
4,676 | |||
Total Mortgage-Backed Securities (Identified Cost $7,154) | 6,931 | ||
Asset-Backed Securities—20.3% | |||
Automobiles—6.8% | |||
Canadian Pacer Auto Receivables Trust 2020-1A, B 144A 2.000%, 7/21/25(2) | 1,000 | 971 | |
CarMax Auto Owner Trust 2020-2, A3 1.700%, 11/15/24 | 349 | 347 | |
Ford Credit Auto Owner Trust 2019-1, A 144A 3.520%, 7/15/30(2) | 750 | 735 | |
2,053 | |||
Credit Card—10.0% | |||
Capital One Multi-Asset Execution Trust 2005-B3, B3 (3 month LIBOR + 0.550%, Cap N/A, Floor 0.550%) 4.629%, 5/15/28(1) | 750 | 723 | |
Chase Issuance Trust 2020-A1, A1 1.530%, 1/15/25 | 250 | 250 | |
Citibank Credit Card Issuance Trust 2017-A6, A6 (1 month LIBOR + 0.770%) 5.062%, 5/14/29(1) | 1,000 | 981 | |
Discover Card Execution Note Trust 2018-A1, A1 3.030%, 8/15/25 | 500 | 499 |
Par Value | Value | ||
Credit Card—continued | |||
Master Credit Card Trust II 2020-1A, A 144A 1.990%, 9/21/24(2) | $ 576 | $ 573 | |
3,026 | |||
Student Loan—3.5% | |||
Goal Capital Funding Trust 2010-1, A (3 month LIBOR + 0.700%, Cap N/A, Floor 0.700%) 144A 5.457%, 8/25/48(1)(2) | 572 | 561 | |
SLM Student Loan Trust | |||
2005-4, A3 (3 month LIBOR + 0.120%) 4.478%, 1/25/27(1) | 107 | 107 | |
2005-7, A4 (3 month LIBOR + 0.150%) 4.508%, 10/25/29(1) | 408 | 405 | |
1,073 | |||
Total Asset-Backed Securities (Identified Cost $6,223) | 6,152 | ||
Corporate Bonds and Notes—55.1% | |||
Communication Services—9.0% | |||
AT&T, Inc. (SOFR + 0.640%) 4.963%, 3/25/24(1) | 872 | 868 | |
Verizon Communications, Inc. (SOFR + 0.500%) 4.823%, 3/22/24(1) | 880 | 873 | |
Warnermedia Holdings, Inc. (SOFR + 1.780%) 144A 6.092%, 3/15/24(1)(2) | 1,000 | 997 | |
2,738 | |||
Energy—8.2% | |||
Continental Resources, Inc. 144A 2.268%, 11/15/26(2) | 671 | 581 | |
HF Sinclair Corp. 2.625%, 10/1/23 | 1,012 | 991 | |
Williams Cos., Inc. (The) 4.300%, 3/4/24 | 919 | 908 | |
2,480 | |||
Financials—26.9% | |||
AerCap Ireland Capital DAC 1.650%, 10/29/24 | 920 | 849 | |
ANZ New Zealand Int’l Ltd. (SOFR + 0.600%) 144A 4.766%, 2/18/25(1)(2) | 800 | 793 | |
Banco Santander S.A. (SOFR + 1.240%) 5.409%, 5/24/24(1) | 800 | 799 | |
Barclays plc 1.007%, 12/10/24 | 840 | 800 | |
Daimler Trucks Finance North America LLC (SOFR + 0.750%) 144A 5.062%, 12/13/24(1)(2) | 940 | 927 | |
General Motors Financial Co., Inc. 1.700%, 8/18/23 | 945 | 923 | |
Goldman Sachs Group, Inc. (The) (SOFR + 0.500%) 4.784%, 9/10/24(1) | 945 | 931 | |
Morgan Stanley 0.791%, 1/22/25 | 525 | 497 | |
U.S. Bancorp 5.727%, 10/21/26 | 178 | 181 |
Par Value | Value | ||
Financials—continued | |||
United Airlines Pass-Through-Trust 2020-1, B 4.875%, 1/15/26 | $ 964 | $ 917 | |
Wells Fargo & Co. 1.654%, 6/2/24 | 557 | 548 | |
8,165 | |||
Industrials—5.6% | |||
Park Aerospace Holdings Ltd. 144A 4.500%, 3/15/23(2) | 1,234 | 1,231 | |
Triton Container International Ltd. 144A 0.800%, 8/1/23(2) | 500 | 483 | |
1,714 | |||
Information Technology—3.7% | |||
Skyworks Solutions, Inc. 0.900%, 6/1/23 | 1,158 | 1,135 | |
Materials—0.7% | |||
Sherwin-Williams Co. (The) 4.050%, 8/8/24 | 201 | 198 | |
Utilities—1.0% | |||
Pacific Gas & Electric Co. 3.250%, 2/16/24 | 324 | 317 | |
Total Corporate Bonds and Notes (Identified Cost $17,235) | 16,747 | ||
Total Long-Term Investments—98.2% (Identified Cost $30,612) | 29,830 |
Shares | ||
Short-Term Investment—0.2% | ||
Money Market Mutual Fund—0.2% | ||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(3) | 75,463 | 75 |
Total Short-Term Investment (Identified Cost $75) | 75 | |
TOTAL INVESTMENTS—98.4% (Identified Cost $30,687) | $29,905 | |
Other assets and liabilities, net—1.6% | 473 | |
NET ASSETS—100.0% | $30,378 |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
LLC | Limited Liability Company |
SOFR | Secured Overnight Financing Rate |
Footnote Legend: | |
(1) | Variable rate security. Rate disclosed is as of December 31, 2022. Information in parenthesis represents benchmark and reference rate for each security. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions, or, for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their descriptions. |
(2) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, these securities amounted to a value of $12,528 or 41.2% of net assets. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 78% |
Canada | 5 |
Cayman Islands | 4 |
Ireland | 3 |
United Kingdom | 3 |
Spain | 3 |
New Zealand | 3 |
Other | 1 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Exchange-traded futures contracts as of December 31, 2022 were as follows: | |||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation |
Short Contracts: | |||||
2 Year U.S. Treasury Note Future | March 2023 | (4) | $(820) | $— | $ (1) |
Exchange-traded futures contracts as of December 31, 2022 were as follows (continued): | ||||||
Issue | Expiration | Contracts Purchased/(Sold) | Notional Value | Value / Unrealized Appreciation | Value / Unrealized Depreciation | |
5 Year U.S. Treasury Note Future | March 2023 | (5) | $(540) | $— (1) | $ — | |
Total | $— (1) | $ (1) | ||||
Footnote Legend: | ||||||
(1)Amount is less than $500. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | |||
Assets: | |||||
Debt Instruments: | |||||
Asset-Backed Securities | $ 6,152 | $ — | $ 6,152 | ||
Corporate Bonds and Notes | 16,747 | — | 16,747 | ||
Mortgage-Backed Securities | 6,931 | — | 6,931 | ||
Money Market Mutual Fund | 75 | 75 | — | ||
Other Financial Instruments: | |||||
Futures Contracts | — (1) | — (1) | — | ||
Total Assets | 29,905 | 75 | 29,830 | ||
Liabilities: | |||||
Other Financial Instruments: | |||||
Futures Contracts | (1) | (1) | — | ||
Total Liabilities | (1) | (1) | — | ||
Total Investments | $29,904 | $ 74 | $29,830 |
(1) | Amount is less than $500. |
December 31, 2022
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||
Assets | |||||||
Investment in securities at value(1) | $ 59,508 | $ 44,595 | $ 2,023,258 | $ 42,162 | |||
Cash | 100 | — | 5,522 | 1 | |||
Cash pledged as collateral for cleared swaps | — | 169 | — | — | |||
Variation margin receivable on cleared swaps | — | 20 | — | — | |||
Receivables | |||||||
Investment securities sold | 542 | 583 | 120,930 | — | |||
Fund shares sold | 33 | 42 | 4,648 | 742 | |||
Dividends and interest | 333 | 521 | 10,269 | 500 | |||
Securities lending income | 1 | — (a) | — | — | |||
Prepaid expenses | 9 | 21 | 124 | 11 | |||
Other assets | 6 | 5 | 215 | 4 | |||
Total assets | 60,532 | 45,956 | 2,164,966 | 43,420 | |||
Liabilities | |||||||
Due to custodian | — | 338 | — | — | |||
Due to broker | — | 18 | — | — | |||
Payables | |||||||
Fund shares repurchased | 49 | 228 | 11,742 | 319 | |||
Investment securities purchased | 505 | — | 59,004 | — | |||
Dividend distributions | — | — | 1,065 | 13 | |||
Investment advisory fees | 7 | 11 | 456 | 8 | |||
Distribution and service fees | 1 | 1 | 17 | 1 | |||
Administration and accounting fees | 6 | 5 | 187 | 4 | |||
Transfer agent and sub-transfer agent fees and expenses | 20 | 23 | 481 | 8 | |||
Professional fees | 5 | 12 | 253 | 31 | |||
Trustee deferred compensation plan | 6 | 5 | 215 | 4 | |||
Interest expense and/or commitment fees | 1 | — (a) | 62 | — (a) | |||
Other accrued expenses | 6 | 5 | 176 | 2 | |||
Unrealized depreciation on unfunded loan commitments | — | — | 256 | — | |||
Total liabilities | 606 | 646 | 73,914 | 390 | |||
Net Assets | $ 59,926 | $ 45,310 | $ 2,091,052 | $ 43,030 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 73,518 | $ 59,210 | $ 2,990,206 | $ 45,575 | |||
Accumulated earnings (loss) | (13,592) | (13,900) | (899,154) | (2,545) | |||
Net Assets | $ 59,926 | $ 45,310 | $ 2,091,052 | $ 43,030 | |||
Net Assets: | |||||||
Class A | $ 6,240 | $ 5,008 | $ 32,916 | $ 5,217 | |||
Class C | $ — | $ 490 | $ 10,793 | $ — | |||
Class I | $ 52,113 | $ 39,738 | $ 1,795,243 | $ 37,813 | |||
Class R6 | $ 1,573 | $ 74 | $ 252,100 | $ — | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 664,109 | 689,666 | 4,251,110 | 478,401 | |||
Class C | — | 67,843 | 1,393,316 | — | |||
Class I | 5,545,123 | 5,501,456 | 231,812,916 | 3,468,835 | |||
Class R6 | 167,357 | 10,256 | 32,531,128 | — | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 9.40 | $ 7.26 | $ 7.74 | $ 10.90 | |||
Class C | $ — | $ 7.23 | $ 7.75 | $ — | |||
Class I | $ 9.40 | $ 7.22 | $ 7.74 | $ 10.90 | |||
Class R6 | $ 9.40 | $ 7.22 | $ 7.75 | $ — |
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 9.77 | $ 7.54 | $ 7.96 | $ 11.21 | |||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.75% | 2.75% | |||
(1) Investment in securities at cost | $ 63,846 | $ 53,752 | $ 2,137,223 | $ 43,683 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix High Income Fund | Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | Seix Total Return Bond Fund | ||||
Assets | |||||||
Investment in securities at value(1)(2) | $ 138,052 | $ 252,332 | $ 158,253 | $ 202,209 | |||
Cash | 100 | 5,308 | 5,012 | 1,003 | |||
Variation margin receivable on cleared swaps | — | — | — | 89 | |||
Receivables | |||||||
Investment securities sold | — | — | 588 | — | |||
Fund shares sold | 119 | 326 | 1,563 | 191 | |||
Dividends and interest | 2,642 | 4,790 | 1,824 | 1,239 | |||
Securities lending income | 2 | 3 | — | 2 | |||
Prepaid expenses | 18 | 39 | 13 | 23 | |||
Other assets | 14 | 26 | 15 | 22 | |||
Total assets | 140,947 | 262,824 | 167,268 | 204,778 | |||
Liabilities | |||||||
Due to broker | — | — | — | 84 | |||
Payables | |||||||
Fund shares repurchased | 520 | 793 | 2,439 | 1,479 | |||
Investment securities purchased | — | — | 5,011 | 991 | |||
Collateral on securities loaned | 1,835 | 2,164 | — | 377 | |||
Dividend distributions | — | 43 | 72 | — | |||
Investment advisory fees | 41 | 84 | 28 | 17 | |||
Distribution and service fees | 3 | 2 | 1 | 2 | |||
Administration and accounting fees | 13 | 24 | 14 | 20 | |||
Transfer agent and sub-transfer agent fees and expenses | 48 | 61 | 55 | 61 | |||
Professional fees | 23 | 55 | 45 | 55 | |||
Trustee deferred compensation plan | 14 | 26 | 15 | 22 | |||
Interest expense and/or commitment fees | 1 | 2 | 1 | 2 | |||
Other accrued expenses | 11 | 22 | 10 | 18 | |||
Total liabilities | 2,509 | 3,276 | 7,691 | 3,128 | |||
Net Assets | $ 138,438 | $ 259,548 | $ 159,577 | $ 201,650 | |||
Net Assets Consist of: | |||||||
Capital paid in on shares of beneficial interest | $ 260,858 | $ 363,291 | $ 171,743 | $ 247,843 | |||
Accumulated earnings (loss) | (122,420) | (103,743) | (12,166) | (46,193) | |||
Net Assets | $ 138,438 | $ 259,548 | $ 159,577 | $ 201,650 | |||
Net Assets: | |||||||
Class A | $ 13,158 | $ 11,178 | $ 7,086 | $ 7,707 | |||
Class I | $ 118,562 | $ 208,171 | $ 152,491 | $ 152,706 | |||
Class R6 | $ 6,718 | $ 40,199 | $ — | $ 41,237 | |||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||||
Class A | 2,427,927 | 1,537,603 | 656,702 | 790,737 | |||
Class I | 21,907,522 | 27,915,877 | 14,150,543 | 16,211,180 | |||
Class R6 | 1,241,920 | 5,388,381 | — | 4,379,334 | |||
Net Asset Value and Redemption Price Per Share:* | |||||||
Class A | $ 5.42 | $ 7.27 | $ 10.79 | $ 9.75 | |||
Class I | $ 5.41 | $ 7.46 | $ 10.78 | $ 9.42 | |||
Class R6 | $ 5.41 | $ 7.46 | $ — | $ 9.42 |
Seix High Income Fund | Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | Seix Total Return Bond Fund | ||||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||||
Class A | $ 5.63 | $ 7.55 | $ 11.10 | $ 10.13 | |||
Maximum Sales Charge - Class A | 3.75% | 3.75% | 2.75% | 3.75% | |||
(1) Investment in securities at cost | $ 152,943 | $ 281,474 | $ 164,169 | $ 217,427 | |||
(2) Market value of securities on loan | $ 1,748 | $ 2,060 | $ — | $ 368 |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||
Assets | |||
Investment in securities at value(1) | $ 432,866 | $ 29,905 | |
Cash | 1,003 | 100 | |
Due from broker | 2 | — (a) | |
Cash pledged as collateral for futures contracts | 293 | 16 | |
Variation margin receivable on futures contracts | 20 | 2 | |
Receivables | |||
Investment securities sold | 1,549 | 197 | |
Fund shares sold | 1,001 | 91 | |
Receivable from adviser | — | 4 | |
Receivable from affiliate | — | 10 | |
Dividends and interest | 1,318 | 133 | |
Prepaid expenses | 38 | 4 | |
Other assets | 44 | 3 | |
Total assets | 438,134 | 30,465 | |
Liabilities | |||
Payables | |||
Fund shares repurchased | 5,184 | 38 | |
Dividend distributions | 150 | — | |
Investment advisory fees | 93 | — | |
Distribution and service fees | 3 | 1 | |
Administration and accounting fees | 38 | 3 | |
Transfer agent and sub-transfer agent fees and expenses | 153 | 7 | |
Professional fees | 75 | 32 | |
Trustee deferred compensation plan | 44 | 3 | |
Interest expense and/or commitment fees | 5 | — (a) | |
Other accrued expenses | 33 | 3 | |
Total liabilities | 5,778 | 87 | |
Net Assets | $ 432,356 | $ 30,378 | |
Net Assets Consist of: | |||
Capital paid in on shares of beneficial interest | $ 449,231 | $ 32,245 | |
Accumulated earnings (loss) | (16,875) | (1,867) | |
Net Assets | $ 432,356 | $ 30,378 | |
Net Assets: | |||
Class A | $ 13,607 | $ 5,029 | |
Class I | $ 343,827 | $ 25,349 | |
Class R6 | $ 74,922 | $ — | |
Shares Outstanding (unlimited number of shares authorized, no par value): | |||
Class A | 1,395,216 | 519,795 | |
Class I | 35,256,447 | 2,621,922 | |
Class R6 | 7,672,446 | — | |
Net Asset Value and Redemption Price Per Share:* | |||
Class A | $ 9.75 | $ 9.67 | |
Class I | $ 9.75 | $ 9.67 | |
Class R6 | $ 9.77 | $ — | |
(1) Investment in securities at cost | $ 440,021 | $ 30,687 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
YEAR ENDED December 31, 2022
Seix Core Bond Fund | Seix Corporate Bond Fund | Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||
Investment Income | |||||||
Dividends | $ 34 | $ 15 | $ 764 | $ 67 | |||
Interest | 2,133 | 2,222 | 144,780 | 863 | |||
Securities lending, net of fees | 2 | 1 | — | — | |||
Total investment income | 2,169 | 2,238 | 145,544 | 930 | |||
Expenses | |||||||
Investment advisory fees | 199 | 239 | 10,598 | 200 | |||
Distribution and service fees, Class A | 18 | 15 | 101 | 8 | |||
Distribution and service fees, Class C | — | 6 | 124 | — | |||
Administration and accounting fees | 87 | 68 | 2,539 | 48 | |||
Transfer agent fees and expenses | 33 | 25 | 1,064 | 17 | |||
Sub-transfer agent fees and expenses, Class A | 12 | 7 | 37 | 1 | |||
Sub-transfer agent fees and expenses, Class C | — | 1 | 12 | — | |||
Sub-transfer agent fees and expenses, Class I | 90 | 104 | 2,764 | 33 | |||
Custodian fees | 2 | 1 | 11 | — (1) | |||
Printing fees and expenses | 7 | 5 | 152 | 4 | |||
Professional fees | 41 | 42 | 457 | 34 | |||
Interest expense and/or commitment fees | 1 | — (1) | 324 | — (1) | |||
Registration fees | 32 | 65 | 175 | 24 | |||
Trustees’ fees and expenses | 5 | 3 | 142 | 2 | |||
Miscellaneous expenses | 13 | 18 | 370 | 9 | |||
Total expenses | 540 | 599 | 18,870 | 380 | |||
Less net expenses reimbursed and/or waived by investment adviser(2) | (123) | (151) | (2,467) | (136) | |||
Less low balance account fees | — | — (1) | — (1) | — | |||
Net expenses | 417 | 448 | 16,403 | 244 | |||
Net investment income (loss) | 1,752 | 1,790 | 129,141 | 686 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (9,177) | (4,290) | (70,206) | (1,000) | |||
Swaps | — | 118 | — | — | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (5,583) | (10,640) | (100,928) | (4,011) | |||
Swaps | — | 38 | — | — | |||
Net realized and unrealized gain (loss) on investments | (14,760) | (14,774) | (171,134) | (5,011) | |||
Net increase (decrease) in net assets resulting from operations | $(13,008) | $(12,984) | $ (41,993) | $(4,325) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
Seix High Income Fund | Seix High Yield Fund | Seix Investment Grade Tax-Exempt Bond Fund | Seix Total Return Bond Fund | ||||
Investment Income | |||||||
Dividends | $ 80 | $ 99 | $ 25 | $ 76 | |||
Interest | 10,193 | 19,555 | 3,981 | 7,677 | |||
Securities lending, net of fees | 43 | 69 | — | 4 | |||
Total investment income | 10,316 | 19,723 | 4,006 | 7,757 | |||
Expenses | |||||||
Investment advisory fees | 899 | 1,532 | 992 | 703 | |||
Distribution and service fees, Class A | 37 | 31 | 17 | 25 | |||
Administration and accounting fees | 171 | 348 | 206 | 289 | |||
Transfer agent fees and expenses | 69 | 142 | 83 | 118 | |||
Sub-transfer agent fees and expenses, Class A | 21 | 15 | 5 | 17 | |||
Sub-transfer agent fees and expenses, Class I | 209 | 305 | 240 | 273 | |||
Custodian fees | 1 | 2 | 1 | 3 | |||
Printing fees and expenses | 12 | 21 | 13 | 19 | |||
Professional fees | 55 | 83 | 65 | 74 | |||
Interest expense and/or commitment fees | 1 | 3 | 1 | 2 | |||
Registration fees | 35 | 62 | 31 | 47 | |||
Trustees’ fees and expenses | 10 | 21 | 12 | 17 | |||
Miscellaneous expenses | 24 | 46 | 17 | 42 | |||
Total expenses | 1,544 | 2,611 | 1,683 | 1,629 | |||
Less net expenses reimbursed and/or waived by investment adviser(1) | (380) | (396) | (612) | (348) | |||
Net expenses | 1,164 | 2,215 | 1,071 | 1,281 | |||
Net investment income (loss) | 9,152 | 17,508 | 2,935 | 6,476 | |||
Net Realized and Unrealized Gain (Loss) on Investments | |||||||
Net realized gain (loss) from: | |||||||
Investments | (13,055) | (29,450) | (6,245) | (32,640) | |||
Swaps | — | — | — | 1,102 | |||
Net change in unrealized appreciation (depreciation) on: | |||||||
Investments | (17,286) | (32,714) | (13,344) | (19,254) | |||
Swaps | — | — | — | 189 | |||
Net realized and unrealized gain (loss) on investments | (30,341) | (62,164) | (19,589) | (50,603) | |||
Net increase (decrease) in net assets resulting from operations | $(21,189) | $(44,656) | $(16,654) | $(44,127) |
(1) | See Note 4D in Notes to Financial Statements. |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||
Investment Income | |||
Dividends | $ 41 | $ 18 | |
Interest | 10,227 | 865 | |
Securities lending, net of fees | — | — (1) | |
Total investment income | 10,268 | 883 | |
Expenses | |||
Investment advisory fees | 1,227 | 91 | |
Distribution and service fees, Class A | 36 | 12 | |
Administration and accounting fees | 627 | 49 | |
Transfer agent fees and expenses | 258 | 17 | |
Sub-transfer agent fees and expenses, Class A | 2 | 2 | |
Sub-transfer agent fees and expenses, Class I | 846 | 33 | |
Custodian fees | 5 | 1 | |
Printing fees and expenses | 31 | 4 | |
Professional fees | 125 | 36 | |
Interest expense and/or commitment fees | 5 | — (1) | |
Registration fees | 90 | 24 | |
Trustees’ fees and expenses | 37 | 2 | |
Miscellaneous expenses | 44 | 10 | |
Total expenses | 3,333 | 281 | |
Less net expenses reimbursed and/or waived by investment adviser(2) | (834) | (98) | |
Net expenses | 2,499 | 183 | |
Net investment income (loss) | 7,769 | 700 | |
Net Realized and Unrealized Gain (Loss) on Investments | |||
Net realized gain (loss) from: | |||
Investments | (8,840) | (696) | |
Futures | 3,845 | 221 | |
Payment by affiliates(3) | — | 10 | |
Net change in unrealized appreciation (depreciation) on: | |||
Investments | (12,001) | (745) | |
Futures | 220 | (4) | |
Net realized and unrealized gain (loss) on investments | (16,776) | (1,214) | |
Net increase (decrease) in net assets resulting from operations | $ (9,007) | $ (514) |
(1) | Amount is less than $500. |
(2) | See Note 4D in Notes to Financial Statements. |
(3) | See Note 4G in Notes to Financial Statements. |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 1,752 | $ 1,240 | $ 1,790 | $ 2,349 | |||
Net realized gain (loss) | (9,177) | 1,042 | (4,172) | 1,595 | |||
Net change in unrealized appreciation (depreciation) | (5,583) | (5,260) | (10,602) | (6,015) | |||
Decrease in net assets resulting from operations | (13,008) | (2,978) | (12,984) | (2,071) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (182) | (124) | (264) | (321) | |||
Class C | — | — | (22) | (31) | |||
Class I | (1,812) | (1,672) | (2,577) | (3,357) | |||
Class R6 | (58) | (33) | (4) | (5) | |||
Total dividends and distributions to shareholders | (2,052) | (1,829) | (2,867) | (3,714) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,085) | (1,990) | (1,211) | (453) | |||
Class C | — | — | (165) | (466) | |||
Class I | (30,629) | (87,208) | (270) | (44,586) | |||
Class R6 | (558) | 1,040 | — | — | |||
Increase (decrease) in net assets from capital transactions | (32,272) | (88,158) | (1,646) | (45,505) | |||
Net increase (decrease) in net assets | (47,332) | (92,965) | (17,497) | (51,290) | |||
Net Assets | |||||||
Beginning of period | 107,258 | 200,223 | 62,807 | 114,097 | |||
End of Period | $ 59,926 | $ 107,258 | $ 45,310 | $ 62,807 |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 129,141 | $ 77,355 | $ 686 | $ 723 | |||
Net realized gain (loss) | (70,206) | (48,396) | (1,000) | 734 | |||
Net change in unrealized appreciation (depreciation) | (100,928) | 79,545 | (4,011) | (1,188) | |||
Increase (decrease) in net assets resulting from operations | (41,993) | 108,504 | (4,325) | 269 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (1,958) | (1,303) | (97) | (163) | |||
Class C | (525) | (458) | — | — | |||
Class I | (112,225) | (67,285) | (715) | (1,396) | |||
Class R6 | (14,310) | (7,586) | — | — | |||
Total dividends and distributions to shareholders | (129,018) | (76,632) | (812) | (1,559) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (6,834) | 6,442 | (843) | (762) | |||
Class C | (2,710) | (7,900) | — | — | |||
Class I | (156,322) | 547,342 | (9,059) | (21,509) | |||
Class R6 | 13,182 | 110,503 | — | — | |||
Increase (decrease) in net assets from capital transactions | (152,684) | 656,387 | (9,902) | (22,271) | |||
Net increase (decrease) in net assets | (323,695) | 688,259 | (15,039) | (23,561) | |||
Net Assets | |||||||
Beginning of period | 2,414,747 | 1,726,488 | 58,069 | 81,630 | |||
End of Period | $ 2,091,052 | $ 2,414,747 | $ 43,030 | $ 58,069 |
Seix High Income Fund | Seix High Yield Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 9,152 | $ 10,918 | $ 17,508 | $ 18,929 | |||
Net realized gain (loss) | (13,055) | 3,988 | (29,450) | 8,198 | |||
Net change in unrealized appreciation (depreciation) | (17,286) | (4,607) | (32,714) | (11,316) | |||
Increase (decrease) in net assets resulting from operations | (21,189) | 10,299 | (44,656) | 15,811 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (779) | (897) | (620) | (659) | |||
Class I | (7,762) | (9,380) | (14,880) | (17,309) | |||
Class R6 | (520) | (514) | (1,801) | (717) | |||
Total dividends and distributions to shareholders | (9,061) | (10,791) | (17,301) | (18,685) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,758) | (2,466) | (4,878) | 6,837 | |||
Class I | (34,634) | (24,112) | (167,635) | 71,216 | |||
Class R6 | (2,805) | 2,142 | 25,085 | 8,158 | |||
Increase (decrease) in net assets from capital transactions | (39,197) | (24,436) | (147,428) | 86,211 | |||
Net increase (decrease) in net assets | (69,447) | (24,928) | (209,385) | 83,337 | |||
Net Assets | |||||||
Beginning of period | 207,885 | 232,813 | 468,933 | 385,596 | |||
End of Period | $ 138,438 | $ 207,885 | $ 259,548 | $ 468,933 |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Total Return Bond Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 2,935 | $ 2,020 | $ 6,476 | $ 5,357 | |||
Net realized gain (loss) | (6,245) | 2,920 | (31,538) | 4,213 | |||
Net change in unrealized appreciation (depreciation) | (13,344) | (4,681) | (19,065) | (14,968) | |||
Increase (decrease) in net assets resulting from operations | (16,654) | 259 | (44,127) | (5,398) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (101) | (171) | (275) | (139) | |||
Class I | (3,038) | (6,002) | (6,643) | (3,723) | |||
Class R6 | — | — | (1,588) | (1,687) | |||
Total dividends and distributions to shareholders | (3,139) | (6,173) | (8,506) | (5,549) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | 104 | (1,135) | (2,431) | (575) | |||
Class I | (77,498) | (33,788) | (80,987) | (13,878) | |||
Class R6 | — | — | (41,381) | (27,249) | |||
Increase (decrease) in net assets from capital transactions | (77,394) | (34,923) | (124,799) | (41,702) | |||
Net increase (decrease) in net assets | (97,187) | (40,837) | (177,432) | (52,649) | |||
Net Assets | |||||||
Beginning of period | 256,764 | 297,601 | 379,082 | 431,731 | |||
End of Period | $ 159,577 | $ 256,764 | $ 201,650 | $ 379,082 |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 7,769 | $ 2,095 | $ 700 | $ 343 | |||
Net realized gain (loss) | (4,995) | 675 | (475) | 42 | |||
Payment by affiliates(1) | — | — | 10 | — | |||
Net change in unrealized appreciation (depreciation) | (11,781) | (3,132) | (749) | (308) | |||
Increase (decrease) in net assets resulting from operations | (9,007) | (362) | (514) | 77 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (169) | (4) | (76) | (24) | |||
Class I | (5,968) | (1,732) | (624) | (335) | |||
Class R6 | (1,629) | (318) | — | — | |||
Return of Capital: | |||||||
Class A | — | (2) | — | — | |||
Class I | — | (901) | — | — | |||
Class R6 | — | (166) | — | — | |||
Total dividends and distributions to shareholders | (7,766) | (3,123) | (700) | (359) | |||
Change in Net Assets from Capital Transactions (See Note 6): | |||||||
Class A | (1,338) | (17,659) | 105 | 883 | |||
Class I | (353,233) | (377,023) | (12,525) | (5,489) | |||
Class R6 | (79,694) | 70,909 | — | — | |||
Increase (decrease) in net assets from capital transactions | (434,265) | (323,773) | (12,420) | (4,606) | |||
Net increase (decrease) in net assets | (451,038) | (327,258) | (13,634) | (4,888) | |||
Net Assets | |||||||
Beginning of period | 883,394 | 1,210,652 | 44,012 | 48,900 | |||
End of Period | $ 432,356 | $ 883,394 | $ 30,378 | $ 44,012 |
(1) | See Note 4G in Notes to Financial Statements. |
THROUGHOUT EACH PERIOD
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Return of Capital | Distributions from Net Realized Gains | Total Distributions | Payments from Affiliates | 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 | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.20 | 0.21 | (1.75) | (1.54) | (0.22) | — | (0.04) | (0.26) | — | (1.80) | $ 9.40 | (13.85) % | $ 6,240 | 0.66 % (6) | 0.95 % | 2.13 % | 175 % | |
1/1/21 to 12/31/21 | 11.52 | 0.09 | (0.26) | (0.17) | (0.09) | — | (0.06) | (0.15) | — | (0.32) | 11.20 | (1.43) | 8,651 | 0.64 | 0.88 | 0.82 | 149 | |
1/1/20 to 12/31/20 | 10.91 | 0.10 | 0.87 | 0.97 | (0.11) | — | (0.25) | (0.36) | — | 0.61 | 11.52 | 8.91 | 10,943 | 0.64 | 0.89 | 0.88 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.22 | 0.55 | 0.77 | (0.22) | — | — | (0.22) | — | 0.55 | 10.91 | 7.48 | 9,183 | 0.64 | 0.91 | 2.03 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.22 | (0.25) | (0.03) | (0.23) | (0.01) | — | (0.24) | — | (0.27) | 10.36 | (0.28) | 5,993 | 0.64 | 0.89 | 2.18 | 172 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.20 | 0.22 | (1.75) | (1.53) | (0.23) | — | (0.04) | (0.27) | — | (1.80) | $ 9.40 | (13.72) % | $ 52,113 | 0.51 % (6) | 0.66 % | 2.21 % | 175 % | |
1/1/21 to 12/31/21 | 11.53 | 0.11 | (0.27) | (0.16) | (0.11) | — | (0.06) | (0.17) | — | (0.33) | 11.20 | (1.38) | 96,081 | 0.50 | 0.60 | 0.94 | 149 | |
1/1/20 to 12/31/20 | 10.91 | 0.10 | 0.89 | 0.99 | (0.12) | — | (0.25) | (0.37) | — | 0.62 | 11.53 | 9.15 | 187,741 | 0.50 | 0.59 | 0.90 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.24 | 0.54 | 0.78 | (0.23) | — | — | (0.23) | — | 0.55 | 10.91 | 7.63 | 93,576 | 0.50 | 0.64 | 2.21 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.24 | (0.26) | (0.02) | (0.24) | (0.01) | — | (0.25) | — | (0.27) | 10.36 | (0.14) | 136,247 | 0.50 | 0.62 | 2.31 | 172 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.20 | 0.24 | (1.75) | (1.51) | (0.25) | — | (0.04) | (0.29) | — | (1.80) | $ 9.40 | (13.60) % | $ 1,573 | 0.38 % (6) | 0.53 % | 2.40 % | 175 % | |
1/1/21 to 12/31/21 | 11.53 | 0.13 | (0.27) | (0.14) | (0.13) | — | (0.06) | (0.19) | — | (0.33) | 11.20 | (1.24) | 2,526 | 0.36 | 0.48 | 1.12 | 149 | |
1/1/20 to 12/31/20 | 10.91 | 0.14 | 0.87 | 1.01 | (0.14) | — | (0.25) | (0.39) | — | 0.62 | 11.53 | 9.31 | 1,539 | 0.36 | 0.49 | 1.21 | 221 | |
1/1/19 to 12/31/19 | 10.36 | 0.23 | 0.57 | 0.80 | (0.25) | — | — | (0.25) | — | 0.55 | 10.91 | 7.78 | 2,025 | 0.36 | 0.50 | 2.12 | 197 | |
1/1/18 to 12/31/18 | 10.63 | 0.25 | (0.26) | (0.01) | (0.25) | (0.01) | — | (0.26) | — | (0.27) | 10.36 | (0.02) | 114 | 0.36 | 0.48 | 2.40 | 172 | |
Seix Corporate Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 9.33 | 0.22 | (1.93) | (1.71) | (0.20) | — | (0.16) | (0.36) | — | (2.07) | $ 7.26 | (18.45) % | $ 5,008 | 0.97 % (6) | 1.15 % | 2.77 % | 99 % | |
1/1/21 to 12/31/21 | 9.89 | 0.18 | (0.37) | (0.19) | (0.16) | — | (0.21) | (0.37) | — | (0.56) | 9.33 | (1.90) | 7,806 | 0.95 | 1.04 | 1.85 | 164 | |
1/1/20 to 12/31/20 | 8.95 | 0.20 | 1.34 | 1.54 | (0.24) | — | (0.36) | (0.60) | — | 0.94 | 9.89 | 17.44 | 8,765 | 0.95 | 1.03 | 2.07 | 135 | |
1/1/19 to 12/31/19 | 8.15 | 0.23 | 0.78 | 1.01 | (0.21) | — | — | (0.21) | — | 0.80 | 8.95 | 12.47 | 5,599 | 0.95 | 1.10 | 2.69 | 118 | |
1/1/18 to 12/31/18 | 8.76 | 0.26 | (0.60) | (0.34) | (0.25) | — | (0.02) | (0.27) | — | (0.61) | 8.15 | (3.90) | 345 | 0.95 | 1.35 | 3.08 | 299 | |
Class C | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 9.29 | 0.16 | (1.92) | (1.76) | (0.14) | — | (0.16) | (0.30) | — | (2.06) | $ 7.23 | (19.00) % | $ 490 | 1.66 % (6) | 1.89 % | 2.05 % | 99 % | |
1/1/21 to 12/31/21 | 9.84 | 0.11 | (0.36) | (0.25) | (0.09) | — | (0.21) | (0.30) | — | (0.55) | 9.29 | (2.50) | 819 | 1.65 | 1.76 | 1.14 | 164 | |
1/1/20 to 12/31/20 | 8.91 | 0.13 | 1.33 | 1.46 | (0.17) | — | (0.36) | (0.53) | — | 0.93 | 9.84 | 16.57 | 1,365 | 1.65 | 1.78 | 1.34 | 135 | |
1/1/19 to 12/31/19 | 8.11 | 0.16 | 0.78 | 0.94 | (0.14) | — | — | (0.14) | — | 0.80 | 8.91 | 11.60 | 671 | 1.65 | 1.84 | 1.87 | 118 | |
1/1/18 to 12/31/18 | 8.72 | 0.20 | (0.60) | (0.40) | (0.19) | — | (0.02) | (0.21) | — | (0.61) | 8.11 | (4.61) | 5,459 | 1.65 | 2.12 | 2.37 | 299 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 9.28 | 0.24 | (1.92) | (1.68) | (0.22) | — | (0.16) | (0.38) | — | (2.06) | $ 7.22 | (18.25) % | $ 39,738 | 0.72 % (6) | 0.98 % | 3.02 % | 99 % | |
1/1/21 to 12/31/21 | 9.84 | 0.20 | (0.37) | (0.17) | (0.18) | — | (0.21) | (0.39) | — | (0.56) | 9.28 | (1.67) | 54,087 | 0.70 | 0.77 | 2.07 | 164 | |
1/1/20 to 12/31/20 | 8.90 | 0.22 | 1.35 | 1.57 | (0.27) | — | (0.36) | (0.63) | — | 0.94 | 9.84 | 17.82 | 103,866 | 0.70 | 0.80 | 2.26 | 135 | |
1/1/19 to 12/31/19 | 8.11 | 0.25 | 0.77 | 1.02 | (0.23) | — | — | (0.23) | — | 0.79 | 8.90 | 12.66 | 32,896 | 0.70 | 0.86 | 2.90 | 118 | |
1/1/18 to 12/31/18 | 8.73 | 0.27 | (0.60) | (0.33) | (0.27) | — | (0.02) | (0.29) | — | (0.62) | 8.11 | (3.81) | 35,244 | 0.70 | 1.03 | 3.33 | 299 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 9.28 | 0.26 | (1.92) | (1.66) | (0.24) | — | (0.16) | (0.40) | — | (2.06) | $ 7.22 | (18.02) % | $ 74 | 0.45 % (6) | 0.78 % | 3.31 % | 99 % | |
1/1/21 to 12/31/21 | 9.83 | 0.23 | (0.36) | (0.13) | (0.21) | — | (0.21) | (0.42) | — | (0.55) | 9.28 | (1.31) | 95 | 0.43 | 0.70 | 2.37 | 164 | |
10/20/20 (7) 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 (8) |
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 | Payments from Affiliates | 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 | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.23 | 0.38 | (0.48) | (0.10) | (0.39) | — | — | (0.39) | — | (0.49) | $ 7.74 | (1.20) % | $ 32,916 | 0.97 % (6)(9)(10) | 0.97 % | 4.84 % | 57 % | |
1/1/21 to 12/31/21 | 8.09 | 0.28 | 0.13 | 0.41 | (0.27) | — | — | (0.27) | — | 0.14 | 8.23 | 5.14 | 42,301 | 0.95 (9)(10)(11) | 0.95 | 3.35 | 72 | |
1/1/20 to 12/31/20 | 8.40 | 0.30 | (0.31) | (0.01) | (0.30) | — | — | (0.30) | — | (0.31) | 8.09 | 0.06 | 35,224 | 0.96 (10) | 0.96 | 3.76 | 68 | |
1/1/19 to 12/31/19 | 8.30 | 0.41 | 0.11 | 0.52 | (0.42) | — | — | (0.42) | — | 0.10 | 8.40 | 6.30 | 47,938 | 0.95 (10)(11) | 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 | |
Class C | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.24 | 0.33 | (0.48) | (0.15) | (0.34) | — | — | (0.34) | — | (0.49) | $ 7.75 | (1.77) % | $ 10,793 | 1.55 % (6)(10) | 1.73 % | 4.22 % | 57 % | |
1/1/21 to 12/31/21 | 8.09 | 0.23 | 0.14 | 0.37 | (0.22) | — | — | (0.22) | — | 0.15 | 8.24 | 4.65 | 14,303 | 1.54 (10) | 1.73 | 2.74 | 72 | |
1/1/20 to 12/31/20 | 8.40 | 0.25 | (0.31) | (0.06) | (0.25) | — | — | (0.25) | — | (0.31) | 8.09 | (0.52) | 21,841 | 1.54 (10) | 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 (10) | 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 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.23 | 0.40 | (0.48) | (0.08) | (0.41) | — | — | (0.41) | — | (0.49) | $ 7.74 | (0.89) % | $1,795,243 | 0.65 % (6)(10) | 0.75 % | 5.09 % | 57 % | |
1/1/21 to 12/31/21 | 8.09 | 0.30 | 0.14 | 0.44 | (0.30) | — | — | (0.30) | — | 0.14 | 8.23 | 5.47 | 2,102,532 | 0.64 (10) | 0.73 | 3.65 | 72 | |
1/1/20 to 12/31/20 | 8.40 | 0.32 | (0.30) | 0.02 | (0.33) | — | — | (0.33) | — | (0.31) | 8.09 | 0.38 | 1,526,917 | 0.64 (10) | 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 (10) | 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 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.24 | 0.42 | (0.49) | (0.07) | (0.42) | — | — | (0.42) | — | (0.49) | $ 7.75 | (0.78) % | $ 252,100 | 0.55 % (6)(10) | 0.63 % | 5.26 % | 57 % | |
1/1/21 to 12/31/21 | 8.10 | 0.31 | 0.14 | 0.45 | (0.31) | — | — | (0.31) | — | 0.14 | 8.24 | 5.57 | 255,611 | 0.54 (10) | 0.62 | 3.76 | 72 | |
1/1/20 to 12/31/20 | 8.40 | 0.34 | (0.31) | 0.03 | (0.33) | — | — | (0.33) | — | (0.30) | 8.10 | 0.61 | 142,506 | 0.54 (10) | 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 (10) | 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 | |
Seix High Grade Municipal Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $12.18 | 0.18 | (1.24) | (1.06) | (0.18) | — | (0.04) | (0.22) | — | (1.28) | $10.90 | (8.69) % | $ 5,217 | 0.74 % (6) | 1.03 % | 1.60 % | 99 % | |
1/1/21 to 12/31/21 | 12.42 | 0.11 | (0.07) | 0.04 | (0.11) | — | (0.17) | (0.28) | — | (0.24) | 12.18 | 0.35 | 6,711 | 0.73 | 0.94 | 0.91 | 48 | |
1/1/20 to 12/31/20 | 12.05 | 0.13 | 0.69 | 0.82 | (0.13) | — | (0.32) | (0.45) | — | 0.37 | 12.42 | 6.85 | 7,626 | 0.75 (12) | 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 (12) | 0.95 | 2.63 | 130 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $12.18 | 0.19 | (1.23) | (1.04) | (0.20) | — | (0.04) | (0.24) | — | (1.28) | $10.90 | (8.56) % | $ 37,813 | 0.59 % (6) | 0.94 % | 1.73 % | 99 % | |
1/1/21 to 12/31/21 | 12.42 | 0.13 | (0.07) | 0.06 | (0.13) | — | (0.17) | (0.30) | — | (0.24) | 12.18 | 0.50 | 51,358 | 0.58 | 0.85 | 1.06 | 48 | |
1/1/20 to 12/31/20 | 12.05 | 0.15 | 0.69 | 0.84 | (0.15) | — | (0.32) | (0.47) | — | 0.37 | 12.42 | 7.01 | 74,004 | 0.60 (12) | 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 (12) | 0.85 | 2.77 | 130 |
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 | Payments from Affiliates | 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 | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 6.45 | 0.31 | (1.03) | (0.72) | (0.31) | — | — | (0.31) | — | (1.03) | $ 5.42 | (11.31) % | $ 13,158 | 0.95 % (6) | 1.18 % | 5.38 % | 70 % | |
1/1/21 to 12/31/21 | 6.46 | 0.30 | (0.01) | 0.29 | (0.30) | — | — | (0.30) | — | (0.01) | 6.45 | 4.52 | 17,612 | 0.93 | 1.14 | 4.65 | 103 | |
1/1/20 to 12/31/20 | 6.33 | 0.31 | 0.13 | 0.44 | (0.31) | — | — | (0.31) | — | 0.13 | 6.46 | 7.48 | 20,133 | 0.93 (12) | 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 (12) | 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 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 6.44 | 0.32 | (1.03) | (0.71) | (0.32) | — | — | (0.32) | — | (1.03) | $ 5.41 | (11.12) % | $ 118,562 | 0.70 % (6) | 0.93 % | 5.62 % | 70 % | |
1/1/21 to 12/31/21 | 6.45 | 0.32 | (0.02) | 0.30 | (0.31) | — | — | (0.31) | — | (0.01) | 6.44 | 4.78 | 179,018 | 0.68 | 0.89 | 4.90 | 103 | |
1/1/20 to 12/31/20 | 6.33 | 0.32 | 0.13 | 0.45 | (0.33) | — | — | (0.33) | — | 0.12 | 6.45 | 7.58 | 203,543 | 0.68 (12) | 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 (12) | 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 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 6.44 | 0.33 | (1.04) | (0.71) | (0.32) | — | — | (0.32) | — | (1.03) | $ 5.41 | (11.04) % | $ 6,718 | 0.60 % (6) | 0.78 % | 5.69 % | 70 % | |
1/1/21 to 12/31/21 | 6.45 | 0.32 | (0.01) | 0.31 | (0.32) | — | — | (0.32) | — | (0.01) | 6.44 | 4.87 | 11,255 | 0.59 | 0.75 | 4.98 | 103 | |
1/1/20 to 12/31/20 | 6.32 | 0.33 | 0.13 | 0.46 | (0.33) | — | — | (0.33) | — | 0.13 | 6.45 | 7.85 | 9,137 | 0.59 (12) | 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 (12) | 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 | |
Seix High Yield Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.56 | 0.38 | (1.29) | (0.91) | (0.38) | — | — | (0.38) | — | (1.29) | $ 7.27 | (10.70) % | $ 11,178 | 0.84 % (6) | 1.04 % | 4.99 % | 66 % | |
1/1/21 to 12/31/21 | 8.59 | 0.34 | (0.03) | 0.31 | (0.34) | — | — | (0.34) | — | (0.03) | 8.56 | 3.69 | 18,370 | 0.82 | 1.01 | 4.01 | 93 | |
1/1/20 to 12/31/20 | 8.19 | 0.37 | 0.40 | 0.77 | (0.37) | — | — | (0.37) | — | 0.40 | 8.59 | 9.86 | 11,608 | 0.82 | 1.05 | 4.54 | 182 | |
1/1/19 to 12/31/19 | 7.62 | 0.38 | 0.57 | 0.95 | (0.38) | — | — | (0.38) | — | 0.57 | 8.19 | 12.64 | 4,623 | 0.82 | 1.04 | 4.70 | 98 | |
1/1/18 to 12/31/18 | 8.21 | 0.43 | (0.59) | (0.16) | (0.43) | — | — | (0.43) | — | (0.59) | 7.62 | (2.07) | 2,910 | 0.82 | 1.02 | 5.32 | 59 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.78 | 0.40 | (1.32) | (0.92) | (0.40) | — | — | (0.40) | — | (1.32) | $ 7.46 | (10.51) % | $ 208,171 | 0.65 % (6) | 0.77 % | 5.12 % | 66 % | |
1/1/21 to 12/31/21 | 8.81 | 0.37 | (0.03) | 0.34 | (0.37) | — | — | (0.37) | — | (0.03) | 8.78 | 3.88 | 430,620 | 0.64 | 0.73 | 4.21 | 93 | |
1/1/20 to 12/31/20 | 8.41 | 0.40 | 0.40 | 0.80 | (0.40) | — | — | (0.40) | — | 0.40 | 8.81 | 9.93 | 362,138 | 0.64 | 0.76 | 4.81 | 182 | |
1/1/19 to 12/31/19 | 7.82 | 0.41 | 0.58 | 0.99 | (0.40) | — | — | (0.40) | — | 0.59 | 8.41 | 12.91 | 292,284 | 0.64 | 0.77 | 4.93 | 98 | |
1/1/18 to 12/31/18 | 8.41 | 0.45 | (0.58) | (0.13) | (0.46) | — | — | (0.46) | — | (0.59) | 7.82 | (1.70) | 286,931 | 0.64 | 0.76 | 5.53 | 59 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 8.78 | 0.42 | (1.33) | (0.91) | (0.41) | — | — | (0.41) | — | (1.32) | $ 7.46 | (10.41) % | $ 40,199 | 0.55 % (6) | 0.67 % | 5.45 % | 66 % | |
1/1/21 to 12/31/21 | 8.81 | 0.38 | (0.03) | 0.35 | (0.38) | — | — | (0.38) | — | (0.03) | 8.78 | 4.00 | 19,943 | 0.53 | 0.64 | 4.32 | 93 | |
1/1/20 to 12/31/20 | 8.41 | 0.41 | 0.40 | 0.81 | (0.41) | — | — | (0.41) | — | 0.40 | 8.81 | 10.05 | 11,850 | 0.53 | 0.67 | 4.92 | 182 | |
1/1/19 to 12/31/19 | 7.82 | 0.40 | 0.60 | 1.00 | (0.41) | — | — | (0.41) | — | 0.59 | 8.41 | 13.03 | 5,645 | 0.53 | 0.67 | 4.89 | 98 | |
1/1/18 to 12/31/18 | 8.42 | 0.44 | (0.58) | (0.14) | (0.46) | — | — | (0.46) | — | (0.60) | 7.82 | (1.74) | 1,009 | 0.53 | 0.64 | 5.31 | 59 |
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 | Payments from Affiliates | 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 | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.73 | 0.15 | (0.93) | (0.78) | (0.15) | — | (0.01) | (0.16) | — | (0.94) | $10.79 | (6.62) % | $ 7,086 | 0.69 % (6) | 1.04 % | 1.37 % | 71 % | |
1/1/21 to 12/31/21 | 11.99 | 0.07 | (0.08) | (0.01) | (0.07) | — | (0.18) | (0.25) | — | (0.26) | 11.73 | (0.04) | 7,592 | 0.71 (12) | 1.01 | 0.58 | 95 | |
1/1/20 to 12/31/20 | 11.72 | 0.10 | 0.57 | 0.67 | (0.10) | — | (0.30) | (0.40) | — | 0.27 | 11.99 | 5.73 | 8,902 | 0.73 (12) | 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 (12) | 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 (12) | 1.00 | 2.47 | 105 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.72 | 0.16 | (0.93) | (0.77) | (0.16) | — | (0.01) | (0.17) | — | (0.94) | $10.78 | (6.49) % | $ 152,491 | 0.53 % (6) | 0.84 % | 1.48 % | 71 % | |
1/1/21 to 12/31/21 | 11.98 | 0.09 | (0.08) | 0.01 | (0.09) | — | (0.18) | (0.27) | — | (0.26) | 11.72 | 0.11 | 249,172 | 0.56 (12) | 0.80 | 0.73 | 95 | |
1/1/20 to 12/31/20 | 11.70 | 0.12 | 0.58 | 0.70 | (0.12) | — | (0.30) | (0.42) | — | 0.28 | 11.98 | 5.98 | 288,699 | 0.58 (12) | 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 (12) | 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 (12) | 0.80 | 2.61 | 105 | |
Seix Total Return Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.63 | 0.22 | (1.80) | (1.58) | (0.19) | — | (0.11) | (0.30) | — | (1.88) | $ 9.75 | (13.70) % | $ 7,707 | 0.72 % (6) | 0.89 % | 2.08 % | 169 % | |
1/1/21 to 12/31/21 | 11.93 | 0.12 | (0.30) | (0.18) | (0.09) | — | (0.03) | (0.12) | — | (0.30) | 11.63 | (1.47) | 11,991 | 0.70 | 0.86 | 1.01 | 131 | |
1/1/20 to 12/31/20 | 11.03 | 0.15 | 1.05 | 1.20 | (0.21) | — | (0.09) | (0.30) | — | 0.90 | 11.93 | 10.91 | 12,879 | 0.70 | 0.87 | 1.27 | 186 | |
1/1/19 to 12/31/19 | 10.52 | 0.22 | 0.48 | 0.70 | (0.13) | (0.06) | — | (0.19) | — | 0.51 | 11.03 | 6.69 | 24,861 | 0.70 | 0.94 | 2.04 | 190 | |
1/1/18 to 12/31/18 | 10.77 | 0.23 | (0.28) | (0.05) | (0.20) | — | — | (0.20) | — | (0.25) | 10.52 | (0.48) | 10,717 | 0.70 | 0.85 | 2.18 | 169 | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.25 | 0.23 | (1.74) | (1.51) | (0.21) | — | (0.11) | (0.32) | — | (1.83) | $ 9.42 | (13.57) % | $ 152,706 | 0.48 % (6) | 0.59 % | 2.30 % | 169 % | |
1/1/21 to 12/31/21 | 11.54 | 0.14 | (0.28) | (0.14) | (0.12) | — | (0.03) | (0.15) | — | (0.29) | 11.25 | (1.23) | 274,304 | 0.46 | 0.56 | 1.25 | 131 | |
1/1/20 to 12/31/20 | 10.68 | 0.16 | 1.03 | 1.19 | (0.24) | — | (0.09) | (0.33) | — | 0.86 | 11.54 | 11.12 | 295,811 | 0.46 | 0.57 | 1.38 | 186 | |
1/1/19 to 12/31/19 | 10.17 | 0.24 | 0.48 | 0.72 | (0.15) | (0.06) | — | (0.21) | — | 0.51 | 10.68 | 7.12 | 220,036 | 0.46 | 0.59 | 2.32 | 190 | |
1/1/18 to 12/31/18 | 10.42 | 0.24 | (0.28) | (0.04) | (0.21) | — | — | (0.21) | — | (0.25) | 10.17 | (0.32) | 335,999 | 0.46 | 0.55 | 2.39 | 169 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $11.24 | 0.24 | (1.73) | (1.49) | (0.22) | — | (0.11) | (0.33) | — | (1.82) | $ 9.42 | (13.36) % | $ 41,237 | 0.32 % (6) | 0.46 % | 2.35 % | 169 % | |
1/1/21 to 12/31/21 | 11.53 | 0.16 | (0.28) | (0.12) | (0.14) | — | (0.03) | (0.17) | — | (0.29) | 11.24 | (1.08) | 92,787 | 0.31 | 0.45 | 1.40 | 131 | |
1/1/20 to 12/31/20 | 10.67 | 0.17 | 1.03 | 1.20 | (0.25) | — | (0.09) | (0.34) | — | 0.86 | 11.53 | 11.30 | 123,041 | 0.31 | 0.46 | 1.53 | 186 | |
1/1/19 to 12/31/19 | 10.17 | 0.26 | 0.46 | 0.72 | (0.16) | (0.06) | — | (0.22) | — | 0.50 | 10.67 | 7.18 | 61,313 | 0.31 | 0.45 | 2.51 | 190 | |
1/1/18 to 12/31/18 | 10.42 | 0.26 | (0.28) | (0.02) | (0.23) | — | — | (0.23) | — | (0.25) | 10.17 | (0.17) | 70,626 | 0.31 | 0.44 | 2.55 | 169 |
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 | Payments from Affiliates | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2) (3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4) (5) | Ratio of Gross Expenses to Average Net Assets(4) (5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $10.01 | 0.12 | (0.26) | (0.14) | (0.12) | — | — | (0.12) | — | (0.26) | $ 9.75 | (1.39) % | $ 13,607 | 0.68% (6) (9) (11) | 0.66 % | 1.17 % | 37 % | |
1/1/21 to 12/31/21 | 10.04 | (0.01) | (0.02) | (0.03) | — (13) | — (13) | — | — (13) | — | (0.03) | 10.01 | (0.29) | 15,323 | 0.66 | 0.67 | (0.07) | 52 | |
1/1/20 to 12/31/20 | 10.00 | 0.04 | 0.06 | 0.10 | (0.06) | — | — | (0.06) | — | 0.04 | 10.04 | 0.99 | 33,092 | 0.66 | 0.66 | 0.41 | 54 | |
1/1/19 to 12/31/19 | 9.99 | 0.19 | 0.02 | 0.21 | (0.20) | — | — | (0.20) | — | 0.01 | 10.00 | 2.11 | 13,741 | 0.65 (9) | 0.65 | 1.91 | 63 | |
7/24/18 to 12/31/18(14) | 10.00 | 0.09 | (0.01) | 0.08 | (0.08) | (0.01) | — | (0.09) | — | (0.01) | 9.99 | 0.79 | 5,497 | 0.63 (9) | 0.63 | 2.10 | 28 (8) | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $10.00 | 0.12 | (0.23) | (0.11) | (0.14) | — | — | (0.14) | — | (0.25) | $ 9.75 | (1.05) % | $ 343,827 | 0.43 % (6) | 0.57 % | 1.22 % | 37 % | |
1/1/21 to 12/31/21 | 10.04 | 0.02 | (0.03) | (0.01) | (0.02) | (0.01) | — | (0.03) | — | (0.04) | 10.00 | (0.13) | 710,303 | 0.41 | 0.49 | 0.18 | 52 | |
1/1/20 to 12/31/20 | 10.00 | 0.08 | 0.04 | 0.12 | (0.08) | — | — | (0.08) | — | 0.04 | 10.04 | 1.25 | 1,090,217 | 0.41 | 0.49 | 0.76 | 54 | |
1/1/19 to 12/31/19 | 9.99 | 0.23 | — | 0.23 | (0.22) | — | — | (0.22) | — | 0.01 | 10.00 | 2.36 | 864,548 | 0.41 | 0.50 | 2.27 | 63 | |
1/1/18 to 12/31/18 | 10.01 | 0.19 | (0.01) | 0.18 | (0.19) | (0.01) | — | (0.20) | — | (0.02) | 9.99 | 1.83 | 1,232,473 | 0.41 | 0.50 | 1.89 | 28 | |
Class R6 | ||||||||||||||||||
1/1/22 to 12/31/22 | $10.02 | 0.14 | (0.23) | (0.09) | (0.16) | — | — | (0.16) | — | (0.25) | $ 9.77 | (0.90) % | $ 74,922 | 0.28 % (6) | 0.40 % | 1.41 % | 37 % | |
1/1/21 to 12/31/21 | 10.05 | 0.03 | (0.02) | 0.01 | (0.03) | (0.01) | — | (0.04) | — | (0.03) | 10.02 | 0.12 | 157,768 | 0.26 | 0.35 | 0.32 | 52 | |
1/1/20 to 12/31/20 | 10.01 | 0.07 | 0.07 | 0.14 | (0.10) | — | — | (0.10) | — | 0.04 | 10.05 | 1.40 | 87,343 | 0.26 | 0.38 | 0.66 | 54 | |
1/1/19 to 12/31/19 | 10.00 | 0.24 | 0.01 | 0.25 | (0.24) | — | — | (0.24) | — | 0.01 | 10.01 | 2.51 | 25,521 | 0.26 | 0.37 | 2.39 | 63 | |
1/1/18 to 12/31/18 | 10.03 | 0.20 | (0.01) | 0.19 | (0.21) | (0.01) | — | (0.22) | — | (0.03) | 10.00 | 1.88 | 32,940 | 0.26 | 0.37 | 2.01 | 28 | |
Seix Ultra-Short Bond Fund | ||||||||||||||||||
Class A | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 9.92 | 0.15 | (0.24) | (0.09) | (0.16) | — | — | (0.16) | — (15)(16) | (0.25) | $ 9.67 | (0.94) % | $ 5,029 | 0.67 % (6) | 0.87 % | 1.57 % | 60 % | |
1/1/21 to 12/31/21 | 9.97 | 0.05 | (0.05) | — | (0.05) | — | — | (0.05) | — | (0.05) | 9.92 | 0.02 | 5,049 | 0.65 | 0.86 | 0.49 | 89 | |
1/1/20 to 12/31/20 | 9.96 | 0.10 | 0.01 | 0.11 | (0.10) | — | — | (0.10) | — | 0.01 | 9.97 | 1.13 | 4,189 | 0.65 | 0.84 | 1.03 | 101 | |
1/1/19 to 12/31/19 | 9.92 | 0.21 | 0.04 | 0.25 | (0.21) | — | — | (0.21) | — | 0.04 | 9.96 | 2.58 | 3,111 | 0.65 | 0.83 | 2.07 | 97 | |
7/24/18 to 12/31/18(14) | 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 (8) | |
Class I | ||||||||||||||||||
1/1/22 to 12/31/22 | $ 9.91 | 0.17 | (0.23) | (0.06) | (0.18) | — | — | (0.18) | — (15)(16) | (0.24) | $ 9.67 | (0.59) % | $ 25,349 | 0.42 % (6) | 0.66 % | 1.71 % | 60 % | |
1/1/21 to 12/31/21 | 9.96 | 0.07 | (0.04) | 0.03 | (0.08) | — | — | (0.08) | — | (0.05) | 9.91 | 0.27 | 38,963 | 0.40 | 0.63 | 0.73 | 89 | |
1/1/20 to 12/31/20 | 9.95 | 0.13 | 0.01 | 0.14 | (0.13) | — | — | (0.13) | — | 0.01 | 9.96 | 1.39 | 44,711 | 0.40 | 0.62 | 1.29 | 101 | |
1/1/19 to 12/31/19 | 9.91 | 0.24 | 0.04 | 0.28 | (0.24) | — | — | (0.24) | — | 0.04 | 9.95 | 2.84 | 48,183 | 0.40 | 0.61 | 2.42 | 97 | |
1/1/18 to 12/31/18 | 9.97 | 0.22 | (0.06) | 0.16 | (0.22) | — | — | (0.22) | — | (0.06) | 9.91 | 1.61 | 60,041 | 0.40 | 0.62 | 2.21 | 112 |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Net expense ratio includes extraordinary proxy expenses. |
(7) | Inception date. |
(8) | Portfolio turnover is representative of the Fund for the entire period. |
(9) | The share class is currently under its expense limitation. |
(10) | Ratio of total expenses excluding interest expense on borrowings for the year ended December 31, 2022 were 0.96% (Class A), 1.54% (Class C), 0.64% (Class I) and 0.54% (Class R6), for the year ended December 31, 2021 were 0.93% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6) and the years ended December 31, 2020 and 2019 were 0.94% (Class A), 1.52% (Class C), 0.62% (Class I) and 0.52% (Class R6). |
(11) | See Note 4D in the Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(12) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(13) | Amount is less than $0.005 per share. |
(14) | Class A commenced operations on July 24, 2018. |
(15) | See Note 4G in Notes to Financial Statements. |
(16) | Amount is less than $0.005 per share. |
December 31, 2022
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 and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. Premiums on callable debt instruments are amortized to interest income to the earliest call date using the effective interest method. 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 and each such other fund, or an alternative allocation method, can be more appropriately used. | |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Payment-In-Kind Securities |
Certain Funds may invest in payment-in-kind securities, which are debt or preferred stock securities that require or permit payment of interest in the form of additional securities. Payment-in-kind securities allow the issuer to avoid or delay the need to generate cash to meet current interest payments and, as a result, may involve greater risk than securities that pay interest currently or in cash. | |
H. | Securities Traded on a To-Be-Announced Basis |
Certain Funds may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, a Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date a Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities. | |
I. | When-issued Purchases and Forward Commitments (Delayed Delivery) |
Certain Funds may engage in when-issued or forward commitment transactions. Securities purchased on a when-issued or forward commitment basis are also known as delayed delivery transactions. Delayed delivery transactions involve a commitment by a Fund to purchase or sell a security at a future date (ordinarily up to 90 days later). When-issued or forward commitments enable the Funds to lock in what is believed to be an attractive price or yield on a particular security for a period of time, regardless of future changes in interest rates. Each Fund records when-issued and forward commitment securities on the trade date. Each Fund maintains collateral for the securities purchased. Securities purchased on a when-issued or forward commitment basis begin earning interest on the settlement date. | |
J. | Leveraged Loans |
Certain Funds may invest in direct debt instruments which are interests in amounts owed by a corporate, governmental, or other borrower to lenders or lending syndicates. Leveraged loans are generally non-investment grade and often involve borrowers that are highly leveraged. The Funds may invest in obligations of borrowers who are in bankruptcy proceedings. Leveraged loans are typically senior in the corporate capital structure of the borrower. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The |
agent administers the terms of the loan, as specified in the leveraged loan. A Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When investing in loan participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the loan participation and only upon receipt by the lender of payments from the borrower. A Fund generally has no right to enforce compliance with the terms of the leveraged loan with the borrower. As a result, a Fund may be subject to the credit risk of both the borrower and the lender that is selling the leveraged loan. When a Fund purchases assignments from lenders it acquires direct rights against the borrower on the loan. | |
A Fund may invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. Leveraged loans may involve foreign borrowers and investments may be denominated in foreign currencies. Direct indebtedness of emerging countries involves a risk that the government entities responsible for the repayment of the debt may be unable, or unwilling, to pay the principal and interest when due. | |
The leveraged loans have floating rate loan interests which generally pay interest at rates that are periodically determined by reference to a base lending rate plus a premium. The base lending rates are generally LIBOR, SOFR, the prime rate offered by one or more U.S. banks or the certificate of deposit rate. When a leveraged loan is purchased a Fund may pay an assignment fee. On an ongoing basis, a Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a leveraged loan. Prepayment penalty fees are received upon the prepayment of a leveraged loan by a borrower. Prepayment penalty, facility, commitment, consent and amendment fees are recorded to income as earned or paid. | |
A Fund may invest in both secured loans and “covenant lite” loans which have few or no financial maintenance covenants that would require a borrower to maintain certain financial metrics. The lack of financial maintenance covenants in covenant lite loans increases the risk that the applicable Fund will experience difficulty or delays in enforcing its rights on its holdings of such loans, which may result in losses, especially during a downturn in the credit cycle. | |
K. | Warrants |
The Funds may receive warrants. Warrants are securities that are usually issued together with a debt instrument or preferred stock and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants may be freely transferable and are often traded on major exchanges. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt instruments. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt instruments at the same coupon rate. A decline in interest rates would permit a Series to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value. | |
L. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. | |
Collateral may consist of cash and securities issued by the U.S. Government or its agencies. Cash collateral is invested in a short-term money market fund. Dividends earned on the collateral and premiums paid by the broker are recorded as income by the Fund net of fees and rebates charged/paid by BNYM for its services as securities lending agent and in connection with this securities lending program. Lending portfolio securities involves a risk of delay in the recovery of the loaned securities or in the declining value of the collateral. | |
Securities lending transactions are entered into by each Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Fund to the same counterparty against amounts to be received and create one single net payment due to or from the Fund. | |
At December 31, 2022, the securities loaned were subject to a MSLA on a net payment basis as follows: |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | ||||
Seix High Income Fund | $ 1,748 | $ 1,748 | $ — | ||||
Seix High Yield Fund | 2,060 | 2,060 | — | ||||
Seix Total Return Bond Fund | 368 | 368 | — |
(1) | Collateral received in excess of the value of securities on loan is not presented in this table. The cash collateral received in connection with securities lending transactions has been used for the purchase of securities as disclosed in the Fund’s Schedule of Investments. |
(2) | Net amount represents the net amount receivable due from the counterparty in the event of default. |
Fund | Investment of Cash Collateral | Overnight and Continuous | |||
Seix High Income Fund | Money Market Mutual Fund | $1,835 | |||
Seix High Yield Fund | Money Market Mutual Fund | 2,164 | |||
Seix Total Return Bond Fund | Money Market Mutual Fund | 377 |
A. | Futures Contracts |
A futures contract is an agreement between two parties to purchase (long) or sell (short) a security at a set price for delivery on a future date. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or securities equal to the “initial margin” requirements of the futures exchange on which the contract is traded. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by a Fund for financial statement purposes on a daily basis as unrealized appreciation or depreciation. When the contract expires or is closed, gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed is realized. This is presented in the Statement of Operations as net realized gain (loss) from future contracts. | |
During the year ended December 31, 2022, the Seix U.S. Government Securities Ultra-Short Bond Fund and Seix Ultra-Short Bond Fund utilized futures to optimize performance by gaining exposure to broad markets or to hedge the risk of securities within the portfolios. The potential risks of doing so are that 1) the use of futures may result in larger losses or smaller gains than the use of more traditional investments, 2) the prices of futures and the price movements of the securities that the future is intended to simulate may not correlate well, 3) the Fund’s success in using futures will be dependent upon the subadviser’s ability to correctly predict such price movements, 4) liquidity of futures can be adversely affected by market factors, and the prices of such securities may move in unexpected ways, and 5) if the Fund cannot close out a futures position, it may be compelled to continue to make daily cash payments to the broker to meet margin requirements, thus increasing transaction costs. Futures contracts outstanding at period end, if any, are listed after each Fund’s Schedule of Investments. Securities deposited as margin are designated on the Schedule of Investments and cash deposited is recorded on the Statements of Assets and Liabilities as “Cash pledged as collateral for futures contracts”. | |
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 “OTC swaps at value” for OTC swaps and as “Variation margin receivable on cleared swaps”. 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 “OTC swaps at value” in the Statements of Assets and Liabilities and are amortized over the term of the swap for OTC swaps. 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 “Cash pledged as collateral for cleared swaps”. |
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risk in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions. | |
Credit default swaps – A Fund may either buy or sell (write) credit default swaps on single-name issuers (corporate or sovereign), a combination or basket of single-name issuers or traded indexes. Credit default swaps on single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to the referenced entity (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on a combination or basket of single-name issuers are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the protection seller to make specific payment should a negative credit event take place with respect to any of the referenced entities (e.g., bankruptcy, failure to pay, obligation accelerators, repudiation, moratorium or restructuring). Credit default swaps on traded indexes are agreements in which the buyer pays fixed periodic payments to the seller in consideration for a guarantee from the seller to make a specific payment should a write-down, principal or interest shortfall or default of all or individual underlying securities included in the index occurs. As a buyer, if an underlying credit event occurs, the Fund will either receive from the seller an amount equal to the notional amount of the swap and deliver the referenced security or underlying securities comprising the index or receive a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. As a seller (writer), if an underlying credit event occurs, the Fund will either pay the buyer an amount equal to the notional amount of the swap and take delivery of the referenced security or underlying securities comprising the index or pay a net settlement of cash equal to the notional amount of the swap less the recovery value of the security or underlying securities comprising the index. The Funds may enter into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate and/or sovereign issuers or to create exposure to corporate and/or sovereign issuers to which they are not otherwise exposed (credit risk). | |
During the year ended December 31, 2022, the Seix Corporate Bond Fund and Seix Total Return Bond Fund utilized 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, and location as presented in the Statements of Assets and Liabilities at December 31, 2022: |
Statement Line Description | Primary Risk | Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | |||
Asset Derivatives | ||||||||
Variation margin receivable on cleared swaps(1) | Credit contracts | $28 | $124 | $ — | $ — | |||
Variation margin receivable on futures contracts(1) | Interest rate contracts | — | — | 6 | — (1) | |||
Total | $28 | $124 | $ 6 | $— (1) | ||||
Liability Derivatives | ||||||||
Variation margin receivable on futures contracts(1) | Interest rate contracts | $ — | $ — | $(11) | $ (1) | |||
Total | $ — | $ — | $(11) | $ (1) |
Statement Line Description | Primary Risk | Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | |||
Net Realized Gain (Loss) from | ||||||||
Swaps | Credit contracts | $118 | $1,102 | $ — | $ — | |||
Futures | Interest rate contracts | — | — | 3,845 | 221 | |||
Total | $118 | $1,102 | $3,845 | $221 | ||||
Net Change in Unrealized Appreciation (Depreciation) on | ||||||||
Swaps | Credit contracts | $ 38 | $ 189 | $ — | $ — | |||
Futures | Interest rate contracts | — | — | 220 | (4) | |||
Total | $ 38 | $ 189 | $ 220 | $ (4) |
Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||
Futures Contracts - Short Positions(1) | $ — | $ — | $375 | $27 | |||
Credit Default Swap Contracts - Buy Protection(2) | 3,729 | 20,185 | — | — |
(1) Average unrealized for the period. |
(2) Average notional amount. |
C. | Derivative Risks |
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract. | |
A Fund’s risk of loss from counterparty credit risk on derivatives bought or sold OTC rather than traded on a securities exchange, is generally limited to the aggregate unrealized gain netted against any collateral held by such Fund. For OTC purchased options, each Fund bears the risk of loss of the amount of the premiums paid plus the positive change in market values net of any collateral held by such Fund should the counterparty fail to perform under the contracts. Options written by a Fund do not typically give rise to counterparty credit risk, as options written generally obligate the Fund, and not the counterparty to perform. | |
With exchange traded purchased options and futures and centrally cleared swaps generally speaking, there is less counterparty credit risk to the Fund since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency) of the clearing broker or clearinghouse. Additionally, credit risk exists in exchange traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Fund. | |
In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, each Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC |
derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event a Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the Fund to accelerate payment of any net liability owed to the counterparty. | |
D. | Collateral Requirements and Master Netting Agreements (“MNA”) |
For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. | |
Cash collateral that has been pledged to cover obligations of a Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments. Typically, the Funds and counterparties are not permitted to sell, re-pledge or use the collateral they receive. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty non-performance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. | |
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities. | |
The following tables present the Funds’ derivative assets and liabilities by counterparty net of amounts available for offset under a MNA and net of the related collateral received/pledged by the Funds as of December 31, 2022: |
At December 31, 2022, the Funds’ derivative assets and liabilities (by type) are as follows: | |||||||||||||||||||||||
Seix Corporate Bond Fund | Seix Total Return Bond Fund | Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | Assets | Liabilities | ||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||
Futures contracts | $ — | $— | $ — | $— | $ 20 | $— | $ 2 | $— | |||||||||||||||
Centrally cleared swaps | 20 | — | 89 | — | — | — | — | — | |||||||||||||||
Total derivative assets and liabilities in the Statements of Assets and Liabilities | $ 20 | $— | $ 89 | $— | $ 20 | $— | $ 2 | $— | |||||||||||||||
Derivatives not subject to a MNA or similar agreement | (20) | — | (89) | — | (20) | — | (2) | — | |||||||||||||||
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 |
First $500 Million | |
Seix Floating Rate High Income Fund | 0.45% |
Seix High Grade Municipal Bond Fund | 0.50 |
Seix High Income Fund | 0.55 |
Seix High Yield Fund | 0.45 |
Seix Investment Grade Tax-Exempt Bond Fund | 0.50 |
Seix Total Return Bond Fund | 0.25 |
Seix U.S. Government Securities Ultra-Short Bond Fund | 0.20 |
Seix Ultra-Short Bond Fund | 0.22 |
B. | Subadviser |
Seix Investment Advisors (the “Subadviser”), a division of Virtus Fixed Income Advisers LLC, 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, 2023. Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Seix Core Bond Fund | 0.64 % | N/A % | 0.50 % | 0.36 % | ||||
Seix Corporate Bond Fund | 0.95 | 1.65 | 0.70 | 0.43 | ||||
Seix Floating Rate High Income Fund | 0.94 (1) | 1.52 | 0.62 | 0.52 | ||||
Seix High Grade Municipal Bond Fund | 0.73 | N/A | 0.58 | N/A | ||||
Seix High Income Fund | 0.93 | N/A | 0.68 | 0.59 | ||||
Seix High Yield Fund | 0.82 | N/A | 0.64 | 0.53 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | 0.67 | N/A | 0.52 | 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 (1) | N/A | 0.41 | 0.26 | ||||
Seix Ultra-Short Bond Fund | 0.65 | N/A | 0.40 | N/A |
(1) | 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 year ending December 31: |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Seix Core Bond Fund | ||||||||
Class A | $ 26 | $ 23 | $ 21 | $ 70 | ||||
Class I | 126 | 120 | 99 | 345 | ||||
Class R6 | 3 | 2 | 3 | 8 |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Seix Corporate Bond Fund | ||||||||
Class A | $ 5 | $ 8 | $ 11 | $ 24 | ||||
Class C | 1 | 1 | 2 | 4 | ||||
Class I | 68 | 76 | 138 | 282 | ||||
Class R6 | — (1) | — (1) | 1 | 1 | ||||
Seix Floating Rate High Income Fund | ||||||||
Class C | 39 | 32 | 22 | 93 | ||||
Class I | 2,005 | 1,679 | 2,228 | 5,912 | ||||
Class R6 | 264 | 153 | 217 | 634 | ||||
Seix High Grade Municipal Bond Fund | ||||||||
Class A | 14 | 15 | 15 | 44 | ||||
Class I | 165 | 168 | 121 | 454 | ||||
Seix High Income Fund | ||||||||
Class A | 48 | 41 | 34 | 123 | ||||
Class I | 446 | 411 | 330 | 1,187 | ||||
Class R6 | 26 | 17 | 16 | 59 | ||||
Seix High Yield Fund | ||||||||
Class A | 14 | 31 | 26 | 71 | ||||
Class I | 351 | 369 | 329 | 1,049 | ||||
Class R6 | 11 | 18 | 41 | 70 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | ||||||||
Class A | 25 | 25 | 24 | 74 | ||||
Class I | 696 | 664 | 588 | 1,948 | ||||
Seix Total Return Bond Fund | ||||||||
Class A | 31 | 21 | 18 | 70 | ||||
Class I | 314 | 295 | 256 | 865 | ||||
Class R6 | 105 | 163 | 74 | 342 | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | ||||||||
Class A | — | — | — (1) | — (1) | ||||
Class I | 723 | 771 | 722 | 2,216 | ||||
Class R6 | 53 | 105 | 139 | 297 | ||||
Seix Ultra-Short Bond Fund | ||||||||
Class A | 6 | 10 | 10 | 26 | ||||
Class I | 94 | 100 | 88 | 282 |
(1) | Amount is less than $500. |
Fund | Class A | Class I | Total | |||
Seix Floating Rate High Income Fund | $ 1 | $ — | $ 1 | |||
Seix High Yield Fund | — (1) | — | — (1) | |||
Seix U.S. Government Securities Ultra-Short Bond Fund | 2 | 25 | 27 |
(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 year ended December 31, 2022, it retained net commissions of $3 for Class A shares and CDSC of $6 for Class C shares. | |
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 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the year ended December 31, 2022, the Funds incurred administration fees totaling $4,055 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the year ended December 31, 2022, the Funds incurred transfer agent fees totaling $1,812 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. | |
G. | Payment by Affiliate |
The Seix Ultra-Short Bond Fund will be reimbursed $10 by the Subadviser for costs incurred due to a trade error during the year ended December 31, 2022. | |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the year ended December 31, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
I. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at December 31, 2022. |
Purchases | Sales | ||
Seix Core Bond Fund | $ 7,905 | $ 24,552 | |
Seix Corporate Bond Fund | 35,833 | 40,319 | |
Seix Floating Rate High Income Fund | 1,403,310 | 1,590,929 | |
Seix High Grade Municipal Bond Fund | 37,489 | 50,271 | |
Seix High Income Fund | 109,351 | 142,324 | |
Seix High Yield Fund | 216,335 | 342,057 | |
Seix Investment Grade Tax-Exempt Bond Fund | 133,744 | 215,813 | |
Seix Total Return Bond Fund | 27,243 | 77,853 | |
Seix Ultra-Short Bond Fund | 20,328 | 29,050 |
Purchases | Sales | ||
Seix Core Bond Fund | $128,816 | $145,007 | |
Seix Corporate Bond Fund | 22,328 | 19,746 | |
Seix Total Return Bond Fund | 441,624 | 514,197 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 215,999 | 577,609 | |
Seix Ultra-Short Bond Fund | 2,768 | 3,643 |
Seix Core Bond Fund | Seix Corporate Bond Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 91 | $ 919 | 110 | $ 1,248 | 71 | $ 588 | 288 | $ 2,777 | |||||||
Reinvestment of distributions | 15 | 144 | 9 | 102 | 34 | 264 | 34 | 320 | |||||||
Shares repurchased and cross class conversions | (214) | (2,148) | (296) | (3,340) | (252) | (2,063) | (372) | (3,550) | |||||||
Net Increase / (Decrease) | (108) | $ (1,085) | (177) | $ (1,990) | (147) | $ (1,211) | (50) | $ (453) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 15 | $ 116 | 58 | $ 560 | |||||||
Reinvestment of distributions | — | — | — | — | 3 | 21 | 3 | 31 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (38) | (302) | (112) | (1,057) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (20) | $ (165) | (51) | $ (466) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 1,209 | $ 12,139 | 1,789 | $ 20,226 | 4,643 | $ 38,917 | 9,986 | $ 95,436 | |||||||
Reinvestment of distributions | 182 | 1,797 | 146 | 1,649 | 335 | 2,565 | 351 | 3,310 | |||||||
Shares repurchased and cross class conversions | (4,422) | (44,565) | (9,646) | (109,083) | (5,302) | (41,752) | (15,069) | (143,332) | |||||||
Net Increase / (Decrease) | (3,031) | $ (30,629) | (7,711) | $ (87,208) | (324) | $ (270) | (4,732) | $ (44,586) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 43 | $ 438 | 138 | $ 1,556 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 6 | 58 | 3 | 33 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (107) | (1,054) | (49) | (549) | — | — | — | — | |||||||
Net Increase / (Decrease) | (58) | $ (558) | 92 | $ 1,040 | — | $ — | — | $ — |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,146 | $ 9,107 | 1,698 | $ 13,960 | 111 | $ 1,256 | 175 | $ 2,172 | |||||||
Reinvestment of distributions | 206 | 1,619 | 127 | 1,044 | 9 | 97 | 13 | 161 | |||||||
Shares repurchased and cross class conversions | (2,239) | (17,560) | (1,042) | (8,562) | (192) | (2,196) | (251) | (3,095) | |||||||
Net Increase / (Decrease) | (887) | $ (6,834) | 783 | $ 6,442 | (72) | $ (843) | (63) | $ (762) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 332 | $ 2,639 | 305 | $ 2,506 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 65 | 513 | 53 | 433 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (740) | (5,862) | (1,320) | (10,839) | — | — | — | — | |||||||
Net Increase / (Decrease) | (343) | $ (2,710) | (962) | $ (7,900) | — | $ — | — | $ — |
Seix Floating Rate High Income Fund | Seix High Grade Municipal Bond Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 159,981 | $ 1,286,311 | 128,443 | $ 1,056,101 | 2,118 | $ 23,159 | 751 | $ 9,281 | |||||||
Reinvestment of distributions | 12,969 | 101,920 | 7,214 | 59,343 | 49 | 543 | 95 | 1,169 | |||||||
Shares repurchased and cross class conversions | (196,464) | (1,544,553) | (69,063) | (568,102) | (2,914) | (32,761) | (2,590) | (31,959) | |||||||
Net Increase / (Decrease) | (23,514) | $ (156,322) | 66,594 | $ 547,342 | (747) | $ (9,059) | (1,744) | $ (21,509) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 21,715 | $ 173,291 | 24,626 | $ 202,825 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 773 | 6,073 | 591 | 4,867 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (20,975) | (166,182) | (11,801) | (97,189) | — | — | — | — | |||||||
Net Increase / (Decrease) | 1,513 | $ 13,182 | 13,416 | $ 110,503 | — | $ — | — | $ — |
Seix High Income Fund | Seix High Yield Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 249 | $ 1,433 | 1,167 | $ 7,540 | 747 | $ 5,697 | 1,450 | $ 12,446 | |||||||
Reinvestment of distributions | 131 | 743 | 132 | 855 | 64 | 487 | 62 | 535 | |||||||
Shares repurchased and cross class conversions | (683) | (3,934) | (1,686) | (10,861) | (1,421) | (11,062) | (717) | (6,144) | |||||||
Net Increase / (Decrease) | (303) | $ (1,758) | (387) | $ (2,466) | (610) | $ (4,878) | 795 | $ 6,837 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 5,559 | $ 31,393 | 6,843 | $ 44,160 | 10,674 | $ 83,284 | 23,597 | $ 207,717 | |||||||
Reinvestment of distributions | 1,356 | 7,679 | 1,433 | 9,251 | 1,662 | 12,959 | 1,714 | 15,066 | |||||||
Shares repurchased and cross class conversions | (12,801) | (73,706) | (12,042) | (77,523) | (33,489) | (263,878) | (17,351) | (151,567) | |||||||
Net Increase / (Decrease) | (5,886) | $ (34,634) | (3,766) | $ (24,112) | (21,153) | $ (167,635) | 7,960 | $ 71,216 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 125 | $ 729 | 417 | $ 2,698 | 4,470 | $ 35,888 | 1,191 | $ 10,480 | |||||||
Reinvestment of distributions | 27 | 154 | 20 | 129 | 203 | 1,542 | 45 | 397 | |||||||
Shares repurchased and cross class conversions | (658) | (3,688) | (106) | (685) | (1,556) | (12,345) | (309) | (2,719) | |||||||
Net Increase / (Decrease) | (506) | $ (2,805) | 331 | $ 2,142 | 3,117 | $ 25,085 | 927 | $ 8,158 |
Seix Investment Grade Tax-Exempt Bond Fund | Seix Total Return Bond Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 96 | $ 1,023 | 20 | $ 241 | 295 | $ 3,020 | 473 | $ 5,509 | |||||||
Reinvestment of distributions | 9 | 95 | 13 | 159 | 27 | 274 | 12 | 137 | |||||||
Shares repurchased and cross class conversions | (95) | (1,014) | (128) | (1,535) | (562) | (5,725) | (533) | (6,221) | |||||||
Net Increase / (Decrease) | 10 | $ 104 | (95) | $ (1,135) | (240) | $ (2,431) | (48) | $ (575) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 7,769 | $ 84,245 | 4,924 | $ 58,658 | 1,975 | $ 20,142 | 6,704 | $ 75,866 | |||||||
Reinvestment of distributions | 193 | 2,091 | 355 | 4,192 | 667 | 6,614 | 328 | 3,697 | |||||||
Shares repurchased and cross class conversions | (15,078) | (163,834) | (8,118) | (96,638) | (10,823) | (107,743) | (8,279) | (93,441) | |||||||
Net Increase / (Decrease) | (7,116) | $ (77,498) | (2,839) | $ (33,788) | (8,181) | $ (80,987) | (1,247) | $ (13,878) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | — | $ — | — | $ — | 693 | $ 6,832 | 2,907 | $ 32,817 | |||||||
Reinvestment of distributions | — | — | — | — | 156 | 1,553 | 133 | 1,507 | |||||||
Shares repurchased and cross class conversions | — | — | — | — | (4,723) | (49,766) | (5,454) | (61,573) | |||||||
Net Increase / (Decrease) | — | $ — | — | $ — | (3,874) | $ (41,381) | (2,414) | $ (27,249) |
Seix U.S. Government Securities Ultra-Short Bond Fund | Seix Ultra-Short Bond Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 660 | $ 6,497 | 2,551 | $ 25,605 | 262 | $ 2,555 | 207 | $ 2,058 | |||||||
Reinvestment of distributions | 17 | 169 | 1 | 6 | 8 | 71 | 2 | 23 | |||||||
Shares repurchased and cross class conversions | (813) | (8,004) | (4,317) | (43,270) | (259) | (2,521) | (120) | (1,198) | |||||||
Net Increase / (Decrease) | (136) | $ (1,338) | (1,765) | $ (17,659) | 11 | $ 105 | 89 | $ 883 | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 15,280 | $ 150,311 | 34,295 | $ 343,991 | 1,298 | $ 12,778 | 2,691 | $ 26,826 | |||||||
Reinvestment of distributions | 557 | 5,460 | 239 | 2,394 | 62 | 605 | 33 | 320 | |||||||
Shares repurchased and cross class conversions | (51,578) | (509,004) | (72,159) | (723,408) | (2,668) | (25,908) | (3,282) | (32,635) | |||||||
Net Increase / (Decrease) | (35,741) | $ (353,233) | (37,625) | $ (377,023) | (1,308) | $ (12,525) | (558) | $ (5,489) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 3,126 | $ 30,949 | 18,051 | $ 181,257 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 39 | 384 | 9 | 95 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (11,242) | (111,027) | (11,001) | (110,443) | — | — | — | — | |||||||
Net Increase / (Decrease) | (8,077) | $ (79,694) | 7,059 | $ 70,909 | — | $ — | — | $ — |
% of Shares Outstanding | Number of Accounts | ||
Seix Core Bond Fund | 64 % | 3 | |
Seix Corporate Bond Fund | 64 | 3 * | |
Seix Floating Rate High Income Fund | 54 | 3 | |
Seix High Grade Municipal Bond Fund | 70 | 5 | |
Seix High Income Fund | 44 | 1 | |
Seix High Yield Fund | 44 | 2 | |
Seix Investment Grade Tax-Exempt Bond Fund | 56 | 3 | |
Seix Total Return Bond Fund | 49 | 2 | |
Seix U.S. Government Securities Ultra-Short Bond Fund | 48 | 1 | |
Seix Ultra-Short Bond Fund | 55 | 3 |
* | Includes affiliated shareholder account(s). |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Seix Core Bond Fund | $— (1) | $2,700 | 1.90% | 1 | ||||
Seix Floating Rate High Income Fund | 3 | 6,143 | 2.86 | 7 |
(1) | Amount is less than $500. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Seix Core Bond Fund | $ 63,858 | $ 188 | $ (4,538) | $ (4,350) | ||||
Seix Corporate Bond Fund | 53,933 | 8 | (9,318) | (9,310) | ||||
Seix Floating Rate High Income Fund | 2,124,890 | 35,482 | (137,114) | (101,632) | ||||
Seix High Grade Municipal Bond Fund | 43,680 | 145 | (1,663) | (1,518) | ||||
Seix High Income Fund | 152,971 | 372 | (15,291) | (14,919) | ||||
Seix High Yield Fund | 281,373 | 610 | (29,651) | (29,041) | ||||
Seix Investment Grade Tax-Exempt Bond Fund | 164,158 | 109 | (6,014) | (5,905) | ||||
Seix Total Return Bond Fund | 217,714 | 643 | (16,024) | (15,381) | ||||
Seix U.S. Government Securities Ultra-Short Bond Fund | 440,026 | 414 | (7,579) | (7,165) | ||||
Seix Ultra-Short Bond Fund | 30,694 | 13 | (802) | (789) |
Fund | Short-Term | Long-Term | ||
Seix Core Bond Fund | $ 5,546 | $ 1,591 | ||
Seix Corporate Bond Fund | 2,926 | 956 |
Fund | Short-Term | Long-Term | ||
Seix Floating Rate High Income Fund | $173,595 | $603,553 | ||
Seix High Grade Municipal Bond Fund | 984 | 38 | ||
Seix High Income Fund | 24,102 | 82,483 | ||
Seix High Yield Fund | 15,788 | 56,360 | ||
Seix Investment Grade Tax-Exempt Bond Fund | 2,898 | 1,573 | ||
Seix Total Return Bond Fund | 19,139 | 5,765 | ||
Seix U.S. Government Securities Ultra-Short Bond Fund | 8,354 | — | ||
Seix Ultra-Short Bond Fund | 729 | 170 |
Undistributed Ordinary Income | Undistributed Tax-Exempt Income | Post-October Capital Loss Deferred | Capital Loss Deferred | ||||
Seix Core Bond Fund | $ — | $ — | $ 2,099 | $ 7,137 | |||
Seix Corporate Bond Fund | 269 | — | 972 | 3,882 | |||
Seix Floating Rate High Income Fund | 24 | — | 15,278 | 777,148 | |||
Seix High Grade Municipal Bond Fund | — | 683 | — | 1,022 | |||
Seix High Income Fund | — | — | 903 | 106,585 | |||
Seix High Yield Fund | — | — | 2,528 | 72,148 | |||
Seix Investment Grade Tax-Exempt Bond Fund | — | 2,869 | 1,775 | 4,471 | |||
Seix Total Return Bond Fund | 1,952 | — | 7,837 | 24,904 | |||
Seix U.S. Government Securities Ultra-Short Bond Fund | — | — | 1,313 | 8,354 | |||
Seix Ultra-Short Bond Fund | — | — | 175 | 899 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Seix Core Bond Fund | |||||||||
12/31/22 | $ 1,752 | $ 300 | $ — | $ — | $ 2,052 | ||||
12/31/21 | 1,233 | 596 | — | — | 1,829 | ||||
Seix Corporate Bond Fund | |||||||||
12/31/22 | 1,633 | 1,234 | — | — | 2,867 | ||||
12/31/21 | 2,260 | 1,454 | — | — | 3,714 | ||||
Seix Floating Rate High Income Fund | |||||||||
12/31/22 | 129,018 | — | — | — | 129,018 | ||||
12/31/21 | 76,632 | — | — | — | 76,632 | ||||
Seix High Grade Municipal Bond Fund | |||||||||
12/31/22 | — | 129 | 683 | — | 812 | ||||
12/31/21 | 770 | 64 | 725 | — | 1,559 | ||||
Seix High Income Fund | |||||||||
12/31/22 | 9,061 | — | — | — | 9,061 | ||||
12/31/21 | 10,791 | — | — | — | 10,791 | ||||
Seix High Yield Fund | |||||||||
12/31/22 | 17,301 | — | — | — | 17,301 | ||||
12/31/21 | 18,685 | — | — | — | 18,685 | ||||
Seix Investment Grade Tax-Exempt Bond Fund | |||||||||
12/31/22 | 145 | 125 | 2,869 | — | 3,139 | ||||
12/31/21 | 2,560 | 1,575 | 2,038 | — | 6,173 | ||||
Seix Total Return Bond Fund | |||||||||
12/31/22 | 5,649 | 2,857 | — | — | 8,506 | ||||
12/31/21 | 4,414 | 1,135 | — | — | 5,549 |
Ordinary Income | Long-Term Capital Gains | Tax-Exempt Distributions | Return of Capital | Total | |||||
Seix U.S. Government Securities Ultra-Short Bond Fund | |||||||||
12/31/22 | $ 7,766 | $ — | $ — | $ — | $ 7,766 | ||||
12/31/21 | 2,054 | — | — | 1,068 | 3,122 | ||||
Seix Ultra-Short Bond Fund | |||||||||
12/31/22 | 700 | — | — | — | 700 | ||||
12/31/21 | 359 | — | — | — | 359 |
Philadelphia, Pennsylvania
February 24, 2023
Qualified REIT Dividends | QDI | DRD | Long-Term Capital Gain Distributions ($) | ||||
Seix Core Bond Fund | 0.00 % | 0.00% | 0.00 % | $— | |||
Seix Corporate Bond Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix Floating Rate High Income Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix High Grade Municipal Bond Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix High Income Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix High Yield Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix Investment Grade Tax-Exempt Bond Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix Total Return Bond Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix U.S. Government Securities Ultra-Short Bond Fund | 0.00 | 0.00 | 0.00 | — | |||
Seix Ultra-Short Bond Fund | 0.00 | 0.00 | 0.00 | — |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2017 99 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 103 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 103 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 103 Portfolios | President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 96 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2017 96 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 96 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
McLoughlin, Philip YOB: 1946 Served Since: 1989 106 Portfolios | Private investor since 2010. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios),Virtus Strategy Trust (8 portfolios), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (57 portfolios). |
Name, Year of Birth, Length of Time Served and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McNamara, Geraldine M. YOB: 1951 Served Since: 2002 106 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (57 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 103 Portfolios | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino, Brian T. YOB: 1952 Served Since: 2020 103 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 109 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (57 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Fromm, Jennifer YOB: 1973 | Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Griswold, Heidi YOB: 1973 | Vice President (since 2017). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Name, Address and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Hackett, Amy YOB: 1968 | Vice President and Assistant Treasurer (since 2017). | Vice President, Fund Services (since 2010) and Assistant Vice President, Fund Services (2007 to 2010), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Krishnan, Suneeta YOB: 1965 | Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2017 to 2018). | Vice President, Mutual Fund Administration (since 2017), and Assistant Treasurer, Mutual Fund Administration (since 2007), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Lowe, Benjamin YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Martin, David YOB: 1959 | Anti-Money Laundering Compliance Officer (since 2017). | Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
Rahman, Mahmood YOB: 1967 | Assistant Vice President (since 2021). | Assistant Vice President and Tax Director, Fund Administration (since 2020), Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Suss, Amanda YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8636 | 02-23 |
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 Zevenbergen Innovative Growth Stock Fund* |
1 | ||
2 | ||
4 | ||
Fund | Fund Summary | Schedule of Investments |
6 | 27 | |
9 | 28 | |
13 | 30 | |
17 | 32 | |
20 | 34 | |
23 | 35 | |
36 | ||
39 | ||
41 | ||
44 | ||
48 | ||
59 | ||
60 | ||
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62 | ||
66 |
President, Virtus Funds
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 1,000.00 | $ 1,064.70 | 1.27 % | $ 6.61 | ||||
Class C | 1,000.00 | 1,062.70 | 1.75 | 9.10 | ||||
Class I | 1,000.00 | 1,066.10 | 1.00 | 5.21 | ||||
Class R6 | 1,000.00 | 1,067.60 | 0.75 | 3.91 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,066.20 | 1.29 | 6.72 | ||||
Class C | 1,000.00 | 1,064.40 | 1.82 | 9.47 | ||||
Class I | 1,000.00 | 1,067.70 | 1.05 | 5.47 | ||||
Class R6 | 1,000.00 | 1,069.40 | 0.82 | 4.28 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,101.60 | 1.49 | 7.89 | ||||
Class C | 1,000.00 | 1,098.60 | 1.84 | 9.73 | ||||
Class I | 1,000.00 | 1,103.00 | 1.18 | 6.25 | ||||
Class R6 | 1,000.00 | 1,103.90 | 0.91 | 4.83 | ||||
SGA International Growth Fund | ||||||||
Class A | 1,000.00 | 1,049.50 | 1.35 | 6.97 | ||||
Class I | 1,000.00 | 1,050.30 | 1.10 | 5.68 | ||||
Class R6 | 1,000.00 | 1,049.90 | 0.98 | 5.06 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 989.00 | 1.26 | 6.32 | ||||
Class I | 1,000.00 | 989.90 | 1.00 | 5.02 | ||||
Class R6 | 1,000.00 | 991.20 | 0.93 | 4.67 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 1,000.00 | 955.30 | 1.28 | 6.31 | ||||
Class I | 1,000.00 | 956.30 | 1.03 | 5.08 | ||||
Class R6 | 1,000.00 | 956.70 | 0.93 | 4.59 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
Beginning Account Value July 1, 2022 | Ending Account Value December 31, 2022 | Annualized Expense Ratio | Expenses Paid During Period* | |||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 1,000.00 | $ 1,018.80 | 1.27 % | $ 6.46 | ||||
Class C | 1,000.00 | 1,016.38 | 1.75 | 8.89 | ||||
Class I | 1,000.00 | 1,020.16 | 1.00 | 5.09 | ||||
Class R6 | 1,000.00 | 1,021.42 | 0.75 | 3.82 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,018.70 | 1.29 | 6.56 | ||||
Class C | 1,000.00 | 1,016.03 | 1.82 | 9.25 | ||||
Class I | 1,000.00 | 1,019.91 | 1.05 | 5.35 | ||||
Class R6 | 1,000.00 | 1,021.07 | 0.82 | 4.18 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | 1,000.00 | 1,017.69 | 1.49 | 7.58 | ||||
Class C | 1,000.00 | 1,015.93 | 1.84 | 9.35 | ||||
Class I | 1,000.00 | 1,019.26 | 1.18 | 6.01 | ||||
Class R6 | 1,000.00 | 1,020.62 | 0.91 | 4.63 | ||||
SGA International Growth Fund | ||||||||
Class A | 1,000.00 | 1,018.40 | 1.35 | 6.87 | ||||
Class I | 1,000.00 | 1,019.66 | 1.10 | 5.60 | ||||
Class R6 | 1,000.00 | 1,020.27 | 0.98 | 4.99 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.85 | 1.26 | 6.41 | ||||
Class I | 1,000.00 | 1,020.16 | 1.00 | 5.09 | ||||
Class R6 | 1,000.00 | 1,020.52 | 0.93 | 4.74 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 1,000.00 | 1,018.75 | 1.28 | 6.51 | ||||
Class I | 1,000.00 | 1,020.01 | 1.03 | 5.24 | ||||
Class R6 | 1,000.00 | 1,020.52 | 0.93 | 4.74 |
* | Expenses are equal to the relevant Fund’s annualized expense ratio, which is net of waived fees and reimbursed expenses, if applicable, multiplied by the average account value over the period, multiplied by the number of days (184) expenses were accrued in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. |
December 31, 2022
Ticker Symbols: | |
Class A: SVIIX | |
Class C: SVIFX | |
Class I: STVTX | |
Class R6: STVZX |
Ceredex Value Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to provide a high level of capital appreciation. As a secondary goal, the Fund also seeks to provide current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -14.34%, Class C shares at NAV returned -14.64%, Class I shares at NAV returned -14.07%, and Class R6 Shares at NAV returned -13.85%. For the same period, the Russell 1000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned -7.54%. |
Industrials | 16% |
Financials | 15 |
Materials | 11 |
Real Estate | 10 |
Health Care | 10 |
Information Technology | 10 |
Consumer Discretionary | 8 |
Other (includes short-term investment) | 20 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -14.34 % | 5.31 % | 9.31 % | — % | — | |
Class A shares at POP3,4 | -19.05 | 4.13 | 8.70 | — | — | |
Class C shares at NAV2 and with CDSC4 | -14.64 | 4.82 | 8.80 | — | — | |
Class I shares at NAV2 | -14.07 | 5.59 | 9.61 | — | — | |
Class R6 shares at NAV2 | -13.85 | 5.87 | — | 7.44 | 8/1/14 | |
Russell 1000® Value Index | -7.54 | 6.67 | 10.29 | 7.88 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.24%, Net 1.24%; Class C shares: Gross 1.92%, Net 1.72%; Class I shares: Gross 1.00%, Net 0.97%; Class R6 shares: Gross 0.83%, Net 0.72%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SAMVX | |
Class C: SMVFX | |
Class I: SMVTX | |
Class R6: SMVZX |
Ceredex Value Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -14.22%, Class C shares at NAV returned-14.62%, Class I shares at NAV returned -13.92%, and Class R6 Shares at NAV returned -13.76%. For the same period, the Russell Midcap® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned -12.03%. |
Industrials | 17% |
Real Estate | 15 |
Utilities | 14 |
Financials | 11 |
Health Care | 11 |
Materials | 9 |
Information Technology | 8 |
Other (includes short-term investments) | 15 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -14.22 % | 5.80 % | 9.15 % | — % | — | |
Class A shares at POP3,4 | -18.94 | 4.61 | 8.53 | — | — | |
Class C shares at NAV2 and with CDSC4 | -14.62 | 5.32 | 8.69 | — | — | |
Class I shares at NAV2 | -13.92 | 6.12 | 9.47 | — | — | |
Class R6 shares at NAV2 | -13.76 | 6.36 | — | 7.52 | 8/1/14 | |
Russell Midcap® Value Index | -12.03 | 5.72 | 10.11 | 7.39 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.28%, Net 1.35%; Class C shares: Gross 1.97%, Net 1.76%; Class I shares: Gross 0.99%, Net 1.05%; Class R6 shares: Gross 0.85%, Net 0.79%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2024. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SASVX | |
Class C: STCEX | |
Class I: SCETX | |
Class R6: VVERX |
Ceredex Value Advisors LLC
■ | The Fund is diversified and has an investment objective of seeking to provide capital appreciation. As a secondary goal, the Fund also seeks to provide current income. There is no guarantee that the Fund will meet its objectives. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -10.31%, Class C shares at NAV returned -10.67%, Class I shares at NAV returned -10.09%, and Class R6 shares at NAV returned -9.79%. For the same period, the Russell 2000® Value Index, the Fund’s style-specific benchmark appropriate for comparison, returned -14.48%. |
Industrials | 25% |
Financials | 22 |
Consumer Discretionary | 11 |
Information Technology | 9 |
Health Care | 8 |
Energy | 7 |
Real Estate | 6 |
Other (includes short-term investment) | 12 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -10.31 % | 3.22 % | 7.88 % | — % | — | |
Class A shares at POP3,4 | -15.25 | 2.06 | 7.27 | — | — | |
Class C shares at NAV2 and with CDSC4 | -10.67 | 2.79 | 7.45 | — | — | |
Class I shares at NAV2 | -10.09 | 3.51 | 8.19 | — | — | |
Class R6 shares at NAV2 | -9.79 | — | — | 5.03 | 2/26/19 | |
Russell 2000® Value Index | -14.48 | 4.13 | 8.48 | 5.18 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.46%, Net 1.46%; Class C shares: Gross 2.20%, Net 1.81%; Class I shares: Gross 1.20%, Net 1.15%; Class R6 shares: Gross 1.02%, Net 0.88%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid and all Class C shares are 1% within the first year and 0% thereafter. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SCIIX | |
Class I: STITX | |
Class R6: SCIZX |
Sustainable Growth Advisers, LP
■ | The Fund is diversified and has an investment objective of seeking to provide long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -18.42%, Class I shares at NAV returned -18.19%, and Class R6 Shares at NAV returned -18.17%. For the same period, the MSCI All Country World ex USA Index, the Fund’s style-specific benchmark appropriate for comparison, returned -16.00%. |
Health Care | 24% |
Consumer Staples | 20 |
Information Technology | 17 |
Financials | 15 |
Consumer Discretionary | 6 |
Materials | 6 |
Industrials | 5 |
Other (includes short-term investment and securities lending collateral) | 7 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -18.42 % | 5.11 % | 6.78 % | — % | — | |
Class A shares at POP3,4 | -22.91 | 3.93 | 6.18 | — | — | |
Class I shares at NAV2 | -18.19 | 5.37 | 6.99 | — | — | |
Class R6 shares at NAV2 | -18.17 | 5.46 | — | 8.63 | 9/1/15 | |
MSCI All Country World ex USA Index (net) | -16.00 | 0.80 | 3.80 | 4.70 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.55%, Net 1.32%; Class I shares: Gross 1.28%, Net 1.07%; Class R6 shares: Gross 1.19%, Net 0.95%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: STCIX | |
Class I: STCAX | |
Class R6: STCZX |
Silvant Capital Management LLC
■ | The Fund is non-diversified and has an investment objective of seeking to provide capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -29.42%, Class I shares at NAV returned -29.23%, and Class R6 shares at NAV returned -29.08%. For the same period, the Russell 1000® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned -29.14%. |
Information Technology | 47% |
Health Care | 16 |
Consumer Discretionary | 13 |
Communication Services | 10 |
Industrials | 5 |
Consumer Staples | 4 |
Financials | 4 |
Other (includes short-term investment) | 1 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -29.42 % | 9.53 % | 11.75 % | — % | — | |
Class A shares at POP3,4 | -33.30 | 8.30 | 11.12 | — | — | |
Class I shares at NAV2 | -29.23 | 9.81 | 12.03 | — | — | |
Class R6 shares at NAV2 | -29.08 | 9.90 | — | 10.22 | 8/1/14 | |
Russell 1000® Growth Index | -29.14 | 10.96 | 14.10 | 12.44 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.24%, Net 1.23%; Class I shares: Gross 1.06%, Net 0.97%; Class R6 shares: Gross 0.91%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
Ticker Symbols: | |
Class A: SAGAX | |
Class I: SCATX | |
Class R6: VZGRX |
Zevenbergen Capital Investments LLC
■ | The Fund is diversified and has an investment objective of seeking to provide long-term capital appreciation. There is no guarantee that the Fund will meet its objective. |
■ | For the fiscal year ended December 31, 2022, the Fund’s Class A shares at NAV returned -55.42%, Class I shares at NAV returned -55.31%, and Class R6 shares at NAV returned -55.26. For the same period, the Russell 3000® Growth Index, the Fund’s style-specific benchmark appropriate for comparison, returned -28.97%. |
Information Technology | 44% |
Consumer Discretionary | 27 |
Health Care | 10 |
Industrials | 8 |
Communication Services | 8 |
Real Estate | 2 |
Consumer Staples | 1 |
Total | 100% |
1 Year | 5 Years | 10 Years | Since inception | Inception date | ||
Class A shares at NAV2 | -55.42 % | 5.86 % | 11.72 % | — % | — | |
Class A shares at POP3,4 | -57.87 | 4.67 | 11.09 | — | — | |
Class I shares at NAV2 | -55.31 | 6.12 | 11.95 | — | — | |
Class R6 shares at NAV2 | -55.26 | — | — | -29.54 | 10/20/20 | |
Russell 3000® Growth Index | -28.97 | 10.45 | 13.75 | -0.98 5 | — | |
Fund Expense Ratios6: Class A shares: Gross 1.32%, Net 1.25%; Class I shares: Gross 1.05%, Net 1.00%; Class R6 shares: Gross 0.94%, Net 0.90%. |
All returns represent past performance which is no guarantee of future results. Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph below do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares. Please visit Virtus.com for performance data current to the most recent month-end. |
1 | Total returns are historical and include changes in share price and the reinvestment of both dividends and capital gain distributions. |
2 | “NAV” (Net Asset Value) total returns do not include the effect of any sales charge. |
3 | “POP” (Public Offering Price) total returns include the effect of the maximum front-end 5.50% sales charge. |
4 | “CDSC” (contingent deferred sales charge) is applied to redemptions of certain classes of shares that do not have a sales charge applied at the time of purchase. CDSC for certain redemptions of Class A shares made within 18 months of a finder’s fee being paid. |
5 | The since inception index return is from the inception date of Class R6 shares. |
6 | The expense ratios of the Fund are set forth according to the prospectus for the Fund effective April 28, 2022, as supplemented and revised, and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios. Net Expense: Expenses reduced by a contractual expense limitation in effect through April 30, 2023. Gross Expense: Does not reflect the effect of the expense limitation. Expense ratios include fees and expenses associated with any underlying funds. |
December 31, 2022
Shares | Value | ||
Common Stocks—98.5% | |||
Communication Services—2.4% | |||
Verizon Communications, Inc. | 448,259 | $ 17,661 | |
Consumer Discretionary—8.5% | |||
Advance Auto Parts, Inc. | 76,122 | 11,192 | |
Best Buy Co., Inc. | 197,190 | 15,817 | |
BorgWarner, Inc. | 251,694 | 10,131 | |
Target Corp. | 101,574 | 15,138 | |
Toll Brothers, Inc. | 199,498 | 9,959 | |
62,237 | |||
Consumer Staples—4.6% | |||
Coca-Cola Europacific Partners plc | 271,099 | 14,997 | |
Colgate-Palmolive Co. | 242,632 | 19,117 | |
34,114 | |||
Energy—5.1% | |||
Baker Hughes Co. | 753,060 | 22,238 | |
EOG Resources, Inc. | 118,822 | 15,390 | |
37,628 | |||
Financials—15.1% | |||
Allstate Corp. (The) | 86,692 | 11,755 | |
Bank of America Corp. | 706,987 | 23,415 | |
Capital One Financial Corp. | 82,493 | 7,669 | |
JPMorgan Chase & Co. | 162,610 | 21,806 | |
Progressive Corp. (The) | 145,532 | 18,877 | |
Synchrony Financial | 264,507 | 8,692 | |
Willis Towers Watson plc | 78,155 | 19,115 | |
111,329 | |||
Health Care—10.0% | |||
Baxter International, Inc. | 292,394 | 14,903 | |
Cooper Cos., Inc. (The) | 23,559 | 7,790 | |
PerkinElmer, Inc. | 82,503 | 11,569 | |
Teleflex, Inc. | 66,955 | 16,714 | |
Zimmer Biomet Holdings, Inc. | 176,492 | 22,503 | |
73,479 | |||
Shares | Value | ||
Industrials—16.4% | |||
AMETEK, Inc. | 122,846 | $ 17,164 | |
Emerson Electric Co. | 80,663 | 7,748 | |
Fortive Corp. | 145,931 | 9,376 | |
Honeywell International, Inc. | ��97,790 | 20,956 | |
IDEX Corp. | 31,694 | 7,237 | |
Jacobs Solutions, Inc. | 86,948 | 10,440 | |
Knight-Swift Transportation Holdings, Inc. Class A | 153,359 | 8,038 | |
L3Harris Technologies, Inc. | 82,905 | 17,262 | |
Norfolk Southern Corp. | 46,095 | 11,359 | |
Parker-Hannifin Corp. | 39,506 | 11,496 | |
121,076 | |||
Information Technology—9.5% | |||
Global Payments, Inc. | 166,179 | 16,505 | |
Marvell Technology, Inc. | 303,490 | 11,241 | |
Motorola Solutions, Inc. | 28,911 | 7,450 | |
QUALCOMM, Inc. | 214,098 | 23,538 | |
Teradyne, Inc. | 127,930 | 11,175 | |
69,909 | |||
Materials—10.9% | |||
Crown Holdings, Inc. | 134,245 | 11,036 | |
Eastman Chemical Co. | 179,182 | 14,593 | |
Freeport-McMoRan, Inc. | 221,055 | 8,400 | |
International Flavors & Fragrances, Inc. | 149,272 | 15,650 | |
Sherwin-Williams Co. (The) | 64,513 | 15,311 | |
Vulcan Materials Co. | 86,186 | 15,092 | |
80,082 | |||
Real Estate—10.4% | |||
American Homes 4 Rent Class A | 666,511 | 20,089 | |
Crown Castle, Inc. | 159,708 | 21,663 | |
Extra Space Storage, Inc. | 141,693 | 20,854 | |
Prologis, Inc. | 125,971 | 14,201 | |
76,807 | |||
Shares | Value | ||
Utilities—5.6% | |||
CMS Energy Corp. | 320,473 | $ 20,295 | |
PPL Corp. | 720,320 | 21,048 | |
41,343 | |||
Total Common Stocks (Identified Cost $713,266) | 725,665 | ||
Total Long-Term Investments—98.5% (Identified Cost $713,266) | 725,665 | ||
Short-Term Investment—1.5% | |||
Money Market Mutual Fund—1.5% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(1) | 11,079,797 | 11,080 | |
Total Short-Term Investment (Identified Cost $11,080) | 11,080 | ||
TOTAL INVESTMENTS—100.0% (Identified Cost $724,346) | $736,745 | ||
Other assets and liabilities, net—(0.0)% | (33) | ||
NET ASSETS—100.0% | $736,712 |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 95% |
Ireland | 3 |
United Kingdom | 2 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $725,665 | $725,665 | |
Money Market Mutual Fund | 11,080 | 11,080 | |
Total Investments | $736,745 | $736,745 |
December 31, 2022
Shares | Value | ||
Common Stocks—98.1% | |||
Consumer Discretionary—6.8% | |||
Gentex Corp. | 1,700,000 | $ 46,359 | |
Lennar Corp. Class A | 325,000 | 29,413 | |
Target Corp. | 360,000 | 53,654 | |
Toll Brothers, Inc. | 900,000 | 44,928 | |
174,354 | |||
Energy—5.6% | |||
Baker Hughes Co. | 1,650,000 | 48,724 | |
Chesapeake Energy Corp. | 430,000 | 40,579 | |
Hess Corp. | 380,000 | 53,892 | |
143,195 | |||
Financials—11.2% | |||
Allstate Corp. (The) | 425,000 | 57,630 | |
Capital One Financial Corp. | 585,000 | 54,382 | |
First Republic Bank | 235,000 | 28,644 | |
Hartford Financial Services Group, Inc. (The) | 690,000 | 52,323 | |
PNC Financial Services Group, Inc. (The) | 275,000 | 43,433 | |
Willis Towers Watson plc | 200,000 | 48,916 | |
285,328 | |||
Health Care—10.6% | |||
Azenta, Inc.(1) | 1,200,000 | 69,864 | |
Cooper Cos., Inc. (The) | 170,000 | 56,214 | |
PerkinElmer, Inc. | 285,000 | 39,962 | |
Teleflex, Inc. | 130,000 | 32,452 | |
Zimmer Biomet Holdings, Inc. | 580,000 | 73,950 | |
272,442 | |||
Industrials—17.6% | |||
Carlisle Cos., Inc. | 120,000 | 28,278 | |
Emerson Electric Co. | 310,000 | 29,779 | |
Equifax, Inc. | 160,000 | 31,098 | |
Fortive Corp. | 565,000 | 36,301 | |
General Dynamics Corp. | 150,000 | 37,216 | |
Herc Holdings, Inc. | 215,000 | 28,287 | |
Howmet Aerospace, Inc. | 1,035,000 | 40,789 |
Shares | Value | ||
Industrials—continued | |||
Knight-Swift Transportation Holdings, Inc. Class A | 575,000 | $ 30,136 | |
L3Harris Technologies, Inc. | 195,000 | 40,601 | |
Parker-Hannifin Corp. | 100,000 | 29,100 | |
Quanta Services, Inc. | 210,000 | 29,925 | |
Republic Services, Inc. Class A | 240,000 | 30,958 | |
Rockwell Automation, Inc. | 115,000 | 29,620 | |
Trane Technologies plc | 165,000 | 27,735 | |
449,823 | |||
Information Technology—8.2% | |||
Global Payments, Inc. | 835,000 | 82,932 | |
Marvell Technology, Inc. | 750,000 | 27,780 | |
Motorola Solutions, Inc. | 199,830 | 51,498 | |
Roper Technologies, Inc. | 110,000 | 47,530 | |
209,740 | |||
Materials—8.6% | |||
Eastman Chemical Co. | 450,000 | 36,648 | |
International Flavors & Fragrances, Inc. | 380,000 | 39,839 | |
Martin Marietta Materials, Inc. | 170,000 | 57,455 | |
PPG Industries, Inc. | 350,000 | 44,009 | |
Sherwin-Williams Co. (The) | 175,000 | 41,533 | |
219,484 | |||
Real Estate—15.4% | |||
American Homes 4 Rent Class A | 2,500,000 | 75,350 | |
Extra Space Storage, Inc. | 400,000 | 58,872 | |
Healthcare Realty Trust, Inc. | 3,400,000 | 65,518 | |
National Retail Properties, Inc. | 1,300,000 | 59,488 | |
Rexford Industrial Realty, Inc. | 1,250,000 | 68,300 | |
SBA Communications, Corp. Class A | 235,000 | 65,873 | |
393,401 | |||
Shares | Value | ||
Utilities—14.1% | |||
Ameren Corp. | 685,000 | $ 60,910 | |
CenterPoint Energy, Inc. | 1,975,000 | 59,230 | |
CMS Energy Corp. | 950,000 | 60,164 | |
Entergy Corp. | 525,000 | 59,063 | |
PPL Corp. | 2,100,000 | 61,362 | |
Xcel Energy, Inc. | 865,000 | 60,645 | |
361,374 | |||
Total Common Stocks (Identified Cost $2,480,714) | 2,509,141 | ||
Total Long-Term Investments—98.1% (Identified Cost $2,480,714) | 2,509,141 | ||
Short-Term Investments—2.4% | |||
Money Market Mutual Funds—2.4% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(2) | 22,161 | 22 | |
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(2) | 59,916,562 | 59,917 | |
Total Short-Term Investments (Identified Cost $59,939) | 59,939 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $2,540,653) | $2,569,080 | ||
Other assets and liabilities, net—(0.5)% | (11,874) | ||
NET ASSETS—100.0% | $2,557,206 |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $2,509,141 | $2,509,141 | |
Money Market Mutual Funds | 59,939 | 59,939 | |
Total Investments | $2,569,080 | $2,569,080 |
December 31, 2022
Shares | Value | ||
Common Stocks—99.3% | |||
Communication Services—0.8% | |||
Scholastic Corp. | 49,947 | $ 1,971 | |
Consumer Discretionary—11.2% | |||
Academy Sports & Outdoors, Inc. | 117,800 | 6,189 | |
Autoliv, Inc. | 37,818 | 2,896 | |
Carter’s, Inc. | 40,385 | 3,013 | |
Choice Hotels International, Inc. | 19,946 | 2,247 | |
Foot Locker, Inc. | 91,942 | 3,475 | |
InterContinental Hotels Group plc ADR | 46,321 | 2,702 | |
Signet Jewelers Ltd. | 44,647 | 3,036 | |
Steven Madden Ltd. | 63,112 | 2,017 | |
Tempur Sealy International, Inc. | 74,084 | 2,543 | |
28,118 | |||
Consumer Staples—2.9% | |||
Andersons, Inc. (The) | 66,946 | 2,343 | |
Energizer Holdings, Inc. | 109,875 | 3,686 | |
PriceSmart, Inc. | 20,422 | 1,241 | |
7,270 | |||
Energy—6.9% | |||
ChampionX Corp. | 112,113 | 3,250 | |
Kinetik Holdings, Inc. | 76,195 | 2,520 | |
NOV, Inc. | 125,797 | 2,628 | |
Ovintiv, Inc. | 122,965 | 6,236 | |
World Fuel Services Corp. | 100,364 | 2,743 | |
17,377 | |||
Financials—22.3% | |||
American Financial Group, Inc. | 17,322 | 2,378 | |
Ameris Bancorp | 56,930 | 2,684 | |
AMERISAFE, Inc. | 19,893 | 1,034 | |
Bank of Hawaii Corp. | 30,538 | 2,369 | |
Cathay General Bancorp | 69,655 | 2,841 | |
Comerica, Inc. | 39,044 | 2,610 | |
Cullen/Frost Bankers, Inc. | 20,742 | 2,773 | |
Evercore, Inc. Class A | 11,653 | 1,271 | |
First Citizens BancShares, Inc. Class A | 6,278 | 4,761 | |
First Hawaiian, Inc. | 116,152 | 3,025 | |
First Interstate BancSystem, Inc. Class A | 111,008 | 4,290 | |
FNB Corp. | 226,416 | 2,955 | |
Horace Mann Educators Corp. | 68,751 | 2,569 | |
Kinsale Capital Group, Inc. | 9,064 | 2,370 | |
Reinsurance Group of America, Inc. | 21,922 | 3,115 | |
RLI Corp. | 15,936 | 2,092 | |
Seacoast Banking Corp. of Florida | 80,376 | 2,507 | |
SEI Investments Co. | 71,489 | 4,168 | |
SLM Corp. | 224,517 | 3,727 |
Shares | Value | ||
Financials—continued | |||
Voya Financial, Inc. | 39,200 | $ 2,410 | |
55,949 | |||
Health Care—7.8% | |||
DENTSPLY SIRONA, Inc. | 121,215 | 3,860 | |
LeMaitre Vascular, Inc. | 19,651 | 904 | |
Organon & Co. | 101,594 | 2,838 | |
Patterson Cos., Inc. | 134,289 | 3,764 | |
Perrigo Co. plc | 240,139 | 8,186 | |
19,552 | |||
Industrials—25.3% | |||
A.O. Smith Corp. | 57,665 | 3,301 | |
AAON, Inc. | 24,061 | 1,812 | |
AGCO Corp. | 30,896 | 4,285 | |
Armstrong World Industries, Inc. | 49,762 | 3,413 | |
BWX Technologies, Inc. | 46,016 | 2,673 | |
Curtiss-Wright Corp. | 15,538 | 2,595 | |
EMCOR Group, Inc. | 30,005 | 4,444 | |
EnerSys | 50,688 | 3,743 | |
Interface, Inc. | 194,227 | 1,917 | |
KBR, Inc. | 61,444 | 3,244 | |
Matthews International Corp. Class A | 42,754 | 1,301 | |
Owens Corning | 45,126 | 3,849 | |
Ritchie Bros. Auctioneers, Inc. | 89,442 | 5,172 | |
Science Applications International Corp. | 27,055 | 3,001 | |
SKF AB Sponsored ADR | 248,482 | 3,791 | |
Stantec, Inc. | 113,259 | 5,430 | |
Toro Co. (The) | 33,535 | 3,796 | |
Valmont Industries, Inc. | 8,367 | 2,767 | |
Watts Water Technologies, Inc. Class A | 20,343 | 2,975 | |
63,509 | |||
Information Technology—8.8% | |||
Dolby Laboratories, Inc. Class A | 72,613 | 5,122 | |
Genpact Ltd. | 55,279 | 2,560 | |
Littelfuse, Inc. | 15,712 | 3,460 | |
National Instruments Corp. | 78,362 | 2,892 | |
Power Integrations, Inc. | 68,619 | 4,921 | |
Progress Software Corp. | 60,332 | 3,044 | |
21,999 | |||
Materials—4.2% | |||
AptarGroup, Inc. | 25,200 | 2,772 | |
Ashland, Inc. | 23,239 | 2,499 | |
Avient Corp. | 57,804 | 1,951 | |
Minerals Technologies, Inc. | 56,947 | 3,458 | |
10,680 | |||
Real Estate—6.2% | |||
Colliers International Group, Inc. | 45,520 | 4,190 | |
FirstService Corp. | 21,231 | 2,602 |
Shares | Value | ||
Real Estate—continued | |||
Lamar Advertising Co. Class A | 43,028 | $ 4,062 | |
Newmark Group, Inc. Class A | 275,934 | 2,199 | |
Physicians Realty Trust | 176,640 | 2,556 | |
15,609 | |||
Utilities—2.9% | |||
Algonquin Power & Utilities Corp. | 355,300 | 2,317 | |
Atlantica Sustainable Infrastructure plc | 93,219 | 2,414 | |
Vistra Corp. | 106,484 | 2,470 | |
7,201 | |||
Total Common Stocks (Identified Cost $223,076) | 249,235 | ||
Total Long-Term Investments—99.3% (Identified Cost $223,076) | 249,235 | ||
Short-Term Investment—0.8% | |||
Money Market Mutual Fund—0.8% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(1) | 1,948,482 | 1,948 | |
Total Short-Term Investment (Identified Cost $1,948) | 1,948 | ||
TOTAL INVESTMENTS—100.1% (Identified Cost $225,024) | $251,183 | ||
Other assets and liabilities, net—(0.1)% | (219) | ||
NET ASSETS—100.0% | $250,964 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Country Weightings (Unaudited)† | |
United States | 83% |
Canada | 8 |
Ireland | 3 |
Bermuda | 2 |
United Kingdom | 2 |
Sweden | 2 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $249,235 | $249,235 | |
Money Market Mutual Fund | 1,948 | 1,948 | |
Total Investments | $251,183 | $251,183 |
December 31, 2022
Shares | Value | ||
Preferred Stock—3.1% | |||
Germany—3.1% | |||
Sartorius AG, 0.350% | 2,984 | $ 1,180 | |
Total Preferred Stock (Identified Cost $1,174) | 1,180 | ||
Common Stocks—91.5% | |||
Brazil—3.5% | |||
MercadoLibre, Inc.(1) | 753 | 637 | |
XP, Inc. Class A(1) | 45,167 | 693 | |
1,330 | |||
Canada—1.7% | |||
Canadian Pacific Railway Ltd. | 8,818 | 658 | |
China—6.9% | |||
Shandong Weigao Group Medical Polymer Co., Ltd. Class H | 920,428 | 1,512 | |
Yum China Holdings, Inc. | 20,441 | 1,149 | |
2,661 | |||
Denmark—3.7% | |||
Novo Nordisk A/S Sponsored ADR | 10,404 | 1,408 | |
France—6.4% | |||
Dassault Systemes SE | 30,194 | 1,082 | |
L’Oreal S.A. | 3,810 | 1,361 | |
2,443 | |||
Germany—5.4% | |||
adidas AG | 7,185 | 980 | |
SAP SE Sponsored ADR(2) | 10,392 | 1,073 | |
2,053 | |||
Hong Kong—4.4% | |||
AIA Group Ltd. | 152,346 | 1,694 | |
India—7.3% | |||
HDFC Bank Ltd. ADR | 24,458 | 1,673 | |
Infosys Ltd. Sponsored ADR | 63,266 | 1,140 | |
2,813 | |||
Ireland—3.1% | |||
ICON plc ADR(1) | 6,046 | 1,174 | |
Japan—4.7% | |||
Recruit Holdings Co., Ltd. | 32,073 | 1,021 | |
Sysmex Corp. | 12,925 | 787 | |
1,808 | |||
Shares | Value | ||
Mexico—5.9% | |||
Fomento Economico Mexicano SAB de C.V. Sponsored ADR | 11,770 | $ 920 | |
Wal-Mart de Mexico SAB de C.V. | 381,717 | 1,349 | |
2,269 | |||
Netherlands—7.0% | |||
Adyen N.V.(1) | 1,024 | 1,412 | |
Heineken N.V. | 13,692 | 1,288 | |
2,700 | |||
Switzerland—10.9% | |||
Alcon, Inc. | 20,080 | 1,376 | |
Nestle S.A. Registered Shares | 9,295 | 1,077 | |
Sika AG Registered Shares | 3,147 | 755 | |
Temenos AG Registered Shares | 17,653 | 969 | |
4,177 | |||
Thailand—2.2% | |||
CP ALL PCL Foreign Shares | 430,036 | 847 | |
United Kingdom—11.9% | |||
Aon plc Class A | 6,208 | 1,863 | |
Diageo plc | 28,432 | 1,255 | |
Linde plc | 4,484 | 1,463 | |
4,581 | |||
United States—6.5% | |||
Atlassian Corp. Class A(1) | 5,559 | 715 | |
STERIS plc | 9,517 | 1,758 | |
2,473 | |||
Total Common Stocks (Identified Cost $30,951) | 35,089 | ||
Total Long-Term Investments—94.6% (Identified Cost $32,125) | 36,269 | ||
Short-Term Investment—3.8% | |||
Money Market Mutual Fund—3.8% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(3) | 1,454,038 | 1,454 | |
Total Short-Term Investment (Identified Cost $1,454) | 1,454 | ||
Shares | Value | ||
Securities Lending Collateral—2.8% | |||
Dreyfus Government Cash Management Fund - Institutional Shares (seven-day effective yield 4.190%)(3)(4) | 1,082,050 | $ 1,082 | |
Total Securities Lending Collateral—2.8% (Identified Cost $1,082) | 1,082 | ||
TOTAL INVESTMENTS—101.2% (Identified Cost $34,661) | $38,805 | ||
Other assets and liabilities, net—(1.2)% | (449) | ||
NET ASSETS—100.0% | $38,356 |
Abbreviation: | |
ADR | American Depositary Receipt |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | All or a portion of security is on loan. |
(3) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
(4) | Represents security purchased with cash collateral received for securities on loan. |
Country Weightings (Unaudited)† | |
United States | 13% |
United Kingdom | 12 |
Switzerland | 11 |
Germany | 8 |
India | 7 |
Netherlands | 7 |
China | 7 |
Other | 35 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $35,089 | $35,089 | |
Preferred Stock | 1,180 | 1,180 | |
Money Market Mutual Fund | 1,454 | 1,454 | |
Securities Lending Collateral | 1,082 | 1,082 | |
Total Investments | $38,805 | $38,805 |
December 31, 2022
Shares | Value | ||
Common Stocks—98.8% | |||
Communication Services—9.4% | |||
Alphabet, Inc. Class A(1) | 38,678 | $ 3,412 | |
Alphabet, Inc. Class C(1) | 39,965 | 3,546 | |
Meta Platforms, Inc. Class A(1) | 10,652 | 1,282 | |
Snap, Inc. Class A(1) | 8,449 | 76 | |
8,316 | |||
Consumer Discretionary—13.3% | |||
Amazon.com, Inc.(1) | 56,379 | 4,736 | |
Booking Holdings, Inc.(1) | 502 | 1,012 | |
Chipotle Mexican Grill, Inc. Class A(1) | 593 | 823 | |
DraftKings, Inc. Class A(1) | 25,633 | 292 | |
Las Vegas Sands Corp.(1) | 13,499 | 649 | |
O’Reilly Automotive, Inc.(1) | 2,027 | 1,711 | |
Royal Caribbean Cruises Ltd.(1) | 11,247 | 556 | |
Tesla, Inc.(1) | 3,316 | 408 | |
TJX Cos., Inc. (The) | 19,437 | 1,547 | |
11,734 | |||
Consumer Staples—4.5% | |||
Colgate-Palmolive Co. | 6,171 | 486 | |
Costco Wholesale Corp. | 4,259 | 1,944 | |
Estee Lauder Cos., Inc. (The) Class A | 6,029 | 1,496 | |
3,926 | |||
Financials—3.7% | |||
American Express Co. | 6,901 | 1,020 | |
Coinbase Global, Inc. Class A(1) | 1,894 | 67 | |
S&P Global, Inc. | 4,080 | 1,366 | |
Wells Fargo & Co. | 20,583 | 850 | |
3,303 | |||
Health Care—16.0% | |||
Bristol-Myers Squibb Co. | 14,943 | 1,075 | |
Dexcom, Inc.(1) | 11,163 | 1,264 | |
Edwards Lifesciences Corp.(1) | 15,425 | 1,151 | |
Eli Lilly & Co. | 9,248 | 3,384 |
Shares | Value | ||
Health Care—continued | |||
Exact Sciences Corp.(1) | 7,599 | $ 376 | |
Insulet Corp.(1) | 1,694 | 499 | |
Intuitive Surgical, Inc.(1) | 4,141 | 1,099 | |
Mettler-Toledo International, Inc.(1) | 1,006 | 1,454 | |
Natera, Inc.(1) | 7,069 | 284 | |
Thermo Fisher Scientific, Inc. | 1,464 | 806 | |
UnitedHealth Group, Inc. | 5,138 | 2,724 | |
14,116 | |||
Industrials—4.5% | |||
Boeing Co. (The)(1) | 8,234 | 1,568 | |
Deere & Co. | 2,113 | 906 | |
Emerson Electric Co. | 6,737 | 647 | |
Fair Isaac Corp.(1) | 728 | 436 | |
Honeywell International, Inc. | 1,964 | 421 | |
3,978 | |||
Information Technology—46.2% | |||
Apple, Inc. | 92,772 | 12,054 | |
Applied Materials, Inc. | 14,712 | 1,433 | |
ASML Holding N.V. Registered Shares | 640 | 350 | |
Autodesk, Inc.(1) | 5,923 | 1,107 | |
Bill.com Holdings, Inc.(1) | 3,281 | 357 | |
DocuSign, Inc.(1) | 2,428 | 135 | |
Five9, Inc.(1) | 3,874 | 263 | |
Mastercard, Inc. Class A | 6,927 | 2,409 | |
Microsoft Corp. | 45,890 | 11,005 | |
NVIDIA Corp. | 24,292 | 3,550 | |
Paycom Software, Inc.(1) | 1,958 | 608 | |
QUALCOMM, Inc. | 13,075 | 1,437 | |
Roper Technologies, Inc. | 1,218 | 526 | |
Salesforce, Inc.(1) | 6,540 | 867 | |
SentinelOne, Inc. Class A(1) | 14,754 | 215 | |
Visa, Inc. Class A | 17,321 | 3,599 | |
Workday, Inc. Class A(1) | 5,829 | 975 | |
40,890 | |||
Shares | Value | ||
Materials—1.2% | |||
Air Products & Chemicals, Inc. | 1,875 | $ 578 | |
Vulcan Materials Co. | 2,844 | 498 | |
1,076 | |||
Total Common Stocks (Identified Cost $37,405) | 87,339 | ||
Total Long-Term Investments—98.8% (Identified Cost $37,405) | 87,339 | ||
Short-Term Investment—0.0% | |||
Money Market Mutual Fund—0.0% | |||
State Street Institutional U.S. Government Money Market Fund - Institutional Shares (seven-day effective yield 4.035%)(2) | 40,057 | 40 | |
Total Short-Term Investment (Identified Cost $40) | 40 | ||
TOTAL INVESTMENTS—98.8% (Identified Cost $37,445) | $87,379 | ||
Other assets and liabilities, net—1.2% | 1,057 | ||
NET ASSETS—100.0% | $88,436 |
Abbreviation: | |
S&P | Standard & Poor’s |
Footnote Legend: | |
(1) | Non-income producing. |
(2) | Shares of this fund are publicly offered, and its prospectus and annual report are publicly available. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $87,339 | $87,339 | |
Money Market Mutual Fund | 40 | 40 | |
Total Investments | $87,379 | $87,379 |
December 31, 2022
Shares | Value | ||
Common Stocks—100.5% | |||
Communication Services—8.0% | |||
Netflix, Inc.(1) | 15,000 | $ 4,423 | |
Trade Desk, Inc. (The) Class A(1) | 468,600 | 21,008 | |
25,431 | |||
Consumer Discretionary—27.4% | |||
Airbnb, Inc. Class A(1) | 94,000 | 8,037 | |
Amazon.com, Inc.(1) | 216,400 | 18,178 | |
Global-e Online Ltd.(1) | 280,000 | 5,779 | |
MercadoLibre, Inc.(1) | 27,500 | 23,272 | |
On Holding AG Class A(1) | 191,500 | 3,286 | |
Tesla, Inc.(1) | 174,375 | 21,479 | |
Wingstop, Inc. | 34,540 | 4,753 | |
Xometry, Inc. Class A(1) | 76,200 | 2,456 | |
87,240 | |||
Consumer Staples—0.5% | |||
Celsius Holdings, Inc.(1) | 15,700 | 1,633 | |
Health Care—10.1% | |||
Exact Sciences Corp.(1) | 270,000 | 13,368 | |
Repligen Corp.(1) | 23,050 | 3,903 | |
Seagen, Inc.(1) | 50,000 | 6,425 | |
Veeva Systems, Inc. Class A(1) | 52,050 | 8,400 | |
32,096 | |||
Industrials—8.3% | |||
Axon Enterprise, Inc.(1) | 80,000 | 13,274 |
Shares | Value | ||
Industrials—continued | |||
Shoals Technologies Group, Inc. Class A(1) | 78,000 | $ 1,924 | |
Uber Technologies, Inc.(1) | 450,000 | 11,129 | |
26,327 | |||
Information Technology—43.7% | |||
Advanced Micro Devices, Inc.(1) | 55,500 | 3,595 | |
ASML Holding N.V. Registered Shares | 6,100 | 3,333 | |
Bill.com Holdings, Inc.(1) | 114,775 | 12,506 | |
Block, Inc. Class A(1) | 45,000 | 2,828 | |
Cloudflare, Inc. Class A(1) | 36,900 | 1,668 | |
Crowdstrike Holdings, Inc. Class A(1) | 53,000 | 5,580 | |
DoubleVerify Holdings, Inc.(1) | 345,000 | 7,576 | |
Enphase Energy, Inc.(1) | 47,000 | 12,453 | |
First Solar, Inc.(1) | 35,000 | 5,243 | |
MongoDB, Inc. Class A(1) | 15,100 | 2,972 | |
NVIDIA Corp. | 106,000 | 15,491 | |
Palo Alto Networks, Inc.(1) | 27,000 | 3,768 | |
Paylocity Holding Corp.(1) | 42,000 | 8,159 | |
ServiceNow, Inc.(1) | 22,500 | 8,736 | |
Shopify, Inc. Class A(1) | 550,000 | 19,090 | |
Snowflake, Inc. Class A(1) | 80,000 | 11,483 | |
Sprout Social, Inc. Class A(1) | 230,000 | 12,986 | |
Unity Software, Inc.(1) | 50,000 | 1,430 | |
138,897 | |||
Shares | Value | ||
Real Estate—2.5% | |||
Zillow Group, Inc. Class C(1) | 245,000 | $ 7,891 | |
Total Common Stocks (Identified Cost $320,183) | 319,515 | ||
Total Long-Term Investments—100.5% (Identified Cost $320,183) | 319,515 | ||
TOTAL INVESTMENTS—100.5% (Identified Cost $320,183) | $319,515 | ||
Other assets and liabilities, net—(0.5)% | (1,529) | ||
NET ASSETS—100.0% | $317,986 |
Footnote Legend: | |
(1) | Non-income producing. |
Country Weightings (Unaudited)† | |
United States | 83% |
Uruguay | 7 |
Canada | 6 |
Israel | 2 |
Netherlands | 1 |
Switzerland | 1 |
Total | 100% |
† % of total investments as of December 31, 2022. |
Total Value at December 31, 2022 | Level 1 Quoted Prices | ||
Assets: | |||
Equity Securities: | |||
Common Stocks | $319,515 | $319,515 | |
Total Investments | $319,515 | $319,515 |
December 31, 2022
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | |||
Assets | |||||
Investment in securities at value(1) | $ 736,745 | $ 2,569,080 | $ 251,183 | ||
Cash | 1,003 | 2,007 | 100 | ||
Receivables | |||||
Fund shares sold | 641 | 9,578 | 93 | ||
Dividends | 1,083 | 3,546 | 238 | ||
Tax reclaims | — | 10 | 15 | ||
Prepaid expenses | 32 | 67 | 24 | ||
Other assets | 75 | 258 | 25 | ||
Total assets | 739,579 | 2,584,546 | 251,678 | ||
Liabilities | |||||
Payables | |||||
Fund shares repurchased | 1,891 | 24,197 | 287 | ||
Dividend distributions | — | — (a) | — | ||
Investment advisory fees | 389 | 1,501 | 188 | ||
Distribution and service fees | 33 | 58 | 7 | ||
Administration and accounting fees | 66 | 226 | 22 | ||
Transfer agent and sub-transfer agent fees and expenses | 259 | 736 | 117 | ||
Professional fees | 84 | 186 | 46 | ||
Trustee deferred compensation plan | 75 | 258 | 25 | ||
Interest expense and/or commitment fees | 6 | 17 | 2 | ||
Other accrued expenses | 64 | 161 | 20 | ||
Total liabilities | 2,867 | 27,340 | 714 | ||
Net Assets | $ 736,712 | $ 2,557,206 | $ 250,964 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 730,630 | $ 2,663,133 | $ 221,890 | ||
Accumulated earnings (loss) | 6,082 | (105,927) | 29,074 | ||
Net Assets | $ 736,712 | $ 2,557,206 | $ 250,964 | ||
Net Assets: | |||||
Class A | $ 138,781 | $ 208,364 | $ 29,680 | ||
Class C | $ 2,277 | $ 13,743 | $ 646 | ||
Class I | $ 327,199 | $ 1,608,611 | $ 159,199 | ||
Class R6 | $ 268,455 | $ 726,488 | $ 61,439 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 14,421,049 | 19,816,147 | 4,152,570 | ||
Class C | 249,176 | 1,363,588 | 112,325 | ||
Class I | 33,174,009 | 149,480,001 | 20,770,588 | ||
Class R6 | 26,871,952 | 67,201,579 | 7,985,828 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 9.62 | $ 10.51 | $ 7.15 | ||
Class C | $ 9.14 | $ 10.08 | $ 5.75 | ||
Class I | $ 9.86 | $ 10.76 | $ 7.66 | ||
Class R6 | $ 9.99 | $ 10.81 | $ 7.69 | ||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 10.18 | $ 11.12 | $ 7.57 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 724,346 | $ 2,540,653 | $ 225,024 |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
SGA International Growth Fund | Silvant Large-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Assets | |||||
Investment in securities at value(1)(2) | $ 38,805 | $ 87,379 | $ 319,515 | ||
Cash | 50 | 100 | — | ||
Receivables | |||||
Investment securities sold | — | 1,796 | 1,273 | ||
Fund shares sold | 570 | 2 | 924 | ||
Dividends | 3 | 7 | 1 | ||
Tax reclaims | 90 | — | — | ||
Securities lending income | — (a) | — (a) | — | ||
Prepaid expenses | 15 | 12 | 26 | ||
Other assets | 4 | 9 | 35 | ||
Total assets | 39,537 | 89,305 | 321,774 | ||
Liabilities | |||||
Due to custodian | — | — | 526 | ||
Payables | |||||
Fund shares repurchased | 27 | 22 | 2,686 | ||
Investment securities purchased | — | 711 | — | ||
Collateral on securities loaned | 1,082 | — | — | ||
Investment advisory fees | 13 | 52 | 248 | ||
Distribution and service fees | 1 | 18 | 20 | ||
Administration and accounting fees | 4 | 8 | 31 | ||
Transfer agent and sub-transfer agent fees and expenses | 11 | 20 | 145 | ||
Professional fees | 35 | 18 | 63 | ||
Trustee deferred compensation plan | 4 | 9 | 35 | ||
Interest expense and/or commitment fees | — (a) | 1 | 5 | ||
Other accrued expenses | 4 | 10 | 29 | ||
Total liabilities | 1,181 | 869 | 3,788 | ||
Net Assets | $ 38,356 | $ 88,436 | $ 317,986 | ||
Net Assets Consist of: | |||||
Capital paid in on shares of beneficial interest | $ 34,725 | $ 38,191 | $ 468,084 | ||
Accumulated earnings (loss) | 3,631 | 50,245 | (150,098) | ||
Net Assets | $ 38,356 | $ 88,436 | $ 317,986 | ||
Net Assets: | |||||
Class A | $ 7,530 | $ 79,935 | $ 87,437 | ||
Class I | $ 28,164 | $ 8,399 | $ 221,530 | ||
Class R6 | $ 2,662 | $ 102 | $ 9,019 | ||
Shares Outstanding (unlimited number of shares authorized, no par value): | |||||
Class A | 935,702 | 17,116,609 | 3,649,784 | ||
Class I | 3,370,675 | 1,048,353 | 8,586,827 | ||
Class R6 | 316,067 | 12,478 | 348,807 | ||
Net Asset Value and Redemption Price Per Share:* | |||||
Class A | $ 8.05 | $ 4.67 | $ 23.96 | ||
Class I | $ 8.36 | $ 8.01 | $ 25.80 | ||
Class R6 | $ 8.42 | $ 8.14 | $ 25.86 |
SGA International Growth Fund | Silvant Large-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Maximum Offering Price Per Share (NAV/(1-Maximum Sales Charge)): | |||||
Class A | $ 8.52 | $ 4.94 | $ 25.35 | ||
Maximum Sales Charge - Class A | 5.50% | 5.50% | 5.50% | ||
(1) Investment in securities at cost | $ 34,661 | $ 37,445 | $ 320,183 | ||
(2) Market value of securities on loan | $ 1,051 | $ — | $ — |
(a) | Amount is less than $500. |
* | Net Asset Value and Redemption Price Per Share are calculated using unrounded net assets. |
December 31, 2022
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | Ceredex Small-Cap Value Equity Fund | |||
Investment Income | |||||
Dividends | $ 17,379 | $ 51,170 | $ 6,263 | ||
Securities lending, net of fees | 1 | 5 | — | ||
Foreign taxes withheld | (38) | (114) | (68) | ||
Total investment income | 17,342 | 51,061 | 6,195 | ||
Expenses | |||||
Investment advisory fees | 6,330 | 20,460 | 2,658 | ||
Distribution and service fees, Class A | 401 | 575 | 102 | ||
Distribution and service fees, Class C | 28 | 184 | 8 | ||
Administration and accounting fees | 935 | 2,953 | 320 | ||
Transfer agent fees and expenses | 388 | 1,236 | 132 | ||
Sub-transfer agent fees and expenses, Class A | 249 | 384 | 77 | ||
Sub-transfer agent fees and expenses, Class C | 2 | 26 | 2 | ||
Sub-transfer agent fees and expenses, Class I | 909 | 2,822 | 328 | ||
Custodian fees | 6 | 13 | 5 | ||
Printing fees and expenses | 61 | 224 | 34 | ||
Professional fees | 164 | 438 | 70 | ||
Interest expense and/or commitment fees | 6 | 20 | 2 | ||
Registration fees | 67 | 92 | 54 | ||
Trustees’ fees and expenses | 57 | 175 | 19 | ||
Miscellaneous expenses | 70 | 173 | 30 | ||
Total expenses | 9,673 | 29,775 | 3,841 | ||
Less net expenses reimbursed and/or waived by investment adviser(1) | (896) | (626) | (314) | ||
Less low balance account fees | — (2) | — (2) | — | ||
Net expenses | 8,777 | 29,149 | 3,527 | ||
Net investment income (loss) | 8,565 | 21,912 | 2,668 | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | 44,688 | (134,427) | 41,219 | ||
Foreign currency transactions | — | 1 | — (2) | ||
Net increase from payment by affiliate(3) | 1 | — | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (218,055) | (399,597) | (90,633) | ||
Foreign currency transactions | — | (2) | — (2) | ||
Net realized and unrealized gain (loss) on investments | (173,366) | (534,025) | (49,414) | ||
Net increase (decrease) in net assets resulting from operations | $(164,801) | $(512,113) | $(46,746) |
(1) | See Note 3D in Notes to Financial Statements. |
(2) | Amount is less than $500. |
(3) | See Note 3G in Notes to Financial Statements. |
SGA International Growth Fund | Silvant Large-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | |||
Investment Income | |||||
Dividends | $ 470 | $ 613 | $ 49 | ||
Securities lending, net of fees | 2 | 2 | — | ||
Foreign taxes withheld | (38) | — | — | ||
Total investment income | 434 | 615 | 49 | ||
Expenses | |||||
Investment advisory fees | 330 | 741 | 4,156 | ||
Distribution and service fees, Class A | 15 | 236 | 349 | ||
Administration and accounting fees | 47 | 114 | 530 | ||
Transfer agent fees and expenses | 18 | 44 | 219 | ||
Sub-transfer agent fees and expenses, Class A | 7 | 72 | 206 | ||
Sub-transfer agent fees and expenses, Class I | 39 | 13 | 588 | ||
Custodian fees | 2 | 1 | 3 | ||
Printing fees and expenses | 5 | 10 | 42 | ||
Professional fees | 35 | 40 | 97 | ||
Interest expense and/or commitment fees | — (1) | 1 | 24 | ||
Registration fees | 32 | 28 | 94 | ||
Trustees’ fees and expenses | 2 | 6 | 36 | ||
Miscellaneous expenses | 14 | 15 | 58 | ||
Total expenses | 546 | 1,321 | 6,402 | ||
Less net expenses reimbursed and/or waived by investment adviser(2) | (112) | (34) | (739) | ||
Less low balance account fees | — | — (1) | — (1) | ||
Net expenses | 434 | 1,287 | 5,663 | ||
Net investment income (loss) | — (1) | (672) | (5,614) | ||
Net Realized and Unrealized Gain (Loss) on Investments | |||||
Net realized gain (loss) from: | |||||
Investments | (241) | 3,858 | (140,274) | ||
Foreign currency transactions | (1) | — | — | ||
Foreign capital gains tax | (73) | — | — | ||
Net change in unrealized appreciation (depreciation) on: | |||||
Investments | (8,566) | (43,005) | (379,327) | ||
Foreign currency transactions | (5) | — | — | ||
Foreign capital gains tax | 38 | — | — | ||
Net realized and unrealized gain (loss) on investments | (8,848) | (39,147) | (519,601) | ||
Net increase (decrease) in net assets resulting from operations | $(8,848) | $(39,819) | $(525,215) |
(1) | Amount is less than $500. |
(2) | See Note 3D in Notes to Financial Statements. |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 8,565 | $ 11,598 | $ 21,912 | $ 12,860 | |||
Net realized gain (loss) | 44,688 | 305,956 | (134,426) | 1,085,349 | |||
Net increase from payment by affiliate(1) | 1 | — | — | — | |||
Net change in unrealized appreciation (depreciation) | (218,055) | (16,262) | (399,599) | (208,494) | |||
Increase (decrease) in net assets resulting from operations | (164,801) | 301,292 | (512,113) | 889,715 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (15,377) | (49,310) | (14,235) | (44,227) | |||
Class C | (248) | (920) | (1,078) | (4,352) | |||
Class I | (37,487) | (156,088) | (114,953) | (375,197) | |||
Class R6 | (30,221) | (106,874) | (53,070) | (160,224) | |||
Total dividends and distributions to shareholders | (83,333) | (313,192) | (183,336) | (584,000) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (14,369) | 15,199 | (18,022) | (29,691) | |||
Class C | (172) | (1,117) | (8,179) | (7,555) | |||
Class I | (187,303) | 51,759 | (329,744) | 43,152 | |||
Class R6 | (50,967) | (112,205) | (81,199) | 155,700 | |||
Increase (decrease) in net assets from capital transactions | (252,811) | (46,364) | (437,144) | 161,606 | |||
Net increase (decrease) in net assets | (500,945) | (58,264) | (1,132,593) | 467,321 | |||
Net Assets | |||||||
Beginning of period | 1,237,657 | 1,295,921 | 3,689,799 | 3,222,478 | |||
End of Period | $ 736,712 | $ 1,237,657 | $ 2,557,206 | $ 3,689,799 |
(1) | See Note 3G in Notes to Financial Statements. |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ 2,668 | $ 3,539 | $ —(1) | $ (91) | |||
Net realized gain (loss) | 41,219 | 108,653 | (315) | 4,851 | |||
Net change in unrealized appreciation (depreciation) | (90,633) | 9,236 | (8,533) | (556) | |||
Increase (decrease) in net assets resulting from operations | (46,746) | 121,428 | (8,848) | 4,204 | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (6,327) | (8,722) | (288) | (537) | |||
Class C | (172) | (182) | — | — | |||
Class I | (30,663) | (43,468) | (1,582) | (2,979) | |||
Class R6 | (12,393) | (19,930) | (88) | (142) | |||
Total dividends and distributions to shareholders | (49,555) | (72,302) | (1,958) | (3,658) | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (11,004) | (6,357) | 1,954 | 157 | |||
Class C | (59) | (1,655) | — | — | |||
Class I | (67,325) | (87,916) | (2,533) | (1,271) | |||
Class R6 | (40,203) | 32,912 | 1,061 | 1,251 | |||
Increase (decrease) in net assets from capital transactions | (118,591) | (63,016) | 482 | 137 | |||
Net increase (decrease) in net assets | (214,892) | (13,890) | (10,324) | 683 | |||
Net Assets | |||||||
Beginning of period | 465,856 | 479,746 | 48,680 | 47,997 | |||
End of Period | $ 250,964 | $ 465,856 | $ 38,356 | $ 48,680 |
(1) | Amount is less than $500. |
Silvant Large-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | ||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||
Increase (Decrease) in Net Assets Resulting from Operations | |||||||
Net investment income (loss) | $ (672) | $ (949) | $ (5,614) | $ (14,482) | |||
Net realized gain (loss) | 3,858 | 12,346 | (140,274) | 21,324 | |||
Net change in unrealized appreciation (depreciation) | (43,005) | 16,724 | (379,327) | (188,001) | |||
Increase (decrease) in net assets resulting from operations | (39,819) | 28,121 | (525,215) | (181,159) | |||
Dividends and Distributions to Shareholders | |||||||
Net Investment Income and Net Realized Gains: | |||||||
Class A | (5,948) | (14,298) | (4,445) | — | |||
Class I | (385) | (1,065) | (10,257) | — | |||
Class R6 | (31) | (103) | (392) | — | |||
Total dividends and distributions to shareholders | (6,364) | (15,466) | (15,094) | — | |||
Change in Net Assets from Capital Transactions (See Note 5): | |||||||
Class A | (1,864) | 1,795 | (39,798) | (26,232) | |||
Class I | (1,116) | (3,487) | (211,843) | (76,685) | |||
Class R6 | (1,522) | 1,833 | 2,965 | 17,755 | |||
Increase (decrease) in net assets from capital transactions | (4,502) | 141 | (248,676) | (85,162) | |||
Net increase (decrease) in net assets | (50,685) | 12,796 | (788,985) | (266,321) | |||
Net Assets | |||||||
Beginning of period | 139,121 | 126,325 | 1,106,971 | 1,373,292 | |||
End of Period | $ 88,436 | $ 139,121 | $ 317,986 | $ 1,106,971 |
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 | Payments from Affiliates(1) | 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 | |||||||||||||||||
1/1/22 to 12/31/22 | $12.54 | 0.07 | (1.90) | (1.83) | (0.11) | (0.98) | (1.09) | — (6) | (2.92) | $ 9.62 | (14.34) % | $ 138,781 | 1.26 % (7) | 1.28 % | 0.64 % | 146 % | |
1/1/21 to 12/31/21 | 13.29 | 0.08 | 3.15 | 3.23 | (0.10) | (3.88) | (3.98) | — | (0.75) | 12.54 | 25.24 | 195,762 | 1.24 (8)(9) | 1.24 | 0.55 | 159 | |
1/1/20 to 12/31/20 | 13.70 | 0.13 | 0.21 | 0.34 | (0.14) | (0.61) | (0.75) | — | (0.41) | 13.29 | 3.47 | 185,257 | 1.24 | 1.27 | 1.07 | 193 | |
1/1/19 to 12/31/19 | 11.21 | 0.13 | 3.30 | 3.43 | (0.17) | (0.77) | (0.94) | — | 2.49 | 13.70 | 30.56 | 206,528 | 1.24 | 1.29 | 1.04 | 118 | |
1/1/18 to 12/31/18 | 16.20 | 0.18 | (1.81) | (1.63) | (0.24) | (3.12) | (3.36) | — | (4.99) | 11.21 | (10.63) | 223,853 | 1.24 | 1.27 | 1.16 | 128 | |
Class C | |||||||||||||||||
1/1/22 to 12/31/22 | $11.95 | 0.02 | (1.80) | (1.78) | (0.05) | (0.98) | (1.03) | — (6) | (2.81) | $ 9.14 | (14.64) % | $ 2,277 | 1.73 % (7) | 1.96 % | 0.16 % | 146 % | |
1/1/21 to 12/31/21 | 12.82 | 0.01 | 3.02 | 3.03 | (0.02) | (3.88) | (3.90) | — | (0.87) | 11.95 | 24.57 | 3,294 | 1.72 | 1.92 | 0.06 | 159 | |
1/1/20 to 12/31/20 | 13.26 | 0.07 | 0.19 | 0.26 | (0.09) | (0.61) | (0.70) | — | (0.44) | 12.82 | 2.98 | 4,486 | 1.72 | 1.94 | 0.61 | 193 | |
1/1/19 to 12/31/19 | 10.86 | 0.06 | 3.20 | 3.26 | (0.09) | (0.77) | (0.86) | — | 2.40 | 13.26 | 30.00 | 5,531 | 1.72 | 1.94 | 0.51 | 118 | |
1/1/18 to 12/31/18 | 15.78 | 0.11 | (1.77) | (1.66) | (0.14) | (3.12) | (3.26) | — | (4.92) | 10.86 | (11.09) | 14,625 | 1.72 | 1.92 | 0.69 | 128 | |
Class I | |||||||||||||||||
1/1/22 to 12/31/22 | $12.79 | 0.10 | (1.93) | (1.83) | (0.12) | (0.98) | (1.10) | — (6) | (2.93) | $ 9.86 | (14.07) % | $ 327,199 | 0.98 % (7) | 1.08 % | 0.88 % | 146 % | |
1/1/21 to 12/31/21 | 13.50 | 0.12 | 3.20 | 3.32 | (0.15) | (3.88) | (4.03) | — | (0.71) | 12.79 | 25.48 | 632,220 | 0.97 | 1.00 | 0.82 | 159 | |
1/1/20 to 12/31/20 | 13.88 | 0.16 | 0.22 | 0.38 | (0.15) | (0.61) | (0.76) | — | (0.38) | 13.50 | 3.76 | 594,834 | 0.97 | 1.03 | 1.33 | 193 | |
1/1/19 to 12/31/19 | 11.34 | 0.17 | 3.34 | 3.51 | (0.20) | (0.77) | (0.97) | — | 2.54 | 13.88 | 30.94 | 668,846 | 0.97 | 1.04 | 1.30 | 118 | |
1/1/18 to 12/31/18 | 16.35 | 0.23 | (1.84) | (1.61) | (0.28) | (3.12) | (3.40) | — | (5.01) | 11.34 | (10.39) | 799,262 | 0.97 | 1.02 | 1.43 | 128 | |
Class R6 | |||||||||||||||||
1/1/22 to 12/31/22 | $12.96 | 0.13 | (1.96) | (1.83) | (0.16) | (0.98) | (1.14) | — (6) | (2.97) | $ 9.99 | (13.85) % | $ 268,455 | 0.73 % (7) | 0.87 % | 1.14 % | 146 % | |
1/1/21 to 12/31/21 | 13.61 | 0.16 | 3.23 | 3.39 | (0.16) | (3.88) | (4.04) | — | (0.65) | 12.96 | 25.85 | 406,381 | 0.72 | 0.83 | 1.05 | 159 | |
1/1/20 to 12/31/20 | 13.96 | 0.19 | 0.23 | 0.42 | (0.16) | (0.61) | (0.77) | — | (0.35) | 13.61 | 4.03 | 511,344 | 0.72 | 0.86 | 1.57 | 193 | |
1/1/19 to 12/31/19 | 11.39 | 0.21 | 3.36 | 3.57 | (0.23) | (0.77) | (1.00) | — | 2.57 | 13.96 | 31.33 | 404,305 | 0.72 | 0.85 | 1.55 | 118 | |
1/1/18 to 12/31/18 | 16.41 | 0.27 | (1.85) | (1.58) | (0.32) | (3.12) | (3.44) | — | (5.02) | 11.39 | (10.22) | 272,596 | 0.72 | 0.83 | 1.69 | 128 | |
Ceredex Mid-Cap Value Equity Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/22 to 12/31/22 | $13.14 | 0.05 | (1.98) | (1.93) | (0.07) | (0.63) | (0.70) | — | (2.63) | $10.51 | (14.22) % | $ 208,364 | 1.29 % (7)(9) | 1.29 % | 0.45 % | 166 % | |
1/1/21 to 12/31/21 | 12.15 | 0.01 | 3.42 | 3.43 | — | (2.44) | (2.44) | — | 0.99 | 13.14 | 28.73 | 280,185 | 1.28 (9) | 1.28 | 0.05 | 157 | |
1/1/20 to 12/31/20 | 12.69 | 0.07 | (0.31) | (0.24) | (0.09) | (0.21) | (0.30) | — | (0.54) | 12.15 | (1.52) | 282,186 | 1.31 (9) | 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 (8)(9) | 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 (8) | 1.31 | 0.55 | 109 | |
Class C | |||||||||||||||||
1/1/22 to 12/31/22 | $12.63 | (0.01) | (1.89) | (1.90) | (0.02) | (0.63) | (0.65) | — | (2.55) | $10.08 | (14.62) % | $ 13,743 | 1.80 % (7) | 2.01 % | (0.12) % | 166 % | |
1/1/21 to 12/31/21 | 11.82 | (0.06) | 3.31 | 3.25 | — | (2.44) | (2.44) | — | 0.81 | 12.63 | 28.01 | 26,690 | 1.79 | 1.97 | (0.46) | 157 | |
1/1/20 to 12/31/20 | 12.36 | 0.02 | (0.30) | (0.28) | (0.05) | (0.21) | (0.26) | — | (0.54) | 11.82 | (1.88) | 31,476 | 1.79 | 1.98 | 0.20 | 179 | |
1/1/19 to 12/31/19 | 9.84 | 0.03 | 3.13 | 3.16 | (0.02) | (0.62) | (0.64) | — | 2.52 | 12.36 | 32.08 | 45,867 | 1.79 | 1.95 | 0.26 | 121 | |
1/1/18 to 12/31/18 | 12.18 | 0.02 | (1.00) | (0.98) | (0.01) | (1.35) | (1.36) | — | (2.34) | 9.84 | (8.53) | 53,419 | 1.79 | 1.97 | 0.17 | 109 |
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 | Payments from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Ceredex Mid-Cap Value Equity Fund (Continued) | |||||||||||||||||
Class I | |||||||||||||||||
1/1/22 to 12/31/22 | $13.41 | 0.08 | (2.01) | (1.93) | (0.09) | (0.63) | (0.72) | — | (2.65) | $10.76 | (13.92) % | $1,608,611 | 1.02 % (7)(9) | 1.02 % | 0.70 % | 166 % | |
1/1/21 to 12/31/21 | 12.37 | 0.05 | 3.48 | 3.53 | (0.05) | (2.44) | (2.49) | — | 1.04 | 13.41 | 28.99 | 2,383,753 | 1.00 (9) | 1.00 | 0.34 | 157 | |
1/1/20 to 12/31/20 | 12.89 | 0.10 | (0.31) | (0.21) | (0.10) | (0.21) | (0.31) | — | (0.52) | 12.37 | (1.20) | 2,135,663 | 1.04 (9) | 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 (9) | 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 (9) | 1.01 | 0.92 | 109 | |
Class R6 | |||||||||||||||||
1/1/22 to 12/31/22 | $13.48 | 0.11 | (2.03) | (1.92) | (0.12) | (0.63) | (0.75) | — | (2.67) | $10.81 | (13.76) % | $ 726,488 | 0.80 % (7) | 0.88 % | 0.94 % | 166 % | |
1/1/21 to 12/31/21 | 12.42 | 0.08 | 3.50 | 3.58 | (0.08) | (2.44) | (2.52) | — | 1.06 | 13.48 | 29.34 | 999,171 | 0.79 | 0.85 | 0.54 | 157 | |
1/1/20 to 12/31/20 | 12.92 | 0.13 | (0.31) | (0.18) | (0.11) | (0.21) | (0.32) | — | (0.50) | 12.42 | (0.97) | 773,153 | 0.79 | 0.88 | 1.16 | 179 | |
1/1/19 to 12/31/19 | 10.27 | 0.16 | 3.26 | 3.42 | (0.15) | (0.62) | (0.77) | — | 2.65 | 12.92 | 33.31 | 820,153 | 0.79 | 0.87 | 1.28 | 121 | |
1/1/18 to 12/31/18 | 12.67 | 0.15 | (1.05) | (0.90) | (0.15) | (1.35) | (1.50) | — | (2.40) | 10.27 | (7.58) | 411,922 | 0.79 | 0.87 | 1.17 | 109 | |
Ceredex Small-Cap Value Equity Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/22 to 12/31/22 | $ 9.88 | 0.05 | (1.11) | (1.06) | (0.06) | (1.61) | (1.67) | — | (2.73) | $ 7.15 | (10.31) % | $ 29,680 | 1.47 % (7) | 1.50 % | 0.52 % | 73 % | |
1/1/21 to 12/31/21 | 9.31 | 0.04 | 2.41 | 2.45 | (0.09) | (1.79) | (1.88) | — | 0.57 | 9.88 | 26.91 | 53,388 | 1.45 (10) | 1.46 | 0.39 | 69 | |
1/1/20 to 12/31/20 | 9.38 | 0.02 | 0.02 | 0.04 | (0.03) | (0.08) | (0.11) | — | (0.07) | 9.31 | 0.62 | 54,984 | 1.48 (9) | 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 (9) | 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 (9) | 1.46 | 0.68 | 44 | |
Class C | |||||||||||||||||
1/1/22 to 12/31/22 | $ 8.38 | 0.01 | (0.94) | (0.93) | (0.09) | (1.61) | (1.70) | — | (2.63) | $ 5.75 | (10.67) % | $ 646 | 1.83 % (7) | 2.28 % | 0.19 % | 73 % | |
1/1/21 to 12/31/21 | 8.11 | 0.01 | 2.08 | 2.09 | (0.03) | (1.79) | (1.82) | — | 0.27 | 8.38 | 26.42 | 987 | 1.84 (10) | 2.20 | 0.06 | 69 | |
1/1/20 to 12/31/20 | 8.19 | (0.01) | 0.01 | — | — | (0.08) | (0.08) | — | (0.08) | 8.11 | 0.23 | 2,410 | 1.90 (10) | 2.19 | (0.19) | 69 | |
1/1/19 to 12/31/19 | 7.41 | 0.05 | 1.19 | 1.24 | (0.07) | (0.39) | (0.46) | — | 0.78 | 8.19 | 16.66 | 5,457 | 1.90 | 2.14 | 0.61 | 42 | |
1/1/18 to 12/31/18 | 10.31 | 0.02 | (1.34) | (1.32) | (0.08) | (1.50) | (1.58) | — | (2.90) | 7.41 | (13.07) | 14,473 | 1.90 | 2.09 | 0.23 | 44 | |
Class I | |||||||||||||||||
1/1/22 to 12/31/22 | $10.48 | 0.08 | (1.18) | (1.10) | (0.11) | (1.61) | (1.72) | — | (2.82) | $ 7.66 | (10.09) % | $ 159,199 | 1.17 % (7) | 1.25 % | 0.83 % | 73 % | |
1/1/21 to 12/31/21 | 9.77 | 0.08 | 2.53 | 2.61 | (0.11) | (1.79) | (1.90) | — | 0.71 | 10.48 | 27.20 | 282,308 | 1.18 (10) | 1.20 | 0.68 | 69 | |
1/1/20 to 12/31/20 | 9.83 | 0.04 | 0.03 | 0.07 | (0.05) | (0.08) | (0.13) | — | (0.06) | 9.77 | 0.91 | 332,391 | 1.21 (10) | 1.21 | 0.55 | 69 | |
1/1/19 to 12/31/19 | 8.83 | 0.13 | 1.42 | 1.55 | (0.16) | (0.39) | (0.55) | — | 1.00 | 9.83 | 17.58 | 460,284 | 1.20 (9) | 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 (9) | 1.18 | 0.99 | 44 | |
Class R6 | |||||||||||||||||
1/1/22 to 12/31/22 | $10.48 | 0.10 | (1.17) | (1.07) | (0.11) | (1.61) | (1.72) | — | (2.79) | $ 7.69 | (9.79) % | $ 61,439 | 0.89 % (7) | 1.06 % | 1.06 % | 73 % | |
1/1/21 to 12/31/21 | 9.79 | 0.11 | 2.54 | 2.65 | (0.17) | (1.79) | (1.96) | — | 0.69 | 10.48 | 27.61 | 129,173 | 0.88 | 1.03 | 0.94 | 69 | |
1/1/20 to 12/31/20 | 9.84 | 0.10 | — (6) | 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 (11) 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 (12) |
Net Asset Value, Beginning of Period | Net Investment Income (Loss)(1) | Net Realized and Unrealized Gain (Loss) | Total from Investment Operations | Dividends from Net Investment Income | Distributions from Net Realized Gains | Total Distributions | Payments from Affiliates(1) | 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 | |||||||||||||||||
Class A | |||||||||||||||||
1/1/22 to 12/31/22 | $10.45 | (0.02) | (1.94) | (1.96) | — | (0.44) | (0.44) | — | (2.40) | $ 8.05 | (18.42) % | $ 7,530 | 1.33 % (7) | 1.62 % | (0.20) % | 36 % | |
1/1/21 to 12/31/21 | 10.42 | (0.04) | 0.90 | 0.86 | — | (0.83) | (0.83) | — | 0.03 | 10.45 | 8.36 | 7,129 | 1.32 | 1.55 | (0.39) | 44 | |
1/1/20 to 12/31/20 | 10.50 | (0.03) | 2.02 | 1.99 | — | (2.07) | (2.07) | — | (0.08) | 10.42 | 22.86 | 6,917 | 1.41 (7)(10) | 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 (7)(10)(13) | 1.52 | (0.20) | 147 (14) | |
1/1/18 to 12/31/18 | 11.90 | — (6) | (0.94) | (0.94) | (0.01) | — | (0.01) | — | (0.95) | 10.95 | (7.90) | 22,233 | 1.42 | 1.44 | 0.03 | 37 | |
Class I | |||||||||||||||||
1/1/22 to 12/31/22 | $10.80 | — (6) | (2.00) | (2.00) | — | (0.44) | (0.44) | — | (2.44) | $ 8.36 | (18.19) % | $ 28,164 | 1.08 % (7) | 1.37 % | 0.03 % | 36 % | |
1/1/21 to 12/31/21 | 10.72 | (0.02) | 0.93 | 0.91 | — | (0.83) | (0.83) | — | 0.08 | 10.80 | 8.59 | 39,493 | 1.07 | 1.29 | (0.14) | 44 | |
1/1/20 to 12/31/20 | 10.71 | (0.01) | 2.09 | 2.08 | — | (2.07) | (2.07) | — | 0.01 | 10.72 | 23.28 | 40,249 | 1.16 (7)(10) | 1.35 | (0.13) | 53 | |
1/1/19 to 12/31/19 | 11.13 | — (6) | 2.97 | 2.97 | (0.04) | (3.35) | (3.39) | — | (0.42) | 10.71 | 28.49 | 35,641 | 1.25 (7)(10)(13) | 1.30 | 0.01 | 147 (14) | |
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 (8) | 1.19 | 0.28 | 37 | |
Class R6 | |||||||||||||||||
1/1/22 to 12/31/22 | $10.87 | 0.01 | (2.02) | (2.01) | — | (0.44) | (0.44) | — | (2.45) | $ 8.42 | (18.17) % | $ 2,662 | 0.97 % (7) | 1.26 % | 0.16 % | 36 % | |
1/1/21 to 12/31/21 | 10.77 | — (6) | 0.93 | 0.93 | — | (0.83) | (0.83) | — | 0.10 | 10.87 | 8.74 | 2,058 | 0.95 | 1.19 | (0.03) | 44 | |
1/1/20 to 12/31/20 | 10.74 | — (6) | 2.10 | 2.10 | — | (2.07) | (2.07) | — | 0.03 | 10.77 | 23.41 | 831 | 1.07 (7)(10) | 1.25 | 0.05 | 53 | |
1/1/19 to 12/31/19 | 11.15 | — (6) | 2.99 | 2.99 | (0.05) | (3.35) | (3.40) | — | (0.41) | 10.74 | 28.59 | 48 | 1.16 (7)(10)(13) | 1.25 | (0.02) | 147 (14) | |
1/1/18 to 12/31/18(15) | 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 | |
Silvant Large-Cap Growth Stock Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/22 to 12/31/22 | $ 7.12 | (0.04) | (2.05) | (2.09) | — | (0.36) | (0.36) | — | (2.45) | $ 4.67 | (29.42) % | $ 79,935 | 1.24 % (7) | 1.27 % | (0.66) % | 3 % | |
1/1/21 to 12/31/21 | 6.50 | (0.05) | 1.55 | 1.50 | — | (0.88) | (0.88) | — | 0.62 | 7.12 | 23.74 | 123,191 | 1.23 | 1.24 | (0.75) | 5 | |
1/1/20 to 12/31/20 | 5.37 | (0.03) | 1.91 | 1.88 | — | (0.75) | (0.75) | — | 1.13 | 6.50 | 35.90 | 110,884 | 1.23 | 1.27 | (0.49) | 13 | |
1/1/19 to 12/31/19 | 4.60 | (0.01) | 1.55 | 1.54 | — | (0.77) | (0.77) | — | 0.77 | 5.37 | 33.95 | 92,556 | 1.23 | 1.26 | (0.25) | 15 | |
1/1/18 to 12/31/18 | 5.49 | (0.02) | 0.03 | 0.01 | — | (0.90) | (0.90) | — | (0.89) | 4.60 | (0.83) | 45,779 | 1.23 | 1.60 | (0.29) | 11 | |
Class I | |||||||||||||||||
1/1/22 to 12/31/22 | $11.82 | (0.04) | (3.41) | (3.45) | — | (0.36) | (0.36) | — | (3.81) | $ 8.01 | (29.23) % | $ 8,399 | 0.98 % (7) | 1.08 % | (0.41) % | 3 % | |
1/1/21 to 12/31/21 | 10.28 | (0.05) | 2.47 | 2.42 | — | (0.88) | (0.88) | — | 1.54 | 11.82 | 23.97 | 13,693 | 0.97 | 1.06 | (0.48) | 5 | |
1/1/20 to 12/31/20 | 8.12 | (0.02) | 2.93 | 2.91 | — | (0.75) | (0.75) | — | 2.16 | 10.28 | 36.43 | 15,093 | 0.97 | 1.09 | (0.23) | 13 | |
1/1/19 to 12/31/19 | 6.63 | — (6) | 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 | — (6) | — (6) | — | — | (0.90) | (0.90) | — | (0.90) | 6.63 | (0.75) | 19,234 | 0.97 | 1.10 | (0.02) | 11 | |
Class R6 | |||||||||||||||||
1/1/22 to 12/31/22 | $11.98 | (0.03) | (3.45) | (3.48) | — | (0.36) | (0.36) | — | (3.84) | $ 8.14 | (29.08) % | $ 102 | 0.91 % (7) | 0.94 % | (0.35) % | 3 % | |
1/1/21 to 12/31/21 | 10.40 | (0.05) | 2.51 | 2.46 | — | (0.88) | (0.88) | — | 1.58 | 11.98 | 24.08 | 2,237 | 0.90 | 0.91 | (0.42) | 5 | |
1/1/20 to 12/31/20 | 8.21 | (0.01) | 2.95 | 2.94 | — | (0.75) | (0.75) | — | 2.19 | 10.40 | 36.39 | 348 | 0.90 | 0.96 | (0.16) | 13 | |
1/1/19 to 12/31/19 | 6.69 | 0.01 | 2.28 | 2.29 | — | (0.77) | (0.77) | — | 1.52 | 8.21 | 34.57 | 165 | 0.90 | 0.98 | 0.08 | 15 | |
1/1/18 to 12/31/18 | 7.59 | — (6) | — (6) | — | — | (0.90) | (0.90) | — | (0.90) | 6.69 | (0.73) | 110 | 0.90 | 0.95 | 0.03 | 11 |
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 | Payments from Affiliates(1) | Change in Net Asset Value | Net Asset Value, End of Period | Total Return(2)(3) | Net Assets, End of Period (in thousands) | Ratio of Net Expenses to Average Net Assets(4)(5) | Ratio of Gross Expenses to Average Net Assets(4)(5) | Ratio of Net Investment Income (Loss) to Average Net Assets(4) | Portfolio Turnover Rate(2) | ||
Zevenbergen Innovative Growth Stock Fund | |||||||||||||||||
Class A | |||||||||||||||||
1/1/22 to 12/31/22 | $56.07 | (0.43) | (30.57) | (31.00) | — | (1.11) | (1.11) | — | (32.11) | $23.96 | (55.42) % | $ 87,437 | 1.27 % (7) | 1.40 % | (1.26) % | 17 % | |
1/1/21 to 12/31/21 | 62.40 | (0.75) | (5.58) | (6.33) | — | — | — | — | (6.33) | 56.07 | (10.14) | 266,661 | 1.25 | 1.32 | (1.24) | 53 | |
1/1/20 to 12/31/20 | 28.48 | (0.55) | 34.47 | 33.92 | — | — | — | — | 33.92 | 62.40 | 119.10 | 335,809 | 1.25 | 1.33 | (1.18) | 33 | |
1/1/19 to 12/31/19 | 20.83 | (0.32) | 7.97 | 7.65 | — | — | — | — | 7.65 | 28.48 | 36.73 | 46,655 | 1.26 (16) | 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 (8)(10) | 1.47 | (1.35) | 103 | |
Class I | |||||||||||||||||
1/1/22 to 12/31/22 | $60.05 | (0.37) | (32.77) | (33.14) | — | (1.11) | (1.11) | — | (34.25) | $25.80 | (55.31) % | $ 221,530 | 1.02 % (7) | 1.16 % | (1.01) % | 17 % | |
1/1/21 to 12/31/21 | 66.67 | (0.64) | (5.98) | (6.62) | — | — | — | — | (6.62) | 60.05 | (9.93) | 823,212 | 1.00 | 1.05 | (0.99) | 53 | |
1/1/20 to 12/31/20 | 30.35 | (0.47) | 36.79 | 36.32 | — | — | — | — | 36.32 | 66.67 | 119.67 | 1,037,368 | 1.00 | 1.07 | (0.93) | 33 | |
1/1/19 to 12/31/19 | 22.15 | (0.26) | 8.46 | 8.20 | — | — | — | — | 8.20 | 30.35 | 37.02 | 90,136 | 1.01 (16) | 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 (8)(10) | 1.23 | (1.15) | 103 | |
Class R6 | |||||||||||||||||
1/1/22 to 12/31/22 | $60.12 | (0.32) | (32.83) | (33.15) | — | (1.11) | (1.11) | — | (34.26) | $25.86 | (55.26) % | $ 9,019 | 0.92 % (7) | 1.01 % | (0.91) % | 17 % | |
1/1/21 to 12/31/21 | 66.67 | (0.58) | (5.97) | (6.55) | — | — | — | — | (6.55) | 60.12 | (9.82) | 17,098 | 0.90 | 0.95 | (0.90) | 53 | |
10/20/20 (11) 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 (12) |
Footnote Legend: | |
(1) | Calculated using average shares outstanding. |
(2) | Not annualized for periods less than one year. |
(3) | Sales charges, where applicable, are not reflected in the total return calculation. |
(4) | Annualized for periods less than one year. |
(5) | The Funds will also indirectly bear their prorated share of expenses of any underlying funds in which they invest. Such expenses are not included in the calculation of this ratio. |
(6) | Amount is less than $0.005 per share. |
(7) | Net expense ratio includes extraordinary proxy expenses. |
(8) | See Note 3D in Notes to Financial Statements for information on recapture of expenses previously reimbursed. |
(9) | The share class is currently under its expense limitation. |
(10) | Due to a change in expense cap, the ratio shown is a blended expense ratio. |
(11) | Inception date. |
(12) | Portfolio turnover is representative of the Fund for the entire period. |
(13) | 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). |
(14) | 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. |
(15) | 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. |
(16) | 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). |
December 31, 2022
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). |
principally traded and are categorized as Level 1 in the hierarchy. Over-the-counter derivative contracts, which include forward currency
contracts and equity-linked instruments, do not require material subjectivity as pricing inputs are observed from actively quoted markets and are
categorized as Level 2 in the hierarchy.
B. | Security Transactions and Investment Income |
Security transactions are recorded on the trade date. Realized gains and losses from the sale of securities are determined on the identified cost basis. Dividend income and capital gain distributions are recognized on the ex-dividend date or, in the case of certain foreign securities, as soon as a Fund is notified. Interest income is recorded on the accrual basis. Each Fund amortizes premiums and accretes discounts using the effective interest method. 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 and each such other fund, or an alternative allocation method, can be more appropriately used. |
In addition to the net annual operating expenses that a Fund bears directly, the shareholders of a Fund indirectly bear the pro-rata expenses of any underlying mutual funds in which the Fund invests. | |
F. | Foreign Currency Transactions |
Non-U.S. investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the foreign currency exchange rate effective at the end of the reporting period. Cost of investments is translated at the currency exchange rate effective at the trade date. The gain or loss resulting from a change in currency exchange rates between the trade and settlement date of a portfolio transaction is treated as a gain or loss on foreign currency. Likewise, the gain or loss resulting from a change in currency exchange rates between the date income is accrued and the date it is paid is treated as a gain or loss on foreign currency. For fixed income instruments, the Funds bifurcate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on foreign currency transactions. For equity securities, the Funds do not isolate that portion of the results of operations arising from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held and such fluctuations are included with the net realized and unrealized gain or loss on investments. | |
G. | Securities Lending |
The Funds may loan securities to qualified brokers through a securities lending agency agreement with The Bank of New York Mellon (“BNYM”). Under the securities lending policy, when lending securities a Fund is required to maintain collateral with a market value not less than 100% of the market value of loaned securities. Collateral is adjusted daily in connection with changes in the market value of securities on loan bringing the collateral market value in line with the required percent. Due to timing of collateral adjustments, the market value of collateral held with respect to a loaned security, may be more or less than the value of the security on loan. |
Fund | Value of Securities on Loan | Cash Collateral Received(1) | Net Amount(2) | |||
SGA International Growth Fund | $ 1,051 | $ 1,051 | $ — |
(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 | Investment of Cash Collateral | Overnight and Continuous | ||
SGA International Growth Fund | Money Market Mutual Fund | $1,082 |
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 |
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 year 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) | |
Zevenbergen Innovative Growth Stock Fund | Zevenbergen (4) |
(1) | Ceredex Value Advisors LLC (“Ceredex”), an indirect, wholly-owned subsidiary of Virtus. |
(2) | Sustainable Growth Advisers, LP (“SGA”), an indirect, majority-owned subsidiary of Virtus. |
(3) | Silvant Capital Management LLC (“Silvant”), an indirect, wholly-owned subsidiary of Virtus. |
(4) | Zevenbergen Capital Investments LLC (“Zevenbergen”), a minority-owned affiliate of Virtus. |
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, 2023 (except as noted). Following the contractual period, the Adviser may discontinue these expense limitation arrangements at any time. The waivers and reimbursements are accrued daily and received monthly. |
Fund | Class A | Class C | Class I | Class R6 | ||||
Ceredex Large-Cap Value Equity Fund | 1.24 % | 1.72 % | 0.97 % | 0.72 % | ||||
Ceredex Mid-Cap Value Equity Fund(1) | 1.38 (2) | 1.79 | 1.08 (2) | 0.79 | ||||
Ceredex Small-Cap Value Equity Fund | 1.46 | 1.81 | 1.15 | 0.88 | ||||
SGA International Growth Fund | 1.32 | N/A | 1.07 | 0.95 | ||||
Silvant Large-Cap Growth Stock Fund | 1.23 | N/A | 0.97 | 0.90 | ||||
Zevenbergen Innovative Growth Stock Fund | 1.25 | N/A | 1.00 | 0.90 |
(1) | Through December 31, 2022. |
(2) | 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 year ending December 31: |
Expiration | ||||||||
Fund | 2023 | 2024 | 2025 | Total | ||||
Ceredex Large-Cap Value Equity Fund | ||||||||
Class A | $ 60 | $ 22 | $ 52 | $ 134 | ||||
Class C | 11 | 8 | 6 | 25 | ||||
Class I | 350 | 205 | 410 | 965 | ||||
Class R6 | 492 | 570 | 444 | 1,506 | ||||
Ceredex Mid-Cap Value Equity Fund | ||||||||
Class C | 64 | 50 | 39 | 153 | ||||
Class R6 | 599 | 568 | 587 | 1,754 | ||||
Ceredex Small-Cap Value Equity Fund | ||||||||
Class A | — | 1 | 15 | 16 | ||||
Class C | 9 | 5 | 4 | 18 | ||||
Class I | — | 52 | 157 | 209 | ||||
Class R6 | 58 | 170 | 153 | 381 | ||||
SGA International Growth Fund | ||||||||
Class A | 12 | 16 | 17 | 45 | ||||
Class I | 62 | 92 | 89 | 243 | ||||
Class R6 | 1 | 4 | 6 | 11 | ||||
Silvant Large-Cap Growth Stock Fund | ||||||||
Class A | 40 | 15 | 24 | 79 | ||||
Class I | 18 | 13 | 9 | 40 | ||||
Class R6 | — (1) | — (1) | 1 | 1 | ||||
Zevenbergen Innovative Growth Stock Fund | ||||||||
Class A | 121 | 226 | 191 | 538 | ||||
Class I | 316 | 526 | 547 | 1,389 | ||||
Class R6 | — (1) | 5 | 11 | 16 |
Fund | Class A | Class I | Total | |||
Ceredex Large-Cap Value Equity Fund | $16 | $ — | $ 16 | |||
Ceredex Small-Cap Value Equity Fund | 4 | 11 | 15 | |||
Zevenbergen Innovative Growth Stock Fund | 4 | 6 | 10 |
(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 year ended December 31, 2022, it retained net commissions of $33 for Class A shares and CDSC of $4 and $1 for Class A shares and Class C shares, respectively. | |
In addition, each Fund pays VP Distributors 12b-1 fees under a 12b-1 Plan as a percentage of the average daily net assets of each respective class at the annual rates of 0.25% for Class A shares and 1.00% for Class C shares. Class I shares and Class R6 shares are not subject to a 12b-1 Plan. | |
Under certain circumstances, shares of certain Virtus Mutual Funds may be exchanged for shares of the same class of certain other Virtus Mutual Funds on the basis of the relative NAV per share at the time of the exchange. On exchanges with share classes that carry a CDSC, the CDSC schedule of the original shares purchased continues to apply. | |
F. | Administrator and Transfer Agent |
Virtus Fund Services, LLC, an indirect, wholly-owned subsidiary of Virtus, serves as the administrator and transfer agent to the Funds. | |
For the year ended December 31, 2022, the Funds incurred administration fees totaling $4,517 which are included in the Statements of Operations within the line item “Administration and accounting fees.” The fees are calculated daily and paid monthly. | |
For the year ended December 31, 2022, the Funds incurred transfer agent fees totaling $2,018 which are included in the Statements of Operations within the line item “Transfer agent fees and expenses.” The fees are calculated daily and paid monthly. |
G. | Payment by Affiliate |
During the year ended December 31, 2022, the subadviser, Ceredex, reimbursed Ceredex Large-Cap Value Equity Fund $1 for losses related to a trade error. These amounts are included in “Net increase from payment by affiliates” in the Statements of Operations. There was no impact on the total return. | |
H. | Investments with Affiliates |
The Funds are permitted to purchase assets from or sell assets to certain affiliates under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of assets by the Funds from or to another fund or portfolio that are, or could be, considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers comply with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. | |
During the year ended December 31, 2022, the Funds did not engage in any transactions pursuant to Rule 17a-7 under the 1940 Act. | |
I. | Trustee Deferred Compensation Plan |
The Trust provides a deferred compensation plan for its Trustees who receive compensation from the Trust. Under the deferred compensation plan, Trustees may elect to defer all or a portion of their compensation. Amounts deferred are retained by the Trust, and then, to the extent permitted by the 1940 Act, in turn, may be invested in the shares of affiliated or unaffiliated mutual funds selected by the participating Trustees. Investments in such instruments are included in “Other assets” in the Statements of Assets and Liabilities at December 31, 2022. |
Purchases | Sales | ||
Ceredex Large-Cap Value Equity Fund | $1,323,338 | $1,651,806 | |
Ceredex Mid-Cap Value Equity Fund | 4,807,700 | 5,405,290 | |
Ceredex Small-Cap Value Equity Fund | 229,486 | 395,095 | |
SGA International Growth Fund | 13,794 | 17,300 | |
Silvant Large-Cap Growth Stock Fund | 2,827 | 15,199 | |
Zevenbergen Innovative Growth Stock Fund | 92,335 | 370,470 |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 1,797 | $ 19,789 | 1,868 | $ 27,010 | 2,835 | $ 32,050 | 3,240 | $ 44,612 | |||||||
Reinvestment of distributions | 1,484 | 14,286 | 3,652 | 45,383 | 1,322 | 12,940 | 3,159 | 40,494 | |||||||
Shares repurchased and cross class conversions | (4,477) | (48,444) | (3,838) | (57,194) | (5,669) | (63,012) | (8,288) | (114,797) | |||||||
Net Increase / (Decrease) | (1,196) | $ (14,369) | 1,682 | $ 15,199 | (1,512) | $ (18,022) | (1,889) | $ (29,691) | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 118 | $ 1,258 | 49 | $ 709 | 87 | $ 937 | 232 | $ 3,142 | |||||||
Reinvestment of distributions | 26 | 237 | 51 | 609 | 110 | 1,027 | 326 | 4,020 | |||||||
Shares repurchased and cross class conversions | (170) | (1,667) | (175) | (2,435) | (947) | (10,143) | (1,108) | (14,717) | |||||||
Net Increase / (Decrease) | (26) | $ (172) | (75) | $ (1,117) | (750) | $ (8,179) | (550) | $ (7,555) |
Ceredex Large-Cap Value Equity Fund | Ceredex Mid-Cap Value Equity Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 5,105 | $ 57,269 | 6,921 | $ 103,818 | 16,675 | $ 191,609 | 25,402 | $ 358,562 | |||||||
Reinvestment of distributions | 3,772 | 37,194 | 12,231 | 154,976 | 11,267 | 113,159 | 27,923 | 365,509 | |||||||
Shares repurchased and cross class conversions | (25,125) | (281,766) | (13,791) | (207,035) | (56,157) | (634,512) | (48,256) | (680,919) | |||||||
Net Increase / (Decrease) | (16,248) | $ (187,303) | 5,361 | $ 51,759 | (28,215) | $ (329,744) | 5,069 | $ 43,152 | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 4,210 | $ 49,227 | 5,662 | $ 84,812 | 11,130 | $ 129,201 | 18,358 | $ 260,211 | |||||||
Reinvestment of distributions | 2,928 | 29,254 | 7,816 | 100,371 | 4,846 | 49,098 | 11,100 | 145,962 | |||||||
Shares repurchased and cross class conversions | (11,627) | (129,448) | (19,682) | (297,388) | (22,904) | (259,498) | (17,556) | (250,473) | |||||||
Net Increase / (Decrease) | (4,489) | $ (50,967) | (6,204) | $ (112,205) | (6,928) | $ (81,199) | 11,902 | $ 155,700 |
Ceredex Small-Cap Value Equity Fund | SGA International Growth Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 336 | $ 2,936 | 799 | $ 8,558 | 400 | $ 3,183 | 93 | $ 1,003 | |||||||
Reinvestment of distributions | 870 | 6,304 | 899 | 8,681 | 38 | 284 | 51 | 529 | |||||||
Shares repurchased and cross class conversions | (2,460) | (20,244) | (2,198) | (23,596) | (185) | (1,513) | (125) | (1,375) | |||||||
Net Increase / (Decrease) | (1,254) | $ (11,004) | (500) | $ (6,357) | 253 | $ 1,954 | 19 | $ 157 | |||||||
Class C | |||||||||||||||
Shares sold and cross class conversions | 20 | $ 132 | 44 | $ 412 | — | $ — | — | $ — | |||||||
Reinvestment of distributions | 29 | 172 | 22 | 179 | — | — | — | — | |||||||
Shares repurchased and cross class conversions | (54) | (363) | (245) | (2,246) | — | — | — | — | |||||||
Net Increase / (Decrease) | (5) | $ (59) | (179) | $ (1,655) | — | $ — | — | $ — | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 1,902 | $ 17,703 | 4,824 | $ 54,661 | 1,955 | $ 16,674 | 1,573 | $ 17,728 | |||||||
Reinvestment of distributions | 3,937 | 30,459 | 4,224 | 43,226 | 201 | 1,564 | 274 | 2,943 | |||||||
Shares repurchased and cross class conversions | (12,008) | (115,487) | (16,130) | (185,803) | (2,443) | (20,771) | (1,944) | (21,942) | |||||||
Net Increase / (Decrease) | (6,169) | $ (67,325) | (7,082) | $ (87,916) | (287) | $ (2,533) | (97) | $ (1,271) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 1,962 | $ 19,331 | 4,393 | $ 49,969 | 118 | $ 989 | 99 | $ 1,113 | |||||||
Reinvestment of distributions | 1,594 | 12,389 | 1,845 | 18,895 | 11 | 86 | 13 | 138 | |||||||
Shares repurchased and cross class conversions | (7,893) | (71,923) | (3,099) | (35,952) | (2) | (14) | (—) (1) | (—) (2) | |||||||
Net Increase / (Decrease) | (4,337) | $ (40,203) | 3,139 | $ 32,912 | 127 | $ 1,061 | 112 | $ 1,251 |
Silvant Large-Cap Growth Stock Fund | Zevenbergen Innovative Growth Stock Fund | ||||||||||||||
Year Ended December 31, 2022 | Year Ended December 31, 2021 | Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||
SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | SHARES | AMOUNT | ||||||||
Class A | |||||||||||||||
Shares sold and cross class conversions | 204 | $ 1,112 | 310 | $ 2,180 | 904 | $ 32,355 | 2,905 | $ 184,959 | |||||||
Reinvestment of distributions | 1,222 | 5,899 | 2,021 | 14,181 | 158 | 4,061 | — | — | |||||||
Shares repurchased and cross class conversions | (1,620) | (8,875) | (2,077) | (14,566) | (2,169) | (76,214) | (3,530) | (211,191) | |||||||
Net Increase / (Decrease) | (194) | $ (1,864) | 254 | $ 1,795 | (1,107) | $ (39,798) | (625) | $ (26,232) | |||||||
Class I | |||||||||||||||
Shares sold and cross class conversions | 89 | $ 838 | 144 | $ 1,619 | 3,405 | $ 122,509 | 10,679 | $ 713,179 | |||||||
Reinvestment of distributions | 42 | 342 | 82 | 945 | 349 | 9,643 | — | — | |||||||
Shares repurchased and cross class conversions | (241) | (2,296) | (536) | (6,051) | (8,876) | (343,995) | (12,531) | (789,864) | |||||||
Net Increase / (Decrease) | (110) | $ (1,116) | (310) | $ (3,487) | (5,122) | $ (211,843) | (1,852) | $ (76,685) | |||||||
Class R6 | |||||||||||||||
Shares sold and cross class conversions | 11 | $ 106 | 153 | $ 1,825 | 260 | $ 9,874 | 310 | $ 19,485 | |||||||
Reinvestment of distributions | 4 | 31 | 9 | 103 | 13 | 361 | — | — | |||||||
Shares repurchased and cross class conversions | (189) | (1,659) | (9) | (95) | (209) | (7,270) | (28) | (1,730) | |||||||
Net Increase / (Decrease) | (174) | $ (1,522) | 153 | $ 1,833 | 64 | $ 2,965 | 282 | $ 17,755 |
(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 | 19 % | 1 | |
Ceredex Mid-Cap Value Equity Fund | 39 | 2 | |
Ceredex Small-Cap Value Equity Fund | 44 | 2 | |
SGA International Growth Fund | 37 | 3 | |
Silvant Large-Cap Growth Stock Fund | 56 | 1 | |
Zevenbergen Innovative Growth Stock Fund | 30 | 2 |
* | None of the accounts are affiliated. |
Sector | Percentage of Total Investments | ||
Ceredex Small-Cap Value Equity Fund | Industrials | 25% | |
Silvant Large-Cap Growth Stock Fund | Information Technology | 47 | |
Zevenbergen Innovative Growth Stock Fund | Information Technology | 44 | |
Zevenbergen Innovative Growth Stock Fund | Consumer Discretionary | 27 |
Fund | Interest Incurred on Borrowing | Average Dollar Amount of Borrowing | Weighted Average Interest Rate on Borrowing | Days Loan was Open | ||||
Ceredex Small-Cap Value Equity Fund | $ —(1) | $4,500 | 1.81% | 2 | ||||
Silvant Large-Cap Growth Stock Fund | — (1) | 1,700 | 5.17 | 1 | ||||
Zevenbergen Innovative Growth Stock Fund | 19 | 5,951 | 1.51 | 77 |
(1) | Amount is less than $500. |
Fund | Federal Tax Cost | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | ||||
Ceredex Large-Cap Value Equity Fund | $ 737,265 | $ 63,929 | $ (64,449) | $ (520) | ||||
Ceredex Mid-Cap Value Equity Fund | 2,555,952 | 174,010 | (160,882) | 13,128 | ||||
Ceredex Small-Cap Value Equity Fund | 226,566 | 38,209 | (13,592) | 24,617 | ||||
SGA International Growth Fund | 35,229 | 7,878 | (4,302) | 3,576 | ||||
Silvant Large-Cap Growth Stock Fund | 37,472 | 54,878 | (4,971) | 49,907 | ||||
Zevenbergen Innovative Growth Stock Fund | 323,589 | 70,642 | (74,716) | (4,074) |
Fund | Short-Term | Long-Term | ||
Ceredex Mid-Cap Value Equity Fund | $88,178 | $ — | ||
Zevenbergen Innovative Growth Stock Fund | 79,444 | 38,890 |
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Late Year Ordinary Losses Deferred | Post-October Capital Loss Deferred | Capital Loss Deferred | |||||
Ceredex Large-Cap Value Equity Fund | $ — | $6,677 | $ — | $ — | $ — | ||||
Ceredex Mid-Cap Value Equity Fund | 1,725 | — | — | 32,344 | 88,178 | ||||
Ceredex Small-Cap Value Equity Fund | 6 | 4,477 | — | — | — | ||||
SGA International Growth Fund | — | 61 | 1 | — | — | ||||
Silvant Large-Cap Growth Stock Fund | — | 348 | — | — | — | ||||
Zevenbergen Innovative Growth Stock Fund | — | — | — | 27,656 | 118,334 |
Ordinary Income | Long-Term Capital Gains | Total | |||
Ceredex Large-Cap Value Equity Fund | |||||
12/31/22 | $ 23,900 | $ 59,433 | $ 83,333 | ||
12/31/21 | 195,985 | 117,207 | 313,192 | ||
Ceredex Mid-Cap Value Equity Fund | |||||
12/31/22 | 65,650 | 117,686 | 183,336 | ||
12/31/21 | 334,000 | 250,000 | 584,000 | ||
Ceredex Small-Cap Value Equity Fund | |||||
12/31/22 | 7,125 | 42,430 | 49,555 | ||
12/31/21 | 43,902 | 28,400 | 72,302 | ||
SGA International Growth Fund | |||||
12/31/22 | 421 | 1,537 | 1,958 | ||
12/31/21 | 538 | 3,120 | 3,658 | ||
Silvant Large-Cap Growth Stock Fund | |||||
12/31/22 | — | 6,364 | 6,364 | ||
12/31/21 | — | 15,466 | 15,466 | ||
Zevenbergen Innovative Growth Stock Fund | |||||
12/31/22 | — | 15,094 | 15,094 |
Qualified REIT Dividend Income % (non-corporate shareholders) | Qualified Dividend Income % (non-corporate shareholder) | Dividend Received Deduction % (corporate shareholders) | Long-Term Capital Gain Distributions ($) | ||||
Ceredex Large-Cap Value Equity Fund | 3.49 % | 60.39 % | 57.21 % | $ 48,770 | |||
Ceredex Mid-Cap Value Equity Fund | 4.39 | 52.16 | 52.81 | — | |||
Ceredex Small-Cap Value Equity Fund | — | 89.90 | 79.06 | 40,382 | |||
SGA International Growth Fund | — | 89.29 | 3.34 | 71 | |||
Silvant Large-Cap Growth Stock Fund | — | — | — | 3,857 |
Votes For | Votes Against | Abstain | Uninstructed |
$42,711,638.92 or 85.416% of Voted | $3,458,733.90 or 6.917% of Voted | $2,234,556.15 or 4.468% of Voted | $1,599,654.88 or 3.199% of Voted |
Votes For | Votes Against | Abstain | Uninstructed |
$40,833,085.31 or 81.659% of Voted | $5,545,497.86 or 11.090% of Voted | $2,026,345.80 or 4.052% of Voted | $1,599,654.88 or 3.199% of Voted |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Burke, Donald C. YOB: 1960 Served Since: 2017 99 Portfolios | Private investor (since 2009). Formerly, President and Chief Executive Officer, BlackRock U.S. Funds (2007 to 2009); Managing Director, BlackRock, Inc. (2006 to 2009); and Managing Director, Merrill Lynch Investment Managers (1990 to 2006). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2014), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director, Avista Corp. (energy company) (since 2011); Trustee, Goldman Sachs Fund Complex (2010 to 2014); and Director, BlackRock Luxembourg and Cayman Funds (2006 to 2010). |
Cogan, Sarah E. YOB: 1956 Served Since: 2022 103 Portfolios | Retired Partner, Simpson Thacher & Bartlett LLP (“STB”) (law firm) (since 2019); Director, Girl Scouts of Greater New York (since 2016); Trustee, Natural Resources Defense Council, Inc. (since 2013); and formerly, Partner, STB (1989 to 2018). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2019), PIMCO California Municipal Income Fund, PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PIMCO Energy and Tactical Credit Opportunities Fund, PCM Fund, Inc, PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Dynamic Income Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., PIMCO Flexible Credit Income Fund and PIMCO Flexible Municipal Income Fund; Trustee (since 2019), PIMCO Managed Accounts Trust (5 portfolios); and Trustee (2019 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund and PIMCO Income Opportunity Fund. |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
DeCotis, Deborah A. YOB: 1952 Served Since: 2022 103 Portfolios | Director, Cadre Holdings Inc. (since 2022); Advisory Director, Morgan Stanley & Co., Inc. (since 1996); Member, Circle Financial Group (since 2009); Member, Council on Foreign Relations (since 2013); and Trustee, Smith College (since 2017). Formerly, Director, Watford Re (2017 to 2021); Co-Chair Special Projects Committee, Memorial Sloan Kettering (2005 to 2015); and Trustee, Stanford University (2010 to 2015). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios) and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), PIMCO Access Income Fund and PIMCO California Flexible Municipal Income Fund; Trustee (since 2021), PIMCO Flexible Emerging Markets Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), and Virtus Global Multi-Sector Income Fund; Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2020), PIMCO Dynamic Income Opportunities Fund; Trustee (since 2019), PIMCO Energy and Tactical Credit Opportunities Fund and Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2018), PIMCO Flexible Municipal Income Fund; Trustee (since 2017), PIMCO Flexible Credit Income Fund and Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Diversified Income & Convertible Fund; Trustee (since 2014), Virtus Investment Trust (13 portfolios); Trustee (2013 to 2021), PIMCO Dynamic Credit and Mortgage Income Fund; Trustee (since 2012), PIMCO Dynamic Income Fund; Trustee (since 2011), Virtus Strategy Trust (8 portfolios); Trustee (since 2011), PIMCO California Municipal Income Fund II, PIMCO California Municipal Income Fund III, PIMCO Municipal Income Fund, PIMCO Municipal Income Fund II, PIMCO Municipal Income Fund III, PIMCO New York Municipal Income Fund, PIMCO New York Municipal Income Fund II, PIMCO New York Municipal Income Fund III, PCM Fund, Inc., PIMCO Corporate & Income Strategy Fund, PIMCO Corporate & Income Opportunity Fund, PIMCO Global StocksPLUS® & Income Fund, PIMCO High Income Fund, PIMCO Income Strategy Fund, PIMCO Income Strategy Fund II, PIMCO Strategic Income Fund, Inc., and PIMCO Managed Accounts Trust (5 portfolios); Trustee (since 2011), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; and Trustee (2011 to 2021), PIMCO Income Opportunity Fund. |
Drummond, F. Ford YOB: 1962 Served Since: 2022 103 Portfolios | President (since 1998), F.G. Drummond Ranches, Inc.; and Director (since 2015), Texas and Southwestern Cattle Raisers Association. Formerly Chairman, Oklahoma Nature Conservancy (2019 to 2020); Board Member (2006 to 2020) and Chairman (2016 to 2018), Oklahoma Water Resources Board; Trustee (since 2014), Frank Phillips Foundation; Director (1998 to 2008), The Cleveland Bank; and General Counsel (1998 to 2008), BMIHealth Plans (benefits administration). | Trustee (since 2022) and Advisory Board Member (2021 to 2022), Virtus Alternative Solutions Trust (2 portfolios), Virtus Mutual Fund Family (57 portfolios), and Virtus Variable Insurance Trust (8 portfolios); Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, and Virtus Event Opportunities Trust (2 portfolios); Advisory Board Member (February 2021 to June 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2021), Virtus Global Multi-Sector Income Fund; Director (since 2021), Virtus Total Return Fund Inc.; Trustee (since 2019), Virtus Artificial Intelligence & Technology Opportunities Fund; Trustee (since 2017), Virtus Convertible & Income 2024 Target Term Fund; Trustee (since 2015), Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Dividend, Interest & Premium Strategy Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2014), Virtus Strategy Trust (8 portfolios); Director (since 2011), Bancfirst Corporation; and Trustee (since 2006), Virtus Investment Trust (13 portfolios). |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
Harris, Sidney E. YOB: 1949 Served Since: 2017 96 Portfolios | Private Investor (since 2021); Dean Emeritus (since 2015), Professor (2015 to 2021 and 1997 to 2014), and Dean (1997 to 2004), J. Mack Robinson College of Business, Georgia State University. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2019), Mutual Fund Directors Forum; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Trustee (2013 to 2020) and Honorary Trustee (since 2020), KIPP Metro Atlanta; Director (1999 to 2019), Total System Services, Inc.; Trustee (2004 to 2017), RidgeWorth Funds; Chairman (2012 to 2017), International University of the Grand Bassam Foundation; Trustee (since 2012), International University of the Grand Bassam Foundation; and Trustee (2011 to 2015), Genspring Family Offices, LLC. |
Mallin, John R. YOB: 1950 Served Since: 2017 96 Portfolios | Partner/Attorney (since 2003), McCarter & English LLP (law firm) Real Property Practice Group; and Member (2014 to 2022), Counselors of Real Estate. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016), Virtus Mutual Fund Family (57 portfolios) and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2019), 1892 Club, Inc. (non-profit); Director (2013 to 2020), Horizons, Inc. (non-profit); and Trustee (since 1999), Virtus Variable Insurance Trust (8 portfolios). |
McDaniel, Connie D. YOB: 1958 Served Since: 2017 96 Portfolios | Retired (since 2013). Vice President, Chief of Internal Audit, Corporate Audit Department (2009 to 2013); Vice President, Global Finance Transformation (2007 to 2009); and Vice President and Controller (1999 to 2007), The Coca-Cola Company. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Director (since 2019), Global Payments Inc.; Chairperson (since 2021), Governance & Nominating Committee, Global Payments Inc; Trustee (since 2017), Virtus Mutual Fund Family (57 portfolios), Virtus Variable Insurance Trust (8 portfolios), and Virtus Alternative Solutions Trust (2 portfolios); Director (since 2021), North Florida Land Trust; Director (2014 to 2019), Total System Services, Inc.; Member (since 2011) and Chair (2014 to 2016), Georgia State University, Robinson College of Business Board of Advisors; and Trustee (2005 to 2017), RidgeWorth Funds. |
McLoughlin, Philip YOB: 1946 Served Since: 1989 106 Portfolios | Private investor since 2010. | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios),Virtus Strategy Trust (8 portfolios), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022) and Advisory Board Member (2021), Virtus Convertible & Income 2024 Target Term Fund and Virtus Convertible & Income Fund; Director and Chairman (since 2016), Virtus Total Return Fund Inc.; Director and Chairman (2016 to 2019), the former Virtus Total Return Fund Inc.; Director and Chairman (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and Chairman (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Trustee and Chairman (since 2011), Virtus Global Multi-Sector Income Fund; Chairman and Trustee (since 2003), Virtus Variable Insurance Trust (8 portfolios); Director (since 1995), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); Director (1991 to 2019) and Chairman (2010 to 2019), Lazard World Trust Fund (closed-end investment firm in Luxembourg); and Trustee (since 1989) and Chairman (since 2002), Virtus Mutual Fund Family (57 portfolios). |
Name, Year of Birth, Length of Time Served, and Number of Portfolios in Fund Complex Overseen by Trustee | Principal Occupation(s) During Past 5 Years | Other Directorships Held by Trustee During Past 5 Years |
McNamara, Geraldine M. YOB: 1951 Served Since: 2002 106 Portfolios | Private investor (since 2006); and Managing Director, U.S. Trust Company of New York (1982 to 2006). | Trustee (since 2023), Virtus Artificial Intelligence & Technology Opportunities Fund and Virtus Equity & Convertible Income Fund; Advisory Board Member (since 2023), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Director (2020 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Director (since 2020), Virtus Total Return Fund Inc.; Trustee (since 2020), Virtus Global Multi-Sector Income Fund; Trustee (since 2016) Virtus Alternative Solutions Trust (2 portfolios); Trustee (since 2015), Virtus Variable Insurance Trust (8 portfolios); Director (since 2003), closed-end funds managed by Duff & Phelps Investment Management Co. (3 funds); and Trustee (since 2001), Virtus Mutual Fund Family (57 portfolios). |
Walton, R. Keith YOB: 1964 Served Since: 2020 103 Portfolios | Senior Adviser (since 2022), Brightwood Capital LLC; Venture and Operating Partner (since 2020), Plexo Capital, LLC; Venture Partner (since 2019) and Senior Adviser (2018 to 2019), Plexo, LLC; and Partner (since 2006), Global Infrastructure Partners. Formerly, Managing Director (2020 to 2021), Lafayette Square Holding Company LLC; Senior Adviser (2018 to 2019), Vatic Labs, LLC; Executive Vice President, Strategy (2017 to 2019), Zero Mass Water, LLC; and Vice President, Strategy (2013 to 2017), Arizona State University. | Trustee (since 2022) and Advisory Board Member (January 2022 to July 2022), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income Fund and Virtus Equity & Convertible Income Fund; Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2022), Virtus Diversified Income & Convertible Fund; Advisory Board Member (since 2022), Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund II and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (since 2017), certain funds advised by Bessemer Investment Management LLC; Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (2006 to 2019), Systematica Investments Limited Funds; Director (2006 to 2017), BlueCrest Capital Management Funds; Trustee (2014 to 2017), AZ Service; Director (since 2004), Virtus Total Return Fund Inc.; and Director (2004 to 2019), the former Virtus Total Return Fund Inc. |
Zino, Brian T. YOB: 1952 Served Since: 2020 103 Portfolios | Retired. Various roles (1982 to 2009), J. & W. Seligman & Co. Incorporated, including President (1994 to 2009). | Trustee (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Trustee (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee (since 2022) and Advisory Board Member (2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Trustee (since 2020) Virtus Alternative Solutions Trust (2 portfolios), Virtus Variable Insurance Trust (8 portfolios) and Virtus Mutual Fund Family (57 portfolios); Director (2016 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee (since 2016), Virtus Global Multi-Sector Income Fund; Director (since 2014), Virtus Total Return Fund Inc.; Director (2014 to 2019), the former Virtus Total Return Fund Inc.; Trustee (since 2011), Bentley University; Director (1986 to 2009) and President (1994 to 2009), J&W Seligman Co. Inc.; Director (1998 to 2009), Chairman (2002 to 2004) and Vice Chairman (2000 to 2002), ICI Mutual Insurance Company; Member, Board of Governors of ICI (1998 to 2008). |
Name, Year of Birth, Length of Time Served, and Number of Funds Overseen | Principal Occupation(s) During Past 5 Years | Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee |
Aylward, George R.* Trustee and President YOB: 1964 Served Since: 2006 109 Portfolios | Director, President and Chief Executive Officer (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries, and various senior officer positions with Virtus affiliates (since 2005). | Trustee, President and Chief Executive Officer (since 2022), Virtus Stone Harbor Emerging Markets Income Fund and Virtus Stone Harbor Emerging Markets Total Income Fund; Member, Board of Governors of the Investment Company Institute (since 2021); Trustee and President (since 2021), The Merger Fund®, The Merger Fund® VL, Virtus Event Opportunities Trust (2 portfolios), Virtus Investment Trust (13 portfolios) and Virtus Strategy Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2021), Virtus Artificial Intelligence & Technology Opportunities Fund, Virtus Convertible & Income 2024 Target Term Fund, Virtus Convertible & Income Fund, Virtus Convertible & Income Fund II, Virtus Diversified Income & Convertible Fund, Virtus Equity & Convertible Income Fund, and Virtus Dividend, Interest & Premium Strategy Fund; Chairman and Trustee (since 2015), Virtus ETF Trust II (6 portfolios); Director, President and Chief Executive Officer (2014 to 2021), Duff & Phelps Select MLP and Midstream Energy Fund Inc.; Trustee and President (since 2013), Virtus Alternative Solutions Trust (2 portfolios); Director (since 2013), Virtus Global Funds, PLC (5 portfolios); Trustee (since 2012) and President (since 2010), Virtus Variable Insurance Trust (8 portfolios); Trustee, President and Chief Executive Officer (since 2011), Virtus Global Multi-Sector Income Fund; Trustee and President (since 2006) and Executive Vice President (2004 to 2006), Virtus Mutual Fund Family (57 portfolios); Director, President and Chief Executive Officer (since 2006), Virtus Total Return Fund Inc.; and Director, President and Chief Executive Officer (2006 to 2019), the former Virtus Total Return Fund Inc. |
Name and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Batchelar, Peter J. YOB: 1970 | Senior Vice President (since 2017), and Vice President (2008 to 2016). | Senior Vice President, Product Development (since 2017), Vice President, Product Development (2008 to 2017), and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Bradley, W. Patrick YOB: 1972 | Executive Vice President (since 2016); Senior Vice President (2013 to 2016); Vice President (2011 to 2013); Chief Financial Officer and Treasurer (since 2006). | Executive Vice President, Fund Services (since 2016), Senior Vice President, Fund Services (2010 to 2016) and various officer positions (since 2004), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2006) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Member (since 2022), BNY Mellon Asset Servicing Client Advisory Board. |
Branigan, Timothy YOB: 1976 | Vice President and Fund Chief Compliance Officer (since 2022); Assistant Vice President and Deputy Fund Chief Compliance Officer (March to May 2022); and Assistant Vice President and Assistant Chief Compliance Officer (2021 to 2022). | Various officer positions (since 2019) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Fromm, Jennifer YOB: 1973 | Chief Legal Officer, Counsel and Secretary (since 2023); Vice President (since 2017); and Assistant Secretary (2008 to 2022). | Vice President (since 2016) and Senior Counsel, Legal (since 2007) and various officer positions (since 2008), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; various officer positions (since 2008) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Griswold, Heidi YOB: 1973 | Vice President (since 2017). | Vice President, Head of Transfer Agent & Servicing, Mutual Fund Services (since 2018), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and Vice President (since 2016) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Name and Year of Birth | Position(s) Held with Trust and Length of Time Served | Principal Occupation(s) During Past 5 Years |
Hackett, Amy YOB: 1968 | Vice President and Assistant Treasurer (since 2017). | Vice President, Fund Services (since 2010) and Assistant Vice President, Fund Services (2007 to 2010), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2007) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Krishnan, Suneeta YOB: 1965 | Vice President and Assistant Treasurer (since 2018); and Assistant Treasurer (2017 to 2018). | Vice President, Mutual Fund Administration (since 2017), and Assistant Treasurer, Mutual Fund Administration (since 2007), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2009) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Lowe, Benjamin YOB: 1978 | Vice President, Controller and Assistant Treasurer (since 2021); and Vice President and Assistant Treasurer (2018 to 2021). | Vice President, Fund Services (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; and various officer positions (since 2018) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc. |
Martin, David YOB: 1959 | Anti-Money Laundering Compliance Officer (since 2017). | Vice President, Compliance – Broker/Dealer (since 2009), Virtus Investment Partners, Inc.; and Vice President and Chief Compliance Officer of certain Virtus subsidiaries (since 2004). |
Rahman, Mahmood YOB: 1967 | Assistant Vice President (since 2021). | Assistant Vice President and Tax Director, Fund Administration (since 2020), Virtus Investment Partners, Inc.; Assistant Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Assistant Treasurer and Tax Director, Grantham, Mayo, Van Otterloo & Co. LLC (2007 to 2019). |
Short, Julia R. YOB: 1972 | Senior Vice President (since 2017). | Senior Vice President, Product Development (since 2017), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Senior Vice President (since 2017) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Managing Director, Product Manager, RidgeWorth Investments (2004 to 2017). |
Smirl, Richard W. YOB: 1967 | Executive Vice President (since 2021). | Chief Operating Officer (since 2021), Virtus Investment Partners, Inc.; Executive Vice President (since 2021), Virtus Investment Partners, Inc. and/or certain of its subsidiaries; Executive Vice President (since 2021) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; Chief Operating Officer (2018 to 2021), Russell Investments; Executive Director (Jan. to July 2018), State of Wisconsin Investment Board; and Partner and Chief Operating Officer (2004 to 2018), William Blair Investment Management. |
Suss, Amanda YOB: 1969 | Vice President, Controller and Assistant Treasurer (since 2022). | Vice President and Controller (since 2022), Mutual Fund Administration and Financial Reporting, Virtus Investment Partners, Inc.; Vice President, Controller and Assistant Treasurer (since 2022) of various registered funds advised by subsidiaries of Virtus Investment Partners, Inc.; and Senior Finance Associate (2011 to 2022), Stone Harbor Investment Partners LP. |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | Class A | Class C | Class I | Class R6 |
Management Fees | 0.69% | 0.69% | 0.69% | 0.69% |
Distribution and Shareholder Servicing (12b-1) Fees | 0.25% | 1.00% | None | None |
Other Expenses | 0.34% | 0.28% | 0.30% | 0.16% |
Total Annual Fund Operating Expenses | 1.28% | 1.97% | 0.99% | 0.85% |
Less: Fee Waivers and/or Expense Reimbursements(b) | (0.00)% | (0.21)% | (0.00)% | (0.06)% |
Total Annual Fund Operating Expenses After Expense Reimbursement(b) | 1.28% | 1.76% | 0.99% | 0.79% |
Share Status | 1 Year | 3 Years | 5 Years | 10 Years | |
Class A | Sold or Held | $673 | $934 | $1,214 | $2,010 |
Class C | Sold | $279 | $598 | $1,043 | $2,279 |
Held | $179 | $598 | $1,043 | $2,279 | |
Class I | Sold or Held | $101 | $315 | $547 | $1,213 |
Class R6 | Sold or Held | $81 | $265 | $465 | $1,043 |
Class A Shares | Class C Shares | Class I Shares | Class R6 Shares | |
Virtus Ceredex Mid-Cap Value Equity Fund(1) | 1.35% (2) | 1.76% | 1.05% (2) | 0.79% |
a series of Virtus Asset Trust
(Unaudited)
Statutory Prospectus, each dated April 28, 2022, as supplemented
Virtus Ceredex Mid-Cap Value Equity Fund | Cody P. Smith, CFA (since February 2023) |
Don Wordell, CFA (since 2001) |
a series of Virtus Asset Trust
(Unaudited)
Statutory Prospectus, each dated April 28, 2022, as supplemented
Virtus Ceredex Small-Cap Value Equity Fund | Brett Barner, CFA (since 1995, stepping down June, 2023) |
Charles E. Carter, CFA (since February 2023) | |
Don Wordell, C FA (since February 2023) |
a series of Virtus Asset Trust
(Unaudited)
Statutory Prospectus and the Statement of Additional Information (“SAI”),
each dated April 28, 2022, as supplemented
Accounting Firm
Mutual Fund Services | 1-800-243-1574 |
Adviser Consulting Group | 1-800-243-4361 |
Website | Virtus.com |
The Securities and Exchange Commission has modified mailing regulations for semiannual and annual shareholder fund reports to allow mutual fund companies to send a single copy of these reports to shareholders who share the same mailing address. If you would like additional copies, please call Mutual Fund Services at 1-800-243-1574.
please contact us at 1-800-243-1574, or visit Virtus.com.
8635 | 02-23 |
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(c) | Other than certain non-substantive changes, there have been no amendments during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics described in Item 2(b) of the instructions for completion of Form N-CSR. A copy of the currently applicable code is included as an exhibit. |
(d) | The registrant has not granted any waivers, during the period covered by this report, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of the instructions for completion of this Item. |
Item 3. Audit Committee Financial Expert.
(a)(1) | The Registrant’s Board of Trustees has determined that the Registrant has an “audit committee financial expert” serving on its Audit Committee. | |
(a)(2) | The Registrant’s Board of Trustees has determined that each of Connie D. McDaniel, Donald C. Burke and Brian T. Zino possesses the technical attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an “audit committee financial expert.” Each such individual is an “independent” trustee pursuant to paragraph (a)(2) of Item 3 to Form N-CSR. | |
(a)(3) | Not applicable. |
Item 4. Principal Accountant Fees and Services.
Audit Fees
(a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $375,529 for 2022 and $427,370 for 2021. |
Audit-Related Fees
(b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $20,438 for 2022 and $29,193 for 2021. Such audit-related fees include out of pocket expenses and system conversion fees. |
Tax Fees
(c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $124,806 for 2022 and $58,949 for 2021. |
“Tax Fees” are those primarily associated with review of the Trust’s tax provision and qualification as a regulated investment company (RIC) in connection with audits of the Trust’s financial statement, review of year-end distributions by the Fund to avoid excise tax for the Trust, periodic discussion with management on tax issues affecting the Trust, and reviewing and signing the Fund’s federal income tax returns.
All Other Fees
(d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for 2022 and $0 for 2021. |
(e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Virtus Asset Trust (the “Fund”) Board has adopted policies and procedures with regard to the pre-approval of services provided by its independent auditors. Audit, audit-related and tax compliance services provided to the Fund on an annual basis require specific pre-approval by the Audit Committee. The Audit Committee must also approve other non-audit services provided to the Fund and those non-audit services provided to the Fund’s Affiliated Service Providers that relate directly to the operations and financial reporting of the Fund. Certain of these non-audit services that the Audit Committee believes are a) consistent with the SEC’s auditor independence rules and b) routine and recurring services that will not impair the independence of the independent auditors may be approved by the Audit Committee without consideration on a specific case-by-case basis (“general pre-approval”).
The Audit Committee has determined that the Chair of the Audit Committee may provide pre-approval for such services that meet the above requirements but are not included in the general pre-approval in the event such approval is sought between regularly scheduled meetings. In any event, the Audit Committee is informed of, and ratifies, each service approved at the next regularly scheduled in-person Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 0%
(c) 0%
(d) N/A
(f) | The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than fifty percent. |
(g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant was $145,244 for 2022 and $88,142 for 2021. |
(h) | The registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. |
(i) | Not applicable. |
(j) | Not applicable |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1(a) of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto. | |||
| (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)(2)(1) | Not applicable. | |||
(a)(2)(2) | There was no change in the Registrant’s independent public accountant during the period covered by the report. | |||
(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 3/2/23 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ George R. Aylward | |||
George R. Aylward, President | ||||
(principal executive officer) | ||||
Date 3/2/23 |
By (Signature and Title)* | /s/ W. Patrick Bradley | |||
W. Patrick Bradley, Executive Vice President, | ||||
Chief Financial Officer and Treasurer | ||||
(principal financial officer) | ||||
Date 3/2/23 |
* | Print the name and title of each signing officer under his or her signature. |